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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AmeriGas Partners LP | NYSE:APU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.22 | 0 | 01:00:00 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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23-2787918
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(State or Other Jurisdiction of
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(I.R.S. Employer
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Incorporation or Organization)
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Identification No.)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Page
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December 31,
2017 |
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September 30,
2017 |
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December 31,
2016 |
||||||
ASSETS
|
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|
|
|
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||||||
Current assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
7,197
|
|
|
$
|
7,316
|
|
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$
|
9,253
|
|
Accounts receivable (less allowances for doubtful accounts of $14,953, $11,820 and $13,014, respectively)
|
|
334,820
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197,776
|
|
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311,243
|
|
|||
Accounts receivable — related parties
|
|
3,041
|
|
|
3,665
|
|
|
3,085
|
|
|||
Inventories
|
|
135,849
|
|
|
116,679
|
|
|
98,931
|
|
|||
Derivative instruments
|
|
30,925
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|
|
30,483
|
|
|
27,084
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|
|||
Prepaid expenses and other current assets
|
|
69,409
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|
57,855
|
|
|
55,979
|
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|||
Total current assets
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581,241
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413,774
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505,575
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|||
Property, plant and equipment (less accumulated depreciation and amortization of $1,524,282, $1,511,890 and $1,527,769, respectively)
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1,189,397
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1,206,710
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1,256,291
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|
|||
Goodwill
|
|
2,002,010
|
|
|
2,002,010
|
|
|
1,979,146
|
|
|||
Intangible assets, net
|
|
380,433
|
|
|
390,040
|
|
|
402,188
|
|
|||
Derivative instruments
|
|
1,453
|
|
|
1,320
|
|
|
7,390
|
|
|||
Other assets
|
|
37,570
|
|
|
45,407
|
|
|
49,190
|
|
|||
Total assets
|
|
$
|
4,192,104
|
|
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$
|
4,059,261
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|
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$
|
4,199,780
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LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
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|
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||||||
Current liabilities:
|
|
|
|
|
|
|
||||||
Current maturities of long-term debt
|
|
$
|
8,447
|
|
|
$
|
8,447
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|
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$
|
7,570
|
|
Short-term borrowings
|
|
263,500
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140,000
|
|
|
77,500
|
|
|||
Accounts payable — trade
|
|
183,983
|
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119,686
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157,160
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|||
Accounts payable — related parties
|
|
108
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|
|
304
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|
|
707
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|||
Customer deposits and advances
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89,544
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109,453
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103,762
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|||
Other current liabilities
|
|
173,592
|
|
|
203,642
|
|
|
195,701
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|
|||
Total current liabilities
|
|
719,174
|
|
|
581,532
|
|
|
542,400
|
|
|||
Long-term debt
|
|
2,563,441
|
|
|
2,563,832
|
|
|
2,519,950
|
|
|||
Other noncurrent liabilities
|
|
122,641
|
|
|
130,826
|
|
|
123,319
|
|
|||
Total liabilities
|
|
3,405,256
|
|
|
3,276,190
|
|
|
3,185,669
|
|
|||
