CrossAmerica Partners LP Common Units (NYSE:CAPL) Q1 2024 Results Conference Call May 9, 2024 9:00 AM ET Company Participants Maura Topper - CFO Charles Nifong - CEO and President Operator Good morning, ladies and gentlemen. And welcome to the CrossAmerica Partners First Quarter 2024 Earnings Conference Call [Operator Instructions]. This call is being recorded on Thursday, May 9 of 2024. I would now like to turn the conference over to Maura Topper, Chief Financial Officer. Please go ahead. Maura Topper Tha ...

Investor Relations: Randy Palmer, rpalmer@caplp.com or 610-625-8000 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 forwardlooking 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 i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |-------------------------------------------------------------------------------------------------|------------------------------------------ ...

Allentown, PA, April 17, 2024 (GLOBE NEWSWIRE) -- CrossAmerica Partners to Announce First Quarter 2024 Earnings Results on May 8 ALLENTOWN, PA, April 17, 2024 – CrossAmerica Partners LP (NYSE:CAPL) today announced that it will release its first quarter 2024 results after the market closes on Wednesday, May 8, 2024. In conjunction with the news release, management will host a conference call on Thursday, May 9 at 9:00 a.m. Eastern Time. The conference call numbers are 800-717-1738 or 646-307-1865 and the pa ...

JHVEPhoto/iStock Editorial via Getty Images Whether from a dividend or distribution, when a 9% yielder surfaces from research, it requires more investigation. Further scrutiny into CrossAmerica Partners LP (NYSE:CAPL) resulted in the verdict this relatively unknown, small MLP is a candidate for income seeking investors. As a distributor of fuel to gas stations, demand for CAPL's service is relatively inelastic. Still, management is key to profitably distributing that fuel, given oil's inherent volatilit ...

Allentown, PA, Feb. 28, 2024 (GLOBE NEWSWIRE) -- CrossAmerica Partners Files 2023 Annual Report on Form 10-K ALLENTOWN, PA, February 28, 2024 – CrossAmerica Partners LP (NYSE:CAPL) on February 27, 2024 has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (SEC). The filing can be viewed through a link on the Partnership's website at www.crossamericapartners.com or on the SEC's website at www.sec.gov. The Partnership's unitholder ...

CrossAmerica Partners LP (NYSE:CAPL) Q4 2023 Earnings Conference Call February 27, 2024 9:00 AM ET Company Participants Maura Topper - Chief Financial Officer Charles Nifong - President and CEO Conference Call Participants Operator Good morning. And welcome to the CrossAmerica Partners Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions]. This call is bei ...

Holdings CAPL JKM Holdings LLC, an indirect wholly-owned subsidiary of CrossAmerica and sole member of CAPL JKM Partners CAPL JKM Wholesale CAPL JKM Wholesale LLC, a wholly-owned subsidiary of CAPL JKM Partners DMP Dunne Manning Partners LLC, an entity affiliated with the Topper Group and controlled by Joseph V. Topper, Jr. Since November 19, 2019, DMP has owned 100% of the membership interests in the sole member of the General Partner. 7-Eleven 7-Eleven, Inc. ASU Accounting Standards Update | --- | --- | | ...

