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CrossAmerica Partners LP Reports Third Quarter 2021 Results

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CrossAmerica Partners LP Reports Third Quarter 2021 Results

  • Reported Third Quarter 2021 Operating Income of $12.6 million and Net Income of $8.9 million compared to Operating Income of $23.7 million and Net Income of $21.2 million for the Third Quarter 2020
  • Generated Third Quarter 2021 Adjusted EBITDA of $35.9 million and Distributable Cash Flow of $30.4 million compared to Third Quarter 2020 Adjusted EBITDA of $30.0 million and Distributable Cash Flow of $29.7 million
  • Reported Third Quarter 2021 Gross Profit for the Wholesale Segment of $48.2 million compared to $42.8 million of Gross Profit for the Third Quarter 2020
  • Distributed 354.6 million wholesale fuel gallons during the Third Quarter 2021 at an average wholesale fuel margin per gallon of 9.6 cents compared to 327.4 million wholesale fuel gallons at an average wholesale fuel margin per gallon of 9.4 cents during the Third Quarter 2020, an increase of 8% in gallons distributed and an increase of 2% in margin per gallon
  • Reported Third Quarter 2021 Gross Profit for the Retail Segment of $27.9 million compared to $19.5 million of Gross Profit for the Third Quarter 2020
  • Retail segment sold 110.5 million retail fuel gallons during the Third Quarter 2021, including 49.4 million same store retail fuel gallons, a 14% increase compared to 43.2 million same store retail fuel gallons sold during the Third Quarter 2020
  • The Distribution Coverage Ratio was 1.53 times for the three months ended September 30, 2021 and 1.22 times for the trailing twelve months ended September 30, 2021
  • The Board of Directors of CrossAmerica’s General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the Third Quarter 2021  
  • Through September 30, 2021, CrossAmerica had closed on 98 properties related to the previously announced acquisition of 106 convenience store properties from 7-Eleven, Inc.

Allentown, PA November 8, 2021 – CrossAmerica Partners LP (NYSE: CAPL) (“CrossAmerica” or the “Partnership”), a leading wholesale fuels distributor, convenience store operator, and owner and lessor of real estate used in the retail distribution of motor fuels, today reported financial results for the third quarter ended September 30, 2021.

“We had another strong quarter despite continuing challenges from COVID and the crude oil price environment. As of today, we have also closed on substantially all of the assets from our 7-Eleven acquisition,” said Charles Nifong, CEO and President of CrossAmerica. “Our results this quarter reflect the benefit of these newly acquired assets as well as the positive impact of our ongoing strategic initiatives on our overall business. We remain highly focused on the successful integration of our new sites and on executing our strategic plan to further drive our profitability.”

Third Quarter Results

Consolidated Results

CrossAmerica reported Operating Income of $12.6 million and Net Income of $8.9 million or earnings of $0.23 per diluted common unit for the third quarter 2021. For the same period in 2020, the Partnership reported Operating Income of $23.7 million and Net Income of $21.2 million or $0.56 per diluted common unit. During the third quarter 2020, Operating and Net Income both benefited from a $12.9 million gain on dispositions, primarily driven by gains related to the properties sold in the asset exchanges with Circle K.

Adjusted EBITDA was $35.9 million for the third quarter 2021 compared to $30.0 million for the same period in 2020, representing an increase of 20% (see Supplemental Disclosure Regarding Non-GAAP Financial Measures section of this release).

Non-GAAP measures used in this release include EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. These Non-GAAP measures are further described and reconciled to their most directly comparable GAAP measures in the Supplemental Disclosure Regarding Non-GAAP Financial Measures section of this release.

Wholesale Segment

During the third quarter 2021, CrossAmerica’s Wholesale segment generated $48.2 million in gross profit compared to $42.8 million in gross profit for the third quarter 2020, representing an increase of 13%. The Partnership distributed, on a wholesale basis, 354.6 million gallons of motor fuel at an average wholesale gross profit of $0.096 per gallon, resulting in motor fuel gross profit of $34.1 million. For the three-month period ended September 30, 2020, CrossAmerica distributed, on a wholesale basis, 327.4 million gallons of fuel at an average wholesale gross profit of $0.094 per gallon, resulting in motor fuel gross profit of $30.7 million. The 11% increase in motor fuel gross profit was driven by an 8% increase in fuel volume distributed and a 2% increase in fuel margin per gallon. The main drivers of the volume increase were the continuing recovery from the COVID-19 Pandemic, as well as the acquisition of assets from 7-Eleven. The Partnership’s wholesale fuel margin benefited from higher terms discount as a result of the higher crude prices during the quarter and from increased volume to CrossAmerica’s company operated retail sites.

