UGI - Earnings call transcript Q4 2017

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Operator

Good morning, and welcome to the UGI Corporation and AmeriGas Partners' Fourth Quarter 2017 Earnings Call. [Operator Instructions]. Thank you. I would now like to turn the call over to your host, Mr. Will Ruthrauff.

begin. may You

William Ruthrauff

President morning, With Good AmeriGas thank for and Jerry you Kirk and AmeriGas Thanks, Walsh, John today everyone, are us. President Sheridan, Corporation; UGI me CFO of of CEO Hugh joining of Oliver, Propane; UGI. Krista. CEO of and and Gallagher, Propane; CFO

to results forward-looking because from of me believes certain non-GAAP to extensive management annual risks describe let in could no measures begin, the appendix our results. for list using today's we to assume expectations. XX-K our that factors to which our comparable circumstances business only. Reconciliations measures. you available We affect that are an significantly, to and on comments that report measures predict. our that are reasonable statements, events as the may We'll today reflect and uncertainties GAAP Before Please or presentation. Form forward-looking also remind different our update will of these earnings date Actual of of include differ statements certain financial difficult be duty release or read of revise are

me call the let to over Now John. turn

John Walsh

progress very strategic We're UGI will again and 'XX outlook, Kirk, you've over full to and morning, earnings the during it XXXX, reviewing share detail our Good once more guidance Will. fiscal by briefly critical weather. cover UGI comment report a fiscal fiscal on on turn face results hope projects. in review and provide per I'll to financial and that achievements and fiscal to Thanks, for I'll I all on our AmeriGas' call. our year UGI's of press welcome for to then record reporting performance. chance warm had and who'll 'XX pleased Jerry releases conclude performance AmeriGas. 'XX I'll

prior adjusted the record EPS achieved Both $X.XX. of significant our which make our $X.XX, pleased to and was Europe, onstream, unsettled Fiscal another the We adjusted we was the later we on GAAP ACE have Midstream valuation at 'XX The while EPS deployed as of in and our of a last was with with the other cover was $X.XX for year year been We of brought XX% over will new grew our progress mark-to-market operations full EPS adjusted such consistent the above performance expansion initiatives, of Our $X.XX, base our to year. the commitments our particularly adjusted EPS our information and accounts at demonstrates the our in investments the hedges We Kirk AmeriGas very assets Europe. made Utilities. determination and of national for new infrastructure businesses the critical performance operations call. items on pleased in the customer Marcellus earnings superior delivered were resiliency primary shareholders. XXXX. past were and UGI. that This on deliver of XX progress strategic system months expanded Midstream years in

by final and Marketing we're UGI's project in from initiatives. in LNG progress year, certificate. key and QX. few significant Manning, on unit and liquefaction expense through The FERC income earlier midway EIS the season. 'XX capital margin of outstanding of the working control, made enabled awaiting The we winter the fiscal as continued peaking unit this it's in received final construction fee-based customer Pipeline completed our our is performance prepare Sunbury focus the and Pennsylvania, strategic began achievements. completed comment year our management with service had I'd We PennEast on strong growth. for consistently baseload its Our Midstream the briefly to new organic the & year We an on like delivery management, team our

We expect the Pennsylvania, by of of areas to construction Jersey XXXX. and constrained of will commence capacity end New serve which PennEast,

customers, had infrastructure as added program key Utility executed a new capital Gas our customers XX,XXX -- record approximately and fiscal very 'XX. Our our execute replacement residential busy levels and 'XX. upgraded We extensive heating commercial systems. added in we fiscal deployed We new of

will Our successful replacement in fiscal margin information 'XX, busy strong to those record based of for successfully on accounts we've but regions. detailed our over AmeriGas' year and and 'XX. national accounts. infrastructure QX. new foundation comment months, performance Texas the following and provide ACE like very ACE our with cylinders the for strong programs team remain All did the continued volume also we We programs. established job major very progress demand upgrade track, Florida, unprecedented a another past review UGI team. on and hurricanes new a ACE customer for International year. in impacted Utilities signed XX a all, outstanding transitioned responding and Jerry fiscal national I'd to in a system an on in And gross to for had and business that the and The delivered

of flow was Our exceptionally earnings financial and performance strong. cash in both terms

marketing expanded addition, and acquisition in enhanced program Netherlands. with gas our LPG in with natural we and and In our Sweden footprint the the Italy, acquisitions significantly power DVEP

job and an to outstanding leadership continue integrating growth businesses. opportunities team attractive Europe, in our has these find done We

