Ferrellgas Partners, L.P. Reports Third Quarter Results
07 June 2018 - 9:00PM
Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the
“Company”) today reported financial results for its third fiscal
quarter ended April 30, 2018. The Company reported net earnings
attributable to Ferrellgas Partners, L.P. of $10.9 million, or
$0.11 per common unit, compared to prior year period net earnings
of $6.5 million, or $0.07 per common unit. Adjusted EBITDA
increased to $86.9 million, compared to $76.8 million in the prior
year period, a 13.0 percent increase.
The Company’s propane operations reported that total gallons
sold in the third quarter increased 34.1 million gallons, or 16.1
percent, over prior year. Margins were slightly lower as the
Company aggressively competes for and wins new customers. This
strategic focus resulted in approximately 11,500 new customers, or
approximately 1.7 percent more than prior year. Additionally, the
Company’s current Blue Rhino tank exchange sales locations have
increased 9.5 percent from the start of the fiscal year. Overall,
the increase in gross margin from sales volume growth was partially
offset by slightly lower margins per gallon and higher operating
expenses which were largely the result of increased sales and
marketing activity. However, on a per gallon basis operating
expenses were 1.7 cents lower than prior year reflecting in part
benefits from higher operating efficiency, sales volumes and
customer density.
The Company’s midstream business has stabilized and is
positioning itself for potential growth opportunities stemming from
activity associated with recent increases in the price of oil.
Stronger results for the quarter compared to prior year reflect
primarily the successful exit earlier this year from low-margin
barge operations. Results for the quarter also reflect completion
of the sale of the Bridger Energy and Bridger Rail businesses for
approximately $60.0 million. These sales also reduced
outstanding letters of credit by approximately $80.0 million.
The Company has solidified its liquidity and working capital
access requirements with the recent announcements of the closing of
two credit facilities:
- A $575.0 million secured credit facility was completed on May
4, 2018. This facility included a $275.0 million term loan and a
$300.0 million cash revolver. Proceeds from the term loan were used
to pay off the Company’s previous credit facility and resulted in
approximately $75.0 million of additional cash on the balance
sheet. The revolver has no outstanding balance and supports
approximately $100.0 million of letters of credit that were issued
to replace those outstanding under the old facility.
- The Company also amended its accounts receivable securitization
facility on May 14, 2018, resulting in a three-year extension of
the facility as well as increasing the size of the facility from
$225.0 million to $250.0 million.
In addition, the Company continues to evaluate various options
related to its outstanding unsecured bonds due June 2020. This may
include refinancing, or an exchange transaction for some or all of
its bonds due June 2020.
“Our Company continues to build momentum and this quarter’s
results are another example of how our strategy is working,” said
James E. Ferrell, Interim Chief Executive Officer and President of
Ferrellgas. “We are focused on customer growth and density, and we
are seeing results in both. We are committed to winning new
business, and as we enter the summer grilling season we’ll benefit
from the rapid expansion in the number of Blue Rhino tank exchange
sale locations, up nearly 9.5 percent from the start of this fiscal
year.”
The Company continues its strategic focus on key operating
initiatives to reduce costs and grow EBITDA. Of significance
are two new tank exchange production plants expected to come on
line in fiscal fourth quarter. “These plants move us closer to our
customers, lower our operating expenses per tank, lower costs and
mileage on our vehicle fleet, and add capacity to the system to
position us to service the growth we are seeing in this business,”
added Ferrell. “We have also executed on sales of non-core assets
that have streamlined our business, reduced our debt, and
positively enhanced our key credit metrics. Our liquidity and
access to working capital is significant with recent announcements
of our credit facility extensions. We now have a multi-year runway
to continue to focus on growing our business and delivering the
world class service our customers deserve.”
“Our management team is strong and experienced. I am excited
about the recent announcement of our promotion of Trent Hampton to
Chief Operating Officer. He has long tenure with the Company,
understands all aspects of our business and is working well with
our distribution, supply, and administrative teams throughout the
Company,” said Ferrell. “We are working together better than ever
to grow the business and serve our customers. We are well
positioned for a strong finish to fiscal 2018 and we are building a
foundation for the long-term success of our Company.”
