Ferrellgas Partners, L.P. Reports First Quarter Fiscal Year 2025 Results
Ferrellgas Partners (OTC: FGPR) reported its Q1 FY2025 results, showing mixed performance. Gross profit increased by $0.9 million (0.5%), driven by a 4% decrease in cost of product sold, partially offset by a 2% decrease in revenues. Total gallons sold decreased by 3%, with retail gallons down 7% but wholesale gallons up 7%. The company reported a net loss of $146.6 million, largely impacted by a $125.0 million accrual related to pending Eddystone litigation.
Adjusted EBITDA increased by $2.9 million (9%) to $35.8 million. The company secured an amendment to its revolving credit facility, extending maturity to December 31, 2025, though the commitment level will reduce from $350.0 million to $308.8 million starting March 31, 2025.
Ferrellgas Partners (OTC: FGPR) ha riportato i risultati del primo trimestre dell'anno fiscale 2025, mostrando una performance mista. Il profitto lordo è aumentato di 0,9 milioni di dollari (0,5%), sostenuto da una diminuzione del 4% del costo dei prodotti venduti, parzialmente compensata da una riduzione del 2% delle entrate. I galloni totali venduti sono diminuiti del 3%, con un calo del 7% nei volumi al dettaglio ma un incremento del 7% nei volumi all'ingrosso. L'azienda ha riportato una perdita netta di 146,6 milioni di dollari, fortemente influenzata da un accantonamento di 125,0 milioni di dollari relativo a contenziosi pendenti di Eddystone.
EBITDA rettificato è aumentato di 2,9 milioni di dollari (9%) raggiungendo i 35,8 milioni di dollari. L'azienda ha ottenuto una modifica del proprio credito revolving, estendendo la scadenza fino al 31 dicembre 2025, sebbene il livello di impegno ridurrà da 350,0 milioni di dollari a 308,8 milioni di dollari a partire dal 31 marzo 2025.
Ferrellgas Partners (OTC: FGPR) informó sus resultados del primer trimestre del año fiscal 2025, mostrando un desempeño mixto. La ganancia bruta aumentó en 0,9 millones de dólares (0,5%), impulsada por una disminución del 4% en el costo de los productos vendidos, compensada parcialmente por una caída del 2% en los ingresos. La cantidad total de galones vendidos disminuyó un 3%, con una caída del 7% en los galones minoristas, pero un aumento del 7% en los galones mayoristas. La compañía reportó una pérdida neta de 146,6 millones de dólares, afectada en gran medida por un ajuste de 125,0 millones de dólares relacionado con litigios pendientes de Eddystone.
El EBITDA ajustado aumentó en 2,9 millones de dólares (9%) alcanzando los 35,8 millones de dólares. La compañía aseguró una enmienda a su línea de crédito rotativo, extendiendo el vencimiento hasta el 31 de diciembre de 2025, aunque el nivel de compromiso se reducirá de 350,0 millones de dólares a 308,8 millones de dólares a partir del 31 de marzo de 2025.
Ferrellgas Partners (OTC: FGPR)는 2025 회계연도 1분기 실적을 발표하였으며, 혼합된 성과를 보여주었습니다. 총 이익은 90만 달러(0.5%) 증가했으며, 이는 판매된 제품의 비용이 4% 감소하면서 나타난 결과로, 수익이 2% 감소하면서 부분적으로 상쇄되었습니다. 총 판매 갤런 수는 3% 감소하였으며, 소매 판매는 7% 감소했지만 도매 판매는 7% 증가하였습니다. 회사는 1억 4660만 달러의 순손실을 기록하였으며, 이는 주로 pending Eddystone 소송과 관련하여 1억 2500만 달러의 적립금이 영향을 미쳤습니다.
조정 EBITDA는 290만 달러(9%) 증가하여 3580만 달러에 도달하였습니다. 회사는 회전 신용 시설의 조건을 변경하여 2025년 12월 31일까지 만기를 연장하는 데 성공했지만, 2025년 3월 31일부터는 약정 한도가 3억 5000만 달러에서 3억 880만 달러로 감소할 것입니다.
