UGI Corp (UGI) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the UGI Corporation Q3 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 UGI Corporation 2024 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Tameka Morris, Senior Director of Investor Relations. Please go ahead.

現在我想將會議交給今天的第一位發言人，投資者關係高級總監 Tameka Morris。請繼續。

Good morning everyone. Thank you for joining our fiscal 2024 third-quarter earnings call. With me today are Mario Longhi, Interim President and CEO; Sean O'Brien, CFO; and Bob Beard, COO. On today's call we will provide a business update and discuss our financial results before concluding with a question-and-answer session.

大家早安。感謝您參加我們的 2024 財年第三季財報電話會議。今天和我在一起的有臨時總裁兼執行長 Mario Longhi；肖恩‧奧布萊恩，財務長；和首席營運長鮑勃·比爾德 (Bob Beard)。在今天的電話會議上，我們將提供業務最新情況並討論我們的財務業績，然後以問答環節結束。

Before we begin let me remind you that our comments today include certain forward-looking statements, which management believes to be reasonable as of today's date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict. Please read our earnings release and our most recent annual report for an extensive list of factors that could affect results.

在我們開始之前，請允許我提醒您，我們今天的評論包括某些前瞻性陳述，管理層認為這些陳述僅在今天是合理的。由於難以預測的風險和不確定性，實際結果可能會大不相同。請閱讀我們的收益報告和最新的年度報告，以了解可能影響結果的廣泛因素。

We assume no duty to update or revise forward-looking statements to reflect events or circumstances that are different from expectations. We will also describe our business using certain non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures are available within our presentation.

我們不承擔更新或修改前瞻性陳述以反映與預期不同的事件或情況的責任。我們也將使用某些非公認會計準則財務指標來描述我們的業務。我們的簡報中提供了這些衡量標準與可比較的公認會計準則衡量標準的對帳。

And with, I'll turn the call over to Mario.

然後我會把電話轉給馬裡奧。

Thank you, Tameka and good morning everyone. UGI delivered solid results for the fiscal third quarter, reporting adjusted earnings per share of $0.06 in comparison to $0.00 in the prior year. Our team has continued to make steady progress in executing on our key strategic priorities, including our focus on driving sustainable cost savings across the business, which is reflected in the results for the quarter.

謝謝你，Tameka，大家早安。UGI 第三財季業績穩健，調整後每股收益為 0.06 美元，而去年同期為 0.00 美元。我們的團隊在執行關鍵策略優先事項方面繼續取得穩步進展，包括我們專注於推動整個業務的可持續成本節約，這反映在本季度的業績中。

In alignment with our objective to strengthen the balance sheet, particularly at AmeriGas and the corporate level, we executed several critical financing transactions during the quarter. These transactions, some of which Sean will further discuss, have enhanced our overall liquidity, begun to address upcoming maturities, and supported AmeriGas in its journey to stabilize operations. At the end of the quarter, UGI had available liquidity of $1.9 billion, inclusive of cash and cash equivalents and available borrowing capacity on our revolving credit facilities.

為了實現我們加強資產負債表的目標，特別是在 AmeriGas 和公司層面，我們在本季度執行了幾項關鍵的融資交易。這些交易（肖恩將進一步討論其中一些交易）增強了我們的整體流動性，開始解決即將到期的問題，並支持 AmeriGas 穩定營運。截至本季末，UGI 的可用流動性為 19 億美元，包括現金和現金等價物以及循環信貸設施的可用借貸能力。

Next, we continue to explore opportunities to optimize our portfolio across the entire business. This quarter, UGI Energy Services entered into a stock purchase agreement, the divest of Hunlock Creek, a 169 megawatt natural gas-fired facility located in Pennsylvania, and we completed the sale of the LPG business in Switzerland.

接下來，我們將繼續探索優化整個業務組合的機會。本季度，UGI Energy Services 簽訂了股票購買協議，剝離了位於賓州的 169 兆瓦天然氣發電設施 Hunlock Creek，並完成了瑞士液化石油氣業務的出售。

For the fiscal year, we anticipate raising approximately $80 million of cash proceeds from divestitures or using reducing absolute debt across the entity. Lastly, I want to highlight that in July, we released our sixth annual ESG report entitled the journey, managing climate risks and opportunities, which provides an update on the progress made on our key ESG commitments.