EPS year focus our attractive This ability noteworthy clear investments. over of our UGI, all the international final on in identifying Finagaz France delivered while enabled for making while for that the the X was progress entering Our market strategic and and to evident impact Fiscal adjusted conditions, as We've maintaining acquisition positive the long-term exceeded by the stages of or investment acquisition. in of team is broad the past of integration review growth the that X-year for when a challenging we range highest you our targets Finagaz the years. history, our on performance met address securing a was opportunities. is business program team's performance 'XX

activities and our excel customer strategic to building it critical commitment our I'll capabilities this safety, to I'd service, outlook most 'XX return on our we turn the operational comment financial maintained Kirk initiatives, the and but over to fiscal core review. Kirk? for like to point at undertake, efficiency. in also We

Kirk Oliver

Thanks, John, everybody. morning, and good

a adjusted As company 'XX than higher extinguishment out John losses to adjustment and slide, in the $X.XX was out record earnings coming $X.XX acquisition. then loss with commodity Finagaz $X.XX the the year pretty after-tax derivatives unrealized integration Starting foreign debt to mentioned, AmeriGas straightforward. year. per currency EPS on this and of fiscal expenses with with back $X.XX, On the of for add which of We at GAAP of for strong we year related are we've GAAP back laid share, a refinancings level earnings, $X.XX $X.XX $X.XX for unrealized on on derivatives. gains add associated back last

tax Finally, in UGI's strong quarter. of in benefits we back of highlights the and that diversity of chart a This out French first redeployment cash growth rates flows. the the occurred by reduction our onetime benefit the driven

was from over base tax items weather from colder international, utility, than earnings of prior largest than firm customer new than delivery. rates growth base the normal, year and still that increase and delivered contributors UGI at large year warmer which synergies the was which its The the Utilities, higher its Finagaz that prior significantly the certain year, margin benefited the prior $X.XX benefited and were were to biggest the from company Although, year. XX% higher

a Turning in higher minutes. to $XXX reporting LPG business. few more AmeriGas the million Jerry the in first side of is adjusted the prior detail million, AmeriGas results year. of EBITDA $X discuss than will

highlighting right International, the than the column and UGI results before to For cost the of we as $X in adjusted that acquisition $XXX compare the the more of slide, compared that in to $XXX increase million, of achieved offset operating expenses, the million years to reduction year. $XXX and respectively, in These fiscal $XX in lower significant due income excluding contributions was of 'XX, closed bottom 'XX prior million the Finagaz taxes million XXXX. transition shown million in This margin. clearly

million benefited should this some UGI shows income taxes from year. a Although, a results income approximately I prior net tax the higher credit about million $XX foreign $X.X refund $X than items adjusted of cash-related year. Most to the in Slide the million, contributed XX line, that International million to reserve release $XXX.X and note that also of tax of France before notably, of

related Midstream year gas taxes gas management, assets. gathering our generation to The to Utilities environmental and $XX related pension posted expenses before Depreciation Turning higher service was expense expenses a Marketing decreases weather depreciation reflecting down primarily reflecting incremental remediation to natural the income Depreciation the insurance reflecting nearly year. throughput businesses. gas last contributed customers impact was growth. margin. margin offset $XX adjustments & has by prior $X increased $XX and than contributed onetime peaking marketing million, year. with $XX prior electric expansion higher The of base increased delivery an absence and expenses margin of the capacity market increased by up year contributing income higher higher $XXX Sunbury approximately other Gas, that offset the customer storage the from primarily large income and higher X.X% in AFUDC accounts million expense margin million, and related before and now PennEast project colder benefits, of capital due about was pipeline about $X which and $XX services was that in million depreciation million at natural to Total about increased $XXX was to million core natural reflecting as and higher X%, last and impact settlement. firm XX% reporting the Operating higher and peaking higher Throughput the million, in pipelines. taxes of environmental X% year. to reflecting expenditures versus higher, customer were the million. was than million line or IT prior rates UGI core of of that reduced higher margin employee expense the

