TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior” or “the company”) (TSX: SPB) today released its second quarter results for the period ended June 30, 2023. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.
“Superior delivered a strong second quarter driven by the contribution from the Certarus acquisition and solid operating results from the propane businesses. The Certarus team continued to produce significant year over year Adjusted EBITDA growth, and we are excited about growing the North American leader in on-road distribution of compressed natural gas (“CNG”), renewable natural gas (“RNG”) and hydrogen,” said Allan MacDonald, President and Chief Executive Officer (“CEO”) of Superior. “Our propane distribution businesses continued to deliver good results in a seasonally lower quarter due to disciplined margin management and cost-saving initiatives.”
SECOND QUARTER and YEAR TO DATE HIGHLIGHTS
- Net earnings of $107.3 million for the first six months of 2023 compared to net earnings of $56.0 million in the first six months of 2022, a $51.3 million increase due to higher gross profit and a gain on derivatives and foreign currency translation of borrowings compared to a modest loss in the prior year, partially offset by higher selling, distribution and administrative expenses (“SD&A”), higher finance expense and income tax expense. Net loss of $(39.8) million in the second quarter compared to a net loss of $(85.0) million in the prior year quarter driven by higher gross profit related to lower wholesale commodity costs and a gain on derivatives and foreign currency translations of borrowings compared to a loss in the prior year quarter, partially offset by higher SD&A expenses, lower revenue related to wholesale commodity costs and higher finance expense.
- Basic and diluted earnings per share attributable to Superior in the first six months of 2023 was $0.45 per share, compared to $0.23 per share in the prior year quarter due to higher net earnings, partially offset by the impact of the higher number of weighted average shares outstanding related to the issued shares for the Certarus acquisition. Basic and diluted loss per share attributable to Superior in the second quarter was $(0.21) per share, compared to $(0.46) per share in the prior year quarter due to a lower net loss, partially offset by the impact of the higher number of weighted average shares outstanding.
- Pro forma Adjusted EBITDA for the second quarter was $69.0 million, an increase of $43.4 million compared to the prior year quarter as a result of higher EBITDA from operations2, partially offset by higher corporate costs2. EBITDA from operations increased primarily due to contribution from Certarus and higher Adjusted EBITDA in the propane distribution businesses. Superior is including the pro forma Adjusted EBITDA impact of the Certarus acquisition as the full economic benefit of Certarus’ 2023 Adjusted EBITDA prior to the close of the Certarus acquisition was retained in the business.
- Adjusted EBITDA for the second quarter was $40.1 million3, an increase of $14.5 million compared to the prior year quarter as a result of higher EBITDA from operations, partially offset by higher corporate costs.
- Certarus pro forma Adjusted EBITDA for the second quarter was $41.5 million, an increase of $15.2 million from the prior year quarter of $26.3 million driven by higher average mobile storage units (“MSUs”), improved pricing and utilization of MSUs and lower cost of sales related to natural gas prices. Certarus Adjusted EBITDA from the date of the close of the acquisition on May 31, 2023 was $12.6 million.
- Corporate costs for the second quarter were $10.5 million compared to $6.0 million in the prior year quarter due to higher insurance costs, CEO transition costs, the impact of inflationary pressures and higher long-term incentive plan costs related to the change in the share price in the prior year quarter. Superior realized a gain on foreign currency hedging contracts of $0.4 million, modestly higher than $0.3 million in the prior year quarter.
- Superior’s Leverage Ratio for the trailing twelve months (“TTM”) ended June 30, 2023, improved to 3.6x and is expected to remain within Superior’s targeted range for the remainder of 2023.
2 EBITDA from operations is a Non-GAAP Financial Measure. See “Non-GAAP Financial Measures and Ratios” section below. Operating costs and corporate costs are supplementary financial measures.
3 Superior’s second quarter Adjusted EBITDA includes Certarus Adjusted EBITDA from the close of the Certarus acquisition on May 31, 2023.
