UGI Corporation · NYSE:UGI
UGI — Q1 FY2021 Earnings Presentation
24 slides from UGI's earnings presentation, February 2021
Slide 1: Fiscal 2021 First Quarter Results
1 Fiscal 2021 First Quarter Results J o h n L . Wa l s h President & CEO, UGI Corporation Te d J . J a s t r z e b s k i Chief Financial Officer, UGI Corporation R o b e r t F. B e a r d Executive Vice President Natural Gas, UGI Corporation Roger Perreault Executive Vice President Global LPG, UGI Co
Slide 2: About This Presentation
About This Presentation This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Management believes that these are reasonable as of today’s date only. Actual results may diff
Slide 3: First Quarter Recap
First Quarter Recap John L. Walsh President & CEO, UGI 3 3
Slide 4: First Quarter Earnings Recap
First Quarter Earnings Recap Q1 2021 Weather Versus: Normal UGI Midstream & • GAAP EPS of $1.44 and Adjusted Adjusted EPS1 AmeriGas International Marketing Gas Utility EPS1 of $1.18 in Q1 FY21 $1.17 $1.18 • Benefits of both geographic and operational diversification • Stronger performance at UGI 4.6
Slide 5: Key Accomplishments
Key Accomplishments • Entered into a definitive agreement to purchase Mountaineer Gas Company • Growth drivers continue to deliver for AmeriGas as National Accounts and Cylinder Exchange total margins increased compared to the prior-year period • Utilities added approximately 3,900 new residential h
Slide 6: First Quarter Financial Review
First Quarter Financial Review Ted J. Jastrzebski Chief Financial Officer, UGI 6 6
Slide 7: First Quarter Adjusted Diluted Earnings per Share
First Quarter Adjusted Diluted Earnings per Share Q1 FY21 Q1 FY20 AmeriGas Propane $0.35 $0.43 UGI International 0.44 0.34 Midstream & Marketing 0.17 0.17 UGI Utilities 0.23 0.29 Corporate & Other (a) 0.25 (0.23) Earnings per share – diluted 1.44 1.00 Net (gains) losses on commodity derivative instr
Slide 8: Liquidity Update
Liquidity Update • Cash flows remain strong - Cash from Operating Available Liquidity Activities grew by 28% in Q1 FY21 compared to the prior-year period $1.6 $1.5 $1.5 • Strong balance sheet position - total available liquidity as of 12/31/20: $1.5 billion $1.2 • Well within debt covenant levels $1
Slide 9: First Quarter Results Recap
First Quarter Results Recap Adjusted EPS1 – Comparison with Q1 FY20 Adjusted EPS1 – Segment Split $1.172 $1.183 $(0.08) $0.10 $0.00 $(0.06) $0.05 UGI 0.29 Utilities 0.23 Midstream 0.17 0.17 & Marketing 0.44 $1.17 $1.18 0.34 UGI 8.2% 4.9% 11.4% 10.1% Warmer Colder Warmer Warmer International than pri
Slide 10: Financial Results - AmeriGas
Financial Results - AmeriGas (Millions of dollars) Q1 FY20 Q1 FY21 Weather versus normal Earnings Before Interest Expense & Income Taxes $165 Total Margin (47) Operating and Administrative Expenses 19 Depreciation and Amortization 1 4.0% Other Income and Expense, net 3 Q1 FY21 Earnings Before Intere
Slide 11: Financial Results – UGI International
Financial Results – UGI International (Millions of dollars) Q1 FY20 Q1 FY21 Weather versus normal Earnings Before Interest Expense & Income Taxes $100 Total Margin 41 Operating and Administrative Expenses (6) Depreciation and Amortization (2) Other Income and Expense, net 3 Q1 FY20 Q1 FY21 Earnings
Slide 12: Financial Results – Midstream & Marketing
Financial Results – Midstream & Marketing (Millions of dollars) Q1 FY20 Q1 FY21 Weather versus normal Earnings Before Interest Expense & Income Taxes $62 Total Margin (5) Operating and Administrative Expenses 3 Other Income and Expense, net (1) 2.6% Earnings Before Interest Expense & Income Taxes $5
Slide 13: Financial Results – Utilities
Financial Results – Utilities (Millions of dollars) Q1 FY20 Q1 FY21 Weather versus normal Earnings Before Interest Expense & Income Taxes $92 Total Margin (10) Operating and Administrative Expenses (2) Depreciation (3) Other Income and Expense, net 1 0.3% Earnings Before Interest Expense & Income Ta
Slide 14: Natural Gas Business
Natural Gas Business Robert F. Beard Executive Vice President Natural Gas, UGI 14 14
Slide 15: Natural Gas Business Update
Natural Gas Business Update • Pending acquisition of Mountaineer, the largest natural gas distribution company in West Virginia (“WV”) for an enterprise value of $540M, which includes assumption of ~$140M of debt • Mountaineer serves ~215,000 customers across 50 of WV’s 55 counties • Joint petition
Slide 16: Global LPG Business
Global LPG Business Roger Perreault Executive Vice President Global LPG, UGI 16 16
Slide 17: Global LPG Business Update
Global LPG Business Update • LPG Business Transformation Initiatives remain on track • AmeriGas: Investments of $200M expected to provide annual benefits of $140M+ by the end of FY22 • UGI International: Investments of €55M to deliver €30M+ of annual benefits by the end of FY22 • Centralized custome
Slide 18: ESG, Conclusion and Q&A
ESG, Conclusion and Q&A John L. Walsh President & CEO, UGI 18 18
Slide 19: ESG Update
ESG Update • Reinforcing commitments to Belonging, Inclusion, Diversity & Equity (BIDE) • Launching new and strengthening existing partnerships • Continued to support programs promoting BIDE and STEM advancement through a gift of $300,000 to Penn State Harrisburg • UGI Utilities executed a RNG inter
Slide 20: UGI Corporation
CORPORATION a .
Slide 21: Appendix
Appendix 21 21
Slide 22: UGI Supplemental Footnotes
UGI Supplemental Footnotes • Management uses “adjusted net income attributable to UGI Corporation” and “adjusted diluted earnings per share,” both of which are non-GAAP financial measures, when evaluating UGI’s overall performance. Management believes that these non-GAAP measures provide meaningful
Slide 23: UGI Adjusted Net Income
UGI Adjusted Net Income (Dollars in millions) Q1 FY21 Q1 FY20 AmeriGas Propane $74 $91 UGI International 92 73 Midstream & Marketing 35 36 UGI Utilities 49 61 Corporate & Other (a) 53 (49) Net income attributable to UGI Corporation 303 212 Net (gains) losses on commodity derivative instruments not a
Slide 24: Investor Relations contacts
Investor Relations: Tameka Morris Arnab Mukherjee 610-456-6297 610-768-7498 [email protected] [email protected] 24 24