Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: August 8, 2019
Reporting Period: Fiscal 2019 Third Quarter
This filing serves as a notification that the Partnership issued a press release describing its Fiscal 2019 Third Quarter financial results. The detailed financial data is contained in the press release furnished as Exhibit 99.1 and is not explicitly detailed within the text of this 8-K form.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the following non-GAAP measures defined in the attached press release (Exhibit 99.1):
- 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 regarding material changes versus the prior comparable period. It notes that profitability in the retail propane, fuel oil, and natural gas and electricity businesses is largely dependent on the difference between retail sales price and product cost.
Guidance, Outlook, and Management Commentary
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.
Guidance and Risks: The filing text does not contain specific forward-looking guidance, risk factors, or contingencies beyond the general statement regarding commodity price dependency.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific numerical values regarding revenue, EBITDA, Adjusted EBITDA, and gross margins for the Fiscal 2019 Third Quarter.
- Verify the reconciliation of non-GAAP measures (EBITDA and Adjusted EBITDA) to the most directly comparable GAAP financial measures.
- Assess the impact of commodity price fluctuations on the reported gross margins as described in the press release.
- Confirm the specific details of the "certain other items" excluded from Adjusted EBITDA.