Superior Plus Financial Measures and Projections
End Notes
Slide 3
1.
2.
3.
4.
5.
As at December 31, 2023.
Closing share price as at January 8, 2024. Total Net Debt, including
Total Debt and cash, as at September 30, 2023.
Leverage is based on Net Debt to Pro Forma Adjusted EBITDA for
the Twelve Months ended September 30, 2023. Leverage Ratio is a
Non-GAAP Ratio. Details for Non-GAAP financial information is
provided below and in Superior's Q3 management discussion and
analysis ("MD&A") for the quarter ended September 30,
2023. Superior's MD&A is available on SEDAR+ at
www.sedarplus.ca and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
Pro Forma Adjusted EBITDA is a Non-GAAP Financial Measure. Per
share calculation based on fully diluted shares outstanding of 278.6
million shares. Details for Non-GAAP financial information is
provided below and in Superior's Q3 management discussion and
analysis ("MD&A") for the quarter ended September 30,
2023. Superior's MD&A is available on SEDAR+ at
www.sedarplus.ca and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
Calculated as increase in Adjusted EBITDA from FY2022, including
the full year contribution of Certarus ($125M), to the midpoint of
FY2023 guidance. Adjusted EBITDA is a Non-GAAP Financial
Measure. Details for Non-GAAP financial information is provided
below and in Superior's Q3 management discussion and analysis
("MD&A") for the quarter ended September 30, 2023. Superior's
MD&A is available on SEDAR+ at www.sedarplus.ca and on
Superior's investor website at http://www.superiorplus.com/investor-
relations/financial-reports/.
2.
3.
Pro Forma Adjusted EBITDA is a Non-GAAP Financial Measure.
Details for Non-GAAP financial information is provided below and
in Superior's Q3 management discussion and analysis ("MD&A")
for the quarter ended September 30, 2023. Superior's MD&A is
available on SEDAR+ at www.sedarplus.ca and on Superior's
investor website at http://www.superiorplus.com/investor-
relations/financial-reports/.
2023F calculation assumes 278.6 million average shares
outstanding.
Slide 5
1.
2.
Based on TTM Q3 2023 Adjusted Gross Profit. Adjusted Gross
Profit is a Non-GAAP Financial Measure. Details for Non-GAAP
financial information is provided below and in Superior's Q3
management discussion and analysis ("MD&A") for the quarter
ended September 30, 2023. Superior's MD&A is available on
SEDAR+ at www.sedarplus.ca and on Superior's investor website
at http://www.superiorplus.com/investor-relations/financial-
reports/.
Based on TTM Q3 2023 Adjusted EBITDA. Adjusted EBITDA is a
Non-GAAP Financial Measure. Details for Non-GAAP financial
information is provided below and in Superior's Q3 management
discussion and analysis ("MD&A") for the quarter ended
September 30, 2023. Superior's MD&A is available on SEDAR+ at
www.sedarplus.ca and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
Slide 9
1.
FY2023.
2. Mobile Storage Unit ("MSU").
Management estimates.
234
3.
4. ROIC calculated as Adjusted EBITDA divided by average
cumulative invested capital (gross PP&E). Adjusted EBITDA is a
Non-GAAP Financial Measure. Details for Non-GAAP financial
information is provided below and in Superior's Q3 management
discussion and analysis ("MD&A") for the quarter ended
September 30, 2023. Superior's MD&A is available on SEDAR+ at
www.sedarplus.ca and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
See slide 10 for the 2022 Adjusted EBITDA for Certarus.
See "Forward-Looking Statements and Information".
Adjusted EBITDA is a Non-GAAP Financial Measure. Details for
Non-GAAP financial information is provided below and in
Superior's Q3 management discussion and analysis ("MD&A") for
the quarter ended September 30, 2023. Superior's MD&A is
available on SEDAR+ at www.sedarplus.ca and on Superior's
investor website at http://www.superiorplus.com/investor-
relations/financial-reports/.
5.
6.
Slide 10
1.
2.
Slide 6
1.
Based on closing share price as at January 8, 2024.
Source: U.S. Energy Information Administration; Bloomberg.
Carbon Intensity score.
Slide 8
1.
2.
LP Gas 2023 Top Propane Retailers published February 2023.
By number of locations.
3.
4.
5.
Adjusted EBITDA is a Non-GAAP Financial Measure. Details for
Non-GAAP financial information is provided below and in
Superior's Q3 management discussion and analysis ("MD&A") for
the quarter ended September 30, 2023. Superior's MD&A is
available on SEDAR+ at www.sedarplus.ca and on Superior's
investor website at http://www.superiorplus.com/investor-
relations/financial-reports/. See slide 4 for the 2022 Adjusted
EBITDA for the propane business.
See "Forward-Looking Statements and Information".
As disclosed in Superior's annual information form for the year
ended December 31, 2022.
3.
4.
As of September 30, 2023.
Leverage is based on Net Debt to Pro Forma Adjusted EBITDA for
the Twelve Months ended September 30, 2023. Leverage Ratio is
a Non-GAAP Ratio. Details for Non-GAAP financial information is
provided below and in Superior's Q3 management discussion and
analysis ("MD&A") for the quarter ended September 30,
2023. Superior's MD&A is available on SEDAR+ at
www.sedarplus.ca and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
Based on drawn bank debt and high yield notes as at September
30, 2023.
USD$600M US Notes converted at 1.355 USD/CAD rate.
Slide 17
Source: Bloomberg, EIA
1.
2.
3.
23
Diesel based on U.S. Gulf Coast diesel pricing, converted from
US$/gallon to US$/MMBtu based on assumed heating value
(pricing and heating value sourced from U.S. Energy Information
Administration).
Natural gas pricing based on Henry Hub.
Propane based on Mt. Belvieu pricing, converted from US$/gallon
to US$/MMBtu based on assumed heating value (pricing sourced
from Bloomberg and heating value sourced from U.S. Energy
Information Administration).
Slide 4
1.
Based on Superior standalone EBITDA excluding Specialty
Chemicals for FY2017 to the midpoint of 2023 Pro Forma Adjusted
EBITDA Guidance. Adjusted EBITDA and Pro Forma Adjusted
EBITDA are Non-GAAP Financial Measure. Details for Non-GAAP
financial information is provided below and in Superior's Q3
management discussion and analysis ("MD&A") for the quarter
ended September 30, 2023. Superior's MD&A is available on
SEDAR+ at www.sedarplus.ca and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/. The
nearest historical GAAP measure is net earnings/ loss as follows:
2017: ($27.9MM), 2018: ($34.0MM), 2019: $142.6MM, 2020:
$86.8MM, 2021: $206.7MM, 2022: ($87.9MM)
Slide 7
1.
Superior Plus
18View entire presentation