Three Months Ended December 31, |
Twelve Months Ended December 31, | |||||||
Key Operating Metrics
| 2021 | 2020 | 2021 | 2020 | ||||
Net income (loss) ($ Millions)
| $ | 108.8 | $ | 61.0 | $ | 396.9 | $ | 386.1 |
Earnings per share (diluted)
| $ | 4.23 | $ | 2.16 | $ | 14.92 | $ | 13.08 |
Adjusted EBITDA ($ Millions)
| $ | 216.2 | $ | 136.3 | $ | 828.0 | $ | 722.7 |
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||||||
Key Operating Metrics | 2021 | 2020 | 2021 | 2020 | ||||
Total retail fuel contribution ($ Millions) | $ | 285.3 | $ | 155.5 | $ | 951.3 | $ | 895.0 |
Total PS&W contribution ($ Millions) | (18.6) | 13.0 | (72.3) | (8.5) | ||||
RINs and other (included in Other operating revenues on Consolidated Income Statement) ($ Millions) | 40.7 | 32.3 | 265.3 | 95.6 | ||||
Total fuel contribution ($ Millions) | $ | 307.4 | $ | 200.8 | $ | 1,144.3 | $ | 982.1 |
Retail fuel volume - chain (Million gal) | 1,119.5 | 1,012.7 | 4,352.2 | 3,900.9 | ||||
Retail fuel volume - per store (K gal APSM)1
| 233.6 | 227.4 | 229.4 | 219.5 | ||||
Retail fuel volume - per store (K gal SSS)2
| 229.6 | 223.6 | 225.8 | 216.2 | ||||
Total fuel contribution (including retail, PS&W and RINs) (cpg) | 27.5 | 19.8 | 26.3 | 25.2 | ||||
Retail fuel margin (cpg) | 25.5 | 15.4 | 21.9 | 22.9 | ||||
PS&W including RINs contribution (cpg) | 2.0 | 4.4 | 4.4 | 2.3 | ||||
1Average Per Store Month ("APSM") metric includes all stores open through the date of calculation
| ||||||||
22020 amounts not revised for 2021 raze-and-rebuild activity
|
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||||||
Key Operating Metrics | 2021 | 2020 | 2021 | 2020 | ||||
Total merchandise contribution ($ Millions) | $ | 181.4 | $ | 115.4 | $ | 701.6 | $ | 459.4 |
Total merchandise sales ($ Millions) | $ | 927.7 | $ | 743.7 | $ | 3,677.7 | $ | 2,955.1 |
Total merchandise sales ($K SSS)1,2
| $ | 166.6 | $ | 166.9 | $ | 168.8 | $ | 166.1 |
Merchandise unit margin (%) | 19.6% | 15.5% | 19.1 | % | 15.6 | % | ||
Tobacco contribution ($K SSS)1,2
| $ | 16.6 | $ | 16.9 | $ | 16.7 | $ | 16.5 |
Non-tobacco contribution ($K SSS)1,2
| $ | 11.1 | $ | 9.7 | $ | 10.8 | $ | 10.0 |
Total merchandise contribution ($K SSS)1,2
| $ | 27.7 | $ | 26.6 | $ | 27.5 | $ | 26.5 |
12020 amounts not revised for 2021 raze-and-rebuild activity
| ||||||||
2Includes store-level discounts for Murphy Drive Reward ("MDR") redemptions and excludes change in value of unredeemed MDR points
|
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||||||
Key Operating Metrics | 2021 | 2020 | 2021 | 2020 | ||||
Total store and other operating expense ($ Millions) | $ | 220.2 | $ | 139.3 | $ | 827.3 | $ | 549.1 |
Store OPEX excluding payment fees and rent ($K APSM) | $ | 30.0 | $ | 21.3 | $ | 28.8 | $ | 21.1 |
Total SG&A cost ($ Millions) | $ | 53.6 | $ | 41.1 | $ | 193.6 | $ | 171.1 |
As of December 31, | ||||
Key Financial Metrics | 2021 | 2020 | ||
Cash and cash equivalents ($ Millions) | $ | 256.4 | $ | 163.6 |
Long-term debt, including capital lease obligations ($ Millions) | $ | 1,800.1 | $ | 951.2 |