Segmented Information |
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Three Months Ended |
Six Months Ended |
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June 30 |
June 30 |
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|
(millions of dollars) |
2023 |
2022 |
2023 |
2022 |
|
EBITDA from operations |
|
|
|
|
|
U.S. Propane Adjusted EBITDA |
18.6 |
16.2 |
194.5 |
179.1 |
|
Canadian Propane Adjusted EBITDA |
13.6 |
13.3 |
79.4 |
82.9 |
|
Wholesale Propane Adjusted EBITDA |
5.4 |
1.8 |
45.6 |
20.9 |
|
Certarus pro forma Adjusted EBITDA1 |
41.5 |
- |
104.3 |
- |
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|
79.1 |
31.3 |
423.8 |
282.9 |
1 Certarus Adjusted EBITDA is pro forma for the three and six month period ended June 30, 2023 as the full economic benefit of the Certarus results were retained by Superior. |
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Financial Overview
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Three Months Ended |
Six Months Ended |
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|
June 30 |
June 30 |
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(millions of dollars, except per share amounts) |
2023 |
2022 |
2023 |
2022 |
|
Revenue |
581.5 |
628.6 |
1,836.9 |
1,799.0 |
|
Gross Profit |
268.9 |
194.5 |
810.1 |
588.4 |
|
Net earnings (loss) |
(39.8) |
(85.0) |
107.3 |
56.0 |
|
Net earnings (loss) per share attributable to Superior, basic and diluted3 |
$(0.21) |
$(0.46) |
$0.45 |
$0.23 |
|
EBITDA from operations |
50.2 |
31.3 |
332.1 |
282.9 |
|
Adjusted EBITDA |
40.1 |
25.6 |
312.2 |
276.0 |
|
Cash flows from operating activities |
109.5 |
103.0 |
459.6 |
224.8 |
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Cash flows from operating activities per share3 |
$0.44 |
$0.45 |
$1.92 |
$1.03 |
|
Adjusted Operating Cash Flow (“AOCF”) before transaction and other costs 1,2 |
8.5 |
5.6 |
251.0 |
238.0 |
|
AOCF before transaction and other costs per share 1,2,3 |
$0.03 |
$0.02 |
$1.05 |
$1.09 |
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AOCF 1 |
(13.5) |
(6.9) |
221.4 |
218.4 |
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Cash dividends declared on common shares |
44.9 |
36.3 |
81.0 |
68.0 |
|
Cash dividends declared per share |
$0.18 |
$0.18 |
$0.36 |
$0.36 |
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1 AOCF before transaction and other costs and AOCF are Non-GAAP measures. See “Non-GAAP Financial Measures and Ratios”.
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Quarterly Dividend
- Superior is declaring a quarterly common share dividend of $0.18 per share, payable to shareholders of record as of September 30, 2023. The common share dividend will be payable on October 16, 2023.
Normal Course Issuer Bid
- On October 11, 2022, the TSX accepted Superior’s notice of intention to establish a new NCIB. The NCIB permits the purchase of up to 10.1 million of Superior’s common shares, representing approximately 5% of the issued and outstanding common shares as of September 30, 2022, by way of normal course purchases effected through the facilities of the TSX and/or alternative Canadian trading systems.
- During the second quarter, Superior repurchased and cancelled 10,100 shares.
- Since June 30, 2023, Superior repurchased and cancelled 513,000 shares.
MD&A and Financial Statements
Superior’s MD&A, the unaudited Consolidated Financial Statements and the Notes to the unaudited Consolidated Financial Statements as at and for the quarter ended June 30, 2023 provide a detailed explanation of Superior’s operating results. These documents are available online on Superior’s website at Superior Plus Financial Reports and on SEDAR under Superior’s profile at SEDAR+.
2023 Second Quarter Conference Call
A conference call and webcast to discuss the 2023 second quarter financial results will be held at 2:00 PM EDT on Thursday, August 3, 2023. To listen to the live webcast, please use the following link: Register Here. The webcast will be available for replay on Superior's website at: https://www.superiorplus.com/ under the Events section.
About Superior Plus
Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 936,500 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon intensive fuels, Superior is a leader in the energy transition and helping customers lower operating costs and improve environmental performance.