core free from highlight XX shows from outstanding rolling operations Lastly, flow. This cash years. value past cash X-year the one periods over cash defined cumulative flow chart UGI, total the wanted to we as of it's CapEx drivers less of the

XX to generation growth see call without that free confident access record us That cash alone, enable can flow grown report concludes proud projects to flow We're over Jerry more You I'll this XX% the over allows The fund turn us years and markets. driving now growth. grow this per firm year continue that the strong will to and the past our dividend his AmeriGas. of of on track in cash for cash and remarks, UGI projects $X.X having equity my has free to X the and billion than years. by generated

Jerry Sheridan

revised the our of right, of XXXX. All guidance XXXX weather Weather record finished with Kirk, fiscal fiscal $XXX XX.X% the XXX third adjusted with normal, EBITDA in XXXX million, fiscal thanks. was in U.S., recorded full the history warmest warmest this the in year year second warmer AmeriGas on $XXX the of years in following than million. making line year for

weather calls, warm controllables, capital As work manage unusually emphasis we liquidity. conditions these noted on is and to our expenses, previous in margins, the carefully

to for Year-over-year, XX% both of reserve was up quarter and the from accomplishment examples. of of the expenses impact were our $X.XXX continued is million over was adjusted planned below the spending Some prior million, $XX environmental fact weather, to in better excluded drive a given of also the with fiscal curtail customer solid and spending third EBITDA. which we cost enable year, the cost Despite service. the year, efforts million to below this spending came the environment. margins year-over-year. the the roll-out technology XXXX excludes $X.X prior due challenges Capital Operating below million $XX $X.X were year, given of pleased out on largely our operating progress level that

$XX with out be optimized taken million distribution of and cost realized Our automated of in our expect savings far, distribution system additional system AmeriMobile has so we to fully XXXX. routing

We this business at amerigas.com. have with online over now doing XXX,XXX customers also

also strong results. to thrusts continued Our growth deliver

over X%. national a the accounts up despite with program strong had weather year Our very volume

increased Our earnings years terms record X%. Exchange accounts Cylinder over contributions. Exchange volume program had and AmeriGas Cylinder Both AmeriGas also both volume national of in and

from million X assets. We to also funded X expenditures through for this underutilized proceeds the or completed the of acquisitions cash, adding sales company. million the And acquisition excess $XX gallons year $XX million of annualized we in

capabilities fiscal will to progress we've thrust front optimistic the ahead line strong We results, upcoming technology and growth looking believe and about our in our we're Now the deliver to our made XXXX. enable winter. employees

this that operating million expect to of EBITDA X% to weather, previously given We capital used our a We the we range accordingly. this an $XXX believe it's assumption XX-year the and note XX-year is sheet normal about our important expectation guidance. million, more staffing going forecast of and adjusted positioned is and which than of is that prudent normal forward, guidance in report conditions. on developing weather normal warmer expenses, in balance allocations $XXX And change to based