在本財年，我們預計透過資產剝離或減少整個實體的絕對債務籌集約 8,000 萬美元的現金收益。最後，我想強調的是，我們在 7 月發布了第六份年度 ESG 報告，題為《旅程：管理氣候風險和機會》，其中介紹了我們在 ESG 關鍵承諾方面所取得的最新進展。

Of note, we were pleased to report that we achieved a 50% reduction in Scope 1 emissions well-positioning the company to meet its commitment of delivering a 55% reduction by the end of fiscal 2025. Similarly, we achieved our goal of a 25% improvement in spend with diverse Tier 1 and Tier 2 suppliers, two years ahead of schedule.

值得注意的是，我們很高興地報告，我們的範圍 1 排放量減少了 50%，這使公司能夠履行到 2025 財年末減少 55% 的承諾。同樣，我們提前兩年實現了與不同的 1 級和 2 級供應商的支出減少 25% 的目標。

On a year-to-date basis, despite several headwinds facing the business, UGI delivered one of the strongest year-to-date financial performances in its history, reporting adjusted diluted EPS of $3.22. Year-to-date, our weather-resilient and growth-oriented natural gas businesses achieved a 23% increase in adjusted earnings per share and continue to maintain a strong balance sheet. UGI International delivered a 43% increase in adjusted earnings per share when compared to the prior year and generated approximately $140 million in free cash flow.

年初至今，儘管業務面臨一些阻力，UGI 仍實現了其歷史上迄今為止最強勁的財務業績之一，調整後稀釋後每股收益為 3.22 美元。今年迄今為止，我們的耐候性和成長型天然氣業務的調整後每股收益成長了 23%，並繼續保持強勁的資產負債表。UGI International 調整後每股收益較上年增長 43%，並產生約 1.4 億美元的自由現金流。

At AmeriGas, we continue to execute on our objectives to stabilize and optimize the business and this includes reducing costs and eliminating inefficiencies. Across the enterprise, the actions taken to optimize our cost profile and create greater efficiencies have begun to provide a meaningful contribution to our financial performance and we expect to achieve the target of $70 million to $100 million in permanent cost savings by the end of fiscal 2025. With this backdrop and based on our assumptions for the fourth quarter, we are on track to deliver on our fiscal 2024 adjusted EPS guidance range of $2.70 to $3.

在 AmeriGas，我們繼續執行穩定和優化業務的目標，其中包括降低成本和消除低效率。在整個企業範圍內，為優化成本狀況和提高效率而採取的行動已開始為我們的財務業績做出有意義的貢獻，我們預計到 2025 財年末實現永久成本節省 7000 萬至 1 億美元的目標。在此背景下，根據我們對第四季度的假設，我們預計將實現 2024 財年調整後每股收益指引範圍 2.70 美元至 3 美元。

Also of note, while we are employing a strong capital discipline, we continue to invest a substantial amount of capital in our natural gas businesses. Year-to-date, UGI deployed approximately $510 million of capital expenditure with 77% allocated to both the regulated utilities for its infrastructure replacement and betterment in the Midstream & Marketing segment. The Utility segment continues to be an area of organic growth and we are pleased with the addition of roughly 10,000 residential heating and commercial customers on a year-to-date basis.

另外值得注意的是，在我們實施嚴格的資本紀律的同時，我們繼續在天然氣業務上投入大量資本。今年迄今為止，UGI 部署了約 5.1 億美元的資本支出，其中 77% 分配給受監管的公用事業公司，用於中游和行銷領域的基礎設施更換和改善。公用事業部門仍然是一個有機成長的領域，我們很高興今年迄今增加了約 10,000 個住宅供暖和商業客戶。

I want to thank our dedicated employees who work hard every day to execute on our strategy and deliver these stellar results.

我要感謝我們敬業的員工，他們每天努力工作，執行我們的策略並取得這些出色的成果。

And with that, I will hand the call over to Sean to discuss the financial results for the quarter.

接下來，我將把電話轉交給肖恩，討論本季的財務表現。

Thanks Mario and good morning. First, I will provide my comments on the performance for the quarter before turning to the outlook for the rest of this fiscal year.

