Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: February 4, 2016
Reporting Period: Fiscal 2016 First Quarter
This filing serves as a current report to announce the issuance of a press release detailing the company's financial results for the first quarter of fiscal year 2016. The company operates in the retail propane, fuel oil, natural gas, and electricity sectors.
Key Financial Metrics
The filing text references the following non-GAAP financial measures but does not provide specific numerical values within the 8-K document itself; these figures are contained in the attached Exhibit 99.1 (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 (noted as a non-GAAP measure as cost of products sold excludes depreciation and amortization).
Note: Specific values for revenue, profit, cash flow, debt, and liquidity are not present in the provided text.
Material Changes
The filing does not contain specific data regarding material changes versus the prior comparable period. It only confirms the release of results for the Fiscal 2016 First Quarter.
Guidance, Outlook, and Management Commentary
Management Commentary:
- Management utilizes EBITDA and Adjusted EBITDA to provide supplemental measures of operating performance for investors and analysts.
- Gross margins are highlighted because profitability in the company's specific business lines is largely dependent on the difference between retail sales prices and product costs.
- These metrics are intended 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 note that profitability is dependent on commodity price spreads.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific numerical values regarding Revenue, Net Income, EBITDA, and Adjusted EBITDA.
- Verify the reconciliation of non-GAAP measures (EBITDA, Adjusted EBITDA, Gross Margins) 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.
- Check for any specific details on derivative instrument mark-to-market activity affecting Adjusted EBITDA.