Forward-Looking Information
Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving Superior and its businesses. Such information is typically identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “plan”, “forecast”, “future”, “outlook, “guidance”, “may”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.
Forward-looking information in this document includes: Superior’s future financial position, expected 2023 Adjusted EBITDA pro forma the Certarus acquisition, expected Adjusted EBITDA of Certarus for 2023, and expected Leverage Ratio for the remainder of 2023.
Forward-looking information is provided to provide information about management’s expectations and plans for the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions, and expectations that Superior believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third-party industry analysts and other third-party sources, and the historic performance of Superior’s businesses and businesses it plans to acquire or has acquired. Superior cautions that the assumptions used to prepare such forward-looking information, including Superior’s estimated Adjusted EBITDA pro forma the Certarus acquisition, Certarus’ estimated 2023 Adjusted EBITDA and Superior’s Leverage Ratio for the remainder of 2023 could prove to be incorrect or inaccurate.
In preparing the forward-looking information, Superior considered numerous economic and market assumptions regarding foreign exchange rates, competition, expected average weather and economic performance of each region where Superior and Certarus operate, including key assumptions listed under the heading “Financial Outlook” in Superior’s 2023 Second Quarter MD&A.
Additional key assumptions or risk factors with respect to the forward-looking information include, but are not limited to no material divestitures; anticipated financial performance; current business and economic trends; and the amount of future dividends paid by Superior.
Other particular, key assumptions and expectations underlying Superior’s pro forma Adjusted EBITDA guidance range include a Certarus average MSU count of 668 trailers in 2023 and Superior corporate costs in the range of $30 million to $35 million.
The forward-looking information is also subject to the risks and uncertainties set forth below. By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior’s actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include risks relating to incorrect assessments of value when making acquisitions, failure to realize expected cost-savings and synergies from acquisitions, increases in debt service charges, colder average weather than anticipated, the loss of key personnel, fluctuations in foreign currency and exchange rates, fluctuations in commodity prices, increasing rates of inflation, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in (i) our MD&A under the heading “Risk Factors” and (ii) Superior’s most recent Annual Information Form. The preceding list of assumptions, risks and uncertainties is not exhaustive. When relying on our forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, Superior does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
Non-GAAP Financial Measures and Ratios
Throughout this news release, Superior has identified specific terms, including ratios, that it uses that are not standardized measures under International Financial Reporting Standards (“Non-GAAP Financial Measures”) and, therefore may not be comparable to similar financial measures disclosed by other issuers. Reconciliations of these Non-GAAP Financial Measures to the most directly comparable financial measures in Superior’s annual financial statements are provided below. Certain additional disclosures for these Non-GAAP Financial Measures, including an explanation of the composition of these financial measures, how they provide helpful information to an investor, and any additional purposes management uses for them, are incorporated by reference from the “Non-GAAP Financial Measures and Reconciliations” section in Superior’s 2023 Second Quarter MD&A dated August 3, 2023, available on www.sedar.com.
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Certarus |
Results
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Corporate |
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For the Three Months Ended June 30, 2023 |
U.S.
|
Canadian
|
Wholesale
|
Total |
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Earnings (loss) before income taxes |
(42.9) |
(3.9) |
(1.2) |
2.4 |
(45.6) |
(25.9) |
(71.5) |
|
Adjust for: |
|
|
|
|
|
|
|
|
Amortization and depreciation included in SD&A |
43.7 |
17.9 |
3.6 |
8.2 |
73.4 |
0.2 |
73.6 |
|
Finance expense |
1.9 |
0.8 |
0.1 |
0.1 |
2.9 |
25.9 |
28.8 |
|
EBITDA |
2.7 |
14.8 |
2.5 |
10.7 |
30.7 |
0.2 |
30.9 |
|
Loss (gain) on disposal of assets and other |
0.4 |
(1.5) |
– |
1.6 |
0.5 |
– |
0.5 |
|
Transaction, restructuring and other costs |
3.9 |
0.3 |
0.5 |
0.3 |
5.0 |
17.0 |
22.0 |
|
Unrealized loss (gain) on derivative financial instruments |
11.6 |
– |
2.4 |
– |
14.0 |
(27.3) |
(13.3) |
|
Adjusted EBITDA |
18.6 |
13.6 |
5.4 |
12.6 |
50.2 |
(10.1) |
40.1 |
|
Adjust for: |
|
|
|
|
|
|
|
|
Current income tax expense |
– |
– |
– |
– |
– |
(4.7) |
(4.7) |
|
Transaction, restructuring and other costs |
(3.9) |
(0.3) |
(0.5) |
(0.3) |
(5.0) |
(17.0) |
(22.0) |
|
Interest expense |
(1.5) |
(0.8) |
(0.4) |
(0.1) |
(2.8) |
(24.1) |
(26.9) |
|
AOCF |
13.2 |
12.5 |
4.5 |
12.2 |
42.4 |
(55.9) |
(13.5) |
|
For the Three Months Ended June 30, 2022 |
U.S.
