The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Timothy Mullen - Laurelton Management - Analyst
: First, I was just curious, given the lack of buybacks that have occurred in the past couple of months. I was curious if there's any changes to that
program and if the recent acquisitions, given their size had any impact on that program?
Richard Ambury - Star Group LP - Chief Financial Officer, Executive Vice President, Treasurer, Secretary of Kestrel Heat, LLC
There's really been no change to the program. It's still operating as we have it in place at the strike price that we have in place with JPMorgan. I
mean it's not an automatic pilot. We don't enter the market every day and say, buy, sell or buy, buy, buy. We're out of it, it's an automatic pilot.
Question: Timothy Mullen - Laurelton Management - Analyst
: Okay. Great. And if I could just ask one last one. In terms of just the consumer, it didn't seem like there was much in terms of changes to various
allowances for credit losses. But I was just curious just qualitatively, if you've seen any difference in terms of customers' ability to pay, timeliness
that kind of thing?
Richard Ambury - Star Group LP - Chief Financial Officer, Executive Vice President, Treasurer, Secretary of Kestrel Heat, LLC
Historically, and I've been here for 42 years, our bad debt rate has been [indiscernible] sales or pretty close to that on an annual basis. Now it has
been cold and people need home heating oil to heat their homes. So they will pay that bill during the winter. So we'll have to see how all that kind
of settles up at the end of the summer when they don't really need it, so to speak, because there won't be any deliveries. But historically, that's
been our bad debt rate for almost ever.
Question: Michael Prouting - 10K Capital - Analyst
: Congratulations to the entire team, a terrific execution. Just a couple of questions. One is, do you anticipate any impact from tariffs on heating oil
prices in your markets? And then secondly, on the acquisition front, I'm just wondering, is there anything that's happened tax-wise or otherwise,
do you think increased the availability of acquisitions? And do you feel like you have sufficient firepower right now to execute on the opportunities
in front of you?
Question: Michael Prouting - 10K Capital - Analyst
: Keep up the good work. Congratulations.
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