Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-11071 UGI CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-11071 UGI CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Pennsylvania 23-2668356 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 460 North ...

Financial Performance - For the three months ended June 30, 2019, net income attributable to UGI Corporation was $(1.9) million, a decrease of $54.3 million or 103.6% compared to the same period in 2018[241]. - AmeriGas Propane reported a net loss of $(2.3) million for the three months ended June 30, 2019, compared to a loss of $(11.2) million in 2018, reflecting a favorable variance of $8.9 million or 79.5%[241]. - UGI International's net income increased to $14.8 million for the three months ended June 30, 2019, up $8.3 million or 127.7% from $6.5 million in 2018[241]. - UGI Utilities reported a net income of $6.7 million for the three months ended June 30, 2019, a significant increase of $9.7 million or 323.3% compared to a loss of $(3.0) million in 2018[241]. - UGI Corporation reported a net loss attributable to the company of $1.9 million for the three months ended June 30, 2019, compared to a net income of $52.4 million in the same period of 2018[271]. - Adjusted net income attributable to UGI Corporation for the three months ended June 30, 2019, was $23.9 million, a 58.3% increase from $15.1 million in the same period of 2018[245]. - For the nine months ended June 30, 2019, adjusted net income attributable to UGI Corporation was $421.6 million, a decrease of 14.4% from $492.6 million in the same period of 2018[259]. - UGI Corporation's net income attributable for the nine months ended June 30, 2019, was $307.7 million, a decrease from $694.3 million in the same period of 2018, representing a decline of approximately 55.7%[276]. Adjusted Financial Metrics - UGI management uses adjusted net income and adjusted diluted earnings per share as non-GAAP measures to evaluate overall performance, excluding certain gains and losses[228]. - Adjusted net income attributable to UGI Corporation for the same period was $23.9 million, a decrease from $15.1 million in the prior year[271]. - The adjusted diluted earnings per share for UGI Corporation was $0.13, compared to $0.09 in the same quarter of 2018[271]. - Adjusted net income attributable to UGI Corporation for the nine months ended June 30, 2019, was $421.6 million, compared to $492.6 million in the prior year, reflecting a decrease of about 14.4%[276]. - Adjusted diluted earnings per share for the nine months ended June 30, 2019, was $2.38, down from $2.79 in the same period of 2018, indicating a decline of approximately 14.7%[276]. Revenue and Margin Analysis - Revenues for AmeriGas Propane in the three months ended June 30, 2019, were $478.7 million, a decrease of $49.7 million or 9.4% compared to $528.4 million in the prior year[281]. - Total margin for AmeriGas Propane decreased by $15.5 million to $268.4 million in the three months ended June 30, 2019, down 5.5% from $283.9 million in the same period of 2018[281]. - UGI International revenues decreased by $47.0 million, reflecting the translation effects of a weaker euro and British pound sterling, lower average LPG selling prices, and slightly lower retail volumes sold[295]. - UGI International total margin decreased by $11.2 million, largely due to the translation effects of the weaker euro and British pound sterling on local currency total margin[296]. - UGI Utilities revenues increased by $4.0 million, with total margin rising by $15.7 million, reflecting improved operational performance[306]. - UGI Utilities total margin increased by $15.7 million, but decreased by $7.0 million when excluding the prior year's $22.7 million revenue reduction due to tax savings[312]. Acquisition and Merger Activities - The Proposed Merger with AmeriGas Partners is expected to close in the fourth quarter of Fiscal 2019, with cash consideration of approximately $530 million and the issuance of about 34.6 million shares of UGI common stock[232]. - The CMG Acquisition was completed on August 1, 2019, for approximately $1.275 billion in cash, aimed at expanding UGI's midstream natural gas gathering and processing assets[236]. - UGI funded the CMG Acquisition with $600 million of borrowings under its Senior Credit Facility and cash on hand, with plans for longer-term funding[237]. - The company does not expect the CMG Acquisition to have a material impact on its Fiscal 2019 financial statements[238]. Tax and Regulatory Impacts - The enactment of the TCJA reduced the U.S. federal income tax rate from 35% to 21%, impacting UGI's financial results for the fiscal periods[229]. - UGI Utilities' nine-month net income reflects the credit to customers under the PAPUC's order for tax savings resulting from the TCJA[265]. - UGI Utilities' effective income tax rate for the 2019 three-month period was 21%, down from 24.5% in the prior year[315]. - The effective income tax rate for the 2019 nine-month period was 21%, down from 24.5% in the prior year[350]. Operational Performance - UGI Utilities operating income increased by $16.0 million, a 363.6% increase compared to the prior year, driven by lower operating and administrative expenses[306]. - Gas Utility core market volumes decreased by 2.4 bcf (21.1%) due to significantly warmer weather, despite growth in the number of core market customers[307]. - Average temperatures during the 2019 three-month period were 10.8% colder than normal, impacting retail LPG volumes sold[293]. Debt and Cash Flow Management - UGI's cash and cash equivalents totaled $533.7 million at June 30, 2019, up from $452.6 million at September 30, 2018, representing an increase of approximately 17.9%[355]. - Total debt as of June 30, 2019, was $4,689.3 million, compared to $4,590.2 million as of September 30, 2018, indicating a year-over-year increase of about 2.2%[356]. - Consolidated interest expense increased to $181.7 million in the 2019 nine-month period, compared to $172.8 million in the prior year, mainly due to higher short-term interest expense and long-term debt outstanding[349]. - Cash flow from operating activities was $924.6 million for the nine months ended June 30, 2019, slightly down from $926.8 million in the prior year[379]. - Cash used in investing activities was $563.5 million, with $510.2 million allocated for property, plant, and equipment, up from $394.2 million in the previous year[380]. Derivative Instruments and Market Risks - The company experienced net losses on commodity derivative instruments not associated with current-period transactions amounting to $25.0 million, net of tax[271]. - UGI Corporation's financial results reflect significant volatility due to changes in unrealized gains and losses on unsettled commodity and foreign currency derivative instruments[269]. - The fair value of unsettled commodity price risk sensitive derivative instruments was a loss of $50.7 million as of June 30, 2019[399]. - A hypothetical 10% adverse change in market prices could decrease fair value by approximately $97.9 million[399]. - The fair value of unsettled foreign currency exchange rate risk sensitive derivative instruments was a gain of $24.3 million as of June 30, 2019, with a hypothetical 10% adverse change resulting in a decrease of approximately $42.0 million[406].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR (Exact name of registrant as specified in its charter) Pennsylvania 23-2668356 (State or other jurisdiction of incorporation or organization) 460 North Gulph Road, King of Prussia, PA 19406 (Address of principal executive offices) (Zip Code) (610) 337-1000 (Registrant's te ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2018 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-11071 UGI CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdict ...