Financial Data and Key Metrics Changes - For Q3 2024, the company reported adjusted EBITDA of $25.1 million, falling short of guidance by $1.3 million, which was initially set at $26.4 million [4] - The primary reason for the shortfall was an increase in expenses related to long-term incentive plans, resulting in an additional $1.4 million in expenses compared to guidance [4] - The total long-term debt outstanding as of September 30, 2024, was $486.5 million, with a bank compliant adjusted leverage ratio of 4.14 times and interest coverage of 2.23 times [12][13] Performance by Business Segment - The Transportation segment was the largest cash flow generator with adjusted EBITDA of $11.6 million, exceeding guidance of $10.8 million [5] - The Terminalling and Storage segment had adjusted EBITDA of $8.4 million, missing guidance of $9 million due to increased incentive compensation expenses [6] - The Specialty Products segment reported adjusted EBITDA of $4.6 million, significantly below guidance of $6.5 million, primarily due to weak demand in packaged lubricants and grease [7] - The Sulfur Services segment achieved adjusted EBITDA of $4.2 million, surpassing guidance of $3.7 million, driven by strong sulfur production volumes [8] Market Data and Key Metrics Changes - The average inland day rate for marine transportation exceeded forecast by 8%, contributing to stable cash flow expectations for the fourth quarter [5] - The fertilizer group experienced a 27% decrease in volume sold compared to forecast, although gross margin per ton improved [9] Company Strategy and Industry Competition - The company is focused on maintaining adjusted EBITDA guidance for full-year 2024 at $116.1 million, with slight adjustments for marine and sulfur services divisions [14] - The pending transaction with Martin Resource Management Corporation (MRMC) is expected to deliver nearly a dollar more per unit than the initial proposal, with further details to be provided in an upcoming proxy statement [10][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding sulfur production levels from refinery customers, anticipating continued strong performance in the fourth quarter [9] - The company acknowledged the impact of a slowing U.S. economy on demand for specialty products, particularly lubricants and greases, which may lead to softer cash flow in the fourth quarter [7] Other Important Information - Capital expenditures for Q3 totaled $12.5 million, with a forecast for full-year 2024 capital expenditures now totaling $57.4 million [13][14] - The company plans to allocate between $0.5 million and $1 million for repairs related to minor damage from Hurricane Milton [16] Q&A Session Summary Question: Will the hurricane have implications for cash flow and capital allocation? - Management indicated a CapEx outlay of $0.5 million to $1 million for repairs, but does not expect significant commercial impact [16] Question: Update on the ELSA project and future growth prospects? - The ELSA plant is expected to start taking feedstock soon, but sales in 2025 may not be as robust as previously hoped due to delays [17][18] Question: Current rates and contracting updates for the barge business? - Rates for heated transportation are currently $11,000 to $11,500 per day, showing a $2,000 increase from last year, while clean rates remain stable [20][21] Question: Will the merger vote require a simple majority? - Management confirmed that the vote will be a simple majority [22] Question: Preliminary thoughts on capital spending for 2025? - Management anticipates lower growth capital needs for 2025 compared to 2024, with maintenance CapEx expected to be under $34.8 million [23] Question: Free cash flow outlook for 2025? - Management indicated that free cash flow generation is expected to improve in 2025, with projections around $30 million [24] Question: Impact of acquisition financing on MMLP's capital structure? - Management clarified that MMLP's capital structure will remain unchanged post-transaction, with no new borrowings planned for acquisition financing [25][26]

Despite Repeated Requests and Superior Value Being Offered to MMLP Unitholders, Martin Midstream GP LLC's Conflicts Committee Refuses to Meet with Nut Tree and Caspian Directly NEW YORK, July 29, 2024 /PRNewswire/ -- Nut Tree Capital Management L.P. ("Nut Tree") and Caspian Capital L.P. ("Caspian"), today sent a letter to the Conflicts Committee of the Board of Directors (the "Conflicts Committee") of Martin Midstream GP LLC (the "General Partner") notifying the Conflicts Committee of an increase to their f ...

