Star Group, L.P. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Star Group, L.P. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial activities and business operations.</b>

AI Summary

STAR GROUP, L.P. (SGU) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Star Group, L.P. filed a 10-Q report for the period ending March 31, 2024. The filing covers the period from October 1, 2023, to March 31, 2024. Key dates mentioned include March 31, 2024, and April 30, 2024, related to common stock repurchase programs. The company's fiscal year ends on September 30. The filing references various financial instruments and business segments, including Heating Oil Businesses and Home Heating Oil and Propane.

Why It Matters

For investors and stakeholders tracking STAR GROUP, L.P., this filing contains several important signals. The 10-Q filing provides a detailed look into Star Group's financial performance and operational status for the first half of its fiscal year, which is crucial for investors to assess the company's health and future prospects. Information on common stock repurchase programs and credit agreements, as detailed in the filing, can impact shareholder value and the company's financial leverage.

Risk Assessment

Risk Level: medium — STAR GROUP, L.P. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a mix of positive and negative financial information, and the specific details of Star Group's performance are not yet fully analyzed in this initial summary.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q filing to understand Star Group's current financial position and operational performance.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-01 — Filing Date (Date of submission)
• 0930 — Fiscal Year End (Company's fiscal year end month/day)
• 2023-10-01 — Reporting Period Start Date (Start of the reporting period)
• 2024-04-30 — Subsequent Event Date (Date related to common stock repurchase program)

Key Players & Entities

• STAR GROUP, L.P. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filing date
• 0000950170-24-051273 (other) — Accession number
• STAMFORD (location) — Business address city
• DE (location) — State of incorporation
• 0930 (date) — Fiscal year end
• SGU (ticker) — Ticker symbol

FAQ

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2024-04-30: Subsequent Event — Date related to common stock repurchase program activities.

Filing Documents

• sgu-20240331.htm (10-Q) — 2445KB
• 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
• 0000950170-24-051273.txt (&nbsp;) — 9388KB
• sgu-20240331.xsd (EX-101.SCH) — 1258KB
• sgu-20240331_htm.xml (XML) — 1716KB

Financial Information

Part I Financial Information

- Condensed Consolidated Financial Statements

Item 1 - Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and September 30, 2023 3 Condensed Consolidated Statements of Operations (unaudited) for the three and six months ended March 31, 2024 and March 31, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and six months ended March 31, 2024 and March 31, 2023 5 Condensed Consolidated Statement of Partners' Capital (unaudited) for the three and six months ended March 31, 2024 and March 31, 2023 6 - 7 Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended March 31, 2024 and March 31, 2023 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 - 21

- 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 22 - 39

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 40

- Controls and Procedures

Item 4 - Controls and Procedures 40

Other Information

Part II Other Information: 41

- Legal Proceedings

Item 1 - Legal Proceedings 41

- Risk Factors

Item 1A - Risk Factors 41

- Purchase of Equity Securities by Issuer

Item 2 - Purchase of Equity Securities by Issuer 41

- Defaults Upon Senior Securities

Item 3 - Defaults Upon Senior Securities 41

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 41

- Other Information

Item 5 - Other Information 41

- Exhibits

Item 6 - Exhibits 42

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 March 31, September 30, 2024 2023 (in thousands) (unaudited) ASSETS Current assets Cash and cash equivalents $ 12,063 $ 45,191 Receivables, net of allowance of $ 8,896 and $ 8,375 , respectively 198,280 114,079 Inventories 63,293 56,463 Fair asset value of derivative instruments 222 10,660 Weather hedge contract receivable 7,498 — Prepaid expenses and other current assets 28,574 28,308 Total current assets 309,930 254,701 Property and equipment, net 106,141 105,404 Operating lease right-of-use assets 87,834 90,643 Goodwill 268,360 262,103 Intangibles, net 81,359 76,306 Restricted cash 250 250 Captive insurance collateral 72,811 70,717 Deferred charges and other assets, net 13,067 15,354 Total assets $ 939,752 $ 875,478 LIABILITIES AND PARTNERS' CAPITAL Current liabilities Accounts payable $ 37,597 $ 35,609 Revolving credit facility borrowings 29,239 240 Fair liability value of derivative instruments 2,189 118 Current maturities of long-term debt 16,500 20,500 Current portion of operating lease liabilities 18,030 18,085 Accrued expenses and other current liabilities 147,796 115,606 Unearned service contract revenue 72,900 63,215 Customer credit balances 51,276 111,508 Total current liabilities 375,527 364,881 Long-term debt 119,189 127,327 Long-term operating lease liabilities 74,615 77,600 Deferred tax liabilities, net 23,207 25,771 Other long-term liabilities 16,079 16,175 Partners' capital Common unitholders 348,382 281,862 General partner ( 4,544 ) ( 4,615 ) Accumulated other comprehensive loss, net of taxes ( 12,703 ) ( 13,523 ) Total partners' capital 331,135 263,724 Total liabilities and partners' cap

View Full Filing

View this 10-Q filing on SEC EDGAR