• CrossAmerica Partners LP Reports First Quarter 2024 Results

    المصدر: Nasdaq GlobeNewswire / 08 مايو 2024 16:15:00   America/New_York

    Allentown, PA, May 08, 2024 (GLOBE NEWSWIRE) --

    CrossAmerica Partners LP Reports First Quarter 2024 Results

    • Reported First Quarter 2024 Net Loss of $17.5 million that includes a $15.9 million loss on lease terminations with Applegreen, Adjusted EBITDA of $23.6 million and Distributable Cash Flow of $11.7 million compared to a Net Loss of $1.0 million, Adjusted EBITDA of $31.7 million and Distributable Cash Flow of $19.1 million for the First Quarter 2023
    • Reported First Quarter 2024 Gross Profit for the Wholesale Segment of $27.0 million compared to $31.2 million of Gross Profit for the First Quarter 2023 and First Quarter 2024 Gross Profit for the Retail Segment of $54.4 million compared to $50.8 million of Gross Profit for the First Quarter 2023
    • Leverage, as defined in the CAPL Credit Facility, was 4.49 times as of March 31, 2024, compared to 4.21 times as of December 31, 2023
    • The Distribution Coverage Ratio for the trailing twelve months ended March 31, 2024 was 1.37 times compared to 1.70 times for the comparable period of 2023
    • Began conversions of Applegreen lessee dealer locations to company operated retail locations during First Quarter 2024, with all 59 locations converted to company operated locations early in the Second Quarter 2024  
    • The Board of Directors of CrossAmerica's General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the First Quarter 2024

    Allentown, PA May 8, 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 first quarter ended March 31, 2024.

    “The first quarter was a difficult operating environment, with generally increasing fuel prices that resulted in lower margins along with industry wide lower overall demand for both fuel and merchandise. Our financial results for the quarter compared to the prior year reflect these challenges,” said Charles Nifong, President and CEO of CrossAmerica.  “After the quarter end, we finished our conversion of the Applegreen lessee dealer locations to company operated retail locations, which we expect to be immediately accretive to our financial results. Despite a challenging quarter, our business fundamentals are strong and we are well positioned with both our operations and capital structure for continued success.”

    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 months ended March 31, 2024 was adjusted to gross it up for the sales that would have been recorded had CrossAmerica not changed models.

    First Quarter Results

    Consolidated Results

    Key Operating MetricsQ1 2024Q1 2023
    Net Income($17.5M)($1.0M)
    Operating Expenses$52.0M$45.6M
    Adjusted EBITDA$23.6M$31.7M
    Distributable Cash Flow$11.7M$19.1M
    Distribution Coverage Ratio: Current Quarter0.59x0.96x
    Distribution Coverage Ratio: Trailing 12 Months1.37x1.70x

    CrossAmerica reported declines in Net Income, Adjusted EBITDA and Distributable Cash Flow for the first quarter 2024 compared to the first quarter 2023. This was primarily driven by an overall decline in motor fuel gross profit associated with the movements of crude oil prices within the two periods and an increase in operating expenses primarily related to the conversion of certain lessee dealer and commission agent sites to company operated sites. This was partially offset by an increase in merchandise gross profit of 18% for the first quarter 2024 when compared to the same period in 2023. The year-over-year decline in Distributable Cash Flow and Distribution Coverage was primarily driven by the decline in Adjusted EBITDA noted above.

    Wholesale Segment

    Key Operating MetricsQ1 2024Q1 2023
    Wholesale segment gross profit$27.0M$31.2M
    Wholesale motor fuel gallons distributed184.0M201.9M
    Average wholesale gross profit per gallon$0.079$0.083

    During the first quarter 2024, CrossAmerica’s wholesale segment gross profit decreased 14% compared to the first 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 was driven by a 5% decrease in fuel margin per gallon and a 9% decline 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.

