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GlobeNewswire (Europe)
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CrossAmerica Partners LP Reports Third Quarter 2022 Results

Finanznachrichten News

Allentown, PA, Nov. 07, 2022 (GLOBE NEWSWIRE) --

CrossAmerica Partners LP Reports Third Quarter 2022 Results

  • Reported Third Quarter 2022 Operating Income of $39.6 million and Net Income of $27.6 million compared to Operating Income of $12.6 million and Net Income of $8.9 million for the Third Quarter 2021
  • Generated Third Quarter 2022 Adjusted EBITDA of $62.2 million and Distributable Cash Flow of $50.9 million compared to Third Quarter 2021 Adjusted EBITDA of $35.9 million and Distributable Cash Flow of $30.4 million
  • Reported Third Quarter 2022 Gross Profit for the Wholesale Segment of $56.8 million compared to $48.2 million of Gross Profit for the Third Quarter 2021 and Third Quarter 2022 Gross Profit for the Retail Segment of $56.3 million compared to $27.9 million of Gross Profit for the Third Quarter 2021
  • Distributed 338.1 million wholesale fuel gallons during the Third Quarter 2022 at an average wholesale fuel margin per gallon of 12.5 cents compared to 354.6 million wholesale fuel gallons at an average wholesale fuel margin per gallon of 9.6 cents during the Third Quarter 2021, a decrease of 5% in gallons distributed and an increase of 30% in margin per gallon
  • Leverage, as defined in the CAPL Credit Facility, which excludes any pro forma EBITDA from CrossAmerica's recently announced acquisition of assets from Community Service Stations, Inc., was 3.9 times as of September 30, 2022, compared to 5.1 times as of December 31, 2021
  • The Distribution Coverage Ratio was 2.55 times for the three months ended September 30, 2022 and 1.74 times for the trailing twelve months ended September 30, 2022
  • The Board of Directors of CrossAmerica's General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the Third Quarter 2022

Allentown, PA November 7, 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 third quarter ended September 30, 2022.

"Our financial results for the quarter were exceptionally strong, as reflected in our Adjusted EBITDA and ending leverage for the quarter," said Charles Nifong, President and CEO of CrossAmerica. "Our results also illustrate the enduring strength of our underlying business as we continue to provide strong results despite high fuel prices, inflation, and other economic challenges. Our pending acquisition, which we announced during the quarter, is highly complementary to our existing business and we expect it to be immediately accretive to our financial results."

Third Quarter Results

Consolidated Results

Key Operating MetricsQ3 2022Q3 2021
Operating Income$39.6M$12.6M
Adjusted EBITDA$62.2M$35.9M
Distributable Cash Flow$50.9M$30.4M
Distribution Coverage Ratio - Current Quarter2.55x1.53x
Distribution Coverage Ratio - TTM ended 9/30/221.74x1.22x

CrossAmerica reported Operating Income of $39.6 million and Net Income of $27.6 million or earnings of $0.71 per diluted common unit for the third quarter 2022 compared to Operating Income of $12.6 million and Net Income of $8.9 million or earnings of $0.23 per diluted common unit during the same period of 2021. During the third quarter 2022, Adjusted EBITDA and Distributable Cash Flow increased by 73% and 67%, respectively, as compared to the third quarter 2021. Each metric, as well as the Distribution Coverage Ratio, benefited from the fuel gross profit performance in both the wholesale and retail segments, as well as the growth of the organization as a result of the acquisition of assets from 7-Eleven during the second half of 2021.

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 MetricsQ3 2022Q3 2021
Wholesale segment gross profit$56.8M$48.2M
Wholesale motor fuel gallons distributed338.1M354.6M
Average wholesale gross profit per gallon$0.125$0.096

During the third quarter 2022, CrossAmerica's wholesale segment gross profit increased 18% compared to the third quarter 2021. This was driven by an increase in motor fuel gross profit resulting from a 30% increase in fuel margin per gallon, partially offset by a 5% decline in wholesale volume distributed. The Partnership's wholesale fuel margin benefited from its ongoing execution of strategic initiatives, increased volume to CrossAmerica's company operated retail sites and higher variable margins during the quarter. Higher wholesale variable margins were due to greater market volatility in the third quarter 2022 as compared to the third quarter 2021. CrossAmerica also benefited from higher terms discounts as a result of higher fuel prices during the quarter as compared to the same period in 2021. Wholesale volume distributed declined primarily due to lower volume in the CrossAmerica base business, partially offset from the acquisition of assets from 7-Eleven.

