CrossAmerica Partners LP Reports Fourth
Quarter and Full Year 2022 Results
- Reported Fourth
Quarter 2022 Net Income of $17.1 million, Adjusted EBITDA of $44.3
million and Distributable Cash Flow of $33.3 million
- Generated Full
Year 2022 Net Income of $63.7 million, Adjusted EBITDA of $179.8
million and Distributable Cash Flow of $140.9 million
- Reported Fourth
Quarter 2022 Gross Profit for the Wholesale Segment of $32.8
million compared to $31.1 million of Gross Profit for the Fourth
Quarter 2021 and Fourth Quarter 2022 Gross Profit for the Retail
Segment of $60.4 million compared to $50.2 million of Gross Profit
for the Fourth Quarter 2021
- Generated Full
Year 2022 Gross Profit for the Wholesale Segment of $130.7 million
compared to $124.7 million of Gross Profit for the Full Year 2021
and Full Year 2022 Gross Profit for the Retail Segment of $245.0
million compared to $152.3 million of Gross Profit for the Full
Year 2021
- Leverage, as
defined in the CAPL Credit Facility, was 3.7 times as of December
31. 2022, compared to 5.1 times as of December 31, 2021
- The Distribution
Coverage Ratio was 1.67 times for the Fourth Quarter 2022 compared
to 1.56 times for the Fourth Quarter 2021 and for the Full Year
2022 was 1.77 times compared to 1.28 times for the comparable
period of 2021
- Appointed Thomas
E. Kelso as a member of the Board of Directors, effective February
24, 2023
- During the Fourth
Quarter 2022, CrossAmerica changed its segment reporting to
simplify the assessment of the performance of its operating
segments
Allentown, PA February 27, 2023 – CrossAmerica
Partners LP (NYSE: CAPL) (“CrossAmerica” or the “Partnership”), a
leading wholesale fuels distributor, convenience store operator,
and owner and lessor of real estate used in the retail distribution
of motor fuels, today reported financial results for the fourth
quarter and full year ended December 31, 2022.
“Our results for the quarter, and year, were
outstanding and our year-end balance sheet reflects our strong
overall financial position,” said Charles Nifong, President and CEO
of CrossAmerica. “Due to the strategic actions the board and
management team have taken since re-acquiring the general partner,
the Partnership was well positioned to capitalize on the favorable
operating environment in the second half of 2022. Our strong
strategic position and our excellent operational execution combined
to generate exceptional financial performance for the year.”
New Segment Reporting
During the fourth quarter of 2022, CrossAmerica
changed its segment reporting to simplify the assessment of the
performance of its operating segments. Prior to the fourth quarter,
the wholesale segment included the wholesale fuel gross profit on
intersegment sales by the wholesale segment to the retail segment.
Likewise, the wholesale segment included an allocation of operating
expenses related to the operation of CrossAmerica's retail sites
consistent with the allocation of the overall fuel gross
profit.
Starting in the fourth quarter of 2022, the
wholesale segment includes only the fuel gross profit on sales to
lessee dealers and independent dealers and the retail segment
includes the entire fuel gross profit on sales at CrossAmerica's
company operated and commission agent sites. Likewise, operating
expenses are allocated to each segment based on estimates of the
level of effort expended on the lessee and independent dealer
business in CrossAmerica's wholesale segment; and the company
operated and commission site business in the Partnership’s retail
segment.
CrossAmerica has recast the results of its
segments for periods prior to October 1, 2022 to be consistent with
the new segment reporting. CrossAmerica has provided tables at the
end of this press release to show the effects of this new segment
reporting for the past quarterly periods of 2022 and 2021.
Non-GAAP Measures and Same Store
Metrics
Non-GAAP measures used in this release include
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution
Coverage Ratio. These Non-GAAP measures are further described and
reconciled to their most directly comparable GAAP measures in the
Supplemental Disclosure Regarding Non-GAAP Financial Measures
section of this release.
Same store fuel volume and same store
merchandise sales include aggregated individual store results for
all stores that had fuel volume or merchandise sales in all months
for both periods. Same store merchandise sales excludes branded
food sales and other revenues such as lottery commissions and car
wash sales. Joe’s Kwik Marts’ volume/sales are not included in the
full year same store metrics, as the stores were not part of the
CrossAmerica retail segment in all months for both years (2022 and
2021).
Fourth Quarter and Full Year
Results
Consolidated Results
Key Operating Metrics |
Q4 2022 |
Q4 2021 |
|
FY2022 |
FY2021 |
Net Income |
$17.1M |
$12.0M |
|
$63.7M |
$21.7M |
Adjusted EBITDA |
$44.3M |
$37.0M |
|
$179.8M |
$123.3M |
Distributable Cash Flow |
$33.3M |
$31.0M |
|
$140.9M |
$102.2M |
Distribution Coverage Ratio |
1.67x |
1.56x |
|
1.77x |
1.28x |
CrossAmerica reported increases in Operating
Income, Net Income, Adjusted EBITDA and its Distribution Coverage
Ratio for the fourth quarter 2022 compared to the fourth quarter
2021 primarily due to improved fuel gross profit performance in
both the wholesale and retail segments. CrossAmerica also reported
increases in Operating Income, Net Income, Adjusted EBITDA and its
Distribution Coverage Ratio for the full year 2022 compared to the
full year 2021 due to the acquisition of assets from 7-Eleven in
the third quarter of 2021 as well as improved fuel gross profit
performance in the wholesale and retail segments.
Wholesale Segment
Key Operating Metrics |
Q4 2022 |
Q4 2021 |
|
FY 2022 |
FY 2021 |
Wholesale segment gross profit |
$32.8M |
$31.1M |
|
$130.7M |
$124.7M |
Wholesale motor fuel gallons distributed |
213.5M |
230.6M |
|
844.5M |
931.3M |
Average wholesale gross profit per gallon |
$ |
0.087 |
$ |
0.078 |
|
$ |
0.087 |
$ |
0.075 |
During the fourth quarter 2022, CrossAmerica’s wholesale segment
gross profit increased 6% compared to the fourth quarter 2021. This
was driven by an increase in motor fuel gross profit resulting from
a 12% increase in fuel margin per gallon, partially offset by a 7%
decline in wholesale volume distributed.
For the full year 2022, the Partnership's gross profit increased
5% from $124.7 million in 2021 to $130.7 million for the full year
2022. During both the fourth quarter and full year 2022, the
Partnership’s wholesale fuel margin benefited from its ongoing
execution of strategic initiatives and higher variable margins.
Higher wholesale variable margins were due to greater market
volatility during both the fourth quarter and full year 2022 as
compared to the fourth quarter and full year 2021. CrossAmerica
also benefited from higher terms discounts as a result of higher
fuel prices during the quarter and full year 2022 as compared to
the fourth quarter and full year 2021. Wholesale volume distributed
declined primarily due to lower volume in the CrossAmerica base
business during the fourth quarter and full year and, to a lesser
extent, the Partnership’s real estate optimization efforts.
Retail Segment
Key Operating Metrics |
Q4 2022 |
Q4 2021 |
|
FY 2022 |
FY 2021 |
Retail segment gross profit |
$60.4M |
$50.2M |
|
$245.0M |
$152.3M |
|
|
|
|
|
|
Retail segment motor fuel gallons distributed |
125.1M |
125.3M |
|
496.6M |
403.9M |
Same store motor fuel gallons distributed |
119.2M |
120.2M |
|
324.8M |
329.3M |
Retail segment motor fuel gross profit |
$35.9M |
$27.8M |
|
$146.5M |
$79.3M |
Retail segment margin per gallon, before deducting credit card fees
and commissions |
$ |
0.383 |
|
$ |
0.309 |
|
|
$ |
0.396 |
|
$ |
0.280 |
|
|
|
|
|
|
|
Same store merchandise sales excluding cigarettes* |
$42.6M |
$40.3M |
|
$103.9M |
$101.9M |
Merchandise gross profit* |
$18.6M |
$17.2M |
|
$76.1M |
$55.1M |
Merchandise gross profit percentage* |
|
27.5 |
% |
|
25.4 |
% |
|
|
27.2 |
% |
|
26.4 |
% |
*Includes only company operated retail sites
For the fourth quarter 2022, the retail segment
generated a 20% increase in gross profit compared to the fourth
quarter 2021. The retail segment generated a 61% increase in gross
profit for the full year 2022 when compared to the full year 2021.
The increases for both the fourth quarter and full year 2022 were
primarily due to higher motor fuel and merchandise gross profit,
partially offset by increased expenses, particularly in the areas
of labor and maintenance.
The retail segment sold 125.1 million of retail
fuel gallons during the fourth quarter 2022, which was relatively
flat when compared to the fourth quarter 2021. Same store retail
segment fuel volume for the fourth quarter 2022 declined 1% from
120.2 million gallons during the fourth quarter 2021 to 119.2
million gallons. The retail segment generated $8.1 million of
additional motor fuel gross profit for the three months ended
December 31, 2022, as compared to the same period in 2021 due to
higher fuel margins per gallon.
For the full year 2022, CrossAmerica sold 496.6
million of retail fuel gallons, which was an increase of 23% when
compared to the full year 2021. The increase was primarily driven
by the acquisition of assets from 7-Eleven, which occurred
primarily during the third quarter 2021. Same store fuel volume for
the full year 2022 was 324.8 million gallons compared to 329.3
million gallons for the same period of 2021, representing a slight
decline of 1%. The retail segment generated $67.2 million of
additional motor fuel gross profit for the twelve months ended
December 31, 2022, as compared to the same period in 2021 due to
both an increase in overall volume and a higher fuel margin per
gallon.
For both the fourth quarter and full year 2022,
CrossAmerica’s merchandise gross profit and other revenue increased
when compared to the fourth quarter and full year 2021. The fourth
quarter increase was primarily due to an increase in overall store
sales due to higher retail prices and improved product margins.
Same store merchandise sales excluding cigarettes increased 6% for
the fourth quarter 2022 when compared to the fourth quarter 2021.
The full year increase was due to higher retail prices and the
increase in company operated sites driven by the acquisition of
assets from 7-Eleven. Same store merchandise sales excluding
cigarettes increased 2% for the full year 2022 when compared to the
full year 2021. Merchandise gross profit percentage increased from
25.4% for the fourth quarter 2021 to 27.5% for the fourth quarter
2022 primarily due to improved merchandise margins in the
categories of packaged beverages, snacks and certain tobacco
products, including cigarettes. For the full year 2022, the
merchandise gross profit percentage increased to 27.2% from 26.4%
for the full year 2021 due to similar factors that impacted the
fourth quarter improvement in merchandise gross profit margin.
Acquisition and Divestment
Activity
On November 9, 2022, CrossAmerica closed on the
acquisition of assets from Community Service Stations, Inc. for a
purchase price of $27.5 million plus working capital. The assets
consisted of wholesale fuel supply contracts to 38 dealer owned
locations, 35 sub-wholesaler accounts and two commission locations
(1 fee based and 1 lease). CrossAmerica funded this acquisition
through borrowings on the CAPL Credit Facility and cash on
hand.
During the twelve months ended December 31,
2022, CrossAmerica sold 27 properties for $12.9 million in
proceeds, resulting in a net gain of $3.5 million.
Liquidity and Capital
Resources
As of December 31, 2022, CrossAmerica had $606.1
million outstanding under its CAPL Credit Facility and $159.0
million outstanding under its JKM Credit Facility. As of February
23, 2023, after taking into consideration debt covenant
restrictions, approximately $120.5 million was available for future
borrowings under the CAPL Credit Facility. Leverage, as defined in
the CAPL Credit Facility, was 3.7 times as of December 31, 2022,
compared to 5.1 times as of December 31, 2021. As of December 31,
2022, CrossAmerica was in compliance with its financial covenants
under the credit facilities.
Distributions
On January 19, 2023, the Board of the Directors
of CrossAmerica’s General Partner (“Board”) declared a quarterly
distribution of $0.5250 per limited partner unit attributable to
the fourth quarter 2022. As previously announced, the distribution
was paid on February 10, 2023 to all unitholders of record as of
February 3, 2023. The amount and timing of any future distributions
is subject to the discretion of the Board as provided in
CrossAmerica’s Partnership Agreement.
New Board Member
Effective as of February 24, 2023, Lehigh Gas GP
Holdings LLC, as the sole member of the General Partner, appointed
Thomas E. Kelso as a member of the Board. Prior to being appointed
a board member, Mr. Kelso co-founded and operated Ocean Petroleum
Co., Inc., a petroleum distributorship, and then joined Matrix
Capital Markets Group, Inc. in 1997 and created the firm’s
Downstream Energy and Convenience Retail Investment Banking Group.
He served as Group Head until he became President of the firm in
2017. Before retiring from Matrix in 2022, Mr. Kelso managed scores
of petroleum distribution and c-store transactions and has been a
frequent speaker at various industry trade group meetings
discussing topics related to capital formation and mergers and
acquisitions. He continues to hold Series 79, 63, 24 and 99 FINRA
securities licenses and has been active in numerous charitable
boards and community endeavors. Full biographical information for
Mr. Kelso is available on CrossAmerica’s website and in
CrossAmerica’s 2022 Annual Report on Form 10-K.
The Board has named Mr. Kelso as a member of the
audit and conflicts committees of the Board.
