Core Insights - Suburban Propane Partners, L.P. reported a net loss of $14.8 million for the third quarter of fiscal 2025, an improvement from a net loss of $17.2 million in the same quarter of fiscal 2024 [2][16] - Adjusted EBITDA for the third quarter of fiscal 2025 was $27.0 million, remaining flat compared to the prior year [2][16] - The company experienced a solid counter-seasonal quarter despite unseasonably warm temperatures and commodity price volatility [3] Financial Performance - Retail propane gallons sold in the third quarter of fiscal 2025 were 71.9 million gallons, consistent with the prior year [4][16] - Average propane prices increased by 4.7% compared to the prior year [4] - Total gross margin for the third quarter was $160.6 million, unchanged from the prior year [4] Operational Highlights - The company utilized excess cash flows and proceeds from the issuance of Common Units to fund growth capital projects and reduce debt by $69 million [3][6] - Average daily renewable natural gas (RNG) injection was slightly down compared to the prior year, with revenues negatively impacted by lower prices for environmental attributes [3] - The Consolidated Leverage Ratio improved to 4.33x for the twelve-month period ended June 28, 2025 [6] Distribution Information - The Board of Supervisors declared a quarterly distribution of $0.325 per Common Unit for the three months ended June 28, 2025, equating to an annualized rate of $1.30 per Common Unit [7]

Core Viewpoint - Suburban Propane Partners, L.P. is set to announce its Fiscal 2025 Third Quarter results on August 7, 2025, with a conference call for analysts and investors to discuss the results and business outlook [1]. Company Overview - Suburban Propane Partners, L.P. is a publicly traded master limited partnership listed on the NYSE, headquartered in Whippany, New Jersey, and has been in the customer service business since 1928 [3]. - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products and services, serving approximately 1 million customers across 42 states through around 700 locations [3]. Core Pillars - The company is supported by three core pillars: 1. **Suburban Commitment** - Emphasizing a legacy of nearly 100 years and a commitment to high standards in customer service [4]. 2. **SuburbanCares** - Focusing on community engagement and giving back to local communities [4]. 3. **Go Green with Suburban Propane** - Promoting propane and renewable propane as clean energy alternatives and investing in innovative renewable energy solutions [4].

Company Overview - Suburban Propane Partners, L.P. is a publicly traded master limited partnership listed on the NYSE, headquartered in Whippany, New Jersey, and has been in the customer service business since 1928 [5] - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products and services, and also markets natural gas and electricity, servicing approximately 1 million customers across 700 locations in 42 states [5] Community Engagement - Suburban Propane is the main sponsor of the Track to Table event, which merges NASCAR with fine dining and charitable giving, benefiting Speedway Children's Charities Sonoma [1][2] - The company emphasizes its commitment to community-focused initiatives through its SuburbanCares platform, aiming to support local organizations and programs that impact children and families in need [3][6] Event Highlights - The Track to Table event features a culinary experience with wine pairings from local wineries and an acoustic performance by country music artist Tim Dugger, along with a live charity auction [4] - The event is designed to celebrate the food and wine of Sonoma while supporting vulnerable children and families [4] Corporate Values - Suburban Propane operates under three core pillars: Suburban Commitment, SuburbanCares, and Go Green with Suburban Propane, focusing on customer service excellence, community support, and promoting renewable energy alternatives [6]

Core Insights - Suburban Propane (NYSE: SPH) has experienced a mixed performance over the past year, with a loss of approximately 2% in share value while providing a dividend yield of over 6% [1] Financial Performance - The company has struggled with excess debt and limited demand growth, impacting its overall financial health [1]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) This section presents the unaudited condensed consolidated financial statements for Suburban Propane Partners, L.P., including balance sheets, statements of operations, cash flows, and partners' capital, along with detailed accounting notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$2.40 billion** as of March 29, 2025, driven by accounts receivable and property, plant, and equipment, while total liabilities remained stable and partners' capital grew to **$671.8 million** Condensed Consolidated Balance Sheets (in thousands) | | March 29, 2025 | September 28, 2024 | | :--- | :--- | :--- | | **Total current assets** | $250,093 | $157,544 | | **Total assets** | $2,399,899 | $2,272,761 | | **Total current