CrossAmerica Partners LP Reports First Quarter 2022 Results
CrossAmerica Partners LP (CAPL) reported its strongest first quarter in history for 2022, with operating income of $9.7 million and net income of $5.0 million, a significant improvement from an operating loss of $0.9 million and net loss of $4.0 million in Q1 2021. Adjusted EBITDA rose to $32.0 million from $20.7 million, and distributable cash flow increased to $24.2 million from $15.8 million year-over-year. The wholesale segment's gross profit increased by 35% to $46.9 million, driven by a 10% rise in distributed gallons and a 40% increase in margin per gallon. Retail gross profit also surged 66%, attributed to heightened fuel sales and margins.
- Q1 2022 operating income of $9.7 million vs. loss of $0.9 million in Q1 2021.
- Net income rose to $5.0 million compared to net loss of $4.0 million in Q1 2021.
- Adjusted EBITDA increased by over 50% to $32.0 million from $20.7 million year-over-year.
- Distributable Cash Flow rose to $24.2 million, up from $15.8 million in Q1 2021.
- Wholesale segment gross profit increased by 35% to $46.9 million.
- Retail segment gross profit surged by 66% to $32.7 million.
- None.
Allentown, PA, May 09, 2022 (GLOBE NEWSWIRE) --
CrossAmerica Partners LP Reports First Quarter 2022 Results
- Reported First Quarter 2022 Operating Income of
$9.7 million and Net Income of$5.0 million compared to an Operating Loss of$0.9 million and a Net Loss of$4.0 million for the First Quarter 2021 - Generated First Quarter 2022 Adjusted EBITDA of
$32.0 million and Distributable Cash Flow of$24.2 million compared to First Quarter 2021 Adjusted EBITDA of$20.7 million and Distributable Cash Flow of$15.8 million - Reported First Quarter 2022 Gross Profit for the Wholesale Segment of
$46.9 million compared to$34.9 million of Gross Profit for the First Quarter 2021 - Distributed 320.2 million wholesale fuel gallons during the First Quarter 2022 at an average wholesale fuel margin per gallon of 10.2 cents compared to 291.8 million wholesale fuel gallons at an average wholesale fuel margin per gallon of 7.3 cents during the First Quarter 2021, an increase of
10% in gallons distributed and an increase of40% in margin per gallon - Reported First Quarter 2022 Gross Profit for the Retail Segment of
$32.7 million compared to$19.7 million of Gross Profit for the First Quarter 2021 - Retail Segment sold 116.0 million retail fuel gallons during the First Quarter 2022, including 39.2 million same store retail fuel gallons, a
4% increase compared to 37.5 million same store retail fuel gallons sold during the First Quarter 2021 - The Distribution Coverage Ratio was 1.22 times for the three months ended March 31, 2022 and 1.39 times for the trailing twelve months ended March 31, 2022
- The Board of Directors of CrossAmerica’s General Partner declared a quarterly distribution of
$0.52 50 per limited partner unit attributable to the First Quarter 2022
Allentown, PA May 9, 2022 – CrossAmerica Partners LP (NYSE: CAPL) (“CrossAmerica” or the “Partnership”), a leading wholesale fuels distributor, convenience store operator, and owner and lessor of real estate used in the retail distribution of motor fuels, today reported financial results for the first quarter ended March 31, 2022.
“CrossAmerica had it strongest first quarter in history in terms of overall EBITDA and Distributable Cash Flow," said Charles Nifong, President and CEO of CrossAmerica. “From the Omicron surge in January to the extreme oil market pricing and volatility pressures in the latter half of the quarter, it was a challenging operational environment. Our first quarter results reflect our success in navigating this difficult period and reflect the underlying strength of our portfolio.”
