CrossAmerica Partners(US:CAPL)2023-11-07 16:00Financial Performance - Operating revenues for Q3 2023 were $1,210,023, a decrease of 5.0% from $1,274,407 in Q3 2022[78] - Gross profit for Q3 2023 was $100,440, down 12.4% from $114,730 in Q3 2022[78] - Net income for Q3 2023 was $12,292, a decline of 55.5% compared to $27,593 in Q3 2022[78] - Earnings per common unit for Q3 2023 were $0.31, down from $0.71 in Q3 2022[78] - Operating expenses for Q3 2023 were $76,582, an increase of 2.4% from $74,773 in Q3 2022[78] - Operating income for the three months ended September 30, 2023, was $24,145, compared to $39,639 for the same period in 2022, reflecting a decrease of 39.2%[175] - Net income for the nine months ended September 30, 2023, was $12,292 million, compared to $27,593 million for the same period in 2022, reflecting a decline of approximately 55.5%[81] Assets and Liabilities - Total current assets increased to $123,261 as of September 30, 2023, from $118,406 at December 31, 2022[76] - Total liabilities decreased to $1,167,914 as of September 30, 2023, from $1,175,465 at December 31, 2022[76] - Cash and cash equivalents decreased to $5,790 as of September 30, 2023, from $16,054 at December 31, 2022[76] - As of September 30, 2023, total equity was $22,212 million, a decrease from $28,344 million on June 30, 2023[81] - Total assets held for sale increased to $1,135 million as of September 30, 2023, from $983 million on December 31, 2022[87] - Property and equipment, net, decreased to $706,409 million as of September 30, 2023, from $728,379 million on December 31, 2022[90] - Total intangible assets were reported at $235,210 million as of September 30, 2023, compared to $235,790 million on December 31, 2022[91] Inventory and Receivables - Inventory increased to $53,609 as of September 30, 2023, compared to $47,307 at December 31, 2022[76] - Retail site merchandise inventory was $26,743 million as of September 30, 2023, up from $22,654 million on December 31, 2022[89] - Receivables from fuel and merchandise sales increased to $36,501 thousand as of September 30, 2023, from $28,959 thousand at December 31, 2022[175] - The company reported total accounts receivable of $39,180 thousand as of September 30, 2023, compared to $31,568 thousand at December 31, 2022[175] Debt and Financing - As of September 30, 2023, the total debt and finance lease obligations amounted to $774.3 million, with a current portion of $3.0 million[116] - The amount of availability under the CAPL Credit Facility at September 30, 2023, was $158 million after considering debt covenant restrictions[123] - The effective interest rate on the CAPL Credit Facility was 4.9% as of September 30, 2023[149] - The company had $762.5 million outstanding on its CAPL Credit Facility, with an effective interest rate of 4.9%[21] - Cash paid for interest for the nine months ended September 30, 2023, was $30,073 thousand, compared to $20,092 thousand for the same period in 2022, representing an increase of 49.5%[203] Segment Performance - The retail segment includes the retail sale of motor fuel and convenience merchandise, with revenues generated through leasing or subleasing real estate[196] - The wholesale segment now includes only the fuel gross profit on sales to lessee dealers and independent dealers, reflecting a strategic shift in segment reporting[197] - The company has recast the results of its segments for the three and nine months ended September 30, 2022, to align with the new segment reporting structure[198] Other Financial Metrics - The company experienced seasonality in sales volumes, with historically higher sales in the second and third quarters[83] - Approximately 18% of rent income for the nine months ended September 30, 2023, was generated from two multi-site operators, down from 20% in the same period of 2022[86] - The company anticipates future retail and wholesale gross profits, including gasoline and diesel, to be influenced by market demand trends[180] - The company’s cash distribution policy is subject to the discretion of the Board, with no assurance of future distributions[169] - Total distributions paid on common units for the three months ended September 30, 2023, were $19,934 thousand, slightly up from $19,913 thousand in the same period of 2022[192] - The company declared distributions of $0.5250 per common unit for the quarter ended September 30, 2023, consistent with the previous quarters in 2023[194]