Financial Performance - The company reported a net income of $6,912,000 for the three months ended June 30, 2024, compared to a net income of $1,059,000 for the same period in 2023, indicating a significant increase[40]. - Net income for the three months ended June 30, 2024, was $3,780,000, compared to a net income of $1,081,000 for the same period in 2023, representing a significant increase of 249%[122]. - Limited partners' interest in net income for the six months ended June 30, 2024, was $6,884,000, compared to a loss of $3,913,000 for the same period in 2023, indicating a turnaround in performance[122]. - Total revenue for the six months ended June 30, 2024, was $431,759,000, compared to $348,049,000 for the same period in 2023, representing a 24% increase[54]. - Total operating revenues for the three months ended June 30, 2024, were $195,636, a decrease of 2.1% compared to the same period in 2023[200]. Assets and Liabilities - As of June 30, 2024, total assets increased to $535,078,000 from $509,375,000 as of December 31, 2023, representing a growth of approximately 5.1%[37]. - Current liabilities decreased to $98,709,000 as of June 30, 2024, down from $100,564,000 at the end of 2023, reflecting a reduction of about 1.8%[37]. - Long-term debt increased to $439,397,000 as of June 30, 2024, compared to $421,173,000 as of December 31, 2023, marking an increase of approximately 4.3%[37]. - Total liabilities increased to $592,944,000 from $573,999,000, reflecting a rise of approximately 3.3%[37]. - The partners' capital deficit improved to $(57,866,000) as of June 30, 2024, from $(64,624,000) at the end of 2023, indicating a reduction of about 10.5%[37]. Revenue and Sales - Revenue for the three months ended June 30, 2024, was reported at $13,650,000, compared to $16,074,000 for the same period in 2023, indicating a decline of approximately 15.0%[47]. - Product sales for the six months ended June 30, 2024, were $13,485,000, with a notable increase in sulfur services revenue to $34,770,000[54]. - Revenues from terminalling and storage services for the three months ended June 30, 2024, were $18,078,000, slightly up from $18,077,000 in the same period of 2023[176]. - The sulfur services segment reported operating revenues of $70,873,000 for the six months ended June 30, 2024, reflecting stable demand in this area[200]. - The transportation segment generated operating revenues of $115,983,000 for the six months ended June 30, 2024, demonstrating strong performance in logistics[200]. Investments and Expenditures - The company has invested $7,938,000 in DSM Semichem LLC as of June 30, 2024, indicating a new strategic investment[37]. - The partnership contributed $6,500,000 in cash to DSM Semichem LLC for a 10% non-controlling interest, along with approximately 22 acres of land[187]. - The company expects to fund approximately $27.0 million in capital expenditures related to the electronic level sulfuric acid joint venture[116]. - Capital expenditures and plant turnaround costs for the six months ended June 30, 2024, totaled $30,597,000, representing a significant investment in operational capacity[200]. - Total capital expenditures for the three months ended June 30, 2024, were $9,795,000, highlighting ongoing investments in infrastructure[200]. Operating Expenses - Operating lease costs for the three months ended June 30, 2024, were $6,559,000, compared to $5,013,000 for the same period in 2023, reflecting a 30.8% increase[75]. - The partnership's operating expenses for transportation in the three months ended June 30, 2024, were $19,814,000, compared to $17,951,000 for the same period in 2023[178]. - The partnership's operating expenses for sulfur services in the three months ended June 30, 2024, were $1,050,000, down from $1,590,000 in the same period of 2023[178]. - The partnership's indirect selling, general, and administrative expenses for the six months ended June 30, 2024, were $15,501,000[198]. - The company reimbursed Martin Resource Management Corporation $42.9 million for direct costs and expenses for the three months ended June 30, 2024, compared to $38.6 million for the same period in 2023[98]. Cash Distributions - A quarterly cash distribution of $0.005 per common unit was declared for the second quarter of 2024, amounting to an annualized rate of $0.020 per common unit[117]. - Cash distributions for the period were $390 million, compared to $195 million in the previous year, indicating an increase of 100%[40]. Related Party Transactions - Related party transactions accounted for approximately 28% of total costs and expenses for the three months ended June 30, 2024, compared to 24% for the same period in 2023[102]. - Sales to Martin Resource Management Corporation represented approximately 14% of total revenues for the three months ended June 30, 2024, down from 17% in 2023[102]. - The Partnership reimbursed Martin Resource Management Corporation for $3,377,000 and $3,496,000 of indirect expenses for the three months ended June 30, 2024 and 2023, respectively[166]. Compensation and Equity - Total unit-based compensation expense for the three months ended June 30, 2024, was $1,444,000, compared to a negative expense of $1,536,000 for the same period in 2023, reflecting improved compensation management[124]. - As of June 30, 2024, there were $3,543,000 of unrecognized compensation costs related to non-vested phantom unit awards, expected to be recognized over a remaining life of 1.90 years[128]. - The total weighted average limited partner diluted units outstanding for the three months ended June 30, 2024, was 38,891,375, an increase from 38,777,600 for the same period in 2023[136]. - The Partnership's general partner owns a 2.0% general partner interest, with Martin Resource Management Corporation holding 15.7% of total outstanding common limited partner units as of June 30, 2024[135]. - The Partnership's phantom unit awards are recorded in operating expense and selling, general and administrative expense based on the fair value of the vested portion on the balance sheet date[142].

