Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 119

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 119
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1,674

    1,460

    1,508

    Adjusted EBITDA

    145,539

    165,772

    179,794

    Cash interest expense

    (50,384
    )

    (40,456
    )

    (29,312
    )

    Sustaining capital expenditures (c)

    (8,287
    )

    (7,654
    )

    (7,164
    )

    Current income tax expense (d)

    (864
    )

    (953
    )

    (2,466
    )

    Distributable Cash Flow
     
    $
    86,004

    $
    116,709

    $
    140,852

    Distributions paid on common units
     
    $
    79,854

    $
    79,712

    $
    79,625

    Distribution Coverage Ratio
     
    1.08x

    1.46x

    1.77x

(a)See "Results of Operations–Gain (loss) on dispositions and Lease Terminations, net."

(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 our long-term operating income or operating capacity. Examples of sustaining capital expenditures are those made to maintain existing contract volumes or to maintain our sites in conditions suitable to lease, such as parking lot or roof replacement/renovation, or to replace equipment required to operate the existing business.

(d)For 2024, excludes $1.9 million of current income tax incurred on sales of sites.

46

Liquidity and Capital Resources

Liquidity

Our principal liquidity requirements are to finance our operations, fund acquisitions, service our debt and pay distributions to our unitholders. We expect our ongoing sources of liquidity to include cash generated by operations, proceeds from sales of sites in connection with our real estate rationalization efforts, borrowings under the CAPL Credit Facility, and if available to us on acceptable terms, issuances of equity and debt securities. We regularly evaluate alternate sources of capital to support our liquidity requirements.

Our ability to meet our debt service obligations and other capital requirements, including capital expenditures, acquisitions, and partnership distributions, will depend on our future operating performance, which, in