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||
Key Financial Metric | 2021 | 2020 | 2021 | 2020 |
Average shares outstanding (diluted) (in thousands) | 25,733 | 28,277 | 26,604 | 29,526 |
2021 Updated Guidance Range
|
2021 Actual
Results
|
2022 Guidance
Range
| |
Organic Growth | |||
New Stores | 34 to 38 | 23 | Up to 45 |
Raze-and-Rebuilds | 31 | 27 | Up to 35 |
Fuel Contribution | |||
Retail fuel volume per store
(K gallons APSM)
| 232 to 238 | 229 | 235 to 245 |
Store Profitability | |||
Merchandise contribution ($ Millions) | $690 to $700 | $702 | $740 to $760 |
Retail station OPEX excluding credit card fees and rent expense ($K, APSM) | $28 to $29 | $29 | $29.5 to $31 |
Corporate Costs | |||
SG&A ($ Millions per year) | $190 to $200 | $194 | $200 to $210 |
Effective Tax Rate | 24% to 26% | 24% | 24% to 26% |
Capital Allocation | |||
Capital expenditures ($ Millions) | $325 to $375 | $278 | $350 to $400 |
Investor Contact:
Christian Pikul
Vice President, Investor Relations and Financial Planning and Analysis
christian.pikul@murphyusa.com
|
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||||||
(Millions of dollars, except share and per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||
Operating Revenues | ||||||||
Petroleum product sales (a) | $ | 3,796.6 | $ | 2,083.5 | $ | 13,410.8 | $ | 8,208.6 |
Merchandise sales | 927.7 | 743.7 | 3,677.7 | 2,955.1 | ||||
Other operating revenues | 42.7 | 33.7 | 272.0 | 100.6 | ||||
Total operating revenues | 4,767.0 | 2,860.9 | 17,360.5 | 11,264.3 | ||||
Operating Expenses | ||||||||
Petroleum product cost of goods sold (a) | 3,530.7 | 1,915.9 | 12,535.5 | 7,325.7 | ||||
Merchandise cost of goods sold | 746.3 | 628.3 | 2,976.1 | 2,495.7 | ||||
Store and other operating expenses | 220.2 | 139.3 | 827.3 | 549.1 | ||||
Depreciation and amortization | 55.1 | 41.5 | 212.6 | 161.0 | ||||
Selling, general and administrative | 53.6 | 41.1 | 193.6 | 171.1 | ||||
Accretion of asset retirement obligations | 0.6 | 0.6 | 2.5 | 2.3 | ||||
Acquisition related costs | 0.7 | 1.7 | 10.4 | 1.7 | ||||
Total operating expenses | 4,607.2 | 2,768.4 | 16,758.0 | 10,706.6 | ||||
Gain (loss) on sale of assets | 1.1 | (0.1) | 1.5 | 1.3 | ||||
Income (loss) from operations | 160.9 | 92.4 | 604.0 | 559.0 | ||||
Other income (expense) | ||||||||
Interest income | - | - | 0.1 | 1.0 | ||||
Interest expense | (20.2) | (12.5) | (82.4) | (51.2) | ||||
Other nonoperating income (expense) | 0.2 | 0.8 | 0.2 | 0.3 | ||||
Total other income (expense) | (20.0) | (11.7) | (82.1) | (49.9) | ||||
Income (loss) before income taxes | 140.9 | 80.7 | 521.9 | 509.1 | ||||
Income tax expense (benefit) | 32.1 | 19.7 | 125.0 | 123.0 | ||||
Net Income | $ | 108.8 | $ | 61.0 | $ | 396.9 | $ | 386.1 |
Basic and Diluted Earnings Per Common Share | ||||||||
Basic | $ | 4.30 | $ | 2.19 | $ | 15.14 | $ | 13.25 |
Diluted | $ | 4.23 | $ | 2.16 | $ | 14.92 | $ | 13.08 |
Weighted-average Common shares outstanding (in thousands): | ||||||||
Basic | 25,275 | 27,898 | 26,210 | 29,132 | ||||
Diluted | 25,733 | 28,277 | 26,604 | 29,526 | ||||
