SEC Filing Summary: Suburban Propane Partners, L.P.
Business Context and Reporting Period
This Form 8-K, dated February 8, 2024, reports the Fiscal 2024 First Quarter financial results for Suburban Propane Partners, L.P. The filing serves as a current report to disseminate a press release (Exhibit 99.1) detailing the partnership's operational performance for the quarter.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the attached press release (Exhibit 99.1) as the source for these figures. The document explicitly defines the following non-GAAP measures used in the full 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).
Material Changes
The filing text does not contain specific data regarding material changes versus the prior comparable period. Investors must refer to the attached press release for comparative analysis.
Management Commentary and Risks
Management emphasizes 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, gross margins are highlighted to illustrate the impact of commodity price fluctuations on profitability. The filing notes that the non-GAAP measures are provided to assist investors and analysts in evaluating operating results.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Fiscal 2024 Q1 revenue, EBITDA, and Adjusted EBITDA figures.
- Verify the reconciliation of GAAP net income to non-GAAP EBITDA and Adjusted EBITDA.
- Assess the impact of commodity price changes on gross margins as detailed in the press release.
- Check for any specific guidance or outlook statements included in the attached press release.