謝謝馬裡奧，早安。首先，我將對季度的業績發表評論，然後再展望本財年剩餘時間。

As Mario mentioned, for the fiscal 2024 third quarter, UGI delivered adjusted diluted EPS of $0.06 in comparison to $0.00 in the prior year period. The Utility segment was up $0.01, largely due to higher gas and electric base rates and results for the Midstream & Marketing segment were flat to prior year.

正如 Mario 所提到的，2024 財年第三季度，UGI 調整後稀釋後每股收益為 0.06 美元，而去年同期為 0.00 美元。公用事業部門上漲了 0.01 美元，主要是由於天然氣和電力基本費率上漲，而中游和行銷部門的業績與去年持平。

UGI International reported an increase of $0.13, largely stemming from higher LPG unit margins and lower operating and administrative expenses. AmeriGas was flat as lower EBIT was offset by favorable income taxes. Similar to the prior quarter, the impact at Corp & Other was related to taxes, offsetting the effects of the tax benefit at AmeriGas.

UGI International 報告成長 0.13 美元，主要是由於液化石油氣單位利潤率上升以及營運和管理費用下降。AmeriGas 持平，因為較低的息稅前利潤被有利的所得稅所抵消。與上一季類似，Corp & Other 的影響與稅收有關，抵消了 AmeriGas 稅收優惠的影響。

Before I walk through the key drivers for each reportable segment, I also wanted to note, excluded from adjusted net income was a $45 million non-cash impairment related to the Hunlock Creek asset. As Mario mentioned, we entered into an agreement to sell that asset generating cash that is being used to pay down debt and improve our credit metrics.

在詳細介紹每個可報告部門的關鍵驅動因素之前，我還想指出，調整後淨利潤中不包括與 Hunlock Creek 資產相關的 4,500 萬美元非現金減損。正如馬裡奧所提到的，我們簽訂了一項協議，出售該資產，產生現金，用於償還債務並改善我們的信用指標。

In addition, we recorded a $25 million non-cash impairment associated with the write-off of our investment related to a renewable dimethyl ether pilot plant. This action aligns with our previously communicated intent to curtail investment in renewables, limiting spend to the $500 million of committed capital.

此外，我們也記錄了與再生二甲醚試點工廠相關投資沖銷相關的 2,500 萬美元非現金減損。這項行動符合我們先前表達的削減再生能源投資的意圖，將承諾資本支出限制在 5 億美元以內。

Now, moving to the review of each segment performance versus the prior year period. At the Utility segment, EBIT was $39 million for the third quarter, up $5 million over the prior year period. An $8 million increase in total margin was partially offset by increased depreciation and amortization expense associated with continued investment in our distribution system.

現在，我們將回顧每個部門的業績與去年同期的情況。在公用事業領域，第三季息稅前利潤為 3,900 萬美元，比去年同期增加 500 萬美元。總利潤增加 800 萬美元，但被與分銷系統持續投資相關的折舊和攤銷費用增加部分抵消。

The core market volume was flat as customer growth was offset by weather that was 17% warmer than the prior year. The utilities realized an increase in total margins largely due to higher gas and electric base rates, incremental benefits from the DISC program, as well as continued customer growth. Next, Midstream & Marketing reported EBIT of $43 million, a $2 million increase over the prior year period, reflecting, among other things, a $1 million reduction in operating and administrative expenses.

由於客戶成長被比前一年溫暖 17% 的天氣所抵消，核心市場銷售持平。公用事業公司實現總利潤率的成長主要歸功於天然氣和電力基本費率的提高、DISC 計劃帶來的增量收益以及客戶的持續成長。接下來，Midstream & Marketing 報告息稅前利潤為 4,300 萬美元，比去年同期增加 200 萬美元，其中反映出營運和管理費用減少了 100 萬美元。

At UGI International, EBIT was $57 million, up $35 million on a year-over-year basis. LPG volumes declined by 4% to the prior year, primarily attributable to the effect of warmer weather and lower growth in natural gas LPG conversions.

UGI International 的息稅前利潤為 5,700 萬美元，較去年同期成長 3,500 萬美元。液化石油氣銷量較上年下降 4%，主要是由於天氣暖化和天然氣液化石油氣轉換量成長放緩的影響。

Total margin was up $18 million, driven by higher LPG unit margins and increased margin associated with the exit of the non-core energy marketing business. These increases were partially offset by the effect of lower LPG volumes. On operating and administrative expenses, we realized a $19 million reduction due to lower personnel and maintenance costs.