Ferrellgas Partners (OTC: FGPR) a publié ses résultats du premier trimestre de l'exercice 2025, montrant une performance mixte. Le bénéfice brut a augmenté de 0,9 million de dollars (0,5%), soutenu par une baisse de 4% du coût des produits vendus, partiellement compensée par une baisse de 2% des revenus. Le total des gallons vendus a diminué de 3%, avec une baisse de 7% des gallons au détail mais une augmentation de 7% des gallons en gros. L'entreprise a rapporté une perte nette de 146,6 millions de dollars, principalement impactée par une provision de 125,0 millions de dollars liée à des litiges en cours à Eddystone.
Le EBITDA ajusté a augmenté de 2,9 millions de dollars (9%) pour atteindre 35,8 millions de dollars. La société a sécurisé un amendement à sa facilité de crédit renouvelable, prolongeant l'échéance jusqu'au 31 décembre 2025, bien que le niveau d'engagement soit réduit de 350,0 millions de dollars à 308,8 millions de dollars à partir du 31 mars 2025.
Ferrellgas Partners (OTC: FGPR) hat seine Ergebnisse für das 1. Quartal des Geschäftsjahres 2025 veröffentlicht, die gemischte Leistungen zeigen. Der Bruttogewinn stieg um 0,9 Millionen Dollar (0,5%), was durch einen Rückgang der Kosten für verkaufte Produkte um 4% bedingt ist, der teilweise durch einen Rückgang der Einnahmen um 2% ausgeglichen wurde. Die insgesamt verkauften Gallonen sanken um 3%, wobei der Einzelhandelsverkauf um 7% zurückging, während der Großhandelsverkauf um 7% stieg. Das Unternehmen berichtete über einen Nettoverlust von 146,6 Millionen Dollar, der hauptsächlich durch eine Rückstellung von 125,0 Millionen Dollar im Zusammenhang mit ausstehenden Rechtsstreitigkeiten in Eddystone beeinflusst wurde.
Das bereinigte EBITDA stieg um 2,9 Millionen Dollar (9%) auf 35,8 Millionen Dollar. Das Unternehmen sicherte sich eine Änderungsvereinbarung für seine revolvierende Kreditfazilität, die die Fälligkeit bis zum 31. Dezember 2025 verlängert, obwohl die Verpflichtung von 350,0 Millionen Dollar auf 308,8 Millionen Dollar ab dem 31. März 2025 reduziert wird.
- Adjusted EBITDA increased 9% to $35.8 million
- Gross profit increased 0.5% ($0.9 million)
- Wholesale gallons sold increased 7%
- Margin per gallon improved 3% year-over-year
- Credit facility maturity extended to December 31, 2025
- Net loss widened to $146.6 million from $17.5 million year-over-year
- $125.0 million accrual for Eddystone litigation
- Total gallons sold decreased 3%
- Retail gallons sold decreased 7%
- Revenues decreased 2%
- Credit facility commitment reducing from $350.0M to $308.8M
LIBERTY, Mo., Dec. 20, 2024 (GLOBE NEWSWIRE) -- Ferrellgas Partners, L.P. (OTC: FGPR) (“Ferrellgas” or the “Company”) today reported financial results for its 2025 first fiscal quarter ended October 31, 2024.
In sharing 2025 fiscal first quarter results, Tamria Zertuche, President and Chief Executive Officer, commented, “The employee-owners of Ferrellgas have delivered another solid quarter. Executing on our strategy of targeted customer growth, operational excellence, consolidation, and safety, we have gained the right momentum heading into the Retail heating season while maintaining consistent volume increases within our branded Blue Rhino tank exchange operations. The first quarter of the fiscal year has historically included the navigation of storm events, and this quarter was no different. Our highly tenured, experienced workforce performed well in the challenging situations that led up to and followed storm events which impacted over 140 service units across the southeast. Ferrellgas and Blue Rhino have executed to the highest degree and extended support in many ways. I am proud of our employee-owners who have worked on behalf of impacted communities both during their workday and during their personal time. Safety remains a key priority as we focus on our employee-owners and provide them the training and tools to serve our customers. This is most evident during these types of severe weather events. Finally, I want to highlight the strength of our logistics infrastructure which has grown through our continued investments. As a logistics company, we leverage our telematics technology platform to manage our fleet which has proven to reduce fuel costs, boost route efficiencies such as the reduction of idling time, and allow for our fleet assets to be where they are needed most. Safety and Technology are of the upmost importance, but people make a company, and we have great people.”