First Quarter Results
Consolidated Results
| Key Operating Metrics | Q1 2022 | Q1 2021 |
| Operating Income | ( | |
| Adjusted EBITDA | ||
| Distributable Cash Flow | ||
| Distribution Coverage Ratio – Current Quarter | 1.22x | 0.79x |
| Distribution Coverage Ratio - TTM ended 3/31/22 | 1.39x | 1.23x |
CrossAmerica reported Operating Income of
Non-GAAP measures used in this release include EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. These Non-GAAP measures are further described and reconciled to their most directly comparable GAAP measures in the Supplemental Disclosure Regarding Non-GAAP Financial Measures section of this release.
Wholesale Segment
| Key Operating Metrics | Q1 2022 | Q1 2021 | ||
| Wholesale segment gross profit | ||||
| Wholesale motor fuel gallons distributed | 320.2M | 291.8M | ||
| Average wholesale gross profit per gallon | $ | 0.102 | $ | 0.073 |
During the first quarter 2022, CrossAmerica’s wholesale segment gross profit increased
Retail Segment
| Key Operating Metrics | Q1 2022 | Q1 2021 | ||
| Retail segment gross profit | ||||
| Retail motor fuel gallons distributed | 116.0M | 78.2M | ||
| Same store retail motor fuel gallons distributed | 39.2M | 37.5M | ||
| Motor fuel gross profit | ||||
| Same store merchandise sales excluding cigs. | ||||
| Merchandise gross profit | ||||
| Merchandise gross profit percentage | 26.8 | % | 27.4 | % |
For the first quarter 2022, the retail segment generated a
The retail segment sold 116.0 million of retail fuel gallons during the first quarter 2022, a
CrossAmerica’s merchandise gross profit and other revenue increased due to the increase in company operated sites driven by the acquisition of assets from 7-Eleven. Merchandise gross profit percentage declined slightly from
Divestment and Acquisition Activity
In February 2022, CrossAmerica closed on the final three properties related to its acquisition of assets from 7-Eleven for a purchase price of
During the first three months of 2022, CrossAmerica sold four properties for
Liquidity and Capital Resources
As of March 31, 2022, CrossAmerica had
Preferred Membership Interests
As previously announced, on March 29, 2022, CAPL JKM Holdings LLC, an indirect wholly-owned subsidiary of CrossAmerica and sole member of CAPL JKM Partners, issued and sold
The issuance and sale of the Cumulative Preferred Membership Interests were approved by the Board of Directors of CrossAmerica’s General Partner, following the approval by, and recommendation of, its independent Conflicts Committee.
Further details regarding the Preferred Membership Interests are provided in the Partnership’s First Quarter 2022 Form 10-Q filing.
Distributions
On April 21, 2022, the Board of the Directors of CrossAmerica’s General Partner (“Board”) declared a quarterly distribution of
Conference Call
The Partnership will host a conference call on May 10, 2022 at 9:00 a.m. Eastern Time to discuss first quarter 2022 earnings results. The conference call numbers are 866-374-5140 or 404-400-0571 and the passcode for both is 38939402#. A live audio webcast of the conference call and the related earnings materials, including reconciliations of non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the CrossAmerica website (www.crossamericapartners.com). A slide presentation for the conference call will also be available on the investor section of the Partnership’s website. To listen to the audio webcast, go to https://caplp.gcs-web.com/webcasts-presentations. After the live conference call, an archive of the webcast will be available on the investor section of the CrossAmerica website at https://caplp.gcs-web.com/webcasts-presentations within 24 hours after the call for a period of sixty days.