Commitments and contingencies (Note 6)
|
|
|
|
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|
||||||
Partners’ capital:
|
|
|
|
|
|
|
||||||
AmeriGas Partners, L.P. partners’ capital:
|
|
|
|
|
|
|
||||||
Common unitholders (units issued — 92,963,340, 92,958,586 and 92,926,920, respectively)
|
|
736,966
|
|
|
733,104
|
|
|
960,510
|
|
|||
General partner
|
|
14,832
|
|
|
14,795
|
|
|
16,760
|
|
|||
Total AmeriGas Partners, L.P. partners’ capital
|
|
751,798
|
|
|
747,899
|
|
|
977,270
|
|
|||
Noncontrolling interest
|
|
35,050
|
|
|
35,172
|
|
|
36,841
|
|
|||
Total partners’ capital
|
|
786,848
|
|
|
783,071
|
|
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1,014,111
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|
|||
Total liabilities and partners’ capital
|
|
$
|
4,192,104
|
|
|
$
|
4,059,261
|
|
|
$
|
4,199,780
|
|
|
|
Three Months Ended
December 31, |
||||||
|
|
2017
|
|
2016
|
||||
Revenues:
|
|
|
|
|
||||
Propane
|
|
$
|
711,464
|
|
|
$
|
604,056
|
|
Other
|
|
75,832
|
|
|
73,110
|
|
||
|
|
787,296
|
|
|
677,166
|
|
||
Costs and expenses:
|
|
|
|
|
||||
Cost of sales — propane (excluding depreciation shown below)
|
|
344,351
|
|
|
214,405
|
|
||
Cost of sales — other (excluding depreciation shown below)
|
|
20,994
|
|
|
20,582
|
|
||
Operating and administrative expenses
|
|
230,339
|
|
|
226,802
|
|
||
Depreciation
|
|
37,817
|
|
|
33,989
|
|
||
Amortization
|
|
9,607
|
|
|
10,622
|
|
||
Other operating (income) expense, net
|
|
(4,637
|
)
|
|
3,135
|
|
||
|
|
638,471
|
|
|
509,535
|
|
||
Operating income
|
|
148,825
|
|
|
167,631
|
|
||
Loss on extinguishments of debt
|
|
—
|
|
|
(33,151
|
)
|
||
Interest expense
|
|
(40,577
|
)
|
|
(40,028
|
)
|
||
Income before income taxes
|
|
108,248
|
|
|
94,452
|
|
||
Income tax expense
|
|
(2,378
|
)
|
|
(837
|
)
|
||
Net income including noncontrolling interest
|
|
105,870
|
|
|
93,615
|
|
||
Deduct net income attributable to noncontrolling interest
|
|
(1,449
|
)
|
|
(1,661
|
)
|
||
Net income attributable to AmeriGas Partners, L.P.
|
|
$
|
104,421
|
|
|
$
|
91,954
|
|
|
|
|
|
|
||||
General partner’s interest in net income attributable to AmeriGas Partners, L.P.
|
|
$
|
12,372
|
|
|
$
|
11,352
|
|
Limited partners’ interest in net income attributable to AmeriGas Partners, L.P.
|
|
$
|
92,049
|
|
|
$
|
80,602
|
|
Income per limited partner unit:
|
|
|
|
|
||||
Basic
|
|
$
|
0.97
|
|
|
$
|
0.87
|
|
Diluted
|
|
$
|
0.97
|
|
|
$
|
0.87
|
|
Weighted average limited partner units outstanding (thousands):
|
|
|
|
|
||||
Basic
|
|
93,016
|
|
|
92,967
|
|
||
Diluted
|
|
93,080
|
|
|
93,019
|
|
|
|
Three Months Ended
December 31, |
||||||
|
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net income including noncontrolling interest
|
|
$
|
105,870
|
|
|
$
|
93,615
|
|
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
47,424
|
|
|
44,611
|
|
||
Provision for uncollectible accounts
|
|
4,878
|
|
|
3,308
|
|
||
Changes in unrealized losses (gains) on derivative instruments
|
|
(751
|
)
|
|
(25,730
|
)
|
||
Loss on extinguishments of debt
|
|
—
|
|
|
33,151
|
|
||
Other, net
|
|
2,026
|
|
|
5,274
|
|
||
Net change in:
|
|
|
|
|
||||
Accounts receivable
|
|
(141,299
|
)
|
|
(132,293
|
)
|
||
Inventories
|
|
(19,170
|
)
|
|
(20,068
|
)
|
||
Accounts payable
|
|
64,101
|
|
|
64,201
|
|
||
Other current assets
|
|
(11,553
|
)
|
|
(4,291
|
)
|
||
Other current liabilities
|
|
(49,705
|
)
|
|
(28,735
|
)
|
||
Net cash provided by operating activities
|
|
1,821
|
|
|
33,043
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Expenditures for property, plant and equipment
|
|
(23,586
|
)
|
|
(26,380
|
)
|
||
Proceeds from disposals of assets
|
|
3,661
|
|
|
2,826
|
|
||
Acquisitions of businesses, net of cash acquired
|
|
—
|
|
|
(835
|
)
|
||
Net cash used by investing activities
|
|
(19,925
|
)
|
|
(24,389
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Distributions
|
|
(100,650
|
)
|
|
(99,091
|
)
|
||
Noncontrolling interest activity
|
|
(1,571
|
)
|
|
192
|
|
||
Increase (decrease) in short-term borrowings
|
|
123,500
|
|
|
(75,700
|
)
|
||
Issuances of long-term debt, net of issuance costs
|
|
—
|
|
|
690,000
|
|
||
Repayments of long-term debt, including redemption premiums
|
|
(1,255
|
)
|
|
(530,629
|
)
|
||
Other
|
|
(2,039
|
)
|
|
—
|
|
||
Net cash provided (used) by financing activities
|
|
17,985
|
|
|
(15,228
|
)
|
||
Cash and cash equivalents decrease
|
|
$
|
(119
|
)
|
|
$
|
(6,574
|
)
|
CASH AND CASH EQUIVALENTS
|
|
|
|
|
||||
End of period
|
|
$
|
7,197
|
|
|
$
|
9,253
|
|
Beginning of period
|
|
7,316
|
|
|
15,827
|
|
||
Decrease
|
|
$
|
(119
|
)
|
|
$
|
(6,574
|
)
|
For the three months ended December 31, 2017:
|
|
Number of
Common Units
|
|
Common
unitholders
|
|
General
partner
|
|
Total
AmeriGas
Partners, L.P.