Gross profit increased
As a nationwide logistics provider, we continue to expand our footprint outside of our midwest core, realizing organic growth in our customer base both in the west and southeast during the first fiscal quarter. Our Business Development team continues to deliver strategic opportunities, such as the acquisition of Kilhoffer Propane, located in Oklahoma, in October 2024. Our Retail business also benefits from the strength of its National Accounts team, which signed three major national accounts, which are expected to provide more than 700,000 gallons annually. These key wins were partially offset by the impact of inflation and severe weather events on small businesses resulting in their closings. Weather, which was approximately
On the wholesale side, Blue Rhino realized organic sales growth during the first fiscal quarter compared to the prior year period primarily driven by new customer wins. Storm preparation and response also added growth. The favorable impacts of improved logistics, optimized fleet maintenance, and idling reductions are delivering positive returns on our investments made in the telematics technology noted above. Blue Rhino’s extensive improvements in cylinder inventory management initiatives also factored into the Company’s positive first fiscal quarter Adjusted EBITDA results.
Two major hurricanes, Hurricane Helene in September followed by Hurricane Milton in October, drove the urgency for propane during the quarter. As those storms were forecasted to track through major areas of the country that the Company services, we ramped up to ensure we had the propane needed to serve our customers. After the storms passed by, Blue Rhino and Ferrellgas were on hand to supply communities in need of propane cylinders, while optimizing operational expenses in non-impacted areas of the country. We experienced double-digit growth in the southeast, compared to the prior year period, as customer demand surged. Additionally, through our partnership with Operation BBQ Relief, we provided propane, which this charitable organization used to cook and serve almost 1.4 million hot meals to people and first responders impacted by these storms. As the Company celebrates its 85th anniversary this year, its commitment to give back to communities across the country remains strong. We also continue to partner with Operation Warm, a national charity providing new winter coats and shoes to children in need.
Margin per gallon was favorable with a
We recognized a net loss attributable to Ferrellgas Partners, L.P. of
As previously disclosed, on December 5, 2024, the Company entered into the Fifth Amendment to its revolving credit facility which, among other changes, extended the maturity date to December 31, 2025, from March 30, 2025. On March 31, 2025, in conjunction with the commencement of the Fifth Amendment, the commitment level for the credit facility will be reduced from
On Friday, December 20, 2024, the Company will conduct a live teleconference on the Internet at https://edge.media-server.com/mmc/p/d2i2taos to discuss the results of operations for the first fiscal quarter ended October 31, 2024. The live webcast of the teleconference will begin at 8:30 a.m. Central Time (9:30 a.m. Eastern Time). Questions may be submitted via the investor relations e-mail box at InvestorRelations@ferrellgas.com or through the webcast portal to be answered during live Q&A.
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. Its Blue Rhino propane exchange brand is sold at over 68,000 locations nationwide. Ferrellgas employees indirectly own 1.1 million Class A Units of the partnership, through an employee stock ownership plan. Ferrellgas Partners, L.P. filed an Annual Report on Form 10-K for the fiscal year ended July 31, 2024, with the Securities and Exchange Commission on September 27, 2024. Investors can request a hard copy of this filing free of charge and obtain more information about the partnership online at www.ferrellgas.com.