About Ferrellgas Ferrellgas Partners, L.P.,
through its operating partnership, Ferrellgas, L.P., and
subsidiaries, serves propane customers in all 50 states, the
District of Columbia, and Puerto Rico, and provides midstream
services to major energy companies in the United States. Ferrellgas
employees indirectly own 22.8 million common units of the
partnership, through an employee stock ownership plan. Ferrellgas
Partners, L.P. filed a Form 10-K with the Securities and Exchange
Commission on September 28, 2017. Investors can request a hard copy
of this filing free of charge and obtain more information about the
partnership online at www.ferrellgas.com.
Forward Looking Statements Statements in this
release concerning expectations for the future are forward-looking
statements. A variety of known and unknown risks, uncertainties and
other factors could cause results, performance, and expectations to
differ materially from anticipated results, performance, and
expectations. These risks, uncertainties, and other factors include
those discussed in the Form 10-K of Ferrellgas Partners, L.P.,
Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas
Finance Corp. for the fiscal year ended July 31, 2017, the
Form 10-Q of these entities for the fiscal quarter ended April
30, 2018 and in other documents filed from time to time by these
entities with the Securities and Exchange Commission.
Contacts Jim Saladin, Media Relations –
jimsaladin@ferrellgas.com, 913-661-1833 Bill Ruisinger, Investor
Relations – billruisinger@ferrellgas.com, 816-792-7914
|
FERRELLGAS PARTNERS,
L.P. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands, except unit data) |
(unaudited) |
|
|
|
|
|
ASSETS |
|
April 30, 2018 |
|
July 31, 2017 |
|
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
9,499 |
|
|
$ |
5,760 |
|
Accounts
and notes receivable, net (including $182,486 and $109,407 of
accounts receivable pledged as collateral at April 30, 2018 and
July 31, 2017, respectively) |
|
|
202,727 |
|
|
|
165,084 |
|
Inventories |
|
|
85,062 |
|
|
|
92,552 |
|
Prepaid
expenses and other current assets |
|
|
44,090 |
|
|
|
33,388 |
|
Total Current Assets |
|
|
341,378 |
|
|
|
296,784 |
|
|
|
|
|
|
Property, plant and
equipment, net |
|
|
637,688 |
|
|
|
731,923 |
|
Goodwill, net |
|
|
246,098 |
|
|
|
256,103 |
|
Intangible assets, net |
|
|
235,318 |
|
|
|
251,102 |
|
Other
assets, net |
|
|
72,094 |
|
|
|
74,057 |
|
Total Assets |
|
$ |
1,532,576 |
|
|
$ |
1,609,969 |
|
|
|
|
|
|
LIABILITIES AND PARTNERS' DEFICIT |
|
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
52,472 |
|
|
$ |
85,561 |
|
Short-term borrowings |
|
|
- |
|
|
|
59,781 |
|
Collateralized note payable |
|
|
104,000 |
|
|
|
69,000 |
|
Other
current liabilities |
|
|
158,875 |
|
|
|
126,224 |
|
Total Current Liabilities |
|
|
315,347 |
|
|
|
340,566 |
|
|
|
|
|
|
Long-term debt (a) |
|
|
1,995,608 |
|
|
|
1,995,795 |
|
Other liabilities |
|
|
34,225 |
|
|
|
31,118 |
|
Contingencies and
commitments |
|
|
|
|
|
|
|
|
|
Partners Deficit: |
|
|
|
|
Common
unitholders (97,152,665 units outstanding at April 30, 2018
and July 31, 2017) |
|
|
(758,325 |
) |
|
|
(701,188 |
) |
General
partner unitholder (989,926 units outstanding at April 30, 2018 and
July 31, 2017) |
|
|
(67,568 |
) |
|
|
(66,991 |
) |
Accumulated other comprehensive income |
|
|
17,672 |
|
|
|
14,601 |
|
Total Ferrellgas Partners, L.P. Partners'
Deficit |
|
|
(808,221 |
) |
|
|
(753,578 |
) |
Noncontrolling interest |
|
|
(4,383 |
) |
|
|
(3,932 |
) |
Total Partners' Deficit |
|
|
(812,604 |
