Financial Data and Key Metrics Changes - For the third quarter, home heating oil and propane volume decreased by 1,500,000 gallons or 3.8% to 36,000,000 gallons due to warmer weather and net customer attrition [8] - Product gross profit decreased by $3,000,000 or 4% to $72,000,000, attributed to lower volume sold and lower per gallon margins [8] - The company posted a net loss of $16,600,000, which is $5,600,000 more than the prior year period, reflecting an increase in adjusted EBITDA loss and higher depreciation and amortization expenses [9] - Adjusted EBITDA loss increased by $6,500,000 to $10,600,000, primarily due to lower home heating oil and propane volumes [9] Business Line Data and Key Metrics Changes - Year-to-date home heating oil and propane volume increased by 28,000,000 gallons or 12% to 263 million gallons, driven by colder temperatures and acquisitions [10] - Product gross profit rose by $55,000,000 or 13% to $480,000,000 due to increased volume and higher margins [10] - Gross profit from service and installation increased by $4,800,000 year to date, with contributions from both acquisitions and base business initiatives [10] Market Data and Key Metrics Changes - Temperatures for the third quarter were 2% warmer than last year and almost 20% warmer than normal, impacting volume negatively [8] - Year-to-date temperatures were 8% colder than the prior year but still 8% warmer than normal [10] Company Strategy and Development Direction - The company is focused on improving customer retention and driving additional revenues through value-added products and services [5] - There is a strategy to grow the heating oil and propane customer base through acquisitions while improving service and installation profitability [6] - The company aims to position itself as a fully diversified energy provider, adaptable to varied weather conditions [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong financial performance in fiscal 2025 despite challenges in the third quarter [4] - The management highlighted the importance of maintaining a personal touch in customer service while exploring AI applications [18] Other Important Information - Delivery, branch, and G&A expenses increased by $31,500,000 year over year, with significant contributions from recent acquisitions and weather hedging programs [11] - The company recorded a non-cash favorable change in the fair value of derivative instruments, contributing positively to net income [12] Q&A Session Summary Question: Update on acquisition pipeline and AI applications - Management confirmed the closure of four transactions this fiscal year and ongoing activity in the acquisition pipeline [17] - AI technology has been integrated into customer interfaces, but the company emphasizes the importance of personal customer service [18]

Core Insights - Star Holdings (NASDAQ: STHO) filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, with the Securities and Exchange Commission [1] Financial Performance - The net loss attributable to common shareholders for the first quarter was $39.3 million, resulting in an earnings per share of ($2.95). This includes a non-cash adjustment of $42.7 million that decreased earnings per share by $3.21 related to an investment in approximately 13.5 million shares of SAFE [2] - In the second quarter, the company recorded $26.6 million in land revenues, primarily from the sale of 72 lots at Magnolia Green for $11.7 million and a land parcel in Asbury Park for $14.2 million [3] Company Portfolio - Star Holdings' portfolio mainly consists of interests in the Asbury Park Waterfront, Magnolia Green residential development projects, and other commercial real estate properties and loans intended for sale or monetization. The company also holds shares of Safehold Inc. (NYSE: SAFE) [5] - The company aims to enhance shareholder value by maximizing cash flows through active asset management and asset sales [5]

[Executive Summary](index=1&type=section&id=Executive%20Summary) Star Group experienced a challenging Q3 with decreased revenue and increased net loss due to warmer weather, while the first nine months showed overall revenue growth and improved profitability driven by colder temperatures and strategic acquisitions [Fiscal 2025 Third Quarter Highlights](index=1&type=section&id=Fiscal%202025%20Third%20Quarter%20Highlights) Star Group reported a decrease in total revenue and an increased net loss for Q3 FY2025, primarily due to lower product sales volume influenced by warmer weather and net customer attrition, with Adjusted EBITDA also showing a larger loss | Metric | Q3 FY2025 | Q3 FY2024 | Change | % Change | | :-------------------------------- | :-------------- | :-------------- | :-------------- | :-------- | | Total Revenue | $305.6 Million | $331.6 Million | -$26.0 Million | -7.8% | | Home Heating Oil & Propane Volume | 36.2 Million gallons | 37.7 Million gallons | -1.5 Million gallons | -3.8% | | Net Loss | $16.6 Million | $11.0 Million | +$5.6 Million | +50.9% | | Adjusted EBITDA Loss | $10.6 Million | $4.1 Million | +$6.5 Million | +158.5% | - Warmer temperatures in Star's operating areas were **2.0% warmer year-over-year** and **19.3% warmer than normal**, contributing to lower volume. Selling prices also decreased due to a **14.3% decline in wholesale product costs**[2](index=2&type=chunk) [Fiscal 2025 Nine Months Highlights](index=1&type=section&id=Fiscal%202025%20Nine%20Months%20Highlights) For the first nine months of fiscal 2025, Star Group saw a modest rise in total revenue, driven by higher sales volumes due to colder temperatures and acquisitions, despite declining selling prices, with net income and Adjusted EBITDA