Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: May 6, 2021
Reporting Period: Fiscal 2021 Second Quarter
Business Overview: The registrant operates in the retail propane, fuel oil, natural gas, and electricity sectors. Profitability is largely dependent on the difference between retail sales prices and product costs.
Key Financial Metrics
This filing serves as a notification of the issuance of a press release regarding financial results. The specific numerical values for revenue, profit, cash flow, margins, debt, and liquidity are not contained within the text of this Form 8-K but are referenced as being detailed in the attached Exhibit 99.1 (Press Release).
Non-GAAP Measures Referenced:
- 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 (noted as a non-GAAP measure because cost of products sold excludes depreciation and amortization).
Material Changes
The filing text does not provide specific data points to quantify material changes versus the prior comparable period. It indicates that the Fiscal 2021 Second Quarter results have been released, but the comparative analysis is located in the referenced press release.
Guidance, Outlook, and Risks
Management Commentary: Management utilizes the referenced non-GAAP measures (EBITDA, Adjusted EBITDA, and Gross Margins) to provide the investment community with supplemental measures of operating performance and to facilitate understanding of the impact of commodity prices on profitability.
Risks and Contingencies: The filing highlights that profitability is sensitive to commodity price fluctuations. No specific new risks or contingencies are detailed in this summary text beyond the general business nature.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific numerical values regarding revenue, net income, and cash flow for the Fiscal 2021 Second Quarter.
- Verify the reconciliation of GAAP net income to the non-GAAP measures (EBITDA and Adjusted EBITDA) provided in the press release.
- Confirm the specific gross margin percentages and the impact of commodity pricing on the quarter's results.
- Check for any updates to debt covenants or liquidity positions mentioned in the full press release.