$SPH
SUBURBAN PROPANE PARTNERS LP

2021 Q4 Form 10-Q Financial Statement

#000156459022003746 Filed on February 03, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4 2020 Q3
Revenue $375.4M $305.2M $166.1M
YoY Change 23.01% -8.59% -3.46%
Cost Of Revenue $196.3M $103.4M $54.54M
YoY Change 89.92% -12.83% -6.81%
Gross Profit $179.1M $201.8M $111.5M
YoY Change -11.27% -6.26% -1.74%
Gross Profit Margin 47.7% 66.13% 67.15%
Selling, General & Admin $19.80M $18.13M $16.12M
YoY Change 9.2% -5.94% 0.14%
% of Gross Profit 11.06% 8.98% 14.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.29M $28.02M $29.08M
YoY Change -41.87% -4.29% -3.17%
% of Gross Profit 9.09% 13.88% 26.07%
Operating Expenses $141.8M $144.1M $133.6M
YoY Change -1.6% -7.27% -7.03%
Operating Profit $37.26M $57.69M -$22.09M
YoY Change -35.42% -3.62% -26.93%
Interest Expense -$15.30M -$18.14M -$18.01M
YoY Change -15.64% -195.09% -7.09%
% of Operating Profit -41.06% -31.44%
Other Income/Expense, Net -$1.130M -$1.078M -$987.0K
YoY Change 4.82% 10.22% -16.0%
Pretax Income $20.83M $38.47M -$41.08M
YoY Change -45.87% -3.34% -19.1%
Income Tax -$471.0K $496.0K $107.0K
% Of Pretax Income -2.26% 1.29%
Net Earnings $21.30M $37.98M -$41.19M
YoY Change -43.92% -5.44% -19.34%
Net Earnings / Revenue 5.67% 12.44% -24.8%
Basic Earnings Per Share $0.34
Diluted Earnings Per Share $336.4K $605.3K -$659.5K
COMMON SHARES
Basic Shares Outstanding 63.03M
Diluted Shares Outstanding 63.31M

Balance Sheet

Concept 2021 Q4 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.528M $5.313M $3.140M
YoY Change -33.6% -10.21% 28.64%
Cash & Equivalents $3.528M $5.313M $3.140M
Short-Term Investments
Other Short-Term Assets $28.18M $19.93M $10.51M
YoY Change 41.36% 13.95% -36.79%
Inventory $68.62M $56.38M $46.87M
Prepaid Expenses
Receivables $123.1M $106.9M $55.44M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $223.4M $188.5M $116.0M
YoY Change 18.48% -5.71% -6.06%
LONG-TERM ASSETS
Property, Plant & Equipment $704.1M $715.9M $597.5M
YoY Change -1.64% 14.19% -4.74%
Goodwill $1.107B $1.107B $1.104B
YoY Change 0.0% 0.29% 0.52%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.56M $25.94M $26.33M
YoY Change -5.31% 17.89% 24.3%
Total Long-Term Assets $1.874B $1.922B $1.931B
YoY Change -2.51% -3.16% 3.01%
TOTAL ASSETS
Total Short-Term Assets $223.4M $188.5M $116.0M
Total Long-Term Assets $1.874B $1.922B $1.931B
Total Assets $2.097B $2.110B $2.047B
YoY Change -0.63% -3.39% 2.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.27M $55.57M $31.99M
YoY Change 19.25% -23.52% -6.16%
Accrued Expenses $56.14M $50.78M $90.46M
YoY Change 10.57% 9.1% 40.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $279.1M $252.6M $244.5M
YoY Change 10.51% -0.89% 13.13%
LONG-TERM LIABILITIES
Long-Term Debt $1.163B $1.241B $1.210B
YoY Change -6.29% -3.7% -1.38%
Other Long-Term Liabilities $227.6M $233.6M $79.97M
YoY Change -2.58% 200.84% 0.19%
Total Long-Term Liabilities $1.163B $1.241B $1.290B
YoY Change -6.29% -9.17% -1.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $279.1M $252.6M $244.5M
Total Long-Term Liabilities $1.163B $1.241B $1.290B
Total Liabilities $1.670B $1.727B $1.685B
YoY Change -3.33% -1.64% 7.01%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $427.3M $383.2M $362.4M
YoY Change
Total Liabilities & Shareholders Equity $2.097B $2.110B $2.047B
YoY Change -0.63% -3.39% 2.45%

