AMERIGAS PARTNERS LP

CIK:0000932628|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Revenues	$ 462,837		$ 2,223,340
Other	15,897		47,198
Revenues	478,734	$ 528,403	2,270,538	$ 2,356,031
Costs and expenses:
Operating and administrative expenses	234,429	222,358	719,497	704,146
Impairment of tradenames and trademarks	0	75,000	0	75,000
Depreciation and amortization	43,989	46,393	133,967	138,968
Other operating income, net	(6,690)	(5,793)	(17,767)	(17,443)
Total, costs and expenses	485,492	562,102	1,924,548	2,005,088
Operating (loss) income	(6,758)	(33,699)	345,990	350,943
Interest expense	(41,640)	(40,449)	(126,208)	(122,021)
(Loss) income before income taxes	(48,398)	(74,148)	219,782	228,922
Income tax expense	(673)	(624)	(1,779)	(3,658)
Net (loss) income including noncontrolling interest	(49,071)	(74,772)	218,003	225,264
Add net loss (deduct net income) attributable to noncontrolling interest	114	376	(3,340)	(3,415)
Net (loss) income attributable to AmeriGas Partners, L.P.	(48,957)	(74,396)	214,663	221,849
General partner’s interest in net (loss) income attributable to AmeriGas Partners, L.P.	10,959	10,587	36,488	36,208
Limited partners’ interest in net (loss) income attributable to AmeriGas Partners, L.P.	$ (59,916)	$ (84,983)	$ 178,175	$ 185,641
(Loss) income per limited partner unit (see Note 2):
Basic (in usd per share)	$ (0.64)	$ (0.91)	$ 1.92	$ 2.00
Diluted (in usd per share)	$ (0.64)	$ (0.91)	$ 1.92	$ 1.99
Weighted-average limited partner units outstanding (thousands):
Basic (in shares)	93,098	93,042	93,077	93,031
Diluted (in shares)	93,098	93,042	93,121	93,082
Propane
Revenues:
Revenues	$ 414,602	$ 461,875	$ 2,057,395	$ 2,141,128
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)	192,160	199,652	1,027,432	1,039,647
Other
Revenues:
Revenues	48,235		165,945
Other	64,132	66,528	213,143	214,903
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)	$ 21,604	$ 24,492	$ 61,419	$ 64,770

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income including noncontrolling interest	$ 218,003	$ 225,264
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization	133,967	138,968
Provision for uncollectible accounts	11,211	11,769
Change in unrealized gains and losses on derivatives instruments	64,845	10,138
Impairment of tradenames and trademarks	0	75,000
Other, net	5,008	6,145
Net change in:
Accounts receivable	(2,622)	(28,987)
Inventories	30,855	598
Accounts payable	(46,862)	(18,538)
Derivative instruments collateral deposits paid	(9,590)	(7,991)
Other current assets	3,120	3,361
Other current liabilities	(50,246)	(71,400)
Net cash provided by operating activities	357,689	344,327
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(77,804)	(72,893)
Proceeds from disposals of assets	9,241	10,260
Acquisitions of businesses, net of cash acquired	0	(9,382)
Net cash used by investing activities	(68,563)	(72,015)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions	(302,048)	(301,980)
Noncontrolling interest activity	(4,374)	(4,361)
Increase in short-term borrowings	16,500	37,000
Repayment of long-term debt	(3,681)	(3,174)
Capital contributions from General Partner	0	8
Other	(352)	(2,039)
Net cash used by financing activities	(293,955)	(274,546)
Cash and cash equivalents decrease	(4,829)	(2,234)
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at end of period	2,049	5,082
Cash and cash equivalents at beginning of period	6,878	7,316
Cash and cash equivalents decrease	$ (4,829)	$ (2,234)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018
Current assets:
Cash and cash equivalents	$ 2,049	$ 6,878	$ 5,082
Accounts receivable (less allowances for doubtful accounts of $14,857, $12,825 and $15,127, respectively)	197,572	206,576	215,424
Accounts receivable — related parties	3,663	3,248	4,036
Inventories	99,672	130,527	116,133
Derivative instruments	29	38,661	26,821
Prepaid expenses and other current assets	50,152	66,001	59,725
Total current assets	353,137	451,891	427,221
Property, plant and equipment (less accumulated depreciation of $1,217,159, $1,151,726 and $1,162,119, respectively)	1,114,152	1,148,383	1,158,045
Goodwill	2,003,671	2,003,671	2,006,139
Intangible assets, net	249,523	279,608	290,023
Derivative instruments	4,902	6,347	2,845
Other assets	65,954	35,918	42,068
Total assets	3,791,339	3,925,818	3,926,341
Current liabilities:
Current maturities of long-term debt	7,863	8,626	9,176
Short-term borrowings	248,500	232,000	177,000
Accounts payable — trade	90,119	137,050	101,182
Accounts payable — related parties	1,551	1,482	241
Customer deposits and advances	50,310	91,829	52,191
Derivative instruments	15,054	0	0
Other current liabilities	190,974	207,041	189,782
Total current liabilities	604,371	678,028	529,572
Long-term debt	2,561,033	2,561,007	2,565,181
Other noncurrent liabilities	143,876	117,115	128,943
Total liabilities	3,309,280	3,356,150	3,223,696
Commitments and contingencies (Note 6)
AmeriGas Partners, L.P. partners’ capital:
Common unitholders (units issued — 92,999,704, 92,977,072 and 92,977,072, respectively)	437,880	523,925	654,418
General partner	12,152	12,682	14,001
Total AmeriGas Partners, L.P. partners’ capital	450,032	536,607	668,419
Noncontrolling interest	32,027	33,061	34,226
Total partners’ capital	482,059	569,668	702,645
Total liabilities and partners’ capital	$ 3,791,339	$ 3,925,818	$ 3,926,341