Supplemental information: | ||||||||
(a) Includes excise taxes of: | $ | 526.8 | $ | 459.3 | $ | 2,041.7 | $ | 1,760.0 |
(Millions of dollars) |
Three Months Ended December 31, |
Twelve Months Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income | $ | 108.8 | $ | 61.0 | $ | 396.9 | $ | 386.1 |
Other comprehensive income (loss), net of tax | ||||||||
Interest rate swap: | ||||||||
Realized gain (loss) | - | (0.4) | (0.1) | (0.9) | ||||
Unrealized gain (loss) | - | 0.3 | 0.1 | (3.4) | ||||
Reclassifications: | ||||||||
Realized gain reclassified to interest expense | - | 0.4 | 0.1 | 0.9 | ||||
Amortization of unrealized gain to interest expense | 0.2 | - | 0.9 | - | ||||
0.2 | 0.3 | 1.0 | (3.4) | |||||
Deferred income tax (benefit) expense | 0.1 | 0.1 | 0.3 | (0.8) | ||||
Other comprehensive income (loss) | 0.1 | 0.2 | 0.7 | (2.6) | ||||
Comprehensive income (loss) | $ | 108.9 | $ | 61.2 | $ | 397.6 | $ | 383.5 |
(Millions of dollars, except revenue per same store sales (in thousands) and store counts) |
Three Months Ended December 31, |
Twelve Months Ended December 31, | ||||||
Marketing Segment | 2021 | 2020 | 2021 | 2020 | ||||
Operating Revenues | ||||||||
Petroleum product sales
| $ | 3,796.6 | $ | 2,083.5 | $ | 13,410.8 | $ | 8,208.6 |
Merchandise sales
| 927.7 | 743.7 | 3,677.7 | 2,955.1 | ||||
Other operating revenues
| 42.3 | 33.4 | 271.4 | 100.3 | ||||
Total operating revenues | 4,766.6 | 2,860.6 | 17,359.9 | 11,264.0 | ||||
Operating expenses | ||||||||
Petroleum products cost of goods sold
| 3,530.7 | 1,915.9 | 12,535.5 | 7,325.7 | ||||
Merchandise cost of goods sold
| 746.3 | 628.3 | 2,976.1 | 2,495.7 | ||||
Store and other operating expenses
| 220.1 | 139.3 | 827.1 | 549.0 | ||||
Depreciation and amortization
| 51.4 | 37.7 | 197.3 | 146.3 | ||||
Selling, general and administrative
| 53.6 | 41.1 | 193.6 | 171.1 | ||||
Accretion of asset retirement obligations
| 0.6 | 0.6 | 2.5 | 2.3 | ||||
Total operating expenses | 4,602.7 | 2,762.9 | 16,732.1 | 10,690.1 | ||||
Gain (loss) on sale of assets | 1.4 | - | 1.6 | 1.3 | ||||
Income (loss) from operations | 165.3 | 97.7 | 629.4 | 575.2 | ||||
Other income (expense) | ||||||||
Interest expense
| (2.4) | - | (8.1) | (0.1) | ||||
Total other income (expense) | (2.4) | - | (8.1) | (0.1) | ||||
Income (loss) before income taxes | 162.9 | 97.7 | 621.3 | 575.1 | ||||
Income tax expense (benefit) | 37.2 | 17.7 | 148.5 | 132.9 | ||||
Income (loss) from operations | $ | 125.7 | $ | 80.0 | $ | 472.8 | $ | 442.2 |
Total tobacco sales revenue same store sales1,2
| $ | 119.1 | $ | 122.9 | $ | 120.2 | $ | 120.6 |
Total non-tobacco sales revenue same store sales1,2
| 47.5 | 44.0 | 48.6 | 45.5 | ||||
Total merchandise sales revenue same store sales1,2
| $ | 166.6 | $ | 166.9 | $ | 168.8 | $ | 166.1 |
12020 amounts not revised for 2021 raze-and-rebuild activity
| ||||||||
2Includes store-level discounts for Murphy Drive Reward ("MDR") redemptions and excludes change in value of unredeemed MDR points
| ||||||||
Store count at end of period | 1,679 | 1,503 | 1,679 | 1,503 | ||||