由於液化石油氣單位利潤率上升以及與非核心能源行銷業務退出相關的利潤率增加，總利潤率增加了 1,800 萬美元。這些成長被液化石油氣產量減少的影響部分抵消。在營運和管理費用方面，由於人員和維護成本降低，我們減少了 1,900 萬美元。

Lastly, at AmeriGas, EBIT was down $19 million on a year-over-year basis as lower total margin was partially offset by reduced operating and administrative expenses. Warmer weather and continued customer loss led to a 13% reduction in retail volumes over the prior year. The effect of lower volumes and lower LPG unit margins led to a $35 million reduction in total margin when compared to the prior year. Operating and administrative expenses were down $17 million reflecting, among other things, lower compensation and advertising expenses.

最後，AmeriGas 的息稅前利潤年減 1,900 萬美元，因為總利潤率的下降被營運和管理費用的減少部分抵消。天氣暖化和客戶持續流失導致零售量比前一年減少 13%。銷售下降和液化石油氣單位利潤率下降的影響導致總利潤率比前一年減少了 3,500 萬美元。營運和管理費用減少了 1700 萬美元，主要反映了薪酬和廣告費用的減少。

Pivoting to the full year outlook, as Mario shared, we've delivered one of the strongest year-to-date financial performances. Across our reportable segments, we delivered a $54 million reduction in operating and administrative expenses as we look to drive sustainable operational efficiencies, right-size the organization and strengthen our overall cost profile.

正如馬裡奧分享的那樣，轉向全年展望，我們已經實現了今年迄今為止最強勁的財務業績之一。在我們的可報告部門中，我們減少了 5,400 萬美元的營運和管理費用，因為我們希望提高可持續的營運效率、調整組織規模並加強我們的整體成本狀況。

The natural gas businesses are up $0.43 year-over-year from higher base rates, benefits from the weather normalization rider, which partially offset the effect of warmer weather and increased capacity management margin.

天然氣業務由於基本費率提高而同比增長了 0.43 美元，這得益於天氣正常化附加條款，部分抵消了天氣變暖和產能管理利潤增加的影響。

The global LPG businesses are down $0.02 on a year-to-date basis as lower operating and administrative expenses, increased LPG margins at UGI International and higher margins due to the continued exit of the non-core European energy marketing business have been fully offset by the effect of lower volumes at AmeriGas.

全球液化石油氣業務較年初至今下降了 0.02 美元，因為營運和管理費用降低、UGI International 液化石油氣利潤增加以及非核心歐洲能源行銷業務持續退出導致的更高利潤已被完全抵消。的影響。

As we turn to the fiscal 2024 fourth quarter, I want to remind you that we typically give back some earnings in this quarter due to the seasonal nature of the business. Outside of the normal earnings cadence, we anticipate that business will continue to benefit from the cost reduction efforts and the wind down of the European energy marketing operations.

當我們談到 2024 財年第四季時，我想提醒您，由於業務的季節性特點，我們通常會在本季返還一些收益。除了正常的獲利節奏之外，我們預計業務將繼續受益於成本削減措施和歐洲能源行銷業務的縮減。

These benefits will be more than offset by lower LPG volumes and reduced gain from asset sales at AmeriGas and lower earnings for the Midstream & Marketing business when compared to the prior year.

與前一年相比，液化石油氣銷售下降、AmeriGas 資產銷售收益減少以及中游和行銷業務收入下降，這些收益將被抵銷。

Lastly, I want to point out that we are addressing damage to the jetty at Norgal, one of our supply terminals in France. Repairs to this facility in which UGI has a 61% ownership interest are expected to take up to 18 months. And we anticipate that the capital expenditure will be covered by our insurance policy.

最後，我想指出，我們正在解決諾加爾碼頭受損的問題，諾加爾是我們在法國的供應碼頭之一。UGI 擁有 61% 所有權的該設施的維修預計需要長達 18 個月的時間。我們預計資本支出將由我們的保險單承擔。

The impact in the fiscal year is forecasted to be material, $0.01 to $0.02. But at this point, we anticipate that the impact of fiscal 2025 could be as much as $0.05 to $0.08. We continue to work through modifications to our supply and logistics plan and we will provide more information on our year-end earnings call.

