May 6, 2019 - 6:45 AM EDT
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Delek Logistics Partners, LP Reports First Quarter 2019 Results
  • Declared first quarter distribution of $0.82 per limited partner unit; increased by 9.3% percent year-over-year
  • Reported first quarter net income attributable to all partners of $19.7 million; EBITDA increased 13.5% year-over-year
  • First quarter net cash from operations was $26.2 million
  • Distributable cash flow coverage ratio of 1.06x for the first quarter 2019
  • Balance sheet positioned to support future growth

BRENTWOOD, Tenn., May 06, 2019 (GLOBE NEWSWIRE) -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the first quarter 2019. For the three months ended March 31, 2019, Delek Logistics reported net income attributable to all partners of $19.7 million, or $0.51 per diluted common limited partner unit. This compares to net income attributable to all partners of $20.0 million, or $0.59 per diluted common limited partner unit, in the first quarter 2018. Net cash from operating activities was $26.2 million in the first quarter 2019 compared to $23.7 million in the prior year period. Distributable cash flow was $29.0 million in the first quarter 2019, compared to $28.0 million in the prior-year period. Reconciliation of cash from operating activities as reported under U.S. GAAP to distributable cash flow is included in the financial tables attached to this release.

For the first quarter 2019, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $39.4 million compared to $34.7 million in the prior-year period. This increase was primarily due to the contribution from the Big Spring logistics assets acquired from Delek US Holdings, Inc. (“Delek US”) effective March 1, 2018 (the "Big Spring acquisition"). On a year over year basis, lower throughputs primarily at assets supporting Delek US' El Dorado, Arkansas refinery reduced gross margin by approximately $1.2 million. Reconciliation of net income attributable to all partners as reported under U.S. GAAP to EBITDA is included in the financial tables attached to this release.

Uzi Yemin, Chairman and Chief Executive Officer of Delek Logistics' general partner, remarked: "Our EBITDA increased by 13.5 percent on a year over year basis and we ended the quarter with $389 million of availability on our credit facility. This financial flexibility should support our growth efforts as we evaluate the potential drop down of the Krotz Springs logistics assets and explore third party opportunities.  Also, Delek US is pursuing midstream initiatives which should increase potential drop down inventory that can provide future growth. The increase in crude oil prices has continued to support demand in our west Texas operations and the wider Brent-WTI differential is supporting volumes on our Paline Pipeline. In addition, the incentive tariff of $0.75 per barrel on Paline expired at the end of February and the FERC tariff of $1.57 per barrel is in place, which should add approximately $0.9 million per month of EBITDA.  We were pleased to announce the 9.3% year-over-year increase in our first quarter distribution, and we remain committed to grow our distribution per limited partner unit by at least 10% annually through 2019."

Distribution and Liquidity

On April 26, 2019, Delek Logistics declared a quarterly cash distribution of $0.82 per common limited partner unit for the first quarter, which equates to $3.28 per common limited partner unit on an annualized basis. This distribution is to be paid on May 14, 2019 to unitholders of record on May 7, 2019. This represents a 1.2 percent increase from the fourth quarter 2018 distribution of $0.81 per common limited partner unit, or $3.24 per common limited partner unit on an annualized basis, and a 9.3 percent increase over Delek Logistics’ first quarter 2018 distribution of $0.75 per common limited partner unit, or $3.00 per common limited partner unit annualized. For the first quarter 2019, the total cash distribution declared to all partners, including incentive distribution rights (IDRs), was approximately $27.4 million. Based on the distribution for the first quarter 2019, the distributable cash flow coverage ratio for the first quarter was 1.06x.

As of March 31, 2019, Delek Logistics had total debt of approximately $705.2 million and cash of $5.4 million. Additional borrowing capacity, subject to certain covenants, under the $850.0 million credit facility was $388.8 million. The total leverage ratio, calculated in accordance with the credit facility, for the first quarter 2019 was approximately 4.2x, which is within the current requirements of the maximum allowable leverage ratio of 5.25x.

