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]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%2E%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)](index=5&type=section&id=ITEM%201%2E%20FINANCIAL%20STATEMENTS%20%28UNAUDITED%29) This section presents the unaudited condensed consolidated financial statements for the quarter ended December 25, 2021, showing a decrease in net income to **$21.3 million** from **$38.0 million** year-over-year despite a **23%** revenue increase [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The financial statements indicate total assets increased to **$2.10 billion**, with revenues rising to **$375.4 million**, while net income decreased to **$21.3 million**, and operating cash flow shifted to a **$13.3 million** outflow Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 25, 2021 | Sep 25, 2021 | | :--- | :--- | :--- | | Total current assets | $223,378 | $180,108 | | Goodwill | $1,107,026 | $1,107,026 | | **Total assets** | **$2,096,926** | **$2,051,730** | | Total current liabilities | $279,128 | $287,146 | | Long-term borrowings | $1,162,842 | $1,118,014 | | **Total liabilities** | **$1,669,578** | **$1,626,309** | | **Total partners' capital** | **$427,348** | **$425,421** | Condensed Consolidated Statement of Operations (in thousands) | | Three Months Ended | | | :--- | :--- | :--- | | | Dec 25, 2021 | Dec 26, 2020 | | **Revenues** | **$375,407** | **$305,191** | | Cost of products sold | $196,338 | $103,379 | | Operating income | $37,256 | $57,686 | | **Net income** | **$21,298** | **$37,977** | | Net income per Common Unit - basic | $0.34 | $0.61 | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended Dec 25, 2021 | Three Months Ended Dec 26, 2020 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(13,335) | $4,234 | | Net cash used in investing activities | $(10,371) | $(11,214) | | Net cash provided by financing activities | $21,426 | $9,153 | | **Net (decrease) increase in cash** | **$(2,280)** | **$2,173** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, revenue disaggregation showing residential customers as the largest source, a **39%** equity stake in Oberon Fuels, Inc., and **$1.16 billion** in long-term debt, with the Propane segment generating **88%** of revenue - The Partnership primarily engages in retail marketing and distribution of propane, fuel oil, and other fuels, with the Propane segment generating approximately **88%** of total revenue[23](index=23&type=chunk)[39](index=39&type=chunk) Revenue by Customer Type (in thousands) | Customer Type | Three Months Ended Dec 25, 2021 | Three Months Ended Dec 26, 2020 | | :--- | :--- | :--- | | Residential | $198,005 | $174,711 | | Commercial | $110,952 | $79,440 | | Industrial | $34,194 | $25,795 | | Agricultural | $13,803 | $11,138 | | **Total Revenues** | **$375,407** | **$305,191** | - The Partnership holds a **39%** equity stake in Oberon Fuels, Inc., a renewable dimethyl ether (rDME) producer, supporting its 'Go Green' initiative[41](index=41&type=chunk) Long-Term Borrowings (in thousands) | Debt Instrument | Dec 25, 2021 | Sep 25, 2021 | | :--- | :--- | :--- | | 5.875% senior notes due 2027 | $350,000 | $350,000 | | 5.0% senior notes due 2031 | $650,000 | $650,000 | | Revolving Credit Facility | $176,400 | $132,000 | | **Total (before issuance costs)** | **$1,176,400** | **$1,132,000** | - A quarterly distribution of **$0.325** per Common Unit for Q1 FY2022 was announced on January 20, 2022[77](index=77&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=28&type=section&id=ITEM%202%2E%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses performance drivers including COVID-19, volatile product costs, seasonality, and weather, noting a **43.9%** decrease in net income to **$21.3 million** despite a **23%** revenue increase, while Adjusted EBITDA grew **8.1%** to **$86.5 million** [Executive Overview and Key Factors](index=28&type=section&id=Executive%20Overview%20and%20Key%20Factors) Key factors influencing the business include the ongoing COVID-19 pandemic, volatile product costs, high seasonality with most sales in winter, and significant impact from weather conditions, particularly warmer temperatures - The COVID-19 pandemic caused lower commercial revenues, partially offset by increased residential usage, requiring operational adaptation to shifting demand[103](index=103&type=chunk) - Profitability relies heavily on the spread between retail prices and volatile product acquisition costs, with average propane prices **118.5%** higher in Q1 2022 year-over-year[104](index=104&type=chunk)[108](index=108&type=chunk) - The business is highly seasonal, with approximately **two-thirds** of retail propane volume sold during the peak heating season from October to March[109](index=109&type=chunk) - Weather significantly impacts demand, with Q1 2022 average temperatures **16%** warmer than normal and **3%** warmer than the prior year, negatively affecting sales volumes[110](index=110&type=chunk)[116](index=116&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Total revenues increased **23.0%** to **$375.4 million** in Q1 2022 due to higher selling prices, despite a **5.7%** decrease in retail propane volumes, while cost of products sold surged **89.9%** and operating income fell to **$37.3 million** Key Performance Indicators | Metric | Q1 FY2022 | Q1 FY2021 | Change | | :--- | :--- | :--- | :--- | | Net Income | $21.3M | $38.0M | (43.9)% | | Adjusted EBITDA | $86.5M | $80.0M | +8.1% | | Retail Propane Gallons Sold | 105.3M | 111.7M | (5.7)% | Revenues by Segment (in thousands) | Segment | Q1 FY2022 | Q1 FY2021 | % Change | | :--- | :--- | :--- | :--- | | Propane | $331,117 | $268,624 | +23.3% | | Fuel oil and refined fuels | $20,966 | $15,750 | +33.1% | | Natural