Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 238

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 238
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,988
    )

    (37,072
    )

    Operating income
     
    $
    76,861

    $
    90,813

    $
    93,667

    Motor fuel distribution sites (end of period): (a)

    Independent dealers (b)

    607

    632

    663

    Lessee dealers (c)

    434

    569

    619

    Total motor fuel distribution sites

    1,041

    1,201

    1,282

    Average motor fuel distribution sites

    1,093

    1,235

    1,286

    Volume of gallons distributed

    743,535

    842,636

    844,486

    Margin per gallon
     
    $
    0.085

    $
    0.086

    $
    0.087

(a)In addition, we distributed motor fuel to sub-wholesalers who distributed to additional sites.

(b)The decrease in the independent dealer site count from December 31, 2023 to December 31, 2024 was primarily attributable to the net loss of contracts, partially offset by divestitures of certain lessee dealer sites but with continued fuel supply.

(c)The decrease in the lessee dealer site count from December 31, 2023 to December 31, 2024 was primarily attributable to the conversion of certain lessee dealer sites to company operated and commission agent sites, including through the Applegreen Acquisition, and our real estate rationalization effort.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

Gross profit decreased $20 million (16%) and operating income decreased $14 million (15%). These results were driven by:

Motor fuel gross profit

The $9.8 million decrease (13%) in motor fuel gross profit was primarily due to a 12% decrease in volume driven by the conversion of certain lessee dealer sites to company operated and commission agent sites and the net loss of independent dealer contracts. In addition, fuel margin per gallon decreased 2% compared to 2023, driven by the movements of crude oil prices.

Rent gross profit

Rent gross profit decreased $9.8 million (19%), primarily due to the conversion of certain lessee dealer sites to company operated and commission agent sites as well as the real estate rationalization effort.

Operating expenses