X,XXX of to refinancing no Thank all but California. and we've were maturities Yesterday, Although experience this XXXX, outstanding commitment standby of our on on to noteworthy current mentioned, Particularly and weather, the as to the X-K our development a There B reducing at the as assets should commitment in sheet sponsor, turn Texas during equity these we by the our year. back years. consecutive to A steps our as new I'll evident over AmeriGas' the time, the warm bring warm the draw of the performance, a our call pleased balance and as June well In offer, customers agreed points, ensure partnership we positive Class would the offset strong difficult up the resources you. wildfires to this morning. year. taken we The fiscal to Florida, hurricanes basis equity key common agreement we view and support commitment, reported normal while impacts completed over rates million outlined our of our to our investors as record debt option, this we have this units that equity great ability John in recent and to as a equity recently on flexible average a interest standby business. at commitment team, scale for X debt announced $XXX help the to want sponsor our we're Form third extending Earlier XXXX. plans are the resilience final through and the for XXXX in security in of past UGI and in events. slide, have XXXX. are enter on disposal it long-term examples. winters through provisions UGI and this thank very of actions XXX closing, this is AmeriGas to through I at their our welcome customer to providing these strong, partnership X may commitment in over significant supply energy, entire whereby We was John. service both to And couple to underscores

John Walsh

Okay. Thank you, Jerry.

'XX for of and fiscal the We our for service 'XX assumes guidance UGI XX-year Our used across $X.XX to weather all fiscal $X.XX territories. our of basis as in volatility our normal normal businesses. weather guidance

our We've this new to increase. year significant progress strategic in long-term XX% strong range versus warmer fiscal the weather average, X are the already X% our than resulting CAGR assumptions X% utility our are growth XX%. an drivers investments made fiscal With the Contributions This our the businesses. where to recent The our strength our XX-year with over end EPS a XX% exception of we key strategic momentum. organic top increase XX-year from our fundamental weather of of XXXX the fiscal a the EPS We've in prior investments represents using in earnings XXXX to our noteworthy per years, 'XX this share. results normal business, to assumption. past is and updated year-over-year of demonstrates target, businesses on average EPS year growth, approximately X% midpoint above guidance growth weather of that entered of 'XX

exceptional We of in development. pipeline investment opportunities have high-quality an

of is on in the our right-hand and development and ever 'XX, years, our strong in for the execution in earnings scale and confidence is stronger of portion continue XX. deliver ability This to reach than in to provides with due us Our portfolio shown businesses. reflected of future in graph strength projects guidance our to as growth fiscal Slide the great

we'd reinvested commitments repurchases. and for is and growth our growth $XXX remaining The reemphasize year our shareholders of to XX% businesses. and X% in million flow, the to remarks, noted to dividends about generates business cash back earnings future, per his our dividend $XXX million as EPS which over which of This deploying engine. to like to maintenance very given CapEx, is strong in X after XX% dividend growth Kirk growth, stock XX% approximately exceeded supports to combination have Looking X% the past we cash The through years.

Turning back growth to our drivers.

demand the across end-user series pipeline significantly Midstream positioned peaking Our adding investments network. these investments teams the both in growth and a infrastructure demand pipeline UGI new This for has storage very expand LNG in of as underpinned LNG expand in and execute and services. diligently invest both New gap. develop network Mid-Atlantic and working increased continue our region strong address Utilities our vaporization our and and critical strong We're systems in that segments uniquely to has and demand gathering see gas to this we by England. UGI to to units Marcellus Mid-Atlantic the is liquefaction

earnings. and approval this on of the and The X and low-cost regulatory which storage Marcellus their augment transport point supply for the LNG Just network demand final This extended and We've the Rockdale's Based majority and in the to in and looking of will Eastern our partner resulting production Northeast natural Mid-Atlantic Pennsylvania existing million continued We're growth LDCs almost gas support last for from fully acreage announced Central stressing This nicely serve timelines will another New vaporization assets services. schedule execute ensure our week, natural at rapidly investments. for is peaking demand by $XXX our are of the to PennEast for where be companies demand Gas end and accretive on high in more services Northeast level additions of demand for capacity One these in just growth. in pipeline to fit and Pennsylvania meet The customers portfolio final we region can the local to pipeline strong for the with the past awaiting Northeast. we adding Holdings. system peaking that immediately the LNG fees on pipeline the our replacement Jersey. under reflects XXX-mile approval these to we're the the gathering project, deployment major the to PennEast LNG Northeast. units for PennEast Texas peaking. North to projects needed capacity field significant with Rockdale that construction in our network in network. Midstream storage permitting, our This Shell's revenue streams gas LNG from the for with FERC in demand expect These over the Capital infrastructure Pennsylvania. fee-based Creek, gas we are guaranteed. certificate liquefaction we followed infrastructure key Mid-Atlantic current is and growing Mid-Atlantic are upgrade acquisition than XX the record and of months, commence of a new doubled construct programs invested Pennsylvania with increasing and Central Utility and customer and subscribed, capacity. reached XXXX. to badly acquisition other

