Company Quick10K Filing
Ferrellgas Partners
Price1.01 EPS0
Shares97 P/E5
MCap98 P/FCF1
Net Debt2,084 EBIT20
TEV2,182 TEV/EBIT109
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-01-31 Filed 2020-03-11
10-Q 2019-10-31 Filed 2019-12-06
10-K 2019-07-31 Filed 2019-10-15
10-Q 2019-04-30 Filed 2019-06-10
10-Q 2019-01-31 Filed 2019-03-08
10-Q 2018-10-31 Filed 2018-12-06
10-K 2018-07-31 Filed 2018-09-27
10-Q 2018-04-30 Filed 2018-06-07
10-Q 2018-01-31 Filed 2018-03-08
10-Q 2017-10-31 Filed 2017-12-07
10-K 2017-07-31 Filed 2017-09-28
10-Q 2017-04-30 Filed 2017-06-09
10-Q 2017-01-31 Filed 2017-03-09
10-Q 2016-10-31 Filed 2016-12-09
10-K 2016-07-31 Filed 2016-09-28
10-Q 2016-04-30 Filed 2016-06-08
10-Q 2016-01-31 Filed 2016-03-10
10-Q 2015-10-31 Filed 2015-12-09
10-K 2015-07-31 Filed 2015-09-29
10-Q 2015-04-30 Filed 2015-06-09
10-Q 2015-01-31 Filed 2015-03-11
10-Q 2014-10-31 Filed 2014-12-10
10-K 2014-07-31 Filed 2014-09-29
10-Q 2014-04-30 Filed 2014-06-09
10-Q 2014-01-31 Filed 2014-03-10
10-Q 2013-10-31 Filed 2013-12-06
10-K 2013-07-31 Filed 2013-09-26
10-Q 2013-04-30 Filed 2013-06-06
10-Q 2013-01-31 Filed 2013-03-07
10-Q 2012-10-31 Filed 2012-12-10
10-K 2012-07-31 Filed 2012-10-01
10-Q 2012-04-30 Filed 2012-06-08
10-Q 2012-01-31 Filed 2012-03-09
10-Q 2011-10-31 Filed 2011-12-09
10-K 2011-07-31 Filed 2011-09-26
10-Q 2011-04-30 Filed 2011-06-07
10-Q 2011-01-31 Filed 2011-03-11
10-Q 2010-10-31 Filed 2010-12-10
10-K 2010-07-31 Filed 2010-09-28
10-Q 2010-04-30 Filed 2010-06-09
10-Q 2010-01-31 Filed 2010-03-10
8-K 2020-05-11 Officers
8-K 2020-04-24 Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2020-04-16 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2020-04-13 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-04-13 Other Events, Exhibits
8-K 2020-04-08 Other Events, Exhibits
8-K 2020-04-07 Other Events, Exhibits
8-K 2020-04-07 Regulation FD, Exhibits
8-K 2020-03-11 Earnings, Regulation FD, Exhibits
8-K 2019-12-20 Regulation FD, Exhibits
8-K 2019-12-10 Officers, Other Events
8-K 2019-12-06 Earnings, Regulation FD, Exhibits
8-K 2019-11-19 Enter Agreement
8-K 2019-11-07 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-10-15
8-K 2019-07-23
8-K 2019-06-10 Earnings, Regulation FD, Exhibits
8-K 2019-05-17 Regulation FD
8-K 2019-03-08 Earnings, Regulation FD, Exhibits
8-K 2019-02-14 Regulation FD
8-K 2019-01-10
8-K 2018-12-06 Earnings, Regulation FD, Exhibits
8-K 2018-11-21 Officers, Other Events
8-K 2018-11-16 Regulation FD
8-K 2018-09-27 Earnings, Regulation FD, Exhibits
8-K 2018-09-07 Exhibits
8-K 2018-09-06 Regulation FD
8-K 2018-07-31 M&A, Other Events, Exhibits
8-K 2018-06-25 Other Events
8-K 2018-06-07 Earnings, Regulation FD, Exhibits
8-K 2018-05-18 Regulation FD
8-K 2018-05-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-04 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-05-03 Officers
8-K 2018-05-03 Officers
8-K 2018-03-08 Earnings, Regulation FD, Exhibits
8-K 2018-02-20 Other Events, Exhibits
8-K 2018-02-16 Regulation FD
8-K 2018-01-16 Other Events, Exhibits