Nut Tree and Caspian Call for Any Transaction with MRMC be Subject to Approval of Majority of Unaffiliated Common Unit Holders The full text of the letter is below: Dear Members of the Conflicts Committee: As you know, MRMC made an offer to purchase MMLP for $3.05 per common unit in a related-party transaction: the General Partner is wholly owned and controlled by MRMC and its subsidiaries, and Ruben Martin, III serves as Chairman of the Board of Directors of the General Partner and the President, Chief Exe ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $31.7 million for Q2 2024, exceeding guidance of $31.2 million by $0.5 million despite two casualty losses totaling $2 million [15] - Total long-term debt increased to $458 million, an $8 million rise from the previous quarter [18] - The bank compliant adjusted leverage ratio was 3.88 times, with an interest coverage ratio of 2.21 times [18] Business Line Data and Key Metrics Changes - The Transportation segment generated adjusted EBITDA of $11.2 million, surpassing guidance of $10.2 million, with land transportation specifically achieving $8.2 million against a forecast of $6.5 million [15] - The Sulfur Services segment had adjusted EBITDA of $10.6 million, exceeding guidance of $9.8 million, driven by strong sulfur production volumes [7] - The Specialty Products segment reported adjusted EBITDA of $5.7 million, slightly above guidance of $5.6 million, with performance driven by improved margins in the grease business [8] Market Data and Key Metrics Changes - The fertilizer group achieved adjusted EBITDA of $6.7 million, meeting guidance, despite a 15% decrease in volume sold compared to forecasts [7] - The Marine Transportation business had adjusted EBITDA of $2.9 million, below guidance of $3.8 million, primarily due to a casualty loss from a bridge allision [6] Company Strategy and Development Direction - The company is optimistic about maintaining or exceeding guidance in the sulfur production segment, contingent on Gulf Coast weather conditions [7] - Capital expenditures for 2024 have been adjusted to $58.4 million, up from $49.4 million, reflecting increased spending on growth projects [9][35] - The company is focused on improving operational efficiency by replacing older equipment with new, which is expected to continue positively impacting operating expenses [15] Management's Comments on Operating Environment and Future Outlook - Management noted a slowdown in chemicals and lubricants but remains confident in achieving guidance for the land transportation business [6] - The company anticipates a seasonal trough in cash flow for the fertilizer business as farmers transition from planting to harvesting [7] - Management expressed that barring unusual operating or weather events, Q3 performance should approximate guidance [8] Other Important Information - The company has accrued full deductibles related to casualty losses, indicating no further economic impact expected from these incidents [12] - The ELSA project is on track, with expectations to begin shipping in mid-August [19] Q&A Session All Questions and Answers Question: Update on ELSA timing and contracts - Management confirmed all contracts are in place, with no spot market exposure, and most contracts extend through the end of the year [10] Question: Impact of bridge incident and pipeline leak - Management indicated that remediation is ongoing, but they do not expect significant lingering impacts [21][38] Question: Expectations for refinery turnarounds - Typically, turnarounds occur late in Q3 or early Q4, but no specific impacts are known at this time [24] Question: Update on buyout offer timeline - Management stated they cannot provide a timeline for the ongoing negotiations regarding the buyout offer [25] Question: Fundamentals of land transportation performance - Management noted strong performance in April and May, with a seasonal slowdown in June, but expects an uptick in August as operations normalize [26] Question: Thoughts on leverage ratio with increased CapEx - Management anticipates exiting the year with a leverage ratio around 3.88 times, consistent with current levels [28] Question: Returns expected from additional investment in fertilizer business - Management expects a $600,000 to $800,000 increase in revenue from the new storage capacity in the Illinois area [42] Question: ELSA project EBITDA expectations - Management expects to see $0.9 million of EBITDA from the ELSA project in Q4, with additional revenue streams anticipated as operations ramp up [43][44]

