UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
Commission File Number:
(Exact name of registrant as specified in its charter)
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(State or Other Jurisdiction |
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(IRS Employer |
of Incorporation) |
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Identification No.) |
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The following information, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On November 10, 2022, the Partnership issued a press release (the “Press Release”) describing its Fiscal 2022 Full Year and Fourth Quarter Financial Results. A copy of the Press Release has been furnished as Exhibit 99.1 to this Current Report.
Within the Press Release, we reference net income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”) which is considered a non-GAAP financial measure. Additionally, we discuss EBITDA excluding the unrealized net gain or loss from mark-to-market activity for derivative instruments and certain other items (“Adjusted EBITDA”). Our calculations of EBITDA and Adjusted EBITDA are presented in the Press Release furnished as Exhibit 99.1 to this Current Report.
We provide these non-GAAP financial measures because we believe that they provide the investment community with supplemental measures of operating performance. In addition, we believe that these non-GAAP financial measures provide useful information to investors and industry analysts to evaluate our operating results.
We also reference gross margins, computed as revenues less cost of products sold as those amounts are reported on the consolidated financial statements. Since cost of products sold does not include depreciation and amortization expense, the gross margin we reference is considered a non-GAAP financial measure. Given the nature of our business, the level of 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. Therefore, we discuss gross margins in order to provide investors and industry analysts with useful information to facilitate their understanding of the impact of the commodity prices on profitability.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
November 10, 2022 |
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SUBURBAN PROPANE PARTNERS, L.P. |
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By: |
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/s/ MICHAEL A. KUGLIN |
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Name: |
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Michael A. Kuglin |
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Title: |
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Chief Financial Officer & Chief Accounting Officer |
Exhibit 99.1
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News Release Contact: Michael A. Kuglin Chief Financial Officer & Chief Accounting Officer P.O. Box 206, Whippany, NJ 07981-0206 Phone: 973-503-9252 |
FOR IMMEDIATE RELEASE
Suburban Propane Partners, L.P.
Announces Full Year and Fourth Quarter Results
Whippany, New Jersey, November 10, 2022 -- Suburban Propane Partners, L.P. (NYSE:SPH), today announced earnings for its full year and fourth quarter ended September 24, 2022.
Fiscal Year 2022 Results
Net income for fiscal 2022 was $139.7 million, or $2.21 per Common Unit, compared to $122.8 million, or $1.96 per Common Unit, in fiscal 2021.
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA, as defined and reconciled below) increased $15.3 million, or 5.6%, to $291.0 million for fiscal 2022, compared to $275.7 million in the prior year.
In announcing these results, President and Chief Executive Officer Michael A. Stivala said, “Fiscal 2022 was another outstanding year for Suburban Propane as we delivered solid operating results, made meaningful progress on the execution of our long-term strategic growth initiatives, and continued to improve our financial metrics. Despite a challenging operating environment resulting from a warm and inconsistent weather pattern, historically high commodity prices, and inflationary factors impacting expenses, we were able to effectively manage margins and expenses to deliver a $15.3 million, or 5.6%, improvement in Adjusted EBITDA compared to the prior year. During the fiscal year, we utilized excess cash flows in a balanced manner to continue investing in the buildout of our renewable energy platform, supporting the growth of our core propane operations, as well as to reduce debt by more than $42.0 million, bringing our total leverage metric down to 3.60x from 3.96x at the end of the prior year.”
Mr. Stivala continued, “In addition to the improvement in earnings and leverage metrics, we announced a number of strategic initiatives in fiscal 2022 to advance our Go Green with Suburban Propane corporate pillar, starting with the creation of our new subsidiary, Suburban Renewable Energy, LLC, to serve as the platform for our investments in innovative, renewable energy technologies and businesses. Specifically, during fiscal 2022, we accomplished the following strategic objectives:
1
Concluding his remarks, Mr. Stivala stated, “With the strategic investments we have made over the past three years, we have begun to develop an interconnected portfolio of renewable energy assets focused on the distribution of renewable fuels, hydrogen and renewable natural gas. These investments and partnerships allow us to leverage our logistics expertise as local distributors of energy, support the clean energy transition, and position Suburban Propane for long-term growth and sustainability to create value for our valued unitholders.”