significantly increasing | Metric | 9M FY2025 | 9M FY2024 | Change | % Change | | :-------------------------------- | :-------------- | :-------------- | :-------------- | :-------- | | Total Revenue | $1.537 Billion | $1.526 Billion | +$11.0 Million | +0.7% | | Home Heating Oil & Propane Volume | 262.6 Million gallons | 234.9 Million gallons | +27.7 Million gallons | +11.8% | | Net Income | $102.2 Million | $70.3 Million | +$31.9 Million | +45.4% | | Adjusted EBITDA | $169.5 Million | $141.3 Million | +$28.2 Million | +19.9% | - Year-to-date temperatures were **8.2% colder than the prior-year period** but **8.3% warmer than normal**. Acquisitions contributed positively to volume and Adjusted EBITDA[6](index=6&type=chunk)[8](index=8&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Jeff Woosnam acknowledged the negative impact of warmer Q3 temperatures and attrition on volume but highlighted improvements in service and installation performance, noting positive Adjusted EBITDA contributions from recent acquisitions, particularly in less seasonal propane assets, as the company pursues a strategy to diversify and become more resilient to weather conditions, with net customer attrition remaining roughly flat year-over-year - Q3 was negatively impacted by lower volume due to warmer temperatures and net attrition, but service and installation performance improved[5](index=5&type=chunk) - Acquisition-related Adjusted EBITDA positively contributed to the quarter and year-to-date, reflecting the quality of less seasonal propane assets[5](index=5&type=chunk) - Star Group is positioning itself as a fully diversified energy provider, aiming for greater resilience to varied weather conditions, and net customer attrition was roughly flat year-over-year[5](index=5&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of Star Group's business as a leading home heating oil and propane distributor and clarifies the definitions and limitations of non-GAAP financial measures like EBITDA and Adjusted EBITDA [About Star Group, L.P.](index=2&type=section&id=About%20Star%20Group%2C%20L.P.) Star Group, L.P. is a full-service provider specializing in home heating products and services, including heating oil, propane, and HVAC equipment, also selling diesel, gasoline, and heating oil on a delivery-only basis, and is believed to be the nation's largest retail distributor of home heating oil, serving customers primarily in the Northeast and Mid-Atlantic U.S. regions - Star Group is a full-service provider of home heating products and services (heating oil, propane, HVAC equipment) to residential and commercial customers[11](index=11&type=chunk) - The company also sells diesel, gasoline, and home heating oil on a delivery-only basis[11](index=11&type=chunk) - Star Group is believed to be the nation's largest retail distributor of home heating oil by sales volume, serving customers in the Northeast and Mid-Atlantic U.S. regions[11](index=11&type=chunk) [Non-GAAP Financial Measures (EBITDA and Adjusted EBITDA)](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20(EBITDA%20and%20Adjusted%20EBITDA)) EBITDA and Adjusted EBITDA are non-GAAP financial measures used by management and external users to assess Star's financial position, performance, and ability to generate cash, with Adjusted EBITDA further excluding certain non-cash and non-operating charges, and the company emphasizes that these measures have limitations as analytical tools and should be considered in conjunction with GAAP measurements - EBITDA and Adjusted EBITDA are non-GAAP measures used by management and external users to assess financial performance, compliance with debt covenants, operating performance, cash generation, and viability of acquisitions[9](index=9&type=chunk)[12](index=12&type=chunk) - Adjusted EBITDA excludes items like changes in fair value of derivatives, other income/loss, multiemployer pension plan withdrawal charges, and goodwill impairment from EBITDA[9](index=9&type=chunk) - These non-GAAP measures have limitations, such as not reflecting cash used for capital expenditures, working capital changes, interest/principal payments, or taxes, and should not be viewed in isolation[10](index=10&type=chunk)[12](index=12&type=chunk) [Financial Results - Three Months Ended June 30, 2025](index=1&type=section&id=Financial%20Results%20-%20Three%20Months%20Ended%20June%2030%2C%202025) This section details Star Group's financial performance for the third quarter of fiscal 2025, highlighting a decrease in total revenue and sales volume, an increased net loss, and a larger Adjusted EBITDA loss, primarily due to warmer weather and lower selling prices [Total Revenue and Sales Volume](index=1&type=section&id=Total%20Revenue%20and%20Sales%20Volume_Q3) Total revenue decreased by 7.8% to $305.6 million, primarily due to a 3.8% decline in home heating oil and propane volume sold, with this volume decrease attributed to warmer weather, net customer attrition, and lower selling prices driven by reduced wholesale product costs Total Sales (in thousands) | Metric | Q3 FY2025 | Q3 FY2024 | Change | % Change | | :------------------------ | :-------- | :-------- | :------- | :-------- | | Product Sales | $216,158 | $249,001 | -$32,843 | -13.2% | | Installations and Services | $89,460 | $82,639 | +$6,821 | +8.3% | | Total Sales | $305,618 | $331,640 | -$26,022 | -7.8% | Sales Volume (in thousands of gallons) | Metric | Q3 FY2025 | Q3 FY2024 | Change | % Change | | :-------------------------------- | :-------- | :-------- | :------- | :-------- | | Home Heating Oil & Propane | 36,200 | 37,700 | -1,500 | -3.8% | | Other Petroleum Products | 32,000 | 32,900 | -900 | -2.7% | - Warmer weather (**2.0% warmer YoY**, **19.3% warmer than normal**) and net customer attrition were key factors for volume decline, alongside a **14.3% decrease in wholesale product costs**[2](index=2&type=chunk) [Net Loss and Operating Income](index=1&type=section&id=Net%20Loss%20and%20Operating%20Income_Q3) Star Group's net loss increased by $5.6 million to $16.6 million in Q3 FY2025, primarily driven by a higher Adjusted EBITDA loss, increased depreciation and amortization, and higher net interest expense, partially offset by a greater income tax benefit and a favorable change in derivative fair value, with operating loss also widening significantly Operating and Net Loss (in thousands) | Metric | Q3 FY2025 | Q3 FY2024 | Change | | :-------------------------- | :-------- | :-------- | :------- | | Operating Income (Loss) | $(19,177) | $(12,291) | $(6,886) | | Net Loss | $(16,629) | $(11,044) | $(5,585) | | Net Loss per Limited Partner Unit | $(0.48) | $(0.31) | $(0.17) | - The increase in net loss was due to a **$6.5 million greater Adjusted EBITDA loss**, **$2.0 million higher depreciation and amortization**, and **$0.9 million increased net interest expense**, partially offset by a **$2.3 million higher income tax benefit** and **$1.6 million favorable derivative fair value change**[3](index=3&type=chunk) [Adjusted EBITDA](index=1&type=section&id=Adjusted%20EBITDA_Q3) The Adjusted EBITDA loss for Q3 FY2025 increased to $10.6 million from $4.1 million in the prior-year period, with this larger loss mainly due to slightly lower per-gallon margins in the base business and decreased volume from warmer weather, partially offset by lower base business operating expenses and positive Adjusted EBITDA from recent acquisitions EBITDA and Adjusted EBITDA (in thousands) | Metric | Q3 FY2025 | Q3 FY2024 | Change | | :-------------- | :-------- | :-------- | :------- | | EBITDA | $(9,980) | $(5,048) | $(4,932) | | Adjusted EBITDA | $(10,583) | $(4,064) | $(6,519) | - The increased Adjusted EBITDA loss was attributed to slightly lower home heating oil and propane per-gallon margins in the base business and decreased volume due to warmer weather and other factors[4](index=4&type=chunk) - This negative impact was partially offset by lower base business operating expenses and positive Adjusted EBITDA contributions from recent acquisitions[4](index=4&type=chunk) [Financial Results - Nine Months Ended June 30, 2025](index=1&type=section&id=Financial%20Results%20-%20Nine%20Months%20Ended%20June%2030%2C%202025) This section presents Star Group's financial performance for the first nine months of fiscal 2025, showing a modest increase in total revenue and sales volume, a significant rise in net income, and improved Adjusted EBITDA, primarily driven by colder weather and strategic acquisitions [Total Revenue and Sales Volume](index=1&type=section&id=Total%20Revenue%20and%20Sales%20Volume_9M) Total revenue for the first nine months of fiscal 2025 modestly increased by less than 1.0% to $1.537 billion, driven by an 11.8% increase in home heating oil and propane volume sold, primarily due to colder temperatures and acquisitions, which offset a decline in selling prices Total Sales (in thousands) | Metric | 9M FY2025 | 9M FY2024 | Change | % Change | | :------------------------ | :---------- | :---------- | :------- | :-------- | | Product Sales | $1,280,722 | $1,292,849 | -$12,127 | -0.9% | | Installations and Services | $256,004 | $232,919 | +$23,085 | +9.9% | | Total Sales | $1,536,726 | $1,525,768 | +$10,958 | +0.7% | Sales Volume (in thousands of gallons) | Metric | 9M FY2025 | 9M FY2024 | Change | % Change | | :-------------------------------- | :---------- | :---------- | :------- | :-------- | | Home Heating Oil & Propane | 262,600 | 234,900 | +27,700 | +11.8% | | Other Petroleum Products | 91,600 | 95,400 | -3,800 | -4.0% | | Total All Products | 354,200 | 330,300 | +23,900 | +7.2% | - Colder temperatures (**8.2% colder YoY**) and additional volume from acquisitions more than offset net customer attrition and declining selling prices[6](index=6&type=chunk) [Net Income and Operating Income](index=1&type=section&id=Net%20Income%20and%20Operating%20Income_9M) Net income for the first nine months of fiscal 2025 increased by $31.9 million to $102.2 million, with this improvement primarily due to higher Adjusted EBITDA and a favorable change in derivative fair value, partially offset by increased income tax provision, depreciation and amortization, and net interest expense, and operating income also saw a substantial increase Operating and Net Income (in thousands) | Metric | 9M FY2025 | 9M FY2024 | Change | | :-------------------------- | :---------- | :---------- | :------- | | Operating Income (Loss) | $155,414 | $109,661 | +$45,753 | | Net Income | $102,166 | $70,309 | +$31,857 | | Net Income per Limited Partner Unit | $2.45 | $1.66 | +$0.79 | - The increase in net income was primarily driven by **$28.2 million higher Adjusted EBITDA** and a **$20.2 million favorable change in derivative fair value**[7](index=7&type=chunk) - These gains were partially offset by a **$12.4 million higher income tax provision**, **$2.6 million increase in depreciation and amortization**, and **$1.4 million greater net interest expense**, largely due to acquisitions[7](index=7&type=chunk) [Adjusted EBITDA](index=2&type=section&id=Adjusted%20EBITDA_9M) Year-to-date Adjusted EBITDA increased by $28.2 million to $169.5 million, driven by higher Adjusted EBITDA in the base business ($21.1 million) and from recent acquisitions ($17.7 million), but partially offset by a $10.6 million expense related to weather hedge contracts as temperatures were colder than strike