STAR GROUP LP
For the period ended Jun 30, 2024. Filed Jul 31, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 31, 2024
SGU$13.18+0.2%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and September 30, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | September 30, | |
|---|---|---|
| 2024 | 2023 | |
| (in thousands) · (unaudited) | ||
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $45,701 | $45,191 |
| Receivables, net of allowance of $10,028 and $8,375, respectively | 128,565 | 114,079 |
| Inventories | 40,911 | 56,463 |
| Fair asset value of derivative instruments | — | 10,660 |
| Prepaid expenses and other current assets | 28,571 | 28,308 |
| Total current assets | 243,748 | 254,701 |
| Property and equipment, net | 104,457 | 105,404 |
| Operating lease right-of-use assets | 85,452 | 90,643 |
| Goodwill | 268,360 | 262,103 |
| Intangibles, net | 77,508 | 76,306 |
| Restricted cash | 250 | 250 |
| Captive insurance collateral | 73,698 | 70,717 |
| Deferred charges and other assets, net | 12,043 | 15,354 |
| Total assets | $865,516 | $875,478 |
| LIABILITIES AND PARTNERS’ CAPITAL | ||
| Current liabilities | ||
| Accounts payable | $29,700 | $35,609 |
| Revolving credit facility borrowings | 4,396 | 240 |
| Fair liability value of derivative instruments | 2,744 | 118 |
| Current maturities of long-term debt | 16,500 | 20,500 |
| Current portion of operating lease liabilities | 17,968 | 18,085 |
| Accrued expenses and other current liabilities | 132,274 | 115,606 |
| Unearned service contract revenue | 65,141 | 63,215 |
| Customer credit balances | 62,375 | 111,508 |
| Total current liabilities | 331,098 | 364,881 |
| Long-term debt | 115,117 | 127,327 |
| Long-term operating lease liabilities | 72,147 | 77,600 |
| Deferred tax liabilities, net | 23,582 | 25,771 |
| Other long-term liabilities | 16,019 | 16,175 |
| Partners’ capital | ||
| Common unitholders | 324,857 | 281,862 |
| General partner | (5,019) | (4,615) |
| Accumulated other comprehensive loss, net of taxes | (12,285) | (13,523) |
| Total partners’ capital | 307,553 | 263,724 |
| Total liabilities and partners’ capital | $865,516 | $875,478 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three MonthsEnded June 30, | Nine MonthsEnded June 30, | |||
|---|---|---|---|---|
| (in thousands, except per unit data - unaudited) | 2024 | 2023 | 2024 | 2023 |
| Sales: | ||||
| Product | $249,001 | $223,565 | $1,292,849 | $1,462,706 |
| Installations and services | 82,639 | 76,556 | 232,919 | 223,219 |
| Total sales | 331,640 | 300,121 | 1,525,768 | 1,685,925 |
| Cost and expenses: | ||||
| Cost of product | 174,285 | 169,097 | 867,017 | 1,054,457 |
| Cost of installations and services | 69,108 | 66,596 | 214,807 | 211,450 |
| (Increase) decrease in the fair value of derivative instruments | 984 | (1,036) | 8,262 | 19,622 |
| Delivery and branch expenses | 86,540 | 83,075 | 284,989 | 276,953 |
| Depreciation and amortization expenses | 7,243 | 7,684 | 23,377 | 23,147 |
| General and administrative expenses | 7,423 | 6,065 | 21,331 | 19,619 |
| Finance charge income | (1,652) | (1,774) | (3,676) | (4,857) |
| Operating income (loss) | (12,291) | (29,586) | 109,661 | 85,534 |
| Interest expense, net | (2,663) | (3,365) | (9,719) | (12,602) |
| Amortization of debt issuance costs | (247) | (245) | (746) | (832) |
| Income (loss) before income taxes | (15,201) | (33,196) | 99,196 | 72,100 |
| Income tax expense (benefit) | (4,157) | (9,290) | 28,887 | 20,426 |
| Net income (loss) | $(11,044) | $(23,906) | $70,309 | $51,674 |
| General Partner’s interest in net income (loss) | (101) | (216) | 637 | 468 |
| Limited Partners’ interest in net income (loss) | $(10,943) | $(23,690) | $69,672 | $51,206 |
| Basic and diluted income (loss) per Limited Partner Unit (1): | $(0.31) | $(0.67) | $1.66 | $1.23 |
| Weighted average number of Limited Partner units outstanding: | ||||
| Basic and Diluted | 35,274 | 35,603 | 35,470 | 35,725 |
(1)See Note 15 - Earnings Per Limited Partner Unit.
CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE INCOME (LOSS)
| Three MonthsEnded June 30, | Nine MonthsEnded June 30, | |||
|---|---|---|---|---|
| (in thousands - unaudited) | 2024 | 2023 | 2024 | 2023 |
| Net income (loss) | $(11,044) | $(23,906) | $70,309 | $51,674 |
| Other comprehensive income (loss): | ||||
| Unrealized gain on pension plan obligation | 317 | 382 | 955 | 1,144 |
| Tax effect of unrealized gain on pension plan obligation | (80) | (104) | (240) | (305) |
| Unrealized gain (loss) on captive insurance collateral | 401 | (50) | 1,596 | 1,080 |
| Tax effect of unrealized gain (loss) on captive insurance collateral | (84) | 11 | (336) | (227) |
| Unrealized gain (loss) on interest rate hedges | (186) | 571 | (1,007) | (510) |
| Tax effect of unrealized gain (loss) on interest rate hedges | 50 | (151) | 270 | 137 |
| Total other comprehensive income | 418 | 659 | 1,238 | 1,319 |
| Total comprehensive income (loss) | $(10,626) | $(23,247) | $71,547 | $52,993 |
CONDENSED CONSOLIDATED STAT EMENT OF PARTNERS’ CAPITAL
| Number of Units · Accum. Other · Total | ||||||
|---|---|---|---|---|---|---|
| (in thousands - unaudited) | Common | GeneralPartner | Common | GeneralPartner | ComprehensiveIncome (Loss) | Partners’Capital |
| Balance as of March 31, 2024 | 35,372 | 326 | $348,382 | $(4,544) | $(12,703) | $331,135 |
| Net loss | — | — | (10,943) | (101) | — | (11,044) |
| Unrealized gain on pension plan obligation | — | — | — | — | 317 | 317 |
| Tax effect of unrealized gain on pension plan obligation | — | — | — | — | (80) | (80) |
| Unrealized gain on captive insurance collateral | — | — | — | — | 401 | 401 |
| Tax effect of unrealized gain on captive insurance collateral | — | — | — | — | (84) | (84) |
| Unrealized loss on interest rate hedges | — | — | — | — | (186) | (186) |
| Tax effect of unrealized loss on interest rate hedges | — | — | — | — | 50 | 50 |
| Distributions | — | — | (6,081) | (374) | — | (6,455) |
| Retirement of units | (598) | — | (6,501) | — | — | (6,501) |
| Balance as of June 30, 2024 (unaudited) | 34,774 | 326 | $324,857 | $(5,019) | $(12,285) | $307,553 |
| Number of Units · Accum. Other · Total | ||||||
| (in thousands - unaudited) | Common | GeneralPartner | Common | GeneralPartner | ComprehensiveIncome (Loss) | Partners’Capital |
| Balance as of March 31, 2023 | 35,603 | 326 | $336,674 | $(3,553) | $(14,946) | $318,175 |
| Net loss | — | — | (23,690) | (216) | — | (23,906) |
| Unrealized gain on pension plan obligation | — | — | — | — | 382 | 382 |
| Tax effect of unrealized gain on pension plan obligation | — | — | — | — | (104) | (104) |
| Unrealized loss on captive insurance collateral | — | — | — | — | (50) | (50) |
| Tax effect of unrealized loss on captive insurance collateral | — | — | — | — | 11 | 11 |
| Unrealized gain on interest rate hedges | — | — | — | — | 571 | 571 |
| Tax effect of unrealized gain on interest rate hedges | — | — | — | — | (151) | (151) |
| Distributions | — | — | (5,785) | (334) | — | (6,119) |
| Balance as of June 30, 2023 (unaudited) | 35,603 | 326 | $307,199 | $(4,103) | $(14,287) | $288,809 |
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL
| Number of Units · Accum. Other · Total | ||||||
|---|---|---|---|---|---|---|
| (in thousands - unaudited) | Common | GeneralPartner | Common | GeneralPartner | ComprehensiveIncome (Loss) | Partners’Capital |
| Balance as of September 30, 2023 | 35,603 | 326 | $281,862 | $(4,615) | $(13,523) | $263,724 |
| Net income | — | — | 69,672 | 637 | — | 70,309 |
| Unrealized gain on pension plan obligation | — | — | — | — | 955 | 955 |
| Tax effect of unrealized gain on pension plan obligation | — | — | — | — | (240) | (240) |
| Unrealized gain on captive insurance collateral | — | — | — | — | 1,596 | 1,596 |
| Tax effect of unrealized gain on captive insurance collateral | — | — | — | — | (336) | (336) |
| Unrealized loss on interest rate hedges | — | — | — | — | (1,007) | (1,007) |
| Tax effect of unrealized loss on interest rate hedges | — | — | — | — | 270 | 270 |
| Distributions | — | — | (17,648) | (1,041) | — | (18,689) |
| Retirement of units | (829) | — | (9,029) | — | — | (9,029) |
| Balance as of June 30, 2024 (unaudited) | 34,774 | 326 | $324,857 | $(5,019) | $(12,285) | $307,553 |
| Number of Units · Accum. Other · Total | ||||||
| (in thousands - unaudited) | Common | GeneralPartner | Common | GeneralPartner | ComprehensiveIncome (Loss) | Partners’Capital |
| Balance as of September 30, 2022 | 36,092 | 326 | $277,177 | $(3,656) | $(15,606) | $257,915 |
| Net income | — | — | 51,206 | 468 | — | 51,674 |
| Unrealized gain on pension plan obligation | — | — | — | — | 1,144 | 1,144 |
| Tax effect of unrealized gain on pension plan obligation | — | — | — | — | (305) | (305) |
| Unrealized gain on captive insurance collateral | — | — | — | — | 1,080 | 1,080 |
| Tax effect of unrealized gain on captive insurance collateral | — | — | — | — | (227) | (227) |
| Unrealized loss on interest rate hedges | — | — | — | — | (510) | (510) |
| Tax effect of unrealized loss on interest rate hedges | — | — | — | — | 137 | 137 |
| Distributions | — | — | (16,709) | (915) | — | (17,624) |
| Retirement of units | (489) | — | (4,475) | — | — | (4,475) |
| Balance as of June 30, 2023 (unaudited) | 35,603 | 326 | $307,199 | $(4,103) | $(14,287) | $288,809 |
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