liabilities** | $235,661 | $306,122 | | **Long-term borrowings** | $1,293,529 | $1,210,326 | | **Total liabilities** | $1,728,090 | $1,725,701 | | **Total partners' capital** | $671,809 | $547,060 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net income for the three months ended March 29, 2025, increased to **$137.1 million**, and for the six-month period, it rose to **$156.5 million**, primarily due to higher revenues in the propane segment Three Months Ended Financial Highlights (in thousands, except per unit) | Metric | March 29, 2025 | March 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | $587,663 | $498,087 | | **Operating Income** | $158,413 | $136,860 | | **Net Income** | $137,121 | $111,500 | | **Net Income per Common Unit - basic** | $2.11 | $1.73 | Six Months Ended Financial Highlights (in thousands, except per unit) | Metric | March 29, 2025 | March 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | $960,992 | $863,921 | | **Operating Income** | $217,475 | $185,608 | | **Net Income** | $156,541 | $135,954 | | **Net Income per Common Unit - basic** | $2.42 | $2.12 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities decreased to **$48.9 million** for the six months ended March 29, 2025, while net cash used in investing activities significantly increased to **$97.1 million**, and financing activities provided **$45.1 million** Six Months Ended Cash Flow Summary (in thousands) | Cash Flow Activity | March 29, 2025 | March 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $48,884 | $62,374 | | **Net cash (used in) investing activities** | ($97,126) | ($30,734) | | **Net cash provided by (used in) financing activities** | $45,122 | ($26,538) | | **Net (decrease) increase in cash** | ($3,120) | $5,102 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including business organization, revenue recognition, and debt structure, highlighting impairment charges on investments, an at-the-market equity offering, and the resolution of a Green Bonds covenant issue - The Partnership's primary business involves the retail marketing and distribution of propane, renewable propane, fuel oil, and other fuels, alongside growing renewable energy investments[36](index=36&type=chunk)[38](index=38&type=chunk) - During the first quarter of fiscal 2025, the Partnership recorded other-than-temporary impairment charges of **$10.2 million** on its investment in Oberon and **$9.6 million** on its investment in Independence Hydrogen (IH)[65](index=65&type=chunk)[67](index=67&type=chunk) - On February 20, 2025, the Partnership initiated an at-the-market (ATM) public offering to sell up to **$100 million** of Common Units, issuing **442,425 units** for net proceeds of **$8.8 million** during the quarter[131](index=131&type=chunk)[133](index=133&type=chunk) - Subsequent to the quarter end, on May 2, 2025, the Operating Partnership guaranteed the Green Bonds, and the indenture was amended to eliminate the debt service coverage ratio covenant, resolving a prior non-compliance issue[143](index=143&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses key performance drivers, including product costs, seasonality, and inflation, reporting a **19.1% increase in Adjusted EBITDA** to **$175.0 million** for Q2 FY2025, driven by higher propane volumes, and an improved leverage ratio of **4.54x** - Key business drivers include product cost volatility, seasonality (with two-thirds of propane volume sold from October to March), weather conditions, and inflationary pressures on operating costs[146](index=146&type=chunk)[150](index=150&type=chunk)[154](index=154&type=chunk) Q2 FY2025 Performance Highlights | Metric | Q2 FY2025 | Change vs. Q2 FY2024 | | :--- | :--- | :--- | | **Net Income** | $137.1 million | +$25.6 million | | **Adjusted EBITDA** | $175.0 million | +19.1% | | **Retail Propane Gallons Sold** | 162.0 million | +15.5% | | **Average Temperatures** | 9% cooler | vs. prior year | - The Consolidated Leverage Ratio improved to **4.54x** as of March 29, 2025, down from **4.76x** at the end of fiscal 2024[162](index=162&type=chunk)[219](index=219&type=chunk) [Results of Operations - Three Months Ended March 29, 2025 vs. March 30, 2024](index=32&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended) Total revenues for Q2 FY2025 increased **18.0%** to **$587.7 million**, primarily due to a **20.0% rise in propane revenue** driven by a **15.5% increase in volumes** and higher selling prices, while operating and G&A expenses also rose Q2 Revenue and Volume Changes by Segment | Segment | Revenue Change | Volume Change | | :--- | :--- | :--- | | **Propane** | +20.0% | +15.5% | | **Fuel oil and refined fuels** | +5.6% | +11.0% | | **Natural gas and electricity** | +3.6% | N/A | | **All other** | -1.0% | N/A | - The increase in propane revenue was driven by a **21.8 million gallon (15.5%) increase** in retail volumes sold and a **2.7% increase** in average selling prices[168](index=168&type=chunk) - Cost of products sold increased **27.5%**, faster than revenue, partly due to a smaller unrealized gain