) |
|
|
(757,510 |
) |
Total Liabilities and Partners' Deficit |
|
$ |
1,532,576 |
|
|
$ |
1,609,969 |
|
|
|
|
|
|
(a) The principal difference between the Ferrellgas Partners,
L.P. balance sheet and that of Ferrellgas, L.P., is $357 million of
8.625% notes which are liabilities of Ferrellgas Partners,
L.P. and not of Ferrellgas, L.P. |
|
|
FERRELLGAS PARTNERS, L.P. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(in thousands, except per unit
data) |
(unaudited) |
|
|
|
Three months
ended |
|
Nine months
ended |
|
Twelve months
ended |
|
|
April 30 |
|
April 30 |
|
April 30 |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Propane
and other gas liquids sales |
|
$ |
451,302 |
|
|
$ |
369,437 |
|
|
$ |
1,346,299 |
|
|
$ |
1,049,211 |
|
|
$ |
1,615,500 |
|
|
$ |
1,290,493 |
|
Midstream
operations |
|
|
22,595 |
|
|
|
126,676 |
|
|
|
260,631 |
|
|
|
331,507 |
|
|
|
395,827 |
|
|
|
469,318 |
|
Other |
|
|
41,913 |
|
|
|
41,996 |
|
|
|
118,691 |
|
|
|
116,183 |
|
|
|
147,670 |
|
|
|
146,601 |
|
Total revenues |
|
|
515,810 |
|
|
|
538,109 |
|
|
|
1,725,621 |
|
|
|
1,496,901 |
|
|
|
2,158,997 |
|
|
|
1,906,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Propane
and other gas liquids sales |
|
|
260,419 |
|
|
|
197,487 |
|
|
|
802,852 |
|
|
|
551,728 |
|
|
|
945,279 |
|
|
|
667,320 |
|
Midstream
operations |
|
|
14,518 |
|
|
|
118,767 |
|
|
|
229,710 |
|
|
|
300,433 |
|
|
|
358,716 |
|
|
|
397,768 |
|
Other |
|
|
19,850 |
|
|
|
20,810 |
|
|
|
54,339 |
|
|
|
53,213 |
|
|
|
68,393 |
|
|
|
68,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
221,023 |
|
|
|
201,045 |
|
|
|
638,720 |
|
|
|
591,527 |
|
|
|
786,609 |
|
|
|
773,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense |
|
|
116,579 |
|
|
|
104,773 |
|
|
|
350,757 |
|
|
|
322,274 |
|
|
|
460,234 |
|
|
|
433,600 |
|
Depreciation and amortization expense |
|
|
25,348 |
|
|
|
25,737 |
|
|
|
76,565 |
|
|
|
77,546 |
|
|
|
102,370 |
|
|
|
115,361 |
|
General
and administrative expense |
|
|
11,678 |
|
|
|
9,978 |
|
|
|
39,733 |
|
|
|
33,889 |
|
|
|
52,824 |
|
|
|
45,812 |
|
Equipment lease expense |
|
|
7,133 |
|
|
|
7,270 |
|
|
|
20,828 |
|
|
|
22,035 |
|
|
|
27,917 |
|
|
|
29,314 |
|
Non-cash
employee stock ownership plan compensation charge |
|
|
2,738 |
|
|
|
4,697 |
|
|
|
10,731 |
|
|
|
11,396 |
|
|
|
14,423 |
|
|
|
20,616 |
|
Non-cash
stock-based compensation charge (a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,298 |
|
|
|
- |
|
|
|
5,865 |
|
Asset
impairments |
|
|
- |
|
|
|
- |
|
|
|
10,005 |
|
|
|
- |
|
|
|
10,005 |
|
|
|
628,802 |
|
Loss on
asset sales and disposal |
|
|
6,270 |
|
|
|
2,393 |
|
|
|
46,414 |
|
|
|
8,861 |
|
|
|
52,010 |
|
|
|
16,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
57,547 |
|
|
|
48,590 |
|
|
|
83,687 |
|
|
|
112,228 |
|
|
|
66,826 |
|
|
|
(522,547 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(40,375 |
) |
|
|
(39,860 |
) |
|
|
(123,855 |
) |
|
|
(112,107 |
) |
|
|
(164,233 |
) |
|
|
(147,155 |
) |
Other
income, net |
|
|
227 |
|
|
|
162 |
|
|
|
1,422 |
|
|
|
1,433 |
|
|
|
1,463 |
|
|
|
1,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes |
|
|
17,399 |
|
|
|
8,892 |
|
|
|
(38,746 |
) |
|
|
1,554 |
|
|
|
(95,944 |
) |
|
|
(668,070 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense (benefit) |
|
|
67 |
|
|
|
(192 |
) |
|
|
282 |
|
|
|
(194 |
) |
|
|
(667 |
) |
|
|
(1,676 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
|
17,332 |
|
|
|
9,084 |
|
|
|
(39,028 |
) |
|
|
1,748 |
|
|
|
(95,277 |
) |
|
|