預計本財年的影響將是重大的，為 0.01 至 0.02 美元。但目前，我們預計 2025 財年的影響可能高達 0.05 至 0.08 美元。我們將繼續修改我們的供應和物流計劃，並將在年終財報電話會議上提供更多資訊。

Turning to the balance sheet update. We completed several key financing activities this quarter, which align with the priorities that we shared with you earlier in the year. Most notably, in June, UGI issued $700 million of 5% convertible senior notes due in 2028. The net proceeds were used to repay a portion of borrowings under the UGI Corporation credit facilities to make cash contribution to AmeriGas Propane and for general corporate purposes.

轉向資產負債表更新。我們本季完成了幾項關鍵的融資活動，這些活動與我們今年稍早與您分享的優先事項一致。最值得注意的是，6 月份，UGI 發行了 7 億美元、利率為 5%、2028 年到期的可轉換優先票據。所得款項淨額用於償還 UGI Corporation 信貸額度下的部分借款，以向 AmeriGas Propane 提供現金捐贈並用於一般公司用途。

Next, we repurchased $475 million of the 2025 senior notes at AmeriGas using cash on hand, $315 million in parental contribution and other sources of liquidity. With these actions, UGI's Q3 leverage ratio was 3.9 times within our target range of 3.5 times to 4 times. Most importantly, AmeriGas leverage was 4.9 times.

接下來，我們使用手頭現金、3.15 億美元的母公司出資和其他流動性來源，回購了 AmeriGas 4.75 億美元的 2025 年優先票據。透過這些行動，UGI第三季的槓桿率為3.9倍，處於我們3.5倍至4倍的目標範圍內。最重要的是，AmeriGas 的槓桿率為 4.9 倍。

Lastly, on August 2, AmeriGas entered into a new five-year senior secured asset-based lending revolver, which has a credit line of $200 million. Concurrent with the execution of the new revolver, AmeriGas terminated the prior facility and with it eliminated the debt-to-EBITDA covenant ratio.

最後，8 月 2 日，AmeriGas 簽訂了一項新的五年期優先擔保資產循環貸款，信貸額度為 2 億美元。在執行新左輪手槍的同時，AmeriGas 終止了先前的融資，並消除了債務與 EBITDA 契約比率。

I am incredibly proud of the company's execution on strengthening the balance sheet. Since the beginning of fiscal 2023, we have reduced absolute debt by approximately $300 million and executed important financings to support the business. We are maintaining cost and capital discipline as we create greater financial flexibility and capacity within our balance sheet.

我對公司在加強資產負債表方面的執行力感到非常自豪。自 2023 財年開始以來，我們已減少了約 3 億美元的絕對債務，並執行了重要的融資來支持業務。當我們在資產負債表內創造更大的財務靈活性和能力時，我們將保持成本和資本紀律。

And with that, I'll hand it over to Mario.

就這樣，我會把它交給馬裡奧。

Thanks Sean. Before we open the line for Q&A, I want to acknowledge that Bob Beard has elected to retire from his role as COO at the end of this calendar year. Over Bob's 30 years-plus since a highly regarded executive in the Utilities and Natural Gas sector, including his 16-year career with UGI, he has made many meaningful contributions to the company.

謝謝肖恩。在我們開始問答之前，我想確認鮑勃·比爾德 (Bob Beard) 已選擇在本日曆年年底退休，辭去首席營運官 (COO) 職務。Bob 在公用事業和天然氣行業擔任備受推崇的高管 30 多年，其中包括在 UGI 的 16 年職業生涯，為公司做出了許多有意義的貢獻。

Among them, one that needs to be highlighted is the development of strong and talented leaders in the natural gas line of business. As Bob will remain in his COO role through the end of the year, we will have a seamless transition to the existing leadership team. I am also grateful that Bob will continue to act as an adviser to the Board in the company for a period of one year post-retirement to assure strong support to our natural gas business.

其中，需要強調的是天然氣業務領域實力雄厚、才華洋溢的領導者的培養。由於鮑勃將在年底繼續擔任首席營運官，因此我們將無縫過渡到現有的領導團隊。我還感謝鮑勃在退休後繼續擔任公司董事會顧問一年，以確保對我們的天然氣業務的大力支持。

In closing, I am confident that with diligent focus and execution of the key strategic priorities, UGI will continue to create sustainable value for its shareholders. Our priorities and the long-term commitment that we have made are clear.