from derivative mark-to-market adjustments (**$0.7 million** in Q2'25 vs. **$5.9 million** in Q2'24)[160](index=160&type=chunk)[172](index=172&type=chunk) [Results of Operations - Six Months Ended March 29, 2025 vs. March 30, 2024](index=36&type=section&id=Results%20of%20Operations%20-%20Six%20Months%20Ended) Total revenues for the first six months of fiscal 2025 grew **11.2%** to **$961.0 million**, with propane revenue up **13.9%** due to higher volumes and prices, though partially offset by a **7.0% decline** in 'All other' revenue and a significant increase in 'Other, net' expense due to impairment charges H1 Revenue and Volume Changes by Segment | Segment | Revenue Change | Volume Change | | :--- | :--- | :--- | | **Propane** | +13.9% | +8.5% | | **Fuel oil and refined fuels** | -8.1% | -1.0% | | **Natural gas and electricity** | -0.8% | N/A | | **All other** | -7.0% | N/A | - The net change in fair value of derivatives resulted in a **$4.4 million** unrealized gain in H1 FY2025, compared to a **$4.9 million** unrealized loss in H1 FY2024, a positive swing of **$9.3 million** for cost of products sold[197](index=197&type=chunk) - 'Other, net' expense increased by **$9.1 million**, primarily due to **$19.8 million** in combined impairment charges for investments in Oberon and IH recorded in the first quarter[207](index=207&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) Net cash from operations for H1 FY2025 was **$48.9 million**, while investing activities used **$97.1 million** for capital expenditures and acquisitions, and financing activities provided **$45.1 million** from net borrowings and an ATM equity offering, with total debt at **$1.31 billion** - Cash from operations decreased to **$48.9 million** from **$62.4 million** in the prior year, mainly due to a larger increase in working capital[210](index=210&type=chunk) - Investing activities included **$50.0 million** for propane business acquisitions and **$30.5 million** for growth-related capital expenditures[211](index=211&type=chunk) - The Partnership announced a quarterly distribution of **$0.325 per Common Unit**, or **$1.30 annualized**[227](index=227&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The Partnership is exposed to market risks from commodity price fluctuations, interest rate changes, and counterparty credit, managing commodity risk through hedging with derivatives, and a sensitivity analysis indicates a hypothetical **10% adverse change** in commodity prices would result in a potential **$1.0 million net loss** on open derivative positions - The primary market risk is commodity price volatility for propane and fuel oil, managed through hedging with derivative instruments[231](index=231&type=chunk)[233](index=233&type=chunk) - Interest rate risk applies to borrowings under the revolving credit facility, which are based on SOFR plus a margin[236](index=236&type=chunk) - A sensitivity analysis showed that a hypothetical **10% adverse change** in market prices would lead to a potential **$1.0 million net loss** on open derivative positions[238](index=238&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the Partnership's disclosure controls and procedures were effective as of March 29, 2025, with no material changes in internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of the end of the period[240](index=240&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[241](index=241&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=44&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The Partnership reported no material legal proceedings during the period - None[244](index=244&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section updates risk factors, highlighting those associated with significant debt obligations and renewable fuel investments, including a resolved Green Bonds covenant issue and impairment charges on Oberon and IH investments - The company faces risks from its significant debt load (**$1.3 billion**), which could limit financial flexibility and distributions, with covenants in debt agreements restricting certain activities[245](index=245&type=chunk) - A previous event of default under the Green Bonds due to non-compliance with the debt service coverage ratio was cured through waivers and a subsequent amendment to the indenture that eliminated the covenant[246](index=246&type=chunk)[247](index=247&type=chunk) - Investments in renewable fuels (like rDME and hydrogen) are subject to significant risks, including market adoption, partner financial stability, and regulatory changes, underscored by the Q1 FY2025 impairment charges of **$10.2 million** for Oberon and **$9.6 million** for IH[250](index=250&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The Partnership reported no unregistered sales of equity securities during the period - None[255](index=255&type=chunk) [Item 5. Other Information](index=46&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No supervisors or executive officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the fiscal quarter ended March 29, 2025 - No new or terminated Rule 10b5-1 trading arrangements or other trading arrangements were reported for supervisors and executive officers during the quarter[258](index=258&type=chunk) [Item 6. Exhibits](index=47&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the quarterly report, including the Equity Distribution Agreement and certifications from the CEO and CFO as required by the Sarbanes-Oxley Act - Filed exhibits include the Equity Distribution Agreement (10.1), CEO and CFO certifications (31.1, 31.2, 32.1, 32.2), and XBRL data files[262](index=262&type=chunk)

