Gross margins and Adjusted Ebidta have dramatically improved. This is the second consecutive quarter of margin improvement. Variable costs of delivery strongly appear to be built into cost of goods sold, so one is looking at about $480 million in cash operating costs annually that varies little quarter to quarter. This means that the higher seasonal volume sales will flow to distributable cash. Since about 30% are employee/insider held, only about 70% receive actual cash distributions.
Accordingly, I'm optimistic the quarterly distribution will be maintained.