Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: August 6, 2015
Reporting Period: Fiscal 2015 Third Quarter
This filing serves to announce the issuance of a press release detailing the company's financial results for the third quarter of fiscal 2015. The company operates in the retail propane, fuel oil, natural gas, and electricity sectors.
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 which are detailed 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 contain specific data regarding material changes versus the prior comparable period. It states that profitability in the company's core businesses is largely dependent on the difference between retail sales prices and product costs.
Guidance, Outlook, and Management Commentary
Management Commentary: Management provides EBITDA, Adjusted EBITDA, and gross margin figures to assist investors and industry analysts in evaluating operating performance and understanding 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 driven by commodity price spreads.
Important Facts for Investor Verification
- Verify the specific numerical results for Fiscal 2015 Third Quarter revenue, net income, and cash flow in the attached Press Release (Exhibit 99.1), as they are not included in the 8-K body text.
- Review the reconciliation of non-GAAP measures (EBITDA, Adjusted EBITDA, and Gross Margins) to GAAP financial measures in the press release.
- Assess the impact of commodity price fluctuations on the company's gross margins as described in the management commentary.