prices EBITDA and Adjusted EBITDA (in thousands) | Metric | 9M FY2025 | 9M FY2024 | Change | | :-------------- | :---------- | :---------- | :------- | | EBITDA | $181,426 | $133,038 | +$48,388 | | Adjusted EBITDA | $169,464 | $141,300 | +$28,164 | - Higher Adjusted EBITDA in the base business was due to increased per-gallon margins, higher volume from colder weather, and improved service and installation profitability[8](index=8&type=chunk) - A **$10.6 million expense** was recorded for weather hedge contracts due to colder temperatures, compared to a **$7.5 million credit** in the prior-year period[8](index=8&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated balance sheets and statements of operations, detailing asset and liability changes, and revenue, cost, and profitability trends for both the three-month and nine-month periods [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Star Group's total assets increased to $963.8 million from $939.6 million at September 30, 2024, primarily driven by increases in property and equipment, goodwill, and intangibles largely due to acquisitions, while total liabilities decreased and partners' capital significantly increased Balance Sheet Summary (in thousands) | Metric | June 30, 2025 | Sept 30, 2024 | Change | | :-------------------------- | :------------ | :------------ | :------- | | Total Assets | $963,799 | $939,611 | +$24,188 | | Total Current Assets | $233,495 | $281,469 | -$47,974 | | Property and equipment, net | $127,024 | $104,534 | +$22,490 | | Goodwill | $293,350 | $275,829 | +$17,521 | | Intangibles, net | $130,091 | $98,712 | +$31,379 | | Total Liabilities | $626,231 | $675,796 | -$49,565 | | Total Partners' Capital | $337,568 | $263,893 | +$73,675 | - Significant changes in assets include a decrease in cash and cash equivalents by **$89.253 million** and an increase in receivables by **$34.286 million**[16](index=16&type=chunk) - Current liabilities decreased by **$42.326 million**, mainly due to a significant reduction in customer credit balances by **$48.103 million** and a decrease in fair liability value of derivative instruments[17](index=17&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements detail revenue, costs, and profitability for both the three-month and nine-month periods, showing that for Q3, product sales decreased while installation and service sales increased, and for the nine-month period, total sales saw a modest increase with product sales slightly down and installation/service sales up, resulting in a widened net loss in Q3 but a significantly increased net income for the nine-month period Statements of Operations Summary (in thousands) | Metric | Q3 FY2025 | Q3 FY2024 | 9M FY2025 | 9M FY2024 | | :-------------------------------- | :-------- | :-------- | :---------- | :---------- | | Total Sales | $305,618 | $331,640 | $1,536,726 | $1,525,768 | | Cost of product | $144,521 | $174,285 | $800,170 | $867,017 | | Cost of installations and services | $75,240 | $69,108 | $233,115 | $214,807 | | Operating income (loss) | $(19,177) | $(12,291) | $155,414 | $109,661 | | Net income (loss) | $(16,629) | $(11,044) | $102,166 | $70,309 | - Depreciation and amortization expenses increased for both periods, reflecting the impact of acquisitions[3](index=3&type=chunk)[7](index=7&type=chunk)[18](index=18&type=chunk) [Supplemental Financial Data](index=5&type=section&id=Supplemental%20Financial%20Data) This section provides supplemental financial data, including detailed reconciliations of net income/loss to EBITDA and Adjusted EBITDA, along with key cash flow metrics for both the three-month and nine-month periods [Reconciliation of EBITDA and Adjusted EBITDA (Three Months)](index=5&type=section&id=Reconciliation%20of%20EBITDA%20and%20Adjusted%20EBITDA%20(Three%20Months)) This section provides a detailed reconciliation of net loss to EBITDA and Adjusted EBITDA for the three months ended June 30, 2025 and 2024, also including key cash flow metrics and gallons sold for the quarter Reconciliation and Cash Flow (in thousands) | Metric | Q3 FY2025 | Q3 FY2024 | | :-------------------------------- | :-------- | :-------- | | Net loss | $(16,629) | $(11,044) | | EBITDA | $(9,980) | $(5,048) | | Adjusted EBITDA | $(10,583) | $(4,064) | | Net cash provided by operating activities | $72,502 | $77,546 | | Net cash used in investing activities | $(13,100) | $(1,984) | | Net cash used in financing activities | $(49,822) | $(41,924) | - Operating cash flow decreased by **$5.044 million**, while cash used in investing activities significantly increased by **$11.116 million**, and cash used in financing activities increased by **$7.898 million**[21](index=21&type=chunk) [Reconciliation of EBITDA and Adjusted EBITDA (Nine Months)](index=6&type=section&id=Reconciliation%20of%20EBITDA%20and%20Adjusted%20EBITDA%20(Nine%20Months)) This section presents the reconciliation of net income to EBITDA and Adjusted EBITDA for the nine months ended June 30, 2025 and 2024, along with year-to-date cash flow metrics and total gallons sold Reconciliation and Cash Flow (in thousands) | Metric | 9M FY2025 | 9M FY2024 | | :-------------------------------- | :---------- | :---------- | | Net income | $102,166 | $70,309 | | EBITDA | $181,426 | $133,038 | | Adjusted EBITDA | $169,464 | $141,300 | | Net cash provided by operating activities | $56,543 | $72,367 | | Net cash used in investing activities | $(99,507) | $(31,201) | | Net cash used in financing activities | $(46,289) | $(40,656) | - Operating cash flow decreased by **$15.824 million**, while cash used in investing activities significantly increased by **$68.306 million**, and cash used in financing activities