Good day, and welcome to the Suburban Propane Partners third quarter earnings conference call. All participants will be in a listen-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 a touch-tone phone. To withdraw your question, please press Star, then two. 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, Betsy. Good morning, everyone. Thank you for joining us this morning for our fiscal 2023 third quarter 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 third quarter financial results, along with our current outlook for the business. Once we concluded our prepared remarks, we will open the session to questions. Our conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, related to the partnership's future business expectations and predictions, financial condition, and results of operation. These forward-looking statements involve certain risks and uncertainties. We've 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 in our earnings press release, which can be viewed on our website at suburbanpropane.com. All subsequent written and oral forward-looking statements attributable to the partnership or persons acting on its behalf are expressly qualified in its entirety by cautionary statements. Our annual report on Form 10-K for the fiscal year ended September 24th, 2022, and Form 10-Q for the period ended June 24th, 2023, which will be filed by the end of business today, contain additional disclosures regarding forward-looking statements and risk factors. Copies may be obtained by contacting the partnership or 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 8-K, which was furnished to the SEC this morning. The Form 8-K will be available through a link in the Investor Relations section of our website. At this time, I'll turn the call over to Mike Stavola for some opening remarks. Mike? Great, thanks, Davin. Good morning. Thank you all for joining us today. The fiscal 2023 third quarter was another strong quarter for Suburban Propane, with adjusted EBITDA of $33 million, our highest reported results for any third quarter in our history, and an improvement of nearly $4 million or 13% over the prior year third quarter. Operating results benefited from strong customer demand due to cooler spring temperatures in certain parts of our territories, which increased volumes by 3.9%. We also had continued success in our customer base growth and retention initiatives, effective selling price management, and a great job by our operating personnel in managing expenses in a persistent inflationary environment. Additionally, the quarter included contributions from the RNG platform that we acquired at the beginning of the second quarter. Within our developing renewable natural gas or RNG platform, we completed planned upgrades to help optimize plant operations at our Stanfield, Arizona, facility and are now starting to exceed our initial projections for daily production and pipeline injection at that facility. Additionally, at the Stanfield facility, we are making great progress integrating support functions, including onboarding the operating personnel who were previously employed by a third-party operating and maintenance company. This will enhance our operating controls and reduce expenses. We also continue to advance the construction of the RNG production assets at Adirondack Farms in New York and the capital improvements at the Columbus, Ohio, facility, which include enhancements to asset performance and installation of gas upgraded equipment for RNG production. These two facilities are expected to be fully constructed and beginning to reach run rate capacity in fiscal 2025. During the quarter, we used excess cash flows in a very balanced way to acquire a well-run propane business in a strategic market on the West Coast to support the growth of our core propane business, as well as to fund ongoing capital projects in our RNG operations, make additional investments in Oberon Fuels, we also reduced debt by approximately $21 million. As I have stated on a number of occasions on previous quarterly earnings calls, we are taking a very measured approach to positioning the business for long-term growth and sustainability, leveraging the strength of our core propane business and our 95-year legacy of being a trusted provider of energy to local communities. In a moment, I'll come back for some closing remarks and provide added color on our strategic initiatives. However, at this point, I'll turn it over to Mike Kuglin, to discuss our third quarter results in more detail. Mike? Thanks, Mike, and good morning, everyone. To be consistent with previous reporting, as I discuss our third quarter results and excluding the impact of unrealized mark-to-market adjustments on our commodity hedges, which resulted in an unrealized loss of $3 million for the third quarter, compared to an unrealized loss of $900,000 in the prior year. A long with certain other non-cash items and acquisition-related transaction costs. Given the seasonal nature of our business, we typically experience a net loss in the third quarter of our fiscal year. With that said, the net loss for the third quarter was $1.5 million, or $0.02 per common unit, compared to break even in the prior year. Adjusted EBITDA for the third quarter increased $3.8 million, or 13.2%, to $33 million, compared to $29.2 million in the prior year. As Mike mentioned, the improvement in earnings was driven by cooler spring temperatures and organic growth in our customer base that contributed to higher volume sold, along with contribution from the RNG production facilities acquired at the beginning of the second quarter. Retail propane gallons sold in the third quarter were 78.5 million gallons, which was 3.9% higher than the prior year, primarily due to cooler weather in certain markets and favorable customer base trends. While average temperatures as measured in degree days were 4% warmer than normal and comparable to the prior year third quarter, experienced cooler spring temperatures in