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CrossAmerica Partners LP Reports Second Quarter 2024 Results
Источник: Nasdaq GlobeNewswire / 07 авг 2024 15:15:00 America/Chicago
Allentown. PA, Aug. 07, 2024 (GLOBE NEWSWIRE) --
CrossAmerica Partners LP Reports Second Quarter 2024 Results
- Reported Second Quarter 2024 Net Income of $12.4 million, Adjusted EBITDA of $42.6 million and Distributable Cash Flow of $26.1 million compared to Net Income of $14.5 million, Adjusted EBITDA of $42.2 million and Distributable Cash Flow of $30.4 million for the Second Quarter 2023
- Reported Second Quarter 2024 Gross Profit for the Retail Segment of $76.6 million compared to $66.0 million of Gross Profit for the Second Quarter 2023 and Second Quarter 2024 Gross Profit for the Wholesale Segment of $28.1 million compared to $31.7 million of Gross Profit for the Second Quarter 2023
- Leverage, as defined in the CAPL Credit Facility, was 4.39 times as of June 30, 2024, compared to 4.49 times as of March 31, 2024
- The Distribution Coverage Ratio for the trailing twelve months ended June 30, 2024 was 1.32 times compared to 1.68 times for the comparable period of 2023
- The Board of Directors of CrossAmerica's General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the Second Quarter 2024
Allentown, PA August 7, 2024 – 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 second quarter ended June 30, 2024.
“Our financial results for the second quarter were significantly improved from the first quarter, despite a continued overall soft fuel demand environment,” said Charles Nifong, President and CEO of CrossAmerica. “Our results reflect our continued successful execution of our strategy. We realized strong results in our retail segment, with increases in overall gallons, sales and segment operating income and we converted an additional 43 sites to the retail segment during the quarter. Our distribution coverage ratio for the quarter was solid, materially higher than in the first quarter, and our balance sheet remains strong. Overall, our results demonstrate the stability of our business and that we remain well positioned for future growth.”
Second Quarter Results
Consolidated Results
Key Operating Metrics Q2 2024 Q2 2023 Net Income $12.4M $14.5M Operating Expenses $55.8M $49.8M Adjusted EBITDA $42.6M $42.2M Distributable Cash Flow $26.1M $30.4M Distribution Coverage Ratio: Current Quarter 1.30x 1.53x Distribution Coverage Ratio: Trailing 12 Months 1.32x 1.68x CrossAmerica reported an increase in Adjusted EBITDA and declines in Net Income and Distributable Cash Flow for the second quarter 2024 compared to the second quarter 2023. The slight increase in Adjusted EBITDA year-over-year for the quarter was primarily driven by an increase in the retail segment’s motor fuel and merchandise gross profit, offset by an increase in operating expenses primarily related to the conversion of certain lessee dealer and commission agent sites to company operated sites. The declines in Net Income and Distributable Cash Flow were primarily driven by an increase in interest expense relative to the prior year mainly due to the expiration of certain favorable interest rate hedges that occurred at the start of the quarter.
Retail Segment
Key Operating Metrics Q2 2024 Q2 2023 Retail segment gross profit $76.6M $66.0M Retail segment motor fuel gallons distributed 143.0M 130.8M Same store motor fuel gallons distributed 121.0M 123.3M Retail segment motor fuel gross profit $39.3M $35.7M Retail segment margin per gallon, before deducting credit card fees and commissions $ 0.373 $ 0.370 Same store merchandise sales excluding cigarettes* $53.5M $52.6M Merchandise gross profit* $29.8M $24.2M Merchandise gross profit percentage* 28.3 % 29.0 % Operating Expenses $48.6M $39.9M Retail Sites (end of period) 589 482 *Includes only company operated retail sites
For the second quarter 2024, the retail segment generated a 16% increase in gross profit compared to the second quarter 2023. The increase for the second quarter 2024 was primarily due to higher motor fuel (+10%) and merchandise (+23%) gross profit.
