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Star Group (NYSE: SGU)Q4 2019 Balance CallDec 6, 2019, 11:00 a.m. ET

Operator



Good day, everyone, and acceptable to Star Group’s Budgetary 2019 Fourth Division Appointment Call. All participants will be in a listen-only mode. [Operator Instructions] Amuse additionally note, today’s accident is actuality recorded.



At this time, I’d like to about-face the appointment alarm over to Mr. Chris Witty, the Investor Relations moderator. Amuse go ahead.

Chris Witty — Investor Relations

Thank you and acceptable morning. With me on the alarm today are Jeff Woosnam, Chief Executive Officer; and Rich Ambury, Chief Banking Officer. I would now like to accommodate a abrupt safe anchorage statement. This appointment alarm may accommodate advanced statements that represent the Company’s expectations and behavior apropos approaching contest that absorb risks and uncertainties and may account the company’s absolute achievement to be materially altered from the achievement adumbrated or adumbrated by such statements. All statements added than statements of absolute facts. Included in this appointment alarm are advanced statements.

Although the aggregation believes that the expectations reflected in such advanced statements are reasonable, it can accord no affirmation that such expectations will prove to accept been correct. Important factors that could account absolute after-effects to alter materially from the Company’s expectations are appear in this appointment alarm and in the company’s Annual Abode and Form 10-K for the budgetary year concluded September 30th, 2019.

All consecutive accounting and articulate advanced statements attributable to the aggregation or bodies acting on its account are especially able in their absoluteness by the cautionary statements, unless contrarily appropriate by law, the Aggregation undertakes no obligation to about amend or alter any advanced statements whether as a aftereffect of new information, approaching contest or contrarily afterwards the date of this appointment call.

I’d now like to about-face the alarm over to Jeff Woosnam. Jeff?

Jeffrey M. Woosnam — President and Chief Executive Officer

Thanks, Chris, and acceptable morning everyone. Acknowledge you for abutting us to altercate our annual and anniversary banking results. As we about-face the bend on budgetary 2019. I am admiring to abode the abundant advance we’re authoritative as a new administration team. We spent the accomplished several months, evaluating and adjusting our operating belvedere with the ambition of abbreviation accidental aerial costs while reinvesting in and deepening areas that will acquiesce us to bear the best chump acquaintance possible, and ultimately improves Star’s amount proposition.

I’m optimistic that as we arch into the new heating season, we’re bigger able and accumbent as an alignment to accommodated our goals with a renewed faculty of focus on actuality the arch account provider in the action industry. As allotment of our efforts, we’ve placed a abundant accord of accent on convalescent our operational beheading and efficiency.

I am admiring to abode that in the fourth quarter, we began to see indications, admitting over a baby sample admeasurement that these efforts accompanying with some of our automated initiatives are bearing the adapted aftereffect of abbreviation assertive expenses. Maximizing operating achievement is not alone acceptable for our business, but it can additionally advance chump admiration in our all-embracing affection of service.

Reducing net chump abrasion charcoal a top antecedence for us. Our achievement this year was abnormally impacted by a accommodation not to renew assertive low allowance accounts, by acclaim issues and accepted artefact appraisement trends. Nevertheless, we are committed to convalescent this action advanced as we appraise our abiding advance strategy. We agilely and decidedly cut aback on our babysitter business this year, which afterward on the auction of our aegis business in 2018, leave Star added automated and bigger focused on its amount accessories and services. At the aforementioned time, we abide to attending at adorable acquisitions and during budgetary 2019 completed three affairs that strengthen our operating beyond several geographic areas. In the fourth quarter, we additionally repurchased 1.7 actor units a accommodation advised to enhance actor value.

With that, I’ll about-face the alarm over to Rich to accommodate added comments on the division and abounding year’s results. Rich?

Richard F. Ambury — Chief Banking Officer

Thanks, Jeff and acceptable morning everyone. For the quarter, the aggregate of home heating oil and propane volumes awash added by 3 actor gallons or 14%. The 22 actor gallons as the added aggregate provided from acquisitions and the timing of assertive summertime deliveries added than account the appulse of net chump attrition. Sales of added petroleum accessories rose by 3 actor gallons or 6% to 44 actor gallons, abundantly due to acquisitions.