Total store months during the period | 4,984 | 4,453 | 19,702 | 17,770 |
Variance from prior year period | ||||||||
Three months ended | Twelve months ended | |||||||
December 31, 2021 | December 31, 2021 | |||||||
SSS1
|
APSM2
|
SSS1
|
APSM2
| |||||
Fuel gallons per month | 1.4 | % | 2.7 | % | 3.0 | % | 4.5 | % |
Merchandise sales | (1.0) | % | 11.4 | % | 1.0 | % | 12.2 | % |
Tobacco sales | (3.4) | % | (3.3) | % | (0.4) | % | (0.8) | % |
Non tobacco sales | 5.4 | % | 51.3 | % | 4.5 | % | 46.2 | % |
Merchandise margin | 3.7 | % | 40.4 | % | 3.5 | % | 37.7 | % |
Tobacco margin | (0.8) | % | 2.5 | % | 2.3 | % | 4.3 | % |
Non tobacco margin | 11.3 | % | 99.9 | % | 5.4 | % | 89.2 | % |
1Includes store-level discounts for MDR redemptions and excludes change in value of unredeemed MDR points
| ||||||||
2Includes all MDR activity
|
(Millions of dollars, except share amounts)
|
December 31, 2021 | December 31, 2020 | ||
(unaudited)
| ||||
Assets
| ||||
Current assets
| ||||
Cash and cash equivalents
| $ | 256.4 | $ | 163.6 |
Accounts receivable-trade, less allowance for doubtful
accounts of $0.1 in 2021 and 2020
| 195.7 | 168.8 | ||
Inventories
| 292.3 | 279.1 | ||
Prepaid expenses and other current assets
| 23.4 | 13.7 | ||
Total current assets
| 767.8 | 625.2 | ||
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,373.4 in 2021 and $1,191.4 in 2020
| 2,378.4 | 1,867.6 | ||
Operating lease right of use assets, net* | 419.2 | 147.7 | ||
Intangible assets, net of amortization* | 140.7 | 34.6 | ||
Goodwill | 328.0 | - | ||
Other assets*
| 14.1 | 10.6 | ||
Total assets
| $ | 4,048.2 | $ | 2,685.7 |
Liabilities and Stockholders' Equity
| ||||
Current liabilities
| ||||
Current maturities of long-term debt
| $ | 15.0 | $ | 51.2 |
Trade accounts payable and accrued liabilities
| 660.3 | 471.1 | ||
Income taxes payable
| - | 8.8 | ||
Total current liabilities
| 675.3 | 531.1 | ||
Long-term debt, including capitalized lease obligations
| 1,800.1 | 951.2 | ||
Deferred income taxes
| 295.9 | 218.4 | ||
Asset retirement obligations
| 39.2 | 35.1 | ||
Non-current operating lease liabilities* | 408.9 | 142.5 | ||
Deferred credits and other liabilities*
| 21.6 | 23.3 | ||
Total liabilities
| 3,241.0 | 1,901.6 | ||
Stockholders' Equity
| ||||
Preferred Stock, par $0.01 (authorized 20,000,000 shares,
| ||||
none outstanding)
| - | - | ||
Common Stock, par $0.01 (authorized 200,000,000 shares,
| ||||
46,767,164 shares issued at 2021 and 2020, respectively) | 0.5 | 0.5 | ||
Treasury stock (21,831,904 and 19,518,551 shares held at
| ||||
Treasury (2021 and 2020, respectively) | (1,839.3) | (1,490.9) | ||
Additional paid in capital (APIC)
| 534.8 | 533.3 | ||
Retained earnings
| 2,112.4 | 1,743.1 | ||
Accumulated other comprehensive income (loss) (AOCI) | (1.2) | (1.9) | ||
Total stockholders' equity
| 807.2 | 784.1 | ||
Total liabilities and stockholders' equity
| $ | 4,048.2 | $ | 2,685.7 |
*Prior year amounts have been reclassified to conform with the current period presentation
|
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||||||
(Millions of dollars) | 2021 | 2020 | 2021 | 2020 | ||||