FGP 10Q Quarterly Report

Part I - Financial Information
Item 1.Financial Statements (Unaudited)
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 fgp-20200131ex311edbcae.htm
EX-31.2 fgp-20200131ex31226ed23.htm
EX-31.3 fgp-20200131ex3133dff73.htm
EX-31.4 fgp-20200131ex314becc51.htm
EX-32.1 fgp-20200131ex321f92cf0.htm
EX-32.2 fgp-20200131ex3225fb3a5.htm
EX-32.3 fgp-20200131ex3235800bf.htm
EX-32.4 fgp-20200131ex324a8b859.htm

Ferrellgas Partners Earnings 2020-01-31

Balance SheetIncome StatementCash Flow
2.52.01.51.00.50.02012201420172020
Assets, Equity
0.90.60.3-0.1-0.4-0.72012201420172020
Rev, G Profit, Net Income
0.60.40.1-0.1-0.4-0.62012201420172020
Ops, Inv, Fin

10-Q 1 fgp-20200131x10q.htm 10-Q fgp_Current Folio_10Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the quarterly period ended January 31, 2020

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the transition period from to

 

Commission file numbers: 001‑11331, 333‑06693, 000‑50182 and 000‑50183

 

Ferrellgas Partners, L.P.

Ferrellgas Partners Finance Corp.

Ferrellgas, L.P.

Ferrellgas Finance Corp.

(Exact name of registrants as specified in their charters)

 

Delaware

 

43‑1698480

Delaware

 

43‑1742520

Delaware

 

43‑1698481

Delaware

 

14‑1866671

(States or other jurisdictions of incorporation or organization)

 

(I.R.S. Employer Identification Nos.)

 

 

 

7500 College Boulevard,
Suite 1000, Overland Park, Kansas

 

66210

(Address of principal executive office)

 

(Zip Code)

 

Registrants’ telephone number, including area code: (913) 661‑1500

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☒ No ◻

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “Large Accelerated Filer,” “Accelerated Filer,” “Smaller Reporting Company,” and “Emerging Growth Company” in Rule 12b‑2 of the Exchange Act.

 

Ferrellgas Partners, L.P.:

 

 

 

Large Accelerated Filer ☐

Accelerated Filer 

Non-accelerated Filer ☐

Smaller Reporting Company ☐

 

 

 

Emerging Growth Company ☐

 

Ferrellgas Partners Finance Corp,  Ferrellgas, L.P. and Ferrellgas Finance Corp.:

 

Large Accelerated Filer ☐

Accelerated Filer ☐

Non-accelerated Filer 

Smaller Reporting Company ☐

 

 

 

Emerging Growth Company 

 

If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Ferrellgas Partners, L.P. and Ferrellgas, L.P. 

Ferrellgas Partners Finance Corp.  and Ferrellgas Finance Corp. 

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b‑2 of the Exchange Act).

Ferrellgas Partners, L.P. and Ferrellgas, L.P. Yes ☐ No 

Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. Yes  No ☐

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Common Units

 

N/A

 

N/A

At January 31, 2020, the registrants had common units or shares of common stock outstanding as follows:

Ferrellgas Partners, L.P.

97,152,665

Common Units

Ferrellgas Partners Finance Corp.

1,000

Common Stock

Ferrellgas, L.P.

n/a

n/a

Ferrellgas Finance Corp.

1,000

Common Stock

Documents Incorporated by Reference: None

EACH OF FERRELLGAS PARTNERS FINANCE CORP. AND FERRELLGAS FINANCE CORP. MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(A) AND (B) OF FORM 10‑Q AND ARE THEREFORE, WITH RESPECT TO EACH SUCH REGISTRANT, FILING THIS FORM 10‑Q WITH THE REDUCED DISCLOSURE FORMAT.

