CrossAmerica Partners(US:CAPL)2021-08-09 16:00Financial Performance - Operating revenues for Q2 2021 reached $859.3 million, a significant increase from $398.4 million in Q2 2020, representing a growth of 115.5%[25] - Net income for Q2 2021 was $4.8 million, slightly down from $5.2 million in Q2 2020, a decrease of 8.5%[25] - Basic and diluted earnings per common unit for Q2 2021 were $0.13, compared to $0.14 in Q2 2020, reflecting a decline of 7.1%[25] - Revenues from fuel sales to external customers for the six months ended June 30, 2021, reached $1.39 billion, compared to $707.4 million for the same period in 2020, indicating a growth of 96.5%[128] - Total revenues for the three months ended June 30, 2021, were $859.3 million, a significant increase from $398.4 million in the same period of 2020, representing a growth of 115.5%[128] - The company reported a total of $1.52 billion in revenues for the six months ended June 30, 2021, compared to $790.1 million for the same period in 2020, reflecting a growth of 92.5%[128] Profitability and Expenses - Gross profit for the six months ended June 30, 2021, was $120.0 million, compared to $93.4 million for the same period in 2020, reflecting a year-over-year increase of 28.4%[25] - Operating expenses for the six months ended June 30, 2021, totaled $112.6 million, compared to $79.2 million for the same period in 2020, an increase of 42.1%[25] - Operating income for the three months ended June 30, 2021, was $8.2 million, compared to a loss of $6.3 million in the same period of 2020[128] - The company recorded an income tax benefit of $0.3 million for the three months ended June 30, 2021, compared to $2.9 million for the same period in 2020[119] Assets and Liabilities - Total current assets increased to $81.6 million as of June 30, 2021, up from $74.8 million at the end of 2020, marking a growth of 9.8%[21] - Total liabilities rose to $932.4 million as of June 30, 2021, compared to $904.7 million at the end of 2020, indicating an increase of 3.1%[21] - The company reported total equity of $72.1 million as of June 30, 2021, down from $109.7 million at the end of 2020, a decrease of 34.2%[21] - Cash and cash equivalents increased to $621,000 as of June 30, 2021, from $513,000 at the end of 2020, a growth of 21.1%[21] - Total inventories increased to $24.414 million as of June 30, 2021, compared to $23.253 million at the end of 2020[70] Cash Flow and Investments - Net cash provided by operating activities was $41,014,000 for the six months ended June 30, 2021, down from $61,643,000 in the prior year, reflecting a decline of approximately 33.5%[28] - Net cash used in investing activities was $(20,392,000) for the six months ended June 30, 2021, compared to $(6,580,000) in the prior year, indicating a significant increase in cash outflow[28] - Net cash used in financing activities was $(20,514,000) for the six months ended June 30, 2021, compared to $(54,658,000) in the same period of 2020, showing a reduction in cash outflow by approximately 62.5%[28] - Cash paid for interest in the six months ended June 30, 2021, was $6.7 million, down from $9.5 million in the same period of 2020[137] Acquisitions and Property - The company completed the acquisition of 106 company-operated sites from 7-Eleven for an aggregate purchase price of $263.0 million[52] - The company anticipates completing the acquisition of additional properties early in the fourth quarter of 2021[57] - The company classified 17 sites as held for sale with a total value of $5.553 million as of June 30, 2021[69] - The company sold nine properties for $3.9 million in proceeds during the six months ended June 30, 2021, resulting in a net gain of $1.1 million[69] Debt and Financing - Long-term debt and finance lease obligations totaled $552.2 million as of June 30, 2021, an increase from $533.2 million as of December 31, 2020[75] - The weighted-average interest rate on borrowings under the CAPL Credit Facility was 2.1% as of June 30, 2021[77] - As of August 5, 2021, the company had $64.4 million outstanding under its Term Loan Facility[65] Environmental and Indemnification Liabilities - Environmental liabilities recorded on the balance sheet totaled $5.7 million and $3.9 million at June 30, 2021, and December 31, 2020, respectively[102] - Indemnification assets related to environmental liabilities amounted to $4.2 million and $3.1 million at June 30, 2021, and December 31, 2020, respectively[102] Other Key Metrics - The company reported a gain of $597,000 on dispositions and lease terminations in Q2 2021, compared to a loss of $4.6 million in Q2 2020[25] - The company experienced a decrease in equity-based employee and director compensation expense, which rose to $754,000 from $48,000 in the prior year[28] - The company has exclusive motor fuel distribution contracts with lessee dealers and independent dealers, contributing to its wholesale segment revenue[125] - The company maintains insurance coverage deemed adequate for operations and properties, with deductibles considered reasonable[102]