Suburban Propane Partners LP (SPH) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Suburban Propane Partners third quarter earnings conference call. (Operator Instructions)

感謝您的支持。我叫 Eric，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Suburban Propane Partners 第三季財報電話會議。（操作員指示）

I would now like to turn the call over to Davin D'Ambrosio, Vice President and Treasurer. Please go ahead.

現在我想將電話轉給副​​總裁兼財務主管 Davin D'Ambrosio。請繼續。

Thanks, Eric. Good morning, and thank you for joining us for our fiscal 2025 third quarter earnings conference call.

謝謝，埃里克。早安，感謝您參加我們的 2025 財年第三季財報電話會議。

I'm here with Mike Stivala, our President and Chief Executive Officer; Mike Kuglin, our Chief Financial Officer; and Alex Centeno, Senior Vice President of Operations.

與我一起在場的還有我們的總裁兼執行長 Mike Stivala、我們的財務長 Mike Kuglin 以及營運資深副總裁 Alex Centeno。

This morning, we will review our third quarter financial results, along with our outlook for the business. Once we concluded our prepared remarks, we will open the session to questions.

今天上午，我們將回顧第三季的財務表現以及業務展望。一旦我們結束準備好的發言，我們將開始回答問題。

Our conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act 1934, as amended, relating to the partnership's future business expectations and predictions, financial condition, and results of operations. These forward-looking statements involve certain risks and uncertainties.

我們的電話會議包含經修訂的《1934 年證券交易法》第 21E 條所定義的前瞻性陳述，涉及合夥企業的未來業務預期和預測、財務狀況和經營業績。這些前瞻性陳述涉及一定的風險和不確定性。

We have 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 especially qualified in their entirety by such cautionary statements.

我們列出了一些可能導致實際結果與此類前瞻性陳述中討論的結果存在重大差異的重要因素，這些因素在我們的盈利新聞稿中被稱為警示性聲明，您可以在我們的網站 suburbanpropane.com 上查看。所有後續的、與合夥企業或代表合夥企業行事的人士相關的書面和口頭前瞻性陳述，均受此類警示性聲明的約束。

Our Form 10-Q for the quarterly period ended June 28, 2025, which will be filed by the end of business today, contains additional disclosure regarding forward-looking statements and risk factors. Copies may be obtained by contacting the partnership or the SEC.

我們將於今天下班前提交截至 2025 年 6 月 28 日的季度 10-Q 表，其中包含有關前瞻性陳述和風險因素的額外揭露。可以透過聯絡合夥企業或美國證券交易委員會 (SEC) 取得副本。

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.

本次電話會議將討論某些非公認會計準則指標。我們在今天早上提交給美國證券交易委員會的 8-K 表中對這些措施進行了描述，並討論了我們認為這些資訊有用的原因。您可以透過我們網站投資者關係部分的連結取得 8-K 表格。

At this time, I will turn the call over to Mike Stivala for some opening remarks. Mike?

現在，我將把電話轉給 Mike Stivala 來發表一些開場白。麥克風？

Thanks, Davin, and good morning. Thank you all for joining us today. Following a strong fiscal second quarter performance, we were very pleased to deliver another solid counter-seasonal quarter despite unseasonably warm temperatures and volatility in the commodity price environment.

謝謝，戴文，早安。感謝大家今天的參與。繼第二財季業績強勁之後，儘管氣溫異常溫暖且大宗商品價格波動較大，我們仍然非常高興地實現了又一個穩健的反季節季度。

Additionally, coming into the third fiscal quarter, customer tank inventories were primarily on the higher end as a result of the strong weather-driven volume performance in the second quarter. Nonetheless, propane volumes for the third quarter were up slightly to the prior year.

此外，進入第三財季，由於第二季天氣因素推動的庫存量強勁，客戶油罐庫存主要處於較高水準。儘管如此，第三季丙烷產量較上年同期略有上升。

As always, our operations personnel continue to do an outstanding job safely meeting the needs of our customers, while effectively managing selling prices and expenses as well as executing on our customer base growth and retention initiatives. We're also seeing the benefits from the strategic propane acquisition in New Mexico that we closed during the first fiscal quarter of this year.

