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CrossAmerica Partners LP Reports Second Quarter 2023 Results
ソース: Nasdaq GlobeNewswire / 07 8 2023 16:15:00 America/New_York
Allentown, PA, Aug. 07, 2023 (GLOBE NEWSWIRE) --
CrossAmerica Partners LP Reports Second Quarter 2023 Results
- Reported Second Quarter 2023 Net Income of $14.5 million, Adjusted EBITDA of $42.2 million and Distributable Cash Flow of $30.4 million compared to Second Quarter 2022 Net Income of $14.0 million, Adjusted EBITDA of $41.4 million and Distributable Cash Flow of $32.4 million
- Reported Second Quarter 2023 Gross Profit for the Wholesale Segment of $31.7 million compared to $33.5 million of Gross Profit for the Second Quarter 2022 and Second Quarter 2023 Gross Profit for the Retail Segment of $66.0 million compared to $55.5 million of Gross Profit for the Second Quarter 2022
- Leverage, as defined in the CAPL Credit Facility, was 3.9 times as of June 30, 2023, compared to 4.5 times as of June 30, 2022
- The Distribution Coverage Ratio was 1.53 times for the three months ended June 30, 2023 and 1.68 times for the trailing twelve months ended June 30, 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 2023
Allentown, PA August 7, 2023 – 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, 2023.
“We had another strong quarter with total fuel volume for the second quarter up over the prior year in both of our operating segments. In particular, our retail segment posted strong results with increases in operating income, store sales and fuel and store margin,” said Charles Nifong, President and CEO of CrossAmerica. “Overall, our business continues to demonstrate strength across many varied economic environments, which is further reflected in our strong balance sheet and in our healthy distribution coverage levels.”
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. Same store merchandise sales excludes branded food sales and other revenues such as lottery commissions and car wash sales.
Second Quarter Results
Consolidated Results
Key Operating Metrics Q2 2023 Q2 2022 Net Income $14.5M $14.0M Adjusted EBITDA $42.2M $41.4M Distributable Cash Flow $30.4M $32.4M Distribution Coverage Ratio: Current Quarter 1.53x 1.63x Distribution Coverage Ratio: Trailing Twelve Months 1.68x 1.48x CrossAmerica reported increases in Net Income and Adjusted EBITDA for the second quarter 2023 compared to the second quarter 2022. For the second quarter 2023, the increase in Adjusted EBITDA was primarily driven by increases in motor fuel and merchandise gross profit in the retail segment, offset by an increase in operating expenses in the retail segment, driven by inflation in several cost categories and increased labor costs in the retail segment. CrossAmerica also generated a $6.7 million gain on the sale of assets during the quarter and experienced a $3.4 million increase in interest expense in the second quarter 2023 due to the increase in interest rates when compared to the second quarter 2022. These two additional factors, combined with the increase in Adjusted EBITDA, contributed to the year-over-year increase in Net Income of $0.5 million. The year-over-year decline in Distributable Cash Flow of $2.0 million was primarily driven by the $3.4 million increase in interest expense for the quarter when compared to the second quarter of 2022 offset by the increase in Adjusted EBITDA for the quarter compared to the prior year.
Wholesale Segment
Key Operating Metrics Q2 2023 Q2 2022 Wholesale segment gross profit $31.7M $33.5M Wholesale motor fuel gallons distributed 218.1M 214.4M Average wholesale gross profit per gallon $ 0.082 $ 0.089 During the second quarter 2023, CrossAmerica’s wholesale segment gross profit declined 5% compared to the second quarter 2022. This was primarily driven by a decrease in motor fuel gross profit, which was driven by an 8% decrease in fuel margin per gallon, partially offset by a 2% increase in wholesale volume distributed. The decrease in fuel margin per gallon was primarily attributable to the lower cost of fuel and a corresponding decline in CrossAmerica's fuel purchase terms discounts on certain gallons during the second quarter of 2023 compared to the prior year. The increase in wholesale fuel volume was driven primarily by the integration of the Community Service Stations, Inc. assets acquired during the fourth quarter 2022, offset by the conversion of certain lessee dealer sites to company operated sites during the quarter.
