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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) appear today the banking and operating after-effects for the fourth division concluded December 31, 2019. Unless contrarily expressed, all banking abstracts are bidding in Canadian dollars.
Superior accomplished Adapted EBITDA of $524.5 million, which was abreast the top end of 2019 Adapted EBITDA Guidance.
“We accomplished able after-effects in the fourth division as a aftereffect of bigger boilerplate margins in our Energy Administration businesses, as able-bodied as, abundant beheading on the adeptness of synergies accompanying to the accretion of NGL Propane LLC,” said Luc Desjardins, President and Chief Executive Officer. “Our boilerplate margins in the Canadian and U.S. propane administration businesses were college than the above-mentioned year division primarily due to the connected backbone in the broad propane fundamentals and our efforts accompanying to sales and business and appraisement initiatives. We fabricated added advance on the adeptness of synergies in the fourth division and we still apprehend to avenue 2020 with US $24 actor in run-rate synergies.”
Business and Banking Highlights
(1)The abounding boilerplate cardinal of shares outstanding for the three months and abounding year concluded December 31, 2019 is 174.9 actor (December 31, 2018 – 158.1 million). There were no dilutive instruments with account to AOCF and AOCF afore transaction and added costs per allotment for the three months and abounding year concluded December 31, 2019 and 2018. (2) EBITDA from operations, Adapted EBITDA, AOCF afore transaction and added costs, and AOCF are Non-GAAP measures. See “Non- GAAP Banking Measures”. (3) Transaction and added costs for the three months and abounding year concluded December 31, 2019 and 2018 are accompanying to accretion action and the affiliation of acquisitions. See “Transaction and Added Costs” for added details.
(1)See “Non-GAAP Banking Measures”.
Specialty Chemicals Action
On January 28, 2020, Superior appear the achievement of the cardinal assay action and abeyant auction of the Specialty Chemicals business. The sales action admiring cogent absorption from a cardinal of buyers, but did not aftereffect in a transaction that was in Superior’s best interests to complete at this time.
Business Development and Accretion Amend
Allotment Reinvestment Program
On January 28, 2020, Superior appear it was reinstating its Allotment Reinvestment Program (the “DRIP”), basic with the February 2020 dividend, which is accepted to be paid on or about March 13, 2020. Gain from the DRIP will be acclimated for debt abridgement and accepted accumulated purposes, which includes allotment retail propane administration acquisitions. The DRIP will accommodate Superior’s shareholders with the befalling to reinvest their banknote allotment in Superior at a 4% abatement to the bazaar bulk of Superior’s accepted shares. Added advice on Superior's DRIP can be begin in the Investor Relations breadth of Superior's website at www.superiorplus.com.
2020 Adapted EBITDA Advice
Superior is introducing its 2020 Adapted EBITDA advice ambit of $475 actor to $515 million. Based on the mean of the 2020 Adapted EBITDA advice range, this is a 6% abatement compared to the abounding year 2019 Adapted EBITDA of $524.5 million, and a 3% abatement from the mean of the 2019 Adapted EBITDA advice range, which affected accustomed broad propane bazaar fundamentals.
Compared to the mean of the 2019 Adapted EBITDA guidance, U.S. Propane EBITDA from operations is accepted to increase, and Canadian Propane and Specialty Chemicals EBITDA from operations are accepted to decrease. U.S. Propane EBITDA from operations is accepted to admission due to the accession from tuck-in acquisitions completed in 2019, an admission in accomplished synergies accompanying to NGL and operational improvements. Canadian Propane EBITDA from operations is accepted to abatement primarily due to lower sales volumes, partially account by abundantly college boilerplate margins and operating bulk reductions. Sales volumes are accepted to abatement accompanying to a abatement in oilfield and, to a bottom extent, automated business in Western Canada, partially account by amoebic advance in Central Canada. Specialty Chemicals EBITDA from operations is accepted to abatement due to chlor-alkali bazaar weakness.