The retail segment sold 143.0 million of retail fuel gallons during the second quarter 2024, which was an increase of 9% when compared to the second quarter 2023. This volume increase was primarily driven by the conversion of lessee dealer sites to company operated and commission agent sites over the past year and during the quarter, offset by a 2% decline in volume for same store locations.
For the second quarter 2024, CrossAmerica’s merchandise gross profit and other revenue increased 25% when compared to the second quarter 2023. The second quarter increase was primarily driven by an increase in the average company operated site count due to the conversion of certain lessee dealer and commission agent sites to company operated sites. Same store merchandise sales excluding cigarettes increased 2% for the second quarter 2024 when compared to the second quarter 2023. Merchandise gross profit percentage decreased from 29.0% for the second quarter 2023 to 28.3% for the second quarter 2024.
For the second quarter 2024, operating expenses for the retail segment increased 22% primarily driven by a 28% (79 site) increase in the average company operated site count due to the conversion of certain lessee dealer and commission agent sites to company operated sites.
Wholesale Segment
Key Operating Metrics Q2 2024 Q2 2023 Wholesale segment gross profit $28.1M $31.7M Wholesale motor fuel gallons distributed 192.1M 218.1M Average wholesale gross margin per gallon $ 0.087 $ 0.082 During the second quarter 2024, CrossAmerica’s wholesale segment gross profit decreased 11% compared to the second quarter 2023. This was driven by a decline in motor fuel and rent gross profit primarily due to the conversion of certain lessee dealer sites to company operated and commission agent sites and a net loss of independent dealer contracts. The motor fuel gross profit decline of 7% was driven by a 12% decrease in wholesale volume distributed, with a substantial portion of the wholesale volume decline attributable to the conversion of wholesale locations to retail locations and the associated volume for these locations is now reflected in CrossAmerica’s retail segment. This was partially offset by an increase of 6% in margin per gallon.
Divestment Activity
During the three months ended June 30, 2024, CrossAmerica sold ten properties for $11.9 million in proceeds, resulting in a net gain of $6.5 million.
Acquisition of Assets from Applegreen
As previously announced, the 59 site transaction with Applegreen closed on a rolling basis by site beginning during the first quarter 2024 and ending in April 2024. Additional details regarding this transaction are available in the CrossAmerica Partners Second Quarter 2024 Form 10-Q.
Liquidity and Capital Resources
As of June 30, 2024, CrossAmerica had $789.5 million outstanding under its CAPL Credit Facility. As of August 2, 2024, after taking into consideration debt covenant restrictions, approximately $116.0 million was available for future borrowings under the CAPL Credit Facility. Leverage, as defined in the CAPL Credit Facility, was 4.39 times as of June 30, 2024, compared to 4.49 times as of March 31, 2024. As of June 30, 2024, CrossAmerica was in compliance with its financial covenants under the credit facility.
Distributions
On July 23, 2024, the Board of the Directors of CrossAmerica’s General Partner (“Board”) declared a quarterly distribution of $0.5250 per limited partner unit attributable to the second quarter 2024. As previously announced, the distribution will be paid on August 9, 2024 to all unitholders of record as of August 2, 2024. The amount and timing of any future distributions is subject to the discretion of the Board as provided in CrossAmerica’s Partnership Agreement.
Conference Call
The Partnership will host a conference call on August 8, 2024 at 9:00 a.m. Eastern Time to discuss the second quarter 2024 earnings results. The conference call numbers are 800-717-1738 or 646-307-1865 and the passcode for both is 29269. A live audio webcast of the conference call and the related earnings materials, including reconciliations of any 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). After the live conference call, an archive of the webcast will be available on the investor section of the CrossAmerica site at https://caplp.gcs-web.com/webcasts-presentations within 24 hours after the call for a period of sixty days.
Non-GAAP Measures and Same Store Metrics
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.
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 within the same segment. Same store merchandise sales excludes branded food sales and other revenues such as lottery commissions and car wash sales. Certain merchandise products have been transitioned from a gross profit model (whereby CrossAmerica owns the inventory and records sales and cost of sales) to a scan-based trading model (whereby a third party owns the inventory and CrossAmerica records a commission in other revenues). Same store merchandise sales for the three and six months ended June 30, 2024 were adjusted to gross it up for the sales that would have been recorded had CrossAmerica not changed models.