much of our territories in the West and certain portions of the Northeast that contributed to an increase in heat-related demand. From a commodity perspective, propane inventory levels in the U.S. remained elevated during the third quarter and contributed to declines in wholesale prices compared to the prior year third quarter. According to the Energy Information Administration, US propane inventories at the end of June 2023 were at 79.5 million barrels, which was 47% higher than June 2022 levels and 18% higher than historical averages for that time of the year. As a result of the increase in inventories and other factors, average wholesale prices for the third quarter of $0.68 per gallon, that's basis Mont Belvieu, decreased 46% compared to the prior year third quarter. Excluding the impact of the mark-to-market adjustments on our commodity hedges that I mentioned earlier, total gross margin of $171.1 million for the third quarter increased $10.8 million, or 6.7%, compared to the prior year, primarily due to higher volume sold and margin contribution from the RNG assets. Excluding the impact of the unrealized mark-to-market adjustments, propane unit margins for the third quarter were flat compared to the prior year, as effective selling price management during a period of declining commodity prices offset a less favorable benefit from commodity hedges that matured during the period. With respect to expenses, combined operating and G&A expenses of $137.4 million for the third quarter increased $7.4 million, or 5.7%, compared to the prior year, primarily due to higher variable operating costs in support of the increase in volume sold, the continued impact of inflation on payroll and vehicle lease and repair costs, albeit at a moderating pace, as well as the operating costs associated with the new RNG assets. Net interest expense of $18.7 million for the third quarter was $3.7 million higher than the prior year due to a higher level of average outstanding borrowings under our revolving credit facility to fund the RNG acquisition in the second quarter, coupled with higher benchmark interest rates for borrowings under the revolver, as well as the impact of the $80.6 million in green bonds assumed in the RNG acquisition. Total capital spending for the quarter of $9.4 million was $1.6 million lower than the prior year, primarily due to our lower level of spending on propane tanks and cylinders as we leveraged the inventory on hand. That more than offset capital growth associated with the expansion and upgrade of the RNG production facility in Stanfield, Arizona, and the ongoing construction of the RNG facility at Adirondack Farms, which is expected to be completed by December 2024. Overall, capital spending on the RNG projects is expected to range between $5 million-$10 million in fiscal 2023 and between $25 million-$35 million in fiscal 2024, excluding the benefit of potential investment tax credits. Turning to our balance sheet, as Mike mentioned, during the third quarter, we repaid $20.5 million of borrowings under the revolver with cash flows from operating activities. On a fiscal year-to-date basis, we have repaid $45 million of the $150 million borrowed under the revolver to fund the RNG acquisition. As a result of the increase in earnings and debt repayment during the third quarter, our consolidated leverage ratio for the trailing twelve-month period ended June 2023 improved to 4.36x, compared to 4.43x at the end of the second quarter. Although the leverage metric is elevated relative to our historical levels and our target level of 3.5x, we remain well within our debt covenant requirement of 5.75x. Factoring in the projected run rate EBITDA contributions from the RNG assets, the pro forma consolidated leverage ratio approaches 4x. We will continue to remain focused on utilizing excess cash flows to fund the planned growth capital within the RNG platform, as well as to strengthen the balance sheet and as opportunities arise, to fund strategic growth of our core propane business and the renewable energy portfolio. We have more than ample borrowing capacity under our revolver to support our capital expansion plans and ongoing strategic growth initiatives. As we continue to focus on the execution of our long-term strategic goals, we will also stay focused on maintaining a strong balance sheet. Back to you, Mike. Thanks, Mike. As announced on July 20th, our Board of Supervisors declared our quarterly distribution of $0.325 per common unit in respect of our 3rd quarter of fiscal 2023. That equates to an annualized rate of $1.30 per common unit. Our quarterly distribution will be paid on August 8th to our unitholders of record as of August 1st. Our distribution coverage continues to remain very strong at 2.27 times for the trailing twelve months ended June 2023. A few closing remarks. When we launched Go Green with Suburban Propane corporate pillar in 2019, it highlighted our strategic focus on advocating for the inherent clean qualities of propane as a versatile energy solution to lowering the carbon footprint across multiple sectors of the economy, while also investing in innovative technologies and businesses that can help accelerate the energy transition to achieve aggressive low carbon standards. Since that time, we have made initial manageable investments in development stage companies like Oberon Fuels and Independence Hydrogen, that can benefit from Suburban's deep logistics expertise, support infrastructure across multiple operational and back office functions, and strategic vision for developing commercial energy markets, while also providing Suburban Propane with a platform and exposure to potentially disruptive technologies or novel business processes in the transition to renewable energy. With our assistance, both companies are making good progress toward their commercialization efforts. Most recently, we have begun to build out an RNG platform that Suburban Propane owns outright through our wholly owned subsidiary, Suburban