Form 8-K FERRELLGAS PARTNERS L P For: Dec 07 Filed by: FERRELLGAS PARTNERS FINANCE CORP

December 7, 2017 7:02 AM

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

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

 

Date of Report (Date of Earliest Event Reported): December 7, 2017

 

Ferrellgas Partners, L.P.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-11331

 

43-1698480

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

7500 College Blvd., Suite 1000,
Overland Park, Kansas

 

66210

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  913-661-1500

 

n/a

Former name or former address, if changed since last report

 

Ferrellgas Partners Finance Corp.

(Exact name of registrant as specified in its charter)

 

Delaware

 

333-06693

 

43-1742520

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

7500 College Blvd., Suite 1000,
Overland Park, Kansas

 

66210

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  913-661-1500

 

n/a

Former name or former address, if changed since last report

 

Ferrellgas, L.P.

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-50182

 

43-1698481

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

7500 College Blvd., Suite 1000,
Overland Park, Kansas

 

66210

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  913-661-1500

 

n/a

Former name or former address, if changed since last report

 

Ferrellgas Finance Corp.

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-50183

 

14-1866671

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

7500 College Blvd., Suite 1000,
Overland Park, Kansas

 

66210

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  913-661-1500

 

n/a

Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company o

 

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. o

 

 

 

 



 

Item 2.02 Results of Operations and Financial Condition.

 

The information included in Item 7.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.02 of this Current Report on Form 8-K.

 

Item 7.01 Regulation FD Disclosure.

 

On December 7, 2017, Ferrellgas Partners, L.P. issued a press release regarding its financial results for the first fiscal quarter ended October 31, 2017. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit 99.1 — Press release of Ferrellgas Partners, L.P. dated December 7, 2017, reporting its financial results for the first fiscal quarter ended October 31, 2017.
 
Limitation on Materiality and Incorporation by Reference
The information in this Current Report on Form 8-K related to Items 2.02 and 7.01, including Exhibit 99.1 furnished herewith, is being furnished to the SEC pursuant to Item 2.02 and Item 7.01 of Form 8-K and is not deemed to be “filed” with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18. In addition, such information is not to be incorporated by reference into any registration statement of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. or other filings of such entities made pursuant to the Exchange Act or the Securities Act, unless specifically identified as being incorporated therein by reference.

 

The furnishing of particular information in this Current Report, including Exhibit 99.1 furnished herewith, pursuant to Item 7.01 of Form 8-K is not intended to, and does not, constitute a determination or admission by Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. as to the materiality or completeness of any such information that is required to be disclosed solely by Regulation FD of the Exchange Act.

 

2



 

Exhibit Index

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press release of Ferrellgas Partners, L.P. dated December 7, 2017, reporting its financial results for the first fiscal quarter ended October 31, 2017.

 

3



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

FERRELLGAS PARTNERS, L.P.

 

 

By Ferrellgas, Inc. (General Partner)

 

 

 

 

Date:

December 7, 2017

By

/s/ Doran N. Schwartz

 

 

 

Doran N. Schwartz

 

 

 

Senior Vice President; Chief Financial Officer; Treasurer

 

 

 

(Principal Financial and Accounting Officer)

 

 

 

 

 

 

 

 

 

 

FERRELLGAS PARTNERS FINANCE CORP.

 

 

 

 

Date:

December 7, 2017

By

/s/ Doran N. Schwartz

 

 

 

Doran N. Schwartz

 

 

 

Chief Financial Officer and Sole Director

 

 

 

 

 

 

 

 

 

 

FERRELLGAS, L.P.

 

 

By Ferrellgas, Inc. (General Partner)

 

 

 

 

Date:

December 7, 2017

By

/s/ Doran N. Schwartz

 

 

 

Doran N. Schwartz

 

 

 

Senior Vice President; Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer)

 

 

 

 

 

 

 

 

 

 

FERRELLGAS FINANCE CORP.