像往常一樣，我們的營運人員繼續出色地完成工作，安全地滿足客戶的需求，同時有效地管理銷售價格和費用，並執行我們的客戶群成長和保留計畫。我們也看到了今年第一財季完成的新墨西哥州丙烷策略收購帶來的好處。

In our renewable natural gas operations, average daily RNG injection for the third quarter declined slightly compared to the prior year third quarter, primarily due to downtime experienced from several operational improvement projects that are designed to enhance future RNG production as well as multiple power outages in the Stanfield, Arizona, area.

在我們的再生天然氣業務中，第三季的每日平均 RNG 注入量與去年同期相比略有下降，這主要是由於旨在提高未來 RNG 產量的幾個運營改進項目發生停機，以及亞利桑那州斯坦菲爾德地區多次停電。

We are continuing to implement several operational improvements at our Stanfield facility to stabilize and grow R&D production and injection, enhance safety protocols, improve feedback intake practices, and improve overall plant efficiency to strengthen the long-term performance and returns of the facility, while also advancing the capital projects at our Columbus, Ohio; and Upstate New York R&D facilities, which are expected to increase our overall R&D sales once those facilities are fully operational.

我們將繼續在斯坦菲爾德工廠實施多項營運改進，以穩定和增加研發生產和注入，加強安全協議，改善反饋接收實踐，並提高整體工廠效率，從而增強工廠的長期性能和回報，同時推進我們位於俄亥俄州哥倫布和紐約州北部研發設施的資本項目，預計這些設施全面投入運營後將增加我們的整體研發銷售額。

While we remain focused on executing controllable operational improvements, revenues at the Stanfield facility continue to face headwinds from lower prices for environmental attributes, namely both California LCFS credits and federal D3 RINs.

雖然我們仍然專注於執行可控的營運改進，但斯坦菲爾德工廠的收入仍然面臨環境屬性價格下跌的阻力，即加州 LCFS 信用額度和聯邦 D3 RIN。

California LCFS credit prices remained depressed relative to historical levels, while average prices for the third quarter were flat compared to the prior year third quarter. We were encouraged, however, to see the finalization of amendments to the LCFS program implemented by CARB and made effective as of July 1, 2025, which accelerated carbon reduction targets and aims to create a better balance in the LCFS credit bank.

加州低碳食品信貸價格相對於歷史水準仍然低迷，而第三季的平均價格與去年同期第三季持平。然而，我們很高興地看到，加州空氣資源委員會實施的低碳燃料標準計劃修正案已最終確定，並於 2025 年 7 月 1 日生效，該計劃加速了碳減排目標，旨在在低碳燃料標準計劃信用銀行中創造更好的平衡。

Since the amendments were finalized in late June 2025, LCFS credit prices have increased to 30%. Conversely, average federal D3 RIN prices for the third quarter were down 21% year over year.

自 2025 年 6 月下旬修訂最終確定以來，低碳食品服務 (LCFS) 信貸價格已上漲 30%。相反，第三季聯邦 D3 RIN 平均價格年減 21%。

With the strong second quarter performance, cash flow generation in the fiscal third quarter was very strong as we collected on our receivables. And during the quarter, we used excess cash flows and, to a lesser extent, proceeds from the issuance of common units under our ATM equity sales program to reduce outstanding debt by $69 million, helping to make incremental improvements in our overall leverage profile.

由於第二季業績表現強勁，我們收回了應收帳款，第三財季的現金流產生非常強勁。在本季度，我們利用超額現金流以及 ATM 股權銷售計劃下發行普通股所得（較少部分）來減少 6,900 萬美元的未償債務，從而幫助我們逐步改善整體槓桿狀況。

In a moment, I'll come back for some closing remarks. However, at this point, let me turn it over to Mike Kuglin to discuss the third quarter results in more detail. Mike?

稍後我將回來做一些結束語。不過，現在，讓我把話題轉到 Mike Kuglin 身上，讓他更詳細地討論一下第三季的業績。麥克風？

Thanks, Mike, and good morning, everyone.

謝謝，麥克，大家早安。

To be consistent with previous reporting, as I discuss our third quarter results, I'm excluding the impact of unrealized mark-to-market adjustments on our commodity hedges, which resulted in an unrealized loss of approximately $3 million in the third quarter of both fiscal 2025 and fiscal 2024, along with certain other non-cash items.

為了與先前的報告保持一致，當我討論我們的第三季業績時，我排除了未實現的市價調整對我們的商品對沖的影響，這導致 2025 財年和 2024 財年第三季度的未實現損失約為 300 萬美元，以及某些其他非現金項目。

Given the seasonal nature of our business, we typically experienced a net loss in the third quarter of our fiscal year. With that said, the net loss for the third quarter was $10.8 million or $0.17 per common unit compared to a net loss of $8 million or $0.12 per common unit in the prior year.