Financial Results

Revenue for the first quarter 2019 was $152.5 million compared to $167.9 million in the prior-year period. The decrease in revenue is primarily due to lower prices in the west Texas wholesale business, partially offset by the Big Spring acquisition that was effective March 1, 2018. Total operating expenses were $16.1 million in the first quarter 2019, compared to $12.6 million in the first quarter 2018. This increase was primarily due to the contribution from the acquired Big Spring assets and outside services.  Total segment contribution margin was $40.2 million in the first quarter 2019 compared to $36.3 million in the first quarter 2018. General and administrative expenses were $4.5 million for the first quarter 2019, compared to $3.0 million in the prior-year period. This increase was partially due to employee expenses.

Pipelines and Transportation Segment

Contribution margin in the first quarter 2019 was $24.2 million compared to $19.7 million in the first quarter 2018. This increase was primarily due to the contribution from the Big Spring acquisition, partially offset by lower performance from the Lion Oil Pipeline system due to lower throughput at Delek US' El Dorado, Arkansas refinery. Operating expenses were $10.8 million in the first quarter 2019 compared to $9.6 million in the prior-year period, primarily due to the Big Spring acquisition.

Wholesale Marketing and Terminalling Segment

During the first quarter 2019, contribution margin was $15.9 million, compared to $16.7 million in the first quarter 2018. This decrease was primarily due to a lower gross margin in west Texas, which was partially offset by the contribution from the Big Spring acquisition.  Operating expenses increased to $5.2 million in the first quarter 2019, compared to $3.0 million in the prior-year period primarily due to the Big Spring acquisition.

In the west Texas wholesale business, average throughput in the first quarter 2019 was 13,314 barrels per day compared to 15,942 barrels per day in the first quarter 2018. The west Texas gross margin per barrel decreased year-over-year to $3.56 per barrel and included approximately $0.3 million, or $0.27 per barrel, from renewable identification numbers (RINs) generated in the quarter.  During the first quarter 2018, the west Texas gross margin per barrel was $5.16 per barrel and included $1.2 million from RINs, or $0.81 per barrel.

Average terminalling throughput volume of 152,469 barrels per day during the first quarter 2019 increased on a year-over-year basis from 143,476 barrels per day in the first quarter 2018 primarily due to the Big Spring acquisition.  During the first quarter 2019, average volume under the East Texas marketing agreement with Delek US was 68,577 barrels per day compared to 73,244 barrels per day during the first quarter 2018.

First Quarter 2019 Results | Conference Call Information

Delek Logistics will hold a conference call to discuss its first quarter 2019 results on Monday, May 6, 2019 at 7:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekLogistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. For those who cannot listen to the live broadcast, a telephonic replay will be available through August 6, 2019 by dialing (855) 859-2056, passcode 3455428. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.

Investors may also wish to listen to Delek US’ (NYSE: DK) first quarter 2019 earnings conference call on Monday, May 6, 2019 at 8:30 a.m. Central Time and review Delek US’ earnings press release. Market trends and information disclosed by Delek US may be relevant to Delek Logistics, as it is a consolidated subsidiary of Delek US. Investors can find information related to Delek US and the timing of its earnings release online by going to www.DelekUS.com.

About Delek Logistics Partners, LP

Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US Holdings, Inc. (NYSE: DK) to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.

Safe Harbor Provisions Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,”  “expect” or similar expressions, as well as statements in the future tense, and can be impacted by numerous factors, including the fact that a substantial majority of Delek Logistics' contribution margin is derived from Delek US, thereby subjecting us to Delek US' business risks; risks relating to the securities markets generally; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; the results of our investments in joint ventures; adverse changes in laws including with respect to tax and regulatory matters; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission. Forward looking statements include, but are not limited to, statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory, including the Krotz Springs logistics assets; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth of 10% or at all. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved.  Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements.  Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation

Non-GAAP Disclosures:

Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:

  • Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income before net interest expense, income tax expense, depreciation and amortization expense, including amortization of customer contract intangible assets, which is included as a component of net revenues in our accompanying condensed consolidated statements of income.

  • Distributable cash flow - calculated as net cash flow from operating activities plus or minus changes in assets and liabilities, less maintenance capital expenditures net of reimbursements and other adjustments not expected to settle in cash.  Delek Logistics believes this is an appropriate reflection of a liquidity measure by which users of its financial statements can assess its ability to generate cash.

