UGI Corp (UGI) 2025 Q1 法說會逐字稿

Hello, and welcome to the UGI Corporation Q1 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Tameka Morris. You may begin.

您好，歡迎參加 UGI Corporation 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給 Tameka Morris。你可以開始了。

Good morning, everyone. Thank you for joining our fiscal 2025 first-quarter earnings call. With me today are Bob Flexon, President and CEO, and Sean O'Brien, CFO. On today's call, we will review our first quarter financial results and key business highlights before concluding with a question-and-answer session.

大家早安。感謝您參加我們的 2025 財年第一季財報電話會議。今天與我一起的有總裁兼首席執行官鮑勃·弗萊克森 (Bob Flexon) 和首席財務官肖恩·奧布萊恩 (Sean O'Brien)。在今天的電話會議上，我們將回顧第一季的財務表現和主要業務亮點，然後結束問答環節。

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 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，實際結果可能存在很大差異。請閱讀我們的收益報告和年度報告，以了解可能影響結果的詳細因素清單。

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 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義務。我們也將使用某些 GAAP 財務指標來描述我們的業務。我們的簡報中提供了這些指標與可比較 GAAP 指標的對帳表。

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

說完這些，我會把電話轉給鮑伯。

Thanks, Tameka, and good morning to all of you. Yesterday, we reported our fiscal 2025 first quarter results with adjusted diluted earnings per share of $1.37, 14% higher than the prior year. Solid underlying performance by our reportable segments combined with effective tax management led to the strong fiscal first quarter results.

謝謝，Tameka，大家早安。昨天，我們公佈了 2025 財年第一季業績，調整後每股攤薄收益為 1.37 美元，比上年增長 14%。我們報告部門的穩健基礎表現加上有效的稅務管理帶來了強勁的財務第一季業績。

In our natural gas businesses, we benefited from strong demand and higher gas rates at Mountaineer or West Virginia gas utilities. While at our global LPG businesses, we realized relatively comparable volumes and reduced operating and administrative expenses when compared to the prior year period. These results underscore the advantages of our diverse portfolio and the opportunities to drive consistent growth through operational excellence.

在我們的天然氣業務中，我們受益於 Mountaineer 或西維吉尼亞天然氣公司的強勁需求和更高的天然氣價格。而在我們的全球液化石油氣業務中，與去年同期相比，我們的銷售量相對可比，且營運和管理費用有所降低。這些結果凸顯了我們多元化投資組合的優勢以及透過卓越營運推動持續成長的機會。

Also, of note during the quarter, we deployed over $200 million in capital investment primarily in the natural gas businesses. These investments advance our infrastructure modernization program, enhancing system reliability, safety, and operational efficiency, and support strong customer additions that we continue to experience at the utilities.

此外，值得注意的是，本季我們主要在天然氣業務上投入了超過 2 億美元的資本投資。這些投資推進了我們的基礎設施現代化計劃，提高了系統可靠性、安全性和營運效率，並支持了我們在公用事業中繼續體驗到的強勁客戶成長。

Also, at UGI Utilities, our commitment to service excellence led to the company being recognized as a Cogent 2024 Utility Customer Champion. This prestigious award validates our customer-centric approach and places us among the top performers in customer satisfaction across the utility sector. In our midstream and marketing segment, we have substantially completed several RNG facilities where gas will be delivered into local markets. The projects have been completed on time and on budget and are good additions to our business, providing immediate returns through investment tax credits.

此外，在 UGI Utilities，我們對卓越服務的承諾使公司被評為 Cogent 2024 公用事業客戶冠軍。這項享有盛譽的獎項證明了我們以客戶為中心的理念，並使我們成為公用事業領域客戶滿意度最高的企業之一。在我們的中游和行銷部門，我們基本上已經完成了幾個 RNG 設施的建設，天然氣將被輸送到當地市場。這些項目已按時、按預算完成，對我們的業務有很大幫助，並透過投資稅收抵免提供了直接的回報。

Also, in the midstream and marketing segment, as part of our joint venture in the Pine Run Gathering System, we acquired Superior Appalachian, which owns and operates three gathering systems in Pennsylvania. These systems are attractive with long-term acreage dedications and the largest is connected to one of UGI energy services gathering systems, which should enhance future synergies.

此外，在中游和行銷領域，作為我們在 Pine Run Gathering System 的合資企業的一部分，我們收購了 Superior Appalachian，該公司在賓夕法尼亞州擁有並經營三個收集系統。這些系統對於長期的土地使用承諾具有吸引力，而且最大的系統與 UGI 能源服務收集系統之一相連，這應該會增強未來的協同效應。

The transaction, which was valued at $120 million, was fully funded by debt at Pine Run, which now has a debt-to-equity ratio of approximately 49%. Lastly, the transaction will be monthly accretive to earnings in the first year of operations.

該交易價值 1.2 億美元，完全由 Pine Run 的債務資助，該公司目前的債務權益比率約為 49%。最後，此次交易將在營運的第一年每月增加收益。

Next, last week we filed a gas base rate case with the Pennsylvania Public Utility Commission for UGI Utilities requesting an overall distribution rate increase of approximately $110 million. This rate case supports over $750 million of investment that will be made to improve the natural gas distribution system facilities and technology to promote safety and reliability.