Retail propane gallons sold in fiscal 2022 of 401.3 million gallons decreased 4.4% compared to the prior year, primarily due to unseasonably warm and inconsistent temperatures throughout the heating season, customer conservation stemming from the high commodity price environment, and more normalized volumes in certain customer segments that benefitted from COVID restrictions in previous years. Average temperatures (as measured by heating degree days) across all of the Partnership’s service territories for fiscal 2022 were 10% warmer than normal and comparable to the prior year. However, average temperatures during the critical heat-related demand months of December 2021 through February 2022 were approximately 2.0% warmer than the same period in the prior year.
Average propane prices (basis Mont Belvieu, Texas) for fiscal 2022 increased 39.1% compared to the prior year. Total gross margin for fiscal 2022 of $789.3 million decreased $13.9 million, or 1.7%, compared to the prior year. Gross margin for fiscal 2022 included a $27.9 million unrealized loss attributable to the mark-to-market adjustment for derivative instruments used in risk management activities, compared to a $43.1 million unrealized gain in the prior year. These non-cash adjustments, which were reported in cost of products sold, were excluded from Adjusted EBITDA for both periods. Excluding the impact of the unrealized mark-to-market adjustments, gross margin for fiscal 2022 increased $57.1 million, or 7.5%, compared to the prior year, primarily due to prudent selling price management during a rising and volatile commodity price environment, as well as from the favorable impact of commodity hedges that matured during the period. The Partnership’s hedging and risk management activities are intended to reduce the effect of price volatility associated with forecasted purchases of propane and propane sold on a fixed price basis. The commodity hedges that matured during fiscal 2022 were principally comprised of net long positions that were favorably impacted from the significant rise in commodity prices.
Combined operating and general and administrative expenses of $524.2 million for fiscal 2022 increased 8.0% compared to the prior year, primarily due to higher payroll and benefit-related expenses, higher vehicle lease and operating costs, higher variable compensation, higher provisions for doubtful accounts, as well as other inflationary effects on the Partnership’s operating costs.
During fiscal 2022, the Partnership utilized cash flows from operating activities to repay $42.4 million of debt. As a result of the combination of higher earnings and lower debt, the Partnership’s consolidated leverage ratio improved to 3.60x for the fiscal year ended September 24, 2022.
Fourth Quarter 2022 Results
Consistent with the seasonal nature of the propane business, the Partnership typically reports a net loss for its fiscal fourth quarter. Net loss for the fourth quarter of fiscal 2022 was $54.2 million, or $0.86 per Common Unit, compared to a net loss of $16.4 million, or $0.26 per Common Unit, in fiscal 2021. Net loss for the fourth quarter of fiscal 2022 included a $26.5 million unrealized loss attributable to the mark-to-market adjustment for derivative instruments used in risk management activities, compared to a $25.5 million unrealized gain in the prior year. As noted above, these non-cash adjustments, which were reported in cost of products sold, were excluded from Adjusted EBITDA for both periods. Adjusted EBITDA for the fourth quarter of fiscal 2022 increased to $2.8 million, compared to $0.3 million in the fourth quarter of fiscal 2021. Retail propane gallons sold of 61.4 million gallons for the fourth quarter of fiscal 2022 decreased 1.5% compared to the prior year fourth quarter.
As previously announced on October 20, 2022, the Partnership’s Board of Supervisors declared a quarterly distribution of $0.325 per Common Unit for the three months ended September 24, 2022. On an annualized basis, this distribution rate equates to $1.30 per Common Unit. The distribution was paid on November 8, 2022 to Common Unitholders of record as of November 1, 2022.
2
About Suburban Propane Partners, L.P.