CROSSAMERICA PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars, except unit data)
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 11,149 | $ | 7,648 | ||||
| Accounts receivable, net of allowances of | 34,392 | 33,331 | ||||||
| Accounts receivable from related parties | 951 | 1,149 | ||||||
| Inventory | 52,681 | 46,100 | ||||||
| Assets held for sale | 4,175 | 4,907 | ||||||
| Other current assets | 19,631 | 13,180 | ||||||
| Total current assets | 122,979 | 106,315 | ||||||
| Property and equipment, net | 757,232 | 755,454 | ||||||
| Right-of-use assets, net | 165,605 | 169,333 | ||||||
| Intangible assets, net | 105,506 | 114,187 | ||||||
| Goodwill | 99,409 | 100,464 | ||||||
| Other assets | 30,055 | 24,389 | ||||||
| Total assets | $ | 1,280,786 | $ | 1,270,142 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of debt and finance lease obligations | $ | 2,774 | $ | 10,939 | ||||
| Current portion of operating lease obligations | 34,793 | 34,832 | ||||||
| Accounts payable | 80,010 | 67,173 | ||||||
| Accounts payable to related parties | 7,915 | 7,679 | ||||||
| Accrued expenses and other current liabilities | 20,967 | 20,682 | ||||||
| Motor fuel and sales taxes payable | 22,197 | 22,585 | ||||||
| Total current liabilities | 168,656 | 163,890 | ||||||
| Debt and finance lease obligations, less current portion | 799,034 | 810,635 | ||||||
| Operating lease obligations, less current portion | 136,481 | 140,149 | ||||||
| Deferred tax liabilities, net | 10,296 | 12,341 | ||||||
| Asset retirement obligations | 45,877 | 45,366 | ||||||
| Other long-term liabilities | 45,633 | 41,203 | ||||||
| Total liabilities | 1,205,977 | 1,213,584 | ||||||
| Commitments and contingencies | ||||||||
| Preferred membership interests | 24,500 | — | ||||||
| Equity: | ||||||||
| Common units—37,912,710 and 37,896,556 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 38,960 | 53,528 | ||||||
| Accumulated other comprehensive income | 11,349 | 3,030 | ||||||
| Total equity | 50,309 | 56,558 | ||||||
| Total liabilities and equity | $ | 1,280,786 | $ | 1,270,142 | ||||
CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars, Except Unit and Per Unit Amounts)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Operating revenues (a) | $ | 1,093,211 | $ | 657,284 | ||||
| Costs of sales (b) | 1,014,381 | 602,416 | ||||||
| Gross profit | 78,830 | 54,868 | ||||||
| Operating expenses: | ||||||||
| Operating expenses (c) | 42,109 | 29,403 | ||||||
| General and administrative expenses | 6,483 | 7,650 | ||||||
| Depreciation, amortization and accretion expense | 20,275 | 18,031 | ||||||
| Total operating expenses | 68,867 | 55,084 | ||||||
| Loss on dispositions and lease terminations, net | (244 | ) | (648 | ) | ||||
| Operating income (loss) | 9,719 | (864 | ) | |||||
| Other income, net | 130 | 88 | ||||||
| Interest expense | (6,661 | ) | (3,497 | ) | ||||
| Income (loss) before income taxes | 3,188 | (4,273 | ) | |||||
| Income tax benefit | (1,859 | ) | (306 | ) | ||||
| Net income (loss) available to limited partners | $ | 5,047 | $ | (3,967 | ) | |||
| Basic and diluted earnings per common unit | $ | 0.13 | $ | (0.10 | ) | |||
| Weighted-average limited partner units: | ||||||||
| Basic common units | 37,900,146 | 37,869,259 | ||||||
| Diluted common units | 37,959,441 | 37,891,130 | ||||||
| Supplemental information: | ||||||||
| (a) includes excise taxes of: | $ | 66,858 | $ | 43,705 | ||||
| (a) includes rent income of: | 20,627 | 20,472 | ||||||
| (b) excludes depreciation, amortization and accretion | ||||||||
| (b) includes rent expense of: | 5,841 | 5,913 | ||||||
| (c) includes rent expense of: | 3,708 | 3,196 | ||||||
CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 5,047 | $ | (3,967 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Depreciation, amortization and accretion expense | 20,275 | 18,031 | ||||||