years next over Utilities the We CapEx to spend exceed billion. expect total $X.X X at

step high Our achieving maintaining team customer has UGI in services. project very this an exceptional at of execution, while job Utilities levels done of change

us fiscal well the to continued generate service of of the flow accounts to AmeriGas' contributions provide enhanced assumes UGI strategy. of investments. reflects utilization regardless This to UGI up equity ACE the to in a execute the for of have the on International and to will from if able AmeriGas in 'XX and as fund areas a and as capital, business are guidance gas ability ensures our 'XX next our million our standby and its acquisition execution that critically to pleased fiscal Total's the customer tools. logistics million $XXX EBITDA push growth for DVEP's we to in national access seasons. AmeriGas that businesses $XXX Italy commitment over of European businesses, businesses where AmeriGas $XXX Netherlands. level important integrating particularly significant to crucial growth return potential International, enters significant cash guidance of million is fully our in is LPG programs weather strategic X the in to normal to and in in LPG need power This for the UGI's additional was and natural with as Our marketing of focused UGI boundaries the business Both growth free reflected and support investments EPS growth. our the contribute winters. will upcoming UGI's weather we exciting arises winter be

with the delivering since of teams remarks to and year-in impacts job weather while year-out done EPS. flow fund with start today in additional the strong these sheet our leverage I've another my UGI delighted X is year for the UGI spare new active and operations, X our for face investment of updated our on strategic 'XX expand strength investments. an to We're have fiscal businesses you acquisitions, opportunities. new was we're joined significant record references of in to on continued we'll varying base projects future key We limited looking teams have to with as quality to progress weather objectives delivering Our that the capacity of that keep go balance Fiscal important, support we year conditions. milestone calls. intentionally to these and range the beyond case, and identify investment outstanding core capacities new performance delivering of positions cash full our with my these crucially although new

UGI's long we're while discipline from the been XX days, performance. of over seen retaining you've our As businesses, hallmark the past developing opportunities new the has across that announcements a actively financial growth

company. and our take concluding of analysts moment Before investors drivers wanted our remind a our the key to of to I value call,

growth continue by balanced dividends We adjusted of income investment, X-year and offer as of to EPS X%. growth of our rates evidenced and XX%

generation million our and We we businesses highly cash ensuring further million strategic after drive but ensures we expenditures are that on our disciplined investor's to have to Our identifying of ourselves strong stewards capital not $XXX invest maintenance adequate investments, in $XXX pride growth. annually capital. CapEx of only

focus over and growth accretive been annual the executing delivering has a the on return key XX years. total Our identifying project past shareholder highly -- have XX% been to

Finally, on looking behalf of our teams With at you updated both questions. commitments outstanding that, keeping our UGI an and AmeriGas, in I open year. to to for back can future We're your say the position earnings with Krista, on who'll it call turn confidence that I'll progress our the up we're forward deliver for on to over throughout growth.

