Suburban Propane Partners, L.P. (SPH) 2026 Q2 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Suburban Propane second quarter earnings conference call. (Operator Instructions) I would now like to turn the conference over to Davin D'Ambrosio, Vice President and Treasurer. The floor is yours.

感謝各位稍候。此刻，我謹代表公司歡迎各位參加 Suburban Propane 2026 財政年度第二季財報電話會議。（接線員指示）現在我想將會議交給副總裁兼財務主管 Davin D'Ambrosio。請開始。

Morgan, thank you. Good morning, everyone. Thank you for joining us this morning for our fiscal 2026 second-quarter earnings conference call. Joining me this morning are Mike Stivala, our President and Chief Executive Officer; Mike Kuglin, Chief Financial Officer; and Alex Centeno, Senior Vice President of Operations.

Morgan，謝謝你。各位早安。感謝各位今天早上參加我們 2026 財政年度第二季財報電話會議。今天早上與我一同出席的有：總裁暨執行長 Mike Stivala、財務長 Mike Kuglin，以及營運資深副總裁 Alex Centeno。

This morning, we will review our second 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 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 and financial condition and results of operations.

今天早上，我們將回顧第二季財務結果，以及目前對業務的展望。在我們完成事先準備的發言後，將開放提問。本次電話會議包含《1934 年證券交易法》（修訂後）第 21E 條所定義之前瞻性陳述，涉及本合夥企業對未來業務之預期與預測，以及財務狀況與營運成果。

These forward-looking statements involve certain risks and uncertainties. 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.

這些前瞻性陳述涉及若干風險與不確定性。我們已在財報新聞稿中列示部分可能導致實際結果與該等前瞻性陳述所討論內容出現重大差異的重要因素（即所稱之警示性陳述）；該新聞稿可於我們網站 suburbanpropane.com 查閱。

All subsequent written and oral forward-looking statements attributable to the partnership or persons acting on its behalf are expressly qualified in their entirety by such cautionary statements. Our annual report on Form 10-K for the fiscal year ended September 27, 2025, and our Form 10-Q for the period ended March 28, 2026, 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 partnership or SEC.

所有其後由本合夥企業或代表其行事之人士所作之書面及口頭前瞻性陳述，均在其整體範圍內明確受該等警示性陳述之限制。我們截至 2025 年 9 月 27 日止財政年度之 Form 10-K 年報，以及截至 2026 年 3 月 28 日止期間之 Form 10-Q（將於今日營業結束前提交）包含關於前瞻性陳述與風險因素的額外揭露。可透過聯絡本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 why these 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. 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若干非 GAAP 衡量指標。我們已在今早提交給 SEC 的 Form 8-K 中提供這些指標之說明，包括使用原因，以及我們為何認為該資訊具參考價值的討論。Form 8-K 可透過我們網站「投資人關係」專區中的連結取得。

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

接下來，我將把電話會議交給 Mike Stivala 做一些開場致詞。Mike？

Thanks, Davin. Good morning. Thank you all for joining us today. The fiscal 2026 second quarter was another solid quarter for Suburban Propane. Our core propane business performed extremely well in a very challenging heating season. We made great progress stabilizing production and advancing our expansion projects in our renewable natural gas business. And with our excess cash flows from operations, we continue to reduce our total outstanding debt.

謝謝你，Davin。各位早安。感謝各位今天加入我們。2026 財政年度第二季對 Suburban Propane 而言是另一個穩健的季度。在極具挑戰的供暖季中，我們的核心丙烷業務表現非常出色。在再生天然氣業務方面，我們在穩定產量並推進擴建專案上取得重大進展。同時，憑藉營運所產生的超額現金流，我們持續降低未償還總負債。

With respect to our propane operations, this year's heating season was a scale of two halves. The eastern half of our footprint experienced some of the most sustained, colder temperatures in the heart of the heating season than we've experienced in decades. Along with several harsh winter storms, our western half, on the other hand, reported near-record warm temperatures throughout most of the winter.

就丙烷營運而言，今年的供暖季呈現兩極化。我們服務版圖的東半部在供暖季核心期間經歷了數十年來最持續的低溫之一。此外還伴隨數場嚴峻冬季風暴；相較之下，我們的西半部在冬季大部分時間則出現接近歷史紀錄的暖冬。

Where we got weather, customer demand surged, and our teams worked tirelessly to safely and reliably meet the needs of our customers. Many times in some very harsh weather with challenging road conditions. Volumes in our eastern territories were approximately 3% higher than the prior year second quarter. On average heating degree days that were 3% colder than the same period.