CROSSAMERICA PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars, except unit data)June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 5,490 $ 4,990 Accounts receivable, net of allowances of $755 and $709, respectively 38,931 31,185 Accounts receivable from related parties 88 437 Inventory 63,583 52,344 Assets held for sale 2,486 400 Current portion of interest rate swap contracts 6,478 9,321 Other current assets 8,499 9,845 Total current assets 125,555 108,522 Property and equipment, net 685,306 705,217 Right-of-use assets, net 142,126 148,317 Intangible assets, net 85,819 95,261 Goodwill 99,409 99,409 Deferred tax assets 818 759 Interest rate swap contracts, less current portion 4,873 687 Other assets 20,767 23,510 Total assets $ 1,164,673 $ 1,181,682 LIABILITIES AND EQUITY Current liabilities: Current portion of debt and finance lease obligations $ 3,183 $ 3,083 Current portion of operating lease obligations 35,259 34,787 Accounts payable 75,281 68,986 Accounts payable to related parties 7,551 10,180 Accrued expenses and other current liabilities 24,298 23,674 Motor fuel and sales taxes payable 19,821 20,386 Total current liabilities 165,393 161,096 Debt and finance lease obligations, less current portion 786,674 753,880 Operating lease obligations, less current portion 111,946 118,723 Deferred tax liabilities, net 7,877 12,919 Asset retirement obligations 48,607 47,844 Interest rate swap contracts 430 3,535 Other long-term liabilities 51,925 52,934 Total liabilities 1,172,852 1,150,931 Commitments and contingencies (Note 11) Preferred membership interests 29,073 27,744 Equity: Common units— 38,027,194 and 37,983,154 units issued and
outstanding at June 30, 2024 and December 31, 2023, respectively(47,893 ) (2,392 ) Accumulated other comprehensive income 10,641 5,399 Total (deficit) equity (37,252 ) 3,007 Total liabilities and equity $ 1,164,673 $ 1,181,682 CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars, Except Unit and Per Unit Amounts)Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating revenues (a) $ 1,133,355 $ 1,145,396 $ 2,074,903 $ 2,161,555 Costs of sales (b) 1,028,593 1,047,672 1,888,793 1,981,772 Gross profit 104,762 97,724 186,110 179,783 Operating expenses: Operating expenses (c) 55,825 49,798 107,853 95,421 General and administrative expenses 7,892 7,475 14,730 13,214 Depreciation, amortization and accretion expense 18,446 19,298 37,167 39,118 Total operating expenses 82,163 76,571 159,750 147,753 Gain (loss) on dispositions and lease terminations, net 5,578 6,700 (11,228 ) 4,933 Operating income 28,177 27,853 15,132 36,963 Other income, net 158 163 407 424 Interest expense (14,208 ) (10,683 ) (24,749 ) (22,695 ) Income (loss) before income taxes 14,127 17,333 (9,210 ) 14,692 Income tax expense (benefit) 1,703 2,797 (4,094 ) 1,135 Net income (loss) 12,424 14,536 (5,116 ) 13,557 Accretion of preferred membership interests 672 615 1,329 1,216 Net income (loss) available to limited partners $ 11,752 $ 13,921 $ (6,445 ) $ 12,341 Earnings (loss) per common unit Basic $ 0.31 $ 0.37 $ (0.17 ) $ 0.33 Diluted $ 0.31 $ 0.36 $ (0.17 ) $ 0.32 Weighted-average common units: Basic 38,027,194 37,952,950 38,010,739 37,946,676 Diluted 38,199,490 38,150,236 38,010,739 38,143,697 Supplemental information: (a) includes excise taxes of: $ 82,394 $ 76,191 $ 153,106 $ 146,075 (a) includes rent income of: 17,855 20,523 37,021 41,843 (b) excludes depreciation, amortization and accretion (b) includes rent expense of: 5,192 5,658 10,611 11,212 (c) includes rent expense of: 4,497 3,911 8,439 7,709 CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)Six Months Ended June 30, 2024 2023 Cash flows from operating activities: Net (loss) income $ (5,116 ) $ 13,557 Adjustments to reconcile net (loss) income to net cash provided by