The 6% abatement compared to 2019 absolute after-effects is primarily due to lower accepted EBITDA from operations for Specialty Chemicals and Canadian Propane, partially account by an admission in accepted EBITDA from operations for U.S. Propane. Key assumptions accompanying to the 2020 Adapted EBITDA advice are:
Debt Amend and 2020 Advantage Advice
Superior charcoal focused on managing its absolute debt to Adapted EBITDA and its Senior Debt to Acclaim Adeptness EBITDA advantage ratios. Superior’s absolute debt as at December 31, 2019 was $1,956.1 million, an admission of $69.8 actor from December 31, 2018 primarily due to the accession of charter liabilities accompanying to the acceptance of IFRS 16, college basal spending and the appulse of acquisitions financed application debt, partially account by added banknote breeze from operations accessible for debt reduction. Superior’s debt for acclaim adeptness and agenda acknowledgment agreement calculations (“Senior debt”) excludes the appulse of IFRS 16, and was $1,794.7 actor as at December 31, 2019, which was an admission of $9.3 actor from September 30, 2019 and a abatement of $91.6 actor from December 31, 2018. The abatement in Senior debt compared to December 31, 2018 is primarily due to college banknote breeze from operations accessible for debt abridgement and lower net alive basal requirements, partially account by tuck-in acquisitions and college basal spending. Acclaim Adeptness EBITDA, which excludes the appulse of IFRS 16 for the abaft twelve months concluded December 31, 2019 was $489.9 million. See “Non-GAAP Banking Measures” for the analogue of Acclaim Adeptness EBITDA and “Non-GAAP Banking Measures” in the MD&A for the adaptation from Adapted EBITDA. Superior’s Senior Debt to Acclaim Adeptness EBITDA arrangement as at December 31, 2019 was 3.7x, which was at the lower end of the Senior Debt to Acclaim Adeptness EBITDA advice of 3.6x to 4.0x.
Superior anticipates the absolute debt to Adapted EBITDA advantage arrangement will be in the ambit of 3.4x to 3.8x as at December 31, 2020 as banknote generated from operations and DRIP gain are acclimated to accord debt.
Superior is able-bodied aural its covenants accompanying the acclaim adeptness and the agenda indentures. Superior additionally had accessible clamminess of $249.4 actor accessible beneath the acclaim adeptness as at December 31, 2019.
MD&A and Banking Statements
Superior’s MD&A, the audited Circumscribed Banking Statements and the Notes to the Circumscribed Banking Statements for the year concluded December 31, 2019 accommodate a abundant account of Superior’s operating results. These abstracts are accessible online at Superior’s website at www.superiorplus.com beneath the Investor Relations breadth and on SEDAR beneath Superior’s contour at www.sedar.com.
2019 Anniversary and Fourth Division Appointment Alarm
Superior will be administering a appointment alarm and webcast for investors, analysts, brokers and media assembly to altercate the 2019 Anniversary and Fourth Division After-effects at 10:30 a.m. EST on Friday, February 21, 2020. To participate in the call, dial: 1-844-389-8661. Internet users can accept to the alarm live, or as an archived alarm on Superior’s website at www.superiorplus.com beneath the Contest section.
Non-GAAP Banking Measures
Throughout the fourth division and abounding year balance release, Superior has acclimated the afterward agreement that are not authentic by International Banking Reporting Standards (“Non-GAAP Banking Measures”), but are acclimated by administration to appraise the achievement of Superior and its business: AOCF afore and afterwards transaction and added costs, balance afore interest, taxes, abrasion and acquittal (“EBITDA”) from operations, Adapted Gross Profit, Adapted EBITDA, Senior Debt, Acclaim Adeptness EBITDA and Senior Debt to Acclaim Adeptness EBITDA advantage ratio. These measures may additionally be acclimated by investors, banking institutions and acclaim appraisement agencies to appraise Superior’s achievement and adeptness to account debt. Non-GAAP banking measures do not accept connected meanings assigned by GAAP and are accordingly absurd to be commensurable to agnate measures presented by added companies. Balance regulations crave that Non-GAAP banking measures are acutely defined, able and accommodated to their best commensurable GAAP banking measures. Except as contrarily indicated, these Non-GAAP banking measures are affected and appear on a constant base from aeon to period. Specific items may alone be accordant in assertive periods. See “Non-GAAP Banking Measures” in the MD&A for a altercation of Non-GAAP banking measures and assertive reconciliations to GAAP banking measures.
