Suburban Propane Partners LP Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Suburban Propane Partners LP filed its Q1 2024 10-Q report, detailing financial activities and segment information up to December 30, 2023.</b>

AI Summary

SUBURBAN PROPANE PARTNERS LP (SPH) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. The filing is a 10-Q report for Suburban Propane Partners LP, filed on February 8, 2024, covering the period ending December 30, 2023. The company's fiscal year end is September 28. Key dates mentioned include 2023-12-30 and 2022-12-24 for financial reporting periods. Specific financial instruments and segments are referenced, such as Senior Notes Due 2027 and Natural Gas and Electricity. The filing includes references to various accounting standards and disclosures, including commodity options and restricted stock units.

Why It Matters

For investors and stakeholders tracking SUBURBAN PROPANE PARTNERS LP, this filing contains several important signals. This 10-Q filing provides a quarterly update on the financial health and operational performance of Suburban Propane Partners LP, crucial for investors to assess recent business trends. The detailed segment and financial instrument data allows stakeholders to understand the company's revenue streams, debt obligations, and equity structure as of the reporting period.

Risk Assessment

Risk Level: medium — SUBURBAN PROPANE PARTNERS LP shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report. While it contains specific financial data, it does not indicate any immediate, significant positive or negative events that would elevate the risk beyond a medium level for a publicly traded partnership.

Analyst Insight

Investors should review the detailed financial statements and segment performance within the 10-Q to understand the company's current operational and financial standing.

Key Numbers

• 2023-12-30 — Reporting Period End Date (Conformed period of report)
• 2024-02-08 — Filing Date (Filed as of date)
• 0.50 — Dividend Amount (Dividend per unit mentioned in context)
• 15 — Years (Mentioned in context with a financial instrument or term)
• 33.33 — Percentage (Mentioned in context with a financial metric or ratio)

Key Players & Entities

• SUBURBAN PROPANE PARTNERS LP (company) — Filer name
• SPH (company) — Ticker symbol
• 2023-12-30 (date) — Conformed period of report
• 2024-02-08 (date) — Filed as of date
• 0000950170-24-012617 (filing) — Accession number
• 0001005210 (company) — Central Index Key
• DE (jurisdiction) — State of incorporation
• WIPPANY (location) — Business address city

Forward-Looking Statements

• Suburban Propane's Q2 2024 earnings will likely remain challenged if winter weather continues to be milder than average. (Suburban Propane Partners LP) — medium confidence, target: 2024-03-31

FAQ

Risk Factors

• Financial Instruments [medium — financial]: The filing references various financial instruments including Senior Notes Due 2027 and 2031, and Green Bonds, indicating potential debt management and financing strategies.
• Segment Performance [medium — operational]: Mentions of segments like Natural Gas and Electricity, Fuel Oil and Refined Fuels, and Wholesale suggest diverse operational areas that could be subject to market fluctuations.
• Commodity Options [medium — financial]: The presence of Commodity Option disclosures points to potential hedging activities or financial exposures related to commodity price volatility.

Key Dates

• 2023-12-30: Quarter End Date — End of the reporting period for the 10-Q filing.

Filing Documents

• sph-20231230.htm (10-Q) — 1772KB
• sph-ex31_1.htm (EX-31.1) — 12KB
• sph-ex31_2.htm (EX-31.2) — 12KB
• sph-ex32_1.htm (EX-32.1) — 7KB
• sph-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-012617.txt (&nbsp;) — 8941KB
• sph-20231230.xsd (EX-101.SCH) — 1405KB
• sph-20231230_htm.xml (XML) — 1701KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) 1 Condensed Consolidated Balance Sheets as of December 30, 2023 and September 30, 2023 1 Condensed Consolidated Statements of Operations for the three months ended December 30, 2023 and December 24, 2022 2 Condensed Consolidated Statements of Comprehensive Income for the three months ended December 30, 2023 and December 24, 2022 3 Condensed Consolidated Statements of Cash Flows for the three months ended December 30, 2023 and December 24, 2022 4 Condensed Consolidated Statements of Partners' Capital for the three months ended December 30, 2023 and December 24, 2022 5 Notes to Condensed Consolidated Financial Statements 6 ITEM 2.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 22 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 31

OTHER INFORMATION

PART II. OTHER INFORMATION 32 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 32 ITEM 1A.

RISK FACTORS

RISK FACTORS 32 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 32 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 32 ITEM 4. MINE SAFETY DISCLOSURES 32 ITEM 5. OTHER INFORMATION 32 ITEM 6. EXHIBITS 33

SignaturEs

SignaturEs 34 Table of Contents DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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, 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 Quarterly 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 impact of price increases on volumes sold as

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDA TED BALANCE SHEETS (in thousands) (unaudited) December 30, September 30, 2023 2023 ASSETS Current assets: Cash and cash equivalents $ 6,280 $ 3,514 Accounts receivable, less allowance for doubtful accounts of $ 4,966 and $ 4,449 , respectively 118,737 67,687 Inventories 60,970 61,828 Other current assets 35,654 30,973 Total current assets 221,641 164,002 Property, plant and equipment, net 643,220 646,054 Operating lease right-of-use assets 138,269 142,940 Goodwill 1,148,776 1,148,776 Other intangible assets, net 77,671 80,553 Other assets 90,026 88,150 Total assets $ 2,319,603 $ 2,270,475 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 72,219 $ 40,043 Accrued employment and benefit costs 33,733 45,138 Customer deposits and advances 112,195 127,311 Operating lease liabilities 33,471 33,562 Other current liabilities 57,955 61,764 Total current liabilities 309,573 307,818 Long-term borrowings 1,243,778 1,188,210 Accrued insurance 49,249 49,632 Operating lease liabilities 103,852 108,495 Other liabilities 63,263 69,964 Total liabilities 1,769,715 1,724,119 Commitments and contingencies Partners' capital: Common Unitholders ( 64,015 and 63,521 units issued and outstanding at December 30, 2023 and September 30, 2023, respectively) 560,386 557,023 Accumulated other comprehensive loss ( 10,498 ) ( 10,667 ) Total partners' capital 549,888 546,356 Total liabilities and partners' capital $ 2,319,603 $ 2,270,475 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS (in thousands, exce

View Full Filing

View this 10-Q filing on SEC EDGAR