increased by **$5.633 million**[23](index=23&type=chunk) [Forward-Looking Information](index=3&type=section&id=Forward-Looking%20Information) This section serves as a disclaimer, outlining that the news release contains forward-looking statements subject to various risks and uncertainties, including geopolitical events, product price volatility, inflation, weather conditions, customer retention, acquisitions, litigation, regulatory changes (e.g., climate change), labor issues, and new technologies, with the company cautioning that actual results may differ materially from expectations and undertaking no obligation to update these statements - The report contains forward-looking statements regarding future events, expectations, and beliefs, identified by words like "believe," "anticipate," "plan," "expect," "seek," "estimate"[14](index=14&type=chunk) - These statements are subject to risks and uncertainties, including geopolitical events, product cost volatility, inflation, weather, customer patterns, gross profit margins, customer acquisition/retention, acquisitions, litigation, natural gas conversions, electrification, pandemics, economic conditions, union relations, governmental regulations (climate change, environmental, health, safety), employee retention, creditworthiness, cyber-attacks, supply chain issues, labor shortages, and new technology[14](index=14&type=chunk) - Actual results may differ materially from projections, and the company undertakes no obligation to update or revise forward-looking statements[14](index=14&type=chunk)

Financial Performance - For the fiscal 2025 third quarter, Star Group reported a 7.8% decrease in total revenue to $305.6 million compared to $331.6 million in the prior-year period, primarily due to lower product sales [2] - The volume of home heating oil and propane sold decreased by 1.5 million gallons, or 3.8%, to 36.2 million gallons, influenced by warmer weather and net customer attrition [2] - Star's net loss increased by $5.6 million to $16.6 million, attributed to a greater Adjusted EBITDA loss and higher depreciation and interest expenses [3] - The third quarter Adjusted EBITDA loss was $10.6 million, compared to a loss of $4.1 million in fiscal 2024, due to lower margins and decreased volume sold [4] Year-to-Date Performance - For the nine months ended June 30, 2025, total revenue rose modestly by less than 1.0% to $1.5 billion, driven by higher volumes sold despite declining selling prices [6] - The volume of home heating oil and propane sold increased by 27.7 million gallons, or 11.8%, to 262.6 million gallons, reflecting colder temperatures and acquisitions [6] - Star's net income for the first nine months increased by $31.9 million to $102.2 million, mainly due to higher Adjusted EBITDA and favorable changes in derivative instruments [7] Adjusted EBITDA Analysis - Year-to-date Adjusted EBITDA increased by $28.2 million to $169.5 million, reflecting higher margins and volume sold, partially offset by increased expenses related to weather hedge contracts [8] - The increase in Adjusted EBITDA in the base business was driven by improved margins and higher sales volumes due to colder weather [9] Management Commentary - The CEO noted that the third quarter was negatively impacted by lower volume due to warmer temperatures and net attrition, but highlighted improvements in service and installation performance [5] - The company aims to grow its propane and heating oil customer base while enhancing service profitability, positioning itself as a diversified energy provider [5]

[Part I Financial Information](index=4&type=section&id=Part%20I%20Financial%20Information) [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201%20-%20Condensed%20Consolidated%20Financial%20Statements) This section presents Star Group, L.P.'s unaudited condensed consolidated financial statements for the three and nine months ended June 30, 2025, with comparative data for 2024, including balance sheets, statements of operations, comprehensive income, partners' capital, and cash flows, along with detailed notes Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | September 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $28,082 | $117,335 | | Total current assets | $233,495 | $281,469 | | Goodwill | $293,350 | $275,829 | | Total assets | $963,799 | $939,611 | | Total current liabilities | $331,470 | $373,796 | | Long-term debt | $172,297 | $187,811 | | Total partners' capital | $337,568 | $263,893 | | Total liabilities and partners' capital | $963,799 | $939,611 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per unit data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total sales | $305,618 | $331,640 | $1,536,726 | $1,525,768 | | Operating income (loss) | $(19,177) | $(12,291) | $155,414 | $109,661 | | Net income (loss) | $(16,629) | $(11,044) | $102,166 | $70,309 | | Basic and diluted income (loss) per Limited Partner Unit | $(0.48) | $(0.31) | $2.45 | $1.66 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $56,543 | $72,367 | | Net cash used in investing activities | $(99,507) | $(31,201) | | Net cash used in financing activities | $(46,289) | $(40,656) | | Net (decrease) increase in cash | $(89,253) | $510 | [Note 1 & 2: Organization and Significant Accounting Policies](index=10&type=section&id=Note%201%20%26%202%20-%20Organization%20and%20Significant%20Accounting%20Policies) Star Group, L.P. is the nation's largest retail distributor of home heating oil, providing full-service home heating and air conditioning products, with interim financial statements prepared under U.S. GAAP - The company specializes in selling home heating and air conditioning products and services to residential and commercial customers, and believes it is the **largest retail distributor of home heating oil in the U.S.