gas and electricity | $9,223 | $6,876 | +34.1% | | **Total revenues** | **$375,407** | **$305,191** | **+23.0%** | - Cost of products sold increased **89.9%** year-over-year, primarily due to higher wholesale commodity prices and a **$33.5 million** unrealized non-cash loss from derivative mark-to-market adjustments[130](index=130&type=chunk)[132](index=132&type=chunk) - Operating expenses rose **7.9%** to **$105.7 million** and G&A expenses increased **9.2%** to **$19.8 million**, driven by higher payroll, vehicle costs, and general inflation[137](index=137&type=chunk)[139](index=139&type=chunk) - Depreciation and amortization expense decreased **41.9%** to **$16.3 million**, primarily due to the conclusion of amortization for certain intangible assets from prior acquisitions[140](index=140&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Net cash used in operating activities was **$13.3 million**, a shift from prior-year cash provided, while investing activities used **$10.4 million**, and financing activities provided **$21.4 million**, leaving **$274.7 million** in revolving facility borrowing capacity - Net cash used in operating activities totaled **$13.3 million**, a decrease from **$4.2 million** provided in the prior-year period, due to higher variable compensation and increased working capital[144](index=144&type=chunk) - Capital expenditures for the quarter amounted to **$10.7 million**, comprising **$6.3 million** for growth and **$4.4 million** for maintenance[145](index=145&type=chunk) - As of December 25, 2021, long-term debt included **$1.0 billion** in senior notes and **$176.4 million** outstanding on the revolving credit facility[149](index=149&type=chunk) - A quarterly distribution of **$0.325** per Common Unit was announced, payable on February 8, 2022[153](index=153&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=36&type=section&id=ITEM%203%2E%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The Partnership faces market risks from commodity price fluctuations, credit risk, and interest rate changes, managing commodity risk with derivatives, where a **10%** adverse price change would decrease potential future net gains by **$7.8 million** - The company utilizes derivative instruments, including futures, options, and swaps, to manage price risk for propane and fuel oil physical inventory and fixed-price sales contracts[159](index=159&type=chunk) - The Partnership is exposed to interest rate risk on variable-rate borrowings under its Revolving Credit Facility, which are tied to LIBOR plus an applicable margin[162](index=162&type=chunk) - A sensitivity analysis indicates a hypothetical **10%** adverse change in commodity prices would decrease potential future net gains on open derivative positions by **$7.8 million** as of December 25, 2021[165](index=165&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=38&type=section&id=ITEM%204%2E%20CONTROLS%20AND%20PROCEDURES) Management concluded that the Partnership's disclosure controls and procedures were effective as of December 25, 2021, with no material changes to internal control over financial reporting during the quarter - The Partnership's principal executive and financial officers concluded that disclosure controls and procedures were effective as of the period end[168](index=168&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[169](index=169&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II%2E%20OTHER%20INFORMATION) [ITEM 1. LEGAL PROCEEDINGS](index=39&type=section&id=ITEM%201%2E%20LEGAL%20PROCEEDINGS) The company reported no new material legal proceedings for the period - No material legal proceedings were reported[171](index=171&type=chunk) [ITEM 1A. RISK FACTORS](index=39&type=section&id=ITEM%201A%2E%20RISK%20FACTORS) No new risk factors are disclosed in this report, with reference made to those discussed in the Annual Report on Form 10-K for the fiscal year ended September 25, 2021 - The report refers to the Risk Factors section in the Partnership's Annual Report on Form 10-K for the fiscal year ended September 25, 2021[172](index=172&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=39&type=section&id=ITEM%202%2E%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During the quarter, **133,836** Common Units were withheld at an average price of **$15.31** per unit from executive officers to satisfy income tax withholding obligations upon restricted unit vesting Common Units Withheld for Tax Purposes | Period | Units Purchased (Withheld) | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 24 - Nov 20, 2021 | 133,836 | $15.31 | | **Total** | **133,836** | **$15.31** | [ITEM 5. OTHER INFORMATION](index=39&type=section&id=ITEM%205%2E%20OTHER%20INFORMATION) On February 2, 2022, the Partnership amended its 2021 Long-Term Incentive Plan to adjust the vesting percentage of unvested phantom units based on performance measures - The Partnership adopted an amendment to the 2021 Long-Term Incentive Plan on February 2, 2022, adjusting performance-based vesting criteria[176](index=176&type=chunk) [ITEM 6. EXHIBITS](index=40&type=section&id=ITEM%206%2E%20EXHIBITS) This section lists exhibits filed with the quarterly report, including the amended 2021 Long-Term Incentive Plan and Sarbanes-Oxley Act certifications by the CEO and CFO - Key exhibits filed include the Amended 2021 Long-Term Incentive Plan (Exhibit 10.1) and Sarbanes-Oxley Act Section 302 and 906 Certifications (Exhibits 31.1, 31.2, 32.1, 32.2)[180](index=180&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 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 organization) Identification No.) Delaware 22-3410353 240 Route 10 West Whippany, NJ 07981 (973) 887-5300 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Sec ...