Operating Income (Loss) ($M) • Net income of $3.8 million and $7.1 million for the three and six months ended June 30, 2024, respectively • Adjusted EBITDA of $31.7 million and $62.1 million for the three and six months ended June 30, 2024, respectively • Total adjusted leverage of 3.88 times as of June 30, 2024 • Declares quarterly cash dividend of $0.005 per common unit Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "For the ...

Washington, D.C. 20549 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 000-50056 MARTIN MIDSTREAM PARTNERS L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

First Quarter 2024 Financial Results [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Martin Midstream Partners L.P. achieved a **$3.3 million** net income in Q1 2024, reversing a **$5.1 million** loss from Q1 2023, with Adjusted EBITDA at **$30.4 million** and leverage at **3.81x** Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income (Loss) | $3.3 million | ($5.1 million) | | Adjusted EBITDA | $30.4 million | $21.7 million | | Total Adjusted Leverage | 3.81x | N/A | | Quarterly Cash Distribution | $0.005/unit | N/A | [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Bob Bondurant reported **$30.4 million** Adjusted EBITDA, noting strong transportation demand offset by weaker fertilizer/lubricant margins and reduced sulfur receipts from refinery turnarounds - Strong performance in the transportation segment was counteracted by lower margins in fertilizer/lubricants and reduced sulfur receipts from refinery turnarounds[13](index=13&type=chunk) - Capital expenditures for the quarter were elevated, with **$6.2 million** in growth capex (including **$4.8 million** for the DSM Semichem JV) and **$11.2 million** in maintenance capex (including **$5.3 million** in refinery turnaround costs)[13](index=13&type=chunk) - The higher capital spending contributed to a slight increase in adjusted leverage from **3.75x** at year-end 2023 to **3.81x** at the end of Q1 2024[13](index=13&type=chunk) [Capitalization and Credit Metrics](index=2&type=section&id=Capitalization%20and%20Credit%20Metrics) Total debt outstanding increased to **$450.0 million** as of March 31, 2024, with leverage at **3.81x**, and **$101.4 million** in available liquidity maintained Debt and Credit Metrics (as of March 31, 2024) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Debt Outstanding | $450.0 million | $442.5 million | | Available Liquidity | $101.4 million | $109.0 million | | Total Adjusted Leverage Ratio | 3.81x | 3.75x | | Senior Leverage Ratio | 0.42x | 0.36x | | Interest Coverage Ratio | 2.21x | 2.19x | [Quarterly Cash Distribution](index=3&type=section&id=Quarterly%20Cash%20Distribution) A quarterly cash distribution of **$0.005 per unit** was declared for Q1 2024, payable on May 15, 2024 - A cash distribution of **$0.005 per unit** was declared for Q1 2024[26](index=26&type=chunk) - The release serves as a qualified notice, indicating that **100%** of distributions to non-U.S. investors should be treated as effectively connected with a U.S. trade or business and are subject to federal income tax withholding[27](index=27&type=chunk) Consolidated Financial Statements (Unaudited) [Consolidated and Condensed Balance Sheets](index=6&type=section&id=Consolidated%20and%20Condensed%20Balance%20Sheets) Total assets increased to **$512.1 million** as of March 31, 2024, with liabilities stable at **$573.6 million**, and partners' capital deficit improving to **$61.5 million** Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets | $115,984 | $114,313 | | Property, plant and equipment, net | $306,542 | $305,793 | | **Total assets** | **$512,077** | **$509,375** | | Total current liabilities | $93,022 | $100,564 | | Long-term debt, net | $430,024 | $421,173 | | **Total