    Retail Segment

    Key Operating MetricsQ1 2024Q1 2023
    Retail segment gross profit$54.4M$50.8M
       
    Retail segment motor fuel gallons distributed121.7M119.1M
    Same store motor fuel gallons distributed108.6M112.3M
    Retail segment motor fuel gross profit$26.0M$26.8M
    Retail segment margin per gallon, before deducting credit card fees and commissions$0.308 $0.318 
       
    Same store merchandise sales excluding cigarettes*$42.3M$41.3M
    Merchandise gross profit*$21.4M$18.1M
    Merchandise gross profit percentage* 28.1% 27.8%
       
    Operating Expenses$43.1M$36.1M
    Retail Sites (end of period) 546  462 

    *Includes only company operated retail sites

    For the first quarter 2024, the retail segment generated a 7% increase in gross profit compared to the first quarter 2023. The increase for the first quarter 2024 was primarily due to higher merchandise gross profit, partially offset by a decline of 3% in motor fuel gross profit.

    The retail segment sold 121.7 million of retail fuel gallons during the first quarter 2024, which was an increase of 2% when compared to the first 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 decline in volume for the base business. Same store retail segment fuel volume for the first quarter 2024 declined 3% from 112.3 million gallons during the first quarter 2023 to 108.6 million gallons for the same period in 2024.

    For the first quarter 2024, CrossAmerica’s merchandise gross profit and other revenue increased 21% when compared to the first quarter 2023. The first 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 first quarter 2024 when compared to the first quarter 2023. Merchandise gross profit percentage increased from 27.8% for the first quarter 2023 to 28.1% for the first quarter 2024, primarily due to improved merchandise margins in the categories of packaged beverages and snacks.

    For the first quarter 2024, operating expenses for the retail segment increased $7 million dollars or 20% primarily driven by a 22% increase in the average company operated site count due to the conversion of certain lessee dealer and commission agent sites to company operated sites.

    Acquisition of Assets from Applegreen

    On January 26, 2024, CrossAmerica entered into an agreement to acquire certain assets from Applegreen Midwest, LLC and Applegreen Florida, LLC. The assets were acquired via the termination of the Partnership’s existing lease agreements with the Applegreen entities at 59 locations, for total consideration of $16.9 million. The transaction closed on a rolling basis by site beginning during the first quarter of 2024 and ending in April 2024. The Partnership also acquired for cash the inventory at the locations. The terms of the Partnership’s leases with Applegreen Midwest, LLC and Applegreen Florida, LLC could have been extended to 2049 and 2048, respectively, including all renewal options. Of the 59 locations, 31 locations were converted during the first quarter of 2024 and the remaining locations converted in April 2024. This transaction resulted in the conversion of these lessee dealer sites to company operated sites.

    Liquidity and Capital Resources

    As of March 31, 2024, CrossAmerica had $798.3 million outstanding under its CAPL Credit Facility. As of May 3, 2024, after taking into consideration debt covenant restrictions, approximately $96.0 million was available for future borrowings under the CAPL Credit Facility. Leverage, as defined in the CAPL Credit Facility, was 4.49 times as of March 31, 2024, compared to 4.21 times as of December 31, 2023. As of March 31, 2024, CrossAmerica was in compliance with its financial covenants under the credit facility.

    Distributions

    On April 22, 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 first quarter 2024. As previously announced, the distribution will be paid on May 10, 2024 to all unitholders of record as of May 3, 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 May 9, 2024 at 9:00 a.m. Eastern Time to discuss the first quarter 2024 earnings results. The conference call numbers are 800-717-1738 or 646-307-1865 and the passcode for both is 253945. 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.

    CROSSAMERICA PARTNERS LP
    CONSOLIDATED BALANCE SHEETS
    (Thousands of Dollars, except unit data)