Suburban Propane Partners, L.P. (“Suburban Propane”) is a publicly traded master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban Propane has been in the customer service business since 1928 and is a nationwide distributor of propane, renewable propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity and an investor in low carbon fuel alternatives, servicing the energy needs of approximately 1 million residential, commercial, governmental, industrial and agricultural customers through approximately 700 locations across 42 states. Suburban Propane is supported by three core pillars: (1) Suburban Commitment – showcasing Suburban Propane’s 90+ year legacy, and ongoing commitment to the highest standards for dependability, flexibility, and reliability that underscores Suburban Propane’s commitment to excellence in customer service; (2) SuburbanCares – highlighting continued dedication to giving back to local communities across Suburban Propane’s national footprint; and (3) Go Green with Suburban Propane – promoting the clean burning and versatile nature of propane and renewable propane as a bridge to a green energy future and developing the next generation of renewable energy. For additional information on Suburban Propane, please visit www.suburbanpropane.com.
Forward-Looking Statements
This press release contains certain forward-looking statements relating to future business expectations and financial condition and results of operations of the Partnership, based on management’s current good faith expectations and beliefs concerning future developments. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed or implied in such forward-looking statements, including the following:
3
Some of these risks and uncertainties are discussed in more detail in the Partnership’s Annual Report on Form 10-K for its fiscal year ended September 25, 2021 and other periodic reports filed with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. The Partnership undertakes no obligation to update any forward-looking statement, except as otherwise required by law.
# # #
(more)
4
Suburban Propane Partners, L.P. and Subsidiaries
Consolidated Statements of Operations
For the Three and Twelve Months Ended September 24, 2022 and September 25, 2021
(in thousands, except per unit amounts)
(unaudited)
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Three Months Ended |
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Twelve Months Ended |
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September 24, 2022 |
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September 25, 2021 |
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September 24, 2022 |
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September 25, 2021 |
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Revenues |
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Propane |
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$ |
204,984 |
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$ |
181,816 |
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$ |
1,313,556 |
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$ |
1,140,457 |
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Fuel oil and refined fuels |
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11,416 |
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8,029 |
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95,157 |
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67,104 |
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Natural gas and electricity |
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8,346 |
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6,964 |
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39,511 |
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30,425 |
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All other |
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12,885 |
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11,432 |
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53,241 |
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50,769 |
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237,631 |
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208,241 |
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1,501,465 |
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1,288,755 |
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Costs and expenses |
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Cost of products sold |
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135,824 |
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67,476 |
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712,123 |
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485,478 |
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Operating |
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108,182 |
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102,207 |
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442,411 |
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411,390 |
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General and administrative |
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16,794 |
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16,230 |
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81,756 |
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74,096 |
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Depreciation and amortization |
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14,492 |
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21,938 |
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58,848 |
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104,555 |
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275,292 |
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207,851 |
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1,295,138 |
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1,075,519 |
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Operating (loss) income |
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(37,661 |
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390 |
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206,327 |
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213,236 |
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Loss on debt extinguishment |
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— |
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— |
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— |
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16,029 |
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Interest expense, net |
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15,101 |
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15,168 |
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60,658 |
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68,132 |
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Other, net |
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1,137 |
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1,427 |
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5,532 |
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5,172 |
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(Loss) income before provision for income taxes |
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(53,899 |
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(16,205 |
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140,137 |
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123,903 |
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Provision for income taxes |
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258 |
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174 |
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429 |
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1,110 |
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Net (loss) income |
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$ |
(54,157 |
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$ |
(16,379 |
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$ |
139,708 |
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$ |
122,793 |
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Net (loss) income per Common Unit - basic |
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$ |
(0.86 |
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$ |
(0.26 |
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$ |
2.21 |
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$ |
1.96 |
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Weighted average number of Common Units |
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63,282 |
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62,771 |
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63,212 |
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62,713 |
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Net (loss) income per Common Unit - diluted |
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$ |
(0.86 |
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$ |
(0.26 |
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$ |
2.18 |
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$ |
1.94 |
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Weighted average number of Common Units |
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63,282 |
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62,771 |
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64,018 |
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63,313 |
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Supplemental Information: |
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EBITDA (a) |
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$ |
(24,306 |
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$ |
20,901 |
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$ |
259,643 |
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$ |
296,590 |
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Adjusted EBITDA (a) |
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$ |
2,799 |
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$ |
330 |
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$ |
291,026 |
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$ |
275,680 |
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Retail gallons sold: |
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Propane |
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61,368 |
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62,315 |
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401,322 |
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419,758 |
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Refined fuels |
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2,289 |
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2,738 |
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22,767 |
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24,039 |
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Capital expenditures: |
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Maintenance |
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$ |
4,599 |
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$ |
4,062 |
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$ |
20,058 |
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$ |
14,525 |
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Growth |
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$ |
6,449 |
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$ |
4,034 |
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$ |
24,294 |
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$ |
15,330 |
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(more)
5
(a) EBITDA represents net income before deducting interest expense, income taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA excluding the unrealized net gain or loss on mark-to-market activity for derivative instruments and other items, as applicable, as provided in the table below. Our management uses EBITDA and Adjusted EBITDA as supplemental measures of operating performance and we are including them because we believe that they provide our investors and industry analysts with additional information that we determined is useful to evaluate our operating results.