 

 

 

FERRELLGAS PARTNERS, L.P.

FERRELLGAS PARTNERS FINANCE CORP.

FERRELLGAS, L.P.

FERRELLGAS FINANCE CORP.

TABLE OF CONTENTS

 

 

 

Page

PART I - FINANCIAL INFORMATION 

 

ITEM 1. 

FINANCIAL STATEMENTS (unaudited)

 

 

 

 

 

Ferrellgas Partners, L.P. and Subsidiaries

 

 

Condensed Consolidated Balance Sheets – January 31, 2020 and July 31, 2019

3

 

Condensed Consolidated Statements of Operations – Three and six months ended January 31, 2020 and 2019

4

 

Condensed Consolidated Statements of Comprehensive Loss – Three and six months ended January 31, 2020 and 2019

5

 

Condensed Consolidated Statement of Partners’ Deficit – Three and six months ended January 31, 2020 and 2019

6

 

Condensed Consolidated Statements of Cash Flows – Six months ended January 31, 2020 and 2019

7

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

 

Ferrellgas Partners Finance Corp.

 

 

Condensed Balance Sheets – January 31, 2020 and July 31, 2019

26

 

Condensed Statements of Operations – Three and six months ended January 31, 2020 and 2019

27

 

Condensed Statements of Cash Flows – Six months ended January 31, 2020 and 2019

28

 

Notes to Condensed Financial Statements

29

 

 

 

 

Ferrellgas, L.P. and Subsidiaries

 

 

Condensed Consolidated Balance Sheets – January 31, 2020 and July 31, 2019

30

 

Condensed Consolidated Statements of Operations – Three and six months ended January 31, 2020 and 2019

31

 

Condensed Consolidated Statements of Comprehensive Loss – Three and six months ended January 31, 2020 and 2019

32

 

Condensed Consolidated Statement of Partners’ Deficit – Three and six months ended January 31, 2020 and 2019 

33

 

Condensed Consolidated Statements of Cash Flows – Six months ended January 31, 2020 and 2019

34

 

Notes to Condensed Consolidated Financial Statements

35

 

 

 

 

Ferrellgas Finance Corp.

 

 

Condensed Balance Sheets – January 31, 2020 and July 31, 2019

61

 

Condensed Statements of Operations – Three and six months ended January 31, 2020 and 2019

62

 

Condensed Statements of Cash Flows – Six months ended January 31, 2020 and 2019

63

 

Notes to Condensed Financial Statements

64

 

 

 

ITEM 2. 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

65

ITEM 3. 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

84

ITEM 4. 

CONTROLS AND PROCEDURES

85

 

 

 

PART II - OTHER INFORMATION 

 

ITEM 1. 

LEGAL PROCEEDINGS

86

ITEM 1A. 

RISK FACTORS

87

ITEM 2. 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

87

ITEM 3. 

DEFAULTS UPON SENIOR SECURITIES

87

ITEM 4. 

MINE SAFETY DISCLOSURES

87

ITEM 5. 

OTHER INFORMATION

87

ITEM 6. 

EXHIBITS

88

 

2

PART I - FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS (unaudited)

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

 

 

 

 

 

 

 

 

    

January 31, 2020

    

July 31, 2019

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,706

 

$

11,054

Accounts and notes receivable, net (including $175,386 and $106,145 of accounts receivable pledged as collateral at January 31, 2020 and July 31, 2019, respectively)

 

 

182,444

 

 

107,596

Inventories

 

 

78,474

 

 

80,454

Prepaid expenses and other current assets

 

 

47,751

 

 

42,275

Total current assets

 

 

322,375

 

 

241,379

 

 

 

  

 

 

  

Property, plant and equipment, net

 

 

594,007

 

 

596,723

Goodwill, net

 

 

247,195

 

 

247,195

Intangible assets (net of accumulated amortization of $418,792 and $414,210 at January 31, 2020 and July 31, 2019, respectively)

 

 

106,214

 

 