 

 

 

 

Date:

December 7, 2017

By

/s/ Doran N. Schwartz

 

 

 

Doran N. Schwartz

 

 

 

Chief Financial Officer and Sole Director

 

4


Exhibit 99.1

 

FERRELLGAS PARTNERS, L.P. REPORTS RESULTS FOR FIRST QUARTER FISCAL 2018

 

OVERLAND PARK, Kan., December 7, 2017 — Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the “Company”) today reported financial results for its first fiscal quarter ended October 31, 2017. The Company reported a net loss attributable to Ferrellgas Partners, L.P. of $47.9 million, or $0.49 per common unit, compared to a net loss attributable to Ferrellgas Partners, L.P. of $43.1 million, or $0.44 per common unit, for the prior year period.

 

The Company reported that total gallons sold in the first quarter increased more than 9.5 million gallons over the same period in the prior year, which partially offset the effects of lower margins as the Company aggressively competes for new customers.  The Company reported adjusted EBITDA of $26.2 million, compared to $29.0 million in the prior year period.

 

At the end of this first quarter of the Company’s fiscal year, its leverage ratio was 7.57x reflecting peak working capital requirements. This level was lower than the 7.75x limit allowed under its secured credit facility and accounts receivable securitization facilities, as amended in April 2017. Based on the Company’s current forecast, the leverage ratio is expected to continue to strengthen and decrease throughout the fiscal year.

 

“Ferrellgas has entered the winter heating season with renewed vigor, and while we are optimistic about temperatures nearer to the norm we are focusing on several initiatives that will increase EBITDA regardless of weather,” said James E. Ferrell, the Company’s interim President and Chief Executive Officer. “Our Retail propane operations continue to add customers in significant numbers across all segments positioning the Company for potential future volume and cash flow growth. Further, we’ve closed on a number of accretive, bolt-on acquisitions that complement our strategic footprint. In our Blue Rhino business, we are reconfiguring our production facilities footprint in order to reduce freight costs and streamline production —initiatives that are particularly important as we added more than 2,300 new Blue Rhino locations in Q1 with more added since quarter end.  Blue Rhino growth is also important to us because is it less weather dependent. As for Midstream operations, the business has stabilized and is now focused on growth particularly in its trucking operations. The business exited a barge lease that was a significant headwind for EBITDA, and we are evaluating certain underperforming assets to find the best way to move forward with them.”

 

Mr. Ferrell continued, “These initiatives are the product of a leaner, more agile organization with a flatter management structure. I like our management team including the recent addition of Doran Schwartz as our Chief Financial Officer complementing an already strong and seasoned leadership team.  All of our employees are focused and working hard to generate more cash flow.  We are well positioned for fiscal 2018 and 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 October 31, 2017, 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

Tom Colvin, Investor Relations — tomcolvin@ferrellgas.com, 816-792-6908

 



 

FERRELLGAS PARTNERS, L.P.  AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

 

 

 

October 31, 2017

 

July 31, 2017

 

ASSETS

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

7,100

 

$

5,760

 

Accounts and notes receivable, net (including $137,244 and $109,407 of accounts receivable pledged as collateral at October 31, 2017 and July 31, 2017, respectively)

 

191,428

 

165,084

 

Inventories

 

112,338

 

92,552

 

Prepaid expenses and other current assets

 

68,068

 

33,388

 

Total Current Assets

 

378,934

 

296,784

 

 

 

 

 

 

 

Property, plant and equipment, net

 

738,729

 

731,923

 

Goodwill, net

 

256,103

 

256,103

 

Intangible assets, net

 

250,629

 

251,102

 

Other assets, net

 

80,559

 

74,057

 

Total Assets

 

$

1,704,954

 

$

1,609,969

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Accounts payable

 

$

99,198

 

$

85,561

 

Short-term borrowings

 

263,200

 

59,781

 

Collateralized note payable

 

88,000

 

69,000

 

Other current liabilities

 

200,879

 

126,224

 

Total Current Liabilities

 

651,277

 

340,566

 

 

 

 

 

 

 

Long-term debt (a)

 

1,812,155

 

1,995,795

 

Other liabilities

 

34,799

 

31,118

 

Contingencies and commitments

 

 

 

 

 

 

 

 

 

 

 

Partners Deficit:

 

 

 

 

 

Common unitholders (97,152,665 units outstanding at October 31, 2017 and July 31, 2017)

 

(754,456

)

(701,188

)