Financial Data and Key Metrics Changes - The second quarter of fiscal 2025 saw a net income of $136.9 million or $2.11 per common unit, compared to $110.3 million or $1.71 per common unit in the prior year, marking a significant increase [12] - Adjusted EBITDA increased by $28 million or 19.1% to $175 million compared to the prior year [12][16] - Retail propane gallons sold were 162 million, a 15.5% increase from the previous year, driven by cooler temperatures and recent acquisitions [12][16] Business Line Data and Key Metrics Changes - Propane volumes increased by 15.5% year-over-year, with the highest volume delivered in January 2025 since 2018 [8][12] - Average daily renewable natural gas (RNG) injection improved from the first quarter but was slightly down compared to the previous year due to cold temperatures affecting production [9] - The company made significant progress in integrating a propane business acquired for approximately $53 million, exceeding performance expectations [10] Market Data and Key Metrics Changes - Average wholesale propane prices for the quarter were $0.90 per gallon, a 7.2% increase compared to the prior year [15] - U.S. propane inventories were 44.1 million barrels, 15% lower than March 2024 levels, indicating strong seasonal demand [14] Company Strategy and Development Direction - The long-term strategic growth plan focuses on growing the core propane business and investing in lower carbon renewable energy alternatives while maintaining balance sheet flexibility [11] - The company launched an At the Market (ATM) equity sales program to raise up to $100 million for opportunistic growth and debt repayment [10][11] - The partnership with NASCAR as the official propane partner highlights the company's commitment to sustainability and community engagement [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating commodity cycles and managing propane supply effectively [28] - The propane M&A landscape has changed, with fewer buyers, presenting opportunities for Suburban Propane to acquire quality businesses [31][33] - Regulatory developments regarding renewable natural gas production tax credits are being monitored, with expectations for improved credit values in the future [18][36] Other Important Information - The quarterly distribution was declared at $0.325 per common unit, with a strong coverage ratio of 2.17 times [20] - The company is well-positioned to meet energy needs and innovate in lower carbon renewable energy markets [25][37] Q&A Session Summary Question: How is Suburban positioning itself for the non-heating season and next heating season? - Management indicated strong supply management capabilities and relationships with suppliers, expecting higher propane inventory levels to influence pricing [28][29] Question: What is Suburban's view on the propane M&A landscape? - The company sees a promising future for propane and is well-positioned to acquire quality businesses due to fewer buyers in the market [31][33] Question: What are the expectations regarding federal and state regulations for renewable energy? - Management anticipates regulatory changes that will positively impact credit values for renewable natural gas, with a focus on operational excellence [34][36]

Financial Data and Key Metrics Changes - The second quarter of fiscal 2025 saw a net income of $136.9 million or $2.11 per common unit, compared to $110.3 million or $1.71 per common unit in the prior year, marking a significant increase [12] - Adjusted EBITDA for the quarter was $175 million, an increase of $28 million or 19.1% compared to the prior year [12][14] - Retail propane gallons sold increased by 15.5% to 162 million gallons, primarily due to cooler temperatures and contributions from recent acquisitions [12][14] Business Line Data and Key Metrics Changes - Propane volumes increased by 15.5% compared to the prior year's second quarter, with the highest volume delivered in January 2025 since 2018 [7][12] - Renewable natural gas (RNG) operations saw average daily injection improve from the first quarter, although it was slightly down from the prior year's second quarter due to cold temperatures affecting production [8][9] Market Data and Key Metrics Changes - Average wholesale propane prices for the quarter were $0.90 per gallon, a 7.2% increase compared to the prior year [14] - U.S. propane inventories were 15% lower than March 2024 levels, contributing to price volatility in the market [14][23] Company