Cautionary Note Regarding Forward-Looking Statements
Statements included in this release concerning current estimates, expectations, 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 defined under federal securities laws. These statements often use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” or the negative of those terms or other variations of them or comparable terminology. 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, including the effect of weather conditions on the demand for propane; the prices of wholesale propane, motor fuel and crude oil; disruptions to the supply of propane; competition from other industry participants and other energy sources; energy efficiency and technology advances; significant delays in the collection of accounts or notes receivable; customer, counterparty, supplier or vendor defaults; changes in demand for, and production of, hydrocarbon products; inherent operating and litigation risks in gathering, transporting, handling and storing propane; costs of complying with, or liabilities imposed under, environmental, health and safety laws; the impact of pending and future legal proceedings; the interruption, disruption, failure or malfunction of our information technology systems including due to cyber-attack; economic and political instability, particularly in areas of the world tied to the energy industry, including the ongoing conflicts between Russia and Ukraine and in the Middle East; disruptions in the capital and credit markets; and access to available capital to meet our operating and debt-service requirements. These risks, uncertainties, and other factors also include those discussed in the Annual Report on Form 10-K of Ferrellgas Partners, L.P., Ferrellgas, L.P., Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2024, and in other documents filed from time to time by these entities with the Securities and Exchange Commission. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof. Ferrellgas disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except unit data) (unaudited) | ||||||||
ASSETS | October 31, 2024 | July 31, 2024 | ||||||
Current assets: | ||||||||
Cash and cash equivalents (including | $ | 47,625 | $ | 124,160 | ||||
Accounts and notes receivable, net | 139,694 | 120,627 | ||||||
Inventories | 101,055 | 96,032 | ||||||
Prepaid expenses and other current assets | 50,390 | 34,383 | ||||||
Total current assets | 338,764 | 375,202 | ||||||
Property, plant and equipment, net | 607,210 | 604,954 | ||||||
Goodwill, net | 257,155 | 257,006 | ||||||
Intangible assets (net of accumulated amortization of | 112,163 | 112,155 | ||||||
Operating lease right-of-use assets | 43,145 | 47,620 | ||||||
Other assets, net | 55,215 | 61,813 | ||||||
Total assets | $ | 1,413,652 | $ | 1,458,750 | ||||
LIABILITIES, MEZZANINE AND EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 46,435 | $ | 33,829 | ||||
Current portion of long-term debt | 2,387 | 2,510 | ||||||
Current operating lease liabilities | 20,564 | 22,448 | ||||||
Other current liabilities | 287,764 | 184,021 | ||||||
Total current liabilities | 357,150 | 242,808 | ||||||
Long-term debt | 1,462,019 | 1,461,008 | ||||||
Operating lease liabilities | 23,563 | 26,006 | ||||||
Other liabilities | 28,091 | 27,267 | ||||||
Contingencies and commitments | ||||||||
Mezzanine equity: | ||||||||
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at October 31, 2024 and July 31, 2024) | 651,349 | 651,349 | ||||||
Equity (Deficit): | ||||||||
Limited partner unitholders | ||||||||
Class A (4,857,605 Units outstanding at October 31, 2024 and July 31, 2024) | (1,417,381 | ) | (1,256,946 | ) | ||||
Class B (1,300,000 Units outstanding at October 31, 2024 and July 31, 2024) | 383,012 | 383,012 | ||||||
General partner Unitholder (49,496 Units outstanding at October 31, 2024 and July 31, 2024) | (71,701 | ) | (70,080 | ) | ||||
Accumulated other comprehensive income | 6,853 | 2,025 | ||||||
Total Ferrellgas Partners, L.P. deficit | (1,099,217 | ) | (941,989 | ) | ||||
Noncontrolling interest | (9,303 | ) | (7,699 | ) | ||||
Total deficit | (1,108,520 | ) | (949,688 | ) | ||||
Total liabilities, mezzanine and deficit | $ | 1,413,652 | $ | 1,458,750 |
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per unit data) (unaudited) | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues: | ||||||||||||||||
Propane and other gas liquids sales | $ | 336,798 | $ | 338,934 | $ | 1,729,303 | $ | 1,869,982 | ||||||||
Other | 27,287 | 32,079 | 100,885 | 114,207 | ||||||||||||