Financial Performance - Net income for full year 2023 was $42.6 million, down 33% from $63.7 million in 2022[24] - Net income for Q4 2023 was $16.7 million, compared to $17.1 million in Q4 2022[54] - Full-year net income for 2023 was $42.6 million, down from $63.7 million in 2022[54] - Adjusted EBITDA for full year 2023 was $165.8 million, down 7.8% from $179.8 million in 2022[28] - Adjusted EBITDA for Q4 2023 was $47.6 million, up from $44.3 million in Q4 2022[54] - Full-year Adjusted EBITDA for 2023 was $165.8 million, compared to $179.8 million in 2022[54] - Distributable Cash Flow for Q4 2023 was $35.8 million, up from $33.3 million in Q4 2022[54] - Full-year Distributable Cash Flow for 2023 was $116.7 million, down from $140.9 million in 2022[54] - Net cash provided by operating activities decreased 27.4% to $117.1 million in 2023 from $161.3 million in 2022[24] Fuel Margins and Volume - CrossAmerica's wholesale segment gross profit increased 1% in Q4 2023 compared to Q4 2022, driven by a 3% increase in motor fuel gross profit due to an 8% rise in fuel margin per gallon, partially offset by a 4% decline in wholesale volume distributed[1] - The retail segment sold 124.5 million gallons of retail fuel in Q4 2023, with same-store fuel volume declining 3% from 118.4 million gallons in Q4 2022 to 114.6 million gallons[4] - The retail segment's average fuel margin per gallon increased 8% from $0.383 in Q4 2022 to $0.415 in Q4 2023, generating $4.1 million additional motor fuel gross profit[4] - Retail segment motor fuel gallons distributed increased 2% to 506.5 million gallons in 2023 compared to 496.6 million in 2022[29] - Average fuel margin per gallon declined 7% from $0.396 in 2022 to $0.369 in 2023[29] - Wholesale segment gross profit declined by 1% in 2023 to $128.8 million, primarily due to a 1% decrease in motor fuel gross profit[46] - Average wholesale gross profit per gallon decreased from $0.087 in 2022 to $0.086 in 2023[46] Retail Segment Performance - For the full year 2023, CrossAmerica's retail segment gross profit increased 3%, driven by an 18% increase in merchandise revenue and a 26% increase in other revenue[5] - CrossAmerica's total retail segment sites increased from 455 at the end of 2022 to 495 at the end of 2023, with company-operated retail sites increasing from 255 to 296[6] - CrossAmerica's merchandise gross profit percentage increased from 27.5% in 2022 to 28.2% in 2023 for company-operated retail sites[6] - Merchandise gross profit and other revenue increased 19% to $16.9 million in 2023 compared to 2022[30] - Same store merchandise sales excluding cigarettes increased 8% in 2023 compared to 2022[30] - Retail segment gross profit increased 3.5% to $253.5 million in 2023 from $245.0 million in 2022[31] - CrossAmerica's merchandise gross profit and other revenue increased by $4.9 million or 22% in Q4 2023 compared to Q4 2022, driven by higher retail prices and improved product margins[33] - Same store merchandise sales excluding cigarettes increased by 5% in Q4 2023 compared to Q4 2022[33] - Merchandise gross profit percentage increased from 27.5% in Q4 2022 to 28.2% in Q4 2023, primarily due to improved margins in packaged beverages and deli categories[33] - Retail segment gross profit increased by 14% in Q4 2023 compared to Q4 2022, driven by increases in motor fuel (11%) and merchandise (18%) gross profit[39] Credit Facility and Leverage - As of December 31, 2023, CrossAmerica had $756.0 million outstanding under its CAPL Credit Facility, with $125.4 million available for future borrowings as of February 22, 2024[3] - The company's leverage ratio under the CAPL Credit Facility increased from 3.7 times at the end of 2022 to 4.2 times at the end of 2023[3] - CrossAmerica's leverage ratio increased from 3.7 times in 2022 to 4.2 times in 2023[36] - Distribution Coverage Ratio for Q4 2023 was 1.80 times, compared to 1.67 times in Q4 2022[36] - Distribution Coverage Ratio improved to 1.80x in Q4 2023 from 1.67x in Q4 2022[54] Asset and Site Management - CrossAmerica entered into an agreement to acquire assets from Applegreen Midwest, LLC and Applegreen Florida, LLC, converting 59 lessee dealer sites to company-operated sites, with lease terminations expected in Q1 and Q2 2024[2] - Total assets decreased from $1,257.4 million in 2022 to $1,181.7 million in 2023, a decline of 6%[15] - Motor fuel distribution sites decreased 6.3% from 1,282 in 2022 to 1,201 in 2023[25] - CrossAmerica sold ten properties for $9.2 million in 2023, resulting in a net gain of $6.5 million[34] - Company-operated site count increased due to the conversion of lessee dealer and commission agent sites, primarily in Q2 2023[48] - Commission agent site count decreased due to conversions to company-operated sites, mainly in Q1 2023, offset by conversions from lessee dealer sites in Q4 2023[48] - CrossAmerica distributes fuel to approximately 1,700 locations and owns or leases approximately 1,100 sites across 34 states[55] Distributions and Cash Flow - CrossAmerica declared a quarterly distribution of $0.5250 per limited partner unit for Q4 2023, paid on February 9, 2024[47] Crude Oil Prices - The average spot price of West Texas Intermediate (WTI) crude oil decreased 5% from $82.79 per barrel in Q4 2022 to $78.53 per barrel in Q4 2023[1]

CrossAmerica Partners (CAPL) is set to report fourth-quarter 2023 earnings on Feb 26, after the closing bell.In the last reported quarter, the partnership’s earnings of 31 cents per unit beat the Zacks Consensus Estimate of 17 cents. CrossAmerica’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed the same once, delivering an average surprise of 58.8%. This is depicted in the graph below.Estimate TrendThe Zacks Consensus Estimate for fourth-quarter earnings per uni ...