Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 112

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 112
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 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
    )

    (43,743
    )

    (32,100
    )

    Income before income taxes

    19,020

    45,117

    64,410

    Income tax (benefit) expense

    (3,433
    )

    2,525

    714

    Net income

    22,453

    42,592

    63,696

    Accretion of preferred membership interests

    2,561

    2,488

    1,726

    Net income available to limited partners
     
    $
    19,892

    $
    40,104

    $
    61,970

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

Consolidated Results

Operating revenues decreased $288 million (7%) and operating income decreased $18 million (20%). These results were driven by:

Operating revenues

•Our wholesale segment revenues decreased $418 million (18%) primarily due to a 12% decrease in volume driven by the conversion of certain lessee dealer sites to company operated and commission agent sites as well as the net loss of independent dealer contracts. In addition, our average wholesale selling price decreased 7% due primarily to movements in crude oil prices within the two years. 

•Our retail segment revenues increased $130 million (6%) in 2024 as compared to 2023, primarily attributable to a 9% increase in volume due to the conversion of certain lessee dealer sites to company operated and commission agent sites, partially