在有天候需求的地區，客戶需求激增，我們的團隊不懈努力，以安全且可靠的方式滿足客戶需求。多次是在極端惡劣天候與艱困路況下完成。我們東部區域的銷量較去年第二季約增加 3%。同期平均供暖度日（heating degree days）較去年同期冷約 3%。

In the West, volumes were approximately 10% lower, on average heating degree days that were 17% warmer. As always, our operating personnel were well-prepared to manage the surge in demand in our eastern markets, supplemented by resources redeployed from certain locations in our western territories to provide any additional support. And I am so proud of how our teams responded to meet our customers' needs under these conditions, while also maintaining their focus on our customer base growth and retention initiatives.

在西部，銷量約下降 10%，同期平均供暖度日則暖約 17%。一如既往，我們的營運人員已充分準備以因應東部市場的需求激增，並由西部部分據點調度資源支援，以提供任何額外協助。我為團隊在此等條件下回應客戶需求的表現感到非常自豪，同時也持續專注於客戶基礎成長與留存的各項計畫。

In addition to solid volume performance, we effectively managed selling prices amid a volatile commodity price environment influenced in March by the conflict in the Middle East, while also maintaining disciplined expense control.

除了穩健的銷量表現外，我們也在波動的商品價格環境中有效管理銷售價格；該環境於 3 月受到中東衝突影響。同時，我們亦維持嚴謹的費用控管。

In our renewable natural gas operations, average daily D3 RNG injection during the second quarter of fiscal 2026 increased 16% compared to the prior sequential quarter and more than 12% compared to the prior year second quarter, driven by improved facility uptime and the benefits of our capital investments and process improvements that we have implemented since our acquisition of our anaerobic digestive facility in Stanfield, Arizona.

在再生天然氣營運方面，2026 財政年度第二季 D3 RNG 的平均每日注入量較前一季增加 16%，較去年第二季增加逾 12%；主要受惠於設施稼動率提升，以及我們自收購亞利桑那州 Stanfield 厭氧消化設施以來所投入的資本支出與流程改善所帶來的效益。

Additionally, with our new anaerobic digestive facility in upstate New York and our gas upgrading system at our facility in Columbus, Ohio, both of which remain on schedule for completion during the second-half of fiscal 2026. We expect to add approximately 200,000 [MMVTUs] of annual production to our R&G platform.

此外，我們位於紐約州北部的新厭氧消化設施，以及位於俄亥俄州哥倫布（Columbus）設施的氣體升級系統，兩者皆仍按計畫於 2026 財政年度下半年完工。我們預期將為 R&G 平台新增約 200,000 [MMVTUs] 的年產量。

We are also pursuing opportunities to increase feedstock intake for both manure and food waste at the Stanfield facility in order to take advantage of additional production capacity at the plant. While environmental credit values, particularly California LCFS prices have been depressed over the past couple of years.

我們也在尋求提高 Stanfield 設施對糞肥與廚餘等原料（feedstock）的接收量之機會，以利用該廠額外的產能。儘管環境信用額度價值，特別是加州 LCFS 價格，在過去幾年一直處於低迷。

We are encouraged by the regulatory steps taken by the California Air Resources Board to create a better balance in the supply-demand equation for environmental credits, which is starting to favorably impact LCFS credit values.

我們對加州空氣資源委員會（California Air Resources Board）所採取的監管措施感到鼓舞，該等措施旨在使環境信用額度的供需更為平衡，並已開始對 LCFS 信用額度價值產生正面影響。

We are also pleased to see the treasury release draft regulations in February 2026 that favorably addressed ambiguities in previous guidance related to the eligibility to earn production tax credits or PTCs under Section [45Z] of the Internal Revenue Code as promulgated in the Inflation Reduction Act.

我們也樂見財政部於 2026 年 2 月發布的法規草案，對先前指引中與《國內稅收法典》[45Z] 條（由《降低通膨法案》所頒布）下取得生產稅額抵免（production tax credits，PTCs）資格相關的模糊之處，作出了有利的釐清。

The One Big Beautiful Bill Act also extended the window for PTCs by two years until December of 2029. During the second quarter of fiscal 2026, we recognized $3.5 million of PTCs earned on D3 RNG injections at our stand-through facility for the period from January 2025 through March 2026, and we continue to earn PTCs on production going forward.