Conference Call
The Partnership will host a conference call on
February 28, 2023 at 9:00 a.m. Eastern Time to discuss fourth
quarter and full year 2022 earnings results. A live webcast of the
call can be accessed by going to the investor section of the
CrossAmerica Partners website at
https://caplp.gcs-web.com/webcasts-presentations. Interested
parties may participate live via telephone by registering at a
conference call link also provided at
https://caplp.gcs-web.com/webcasts-presentations. Please follow
this link and register with a valid email address. A PIN will be
provided to you with dial-in instructions. Also included on the
website on that same day will be related earnings materials,
including reconciliations of any non-GAAP financial measures to
GAAP financial measures and any other applicable disclosures. After
the live conference call, an archive of the webcast will be
available on the investor section of the CrossAmerica site at
https://caplp.gcs-web.com/webcasts-presentations within 24 hours
after the call for a period of sixty days.
CROSSAMERICA PARTNERS
LPCONSOLIDATED BALANCE
SHEETS(Thousands of Dollars, except unit
data)
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
16,054 |
|
|
$ |
7,648 |
|
Accounts receivable, net of allowances of $686 and $458,
respectively |
|
|
30,825 |
|
|
|
33,331 |
|
Accounts receivable from related parties |
|
|
743 |
|
|
|
1,149 |
|
Inventory |
|
|
47,307 |
|
|
|
46,100 |
|
Assets held for sale |
|
|
983 |
|
|
|
4,907 |
|
Current portion of interest rate swap contracts |
|
|
13,827 |
|
|
|
115 |
|
Other current assets |
|
|
8,667 |
|
|
|
13,065 |
|
Total current assets |
|
|
118,406 |
|
|
|
106,315 |
|
Property and equipment,
net |
|
|
728,379 |
|
|
|
755,454 |
|
Right-of-use assets, net |
|
|
164,942 |
|
|
|
169,333 |
|
Intangible assets, net |
|
|
113,919 |
|
|
|
114,187 |
|
Goodwill |
|
|
99,409 |
|
|
|
100,464 |
|
Interest rate swap contracts,
less current portion |
|
|
3,401 |
|
|
|
2,916 |
|
Other assets |
|
|
26,142 |
|
|
|
21,473 |
|
Total assets |
|
$ |
1,254,598 |
|
|
$ |
1,270,142 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current portion of debt and finance lease obligations |
|
$ |
11,151 |
|
|
$ |
10,939 |
|
Current portion of operating lease obligations |
|
|
35,345 |
|
|
|
34,832 |
|
Accounts payable |
|
|
77,048 |
|
|
|
67,173 |
|
Accounts payable to related parties |
|
|
7,798 |
|
|
|
7,679 |
|
Accrued expenses and other current liabilities |
|
|
23,144 |
|
|
|
20,682 |
|
Motor fuel and sales taxes payable |
|
|
20,813 |
|
|
|
22,585 |
|
Total current liabilities |
|
|
175,299 |
|
|
|
163,890 |
|
Debt and finance lease
obligations, less current portion |
|
|
761,638 |
|
|
|
810,635 |
|
Operating lease obligations,
less current portion |
|
|
135,220 |
|
|
|
140,149 |
|
Deferred tax liabilities,
net |
|
|
10,588 |
|
|
|
12,341 |
|
Asset retirement
obligations |
|
|
46,431 |
|
|
|
45,366 |
|
Other long-term
liabilities |
|
|
46,289 |
|
|
|
41,203 |
|
Total liabilities |
|
|
1,175,465 |
|
|
|
1,213,584 |
|
|
|
|
|
|
|
|
Commitments and contingencies
(Notes 15 and 16) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred membership
interests |
|
|
26,156 |
|
|
|
— |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Common units— 37,937,604 and 37,896,556 units issued and
outstanding at December 31, 2022 and 2021, respectively |
|
|
36,508 |
|
|
|
53,528 |
|
Accumulated other comprehensive income |
|
|
16,469 |
|
|
|
3,030 |
|
Total equity |
|
|
52,977 |
|
|
|
56,558 |
|
Total liabilities and equity |
|
$ |
1,254,598 |
|
|
$ |
1,270,142 |
|
CROSSAMERICA PARTNERS
LPCONSOLIDATED STATEMENTS OF
OPERATIONS(Thousands of Dollars, Except Unit and
Per Unit Amounts)
|
|
(Unaudited)Three Months EndedDecember
31, |
|
|
Year EndedDecember 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Operating revenues (a) |
|
$ |
1,124,773 |
|
|
$ |
1,077,519 |
|
|
$ |
4,967,424 |
|
|
$ |
3,579,259 |
|
Cost of sales (b) |
|
|
1,031,507 |
|
|
|
996,259 |
|
|
|
4,591,653 |
|
|
|
3,302,306 |
|
Gross profit |
|
|
93,266 |
|
|
|
81,260 |
|
|
|
375,771 |
|
|
|
276,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (c) |
|
|
43,538 |
|
|
|
39,058 |
|
|
|
174,708 |
|
|
|
134,079 |
|
General and administrative expenses |
|
|
6,813 |
|
|
|
6,501 |
|
|
|
25,575 |
|
|
|
30,930 |
|
Depreciation, amortization and accretion expense |
|
|
19,102 |
|
|
|
21,120 |
|
|
|
80,625 |
|
|
|
77,852 |
|
Total operating expenses |
|
|
69,453 |
|
|
|
66,679 |
|
|
|
280,908 |
|
|
|
242,861 |
|
Gain on dispositions and lease
terminations, net |
|
|
1,763 |
|
|
|
1,662 |
|
|
|
1,143 |
|
|
|
2,037 |
|
Operating income |
|
|
25,576 |
|
|
|
16,243 |
|
|
|
96,006 |
|
|
|
36,129 |
|
Other income, net |
|
|
152 |
|
|
|
125 |
|
|
|
504 |
|
|
|
544 |
|
Interest expense |
|
|
(9,767 |
) |
|
|
(5,949 |
) |
|
|
(32,100 |
) |
|
|
(18,244 |
) |
Income before income
taxes |
|
|
15,961 |
|
|
|
10,419 |
|
|
|
64,410 |
|
|
|
18,429 |
|
Income tax (benefit)
expense |
|
|
(1,129 |
) |
|
|
(1,561 |
) |
|
|
714 |
|
|
|
(3,225 |
) |
Net income |
|
|
17,090 |
|
|
|
11,980 |
|
|
|
63,696 |
|
|
|
21,654 |
|
Accretion of preferred
membership interests |
|
|
588 |
|
|
|
— |
|
|
|
1,726 |
|
|
|
— |
|
Net income available to
limited partners |
|
$ |
16,502 |
|
|
$ |
11,980 |
|
|
$ |
61,970 |
|
|
$ |
21,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
unit |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.44 |
|
|
$ |
0.32 |
|
|
$ |
1.63 |
|
|
$ |
0.57 |
|
Diluted |
|
$ |
0.43 |
|
|
$ |
0.32 |
|
|
$ |
1.63 |
|
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common units: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic common units |
|
|
37,928,970 |
|
|
|
37,891,701 |
|
|
|
37,916,829 |
|
|
|
37,880,910 |
|
Diluted common units |
|
|
38,085,600 |
|
|
|
37,913,003 |
|
|
|
38,059,774 |
