Slide 1: Fiscal 2022 Third Quarter Results
1 1 Fiscal 2022 Third Quarter Results Ro ge r Pe r re a u l t President and CEO, UGI Corporation Te d J . J a s t r ze bs k i Chief Financial Officer, UGI Corporation Ro be r t F. B e a rd Executive Vice President, Natural Gas, Global Engineering & Construction, and Procurement 1
Slide 2: About This Presentation
2 2 About This Presentation This presentation contains forward-looking statements, including estimates and projections, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are base
Slide 3: Third Quarter Summary
3 3 Third Quarter Summary Roger Perreault President and CEO, UGI Corporation
Slide 4: Third Quarter Financial Overview
4 4 $98 $100 Q3 FY21 Q3 FY22 Third Quarter Financial Overview 4 • Q3 FY22 GAAP diluted EPS of $(0.03) vs. $0.71 in Q3 FY21 • Adjusted diluted EPS1 of $0.06 in Q3 FY22 vs. $0.13 in Q3 FY21 • Solid performance from our reportable segments • Increased margins from capacity management and commodity mark
Slide 5: Recent Accomplishments
5 5 Recent Accomplishments 5 Reliable Earnings Growth Renewables Rebalance • 11,000+ customers added in YTD1 FY22 at the Utilities • On July 28th, received the recommend decision from the Administrative Law Judge (ALJ) assigned to our current PA gas rate case. Expect final approval from the PA PUC2
Slide 6: Third Quarter Financial Review
6 6 Third Quarter Financial Review Ted J. Jastrzebski Chief Financial Officer, UGI Corporation
Slide 7: Third Quarter Adjusted Diluted Earnings per Share
7 7 Third Quarter Adjusted Diluted Earnings per Share Q3 FY22 Q3 FY21 AmeriGas Propane $(0.17) $(0.10) UGI International 0.07 0.15 Midstream & Marketing 0.11 0.04 Utilities 0.08 0.04 Corporate & Other (a) (0.12) 0.58 (Loss) earnings per share – diluted (b) (0.03) 0.71 Net gains on commodity derivati
Slide 8: Third Quarter and YTD FY22 Results Recap
8 8 Third Quarter and YTD FY22 Results Recap UGI Utilities Midstream & Marketing UGI International AmeriGas YTD2 Adjusted Diluted EPS1 – Segment Split 1. Adjusted Diluted EPS is a non-GAAP measure. See Slide 7 and Appendix for Q3 FY22 and YTD reconciliations, respectively. 2. YTD represents 9 months
Slide 9: Financial Results – AmeriGas Propane
9 9 Financial Results – AmeriGas Propane (Millions of dollars) Q3 FY21 Q3 FY22 Earnings Before Interest Expense & Income Taxes $11 Total Margin (32) Operating and Administrative Expenses 8 Depreciation and Amortization (1) Other Income and Expense, net 4 (Loss) Before Interest Expense & Income Taxes
Slide 10: Financial Results – UGI International
10 10 (Millions of dollars) Q3 FY21 Q3 FY22 Earnings Before Interest Expense & Income Taxes $41 Total Margin (23) Operating and Administrative Expenses 1 Depreciation and Amortization 4 Realized FX Gains 3 Earnings Before Interest Expense & Income Taxes $26 Total Volume ↓ Retail volume decreased 7%
Slide 11: Financial Results – Midstream & Marketing
11 11 Total Margin ↑ Primarily reflecting higher capacity management margins that were largely attributable to the timing of settlement of storage hedge contracts, increased commodity marketing margins and incremental margin from the UGI Moraine East acquisition. Financial Results – Midstream & Mark
Slide 12: Financial Results – Utilities
12 12 Volume ↑ Increase in Gas Utility core market and total volumes largely related to incremental volumes attributable to the acquisition of Mountaineer Total Margin ↑ Largely reflecting incremental margin attributable to Mountaineer ($25 million), increase in DSIC rates, and growth in residential
Slide 13: Liquidity Update
13 13 Liquidity Update • Strong balance sheet position: • $2.1 Billion in available liquidity1 as of June 30, 2022 • On August 3rd, our Board of Directors approved a quarterly dividend of $0.36 per share 1. Defined as cash and cash equivalents, and available borrowing capacity on our revolving credi
Slide 14: Conclusion
14 14 Conclusion Roger Perreault President and CEO, UGI Corporation
Slide 15: Conclusion
15 15 Conclusion Strategic review of UGI International’s energy marketing business in progress, with options including a sale and wind-down Key strategic assets and integrated portfolio provides a competitive advantage and avenue for growth Strong underlying demand for our energy solutions H
Slide 16: Q & A
16 16 Q & A Q
Slide 17: Appendix
17 17 Appendix
Slide 18: UGI Supplemental Footnotes
18 18 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 meani
Slide 19: Third Quarter Adjusted Net Income
19 19 Third Quarter Adjusted Net Income (Dollars in Millions) Q3 FY22 Q3 FY21 AmeriGas Propane $(37) $(20) UGI International 15 31 Midstream & Marketing 23 8 Utilities 19 9 Corporate & Other (a) (27) 122 Net (loss) income attributable to UGI Corporation (7) 150 Net gains on commodity derivative inst
Slide 20: YTD Adjusted Diluted Earnings per Share
20 20 YTD Adjusted Diluted Earnings per Share YTD FY22 YTD FY21 AmeriGas Propane $0.63 $0.97 UGI International 0.75 1.06 Midstream & Marketing 0.61 0.51 UGI Utilities 1.00 0.75 Corporate & Other (a) 0.85 1.19 Earnings per share – diluted 3.84 4.48 Net gains on commodity derivative instruments not as
Slide 21: Total AmeriGas Propane UGI International Midstream & Marketing Uti l i ties Corp &
21 21 Total AmeriGas Propane UGI International Midstream & Marketing Uti l i ties Corp & Other Revenues $2,033 $597 $738 $525 $274 ($101) Cost of sales (1,361) (370) (544) (436) (121) 110 Total margin 672 227 194 89 153 9 Operating and administrative expenses (465) (204) (143) (29) (81) (8) Deprecia
Slide 22: Investor Relations
22 22 Investor Relations: Tameka Morris 610-456-6297 morrista@ugicorp.com Arnab Mukherjee 610-768-7498 mukherjeea@ugicorp.com