UGI Corp Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>UGI Corp has filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance for the first quarter of fiscal year 2024.</b>

AI Summary

UGI CORP /PA/ (UGI) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. UGI Corp filed its 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. UGI Corp is incorporated in Pennsylvania. The filing was made on February 1, 2024.

Why It Matters

For investors and stakeholders tracking UGI CORP /PA/, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational updates for UGI Corp, enabling informed investment decisions. Understanding the company's performance in Q1 FY2024 is crucial for assessing its trajectory and potential for meeting its annual financial goals.

Risk Assessment

Risk Level: low — UGI CORP /PA/ shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Monitor UGI Corp's subsequent filings for trends in revenue, net income, and debt levels to assess its financial health and growth prospects.

Key Numbers

• 2023-12-31 — Period End Date (Conformed Period of Report)
• 2024-02-01 — Filing Date (Filed as of Date)
• 2023-10-01 — Quarter Start Date (Fiscal Quarter)
• 2023-12-31 — Quarter End Date (Fiscal Quarter)
• 0930 — Fiscal Year End (Fiscal Year End)
• 232668356 — IRS Number (IRS Number)
• PA — State of Incorporation (State of Incorporation)
• 6103371000 — Business Phone (Business Phone)

Key Players & Entities

• UGI CORP /PA/ (company) — Filer
• 2023-12-31 (date) — Conformed Period of Report
• 2024-02-01 (date) — Filed as of Date
• PA (location) — State of Incorporation
• 0000884614 (company) — Central Index Key
• 4932 (industry) — Standard Industrial Classification
• 10-Q (form) — Form Type
• 001-11071 (filing) — SEC File Number

Forward-Looking Statements

• UGI Corp's retained earnings will continue to see minor fluctuations in the near term. (UGI CORP /PA/) — medium confidence, target: 2024-09-30

FAQ

Industry Context

UGI Corp operates in the energy and utilities sector, specifically in gas and other services.

Regulatory Implications

The filing adheres to the Securities Exchange Act of 1934, requiring regular reporting of financial information to the SEC.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze UGI Corp's revenue, expenses, and profitability for the reported quarter.
3. Assess any disclosed risks or significant events that could impact future performance.

Key Dates

• 2024-02-01: 10-Q Filing — Report for the quarter ended December 31, 2023
• 2023-12-31: Quarter End Date — End of the reporting period for the 10-Q
• 2023-10-01: Quarter Start Date — Beginning of the reporting period for the 10-Q
• 0930: Fiscal Year End — Annual fiscal year closing date for UGI Corp

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the previous fiscal year's annual report.

Key Financial Figures

• $1,000 — and having a liquidation preference of $1,000 per share DS - Default service DSIC -

Filing Documents

• ugi-20231231.htm (10-Q) — 2014KB
• ugicorpq112312023ex311.htm (EX-31.1) — 10KB
• ugicorpq112312023ex312.htm (EX-31.2) — 10KB
• ugicorpq112312023ex32.htm (EX-32) — 6KB
• 0000884614-24-000038.txt (&nbsp;) — 10358KB
• ugi-20231231.xsd (EX-101.SCH) — 52KB
• ugi-20231231_cal.xml (EX-101.CAL) — 71KB
• ugi-20231231_def.xml (EX-101.DEF) — 287KB
• ugi-20231231_lab.xml (EX-101.LAB) — 653KB
• ugi-20231231_pre.xml (EX-101.PRE) — 422KB
• ugi-20231231_htm.xml (XML) — 2359KB

Financial Information

Part I Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of December 31, 2023, September 30, 2023 and December 31, 2022 5 Condensed Consolidated Statements of Income for the three months ended December 31, 2023 and 2022 6 Condensed Consolidated Statements of Comprehensive Income for the three months ended December 31, 2023 and 2022 7 Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022 8 Condensed Consolidated Statements of Changes in Equity for the three months ended December 31, 2023 and 2022 9 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 46

