Exhibit 99.2
Second Quarter 2013 Earnings Conference Call May 1, 2013
Jerry Sheridan
CEO of AmeriGas
Q2 Adjusted EBITDA
Adjusted EBITDA*, $ Millions
$350
29% over Q2 of Fiscal 12
$300
$250
317.6 $200 246.0
$150
2012 2013
* | | See appendix for Adjusted EBITDA reconciliation |
May 1, 2013
Operational Update
Operations
Weather: Warmer than normal, much colder than LY
Volume up in line with expectations
Lower COGS, Mt. Belvieu prices down 39 cents, or 31%
Growth Initiatives
AmeriGas Cylinder Exchange (ACE): Volume growth of 6% y/y, results muted by a colder March
National Accounts: Volume increased 14 MM gallons y/y, 22 MM gallons ytd
Acquisitions: No acquisitions closed during the quarter
May 1, 2013
Guidance & Heritage Update
FY13 Guidance remains $620MM—$645MM, trending toward the midpoint
Final stages of Heritage integration: Planning to consolidate over 200 stores
Increased estimated transition expenses for the year by $5 MM reflecting additional severance costs
On track to realize at least $60MM in total net synergies
May 1, 2013
Distribution Increase
AmeriGas: Distributions per unit
(excluding special distributions)
$3.40
$3.20
5.4% CAGR
$3.00
$2.80
$2.60
$2.40
$2.20
$2.00
2006 2007 2008 2009 2010 2011 2012 2013
May 1, 2013
Q&A
Appendix
AmeriGas Supplemental Information: Footnotes
The enclosed supplemental information contains a reconciliation of earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA to Net Income.
EBITDA and Adjusted EBITDA are not measures of performance or financial condition under accounting principles generally accepted in the United States (“GAAP”). Management believes EBITDA and Adjusted EBITDA are meaningful non-GAAP financial measures used by investors to compare the Partnership’s operating performance with that of other companies within the propane industry. The Partnership’s definitions of EBITDA and Adjusted EBITDA may be different from those used by other companies.
EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (loss) attributable to AmeriGas Partners, L.P. Management uses EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes or historical cost basis. Management uses Adjusted EBITDA to exclude from AmeriGas Partners’ EBITDA gains and losses that competitors do not necessarily have to provide additional insight into the comparison of year-over-year profitability to that of other master limited partnerships.
In view of the omission of interest, income taxes, depreciation and amortization from EBITDA and Adjusted EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners, L.P. for the relevant years. Management also uses EBITDA to assess the Partnership’s profitability because its parent, UGI Corporation, uses the Partnership’s EBITDA to assess the profitability of the Partnership, which is one of UGI
Corporation’s industry segments. UGI Corporation discloses the Partnership’s EBITDA in its disclosures about its industry segments as the profitability measure for its domestic propane segment.
May 1, 2013
9
AmeriGas Propane EBITDA Reconciliation
Three Months Ended Six Months Ended Twelve Months Ended
March 31, March 31, March 31,
2013 2012 2013 2012 2013 2012
Net income attributable to AmeriGas Partners, L.P. $ 221,820 $ 133,885 $ 318,485 $ 176,410 $ 153,100 $ 122,063
Income tax (benefit) expense (52) 764 575 1,214 1,292 1,256
Interest expense 41,776 45,045 82,972 61,578 164,035 93,374
Depreciation 37,607 35,351 75,930 56,282 153,873 98,841
Amortization 11,022 9,441 22,050 12,698 44,250 18,978
EBITDA $ 312,173 $ 224,486 $ 500,012 $ 308,182 $ 516,550 $ 334,512
Heritage Propane acquisition and transition expense 5,396 8,138 10,884 11,855 45,216 11,855
Loss (gain) on extinguishments of debt — 13,379 — 13,379 (30) 32,695
Adjusted EBITDA (1) $ 317,569 $ 246,003 $ 510,896 $ 333,416 $ 561,736 $ 379,062
(1) Adjusted EBITDA is a non-GAAP financial measure. Management believes the presentation of this measure provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. Management uses Adjusted EBITDA to exclude from AmeriGas Partners’ EBITDA gains and losses that competitors do not necessarily have to provide additional insight into the comparison of year-over-year profitability to that of other master limited partnerships. This measure is not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. for the relevant periods.
May 1, 2013
10
Investor Relations:
610-337-1000
Hugh Gallagher (x1029) gallagherh@ugicorp.com
Simon Bowman (x3645) bowmans@ugicorp.com