| Amortization of deferred financing costs | 680 | 260 | ||||||
| Credit loss expense | 45 | 31 | ||||||
| Deferred income tax benefit | (2,045 | ) | (590 | ) | ||||
| Equity-based employee and director compensation expense | 732 | 368 | ||||||
| Loss on dispositions and lease terminations, net | 244 | 648 | ||||||
| Changes in operating assets and liabilities, net of acquisitions | 3,410 | 2,887 | ||||||
| Net cash provided by operating activities | 28,388 | 17,668 | ||||||
| Cash flows from investing activities: | ||||||||
| Principal payments received on notes receivable | 33 | 47 | ||||||
| Proceeds from sale of assets | 1,460 | 931 | ||||||
| Capital expenditures | (8,934 | ) | (10,621 | ) | ||||
| Cash paid in connection with acquisitions, net of cash acquired | (1,885 | ) | — | |||||
| Net cash used in investing activities | (9,326 | ) | (9,643 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowings under revolving credit facilities | 30,600 | 34,500 | ||||||
| Repayments on revolving credit facilities | (26,575 | ) | (21,539 | ) | ||||
| Borrowings under the Term Loan Facility | 1,120 | — | ||||||
| Repayments on the Term Loan Facility | (24,600 | ) | — | |||||
| Net proceeds from issuance of preferred membership interests | 24,500 | — | ||||||
| Payments of finance lease obligations | (658 | ) | (633 | ) | ||||
| Payments of deferred financing costs | (6 | ) | — | |||||
| Distributions paid on distribution equivalent rights | (46 | ) | (31 | ) | ||||
| Distributions paid on common units | (19,896 | ) | (19,881 | ) | ||||
| Net cash used in financing activities | (15,561 | ) | (7,584 | ) | ||||
| Net increase in cash and cash equivalents | 3,501 | 441 | ||||||
| Cash and cash equivalents at beginning of period | 7,648 | 513 | ||||||
| Cash and cash equivalents at end of period | $ | 11,149 | $ | 954 | ||||
Segment Results
Wholesale
The following table highlights the results of operations and certain operating metrics of the Wholesale segment (thousands of dollars, except for the number of distribution sites and per gallon amounts):
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Gross profit: | ||||||||
| Motor fuel–third party | $ | 16,185 | $ | 15,523 | ||||
| Motor fuel–intersegment and related party | 16,619 | 5,729 | ||||||
| Motor fuel gross profit | 32,804 | 21,252 | ||||||
| Rent gross profit | 12,339 | 12,493 | ||||||
| Other revenues | 1,786 | 1,134 | ||||||
| Total gross profit | 46,929 | 34,879 | ||||||
| Operating expenses | (10,072 | ) | (9,974 | ) | ||||
| Operating income | $ | 36,857 | $ | 24,905 | ||||
| Motor fuel distribution sites (end of period): (a) | ||||||||
| Motor fuel–third party | ||||||||
| Independent dealers (b) | 656 | 683 | ||||||
| Lessee dealers (c) | 642 | 648 | ||||||
| Total motor fuel distribution–third party sites | 1,298 | 1,331 | ||||||
| Motor fuel–intersegment and related party | ||||||||
| Commission agents (Retail segment) (c) | 201 | 205 | ||||||
| Company operated retail sites (Retail segment) (d) | 255 | 151 | ||||||
| Total motor fuel distribution–intersegment and related party sites | 456 | 356 | ||||||
| Motor fuel distribution sites (average during the period): | ||||||||
| Motor fuel-third party distribution | 1,302 | 1,338 | ||||||
| Motor fuel-intersegment and related party distribution | 453 | 356 | ||||||
| Total motor fuel distribution sites | 1,755 | 1,694 | ||||||
| Volume of gallons distributed | ||||||||
| Third party | 203,915 | 213,708 | ||||||
| Intersegment and related party | 116,329 | 78,072 | ||||||
| Total volume of gallons distributed | 320,244 | 291,780 | ||||||
| Wholesale margin per gallon | $ | 0.102 | $ | 0.073 | ||||
(a) In addition, as of March 31, 2022 and 2021, respectively, CrossAmerica distributed motor fuel to 15 and 13 sub-wholesalers who distributed to additional sites.
