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Suburban Propane Partners Lp (SPH) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, September 24, 2022

Suburban Propane Partners Lp

CIK: 1005210 Ticker: SPH

Exhibit 99.1

 

 

 

 

img179060442_0.jpg  

 

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:

 

acquired a 25% equity stake in Independence Hydrogen, Inc., a veteran-owned and operated start-up company developing a gaseous hydrogen ecosystem, for $30.0 million;
made additional investments in Oberon Fuels, Inc., to support the commercialization of renewable dimethyl ether (rDME) as a blend with propane; including our construction of the world’s first commercial Propane+rDME blending facility in our Placentia, California location;
entered into an agreement with Adirondack Farms, in upstate New York, to produce renewable natural gas from dairy cow manure; and
announced a collaboration agreement with Iwatani Corporation of America, a wholly owned subsidiary of Iwatani Corporation, Japan’s largest distributor of propane and only fully integrated supplier of hydrogen, to help accelerate the adoption of Propane+rDME, and to explore opportunities to further advance investments in the hydrogen infrastructure in the United States.”

 

1


The following information was filed by Suburban Propane Partners Lp (SPH) on Thursday, November 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Suburban Propane Partners Lp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Partners' Capital
Amounts Reclassified Out Of Accumulated Other Comprehensive Income
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Tables)
Amounts Reclassified Out Of Accumulated Other Comprehensive Income - Reclassification Out Of Accumulated Other Comprehensive (Loss) Income (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Disaggregation Of Revenue
Disaggregation Of Revenue (Tables)
Disaggregation Of Revenue - Additional Information (Details)
Disaggregation Of Revenue - Schedule Of Revenue Disaggregation For Customer Type (Details)
Distributions Of Available Cash
Distributions Of Available Cash (Tables)
Distributions Of Available Cash - Additional Information (Details)
Distributions Of Available Cash - Quarterly Distributions Per Common Unit Declared And Paid (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Details)
Employee Benefit Plans - Components Of Net Periodic Benefit Costs (Details)
Employee Benefit Plans - Percentage Allocation Of Plan Assets (Details)
Employee Benefit Plans - Schedule Of Assumptions Used (Details)
Employee Benefit Plans - Schedule Of Defined Benefit Plans Disclosure (Details)
Employee Benefit Plans - Schedule Of Expected Benefit Payments (Details)
Employee Benefit Plans - Schedule Of Measurement Of Partnership's Pension Plan Assets By Category (Details)
Employee Benefit Plans - Total Contributions Made To Multiemployer Pension Plans (Details)
Financial Instruments And Risk Management
Financial Instruments And Risk Management (Tables)
Financial Instruments And Risk Management - Additional Information (Details)
Financial Instruments And Risk Management - Effect Of The Partnership's Derivative Instruments On The Consolidated Statements Of Operations (Details)
Financial Instruments And Risk Management - Fair Value Of Partnership's Recognized Derivative Assets And Liabilities On A Gross Basis And Amounts Offset On Condensed Consolidated Balance Sheets (Details)
Financial Instruments And Risk Management - Fair Value Of The Partnership's Derivative Instruments And Their Location In The Condensed Consolidated Balance Sheets (Details)
Financial Instruments And Risk Management - Reconciliation Of The Beginning And Ending Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Carrying Values Of Goodwill Assigned To Partnership's Operating Segments (Details)
Goodwill And Other Intangible Assets - Summary Of Other Intangible Assets (Details)
Guarantees
Guarantees - Additional Information (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Income Tax Reconciliation (Details)
Income Taxes - Provision For Income Taxes (Details)
Investments In And Acquisitions And Dispositions Of Businesses
Investments In And Acquisitions And Dispositions Of Businesses (Tables)
Investments In And Acquisitions And Dispositions Of Businesses - Summary Of Acquisition And Purchase Price Allocation (Details)
Investments In And Acquisitions And Dispositions Of Businesses - Summary Of Acquisition And Purchase Price Allocation (Parenthetical) (Details)
Investments In And Acquisitions And Dispositions Of Businesses Additional Information (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Future Minimum Lease Payments Under Non-Cancelable Operating Lease (Details)
Leases - Schedule Of Quantitative Information On The Partnership's Lease Population (Details)
Long-Term Borrowings
Long-Term Borrowings (Tables)
Long-Term Borrowings - Additional Information (Details)
Long-Term Borrowings - Schedule Of Percentage Of Redemption Price Borrowings (Details)
Long-Term Borrowings - Summary Of Long-Term Borrowings (Details)
Long-Term Borrowings - Summary Of Long-Term Borrowings (Parenthetical) (Details)
Partnership Organization And Formation
Partnership Organization And Formation - Additional Information (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Disclosure By Reportable Segment And Reconciliation Of Total Operating Segment Information (Details)
Selected Balance Sheet Information
Selected Balance Sheet Information (Tables)
Selected Balance Sheet Information - Additional Information (Details)
Selected Balance Sheet Information - Inventories (Details)
Selected Balance Sheet Information - Property Plant And Equipment (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Estimated Useful Life Of Property Plant And Equipment By Category (Details)
Unit-Based Compensation Arrangements
Unit-Based Compensation Arrangements (Tables)
Unit-Based Compensation Arrangements - Additional Information (Details)
Unit-Based Compensation Arrangements - Summary Of Activity In The Restricted Units Plans (Details)
Unit-Based Compensation Arrangements - Summary Of Activity In The Restricted Units Plans (Parenthetical) (Details)
Ticker: SPH
CIK: 1005210
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-025646
Submitted to the SEC: Wed Nov 23 2022 10:39:37 AM EST
Accepted by the SEC: Wed Nov 23 2022
Period: Saturday, September 24, 2022
Industry: Retail Miscellaneous Retail

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