SEC Filing Summary: Suburban Propane Partners, L.P.
Business Context and Reporting Period
This Form 8-K, dated November 14, 2019, reports the Fiscal 2019 Full Year and Fourth Quarter financial results for Suburban Propane Partners, L.P. The filing serves to disseminate a press release (Exhibit 99.1) containing detailed operational and financial data.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the attached Press Release (Exhibit 99.1). The document defines the following non-GAAP measures used in the report:
- EBITDA: Net income before interest, taxes, depreciation, and amortization.
- Adjusted EBITDA: EBITDA excluding unrealized net gains/losses from mark-to-market derivative activity and certain other items.
- Gross Margins: Revenues less cost of products sold (excluding depreciation and amortization).
Material Changes
The filing text does not explicitly state material changes versus prior periods. It notes that profitability in the retail propane, fuel oil, and natural gas businesses is largely dependent on the difference between retail sales prices and product costs.
Guidance, Outlook, and Risks
Management commentary emphasizes the utility of non-GAAP measures for evaluating operating performance and understanding the impact of commodity prices on profitability. The filing includes standard disclaimers that the information in the press release is not deemed "filed" under Section 18 of the Exchange Act unless expressly referenced.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, EBITDA, and Adjusted EBITDA figures for Q4 and Full Year 2019.
- Verify the reconciliation of non-GAAP measures (EBITDA, Adjusted EBITDA, Gross Margins) to GAAP net income.
- Assess the impact of commodity price fluctuations on reported gross margins.
- Check for details on derivative instrument mark-to-market activity affecting Adjusted EBITDA.