Total revenues | 364,085 | 371,013 | 1,830,188 | 1,984,189 | ||||||||||||
Cost of sales: | ||||||||||||||||
Propane and other gas liquids sales | 164,356 | 172,180 | 833,666 | 962,456 | ||||||||||||
Other | 4,446 | 4,441 | 12,486 | 15,578 | ||||||||||||
Gross profit | 195,283 | 194,392 | 984,036 | 1,006,155 | ||||||||||||
Operating expense - personnel, vehicle, plant & other | 148,174 | 144,646 | 605,130 | 592,426 | ||||||||||||
Operating expense - equipment lease expense | 5,504 | 5,376 | 21,713 | 22,604 | ||||||||||||
Depreciation and amortization expense | 24,325 | 24,404 | 98,392 | 95,143 | ||||||||||||
General and administrative expense | 137,926 | 12,825 | 175,440 | 68,730 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 853 | 720 | 3,367 | 2,932 | ||||||||||||
Loss on asset sales and disposals | 1,427 | 1,335 | 2,911 | 5,346 | ||||||||||||
Operating (loss) income | (122,926 | ) | 5,086 | 77,083 | 218,974 | |||||||||||
Interest expense | (26,081 | ) | (24,161 | ) | (100,143 | ) | (96,864 | ) | ||||||||
Other income, net | 857 | 1,336 | 4,012 | 3,492 | ||||||||||||
(Loss) earnings before income tax expense | (148,150 | ) | (17,739 | ) | (19,048 | ) | 125,602 | |||||||||
Income tax expense | 180 | 162 | 704 | 1,125 | ||||||||||||
Net (loss) earnings | (148,330 | ) | (17,901 | ) | (19,752 | ) | 124,477 | |||||||||
Net (loss) earnings attributable to noncontrolling interest (1) | (1,662 | ) | (345 | ) | (856 | ) | 607 | |||||||||
Net (loss) earnings attributable to Ferrellgas Partners, L.P. | $ | (146,668 | ) | $ | (17,556 | ) | $ | (18,896 | ) | $ | 123,870 | |||||
Class A unitholders' interest in net loss | $ | (161,433 | ) | $ | (33,632 | ) | $ | (183,461 | ) | $ | (2,710 | ) | ||||
Net loss per unitholders' interest | ||||||||||||||||
Basic and diluted net loss per Class A Unit | $ | (33.23 | ) | $ | (6.92 | ) | $ | (37.77 | ) | $ | (0.56 | ) | ||||
Weighted average Class A Units outstanding - basic and diluted | 4,858 | 4,858 | 4,858 | 4,858 |
(1) | Amounts allocated to the general partner for its |
Supplemental Data and Reconciliation of Non-GAAP Items: | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net (loss) earnings attributable to Ferrellgas Partners, L.P. | $ | (146,668 | ) | $ | (17,556 | ) | $ | (18,896 | ) | $ | 123,870 | |||||
Income tax expense | 180 | 162 | 704 | 1,125 | ||||||||||||
Interest expense | 26,081 | 24,161 | 100,143 | 96,864 | ||||||||||||
Depreciation and amortization expense | 24,325 | 24,404 | 98,392 | 95,143 | ||||||||||||
EBITDA | (96,082 | ) | 31,171 | 180,343 | 317,002 | |||||||||||
Non-cash employee stock ownership plan compensation charge | 853 | 720 | 3,367 | 2,932 | ||||||||||||
Loss on asset sales and disposal | 1,427 | 1,335 | 2,911 | 5,346 | ||||||||||||
Other income, net | (857 | ) | (1,336 | ) | (4,012 | ) | (3,492 | ) | ||||||||
Severance costs | — | — | — | 634 | ||||||||||||
Legal fees and settlements related to non-core businesses | 127,386 | 1,054 | 129,322 | 17,933 | ||||||||||||
Legal fees and settlements related to core businesses | 4,040 | — | 4,040 | — | ||||||||||||
Acquisition and related costs (1) | — | — | 2,169 | — | ||||||||||||
Business transformation costs (2) | 706 | 274 | 3,042 | 2,362 | ||||||||||||
Net (loss) earnings attributable to noncontrolling interest (3) | (1,662 | ) | (345 | ) | (856 | ) | 607 | |||||||||
Adjusted EBITDA (4) | 35,811 | 32,873 | 320,326 | 343,324 | ||||||||||||
Net cash interest expense (5) | (22,473 | ) | (20,747 | ) | (86,771 | ) | (84,836 | ) | ||||||||
Maintenance capital expenditures (6) | (10,414 | ) | (4,530 | ) | (27,573 | ) | (18,867 | ) | ||||||||
Cash paid for income taxes | (77 | ) | (103 | ) | (673 | ) | (1,146 | ) | ||||||||
Proceeds from certain asset sales | 556 | 480 | 2,386 | 1,880 | ||||||||||||
Distributable cash flow attributable to equity investors (7) | 3,403 | 7,973 | 207,695 | 240,355 | ||||||||||||
Less: Distributions accrued or paid to preferred unitholders | 16,232 | 16,251 | 64,759 | 62,599 | ||||||||||||
Distributable cash flow attributable to general partner and non-controlling interest | (68 | ) | (159 | ) | (4,154 | ) | (4,806 | ) | ||||||||
Distributable cash flow attributable to Class A and B Unitholders (8) | (12,897 | ) | (8,437 | ) | 138,782 | 172,950 | ||||||||||
Less: Distributions paid to Class A and B Unitholders (9) | — | — | 99,996 | 49,998 | ||||||||||||
Distributable cash flow (shortage) excess (10) | $ | (12,897 | ) | $ | (8,437 | ) | $ | 38,786 | $ | 122,952 | ||||||
Propane gallons sales | ||||||||||||||||