鑑於我們業務的季節性，我們通常會在財政年度第三季出現淨虧損。話雖如此，第三季的淨虧損為 1,080 萬美元或每普通股 0.17 美元，而去年同期的淨虧損為 800 萬美元或每普通股 0.12 美元。

Adjusted EBITDA for the third quarter was $27 million, consistent with the prior year third quarter. Retail propane gallons sold in the third quarter of 71.9 million gallons were in line with the prior year.

第三季調整後 EBITDA 為 2,700 萬美元，與去年同期第三季持平。第三季零售丙烷銷售量為 7,190 萬加侖，與上年持平。

Average temperatures as measured by heating degree days were 14% warmer than normal and 5% cooler than the prior year third quarter. The nominally cooler temperatures compared to the prior year were brief and limited to certain parts of the Northeast, resulting in only a minimal impact on heat-related demand during the quarter.

以暖氣度日數衡量的平均氣溫比正常高 14%，比去年第三季低 5%。與前一年相比，名義上氣溫較低的現象持續時間很短，且僅限於東北部分地區，因此對本季與熱力相關的需求僅產生極小的影響。

Despite the warm spring temperatures, volumes benefited from customer base growth in our residential and national account segments, overall impacted by softness in resell activities in our Agricultural segment due to unusually wet conditions.

儘管春季氣溫溫暖，但由於住宅和國家帳戶部門的客戶群增長，銷售量仍然受益，但總體而言，由於異常潮濕的天氣導致農業部門的轉售活動疲軟，銷售量受到影響。

From a commodity perspective, wholesale propane prices were somewhat volatile for the quarter and generally trended higher compared to the prior year third quarter. Overall, average wholesale prices for the quarter increased 4.7% compared to the prior year third quarter, basis Mont Belvieu.

從商品角度來看，本季丙烷批發價格有些波動，與去年同期第三季相比整體呈現上漲趨勢。總體而言，以蒙特貝爾維尤為基準，本季平均批發價格與去年同期第三季相比上漲了 4.7%。

At the end of the third quarter, the nation's prop inventories were at 75.7 million barrels, which was flat compared to June 2024 and roughly 10% higher than historical averages for this time of the year.

截至第三季末，美國自備庫存為 7,570 萬桶，與 2024 年 6 月持平，比每年同期的歷史平均高出約 10%。

Excluding the impact of the mark-to-market adjustments on our commodity hedges that I mentioned earlier, total gross margin for the third quarter was $163.5 million, unchanged from the prior year, as propane volumes sold and unit margins remain steady.

不包括我之前提到的以市價調整對我們的商品對沖的影響，第三季的總毛利率為 1.635 億美元，與去年持平，因為丙烷銷售量和單位利潤率保持穩定。

With respect to expenses, combined operating and G&A expenses of $135.8 million for the third quarter were also roughly flat to the prior year, as higher payroll and benefit-related costs were largely offset by a gain from insurance recovery.

在費用方面，第三季的綜合營運及一般行政費用為 1.358 億美元，與上年基本持平，因為較高的工資和福利相關成本在很大程度上被保險賠償收益所抵銷。

Net interest expense of $18.9 million for the third quarter was marginally higher than the prior year due to higher average outstanding borrowings under our revolving credit facility, partially offset by lower benchmark interest rates on those borrowings.

第三季淨利息支出為 1,890 萬美元，略高於上年同期，原因是我們的循環信貸額度下的平均未償還借款增加，但這些借款的基準利率降低部分抵消了這一影響。

Total capital spending for the quarter was consistent with the prior year's third quarter as we advanced our growth capital projects and our RNG platform at our Columbus and Upstate New York facilities, which were offset by lower capital spending in our propene operations due to timing.

本季的總資本支出與去年第三季一致，因為我們推進了哥倫布和紐約州北部工廠的成長資本項目和 RNG 平台，但由於時間原因，丙烯業務的資本支出減少抵消了這筆支出。

Turning to our balance sheet. During the third quarter, we utilized cash flows from operating activities and net proceeds of $8.1 million from the issuance of common units under our ATM program to repay $69 million in borrowings on the revolver.

