Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: November 10, 2016
Reporting Period: Fiscal 2016 Full Year and Fourth Quarter
This filing serves as a notification that the Company issued a press release detailing its financial results for the full fiscal year 2016 and the fourth quarter. The specific financial data is contained within the attached press release (Exhibit 99.1) and is not explicitly detailed in the body of this 8-K text.
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 and GAAP measures discussed in the attached 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 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 indicates that the attached press release describes the results for the Fiscal 2016 Full Year and Fourth Quarter, implying a comparison to prior periods is available in that document.
Guidance, Outlook, and Management Commentary
Management Commentary: Management states 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. Consequently, the Company discusses gross margins to help investors understand the impact of commodity prices on profitability.
Non-GAAP Measures: The Company provides EBITDA, Adjusted EBITDA, and gross margins as supplemental measures to facilitate the evaluation of operating results by the investment community and industry analysts.
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.
Important Facts for Investor Verification
- Verify the specific revenue, net income, and cash flow figures in the attached Press Release (Exhibit 99.1), as they are not listed in this 8-K summary.
- Review the reconciliation of EBITDA and Adjusted EBITDA to GAAP net income in the press release to understand the impact of derivative mark-to-market activities.
- Confirm the specific gross margin percentages for the fourth quarter and full year to assess the impact of commodity pricing on profitability.
- Check the press release for any updated full-year guidance or outlook provided by management.