Cashflow Statement

Concept 2021 Q4 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income $21.30M $37.98M -$41.19M
YoY Change -43.92% -5.44% -19.34%
Depreciation, Depletion And Amortization $16.29M $28.02M $29.08M
YoY Change -41.87% -4.29% -3.17%
Cash From Operating Activities -$13.34M $4.234M $40.37M
YoY Change -414.95% -72.88% -33.47%
INVESTING ACTIVITIES
Capital Expenditures -$10.67M $5.812M -$6.383M
YoY Change -283.64% -55.43% -40.32%
Acquisitions $850.0K $6.078M
YoY Change -86.02% -71.12%
Other Investing Activities $302.0K -$5.402M -$1.289M
YoY Change -105.59% -73.24% -283.88%
Cash From Investing Activities -$10.37M -$11.21M -$7.672M
YoY Change -7.52% -66.25% -23.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.43M 9.153M -33.74M
YoY Change 134.09% -56.6% -33.5%
NET CHANGE
Cash From Operating Activities -13.34M 4.234M 40.37M
Cash From Investing Activities -10.37M -11.21M -7.672M
Cash From Financing Activities 21.43M 9.153M -33.74M
Net Change In Cash -2.280M 2.173M -1.046M
YoY Change -204.92% -37.49% 1735.09%
FREE CASH FLOW
Cash From Operating Activities -$13.34M $4.234M $40.37M
Capital Expenditures -$10.67M $5.812M -$6.383M
Free Cash Flow -$2.662M -$1.578M $46.75M
YoY Change 68.69% -161.33% -34.49%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q4 sph Projection Period For Discounted Cash Flow Analyses To Estimate Reporting Unit Fair Value
ProjectionPeriodForDiscountedCashFlowAnalysesToEstimateReportingUnitFairValue
P10Y
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CY2020Q4 us-gaap Increase Decrease In Other Operating Liabilities
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CY2020Q4 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020Q4 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020Q4 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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6078000
CY2020Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2020Q4 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020Q4 us-gaap Repayments Of Lines Of Credit
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CY2020Q4 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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CY2021Q4 us-gaap Nature Of Operations
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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</span></p></td> <td valign="top"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-weight:bold;color:#000000;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Partnership Organization and Formation</p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Suburban Propane Partners, L.P. (the “Partnership”) is a publicly traded Delaware limited partnership principally engaged, through its operating partnership and subsidiaries, in the retail marketing and distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets.  In addition, to complement its core marketing and distribution businesses, the Partnership services a wide variety of home comfort equipment, particularly for heating and ventilation.  The publicly traded limited partner interests in the Partnership are evidenced by common units traded on the New York Stock Exchange (“Common Units”), with 62,963,712 Common Units outstanding at December 25, 2021.  The holders of Common Units are entitled to participate in distributions and exercise the rights and privileges available to limited partners under the Third Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”), as amended.  Rights and privileges under the Partnership Agreement include, among other things, the election of all members of the Board of Supervisors and voting on the removal of the general partner.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Suburban Propane, L.P. (the “Operating Partnership”), a Delaware limited partnership, is the Partnership’s operating subsidiary formed to operate the propane business and assets.  In addition, Suburban Sales &amp; Service, Inc. (the “Service Company”), a subsidiary of the Operating Partnership, was formed to operate the service work and appliance and parts businesses of the Partnership.  The Operating Partnership, together with its direct and indirect subsidiaries, accounts for substantially all of the Partnership’s assets, revenues and earnings.  The Partnership, the Operating Partnership and the Service Company commenced operations in March 1996 in connection with the Partnership’s initial public offering.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The general partner of both the Partnership and the Operating Partnership is Suburban Energy Services Group LLC (the “General Partner”), a Delaware limited liability company, the sole member of which is the Partnership’s Chief Executive Officer.  Other than as a holder of 784 Common Units that will remain in the General Partner, the General Partner does not have any economic interest in the Partnership or the Operating Partnership.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Partnership’s fuel oil and refined fuels, natural gas and electricity and services businesses are structured as either limited liability companies that are treated as corporations or corporate entities (collectively referred to as the “Corporate Entities”) and, as such, are subject to corporate level U.S. income tax.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Suburban Energy Finance Corp., a direct 100%-owned subsidiary of the Partnership, was formed on November 26, 2003 to serve as co-issuer, jointly and severally with the Partnership, of the Partnership’s senior notes.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p>