Strategy and Development Direction - The long-term strategic growth plan focuses on growing the core propane business and investing in lower carbon renewable energy alternatives while maintaining balance sheet flexibility [11][25] - The company is actively pursuing opportunistic growth through acquisitions, with a strong pipeline of opportunities emerging as the market stabilizes [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the propane market's volatility and highlighted the importance of strong supplier relationships [28][29] - The company is optimistic about the future of propane as a reliable energy source and is well-positioned to capitalize on new market opportunities [33][34] Other Important Information - The company launched an At the Market (ATM) equity sales program to raise up to $100 million, with net proceeds of $8.8 million used to repay debt [10][11] - A quarterly distribution of $0.325 per common unit was declared, with a coverage ratio of 2.17 times for the trailing twelve months [20] Q&A Session Summary Question: How is Suburban positioning itself ahead of the non-heating season? - Management indicated that they have strong supply management practices and expect higher propane inventory levels to influence pricing [28][29] Question: What is Suburban's view on the propane M&A landscape? - The company noted a reduced number of buyers in the market, presenting a favorable opportunity for Suburban to pursue quality acquisitions [31][34] Question: What are the expectations regarding renewable energy regulations? - Management discussed the potential for improved credit values in the environmental attribute markets and emphasized operational excellence in their RNG platform [35][36]

[Suburban Propane Partners, L.P. Announces Second Quarter Results](index=1&type=section&id=Suburban%20Propane%20Partners%2C%20L.P.%20Announces%20Second%20Quarter%20Results) Suburban Propane Partners reports strong Q2 FY2025 results, driven by increased sales volume and effective cost management [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Suburban Propane achieved significant Q2 FY2025 profitability growth, with net income rising to $137.1 million and Adjusted EBITDA increasing by 19.1% Q2 Fiscal 2025 vs. Q2 Fiscal 2024 Key Financial Metrics | Metric | Q2 FY2025 ($ million) | Q2 FY2024 ($ million) | Change | | :--- | :--- | :--- | :--- | | Net Income | $137.1 | $111.5 | +23.0% | | Net Income per Common Unit ($) | $2.11 | $1.73 | +22.0% | | Adjusted EBITDA | $175.0 | $147.0 | +19.1% | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management attributes strong performance to colder weather, increased sales volume, and effective cost control, while advancing renewable energy and capital management initiatives [Operational Performance and Weather Impact](index=1&type=section&id=Operational%20Performance%20and%20Weather%20Impact) Operational performance significantly benefited from colder weather, leading to a 15.5% increase in retail propane gallons sold - Retail propane gallons sold increased **15.5% to 162.0 million gallons** compared to the prior year's second quarter[4](index=4&type=chunk) - Average temperatures across service territories were **9% cooler** than the prior year's second quarter. During the critical months of January and February, temperatures were **13% colder** than the same period last year[4](index=4&type=chunk) [Renewable Energy Initiatives](index=1&type=section&id=Renewable%20Energy%20Initiatives) The company continues to advance renewable natural gas projects despite temporary weather impacts on current injection volumes - RNG injection at the Stanfield facility was negatively affected by extremely cold ambient air temperatures and planned downtime for enhancements[4](index=4&type=chunk) - The company continues to advance capital projects to construct an anaerobic digester in New York and upgrade gas equipment at its Ohio facility[4](index=4&type=chunk) [Capital Management and Strategy](index=1&type=section&id=Capital%20Management%20and%20Strategy) The company launched an ATM equity program to raise capital for strategic growth and debt repayment, improving its Consolidated Leverage Ratio - An ATM equity sales program was launched to sell up to **$100.0 million** of newly issued Common Units to support strategic growth[4](index=4&type=chunk) - During the quarter, **$8.8 million** in net proceeds were raised under the ATM program and used to repay debt[4](index=4&type=chunk) - The Consolidated Leverage Ratio improved to **4.54x** for the twelve months ended March 29, 2025[7](index=7&type=chunk) [Detailed Financial Analysis](index=3&type=section&id=Detailed%20Financial%20Analysis) Gross margin increased by 12.1% due to higher volumes, while operating and administrative expenses rose 9.7% due to increased demand Q2 FY2025 vs. Q2 FY2024 Financial Details | Metric | Q2 FY2025 ($ million) | Q2 FY2024 ($ million) | Change | | :--- | :--- | :--- | :--- | | Total Gross Margin | $345.3 | $308.0 | +12.1% | | Combined Operating & G&A Expenses | $169.3 | $154.4 | +9.7% | | Average