|
Canadian
|
Wholesale
|
Results
|
Corporate |
Total |
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|
Loss before income taxes |
(53.0) |
(5.0) |
(2.4) |
(60.4) |
(59.1) |
(119.5) |
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|
Adjust for: |
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|
|
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|
Amortization and depreciation included in SD&A |
37.9 |
17.1 |
3.9 |
58.9 |
0.2 |
59.1 |
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|
Finance expense |
1.5 |
0.7 |
0.3 |
2.5 |
15.3 |
17.8 |
|
|
EBITDA |
(13.6) |
12.8 |
1.8 |
1.0 |
(43.6) |
(42.6) |
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|
Loss on disposal of assets and other |
1.4 |
0.4 |
– |
1.8 |
– |
1.8 |
|
|
Transaction, restructuring and other costs |
7.4 |
0.1 |
0.1 |
7.6 |
4.9 |
12.5 |
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|
Unrealized loss (gain) on derivative financial instruments |
21.0 |
– |
(0.1) |
20.9 |
33.0 |
53.9 |
|
|
Adjusted EBITDA |
16.2 |
13.3 |
1.8 |
31.3 |
(5.7) |
25.6 |
|
|
Adjust for: |
|
|
|
|
|
|
|
|
Current income tax expense |
– |
– |
– |
– |
(1.8) |
(1.8) |
|
|
Transaction, restructuring and other costs |
(7.4) |
(0.1) |
(0.1) |
(7.6) |
(4.9) |
(12.5) |
|
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Interest expense |
(1.2) |
(0.7) |
(0.2) |
(2.1) |
(16.1) |
(18.2) |
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|
AOCF |
7.6 |
12.5 |
1.5 |
21.6 |
(28.5) |
(6.9) |
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|
|
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|
Certarus |
Results
|
Corporate |
|
|
For the Six Months Ended June 30, 2023 |
U.S.
|
Canadian
|
Wholesale
|
Total |
|
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Earnings (loss) before income taxes |
100.5 |
43.2 |
47.0 |
2.4 |
193.1 |
(55.9) |
137.2 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
Amortization and depreciation included in SD&A |
90.7 |
35.8 |
8.0 |
8.2 |
142.7 |
0.4 |
143.1 |
|
Finance expense |
4.2 |
1.6 |
0.2 |
0.1 |
6.1 |
49.0 |
55.1 |
|
EBITDA |
195.4 |
80.6 |
55.2 |
10.7 |
341.9 |
(6.5) |
335.4 |
|
Loss (gain) on disposal of assets and other |
0.3 |
(1.7) |
(0.1) |
1.6 |
0.1 |
– |
0.1 |
|
Transaction, restructuring and other costs |
9.4 |
0.5 |
0.6 |
0.3 |
10.8 |
18.8 |
29.6 |
|
Unrealized gain on derivative financial instruments |
(10.6) |
– |
(10.1) |
– |
(20.7) |
(32.2) |
(52.9) |
|
Adjusted EBITDA |
194.5 |
79.4 |
45.6 |
12.6 |
332.1 |
(19.9) |
312.2 |
|
Adjust for: |
|
|
|
|
|
|
|
|
Current income tax expense |
– |
– |
– |
– |
– |
(9.5) |
(9.5) |
|
Transaction, restructuring and other costs |
(9.4) |
(0.5) |
(0.6) |
(0.3) |
(10.8) |
(18.8) |
(29.6) |
|
Interest expense |
(3.1) |
(1.6) |
(0.6) |
(0.1) |
(5.4) |
(46.3) |
(51.7) |
|
AOCF |
182.0 |
77.3 |
44.4 |
12.2 |
315.9 |
(94.5) |
221.4 |
|
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Results
|
Corporate |
Total |
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For the Six Months Ended June 30, 2022 |
U.S.