Financial Data and Key Metrics Changes - Fiscal year 2021 saw adjusted EBITDA increase by $22 million or nearly 9% from $253.7 million to $275.7 million [8][17] - Net income for fiscal 2021 was $101.9 million or $1.62 per common unit, compared to $62.3 million or $1 per common unit in the prior year [16] - Distributable cash flow increased by more than $26 million or 16%, ending fiscal 2021 with a distribution coverage ratio of 2.55x [9] Business Line Data and Key Metrics Changes - Propane volumes sold increased by more than 4%, with retail propane gallons sold reaching 419.8 million gallons, a 4.2% increase from the prior year [7][17] - Propane unit margins increased by about $0.02 per gallon or 1.2% compared to the prior year due to effective margin management [20] Market Data and Key Metrics Changes - Average wholesale propane prices for the year were $0.88 per gallon, which was 98% higher than the prior year [19] - Wholesale prices have continued to rise in early fiscal 2022, with current prices ranging between $1.35 and $1.45 per gallon [19][29] Company Strategy and Development Direction - The company completed an acquisition of a propane business in North Carolina and is investing in renewable energy technologies, particularly renewable DME [10][32] - The strategic focus includes building a renewable energy platform and supporting sustainability goals [11][31] Management's Comments on Operating Environment and Future Outlook - Management noted strong customer demand driven by economic activity and easing COVID-19 restrictions, contributing to increased propane volumes [7] - The outlook for the upcoming winter indicates cooler than average temperatures, which may affect propane demand [30] Other Important Information - The company repaid nearly $88 million of revolver borrowings during the fiscal year, improving its consolidated leverage ratio to 3.96x [26] - The company is committed to hiring military veterans through its Heroes Hired Here Program [6][12] Q&A Session Summary Question: Capital allocation and potential distribution increases - Management indicated that discussions on distribution increases will depend on achieving the 3.5 times leverage target and strategic opportunities in renewable energy [36][37] Question: Strategic initiatives related to Oberon - Management confirmed ongoing investments in Oberon to support renewable DME production and is evaluating additional renewable energy technologies [38][39] Question: Update on the Propane M&A market - Management noted that while the M&A market has seen increased multiples, they will remain disciplined in their acquisition strategy [41][42]

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 26, 2021 ☐ 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. Employe ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2021 was $23.3 million, which is $8.9 million lower than the previous year but $3.2 million or 16% higher than Q3 2019 [11][22] - The net loss for Q3 was $20.9 million or $0.33 per common unit, compared to a net loss of $15.5 million or $0.25 per common unit in the prior year [21] - Total gross margins for Q3 were $143.9 million, a decrease of $2.5 million or 1.7% compared to the prior year [28] Business Line Data and Key Metrics Changes - Retail propane gallons sold in Q3 were 76.7 million gallons, a 1.7% increase from the prior year, driven by increased commercial and industrial demand [23] - Residential volumes decreased by 14% compared to the prior year, while commercial and industrial volumes increased by 14% [24] Market Data and Key Metrics Changes - Average wholesale propane prices for Q3 were $0.87 per gallon, which is 112% higher than the prior year but 4% lower than Q2 of fiscal 2021 [27] - Overall average temperatures during Q3 were 9% warmer than normal and the prior year, impacting demand patterns [25] Company Strategy and Development Direction - The company is focused on reducing debt, strengthening the balance sheet, and building out its renewable energy platform [12][38] - Investments in renewable energy technologies, such as renewable dimethyl ether, are seen as a game changer for the propane industry [17][41] - The company aims to leverage its logistics expertise and vast network to support the energy transition [42][43] Management's Comments on Operating Environment and Future Outlook - Management noted that demand in commercial and industrial sectors is normalizing back to pre-pandemic levels [8] - The company remains committed to delivering sustainable profitable growth and is well-positioned for the ongoing energy transition [39][38] Other Important Information - The company reduced debt by approximately $30 million in Q3, totaling $68 million year-to-date [13] - A $0.10 per common unit increase in the annualized distribution rate was announced, effective with the quarterly distribution [18] - The company executed a refinancing of $775 million of senior notes, lowering annual interest requirements by about $7 million [14][33] Q&A Session Summary - No questions were raised during the Q&A session, and the management team concluded the call with final remarks [46]