《One Big Beautiful Bill Act》也將生產稅額抵免（PTC）的適用期限延長兩年，至2029年12月。在2026會計年度第二季，我們就2025年1月至2026年3月期間於我們的 Stanfield 設施進行的 D3 RNG 注入所賺取的PTC認列了350萬美元，且我們未來仍將持續就產量賺取PTC。

As D3 production at our Upstate New York facility comes online, we expect to be eligible to earn PTCs for RNG injected from that facility as well. So for the second quarter of fiscal 2026, adjusted EBITDA of $175.3 million was essentially flat for the prior year. And combined with our fiscal first quarter results, adjusted EBITDA totaled $258.7 million for the first half of the fiscal year. That's an increase of $8.4 million or 3.4% compared to the first two quarters of the prior year.

隨著我們位於紐約州北部的設施之D3產量上線，我們預期也將有資格就該設施注入的RNG賺取PTC。因此，2026會計年度第二季調整後EBITDA為1.753億美元，與前一年度基本持平。再加上我們2026會計年度第一季的結果，本會計年度上半年調整後EBITDA合計為2.587億美元。相較前一年度前兩季，增加840萬美元或3.4%。

And with another quarter of strong operating performance and with capital expenditures for our RNG facilities that are nearing completion, we used excess cash flows generated during the second quarter to reduce our total outstanding debt by more than $64 million.

此外，在又一季強勁的營運表現，以及我們接近完工的RNG設施資本支出之下，我們運用第二季所產生的超額現金流，將未償還總債務減少超過6,400萬美元。

We remain disciplined in our capital allocation, balancing investments in the growth of our core propane business and renewable energy platform with the preserving balance sheet strength and flexibility in support of our long-term strategic growth initiatives and for enhancing unit holder value. In a moment, I'll come back for some closing remarks. However, let me turn the call over to Mike Kuglin to discuss the second-quarter results in more detail. Mike.

我們在資本配置上仍維持紀律，在投資於核心丙烷業務與再生能源平台成長的同時，也兼顧維持資產負債表的強度與彈性，以支持我們的長期策略性成長計畫並提升單位持有人價值。稍後我會回來做一些結語。不過，先把電話交給Mike Kuglin，請他更詳細說明第二季的結果。Mike。

Thanks, Mike, and good morning, everyone. To be consistent with the previous recording, I discussed our second quarter results and excluded the impact of unrealized [market] adjustments on our commodity hedges, which resulted in an unrealized loss of $1.4 million for the second quarter, compared with an unrealized gain of $700,000 in the prior year second quarter.

謝謝，Mike，各位早安。為了與先前的錄音一致，我在討論第二季結果時排除了我們商品避險的未實現[市場]調整影響；該調整使第二季出現140萬美元的未實現損失，而前一年度第二季則為70萬美元的未實現收益。

Excluding these and certain other non-cash items, adjusted net income for the second quarter was $139.3 million or $2.09 per common unit, compared to adjusted net income of $136.9 million or $2.11 per common unit in the prior year second quarter.

排除上述以及其他若干非現金項目後，第二季調整後淨利為1.393億美元，或每普通單位2.09美元；相較之下，前一年度第二季調整後淨利為1.369億美元，或每普通單位2.11美元。

Adjusted EBITDA for the second quarter was $175.3 million, which was flat compared to the prior year second quarter. [Retail] propane gallons sold in the second quarter were 161.6 million gallons, essentially unchanged compared to the prior year, and the impact of colder temperatures across much of the eastern half of the country on heat-related demand, together with contributions from our recent acquisitions were offset by considerably warmer temperatures in the western half.

第二季調整後EBITDA為1.753億美元，與前一年度第二季持平。第二季[零售]丙烷銷售量為1.616億加侖，與前一年度基本不變；全國東半部較冷的氣溫對取暖相關需求的影響，加上我們近期併購的貢獻，被西半部顯著較暖的氣溫所抵銷。

With respect to the weather, average temperatures across our service territories for the second quarter were 6% warmer than normal. And what percent warmer than the prior year? In the eastern half of the US, average temperatures were slightly warmer than normal and 3% colder in the prior year second quarter, whereas average temperatures in the west were 22% warmer than normal and 17% warmer in the prior year second quarter.