接下來，上週我們向賓州公用事業委員會提交了一份針對 UGI 公用事業的天然氣基準費率案件，要求將整體分配費率提高約 1.1 億美元。此費率案例支持超過 7.5 億美元的投資，用於改善天然氣分配系統設施和技術，以提高安全性和可靠性。

Next, I'd like to provide an update on our fiscal 2025 priorities that will drive future performance. As mentioned on the Q4 earnings call, we are strengthening our foundation through a renewed focus on our people and culture to create a mindset that encourages breakthrough thinking. Added to that is providing the tools and training for employees to translate the breakthrough thinking to breakthrough performance. I firmly believe that this will drive significant and sustainable improvements, which translate stronger business performance and financial results.

接下來，我想介紹一下推動未來業績發展的 2025 財年重點事項。正如第四季度財報電話會議上所提到的，我們正在透過重新關注我們的員工和文化來加強我們的基礎，以創造一種鼓勵突破性思維的思維方式。除此之外，也為員工提供工具和培訓，將突破性思維轉化為突破性績效。我堅信這將推動重大和可持續的改進，從而轉化為更強勁的業務績效和財務表現。

At AmeriGas, we must significantly enhance our business processes, commercial practices, and services quality. At the end of calendar 2024. Mike Sharp came on board as President of AmeriGas. And having worked closely with Mike before, I have seen firsthand his ability to drive organizational transformation and operational excellence.

在 AmeriGas，我們必須大幅加強我們的業務流程、商業實踐和服務品質。在2024年日曆的最後。麥克夏普 (Mike Sharp) 加入 AmeriGas 擔任總裁。由於之前曾與 Mike 密切合作，我親眼目睹了他推動組織轉型和卓越營運的能力。

In his first month, Mike has revised and is implementing his new organizational structure to better align with the needs of the business, strengthen the commercial practices, streamline decision making and improve accountability to create an improved customer experience.

在第一個月裡，麥克修改並實施了新的組織結構，以更好地滿足業務需求，加強商業實踐，簡化決策流程，提高責任感，從而創造更好的客戶體驗。

Working with his leadership team, Mike has developed a roadmap focusing on five key pillars designed to elevate the customer experience, address the inefficiencies within our processes, optimize AmeriGas supply chain and logistic network and strengthen its financial performance.

麥克與他的領導團隊一起制定了一份路線圖，重點關註五大關鍵支柱，旨在提升客戶體驗、解決流程中的低效率、優化 AmeriGas 供應鏈和物流網絡並加強其財務表現。

Back in September, AmeriGas has transitioned field operations to a more localized model with the introduction of over 90 different pods across its footprint. We believe the pods structure strikes the right balance between serving our customers locally while providing the benefits of centralized supporting functions, driving greater accountability, delivery, efficiency and oversight of customer relationships.

早在今年 9 月份，AmeriGas 就已將現場營運轉變為更本地化的模式，在其整個業務範圍內引入了 90 多個不同的吊艙。我們相信，這種小組結構在為本地客戶提供服務與提供集中支援功能的好處、提高責任感、交付能力、效率和對客戶關係的監督之間取得了適當的平衡。

Although we were at the beginning stages of this journey, this model has already yielded greater operational insights and better workflow, improving the way we work, and our business processes, and we'll address the root cause of the challenges that our customers face.

儘管我們才剛開始這趟旅程，但這個模式已經帶來了更深入的營運洞察力和更好的工作流程，改善了我們的工作方式和業務流程，我們將解決客戶所面臨挑戰的根本原因。

As I just noted, it's the early innings of transformation, but there is no doubt that the work ahead will lead to a better AmeriGas for our customers, employees and shareholders. Our longer-term strategy remains designed to further optimize and grow our premier natural gas businesses. And drive operational transformation and strong execution in our propane businesses.

正如我剛才所說，現在正處於轉型的初期，但毫無疑問，未來的工作將為我們的客戶、員工和股東帶來一個更好的 AmeriGas。我們的長期策略仍然旨在進一步優化和發展我們的主要天然氣業務。並推動我們的丙烷業務的營運轉型和強有力的執行。

This strategy coupled with disciplined capital allocation, strategic portfolio optimization. And strong balance sheet management will better position UGI to deliver sustainable growth and long-term value creation. And with that, I'll turn the call over to Sean, who will walk you through our financial results for the quarter.

該策略與嚴格的資本配置和策略性投資組合優化相結合。強大的資產負債表管理將使 UGI 更好地實現永續成長和長期價值創造。說完這些，我將把電話轉給肖恩，他將向您介紹我們本季的財務表現。

Thanks, Bob and good morning. As Bob mentioned, UGI delivered strong results for the fiscal 2025 first quarter reporting adjusted diluted EPS of a $1.37, a $0.17 improvement over the prior year period. The Utility segment was up $0.01 as the business benefited from higher gas base rates at Mountaineer. Midstream marketing was down $0.02 as lower operating income was partially offset by the effects of higher investment tax credits associated with the RNG projects being placed in service this fiscal year.

謝謝，鮑勃，早安。正如鮑伯所提到的，UGI 在 2025 財年第一季取得了強勁的業績，報告調整後攤薄每股收益為 1.37 美元，比去年同期增長了 0.17 美元。公用事業部門上漲 0.01 美元，因為該業務受益於 Mountaineer 更高的天然氣基準價格。中游行銷下降了 0.02 美元，因為較低的營業收入被本財年投入使用的 RNG 項目相關的更高投資稅收抵免的影響部分抵消。

UGI International was up $0.07 as benefits from the utilization of foreign tax credits fully offset the effect of lower operating income associated with the non-core energy marketing business. At AmeriGas, while EBIT was up $3 million over the prior year period, the effect of higher income tax expense led to a $0.28 decline in adjusted diluted EPS. Similar to fiscal 2024, the AmeriGas legal entity is experiencing a higher tax rate due to limitations associated with interest expense deductibility.