** based on sales volume[26](index=26&type=chunk) - As of June 30, 2025, the company served approximately **413,600 full-service residential and commercial accounts** and **66,500 delivery-only accounts** for home heating oil and propane[31](index=31&type=chunk) - The company utilizes weather hedge contracts to mitigate adverse effects of warm weather on cash flows, with a potential maximum receipt of **$15.0 million** for fiscal 2025 and an obligation to make payments up to **$5.0 million** if weather was colder than the threshold[37](index=37&type=chunk)[38](index=38&type=chunk) [Note 3: Revenue Recognition](index=14&type=section&id=Note%203%20-%20Revenue%20Recognition) This note disaggregates company revenue by major sources, showing a slight increase in total sales for the nine-month period ended June 30, 2025, driven by growth in installations and services, which offset a slight decline in petroleum product sales Disaggregated Revenue by Source (in thousands) | Revenue Source | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Petroleum Products** | | | | | | Home heating oil and propane | $136,146 | $155,161 | $1,046,864 | $1,014,530 | | Other petroleum products | $80,012 | $93,840 | $233,858 | $278,319 | | **Installations and Services** | | | | | | Equipment installations | $33,317 | $30,143 | $100,082 | $90,682 | | Equipment maintenance | $36,888 | $35,164 | $98,863 | $93,466 | | Billable call services | $19,255 | $17,332 | $57,059 | $48,771 | | **Total Sales** | **$305,618** | **$331,640** | **$1,536,726** | **$1,525,768** | [Note 4: Common Unit Repurchase and Retirement](index=16&type=section&id=Note%204%20-%20Common%20Unit%20Repurchase%20and%20Retirement) The company continued its Common Unit Repurchase Plan, repurchasing 817,000 units at an average price of $12.01 per unit during the third quarter of fiscal 2025, with approximately 1.3 million units remaining available for repurchase as of July 2025 Common Unit Repurchases (Q3 FY2025) | Period | Total Units Purchased (thousands) | Average Price Paid per Unit | | :--- | :--- | :--- | | April 2025 | 1 | $12.03 | | May 2025 | 708 | $12.04 | | June 2025 | 108 | $11.83 | | **Q3 2025 Total** | **817** | **$12.01** | [Note 9: Business Combinations and Divestitures](index=21&type=section&id=Note%209%20-%20Business%20Combinations%20and%20Divestitures) During the first nine months of fiscal 2025, the company significantly increased its acquisition activity, purchasing one heating oil and three propane businesses for approximately $80.5 million in cash, compared to $22.6 million in the same period of fiscal 2024 - In the nine months ended June 30, 2025, the company acquired four businesses for approximately **$80.5 million in cash**, allocating **$38.7 million to intangible assets** and **$17.7 million to goodwill**[73](index=73&type=chunk) - For comparison, in the nine months ended June 30, 2024, the company acquired four businesses for an aggregate price of approximately **$22.6 million**[75](index=75&type=chunk) [Note 11: Long-Term Debt and Bank Facility Borrowings](index=22&type=section&id=Note%2011%20-%20Long-Term%20Debt%20and%20Bank%20Facility%20Borrowings) The company's debt primarily consists of a Senior Secured Term Loan with a carrying amount of $193.3 million as of June 30, 2025, following a September 2024 refinancing that secured a $210 million term loan and a revolving credit facility of up to $475 million, with $167.6 million available under the revolver as of June 30, 2025 Total Debt (in thousands) | Debt Component | June 30, 2025 (Carrying Amount) | September 30, 2024 (Carrying Amount) | | :--- | :--- | :--- | | Revolving Credit Facility Borrowings | $0 | $5 | | Senior Secured Term Loan | $193,297 | $208,811 | | **Total debt** | **$193,297** | **$208,816** | - On September 27, 2024, the company executed a new credit agreement providing a **$210 million five-year term loan** and a revolving credit facility of up to **$400 million ($475 million seasonally)**, maturing September 27, 2029[80](index=80&type=chunk) - As of June 30, 2025, the company had **$167.6 million of availability** under its credit facility and was in compliance with all financial covenants[88](index=88&type=chunk) [Note 16: Subsequent Events](index=25&type=section&id=Note%2016%20-%20Subsequent%20Events) In July 2025, subsequent to the quarter end, the company declared a quarterly distribution of $0.1850 per unit, repurchased approximately 0.1 million Common Units, and completed the sale of a New Jersey property for $4.9 million in cash - In July 2025, a quarterly distribution of **$0.1850 per unit** was declared, paid on August 6, 2025[97](index=97&type=chunk) - In July 2025, the company sold land and a building in New Jersey for cash proceeds of **$4.9 million**, which had a carrying value of **$1.0 million**[99](index=99&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202%20-%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides a detailed analysis of the company's financial performance, highlighting the impact of commodity price volatility, weather, customer attrition, and acquisitions, comparing operating results for the three and nine-month periods ended June 30, 2025, and 2024, and covering liquidity, capital resources, and critical accounting policies [Key Business Factors and Trends](index=26&type=section&id=Key%20Business%20Factors%20and%20Trends) This section outlines primary business drivers, including significant impacts from liquid product price volatility and weather, with a net weather hedge expense of $3.1 million in fiscal 