108,557

Operating lease right-of-use assets

 

 

120,423

 

 

 —

Other assets, net

 

 

80,998

 

 

69,105

Total assets

 

$

1,471,212

 

$

1,262,959

 

 

 

  

 

 

  

LIABILITIES AND PARTNERS' DEFICIT

 

 

  

 

 

  

Current liabilities:

 

 

  

 

 

  

Accounts payable

 

$

46,125

 

$

33,364

Short-term borrowings

 

 

40,000

 

 

43,000

Collateralized note payable

 

 

121,000

 

 

62,000

Current portion of long-term debt

 

 

359,157

 

 

631,756

Current operating lease liabilities

 

 

33,263

 

 

 —

Other current liabilities

 

 

155,340

 

 

138,237

Total current liabilities

 

$

754,885

 

$

908,357

 

 

 

  

 

 

  

Long-term debt

 

 

1,731,197

 

 

1,457,004

Operating lease liabilities

 

 

84,546

 

 

 —

Other liabilities

 

 

45,259

 

 

36,536

Contingencies and commitments (Note L)

 

 

 

 

 

 

 

 

 

  

 

 

  

Partners' deficit:

 

 

  

 

 

  

Common unitholders (97,152,665 units outstanding at January 31, 2020 and July 31, 2019)

 

 

(1,043,361)

 

 

(1,046,245)

General partner unitholder (989,926 units outstanding at January 31, 2020 and July 31, 2019)

 

 

(70,447)

 

 

(70,476)

Accumulated other comprehensive loss

 

 

(23,126)

 

 

(14,512)

Total Ferrellgas Partners, L.P. partners' deficit

 

 

(1,136,934)

 

 

(1,131,233)

Noncontrolling interest

 

 

(7,741)

 

 

(7,705)

Total partners' deficit

 

 

(1,144,675)

 

 

(1,138,938)

Total liabilities and partners' deficit

 

$

1,471,212

 

$

1,262,959

 

See notes to condensed consolidated financial statements.

3

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except unit data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended January 31, 

 

For the six months ended January 31, 

 

 

    

2020

    

2019

    

2020

    

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Propane and other gas liquids sales

 

$

485,247

 

$

550,112

 

$

758,632

 

$

885,078

 

Other

 

 

25,586

 

 

23,265

 

 

45,415

 

 

40,608

 

Total revenues

 

 

510,833

 

 

573,377

 

 

804,047

 

 

925,686

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

Costs and expenses:

 

 

 

 

 

  

 

 

  

 

 

  

 

Cost of sales - propane and other gas liquids sales

 

 

237,843

 

 

311,531

 

 

371,871

 

 

515,667

 

Cost of sales - other

 

 

3,353

 

 

3,422

 

 

7,034

 

 

6,469

 

Operating expense - personnel, vehicle, plant and other

 

 

128,233

 

 

121,219

 

 

242,776

 

 

231,550

 

Operating expense - equipment lease expense

 

 

8,261

 

 

8,415

 

 

16,649

 

 

16,278

 

Depreciation and amortization expense

 

 

19,795

 

 

19,605

 

 

39,014

 

 

38,597

 

General and administrative expense

 

 

14,192

 

 

16,342

 

 

23,887

 

 

30,521

 

Non-cash employee stock ownership plan compensation charge

 

 

630

 

 

1,944

 

 

1,425

 

 

4,692

 

Loss on asset sales and disposals

 

 

2,148

 

 

2,216

 

 

4,383

 

 

6,720

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

Operating income

 

 

96,378

 

 

88,683

 

 

97,008

 

 

75,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(47,548)

 

 

(44,891)

 

 

(93,245)

 

 

(88,769)

 

Other income (expense), net

 

 

76

 

 

86

 

 

(56)

 

 

105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes

 

 

48,906

 

 

43,878

 

 

3,707

 

 

(13,472)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

115

 

 

 3

 

 

633

 

 

161

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

 

48,791

 

 

43,875

 

 

3,074

 

 

(13,633)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to noncontrolling interest

 

 

584

 

 

531

 

 

211

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

 

 

48,207

 

 

43,344

 

 

2,863

 

 

(13,671)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: General partner's interest in net earnings (loss)

 

 

482

 

 

433

 

 

29

 

 

(137)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders' interest in net earnings (loss)

 

$

47,725

 

$

42,911

 

$

2,834

 

$

(13,534)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net earnings (loss) per common unit

 

$

0.49

 

$

0.44

 

$

0.03

 

$

(0.14)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash distributions declared per common unit

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

 

See notes to condensed consolidated financial statements.