最後，我相信，透過努力專注和執行關鍵策略重點，UGI 將繼續為其股東創造永續價值。我們的優先事項和我們所做的長期承諾是明確的。

We continue to explore opportunities to drive further portfolio optimization and growth, prioritize stabilizing and optimizing AmeriGas propane, seeks to create operational efficiencies and establish an optimal cost structure, and drive balance sheet improvement.

我們繼續探索推動進一步投資組合優化和成長的機會，優先考慮穩定和優化 AmeriGas 丙烷，尋求提高營運效率並建立最佳成本結構，並推動資產負債表改善。

I'll now turn the call back to our operator to open the line for questions.

現在我將把電話轉回給我們的接線生以開通提問線路。

Thank you. At this time, we will conduct a question-and-answer session. (Operator Instructions)

謝謝。這時候，我們將進行問答環節。（操作員說明）

Gabriel Moreen, Mizuho.

加布里埃爾·莫林，瑞穗。

Hey, good morning everyone. Maybe I can start off with the last comment on the dock damage in France. I'm just curious, one, the EPS impact, if you're confident about recovering the damage costs from insurance, why that's going to hit EPS? Or is it going to be just a timing thing? And then also the larger implications around supply and margins and your degree of confidence that you can maintain margins, if I guess you have to scramble a little bit for supply?

嘿，大家早安。也許我可以從最後一次對法國碼頭損壞的評論開始。我只是好奇，第一，每股盈餘的影響，如果你有信心從保險中收回損失成本，為什麼這會影響每股盈餘？或者這只是一個時間問題？然後還有圍繞供應和利潤率的更大影響，以及您對維持利潤率的信心程度，如果我猜您必須為供應而爭先恐後？

The coverage from insurance is going to address the amount of capital required to rebuild it. As we speak, the alternative logistics plans are in place. Our customers are not suffering from that. And we just shared with you some of the expected potential impact to the operational side of the business as we get into next year. That was just to give you a frame of reference. So, we're going to be validating some of those numbers as we get further into the analysis.

保險範圍將解決重建所需的資金數量。正如我們所說，替代物流計劃已經到位。我們的客戶並沒有遭受這種痛苦。我們剛剛與您分享了明年對業務運營方面的一些預期潛在影響。這只是為了給你一個參考框架。因此，當我們進一步進行分析時，我們將驗證其中一些數字。

Thanks, Mario. And then maybe if I can shift to an update at AmeriGas and how you feel broader picture things are progressing on your initiatives there, particularly with the facilities having been swapped out and I guess, being unburdened by the EBITDA covenant there. Does that change your approach in terms of how you think about investing in that business going forward? And I guess the metrics you're looking at as you head into the winter and heating season here?

謝謝，馬裡奧。然後，也許我可以談談 AmeriGas 的最新情況，以及您對那裡的舉措的進展情況的更廣泛的看法，特別是設施已經被更換，我想，那裡的 EBITDA 契約已經減輕了負擔。這是否會改變您對未來投資該業務的看法？我猜當您進入冬季和供暖季節時，您正在考慮哪些指標？

No, we just, -- as a matter of fact, it's a big positive when it comes to ability to focus. The strategy that we laid out to address stability inside of AmeriGas that remains shut firm the clarity around some of the root causes of the issues we have, be it with new algorithms to define the best way for optimizing and getting more efficient out of logistics as well as a bigger proximity to the customers, where we're moving the organization towards a pod concept, which will create much greater interaction between local supporters of the customer base rather than having a distant support to that very same customer base. So, there is a lot of work that's going into that direction. The plans and strategic approach is not changing. It's just going to allow a better focus as we take this burden from over us.

不，我們只是——事實上，就專注能力而言，這是一個很大的積極因素。我們為解決 AmeriGas 內部穩定性而製定的策略仍然清晰地闡明了我們所遇到問題的一些根本原因，無論是使用新演算法來定義優化和提高物流效率的最佳方法，以及更接近客戶，我們正在將組織轉向吊艙概念，這將在客戶群的本地支持者之間建立更大的互動，而不是為同一客戶群提供遠端支援。因此，有許多工作正在朝這個方向發展。計劃和戰略方針沒有改變。當我們卸下這個負擔時，它只會讓我們更好地集中註意力。

Great. And then last one for me, if I could. You got the power plant sale under agreements. You divested some smaller property in UGI International. Can you just talk about where things stand maybe prospectively for any additional asset sales as you look across the portfolio?