Retail Segment

Key Operating MetricsQ3 2022Q3 2021
Retail segment gross profit$56.3M$27.9M
Retail motor fuel gallons distributed126.7M110.5M
Same store retail motor fuel gallons distributed*45.8M49.5M
Motor fuel gross profit$30.2M$7.8M
Same store merchandise sales excluding cigs.*$29.2M$28.7M
Merchandise gross profit$20.6M$15.5M
Merchandise gross profit percentage27.1%26.7%

*Includes only company operated retail sites

For the third quarter 2022, the retail segment generated a 102% increase in gross profit compared to the third quarter 2021 due to increased retail fuel gallons sold, higher fuel margins and higher merchandise gross profit.

The retail segment sold 126.7 million of retail fuel gallons during the third quarter 2022, a 15% increase over the third quarter 2021. This increased volume resulted from the increase in company operated sites as a result of the acquisition of assets from 7-Eleven, which occurred primarily during the third quarter 2021. Same store fuel volume for the third quarter 2022 declined 7% from 49.5 million gallons during the third quarter 2021 to 45.8 million gallons. The retail segment generated $22.5 million of additional motor fuel gross profit for the three months ended September 30, 2022, as compared to the same period in 2021 due to greater total motor fuel gallons distributed and higher fuel margins per gallon.

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, which occurred primarily during the third quarter 2021. Merchandise gross profit percentage increased from 26.7% to 27.1% with same store merchandise sales excluding cigarettes increasing approximately 2% for the third quarter 2022 when compared to the third quarter 2021.

Acquisition and Divestment Activity

On August 24, 2022, CrossAmerica entered into an Asset Purchase Agreement with Community Service Stations, Inc., pursuant to which the Partnership agreed to purchase certain assets from Community Service Stations, Inc. for a purchase price of $27.5 million plus working capital. The assets consist of wholesale fuel supply contracts to 39 dealer owned locations, 34 sub-wholesaler accounts and two commission locations (1 fee based and 1 lease).

The acquisition is subject to customary conditions to closing. CrossAmerica expects the transaction to close during the fourth quarter of 2022. It is anticipated that the acquisition will be financed with cash on hand and/or undrawn capacity under the CAPL Credit Facility.

During the three and nine months ended September 30, 2022, CrossAmerica sold one and ten properties for $0.2 million and $4.0 million in proceeds, resulting in net gains of an insignificant amount and $0.9 million, respectively.

Liquidity and Capital Resources

As of September 30, 2022, CrossAmerica had $593.4 million outstanding under its CAPL Credit Facility and $159.0 million outstanding under its JKM Credit Facility. As of November 3, 2022, after taking into consideration debt covenant restrictions, approximately $163.6 million was available for future borrowings under the CAPL Credit Facility. Leverage, as defined in the CAPL Credit Facility, which excludes any pro forma EBITDA from CrossAmerica's recently announced acquisition of assets from Community Service Stations. Inc., was 3.9 times as of September 30, 2022, compared to 5.1 times as of December 31, 2021. As of September 30, 2022, CrossAmerica was in compliance with its financial covenants under the credit facilities.

Distributions

On October 20, 2022, 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 third quarter 2022. As previously announced, the distribution will be paid on November 10, 2022 to all unitholders of record as of November 3, 2022. 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 November 8, 2022 at 9:00 a.m. Eastern Time to discuss third quarter 2022 earnings results. The conference call numbers are 866-374-5140 or 404-400-0571 and the passcode for both is 40578429#. 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)

September 30, December 31,
2022 2021
ASSETS
Current assets:
Cash and cash equivalents $11,788 $7,648
Accounts receivable, net of allowances of $594 and $458, respectively 33,561 33,331
Accounts receivable from related parties 863 1,149
Inventory 47,258 46,100
Assets held for sale 7,097 4,907
Other current assets 21,999 13,180
Total current assets 122,566 106,315
Property and equipment, net 738,200 755,454
Right-of-use assets, net 161,196 169,333
Intangible assets, net 95,004 114,187
Goodwill 99,409 100,464
Other assets 30,163 24,389
Total assets $1,246,538 $1,270,142
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt and finance lease obligations $8,376 $10,939
Current portion of operating lease obligations 35,451 34,832
Accounts payable 80,267 67,173
Accounts payable to related parties 8,464 7,679
Accrued expenses and other current liabilities 22,856 20,682
Motor fuel and sales taxes payable 20,780 22,585
Total current liabilities 176,194 163,890
Debt and finance lease obligations, less current portion 752,193 810,635
Operating lease obligations, less current portion 131,302 140,149
Deferred tax liabilities, net 11,664 12,341
Asset retirement obligations 46,352 45,366
Other long-term liabilities 46,171 41,203
Total liabilities 1,163,876 1,213,584
Commitments and contingencies
Preferred membership interests 25,549 -
Equity:
Common units-37,928,970 and 37,896,556 units issued and
outstanding at September 30, 2022 and December 31, 2021, respectively
39,811 53,528
Accumulated other comprehensive income 17,302 3,030
Total equity 57,113 56,558
Total liabilities and equity $1,246,538 $1,270,142