|
|
|
37,884,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information: |
|
|
|
|
|
|
|
|
|
|
|
|
(a) includes excise taxes of: |
|
$ |
65,913 |
|
|
$ |
72,584 |
|
|
$ |
270,501 |
|
|
$ |
228,764 |
|
(a) includes rent income of: |
|
|
21,370 |
|
|
|
20,350 |
|
|
|
84,106 |
|
|
|
83,182 |
|
(b) excludes depreciation, amortization and accretion |
|
|
|
|
|
|
|
|
|
|
|
|
(b) includes rent expense of: |
|
|
5,765 |
|
|
|
5,853 |
|
|
|
23,457 |
|
|
|
23,765 |
|
(c) includes rent expense of: |
|
|
3,733 |
|
|
|
3,717 |
|
|
|
15,254 |
|
|
|
13,531 |
|
CROSSAMERICA PARTNERS
LPCONSOLIDATED STATEMENTS OF CASH
FLOWS(Thousands of Dollars)
|
|
For the Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
63,696 |
|
|
$ |
21,654 |
|
|
$ |
107,456 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation, amortization and accretion expense |
|
|
80,625 |
|
|
|
77,852 |
|
|
|
68,742 |
|
Amortization of deferred financing costs |
|
|
2,788 |
|
|
|
1,862 |
|
|
|
1,042 |
|
Credit loss expense |
|
|
232 |
|
|
|
253 |
|
|
|
1,210 |
|
Deferred income tax benefit |
|
|
(1,753 |
) |
|
|
(3,761 |
) |
|
|
(4,436 |
) |
Equity-based employee and director compensation expense |
|
|
2,294 |
|
|
|
1,311 |
|
|
|
172 |
|
Gain on dispositions and lease terminations, net |
|
|
(1,143 |
) |
|
|
(2,037 |
) |
|
|
(88,912 |
) |
Changes in operating assets and liabilities, net of
acquisitions |
|
|
14,578 |
|
|
|
(1,666 |
) |
|
|
19,210 |
|
Net cash provided by operating activities |
|
|
161,317 |
|
|
|
95,468 |
|
|
|
104,484 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Principal payments received on notes receivable |
|
|
203 |
|
|
|
793 |
|
|
|
974 |
|
Proceeds from sale of assets |
|
|
13,344 |
|
|
|
15,359 |
|
|
|
21,729 |
|
Proceeds from sale of assets to Circle K |
|
|
— |
|
|
|
— |
|
|
|
23,049 |
|
Capital expenditures |
|
|
(30,351 |
) |
|
|
(41,859 |
) |
|
|
(37,057 |
) |
Cash paid in connection with acquisitions, net of cash
acquired |
|
|
(29,594 |
) |
|
|
(272,983 |
) |
|
|
(28,244 |
) |
Net cash used in investing activities |
|
|
(46,398 |
) |
|
|
(298,690 |
) |
|
|
(19,549 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Borrowings under revolving credit facilities |
|
|
114,100 |
|
|
|
194,895 |
|
|
|
106,180 |
|
Repayments on revolving credit facilities |
|
|
(138,538 |
) |
|
|
(77,500 |
) |
|
|
(112,000 |
) |
Borrowings under the Term Loan Facility |
|
|
1,120 |
|
|
|
182,460 |
|
|
|
— |
|
Repayments on the Term Loan Facility |
|
|
(24,600 |
) |
|
|
— |
|
|
|
— |
|
Net proceeds from issuance of preferred membership interests |
|
|
24,430 |
|
|
|
— |
|
|
|
— |
|
Payments of finance lease obligations |
|
|
(2,724 |
) |
|
|
(2,604 |
) |
|
|
(2,458 |
) |
Payments of deferred financing costs |
|
|
(474 |
) |
|
|
(7,201 |
) |
|
|
— |
|
Distributions paid on distribution equivalent rights |
|
|
(202 |
) |
|
|
(141 |
) |
|
|
(40 |
) |
Distributions paid to holders of the IDRs |
|
|
— |
|
|
|
— |
|
|
|
(133 |
) |
Distributions paid on common units |
|
|
(79,625 |
) |
|
|
(79,552 |
) |
|
|
(77,751 |
) |
Net cash (used in) provided by financing activities |
|
|
(106,513 |
) |
|
|
210,357 |
|
|
|
(86,202 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
|
8,406 |
|
|
|
7,135 |
|
|
|
(1,267 |
) |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period |
|
|
7,648 |
|
|
|
513 |
|
|
|
1,780 |
|
Cash and cash
equivalents at end of period |
|
$ |
16,054 |
|
|
$ |
7,648 |
|
|
$ |
513 |
|
Segment Results
Wholesale
The following table highlights the results of
operations and certain operating metrics of the Wholesale segment
(thousands of dollars, except for the number of distribution sites
and per gallon amounts):
|
|
Three Months EndedDecember
31, |
|
|
Year EndedDecember 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Gross
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel gross profit |
|
$ |
18,659 |
|
|
$ |
17,990 |
|
|
$ |
73,378 |
|
|
$ |
70,221 |
|
Rent gross profit |
|
|
12,908 |
|
|
|
12,006 |
|
|
|
50,852 |
|
|
|
50,736 |
|
Other revenues |
|
|
1,259 |
|
|
|
1,063 |
|
|
|
6,509 |
|
|
|
3,721 |
|
Total gross profit |
|
|
32,826 |
|
|
|
31,059 |
|
|
|
130,739 |
|
|
|
124,678 |
|
Operating expenses |
|
|
(8,956 |
) |
|
|
(8,942 |
) |
|
|
(37,072 |
) |
|
|
(37,906 |
) |
Operating Income |
|
$ |
23,870 |
|
|
$ |
22,117 |
|
|
$ |
93,667 |
|
|
$ |
86,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel distribution
sites (end of period): (a) |
|
|
|
|
|
|
|
|
|
|
|
|
Independent dealers (b) |
|
|
663 |
|
|
|
666 |
|
|
|
663 |
|
|
|
666 |
|
Lessee dealers (c) |
|
|
619 |
|
|
|
637 |
|
|
|
619 |
|
|
|
637 |
|
Total motor fuel distribution sites |
|
|
1,282 |
|
|
|
1,303 |
|
|
|
1,282 |
|
|
|
1,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel distribution
sites (average): |
|
|
1,274 |
|
|
|
1,309 |
|
|
|
1,286 |
|
|
|
1,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume of gallons
distributed |
|
|
213,501 |
|
|
|
230,643 |
|
|
|
844,486 |
|
|
|
931,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin per
gallon |
|
$ |
0.087 |
|
|
$ |
0.078 |
|
|
$ |
0.087 |
|
|
$ |
0.075 |
|
(a) In addition, CrossAmerica distributed motor fuel to
sub-wholesalers who distributed to additional sites.(b) The
decrease in the independent dealer site count for both periods
(fourth quarter 2021 to fourth quarter 2022 and December 31, 2021
to December 31, 2022) was primarily attributable to expiration of
contracts, most of which were lower margin, partially offset by the
increase in independent dealer sites as a result of the acquisition
of assets from Community Service Stations, Inc. (c) The decreases
in the lessee dealer count for both periods (fourth quarter 2021 to
fourth quarter 2022 and December 31, 2021 to December 31, 2022)
were primarily attributable to the real estate rationalization
effort.