In the division our artefact gross accumulation did acceleration by about $5 actor or about 15% due to college per gallon margins and, of course, the access in volume. Total operating costs decreased by $4 actor to $78 actor during the division as an access in costs associated with acquisitions of about $3 actor was added than account by a abatement in the abject business of $7 actor or 8%. Abridgement in operating costs were acclaimed beyond all departments.

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The Company’s net accident did widen and added by $12.5 actor to $34 actor as an advance in the adapted EBITDA accident of $9 actor was added than account by an abortive but non-cash change in the fair amount of derivatives of $10 million, and a $7 actor accretion recorded in the fourth division of budgetary 2018 accompanying to the auction of our home aegis business.

The adapted EBITDA accident was bargain by about $9 actor to $29 actor abundantly due to an advance in the abject business. Afresh in the abject business gross accumulation did acceleration and operating costs beneath by $7 million. The abbreviation of the Company’s babysitter affairs and added amount ascendancy initiatives collection a abridgement in operating costs. For the year on the whole, our home heating oil and propane aggregate beneath by 12 actor gallons or 3%. The 340 [Phonetic] actor gallons as the added aggregate provided by acquisitions and hardly colder acclimate was added than account by the appulse of net chump attrition, and added factors.

Temperatures for budgetary 2019 or eight-tenths of a percent colder than aftermost year but still 4% warmer than normal. Our artefact gross accumulation added by $21 actor or 5%. The $468 actor as the appulse of college home heating oil and propane margins and an access in gross accumulation from motor fuels added than account the abatement in home heating oil and propane volume. Operating amount rose by 16% or 4%. I’m sorry, rose by $16 actor or 4% to $397 million, afresh abundantly due to the added amount from acquisitions.

Net assets decreased by $38 actor to $18 actor as an access in adapted EBITDA of $9 actor was added than account afresh by an abortive non-cash change in the fair amount of derivatives of $36.5 actor and a $7 actor accretion in 2008 recorded from the auction of our aegis business. Adapted EBITDA rose by $9 actor or 11% to $95.4 million.

Acquisitions provided $5 actor of adapted EBITDA, while in the abject business adapted EBITDA rose by $4 million. However and attractive at the year, adapted EBITDA was bargain by about $10 actor to the afterward four items; One, $1.6 actor due to the accomplishing of the acquirement acceptance accounting standard. We had college acknowledged and able costs of about $3 million. We additionally took a allegation of $1.5 billion accompanying to the discontinued use of a catchbasin ecology arrangement and we did accept an adapted EBITDA accident of $4 million, again, associated with our babysitter affairs that we’ve abundantly concise this accomplished January.

Before I about-face the alarm aback over to Jeff. I am admiring to advertise that we adapted and connected our coffer ability this accomplished Wednesday and as of a result, we added our appellation accommodation from $90 actor to $130 million. All agreement ante and covenants break the same.

And with that, I’d like to about-face the alarm aback over to Jeff.

Jeffrey M. Woosnam — President and Chief Executive Officer

Thanks, Rich. At this time, we’re admiring to abode any questions you may have. Jamie, amuse accessible the buzz curve for questions.

Operator

[Operator Instructions] And our aboriginal catechism today comes from Matthew Spiegelman from Locust Wood Capital. Amuse go advanced with your question.

Steve Errico — Locust Wood Capital — Analyst

Hi, Rich, and Jeff, absolutely Steve Errico, Matt is on the line. I aloof capital to say congratulations guys. It’s absolutely absorbing the way you got these costs beneath control, it’s actual nice to see. As far as the, my catechism on your attrition, Jeff, you bucketed it that there were three headwinds. So I anticipate — we accept there was low-margin customers, acclaim and additionally prices; was it a third, a third, a third or was it added — could you accord us a little added blush on that? And if so, do the aboriginal two, which are the lower allowance and the credit, accept we affectionate of pruned those out, so they shouldn’t be as abundant of a headwind abutting year?

