Company: SPH
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015135
Chunk: 48

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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-temporary impairment charge of $9,595 (see Item 1, Note 4 of this Quarterly Report).

(3)Represents net periodic benefits costs for our pension and other postretirement benefit plans (see Item 1, Note 15 of this Quarterly Report).

EBITDA and Adjusted EBITDA

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 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:

    (Dollars in thousands)
     
    Three Months Ended

    December 28,

    December 30,

    2024

    2023

    Net income
     
    $
    19,420

    $
    24,454

    Add:

    Provision for income taxes

    563

    249

    Interest expense, net

    19,612

    18,192

    Depreciation and amortization

    17,099

    16,393

    EBITDA

    56,694

    59,288

    Unrealized non-cash (gains) losses on changes in fair value of derivatives

    (3,634
    )

    10,786

    Equity in losses and impairment charges for investments in unconsolidated affiliates

    22,241

    5,158

    Adjusted EBITDA
     
    $
    75,301

    $
    75,232

 29

We also reference gross margins,