4

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended January 31, 

 

For the six months ended January 31, 

 

 

    

2020

    

2019

    

2020

    

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

48,791

 

$

43,875

 

$

3,074

 

$

(13,633)

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in value of risk management derivatives

 

 

(11,212)

 

 

(21,080)

 

 

(24,839)

 

 

(29,234)

 

Reclassification of (gains) losses on derivatives to earnings, net

 

 

8,766

 

 

3,807

 

 

16,245

 

 

(626)

 

Pension liability adjustment

 

 

(109)

 

 

 —

 

 

(109)

 

 

 —

 

Other comprehensive loss

 

 

(2,555)

 

 

(17,273)

 

 

(8,703)

 

 

(29,860)

 

Comprehensive income (loss)

 

 

46,236

 

 

26,602

 

 

(5,629)

 

 

(43,493)

 

Less: Comprehensive income (loss) attributable to noncontrolling interest

 

 

557

 

 

357

 

 

122

 

 

(263)

 

Comprehensive income (loss) attributable to Ferrellgas Partners, L.P.

 

$

45,679

 

$

26,245

 

$

(5,751)

 

$

(43,230)

 

 

See notes to condensed consolidated financial statements.

5

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF PARTNERS’ DEFICIT

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Number of units

    

 

 

    

 

 

    

Accumulated

    

Total Ferrellgas

    

 

 

    

 

 

 

 

 

 

General

 

 

 

 

General

 

other

 

Partner, L.P.

 

 

 

 

 

 

 

 

Common

 

partner

 

Common

 

partner

 

comprehensive

 

partners’

 

Non-controlling

 

Total partners’

 

    

unitholders

    

unitholder

    

unitholders

    

unitholder

    

income (loss)

    

deficit

    

interest

    

deficit

Balance at July 31, 2019

 

97,152.7

 

989.9

 

$

(1,046,245)

 

$

(70,476)

 

$

(14,512)

 

$

(1,131,233)

 

$

(7,705)

 

$

(1,138,938)

Contributions in connection with non-cash ESOP compensation charges

 

 

 

 

779

 

 

 8

 

 

 

 

787

 

 

 8

 

 

795

Distributions

 

 

 

 

 —

 

 

 —

 

 

 

 

 —

 

 

(1)

 

 

(1)

Cumulative adjustment for lease accounting standard

 

 —

 

 —

 

 

(1,347)

 

 

(14)

 

 

 

 

(1,361)

 

 

(14)

 

 

(1,375)

Net loss

 

 

 

 

(44,891)

 

 

(453)

 

 

 

 

(45,344)

 

 

(373)

 

 

(45,717)

Other comprehensive loss

 

 

 

 

 

 

 

 

(6,086)

 

 

(6,086)

 

 

(62)

 

 

(6,148)

Balance at October 31, 2019

 

97,152.7

 

989.9

 

 

(1,091,704)

 

 

(70,935)

 

 

(20,598)

 

 

(1,183,237)

 

 

(8,147)

 

 

(1,191,384)

Contributions in connection with non-cash ESOP compensation charges

 

 

 

 

618

 

 

 6

 

 

 —

 

 

624

 

 

 6

 

 

630

Distributions

 

 

 

 

 —

 

 

 —

 

 

 

 

 —

 

 

(157)

 

 

(157)

Net earnings

 

 

 

 

47,725

 

 

482

 

 

 —

 

 

48,207

 

 

584

 

 

48,791

Other comprehensive loss

 

 

 

 

 —

 

 

 —

 

 

(2,528)

 

 

(2,528)

 

 

(27)

 

 

(2,555)

Balance at January 31, 2020

 

97,152.7

 

989.9

 

$

(1,043,361)

 

$

(70,447)

 

$

(23,126)

 

$

(1,136,934)

 

$

(7,741)

 

$

(1,144,675)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Number of units

    

 

 

    

 

 

    

Accumulated

    

Total Ferrellgas

    

 

 

    

 

 

 

 

 

 

General

 

 

 

 

General

 

other

 

Partner, L.P.

