Ferrellgas Partners (FGPR) 29 Sep 232023 Q4 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Ferrellgas Partners Fourth Quarter Fiscal 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jim Ferrell, Executive Chairman of Ferrellgas. Please go ahead.

Shannon. much, very you Thank Welcome to earnings fiscal fourth quarter 'XX call. our you joined happy us. We're my that It's a to always responsibility been ensure long this future. has company we've probably And that Zertuche. a now, I'm to Tamria you right here new CEO, as know, already that you we have tell -- together worked COO. years, CEO, Tamria me We as several as for over has years. several who Tamria, company is last made this into the what It actually you see today it I'm over now pleased call the she CEO going to to X, August very her turn I'm to is and this over now. announce effective that

Thank look you, the the you've Jim. And I appreciate those over forward legacy kind words. cultivated XX-year I Ferrellgas. on history of to building that

CEO, of privileged the into President lead the I'm this and company high-performing employees future. As to

information me XX have are with Ferrellgas for years well technology in role. We logistics background technology-enabled a prepared wonderful new company this leadership and in my

of proud created year. people deliver the results We first-class is had are year. know the we our that this very it success this who fiscal service of We the

As none, that a you to customers in way the our results. leadership up are national with our experienced financial know, logistics and shows second in company we served are

Mike the the Mike? listening, employees will to turn For thank our floor Cole, financial over CFO, you. over be say go results now for to quarter. I who I might the

you, and all thank for you joining Thank Tamria us.

and the Exchange filed time performance are XX, XX-K These on various forward-looking that that discussed documents remind factors Before differ made in from anticipated we and begin cause our XXXX, Form from uncertainties with during be discussion results, factors filed Commission. Securities performance. I some time could statements everyone considered actual call of our like to and September to and fiscal to would XXXX this other materially may other risks,

representing XX, results we operations July the note initiatives, long-term continued full financial EBITDA deliver the fiscal for fiscal of of the and Ferrellgas its is of financial growth compared discuss XXXX year that on quarter ended Ferrellgas results to XXXX. another call as with improvements, XXXX. year strategic continues company and metrics positive focusing Additionally, growth execute fiscal fourth ended year profitability. and this to to to purpose the continues

Gross million the for $XX.X the The prior X% positive year for and compared or tank million wholesale fiscal $X.X margins XXXX an costs. attributable in impacted increase fourth quarter transportation offset related profit fiscal a cost or respective which driven higher favorable was sales decrease gross of primarily our change and to X% increased partially to exchange periods. by by by in to Blue profit business, Rhino, was

million year fourth of to $XX.X decreased or the to XX% Revenues for fiscal period. the compared cost as prior related lower quarter product overall

fiscal weather XXXX, fiscal in or For fourth per and yet fourth drove decreased a $X.XX margin and both decrease quarter deliveries for trends sold, the fiscal million X%. or XXXX, quarter Right-time in fiscal XXXX. increased fiscal gallon revenues the $X.XX $XX.X in warmer or XX% gallons X% XX% and

In and to million, earnings fiscal the XXXX, net a had L.P. million quarter of respectively. 'XX and fourth of and respectively. $XX.X million Partners Ferrellgas recognized fiscal fiscal Ferrellgas XXXX $XX.X million net of loss We to $XXX Partners in $XXX.X attributable XXXX, L.P. attributable and we

as adjustments Rhino Ferrellgas and and a quarter. percent the favorable million XX% prior above fiscal to $XX.X Adjusted the was non-GAAP acquisitions disposals. for total loss sales decreased year million noted to for fourth million $X.X quarter fourth increased into as and and measure, growth primarily the vending. in of in Partners from or to financial $XX fiscal net a EBITDA primarily to change The due compared million increase L.P. due a in revenue expansions asset attributable EBITDA, projects self-serving by Operating $X.X expenses fiscal XX% quarter to for Blue XX% XXXX, of

and for transformation primarily to and This of X% legal compared $XXX.X increased related of $XXX.X million. of to EBITDA related non-core decrease legal $XX.X increase in million by costs million business, $X.X increases aggregated operating the or addition XXXX, result settlements million in Adjusted adjustments to $XX.X in XXXX. EBITDA ERP of nonrecurring fees an in partially implementation in non-core Business was fiscal which business, fiscal including a amortization to expense. a costs, to million fees income. to million These $XX.X million of $XX.X were an $X.X million of system offset and the depreciation

and the I'll operational turn to some highlights. over Tamria? call who company Tamria, of the now will cover

you. Thank

initiatives strategic acquisitions XXXX targeted With our through available. fiscal accretive become nationwide opportunities expand to acquisitions. and history, several as we of was continue growth, X organically One recent in footprint

operating rely aspects it's in requirements, may our major simple, technology support route a us efficiencies, on as clean with have to of all fuel that routine we critical and definitely everything self-sufficient to all up being mobile in technology capture maximize customers customers great customer supply but and basis, their that of to, XXX and to life carriers. We efficiently. on drivers on both our deliveries supply use than and relationships technology it's us during events monitoring From data Our fueling routes more ship tank customers. operations. schedule adds platforms to which our next-generation and allow notifications that simply is Through for this the

have Relations to questions some Mike Investor those. mailbox. through and I will our We received move

company. Jim question, of XXXX, recent does CEO I'll terms this it this of direction? in have I about my He the restructuring And that working company spoke really, one, announcement on philosophy and the call. or goals beginning and since really about first been the it's of how strategic ever side-by-side The as the in impact and at take our

our ways, So it's we philosophies really or our excellence, financial the grow and strategic strategic operational business in in or the change direction. no many usual expected as our business to there's with material changes consolidation growth. through structure, operating Listen,

acquisition our active strategy. quite remain in will We

next and I'll handle -- Another question, Tamria. the

EBITDA come has question Another inbox to our relates that into investor performance. our

over has to main key last has question terms question has profitability. the years, EBITDA the items: customers years the driver its company's several of growth. success? We and in been the around of is the key success X that our of our been been the believe Ferrellgas And couple peers focus over last Specifically, is on the outperforming what

In our will our solely to gallons customers, of a on quality Rather terms ensure who serve helps than satisfied providing greater of service customers has out customers at products profitably. Satisfied profitability. number been focusing customers. or tanks, focus competitive our price seek drive

the that Now handle units, question and a to B that I'll well. actually goes related our question specifically and capital Class structure to as

is, as capital the structure, spoke units? I growth. Class the forward relates it question what So on path the about the to Q&A specifically the EBITDA is our B prior

provides that is One of of our the strong us EBITDA opportunities. with recent advantages performance it

continue We about as of that to identify we analyze question a capital result, path our cost. Tamria, capital. to represent can evaluate reduce our the a alternative forward. highest best fiscal cost B record approaches in EBITDA And continue help here The for structure Class you our to units XXXX. there's our

That's an easy question.

We segments and that footprint, our which However, reduces logistics impacts this one most their tank heating part business. winters diversification our within believe asked how on dependency of exchange performance. our not it geographic companies our about customer are line, cold which retail propane weather really our for is operations, probably financial

turn Relations diversification they that, Investor the submitted drive questions that, be growth call, to our our call now before to via in but through our I do any mentioned to our find e-mail of employee-owners, We continue as for may competencies. With this core I'll are and at back investorrelations@ferrellgas.com. the moderator, proud announcement additional box ways

Now back Shannon. you, to

participating. Thank you. Thank conference This for concludes today's you call.

disconnect. may You now