      March 31,  December 31, 
      2024  2023 
    ASSETS      
    Current assets:      
    Cash and cash equivalents $6,278  $4,990 
    Accounts receivable, net of allowances of $674 and $709, respectively  35,087   31,185 
    Accounts receivable from related parties  1,021   437 
    Inventory  58,037   52,344 
    Assets held for sale  4,641   400 
    Current portion of interest rate swap contracts  7,169   9,321 
    Other current assets  11,068   9,845 
    Total current assets  123,301   108,522 
    Property and equipment, net  692,728   705,217 
    Right-of-use assets, net  146,170   148,317 
    Intangible assets, net  90,422   95,261 
    Goodwill  99,409   99,409 
    Deferred tax assets  1,425   759 
    Interest rate swap contracts, less current portion  4,439   687 
    Other assets  21,579   23,510 
    Total assets $1,179,473  $1,181,682 
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Current portion of debt and finance lease obligations $3,133  $3,083 
    Current portion of operating lease obligations  34,973   34,787 
    Accounts payable  71,490   68,986 
    Accounts payable to related parties  6,920   10,180 
    Accrued expenses and other current liabilities  24,570   23,674 
    Motor fuel and sales taxes payable  18,767   20,386 
    Total current liabilities  159,853   161,096 
    Debt and finance lease obligations, less current portion  795,755   753,880 
    Operating lease obligations, less current portion  116,351   118,723 
    Deferred tax liabilities, net  7,652   12,919 
    Asset retirement obligations  48,329   47,844 
    Interest rate swap contracts  1,139   3,535 
    Other long-term liabilities  52,212   52,934 
    Total liabilities  1,181,291   1,150,931 
           
    Commitments and contingencies (Note 11)      
           
    Preferred membership interests  28,401   27,744 
           
    Equity:      
    Common units— 38,027,194 and 37,983,154 units issued and
    outstanding at March 31, 2024 and December 31, 2023, respectively
      (39,616)  (2,392)
    Accumulated other comprehensive income  9,397   5,399 
    Total (deficit) equity  (30,219)  3,007 
    Total liabilities and equity $1,179,473  $1,181,682 

    CROSSAMERICA PARTNERS LP
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Thousands of Dollars, Except Unit and Per Unit Amounts)

      Three Months Ended March 31, 
      2024  2023 
    Operating revenues (a) $941,548  $1,016,159 
    Costs of sales (b)  860,200   934,100 
    Gross profit  81,348   82,059 
           
    Operating expenses:      
    Operating expenses (c)  52,028   45,623 
    General and administrative expenses  6,838   5,739 
    Depreciation, amortization and accretion expense  18,721   19,820 
    Total operating expenses  77,587   71,182 
    Loss on dispositions and lease terminations, net  (16,806)  (1,767)
    Operating (loss) income  (13,045)  9,110 
    Other income, net  249   261 
    Interest expense  (10,541)  (12,012)
    Loss before income taxes  (23,337)  (2,641)
    Income tax benefit  (5,797)  (1,662)
    Net loss  (17,540)  (979)
    Accretion of preferred membership interests  657   601 
    Net loss available to limited partners $(18,197) $(1,580)
           
    Net loss per common unit      
    Basic $(0.48) $(0.04)
    Diluted $(0.48) $(0.04)
           
    Weighted-average common units:      
    Basic  37,994,285   37,940,332 
    Diluted  37,994,285   37,940,332 
           
    Supplemental information:      
    (a) includes excise taxes of: $70,713  $69,884 
    (a) includes rent income of:  19,166   21,320 
    (b) excludes depreciation, amortization and accretion      
    (b) includes rent expense of:  5,419   5,554 
    (c) includes rent expense of:  3,942   3,798 

    CROSSAMERICA PARTNERS LP
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Thousands of Dollars)

      Three Months Ended March 31, 
      2024  2023 
    Cash flows from operating activities:      
    Net loss $(17,540) $(979)
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation, amortization and accretion expense  18,721   19,820 
    Amortization of deferred financing costs  483   1,848 
    Credit loss expense     37 
    Deferred income tax benefit  (5,932)  (2,056)
    Equity-based employee and director compensation expense  205   561 
    Loss on dispositions and lease terminations, net  16,806   1,767 
    Changes in operating assets and liabilities, net of acquisitions  (6,927)  (9,460)
    Net cash provided by operating activities  5,816   11,538 
           
    Cash flows from investing activities:      
    Principal payments received on notes receivable  45   53 
    Proceeds from sale of assets     568 
    Capital expenditures  (6,105)  (6,001)
    Lease termination payments to Applegreen, including inventory purchases  (19,904)   
    Net cash used in investing activities  (25,964)  (5,380)
           