liabilities** | **$573,573** | **$573,999** | | **Partners' capital (deficit)** | **($61,496)** | **($64,624)** | [Consolidated and Condensed Statements of Operations](index=7&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Operations) Net income reached **$3.3 million** in Q1 2024, improving from a **$5.1 million** loss in Q1 2023, despite a **26%** revenue decrease, supported by stable operating income Statement of Operations Summary (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenues | $180,830 | $244,529 | | Total costs and expenses | $163,143 | $226,636 | | Operating income | $17,895 | $17,505 | | Interest expense, net | ($13,842) | ($15,657) | | Loss on extinguishment of debt | $0 | ($5,121) | | **Net income (loss)** | **$3,273** | **($5,086)** | | **Net income (loss) per unit - diluted** | **$0.08** | **($0.13)** | [Consolidated and Condensed Statements of Capital (Deficit)](index=9&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Capital%20(Deficit)) Partners' capital deficit improved to **$61.5 million** by March 31, 2024, from **$64.6 million** at year-end 2023, driven by **$3.3 million** net income Reconciliation of Partners' Capital (Deficit) for Q1 2024 (in thousands) | Description | Amount | | :--- | :--- | | Balance - December 31, 2023 | ($64,624) | | Net income | $3,273 | | Cash distributions | ($199) | | Unit-based compensation & other | $54 | | **Balance - March 31, 2024** | **($61,496)** | [Consolidated and Condensed Statements of Cash Flows](index=10&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$10.1 million** in Q1 2024, while investing activities used **$17.4 million**, and financing activities provided **$7.3 million** Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $10,109 | $49,264 | | Net cash used in investing activities | ($17,395) | ($4,218) | | Net cash provided by (used in) financing activities | $7,286 | ($45,034) | | **Net increase (decrease) in cash** | **$0** | **$12** | Segment Operating Performance [Terminalling and Storage Segment](index=11&type=section&id=Terminalling%20and%20Storage%20Segment) The Terminalling and Storage segment's operating income increased **18%** to **$3.7 million** in Q1 2024, driven by a **6%** rise in throughput volumes Terminalling and Storage Operating Results (in thousands) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $24,285 | $23,919 | +2% | | Operating Expenses | $15,035 | $14,308 | +5% | | **Operating Income** | **$3,657** | **$3,108** | **+18%** | - Shore-based throughput volumes increased by **6%** to **45,769 thousand gallons**[9](index=9&type=chunk) [Transportation Segment](index=11&type=section&id=Transportation%20Segment) Operating income for the Transportation segment increased **4%** to **$9.8 million** in Q1 2024, benefiting from lower SG&A and reduced depreciation despite flat revenues Transportation Operating Results (in thousands) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $62,042 | $61,939 | 0% | | Operating Expenses | $46,641 | $46,190 | +1% | | **Operating Income** | **$9,831** | **$9,442** | **+4%** | - Performance was driven by increased transportation rates in the marine division and higher mileage in the land division[16](index=16&type=chunk) [Sulfur Services Segment](index=12&type=section&id=Sulfur%20Services%20Segment) The Sulfur Services segment's operating income declined **19%** to **$3.7 million** in Q1 2024, despite a **22%** increase in volumes, due to a **6%** revenue drop Sulfur Services Operating Results (in thousands) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $33,681 | $35,679 | -6% | | Cost of products sold | $22,771 | $23,949 | -5% | | **Operating Income** | **$3,685** | **$4,553** | **-19%** | - Total sulfur services volumes grew **22%** year-over-year, led by a **24%** increase in sulfur tons and a **20%** increase in fertilizer tons[47](index=47&type=chunk) - Adjusted EBITDA for the segment decreased due to lower margins in molten sulfur and decreased sulfur prilling fees resulting from Gulf Coast refinery turnarounds[17](index=17&type=chunk) [Specialty Products Segment](index=12&type=section&id=Specialty%20Products%20Segment) Operating income for the Specialty Products segment