Propane Prices (Mont Belvieu) (%) | - | - | +7.2% | - Excluding non-cash mark-to-market adjustments, total gross margin increased by **$42.5 million**, or **14.1%**, primarily due to higher propane volumes sold[5](index=5&type=chunk) [Shareholder Returns](index=3&type=section&id=Shareholder%20Returns) The Partnership declared a quarterly distribution of $0.325 per Common Unit, maintaining an annualized rate of $1.30 - A quarterly distribution of **$0.325 per Common Unit** was declared, equating to an annualized rate of **$1.30 per Common Unit**[8](index=8&type=chunk) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations show significant Q2 FY2025 growth, with total revenues reaching $587.7 million and net income at $137.1 million Q2 FY2025 vs. Q2 FY2024 Statement of Operations (in thousands) | Metric | Three Months Ended Mar 29, 2025 (in thousands) | Three Months Ended Mar 30, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Revenues** | **$587,663** | **$498,087** | | Propane Revenues | $525,256 | $437,564 | | Operating Income | $158,413 | $136,860 | | **Net Income** | **$137,121** | **$111,500** | | Net Income per Common Unit - basic | $2.11 | $1.73 | Q2 FY2025 vs. Q2 FY2024 Supplemental Information | Metric | Three Months Ended Mar 29, 2025 (thousands) | Three Months Ended Mar 30, 2024 (thousands) | | :--- | :--- | :--- | | Propane Gallons Sold | 162,027 | 140,243 | | Maintenance Capex | $8,041 | $5,577 | | Growth Capex | $11,268 | $8,969 | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) The company provides reconciliations for non-GAAP measures, with Q2 FY2025 Net Income of $137.1 million reconciling to Adjusted EBITDA of $175.0 million Reconciliation of Net Income to Adjusted EBITDA (Q2, in thousands) | Metric | March 29, 2025 (in thousands) | March 30, 2024 (in thousands) | | :--- | :--- | :--- | | **Net Income** | **$137,121** | **$111,500** | | Add: Interest, Taxes, D&A | $38,163 | $36,676 | | **EBITDA** | **$175,284** | **$148,176** | | Adjustments | ($240) | ($1,154) | | **Adjusted EBITDA** | **$175,044** | **$147,022** | - Management uses EBITDA and Adjusted EBITDA as supplemental measures of operating performance, believing they provide useful additional information to investors and analysts[17](index=17&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) Forward-looking statements are subject to risks including weather impact, commodity price volatility, competition, and challenges in renewable fuel projects - Key risks include the impact of weather on demand, volatility in fuel costs, competition, and the ability to manage expenses[12](index=12&type=chunk)[13](index=13&type=chunk) - The company also identifies risks specific to its renewable fuel projects, including customer adoption, operational challenges, and dependence on government funding and environmental attribute markets[13](index=13&type=chunk)

Core Viewpoint - Suburban Propane Partners, L.P. is set to hold its Fiscal 2025 Second Quarter Results Conference Call on May 8, 2025, at 9:00 AM Eastern Time, inviting analysts and investors to discuss the results and business outlook [1]. Company Overview - Suburban Propane Partners, L.P. is a publicly traded master limited partnership listed on the NYSE, headquartered in Whippany, New Jersey, and has been in the customer service business since 1928 [3]. - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products and services, serving approximately 1 million customers across 42 states through around 700 locations [3]. Core Pillars - Suburban Propane is supported by three core pillars: 1. **Suburban Commitment** - Emphasizing a legacy of nearly 100 years and a commitment to high standards in customer service [4]. 2. **SuburbanCares** - Highlighting the company's dedication to community engagement across its national footprint [4]. 3. **Go Green with Suburban Propane** - Promoting the clean-burning nature of propane and renewable propane as a bridge to a green energy future, while investing in innovative renewable energy alternatives [4].

Core Insights - Suburban Propane Partners, L.P. has partnered with NASCAR to introduce a propane-powered track dryer at the DAYTONA 500, enhancing track drying efficiency and reducing pollutants compared to diesel or gasoline [1][2] - The partnership aims to improve the fan experience by providing reliable propane services at NASCAR events, including fueling concession stands and supporting campground energy needs [3][4] Company Overview - Suburban Propane is a publicly traded master limited partnership, established in 1928, and operates as a nationwide distributor of propane, renewable propane, renewable natural gas, and related products and services [5] - The company serves approximately 1 million customers across 700 locations in 42 states, emphasizing its commitment to customer service and community support [5][6] Environmental Commitment - Suburban Propane promotes the clean-burning nature of propane and renewable propane as part of its "Go Green" initiative, aiming to contribute to a sustainable energy future [6]