Suburban Propane Partners LP Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Suburban Propane Partners LP has filed its quarterly report (10-Q) for the period ending March 30, 2024.</b>

AI Summary

SUBURBAN PROPANE PARTNERS LP (SPH) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Suburban Propane Partners LP filed a 10-Q report for the period ending March 30, 2024. The filing covers the fiscal second quarter of 2024. The company's IRS number is 223410353. Suburban Propane Partners LP is incorporated in Delaware. The company's fiscal year ends on September 28th.

Why It Matters

For investors and stakeholders tracking SUBURBAN PROPANE PARTNERS LP, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and operational status for the most recent quarter. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects in the propane and energy sector.

Risk Assessment

Risk Level: — SUBURBAN PROPANE PARTNERS LP shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with the company's industry and operations.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and cost structures for the quarter.

Key Numbers

• 0.50 — Dividend per Unit (SPH-20240330)
• 15 — Years (Senior Notes Maturity)
• 33.33 — % (Growth Rate)

Key Players & Entities

• SUBURBAN PROPANE PARTNERS LP (company) — FILER
• 0000950170-24-056636 (other) — ACCESSION NUMBER
• 20240330 (date) — CONFORMED PERIOD OF REPORT
• 20240509 (date) — FILED AS OF DATE
• 0001005210 (company) — CENTRAL INDEX KEY
• 5900 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (other) — STATE OF INCORPORATION
• 07981 (other) — ZIP

FAQ

Industry Context

Suburban Propane Partners LP operates in the retail distribution of propane and other refined fuels, serving residential, commercial, industrial, and agricultural customers.

Regulatory Implications

The company is subject to various federal, state, and local regulations concerning the storage, transportation, and sale of propane and other energy products.

What Investors Should Do

1. Analyze the revenue and expense breakdown by segment to identify performance trends.
2. Examine any disclosed debt obligations and their maturity dates.
3. Review management's discussion and analysis for insights into operational challenges and strategies.

Key Dates

• 2024-03-30: Quarter End Date — End of reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 10-Q report ending March 30, 2024. Comparative data from previous filings would be needed for a full analysis.

Filing Documents

• sph-20240330.htm (10-Q) — 2454KB
• 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
• 0000950170-24-056636.txt (&nbsp;) — 10684KB
• sph-20240330.xsd (EX-101.SCH) — 1357KB
• sph-20240330_htm.xml (XML) — 2237KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) 1 Condensed Consolidated Balance Sheets as of March 30, 2024 and September 30, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 30, 2024 and March 25, 2023 2 Condensed Consolidated Statements of Operations for the six months ended March 30, 2024 and March 25, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended March 30, 2024 and March 25, 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended March 30, 2024 and March 25, 2023 5 Condensed Consolidated Statements of Partners' Capital for the three months ended March 30, 2024 and March 25, 2023 6 Condensed Consolidated Statements of Partners' Capital for the six months ended March 30, 2024 and March 25, 2023 7 Notes to Condensed Consolidated Financial Statements 8 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 26 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 37 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 38

OTHER INFORMATION

PART II. OTHER INFORMATION 39 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 39 ITEM 1A.

RISK FACTORS

RISK FACTORS 39 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 39 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 39 ITEM 4. MINE SAFETY DISCLOSURES 39 ITEM 5. OTHER INFORMATION 39 ITEM 6. EXHIBITS 40

SignaturEs

SignaturEs 41 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, 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 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

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) March 30, September 30, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 4,420 $ 3,514 Accounts receivable, less allowance for doubtful accounts of $ 5,616 and $ 4,449 , respectively 122,989 67,687 Inventories 57,962 61,828 Other current assets 40,747 30,973 Total current assets 226,118 164,002 Property, plant and equipment, net 643,585 646,054 Operating lease right-of-use assets 148,583 142,940 Goodwill 1,148,776 1,148,776 Other intangible assets, net 74,659 80,553 Other assets 95,825 88,150 Total assets $ 2,337,546 $ 2,270,475 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 52,428 $ 40,043 Accrued employment and benefit costs 35,849 45,138 Customer deposits and advances 72,663 127,311 Operating lease liabilities 35,149 33,562 Other current liabilities 61,086 61,764 Total current liabilities 257,175 307,818 Long-term borrowings 1,212,252 1,188,210 Accrued insurance 48,572 49,632 Operating lease liabilities 112,498 108,495 Other liabilities 64,379 69,964 Total liabilities 1,694,876 1,724,119 Commitments and contingencies Partners' capital: Common Unitholders ( 64,022 and 63,521 units issued and outstanding at March 30, 2024 and September 30, 2023, respectively) 652,999 557,023 Accumulated other comprehensive loss ( 10,329 ) ( 10,667 ) Total partners' capital 642,670 546,356 Total liabilities and partners' capital $ 2,337,546 $ 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, except per

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