就天氣而言，我們服務區域第二季的平均氣溫較常態高出6%。那麼相較前一年度高出多少百分比？在美國東半部，平均氣溫略高於常態，且較前一年度第二季低3%；而西部的平均氣溫較常態高出22%，且較前一年度第二季高出17%。

From a commodity perspective, growth and inventory levels in the US, experienced a seasonal decline during the second quarter, but remained well above historical averages for this time of year. At the end of the second quarter, US Propane inventories were at 77 million barrels, which were 75% higher than March 2025 levels and 47% higher than the five-year average for March.

從商品面來看，美國的供給成長與庫存水準在第二季出現季節性下滑，但仍遠高於該時節的歷史平均。第二季末，美國丙烷庫存為7,700萬桶，較2025年3月水準高出75%，也較3月的五年平均高出47%。

Given the increase in inventories and other factors, average wholesale propane prices for the quarter of $0.69 per gallon, based in my [Bellevue], decreased 23% compared to the prior year second quarter. Below average propane prices for the second quarter were lower than the prior year. Prices have been volatile and have recently begun to rise due to the conflict in Iran and resulting disruption in global energy markets.

在庫存增加及其他因素影響下，本季平均丙烷批發價格為每加侖0.69美元（以我在[Bellevue]為基準），較前一年度第二季下降23%。第二季低於平均的丙烷價格也低於前一年度。價格一直波動，且近期因伊朗衝突及其對全球能源市場造成的干擾而開始上升。

At the end of February, just before the start of the conflict, [spot] propane prices were in the [mid-$0.60] per gallon range, whereas most recently, spot prices have risen to the $0.90 per gallon range. With the impact of the [non-hedge] mark-to-market adjustments on our commodity hedges that I mentioned earlier, total gross margins of $345.1 million for the second quarter increased $500,000 compared to the prior year second quarter, primarily due to a slight increase of propane unit margins of $0.03 per gallon or 1.7%.

在衝突開始前、也就是2月底，[現貨]丙烷價格約在每加侖0.60多美元的區間；而最近現貨價格已上升至每加侖0.90美元的區間。再加上我先前提到的、我們商品避險的[非避險]按市價評價調整影響，第二季總毛利為3.451億美元，較前一年度第二季增加50萬美元，主要因丙烷單位毛利每加侖小幅增加0.03美元或1.7%。

As Mike mentioned, following the publication of proposed Treasury regulations in February 2026, which provided sufficient clarity for us to conclude that the production and sale of our RNG qualify for production tax credits under Section 45Z, we recognize $3.5 million of PTCs earned on D3 RNG injections at our Stanfield, Arizona facility for the period from January 2025 through March 2026. The benefit was reported as a reduction to operating expenses and included a catch-up adjustment of $2 million for credits related to fiscal 2025 and $800,000 related to the first quarter of fiscal 2026.

如Mike所提到，在2026年2月財政部發布擬議法規後，該法規提供了足夠的明確性，使我們得以判定我們的RNG之生產與銷售符合《第45Z條》下的生產稅額抵免資格；因此，我們就2025年1月至2026年3月期間於亞利桑那州 Stanfield 設施進行的D3 RNG注入所賺取的PTC認列了350萬美元。該利益以營業費用減項列示，並包含一筆追溯調整：其中200萬美元與2025會計年度相關，另有80萬美元與2026會計年度第一季相關。

With that said, combined operating and G&A expenses of $169.5 million for the quarter were flat compared to the prior year second quarter as higher payroll and benefit-related expenses. Along with higher fuel and vehicle maintenance costs, driven by elevated activity levels to meet stronger customer demand in the eastern territories and an increase in accruals for self-insurance matters were offset by the correct condition of production tax credits and a $2.9 million charge recovery related to the partial settlement of certain claims associated with our RNG acquisition in December 2022.

在此情況下，本季合併營運費用與一般及管理（G&A）費用為1.695億美元，與前一年度第二季持平，因較高的薪資與福利相關費用。以及較高的燃料與車輛維修成本（係因東部地區為滿足更強的客戶需求而提高活動水準所致）與自保事項應計費用增加，均被生產稅額抵免的正向影響，以及一筆290萬美元的費用回收所抵銷；該回收與我們於2022年12月RNG收購案相關之若干索賠部分和解有關。

Net interest expense of $19.7 million for the quarter decreased 4.2% compared to the prior year second quarter, resulting from a lower level of average outstanding borrowings under a revolving credit facility and lower benchmark interest rates on revolving borrowings.