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

Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Operating revenues (a) $1,274,407 $985,122 $3,842,651 $2,501,740
Cost of sales (b) 1,159,677 909,391 3,560,146 2,306,047
Gross profit 114,730 75,731 282,505 195,693
Operating expenses:
Operating expenses (c) 46,845 34,548 131,170 95,021
General and administrative expenses 6,599 9,903 18,762 24,429
Depreciation, amortization and accretion expense 21,329 19,118 61,523 56,732
Total operating expenses 74,773 63,569 211,455 176,182
(Loss) gain on dispositions and lease terminations, net (318) 426 (620) 375
Operating income 39,639 12,588 70,430 19,886
Other income, net 120 127 352 419
Interest expense (8,351) (4,928) (22,333) (12,295)
Income before income taxes 31,408 7,787 48,449 8,010
Income tax expense (benefit) 3,815 (1,065) 1,843 (1,664)
Net income 27,593 8,852 46,606 9,674
Accretion of preferred membership interests 575 - 1,138 -
Net income available to limited partners $27,018 $8,852 $45,468 $9,674
Earnings per common unit
Basic $0.71 $0.23 $1.20 $0.26
Diluted $0.71 $0.23 $1.20 $0.26
Weighted-average limited partner units:
Basic common units 37,925,082 37,887,493 37,912,737 37,877,273
Diluted common units 39,037,660 37,906,799 37,950,362 37,898,036
Supplemental information:
(a) includes excise taxes of: $66,129 $62,427 $204,588 $156,180
(a) includes rent income of: 21,260 21,498 62,736 62,832
(b) excludes depreciation, amortization and accretion
(b) includes rent expense of: 5,906 5,968 17,692 17,912
(c) includes rent expense of: 4,012 3,353 11,521 9,814

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

Nine Months Ended September 30,
2022 2021
Cash flows from operating activities:
Net income $46,606 $9,674
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation, amortization and accretion expense 61,523 56,732
Amortization of deferred financing costs 2,053 1,182
Credit loss expense 139 70
Deferred income tax benefit (677) (2,199)
Equity-based employee and director compensation expense 1,608 1,096
Loss (gain) on dispositions and lease terminations, net 620 (375)
Changes in operating assets and liabilities, net of acquisitions 14,588 10,087
Net cash provided by operating activities 126,460 76,267
Cash flows from investing activities:
Principal payments received on notes receivable 102 151
Proceeds from sale of assets 4,398 11,012
Capital expenditures (26,784) (32,370)
Cash paid in connection with acquisitions, net of cash acquired (1,885) (261,993)
Net cash used in investing activities (24,169) (283,200)
Cash flows from financing activities:
Borrowings under revolving credit facilities 64,600 167,000
Repayments on revolving credit facilities (101,815) (43,452)
Borrowings under the Term Loan Facility 1,120 159,950
Repayments on the Term Loan Facility (24,600) -
Net proceeds from issuance of preferred membership interests 24,430 -
Payments of finance lease obligations (2,030) (1,944)
Payments of deferred financing costs (6) (7,135)
Distributions paid on distribution equivalent rights (137) (93)
Distributions paid on common units (59,713) (59,659)
Net cash (used in) provided by financing activities (98,151) 214,667
Net increase in cash and cash equivalents 4,140 7,734
Cash and cash equivalents at beginning of period 7,648 513
Cash and cash equivalents at end of period $11,788 $8,247

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 September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Gross profit:
Motor fuel-third party $19,500 $18,180 $54,719 $52,232
Motor fuel-intersegment and related party 22,710 15,943 60,796 33,633
Motor fuel gross profit 42,210 34,123 115,515 85,865
Rent gross profit 12,959 13,264 37,944 38,730
Other revenues 1,657 795 5,250 2,658
Total gross profit 56,826 48,182 158,709 127,253
Operating expenses (11,439) (8,686) (32,201) (29,608)
Operating income $45,387 $39,496 $126,508 $97,645
Motor fuel distribution sites (end of period): (a)
Motor fuel-third party
Independent dealers (b) 623 676 623 676
Lessee dealers (c) 641 643 641 643
Total motor fuel distribution-third party sites 1,264 1,319 1,264 1,319
Motor fuel-intersegment and related party
Commission agents (Retail segment) (c) 198 200 198 200
Company operated retail sites (Retail segment) (d) 252 248 252 248
Total motor fuel distribution-intersegment and
related party sites
450 448 450 448
Motor fuel distribution sites (average during the period):
Motor fuel-third party distribution 1,273 1,325 1,288 1,330
Motor fuel-intersegment and related party distribution 451 395 452 368
Total motor fuel distribution sites 1,724 1,720 1,740 1,698
Volume of gallons distributed (in thousands)
Third party 212,658 244,545 630,986 700,645
Intersegment and related party 125,427 110,087 370,181 277,392
Total volume of gallons distributed 338,085 354,632 1,001,167 978,037
Wholesale margin per gallon $0.125 $0.096 $0.115 $0.088

