UGI Corp Files Q3 2024 10-Q

TL;DR

UGI Corp's Q3 2024 10-Q is in. Check financials.

AI Summary

UGI Corp filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company's fiscal year ends on September 30th. Key financial details and operational segments are outlined in this filing, which is a standard quarterly report for public companies.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for UGI Corp, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — Quarterly reports (10-Q) are routine but contain detailed financial data that can reveal significant shifts in a company's performance or outlook.

Key Numbers

• 0930 — Fiscal Year End (Indicates when UGI Corp's annual financial reporting cycle concludes.)
• 2024-06-30 — Quarter End Date (Marks the end of the period covered by this 10-Q filing.)

Key Players & Entities

• UGI Corp (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 2024-08-08 (date) — Date of filing
• King of Prussia, PA (location) — Company headquarters

FAQ

Key Financial Figures

• $25 million — 2% Senior Note - A private placement of $25 million principal amount of senior notes due No
• $150 million — 0% Senior Note - A private placement of $150 million principal amount of senior notes due No
• $75 million — 0% Senior Note - A private placement of $75 million principal amount of senior notes due No
• $1,000 — and having a liquidation preference of $1,000 per share DS - Default service DSIC -
• $700 million — GI Corporation Senior Notes - Aggregate $700 million convertible senior notes entered into b
• $250 million — ration on May 4, 2021, comprising (1) a $250 million term loan facility, (2) a $300 million
• $300 million — $250 million term loan facility, (2) a $300 million term loan facility, (3) a $300 million

Filing Documents

• ugi-20240630.htm (10-Q) — 2972KB
• ugicorpq36302024ex311.htm (EX-31.1) — 10KB
• ugicorpq36302024ex312.htm (EX-31.2) — 10KB
• ugicorpq36302024ex32.htm (EX-32) — 6KB
• 0000884614-24-000072.txt ( ) — 13692KB
• ugi-20240630.xsd (EX-101.SCH) — 60KB
• ugi-20240630_cal.xml (EX-101.CAL) — 76KB
• ugi-20240630_def.xml (EX-101.DEF) — 312KB
• ugi-20240630_lab.xml (EX-101.LAB) — 675KB
• ugi-20240630_pre.xml (EX-101.PRE) — 470KB
• ugi-20240630_htm.xml (XML) — 3439KB

Financial Information

Part I Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 3 0 , 2024, September 30, 2023 and June 3 0 , 2023 5 Condensed Consolidated Statements of Income for the three and nine months ended June 3 0 , 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended June 3 0 , 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the nine months ended June 3 0 , 2024 and 2023 8 Condensed Consolidated Statements of Changes in Equity for the three and nine months ended June 3 0 , 2024 and 2023 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 40

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 61

Controls and Procedures

Item 4. Controls and Procedures 63

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 64

Risk Factors

Item 1A. Risk Factors 64

Exhibits

Item 6. Exhibits 64

Signatures

Signatures 67 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 Finance Corp. - A wholly owned subsidiary of AmeriGas Partners 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 distri

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Millions of dollars) June 30, 2024 September 30, 2023 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 183 $ 241 $ 260 Restricted cash 28 99 78 Accounts receivable (less allowances for doubtful accounts of $ 87 , $ 71 and $ 87 , respectively) 827 878 955 Accrued utility revenues 38 33 29 Inventories 379 433 410 Derivative instruments 39 75 31 Prepaid expenses and other current assets 222 286 272 Total current assets 1,716 2,045 2,035 Property, plant and equipment, (less accumulated depreciation of $ 4,861 , $ 4,581 and $ 4,536 , respectively) 8,571 8,547 8,394 Goodwill 3,030 3,027 3,060 Intangible assets, net 400 443 460 Utility regulatory assets 298 302 310 Derivative instruments 17 49 59 Other assets 1,034 988 925 Total assets $ 15,066 $ 15,401 $ 15,243 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 286 $ 57 $ 56 Short-term borrowings 347 649 481 Accounts payable 462 613 541 Derivative instruments 32 60 120 Other current liabilities 759 895 885 Total current liabilities 1,886 2,274 2,083 Long-term debt 6,288 6,543 6,579 Deferred income taxes 1,019 928 905 Derivative instruments 18 27 47 Other noncurrent liabilities 1,165 1,235 1,256 Total liabilities 10,376 11,007 10,870 Commitments and contingencies (Note 9) Equity: UGI Corporation stockholders' equity: Preferred stock, without par value (authorized – 5,000,000 shares; issued – 0 , 220,000 and 220,000 Series A shares, respectively) — 167 167 UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 216,119,814 , 210,906,052 and 210,882,552 shares, respectively) 1,675 1,503 1,500 Retained earnings 3,331 3,027 2,974 Accumulated other comprehensive loss ( 269 ) ( 256 ) ( 222 ) Treasury stock, at cost ( 56 ) ( 55 ) ( 55 ) Total UGI Corporation stockholders' equity 4,681 4,386 4,364 Noncontrolling interests 9

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View this 10-Q filing on SEC EDGAR