General partner unitholder (989,926 units outstanding at October 31, 2017 and July 31, 2017)

 

(67,528

)

(66,991

)

Accumulated other comprehensive income

 

32,915

 

14,601

 

Total Ferrellgas Partners, L.P. Partners’ Deficit

 

(789,069

)

(753,578

)

Noncontrolling Interest

 

(4,208

)

(3,932

)

Total Partners’ Deficit

 

(793,277

)

(757,510

)

Total Liabilities and Partners’ Deficit

 

$

1,704,954

 

$

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

 

Twelve months ended

 

 

 

October 31

 

October 31

 

 

 

2017

 

2016

 

2017

 

2016

 

Revenues:

 

 

 

 

 

 

 

 

 

Propane and other gas liquids sales

 

$

302,758

 

$

242,399

 

$

1,378,771

 

$

1,199,466

 

Midstream operations

 

120,760

 

108,044

 

479,419

 

539,612

 

Other

 

31,137

 

29,099

 

147,200

 

208,685

 

Total revenues

 

454,655

 

379,542

 

2,005,390

 

1,947,763

 

 

 

 

 

 

 

 

 

 

 

Cost of sales:

 

 

 

 

 

 

 

 

 

Propane and other gas liquids sales

 

179,515

 

119,212

 

754,458

 

561,894

 

Midstream operations

 

108,125

 

94,642

 

442,922

 

412,272

 

Other

 

13,702

 

11,746

 

69,223

 

123,535

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

153,313

 

153,942

 

738,787

 

850,062

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

110,462

 

104,992

 

437,221

 

447,921

 

Depreciation and amortization expense

 

25,732

 

26,202

 

102,881

 

139,736

 

General and administrative expense

 

13,164

 

12,482

 

47,662

 

48,821

 

Equipment lease expense

 

6,741

 

7,349

 

28,516

 

29,150

 

Non-cash employee stock ownership plan compensation charge

 

3,962

 

3,754

 

15,296

 

26,093

 

Non-cash stock-based compensation charge (a)

 

 

1,881

 

1,417

 

3,083

 

Asset impairments

 

 

 

 

628,802

 

Loss on asset sales and disposal

 

895

 

6,423

 

8,929

 

22,341

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(7,643

)

(9,141

)

96,865

 

(495,885

)

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(40,807

)

(35,428

)

(157,864

)

(139,577

)

Other income, net

 

511

 

508

 

1,477

 

740

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(47,939

)

(44,061

)

(59,522

)

(634,722

)

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

377

 

(590

)

(176

)

218

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

(48,316

)

(43,471

)

(59,346

)

(634,940

)

 

 

 

 

 

 

 

 

 

 

Net loss attributable to noncontrolling interest (b)

 

(401

)

(398

)

(297

)

(6,245

)

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Ferrellgas Partners, L.P.

 

(47,915

)

(43,073

)

(59,049

)

(628,695

)

 

 

 

 

 

 

 

 

 

 

Less: General partner’s interest in net loss

 

(479

)

(431

)

(590

)

(6,287

)

 

 

 

 

 

 

 

 

 

 

Common unitholders’ interest in net loss

 

$

(47,436

)

$

(42,642

)

$

(58,459

)

$

(622,408

)

 

 

 

 

 

 

 

 

 

 

Loss Per Common Unit

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per common unitholders’ interest

 

$

(0.49

)

$

(0.44

)

$

(0.60

)

$

(6.35

)

 

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding - basic

 

97,152.7

 

97,457.6

 

97,443.7

 

97,949.0

 

 



 

Supplemental Data and Reconciliation of Non-GAAP Items:

 

 

 

Three months ended

 

Twelve months ended

 

 

 

October 31

 

October 31

 

 

 

2017

 

2016

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Ferrellgas Partners, L.P.