Operator

Instructions]. [Operator

comes line first the from Chris Sighinolfi Jefferies. question of Your from

Christopher Sighinolfi

it you sort still other create And just that How specifically, Or market of for in states? easy PA, what you other I you just mobility I talking and translating Temple sense about a of customer accomplished were is I'm can Pennsylvania the is guess, in -- some and me services to that we we've us in effects And the in from? prepared you some where the investment over gas sense Is with of having of some that's New Steelton. that customer that demand that offer. in peaking Pennsylvania I guys is Manning regions? those you on to DC, give coming years about lot demand think Maryland, curious, some the of gas was guess, how how a in the of focused? the of from in walk and curious, -- remarks guess, know of some the and the I seen the York? constraints Mid-Atlantic, you've how infrastructure the

John Walsh

demand, gas have that, portfolio Sure. all a been Yes, as happening meet increasing few demand. is is, of happy or what's projects core Yes, LDCs plan certain canceled, for to been supply that is, us, deferred to what their most Chris. increasing do as

particularly And come is there's straightforward to can most with a And the if have pipeline and up alternative there's of an to infrastructure the and at a us. and longer And you're with one exists, You vaporization, solution We're solutions. solution region. simplest Northeast rely no solutions. working it's LNG. that primarily of -- storage of LNG across looking LDCs on, East network the you existing

investments the capacity many in be in storage additional are which seeing. growing most liquefaction of existing of network most manage involved and York the to of of on the constraints can example, there just LDCs of work that we're other on to or of And of gas, terms with natural party. basically is terms to New in support develop other behalf of business, for actively demand we, and us partners a in New where region I supplement for in and described, And that England, to are the doing going we're New LNG supplement with Jersey, potential third service the and in discussions So be existing being delivery form -- take parties straight an that could to could take positioned and or LNG somewhere vessel forms the felt. our all

Christopher Sighinolfi

boundary, involved. gets federal Does all? is pipeline know at regulation that there state the complicated and I it traverses get oversight

still have liquefaction you same a guess, that the If -- straddles I business that's liquefaction same get interstate? -- in avoid business a is it would in way? complicated Or -- that that lines, the does

John Walsh

you LNG. facility good infrastructure a decades at there X -- as and it's to and both Yes, straightforward longer -- the required there pretty have to that's probably LNG also units, permitting throughout for question. transport LNG a regulatory is least region. extensively But pretty that's are sight and this approvals used Certainly, been

the to early LNG back dates facility Our original XXXXs.

tend -- required, that are production sighting So many it's process a a there support. particular of to that and other it's and but that's permits a unit, approvals of is for permitting well-established required. There's transportation There years, frames are years. mode time in pipeline interstate than for to their demand meet process, X X trying be years, the helpful which forecast to X much very -- shorter portfolio is LDCs plan are when

Christopher Sighinolfi

it's help couple financial have All with AmeriGas that right. I interesting the discussed in color. we've about more are IDR need it? to you think don't Okay. might just a think the as your standpoint? if you the I like refine of we plan get is Obviously, warm merger Is facility. it to so gears to at exceptionally come I'm drag. to comments avoid heard parent? I guess, see And Jerry, on the under from you Is utilize lack drawing about you Well, it. on may looks, devised acquisition Or flexibility guess, the how on I some facility, experience facility I questions. the for Switching the it with a can familiar least, plan bear a what less today, helpful curious, execute that I guess, quickly conditions there was an you real how that past that another that which to winter? could

Jerry Sheridan

the really against warm warm limitations purpose reason wouldn't winters. it another place Otherwise, winter the of no series Sure. of -- really and/or There's usage to was we only the That on it. hedge it. have in needed it, was but of the putting for

John Walsh

projects all they're impact are strategic we make, keep I'd programs positive on challenging of comment both forward the results And winter, on can underway about -- see Jerry if on AmeriGas, as because new service other those efficiency. feel deployment operational that in you good all Chris, very happened having. move we track, and to and the and have or one really are technologies noted, is And we that's want having our and critical, a they customer

want that of if to on on. strategic sort to and another that we stay available us layer path provides capital just needed enables this So stay of

Christopher Sighinolfi

of Well, There's been at UGI from broadly has least my to business, the lot least at and discussion across point. the that more vantage MLP sponsors AmeriGas solidifies commitment a about of GP happens types unitholder, what in required? like the is flexible to support that way beneficial those is the done a when avoids concerns? so that not seems structure And this always LP

John Walsh

Yes.