偉大的。如果可以的話，最後一張給我。您根據協議獲得了發電廠的出售。您剝離了 UGI International 的一些較小財產。您能否談談在您審視整個投資組合時，任何額外資產出售的預期情況？

Yes. The portfolio analysis is a live element of what we are doing. There is quite a bit of understanding of where value lies and where opportunities lie for improvement on this portfolio for us to be able to focus on the more value-adding elements of the organization. So, more to come on that, but there is a lot of good work being put in place that continues, okay.

是的。投資組合分析是我們正在做的事情的即時要素。對於價值所在以及改進此組合的機會在哪裡，我們有了相當多的了解，以便我們能夠專注於組織的更多增值元素。所以，還有更多的事情要做，但是還有很多好的工作正在繼續進行，好吧。

(Operator Instructions)

（操作員說明）

Paul A Zimbardo, Jefferies

保羅·A·津巴多，杰弗里斯

Hi, good morning team. Thank you. -- I had a two part question on CapEx. Just noticing declines pretty much across the board, but particularly the utilities looks like it's down about 25%, $100 million year-to-date. If you could discuss like what the driver is there? And also looking at the LPG businesses, international and aircraft, like notably down as well. If we should think about those as kind of like the new run rates for the LPG businesses and just some color on what's happening at the utilities? Thanks.

嗨，早上好，團隊。謝謝。 ——我有一個關於資本支出的兩部分問題。只是注意到幾乎全面下降，特別是公用事業，今年迄今似乎下降了約 25%，即 1 億美元。您可以討論一下司機是誰嗎？液化石油氣業務、國際業務和飛機業務也顯著下降。我們是否應該將這些視為液化石油氣業務的新運作費率以及公用事業部門發生的情況的一些顏色？謝謝。

Yes, Paul, this is Sean. I can handle that. I think the -- on the LPG side of the equation, we've been very clear that we're going to limit some of the capital. Obviously, we've got maintenance capital, both internationally and domestically. We're not pulling back on that.

是的，保羅，這是肖恩。我能處理好。我認為，在液化石油氣方面，我們已經非常明確地表示，我們將限制一些資本。顯然，我們在國際和國內都擁有維護資金。我們不會退縮。

But in terms of the growth side of the equation, our strategy is to focus on running those businesses stabilizing AmeriGas running international. So, that step-down change that you're seeing this year in the LPG businesses will continue. We have that forecasted out through the next few years, and that is our intent.

但就成長而言，我們的策略是專注於營運那些穩定 AmeriGas 國際營運的業務。因此，今年在液化石油氣業務中看到的逐步下降的變化將繼續下去。我們預測了未來幾年的情況，這就是我們的意圖。

On the nat gas side, two drivers there. We're finishing up some of the renewable projects in our midstream business. I think we're about $380 million into a $500 million spend. As Mario mentioned, we've curtailed that back at one point, the company was committing a little bit over $1 billion, but we're finishing these projects that are in service that will probably be about $400 million this year, maybe $100 million next year. So, you'll see that sort of pull back in the Midstream side.

天然氣方面，有兩名司機。我們正在完成中游業務中的一些再生能源項目。我認為我們在 5 億美元的支出中花費了約 3.8 億美元。正如 Mario 所提到的，我們曾經縮減了這一規模，公司承諾投入略高於 10 億美元，但我們正在完成這些正在投入使用的項目，今年可能約為 4 億美元，明年可能為 1 億美元年。所以，你會看到中游一側出現這種回呼。

And then on the Utility, there's a little bit of even flow, but we're still heavily investing in those rate base programs to replace cast iron and bare steel. This year, we're down just a little bit. Part of that is we are focusing on the balance sheet. Obviously, Mario talked about some divestitures. We're trying to get the balance sheet in order, but you'll still continue to see a very good chunk of capital going into the rate base. We're going to honor our commitments there over the next few years.

