Suburban Propane Partners, L.P. (NYSE:SPH) Q4 2019 Earnings Conference Call - Final Transcript

Nov 14, 2019 • 09:00 am ET


Suburban Propane Partners, L.P. (NYSE:SPH) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to Suburban Propane Full-Year and Fourth Quarter Fiscal 2019 Financial Results. At this point, all the participant lines are in a listen-only mode. There will be an opportunity for your questions and instructions will be given at that time. [Operator Instructions] As a reminder, today's call is being recorded.

And ladies and gentlemen, 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 and 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 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 Partnership or persons acting on its behalf are expressly qualified in their entirety by such cautionary statements.

Now, with that being said, I'll turn the call now over to Mr. Davin D'Ambrosio, Vice President and Treasurer. Please go ahead, sir.

A. Davin D'Ambrosio

Thank you, John. Good morning, everyone. Thank you for joining us this morning for our fourth quarter and fiscal 2019 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 2019 full-year financial results along with our 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 28, 2019, which contains additional disclosure regarding forward-looking statements and risk factors will be filed on or about November 27. Once filed, copies may be obtained on the Investor Overview page of the Partnership's website at 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 8-K, which was furnished to the SEC this morning. Form 8-K will be available on the Investor Relations section of our website.

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

Michael A. Stivala

Thanks, Davin and thank you all for joining us this morning. We ended fiscal 2019 with another solid quarter, reporting an improvement in adjusted EBITDA of $1.4 million. In fact, we are pleased to say that for three out of the four quarters in fiscal 2019, we reported earnings that were higher than the prior year. For the full year, adjusted EBITDA of $275 million, was $8 million or 2.8% lower than the prior year, primarily from