|
Canadian
|
Wholesale
|
|
||||
Earnings (loss) before income taxes |
75.2 |
47.9 |
13.8 |
136.9 |
(69.3) |
67.6 |
|
|
Adjust for: |
|
|
|
|
|
|
|
|
Amortization and depreciation included in SD&A |
70.8 |
33.9 |
5.6 |
110.3 |
0.4 |
110.7 |
|
|
Finance expense |
2.8 |
1.5 |
0.4 |
4.7 |
29.1 |
33.8 |
|
|
EBITDA |
148.8 |
83.3 |
19.8 |
251.9 |
(39.8) |
212.1 |
|
|
Loss (gain) on disposal of assets and other |
1.6 |
(0.7) |
(0.1) |
0.8 |
– |
0.8 |
|
|
Transaction, restructuring and other costs |
11.3 |
0.3 |
0.1 |
11.7 |
7.9 |
19.6 |
|
|
Unrealized loss on derivative financial instruments |
17.4 |
– |
1.1 |
18.5 |
25.0 |
43.5 |
|
|
Adjusted EBITDA |
179.1 |
82.9 |
20.9 |
282.9 |
(6.9) |
276.0 |
|
|
Adjust for: |
|
|
|
|
|
|
|
|
Adjusted current income tax expense |
– |
– |
– |
– |
(3.5) |
(3.5) |
|
|
Transaction, restructuring and other costs |
(11.3) |
(0.3) |
(0.1) |
(11.7) |
(7.9) |
(19.6) |
|
|
Interest expense |
(2.1) |
(1.5) |
(0.3) |
(3.9) |
(30.6) |
(34.5) |
|
|
AOCF |
165.7 |
81.1 |
20.5 |
267.3 |
(48.9) |
218.4 |
|
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Leverage Ratio and Pro Forma Adjusted EBITDA
Superior’s Total Net Debt to Adjusted EBITDA Leverage Ratio is a non-GAAP ratio as its components are Non-GAAP Financial Measures. Adjusted EBITDA for the Total Net Debt to Adjusted EBITDA Leverage Ratio is defined as Adjusted EBITDA calculated on a 12-month trailing basis giving pro forma effect to acquisitions and dispositions adjusted to the first day of the calculation period (“Pro Forma Adjusted EBITDA”). Pro Forma Adjusted EBITDA is used by Superior to calculate its Total Net Debt to Adjusted EBITDA Leverage Ratio.
To calculate the Total Net Debt to Adjusted EBITDA Leverage Ratio divide the sum of borrowings before deferred financing fees and lease liabilities by Pro Forma Adjusted EBITDA. The Total Net Debt to Adjusted EBITDA Leverage Ratio is used by Superior and investors to assess its ability to service debt.