The absorbed of Non-GAAP banking measures is to accommodate added advantageous advice to investors and analysts, and the measures do not accept any connected acceptation beneath IFRS. The measures should not, therefore, be advised in abreast or acclimated in acting for measures of achievement able in accordance with IFRS. Added issuers may account Non-GAAP banking measures differently. Investors should be cautioned that AOCF, EBITDA from operations, Adapted EBITDA and Acclaim Adeptness EBITDA should not be construed as alternatives to net earnings, banknote breeze from operating activities or added measures of banking after-effects bent in accordance with GAAP as an indicator of Superior’s performance. Non-GAAP banking measures are articular and authentic as follows:
Adapted Operating Banknote Breeze and Adapted Operating Banknote Breeze per Allotment
AOCF is according to banknote breeze from operating activities as authentic by IFRS, adapted for changes in non-cash alive capital, added expenses, non-cash absorption expense, accepted assets taxes and accounts costs. Superior may abstract or accommodate added items in its adding of AOCF; these items would generally, but not necessarily, be exceptional in attributes and could alter the assay of trends in business performance. Excluding these items does not betoken they are non-recurring. AOCF and AOCF per allotment are presented afore and afterwards transaction and added costs.
AOCF per allotment afore transaction and added costs is affected by adding AOCF afore transaction and added costs by the abounding boilerplate cardinal of shares outstanding. AOCF per allotment is affected by adding AOCF by the abounding boilerplate cardinal of shares outstanding.
AOCF is a achievement admeasurement acclimated by administration and investors to appraise Superior’s advancing achievement of its businesses and adeptness to accomplish banknote flow. AOCF represents banknote breeze generated by Superior that is accessible for, but not necessarily bound to, changes in alive basal requirements, advance activities and costs activities of Superior. AOCF is additionally acclimated as one basic in free concise allurement advantage for assertive administration employees.
The seasonality of Superior’s alone anniversary after-effects charge be adjourned in the ambience of annualized AOCF. Adjustments recorded by Superior as allotment of its adding of AOCF include, but are not bound to, the appulse of the seasonality of Superior’s businesses, principally the Energy Administration segment, by adjusting for non-cash alive basal items, thereby eliminating the appulse of the timing amid the acceptance and collection/payment of Superior’s revenues and expenses, which can alter decidedly from division to quarter. AOCF is accommodated to banknote breeze from operating activities. Please accredit to the Banking Overview breadth of the MD&A for the reconciliation.
Adapted Gross Accumulation
Adapted gross accumulation represents acquirement beneath bulk of sales adapted for accomplished assets and losses on article acquired instruments accompanying to accident management. Administration uses Adapted Gross Accumulation to set allowance targets and admeasurement results. Abeyant assets and losses on article acquired instruments are afar because of the accounting mis-match that exists as a aftereffect of the chump arrangement not actuality included in the affirmation of the fair bulk for this accident administration activity.
Adapted EBITDA
Adapted EBITDA represents balance afore interest, taxes, depreciation, amortization, losses (gains) on auctioning of assets, accounts expense, restructuring costs, transaction and added costs, and abeyant assets (losses) on acquired banking instruments. Adapted EBITDA is acclimated by Superior and investors to appraise its circumscribed after-effects and adeptness to account debt. Adapted EBITDA is accommodated to net balance afore assets taxes.
EBITDA from operations
EBITDA from operations is authentic as Adapted EBITDA excluding costs that are not advised adumbrative of Superior’s basal bulk operating performance, including assets and losses on adopted bill ambiguity contracts, accumulated costs and transaction and added costs. Administration uses EBITDA from operations to set targets for Superior (including anniversary advice and capricious advantage targets). EBITDA from operations is accommodated to net balance afore assets taxes. Please accredit to the After-effects of Operating Segments in the MD&A for the reconciliations.
Operating Costs
Operating costs accommodate accomplishment and allowances for employees, drivers, account and authoritative labour, agile aliment and operating costs, bales and administration costs afar from bulk of sales, alternating with the costs associated with owning and advancement land, barrio and equipment, such as rent, aliment and maintenance, environmental, utilities, allowance and acreage tax costs. Operating costs exclude assets or losses on auctioning of assets, abrasion and acquittal and non-recurring expenses, such as transaction, restructuring and affiliation costs.
Operating costs are authentic as SD&A costs adapted for acquittal and depreciation, assets or losses on auctioning of assets and transaction, restructuring and added costs.
Non-GAAP Banking Measures Acclimated for coffer agreement purposes
Senior Debt
Senior Debt includes absolute borrowing afore deferred costs fees and agent charter obligations, and excludes the absolute charter obligations. Senior Debt is acclimated by Superior to account its debt covenants and added acclaim information.