然後在公用事業方面，有一點均勻的流量，但我們仍在大力投資這些費率基礎計劃，以取代鑄鐵和裸鋼。今年，我們略有下降。部分原因是我們關注資產負債表。顯然，馬裡奧談到了一些資產剝離。我們正在努力使資產負債表井然有序，但您仍然會繼續看到大量資本進入利率基礎。我們將在未來幾年兌現我們的承諾。

There will be a little bit of seasonality. I think you could see that uptick maybe a little bit in 2026 and 2027, but we still have a fair amount of capital to give you guidance later on in the Q4 call around 25%. But our goal is to keep that going. The other key metric, I think, to keep in mind is about 85% of the capital that we're still deploying will be into the nat gas businesses. We've been clear on that. That's where we want to continue to grow the company.

會有一點季節性。我認為您可能會在 2026 年和 2027 年看到這一數字有所上升，但我們仍然擁有相當數量的資本，可以在稍後的第四季度電話會議中為您提供大約 25% 的指導。但我們的目標是保持這種勢頭。我認為，要記住的另一個關鍵指標是我們仍在部署的資本中約 85% 將投入天然氣業務。我們對此已經很明確了。這就是我們希望公司繼續發展的地方。

Okay, great. Thank you for the color across the board. And then the last one, I have was just on the leverage metrics. Nice to see the improvement through June 30. Just as we fast forward to a year from now, do you think that those stay the same levels, increase or decrease for UGI Corp and AmeriGas?

好的，太好了。感謝您提供全面的顏色。我的最後一項只是關於槓桿指標。很高興看到 6 月 30 日之前有所改善。正如我們快進到一年後，您認為 UGI Corp 和 AmeriGas 的這些水平會保持不變，是增加還是減少？

The goal is to decrease both of them. Q3, look, we're very pleased to see 39 and Corporate 49 at AmeriGas. Q3 typically is our lowest quarter. But that's why, but they're definitely below where we were Q3 of last year. So I think that's real progress. I mentioned the absolute debt of the company, very excited is below $7 billion. That's a big move down $300 million.

目標是減少兩者。第三季度，我們很高興在 AmeriGas 看到 39 和 Corporate 49。第三季通常是我們業績最低的季度。但這就是原因，但它們肯定低於去年第三季的水平。所以我認為這是真正的進步。我提到公司的絕對債務，非常興奮的是低於70億美元。相當於減少了 3 億美元。

The absolute debt at AmeriGas is below $2 billion. It wasn't that long ago that AmeriGas was holding about $2.7 billion, $2.8 billion. So, some big milestones I think you're thinking about it right, Paul. I think the balance sheet stays in focus through fiscal 2025. I think we continue, hopefully, to make some progress on that side of the equation.

AmeriGas 的絕對債務低於 20 億美元。不久前，AmeriGas 還持有約 27 億至 28 億美元的資金。所以，保羅，我認為你考慮的一些重大里程碑是正確的。我認為，到 2025 財年，資產負債表仍將是人們關注的焦點。我認為我們希望繼續在這方面取得一些進展。

So, the short answer is we want to continue to see improvement. Remember, our range is at corporate 3.5 times to 4 times. So, we're still at the top end of that range but within the range. And the same thing with AmeriGas, 4.5 times to 5 times, and we're at the top end of that range as well. So, good progress, but still a little more to do.

因此，簡短的回答是我們希望繼續看到改進。請記住，我們的範圍是公司的 3.5 倍到 4 倍。因此，我們仍處於該範圍的頂端，但仍在該範圍內。AmeriGas 也是如此，4.5 倍到 5 倍，我們也處於該範圍的頂端。所以，進展良好，但仍有一些工作要做。

(Operator Instructions) I am showing no further questions at this time. I would now like to turn it back to Interim President and CEO, Mario Longhi.

（操作員說明）我目前沒有提出任何進一步的問題。現在我想把它轉回給臨時總裁兼執行長馬裡奧·隆吉(Mario Longhi)。

I appreciate you being with us today for the session. And I just want to wish you a great rest of summer and look forward to seeing you in November for the year-end call. All the best to you. Thanks again.

我很感謝您今天參加我們的會議。我只想祝您度過一個愉快的夏天，並期待在 11 月的年終電話會議上見到您。祝你一切順利。再次感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Goodbye.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再見。