| Disclosure by reportable segment and reconciliation of total operating segment information |
The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding condensed consolidated amounts for the periods presented:
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Three Months Ended |
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Nine Months Ended |
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June 27, |
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June 28, |
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June 27, |
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June 28, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
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Revenues: |
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Propane |
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$ |
226,960 |
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$ |
226,890 |
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|
$ |
1,044,492 |
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|
$ |
1,082,429 |
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Fuel oil and refined fuels |
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|
11,723 |
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|
|
9,721 |
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|
|
62,244 |
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|
|
60,746 |
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Natural gas and electricity |
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|
4,522 |
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|
|
4,838 |
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|
|
19,199 |
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|
|
19,916 |
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Subtotal |
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|
243,205 |
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|
241,449 |
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1,125,935 |
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|
1,163,091 |
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All other |
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|
18,174 |
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|
18,701 |
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|
57,036 |
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|
58,051 |
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Total revenues |
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$ |
261,379 |
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$ |
260,150 |
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$ |
1,182,971 |
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$ |
1,221,142 |
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Cost of Products Sold: (1) |
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Propane |
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$ |
86,569 |
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$ |
87,044 |
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$ |
374,946 |
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$ |
429,795 |
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Fuel oil and refined fuels |
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|
8,544 |
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|
|
5,943 |
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|
40,099 |
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|
36,628 |
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Natural gas and electricity |
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|
2,773 |
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|
2,950 |
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|
13,433 |
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|
11,346 |
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Subtotal |
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|
97,886 |
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|
95,937 |
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|
428,478 |
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|
477,769 |
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All other |
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|
3,165 |
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|
3,622 |
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|
10,912 |
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|
|
11,314 |
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Total cost of products sold |
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$ |
101,051 |
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$ |
99,559 |
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$ |
439,390 |
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$ |
489,083 |
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Payroll & Payroll Benefit Expenses: (2) |
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Propane |
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$ |
40,048 |
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$ |
38,610 |
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$ |
136,224 |
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$ |
131,364 |
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Fuel oil and refined fuels |
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|
3,555 |
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|
|
3,157 |
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|
13,096 |
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|
11,814 |
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Natural gas and electricity |
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|
266 |
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|
287 |
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|
843 |
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|
894 |
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Subtotal |
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43,869 |
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|
42,054 |
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150,163 |
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|
144,072 |
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All other |
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|
15,544 |
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|
14,621 |
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|
48,762 |
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|
46,897 |
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Corporate |
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|
14,716 |
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|
16,620 |
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|
66,407 |
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|
65,012 |
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Total payroll & payroll benefit expenses |
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$ |
74,129 |
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$ |
73,295 |
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$ |
265,332 |
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$ |
255,981 |
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Vehicle: (3) |
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Propane |
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$ |
22,410 |
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$ |
18,849 |
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$ |
63,223 |
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$ |
55,699 |
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Fuel oil and refined fuels |
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|
812 |
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|
805 |
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|
2,495 |
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|
2,564 |
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Natural gas and electricity |
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|
— |
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— |
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— |
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— |
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Subtotal |
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23,222 |
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19,654 |
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65,718 |
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|
58,263 |
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All other |
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|
839 |
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|
860 |
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|
2,540 |
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|
2,491 |
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Corporate |
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2,591 |
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|
3,310 |
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|
8,331 |
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|
11,393 |
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Total vehicle expenses |
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$ |
26,652 |
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$ |
23,824 |
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$ |
76,589 |
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$ |
72,147 |
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Other Expenses: (4) |
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Propane |
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$ |
27,996 |
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$ |
23,498 |
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$ |
87,642 |
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$ |
83,553 |
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Fuel oil and refined fuels |
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|
980 |
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|
799 |
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|
3,427 |
