Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 53

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 53
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.P. Attn: Corporate Secretary, 645 Hamilton Street, Suite 400, Allentown, Pennsylvania 18101.

Operations

Below is a summary of our revenues and operating income by segment (in millions):

    Wholesale

    Retail

    2024

    2023

    2022

    2024

    2023

    2022

    Revenues
     
    $
    1,872

    $
    2,290

    $
    2,690

    $
    2,226

    $
    2,096

    $
    2,277

    Operating income

    77

    91

    94

    93

    97

    107

Retail Segment

The retail segment includes the sale of convenience merchandise at company operated sites and the retail sale of motor fuel at company operated and commission sites. Below is a description of the retail segment's principal customer groups.

Company Operated

•We own or lease the property, operate the retail site and retain all profits from motor fuel and retail site operations.

•We own the merchandise inventory and retain the profits from the sale of convenience merchandise.

•We own the motor fuel inventory and set the motor fuel pricing.

7

•We maintain inventory from the time of the purchase of motor fuel from third-party suppliers until the retail sale to the end customer. On average, we maintain approximately 5-days’ worth of motor fuel sales in inventory at each site.

•LGW and CAPL JKM Wholesale distribute all of the motor fuel required by our company operated sites to LGWS and Joe’s Kwik Marts, respectively, which owns the motor fuel inventory and sells motor fuel to retail customers. LGW and CAPL JKM Wholesale record qualifying wholesale motor fuel distribution gross income and LGWS and Joe’s Kwik Marts record the non-qualifying retail sale.

Commission

•We own or lease the property and then lease or sublease the site to the commission agent, who pays rent to us and operates all the non-fuel related operations at the sites for its own account.

•We own the motor fuel inventory, set the motor fuel pricing and generate revenue from the retail sale of motor fuels to the end customer.

•We pay the commission agent a commission for each gallon of motor fuel sold.

•LGW distributes motor fuel to LGWS, which owns the motor fuel inventory and sells motor fuel to retail customers. LGW records qualifying