The prices paid by the Partnership to its motor fuel suppliers for wholesale motor fuel (which affects the cost of sales) are highly correlated to the price of crude oil. The average daily spot price of West Texas Intermediate crude oil during the third quarter 2021 was $70.58 per barrel, a 73% increase, compared to the average daily spot price of $40.89 per barrel during the same period in 2020.

CrossAmerica’s gross profit from rent for the Wholesale segment was $13.3 million for the third quarter 2021 compared to $11.9 million for the third quarter 2020, representing an increase of 12%. The increase in rent was primarily driven by $0.5 million in rent concessions that impacted the third quarter 2020.

Operating expenses increased $0.4 million or 4%, primarily as a result of increases in management fees and insurance expense.

Operating income for the Wholesale segment was $39.5 million for the third quarter 2021 compared to $34.5 million for the same period in 2020, an increase of 14%. As discussed above, the year-over-year increase was primarily driven by the increase in motor fuel gross profit.

Retail Segment

For the third quarter 2021, the Retail segment reported motor fuel gross profit of $7.8 million. For the same period in 2020, CrossAmerica generated motor fuel gross profit of $3.5 million. The $4.3 million or 122% increase in motor fuel gross profit was attributable to increased volume and higher fuel margins for the three months ended September 30, 2021 as compared to the same period in 2020.

The Retail segment sold 110.5 million of retail fuel gallons during the third quarter 2021, a 29% increase over third quarter 2020. This increased volume resulted from the increase in company operated sites as a result of the acquisition of assets from 7-Eleven as well as the continuing recovery from the COVID-19 Pandemic. Same store fuel volume for the third quarter 2021 increased to 49.4 million gallons from 43.2 million during the third quarter 2020, an increase of 14%.

CrossAmerica’s merchandise gross profit and other revenues increased $3.2 million and $0.5 million, respectively, as a result of the increase in company operated sites driven by the acquisition of assets from 7-Eleven. Merchandise gross profit percentage increased from 26.6% to 26.7% with same store merchandise sales flat for the third quarter 2021 when compared to the third quarter 2020. Same store merchandise sales increased 9% for the third quarter 2021 when compared to the third quarter 2019.

Operating expenses increased $6.7 million or 35% primarily due to a $4.4 million increase as a result of the acquisition of assets from 7-Eleven and higher employment costs at the company operated sites acquired in the April 2020 acquisition of retail and wholesale assets.

Operating income for the Retail segment was $2.0 million for the third quarter 2021 compared to $0.3 million for the third quarter 2020, primarily as a result of changes in operations noted above.

Acquisition Activity

As of September 30, 2021, CrossAmerica had closed on 98 sites for total consideration of $262.0 million, including inventory and other working capital, of its previously announced acquisition of 106 convenience store properties from 7-Eleven. As of November 4, 2021, the Partnership had closed on five additional properties for a purchase price of $10.4 million, including inventory and other working capital. CrossAmerica anticipates closing on the final three properties, once it is in receipt of all required operational licenses and permits.

Divestment of Assets

During the three and nine months ended September 30, 2021, CrossAmerica sold 14 and 23 properties for $4.9 million and $8.8 million in proceeds, respectively.

Liquidity and Capital Resources

As of September 30, 2021, CrossAmerica had $636.7 million outstanding under its CAPL Credit Facility and $160.0 million outstanding under its JKM Credit Facility. As of November 4, 2021, after taking into consideration debt covenant restrictions, approximately $84.6 million was available for future borrowings under the CAPL Credit Facility. Leverage, as defined in the CAPL Credit Facility, which excludes any pro forma EBITDA from CrossAmerica’s recent acquisition, was 5.4 times as of September 30, 2021. As of September 30, 2021, CrossAmerica was in compliance with its financial covenants under the credit facility.

Distributions

On October 21, 2021, the Board of the Directors of CrossAmerica’s General Partner (“Board”) declared a quarterly distribution of $0.5250 per limited partner unit attributable to the third quarter 2021. As previously announced, the distribution will be paid on November 10, 2021 to all unitholders of record as of November 3, 2021. The amount and timing of any future distributions is subject to the discretion of the Board as provided in CrossAmerica’s Partnership Agreement.

