Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 111

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 111
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, our effective interest rate has increased during 2024 as compared to 2023 and 2022, respectively.

Acquisition and Financing Activity

Our results of operations and financial condition are also impacted by our acquisition and financing activities as summarized below.

2022

•In February 2022, we closed on the final three properties of our 106-site acquisition from 7-Eleven. 

•In March 2022, Holdings issued $25 million in preferred membership interests. 

•On November 9, 2022, we closed on the acquisition of assets from CSS.

2023

•On March 31, 2023, we amended and restated the CAPL Credit Facility and terminated the JKM Credit Facility. See Note 11 to the financial statements for additional information. 

2024

•During the first half of 2024, we converted the 59 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