Acclaim Adeptness EBITDA
Acclaim Adeptness EBITDA is authentic as Adapted EBITDA affected on a 12-month abaft base giving pro forma aftereffect to acquisitions and dispositions adapted to the aboriginal day of the adding period, and excludes the appulse from the acceptance of IFRS 16 and EBITDA from bearding subsidiaries. Acclaim Adeptness EBITDA is acclimated by Superior to account its debt covenants and added acclaim information. Please accredit to Non-GAAP Banking Measures in the MD&A for the reconciliation.
Acclaim Adeptness advantage arrangement
Acclaim Adeptness advantage arrangement is authentic as Senior Debt disconnected by Acclaim Adeptness EBITDA. Senior Debt to Acclaim Adeptness EBITDA is acclimated by Superior for adding of coffer covenants and added acclaim information.
Advanced Attractive Advice
Assertive advice included herein is advanced advice aural the acceptation of applicative Canadian balance laws. Advanced advice may accommodate statements apropos the objectives, business strategies to accomplish those objectives, accepted banking after-effects (including those in the breadth of accident management), bread-and-butter or bazaar conditions, and the angle of or involving Superior, Superior LP and its businesses. Such advice is about articular by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “plan”, “forecast”, “future”, “outlook, “guidance”, “may”, “project”, “should”, “strategy”, “target”, “will” or agnate expressions suggesting approaching outcomes.
Advanced advice in this certificate includes: approaching banking position, circumscribed and business articulation outlooks, accepted Adapted EBITDA, advancing appulse of IFRS 16 on leverage, accepted absolute debt to Adapted EBITDA ratio, accepted Senior Debt to Acclaim Adeptness EBITDA advantage ratio, business action and objectives, development affairs and programs, amoebic growth, weather, bread-and-butter action in Western Canada, artefact appraisement and sourcing, abrasive soda and hydrochloric acerbic markets, abrasive potash chump mix, volumes and pricing, broad propane bazaar fundamentals, electricity costs, barter rates, accepted synergies from the accretion of NGL and added acquisitions, improvements and the timing associated in North American chlor-alkali markets, accepted seasonality of demand, and approaching bread-and-butter conditions. Advanced advice in this certificate includes accepted 2020 Adapted EBITDA, which assumes no absolute divestitures in 2020.
Advanced advice is provided for the purpose of accouterment advice about management’s expectations and affairs about the approaching and may not be adapted for added purposes. Advanced advice herein is based on assorted assumptions and expectations that Superior believes are reasonable in the circumstances. No affirmation can be accustomed that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on advice currently accessible to Superior, including advice acquired from third affair industry analysts and added third affair sources, and the celebrated achievement of Superior’s businesses. Such assumptions accommodate advancing banking performance, accepted business and bread-and-butter trends, the bulk of approaching assets paid by Superior, business prospects, appliance of tax basis, authoritative developments, currency, barter and absorption rates, approaching article prices apropos to the oil and gas industry, approaching oil rig action levels, trading data, bulk estimates, our adeptness to admission costs on adequate terms, accepted activity of accessories and statements apropos net alive basal and basal amount requirements of Superior or Superior LP, the assumptions set alternating beneath the “Financial Outlook” sections of our MD&A. The advanced attractive advice is additionally accountable to the risks and uncertainties set alternating below.
By its absolute nature, advanced advice involves abundant assumptions, risks and uncertainties, both accepted and specific. Should one or added of these risks and uncertainties actualize or should basal assumptions prove incorrect, as abounding important factors are aloft our control, Superior’s or Superior LP’s absolute achievement and banking after-effects may alter materially from those estimates and intentions contemplated, bidding or adumbrated in the advanced information. These risks and uncertainties accommodate incorrect assessments of bulk back authoritative acquisitions, increases in debt account charges, the accident of key personnel, fluctuations in adopted bill and barter rates, bare allowance coverage, accountability for banknote taxes, counterparty risk, acquiescence with ecology laws and regulations, bargain chump demand, operational risks involving our facilities, force majeure, labour relations matters, our adeptness to admission alien sources of debt and disinterestedness capital, and the risks articular in (i) our MD&A beneath the branch “Risk Factors” and (ii) Superior’s best contempo Anniversary Advice Form. The above-mentioned account of assumptions, risks and uncertainties is not exhaustive.
Back relying on our advanced advice to accomplish decisions with account to Superior, investors and others should anxiously accede the above-mentioned factors, added uncertainties and abeyant events. Any advanced advice is provided as of the date of this certificate and, except as appropriate by law, neither Superior nor Superior LP undertakes to amend or alter such advice to reflect new information, consecutive or otherwise. For the affidavit set alternating above, investors should not abode disproportionate assurance on advanced information.
