Suburban Propane Partners LP Files 2024 10-K

TL;DR

Suburban Propane Partners LP filed its 2024 10-K, detailing FY23-24 financials. Check for updates on retail/commercial ops.

AI Summary

Suburban Propane Partners LP filed its 10-K for the fiscal year ending September 28, 2024. The filing details the company's financial performance and operations, including its retail and commercial sectors. Key financial data and operational segments are presented for the fiscal years 2023 and 2024.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Suburban Propane Partners LP's financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 0928 — Fiscal Year End (Indicates the end of the reporting period for the company's financial statements.)
• 2024-09-28 — Current Fiscal Year End (Marks the end of the period covered by this 10-K filing.)
• 2023-09-30 — Prior Fiscal Year End (Provides a comparative point for financial performance analysis.)

Key Players & Entities

• SUBURBAN PROPANE PARTNERS LP (company) — Filer of the 10-K
• 0000950170-24-131309 (filing_id) — Accession number for the filing
• 20240928 (date) — Fiscal year end date
• 2023-09-30 (date) — Prior fiscal year end date
• 2024-09-28 (date) — Current fiscal year end date

FAQ

Key Financial Figures

• $20.43 — e New York Stock Exchange on such date ($20.43 per unit), was approximately $ 1,307,96

Filing Documents

• sph-20240928.htm (10-K) — 6518KB
• sph-ex19_1.htm (EX-19.1) — 111KB
• sph-ex21_1.htm (EX-21.1) — 5KB
• sph-ex23_1.htm (EX-23.1) — 5KB
• sph-ex31_1.htm (EX-31.1) — 16KB
• sph-ex31_2.htm (EX-31.2) — 15KB
• sph-ex32_1.htm (EX-32.1) — 7KB
• sph-ex32_2.htm (EX-32.2) — 8KB
• sph-ex99_2.htm (EX-99.2) — 7KB
• img69507313_0.jpg (GRAPHIC) — 7KB
• img69507313_1.jpg (GRAPHIC) — 30KB
• img69507313_2.jpg (GRAPHIC) — 16KB
• img69507313_3.jpg (GRAPHIC) — 27KB
• img69507313_4.jpg (GRAPHIC) — 6KB
• img69507313_5.jpg (GRAPHIC) — 232KB
• img69507313_6.jpg (GRAPHIC) — 235KB
• img69507313_7.jpg (GRAPHIC) — 256KB
• img179983963_0.jpg (GRAPHIC) — 320KB
• 0000950170-24-131309.txt ( ) — 22155KB
• sph-20240928.xsd (EX-101.SCH) — 1995KB
• sph-20240928_htm.xml (XML) — 3804KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 15 ITEM 1B. UNRESOLVED STAFF COMMENTS 33 ITEM 1C. CYBERSECURITY 33 ITEM 2.

PROPERTIES

PROPERTIES 34 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 35 ITEM 4. MINE SAFETY DISCLOSURES 35 PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON UNITS, RELATED UNITHOLDER MATTERS AND ISSUER PURCHASES OF UNITS 36 ITEM 6. [RESERVED] 36 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 36 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 47 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 50 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 51 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 51 ITEM 9B. OTHER INFORMATION 52 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 52 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND PARTNERSHIP GOVERNANCE 53 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 60 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS 96 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 97 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 98 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 99 ITEM 16. FORM 10-K SUMMARY 99

SIGNATURES

SIGNATURES 103 Table of Contents DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements ("Forward-Looking Statements") as defined in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to future business expectations and predictions, capital expenditures, strategic alternatives, project developments, and financial condition and results of operations of Suburban Propane Partners, L.P. (the "Partnership"). Some of these statements can be identified by the use of forward-looking terminology such as "prospects," "outlook," "believes," "estimates," "intends," "may," "will," "should," "could," "anticipates," "expects" or "plans" or the negative or other variation of these or similar words, or by discussion of trends and conditions, strategies or risks and uncertainties. These Forward-Looking Statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed or implied in such Forward-Looking Statements (statements contained in this Annual Report identifying such risks and uncertainties are referred to as "Cautionary Statements"). The risks and uncertainties that could impact the Partnership's results include, but are not limited to, the following: The impact of weather conditions on the demand for propane, renewable propane, fuel oil and other refined fuels, natural gas, renewable natural gas ("RNG") and electricity; The impact of climate change and potential climate change legislation on the Partnership and demand for propane, fuel oil and other refined fuels, natural gas, RNG and electricity; Volatility in the unit cost of propane, renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity, the impact of the Partnership's hedging and risk management activities, and the adverse impa

B USINESS

ITEM 1. B USINESS Development of Business Suburban Propane Partners, L.P. (the "Partnership"), a publicly traded Delaware limited partnership, is a nationwide marketer and distributor of a diverse array of products meeting the energy needs of our customers. We specialize in the distribution of propane, renewable propane, renewable natural gas ("RNG"), fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets and production of and investing in low-carbon fuel alternatives. In support of our core marketing and distribution operations, we install and service a variety of home comfort equipment, particularly in the areas of heating and ventilation. We believe, based on LP/Gas Magazine dated February 2024, that we are the third-largest retail marketer of propane in the United States, measured by retail gallons sold in calendar year 2023. As of September 28, 2024, we were serving the energy needs of approximately 1.0 million residential, commercial, industrial and agricultural customers through approximately 700 locations in 42 states with operations principally concentrated in the east and west coast regions of the United States, as well as portions of the midwest region of the United States and Alaska. We sold approximately 378.3 million gallons of propane and 16.9 million gallons of fuel oil and refined fuels to retail customers during the year ended September 28, 2024. Together with our predecessor companies, we have been continuously engaged in the retail propane business since 1928. We conduct our business principally through Suburban Propane, L.P., a Delaware limited partnership, which operates our propane business and assets (the "Operating Partnership"), and its direct and indirect subsidiaries. Our general partner, and the general partner of our Operating Partnership, is Suburban Energy Services Group LLC (the "General Partner"), a Delaware limited liability company whose sole member is the Chief Executive O

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View this 10-K filing on SEC EDGAR