partners’ capital
|
|
Noncontrolling
interest
|
|
Total
partners’
capital
|
|||||||||||
Balance September 30, 2017
|
|
92,958,586
|
|
|
$
|
733,104
|
|
|
$
|
14,795
|
|
|
$
|
747,899
|
|
|
$
|
35,172
|
|
|
$
|
783,071
|
|
Net income including noncontrolling interest
|
|
|
|
92,049
|
|
|
12,372
|
|
|
104,421
|
|
|
1,449
|
|
|
105,870
|
|
||||||
Distributions
|
|
|
|
(88,315
|
)
|
|
(12,335
|
)
|
|
(100,650
|
)
|
|
(1,571
|
)
|
|
(102,221
|
)
|
||||||
Unit-based compensation expense
|
|
|
|
190
|
|
|
|
|
190
|
|
|
|
|
190
|
|
||||||||
Common Units issued in connection with employee and director plans, net of tax withheld
|
|
4,754
|
|
|
(62
|
)
|
|
|
|
|
(62
|
)
|
|
|
|
(62
|
)
|
||||||
Balance December 31, 2017
|
|
92,963,340
|
|
|
$
|
736,966
|
|
|
$
|
14,832
|
|
|
$
|
751,798
|
|
|
$
|
35,050
|
|
|
$
|
786,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For the three months ended December 31, 2016:
|
|
Number of
Common Units
|
|
Common
unitholders
|
|
General
partner
|
|
Total
AmeriGas
Partners, L.P.
partners’ capital
|
|
Noncontrolling
interest
|
|
Total
partners’
capital
|
|||||||||||
Balance September 30, 2016
|
|
92,923,410
|
|
|
$
|
967,073
|
|
|
$
|
17,148
|
|
|
$
|
984,221
|
|
|
$
|
34,988
|
|
|
$
|
1,019,209
|
|
Net income including noncontrolling interest
|
|
|
|
80,602
|
|
|
11,352
|
|
|
91,954
|
|
|
1,661
|
|
|
93,615
|
|
||||||
Distributions
|
|
|
|
(87,351
|
)
|
|
(11,740
|
)
|
|
(99,091
|
)
|
|
(1,410
|
)
|
|
(100,501
|
)
|
||||||
Unit-based compensation expense
|
|
|
|
239
|
|
|
|
|
239
|
|
|
|
|
239
|
|
||||||||
General Partner contribution to AmeriGas Propane, L.P.
|
|
|
|
|
|
|
|
—
|
|
|
1,602
|
|
|
1,602
|
|
||||||||
Common Units issued in connection with employee and director plans, net of tax withheld
|
|
3,510
|
|
|
(53
|
)
|
|
|
|
|
(53
|
)
|
|
|
|
(53
|
)
|
||||||
Balance December 31, 2016
|
|
92,926,920
|
|
|
$
|
960,510
|
|
|
$
|
16,760
|
|
|
$
|
977,270
|
|
|
$
|
36,841
|
|
|
$
|
1,014,111
|
|
|
|
Three Months Ended
December 31, |
||||||
|
|
2017
|
|
2016
|
||||
Net income attributable to AmeriGas Partners, L.P.
