UGI Corp /PA/ Files Q1 Fiscal 2025 10-Q

TL;DR

UGI Corp filed its Q1 2025 10-Q. Financials are in.

AI Summary

UGI Corp /PA/ filed its 10-Q for the period ending December 31, 2024. The company reported financial results for the first quarter of its fiscal year. Key financial data and operational updates are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of UGI Corp, crucial for understanding its current business health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the specific financial performance and any forward-looking statements will determine the actual risk level.

Key Numbers

• 2024-12-31 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2025-02-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• UGI Corp /PA/ (company) — Filer of the 10-Q
• 2024-12-31 (date) — End of reporting period
• 2025-02-06 (date) — Filing date

FAQ

Key Financial Figures

• $50 million — 4% Senior Note - A private placement of $50 million principal amount of senior notes due No
• $125 million — 2% Senior Note - A private placement of $125 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
• $475 million — ation on October 11, 2024, comprising a $475 million revolving credit facility, with a matur
• $400 million — turity date of October, 11, 2028, and a $400 million term loan facility with a maturity date
• $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-20241231.htm (10-Q) — 2005KB
• ex101-formofpsugrantletter.htm (EX-10.1) — 63KB
• ex102-formofrsugrantletter.htm (EX-10.2) — 52KB
• ex103-psugrantletterformlo.htm (EX-10.3) — 61KB
• ex104-rsugrantletterformlo.htm (EX-10.4) — 48KB
• ugicorpq112312024ex311.htm (EX-31.1) — 10KB
• ugicorpq112312024ex312.htm (EX-31.2) — 10KB
• ugicorpq112312024ex32.htm (EX-32) — 6KB
• 0000884614-25-000008.txt ( ) — 10576KB
• ugi-20241231.xsd (EX-101.SCH) — 53KB
• ugi-20241231_cal.xml (EX-101.CAL) — 70KB
• ugi-20241231_def.xml (EX-101.DEF) — 275KB
• ugi-20241231_lab.xml (EX-101.LAB) — 599KB
• ugi-20241231_pre.xml (EX-101.PRE) — 422KB
• ugi-20241231_htm.xml (XML) — 2366KB

Financial Information

Part I Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of December 3 1 , 2024, September 30, 202 4 and December 3 1 , 2023 5 Condensed Consolidated Statements of Income for the three months ended December 3 1 , 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income for the three months ended December 3 1 , 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the three months ended December 3 1 , 2024 and 2023 8 Condensed Consolidated Statements of Changes in Equity for the three months ended December 3 1 , 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 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

Item 4. Controls and Procedures 47

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 48

Exhibits

Item 6. Exhibits 48

Signatures

Signatures 50 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) December 31, 2024 September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 240 $ 213 $ 204 Restricted cash 6 15 98 Accounts receivable (less allowances for doubtful accounts of $ 64 , $ 68 and $ 77 , respectively) 1,023 709 1,188 Accrued utility revenues 145 36 120 Inventories 381 411 441 Derivative instruments 52 29 41 Prepaid expenses and other current assets 200 238 193 Total current assets 2,047 1,651 2,285 Property, plant and equipment, (less accumulated depreciation of $ 4,927 , $ 4,910 and $ 4,709 , respectively) 8,750 8,763 8,601 Goodwill 2,805 2,871 3,070 Intangible assets, net 371 391 430 Utility regulatory assets 300 301 298 Derivative instruments 35 9 15 Other assets 1,104 1,112 1,017 Total assets $ 15,412 $ 15,098 $ 15,716 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 253 $ 235 $ 54 Short-term borrowings 415 465 557 Accounts payable 599 544 741 Derivative instruments 24 28 124 Other current liabilities 748 788 865 Total current liabilities 2,039 2,060 2,341 Long-term debt 6,596 6,443 6,769 Deferred income taxes 1,021 1,008 913 Derivative instruments 11 31 49 Other noncurrent liabilities 1,157 1,202 1,212 Total liabilities 10,824 10,744 11,284 Commitments and contingencies (Note 9) Equity: UGI Corporation stockholders' equity: Preferred stock, without par value (authorized – 5,000,000 shares; issued – 0 , 0 and 220,000 Series A shares, respectively) — — 167 UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 216,214,547 , 216,124,332 and 210,908,238 shares, respectively) 1,679 1,676 1,501 Retained earnings 3,272 2,978 3,042 Accumulated other comprehensive loss ( 313 ) ( 253 ) ( 232 ) Treasury stock, at cost ( 58 ) ( 56 ) ( 55 ) Total UGI Corporation stockholders' equity 4,580 4,345 4,423 Noncontrolling i

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