Jeffrey M. Woosnam — President and Chief Executive Officer

Yeah, I would say, it is almost a third, a third and a third, apparently a little bit added abounding against the uneconomic accounts in budgetary year ’19. We accept formed our way through a cardinal of those accounts the majority of them and I anticipate as we move forward. That’s action to be a beneath of an affair for us. So we acutely fabricated a business accommodation that we bare to allotment means with some of those bread-and-butter accounts, but that would accomplish faculty for the business in a lot of ways, but that’s about the way it bankrupt down.

Steve Errico — Locust Wood Capital — Analyst

And afresh additionally the closing bottomward of the babysitter business, does that acquiesce you to reallocate those bodies to added genitalia of the business. And will that advice our chump aliment and conceivably advice our attrition?

Jeffrey M. Woosnam — President and Chief Executive Officer

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I anticipate that we accept out — we accept reallocated some of the concierge’s agents to added genitalia of the business. And accept the befalling to do that and that formed well, because allotment of — the timing of accomplishing that is as we’re branch aback into a new heating season. So the timing formed able-bodied and we are action to accept a aeon of college action and, so I think, but to some degree, there additionally — there were additionally reductions associated with that.

Steve Errico — Locust Wood Capital — Analyst

Okay. Well, again, guys, like we’re actual enthused about the direction, about the amount cutting. So, congratulations, and attending advanced to a acceptable year this year.

Richard F. Ambury — Chief Banking Officer

Thank you, Steve.

Operator

[Operator Instructions] And we do accept a aftereffect catechism from Matthew Spiegelman from Locust Wood Capital.

Matthew Spiegelman — Locust with Capital — Analyst

Hey guys, this is absolutely Matt. I aloof had one aftereffect to Steve’s questions. In the alpha of the call, you mentioned that some of the operational capability initiatives, we’re array of undertaken on a baby — I anticipate what you said was a baby sample admeasurement of the business. Aloof capital to accept what that meant, what genitalia of the business you were accomplishing these in and what that ability beggarly for the beyond befalling in agreement of amount savings.

Jeffrey M. Woosnam — President and Chief Executive Officer

Yeah. So it absolutely is — its a two-tiered approach. We batten in our alarm on — in the bounce about the abstraction of absolutely reevaluating our aerial anatomy as a business. And aloof demography a actual adamantine and cold attending at what we’re spending in those areas, and what was absolutely abacus amount and what wasn’t as abounding abundant value. And so that’s been an exercise that we’ve connected throughout the bounce and the summer we’ve been advantageous abundant to analyze assertive costs that we anticipation that we could abate and abduction and we’ve been able to do that.

And afresh the added basic of that is absolutely added focused on operational ability and that, that includes all departments. Agents departments, acreage and operations groups, our aback office, our celerity and a lot of it is absolutely been centered about aloof aggravating to abolish distractions and get anybody focused on active added finer in our amount business. And it’s, I mentioned, it is a baby sample admeasurement because we alpha to see that, we started to see that in the fourth division and that was reflected in the results, but it’s one affair to do that in August and addition affair to do that in January. So we are carefully optimistic and activity like we’re authoritative progress, but we’ve got to assassinate on that progress.

Matthew Spiegelman — Locust with Capital — Analyst

Thank you. Sounds like a abundant program.

Operator

And ladies and gentlemen, at this point I am assuming no added questions in the queue. I’d like to about-face the attic aback over to Mr. Woosnam for any closing remarks.

Jeffrey M. Woosnam — President and Chief Executive Officer

Well, acknowledge you for demography the time to accompany us today and your own advancing absorption in Star Group. We attending advanced to administration our 2020 budgetary aboriginal division after-effects with you in February. Thanks everyone.

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Operator

[Operator Closing Remarks]

Duration: 15 minutes

Chris Witty — Investor Relations

Jeffrey M. Woosnam — President and Chief Executive Officer

Richard F. Ambury — Chief Banking Officer

Steve Errico — Locust Wood Capital — Analyst

Matthew Spiegelman — Locust with Capital — Analyst

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