(666,394 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (loss) attributable to noncontrolling interest (b) |
|
|
201 |
|
|
|
155 |
|
|
|
(131 |
) |
|
|
187 |
|
|
|
(612 |
) |
|
|
(6,521 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (loss) attributable to Ferrellgas Partners, L.P. |
|
|
17,131 |
|
|
|
8,929 |
|
|
|
(38,897 |
) |
|
|
1,561 |
|
|
|
(94,665 |
) |
|
|
(659,873 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
General partner's interest in net earnings (loss) |
|
|
109 |
|
|
|
66 |
|
|
|
(389 |
) |
|
|
16 |
|
|
|
(947 |
) |
|
|
(6,599 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common unitholders' interest in net earnings
(loss) |
|
$ |
17,022 |
|
|
$ |
8,863 |
|
|
$ |
(38,508 |
) |
|
$ |
1,545 |
|
|
$ |
(93,718 |
) |
|
$ |
(653,274 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) Per Common Unit |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net earnings (loss) per common unitholders'
interest |
|
$ |
0.18 |
|
|
$ |
0.09 |
|
|
$ |
(0.40 |
) |
|
$ |
0.02 |
|
|
$ |
(0.96 |
) |
|
$ |
(6.70 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common units outstanding - basic |
|
|
97,152.7 |
|
|
|
97,152.7 |
|
|
|
97,152.7 |
|
|
|
97,255.4 |
|
|
|
97,152.7 |
|
|
|
97,443.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Reconciliation of
Non-GAAP Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Nine months
ended |
|
Twelve months
ended |
|
|
April 30 |
|
April 30 |
|
April 30 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Ferrellgas Partners,
L.P. |
|
$ |
17,131 |
|
|
$ |
8,929 |
|
|
$ |
(38,897 |
) |
|
$ |
1,561 |
|
|
$ |
(94,665 |
) |
|
$ |
(659,873 |
) |
Income
tax expense (benefit) |
|
|
67 |
|
|
|
(192 |
) |
|
|
282 |
|
|
|
(194 |
) |
|
|
(667 |
) |
|
|
(1,676 |
) |
Interest
expense |
|
|
40,375 |
|
|
|
39,860 |
|
|
|
123,855 |
|
|
|
112,107 |
|
|
|
164,233 |
|
|
|
147,155 |
|
Depreciation and amortization expense |
|
|
25,348 |
|
|
|
25,737 |
|
|
|
76,565 |
|
|
|
77,546 |
|
|
|
102,370 |
|
|
|
115,361 |
|
EBITDA |
|
|
82,921 |
|
|
|
74,334 |
|
|
|
161,805 |
|
|
|
191,020 |
|
|
|
171,271 |
|
|
|
(399,033 |
) |
Non-cash
employee stock ownership plan compensation charge |
|
|
2,738 |
|
|
|
4,697 |
|
|
|
10,731 |
|
|
|
11,396 |
|
|
|
14,423 |
|
|
|
20,616 |
|
Non-cash
stock based compensation charge (a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,298 |
|
|
|
- |
|
|
|
5,865 |
|
Asset
impairments |
|
|
- |
|
|
|
- |
|
|
|
10,005 |
|
|
|
- |
|
|
|
10,005 |
|
|
|
628,802 |
|
Loss on
asset sales and disposal |
|
|
- |
|
|
|
0 |
|
|
|
46,414 |
|
|
|
8,861 |
|
|
|
52,010 |
|
|
|
16,476 |
|
Other
income, net |
|
|
(227 |
) |
|
|
(162 |
) |
|
|
(1,422 |
) |
|
|
(1,433 |
) |
|
|
(1,463 |
) |
|
|
(1,632 |
) |
Severance
costs $358 included in operating costs for the nine and twelve
months ended period April 30, 2018 and $1,305 included in
general and administrative costs for the nine and twelve months
ended April 30, 2018. Also includes $414 and $542 in operating
costs for the nine and twelve months ended April 30, 2017 and
$1,545 included in general and administrative costs for the nine
and twelve months ended April 30, 2017. |
|
|
- |
|
|
|
- |
|
|
|
1,663 |
|
|
|
1,959 |
|
|
|
1,663 |
|
|
|
2,087 |
|
Professional fees |
|
|
1,289 |
|
|
|
- |
|
|
|
3,407 |
|
|
|
- |
|
|
|
3,407 |
|
|
|
- |
|
Unrealized (non-cash) losses (gains) on changes in fair value of
derivatives $(759) included in operating expense for the twelve
months ended April 30, 2018 and $(227), $(3,238) and $(3,245) for
the three, nine and twelve months ended April 30, 2017. Also