EBITDA and distributable cash flow are non-U.S. GAAP supplemental financial measures that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:     

  • Delek Logistics' operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;

  • the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;

  • Delek Logistics' ability to incur and service debt and fund capital expenditures; and

  • the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

Delek Logistics believes that the presentation of EBITDA, distributable cash flow and distributable cash flow coverage ratio provide useful information to investors in assessing its financial condition, its results of operations and the cash flow its business is generating. EBITDA, distributable cash flow and distributable cash flow coverage ratio should not be considered in isolation or as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP.

Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net income and net cash provided by operating activities. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in its industry, Delek Logistics' definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility.  See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.


 
Delek Logistics Partners, LP
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except unit and per unit data) 
 March 31, December 31,
 2019 2018
ASSETS   
Current assets:   
Cash and cash equivalents$5,356  $4,522 
Accounts receivable21,538  21,586 
Inventory6,669  5,491 
Other current assets629  969 
Total current assets34,192  32,568 
Property, plant and equipment:   
Property, plant and equipment453,591  452,746 
Less: accumulated depreciation(146,712) (140,184)
Property, plant and equipment, net306,879  312,562 
Equity method investments107,830  104,770 
Operating lease right-of-use assets19,186   
Goodwill12,203  12,203 
Marketing Contract Intangible, net136,407  138,210 
Other non-current assets23,511  24,280 
Total assets$640,208  $624,593 
    
LIABILITIES AND DEFICIT   
Current liabilities:   
Accounts payable$5,511  $14,226 
Accounts payable to related parties10,522  7,833 
Excise and other taxes payable4,496  4,069 
Pipeline release liabilities3,293  4,419 
Current portion of operating lease liabilities4,258   
Accrued expenses and other current liabilities10,940  5,958 
Total current liabilities39,020  36,505 
Non-current liabilities:   
Long-term debt705,175  700,430 
Asset retirement obligations5,290  5,191 
Operating lease liabilities, net of current portion14,928   
Other non-current liabilities17,700  17,290 
Total non-current liabilities743,093  722,911 
Deficit:   
Common unitholders - public;  9,113,359 units issued and outstanding at March 31, 2019 (9,109,807 at December 31, 2018)168,389  171,023 
Common unitholders - Delek Holdings; 15,294,046 units issued and outstanding at March 31, 2019 (15,294,046 at December 31, 2018)(303,902) (299,360)
General partner - 498,110 units issued and outstanding at March 31, 2019 (498,038 at December 31, 2018)(6,392) (6,486)
Total deficit(141,905) (134,823)
Total liabilities and deficit$640,208  $624,593 
 


 
Delek Logistics Partners, LP
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except unit and per unit data)
 Three Months Ended March 31,
 2019 2018 (1)
Net revenues:   
Affiliate$62,965  $61,644 
Third-party89,518  106,277 
Net revenues152,483  167,921 
Operating costs and expenses:   
Cost of materials and other96,265  119,032 
Operating expenses (excluding depreciation and amortization presented below)15,307  11,898 
Depreciation and amortization6,124  5,464 
Total cost of sales117,696  136,394 
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)751  679 
General and administrative expenses4,473  2,975 
Depreciation and amortization450  536 
Loss on asset disposals2  60 
Total operating costs and expenses123,372  140,644 
Operating income29,111  27,277 
Interest expense, net11,301  8,062 
(Income) loss from equity method investments(1,951) (858)
Income before income tax expense19,761  20,073 
Income tax expense65  78 
Net income attributable to partners$19,696  $19,995 
Comprehensive income attributable to partners$19,696  $19,995 
    
Less: General partner's interest in net income, including incentive distribution rights7,270  5,630 
Limited partners' interest in net income$12,426  $14,365 
    
Net income per limited partner unit:   
Common units - (basic)$0.51  $0.59 
Common units - (diluted)$0.51  $0.59 
    
Weighted average limited partner units outstanding:   
Common units - basic24,407,168  24,382,633 
Common units - diluted24,416,058  24,393,746 
    
Cash distribution per limited partner unit$0.820  $0.750 
 
(1)  Certain changes to presentation of the prior period statements of income have been made in order to conform to the current period presentation, primarily relating to the addition of a subtotal entitled 'cost of sales' which includes all costs directly attributable to the generation of the related revenue, as defined by GAAP, and the retitling of what was previously referred to as 'cost of goods sold' to 'cost of materials and other'. Operating expenses and depreciation and amortization related to the wholesale business and the retail business are excluded from cost of sales because they primarily relate to costs associated with selling the products.
 