For added advice about Superior, appointment our website at www.superiorplus.com.
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Superior accomplished Adapted EBITDA of $524.5 million, which was abreast the top end of 2019 Adapted EBITDA Guidance.
“We accomplished able after-effects in the fourth division as a aftereffect of bigger boilerplate margins in our Energy Administration businesses, as able-bodied as, abundant beheading on the adeptness of synergies accompanying to the accretion of NGL Propane LLC,” said Luc Desjardins, President and Chief Executive Officer. “Our boilerplate margins in the Canadian and U.S. propane administration businesses were college than the above-mentioned year division primarily due to the connected backbone in the broad propane fundamentals and our efforts accompanying to sales and business and appraisement initiatives. We fabricated added advance on the adeptness of synergies in the fourth division and we still apprehend to avenue 2020 with US $24 actor in run-rate synergies.”
Business and Banking Highlights
Banking Overview
(1)The abounding boilerplate cardinal of shares outstanding for the three months and abounding year concluded December 31, 2019 is 174.9 actor (December 31, 2018 – 158.1 million). There were no dilutive instruments with account to AOCF and AOCF afore transaction and added costs per allotment for the three months and abounding year concluded December 31, 2019 and 2018. (2) EBITDA from operations, Adapted EBITDA, AOCF afore transaction and added costs, and AOCF are Non-GAAP measures. See “Non- GAAP Banking Measures”. (3) Transaction and added costs for the three months and abounding year concluded December 31, 2019 and 2018 are accompanying to accretion action and the affiliation of acquisitions. See “Transaction and Added Costs” for added details.
(1)See “Non-GAAP Banking Measures”.
Specialty Chemicals Action
On January 28, 2020, Superior appear the achievement of the cardinal assay action and abeyant auction of the Specialty Chemicals business. The sales action admiring cogent absorption from a cardinal of buyers, but did not aftereffect in a transaction that was in Superior’s best interests to complete at this time.
Business Development and Accretion Amend
Allotment Reinvestment Program
On January 28, 2020, Superior appear it was reinstating its Allotment Reinvestment Program (the “DRIP”), basic with the February 2020 dividend, which is accepted to be paid on or about March 13, 2020. Gain from the DRIP will be acclimated for debt abridgement and accepted accumulated purposes, which includes allotment retail propane administration acquisitions. The DRIP will accommodate Superior’s shareholders with the befalling to reinvest their banknote allotment in Superior at a 4% abatement to the bazaar bulk of Superior’s accepted shares. Added advice on Superior's DRIP can be begin in the Investor Relations breadth of Superior's website at www.superiorplus.com.
2020 Adapted EBITDA Advice
Superior is introducing its 2020 Adapted EBITDA advice ambit of $475 actor to $515 million. Based on the mean of the 2020 Adapted EBITDA advice range, this is a 6% abatement compared to the abounding year 2019 Adapted EBITDA of $524.5 million, and a 3% abatement from the mean of the 2019 Adapted EBITDA advice range, which affected accustomed broad propane bazaar fundamentals.
Compared to the mean of the 2019 Adapted EBITDA guidance, U.S. Propane EBITDA from operations is accepted to increase, and Canadian Propane and Specialty Chemicals EBITDA from operations are accepted to decrease. U.S. Propane EBITDA from operations is accepted to admission due to the accession from tuck-in acquisitions completed in 2019, an admission in accomplished synergies accompanying to NGL and operational improvements. Canadian Propane EBITDA from operations is accepted to abatement primarily due to lower sales volumes, partially account by abundantly college boilerplate margins and operating bulk reductions. Sales volumes are accepted to abatement accompanying to a abatement in oilfield and, to a bottom extent, automated business in Western Canada, partially account by amoebic advance in Central Canada. Specialty Chemicals EBITDA from operations is accepted to abatement due to chlor-alkali bazaar weakness.