EBITDA and Adjusted EBITDA are not recognized terms under accounting principles generally accepted in the United States of America (“US GAAP”) and should not be considered as an alternative to net income or net cash provided by operating activities determined in accordance with US GAAP. Because EBITDA and Adjusted EBITDA as determined by us excludes some, but not all, items that affect net income, they may not be comparable to EBITDA and Adjusted EBITDA or similarly titled measures used by other companies.
The following table sets forth our calculations of EBITDA and Adjusted EBITDA:
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Three Months Ended |
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Twelve Months Ended |
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September 24, 2022 |
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September 25, 2021 |
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September 24, 2022 |
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September 25, 2021 |
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Net (loss) income |
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$ |
(54,157 |
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$ |
(16,379 |
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$ |
139,708 |
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$ |
122,793 |
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Add: |
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Provision for income taxes |
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258 |
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174 |
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429 |
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1,110 |
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Interest expense, net |
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15,101 |
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15,168 |
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60,658 |
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68,132 |
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Depreciation and amortization |
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14,492 |
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21,938 |
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58,848 |
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104,555 |
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EBITDA |
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(24,306 |
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20,901 |
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259,643 |
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296,590 |
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Unrealized non-cash losses (gains) on changes in fair value of derivatives |
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26,487 |
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(25,489 |
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27,929 |
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(43,121 |
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Multi-employer pension plan withdrawal charge |
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— |
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4,317 |
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— |
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4,317 |
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Pension settlement charge |
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206 |
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246 |
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840 |
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958 |
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Equity in earnings of unconsolidated affiliates |
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412 |
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355 |
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2,614 |
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907 |
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Loss on debt extinguishment |
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— |
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— |
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— |
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16,029 |
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Adjusted EBITDA |
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$ |
2,799 |
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$ |
330 |
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$ |
291,026 |
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$ |
275,680 |
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We also reference gross margins, computed as revenues less cost of products sold as those amounts are reported on the consolidated financial statements. Our management uses gross margin as a supplemental measure of operating performance and we are including it as we believe that it provides our investors and industry analysts with additional information that we determined is useful to evaluate our operating results. As cost of products sold does not include depreciation and amortization expense, the gross margin we reference is considered a non-GAAP financial measure.
The unaudited financial information included in this document is intended only as a summary provided for your convenience, and should be read in conjunction with the complete consolidated financial statements of the Partnership (including the Notes thereto, which set forth important information) contained in its Annual Report on Form 10-K to be filed by the Partnership with the SEC. Such report, once filed, will be available on the public EDGAR electronic filing system maintained by the SEC.
6
Document and Entity Information |
Nov. 10, 2022 |
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Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001005210 |
Document Type | 8-K |
Document Period End Date | Nov. 10, 2022 |
Entity Registrant Name | SUBURBAN PROPANE PARTNERS LP |
Entity Incorporation State Country Code | DE |
Entity File Number | 1-14222 |
Entity Tax Identification Number | 22-3410353 |
Entity Address, Address Line One | 240 Route 10 West |
Entity Address, City or Town | Whippany |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 07981 |
City Area Code | (973) |
Local Phone Number | 887-5300 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Units |
Trading Symbol | SPH |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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