 

$

(47,915

)

$

(43,073

)

$

(59,049

)

$

(628,695

)

Income tax expense (benefit)

 

377

 

(590

)

(176

)

218

 

Interest expense

 

40,807

 

35,428

 

157,864

 

139,577

 

Depreciation and amortization expense

 

25,732

 

26,202

 

102,881

 

139,736

 

EBITDA

 

19,001

 

17,967

 

201,520

 

(349,164

)

Non-cash employee stock ownership plan compensation charge

 

3,962

 

3,754

 

15,296

 

26,093

 

Non-cash stock based compensation charge (a)

 

 

1,881

 

1,417

 

3,083

 

Asset impairments

 

 

 

 

628,802

 

Loss on asset sales and disposal

 

895

 

6,423

 

8,929

 

22,341

 

Other income, net

 

(511

)

(508

)

(1,477

)

(740

)

Severance expense $358 and $414 included in operating expense for the three months ended period October 31, 2017 and 2016, respectively. Also includes $1,305 and $1,055 included in general and administrative expense for the three months ended October 31, 2017 and 2016, respectively. Includes $358 and $938 in operating expense for the twelve months ended October 31, 2017 and 2016, respectively. Also includes $1,795 and $1,128 in general and administrative expense for the twelve months ended October 31, 2017 and 2016, respectively.

 

1,663

 

1,469

 

2,153

 

2,066

 

Unrealized (non-cash) losses (gains) on changes in fair value of derivatives $1,607 and $1,839 included in cost of sales for the three and twelve months ended October 31, 2017, respectively, and $308 and $(140) for the three and twelve months ended October 31, 2016, respectively. Also includes $(2,120) included in operating expense for the twelve months ended October 31, 2017, and (1,877) and (1,330) for the three and twelve months ended October 31, 2016, respectively.

 

1,607

 

(1,569

)

(281

)

(1,470

)

Acquisition and transition expenses (included in general and administrative expense)

 

 

 

 

84

 

Net loss attributable to noncontrolling interest (b)

 

(401

)

(398

)

(297

)

(6,245

)

Adjusted EBITDA (c)

 

26,216

 

29,019

 

227,260

 

324,850

 

Net cash interest expense (d)

 

(38,057

)

(33,618

)

(148,027

)

(133,976

)

Maintenance capital expenditures (e)

 

(8,704

)

(3,322

)

(22,317

)

(14,244

)

Cash paid for taxes

 

(6

)

(1

)

(315

)

(778

)

Proceeds from asset sales

 

1,208

 

1,720

 

7,440

 

6,730

 

Distributable cash flow attributable to equity investors (f)

 

(19,343

)

(6,202

)

64,041

 

182,582

 

Distributable cash flow attributable to general partner and non-controlling interest

 

(387

)

(124

)

1,281

 

3,652

 

Distributable cash flow attributable to common unitholders

 

(18,956

)

(6,078

)

62,760

 

178,930

 

Less: Distributions paid to common unitholders

 

9,715

 

49,791

 

38,860

 

200,467

 

Distributable cash flow excess/(shortage)

 

$

(28,671

)

$

(55,869

)

$

23,900

 

$

(21,537

)

 

 

 

 

 

 

 

 

 

 

Propane gallons sales

 

 

 

 

 

 

 

 

 

Retail - Sales to End Users

 

119,294

 

111,188

 

572,978

 

552,986

 

Wholesale - Sales to Resellers

 

53,429

 

51,990

 

227,690

 

227,545

 

Total propane gallons sales

 

172,723

 

163,178

 

800,668

 

780,531

 

 

 

 

 

 

 

 

 

 

 

Midstream operations barrels

 

 

 

 

 

 

 

 

 

Salt water volume processed

 

4,940

 

3,703

 

18,752

 

15,512

 

Crude oil hauled

 

12,150

 

11,264

 

50,135

 

66,411

 

Crude oil sold

 

1,829

 

1,792

 

7,507

 

7,117

 

 


(a)         Non-cash stock-based compensation charges consist of the following:

 

 

 

 

Three months ended

 

Twelve months ended

 

 

 

 

October 31

 

October 31

 

 

 

 

2017

 

2016

 

2017

 

2016

 

 

Operating expense

 

$

 

$

94

 

567

 

$

144

 

 

General and administrative expense

 

 

1,787

 

850

 

2,939

 

 

Total

 

$

 

$

1,881

 

$

1,417

 

$

3,083

 

 

(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, acquisition and transition expenses and net loss attributable to noncontrolling interest.  Management believes the presentation of this measure is relevant and useful, becauseit 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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