本季淨利息費用為1,970萬美元，較前一年度第二季下降4.2%，主要因循環信用額度下的平均未償借款水準較低，以及循環借款的基準利率較低。

Total capital spending for the quarter of $24.7 million was $5.4 million higher than the prior year second quarter, primarily due to the construction efforts at our Columbus, Ohio. And Upstate New York RNG facilities. On a year-to-date basis, our total growth CapEx for our RNG facilities totaled $19 million, and our full-year capital spending estimate for the existing projects is $35 million to $40 million.

本季資本支出總額為2,470萬美元，較去年第二季高出540萬美元，主要由於我們在俄亥俄州哥倫布以及紐約州上州（Upstate New York）的RNG設施之建設工作所致。以年初至今計算，我們RNG設施的成長型資本支出（CapEx）合計為1,900萬美元，而現有專案的全年資本支出估計為3,500萬至4,000萬美元。

Turning our balance sheet, during the second quarter, we utilized excess cash flows from operating activities to repay $64.3 million borrowings under the revolver. Our consolidated leverage ratio for a trillion 12-month period ended March 2026, improved 4.34 times, compared to 4.54 times for March 2025, with an increase in adjusted EBITDA of $6 million and total debt reduction of $32.3 million.

談到資產負債表，於第二季期間，我們運用營運活動產生的超額現金流償還循環信貸（revolver）項下借款6,430萬美元。截至2026年3月止的過去12個月期間，我們的合併槓桿比率改善至4.34倍，相較於2025年3月的4.54倍；其中調整後EBITDA增加600萬美元，且總債務減少3,230萬美元。

We have now moved through our historically high period of seasonal working capital needs into the fiscal quarter as we expect to generate excess cash flows. We will continue to remain focused on utilizing excess cash flows to strengthen the balance sheet as opportunities arise to fund strategic growth, including the remaining growth capital for our R&G platform. We have more than ample borrowing capacity under our revolver to support our capital expansion plans and ongoing strategic growth initiatives.

我們目前已度過歷來季節性營運資金需求較高的時期，進入本財季，預期將產生超額現金流。我們將持續專注於運用超額現金流強化資產負債表，並在出現機會時為策略性成長提供資金，包括我們R&G平台剩餘的成長資本。我們在循環信貸項下擁有非常充足的借款額度，可支持我們的資本擴張計畫與持續的策略性成長倡議。

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

接下來我把時間交回給Mike。

Thanks, Mike. As announced on April [23], our Board of Supervisors declared our quarterly distribution of [$0.32.5] per common unit in respect of our second quarter of fiscal 2026. That equates to an annualized rate of $1.30 per common unit. Our quarterly distribution will be paid on May 12 to our unitholders of record as of May 5. Our distribution coverage continues to remain strong at 2.2 times for the trailing 12-month period ended March 2026.

謝謝，Mike。如4月[23]日所宣布，我們監事會（Board of Supervisors）宣告就2026財年第二季，每一普通單位發放季度分配金（distribution）為[$0.32.5]。這相當於每一普通單位年化1.30美元。本次季度分配金將於5月12日支付給截至5月5日登記在冊的單位持有人。截至2026年3月止的過去12個月期間，我們的分配金覆蓋倍數（distribution coverage）仍維持強勁，為2.2倍。

So just a few closing remarks. The management team here at Suburban Propane has been together for decades now. We've built our core propane business to be recognized as best-in-class with our hyper-local operating model.

最後做幾點結語。Suburban Propane的管理團隊已共事數十年。我們打造的核心丙烷業務，憑藉超在地（hyper-local）的營運模式，被公認為同業最佳（best-in-class）。

As evidenced by our performance in this year's heating season, our business and our outstanding personnel are very well situated to adapt and handle whatever weather conditions come our way. While others in our industry may struggle to keep up in high-demand scenarios, our hardworking and dedicated teams across the country rise to the occasion.

