UGI Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>UGI Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operational status.</b>

AI Summary

UGI CORP /PA/ (UGI) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. UGI Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the fiscal second quarter of 2024. The company's fiscal year ends on September 30th. UGI Corp. is incorporated in Pennsylvania. The company's primary business is Gas & Other Services.

Why It Matters

For investors and stakeholders tracking UGI CORP /PA/, this filing contains several important signals. This 10-Q filing provides investors with an updated view of UGI Corp.'s financial health and operational progress for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's performance against its previous filings and market expectations.

Risk Assessment

Risk Level: low — UGI CORP /PA/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand UGI Corp.'s performance in Q2 FY24.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• UGI CORP /PA/ (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• PA (location) — State of incorporation
• 4932 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

UGI Corp. operates in the Gas & Other Services sector, which involves the distribution and supply of energy and related services.

Regulatory Implications

The filing adheres to the regulations set forth by the Securities and Exchange Commission (SEC) for quarterly reporting by public companies.

What Investors Should Do

1. Analyze the consolidated balance sheets for changes in assets, liabilities, and equity.
2. Examine the consolidated statements of operations for revenue and net income trends.
3. Review the cash flow statements to understand the company's cash generation and usage.

Year-Over-Year Comparison

This is the initial filing analyzed for the specified period; no prior filing data is available for comparison within this context.

Key Financial Figures

• $700 million — s - An underwritten private offering of $700 million aggregate principal amount of notes due
• $675 million — s - An underwritten private offering of $675 million aggregate principal amount of notes due
• $525 million — s - An underwritten private offering of $525 million aggregate principal amount of notes due
• $500 million — s - An underwritten private offering of $500 million aggregate principal amount of notes due
• $1,000 — and having a liquidation preference of $1,000 per share DS - Default service DSIC -

Filing Documents

• ugi-20240331.htm (10-Q) — 2810KB
• ugicorpq23312024ex311.htm (EX-31.1) — 10KB
• ugicorpq23312024ex312.htm (EX-31.2) — 10KB
• ugicorpq23312024ex32.htm (EX-32) — 6KB
• 0000884614-24-000055.txt (&nbsp;) — 12801KB
• ugi-20240331.xsd (EX-101.SCH) — 55KB
• ugi-20240331_cal.xml (EX-101.CAL) — 72KB
• ugi-20240331_def.xml (EX-101.DEF) — 289KB
• ugi-20240331_lab.xml (EX-101.LAB) — 626KB
• ugi-20240331_pre.xml (EX-101.PRE) — 428KB
• ugi-20240331_htm.xml (XML) — 3290KB

Financial Information

Part I Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 202 4 , September 30, 2023 and March 31, 202 3 5 Condensed Consolidated Statements of Income for the three a nd six months ended March 31, 202 4 and 202 3 6 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 202 4 and 202 3 7 Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 202 4 and 202 3 8 Condensed Consolidated Statements of Changes in Equity for the three and si x months ended March 31, 202 4 and 202 3 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 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 58

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 59

Risk Factors

Item 1A. Risk Factors 59

Exhibits

Item 6. Exhibits 59

Signatures

Signatures 61 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 PA Gas Utility - UGI Utilities' regulated natural gas distribution business, primarily located in Pennsylvania Partnership - AmeriGa

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Millions of dollars) March 31, 2024 September 30, 2023 March 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 263 $ 241 $ 321 Restricted cash 45 99 82 Accounts receivable (less allowances for doubtful accounts of $ 83 , $ 71 and $ 80 , respectively) 1,192 878 1,487 Accrued utility revenues 98 33 94 Inventories 375 433 433 Derivative instruments 38 75 110 Prepaid expenses and other current assets 203 286 233 Total current assets 2,214 2,045 2,760 Property, plant and equipment, (less accumulated depreciation of $ 4,781 , $ 4,581 and $ 4,427 , respectively) 8,608 8,547 8,255 Goodwill 3,048 3,027 3,709 Intangible assets, net 415 443 472 Utility regulatory assets 301 302 314 Derivative instruments 18 49 67 Other assets 1,020 988 852 Total assets $ 15,624 $ 15,401 $ 16,429 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 54 $ 57 $ 62 Short-term borrowings 333 649 453 Accounts payable 579 613 757 Derivative instruments 33 60 117 Other current liabilities 824 895 884 Total current liabilities 1,823 2,274 2,273 Long-term debt 6,730 6,543 6,702 Deferred income taxes 1,030 928 958 Derivative instruments 26 27 48 Other noncurrent liabilities 1,184 1,235 1,234 Total liabilities 10,793 11,007 11,215 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 — 211,052,608 , 210,906,052 and 210,730,077 shares, respectively) 1,505 1,503 1,492 Retained earnings 3,460 3,027 3,842 Accumulated other comprehensive loss ( 254 ) ( 256 ) ( 241 ) Treasury stock, at cost ( 56 ) ( 55 ) ( 55 ) Total UGI Corporation stockholders' equity 4,822 4,386 5,205 Noncontrollin

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View this 10-Q filing on SEC EDGAR