CrossAmerica Partners(US:CAPL)2022-11-07 16:00Financial Performance - For the three months ended September 30, 2022, operating revenues increased to $1,274,407, a 29.3% increase from $985,122 in the same period of 2021[15] - Gross profit for the nine months ended September 30, 2022, was $282,505, representing a 44.2% increase compared to $195,693 for the same period in 2021[15] - Net income for the three months ended September 30, 2022, was $27,593, up from $8,852 in the same period of 2021, marking a significant increase of 211.5%[15] - Net income for the nine months ended September 30, 2022, was $46,606,000, a significant increase from $9,674,000 in the same period of 2021, representing a growth of 382%[19] - Operating income for the three months ended September 30, 2022, was $39,639 thousand, compared to $12,588 thousand for the same period in 2021, reflecting a significant improvement[105] Assets and Liabilities - The total current assets as of September 30, 2022, were $122,566, an increase of 15.3% from $106,315 as of December 31, 2021[12] - Total liabilities decreased to $1,163,876 as of September 30, 2022, down from $1,213,584 as of December 31, 2021, reflecting a reduction of 4.1%[12] - The company’s inventory as of September 30, 2022, was $47,258, slightly up from $46,100 as of December 31, 2021, showing a growth of 2.5%[12] - The total equity as of September 30, 2022, was $57,113, a marginal increase from $56,558 as of December 31, 2021, reflecting a growth of 1.0%[12] - As of September 30, 2022, total debt and finance lease obligations amounted to $767.1 million, down from $829.8 million at the end of 2021[46] Cash Flow and Investments - Net cash provided by operating activities increased to $126,460,000 for the nine months ended September 30, 2022, compared to $76,267,000 for the same period in 2021, reflecting a growth of 66%[19] - Net cash used in investing activities was $(24,169,000) for the nine months ended September 30, 2022, compared to $(283,200,000) in the same period of 2021, showing a significant reduction of 91%[19] - Net cash (used in) provided by financing activities was $(98,151,000) for the nine months ended September 30, 2022, compared to $214,667,000 in the same period of 2021, indicating a shift in cash flow[19] - Cash and cash equivalents increased to $11,788 as of September 30, 2022, from $7,648 as of December 31, 2021, indicating a growth of 54.0%[12] - Cash distributions for the quarter ended September 30, 2022, were $19,913,000, maintaining a distribution of $0.5250 per unit[98] Revenue Sources - Revenues from fuel sales to external customers for the nine months ended September 30, 2022, reached $3,552,873 thousand, up 55.5% from $2,288,440 thousand in the prior year[105] - Intersegment revenues from fuel sales for the nine months ended September 30, 2022, totaled $1,235,496 thousand, compared to $604,043 thousand in the same period of 2021[105] - Revenues from TopStar for the three months ended September 30, 2022, were $18.6 million, compared to $15.7 million for the same period in 2021, representing a 18.5% increase[63] Expenses - Operating expenses for the nine months ended September 30, 2022, totaled $211,455, which is a 20.0% increase from $176,182 in the same period of 2021[15] - Expenses under the Omnibus Agreement totaled $22.4 million for the three months ended September 30, 2022, compared to $16.9 million for the same period in 2021, reflecting a 32.5% increase[65] - Rent expense under lease agreements with the Topper Group was $2.6 million for the three months ended September 30, 2022, compared to $2.3 million for the same period in 2021[64] Tax and Income - Income tax expense for the three months ended September 30, 2022, was $3.8 million, compared to a benefit of $(1.1) million for the same period in 2021[92] - The effective tax rate differs from the combined federal and state statutory rate primarily due to only certain subsidiaries being subject to income tax[92] - The company reported a basic earnings per common unit of $0.71 for the three months ended September 30, 2022, compared to $0.23 for the same period in 2021, representing a growth of 208.7%[15] Acquisitions and Agreements - The acquisition of assets from Community Service Stations, Inc. was agreed for a purchase price of $27.5 million, expected to close in Q4 2022[34][35] - The final three properties from a 106-site acquisition from 7-Eleven were purchased for $3.6 million, with $1.8 million payable by February 2027[36] Risk and Management - Management believes that the financial statements provide adequate disclosures to avoid misleading information, despite being unaudited[25] - The company operates in two segments: wholesale and retail, with wholesale focusing on motor fuel distribution and retail on sales at operated sites[101] - No significant changes to market risk have occurred since December 31, 2021, indicating stability in the company's risk profile[220]