從今年供暖季的表現可見，我們的業務與優秀的人員已具備充分條件，能夠因應並處理任何迎面而來的天候狀況。當本產業其他公司在高需求情境下可能難以跟上時，我們遍布全國、勤奮且投入的團隊總能挺身而出。

I'm super proud of their efforts in the face of some very challenging operating conditions this past winter. They've also done a great job executing on our customer base growth and retention initiatives, especially meeting growing demand for propane in certain unique applications, such as EV charging stations, powering port equipment, power generation for data center construction, backup power generation and multipurpose agricultural uses.

我為他們在過去這個冬季面對一些極具挑戰的營運條件下所付出的努力感到非常自豪。他們在執行我們的客戶基礎成長與留存計畫方面也做得非常出色，尤其是在滿足某些特殊應用對丙烷日益增加的需求方面，例如電動車充電站、港口設備供能、資料中心建置的發電需求、備援發電，以及多用途農業用途。

We're also proud of our expanded sponsorship with NASCAR and Speedway Motorsports as the official propane of NASCAR, which has given us the opportunity to showcase the power and versatility of propane in a very high-performance setting at 28 races throughout virtually every weekend of the NASCAR Cup Series.

我們也為與NASCAR及Speedway Motorsports擴大贊助合作而感到自豪，作為NASCAR官方丙烷供應商，讓我們有機會在幾乎每個NASCAR盃系列賽週末、共28場賽事的高性能場景中，展示丙烷的動力與多用途性。

In the meantime, we have taken a measured and disciplined approach toward the execution of our long-term strategic growth plan as we continue to build out a renewable energy platform to support the evolving clean energy needs of our customers.

同時，我們在執行長期策略性成長計畫方面採取審慎且自律的方法，並持續建置可再生能源平台，以支援客戶不斷演進的潔淨能源需求。

As I mentioned in my opening remarks, we've been focused on stabilizing production levels, building a team and increasing the scale of our RNG platform -- a process that we call suburbanizing the platform to deliver the same operational discipline and excellence that we have been known for within the propane space.

如我在開場致詞中提到的，我們一直專注於穩定產量水準、建立團隊並擴大我們RNG平台的規模——我們將此流程稱為「suburbanizing」該平台，以提供與我們在丙烷領域一向以來著稱的同等營運紀律與卓越表現。

We have made tremendous progress and we believe that the market for RNG is still in the early stages with tailwinds that will provide positive support for long-term growth potential given the ultra-low carbon qualities and its blending or drop-in replacement capabilities with traditional natural gas.

我們已取得巨大進展，且我們相信RNG市場仍處於早期階段；鑑於其超低碳特性，以及可與傳統天然氣混摻或作為即插即用（drop-in）的替代品之能力，將有利多因素（tailwinds）為長期成長潛力提供正向支撐。

And as we are coming up on our 100-year anniversary in 2028, we view the build-out of our renewable energy platform as truly long-term strategic investments to help set Suburban Propane up for its next century of success.

此外，隨著我們將於2028年迎來100週年，我們將可再生能源平台的建置視為真正的長期策略性投資，以協助Suburban Propane為下一個世紀的成功奠定基礎。

In closing, I want to once again thank the more than 3,300 dedicated employees of Suburban Propane for their unwavering commitment to safety and outstanding customer service during a very challenging winter heating season, and during a time when our customers needed us most. Thank you.

最後，我想再次感謝Suburban Propane超過3,300名敬業員工，在這個極具挑戰的冬季供暖季期間，以及在客戶最需要我們的時刻，對安全與卓越客戶服務所展現的堅定承諾。謝謝。

As always, we appreciate your support and attention this morning, and we'll now open the call for questions. And, Morgan, if you could help us with that.

一如既往，我們感謝各位今天早上的支持與關注，接下來我們將開放提問。Morgan，如果你能協助我們進行。

(Operator Instructions)

(接線員指示)

It appears there are no questions at this time. I would like to turn the conference back over to Mike Stivala for any further remarks.

目前看來沒有任何提問。我想把電話會議交回給Mike Stivala，看看是否還有進一步的說明。

Great. Thanks, Morgan. And thank you all again for joining us. I hope you have a great summer. We look forward to talking to you again in August as we close out our third quarter results. So thank you again and please be safe.

很好。謝謝你，Morgan。也再次感謝各位參與。祝各位有個愉快的夏天。我們期待在8月、在我們結束第三季業績時再次與各位交流。再次感謝，並請注意安全。

This concludes today's call. Thank you for attending. You may now disconnect and have a wonderful rest of your day.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線，祝您今天剩餘時間愉快。