    Cash flows from financing activities:      
    Borrowings under revolving credit facilities  49,000   187,400 
    Repayments on revolving credit facilities  (6,740)  (15,537)
    Repayments on the Term Loan Facility     (158,980)
    Payments of finance lease obligations  (744)  (698)
    Payments of deferred financing costs  (74)  (6,906)
    Distributions paid on distribution equivalent rights  (65)  (56)
    Distributions paid on common units  (19,941)  (19,918)
    Net cash provided by (used in) financing activities  21,436   (14,695)
    Net increase (decrease) in cash and cash equivalents  1,288   (8,537)
           
    Cash and cash equivalents at beginning of period  4,990   16,054 
    Cash and cash equivalents at end of period $6,278  $7,517 

    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, 
      2024  2023 
    Gross profit:      
    Motor fuel gross profit $14,603  $16,708 
    Rent gross profit  11,439   13,255 
    Other revenues  920   1,247 
    Total gross profit  26,962   31,210 
    Operating expenses  (8,897)  (9,541)
    Operating income $18,065  $21,669 
           
    Motor fuel distribution sites (end of period): (a)      
    Independent dealers (b)  624   643 
    Lessee dealers (c)  511   612 
    Total motor fuel distribution sites  1,135   1,255 
           
    Average motor fuel distribution sites  1,172   1,271 
           
    Volume of gallons distributed  184,025   201,861 
           
    Margin per gallon $0.079  $0.083 

    (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.

    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, 
      2024  2023 
    Gross profit:      
    Motor fuel $26,036  $26,760 
    Merchandise  21,443   18,123 
    Rent  2,308   2,511 
    Other revenue  4,599   3,455 
    Total gross profit  54,386   50,849 
    Operating expenses  (43,131)  (36,082)
    Operating income $11,255  $14,767 
           
    Retail sites (end of period):      
    Company operated retail sites (a)  343   268 
    Commission agents (b)  203   194 
    Total system sites at the end of the period  546   462 
           
    Total retail segment statistics:      
    Volume of gallons sold  121,717   119,085 
    Same store total system gallons sold(c)  108,573   112,259 
    Average retail fuel sites  514   457 
    Margin per gallon, before deducting credit card fees and commissions $0.308  $0.318 
           
    Company operated site statistics:      
    Average retail fuel sites  315   258 
    Same store fuel volume(c)  72,948   74,777 
    Margin per gallon, before deducting credit card fees $0.327  $0.341 
    Same store merchandise sales(c) $61,522  $61,268 
    Same store merchandise sales excluding cigarettes(c) $42,267  $41,334 
    Merchandise gross profit percentage  28.1%  27.8%
           
    Commission site statistics:      
    Average retail fuel sites  199   198 
    Margin per gallon, before deducting credit card fees and commissions $0.267  $0.273 

    (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 months ended March 31, 2024 was adjusted to gross it up for the sales that would have been recorded had CrossAmerica not changed models.

    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 March 31, 
      2024  2023 
    Net loss $(17,540) $(979)
    Interest expense  10,541   12,012 
    Income tax benefit  (5,797)  (1,662)
    Depreciation, amortization and accretion expense  18,721   19,820 
    EBITDA  5,925   29,191 
    Equity-based employee and director compensation expense  205   561 
    Loss on dispositions and lease terminations, net (a)  16,806   1,767 
    Acquisition-related costs (b)  632   219 
    Adjusted EBITDA  23,568   31,738 
    Cash interest expense  (10,058)  (10,163)
    Sustaining capital expenditures (c)  (1,642)  (2,049)
    Current income tax expense (d)  (137)  (394)
    Distributable Cash Flow $11,731  $19,132 
    Distributions paid on common units  19,941   19,918 
    Distribution Coverage Ratio (a) 0.59x  0.96x 

    (a) During the three months ended March 31, 2024, CrossAmerica recorded a $15.9 million loss on lease terminations with Applegreen, including a $1.4 million non-cash write-off of deferred rent income.
    (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.


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