Retail
The following table highlights the results of
operations and certain operating metrics of the Retail segment (in
thousands, except for the number of retail sites):
|
|
Three Months EndedDecember
31, |
|
|
Year EndedDecember 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Gross
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel |
|
$ |
35,925 |
|
|
$ |
27,791 |
|
|
$ |
146,546 |
|
|
$ |
79,318 |
|
Merchandise |
|
|
18,639 |
|
|
|
17,241 |
|
|
|
76,135 |
|
|
|
55,117 |
|
Rent |
|
|
2,697 |
|
|
|
2,491 |
|
|
|
9,797 |
|
|
|
8,681 |
|
Other revenue |
|
|
3,179 |
|
|
|
2,679 |
|
|
|
12,554 |
|
|
|
9,159 |
|
Total gross profit |
|
|
60,440 |
|
|
|
50,202 |
|
|
|
245,032 |
|
|
|
152,275 |
|
Operating expenses |
|
|
(34,582 |
) |
|
|
(30,116 |
) |
|
|
(137,636 |
) |
|
|
(96,173 |
) |
Operating income |
|
$ |
25,858 |
|
|
$ |
20,086 |
|
|
$ |
107,396 |
|
|
$ |
56,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail sites (end of
period): |
|
|
|
|
|
|
|
|
|
|
|
|
Company operated retail sites |
|
|
255 |
|
|
|
252 |
|
|
|
255 |
|
|
|
252 |
|
Commission agents |
|
|
200 |
|
|
|
198 |
|
|
|
200 |
|
|
|
198 |
|
Total retail segment sites |
|
|
455 |
|
|
|
450 |
|
|
|
455 |
|
|
|
450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total retail segment
statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume of gallons sold |
|
|
125,110 |
|
|
|
125,286 |
|
|
|
496,634 |
|
|
|
403,850 |
|
Same store total system gallons
sold |
|
|
119,181 |
|
|
|
120,199 |
|
|
|
324,763 |
|
|
|
329,346 |
|
Average retail fuel sites |
|
|
451 |
|
|
|
451 |
|
|
|
452 |
|
|
|
389 |
|
Margin per gallon, before
deducting credit card fees and commissions |
|
$ |
0.383 |
|
|
$ |
0.309 |
|
|
$ |
0.396 |
|
|
$ |
0.280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company operated site
statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Average retail fuel sites |
|
|
253 |
|
|
|
253 |
|
|
|
253 |
|
|
|
187 |
|
Same store fuel volume (a) |
|
|
77,785 |
|
|
|
79,388 |
|
|
|
167,762 |
|
|
|
170,082 |
|
Margin per gallon, before
deducting credit card fees |
|
$ |
0.422 |
|
|
$ |
0.328 |
|
|
$ |
0.426 |
|
|
$ |
0.309 |
|
Same store merchandise sales
(a) |
|
$ |
63,283 |
|
|
$ |
62,763 |
|
|
$ |
150,408 |
|
|
$ |
153,305 |
|
Same store merchandise sales
excluding cigarettes (a) |
|
$ |
42,597 |
|
|
$ |
40,258 |
|
|
$ |
103,914 |
|
|
$ |
101,888 |
|
Merchandise gross profit
percentage |
|
|
27.5 |
% |
|
|
25.4 |
% |
|
|
27.2 |
% |
|
|
26.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission site
statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Average retail fuel sites |
|
|
198 |
|
|
|
198 |
|
|
|
199 |
|
|
|
202 |
|
Margin per gallon, before
deducting credit card fees and commissions |
|
$ |
0.310 |
|
|
$ |
0.270 |
|
|
$ |
0.336 |
|
|
$ |
0.238 |
|
(a) Same store fuel volume and same store merchandise sales
include aggregated individual store results for all stores that had
fuel volume or merchandise sales in all months for both periods.
Same store merchandise sales excludes branded food sales and other
revenues such as lottery commissions and car wash sales.
Supplemental Disclosure Regarding
Non-GAAP Financial Measures
CrossAmerica uses the non-GAAP financial
measures EBITDA, Adjusted EBITDA, Distributable Cash Flow and
Distribution Coverage Ratio. EBITDA represents net income before
deducting interest expense, income taxes and depreciation,
amortization and accretion (which includes certain impairment
charges). Adjusted EBITDA represents EBITDA as further adjusted to
exclude equity-based compensation expense, gains or losses on
dispositions and lease terminations, net and certain discrete
acquisition related costs, such as legal and other professional
fees, separation benefit costs and certain other discrete non-cash
items arising from purchase accounting. Distributable Cash Flow
represents Adjusted EBITDA less cash interest expense, sustaining
capital expenditures and current income tax expense. The
Distribution Coverage Ratio is computed by dividing Distributable
Cash Flow by distributions paid.
EBITDA, Adjusted EBITDA, Distributable Cash Flow
and Distribution Coverage Ratio are used as supplemental financial
measures by management and by external users of our financial
statements, such as investors and lenders. EBITDA and Adjusted
EBITDA are used to assess CrossAmerica’s financial performance
without regard to financing methods, capital structure or income
taxes and the ability to incur and service debt and to fund capital
expenditures. In addition, Adjusted EBITDA is used to assess the
operating performance of the Partnership’s business on a consistent
basis by excluding the impact of items which do not result directly
from the wholesale distribution of motor fuel, the leasing of real
property, or the day to day operations of CrossAmerica’s retail
site activities. EBITDA, Adjusted EBITDA, Distributable Cash Flow
and Distribution Coverage Ratio are also used to assess the ability
to generate cash sufficient to make distributions to CrossAmerica’s
unitholders.