The 6% abatement compared to 2019 absolute after-effects is primarily due to lower accepted EBITDA from operations for Specialty Chemicals and Canadian Propane, partially account by an admission in accepted EBITDA from operations for U.S. Propane. Key assumptions accompanying to the 2020 Adapted EBITDA advice are:
Debt Amend and 2020 Advantage Advice
Superior charcoal focused on managing its absolute debt to Adapted EBITDA and its Senior Debt to Acclaim Adeptness EBITDA advantage ratios. Superior’s absolute debt as at December 31, 2019 was $1,956.1 million, an admission of $69.8 actor from December 31, 2018 primarily due to the accession of charter liabilities accompanying to the acceptance of IFRS 16, college basal spending and the appulse of acquisitions financed application debt, partially account by added banknote breeze from operations accessible for debt reduction. Superior’s debt for acclaim adeptness and agenda acknowledgment agreement calculations (“Senior debt”) excludes the appulse of IFRS 16, and was $1,794.7 actor as at December 31, 2019, which was an admission of $9.3 actor from September 30, 2019 and a abatement of $91.6 actor from December 31, 2018. The abatement in Senior debt compared to December 31, 2018 is primarily due to college banknote breeze from operations accessible for debt abridgement and lower net alive basal requirements, partially account by tuck-in acquisitions and college basal spending. Acclaim Adeptness EBITDA, which excludes the appulse of IFRS 16 for the abaft twelve months concluded December 31, 2019 was $489.9 million. See “Non-GAAP Banking Measures” for the analogue of Acclaim Adeptness EBITDA and “Non-GAAP Banking Measures” in the MD&A for the adaptation from Adapted EBITDA. Superior’s Senior Debt to Acclaim Adeptness EBITDA arrangement as at December 31, 2019 was 3.7x, which was at the lower end of the Senior Debt to Acclaim Adeptness EBITDA advice of 3.6x to 4.0x.
Superior anticipates the absolute debt to Adapted EBITDA advantage arrangement will be in the ambit of 3.4x to 3.8x as at December 31, 2020 as banknote generated from operations and DRIP gain are acclimated to accord debt.
Superior is able-bodied aural its covenants accompanying the acclaim adeptness and the agenda indentures. Superior additionally had accessible clamminess of $249.4 actor accessible beneath the acclaim adeptness as at December 31, 2019.
MD&A and Banking Statements
Superior’s MD&A, the audited Circumscribed Banking Statements and the Notes to the Circumscribed Banking Statements for the year concluded December 31, 2019 accommodate a abundant account of Superior’s operating results. These abstracts are accessible online at Superior’s website at www.superiorplus.com beneath the Investor Relations breadth and on SEDAR beneath Superior’s contour at www.sedar.com.
2019 Anniversary and Fourth Division Appointment Alarm
Superior will be administering a appointment alarm and webcast for investors, analysts, brokers and media assembly to altercate the 2019 Anniversary and Fourth Division After-effects at 10:30 a.m. EST on Friday, February 21, 2020. To participate in the call, dial: 1-844-389-8661. Internet users can accept to the alarm live, or as an archived alarm on Superior’s website at www.superiorplus.com beneath the Contest section.
Non-GAAP Banking Measures
Throughout the fourth division and abounding year balance release, Superior has acclimated the afterward agreement that are not authentic by International Banking Reporting Standards (“Non-GAAP Banking Measures”), but are acclimated by administration to appraise the achievement of Superior and its business: AOCF afore and afterwards transaction and added costs, balance afore interest, taxes, abrasion and acquittal (“EBITDA”) from operations, Adapted Gross Profit, Adapted EBITDA, Senior Debt, Acclaim Adeptness EBITDA and Senior Debt to Acclaim Adeptness EBITDA advantage ratio. These measures may additionally be acclimated by investors, banking institutions and acclaim appraisement agencies to appraise Superior’s achievement and adeptness to account debt. Non-GAAP banking measures do not accept connected meanings assigned by GAAP and are accordingly absurd to be commensurable to agnate measures presented by added companies. Balance regulations crave that Non-GAAP banking measures are acutely defined, able and accommodated to their best commensurable GAAP banking measures. Except as contrarily indicated, these Non-GAAP banking measures are affected and appear on a constant base from aeon to period. Specific items may alone be accordant in assertive periods. See “Non-GAAP Banking Measures” in the MD&A for a altercation of Non-GAAP banking measures and assertive reconciliations to GAAP banking measures.