Retail Segment
Key Operating Metrics Q2 2023 Q2 2022 Retail segment gross profit $66.0M $55.5M Retail segment motor fuel gallons distributed 130.8M 128.8M Same store motor fuel gallons distributed 122.3M 123.7M Retail segment motor fuel gross profit $35.7M $29.8M Retail segment margin per gallon, before deducting credit card fees and commissions $ 0.370 $ 0.340 Same store merchandise sales excluding cigarettes* $50.2M $46.6M Merchandise gross profit* $24.2M $20.2M Merchandise gross profit percentage* 29.0 % 27.3 % *Includes only company operated retail sites
For the second quarter 2023, the retail segment generated a 19% increase in gross profit compared to the second quarter 2022. The increase for the second quarter 2023 was primarily due to higher motor fuel and merchandise gross profit.
The retail segment sold 130.8 million retail fuel gallons during the second quarter 2023, which was an increase of 2% when compared to the second quarter 2022. Same store retail segment fuel volume for the second quarter 2023 declined 1% from 123.7 million gallons during the second quarter 2022 to 122.3 million gallons. Retail segment overall fuel gallons increased during the second quarter of 2023 compared to the prior year due to the conversion of certain lessee dealer sites to company operated sites during the quarter.
For the second quarter 2023, CrossAmerica’s merchandise gross profit and other revenue increased 20% when compared to the second quarter 2022, due to increases in overall store sales, merchandise gross profit percentage and 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 8% for the second quarter 2023 when compared to the second quarter 2022. Merchandise gross profit percentage increased to 29.0% for the second quarter 2023 from 27.3% for the second quarter 2022, primarily due to improved merchandise margins and an improving mix of merchandise sales.
Divestment Activity
During the three months ended June 30, 2023, CrossAmerica sold six properties for $7.8 million in proceeds, resulting in a net gain of $6.1 million.
Liquidity and Capital Resources
As of June 30, 2023, CrossAmerica had $761 million outstanding under its CAPL Credit Facility compared to $786 million outstanding under its facilities as of June 30, 2022. As of August 3, 2023, after taking into consideration debt covenant restrictions, approximately $166 million was available for future borrowings under the CAPL Credit Facility. Taking the interest rate swap contracts the Partnership currently has in place into account, CrossAmerica’s effective interest rate on the CAPL Credit Facility at June 30, 2023 was 5.1%. Leverage, as defined in the CAPL Credit Facility, was 3.9 times as of June 30, 2023, compared to 4.5 times as of June 30, 2022. As of June 30, 2023, CrossAmerica was in compliance with its financial covenants under the credit facility.
Distributions
On July 25, 2023, 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 2023. As previously announced, the distribution will be paid on August 11, 2023 to all unitholders of record as of August 4, 2023. 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, 2023 at 9:00 a.m. Eastern Time to discuss second quarter 2023 earnings results. The conference call numbers are 888-396-8049 or 416-764-8646 and the passcode for both is 70854269. 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). 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 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)June 30, December 31, 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 4,491 $ 16,054 Accounts receivable, net of allowances of $723 and $686, respectively 34,734 30,825 Accounts receivable from related parties 668 743 Inventory 51,965 47,307 Assets held for sale 1,001 983 Current portion of interest rate swap contracts 15,442 13,827 Other current assets 7,818 8,667 Total current assets 116,119 118,406 Property and equipment, net 709,099 728,379 Right-of-use assets, net 156,897 164,942 Intangible assets, net 103,450 113,919 Goodwill 99,409 99,409 Interest rate swap contracts, less current portion 4,657 3,401 Other assets 27,944 26,142 Total assets $ 1,217,575 $ 1,254,598 LIABILITIES AND EQUITY Current liabilities: Current portion of debt and finance lease obligations $ 2,985 $ 11,151 Current portion of operating lease obligations 35,076 35,345 Accounts payable 76,953 77,048 Accounts payable to related parties 8,872 7,798 Accrued expenses and other current liabilities 25,068 23,144 Motor fuel and sales taxes payable 21,359 20,813 Total current liabilities 170,313 175,299 Debt and finance lease obligations, less current portion 760,064 761,638 Operating lease obligations, less current portion 127,277 135,220 Deferred tax liabilities, net 11,170 10,588 Asset retirement obligations 47,083 46,431 Other long-term liabilities 46,071 46,289 Total liabilities 1,161,978 1,175,465 Commitments and contingencies Preferred membership interests 27,253 26,156 Equity: Common units— 37,952,950 and 37,937,604 units issued and
