CrossAmerica Partners(CAPL) - 2025 Q1 - Quarterly Results

Financial Performance - CrossAmerica reported a net loss of $7.1 million for Q1 2025, an improvement from a net loss of $17.5 million in Q1 2024[5]. - Operating revenues for Q1 2025 were $862.475 million, a decrease of 8.4% from $941.548 million in Q1 2024[22]. - Gross profit increased to $89.814 million in Q1 2025, up 10.4% from $81.348 million in Q1 2024[22]. - Net loss for Q1 2025 was $7.115 million, an improvement from a net loss of $17.540 million in Q1 2024[24]. - EBITDA for Q1 2025 was $28.435 million, significantly higher than $5.925 million in Q1 2024[33]. - Adjusted EBITDA for Q1 2025 was $24.3 million, up from $23.6 million in Q1 2024, driven by a 16% increase in retail segment gross profit[5][6]. - Adjusted EBITDA for Q1 2025 was $24.269 million, slightly up from $23.568 million in Q1 2024[33]. Retail Segment Performance - Retail segment gross profit increased to $63.2 million in Q1 2025 from $54.4 million in Q1 2024, while wholesale segment gross profit slightly decreased to $26.7 million from $27.0 million[5][11]. - Total retail segment gross profit rose to $63.159 million in Q1 2025, compared to $54.386 million in Q1 2024, reflecting a 16.1% increase[25]. - Retail segment motor fuel gallons distributed increased to 126.5 million in Q1 2025, compared to 121.7 million in Q1 2024, with a 10% increase in margin per gallon[7][8]. - The volume of gallons sold in the retail segment was 126.532 million in Q1 2025, compared to 121.717 million in Q1 2024[25]. - Margin per gallon for retail fuel sites improved to $0.339 in Q1 2025 from $0.308 in Q1 2024[25]. - Same store merchandise sales excluding cigarettes declined by 1% in Q1 2025 compared to Q1 2024, with merchandise gross profit percentage slightly decreasing to 27.9%[9]. Operational Metrics - The distribution coverage ratio for the trailing twelve months ended March 31, 2025, was 1.04 times, down from 1.37 times for the same period in 2024[4][6]. - Distribution Coverage Ratio decreased to 0.46x in Q1 2025 from 0.59x in Q1 2024[33]. - Operating expenses for the retail segment rose by 20% to $51.7 million in Q1 2025, primarily due to a 17% increase in the average company-operated site count[10]. - The number of company-operated retail sites increased to 376 in Q1 2025, up from 343 in Q1 2024[25]. Real Estate and Capital Expenditures - CrossAmerica sold seven sites for $8.6 million in proceeds during Q1 2025, resulting in a net gain of $5.6 million as part of its real estate rationalization efforts[12]. - Sustaining capital expenditures are aimed at maintaining long-term operating income and capacity, including maintaining existing contract volumes and site conditions[35]. Debt and Financial Outlook - As of March 31, 2025, CrossAmerica had $778.0 million outstanding under its CAPL Credit Facility, with a leverage ratio of 4.27 times[13]. - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q1 2025, payable on May 15, 2025[14]. - The Partnership incurred acquisition-related costs, including legal fees and separation benefits, associated with recent acquisitions[35]. - The Partnership's forward-looking statements indicate that actual results may differ materially from projections due to various factors[36].