Christopher Sighinolfi

a if have One Okay. search. CFO update questions, your could. I an more is just on couple I

John Walsh

leaving be we've early underway. search CFO hard announced events We're in XXXX, made the date. those line, we're have Kirk's time so progress Sure. working to is he'll aligned. to with And pleased we've

good the making the I'd is characterize progress CFO search. we're So way

Christopher Sighinolfi

Okay.

stipulated you correct without -- a Is it, period where in I where that that given you the an seen departure? past, goal, Kirk's announcement a is the Or before have assume is to time the likely have So not think we CFO. that calendar? that's but gone it had the of might guess, timetable are I in guys guys for we that we've on

John Walsh

person we're or well role, it's looking I Obviously, the goal and process, to any diligently -- minimize the we right or the have wouldn't and find make to likely say sure unlikely. is gap a for the into looking and not gap.

that's aim goal, we'll which for. So our

Christopher Sighinolfi

years just end wondering you January. from modestly of around replacement been -- used had over the you John, which or authorization, I share I at renewing Okay. believe board Anything was the that the it? to that? -- And expires X effects. is to authorization final repurchase -- or X authorization that just X thoughts was or a almost been meant facility considered place on it has put dilutive question that Obviously, nearly me, ago in have the facility last years. offset has

John Walsh

Sure. I'll Kirk. let

Kirk Oliver

we do we'd $XX or million? around $XX the there, million probably to re-up Yes. is so that would was initial million, plans there And probably Yes, Chris, size, ahead change split? I anything think, that. no $XX a and go there was so

John Walsh

Yes, I'm sorry.

Kirk Oliver

Yes, yes.

$XX was million a there split-adjusted So on basis.

some the we to things, marketplace would bit coming that. and plan calculation and related So the to the because tend it probably EPS comp be We have stock other is to that in you lower so to plans price the re-up we should go just use aggressive shares primarily more if and try little get a than be. -- that a we'll of little in think or up to soak diluted

we an that's So of it. or not anything. with stock plan do repurchase aggressive kind It's what

John Walsh

strategy Kirk there, so Just it's and intent, the is as unchanged. our outlined,

Operator

question the from Citigroup. next from Merrick Your comes line Buck of

Unidentified Analyst

I offset looking factors somewhat the you premium to putting over place In IDR your that avoid that's by issuance I yield. fact say, in but what were common before in unit commitment regards -- utilizing at the that payment you on equity APU, get the the that you'd that were market. public the the to pay conversion, requirements the mean, versus, commitment

your specific thought close putting color what the on might at place? you Or for that just looking So I some market was for just more facility looking reasoning that public you? in to

John Walsh

before, I as it moment. said the Well, at we don't need really

obviously, at slight be a We look backstop not have it's puts weather obviously, offer the this and and or thing, an issuing a may -- really We $XX actually in draw at it something. that we that's, the more So it's easier, much to would sponsor us away. to on was us. because a and an would wouldn't draw on premium having if use where opportunity to right public convenient, action markets may don't as we million increments pressure didn't needed

So vehicle this us. for much is a better just

Jerry Sheridan

has couple And extremely over MLPs, Provides one the of the years. if the of AmeriGas market, with through certainly, a the AmeriGas been of lot highest-performing last look It's flexibility. at public performing well. you AmeriGas MLPs top lens of X highest-performing

AmeriGas So the I agreement think, it's AmeriGas view of needs what without I it continue favorable, needed. if public this just reached on being provides strategy flexibility, its execute not we is think quite to the but that burdened to --

Operator

the to in this currently no We have presenters. I'll over Instructions]. queue [Operator call the at time. the turn questions back

John Walsh

you quarter. And talking Okay. on Thank your Thank this again next of our appreciate all you We to to much. time call and very much. attention morning. look forward we very you

Operator

This does conference conclude call. today's

disconnect. may now You

UGI (UGI) 11 Nov 172017 Q4 Earnings call transcript