|
|
$
|
104,421
|
|
|
$
|
91,954
|
|
Adjust for general partner share and theoretical distributions of net income attributable to AmeriGas Partners, L.P. to the general partner in accordance with the two-class method for MLPs
|
|
(14,202
|
)
|
|
(11,352
|
)
|
||
Common Unitholders’ interest in net income attributable to AmeriGas Partners, L.P. under the two-class method for MLPs
|
|
$
|
90,219
|
|
|
$
|
80,602
|
|
|
|
|
|
|
||||
Weighted average Common Units outstanding — basic (thousands)
|
|
93,016
|
|
|
92,967
|
|
||
Potentially dilutive Common Units (thousands)
|
|
64
|
|
|
52
|
|
||
Weighted average Common Units outstanding — diluted (thousands)
|
|
93,080
|
|
|
93,019
|
|
|
|
December 31,
2017 |
|
September 30,
2017 |
|
December 31,
2016 |
||||||
Goodwill (not subject to amortization)
|
|
$
|
2,002,010
|
|
|
$
|
2,002,010
|
|
|
$
|
1,979,146
|
|
Intangible assets:
|
|
|
|
|
|
|
||||||
Customer relationships and noncompete agreements
|
|
$
|
496,905
|
|
|
$
|
497,385
|
|
|
$
|
520,480
|
|
Accumulated amortization
|
|
(199,416
|
)
|
|
(190,289
|
)
|
|
(201,236
|
)
|
|||
Intangible assets, net (definite-lived)
|
|
297,489
|
|
|
307,096
|
|
|
319,244
|
|
|||
Trademarks and tradenames (indefinite-lived)
|
|
82,944
|
|
|
82,944
|
|
|
82,944
|
|
|||
Total intangible assets, net
|
|
$
|
380,433
|
|
|
$
|
390,040
|
|
|
$
|
402,188
|
|
|
|
Asset (Liability)
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
December 31, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
—
|
|
|
$
|
41,187
|
|
|
$
|
—
|
|
|
$
|
41,187
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
—
|
|
|
$
|
(633
|
)
|
|
$
|
—
|
|
|
$
|
(633
|
)
|
September 30, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
—
|
|
|
$
|
40,714
|
|
|
$
|
—
|
|
|
$
|
40,714
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
—
|
|
|
$
|
(920
|
)
|
|
$
|
—
|
|
|
$
|
(920
|
)
|
December 31, 2016:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
—
|
|
|
$
|
34,625
|
|
|
$
|
—
|
|
|
$
|
34,625
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
—
|
|
|
$
|
(151
|
)
|
|
$
|
—
|
|
|
$
|
(151
|
)
|
|
December 31, 2017
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||
Carrying amount
|
$
|
2,602,304
|
|
|
$
|
2,603,610
|
|
|
$
|
2,558,707
|
|
Estimated fair value
|
$
|
2,660,194
|
|
|
$
|
2,699,428
|
|
|
$
|
2,619,790
|
|
|
|
December 31,
2017 |
|
September 30,
2017 |
|
December 31,
2016 |
||||||
Derivative assets not designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
$
|
41,187
|
|
|
$
|
40,714
|
|
|
$
|
34,625
|
|
Total derivative assets — gross
|
|
41,187
|
|
|
40,714
|
|
|
34,625
|
|
|||
Gross amounts offset in the balance sheet
|
|
(633
|
)
|
|
(920
|
)
|
|
(151
|
)
|
|||
Cash collateral received
|
|
(8,176
|
)
|
|
(7,991
|
)
|
|
—
|
|
|||
Total derivative assets — net
|
|
$
|
32,378
|
|
|
$
|
31,803
|
|
|
$
|
34,474