轉向我們的資產負債表。在第三季度，我們利用經營活動產生的現金流量和 ATM 計劃下發行普通股所得的 810 萬美元淨收益償還了 6,900 萬美元的循環信貸借款。

As a result of the debt repayment, our consolidated leverage ratio for the trailing 12-month period ended June 2025 improved to 4.33 times compared to 4.54 times at the end of the second quarter.

由於償還債務，我們截至 2025 年 6 月的過去 12 個月的綜合槓桿率從第二季末的 4.54 倍改善至 4.33 倍。

We will continue to remain focused on utilizing excess cash flows and proceeds received from the ATM program to further strengthen the balance sheet and as opportunities arise to fund strategic growth. We have more than ample borrowing capacity under our revolver to support our capital expansion activities and ongoing strategic growth initiatives.

我們將繼續專注於利用 ATM 計畫獲得的過剩現金流和收益來進一步加強資產負債表，並在機會出現時為策略成長提供資金。我們的循環信貸額度擁有充足的借貸能力，可以支持我們的資本擴張活動和正在進行的策略成長計畫。

With that, I'll turn it back to Mike.

說完這些，我就把話題轉回給麥克。

Thanks, Mike. As announced on July 24, our Board of Supervisors declared our quarterly distribution of $0.325 per common unit in respect of our third quarter of fiscal 2025. That equates to an annualized rate of $1.30 per common unit. The quarterly distribution will be paid on August 12 to our unitholders of record as of August 5.

謝謝，麥克。正如 7 月 24 日宣布的那樣，我們的監事會宣布，2025 財年第三季我們的季度分配為每股 0.325 美元。這相當於每普通單位年利率為 1.30 美元。季度分配將於 8 月 12 日支付給 8 月 5 日登記在冊的單位持有人。

Our distribution coverage continues to remain very healthy at 2.16 times for the trailing 12 months ended June 2025. This reflects a moment on our results through the first nine months of fiscal 2025 as well as the state of the business.

截至 2025 年 6 月的 12 個月中，我們的分銷覆蓋率繼續保持非常健康的水平，為 2.16 倍。這反映了我們 2025 財年前九個月的業績以及業務狀況。

Fiscal 2025 heating season got off to a warm start, but sustained widespread cold winter temperatures arrived towards the end of December and continued throughout January and February, the most critical months for heat-related demand.

2025 財年的供暖季節開始時氣溫溫暖，但 12 月底開始出現持續的大面積寒冷冬季氣溫，並持續整個 1 月和 2 月，這是供暖相關需求最關鍵的月份。

The cooler weather pattern during the heart of the heating season, combined with incremental volumes from the midsized propane acquisition completed in the first quarter of this year in New Mexico and strong demand in our Southeast operations in the aftermath of hurricanes Helene and Milton, all helped contribute to a 6.6% increase in volumes compared to the comparable nine-month period last year.

供暖季節中心天氣轉涼，加上今年第一季在新墨西哥州完成的中型丙烷收購帶來的增量，以及颶風海倫和米爾頓過後我們東南業務的強勁需求，所有這些都促使銷量與去年同期的九個月相比增長了 6.6%。

Volume performance was a real testament to the preparation by our operations teams and the flexibility of our operating model to ramp up when demand dictates. The combination of strong volumes, effective margin management amid rising commodity prices, and disciplined expense controls resulted in a year-to-date increase in adjusted EBITDA of $28.1 million or 11.3% compared to the same period last year.

產量表現真實地證明了我們的營運團隊的準備工作以及我們的營運模式在需求需要時能夠靈活地提升產量。強勁的銷售量、在大宗商品價格上漲的情況下有效的利潤管理以及嚴格的費用控制，使得年初至今的調整後 EBITDA 與去年同期相比增加了 2810 萬美元，增幅為 11.3%。

Our operations teams did an outstanding job navigating the roller coaster of demand patterns this year while maintaining outstanding customer satisfaction and operational excellence.

我們的營運團隊今年在應對需求模式的過山車式變化方面表現出色，同時保持了出色的客戶滿意度和卓越的營運。

On the strategic front, our long-term strategic growth plan remains to foster the growth of our core propane business, while making strategic investments in lower carbon renewable energy alternatives through our suburban renewable energy subsidiary, leveraging our core competencies in safety, customer service, and logistics, especially in the localized energy distribution markets.