CrossAmerica believes the presentation of
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution
Coverage Ratio provides useful information to investors in
assessing the financial condition and results of operations.
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution
Coverage Ratio should not be considered alternatives to net income
or any other measure of financial performance or liquidity
presented in accordance with U.S. GAAP. EBITDA, Adjusted EBITDA,
Distributable Cash Flow and Distribution Coverage Ratio have
important limitations as analytical tools because they exclude some
but not all items that affect net income. Additionally, because
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution
Coverage Ratio may be defined differently by other companies in the
industry, CrossAmerica’s definitions may not be comparable to
similarly titled measures of other companies, thereby diminishing
their utility.
The following table presents reconciliations of
EBITDA, Adjusted EBITDA, and Distributable Cash Flow to net income,
the most directly comparable U.S. GAAP financial measure, for each
of the periods indicated (in thousands, except for per unit
amounts):
|
|
Three Months EndedDecember
31, |
|
|
Year EndedDecember 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net income
(a) |
|
$ |
17,090 |
|
|
$ |
11,980 |
|
|
$ |
63,696 |
|
|
$ |
21,654 |
|
Interest expense |
|
|
9,767 |
|
|
|
5,949 |
|
|
|
32,100 |
|
|
|
18,244 |
|
Income tax (benefit) expense |
|
|
(1,129 |
) |
|
|
(1,561 |
) |
|
|
714 |
|
|
|
(3,225 |
) |
Depreciation, amortization and accretion |
|
|
19,102 |
|
|
|
21,120 |
|
|
|
80,625 |
|
|
|
77,852 |
|
EBITDA |
|
|
44,830 |
|
|
|
37,488 |
|
|
|
177,135 |
|
|
|
114,525 |
|
Equity-based employee and director compensation expense |
|
|
686 |
|
|
|
215 |
|
|
|
2,294 |
|
|
|
1,311 |
|
Gain on dispositions and lease terminations, net |
|
|
(1,763 |
) |
|
|
(1,662 |
) |
|
|
(1,143 |
) |
|
|
(2,037 |
) |
Acquisition-related costs (b) |
|
|
523 |
|
|
|
959 |
|
|
|
1,508 |
|
|
|
9,461 |
|
Adjusted
EBITDA |
|
|
44,276 |
|
|
|
37,000 |
|
|
|
179,794 |
|
|
|
123,260 |
|
Cash interest expense |
|
|
(9,032 |
) |
|
|
(5,269 |
) |
|
|
(29,312 |
) |
|
|
(16,382 |
) |
Sustaining capital expenditures (c) |
|
|
(1,973 |
) |
|
|
(754 |
) |
|
|
(7,164 |
) |
|
|
(4,161 |
) |
Current income tax benefit (expense) |
|
|
53 |
|
|
|
— |
|
|
|
(2,466 |
) |
|
|
(548 |
) |
Distributable Cash
Flow |
|
$ |
33,324 |
|
|
$ |
30,977 |
|
|
$ |
140,852 |
|
|
$ |
102,169 |
|
Distributions paid |
|
$ |
19,913 |
|
|
$ |
19,893 |
|
|
$ |
79,625 |
|
|
$ |
79,552 |
|
Distribution Coverage
Ratio (d) |
|
1.67x |
|
|
1.56x |
|
|
1.77x |
|
|
1.28x |
|
(a) Beginning in the second quarter of 2022, CrossAmerica
reconciled Adjusted EBITDA to Net Income rather than to Net income
available to limited partners. The difference between Net income
and Net income available to limited partners is that, beginning in
the second quarter of 2022, the accretion of preferred membership
interests issued in late March 2022 is a deduction from Net income
in computing Net income available to limited partners. Because
Adjusted EBITDA is used to assess our financial performance,
without regard to capital structure, CrossAmerica believes Adjusted
EBITDA should be reconciled with Net Income, so that the
calculation isn’t impacted by the accretion of preferred membership
interests. This approach is comparable to the reconciliation of
Adjusted EBITDA to Net income available to limited partners in past
periods, as the Partnership has not recorded accretion of preferred
membership interests in past periods.(b) Relates to certain
discrete acquisition-related costs, such as legal and other
professional fees, separation benefit costs and certain purchase
accounting adjustments associated with recently acquired
businesses.(c) Under the Partnership Agreement, sustaining capital
expenditures are capital expenditures made to maintain
CrossAmerica's long-term operating income or operating capacity.
Examples of sustaining capital expenditures are those made to
maintain existing contract volumes, including payments to renew
existing distribution contracts, or to maintain the sites in
conditions suitable to lease, such as parking lot or roof
replacement/renovation, or to replace equipment required to operate
the existing business.(d) In 2022, CrossAmerica updated its
calculation of its Distribution Coverage Ratio to divide
Distributable Cash Flow by distributions paid, whereas in prior
periods, the Distribution Coverage Ratio was calculated as
Distributable Cash Flow divided by the weighted-average diluted
common units and then CrossAmerica divided that result by
distributions paid per limited partner unit.
New Segment Reporting
During the fourth quarter of 2022, CrossAmerica changed its
segment reporting to simplify the assessment of performance of its
operating segments. CrossAmerica has recast the results of its
segments for periods prior to October 1, 2022 to be consistent with
the new segment reporting. CrossAmerica has provided tables below
to show the effects of this new segment reporting for the past
quarterly periods of 2022 and 2021.