|
|
|
|
|
|
|
|
|
||||||
Derivative liabilities not designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
$
|
(633
|
)
|
|
$
|
(920
|
)
|
|
$
|
(151
|
)
|
Total derivative liabilities — gross
|
|
(633
|
)
|
|
(920
|
)
|
|
(151
|
)
|
|||
Gross amounts offset in the balance sheet
|
|
633
|
|
|
920
|
|
|
151
|
|
|||
Total derivative liabilities — net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Gain
Recognized in Income
|
|
Location of Gain
Recognized in Income |
||||||
Three Months Ended December 31,
|
|
2017
|
|
2016
|
|
|||||
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
$
|
19,614
|
|
|
$
|
32,100
|
|
|
Cost of sales
—
propane
|
(Dollars in millions)
|
|
Three Months Ended
December 31, |
||||||
|
2017
|
|
2016
|
|||||
Adjusted total margin:
|
|
|
|
|
||||
Total revenues
|
|
$
|
787.3
|
|
|
$
|
677.2
|
|
Cost of sales — propane
|
|
(344.4
|
)
|
|
(214.4
|
)
|
||
Cost of sales — other (a)
|
|
(20.9
|
)
|
|
(20.6
|
)
|
||
Total margin
|
|
422.0
|
|
|
442.2
|
|
||
Subtract net gains on commodity derivative instruments not associated with current-period transactions
|
|
(0.8
|
)
|
|
(25.7
|
)
|
||
Adjusted total margin
|
|
$
|
421.2
|
|
|
$
|
416.5
|
|
|
|
|
|
|
||||
Adjusted operating income:
|
|
|
|
|
||||
Operating income
|
|
$
|
148.8
|
|
|
$
|
167.6
|
|
Subtract net gains on commodity derivative instruments not associated with current-period transactions
|
|
(0.8
|
)
|
|
(25.7
|
)
|
||
Adjusted operating income
|
|
$
|
148.0
|
|
|
$
|
141.9
|
|
|
|
|
|
|
||||
Adjusted net income attributable to AmeriGas Partners:
|
|
|
|
|
||||
Net income attributable to AmeriGas Partners
|
|
$
|
104.4
|
|
|
$
|
92.0
|
|
Subtract net gains on commodity derivative instruments not associated with current-period transactions (a)
|
|
(0.7
|
)
|
|
(25.7
|
)
|
||
Loss on extinguishments of debt
|
|
—
|
|
|
33.2
|
|
||
Noncontrolling interest in net gains on commodity derivative instruments not associated with current-period transactions (a)
|
|
—
|
|
|
0.1
|
|
||
Adjusted net income attributable to AmeriGas Partners
|
|
$
|
103.7
|
|
|
$
|
99.6
|
|
|
|
|
|
|
||||
EBITDA and Adjusted EBITDA:
|
|
|
|
|
||||
Net income attributable to AmeriGas Partners
|
|
$
|
104.4
|
|
|
$
|
92.0
|
|
Income tax expense
|
|
2.4
|
|
|
0.8
|
|
||
Interest expense
|
|
40.6
|
|
|
40.0
|
|
||
Depreciation
|
|
37.8
|
|
|
34.0
|
|
||
Amortization
|
|
9.6
|
|
|
10.6
|
|
||
EBITDA
|
|
194.8
|
|
|
177.4
|
|
||
Subtract net gains on commodity derivative instruments not associated with current-period transactions (a)
|
|
(0.7
|
)
|
|
(25.7
|
)
|
||
Loss on extinguishments of debt
|
|
—
|
|
|
33.2
|
|
||
Noncontrolling interest in net gains on commodity derivative instruments not associated with current-period transactions
|
|
—
|
|
|
0.2
|
|
||
Adjusted EBITDA
|
|
$
|
194.1
|
|
|
$
|
185.1
|
|
(a)
|
Includes the impact of rounding.