2025 versus a $7.5 million benefit in fiscal 2024, a net customer attrition of 3.1% for the nine-month period, and robust acquisition activity totaling $80.5 million - The company's weather hedge contracts resulted in a **$3.1 million expense** for the fiscal 2025 hedge period due to colder-than-strike temperatures, compared to a **$7.5 million benefit** in the prior year from warmer weather[107](index=107&type=chunk) Net Customer Attrition (Home Heating Oil and Propane Customers) | Period | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | | Gross Customer Gains | 29,800 | 31,100 | | Gross Customer Losses | 42,800 | 43,200 | | **Net Attrition** | **(13,000)** | **(12,100)** | | **Net Attrition %** | **(3.1%)** | **(3.1%)** | - During the nine months ended June 30, 2025, the company acquired four businesses for approximately **$80.5 million**, compared to acquisitions totaling **$49.4 million** for the full fiscal year 2024[122](index=122&type=chunk) [Results of Operations - Three Months Ended June 30, 2025 vs 2024](index=34&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For the third quarter of fiscal 2025, the company reported a net loss of $16.6 million, an increase from the $11.0 million loss in the prior-year period, driven by lower product sales due to decreased volumes and selling prices, higher operating expenses from recent acquisitions, and increased interest expense, with Adjusted EBITDA loss also increasing to $10.6 million from $4.1 million - Retail volume of home heating oil and propane decreased by **3.8% to 36.2 million gallons**, influenced by **2.0% warmer weather** compared to the prior year[132](index=132&type=chunk) - Total product sales decreased **13.2% to $216.2 million**, primarily due to a **14.3% decrease in wholesale product costs** and lower volumes[133](index=133&type=chunk) Q3 Performance Summary (in millions) | Metric | Q3 2025 | Q3 2024 | Change | | :--- | :--- | :--- | :--- | | Net Loss | $(16.6) | $(11.0) | $(5.6) | | Adjusted EBITDA Loss | $(10.6) | $(4.1) | $(6.5) | [Results of Operations - Nine Months Ended June 30, 2025 vs 2024](index=43&type=section&id=Results%20of%20Operations%20-%20Nine%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For the nine months ended June 30, 2025, net income significantly increased to $102.2 million from $70.3 million in the prior year, driven by a 12.8% increase in total product gross profit resulting from higher volumes due to colder weather (8.2% colder than prior year) and improved per-gallon margins, with Adjusted EBITDA rising to $169.5 million from $141.3 million - Retail volume of home heating oil and propane increased by **11.8% to 262.6 million gallons**, largely due to temperatures being **8.2% colder** than the prior-year period and contributions from acquisitions[157](index=157&type=chunk) - Total product gross profit increased by **$54.7 million (12.8%) to $480.5 million**, driven by higher volumes and a **1.6% increase in home heating oil and propane margins per gallon**[161](index=161&type=chunk)[162](index=162&type=chunk) Nine-Month Performance Summary (in millions) | Metric | Nine Months 2025 | Nine Months 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income | $102.2 | $70.3 | $31.9 | | Adjusted EBITDA | $169.5 | $141.3 | $28.2 | [Discussion of Cash Flows](index=51&type=section&id=Discussion%20of%20Cash%20Flows) For the nine months ended June 30, 2025, cash provided by operating activities decreased to $56.5 million from $72.4 million, mainly due to increased accounts receivable and inventory purchases, while cash used in investing activities significantly rose to $99.5 million from $31.2 million, driven by $80.5 million in business acquisitions, and financing activities used $46.3 million for debt repayments, unit repurchases, and distributions - Cash from operating activities decreased by **$15.9 million** year-over-year, primarily due to an **$18.5 million increase in accounts receivable** and a **$16.5 million greater use of cash for inventory**[182](index=182&type=chunk) - Investing activities were dominated by the acquisition of four businesses for approximately **$80.5 million in cash**[183](index=183&type=chunk) - Financing activities included **$15.8 million in term loan repayments**, **$10.0 million in common unit repurchases**, and **$19.5 million in distributions to unitholders**[188](index=188&type=chunk) [Financing and Sources of Liquidity](index=53&type=section&id=Financing%20and%20Sources%20of%20Liquidity) The company's primary liquidity sources are cash from operations and its revolving credit facility, with $28.1 million in cash and $167.6 million available under the credit facility as of June 30, 2025, which management believes are sufficient for near-term and long-term capital requirements including working capital, capital expenditures, distributions, acquisitions, and unit repurchases - As of June 30, 2025, the company had **$28.1 million in cash and cash equivalents** and was in compliance with all financial covenants[190](index=190&type=chunk) - Availability under the revolving credit facility was **$167.6 million** as of June 30, 2025[191](index=191&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to interest rate and commodity price risks, utilizing interest rate swaps and derivative instruments to mitigate these exposures, and provides sensitivity analyses on hypothetical changes in rates and prices - A hypothetical **100 basis point increase in interest rates** would decrease annual after-tax cash flows by **$0.8 million**[204](index=204&type=chunk) - A hypothetical **10% increase in product costs** at June 30, 2025, would increase the fair market value of outstanding