(a) In addition, as of September 30, 2022 and 2021, respectively, CrossAmerica distributed motor fuel to 13 and 14 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 company operated sites from 7-Eleven, which occurred primarily during the third quarter 2021.

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 September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Gross profit:
Motor fuel $30,206 $7,750 $50,031 $18,120
Merchandise 20,649 15,543 57,496 37,876
Rent 2,395 2,266 7,100 6,190
Other revenue 3,093 2,310 9,375 6,480
Total gross profit 56,343 27,869 124,002 68,666
Operating expenses (35,406) (25,862) (98,969) (65,413)
Operating income $20,937 $2,007 $25,033 $3,253
Retail sites (end of period):
Commission agents (a) 198 200 198 200
Company operated retail sites(b) 252 248 252 248
Total system sites at the end of the period 450 448 450 448
Total system operating statistics:
Average retail fuel sites during the period 451 395 452 368
Volume of gallons sold 126,669 110,523 371,524 278,564
Commission agents statistics:
Average retail fuel sites during the period 198 201 199 203
Company operated retail site statistics:
Average retail fuel sites during the period 253 194 253 165
Same store fuel volume (c) 45,829 49,478 128,760 128,823
Same store merchandise sales (c) $42,044 $42,871 $115,787 $118,982
Same store merchandise sales excluding cigarettes (c) $29,167 $28,737 $79,540 $78,778
Merchandise gross profit percentage 27.1% 26.7% 27.1% 26.8%

(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 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 September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Net income(a) $27,593 $8,852 $46,606 $9,674
Interest expense 8,351 4,928 22,333 12,295
Income tax expense (benefit) 3,815 (1,065) 1,843 (1,664)
Depreciation, amortization and accretion expense 21,329 19,118 61,523 56,732
EBITDA 61,088 31,833 132,305 77,037
Equity-based employee and director compensation expense 654 342 1,608 1,096
Loss (gain) on dispositions and lease terminations, net 318 (426) 620 (375)
Acquisition-related costs (b) 107 4,141 985 8,502
Adjusted EBITDA 62,167 35,890 135,518 86,260
Cash interest expense (7,668) (4,267) (20,280) (11,113)
Sustaining capital expenditures (c) (1,974) (975) (5,191) (3,407)
Current income tax expense (1,656) (214) (2,519) (548)
Distributable Cash Flow $50,869 $30,434 $107,528 $71,192
Distributions paid 19,913 19,894 59,713 59,659
Distribution Coverage Ratio (d) 2.55x 1.53x 1.80x 1.19x

(a) Beginning in the second quarter of 2022, CrossAmerica reconciled Adjusted EBITDA to Net Income rather than to Net income available to limited partners. The difference between Net income and Net income available to limited partners is that, beginning in the second quarter of 2022, the accretion of preferred membership interests issued in late March 2022 is a deduction from Net income in computing Net income available to limited partners. Because Adjusted EBITDA is used to assess our financial performance, without regard to capital structure, CrossAmerica believes Adjusted EBITDA should be reconciled with Net Income, so that the calculation isn't impacted by the accretion of preferred membership interests. This approach is comparable to the reconciliation of Adjusted EBITDA to Net income available to limited partners in past periods, as the Partnership has not recorded accretion of preferred membership interests in past periods.
(b) 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.
(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) In 2022, CrossAmerica updated its calculation of its Distribution Coverage Ratio to divide Distributable Cash Flow by distributions paid, whereas in prior periods, the Distribution Coverage Ratio was calculated as Distributable Cash Flow divided by the weighted-average diluted common units and then CrossAmerica divided that result by distributions paid per limited partner unit.

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 (http://www.crossamericapartners.com).

Contact

Investor Relations: Randy Palmer, rpalmer@caplp.com (http://mailto: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 (100%) of CrossAmerica Partners LP's distributions to non-U.S. investors as attributable to income that is effectively connected with a United States trade or business. Accordingly, CrossAmerica Partners LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.


© 2022 GlobeNewswire (Europe)
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