Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: May 5, 2022
Reporting Period: Fiscal 2022 Second Quarter
This filing serves as a current report to announce the issuance of a press release detailing the Partnership's financial results for the second quarter of fiscal 2022. The registrant operates in the retail propane, fuel oil, natural gas, and electricity sectors.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references a press release (Exhibit 99.1) containing these details. The filing explicitly defines the following non-GAAP measures used in the referenced report:
- EBITDA: Net income before deducting interest expense, income taxes, depreciation, and amortization.
- Adjusted EBITDA: EBITDA excluding unrealized net gain or loss from mark-to-market activity for derivative instruments and certain other items.
- Gross Margins: Computed as revenues less cost of products sold (excluding depreciation and amortization).
Note: Specific financial figures are not present in the provided 8-K text and must be sourced from the attached Exhibit 99.1.
Material Changes
The filing does not contain specific data regarding material changes versus the prior comparable period. It indicates that the Partnership's profitability is largely dependent on the difference between retail sales prices and product costs, implying that commodity price fluctuations are a primary driver of performance changes.
Guidance, Outlook, and Risks
Management Commentary: Management states that the non-GAAP measures (EBITDA, Adjusted EBITDA, and Gross Margins) are provided to offer the investment community supplemental measures of operating performance and to facilitate understanding of the impact of commodity prices on profitability.
Risks and Contingencies: The filing highlights the business risk that profitability in the retail propane, fuel oil, and natural gas/electricity businesses is heavily dependent on the spread between retail sales prices and product costs.
Unusual Items: The filing notes the exclusion of unrealized net gains or losses from mark-to-market activity for derivative instruments when calculating Adjusted EBITDA.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific numerical values regarding revenue, net income, and cash flow for the Fiscal 2022 Second Quarter.
- Verify the reconciliation of GAAP net income to the non-GAAP measures (EBITDA and Adjusted EBITDA) provided in the press release.
- Analyze the specific gross margin percentages and the impact of commodity price spreads on the quarter's results.
- Check for any updates to forward-looking guidance or outlook statements within the attached press release.