derivatives by **$7.0 million**, while a **10% decrease** would lower their value by **$5.5 million**[205](index=205&type=chunk) [Item 4. Controls and Procedures](index=55&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025, with no material changes to internal control over financial reporting during the most recent fiscal quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[208](index=208&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[209](index=209&type=chunk) [Part II Other Information](index=57&type=section&id=Part%20II%20Other%20Information) [Items 1-5. Other Disclosures](index=57&type=section&id=Item%201%2C%201A%2C%202%2C%203%2C%204%2C%205%20-%20Other%20Disclosures) This section covers other required information, stating that the company is not a party to any litigation expected to have a material adverse effect, refers to the Fiscal 2024 Form 10-K for risk factors, and incorporates information regarding equity security repurchases by reference from Note 4 - Management believes the company is not a party to any litigation that could reasonably be expected to have a **material adverse effect** on its financial position or liquidity[212](index=212&type=chunk) - The report refers investors to the Risk Factors section of the **Fiscal 2024 Form 10-K** for a comprehensive discussion of potential risks[214](index=214&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206%20-%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, amendments to credit agreements, a Unit Purchase Agreement, and the required CEO and CFO certifications under the Sarbanes-Oxley Act - Key exhibits filed include an **amendment to the credit agreement**, a **Unit Purchase Agreement with Bandera Master Fund, L.P.**, and **CEO/CFO certifications**[226](index=226&type=chunk)

National Reach of 18 Distribution Centers and 31,000+ Retail & Online Outlets Miami, FL, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Blue Star Foods Corp. (OTCQB: BSFC), an integrated ESG focused- sustainable seafood company built on Recirculatory Aquaculture Systems (RAS), today announced two major developments in its growth strategy: The alliance with KeHE — a top natural, organic, specialty, and fresh products distributor with over 7,900 employee owners-, 18 distribution centers, and service to 31,000+ retail and ...

Core Insights - Hulu will replace the Star tile on Disney+ internationally, marking its first major international expansion following Disney's acquisition of Comcast's stake in Hulu [1][4] - Disney's streaming business showed strong performance in its latest earnings quarter, with Hulu set to become a "global general entertainment brand" [1] - A unified Disney+ and Hulu streaming app experience is expected to be available to consumers next year, enhancing technology and personalization features [2] Group 1 - Hulu has been targeted as an international brand since at least 2009, but remained U.S.-only until now [2] - The Star brand was previously used as the general entertainment tile across Latin America and Asia [3] - Disney completed the buyout of Comcast's stake in Hulu, which was part of a larger acquisition of 21st Century Fox for $71.3 billion [4] Group 2 - Hulu programming has been integrated into Disney+ in the U.S., with speculation about Hulu's future as a standalone app [5] - Disney executives described the integration of Hulu into Disney+ as a "major step forward" for creating a comprehensive entertainment package [5]

Company Overview - Star Group, L.P. is a leading home energy distributor and services provider specializing in the sale of home heating products and services to residential and commercial customers [3] - The company is recognized as the nation's largest retail distributor of home heating oil based on sales volume, serving customers primarily in the Northeast and Mid-Atlantic U.S. regions [3] Upcoming Financial Results - Star Group will release its fiscal 2025 third quarter results after the close of trading on August 6, 2025 [1] - A webcast and conference call will be hosted by the management team on August 7, 2025, at 11:00 a.m. Eastern Time to review the financial results for the three and nine months ended June 30, 2025 [1][2] Services Offered - The company provides a range of services including the sale and servicing of heating and air conditioning equipment, as well as delivery of diesel, gasoline, and home heating oil [3] - Star Group also offers its services to customers outside of its primary home heating oil and propane customer base [3]

Even the company renamed itself from IGT to Brightstar Lottery (NYSE: BRSL ) which, to be honest, made me a little confused finding it in the early days. It happens! Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US in ...

Core Points - Princess Cruises is hosting a special "Love Boat" themed cruise featuring original cast members and exclusive performances, scheduled for November 16-23, 2025 [1][2][4] - The cruise will include meet-and-greets with cast members, themed activities, and live performances by Charo, enhancing the nostalgic experience for fans [3][4] - An exclusive "Captain Package" is available, offering unique experiences such as a cocktail hour with the cast and commemorative merchandise [4] Company Overview - Princess Cruises is recognized as "The Love Boat," a brand that has become synonymous with cruising, offering vacations to millions in sought-after destinations [7] - The cruise line operates a fleet of 16 ships, providing personalized experiences and a range of activities, from world-class dining to entertainment [7] - The company is part of Carnival Corporation & plc, indicating its significant presence in the cruise industry [7]