UGI International 上漲 0.07 美元，因為利用外國稅收抵免帶來的好處完全抵消了非核心能源行銷業務相關的營業收入下降的影響。對 AmeriGas 來說，雖然息稅前利潤比去年同期增加了 300 萬美元，但較高的所得稅費用導致調整後稀釋每股收益下降 0.28 美元。與 2024 財政年度類似，由於利息費用扣除的限制，AmeriGas 法人實體的稅率較高。

On a consolidated basis, there is a corresponding offset to normalize the corporation's tax rate. And this is reflected at (inaudible) In aggregate, we anticipate that UGI Corporation will recognize an effective tax rate between 12% and 14% for fiscal 2025 in comparison to 16% in the prior year period. Now, to close out the comments on Corporate and Other, the $0.39 increase over prior year is due to lower income taxes of $0.42, partially offset by $0.03 of higher interest expense.

在合併基礎上，有相應的抵銷來規範公司的稅率。這反映在（聽不清楚）總體而言，我們預計 UGI 公司 2025 財年的有效稅率將在 12% 至 14% 之間，而去年同期的有效稅率為 16%。現在，結束對企業和其他的評論，與上年相比增加 0.39 美元是由於所得稅降低了 0.42 美元，但部分被 0.03 美元的較高利息支出所抵消。

Turning to the next slide, I'll now walk you through the key drivers for each reportable segment when compared to the prior year. Starting with the utility segment, we saw slightly colder weather than the prior year period in our service territories, which led us to higher core market volumes.

翻到下一張投影片，我將向您介紹與前一年相比每個報告部分的關鍵驅動因素。從公用事業領域開始，我們服務區域的天氣比去年同期略冷，這導致我們的核心市場銷售更高。

Both our Pennsylvania and West Virginia service territory now have the weather normalization rider, which partially reduced the impact of colder weather experienced in the month of December. Overall, margin was up $9 million, largely due to higher gas base rates that were implemented in our West Virginia gas utility in January 2024.

我們的賓州和西維吉尼亞州服務區現在都已實施天氣正常化附加條款，這在一定程度上減輕了 12 月寒冷天氣的影響。總體而言，利潤增加了 900 萬美元，這主要是由於我們的西維吉尼亞州天然氣公用事業於 2024 年 1 月實施了更高的天然氣基準費率。

Operating and administrative expenses were up $2 million, reflecting higher personnel and uncollectible accounts expenses. EBIT increased $6 million due to the higher total margin, partially offset by higher operating and administrative expenses and higher depreciation expense from continued capital expenditure activity.

營運和管理費用增加了 200 萬美元，反映了人員和壞帳費用的增加。由於總利潤率提高，息稅前利潤增加了 600 萬美元，但部分被營運和管理費用的增加以及持續資本支出活動導致的折舊費用的增加所抵消。

Next, Midstream and Marketing reported EBIT of $95 million in comparison to $102 million in the prior year. Total margin was down $17 million due to lower margin from gathering and processing activities, the absence of margin from power generation activities given the sale of the Hunlock Creek asset in September 2024, and reduced capacity management margins. Operating and administrative expenses were down $2 million, reflecting lower personnel-related and maintenance expenses.

接下來，Midstream and Marketing 報告息稅前利潤為 9,500 萬美元，而去年同期為 1.02 億美元。總利潤下降了 1700 萬美元，原因是收集和加工活動的利潤率較低，由於 2024 年 9 月出售 Hunlock Creek 資產導致發電活動沒有利潤，以及產能管理利潤率降低。營運和管理費用下降了 200 萬美元，反映了與人員相關的費用和維護費用的下降。

Lastly, other income increased over the prior year, largely due to a $4 million impairment in fiscal 2024, which was associated with GHI Energy, our wholly owned subsidiary that markets renewable natural gas in California.

最後，其他收入比上年有所增加，主要是由於 2024 財年的 400 萬美元減值，這與我們在加州銷售再生天然氣的全資子公司 GHI Energy 有關。

Turning to the global LPG businesses at UGI International, LPG volumes were up due to increased crop drying campaigns and weather that was 8% colder than the prior year period. Total margin was down $15 million due to lower margins from the energy marketing business, which we expect to fully exit at the end of this calendar year, and to a lesser extent from lower LPG unit margins. These declines were partially offset by the impact of higher LPG volumes.

談到 UGI International 的全球液化石油氣業務，由於農作物乾燥活動的增加以及天氣比去年同期寒冷 8%，液化石油氣銷量有所上升。總利潤下降了 1500 萬美元，原因是能源行銷業務的利潤率較低（我們預計該業務將在今年年底全面退出），另外，液化石油氣單位利潤率較低也對利潤率產生了較小影響。液化石油氣產量增加的影響部分抵消了這些下降。

Operating and administrative expenses were down $13 million, reflecting lower costs from exiting the non-core energy marketing business and lower personnel and maintenance expenses. Lastly, UGI International realized a $6 million decline in other income, reflecting the impact of exiting the non-core energy marketing business in the prior year, and lower foreign currency transaction gains.