Retail - Sales to End Users | 106,731 | 114,440 | 556,176 | 598,187 | ||||||||||||
Wholesale - Sales to Resellers | 51,240 | 47,765 | 203,345 | 209,786 | ||||||||||||
Total propane gallons sales | 157,971 | 162,205 | 759,521 | 807,973 | ||||||||||||
(1) | Non-recurring due diligence related to potential acquisition activities and restructuring costs. | |
(2) | Non-recurring costs included in “Operating, general and administrative expense” primarily related to the implementation of an ERP system as part of our business transformation initiatives. | |
(3) | Amounts allocated to the general partner for its | |
(4) | Adjusted EBITDA is calculated as net (loss) earnings attributable to Ferrellgas Partners, L.P., plus the sum of the following: income tax expense, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, loss on asset sales and disposals, other income, net, severance costs, legal fees and settlements related to non-core businesses, legal fees and settlements related to core businesses, acquisition and related costs, business transformation costs, and net (loss) earnings 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 make it easier to compare its results with other companies that have different financing and capital structures. Adjusted EBITDA, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of Adjusted EBITDA that will not occur on a continuing basis may have associated cash payments. Adjusted EBITDA should be viewed in conjunction with measurements that are computed in accordance with GAAP. | |
(5) | Net cash interest expense is the sum of interest expense less non-cash interest expense and other income, net. | |
(6) | Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment, and may from time to time include the purchase of assets that are typically leased. | |
(7) | Distributable cash flow attributable to equity investors is calculated as Adjusted EBITDA minus net cash interest expense, maintenance capital expenditures and cash paid for income taxes plus proceeds from certain 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, including holders of the operating partnership’s Preferred Units. Distributable cash flow attributable to equity investors, as management defines it, may not be comparable to similarly titled measurements used by other companies. 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 should be viewed in conjunction with measurements that are computed in accordance with GAAP. | |
(8) | Distributable cash flow attributable to Class A and B Unitholders is calculated as Distributable cash flow attributable to equity investors minus distributions accrued or paid on the Preferred Units and distributable cash flow attributable to general partner and noncontrolling interest. Management considers distributable cash flow attributable to Class A and B Unitholders a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to Class A and B Unitholders. Distributable cash flow attributable to Class A and B Unitholders, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added to our calculation of distributable cash flow attributable to Class A and B Unitholders that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to Class A and B Unitholders should be viewed in conjunction with measurements that are computed in accordance with GAAP. | |
(9) | The Company did not pay any distributions to Class A Unitholders during any of the periods in fiscal 2025 or fiscal 2024. | |
(10) | Distributable cash flow (shortage) excess is calculated as Distributable cash flow attributable to Class A and B Unitholders minus Distributions paid to Class A and B Unitholders. Distributable cash flow excess, if any, is retained to establish reserves, to reduce debt, to fund capital expenditures and for other partnership purposes, and any shortage is funded from previously established reserves, cash on hand or borrowings under our Credit Facility. Management considers Distributable cash flow excess a meaningful measure of the partnership’s ability to effectuate those purposes. Distributable cash flow (shortage) excess, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow excess that will not occur on a continuing basis may have associated cash payments. Distributable cash flow (shortage) excess should be viewed in conjunction with measurements that are computed in accordance with GAAP. |
FAQ
What was FGPR's Adjusted EBITDA for Q1 FY2025?
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What changes were made to FGPR's credit facility in December 2024?
How did FGPR's gallons sold perform in Q1 FY2025?