 

 

 

 

 

 

 

 

Common

 

partner

 

Common

 

partner

 

comprehensive

 

partners’

 

Non-controlling

 

Total partners’

 

    

unitholders

    

unitholder

    

unitholders

    

unitholder

    

income (loss)

    

deficit

    

interest

    

deficit

Balance at July 31, 2018

 

97,152.7

 

989.9

 

$

(978,503)

 

$

(69,792)

 

$

20,510

 

$

(1,027,785)

 

$

(6,692)

 

$

(1,034,477)

Contributions in connection with non-cash ESOP and stock and unit-based compensation charges

 

 

 

 

2,693

 

 

27

 

 

 —

 

 

2,720

 

 

28

 

 

2,748

Distributions

 

 

 

 

(9,716)

 

 

(98)

 

 

 —

 

 

(9,814)

 

 

(101)

 

 

(9,915)

Net loss

 

 

 

 

(56,445)

 

 

(570)

 

 

 —

 

 

(57,015)

 

 

(493)

 

 

(57,508)

Other comprehensive loss

 

 

 

 

 

 

 —

 

 

(12,460)

 

 

(12,460)

 

 

(127)

 

 

(12,587)

Balance at October 31, 2018

 

97,152.7

 

989.9

 

 

(1,041,971)

 

 

(70,433)

 

 

8,050

 

 

(1,104,354)

 

 

(7,385)

 

 

(1,111,739)

Contributions in connection with non-cash ESOP and stock and unit-based compensation charges

 

 —

 

 —

 

 

1,906

 

 

19

 

 

 —

 

 

1,925

 

 

19

 

 

1,944

Distributions

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(157)

 

 

(157)

Net earnings

 

 —

 

 —

 

 

42,911

 

 

433

 

 

 —

 

 

43,344

 

 

531

 

 

43,875

Other comprehensive loss

 

 —

 

 —

 

 

 —

 

 

 —

 

 

(17,099)

 

 

(17,099)

 

 

(174)

 

 

(17,273)

Balance at January 31, 2019

 

97,152.7

 

989.9

 

$

(997,154)

 

$

(69,981)

 

$

(9,049)

 

$

(1,076,184)

 

$

(7,166)

 

$

(1,083,350)

 

 

 

See notes to condensed consolidated financial statements.

6

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

For the six months ended January 31, 

 

    

2020

    

2019

Cash flows from operating activities:

 

 

  

 

 

  

Net earnings (loss)

 

$

3,074

 

$

(13,633)

Reconciliation of net earnings (loss) to net cash provided by (used in) operating activities:

 

 

  

 

 

  

Depreciation and amortization expense

 

 

39,014

 

 

38,597

Non-cash employee stock ownership plan compensation charge

 

 

1,425

 

 

4,692

Loss on asset sales and disposals

 

 

4,383

 

 

6,720

Provision for doubtful accounts

 

 

974

 

 

1,576

Deferred income tax expense

 

 

552

 

 

141

Other

 

 

7,498

 

 

6,843

Changes in operating assets and liabilities, net of effects from business acquisitions:

 

 

 

 

 

  

Accounts and notes receivable, net of securitization

 

 

(68,322)

 

 

(78,686)

Inventories

 

 

1,980

 

 

(6,090)

Prepaid expenses and other current assets

 

 

(7,039)

 

 

(16,351)

Accounts payable

 

 

12,678

 

 

16,441

Accrued interest expense

 

 

2,019

 

 

(260)

Other current liabilities