營運和管理費用下降了 1,300 萬美元，反映了退出非核心能源行銷業務的成本降低以及人員和維護費用的降低。最後，UGI International的其他收入減少了600萬美元，反映了上一年退出非核心能源行銷業務的影響，以及外匯交易收益的下降。

At AmeriGas, LPG volumes were down 1% as the effect of customer attrition was largely offset by the colder weather experience during the month of December. Total margin was comparable to the prior year as higher LPG unit margins offset the impact of lower LPG volumes and reduced fee income. Operating and administrative expenses were down $7 million due to lower personnel expenses, while the business reported lower gains from asset sales when compared to the prior year.

在 AmeriGas，液化石油氣銷售量下降了 1%，因為客戶流失的影響在很大程度上被 12 月的寒冷天氣所抵消。總利潤率與去年相當，因為液化石油氣單位利潤率的提高抵消了液化石油氣銷售下降和費用收入減少的影響。由於人員費用減少，營運和管理費用下降了 700 萬美元，同時與去年相比，該業務報告的資產出售收益也有所下降。

Moving to liquidity, at the end of the UGI had available liquidity of $1.5 billion, inclusive of cash and cash equivalents and available borrowing capacity on our revolving credit facilities. Yesterday, we were pleased to announce that AmeriGas has issued a notice of redemption on its $218 million of outstanding senior notes, which were due in May of 2025. The purchase will be funded by a two-year unsecured intercompany loan between UGI International and AmeriGas.

談到流動性，UGI 期末可用流動性為 15 億美元，包括現金和現金等價物以及循環信貸工具的可用借貸能力。昨天，我們很高興地宣布，AmeriGas 已發出了贖回其 2.18 億美元未償還優先票據的通知，這些票據將於 2025 年 5 月到期。此次收購資金將由 UGI International 和 AmeriGas 之間的兩年期無擔保內部公司貸款提供。

Bearing an interest rate of 9.13%, AmeriGas intends to use its free cash flow to fully repay the intercompany loan. Of note, the loan is unsecured and subordinated to other obligations of AmeriGas Partners LP and allows us to utilize UGI International's significant liquidity capacity at an optimal rate for the company. With the 2025 senior notes fully repaid, AmeriGas will further focus its attention on addressing the 2026 maturities, with the goal of completing that process in fiscal 2025.

該貸款利率為 9.13%，AmeriGas 打算利用其自由現金流全額償還該集團內貸款。值得注意的是，這筆貸款是無擔保的且從屬於 AmeriGas Partners LP 的其他義務，並使我們能夠以對公司而言最優惠的利率利用 UGI International 的強大流動性能力。隨著 2025 年優先票據全部償還，AmeriGas 將進一步專注於解決 2026 年到期的票據，目標是在 2025 財年完成此程序。

In summary, we've had a strong start to the fiscal year, but given the important months ahead, the guidance range of $2.75 to $3.05 remains intact. With that, I'll turn the call over to Bob for his closing remarks.

總而言之，我們在本財年開局表現強勁，但考慮到未來幾個月的重要性，2.75 美元至 3.05 美元的指導範圍仍然保持不變。說完這些，我將把電話轉給鮑勃，請他作結束語。

Thanks, Sean. Let me close by highlighting the fundamental strengths of UGI's business portfolio. Our weather-resilient utilities operate in constructive regulatory environments that support crucial infrastructure investment and a strong 9% rate-based growth rate.

謝謝，肖恩。最後，我想強調一下 UGI 業務組合的根本優勢。我們的耐候性公用事業在建設性的監管環境中運營，支持關鍵基礎設施投資和強勁的 9% 利率成長率。

We have a highly complementary midstream business with an attractive mix of LNG peaking, pipeline, and storage assets, which provides flexibility in varying market conditions, and is strategically positioned to capitalize on growing natural gas demand.

我們的中游業務高度互補，擁有極具吸引力的液化天然氣高峰、管道和儲存資產組合，可在不同的市場條件下提供靈活性，並在戰略上處於利用不斷增長的天然氣需求的優勢。

UGI International continues to demonstrate a strong cash generation capacity, and we believe that transformation and optimization of both the domestic and international propane operations will drive improved performance. We remain committed to disciplined capital allocation, operational excellence, and creating long-term value for our shareholders.

UGI International 持續展現強勁的現金創造能力，我們相信國內和國際丙烷業務的轉型和優化將推動業績的提升。我們將繼續致力於嚴格的資本配置、卓越的營運以及為股東創造長期價值。

Thank you for your time with us today, and we will open the line for questions.

感謝您今天接受我們的採訪，我們將開通熱線接受提問。

(Operator Instructions)

（操作員指令）

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。

Thank you, guys, very much for the time, and congrats on the further progress here. Hey, maybe, Bob, just kicking things off, I mean, nicely done on the ‘25 maturity here. How are you thinking about kind of the other larger maturities coming up ahead? Any preliminary thoughts as you're thinking about tackling those ones in ‘26 onwards? I mean, I imagine there's a number of different levers that you could approach here, but sort of initial thoughts therein.