Wholesale Segment
2022
|
|
Three Months Ended, |
|
|
Year EndedDecember 31, |
|
|
|
3/31/2022 |
|
|
6/30/2022 |
|
|
9/30/2022 |
|
|
12/31/2022 |
|
|
2022 |
|
Gross
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel gross profit |
|
$ |
16,184 |
|
|
$ |
19,034 |
|
|
$ |
19,501 |
|
|
$ |
18,659 |
|
|
$ |
73,378 |
|
Rent gross profit |
|
|
12,339 |
|
|
|
12,646 |
|
|
|
12,959 |
|
|
|
12,908 |
|
|
|
50,852 |
|
Other revenues |
|
|
1,786 |
|
|
|
1,807 |
|
|
|
1,657 |
|
|
|
1,259 |
|
|
|
6,509 |
|
Total gross profit |
|
|
30,309 |
|
|
|
33,487 |
|
|
|
34,117 |
|
|
|
32,826 |
|
|
|
130,739 |
|
Operating expenses |
|
|
(8,716 |
) |
|
|
(9,329 |
) |
|
|
(10,071 |
) |
|
|
(8,956 |
) |
|
|
(37,072 |
) |
Operating Income |
|
$ |
21,593 |
|
|
$ |
24,158 |
|
|
$ |
24,046 |
|
|
$ |
23,870 |
|
|
$ |
93,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel distribution
sites (end of period): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent dealers |
|
|
656 |
|
|
|
637 |
|
|
|
623 |
|
|
|
663 |
|
|
|
663 |
|
Lessee dealers |
|
|
642 |
|
|
|
645 |
|
|
|
641 |
|
|
|
619 |
|
|
|
619 |
|
Total motor fuel distribution sites |
|
|
1,298 |
|
|
|
1,282 |
|
|
|
1,264 |
|
|
|
1,282 |
|
|
|
1,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel distribution
sites (average): |
|
|
1,302 |
|
|
|
1,289 |
|
|
|
1,273 |
|
|
|
1,274 |
|
|
|
1,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume of gallons
distributed |
|
|
203,915 |
|
|
|
214,413 |
|
|
|
212,657 |
|
|
|
213,501 |
|
|
|
844,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin per
gallon |
|
$ |
0.079 |
|
|
$ |
0.089 |
|
|
$ |
0.092 |
|
|
$ |
0.087 |
|
|
$ |
0.087 |
|
2021
|
|
Three Months Ended, |
|
|
Year EndedDecember 31, |
|
|
|
3/31/2021 |
|
|
6/30/2021 |
|
|
9/30/2021 |
|
|
12/31/2021 |
|
|
2021 |
|
Gross
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel gross profit |
|
$ |
15,523 |
|
|
$ |
18,529 |
|
|
$ |
18,179 |
|
|
$ |
17,990 |
|
|
$ |
70,221 |
|
Rent gross profit |
|
|
12,493 |
|
|
|
12,973 |
|
|
|
13,264 |
|
|
|
12,006 |
|
|
|
50,736 |
|
Other revenues |
|
|
1,134 |
|
|
|
729 |
|
|
|
795 |
|
|
|
1,063 |
|
|
|
3,721 |
|
Total gross profit |
|
|
29,150 |
|
|
|
32,231 |
|
|
|
32,238 |
|
|
|
31,059 |
|
|
|
124,678 |
|
Operating expenses |
|
|
(9,755 |
) |
|
|
(10,730 |
) |
|
|
(8,479 |
) |
|
|
(8,942 |
) |
|
|
(37,906 |
) |
Operating Income |
|
$ |
19,395 |
|
|
$ |
21,501 |
|
|
$ |
23,759 |
|
|
$ |
22,117 |
|
|
$ |
86,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel distribution
sites (end of period): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent dealers |
|
|
683 |
|
|
|
675 |
|
|
|
676 |
|
|
|
666 |
|
|
|
666 |
|
Lessee dealers |
|
|
648 |
|
|
|
651 |
|
|
|
643 |
|
|
|
637 |
|
|
|
637 |
|
Total motor fuel distribution sites |
|
|
1,331 |
|
|
|
1,326 |
|
|
|
1,319 |
|
|
|
1,303 |
|
|
|
1,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel distribution
sites (average): |
|
|
1,338 |
|
|
|
1,328 |
|
|
|
1,325 |
|
|
|
1,309 |
|
|
|
1,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume of gallons
distributed |
|
|
213,708 |
|
|
|
242,392 |
|
|
|
244,545 |
|
|
|
230,643 |
|
|
|
931,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin per
gallon |
|
$ |
0.073 |
|
|
$ |
0.076 |
|
|
$ |
0.074 |
|
|
$ |
0.078 |
|
|
$ |
0.075 |
|
Retail Segment
2022
|
|
Three Months Ended, |
|
|
Year EndedDecember 31, |
|
|
|
3/31/2022 |
|
|
6/30/2022 |
|
|
9/30/2022 |
|
|
12/31/2022 |
|
|
2022 |
|
Gross
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel |
|
$ |
26,304 |
|
|
$ |
29,841 |
|
|
$ |
54,476 |
|
|
$ |
35,925 |
|
|
$ |
146,546 |
|
Merchandise |
|
|
16,682 |
|
|
|
20,165 |
|
|
|
20,649 |
|
|
|
18,639 |
|
|
|
76,135 |
|
Rent |
|
|
2,447 |
|
|
|
2,258 |
|
|
|
2,395 |
|
|
|
2,697 |
|
|
|
9,797 |
|
Other revenue |
|
|
3,088 |
|
|
|
3,194 |
|
|
|
3,093 |
|
|
|
3,179 |
|
|
|
12,554 |
|
Total gross profit |
|
|
48,521 |
|
|
|
55,458 |
|
|
|
80,613 |
|
|
|
60,440 |
|
|
|
245,032 |
|
Operating expenses |
|
|
(33,393 |
) |
|
|
(32,887 |
) |
|
|
(36,774 |
) |
|
|
(34,582 |
) |
|
|
(137,636 |
) |
Operating income |
|
$ |
15,128 |
|
|
$ |
22,571 |
|
|
$ |
43,839 |
|
|
$ |
25,858 |
|
|
$ |
107,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail sites (end of
period): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company operated retail sites |
|
|
255 |
|
|
|
253 |
|
|
|
252 |
|
|
|
255 |
|
|
|
255 |
|
Commission agents |
|
|
201 |
|
|
|
199 |
|
|
|
198 |
|
|
|
200 |
|
|
|
200 |
|
Total retail segment sites |
|
|
456 |
|
|
|
452 |
|
|
|
450 |
|
|
|
455 |
|
|
|
455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total retail segment
statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume of gallons sold |
|
|
116,040 |
|
|
|
128,815 |
|
|
|
126,669 |
|
|
|
125,110 |
|
|
|
496,634 |
|
Average retail fuel sites |
|
|
454 |
|
|
|
454 |
|
|
|
451 |
|
|
|
451 |
|
|
|
452 |
|
Margin per gallon, before
deducting credit card fees and commissions |
|
$ |
0.319 |
|
|
$ |
0.340 |
|
|
$ |
0.534 |
|
|
$ |
0.383 |
|
|
$ |
0.396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
operated site statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average retail fuel sites |
|
|
254 |
|
|
|
254 |
|
|
|
253 |
|
|
|
253 |
|
|
|
253 |
|
Same store fuel volume |
|
|
39,182 |
|
|
|
45,078 |
|
|
|
45,829 |
|
|
|
77,785 |
|
|
|
167,762 |
|
Margin per gallon, before
deducting credit card fees |
|
$ |
0.327 |
|
|
$ |
0.350 |
|
|
$ |
0.596 |
|
|
$ |
0.422 |
|
|
$ |
0.426 |
|
Same store merchandise sales |
|
$ |
34,447 |
|
|
$ |
40,744 |
|
|
$ |
42,044 |
|
|
$ |
63,283 |
|
|
$ |
150,408 |
|
Same store merchandise sales
excluding cigarettes |
|
$ |
23,081 |
|
|
$ |
28,187 |
|
|
$ |
29,167 |
|
|