includes $1,293 and $3,044 included in midstream operations cost of
sales for the nine and twelve months ended April 30, 2018,
respectively and $(2,007), $(1,211) and $(3,060) for the three,
nine and twelve months ended April 30, 2017. |
|
|
- |
|
|
|
(2,234 |
) |
|
|
1,293 |
|
|
|
(4,449 |
) |
|
|
2,285 |
|
|
|
(6,305 |
) |
Net
earnings (loss) attributable to noncontrolling interest (b) |
|
|
201 |
|
|
|
155 |
|
|
|
(131 |
) |
|
|
187 |
|
|
|
(612 |
) |
|
|
(6,521 |
) |
Adjusted EBITDA (c) |
|
|
86,922 |
|
|
|
76,790 |
|
|
|
233,765 |
|
|
|
210,839 |
|
|
|
252,989 |
|
|
|
260,355 |
|
Net cash
interest expense (d) |
|
|
(37,873 |
) |
|
|
(37,140 |
) |
|
|
(115,664 |
) |
|
|
(105,470 |
) |
|
|
(153,782 |
) |
|
|
(139,074 |
) |
Maintenance capital expenditures (e) |
|
|
(5,741 |
) |
|
|
(3,442 |
) |
|
|
(19,085 |
) |
|
|
(10,518 |
) |
|
|
(25,502 |
) |
|
|
(14,067 |
) |
Cash paid
for taxes |
|
|
470 |
|
|
|
(2 |
) |
|
|
458 |
|
|
|
(28 |
) |
|
|
176 |
|
|
|
(373 |
) |
Proceeds
from asset sales |
|
|
148 |
|
|
|
130 |
|
|
|
4,355 |
|
|
|
4,163 |
|
|
|
8,144 |
|
|
|
4,214 |
|
Distributable cash flow attributable to equity investors
(f) |
|
|
43,926 |
|
|
|
36,336 |
|
|
|
103,829 |
|
|
|
98,986 |
|
|
|
82,025 |
|
|
|
111,055 |
|
Distributable cash flow attributable to general partner and
non-controlling interest |
|
|
879 |
|
|
|
727 |
|
|
|
2,077 |
|
|
|
1,980 |
|
|
|
1,641 |
|
|
|
2,222 |
|
Distributable cash flow attributable to common unitholders |
|
|
43,047 |
|
|
|
35,609 |
|
|
|
101,752 |
|
|
|
97,006 |
|
|
|
80,384 |
|
|
|
108,833 |
|
Less:
Distributions paid to common unitholders |
|
|
9,715 |
|
|
|
9,715 |
|
|
|
29,146 |
|
|
|
69,221 |
|
|
|
38,861 |
|
|
|
119,407 |
|
Distributable cash flow excess/(shortage) |
|
$ |
33,332 |
|
|
$ |
25,894 |
|
|
$ |
72,606 |
|
|
$ |
27,785 |
|
|
$ |
41,523 |
|
|
$ |
(10,574 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Propane gallons sales |
|
|
|
|
|
|
|
|
|
|
|
|
Retail -
Sales to End Users |
|
|
189,183 |
|
|
|
160,326 |
|
|
|
543,548 |
|
|
|
473,094 |
|
|
|
635,326 |
|
|
|
560,719 |
|
Wholesale
- Sales to Resellers |
|
|
57,121 |
|
|
|
51,891 |
|
|
|
185,492 |
|
|
|
170,033 |
|
|
|
241,710 |
|
|
|
226,162 |
|
Total
propane gallons sales |
|
|
246,304 |
|
|
|
212,217 |
|
|
|
729,040 |
|
|
|
643,127 |
|
|
|
877,036 |
|
|
|
786,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstream operations barrels |
|
|
|
|
|
|
|
|
|
|
|
|
Salt
water volume processed |
|
|
4,761 |
|
|
|
4,635 |
|
|
|
14,552 |
|
|
|
12,340 |
|
|
|
19,727 |
|
|
|
15,903 |
|
Crude
oil hauled |
|
|
11,640 |
|
|
|
12,280 |
|
|
|
34,855 |
|
|
|
36,549 |
|
|
|
47,555 |
|
|
|
51,136 |
|
Crude
oil sold |
|
|
27 |
|
|
|
2,110 |
|
|
|
3,412 |
|
|
|
5,228 |
|
|
|
5,654 |
|
|
|
7,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Non-cash stock-based compensation charges consist of the
following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
Twelve months ended |
|
|
April 30 |
|
April 30 |
|
April 30 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Operating
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
661 |
|
|
$ |
- |
|
|
$ |
1,046 |
|
General
and administrative expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,637 |
|
|
|
- |
|
|
|
4,819 |
|
Total |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,298 |
|
|
$ |
- |
|
|
$ |
5,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Amounts allocated to the general partner for its
1.0101% interest in the operating partnership, Ferrellgas,
L.P. |
(c) Adjusted EBITDA is calculated as net loss
attributable to Ferrellgas Partners, L.P., less the sum of the