(b) The decrease in the independent dealer site count was primarily attributable to loss of contracts, most of which were lower margin, partially offset by the increase in independent dealer sites as a result of the real estate rationalization effort and the resulting reclassification of the sites from a lessee dealer or commission site to an independent dealer site when CrossAmerica continues to supply the sites after divestiture.
(c) The decreases in the lessee dealer and commission agent site counts were primarily attributable to the real estate rationalization effort.
(d) The increase in the company operated site count was primarily attributable to the 106 company operated sites from the acquisition of assets from 7-Eleven.
Retail
The following table highlights the results of operations and certain operating metrics of the Retail segment (in thousands, except for the number of retail sites):
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Gross profit: | ||||||||
| Motor fuel | $ | 10,496 | $ | 5,433 | ||||
| Merchandise | 16,682 | 10,364 | ||||||
| Rent | 2,447 | 2,066 | ||||||
| Other revenue | 3,088 | 1,859 | ||||||
| Total gross profit | 32,713 | 19,722 | ||||||
| Operating expenses | (32,037 | ) | (19,429 | ) | ||||
| Operating income | $ | 676 | $ | 293 | ||||
| Retail sites (end of period): | ||||||||
| Commission agents (a) | 201 | 205 | ||||||
| Company operated retail sites (b) | 255 | 151 | ||||||
| Total system sites at the end of the period | 456 | 356 | ||||||
| Total system operating statistics: | ||||||||
| Average retail fuel sites during the period | 454 | 356 | ||||||
| Volume of gallons sold | 116,040 | 78,235 | ||||||
| Commission agents statistics: | ||||||||
| Average retail fuel sites during the period | 200 | 205 | ||||||
| Company operated retail site statistics: | ||||||||
| Average retail fuel sites during the period | 254 | 151 | ||||||
| Same store fuel volume (c) | 39,182 | 37,499 | ||||||
| Same store merchandise sales (c) | $ | 34,447 | $ | 35,579 | ||||
| Same store merchandise sales excluding cigarettes (c) | $ | 23,081 | $ | 22,953 | ||||
| Merchandise gross profit percentage | 26.8 | % | 27.4 | % | ||||
(a) The decrease in the commission site count was primarily attributable to the real estate rationalization effort.
(b) The increase in the company operated site count was primarily attributable to the 106 company operated sites from the acquisition of assets from 7-Eleven.
(c) Same store fuel volume and same store merchandise sales include aggregated individual store results for all stores that had fuel volume or merchandise sales in all months for both periods. Same store merchandise sales includes store and cigarette sales and excludes branded food sales and other revenues such as lottery commissions and car wash sales.
Supplemental Disclosure Regarding Non-GAAP Financial Measures
CrossAmerica uses the non-GAAP financial measures EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. EBITDA represents net income available to CrossAmerica before deducting interest expense, income taxes and depreciation, amortization and accretion (which includes certain impairment charges). Adjusted EBITDA represents EBITDA as further adjusted to exclude equity-based compensation expense, gains or losses on dispositions and lease terminations, net and certain discrete acquisition related costs, such as legal and other professional fees, separation benefit costs and certain other discrete non-cash items arising from purchase accounting. Distributable Cash Flow represents Adjusted EBITDA less cash interest expense, sustaining capital expenditures and current income tax expense. The Distribution Coverage Ratio is computed by dividing Distributable Cash Flow by distributions paid.
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are used as supplemental financial measures by management and by external users of our financial statements, such as investors and lenders. EBITDA and Adjusted EBITDA are used to assess CrossAmerica’s financial performance without regard to financing methods, capital structure or income taxes and the ability to incur and service debt and to fund capital expenditures. In addition, Adjusted EBITDA is used to assess the operating performance of the Partnership’s business on a consistent basis by excluding the impact of items which do not result directly from the wholesale distribution of motor fuel, the leasing of real property, or the day to day operations of CrossAmerica’s retail site activities. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are also used to assess the ability to generate cash sufficient to make distributions to CrossAmerica’s unitholders.