非常感謝你們抽出時間，並祝賀你們取得了進一步的進展。嘿，也許吧，鮑勃，只是開始而已，我的意思是，這裡的 25 年成熟度做得很好。您如何看待未來其他更大額度的債券到期？您打算從 26 年開始解決這些問題，有什麼初步想法嗎？我的意思是，我想這裡有許多不同的手段可以供您使用，但其中有一些是初步的想法。

And then also maybe to turn to the results quickly, you know, nicely done here. I guess there's some tax nuance, but when you're thinking about positioning for the full year here. I know that you just reaffirmed the broader range, but how do you think about even within that range how the latest quarterly results and weather trends could have contributed within that range?

然後也許可以快速獲得結果，您知道，這裡做得很好。我想這其中會存在一些稅收上的細微差別，但是當你考慮全年的定位時。我知道您剛剛重申了更廣泛的範圍，但您如何看待即使在該範圍內，最新的季度業績和天氣趨勢如何對該範圍做出貢獻？

Yeah. Good morning, Julian. Thanks for the questions. And I'll start out and then hand it to Sean as well. But we felt that doing the loan via the international business to AmeriGas at an arm's length transaction was a good, elegant way to deal with the near-term maturity. It allows us to essentially pay the spread in the interest rates to ourselves. And we're confident over the next two years our cash flow from AmeriGas far exceeds the value of that note. So we'll be paying that back in the next two years.

是的。早安，朱利安。感謝您的提問。然後我會開始，然後把它交給肖恩。但我們認為，透過國際業務以公平交易的方式向 AmeriGas 發放貸款是處理近期到期債務的一種良好而優雅的方式。它使我們能夠實質上向自己支付利率差額。我們相信，未來兩年內，來自 AmeriGas 的現金流將遠遠超過這張票據的價值。所以我們將在未來兩年內償還。

And then what it does is kind of clears the deck for discussions with banks on dealing with the 2026s. So now that this is kind of out in public, Sean and team will go to work on the 2026s. And it just makes the whole thing easier to deal with and more cost effective as well. So I'll let Sean comment in a moment on that.

這樣一來，它就可以為與銀行討論如何應對 2026 年債務問題做好準備。現在這件事已經公開了，肖恩和他的團隊將開始著手 2026 年的工作。而且它使整個事情變得更容易處理並且更具成本效益。因此我將讓肖恩稍後對此發表評論。

On performance then, what we saw on the natural gas side is just great execution. We had near record send out demands of the natural gas. And from an operational standpoint, it was all done in a very safe manner, excellent performance. So very thrilled with the natural gas side of the business.

從性能上看，我們在天然氣方面看到的是出色的執行。我們的天然氣輸出需求量已接近創紀錄水準。從操作角度來看，一切都以非常安全的方式完成，性能卓越。我對天然氣方面的業務非常興奮。

And then on the propane side of the business, International executed well. They really run the business really well over there. I've been able to spend some time over there as well to get compliments in that business and the business model we have there. And on the AmeriGas side, we're seeing some initial green shoots from the pod structure that we created.

在丙烷業務方面，國際表現良好。他們在那裡確實把生意經營得很好。我也在那裡待了一段時間，以獲得對那裡的業務和我們在那裡的商業模式的讚美。而就 AmeriGas 方面而言，我們看到了我們所創建的吊艙結構的一些初步進展。

But it is very, very early innings. And as you'll see in the slide deck that we initiated teams to go after five key business processes that will have a -- should have a very significant effect on the business to make us very competitive and really have a really strong leadership position in the industry.

但現在才剛開始。正如您在幻燈片中看到的，我們成立了團隊來追蹤五個關鍵業務流程，這些流程將對業務產生非常重大的影響，使我們非常具有競爭力，並在行業中真正佔據強大的領導地位。

But very early going, it's great having Mike Sharp on the team here. And Mike is on the ground charging well ahead on all of those priorities. So I think we're setting ourselves up for a good year. And the key thing will be getting that performance at AmeriGas where we think we can really unlock the potential in that business.

但從一開始，就有麥克夏普加入我們的團隊，這真是太好了。麥克正在實地努力實現所有這些優先事項。所以我認為，我們將會為美好的一年做好準備。關鍵是要讓 AmeriGas 取得這樣的業績，我們認為這樣我們才能真正釋放該業務的潛力。

Let me turn it to Sean for any additional comments on, particularly on the financing.

請容許我請肖恩提出其他意見，特別是關於融資的問題。

Yeah, morning, Julian. I'm only going to add, I think Bob had hit it well. I'm just going to add a couple things. As AmeriGas takes care of those that are company loan, I don't want it to be lost. We are delevering. So that's a continued delevering at AmeriGas of that $218 million. And it also definitely starts to push AmeriGas closer to the 5.0 on its debt to EBITDA. Even though we don't have a covenant, it's still -- we still are very focused on getting their leverage target ratio down into the 5 range.

是的，早上好，朱利安。我只想補充一點，我認為鮑伯打得很好。我只想補充幾點。由於 AmeriGas 負責處理這些公司貸款，我不希望它丟失。我們正在去槓桿。因此，AmeriGas 將繼續去槓桿，減少 2.18 億美元。並且它也肯定會開始推動 AmeriGas 的債務與 EBITDA 之比更接近 5.0。即使我們沒有契約，但我們仍然非常專注於將他們的槓桿目標比率降至 5 的範圍內。

And really taking care of those ‘25s gives us optionality in two ways. One, the types of products that we're going to go after to take care of the $664 million of 2026s. The other key thing is the timing. We have a lot of timing available to us because they don't go current until August of this year. So I think we're set up very well. All the tailwinds that Bob talked about, I think we're set up in the best position we could be as we go to take care of those 2026s.

