Core Message - Blue Rhino, a brand of Ferrellgas Partners, L.P., is collaborating with the International Rhino Foundation (IRF) to launch the "Keep the Five Alive" campaign aimed at protecting the world's five remaining rhino species from extinction [1][2][3] Group 1: Campaign Details - The campaign will commence on May 5, 2025, highlighting the urgent threats to the Javan, Sumatran, Greater One-Horned, Black, and White rhinos, with a total wild population of fewer than 28,000 [2] - Some species, such as the Javan and Sumatran rhinos, are critically endangered, with only dozens remaining in the wild [2] Group 2: Company Commitment - Blue Rhino is enhancing its commitment by matching all donations made from May 1-7, up to $35,000, and unveiling a limited-edition tank sleeve featuring the endangered Black rhino [8] - The company is also launching giveaways to promote awareness and engaging customers through social media and email campaigns [8] Group 3: Company Background - Ferrellgas Partners, L.P. serves propane customers across all 50 states, the District of Columbia, and Puerto Rico, with Blue Rhino propane exchange available at over 60,000 locations [4] - The company has an employee stock ownership plan, with employees indirectly owning 1.1 million Class A Units of the partnership [4] Group 4: International Rhino Foundation Overview - The IRF focuses on conservation initiatives for threatened rhino populations, investing over $25 million in rhino conservation and research over the past decade [5]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $75.3 million, essentially flat compared to the prior year [6][10] - Net income for Q1 2025 was $38 million or $0.59 per common unit, down from $40.4 million or $0.63 per common unit in the prior year [10][12] - Total gross margin for Q1 2025 was $222.5 million, a decrease of $1 million or 0.5% compared to the prior year [11][12] Business Line Data and Key Metrics Changes - Retail propane gallons sold were 105.7 million, down 0.8% from the prior year, primarily due to lower heat-related demand [10][11] - Renewable natural gas (RNG) injection was lower than the prior year due to a planned shutdown for maintenance and upgrades [8][9] Market Data and Key Metrics Changes - Average temperatures during Q1 2025 were 7% warmer than normal, impacting propane demand [11] - Average wholesale propane prices increased by 15% to $0.77 per gallon compared to the prior year [11] Company Strategy and Development Direction - The company focuses on growing its core propane business and expanding its renewable energy platform through strategic investments [18][22] - Over the past five years, the company has invested approximately $320 million in renewable fuels, hydrogen, and RNG [18][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in handling increased demand due to colder weather in early 2025, stating that the company is well-prepared [7][23] - The company anticipates that its leverage metric will improve as growth projects are completed and earnings increase [16][33] Other Important Information - The quarterly distribution was declared at $0.325 per common unit, with a coverage ratio of 1.87 times for the trailing twelve months [17] - The company recognized impairment charges of $19.8 million related to investments in Oberon Fuels and Independence Hydrogen [19][20] Q&A Session Summary Question: How is the system handling the colder weather and pricing aspects? - Management stated that the platform is built for cold weather and is effectively managing increased demand and pricing volatility [26][29] Question: Can you expand on the leverage and timing for production tax credits? - Management indicated that liquidity is not an issue and that leverage will improve as new RNG assets come online and production tax credits are monetized [32][33][36]