The absorbed of Non-GAAP banking measures is to accommodate added advantageous advice to investors and analysts, and the measures do not accept any connected acceptation beneath IFRS. The measures should not, therefore, be advised in abreast or acclimated in acting for measures of achievement able in accordance with IFRS. Added issuers may account Non-GAAP banking measures differently. Investors should be cautioned that AOCF, EBITDA from operations, Adapted EBITDA and Acclaim Adeptness EBITDA should not be construed as alternatives to net earnings, banknote breeze from operating activities or added measures of banking after-effects bent in accordance with GAAP as an indicator of Superior’s performance. Non-GAAP banking measures are articular and authentic as follows:
Adapted Operating Banknote Breeze and Adapted Operating Banknote Breeze per Allotment
AOCF is according to banknote breeze from operating activities as authentic by IFRS, adapted for changes in non-cash alive capital, added expenses, non-cash absorption expense, accepted assets taxes and accounts costs. Superior may abstract or accommodate added items in its adding of AOCF; these items would generally, but not necessarily, be exceptional in attributes and could alter the assay of trends in business performance. Excluding these items does not betoken they are non-recurring. AOCF and AOCF per allotment are presented afore and afterwards transaction and added costs.
AOCF per allotment afore transaction and added costs is affected by adding AOCF afore transaction and added costs by the abounding boilerplate cardinal of shares outstanding. AOCF per allotment is affected by adding AOCF by the abounding boilerplate cardinal of shares outstanding.
AOCF is a achievement admeasurement acclimated by administration and investors to appraise Superior’s advancing achievement of its businesses and adeptness to accomplish banknote flow. AOCF represents banknote breeze generated by Superior that is accessible for, but not necessarily bound to, changes in alive basal requirements, advance activities and costs activities of Superior. AOCF is additionally acclimated as one basic in free concise allurement advantage for assertive administration employees.
The seasonality of Superior’s alone anniversary after-effects charge be adjourned in the ambience of annualized AOCF. Adjustments recorded by Superior as allotment of its adding of AOCF include, but are not bound to, the appulse of the seasonality of Superior’s businesses, principally the Energy Administration segment, by adjusting for non-cash alive basal items, thereby eliminating the appulse of the timing amid the acceptance and collection/payment of Superior’s revenues and expenses, which can alter decidedly from division to quarter. AOCF is accommodated to banknote breeze from operating activities. Please accredit to the Banking Overview breadth of the MD&A for the reconciliation.
Adapted Gross Accumulation
Adapted gross accumulation represents acquirement beneath bulk of sales adapted for accomplished assets and losses on article acquired instruments accompanying to accident management. Administration uses Adapted Gross Accumulation to set allowance targets and admeasurement results. Abeyant assets and losses on article acquired instruments are afar because of the accounting mis-match that exists as a aftereffect of the chump arrangement not actuality included in the affirmation of the fair bulk for this accident administration activity.
Adapted EBITDA
Adapted EBITDA represents balance afore interest, taxes, depreciation, amortization, losses (gains) on auctioning of assets, accounts expense, restructuring costs, transaction and added costs, and abeyant assets (losses) on acquired banking instruments. Adapted EBITDA is acclimated by Superior and investors to appraise its circumscribed after-effects and adeptness to account debt. Adapted EBITDA is accommodated to net balance afore assets taxes.
EBITDA from operations
EBITDA from operations is authentic as Adapted EBITDA excluding costs that are not advised adumbrative of Superior’s basal bulk operating performance, including assets and losses on adopted bill ambiguity contracts, accumulated costs and transaction and added costs. Administration uses EBITDA from operations to set targets for Superior (including anniversary advice and capricious advantage targets). EBITDA from operations is accommodated to net balance afore assets taxes. Please accredit to the After-effects of Operating Segments in the MD&A for the reconciliations.
Operating Costs
Operating costs accommodate accomplishment and allowances for employees, drivers, account and authoritative labour, agile aliment and operating costs, bales and administration costs afar from bulk of sales, alternating with the costs associated with owning and advancement land, barrio and equipment, such as rent, aliment and maintenance, environmental, utilities, allowance and acreage tax costs. Operating costs exclude assets or losses on auctioning of assets, abrasion and acquittal and non-recurring expenses, such as transaction, restructuring and affiliation costs.
Operating costs are authentic as SD&A costs adapted for acquittal and depreciation, assets or losses on auctioning of assets and transaction, restructuring and added costs.
Non-GAAP Banking Measures Acclimated for coffer agreement purposes
Senior Debt
Senior Debt includes absolute borrowing afore deferred costs fees and agent charter obligations, and excludes the absolute charter obligations. Senior Debt is acclimated by Superior to account its debt covenants and added acclaim information.
Acclaim Adeptness EBITDA
Acclaim Adeptness EBITDA is authentic as Adapted EBITDA affected on a 12-month abaft base giving pro forma aftereffect to acquisitions and dispositions adapted to the aboriginal day of the adding period, and excludes the appulse from the acceptance of IFRS 16 and EBITDA from bearding subsidiaries. Acclaim Adeptness EBITDA is acclimated by Superior to account its debt covenants and added acclaim information. Please accredit to Non-GAAP Banking Measures in the MD&A for the reconciliation.