Renewable Energy. The current portfolio of RNG producing facilities are diversified by geography, feedstock, offtake, qualifying environmental credit attributes, and eligibility for investment in production tax credits. As I stated in my opening remarks, the Stanfield, Arizona facility is currently producing and injecting RNG into a pipeline interconnect adjacent to the facility, and through enhancements to the processing, is exceeding our initial projections for daily volume injection. The Columbus and Adirondack facilities are undergoing planned construction of upgrading and, as such, will begin flowing RNG toward the end of fiscal 2024 or the beginning of fiscal 2025. We also have a number of additional RNG acquisition or development opportunities in our pipeline that are in various stages of evaluation. In conclusion, we are very much focused on continuing to foster the growth of our core propane business because it is the strength and stability of our of our propane business that helps provide the cash flow to support our investments in the energy transition. As I mentioned, we are making strategic investments in the ongoing energy transition to lower carbon, renewable energy alternatives in order to set the business up for the future in an effort to create long-term value for our employees, our valued unitholders, and other stakeholders. We are taking a very measured and disciplined approach in the execution of our strategic growth plans, while also staying focused on maintaining a strong balance sheet, which provides support for our long-term sustainability as an organization and access to capital to fund opportunistic growth. Finally, I want to take this opportunity to thank the more than 3,200 employees at Suburban Propane for their hard work and unwavering focus on the safety and comfort of our customers and the communities we serve, and to welcome the new employees that are supporting the operations and growth of the RNG business. Thank you all for all that you do every day. As always, we appreciate your support and attention this morning. Now we'll open the call up to questions. Betsy, if you wouldn't mind helping us with that. We will now begin the question-and-answer session. To ask a question, you may press star, then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Gabe Moreen from Mizuho Securities. Please go ahead. Good morning, everyone. Good morning, Gabe. Maybe I can start out. I think, Mike made some comments. He made some comments about the moderating inflationary environment. Maybe you could elaborate on that and kind of what, what you're seeing out there, what your expectations may be on what kind of inflation rate you may be facing from an OpEx standpoint kind of into next year. Yes. The one of the biggest drivers behind the increase in expenses was in payroll, and it was most pronounced, I get we would say we saw in 2022, and then throughout 2023. The rate of increase is certainly coming down. It's certainly not flatlining, but it, but the rate of increase is certainly moderating compared to what we experienced in the last 18-24 months. Outside of that, I'd say vehicle expenses. They've been pretty elevated for the last 2 years, as we look forward, remain elevated, but the rate of increase is, is, is starting to come down a bit. Thanks, Mike. Then maybe if I can ask about potential RNG acquisitions. There's the mention of looking at additional opportunities there. Can you just talk about how active the pipeline is, whether anything's potentially imminent here, and then how you play off allocating capital to more RNG right now versus doing additional propane acquisitions like the one you did on the West Coast? Yeah, there's nothing imminent, Gabe. You know, I think we're, we're always pretty active in evaluating opportunities. Now that we have an active portfolio of assets throughout the country, there, there's, there's lots of opportunities that our team that's, that's helping us operate that business, as well as our strategic, you know, corporate development team. They're, they're continuously evaluating different opportunities, building relationships in the space. I think one of the things that we see with our involvement in the RNG platform is a lot of the RNG assets that are out there right now, have, have been sort of in the hands of investors and whether it be private equity or, you know, startup companies that, that bootstrap themselves to, to create a platform. I think we bring a whole different level of focus on long-term, you know, long-term operation of the business. I think that, that is, is giving us an advantage in, in the conversations that we're having. You know, there's nothing imminent. We're, we're, we're very deliberate in, in the way we look at and evaluate these opportunities. We're gonna continue to be patient in that regard. As it relates to allocating capital, you know, same thing with propane. Propane, we're, we're gonna-- we're, we're always active. I think the, the pipeline there, I think, has gotten smaller over the years. There's, there's seems to be less and less mom-and-pops that, that come to market in the past 2 years than I would say the 5 years prior to that. You know, we're always in, in the market looking at those opportunities, but they have to be in really strategic markets, and, and they have to be at the right multiple. You know, the allocation is really dependent on how strategic the particular opportunity is that's in front of us. You know, the good thing is, is that we're, we're generating excess cash flow from the business, and we have capacity to, to allocate that excess cash flow. You know, as I said in my opening remarks, we, we had a combination of, of a, a propane acquisition that was less than $10 million. You know, we, we continued to fund the capital expansion of the renewable platform, and we also reduced debt by $21 million. you know, that's sort of the way we, we like to be opportunistic with the excess cash flow for now, while we're building