Controls and Procedures

Item 4. Controls and Procedures 48

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Exhibits

Item 6. Exhibits 49

Signatures

Signatures 51 i Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS Terms and abbreviations used in this Form 10-Q are defined below: UGI Corporation and Related Entities AmeriGas OLP - AmeriGas Propane, L.P., the principal operating subsidiary of AmeriGas Partners AmeriGas Partners - AmeriGas Partners, L.P., an indirect wholly owned subsidiary of UGI; also referred to, together with its consolidated subsidiaries, as the "Partnership" AmeriGas Propane - Reportable segment comprising AmeriGas Propane, Inc. and its subsidiaries, including AmeriGas Partners and AmeriGas OLP AmeriGas Propane, Inc. - A wholly owned second-tier subsidiary of UGI and the general partner of AmeriGas Partners AvantiGas - AvantiGas Limited, an indirect wholly owned subsidiary of UGI International, LLC Company - UGI and its consolidated subsidiaries collectively DVEP - DVEP Investeringen B.V., an indirect wholly owned subsidiary of UGI International, LLC Electric Utility - UGI Utilities' regulated electric distribution utility Energy Services - UGI Energy Services, LLC, a wholly owned subsidiary of Enterprises Enterprises - UGI Enterprises, LLC, a wholly owned subsidiary of UGI ESFC - Energy Services Funding Corporation, a wholly owned subsidiary of Energy Services Flaga - Flaga GmbH, an indirect wholly owned subsidiary of UGI International, LLC Gas Utility - UGI's regulated natural gas businesses, inclusive of PA Gas Utility and WV Gas Utility MBL Bioenergy - MBL Bioenergy, LLC Midstream & Marketing - Reportable segment comprising Energy Services and subsidiaries including UGID Mountaineer - Mountaineer Gas Company, a natural gas distribution company in West Virginia and a wholly owned subsidiary of Mountaintop Energy Holdings, LLC Mountaintop Energy Holdings, LLC - Parent company of Mountaineer and wholly owned subsidiary of UGI, acquired on September 1, 2021 PA Gas Utility - UGI Utilities' regulated natural gas distribution business, primarily located in Penn

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Millions of dollars) December 31, 2023 September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 204 $ 241 $ 317 Restricted cash 98 99 227 Accounts receivable (less allowances for doubtful accounts of $ 77 , $ 71 and $ 69 , respectively) 1,188 878 1,578 Accrued utility revenues 120 33 147 Inventories 441 433 618 Derivative instruments 41 75 238 Prepaid expenses and other current assets 193 286 331 Total current assets 2,285 2,045 3,456 Property, plant and equipment, (less accumulated depreciation of $ 4,709 , $ 4,581 and $ 4,344 , respectively) 8,601 8,547 8,176 Goodwill 3,070 3,027 3,697 Intangible assets, net 430 443 488 Utility regulatory assets 298 302 314 Derivative instruments 15 49 187 Other assets 1,017 988 810 Total assets $ 15,716 $ 15,401 $ 17,128 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 54 $ 57 $ 402 Short-term borrowings 557 649 991 Accounts payable 741 613 1,014 Derivative instruments 124 60 133 Other current liabilities 865 895 840 Total current liabilities 2,341 2,274 3,380 Long-term debt 6,769 6,543 6,323 Deferred income taxes 913 928 958 Derivative instruments 49 27 36 Other noncurrent liabilities 1,212 1,235 1,243 Total liabilities 11,284 11,007 11,940 Commitments and contingencies (Note 9) Equity: UGI Corporation stockholders' equity: Preferred stock, without par value (authorized – 5,000,000 shares; issued – 220,000 , 220,000 and 220,000 Series A shares, respectively) 167 167 167 UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 210,908,238 , 210,906,052 and 210,621,970 shares, respectively) 1,501 1,503 1,482 Retained earnings 3,042 3,027 3,808 Accumulated other comprehensive loss ( 232 ) ( 256 ) ( 231 ) Treasury stock, at cost ( 55 ) ( 55 ) ( 46 ) Total UGI Corporation stockholders' equity 4,423 4,386 5,180 N

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View this 10-Q filing on SEC EDGAR