Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: November 12, 2015
Subject: Announcement of Fiscal 2015 Full Year and Fourth Quarter Financial Results.
Key Financial Metrics
The filing text references the issuance of a press release containing specific financial data but does not explicitly state the numerical values for revenue, profit, cash flow, margins, debt, or liquidity within the body of this 8-K document.
- EBITDA: Referenced as a non-GAAP measure (Net income before interest, taxes, depreciation, and amortization). Specific value not provided in text.
- Adjusted EBITDA: Referenced as EBITDA excluding unrealized net gain/loss from mark-to-market derivative activity and certain other items. Specific value not provided in text.
- Gross Margins: Defined as revenues less cost of products sold. Noted as a non-GAAP measure critical for evaluating profitability in retail propane, fuel oil, and natural gas businesses. Specific value not provided in text.
Material Changes
The filing text does not provide specific comparative data or quantify material changes versus the prior comparable period. It directs readers to the attached press release (Exhibit 99.1) for the detailed Fiscal 2015 Full Year and Fourth Quarter results.
Guidance, Outlook, and Management Commentary
Management Commentary:
- Management utilizes non-GAAP measures (EBITDA, Adjusted EBITDA, and Gross Margins) to provide supplemental information on operating performance.
- Gross margins are highlighted because profitability in the company's core businesses (retail propane, fuel oil, natural gas, and electricity) is largely dependent on the spread between retail sales prices and product costs.
- These metrics are intended to help investors understand the impact of commodity prices on profitability.
- The filing text does not contain specific forward-looking guidance, risk factors, or contingencies beyond the general context of commodity price sensitivity.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated November 12, 2015) for specific numerical values regarding revenue, net income, EBITDA, and Adjusted EBITDA.
- Verify the specific gross margin percentages for the fourth quarter and full fiscal year 2015.
- Confirm the details of the "certain other items" excluded from Adjusted EBITDA calculations.
- Check for any specific commentary on commodity price trends affecting the retail sales price versus product cost spread.