Q1 2025 Ferrellgas Partners LP Earnings Call
These factors are discussed in our Form 10-K filed on September 27 2024.
And other documents filed from time to time with the Securities and Exchange Commission.
Additionally, we note that the purpose of this call is to discuss the results of operations for the first fiscal quarter ended October October 31, 2024.
Gross profit increased zero point $9 million or 0.5% in the first fiscal quarter.
Margin per gallon increase of 3% due to increased volume on our fixed cost price program for residential customers.
The addition of several key new national accounts and West coast business gains.
The increase in gross profit was driven by a decrease of $7 $8 million or 4% and cost of products sold.
Which was primarily offset by a decrease of $6 $9 million or 2% and revenues for the first fiscal quarter.
Gallons sold during the quarter decreased by $4 2 million or 3% as retail gallons sold decreased seven 7 million or 7%, partially offset by an increase of $3 5 million or 7% and wholesale gallons sold.
The impact of inflation and severe weather events, resulting in small business closings. In addition to weather that was 16% warmer than the prior year quarter contributed to the decrease in retail gallons sold and 3% decrease in retail customers.
Favorable increase related to wholesale was driven by an $8.8 million increase in tank exchange sales due to organic growth, primarily driven by new customer wins.
Storm preparations and response during the first fiscal quarter also contributed to this growth.
<unk> exchange selling locations increased 9% compared to the prior year quarter as new major accounts drove an increase of nearly 5500 tank exchange selling locations compared to the prior year quarter.
We recognized a net loss attributable to Ferro gas partners LP of $146 6 million and $17 $5 million in the first fiscal quarter of 2025 and 2024, respectively.
The 129 $1 million change was primarily due to increases of $125 $1 million in.
<unk> and administrative expense $3 5 million in operating expense and $1 $9 million and interest expense.
The change in general and administrative expense was driven by a $125 million accrual related to the ongoing litigation.
After adjusting for $4 million in legal fees and settlements related to core businesses, we had a zero point $5 million decrease in operating expense for the quarter.
Lower fuel costs in tandem with the benefits of our telematics technology drove a $2 $2 million decrease in vehicle cost personnel expense consisted of decreases of $2 $5 million in workers' compensation expense and zero point $7 million in benefits expense.
That's partially offset by a one $9 million increase in payroll and related cost.
The decrease in benefits expense was primarily due to a pharmacy rebate and vacation accrual adjustments.
The increase in payroll costs was due to planned personnel growth as well as an increase of zero point $7 million and over time to prepare and supply propane to customers impacted by Hurricanes Helena and Milton.
The favorable variances for vehicle cost and personnel expense were partially offset by a $3 million increase in plant and other <unk>.
$3.0 million change consist of increases of $1 $5 million in legal and general liability expenses.
$1 million in software expense and zero point $7 million and facility rent and repairs.
Partially offset by zero point $3 million decrease in telephone and related cost.
The $1 $9 million increase in interest expense consist of a $1 2 million dollar increase for letters of credit fees and a zero point $7 million increase for amortization of debt issuance cost for our revolving credit facility related to the fourth.
That was effective in July 2024.
On December five 2024, we entered into the fifth amendment to the company's revolving credit facility.
Among other changes extended the maturity date of the credit facility to December 31, 2025 for March 30, <unk> 2025.
On March 31, 2025 in conjunction with the commencement of the first amendment.
<unk> level for the credit facility will be reduced from $350 million.
And $8 8 million.
The amended revolving credit facility as expected along with cash and cash generation from operations to provide adequate liquidity for the company.
Adjusted EBITDA, a non-GAAP financial measure increased by $2 9 million or 9% to $35 $8 million compared to $32 9 million in the prior year quarter.
The increase was primarily due to a $1 $6 million decrease in general and administrative expense after adjusting for a $126 $7 million increase in EBITDA adjustments and zero point $9 million increase in gross profit.
We intentionally manage our operations to counterbalance economic and weather related factors with investments in safety people and technology, which <unk> will go over next.
Tim Murray: I will now turn the call back to Tim Murray.
Thank you Mike.
Tim Murray: We do historically experienced weather events during the first quarter that we have to navigate in this quarter was no exception.
Tim Murray: Hurricanes Helene and Milton impacted the southeast our employee owners work on behalf of impacted communities to provide extended support both in preparation for the upcoming storms and afterwards.
Tim Murray: 140 service units were impacted across the southeast that's within our network driving double digit growth in these areas. Additionally, we supply propane to our partnership with operation Bbq relief. This charitable organization is cooked and served almost one 4 million hot meals to people in first rich.
Tim Murray: Sponsors that were touched by these storms.
Tim Murray: It's all part of our 85 year history, and our commitment to be there for our customers.
Tim Murray: Our operational excellence and strategic initiatives delivered solid results as I stated before and Mike highlighted and we will continue to highlight it is the investments in safety and technology that really bolster our logistics infrastructure, allowing us to perform across the nation, we leverage our telematics technology.
