Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date: November 10, 2021
Subject: Announcement of Fiscal 2021 Full Year and Fourth Quarter Financial Results.
The filing serves as a notification that the Partnership has issued a press release detailing its financial performance for the full fiscal year and the fourth quarter of 2021. The actual financial data is contained in the press release furnished as Exhibit 99.1, which is referenced but not included in the text of this 8-K.
Key Financial Metrics
The text of this filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It only defines the non-GAAP measures used in the accompanying press release:
- 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 (a non-GAAP measure as cost of products sold excludes depreciation and amortization).
Material Changes
This filing does not contain specific data regarding material changes versus prior periods. It directs investors to the press release (Exhibit 99.1) for the comparison of Fiscal 2021 results against prior periods.
Guidance, Outlook, and Management Commentary
Management Commentary: Management states that profitability in the retail propane, fuel oil, natural gas, and electricity businesses is largely dependent on the difference between retail sales prices and product costs. Consequently, they utilize gross margins to help investors understand the impact of commodity prices on profitability.
Non-GAAP Rationale: The Partnership provides EBITDA, Adjusted EBITDA, and gross margins to offer supplemental measures of operating performance and to facilitate industry analysis.
Guidance and Risks: The filing text does not contain specific forward-looking guidance, risk factors, or contingencies beyond the general note that profitability is tied to commodity price spreads.
Investor Verification Checklist
- Review Exhibit 99.1 (the Press Release) for the actual numerical values of revenue, net income, EBITDA, and Adjusted EBITDA for Q4 and Full Year 2021.
- Verify the specific gross margin percentages and the impact of commodity price fluctuations on the cost of products sold.
- Check the reconciliation tables in the press release to understand the adjustments made to arrive at Adjusted EBITDA.
- Confirm any dividend declarations or liquidity updates that may be detailed in the full press release but omitted from this 8-K summary.