following: income tax expense (benefit), interest expense,
depreciation |
and amortization expense, non-cash
employee stock ownership plan compensation charge, non-cash
stock-based compensation charge, asset impairments, loss on
asset |
sales and disposal, other income, net,
severance expense, unrealized (non-cash) losses (gains) on changes
in fair value of derivatives,and net earnings (loss)
attributable |
to noncontrolling interest.
Management believes the presentation of this measure is relevant
and useful, because it allows investors to view the partnership's
performance |
in a manner similar to the method
management uses, adjusted for items management believes makes it
easier to compare its results with other companies that
have |
different financing and capital
structures. This method of calculating Adjusted EBITDA may not be
consistent with that of other companies and should be viewed
in conjunction |
with measurements that are computed in
accordance with GAAP. |
(d) Net cash interest expense is the sum of interest
expense less non-cash interest expense and other expense, net. This
amount includes interest |
expense related to the accounts
receivable securitization facility. |
(e) Maintenance capital expenditures include capitalized
expenditures for betterment and replacement of property, plant and
equipment. |
(f) Distributable cash flow attributable to equity
investors is calculated as Adjusted EBITDA minus net cash interest
expense, maintenance capital expenditures and cash paid for taxes
plus |
proceeds from asset sales. Management
considers distributable cash flow attributable to equity investors
a meaningful measure of the partnership’s ability to declare and
pay |
quarterly distributions to equity investors.
Distributable cash flow attributable to equity investors, as
management defines it, may not be comparable to distributable cash
flow |
attributable to equity investors or similarly titled
measurements used by other corporations and partnerships. Items
added into our calculation of distributable cash flow |
attributable to equity investors that will not occur
on a continuing basis may have associated cash payments.
Distributable cash flow attributable to equity investors may not be
consistent |
with that of other companies and should be viewed in
conjunction with measurements that are computed in accordance with
GAAP. |
(g) Distributable cash flow attributable to common
unitholders is calculated as Distributable cash flow attributable
to equity investors minus distributable cash flow attributable to
general partner |
and noncontrolling interest. Management considers
distributable cash flow attributable to common unitholders a
meaningful measure of the partnership’s ability to
declare |
and pay quarterly distributions to common
unitholders. Distributable cash flow attributable to common
unitholders, as management defines it, may not be comparable to
distributable |
cash flow attributable to common unitholders or
similarly titled measurements used by other corporations and
partnerships. Items added to our calculation of distributable cash
flow |
attributable to common unit holders that will not
occur on a continuing basis may have associated cash payments.
Distributable cash flow attributable to common
unitholders |
may not be consistent with that of other companies
and should be viewed in conjunction with measurements that are
computed in accordance with GAAP . |
|
|
|
|
|
|
|
|
|
|
|
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