Suburban Propane Partners, L.P.

Good morning and welcome to the Safe Harbor Fiscal 2020 Third Quarter Results Conference Call. All participants will be in list only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch time zone. To withdraw your question, please press star then two. Please note, this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended relating to the partnership's future business expectations and predictions in financial condition and results of operations. These forward-looking statements involve certain risks and uncertainties. The partnership has listed some of the important factors that could cause actual results to differ materially from those discussed in such forward-looking statements. which are referred to as cautionary statements and as earnings press release which can be viewed on the company's website. All subsequent written and oral forward-looking statements attribute to the partnership or persons acting on its behalf are expressly qualified in their entirety by such cautionary statements. Please note this event is being recorded. I would now like to turn the conference over to Davin D'Ambrosio. Vice President and Treasurer, please go ahead.

Thanks, Ian. Good morning, everyone. Thank you for joining us this morning for our fiscal 2020 third quarter earnings conference call. Joining me this morning are Mike Stivala, President and Chief Executive Officer, Mike Kuglin, Chief Financial Officer and Chief Accounting Officer, and Steve Boyd, Chief Operating Officer. This morning, we will review our third quarter financial results along with our current outlook for the business. Once we've concluded our prepared remarks, we will open the session to questions. Our annual report on Form 10-K for the fiscal year ended September 28, 2019, and 10-Q for the period just ended June 27, 2020, which will be filed by the end of business today, contain additional disclosure regarding forward-looking statements and risk factors. Copies may be obtained by contacting the partnership or the SEC. Certain non-GAAP measures will be discussed on this call. We have provided a description of those measures as well as a discussion of why we believe this information to be useful in our Form 8K, which was furnished to the SEC this morning. Form 8K will be available through a link in the investor relations section of our website at suburbanpropane.com. At this point, I will turn the call over to Mike Stivala for some opening remarks. Mike?

Thanks, Davin, and welcome. Thank you all for joining us this morning. I hope that you and your families remain safe and healthy, and once again, our hearts go out to those that have lost loved ones or who may be suffering from the consequences of the COVID-19 virus that has plagued our entire nation over the last five months. At Suburban Propane, our business has been essential service throughout this crisis, and our personnel have done an outstanding job supporting the needs of our customers and local communities while also adapting to the new business protocols developed to help protect our employees, our customers, and the workplace. As I indicated back in May during our fiscal second quarter earnings call, we expected to experience some challenges in our business as a result of job losses and the dramatic slowdown of the economy. particularly in our commercial and industrial customer sectors. We developed operational and manpower plans to adapt our business model to the shifting customer demand patterns and the potential for an extended period of demand softness. As the fiscal third quarter progressed, we did experience lower demand from our commercial and industrial customers with volumes that were 9% below the prior year third quarter. That decline in volumes was more than offset by strong demand from our residential customers as a result of a combination of cooler average temperatures in the April-May timeframe and higher usage resulting from the stay-at-home measures instituted by government leaders throughout our operating footprint in order to help mitigate the spread of the virus. In fact, in our residential sector, volumes increased more than 21% over the prior year, As a result, the fiscal 2020 third quarter was an exceptionally strong quarter for suburban propane. Adjusted EBITDA of $32.2 million was $12.1 million, or 61% higher than the prior year third quarter, and in fact, represented the highest level of adjusted EBITDA for any third quarter in our history. During the quarter, we also repaid more than $35 million under our revolving credit facility from excess cash flows, which resulted in a significant improvement in our leverage metrics compared to the second quarter. So while we have certainly faced some tremendous challenges managing through this unprecedented crisis and adapting to the ever-changing circumstances, we are proud of the way our people have responded to those challenges, how they have remained focused on safely meeting the needs of our customers, and how we have positioned the business to be nimble as the country continues to wrestle with the virus for the foreseeable future. In a moment, I'll come back for some closing remarks. However, at this point, I'll turn it over to Mike Kuglin to discuss the third quarter results in more detail. Mike?