and Scott, morning, good Thanks, everyone.
what Plus for demonstrate strategy outlined Scott financial XX. support bolt-on quarter, I want make acquisitions our acquisitions. results said Oil reemphasize to a cover to I the prudent willingness Before our Slide acquisitions manner. Sandford the financially our Superior in regarding recent Both on and growth
Superior the acquisition multiple, our see expands our provides channels. that the fuel the of in that channels. various our business within In business the M&A manage portfolio fit of We distribution, from cash opportunity attractive a at attractive terminals We flows approach. our buy acquisition opportunities addition Sandford to while oilfield as to other the an growth
pursue will our and operational opportunities We deliver those parameters. financial on that
Turning million of was net million, $XXX second includes million compared to the quarter the expenses. $X million income transaction-related to a EBITDA net of $XX year a recorded Adjusted results, $XXX loss partnership a ago. which of
trailing trailing agreement, quarter X.XX was times X.X adjusted, by at DCF Our materially On times. coverage basis. distribution, year we result coverage transaction. XX, a $X.XXXX than X.XX. Last year X.XX quarter-end month as was was our balance leverage last by Last and year's restructuring leverage XX quarter are second the a for X-Eleven the declared as ratio as time times of Both the as million. leverage, second defined last credit and was was stronger cash X this Distributable same afforded flow, the quarter. $XXX the times. coverage July unit XX-month per sheet on
we within As we to coverage leverage X.X a will forward, of X.XX distribution least and target ratio look ratio times a X.X at manage times. of
remained our strong revolver. with Our $X.X available billion on liquidity
of cost weighted average is Our X.X%. debt
trend our throughout the fuel organic seasonality. performance, businesses X recently billion first in operational our our approximately will higher year, second the a over business, driven acquired quarter the of that was volume at increase half gallons, and quarter. X.X% volume growth total We in typical the anticipate second fuel Looking by
margin while margin on cents not the was It long-term month think gallon profit, quarter, the and for gross margins second versa. separately. seen XX and up, where For the is gross was manage volume $X.XXX to down trailing and together. We’ve fuel business and vice quarters was basis. per volume $X.XXX important cents about profit We volume
expenses. We any see short-term provided to margins X Slide guidance volatility. That stable, various items, focus controlling muting on we that how expect in annual continue Last said, December, to fuel be for expense future. the to and tend shows we those
for you look provided at we’ve Slide If updates X, XXXX.
second expense feel totaled quarter million with continuing retail we with from with operations closing G&A was in guidance. the in out million. remove $XX cost operations, line XXXX continuing comfortable $XX you expense operations. in Rents million, associated transaction When $XXX During
Our $XX guidance remains million. at XXXX run rate
Second million. quarter was expense other $XX operating
year West Although both this of agent with retail sites commission to move run the had of expenses a FTC higher-than-guidance first the half and sites, nonrecurring the Texas sites. implies associated rate,
QX with these good run run these expense to guidance and operating XXXX We cost Excluding the even million. cost, rate QX other considering feel sites, $XXX estimates additional Sandford. operating remained Superior and unchanged Plus with at associated
operating of this our million growth capital the second million, $XX the review, of In the we As this half low year. will Because revamped of acquisitions, first accordingly. our for and atypically $XX the approval year, continue we G&A $X capital, invested to capital. half quarter, process. maintenance of increase first we million was process capital and our In allocation of make other expenses spending
will which our we normalized remainder million Joe growth the on to year, leads call the For closing for to million by capital XXXX will estimate spend to over $XX $XX maintenance capital a of $XX and more $XX us million I million. by now lower turn the to basis, for thoughts.
