Star Group, L.P. Files Annual 10-K Report

TL;DR

STAR 10-K is in. Full year financials out.

AI Summary

Star Group, L.P. filed its 10-K for the fiscal year ending September 30, 2024. The filing details the company's financial performance and operations. Key financial figures and operational aspects are presented within this comprehensive annual report.

Why It Matters

This 10-K filing provides investors and stakeholders with a detailed overview of Star Group's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 516031295 — Revenue (Total revenue for the fiscal year ending 09/30/2024.)
• 226172237 — Cost of Goods and Services Sold (Total cost of goods and services sold for the fiscal year ending 09/30/2024.)
• 131864489 — Operating Costs and Expenses (Total operating costs and expenses for the fiscal year ending 09/30/2024.)

Key Players & Entities

• STAR GROUP, L.P. (company) — Filer of the 10-K
• 0930 (date) — Fiscal year end date
• 20241204 (date) — Filing date
• 2033287300 (dollar_amount) — Business phone number

FAQ

Key Financial Figures

• $210 million — amended and restated credit agreement's $210 million five-year senior secured term loan and
• $400 million — e-year senior secured term loan and the $400 million ($475 million during the heating season
• $475 million — secured term loan and the $400 million ($475 million during the heating season of December t

Filing Documents

• sgu-20240930.htm (10-K) — 4903KB
• sgu-ex21.htm (EX-21) — 10KB
• sgu-ex31_1.htm (EX-31.1) — 14KB
• sgu-ex31_2.htm (EX-31.2) — 14KB
• sgu-ex32_1.htm (EX-32.1) — 12KB
• sgu-ex32_2.htm (EX-32.2) — 12KB
• sgu-ex97.htm (EX-97) — 49KB
• 0000950170-24-133269.txt ( ) — 18901KB
• sgu-20240930.xsd (EX-101.SCH) — 2121KB
• sgu-20240930_htm.xml (XML) — 4079KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3. Legal Proceedings—Litigation 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for the Registrant's Units and Related Matters 26 Item 6. (Reserved) 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 Item 9A.

Controls and Procedures

Controls and Procedures 42 Item 9B. Other Information 43 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 43 PART III Item 10. Directors, Executive Officers and Corporate Governance 44 Item 11.

Executive Compensation

Executive Compensation 49 Item 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 60 Item 13. Certain Relationships and Related Transactions 61 Item 14. Principal Accounting Fees and Services 64 PART IV Item 15. Exhibits and Financial Statement Schedules 65 Item 16. Form 10-K Summary 65 2 PART I This Annual Report on Form 10-K (this "Report") includes "forward-looking statements" which represent our expectations or beliefs concerning future events that involve risks and uncertainties, including the impact of geopolitical events on wholesale product cost volatility, the price and supply of the products that we sell, our ability to purchase sufficient quantities of product to meet our customer's needs, rapid increases in levels of inflation, the consumption patterns of our customers, our ability to obtain satisfactory gross profit margins, the effect of weather conditions on our financial performance, our ability to obtain new customers and retain existing customers, our ability to make strategic acquisitions, the impact of litigation, natural gas conversions and electrification of heating systems, pandemic and future global health pandemics, recessionary economic conditions, future union relations and the outcome of current and future union negotiations, the impact of current and future governmental regulations, including climate change, environmental, health, and safety regulations, the ability to attract and retain employees, customer credit worthiness, counterparty credit worthiness, marketing plans, cyber-attacks, global supply chain issues, labor shortages and new technology, including alternative methods for heating and cooling residences. All statements other than statements of historical facts included in this Report including, without limitation, the statements under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere herein, are forward-looking

B USINESS

ITEM 1. B USINESS Structure Star Group, L.P. ("Star" the "Company," "we," "us," or "our") is a home heating oil and propane distributor and services provider with one reportable operating segment that principally provides heating related services to residential and commercial customers. Our unitholders voted in favor of proposals to have the Company elect to be treated as a corporation, instead of a partnership, for federal income tax purposes (commonly referred to as a "check-the-box election"), along with amendments to our partnership agreement to effect such changes in income tax classification, in each case effective November 1, 2017. In addition, the Company changed its name, effective October 25, 2017, from "Star Gas Partners, L.P." to "Star Group, L.P." to more closely align our name with the scope of our product and service offerings. Unitholders will receive a Form 1099-DIV and will not receive a Schedule K-1 as in tax years prior to December 31, 2017. Our legal structure has remained a Delaware limited partnership and the distribution provisions under our limited partnership agreement, including the incentive distribution structure has remained unchanged. As of November 30, 2024, we had outstanding 34.6 million common partner units (NYSE: "SGU") representing a 99.1% limited partner interest in Star, and 0.3 million general partner units, representing a 0.9% general partner interest in Star. 3 The following chart depicts the ownership of Star as of November 30, 2024: Star Group, L.P. Limited Partners Common Units 99.1% General Partner (Kestrel Heat) General Partner Units 0.9% Public Unitholders - Common Units 88.1% Officers and Directors - Common Units 11.9% Star is organized as follows: Our general partner is Kestrel Heat, LLC, a Delaware limited liability company ("Kestrel Heat" or the "general partner"). The Board of Directors of Kestrel Heat (the "Board") is appointed by its sole member, Kestrel Energy Partners, LLC, a Delaware

View Full Filing

View this 10-K filing on SEC EDGAR