Tim Murray: For them to manage our fleet improve safety outcomes and ensure regulatory compliance. This technology. It enhances the already strong and professional driving skills that we are fortunate to have in our best in class workforce.
<unk> real time data into actionable insights, which has reduced fuel costs and boosted route efficiencies such as the reduction in idling time. This allows us to focus our assets where they are needed most.
Tim Murray: Continue to expand our nationwide footprint outside of our Midwest core.
Are you realizing organic growth in our customer base in the west and southeast our business development team. However continues to deliver strategic opportunities such as the acquisition of kill hover propane located in Oklahoma and October 24.
Tim Murray: Our retail business also benefits from the strength of its national accounts team standing out from their wins this quarter, our three key national account wins, providing more than 700000 gallons annually.
Tim Murray: Our blue Rhino tank exchange business.
Tim Murray: Realized organic sales growth during the first quarter compared to prior year, primarily driven by new customer wins, Yes storm prep in response also added growth, but the favorable impacts of improved logistics optimized fleet maintenance idling reductions they are delivering positive returns in this business as well.
Tim Murray: Again, our investments made in the telematics technology as noted above.
Tim Murray: Blue Rhino is extensive improvements and cylinder inventory management as well we highlighted these last quarter.
Tim Murray: Persistent and consistent this quarter.
Tim Murray: Initiatives favorably factored into the Companys positive first fiscal quarter adjusted EBITDA results.
In closing I'd like to call attention to the employees of Ferro gas.
Tim Murray: Our employees create one of the most dependable energy networks in the country for 85 years, we have built an infrastructure of people that put our customers first regardless of storms snow or ice.
Tim Murray: Thank you to our more than 4000 employees for making Ferro gas the dependable logistics company we are.
Speaker Change: We will again be taking Q&A. This call, we will take a pause to read your questions and organize a bit I'll now turn the call back over to our moderator as we move to the Q&A section of our call.
Speaker Change: Thank you Andrew.
Speaker Change: If you have a question at this time. Please type your question in the ask a question box.
Speaker Change: For our questions.
Speaker Change: Thank you, Michelle or just kind of organizing and reading these as they come in.
Speaker Change: I think we're all start though with just a quick.
Speaker Change: A note on Eddie stone, so we really want to remind everyone that pursuant to our company policy, we do not comment on pending litigation. Therefore in this Q&A section, we will not be discussing questions pertaining to Eddie's Doe litigation, including the related accrual.
Speaker Change: With respect to Eddie Stonegate direct you relate to the disclosure in our 10-Q and other public filings.
Speaker Change: So we have a few questions around acquisitions, which is actually my absolute favorite topic to speak about to Mike I'm going to go first.
Speaker Change: And we have a couple of questions here on acquisitions each year the acquisition pipeline it looks a little different.
Speaker Change: I'll wait for Ferro gas, we're really focused on the Fitch and that acquisition really needs to align to our strategic goals. This past year, we actually made our largest acquisition in 10 years.
Speaker Change: So you can see that the larger acquisitions.
Speaker Change: <unk> really been our focus it's really been more about where the acquisition is located.
Speaker Change: <unk> performance in the west that happened this past quarter. It really was about the quick and successful onboarding of eastern Sierra propane.
Speaker Change: Our operations team really knows how to assess and quickly onboard all new acquisitions. The acquisition that we closed this past quarter kill Haufer, It's really no different and it starts with employees and customers and we really take care of those two areas as well and it was a great fit for us 95% residential customers.
Speaker Change: And a perfect tuck in for us in that area.
Speaker Change: We are still engaged in the acquisition market and as opportunities arise we continue to assess.
Speaker Change: Mike I'm going to hand, it back to you. There's a couple of questions on the fifth Amendment.
Mike: Thank you Tia Maria.
Speaker Change: <unk> have come in regarding the fifth amendment to our revolving credit agreement.
Speaker Change: The fifth Amendment was closed on December five of this year and extended the maturity date of the revolver from March 30th.
Speaker Change: Next year the December 31 of next year.
Speaker Change: 30th maturity date of the credit facility created substantial doubt about the company's ability to continue as a going concern for at least one year from the September 27, 2024 data visually the companies.
Speaker Change: <unk> 2400 10-K.
Speaker Change: Importantly, this revolver extension alleviated that substantial doubt about the company's ability to continue as a going concern.
Speaker Change: For at least one year from the date of issuance of this 10-Q.
Speaker Change: This amendment also continues to restrict cash movements apparel grass excuse me federal gas LP, but Farrell gas partners LP and it also revises certain commercial terms and conditions such as pricing among other changes.
Speaker Change: The fifth Amendment also allows for us to fund potential resolutions to Eddie stone.
Speaker Change: Please refer to our 8-K filing on December 10th of 2024 for additional information related to this extension.
Speaker Change: Cambria it looks like there.
Speaker Change: There are some questions coming in on the operations would you like to handle those yes.
Speaker Change: And we have so much information in our press release, you did a good job at that Mike, but maybe what I'll do is I'll start with blue.
Speaker Change: Blue Rhino since this is really quarter, one is really a core season still for blue Rhino and they had their best quarter on record when it comes to free cash flow their expense management.