outstanding at June 30, 2023 and December 31, 2022, respectively9,217 36,508 Accumulated other comprehensive income 19,127 16,469 Total equity 28,344 52,977 Total liabilities and equity $ 1,217,575 $ 1,254,598 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, 2023 2022 2023 2022 Operating revenues (a) $ 1,145,396 $ 1,475,033 $ 2,161,555 $ 2,568,244 Costs of sales (b) 1,047,672 1,386,088 1,981,772 2,400,469 Gross profit 97,724 88,945 179,783 167,775 Operating expenses: Operating expenses (c) 49,798 42,216 95,421 84,325 General and administrative expenses 7,475 5,680 13,214 12,163 Depreciation, amortization and accretion expense 19,298 19,919 39,118 40,194 Total operating expenses 76,571 67,815 147,753 136,682 Gain (loss) on dispositions and lease terminations, net 6,700 (58 ) 4,933 (302 ) Operating income 27,853 21,072 36,963 30,791 Other income, net 163 102 424 232 Interest expense (10,683 ) (7,321 ) (22,695 ) (13,982 ) Income before income taxes 17,333 13,853 14,692 17,041 Income tax expense (benefit) 2,797 (113 ) 1,135 (1,972 ) Net income 14,536 13,966 13,557 19,013 Accretion of preferred membership interests 615 563 1,216 563 Net income available to limited partners $ 13,921 $ 13,403 $ 12,341 $ 18,450 Earnings per common unit Basic $ 0.37 $ 0.35 $ 0.33 $ 0.49 Diluted $ 0.36 $ 0.35 $ 0.32 $ 0.49 Weighted-average common units: Basic 37,952,950 37,912,710 37,946,676 37,906,463 Diluted 38,150,236 37,957,434 38,143,697 37,951,466 Supplemental information: (a) includes excise taxes of: $ 76,191 $ 71,601 $ 146,075 $ 138,460 (a) includes rent income of: 20,523 20,849 41,843 41,476 (b) excludes depreciation, amortization and accretion (b) includes rent expense of: 5,658 5,945 11,212 11,786 (c) includes rent expense of: 3,911 3,801 7,709 7,509 CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)Six Months Ended June 30, 2023 2022 Cash flows from operating activities: Net income $ 13,557 $ 19,013 Adjustments to reconcile net income (loss) to net cash provided by
operating activities:Depreciation, amortization and accretion expense 39,118 40,194 Amortization of deferred financing costs 2,325 1,370 Credit loss expense 37 88 Deferred income tax benefit 582 (2,836 ) Equity-based employee and director compensation expense 1,123 954 (Gain) loss on dispositions and lease terminations, net (4,933 ) 302 Changes in operating assets and liabilities, net of acquisitions (4,546 ) (4,426 ) Net cash provided by operating activities 47,263 54,659 Cash flows from investing activities: Principal payments received on notes receivable 107 66 Proceeds from sale of assets 4,533 3,793 Capital expenditures (11,328 ) (16,403 ) Cash paid in connection with acquisitions, net of cash acquired — (1,885 ) Net cash used in investing activities (6,688 ) (14,429 ) Cash flows from financing activities: Borrowings under revolving credit facilities 205,900 57,600 Repayments on revolving credit facilities (50,546 ) (61,620 ) Borrowings under the Term Loan Facility — 1,120 Repayments on the Term Loan Facility (158,980 ) (24,600 ) Net proceeds from issuance of preferred membership interests — 24,430 Payments of finance lease obligations (1,417 ) (1,337 ) Payments of deferred financing costs (7,022 ) (6 ) Distributions paid on distribution equivalent rights (111 ) (93 ) Income tax distributions paid on preferred membership interests (119 ) — Distributions paid on common units (39,843 ) (39,800 ) Net cash used in financing activities (52,138 ) (44,306 ) Net decrease in cash and cash equivalents (11,563 ) (4,076 ) Cash and cash equivalents at beginning of period 16,054 7,648 Cash and cash equivalents at end of period $ 4,491 $ 3,572 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gross profit: Motor fuel gross profit $ 17,933 $ 19,034 $ 34,641 $ 35,218 Rent gross profit 12,602 12,646 25,857 24,985 Other revenues 1,164 1,807 2,411 3,593 Total gross profit 31,699 33,487 62,909 63,796 Operating expenses (9,924 ) (9,329 ) (19,465 ) (18,045 ) Operating income $ 21,775 $ 24,158 $ 43,444 $ 45,751 Motor fuel distribution sites (end of period): (a) Independent dealers (b) 641 637 641 637 Lessee dealers (c) 586 645 586 645 Total motor fuel distribution sites 1,227 1,282 1,227 1,282 Average motor fuel distribution sites 1,236 1,289 1,253 1,295 Volume of gallons distributed 218,131 214,413 419,992 418,328 Margin per gallon $ 0.082 $ 0.089 $ 0.082 $ 0.084 (a) In addition, CrossAmerica distributed motor fuel to sub-wholesalers who distributed to additional sites.
