CrossAmerica Partners(CAPL)2025-02-27 16:50Financial Data and Key Metrics Changes - For Q4 2024, net income was 16.7 million in Q4 2023, driven by a net gain of 1.8 million, offset by lower adjusted EBITDA and increased interest expense [35][36] - Adjusted EBITDA for Q4 2024 was 47.6 million in Q4 2023, primarily due to strong results in the prior year [36][37] - Distributable cash flow for Q4 2024 was 35.8 million in Q4 2023, impacted by lower adjusted EBITDA and higher cash interest expense [37][38] Business Line Data and Key Metrics Changes - Retail segment gross profit increased 5% to 69 million in Q4 2023, driven by increased merchandise margin despite a slight decrease in motor fuel gross profit [8][9] - Wholesale segment gross profit declined 22% to 33 million in Q4 2023, due to a decline in both fuel volume and margin per gallon [19][20] - For the full year 2024, retail segment gross profit increased 14% to 253.5 million in 2023, while wholesale segment gross profit decreased 16% to 128.8 million [23][25] Market Data and Key Metrics Changes - National gasoline demand was down approximately 4% for Q4 2024, while the company's same-store retail volume increased 2%, indicating outperformance relative to the market [11][12] - Inside sales on a same-site basis were up 1% for Q4 2024, with sales excluding cigarettes increasing 2% year over year, outperforming the national demand which was down approximately 1% [14][15] Company Strategy and Development Direction - The company plans to continue optimizing its portfolio and strategically converting sites to retail when appropriate, focusing on providing a great customer experience [32][33] - Significant progress was made on long-term strategic goals, including the conversion of 107 sites to retail, which positions the portfolio for long-term profitability despite short-term volatility [30][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a mixed year in 2024, facing challenges from a difficult first quarter and macroeconomic conditions, but highlighted resilience in demand and solid financial performance [29][34] - The company remains committed to executing its strategy while adapting to market conditions to ensure strong results for unitholders [34][52] Other Important Information - The company divested 30 properties for 33.2 million or 17% compared to 2023, primarily driven by the conversion of locations to company-operated sites [46][48] Q&A Session Summary - There were no questions during the Q&A session, and the management encouraged participants to reach out later if they had any inquiries [55]