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CY2021Q4 sph Maximum Number Of Weeks In Fiscal Year Reporting Calendar
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CY2021Q4 sph Minimum Number Of Weeks In Fiscal Quarter
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CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2021Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2021Q3 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2021Q3 us-gaap Finite Lived Intangible Assets Net
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CY2021Q4 us-gaap Lessee Operating Lease Assumptions And Judgments Discount Rate Description
LesseeOperatingLeaseAssumptionsAndJudgmentsDiscountRateDescription
As most of the Partnership’s leases do not provide an implicit rate, the Partnership uses its estimated incremental borrowing rate based on the information available at the commencement date, adjusted for the lease term, to determine the present value of the lease payments.  This rate is calculated based on a collateralized rate for the specific leasing activities of the Partnership.
CY2021Q4 us-gaap Long Term Debt Fair Value
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CY2021Q3 us-gaap Long Term Debt Fair Value
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CY2021Q3 us-gaap Inventory Net
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CY2021Q3 us-gaap Goodwill
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CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q4 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Some leases include one or more options to renew at the Partnership’s discretion, with renewal terms that can extend the lease from one to fifteen additional years.  The renewal options are included in the measurement of the right-of-use assets and lease liabilities if the Partnership is reasonably certain to exercise the renewal options.
CY2021Q4 us-gaap Lease Cost
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CY2020Q4 us-gaap Lease Cost
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22770000
CY2021Q4 us-gaap Operating Lease Liability
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13558000
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13986000
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LongTermDebtNoncurrent
1162842000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1118014000
CY2021Q4 sph Consolidated Fixed Charge Coverage Ratio Minimum
ConsolidatedFixedChargeCoverageRatioMinimum
1.75
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
176400000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0
CY2021Q4 sph Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
1000000000
CY2021Q4 sph Maximum Period After End Of Each Term Partnership Makes Distributions To Its Limited Partners
MaximumPeriodAfterEndOfEachTermPartnershipMakesDistributionsToItsLimitedPartners
P45D
CY2021Q4 us-gaap Distribution Made To Limited Partner Declaration Date
DistributionMadeToLimitedPartnerDeclarationDate
2022-01-20
CY2021Q4 us-gaap Distribution Made To Limited Liability Company Llc Member Distributions Paid Per Unit
DistributionMadeToLimitedLiabilityCompanyLLCMemberDistributionsPaidPerUnit
0.325
CY2021Q4 sph Distribution Made To Member Or Limited Partner Distributions Declared Per Unit Annualized Basis
DistributionMadeToMemberOrLimitedPartnerDistributionsDeclaredPerUnitAnnualizedBasis
1.30
CY2021Q4 us-gaap Distribution Made To Limited Partner Distribution Date
DistributionMadeToLimitedPartnerDistributionDate
2022-02-08
CY2021Q4 us-gaap Distribution Made To Limited Partner Date Of Record
DistributionMadeToLimitedPartnerDateOfRecord
2022-02-01
CY2021Q4 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
66173000
CY2021Q3 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
66124000
CY2021Q4 us-gaap Loss Contingency Receivable
LossContingencyReceivable
16101000
CY2021Q4 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
2032
CY2021Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
33997000
CY2021Q4 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
23302000
CY2021Q3 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
23567000
CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-17584000
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-25776000
CY2021Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-294000
CY2020Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-593000
CY2021Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
294000
CY2020Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
593000
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-17290000
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-25183000
CY2021Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-638000
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
375407000
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
305191000
CY2021Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
37256000
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
57686000
CY2021Q4 us-gaap Interest And Debt Expense
InterestAndDebtExpense
15299000
CY2020Q4 us-gaap Interest And Debt Expense
InterestAndDebtExpense
18135000
CY2021Q4 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1130000
CY2020Q4 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1078000
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-471000
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
21298000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
37977000
CY2021Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16285000
CY2020Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
28017000
CY2021Q4 us-gaap Assets
Assets
2096926000
CY2021Q3 us-gaap Assets
Assets
2051730000

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