在策略方面，我們的長期策略成長計畫仍然是促進我們的核心丙烷業務的成長，同時透過我們的郊區再生能源子公司對低碳再生能源替代品進行策略性投資，利用我們在安全、客戶服務和物流方面的核心競爭力，特別是在本地化能源分銷市場。

One important development to note, during the quarter, Independence Hydrogen, of whom we have a 25% equity stake since our original investment in March 2022, closed on their next round of financing, welcoming Sumitomo Corporation of Americas as another strategic investor. We look forward to collaborating with Sumitomo to accelerate the commercial development and growth of Independent Hydrogen's localized hydrogen production and distribution model.

值得注意的一項重要發展是，本季度，Independence Hydrogen 完成了下一輪融資，並迎來了美洲住友商事株式會社作為另一位策略投資者。自 2022 年 3 月我們首次投資以來，我們持有該公司 25% 的股權。我們期待與住友合作，加速 Independent Hydrogen 本地化氫氣生產和分銷模式的商業發展和成長。

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 the communities we serve. Thank you for all you do every single day.

最後，我想藉此機會感謝 Suburban Propane 的 3,200 多名員工，感謝他們的辛勤工作以及對客戶和我們服務的社區的安全和舒適的堅定關注。感謝您每天所做的一切。

And as always, we appreciate your support and attention this morning, and would like to open the call up for questions. And Eric, if you could help us with that.

和往常一樣，我們感謝您今天早上的支持和關注，並希望開放提問環節。艾瑞克，如果你能幫助我們的話。

(Operator Instructions) Christopher Jeffrey, Mizuho Securities.

（操作員指示）瑞穗證券的克里斯多福‧傑弗瑞 (Christopher Jeffrey)。

Maybe just asking more on the -- for an update on the RNG rulemaking as far as the tax credits go that you alluded to last quarter. And then maybe also if there's anything that Suburban is looking at in the OBBA bill that was also recently implemented.

也許只是想詢問更多關於您上個季度提到的稅收抵免的 RNG 規則制定的最新情況。然後也許還可以看看 Suburban 是否正在關注最近實施的 OBBA 法案中的任何內容。

It's Mike Kuglin. So similar to last quarter, we did not recognize any credits for PTC under 45Z. And we will continue not to recognize any credits until regulations, and hopefully, final regulations, come out from the treasury.

我是麥克·庫格林。因此與上一季類似，我們沒有確認 45Z 以下的 PTC 任何信用。在財政部推出相關法規（希望是最終法規）之前，我們將繼續不承認任何抵免。

But the expectation is credit regulations will be released by the end of this calendar year, although you can't give any assurance of that. But that's the expectation. At that point in time, we'll revisit what sales qualify for sales and then recognize credit to the extent eligible.

但預計信貸法規將在今年年底前發布，儘管你無法對此做出任何保證。但這是我們的期望。屆時，我們將重新檢視哪些銷售符合銷售條件，然後在符合條件的範圍內確認信用。

With respect to the OBBA, we're still working through it. There are some benefits in so far as it extend 45Z PTC for another two years from through 2027 for another two years through 2029. So that's certainly beneficial. But outside of that, the OBBA does not address the ambiguities that are contained in the current regulations, so we're still waiting and waiting pattern until those regulations come out.

關於 OBBA，我們仍在努力解決。就其將 45Z PTC 延長兩年（從 2027 年到 2029 年）而言，有一些好處。這當然是有益的。但除此之外，OBBA 並未解決目前法規所含的模糊之處，因此我們仍在等待這些法規的出台。

And then the only other thing that I'd add, Chris, relative to the OBBA bill is one of the interesting things that doesn't get a lot of attention was that they expanded some of the definition of qualifying income sources for purposes of MLPs. And as you know, the MLP universe has shrunk quite a bit.

然後，克里斯，我要補充的另一件事是，關於 OBBA 法案，有一件有趣的事情沒有引起太多關注，那就是他們擴大了 MLP 合格收入來源的一些定義。如您所知，MLP 範圍已經縮小了不少。

So there's some potential that as additional sources of energy, including hydrogen transportation and storage, which is obviously getting a lot of attention is -- could expand use of MLPs, which Suburban Propane, being one of the oldest, we were pleased to see that recognition.

因此，作為額外的能源，包括氫氣的運輸和儲存，有潛力擴大 MLP 的使用範圍，這顯然引起了很多關注，而 Suburban Propane 是最古老的能源之一，我們很高興看到這種認可。

Great. I appreciate that. And then maybe just any updates on the timing of the New York and Columbus projects and maybe how you're thinking about balancing those with the Arizona enhancement projects and maybe just the time line on that Arizona when you think that that work would be expected to be done.