Operating Activities | ||||||||
Net income | $ | 108.8 | $ | 61.0 | $ | 396.9 | $ | 386.1 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||
Depreciation and amortization
| 55.1 | 41.5 | 212.6 | 161.0 | ||||
Deferred and noncurrent income tax charges (benefits)
| 11.8 | 0.8 | 19.0 | 2.5 | ||||
Accretion of asset retirement obligations
| 0.6 | 0.6 | 2.5 | 2.3 | ||||
Pretax (gains) losses from sale of assets
| (1.1) | 0.1 | (1.5) | (1.3) | ||||
Net (increase) decrease in noncash operating working capital
| (29.4) | (10.9) | 82.8 | (13.1) | ||||
Other operating activities - net
| 4.6 | 2.8 | 25.1 | 26.2 | ||||
Net cash provided by operating activities
| 150.4 | 95.9 | 737.4 | 563.7 | ||||
Investing Activities | ||||||||
Property additions | (63.1) | (61.3) | (274.7) | (230.7) | ||||
Payments for acquisition, net of cash acquired | - | - | (641.1) | - | ||||
Proceeds from sale of assets | 2.4 | 0.4 | 3.4 | 8.1 | ||||
Other investing activities - net | 0.2 | (0.1) | (1.8) | (1.7) | ||||
Net cash required by investing activities
| (60.5) | (61.0) | (914.2) | (224.3) | ||||
Financing Activities | ||||||||
Purchase of treasury stock | (123.5) | (169.1) | (355.0) | (399.6) | ||||
Dividends paid | (7.4) | (6.9) | (27.3) | (6.9) | ||||
Borrowings of debt | - | - | 892.8 | - | ||||
Repayments of debt | (3.8) | (12.8) | (224.3) | (38.9) | ||||
Debt issuance costs | - | - | (9.9) | - | ||||
Amounts related to share-based compensation | (0.1) | - | (6.7) | (10.7) | ||||
Net cash provided (required) by financing activities | (134.8) | (188.8) | 269.6 | (456.1) | ||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (44.9) | (153.9) | 92.8 | (116.7) | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 301.3 | 317.5 | 163.6 | 280.3 | ||||
Cash, cash equivalents, and restricted cash at end of period | $ | 256.4 | $ | 163.6 | $ | 256.4 | $ | 163.6 |
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||||||
(Millions of dollars)
| 2021 | 2020 | 2021 | 2020 | ||||
Net income | $ | 108.8 | $ | 61.0 | $ | 396.9 | $ | 386.1 |
Income tax expense (benefit)
| 32.1 | 19.7 | 125.0 | 123.0 | ||||
Interest expense, net of interest income
| 20.2 | 12.5 | 82.3 | 50.2 | ||||
Depreciation and amortization
| 55.1 | 41.5 | 212.6 | 161.0 | ||||
EBITDA
| $ | 216.2 | $ | 134.7 | $ | 816.8 | $ | 720.3 |
Accretion of asset retirement obligations
| 0.6 | 0.6 | 2.5 | 2.3 | ||||
(Gain) loss on sale of assets
| (1.1) | 0.1 | (1.5) | (1.3) | ||||
Acquisition related costs | 0.7 | 1.7 | 10.4 | 1.7 | ||||
Other nonoperating (income) expense
| (0.2) | (0.8) | (0.2) | (0.3) | ||||
Adjusted EBITDA
| $ | 216.2 | $ | 136.3 | $ | 828.0 | $ | 722.7 |
(Millions of dollars) | Calendar Year 2022 |
Net Income | $238 |
Income taxes | $79 |
Interest expense, net of interest income | $80 |
Depreciation and amortization | $230 |
Other operating and nonoperating, net | $3 |
Adjusted EBITDA | $630 |
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Disclaimer
Murphy USA Inc. published this content on 02 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2022 21:37:09 UTC.