Speaker Change: Just was phenomenal all while hitting high volume numbers and it's exactly what we've been working on for the past four years as we've transitioned the company to really focus on strategic initiatives supply chain and.
Just the acumen around our fleet so.
Speaker Change: They are supposed to provide counter seasonal EBIT performance and they did exactly that and very proud of that team.
Our wholesale business also saw some volatility in supply and price due to some events in September related to propane export exports and so the season team. There. They are able to take sort of full advantage of the opportunities that the market presents and you see the performance of our entire wholesale grew.
<unk> really based on that.
Speaker Change: Finally on retail.
Speaker Change: Discussed much in this in this call on retail, but I'll highlight.
Speaker Change: Just a couple of areas first retail showed really great operational excellence in the areas of storm response.
Speaker Change: Seasonal prep and expense management, and I say expense management, because October was warmer than normal and our teams really executed well in managing expenses to demand.
Speaker Change: Adding to this as our telematics implementation that investment, it's really allowing us to just get down to another level of expense management on our most one of our most cost intensive areas such as fleet.
Speaker Change: Regarding the storms, we achieved both in those areas, where the storm response with greatest.
Speaker Change: You can imagine, Florida, and North Carolina.
Speaker Change: Some of our service units in there had double digit EBITDA growth over prior year.
Speaker Change: And we noted some business closing, but if you think about the way storms, where they cause destruction and that can put a business on pause I think sort of rebuild and recover and then some businesses may elect to not open their doors, but those that do buy Q2 here, we obviously have.
Speaker Change: We understand the demand that will be persistent.
Speaker Change: Finally.
Speaker Change: Our sales approach.
Speaker Change: We continue to focus on expanding our footprint outside the Midwest core and we have one of the best auto gas sales and installation teams in the industry and they simply never disappoint and new business is definitely growing in this segment.
Speaker Change: Like.
Speaker Change: As I said a lot there Mike I don't we pass it back to you because I see some finance questions coming in again.
Thank you Tamara.
Speaker Change: Disappointed that some of the listeners have posted question related.
Speaker Change: In our financing plans.
Speaker Change: As I previously discussed we engaged an investment bank to help us evaluate our capital structure and analyze various refinancing alternatives.
Speaker Change: We're working closely with the investment bank and are making good progress evaluating our capital structure and the refinancing opportunities.
Speaker Change: As we have previously stated we do have the option either redeemed the class b units or to convert the class B units into class a units until March of 2026. After March of 2026, converting the class B units in the class a units is the only remaining option.
Speaker Change: Permitted or documented under those financing agreements in terms of the 2026 senior notes as they do go current at the end of March of 2025, and then they become callable at par we are monitoring the current high yield market and we receive periodic updates from our bank group on indicative pricing for new debt issuances.
Speaker Change: We will continue to monitor the market conditions and the opportunities to refinance the 2006 senior notes.
Speaker Change: Tamara there has been some questions around capital spending would you like to.
Speaker Change: Yes.
Speaker Change: Yeah. So.
Speaker Change: Our cap ex let's see.
Speaker Change: So.
Speaker Change: It's really kind of general so I'll, just kind of speak generally about it blue Rhino has been putting on it really just the supply chain performance. That's been unmatched in the 20 years since they've been a part of feral gossan.
Speaker Change: This team of professionals has achieved a days of supply in inventory turns number and those are the two things that I really favorably impacting not only cash cash I'm, sorry cap expense, but also cash flow.
Speaker Change: Blue Rhino is really one of the largest components of our capex spend so that.
Speaker Change: They are favorably impacting that.
Speaker Change: Retail's use of Capex in Q1 is really balanced between new growth and maintaining that over 800 properties that we do business from so we're always investing in our assets. So that they can be leveraged for future growth and market share expansion.
Mike: Mike I think they've been looking at these questions. There's some additional questions on <unk>.
Speaker Change: Storm response, which I kind of hit before but.
Mike: Maybe I'll just say that.
Mike: It really matters. During this storm event to have seasoned professionals those that really understand the safety and execution and we have exactly that they knew how to navigate the storm from prep to post response, and we are a nationwide company. So just to kind of provide an example, we bring in drivers.
Tax from outside the area so that our local teams can focus on their families.
Mike: And being a nationwide provider really affords us the opportunity and then those outside the area employees that come in this is the fifth or sixth storm that theyre, helping us so experience remains pre post storms.
Mike: That really is what led to the double digit growth as I alluded to before in those North Carolina and Florida areas.
Mike: As I'm looking through.
Mike: The rest of these questions, Mike I don't see anything else in any other category, so, but I will say, though is before we conclude today's call we will be.
Speaker Change: We're planning to attend the Jpmorgan Global leverage conference. This spring.
Speaker Change: And I'm excited to do that thank you to everyone for joining today, we truly appreciate your continued support and we wish you a really safe and happy holiday season, So moderator I'll pass it back to you.
Speaker Change: Thank you. This concludes today's conference call. Thank you for participating and you may now disconnect everyone have a great day.
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