operating activities:Depreciation, amortization and accretion expense 37,167 39,118 Amortization of deferred financing costs 968 2,325 Credit loss expense 81 37 Deferred income tax (benefit) expense (5,100 ) 582 Equity-based employee and director compensation expense 574 1,123 Loss (gain) on dispositions and lease terminations, net 11,228 (4,933 ) Changes in operating assets and liabilities, net of acquisitions (5,079 ) (4,546 ) Net cash provided by operating activities 34,723 47,263 Cash flows from investing activities: Principal payments received on notes receivable 81 107 Proceeds from sale of assets 10,733 4,533 Capital expenditures (11,411 ) (11,328 ) Lease terminations payments to Applegreen, including inventory purchases (25,517 ) — Net cash used in investing activities (26,114 ) (6,688 ) Cash flows from financing activities: Borrowings under revolving credit facilities 70,013 205,900 Repayments on revolving credit facilities (36,500 ) (50,546 ) Repayments on the Term Loan Facility — (158,980 ) Payments of finance lease obligations (1,513 ) (1,417 ) Payments of deferred financing costs (74 ) (7,022 ) Distributions paid on distribution equivalent rights (130 ) (111 ) Income tax distributions paid on preferred membership interests — (119 ) Distributions paid on common units (39,905 ) (39,843 ) Net cash used in financing activities (8,109 ) (52,138 ) Net increase (decrease) in cash and cash equivalents 500 (11,563 ) Cash and cash equivalents at beginning of period 4,990 16,054 Cash and cash equivalents at end of period $ 5,490 $ 4,491 Segment Results
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Gross profit: Motor fuel $ 39,289 $ 35,737 $ 65,326 $ 62,497 Merchandise 29,849 24,232 51,292 42,355 Rent 2,258 2,263 4,566 4,774 Other revenue 5,248 3,793 9,847 7,248 Total gross profit 76,644 66,025 131,031 116,874 Operating expenses (48,631 ) (39,874 ) (91,762 ) (75,956 ) Operating income $ 28,013 $ 26,151 $ 39,269 $ 40,918 Retail sites (end of period): Company operated retail sites (a) 372 292 372 292 Commission agents (b) 217 190 217 190 Total system sites at the end of the period 589 482 589 482 Total retail segment statistics: Volume of gallons sold 143,016 130,804 264,733 249,889 Same store total system gallons sold (c) 120,974 123,263 226,000 232,697 Average retail fuel sites 576 477 545 468 Margin per gallon, before deducting credit card fees and commissions 0.373 0.370 0.343 0.345 Company operated site statistics: Average retail fuel sites 365 286 340 273 Same store fuel volume (c) 83,013 83,739 152,931 156,229 Margin per gallon, before deducting credit card fees $ 0.397 $ 0.394 $ 0.365 $ 0.369 Same store merchandise sales (c) $ 75,748 $ 75,719 $ 134,534 $ 133,872 Same store merchandise sales excluding cigarettes $ 53,520 $ 52,630 $ 94,113 $ 91,897 Merchandise gross profit percentage 28.3 % 29.0 % 28.2 % 28.4 % Commission site statistics: Average retail fuel sites 211 191 205 195 Margin per gallon, before deducting credit card fees and commissions $ 0.315 $ 0.320 $ 0.292 $ 0.297 (a) The increase in the company operated site count was primarily attributable to the conversion of certain lessee dealer and commission agent sites to company operated sites.
(b) The increase in the commission agent site count was primarily attributable to the conversion of certain lessee dealer sites to commission agent sites, partially offset by the conversion of certain commission agent sites to company operated sites.