$ |
42,597 |
|
|
$ |
103,914 |
|
Merchandise gross profit
percentage |
|
|
26.8 |
% |
|
|
27.3 |
% |
|
|
27.1 |
% |
|
|
27.5 |
% |
|
|
27.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission site statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average retail fuel sites |
|
|
200 |
|
|
|
200 |
|
|
|
198 |
|
|
|
198 |
|
|
|
199 |
|
Margin per gallon, before
deducting credit card fees and commissions |
|
$ |
0.303 |
|
|
$ |
0.320 |
|
|
$ |
0.410 |
|
|
$ |
0.310 |
|
|
$ |
0.336 |
|
2021
|
|
Three Months Ended, |
|
|
Year EndedDecember 31, |
|
|
|
3/31/2021 |
|
|
6/30/2021 |
|
|
9/30/2021 |
|
|
12/31/2021 |
|
|
2021 |
|
Gross
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel |
|
$ |
11,429 |
|
|
$ |
16,725 |
|
|
$ |
23,373 |
|
|
$ |
27,791 |
|
|
$ |
79,318 |
|
Merchandise |
|
|
10,364 |
|
|
|
11,969 |
|
|
|
15,543 |
|
|
|
17,241 |
|
|
|
55,117 |
|
Rent |
|
|
2,066 |
|
|
|
1,858 |
|
|
|
2,266 |
|
|
|
2,491 |
|
|
|
8,681 |
|
Other revenue |
|
|
1,859 |
|
|
|
2,311 |
|
|
|
2,310 |
|
|
|
2,679 |
|
|
|
9,159 |
|
Total gross profit |
|
|
25,718 |
|
|
|
32,863 |
|
|
|
43,492 |
|
|
|
50,202 |
|
|
|
152,275 |
|
Operating expenses |
|
|
(19,648 |
) |
|
|
(20,340 |
) |
|
|
(26,069 |
) |
|
|
(30,116 |
) |
|
|
(96,173 |
) |
Operating income |
|
$ |
6,070 |
|
|
$ |
12,523 |
|
|
$ |
17,423 |
|
|
$ |
20,086 |
|
|
$ |
56,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail sites (end of
period): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company operated retail sites |
|
|
151 |
|
|
|
152 |
|
|
|
248 |
|
|
|
252 |
|
|
|
252 |
|
Commission agents |
|
|
205 |
|
|
|
202 |
|
|
|
200 |
|
|
|
198 |
|
|
|
198 |
|
Total retail segment sites |
|
|
356 |
|
|
|
354 |
|
|
|
448 |
|
|
|
450 |
|
|
|
450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total retail segment
statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume of gallons sold |
|
|
78,235 |
|
|
|
89,806 |
|
|
|
110,523 |
|
|
|
125,286 |
|
|
|
403,850 |
|
Average retail fuel sites |
|
|
356 |
|
|
|
353 |
|
|
|
395 |
|
|
|
451 |
|
|
|
389 |
|
Margin per gallon, before
deducting credit card fees and commissions |
|
$ |
0.224 |
|
|
$ |
0.268 |
|
|
$ |
0.295 |
|
|
$ |
0.309 |
|
|
$ |
0.280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
operated site statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average retail fuel sites |
|
|
151 |
|
|
|
150 |
|
|
|
194 |
|
|
|
253 |
|
|
|
187 |
|
Same store fuel volume |
|
|
37,499 |
|
|
|
44,340 |
|
|
|
49,478 |
|
|
|
79,388 |
|
|
|
170,082 |
|
Margin per gallon, before
deducting credit card fees |
|
$ |
0.261 |
|
|
$ |
0.299 |
|
|
$ |
0.321 |
|
|
$ |
0.328 |
|
|
$ |
0.309 |
|
Same store merchandise sales |
|
$ |
35,579 |
|
|
$ |
42,017 |
|
|
$ |
42,871 |
|
|
$ |
62,763 |
|
|
$ |
153,305 |
|
Same store merchandise sales
excluding cigarettes |
|
$ |
22,953 |
|
|
$ |
27,952 |
|
|
$ |
28,737 |
|
|
$ |
40,258 |
|
|
$ |
101,888 |
|
Merchandise gross profit
percentage |
|
|
27.4 |
% |
|
|
26.5 |
% |
|
|
26.7 |
% |
|
|
25.4 |
% |
|
|
26.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission site statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average retail fuel sites |
|
|
205 |
|
|
|
203 |
|
|
|
201 |
|
|
|
198 |
|
|
|
202 |
|
Margin per gallon, before
deducting credit card fees and commissions |
|
$ |
0.190 |
|
|
$ |
0.236 |
|
|
$ |
0.255 |
|
|
$ |
0.270 |
|
|
$ |
0.238 |
|
About CrossAmerica Partners
LP
CrossAmerica Partners LP is a leading wholesale
distributor of motor fuels, convenience store operator, and owner
and lessee of real estate used in the retail distribution of motor
fuels. Its general partner, CrossAmerica GP LLC, is indirectly
owned and controlled by entities affiliated with Joseph V. Topper,
Jr., the founder of CrossAmerica Partners and a member of the board
of the general partner since 2012. Formed in 2012, CrossAmerica
Partners LP is a distributor of branded and unbranded petroleum for
motor vehicles in the United States and distributes fuel to
approximately 1,750 locations and owns or leases approximately
1,150 sites. With a geographic footprint covering 34 states, the
Partnership has well-established relationships with several major
oil brands, including ExxonMobil, BP, Shell, Sunoco, Valero, Gulf,
Citgo, Marathon and Phillips 66. CrossAmerica Partners LP ranks as
one of ExxonMobil’s largest distributors by fuel volume in the
United States and in the top 10 for additional brands. For
additional information, please visit
www.crossamericapartners.com.
Contact
Investor Relations: Randy Palmer, rpalmer@caplp.com or
210-742-8316
Cautionary Statement Regarding Forward-Looking
Statements
Statements contained in this release that state
the Partnership’s or management’s expectations or predictions of
the future are forward-looking statements. The words “believe,”
“expect,” “should,” “intends,” “estimates,” “target” and other
similar expressions identify forward-looking statements. It is
important to note that actual results could differ materially from
those projected in such forward-looking statements. For more
information concerning factors that could cause actual results to
differ from those expressed or forecasted, see CrossAmerica’s Form
10-K or Forms 10-Q filed with the Securities and Exchange
Commission, and available on CrossAmerica’s website at
www.crossamericapartners.com. The Partnership undertakes no
obligation to publicly update or revise any statements in this
release, whether as a result of new information, future events or
otherwise.
CrossAmerica Partners (NYSE:CAPL)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
CrossAmerica Partners (NYSE:CAPL)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024