|
|
June 30 |
December 31 |
|
(in millions) |
2023 |
2022 |
|
Current borrowings |
18.0 |
14.8 |
|
Current lease liabilities |
56.6 |
47.3 |
|
Non-current borrowings |
2,125.6 |
1,911.3 |
|
Non-current lease liabilities |
174.9 |
175.7 |
|
|
2,375.1 |
2,149.1 |
|
Add back deferred financing fees and discounts |
19.6 |
19.9 |
|
Deduct cash and cash equivalents |
(57.0) |
(58.4) |
|
Deduct Vendor Note1 |
– |
(128.0) |
|
Net debt |
2,337.7 |
1,982.6 |
|
|
|
|
|
Adjusted EBITDA for the year ended 2022 |
449.8 |
449.8 |
|
Adjusted EBITDA for the period ended June 30, 2022 |
(276.0) |
– |
|
Adjusted EBITDA for the period ended June 30, 2023 |
312.2 |
– |
|
Pro-forma adjustment |
161.7 |
35.8 |
|
Pro-forma Adjusted EBITDA for the trailing-twelve months |
647.7 |
485.6 |
|
|
|
|
|
Leverage Ratio |
3.6x |
4.1x |
|
1 Superior received the proceeds from the sale of the Vendor Note in January 2023. |
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Superior’s Second Quarter Pro Forma Adjusted EBITDA
Superior’s Second Quarter Pro Forma Adjusted EBITDA is defined as Adjusted EBITDA calculated for the second quarter of 2023 giving pro forma effect to the Certarus acquisition adjusted to April 1, 2023.
|
(in millions) |
Superior Plus Adjusted EBITDA (for the three months ended, June 30, 2023) |
40.1 |
Certarus Adjusted EBITDA from April 1, 2023 to May 30, 2023 |
28.9 |
Superior Plus Second Quarter Pro Forma Adjusted EBITDA |
69.0 |
Certarus Second Quarter and Six Months Ended June 30, 2023 Pro Forma Adjusted EBITDA
The Certarus Second Quarter Pro Forma Adjusted EBITDA is defined as Adjusted EBITDA calculated for the second quarter of 2023 giving pro forma effect to the Certarus acquisition adjusted to April 1, 2023. The Certarus Six Months Ended June 30, 2023 Pro Forma Adjusted EBITDA is defined as Adjusted EBITDA calculated for the six month period ended June 30, 2023 giving pro forma effect to the Certarus acquisition adjusted to January 1, 2023.
|
(in millions) |
Certarus Adjusted EBITDA from May 31, 2023 to June 30, 2023 |
12.6 |
Certarus Adjusted EBITDA from April 1, 2023 to May 30, 2023 |
28.9 |
Certarus Second Quarter Pro Forma Adjusted EBITDA |
41.5 |
Certarus Adjusted EBITDA from January 1, 2023 to March 31, 2023 |
62.8 |
Certarus Six Months Ended June 30, 2023 Pro Forma Adjusted EBITDA |
104.3 |
Certarus Pro Forma Adjusted EBITDA Reconciliation
|
For the three months ended
|
For the six months ended
|
||
(millions) |
2023 |
2022 |
2023 |
2022 |
Net earnings before income taxes |
1.0 |
13.3 |
44.0 |
26.2 |
Adjust for: |
|
|
|
|
Amortization and depreciation included in SD&A |
14.0 |
11.5 |
27.5 |
22.4 |
Finance expense |
3.1 |
2.3 |
7.2 |
4.1 |
Other expenses (recovery) |
4.0 |
(0.9) |
4.2 |
0.2 |
EBITDA |
22.1 |
26.2 |
82.9 |
52.9 |
Adjust for: |
|
|
|
|
Transaction and other non-recurring costs |
19.4 |
0.1 |
21.4 |
1.2 |
Adjusted EBITDA |
41.5 |
26.3 |
104.3 |
54.1 |
2023 Pro Forma Adjusted EBITDA Guidance
This news release also includes Superior’s pro forma Adjusted EBITDA guidance range for 2023. The significant differences between this forward-looking estimate of 2023 Adjusted EBITDA for Superior and its historical Adjusted EBITDA for 2022 are the inclusion of the estimated results from the operations of Certarus for the 2023 financial year, the estimated full year contribution in 2023 from acquisitions that were completed by Superior late in the first quarter and in the second quarter of 2022 and expected stronger wholesale propane market fundamentals in the Western United States. Readers should also refer to the “Forward-Looking Information” section above and the “Financial Outlook” section of Superior’s 2023 Second Quarter MD&A which provide further information with respect to the assumptions used to prepare Superior’s estimated 2023 pro forma Adjusted EBITDA.