remained nearly flat at **$4.6 million** in Q1 2024, despite a **50%** revenue plunge driven by a **60%** decrease in total sales volumes Specialty Products Operating Results (in thousands) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Products Revenues | $66,346 | $132,277 | -50% | | Cost of products sold | $59,644 | $124,451 | -52% | | **Operating Income** | **$4,558** | **$4,600** | **-1%** | - Total specialty products volumes fell **60%** to **702 thousand barrels**, with NGL sales volumes dropping **63%**[48](index=48&type=chunk) [Unallocated Selling, General and Administrative Expenses](index=13&type=section&id=Unallocated%20Selling,%20General%20and%20Administrative%20Expenses) Unallocated indirect SG&A expenses decreased **9%** to **$3.8 million** in Q1 2024, reflecting reduced employee-related expenses and professional fees Unallocated SG&A (in thousands) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Indirect SG&A | $3,836 | $4,198 | -9% | - The decrease was attributed to reduced employee-related expenses and professional fees[18](index=18&type=chunk) Non-GAAP Financial Measures [Reconciliation of Net Income (Loss) to Adjusted EBITDA](index=14&type=section&id=Reconciliation%20of%20Net%20Income%20(Loss)%20to%20Adjusted%20EBITDA) The company reconciles Net Income (Loss) to Adjusted EBITDA, with Q1 2024 net income of **$3.3 million** adjusting to **$30.4 million** Adjusted EBITDA Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net income (loss)** | **$3,273** | **($5,086)** | | Interest expense | $13,842 | $15,657 | | Income tax expense | $796 | $1,835 | | Depreciation and amortization | $12,649 | $12,901 | | *EBITDA* | *$30,560* | *$25,307* | | (Gain) loss on disposition of assets | ($208) | $388 | | Loss on extinguishment of debt | $0 | ($5,121) | | Lower of cost or net realizable value adj. | $0 | ($9,133) | | Unit-based compensation | $54 | $52 | | **Adjusted EBITDA** | **$30,406** | **$21,735** | [Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA and Distributable Cash Flow](index=16&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Adjusted%20EBITDA%20and%20Distributable%20Cash%20Flow) The company reconciles Net Cash Provided by Operating Activities to Adjusted EBITDA and Distributable Cash Flow (DCF), with Q1 2024 net operating cash flow of **$10.1 million** reconciling to **$30.4 million** Adjusted EBITDA and **$5.6 million** DCF Reconciliation to DCF (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$10,109** | **$49,264** | | *Adjustments to reach Adjusted EBITDA* | *$20,297* | *($27,529)* | | **Adjusted EBITDA** | **$30,406** | **$21,735** | | *Adjustments to reach DCF* | *($24,760)* | *($12,275)* | | **Distributable cash flow** | **$5,646** | **$9,460** | [Definitions of Non-GAAP Measures](index=4&type=section&id=Definitions%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like EBITDA, Adjusted EBITDA, DCF, and Adjusted Free Cash Flow to assess business performance and evaluate cash generation for distributions and debt service - **Adjusted EBITDA** is defined as EBITDA before unit-based compensation, gains/losses on asset dispositions, impairment, and similar non-cash adjustments. It is used to assess financial performance and the ability of assets to generate cash[31](index=31&type=chunk)[39](index=39&type=chunk) - **Distributable Cash Flow (DCF)** is defined as net cash from operations adjusted for certain items, less maintenance capital expenditures and plant turnaround costs. It is a key measure for investors to assess the sustainability of cash distributions[41](index=41&type=chunk) - **Adjusted Free Cash Flow** is defined as DCF less growth capital expenditures and principal payments on finance leases. It represents cash available for debt reduction, further investment, or distributions[42](index=42&type=chunk)

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Mark One Annual Report Pursuant to Section 13 or 15(d) of the ☒ Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 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 number 000-50056 MARTIN MIDSTREAM PARTNERS L.P. (Exact name of registrant as specified in its charter) Delaware 05-0527861 State or o ...