(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 excludes branded food sales and other revenues such as lottery commissions and car wash sales. Certain merchandise products have been transitioned from a gross profit model (whereby CrossAmerica owns the inventory and records sales and cost of sales) to a scan-based trading model (whereby a third party owns the inventory and CrossAmerica records a commission in other revenues). Same store merchandise sales for the three and six months ended June 30, 2024 were adjusted to gross it up for the sales that would have been recorded had CrossAmerica not changed models.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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Gross profit: Motor fuel gross profit $ 16,639 $ 17,933 $ 31,241 $ 34,641 Rent gross profit 10,405 12,602 21,844 25,857 Other revenues 1,074 1,164 1,994 2,411 Total gross profit 28,118 31,699 55,079 62,909 Operating expenses (7,194 ) (9,924 ) (16,091 ) (19,465 ) Operating income $ 20,924 $ 21,775 $ 38,988 $ 43,444 Motor fuel distribution sites (end of period): (a) Independent dealers (b) 618 641 618 641 Lessee dealers (c) 457 586 457 586 Total motor fuel distribution sites 1,075 1,227 1,075 1,227 Average motor fuel distribution sites 1,096 1,236 1,134 1,253 Volume of gallons distributed 192,111 218,131 376,136 419,992 Margin per gallon $ 0.087 $ 0.082 $ 0.083 $ 0.082 (a) In addition, CrossAmerica distributed motor fuel to sub-wholesalers who distributed to additional sites.
(b) The decrease in the independent dealer site count was primarily attributable to the net loss of contracts, partially offset by divestitures of certain lessee dealer sites but with continued fuel supply.
(c) The decrease in the lessee dealer count was primarily attributable to the conversion of certain lessee dealer sites to company operated sites, including through the Applegreen Acquisition, and CrossAmerica's real estate rationalization effort.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 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 12,424 $ 14,536 $ (5,116 ) $ 13,557 Interest expense 14,208 10,683 24,749 22,695 Income tax expense (benefit) 1,703 2,797 (4,094 ) 1,135 Depreciation, amortization and accretion expense 18,446 19,298 37,167 39,118 EBITDA 46,781 47,314 52,706 76,505 Equity-based employee and director compensation expense 369 562 574 1,123 (Gain) loss on dispositions and lease terminations, net (a) (5,578 ) (6,700 ) 11,228 (4,933 ) Acquisition-related costs (b) 998 1,022 1,630 1,241 Adjusted EBITDA 42,570 42,198 66,138 73,936 Cash interest expense (13,723 ) (10,207 ) (23,781 ) (20,370 ) Sustaining capital expenditures (c) (1,926 ) (1,436 ) (3,568 ) (3,485 ) Current income tax expense (d) (870 ) (160 ) (1,007 ) (554 ) Distributable Cash Flow $ 26,051 $ 30,395 $ 37,782 $ 49,527 Distributions paid on common units 19,964 19,925 39,905 39,843 Distribution Coverage Ratio 1.30x 1.53x 0.95x 1.24x (a) During the three months ended June 30, 2024, CrossAmerica recorded a $6.5 million net gain in connection with its ongoing real estate rationalization effort, partially offset by $0.9 million of net losses on lease terminations and asset disposals, including non-cash write-offs of deferred rent income. During the three months ended June 30, 2023, CrossAmerica recorded a $6.1 million net gain in connection with its ongoing real estate rationalization effort and a $0.6 million net gain on lease terminations and asset disposals.
(b) Relates to certain acquisition-related costs, such as legal and other professional fees, separation benefit costs and purchase accounting adjustments associated with recent acquisitions.
(c) Under the Partnership Agreement, sustaining capital expenditures are capital expenditures made to maintain CrossAmerica's 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 the sites in conditions suitable to lease, such as parking lot or roof replacement/renovation, or to replace equipment required to operate the existing business.
(d) Excludes income tax incurred on the sale of sites.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 1,700 locations and owns or leases approximately 1,100 sites. With a geographic footprint covering 34 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Marathon, Valero, Phillips 66 and other major brands. 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 610-625-8000
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.
