Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 234

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 234
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 sites included in the Applegreen Acquisition and transitioned these sites from lessee dealer sites in the wholesale segment to company operated sites in the retail segment. See Note 3 to the financial statements for additional information. 

Results of Operations

We have omitted discussion of the earliest of the three years covered by our consolidated financial statements presented in this Annual Report because that disclosure was already included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 26, 2024. You are encouraged to reference Part II, Item 7, within that report, for a discussion of our financial condition and results of operations for the year ended December 31, 2023 as compared to the year ended December 31, 2022.

41

Consolidated Income Statement Analysis

Below is an analysis of our consolidated statements of income and provides the primary reasons for significant increases and decreases in the various income statement line items from period to period. Our consolidated statements of income are as follows (in thousands):

    Year Ended December 31,

    2024

    2023

    2022

    Operating revenues
     
    $
    4,098,288

    $
    4,386,263

    $
    4,967,424

    Cost of sales

    3,699,969

    4,003,995

    4,591,653

    Gross profit

    398,319

    382,268

    375,771

    Operating expenses:

    Operating expenses

    227,986

    194,746

    174,708

    General and administrative expenses

    28,756

    27,031

    25,575

    Depreciation, amortization and accretion expense

    75,983

    77,158

    80,625

    Total operating expenses

    332,725

    298,935

    280,908

    Gain on dispositions and lease terminations, net

    4,966

    4,737

    1,143

    Operating income

    70,560

    88,070

    96,006

    Other income, net

    780

    790

    504

    Interest expense

    (52,320
    )