而真正照顧好這些‘25’為我們提供了兩個選擇。首先，我們要追求的產品類型是為了滿足 2026 年 6.64 億美元的需求。另一個關鍵因素是時機。我們有充足的時間，因為它們要到今年 8 月才會更新。所以我認為我們的準備已經非常好了。鮑伯談到的所有順風，我認為我們已經做好了最好的準備來應對 2026 年的問題。

Nice, guys. Thank you very much. And best of luck to you and to Mike here. If I can, just to follow up one more. I mean, you mentioned the continued success on the international. I mean, again, maybe another silo, if you will to the activities ongoing. How do you think about the strategic direction for the international business and businesses, maybe plural, adjacent to the US operations? Any thoughts on that front, especially as you think about these maturities?

真棒，夥計們。非常感謝。祝您和邁克好運。如果可以的話，我只想再跟進一次。我的意思是，您提到了在國際上持續取得成功。我的意思是，如果您願意的話，也許還有另一個筒倉可以用於正在進行的活動。您如何看待國際業務以及與美國業務相鄰的複數業務的策略方向？您對此有什麼想法嗎，尤其是考慮到這些成熟度？

Well, I think on the international side, for the near term, they'll continue to look on how do they best strategically position their business, where we can take advantage of our storage capability. That's the key thing in Europe is since it's an import market for propane.

嗯，我認為從國際方面來看，短期內，他們將繼續研究如何最好地策略性地定位他們的業務，以便我們可以在哪裡利用我們的儲存能力。這是歐洲的關鍵問題，因為它是丙烷的進口市場。

So we'll try to optimize our flexibility around storage and for those locations where we're not necessarily as competitive or have a competitive advantage, we'll continue to evaluate the portfolio and see to the extent we have as big of a footprint we have over there.

因此，我們將嘗試優化我們在儲存方面的靈活性，對於那些我們不太有競爭力或不具備競爭優勢的地區，我們將繼續評估投資組合，並看看我們在那裡的足跡有多大。

And I think both on the international propane as well as domestic propane, we'll continue to evaluate the makeup of the portfolio and to the extent there are any asset sales that will be used, as Sean mentioned as well to help with delivering.

我認為，無論是國際丙烷還是國內丙烷，我們都將繼續評估投資組合的組成，並評估是否有任何資產出售可用於幫助交付，正如肖恩所提到的那樣。

And, Julien, I want to add, you made me think of something. I want to be clear that this intercompany loan international is we anticipate this year to generate between $130 million to $150 million of excess free cash flow. All of that is still going to Corp. So none of that is involved in this intercompany loan. So it's generating great cash flow and helping the company support its dividends.

朱利安，我想補充一點，你讓我想到了一些事情。我想明確的是，我們預計今年這筆國際公司間貸款將產生 1.3 億至 1.5 億美元的超額自由現金流。所有這些仍將歸公司所有。因此，它產生了巨大的現金流並幫助公司支持其股息。

Wonderful. Excellent. I appreciate it very much. Take care, guys.

精彩的。出色的。我非常感激。大家保重。

Thanks, Julien.

謝謝，朱利安。

(Operator Instructions)

（操作員指令）

Gabriel Moreen, Mizuho.

瑞穗的加布里埃爾莫林 (Gabriel Moreen)。

Hey, good morning, everyone. Maybe I can start out in terms of the intercompany loan and I think also the segmentation of the AmeriGas structure into these pods. Given the language around paying off the intercompany loan with free cash flow and the emphasis there, does that preclude at all asset sales at the AmeriGas level?

嘿，大家早安。也許我可以從公司間貸款的角度開始，我認為也可以將 AmeriGas 結構細分為這些單位。考慮到有關以自由現金流償還公司間貸款的措辭和強調，這是否排除了 AmeriGas 層級的所有資產出售？

And I'm just curious with the segmentation into pods and maybe getting back to more regionalization, whether that's kind of revealed better regions or better performing regions or lesser performing ones and any implications for portfolio optimization?

我只是對細分成各個小組以及可能回到更多區域化感到好奇，這是否能揭示出更好的地區或表現更好的地區或表現較差的地區，以及對投資組合優化有何影響？

I can take the first half, Gabe. The short answer is no. And I'm going to expand that. So it does not preclude any asset potential divestitures, in terms of things that we're looking at underperforming assets at AmeriGas. And I want to be clear as well, on the other side of the fence, it does not preclude asset transactions at international either.

我可以接受上半場，加布。簡短的回答是「不」。我還要進一步闡述這一點。因此，就我們正在研究的 AmeriGas 表現不佳的資產而言，它並不排除任何資產潛在的剝離。我也想明確一點，另一方面，它也不排除國際上的資產交易。

Yeah, so I think, Gabe, adding to that. So any sales, and as Sean mentioned, this doesn't preclude anything, would really just accelerate the pay down of that intercompany note. And we will continue to look at the portfolio and look where we have the right level of density and competitive advantage to the extent that we don't have the right level of density and we're just kind of a me-too in some of these markets, then I would evaluate those for divestiture.

