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Superior Plus Corp.
11/7/2023
Good day, and thank you for standing by. Welcome to the Superior Plus third quarter 2023 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 hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Adam Kernick, Manager of Corporate Finance and Investor Relations. Please go ahead.
Thank you, Shannon. Good morning, everyone. Welcome to Superior Plus' conference call and webcast to review our 2023 third quarter results. On the call today are Alan McDonald, President and CEO, Greer Coulter, CFO, and Curtis Philippon, President of Sertaris. For this morning's call, Alan and Greer 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 Plus and Superior's website 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, Adam. Good morning, everyone. Please bear with me. I got a bit of a cold today. I'm very pleased to be meeting with you here today to discuss our results for Q3, which is traditionally a smaller quarter in financial terms. But a significant one this year is it's our first full quarter, including Soteris, following the close of the acquisition back in May. We're also welcoming some new members of the team this quarter, following our management changes that we announced in September. As we continue to refine our strategy and 2024 operating objectives, we felt it was imperative to ensure that we had the right skills and experiences to lead the transformation of Superior Plus. I'm very happy to have Greer Coulter, our new CFO, Joining me today with all of you. Now many of you know Greer by reputation, but his previous experience will be a huge asset for us as we work together to deliver a plan that will drive incremental growth and shareholder value here at Superior. Greer's initial focus in the role will be to understand our opportunities to improve operating efficiencies and focus on capital allocation across the board. Now there's a lot of work to be done, but we have significant opportunities in both regards. Today we're also welcoming Kirsten Olson, our new Chief Human Resource Officer, who joined in late October. At Superior, we are deliberate and focused when it comes to building a strong team, and Kirsten will make a significant impact in terms of how we continue to attract, retain, and develop world-class talent. As we go into a busy winter season, I'm very pleased with the strength of our management team. Greer and Kirsten are welcome additions to a strong leadership group with especially talented operational leaders at Superior Propane and Soteris. Before I offer a few comments on the quarter and turn things over to Greer, I should reaffirm our priorities as I laid them out on our last call. We are continuing to be committed to driving shareholder value in our existing businesses. Superior has a world-class set of assets, and leadership teams at both operating divisions are committed to delivering incremental organic growth. At Superior Propane, Andy and his team are focused on setting new standards of performance for what is arguably already one of the most successful propane companies in North America. They're continuing to innovate new ideas for building our customer base organically, optimizing our pricing structure, and setting new industry standards for asset utilization and productivity. At Soteris, Curtis and his team are managing to meet the needs of their customers in a very busy period of expansion and growth. As they add new MSUs, they're serving existing markets while also adding new customers, industry verticals, and geographies, all while keeping a watchful eye on financial performance, cost, and profitability. Over the last two months, Greer and I have been meeting with investors and analysts to share our vision for the organization. We believe we have the right assets to become the foremost energy distribution company in North America, and the transformation from a propane company to a multi-solution energy provider is behind us. Today, Superior is firmly established as one of the foremost companies leading the transformation of the energy sector. We are enabling efficient carbon reduction every day while ensuring safety of supply for our customers. In our meetings with investors, we have also been reaffirming our commitment to organic growth, maintaining our dividend, reducing leverage, and effective and efficient capital allocation. Before I turn the call over to Greer for an update on the financial results, I have a few comments of my own on the quarter. Although Q3 is seasonally the smallest quarter for Superior, I'm very pleased with the results. We saw strong performance across each of our operating business units in Canada and the U.S., and improvements over Q3 of last year, especially in the U.S. propane distribution business, where some cost savings initiatives helped improve profitability in the slower summer months. I was also pleased with the improvements that some key measures have identified as priority measures, including EBITDA per share and our leverage ratio. So with that, let me turn the call over to Greer for the third quarter results. Greer?
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