CrossAmerica Partners(US:CAPL)2023-02-28 19:44Financial Data and Key Metrics Changes - For the fourth quarter of 2022, net income increased to $17.1 million from $12 million in the same quarter of 2021, driven by higher operating income in both wholesale and retail segments [53] - Adjusted EBITDA for Q4 2022 was $44.3 million, a 20% increase from $37 million in Q4 2021 [27] - For the full year 2022, net income rose to $63.7 million, up over $40 million from the previous year, while adjusted EBITDA increased by 46% to $179.8 million [28] Business Line Data and Key Metrics Changes - The wholesale fuel gross profit for Q4 2022 increased by 4% to $18.7 million compared to $18 million in Q4 2021, with a wholesale segment gross profit of $32.8 million, up 6% from $31.1 million [40] - Retail segment gross profit increased by 20% or $10.2 million compared to Q4 2021, with same-store volume outperforming national demand data [43][44] - For the full year 2022, the retail segment's gross profit increased by 61% to $245 million, while motor fuel gross profit rose by 85% [21] Market Data and Key Metrics Changes - National gasoline demand was down approximately 7% for the quarter, with the company's wholesale segment same-store volume down about 8.5% [15] - The retail segment's same-store sales excluding cigarettes increased by 2% for the full year 2022 [48] Company Strategy and Development Direction - The company aims to continue providing excellent service and value to customers while maximizing portfolio value [25] - The acquisition of assets from Community Service Stations for $27.5 million is expected to enhance returns and was funded through borrowings and cash [49] - The company is focused on divesting noncore properties, having divested 27 properties for $12.9 million in proceeds during the year [48] Management's Comments on Operating Environment and Future Outlook - Management noted that the partnership is well-positioned for future performance, with a strong track record across various economic environments [24] - The company plans to manage its leverage ratio at approximately 4x while focusing on operational performance and cash flow generation [65] - Management expressed confidence in the ability to capitalize on favorable macro conditions to generate strong performance [24] Other Important Information - Capital expenditures for the full year 2022 totaled $30.4 million, with $23.2 million being growth-related, a decline from previous years [2] - Operating expenses for Q4 2022 increased by 11% year-over-year, primarily due to higher store-level employment costs [30] Q&A Session Summary Question: Were there any questions from participants? - There were no questions from participants during the call [35]