是的，所以我認為，加布 (Gabe) 可以補充這一點。因此，任何銷售（正如肖恩所提到的那樣，這並不排除任何事情）實際上只會加速該公司間票據的償還。我們將繼續審視投資組合，看看我們在哪些方面擁有適當的密度和競爭優勢，如果我們的密度水平不夠高，在某些市場中只是跟風，那麼我會對它們進行評估，考慮是否剝離。

So we have a lot of analysis we've done around that. And our thoughts around that are getting pretty crystallized at this point. So it's something that we'll continue to work towards as well.

因此我們對此進行了大量分析。我們現在對此的想法已經相當明確了。所以我們也將繼續為此而努力。

Thanks, guys. And then if I can maybe follow up. You mentioned Bob in terms of the performance of the winter and how well you've done operationally. But can I have a drill down in some of the cold weather we've experienced here in January, both how you feel in terms of how AmeriGas has been performing and handling, maybe capturing some of the opportunity from higher degree days, and then also clearly marketing benefits from that gas market volatility, how that business has maybe performed in the quarter, given some of the wholesale gas market volatility that's been out there?

謝謝大家。然後我是否可以跟進。您提到了鮑伯的冬季表現以及您在營運方面做得如何。但是，我能否深入了解我們在一月份經歷的一些寒冷天氣，您對 AmeriGas 的表現和處理方式有何看法，可能抓住了高溫天氣帶來的一些機會，然後顯然從天然氣市場波動中獲得的營銷利益，考慮到批發天然氣市場的一些波動，該業務在本季度的表現如何？

Sure. So I think on the AmeriGas side, we certainly have benefited from the colder weather in January. I would say it does strain the system in AmeriGas with some of the issues we have in our business processes. So we're doing okay, but we have room for a lot of improvement. And as you notice on the one slide in the deck, so it's slide 5, where we talked about five key areas that the business process needs to improve. And that's so we can handle months like January better than what we did.

當然。因此我認為，就 AmeriGas 方面而言，我們確實受益於一月份的寒冷天氣。我想說的是，我們的業務流程中存在的一些問題確實給 AmeriGas 系統帶來了壓力。所以我們做得還不錯，但仍有很大的進步空間。正如您在幻燈片第五張上看到的，我們討論了業務流程需要改進的五個關鍵領域。這樣我們就能比以前更好地處理一月份這樣的月份。

So again, I think we've performed relatively well, but there's substantial room for improvement. And that's going to be the focus of Mike and team for the balance of this year and get us in a better position to do even better performance as we approach next winter. So this is the time where we really have to make a difference on how we run the business processes.

所以，我再說一遍，我認為我們的表現相對較好，但仍有很大的進步空間。這將是麥克和他的團隊今年餘下時間關注的重點，讓我們在明年冬季來臨之際能夠處於更有利的位置，取得更好的表現。因此，現在是我們真正必須改變業務流程運作方式的時候了。

On the natural gas side and taking advantage of volatility, to the extent you have extended periods of cold, basically the utility is taking virtually all of the gas from energy services. And to the extent it's more short, brief bouts of cold, then we do take advantage of volatility in the marketplace. So what we saw in January is a bit of both. So we'll see in some opportunity there on volatility. But first and foremost, make sure we meet our obligations to the utility.

在天然氣方面，利用波動性，如果出現較長的寒冷期，公用事業公司基本上會從能源服務中獲得幾乎所有的天然氣。如果寒冷天氣持續時間較短，我們就能利用市場的波動性。因此，我們在一月份看到的情況是兩種情況兼而有之。因此，我們將在波動性中看到一些機會。但首先，我們要確保履行對公用事業的義務。

And I think one of the best things I can say about the utility over this cold snap was when talking to the team out there where they're sending near record send out of gas demand operationally, everything was calm in place, executing well safely. So kudos to our utility here in Pennsylvania and to West Virginia in dealing with extreme cold weather and doing so in a way that was seamless to our customers.

我認為，關於這場寒流，我能說的關於公用事業的最好的事情之一是，當我與那裡的團隊交談時，他們正在以接近創紀錄的速度輸出天然氣需求，一切都很平靜，運行安全。因此，我們賓州和西維吉尼亞州的公用事業部門值得稱讚，他們應對極端寒冷天氣，並以無縫的方式為我們的客戶提供服務。

Thanks, Bob. And if I could just squeeze one more question on midstream. Can you maybe expand a little bit on the midstream margins being a little bit lower here on year? Is that a little bit lower volumes due to depressed gas prices, maybe some MVCs expiring and kind of what you're expecting there? And then also the allocating additional capital to the acquisition you made there, is that something that is active and ongoing? Should we expect, are you looking at potentially more deals and consolidation opportunities there?

謝謝，鮑伯。如果我可以在中途再問一個問題的話。您能否稍微詳細說明一下今年中游利潤率是否比去年略低一些？由於天然氣價格低迷，運輸量是否略有下降，或許是一些 MVC 即將到期，這是您所預料的嗎？然後還為您在那裡進行的收購分配額外資本，這是積極且持續的事情嗎？我們是否應該期待，您是否正在尋找潛在的更多交易和整合機會？

Yeah, Gabe, I'll take the first part. So we'll talk about the margin and everything in terms of the margin in general was baked into our guidance, was anticipated. We did have one contract, where we renewed at lower pricing. That actually happened last year. So there was some impact last year. Obviously, it's embedded into our guidance this year.

