Suburban Propane Partners, L.P. (NYSE:SPH) Q1 2023 Results Conference Call February 2, 2023 9:00 AM ET Company Participants Davin D'Ambrosio - Vice President and Treasurer Mike Stivala - President and Chief Executive Officer Mike Kuglin - Chief Financial Officer and Chief Accounting Officer Steve Boyd - Chief Operating Officer Conference Call Participants James Spicer - TD Securities Ned Baramov - Wells Fargo Jay Kanive - Tonka Capital Operator Good day, and welcome to the Suburban Propane Partners First Qu ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 24, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-14222 SUBURBAN PROPANE PARTNERS, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer Delaware 22-34 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended September 24, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-14222 SUBURBAN PROPANE PARTNERS, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or orga ...

Suburban Propane Partners, L.P. (NYSE:SPH) Q4 2022 Earnings Conference Call November 10, 2022 9:00 AM ET Company Participants Davin D'Ambrosio - Vice President and Treasurer Michael Stivala - President and Chief Executive Officer Michael Kuglin - Chief Financial Officer and Chief Accounting Officer Conference Call Participants Ned Baramov - Wells Fargo Securities, LLC Operator Good morning, and welcome to the Suburban Propane Partners' Fiscal 2022 Full-Year and Fourth Quarter Results Conference Call. All pa ...

Suburban Propane Partners LP (NYSE:SPH) Q3 2022 Earnings Conference Call August 4, 2022 9:00 AM ET Company Participants Davin D'Ambrosio - VP & Treasurer Michael Stivala - President, CEO & Supervisor Michael Kuglin - CFO & CAO Conference Call Participants Operator Good day, and welcome to the Suburban Propane Partners Third Fiscal Quarter Results Conference Call. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Mr. Davin D'Ambrosio, Vice Pres ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 25, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-14222 SUBURBAN PROPANE PARTNERS, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or o ...

Suburban Propane Partners, L.P. Investor Presentation May 6, 2021 2 Forward-Looking Statements The following information contains "forward-looking statements," relating to our future business expectations and predictions and financial conditions and results of the operations. Some of these statements can be identified by the use of forward-looking terminology such as "prospects," "estimates," "intends," "may," "will," "should," "contemplates," "expects" or "plans" or the negative or other variation of these ...

Financial Data and Key Metrics Changes - The company reported a net income of $142.8 million or $2.26 per common unit for Q2 2022, compared to $126.3 million or $2.10 per common unit in the prior year, reflecting a significant increase [12] - Adjusted EBITDA for Q2 2022 was $172.5 million, which improved by $0.5 million compared to the prior year [13] - Total gross margin for Q2 2022 was $316.1 million, an increase of $12 million or 4% compared to the prior year [16] Business Line Data and Key Metrics Changes - Retail propane gallons sold in Q2 2022 were 159.2 million gallons, which was 5.8% lower than the prior year due to elevated customer tank levels and warmer weather [13][14] - Combined operating and G&A expenses for Q2 2022 were $143 million, an increase of $12.4 million or 9.5% compared to the prior year, primarily due to higher payroll and inflationary pressures [17] Market Data and Key Metrics Changes - Average wholesale propane prices for Q2 2022 were $1.31 per gallon, which is 45% higher than the prior year and 5% higher than Q1 2022 [15] - The average temperatures for Q2 2022 were 7% warmer than normal, impacting heat-related demand [14] Company Strategy and Development Direction - The company is focusing on building a renewable energy platform and has made strategic investments, including a 25% equity stake in Independence Hydrogen and additional capital for Oberon Fuels [8][9] - A new subsidiary, Suburban Renewals, has been formed to support investments in renewable energy businesses and assets [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by high commodity prices, inflation, and customer conservation efforts, but expressed confidence in the company's ability to manage margins and expenses [6][20] - The company aims to balance strategic investments with debt reduction, targeting a leverage ratio in the mid-3x range [21] Other Important Information - The quarterly distribution declared was $0.325 per common unit, equating to an annualized rate of $1.30 per common unit [19] - The company repaid $41.9 million of borrowings during the quarter, reducing total debt outstanding [18] Q&A Session Summary Question: Could you talk a little bit more about margin management? - Management discussed the challenges of managing prices in a competitive market and emphasized their effective risk management strategies to insulate the business from price volatility [24][25] Question: Can you expand on the impact of customer conservation? - Management noted that customer conservation has been observed when prices exceed $1.50, estimating that a couple of percentage points of the volume decline were due to conservation efforts [27][30] Question: What is the board's view on distribution increases going forward? - Management indicated a balanced approach to capital allocation, focusing on renewable platform investments while also considering distribution increases as opportunities arise [33][35]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 26, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-14222 SUBURBAN PROPANE PARTNERS, L.P. (Exact name of registrant as specified in its charter) Delaware 22-3410353 (State or other jurisdiction of (I.R.S. Employ ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA increase of more than 8% compared to the prior year first quarter, reaching $86.5 million, which is an improvement of $6.5 million or 8.1% [6][11] - Net income for the first quarter was $55.4 million or $0.88 per common unit, compared to $33.4 million or $0.53 per common unit in the prior year [11] - Total gross margin for the first quarter increased by $15.6 million or 7.9% to $212.6 million, driven by effective selling price management and favorable commodity hedges [14] Business Line Data and Key Metrics Changes - Retail propane gallons sold were 105.3 million gallons, which is 5.7% lower than the prior year, impacted by unseasonably warm temperatures and lower agricultural demand [13] - Average wholesale prices for the first quarter were $1.25 per gallon, nearly 120% higher than the prior year first quarter [14] Market Data and Key Metrics Changes - U.S. propane inventories were reported at around 20% below the five-year average for that time of year, but improved as the quarter progressed due to solid production outpacing soft domestic demand [8] - Propane prices started to rise again, increasing more than 15% in just the past three weeks as colder temperatures returned [23] Company Strategy and Development Direction - The company is focused on greenfield expansions and acquisitions in strategic markets to enhance its service capability [32] - There is an ongoing effort to commercialize low-carbon renewable dimethyl ether, which will significantly reduce carbon intensity when blended with propane [25][27] - The company aims to build out a renewable energy platform and is actively seeking investment opportunities in new technologies [26][27] Management's Comments on Operating Environment and Future Outlook - Management noted that the heating season began with unseasonably warm weather, but colder temperatures are expected to drive increased heating demand [23] - The company remains well-positioned to respond to increasing customer demand while adhering to safety standards amid the ongoing pandemic [24] Other Important Information - The quarterly distribution was declared at $0.325 per common unit, equating to an annualized rate of $1.30 per common unit, with a strong distribution coverage of 2.6x [22] - The consolidated leverage ratio for the trailing 12-month period was 4.02x, reflecting a significant improvement from the prior year [19] Q&A Session Summary Question: Details on the acquisition of properties in new markets - The company is actively identifying strategic markets for expansion and has completed most of the spending for greenfield expansions, focusing now on marketing [32][33] Question: Inflationary effects on combined OpEx and SG&A - The company is experiencing inflationary impacts from driver shortages, increased compensation, and higher costs for materials and fuel, but has managed to maintain operational efficiency [35][36] Question: Target leverage and priorities between deleveraging and investments - The company aims to reduce its leverage metric to the mid-3x range and will use excess cash flow for investments in renewable technologies or to reduce debt [41][43] Question: Timing on refinancing 2027 notes - The company is actively considering refinancing options but has not disclosed specific timing [45]