    
Delek Logistics Partners, LP   
Condensed Consolidated Statements of Cash Flows (Unaudited)   
(In thousands)   
 Three Months Ended March 31,
 2019 2018
Cash flows from operating activities   
Net income$19,696  $19,995 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization6,574  6,000 
Non-cash lease expense1,016   
Amortization of customer contract intangible assets1,803  601 
Amortization of deferred revenue(402) (350)
Amortization of deferred financing costs and debt discount905  656 
Accretion of asset retirement obligations99  78 
Income from equity method investments(1,951) (858)
Dividends from equity method investments1,488  1,033 
Loss on asset disposals2  60 
Unit-based compensation expense144  147 
Changes in assets and liabilities:   
Accounts receivable48  (2,352)
Inventories and other current assets(838) 7,977 
Accounts payable and other current liabilities(5,177) 7,091 
Accounts receivable/payable to related parties2,689  (15,790)
Non-current assets and liabilities, net109  (632)
Net cash provided by operating activities26,205  23,656 
Cash flows from investing activities   
Asset acquisitions, net of assumed asset retirement obligation liabilities  (72,376)
Purchases of property, plant and equipment(1,181) (3,253)
Proceeds from sales of property, plant and equipment12  91 
Purchases of intangible assets  (144,219)
Distributions from equity method investments804  660 
Equity method investment contributions(3,401)  
Net cash (used in) provided by financing activities(3,766) (219,097)
Cash flows from financing activities   
Proceeds from issuance of additional units to maintain 2% General Partner interest2  13 
Distributions to general partner(7,179) (5,100)
Distributions to common unitholders - public(7,352) (6,590)
Distributions to common unitholders - Delek Holdings(12,388) (11,088)
Distributions to Delek Holdings unitholders and general partner related to Big Spring Logistic Assets Acquisition
  (98,798)
Proceeds from revolving credit facility119,000  409,200 
Payments of revolving credit facility(114,500) (94,400)
Reimbursement of capital expenditures by Delek Holdings812  2,316 
Net cash (used in) provided by financing activities(21,605) 195,553 
Net increase in cash and cash equivalents834  112 
Cash and cash equivalents at the beginning of the period4,522  4,675 
Cash and cash equivalents at the end of the period$5,356  $4,787 
Supplemental disclosures of cash flow information:   
Cash paid during the period for:   
Interest$5,997  $3,009 
Income taxes$58  $ 
Non-cash investing activities:   
Decrease in accrued capital expenditures$(276) $(1,004)
Non-cash financing activities:   
Non-cash lease liability arising from recognition of  right of use assets upon adoption of ASU 2016-02$20,202  $ 
 


 
Delek Logistics Partners, LP
Reconciliation of  Amounts Reported Under U.S. GAAP
(In thousands)
 Three Months Ended March 31,
 2019 2018
Reconciliation of net income to EBITDA:   
Net income$19,696  $19,995 
Add:   
Income tax expense65  78 
Depreciation and amortization6,574  6,000 
Amortization of customer contract intangible assets1,803  601 
Interest expense, net11,301  8,062 
EBITDA$39,439  $34,736 
    
Reconciliation of net cash from operating activities to distributable cash flow:   
Net cash provided by operating activities$26,205  $23,656 
Changes in assets and liabilities3,169  3,706 
Non-cash lease expense(1,016) $ 
Distributions from equity method investments in investing activities804  660 
Maintenance and regulatory capital expenditures(818) (324)
Reimbursement from Delek Holdings for capital expenditures714  391 
Accretion of asset retirement obligations(99) (78)
Loss on asset disposals(2) (60)
Distributable Cash Flow$28,957  $27,951 


Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation
 (In thousands)
 Three Months Ended March 31,
Distributions to partners of Delek Logistics, LP2019 2018
Limited partners' distribution on common units$20,014  $18,287 
General partner's distributions408  373 
General partner's incentive distribution rights7,016  5,337 
Total distributions to be paid$27,438  $23,997 
    
Distributable cash flow$28,957  $27,951 
Distributable cash flow coverage ratio (1)1.06x 1.16x
 
(1) Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.
 