是的，加布，我選第一部。因此，我們將討論利潤率，並且有關利潤率的所有內容總體上已包含在我們的指導中，並且是預期中的。我們確實有一份合同，以較低的價格續約。那件事其實去年就發生了。所以去年還是產生了一些影響。顯然，它已融入我們今年的指導中。

In terms of, I'll remind you, we have a generally about a seven-year tenure on average on our contracts. And we don't have -- there's stuff being renewed, but we don't see any massive risk or any specific risk in terms of pricing. Matter of fact, in that area with what's going on, we may even see some opportunities with the demand increase for some better pricing. So that was part of it.

在這方面，我要提醒你，我們的合約期限平均約為七年。我們沒有——有東西正在更新，但我們沒有看到任何巨大的風險或定價方面的任何特定風險。事實上，從目前的情況來看，我們甚至可能會看到一些機會，即需求增加以獲得更好的定價。這就是其中的一部分。

We did sell Hunlock. So when you're looking year over year, we had those earnings last quarter. We don't have those earnings from that asset this quarter. And then capacity management was down a little bit. So you talk about the opportunistic, you know, ability to make some margin. That's the one that probably wasn't in the guidance, but it was not material. So all in all, most of this we had baked in, the Hunlock, the contract expiration. But we still feel pretty good about the year as we look forward on the margin for the midstream business.

我們確實賣掉了 Hunlock。因此，當你回顧去年同期時，你會發現上個季度我們獲得了這些收益。本季我們沒有來自該項資產的收益。然後容量管理就稍微下降了。所以你談論的是機會主義，你知道，獲取利潤的能力。這可能不在指導範圍內，但也不是重要內容。總而言之，我們已經考慮到了大部分因素，例如 Hunlock、合約到期等。但我們對於今年的業績仍感到十分樂觀，因為我們對中游業務的利潤率抱持著期待。

And Gabe, appreciate the question on energy services. And first on the superior acquisition, all of that was financed at the JV level. So it didn't utilize any of our capital capacity as a pair. But in general, as we look at opportunities in that territory where we see a lot of interest from third parties with data centers and new power generation and the like, and then also combine that with the fact that a lot of the infrastructure funds that own pipelines and storage that get near the end of life, which was the situation where the funds got near end of life, which is the situation that we had here to the extent we've got synergies and it touches our existing infrastructure, these are good opportunities for energy services.

加布 (Gabe)，我很感謝你提出關於能源服務的問題。首先，關於優質收購，所有融資均在合資企業層級進行。因此它沒有利用我們作為一對的任何資本能力。但總的來說，當我們在該領域尋找機會時，我們看到很多第三方對數據中心和新發電等感興趣，然後結合許多擁有管道和儲存設施的基礎設施基金的使用壽命已接近尾聲這一事實，這就是基金使用壽命已接近尾聲的情況，這是我們目前所面臨的情況，在某種程度上我們已經獲得了協同效應並且它觸及我們現有的基礎設施，這些都是能源服務的良好機會。

So they will continue to be looking for those opportunities. And assuming it meets our threshold for returns to add economic value, that we would pursue those opportunities. So we'll continue to look from an opportunistic point of view in the area and strength when it makes sense for us to do so.

因此他們將繼續尋找這些機會。並且假設它滿足我們增加經濟價值的回報門檻，我們就會追求這些機會。因此，當我們認為這樣做有意義時，我們將繼續從機會主義的角度審視該地區並發揮實力。

Great. Thanks, everyone. And go Eagles.

偉大的。謝謝大家。加油老鷹隊。

Yeah, I hear you.

是的，我明白了。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Bob for closing remarks.

謝謝。女士們、先生們，我表示隊列中沒有其他問題。現在我想將電話轉回給鮑勃，請他作最後發言。

Well, thank you for your interest and participation in the call. Just leave with a couple of thoughts. First, on our natural gas side of the business, as I was just mentioning, we'll continue to be opportunistic and look for those investments that can drive further returns for the business utilizing our scale and our location out there.

好吧，感謝您對此次電話會議的關注和參與。只留下一些想法。首先，就我們的天然氣業務而言，正如我剛才提到的，我們將繼續抓住機會，利用我們的規模和地理位置，尋找那些可以為業務帶來更多回報的投資。

There'll be a relentless focus on performance and safety and for our natural gas utility, both in West Virginia and in Pennsylvania. It's just critical for us to make it a seamless a seamless delivery to our customers and recognizing -- getting the recognition of the Cogent Award for customer service, something that we watch closely.

我們將始終不渝地關注西維吉尼亞州和賓州的天然氣公用事業的性能和安全。對我們來說，向客戶提供無縫銜接的服務並獲得認可至關重要——獲得 Cogent 客戶服務獎的認可，這是我們密切關注的事情。

On the LPG side. Again, we're going to just make sure we're performing as well as we can. I think International is doing a very nice job running their business. And on AmeriGas, we're at the beginning of a long journey here for calendar 2025, but we have the structure in place. We know the areas that we need to target. And we feel we can really drive a lot of value in doing so.

在液化石油氣方面。再次強調，我們只是要確保我們能表現得盡可能好。我認為國際公司在經營業務方面做得非常出色。對於 AmeriGas 來說，我們才剛開始為 2025 年制定的漫長旅程，但我們已經建立了結構。我們知道我們需要關注的領域。我們覺得這樣做確實可以帶來很多價值。

So with that, again, I thank you for your interest and look forward to further conversations.

因此，我再次感謝您的關注，並期待進一步的對話。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。