| Summary of Segment Financial Information |
The following table sets forth our segment financial information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Petroleum products sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Home heating oil and propane |
|
$ |
153,132 |
|
|
$ |
136,146 |
|
|
$ |
1,134,344 |
|
|
$ |
1,046,864 |
|
Motor fuel and other petroleum products |
|
|
113,877 |
|
|
|
80,012 |
|
|
|
270,436 |
|
|
|
233,858 |
|
Total petroleum products |
|
|
267,009 |
|
|
|
216,158 |
|
|
|
1,404,780 |
|
|
|
1,280,722 |
|
Installations and service sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment installations |
|
|
32,745 |
|
|
|
33,317 |
|
|
|
100,691 |
|
|
|
100,082 |
|
Services |
|
|
58,317 |
|
|
|
56,143 |
|
|
|
158,571 |
|
|
|
155,922 |
|
Total installations and services |
|
|
91,062 |
|
|
|
89,460 |
|
|
|
259,262 |
|
|
|
256,004 |
|
Total sales |
|
|
358,071 |
|
|
|
305,618 |
|
|
|
1,664,042 |
|
|
|
1,536,726 |
|
Cost and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product |
|
|
195,199 |
|
|
|
144,521 |
|
|
|
876,174 |
|
|
|
800,170 |
|
Cost of installations |
|
|
25,802 |
|
|
|
27,306 |
|
|
|
80,013 |
|
|
|
81,878 |
|
Cost of service |
|
|
49,684 |
|
|
|
47,934 |
|
|
|
159,560 |
|
|
|
151,237 |
|
Delivery expenses |
|
|
22,070 |
|
|
|
22,546 |
|
|
|
100,375 |
|
|
|
94,884 |
|
Operations expenses |
|
|
19,407 |
|
|
|
18,175 |
|
|
|
59,561 |
|
|
|
57,483 |
|
Garage and plant expenses |
|
|
11,574 |
|
|
|
10,649 |
|
|
|
35,588 |
|
|
|
33,401 |
|
Sales and marketing expenses |
|
|
12,179 |
|
|
|
11,868 |
|
|
|
41,048 |
|
|
|
40,788 |
|
Customer service and credit expenses |
|
|
14,309 |
|
|
|
14,139 |
|
|
|
40,906 |
|
|
|
40,872 |
|
Insurance related expenses |
|
|
15,346 |
|
|
|
9,139 |
|
|
|
44,240 |
|
|
|
32,526 |
|
Information technology expenses |
|
|
4,060 |
|
|
|
4,133 |
|
|
|
11,938 |
|
|
|
11,841 |
|
Weather hedge contracts loss |
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
|
3,108 |
|
General and administrative expenses |
|
|
8,039 |
|
|
|
7,564 |
|
|
|
24,348 |
|
|
|
22,934 |
|
Finance charge income |
|
|
(1,877 |
) |
|
|
(1,773 |
) |
|
|
(4,030 |
) |
|
|
(3,860 |
) |
Adjusted EBITDA |
|
|
(17,721 |
) |
|
|
(10,583 |
) |
|
|
189,321 |
|
|
|
169,464 |
|
(Increase) decrease in the fair value of derivative instruments |
|
|
8,019 |
|
|
|
(603 |
) |
|
|
(13,398 |
) |
|
|
(11,962 |
) |
Depreciation and amortization expenses |
|
|
8,333 |
|
|
|
9,197 |
|
|
|
25,373 |
|
|
|
26,012 |
|
Operating income (loss) |
|
|
(34,073 |
) |
|
|
(19,177 |
) |
|
|
177,346 |
|
|
|
155,414 |
|
Interest expense, net |
|
|
(3,586 |
) |
|
|
(3,639 |
) |
|
|
(11,548 |
) |
|
|
(11,114 |
) |
Amortization of debt issuance costs |
|
|
(259 |
) |
|
|
(274 |
) |
|
|
(786 |
) |
|
|
(804 |
) |
Income (loss) before income taxes |
|
|
(37,918 |
) |
|
|
(23,090 |
) |
|
|
165,012 |
|
|
|
143,496 |
|
Income tax expense (benefit) |
|
|
(9,929 |
) |
|
|
(6,461 |
) |
|
|
48,928 |
|
|
|
41,330 |
|
Net income (loss) |
|
$ |
(27,989 |
) |
|
$ |
(16,629 |
) |
|
$ |
116,084 |
|
|
$ |
102,166 |
|
|