|
Three Months Ended December 31,
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
|||||||||
(Dollars and gallons in millions)
|
|
|
|
|
|
|
|
|
|||||||
Gallons sold:
|
|
|
|
|
|
|
|
|
|||||||
Retail
|
|
305.0
|
|
|
305.7
|
|
|
(0.7
|
)
|
|
(0.2
|
)%
|
|||
Wholesale
|
|
17.0
|
|
|
13.6
|
|
|
3.4
|
|
|
25.0
|
%
|
|||
|
|
322.0
|
|
|
319.3
|
|
|
2.7
|
|
|
0.8
|
%
|
|||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Retail propane
|
|
$
|
692.8
|
|
|
$
|
593.6
|
|
|
$
|
99.2
|
|
|
16.7
|
%
|
Wholesale propane
|
|
18.7
|
|
|
10.5
|
|
|
8.2
|
|
|
78.1
|
%
|
|||
Other
|
|
75.8
|
|
|
73.1
|
|
|
2.7
|
|
|
3.7
|
%
|
|||
|
|
$
|
787.3
|
|
|
$
|
677.2
|
|
|
$
|
110.1
|
|
|
16.3
|
%
|
Total margin (a)(b)
|
|
$
|
422.0
|
|
|
$
|
442.2
|
|
|
$
|
(20.2
|
)
|
|
(4.6
|
)%
|
Operating and administrative expenses
|
|
$
|
230.3
|
|
|
$
|
226.8
|
|
|
$
|
3.5
|
|
|
1.5
|
%
|
Operating income (b)(d)
|
|
$
|
148.8
|
|
|
$
|
167.6
|
|
|
$
|
(18.8
|
)
|
|
(11.2
|
)%
|
Net income attributable to AmeriGas Partners (b)(d)(e)
|
|
$
|
104.4
|
|
|
$
|
92.0
|
|
|
$
|
12.4
|
|
|
13.5
|
%
|
Non-GAAP financial measures (c):
|
|
|
|
|
|
|
|
|
|||||||
Adjusted total margin
|
|
$
|
421.2
|
|
|
$
|
416.5
|
|
|
$
|
4.7
|
|
|
1.1
|
%
|
EBITDA (b)(d)(e)
|
|
$
|
194.8
|
|
|
$
|
177.4
|
|
|
$
|
17.4
|
|
|
9.8
|
%
|
Adjusted EBITDA (d)
|
|
$
|
194.1
|
|
|
$
|
185.1
|
|
|
$
|
9.0
|
|
|
4.9
|
%
|
Adjusted operating income (d)
|
|
$
|
148.0
|
|
|
$
|
141.9
|
|
|
$
|
6.1
|
|
|
4.3
|
%
|
Adjusted net income attributable to AmeriGas Partners (d)
|
|
$
|
103.7
|
|
|
$
|
99.6
|
|
|
$
|
4.1
|
|
|
4.1
|
%
|
Heating degree days — % colder (warmer) than normal (f)
|
|
(1.4
|
)%
|
|
(10.3
|
)%
|
|
—
|
|
|
—
|
|
(a)
|
Total margin represents total revenues less “Cost of sales — propane” and “Cost of sales — other.”
|
(b)
|
Total margin, operating income, net income attributable to AmeriGas Partners and EBITDA for the
2017
and
2016 three-month period
s include the impact of net unrealized gains of $0.8 million and $25.7 million, respectively, on commodity derivative instruments not associated with current-period transactions.
|
(c)
|
These financial measures are non-GAAP financial measures and are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not a substitute for, the comparable GAAP measures. See section “Non-GAAP Financial Measures” above.
|
(d)
|
Amounts for the
three
months ended December 31, 2016, reflect adjustments to correct previously recorded gains on sales of fixed assets ($8.8 million) and decreased depreciation expense ($1.1 million) relating to certain assets acquired with the Heritage Propane acquisition in 2012, which reduced operating income, adjusted operating income, net income attributable to AmeriGas Partners and adjusted net income attributable to AmeriGas Partners by $7.7 million; and reduced EBITDA and Adjusted EBITDA by $8.8 million.
|
(e)
|
The
three
months ended December 31, 2016 include losses on extinguishments of debt of $33.2 million.
|
(f)
|
Deviation from average heating degree days for the 15-year period 2002-2016 based upon national weather statistics provided by National Oceanic and Atmospheric Administration for 344 Geo Regions in the United States, excluding Alaska and Hawaii.
|
Exhibit No.
|
|
Exhibit
|
Registrant
|
Filing
|
Exhibit
|
|
|
|
|
|
|
10.1
|
|
AmeriGas Partners, L.P.
|
Form 8-K (12/15/2017)
|
10.1
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32
|
|
|
|
|
|
101.INS
|
|
XBRL Instance
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
|
|
AMERIGAS PARTNERS, L.P.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By:
|
AmeriGas Propane, Inc.
|
|
|
|
as General Partner
|
|
|
|
|
Date:
|
February 6, 2018
|
By:
|
/s/ Hugh J. Gallagher
|
|
|
|
Hugh J. Gallagher
|
|
|
|
Vice President - Finance and Chief Financial Officer
|
|
|
|
|
|
|
|
|
Date:
|
February 6, 2018
|
By:
|
/s/ Laurie A. Bergman
|
|
|
|
Laurie A. Bergman
|
|
|
|
Controller and Chief Accounting Officer
|
1 Year AmeriGas Partners Chart |
1 Month AmeriGas Partners Chart |
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