out this platform. Great. Thanks, Mike. Appreciate it. Thanks, Gabe. The next question comes from James Spicer with TD Securities. Please go ahead. Hey, good morning. Hi, James. In your prepared remarks, you mentioned pro forma leverage factoring in projected run rate, EBITDA contributions from your RNG business. Just wondering what you're assuming there or thinking about in terms of EBITDA contributions, and then more broadly, how we should be thinking about build multiples for your various RNG projects? Yeah, I mean, I think you could do the math. You know, we're at 4.3 now, and I said we're, we're approaching 4. You could do the math on, on what, what that, what that means in terms of the incremental EBITDA that we have. We, we haven't. You know, we're, we're not out there projecting out what, what the, what the contribution is gonna be. That's not our style. We, we don't typically give guidance like that. You know, that's the guidance we're giving, that when you look at it on that basis and, and the way we looked at the deal before we did it, was, was on a pro forma basis to get us closer to 4x. So that's kind of where the, the way we're, you know, the leverage is, is shaking out. As far as your, your, your second question, remind me what your second question was? Yeah, yeah. It was just on, the build multiple. Just the build multiples. Yeah, the build multiples. Yeah. Sorry. Yeah, on build multiples, you know, obviously, we're, we're still in the early stages here of, of, renewable energy investments. You know, I think build multiples are, are probably gonna be in the, in the high single digit, is, is kind of the way we're thinking about it at this stage. That's what, that's what, what, what we expect in our Adirondack Farms facility. So as we think about future, deployment of capital for actually constructing assets, you know, build multiples should be in that, you know, mid to high single digit. Okay. That's, that's helpful. Okay, can you also remind me, where you are on CapEx at this point, relative to your full year budget? Yeah. On the propane side, we would typically expect to see CapEx running between $35 million-$45 million. We came in around $45 million last year, given the elevated cost of steel and how that translates into our tanks and cylinder purchases. I would expect a similar number this year on a full year basis, around $45 million. In addition to that, this year, we'd expect to see somewhere between an additional $5 million-$10 million associated with the build-out of the RNG assets. Okay. That includes both maintenance and gross CapEx? That's correct. Okay. Thank you very much. Thanks, James. The next question comes from Ned Baramov with Wells Fargo. Please go ahead. Hey, good morning. Thanks for taking the questions. Hi, Ned. Hi. It seems the Arizona RNG facility is tracking ahead of your internal volume expectations. Can you maybe touch on what is driving the outperformance there and if there's any potential additional upside? The performance is really from some of the capital that we deployed to enhance the performance of the digester itself and the ability to get more yield out of the feedstock that we were bringing in. Growth from here, there are still some opportunities for expansion without putting in more capital, meaning bringing in more feedstock, both from other farms that are locally situated in the area that are not currently sending their manure into our facility. Also, we do take in local biomass as biosolids in our D5-oriented digester as well. There are some opportunities to increase the amount of feedstock that we're bringing in, in both of those streams so that we can increase the amount of production. That's going to take a bit of time. I think what we've focused on since we've owned the assets for the past 6 months is, is really performance of, of, of the assets themselves, enhancing the, the streamlining the, the, the business, enhancing the, the actual performance of the digesters, working through some, some challenges that, that they had pre-previous to our ownership. We've worked all that out now and, and are really seeing great, great performance of those assets. Got it. My second question, can, can you provide more detail on your most recent propane acquisition on the West Coast, size, any details behind the process, synergy potential, et cetera? It's relatively small, Ned. You know, I said it, I think, in my first answer. It's less than $10 million of a purchase price. You know, it's not a significant contributor, but it is something that the way we look at propane acquisitions, they have to be in really good markets where we see opportunities either through synergies or because of the population growth or other growth that that market is experiencing. This one, this particular one sits right in the middle of a really good territory of ours in the upper Northwest. That's going to generate, you know, good, good synergies for us and gives our gives our team up there an opportunity to take one of their competitors out, and and expand their market share, while also putting in our operating platform to drive the synergies. It's not a big deal, not a big acquisition, but it's important for our operations on the West Coast. It's the right kind of deal for us to be doing to continue to feed the propane business. That's great. Thank you. That's all I had. Great. Thanks, Ned. As a reminder, if you wish to ask a question, please press star then one to be joined into the question queue. That's star then one to ask a question. This concludes our question and answer session. I would like to turn the conference back over to Mike Stavola for any closing remarks. Great. Thanks, Betsy. Thank you all again for joining us this morning. Appreciate your attention. Enjoy the rest of your summer. Please be safe out there. We look forward to talking to you in November as we close out another great fiscal year for Suburban Propane. Thank you again. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.