Suburban Propane Partners LP Files Q3 2024 10-Q

TL;DR

SPH Q3 10-Q filed. Financials and operations updated. Check Oberon Fuels.

AI Summary

Suburban Propane Partners, LP filed its 10-Q for the period ending June 29, 2024. The filing details financial performance and operational updates for the third quarter of their fiscal year. Key financial instruments and assets, such as Senior Notes Due 2027 and Customer Relationships, are referenced, alongside operational entities like Oberon Fuels Inc.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational status of Suburban Propane Partners, LP, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The filing is a routine 10-Q, but the nature of the energy distribution business and associated debt instruments can introduce medium-level risks.

Key Numbers

• 0.50 — SeniorNotesDue2027 (Likely a par value or interest rate related to debt)
• 15 years — Amortization Period (Related to intangible assets or debt)
• 33.33 — Percentage (Context unclear without full filing, possibly related to ownership or performance metric)

Key Players & Entities

• Suburban Propane Partners LP (company) — Filer of the 10-Q
• June 29, 2024 (date) — End of reporting period
• Senior Notes Due 2027 (dollar_amount) — Debt instrument mentioned
• Oberon Fuels Inc (company) — Operational entity mentioned
• Amended Revolving Credit Facility Due 2025 (dollar_amount) — Financing facility mentioned

FAQ

Filing Documents

• sph-20240629.htm (10-Q) — 2493KB
• 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
• 0000950170-24-093578.txt ( ) — 10920KB
• sph-20240629.xsd (EX-101.SCH) — 1361KB
• sph-20240629_htm.xml (XML) — 2289KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) 1 Condensed Consolidated Balance Sheets as of June 29, 2024 and September 30, 2023 1 Condensed Consolidated Statements of Operations for the three months ended June 29, 2024 and June 24, 2023 2 Condensed Consolidated Statements of Operations for the nine months ended June 29, 2024 and June 24, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended June 29, 2024 and June 24, 2023 4 Condensed Consolidated Statements of Cash Flows for the nine months ended June 29, 2024 and June 24, 2023 5 Condensed Consolidated Statements of Partners' Capital for the three months ended June 29, 2024 and June 24, 2023 6 Condensed Consolidated Statements of Partners' Capital for the nine months ended June 29, 2024 and June 24, 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) June 29, September 30, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 4,882 $ 3,514 Accounts receivable, less allowance for doubtful accounts of $ 5,695 and $ 4,449 , respectively 73,798 67,687 Inventories 51,304 61,828 Other current assets 34,735 30,973 Total current assets 164,719 164,002 Property, plant and equipment, net 649,307 646,054 Operating lease right-of-use assets 145,504 142,940 Goodwill 1,151,252 1,148,776 Other intangible assets, net 77,380 80,553 Other assets 95,392 88,150 Total assets $ 2,283,554 $ 2,270,475 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 26,473 $ 40,043 Accrued employment and benefit costs 42,102 45,138 Customer deposits and advances 96,775 127,311 Operating lease liabilities 35,479 33,562 Other current liabilities 51,533 61,764 Total current liabilities 252,362 307,818 Long-term borrowings 1,202,535 1,188,210 Accrued insurance 48,210 49,632 Operating lease liabilities 109,099 108,495 Other liabilities 64,125 69,964 Total liabilities 1,676,331 1,724,119 Commitments and contingencies Partners' capital: Common Unitholders ( 64,048 and 63,521 units issued and outstanding at June 29, 2024 and September 30, 2023, respectively) 616,833 557,023 Accumulated other comprehensive loss ( 9,610 ) ( 10,667 ) Total partners' capital 607,223 546,356 Total liabilities and partners' capital $ 2,283,554 $ 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 unit

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View this 10-Q filing on SEC EDGAR