偉大的。我很感激。然後也許只是關於紐約和哥倫布項目時間表的任何更新，也許您考慮如何平衡這些項目與亞利桑那州的改進項目，也許只是亞利桑那州的時間表，您認為這項工作預計會在何時完成。

Yeah. Most of the Arizona work is smaller operational improvements. It's not a significant amount of capital. As you've gotten to know Suburban, we're constantly looking at operational improvements in our propane business, and we're continuing to challenge ourselves to get even better in our operations in Arizona.

是的。亞利桑那州的大部分工作都是規模較小的營運改善。這筆資金並不多。正如您了解 Suburban 的那樣，我們一直在尋求丙烷業務的營運改進，並且我們將繼續挑戰自己，以進一步改善我們在亞利桑那州的營運。

So there's not a major time line there. It's just ongoing activities as we see them. As far as the Columbus upgrade facility and the digester in Upstate New York, we're still on track for tail end of this calendar year into the early part of next calendar year as the expectation at this point.

所以那裡沒有主要的時間線。這只是我們所看到的正在進行的活動。就哥倫布升級設施和紐約州北部的消化器而言，我們仍有望在今年年底至明年年初實現這一目標，正如目前的預期。

Great. And then maybe just one last one on the O&M. Just if you could size that maybe that benefit from the insurance payout and where you're seeing O&M SG&A trend generally going forward.

偉大的。然後也許最後再談一下 O&M。如果您能衡量一下保險賠償所帶來的利益，以及您認為 O&M SG&A 趨勢總體上會如何發展。

Yeah. So the benefit was reported on the operations line. It was a little less than $2 million. It's not terribly material, but significant enough to offset the impact of inflation on payroll and benefits.

是的。因此，收益是在營運線上報告的。這筆錢略低於200萬美元。雖然金額不算很大，但足以抵銷通貨膨脹對薪資和福利的影響。

And on a go-forward basis, inflation, as we've talked about, hasn't moderated over the years, but it's not certainly gone away. And we would expect inflation to the tune of roughly around 3% on a go-forward basis.

從未來來看，正如我們所討論的，通貨膨脹多年來並沒有緩和，但也肯定沒有消失。我們預計未來通膨率將在 3% 左右。

Great. Maybe actually just last one. Anything that you guys are seeing on the M&A front? You see some recent transactions transpire in the last six to eight months or so.

偉大的。也許實際上只是最後一個。你們在併購上看到了什麼？您會看到一些最近的交易發生在過去六到八個月左右。

Yeah. This is obviously the time of year that you start to see the pipeline develop a little bit more significantly as we've come out of the heating season. And our pipeline is about the same as what it typically is. There's a handful of things that we have our eye on in different stages of development, frankly.

是的。顯然，隨著供暖季節的結束，一年中的這個時候，管道的發展會變得更加顯著。我們的管道與通常的管道大致相同。坦白說，我們在不同的開發階段關注著一些事情。

So it's been a pretty active process for us over the past several months. And as we've said, part of our strategy is to continue to foster the growth of propane, which is our bread and butter and helps to finance our initiatives to diversify the platform. And continuing to grow that business through M&A strategically as part of that strategy, so we will continue to evaluate those opportunities.

所以過去幾個月對我們來說這是一個相當活躍的過程。正如我們所說，我們的策略之一就是繼續促進丙烷的成長，丙烷是我們的主要收入來源，有助於為我們實現平台多元化的措施提供資金。作為該策略的一部分，我們將繼續透過併購策略性地發展業務，因此我們將繼續評估這些機會。

(Operator Instructions) There are no further questions at this time. I would like to turn the call over to Mike Stivala for closing remarks. Please go ahead.

（操作員指示）目前沒有其他問題。我想將電話轉給 Mike Stivala 來做最後發言。請繼續。

Great. Thanks, Chris. Thanks for your help today. Thank you all for your attention. Appreciate it. Enjoy the rest of the summer, and we look forward to talking to you in November as we close out our fiscal year. Thank you.

偉大的。謝謝，克里斯。謝謝你今天的幫忙。謝謝大家的關注。非常感謝。享受剩下的夏天吧，我們期待在十一月財政年度結束時與您交談。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。