Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 242

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 242
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 our borrowing capacity as well as our ability to issue additional equity and/or debt securities and/or maintain or increase distributions to unitholders. 

Cash Flows

The following table summarizes cash flow activity (in thousands):

    Year Ended December 31,

    2024

    2023

    2022

    Net cash provided by operating activities
     
    $
    87,782

    $
    117,083

    $
    161,317

    Net cash used in investing activities

    (16,309
    )

    (28,181
    )

    (46,398
    )

    Net cash used in financing activities

    (73,082
    )

    (99,966
    )

    (106,513
    )

Operating Activities

Net cash provided by operating activities decreased $29 million primarily attributable to weaker results in the first and fourth quarters of 2024 relative to the same periods of 2023, as well as a $10 million increase in cash paid for interest expense driven by the maturity of three of our most favorable interest rate swap contracts on April 1, 2024.

As is typical in our industry, our current liabilities exceed our current assets as a result of the longer settlement of real estate and motor fuel taxes as compared to the shorter settlement of receivables for fuel, rent and merchandise.

Investing Activities

In 2024, we incurred capital expenditures of $26 million driven by site upgrades, including store remodels, rebranding of certain sites, image upgrades funded primarily through incentives from our fuel suppliers and site purchases. We paid $26 million to Applegreen related to lease terminations and inventory purchases. We received $35 million in proceeds primarily from the sale of sites in connection with our real estate rationalization effort.

In 2023, we incurred capital expenditures of $35 million driven by image upgrades funded primarily through incentives from our fuel suppliers, rebranding of certain sites, site upgrades, including store remodels and site purchases. We received $6 million in proceeds primarily from the sale of sites in connection with our real estate rationalization effort.

Financing Activities

In 2024, we paid $80 million in distributions to our unitholders. We made net borrowings of $12 million on our credit facility.

In 2023, we paid $80 million in distributions to our unitholders. We made net repayments of $9 million on our credit facility. We paid $7 million