(b) The increase in the independent dealer site count was primarily attributable to the acquisition of assets from Community Service Stations, Inc. and the ongoing real estate rationalization effort, partially offset by the net loss of contracts.
(c) The decrease in the lessee dealer site count was primarily attributable to the conversion of certain lessee dealer sites to company operated sites 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gross profit: Motor fuel $ 35,737 $ 29,841 $ 62,497 $ 56,145 Merchandise 24,232 20,165 42,355 36,847 Rent 2,263 2,258 4,774 4,705 Other revenue 3,793 3,194 7,248 6,282 Total gross profit 66,025 55,458 116,874 103,979 Operating expenses (39,874 ) (32,887 ) (75,956 ) (66,280 ) Operating income $ 26,151 $ 22,571 $ 40,918 $ 37,699 Retail sites (end of period): Company operated retail sites (a) 292 253 292 253 Commission agents (b) 190 199 190 199 Total system sites at the end of the period 482 452 482 452 Total retail segment statistics: Volume of gallons sold 130,804 128,815 249,889 244,855 Same store total system gallons sold 122,273 123,735 231,914 231,358 Average retail fuel sites 477 454 468 454 Margin per gallon, before deducting credit card fees and
commissions$ 0.370 $ 0.340 $ 0.345 $ 0.330 Company operated site statistics: Average retail fuel sites 286 254 273 254 Same store fuel volume 81,780 84,210 154,361 156,689 Margin per gallon, before deducting credit card fees $ 0.394 $ 0.350 $ 0.369 $ 0.339 Same store merchandise sales $ 72,113 $ 69,812 $ 133,078 $ 128,301 Same store merchandise sales excluding cigarettes $ 50,181 $ 46,580 $ 91,519 $ 84,140 Merchandise gross profit percentage 29.0 % 27.3 % 28.4 % 27.0 % Commission site statistics: Average retail fuel sites 191 200 195 200 Margin per gallon, before deducting credit card fees and
commissions$ 0.320 $ 0.320 $ 0.297 $ 0.312 (a) The increase in the company operated site count was primarily attributable to the conversion of certain lessee dealer and commission sites to company operated sites, largely during the second quarter of 2023.
(b) The decrease in the commission agent site count was primarily attributable to 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.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, 2023 2022 2023 2022 Net income (a) $ 14,536 $ 13,966 $ 13,557 $ 19,013 Interest expense 10,683 7,321 22,695 13,982 Income tax expense (benefit) 2,797 (113 ) 1,135 (1,972 ) Depreciation, amortization and accretion expense 19,298 19,919 39,118 40,194 EBITDA 47,314 41,093 76,505 71,217 Equity-based employee and director compensation expense 562 222 1,123 954 (Gain) loss on dispositions and lease terminations, net (6,700 ) 58 (4,933 ) 302 Acquisition-related costs (b) 1,022 10 1,241 878 Adjusted EBITDA 42,198 41,383 73,936 73,351 Cash interest expense (10,207 ) (6,631 ) (20,370 ) (12,612 ) Sustaining capital expenditures (c) (1,436 ) (1,663 ) (3,485 ) (3,217 ) Current income tax expense (160 ) (678 ) (554 ) (863 ) Distributable Cash Flow $ 30,395 $ 32,411 $ 49,527 $ 56,659 Distributions paid 19,925 19,904 39,843 39,800 Distribution Coverage Ratio (a) 1.53x 1.63x 1.24x 1.42x (a) Beginning in 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 CrossAmerica’s financial performance without regard to capital structure, the partnership 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 CrossAmerica 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.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, 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 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.