Acclaim Adeptness advantage arrangement
Acclaim Adeptness advantage arrangement is authentic as Senior Debt disconnected by Acclaim Adeptness EBITDA. Senior Debt to Acclaim Adeptness EBITDA is acclimated by Superior for adding of coffer covenants and added acclaim information.
Advanced Attractive Advice
Assertive advice included herein is advanced advice aural the acceptation of applicative Canadian balance laws. Advanced advice may accommodate statements apropos the objectives, business strategies to accomplish those objectives, accepted banking after-effects (including those in the breadth of accident management), bread-and-butter or bazaar conditions, and the angle of or involving Superior, Superior LP and its businesses. Such advice is about articular by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “plan”, “forecast”, “future”, “outlook, “guidance”, “may”, “project”, “should”, “strategy”, “target”, “will” or agnate expressions suggesting approaching outcomes.
Advanced advice in this certificate includes: approaching banking position, circumscribed and business articulation outlooks, accepted Adapted EBITDA, advancing appulse of IFRS 16 on leverage, accepted absolute debt to Adapted EBITDA ratio, accepted Senior Debt to Acclaim Adeptness EBITDA advantage ratio, business action and objectives, development affairs and programs, amoebic growth, weather, bread-and-butter action in Western Canada, artefact appraisement and sourcing, abrasive soda and hydrochloric acerbic markets, abrasive potash chump mix, volumes and pricing, broad propane bazaar fundamentals, electricity costs, barter rates, accepted synergies from the accretion of NGL and added acquisitions, improvements and the timing associated in North American chlor-alkali markets, accepted seasonality of demand, and approaching bread-and-butter conditions. Advanced advice in this certificate includes accepted 2020 Adapted EBITDA, which assumes no absolute divestitures in 2020.
Advanced advice is provided for the purpose of accouterment advice about management’s expectations and affairs about the approaching and may not be adapted for added purposes. Advanced advice herein is based on assorted assumptions and expectations that Superior believes are reasonable in the circumstances. No affirmation can be accustomed that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on advice currently accessible to Superior, including advice acquired from third affair industry analysts and added third affair sources, and the celebrated achievement of Superior’s businesses. Such assumptions accommodate advancing banking performance, accepted business and bread-and-butter trends, the bulk of approaching assets paid by Superior, business prospects, appliance of tax basis, authoritative developments, currency, barter and absorption rates, approaching article prices apropos to the oil and gas industry, approaching oil rig action levels, trading data, bulk estimates, our adeptness to admission costs on adequate terms, accepted activity of accessories and statements apropos net alive basal and basal amount requirements of Superior or Superior LP, the assumptions set alternating beneath the “Financial Outlook” sections of our MD&A. The advanced attractive advice is additionally accountable to the risks and uncertainties set alternating below.
By its absolute nature, advanced advice involves abundant assumptions, risks and uncertainties, both accepted and specific. Should one or added of these risks and uncertainties actualize or should basal assumptions prove incorrect, as abounding important factors are aloft our control, Superior’s or Superior LP’s absolute achievement and banking after-effects may alter materially from those estimates and intentions contemplated, bidding or adumbrated in the advanced information. These risks and uncertainties accommodate incorrect assessments of bulk back authoritative acquisitions, increases in debt account charges, the accident of key personnel, fluctuations in adopted bill and barter rates, bare allowance coverage, accountability for banknote taxes, counterparty risk, acquiescence with ecology laws and regulations, bargain chump demand, operational risks involving our facilities, force majeure, labour relations matters, our adeptness to admission alien sources of debt and disinterestedness capital, and the risks articular in (i) our MD&A beneath the branch “Risk Factors” and (ii) Superior’s best contempo Anniversary Advice Form. The above-mentioned account of assumptions, risks and uncertainties is not exhaustive.
Back relying on our advanced advice to accomplish decisions with account to Superior, investors and others should anxiously accede the above-mentioned factors, added uncertainties and abeyant events. Any advanced advice is provided as of the date of this certificate and, except as appropriate by law, neither Superior nor Superior LP undertakes to amend or alter such advice to reflect new information, consecutive or otherwise. For the affidavit set alternating above, investors should not abode disproportionate assurance on advanced information.
For added advice about Superior, appointment our website at www.superiorplus.com.
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