CrossAmerica believes the presentation of EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio provides useful information to investors in assessing the financial condition and results of operations. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio have important limitations as analytical tools because they exclude some but not all items that affect net income. Additionally, because EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio may be defined differently by other companies in the industry, CrossAmerica’s definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The following table presents reconciliations of EBITDA, Adjusted EBITDA, and Distributable Cash Flow to net income, the most directly comparable U.S. GAAP financial measure, for each of the periods indicated (in thousands, except for per unit amounts):
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Net income (loss) available to limited partners | $ | 5,047 | $ | (3,967 | ) | |||
| Interest expense | 6,661 | 3,497 | ||||||
| Income tax benefit | (1,859 | ) | (306 | ) | ||||
| Depreciation, amortization and accretion expense | 20,275 | 18,031 | ||||||
| EBITDA | 30,124 | 17,255 | ||||||
| Equity-based employee and director compensation expense | 732 | 368 | ||||||
| Loss on dispositions and lease terminations, net | 244 | 648 | ||||||
| Acquisition-related costs (a) | 868 | 2,394 | ||||||
| Adjusted EBITDA | 31,968 | 20,665 | ||||||
| Cash interest expense | (5,981 | ) | (3,236 | ) | ||||
| Sustaining capital expenditures (b) | (1,554 | ) | (1,392 | ) | ||||
| Current income tax expense | (185 | ) | (284 | ) | ||||
| Distributable Cash Flow | $ | 24,248 | $ | 15,753 | ||||
| Distributions paid | 19,896 | 19,881 | ||||||
| Distribution Coverage Ratio | 1.22x | 0.79x | ||||||
(a) Relates to certain discrete acquisition related costs, such as legal and other professional fees, separation benefit costs and certain purchase accounting adjustments associated with recently acquired businesses.
(b) Under the Partnership Agreement, sustaining capital expenditures are capital expenditures made to maintain our long-term operating income or operating capacity. Examples of sustaining capital expenditures are those made to maintain existing contract volumes, including payments to renew existing distribution contracts, or to maintain our sites in conditions suitable to lease, such as parking lot or roof replacement/renovation, or to replace equipment required to operate the existing business.
About CrossAmerica Partners LP
CrossAmerica Partners LP is a leading wholesale distributor of motor fuels, convenience store operator, and owner and lessee of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is indirectly owned and controlled by entities affiliated with Joseph V. Topper, Jr., the founder of CrossAmerica Partners and a member of the board of the general partner since 2012. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to approximately 1,750 locations and owns or leases approximately 1,150 sites. With a geographic footprint covering 34 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Sunoco, Valero, Gulf, Citgo, Marathon and Phillips 66. CrossAmerica Partners LP ranks as one of ExxonMobil’s largest distributors by fuel volume in the United States and in the top 10 for additional brands. For additional information, please visit www.crossamericapartners.com.
Contact
Investor Relations: Randy Palmer, rpalmer@caplp.com or 210-742-8316
Cautionary Statement Regarding Forward-Looking Statements
Statements contained in this release that state the Partnership’s or management’s expectations or predictions of the future are forward-looking statements. The words “believe,” “expect,” “should,” “intends,” “estimates,” “target” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica’s Form 10-K or Forms 10-Q filed with the Securities and Exchange Commission, and available on CrossAmerica’s website at www.crossamericapartners.com. The Partnership undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Note to Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (
FAQ
What were CrossAmerica Partners LP's Q1 2022 financial results?
How did CrossAmerica's Adjusted EBITDA perform in Q1 2022?
What was the distribution declared for Q1 2022 by CrossAmerica Partners?
How did the wholesale segment perform in Q1 2022?
What was the rise in retail segment gross profit for CrossAmerica in Q1 2022?
