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 ...

Martin Midstream Partners L.P. (NASDAQ:MMLP) Q4 2023 Earnings Conference Call February 15, 2024 9:00 AM ET Company Participants Sharon Taylor - Chief Financial Officer Bob Bondurant - Chief Executive Officer Randy Tauscher - Chief Operating Officer Conference Call Participants Kyle May - Sidoti & Company Selman Akyol - Stifel Patrick Fitzgerald - Baird Operator Good morning. My name is Audra and I will be your conference operator today. At this time, I would like to welcome everyone to the MMLP Fourth Quart ...

February 14, 2024 Sulfur Services 4Q23E 4Q23A Butane Optimization - - | --- | --- | |------------------------------|-------| | | | | Fourth Quarter and Full Year | | | 2023 Earnings Summary and | | | 2024 Financial Guidance | | | MARTIN MIDSTREAM PARTNERS | | Unallocated SG&A $(4.3) $(4.1) Total Adjusted EBITDA $26.9 $29.2 Total Sulfur Services $6.0 $7.4 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|----------------|-------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ For the quarterly period ended September 30, 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) (State or other jur ...

Third Quarter 2023 Earnings Summary CORACABO | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|-------|-------|-------|--------------------------------------------------|---------|--------|--------| | Transportation | 2023E | 3Q23E | 3Q23A | Specialty Products | 2023E | 3Q23E | 3Q23A | | Land | $36.2 | $8.5 | $6.7 | Lubricants | $9.0 | $2.4 | $3.6 | | Marine | $13.5 | $3.5 | $2.8 | Grease | $8.6 | $2.3 | $2.8 | | Total Transportation | $49.7 ...

Martin Midstream Partners L.P. (NASDAQ:MMLP) Q3 2023 Earnings Conference Call October 19, 2023 9:00 AM ET Company Participants Sharon Taylor - Chief Financial Officer Bob Bondurant - Chief Executive Officer Randy Tauscher - Chief Operating Officer David Cannon - Controller Danny Cavin - Director, FP&A Conference Call Participants Kyle May - Sidoti & Company Tim Howard - Stifel Operator Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyon ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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) (State or other jurisdicti ...

Financial Data and Key Metrics Changes - For Q2 2023, the company reported adjusted EBITDA of $31.8 million, slightly below the guidance of $32.2 million, representing a 1% difference [9] - The total long-term debt outstanding was $460.5 million, a reduction of $39.5 million from the previous quarter [24] - Distributable cash flow for the quarter was $9.7 million, and free cash flow was $7.8 million [27] Business Line Data and Key Metrics Changes - The transportation segment generated adjusted EBITDA of $12.1 million, exceeding guidance of $11.6 million, with the marine transportation business achieving $3.5 million against a forecast of $2.8 million [10][12] - The terminalling and storage segment had adjusted EBITDA of $9.6 million, surpassing guidance of $8.3 million, primarily due to reduced operating costs [13] - The sulfur services segment reported adjusted EBITDA of $8 million, below guidance of $10.6 million, mainly due to underperformance in the fertilizer group [15] - The specialty products segment achieved adjusted EBITDA of $5.9 million, slightly below guidance of $6 million, with strength in NGL and propane groups but weakness in packaged lubricants [19] Market Data and Key Metrics Changes - The company noted a 17% decline in forecasted sales volumes for the fertilizer group due to poor weather conditions impacting farmer demand [16] - Fertilizer prices continued to fall throughout Q2, negatively affecting margins as the company destocked higher-cost inventory [16] Company Strategy and Development Direction - The company plans to continue operating its underground NGL storage facility in North Louisiana, utilizing a fee-based volume-driven business model [8] - The exit from the butane optimization business is expected to lead to less volatile future earnings and significant reductions in working capital needs [62] - The company is focused on strengthening its balance sheet by paying down debt and lowering leverage to below 3.75x [57] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the agriculture market recovering, potentially starting in Q4 2023, contingent on favorable weather conditions [23][50] - The company anticipates continued strength in transportation and terminalling segments, offsetting challenges in sulfur and specialty products due to agricultural market headwinds [29] Other Important Information - Capital expenditures for the quarter totaled $9.8 million, with $7.9 million for maintenance and $1.9 million for growth [27] - The ELSA facility is expected to be online in Q1 2024, with a total investment of approximately $20 million [28][45] Q&A Session Summary Question: What is the outlook for transportation rates and production? - Management indicated strong rates in truck transportation and increased sulfur production, averaging over 3,500 tons per day, with expectations for continued high refinery utilization [36][37] Question: Are there any long-term contracts being secured for barges? - Management confirmed that there are contracts being locked in for longer durations at higher rates, reflecting confidence in rising market conditions [39][40] Question: What is the expected timeline for the ELSA project to ramp up? - The project is expected to ramp up in the second half of the year, with distributions from the joint venture anticipated in Q3 [46][49] Question: When can improvements in the agriculture market be expected? - Management suggested that while improvements may be seen in Q4, a more significant recovery is anticipated for the following year, depending on weather conditions [50] Question: What is the plan for free cash flow and leverage management? - The company plans to use free cash flow to reduce leverage below 3.75x before considering increasing distributions [55][60]