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|
2,912 |
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Natural gas and electricity |
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|
948 |
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|
843 |
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|
2,946 |
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|
2,994 |
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Subtotal |
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29,924 |
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25,140 |
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|
94,015 |
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|
89,459 |
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All other |
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|
4,350 |
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7,542 |
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13,165 |
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|
17,574 |
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Corporate |
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|
6,376 |
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|
6,464 |
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|
16,906 |
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|
20,398 |
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Total other controllable expenses |
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$ |
40,650 |
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$ |
39,146 |
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$ |
124,086 |
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$ |
127,431 |
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Three Months Ended |
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Nine Months Ended |
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|
June 27, |
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June 28, |
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June 27, |
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June 28, |
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|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
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Depreciation and amortization: |
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Propane |
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$ |
12,995 |
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$ |
14,055 |
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$ |
38,261 |
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$ |
38,646 |
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Fuel oil and refined fuels |
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|
254 |
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|
269 |
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|
782 |
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|
807 |
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Natural gas and electricity |
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|
— |
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|
— |
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|
— |
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|
— |
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Subtotal |
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13,249 |
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|
14,324 |
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|
39,043 |
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|
39,453 |
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All other |
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|
2,801 |
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|
2,769 |
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|
8,813 |
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|
8,297 |
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Corporate |
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|
623 |
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|
1,642 |
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|
1,932 |
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|
5,684 |
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Total depreciation and amortization |
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$ |
16,673 |
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$ |
18,735 |
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$ |
49,788 |
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$ |
53,434 |
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Operating income (loss): |
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Propane |
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$ |
36,942 |
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$ |
44,834 |
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$ |
344,196 |
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$ |
343,372 |
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Fuel oil and refined fuels |
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(2,422 |
) |
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(1,252 |
) |
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|
2,345 |
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|
6,021 |
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Natural gas and electricity |
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|
535 |
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|
758 |
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|
1,977 |
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|
4,682 |
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Reportable segment operating income |
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|
35,055 |
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|
44,340 |
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|
|
348,518 |
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|
354,075 |
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Reconciliation to net (loss) income: |
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Corporate and all other operating (loss) |
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(32,831 |
) |
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(38,749 |
) |
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(120,732 |
) |
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|
(131,009 |
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Loss on debt extinguishment |
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— |
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|
— |
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(1,183 |
) |
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|
— |
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Interest expense, net |
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(18,848 |
) |
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(18,881 |
) |
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(58,298 |
) |
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(59,060 |
) |
Other, net |
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(721 |
) |
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(1,303 |
) |
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(1,977 |
) |
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(21,499 |
) |
(Provision for) income taxes |
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|
(182 |
) |
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|
(242 |
) |
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(533 |
) |
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|
(801 |
) |
Net (loss) income |
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$ |
(17,527 |
) |
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$ |
(14,835 |
) |
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$ |
165,795 |
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$ |
141,706 |
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The CODM uses the following expense categories to manage the resources of the Partnership. These expense categories and amounts align with the segment-level information that is regularly provided to the CODM: (1)The cost of products sold reported in the condensed consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, and natural gas and electricity sold, including transportation costs to deliver products from the Partnership’s supply points to storage locations or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances and related parts sold or installed computed on a basis that approximates the average cost of the products. Cost of products sold does not include depreciation and amortization expense. (2)Payroll and payroll benefits expenses represent the compensation and benefit costs for field and direct operating support personnel. (3)Vehicle expenses represent the costs of operating and maintaining the Partnership’s vehicle fleet and include fuel, lease expenses and maintenance and repair costs. (4)Other expenses include all other costs such as self-insurance, professional services and all other expenses not included within (1), (2) or (3) above, and the benefit from the recognition of PTCs.
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As of |
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June 27, |
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September 27, |
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|
|
2026 |
|
|
2025 |
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Assets: |
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Propane |
|
$ |
1,947,530 |
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$ |
1,933,532 |
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Fuel oil and refined fuels |
|
|
41,657 |
|
|
|
41,078 |
|
Natural gas and electricity |
|
|
11,196 |
|
|
|
9,973 |
|
Reportable segment assets |
|
|
2,000,383 |
|
|
|
1,984,583 |
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All other |
|
|
282,096 |
|
|
|
260,393 |
|
Corporate |
|
|
73,609 |
|
|
|
51,298 |
|
Total assets |
|
$ |
2,356,088 |
|
|
$ |
2,296,274 |
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