CrossAmerica Partners(CAPL) - 2024 Q4 - Annual Results

Financial Performance - Reported Q4 2024 Net Income of $16.9 million, a slight increase from $16.7 million in Q4 2023, while Full Year 2024 Net Income decreased to $22.5 million from $42.6 million in 2023[4] - Adjusted EBITDA for Q4 2024 was $35.5 million, down from $47.6 million in Q4 2023, and Full Year 2024 Adjusted EBITDA decreased to $145.5 million from $165.8 million in 2023[4] - Distributable Cash Flow for Q4 2024 was $21.1 million, compared to $35.8 million in Q4 2023, with Full Year 2024 Distributable Cash Flow at $86.0 million, down from $116.7 million in 2023[4] - Total operating revenues for the year ended December 31, 2024, were $4,098,288, a decrease of 6.6% compared to $4,386,263 in 2023[27] - Gross profit for the year ended December 31, 2024, increased to $398,319, up 4.8% from $382,268 in 2023[27] - Net income for the year ended December 31, 2024, was $22,453, a decline of 47.3% from $42,592 in 2023[29] - Operating income for the year ended December 31, 2024, was $70,560, down 20.0% from $88,070 in 2023[27] - Basic earnings per common unit for the year ended December 31, 2024, were $0.52, compared to $1.06 in 2023, reflecting a decrease of 50.0%[27] - Net cash provided by operating activities for the year ended December 31, 2024, was $87,782, down 25.1% from $117,083 in 2023[29] Segment Performance - Retail segment gross profit increased by 9% in Q4 2024 to $75.1 million, while Full Year 2024 gross profit rose 14% to $289.7 million compared to 2023[7][10] - Retail segment motor fuel gallons distributed in Q4 2024 were 141.4 million, a 13.5% increase from 124.5 million in Q4 2023, and Full Year 2024 gallons distributed increased by 9% to 554.5 million[7][11] - The wholesale segment gross profit decreased by 22% in Q4 2024 to $25.9 million, and Full Year 2024 gross profit declined 16% to $108.6 million compared to 2023[13][16] - Operating income for the retail segment decreased to $22,841,000 in Q4 2024 from $29,342,000 in Q4 2023, a decline of 22.3%[31] - Wholesale segment total gross profit decreased to $25,896,000 in Q4 2024, down from $33,039,000 in Q4 2023, a decrease of 21.5%[34] - The volume of gallons sold in the retail segment reached 141,377,000 in Q4 2024, compared to 124,486,000 in Q4 2023, marking a growth of 13.5%[31] - The volume of gallons distributed in the wholesale segment was 180,453,000 in Q4 2024, down from 205,296,000 in Q4 2023, a decline of 12.1%[34] Expenses and Liabilities - Operating expenses for Q4 2024 rose to $59.4 million from $48.7 million in Q4 2023, and Full Year 2024 operating expenses increased to $228.0 million from $194.7 million in 2023[5] - As of December 31, 2024, leverage was 4.36 times, up from 4.21 times at the end of 2023, with $767.5 million outstanding under the CAPL Credit Facility[18] - Total assets decreased to $1,114,725 in 2024, down 5.7% from $1,181,682 in 2023[25] - Total liabilities decreased slightly to $1,139,508 in 2024, compared to $1,150,931 in 2023[25] - Total current assets increased to $118,830 in 2024, up 9.5% from $108,522 in 2023[25] Forward-Looking Statements - The Partnership's management emphasizes that forward-looking statements may differ materially from actual results due to various factors[44] - The company does not undertake any obligation to publicly update or revise forward-looking statements based on new information or future events[44] - Investors are encouraged to review the Partnership's Form 10-K and Forms 10-Q for more information on potential risks[44] - The website www.crossamericapartners.com provides access to the Partnership's filings with the Securities and Exchange Commission[44] - The use of terms like "believe," "expect," and "estimate" indicates forward-looking statements[44] - Actual results could be influenced by factors not currently anticipated by the management[44] - The Partnership's future performance is subject to uncertainties that could impact projections[44] - The management's expectations are based on current market conditions and operational strategies[44] - Stakeholders should consider the cautionary statements when evaluating the Partnership's future outlook[44] - The company aims to provide accurate information but acknowledges the inherent risks in forecasting[44]