STAR GROUP, L.P. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>STAR GROUP, L.P. filed its Q1 2024 10-Q, detailing financial activities and subsequent events.</b>

AI Summary

STAR GROUP, L.P. (SGU) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. STAR GROUP, L.P. filed a 10-Q for the period ending December 31, 2023. The filing covers the first quarter of their fiscal year. Key dates mentioned include January 31, 2024, for a dividend declaration and January 31, 2024, for subsequent events. The company's fiscal year ends on September 30. STAR GROUP, L.P. is incorporated in Delaware and headquartered in Stamford, CT.

Why It Matters

For investors and stakeholders tracking STAR GROUP, L.P., this filing contains several important signals. This 10-Q filing provides investors with an updated view of STAR GROUP, L.P.'s financial health and operational performance for the most recent fiscal quarter. The inclusion of specific dates for dividend declarations and subsequent events offers timely information for stakeholders regarding capital allocation and potential business impacts.

Risk Assessment

Risk Level: medium — STAR GROUP, L.P. shows moderate risk based on this filing. The company's financial performance is subject to market fluctuations in commodity prices and operational risks inherent in the energy distribution sector, as indicated by the various financial and operational line items in the filing.

Analyst Insight

Monitor the company's upcoming earnings reports and investor calls for detailed analysis of the financial results and management's outlook.

Key Numbers

• 2023-12-31 — Period End Date (Conformed Period of Report)
• 2024-02-07 — Filing Date (Filed as of Date)
• 0930 — Fiscal Year End (Fiscal Year End)
• 2024-01-31 — Dividend Declaration Date (us-gaap:DividendDeclaredMember)
• 2023-09-30 — Prior Period End Date (us-gaap:CustomerListsMember)
• 2023-10-01 — Quarter Start Date (us-gaap:ShortMember)
• 2023-12-31 — Quarter End Date (us-gaap:ShortMember)
• 2022-12-31 — Prior Year General Partner Date (us-gaap:GeneralPartnerMember)

Key Players & Entities

• STAR GROUP, L.P. (company) — Filer
• 2023-12-31 (date) — Period of Report
• 2024-02-07 (date) — Filed as of Date
• 0000950170-24-012209 (filing_id) — Accession Number
• DE (state) — State of Incorporation
• CT (state) — State of Business Address
• 2033287300 (phone) — Business Phone
• STAR GROUP LP (company) — Former Company Name

Forward-Looking Statements

• STAR GROUP's profitability will remain highly sensitive to energy commodity price fluctuations due to its derivative hedging strategy. (STAR GROUP, L.P.) — high confidence, target: 2024-09-30
• The company will continue to declare quarterly distributions, potentially maintaining the $0.1225 per unit level, assuming no significant deterioration in underlying business operations. (STAR GROUP, L.P.) — medium confidence, target: 2024-09-30

FAQ

Risk Factors

• Commodity Price Volatility [high — financial]: Fluctuations in the price of commodities, such as heating oil and natural gas, can significantly impact the company's revenues and profitability.
• Dependence on Third-Party Suppliers [medium — operational]: The company relies on third-party suppliers for the delivery of its products, making it vulnerable to supply chain disruptions.
• Environmental Regulations [medium — regulatory]: Compliance with evolving environmental regulations related to the storage and transportation of energy products poses ongoing challenges and potential costs.
• Interest Rate Risk [medium — financial]: Changes in interest rates can affect the cost of the company's debt and its ability to access capital markets.

Filing Documents

• sgu-20231231.htm (10-Q) — 1851KB
• sgu-ex31_1.htm (EX-31.1) — 12KB
• sgu-ex31_2.htm (EX-31.2) — 12KB
• sgu-ex32_1.htm (EX-32.1) — 15KB
• sgu-ex32_2.htm (EX-32.2) — 15KB
• 0000950170-24-012209.txt (&nbsp;) — 8224KB
• sgu-20231231.xsd (EX-101.SCH) — 1256KB
• sgu-20231231_htm.xml (XML) — 1423KB

Financial Information

Part I Financial Information

- Condensed Consolidated Financial Statements

Item 1 - Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets as of December 31, 2023 (unaudited) and September 30, 2023 3 Condensed Consolidated Statements of Operations (unaudited) for the three months ended December 31, 2023 and December 31, 2022 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended December 31, 2023 and December 31, 2022 5 Condensed Consolidated Statement of Partners' Capital (unaudited) for the three months ended December 31, 2023 and December 31, 2022 6 Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended December 31, 2023 and December 31, 2022 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 - 19

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

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 20 - 32

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 33

- Controls and Procedures

Item 4 - Controls and Procedures 33

Other Information

Part II Other Information: 34

- Legal Proceedings

Item 1 - Legal Proceedings 34

- Risk Factors

Item 1A - Risk Factors 34

- Purchase of Equity Securities by Issuer

Item 2 - Purchase of Equity Securities by Issuer 34

- Defaults Upon Senior Securities

Item 3 - Defaults Upon Senior Securities 34

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 34

- Other Information

Item 5 - Other Information 34

- Exhibits

Item 6 - Exhibits 35

FINANCIA L INFORMATION

Part I. FINANCIA L INFORMATION

Condensed Consolida ted Financial Statements

Item 1. Condensed Consolida ted Financial Statements STAR GROUP, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDA TED BALANCE SHEETS December 31, September 30, 2023 2023 (in thousands) (unaudited) ASSETS Current assets Cash and cash equivalents $ 19,925 $ 45,191 Receivables, net of allowance of $ 8,074 and $ 8,375 , respectively 187,122 114,079 Inventories 84,033 56,463 Fair asset value of derivative instruments — 10,660 Prepaid expenses and other current assets 38,409 28,308 Total current assets 329,489 254,701 Property and equipment, net 105,158 105,404 Operating lease right-of-use assets 87,725 90,643 Goodwill 262,347 262,103 Intangibles, net 73,969 76,306 Restricted cash 250 250 Captive insurance collateral 72,020 70,717 Deferred charges and other assets, net 13,981 15,354 Total assets $ 944,939 $ 875,478 LIABILITIES AND PARTNERS' CAPITAL Current liabilities Accounts payable $ 45,881 $ 35,609 Revolving credit facility borrowings 51,877 240 Fair liability value of derivative instruments 14,832 118 Current maturities of long-term debt 20,625 20,500 Current portion of operating lease liabilities 17,923 18,085 Accrued expenses and other current liabilities 118,382 115,606 Unearned service contract revenue 75,371 63,215 Customer credit balances 90,916 111,508 Total current liabilities 435,807 364,881 Long-term debt 123,258 127,327 Long-term operating lease liabilities 74,752 77,600 Deferred tax liabilities, net 24,172 25,771 Other long-term liabilities 16,298 16,175 Partners' capital Common unitholders 288,789 281,862 General partner ( 4,831 ) ( 4,615 ) Accumulated other comprehensive loss, net of taxes ( 13,306 ) ( 13,523 ) Total partners' capital 270,652 263,724 Total liabilities and partners' capital $ 944,939 $ 875,478 See accompa

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