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Superior Plus Corp.
5/10/2023
Good day, ladies and gentlemen. Thank you for standing by. Welcome to Superior Plus 2023 first quarter results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then need an automatic message advising your hand is raised. Please note that today's conference may be recorded. I will now hand the conference over to your speaker host, Rob Thoran, Vice President of Capital Market. Please go ahead.
Thank you, Livia. Good morning, everyone, and welcome to Superior Plus' conference call and webcast to review our 2023 first quarter results. On the call today from Superior Plus are Alan McDonald, President and CEO, Beth Summers, Executive VP and CFO, and Darren Rebar, Senior Vice President and Chief Legal Officer. For this morning's call, Alan and Beth will begin with their prepared remarks and then we will open up the call for questions. Listeners are reminded that some of the comments made today may be forward-looking in nature and are based on Superior's current expectations, estimates, judgments, projections, and risks. Further, some of the information provided refers to non-GAAP measures. Please refer to Superior's continuous disclosure documents available on CDAR and Superior's website yesterday for further details. Dollar amounts discussed on today's call are expressed in Canadian dollars unless otherwise noted. I'll now turn the call over to Alan.
Thanks, Rob. Good morning, everyone. Thanks for joining the call to discuss our 2023 first quarter results. Let me begin by saying just how proud I am to be here as the newest member of the Superior Plus executive team. Since joining last month, I've spent the majority of my time familiarizing myself with Superior's operations and meeting with members of the Superior team, the investor community, and industry thought leaders. This orientation has been incredibly insightful, and I'd like to share some thoughts with you on what I've seen so far. First, the team. There's no question Superior's team is amongst the best in the industry. They've extended me a very warm welcome and the executive team have been great helping me get up to speed with the operations and providing thoughtful insights on the issues facing the business, the day to day challenges and our opportunities to continue to evolve. The management teams in each of the divisions and the frontline employees have been equally warm in their welcome. They take great pride in showing how hard we work to create a great experience for our customers, knowing the safe and timely delivery of their energy needs is critical to keeping their homes and businesses functioning. The team has also impressed me with their commitment to safety. Our senior leadership and employees understand that creating a safe working environment is a community effort. It's not about compliance, it's about commitment. And more than anything, watching over each other and working together to keep our employees, customers, and the communities where we operate safe. The teams made great progress on the integration of Superior's recent acquisitions, and their contribution to Superior's performance is not insignificant, as demonstrated by Akiva's first quarter performance and Superior's year-over-year EBITDA growth, even with the impact of significantly warmer weather. Superior has demonstrated a history of creating value by consolidating regional and local propane distributors, and these acquisitions underscore Superior's core competency in this regard as we look to continue to create value through growth and generating economies of scale. Superior is amongst the best I've seen at acquiring, integrating, and generating synergies from acquisitions. Superior is also focused on the future energy needs of our existing and future customers, investing in real, impactful ESG opportunities. As a leader in portable energy distribution, Superior has a unique vantage point when it comes to reducing our customers' carbon footprints with low carbon and alternative energy options. The Sertaris acquisition is a perfect example of this visionary thinking and commitment to ESG transformation. Sertaris is a perfect partner for Superior. Their progress in bringing compressed natural gas and next-generation energy offerings, such as renewable natural gas and hydrogen, to industrial and commercial customers will continue to grow with the assistance of Superior's expertise in distribution, logistics, and sales and marketing, as well as its capital investment capacity. As it relates to the status of the Sataris acquisition, Well, we've completed our supplementary information request filings with the Canadian Competition Bureau, and we're working closely with the Bureau as they review the transaction. We're confident the acquisition will close this quarter. And I'm very pleased to congratulate Curtis Philippon, the Sartaris CEO, and the entire Sartaris team on an exceptional first quarter. We're excited to welcome Curtis and the team into the superior family, and we're looking forward to working together to continue their success story. Before I turn the call over to Beth, I'd like to touch on important early insights I'm hearing from the investment community and industry thought leaders. Our stakeholders are optimistic. They believe Superior has great potential, a strong team, and an impressive asset base. Superior can lead the industry by effectively delivering three things. First, organic growth. Innovate and improve operational capabilities beyond what the propane industry has traditionally seen and drive incremental growth from this impressive asset base. Secondly, continue to create value by acquiring smaller regional and local players and create scale and shareholder value through acquisition. And finally, continue being a leader in the transition to lower carbon and alternative energy options for existing and future customers, investing in the development of ESG-friendly services offerings, and adding real, profitable ESG lines of business across Canada and the United States. Finally, I want to congratulate the Superior team on delivering an exceptional quarter. The business faced challenges from significantly warmer weather, but they focused on the task at hand, safely and efficiently making customer deliveries managing our costs, and continuing to complete the integration of acquisitions, including camps, kiva, and quarrels. So with that, I'll now turn the call over to Beth to discuss the financial results. Beth?
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