 
Delek Logistics Partners, LP
Segment Data (unaudited)
 (In thousands)

 
 Three Months Ended March 31,
 2019 2018
Pipelines and Transportation   
Net revenues:   
Affiliate$36,659  $29,462 
Third party3,974  4,251 
Total pipelines and transportation40,633  33,713 
Cost of sales:   
Cost of materials and other5,567  4,441 
Operating expenses (excluding depreciation and amortization)10,834  9,622 
Segment contribution margin$24,232  $19,650 
Total Assets$401,833  $417,781 
Wholesale Marketing and Terminalling   
Net revenues:   
Affiliates (1)$26,306  $32,182 
Third party85,544  102,026 
Total wholesale marketing and terminalling111,850  134,208 
Cost of sales:   
Cost of materials and other90,698  114,591 
Operating expenses (excluding depreciation and amortization)5,224  2,955 
Segment contribution margin$15,928  $16,662 
Total Assets$238,375  $248,165 
Consolidated   
Net revenues:   
Affiliates$62,965  $61,644 
Third party89,518  106,277 
Total consolidated152,483  167,921 
Cost of sales:   
Cost of materials and other96,265  119,032 
Operating expenses (excluding depreciation and amortization presented below)16,058  12,577 
Contribution margin40,160  36,312 
General and administrative expenses4,473  2,975 
Depreciation and amortization6,574  6,000 
Loss (gain) on asset disposals2  60 
Operating income$29,111  $27,277 
Total Assets$640,208  $665,946 
 
(1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible we acquired in connection with the Big Spring acquisition.
 

 
Delek Logistics Partners, LP
Segment Capital Spending
 (In thousands)
 Three Months Ended March 31,
Pipelines and Transportation2019 2018
Maintenance capital spending$410  $517 
Discretionary capital spending14  891 
Segment capital spending$424  $1,408 
Wholesale Marketing and Terminalling   
Maintenance capital spending$107  $202 
Discretionary capital spending373  587 
Segment capital spending$480  $789 
Consolidated   
Maintenance capital spending$517  $719 
Discretionary capital spending387  1,478 
Total capital spending$904  $2,197 


Delek Logistics Partners, LP
Segment Data (Unaudited)
 Three Months Ended March 31,
 2019 2018
Pipelines and Transportation Segment:   
Throughputs (average bpd)   
Lion Pipeline System:   
  Crude pipelines (non-gathered)28,683  54,728 
  Refined products pipelines to Enterprise Systems23,092  49,754 
SALA Gathering System16,998  16,672 
East Texas Crude Logistics System18,113  18,062 
    
Wholesale Marketing and Terminalling Segment:   
East Texas - Tyler Refinery sales volumes (average bpd) (1)68,577  73,244 
Big Spring marketing throughputs (average bpd) (2)

87,741  75,139 
West Texas marketing throughputs (average bpd)13,314  15,942 
West Texas gross margin per barrel$3.56  $5.16 
Terminalling throughputs (average bpd) (3)152,469  143,476 
 
(1) Excludes jet fuel and petroleum coke.
 
(2) Throughputs for the three months ended March 31, 2018 are for the 31 days we marketed certain finished products produced at or sold from the Big Spring Refinery following the execution of the Big Spring Marketing Agreement, effective March 31, 2018.
 
(3) Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas, our El Dorado and North Little Rock, Arkansas and our Memphis and Nashville, Tennessee terminals. Throughputs for the Big Spring terminal for three months ended March 31, 2018 are for the 31 days we operated the terminal following its acquisition effective March 1, 2018.  Barrels per day are calculated for only the days we operated each terminal. Total throughput for the three months ended March 31, 2018 was 11.3 million barrels, which averaged 125,639 bpd for the period.
 

   
 Reconciliation of Forecast Incremental U.S. GAAP Net Income (Loss) to Forecast Incremental EBITDA for Paline Pipeline Tariff Increase 
      
 ($ in millions)AnnualMonthly  
      
 Forecasted Incremental Net Income$10.8 $0.9   
 Add Forecasted Incremental Amounts for:    
 Interest Expense, net    
 Depreciation and amortization    
 Forecasted Incremental EBITDA$10.8 $0.9   
      
      

Investor / Media Relations Contact:
Keith Johnson
Vice President of Investor Relations                       
615-435-1366

Media/Public Affairs Contact:
Michael P. Ralsky
Vice President - Government Affairs, Public Affairs & Communications
615-435-1407

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Source: GlobeNewswire (May 6, 2019 - 6:45 AM EDT)

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