Suburban Propane Partners, L.P.

Good day and welcome to the Suburban Propane Fiscal 2020 Full Year and Fourth Quarter Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. This conference call contains forward-looking statements within the meaning of Section 21E of the Security Exchange Act of 1934 as amended relating to the partnership's future business expectations and predictions and financial conditions and results of operations. These forward-looking statements involve certain risks and uncertainties. The partnership has listed some of these 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 in its earnings press release which can be viewed on the company's website. All subsequent written and oral forward-looking statements attributable to the partnerships persons acting on its behalf are expressly qualified in their entirety by such cautionary statements. I would like now to turn the conference over to Davin D'Ambrosio, Vice President and Treasurer. Please go ahead.

Thanks, Matt. Good morning, everyone. Thank you for joining us this morning for our fourth quarter and fiscal 2020 full year earnings conference call. Joining me this morning are Mike Stivala, our President and Chief Executive Officer, Mike Kuglin, Chief Financial Officer and Chief Accounting Officer, and Steve Boyd, our Chief Operating Officer. This morning we will review our fourth quarter and fiscal 2020 full year financial results along with the current outlook for the business. As usual, 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 26, 2020, which contains additional disclosure regarding forward-looking statements and risk factors, will be filed on or about November 25th. Once filed, copies may be obtained on the investor overview page of the partnership's website at suburbanpropane.com. or by visiting the partnership's filings with 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. The form 8K will be available on the investor relations section of our website. At this point, I will turn the call over to Mike Stivala for some opening remarks.

Mike? Great, thanks, Devin, and thank you all for joining us this morning. We're extremely proud to report another strong quarter to close out fiscal 2020. Adjusted EBITDA was $5.5 million. That's an improvement of $6.8 million compared to a loss of $1.3 million in the prior year fourth quarter. When combined with the strong third quarter performance, our adjusted EBITDA of $37.7 million for the second half of fiscal 2020 exceeded the prior year second half performance by nearly $20 million and represents the strongest second half results in our history. For the full year, adjusted EBITDA of $253.7 million was $21.4 million or 7.8% lower than the prior year as a result of unseasonably warm temperatures during the fiscal 2020 heating season. During the peak winter heating months from December through February, average temperatures were 14% warmer than normal and on par with the warmest temperatures on record for those months. Aside from the weather, as we all know, there's been no shortage of challenges facing our business and the nation as a whole this past year. From the unprecedented health and economic crisis that started in March from COVID-19, to the wildfires in our West Coast operations, and Hurricanes in the Southeast. This was one heck of a year. In the face of all these unbelievable challenges, I'm so proud of the resiliency and dedication of the 3,200 employees at Team Suburban Propane for following the guidance and new business protocols to help protect their health and safety while also staying focused on delivering the essential services that our customers and local communities count on. As an organization, We continue to stay focused on executing our long-term strategic growth initiatives and, in particular, advancing our three pillars of the suburban propane experience corporate initiatives. In our commitment to excellence pillar, we invested in new technology for our drivers and service technicians to drive incremental operating efficiencies and enhance the overall customer experience. We adapted our business model and operating protocols to ensure safe, seamless, and outstanding service to our customers when they needed us most. In our suburban cares pillar, we expanded our efforts to support the American Red Cross through our national partnership, and especially during this crisis. With a shortage of blood and limited opportunities to host blood drives, we worked closely with the Red Cross for a call to action. In addition, in the early stages of the pandemic, We had countless proud moments when we were called upon to support frontline activities by providing vital temporary heat and power generation for makeshift testing tents, hospital sites, shelters, and food distribution centers. We also partnered with a number of major regional food service brands to provide meals to frontline healthcare workers and first responders in multiple locations throughout our operating territory. I'm proud to say that our efforts have been recognized by S&P Platts as a finalist in their 2020 Corporate Social Responsibility category, which will be decided in December. Finally, in our Go Green pillar, we continue to advocate for the versatile, portable, cost-effective, and clean-burning attributes of propane as a contributor to the goals of reducing the nation's carbon footprint and greenhouse gas emissions. We have also invested in innovative new solutions for bringing even cleaner versions of propane to the market. We are leading the way in the propane industry towards solutions that can help put us on a pathway to carbon neutrality. We advanced these efforts in two ways in fiscal 2020. First, we arranged for the supply of approximately one million gallons of renewable propane produced from waste fats and oils to meet customer demand for renewable energy and in turn to help advance their low carbon initiatives. Second, we acquired a 39% equity stake in Oberon Fuels, a development stage producer of a low-carbon transportation fuel, which, when blended with propane, can significantly reduce the carbon intensity of propane. With this investment, Suburban Propane will have the exclusive rights to market and sell Oberon-produced fuel, known as Dimethyl Ether, or DME for short, in North America. We invested our excess cash flow in a balanced way by reducing total debt by nearly $19 million and investing $23.4 million in two mid-size propane acquisitions in strategic markets in California and Georgia. So, despite the many challenges, fiscal 2020 was a very successful year for suburban propane, and we continue to manage this business for long-term sustainability and growth. A little later, I will provide some closing remarks. However, at this point, I'll turn the call over to Mike Kuglin, who will discuss our full year and fourth quarter results in more detail. Mike? Thanks, Mike, and good morning, everyone.