Distributable Cash Flow and Distribution Coverage Ratio

Distributable Cash Flow was $30.4 million for the three-month period ended September 30, 2021, compared to $29.7 million for the same period in 2020. The 2% increase in Distributable Cash Flow was primarily due to the overall performance of both the Wholesale and Retail segments, offset by a $3.8 million tax benefit recorded in the third quarter 2020. The Distribution Coverage Ratio for the current quarter was 1.53 times compared to 1.50 times for the third quarter 2020. For the trailing twelve-month periods ended September 30, 2021 and September 30, 2020, the Distribution Coverage Ratio was 1.22 and 1.24 times, respectively (see Supplemental Disclosure Regarding Non-GAAP Financial Measures section of this release).

Conference Call

The Partnership will host a conference call on November 9, 2021 at 9:00 a.m. Eastern Time to discuss third quarter 2021 earnings results. The conference call numbers are 800-774-6070 or 630-691-2753 and the passcode for both is 8674133#. A live audio webcast of the conference call and the related earnings materials, including reconciliations of non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the CrossAmerica website (www.crossamericapartners.com). A slide presentation for the conference call will also be available on the investor section of the Partnership’s website. To listen to the audio webcast, go to https://caplp.gcs-web.com/webcasts-presentations. After the live conference call, an archive of the webcast will be available on the investor section of the CrossAmerica website at https://caplp.gcs-web.com/webcasts-presentations within 24 hours after the call for a period of sixty days.

CROSSAMERICA PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars, except unit data)

September30,December31,
20212020
ASSETS
Current assets:
Cash and cash equivalents$8,247$513
Accounts receivable, net of allowances of $339 and $429, respectively39,16928,519
Accounts receivable from related parties836931
Inventory39,55223,253
Assets held for sale3,9019,898
Other current assets18,29011,707
Total current assets109,99574,821
Property and equipment, net756,642570,856
Right-of-use assets, net170,939167,860
Intangible assets, net120,30892,912
Goodwill100,11588,764
Other assets22,00619,129
Total assets$1,280,005$1,014,342
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt and finance lease obligations$9,923$2,631
Current portion of operating lease obligations34,82831,958
Accounts payable85,71763,978
Accounts payable to related parties9,2055,379
Accrued expenses and other current liabilities24,52723,267
Motor fuel and sales taxes payable23,23319,735
Total current liabilities187,433146,948
Debt and finance lease obligations, less current portion795,626527,299
Operating lease obligations, less current portion141,979141,380
Deferred tax liabilities, net13,91715,022
Asset retirement obligations45,43041,450
Other long-term liabilities34,07132,575
Total liabilities1,218,456904,674
Commitments and contingencies
Equity:
Common units—37,891,701 and 37,868,046 units issued and
outstanding at September 30, 2021 and December 31, 2020, respectively
61,396112,124
Accumulated other comprehensive income (loss)153(2,456)
Total equity61,549109,668
Total liabilities and equity$1,280,005$1,014,342

CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars, Except Unit and Per Unit Amounts)

Three Months Ended September30,Nine Months Ended September30,
2021202020212020
Operating revenues (a)$985,122$591,022$2,501,740$1,381,119
Costs of sales (b)909,391528,7502,306,0471,225,470
Gross profit75,73162,272195,693155,649
Income from CST Fuel Supply equity interests3,202
Operating expenses:
Operating expenses (c)34,54827,50895,02163,328
General and administrative expenses9,9035,36324,42915,440
Depreciation, amortization and accretion expense19,11818,59056,73251,867
Total operating expenses63,56951,461176,182130,635
Gain on dispositions and lease terminations, net42612,88137579,237
Operating income12,58823,69219,886107,453
Other income, net127143419358
Interest expense(4,928)(3,522)(12,295)(13,183)
Income before income taxes7,78720,3138,01094,628
Income tax benefit(1,065)(892)(1,664)(3,868)
Net income8,85221,2059,67498,496
IDR distributions(133)
Net income available to limited partners$8,852$21,205$9,674$98,363
Basic and diluted earnings per common unit$0.23$0.56$0.26$2.64
Weighted-average limited partner units:
Basic common units37,887,49337,867,64737,877,27337,202,087
Diluted common units37,906,79937,868,61037,898,03637,202,087
Supplemental information:
(a) includes excise taxes of:$62,427$47,222$156,180$95,929
(a) includes rent income of:21,49819,74762,83262,859
(b) excludes depreciation, amortization and accretion
(b) includes rent expense of:5,9686,03617,91219,088
(c) includes rent expense of:3,3533,3109,8145,832

CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)

Nine Months Ended September30,
20212020
Cash flows from operating activities:
Net income$9,674$98,496
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation, amortization and accretion expense56,73251,867
Amortization of deferred financing costs1,182781
Credit loss expense701,014
Deferred income tax benefit(2,199)(4,047)
Equity-based employee and director compensation expense1,09683
Gain on dispositions and lease terminations, net(375)(87,225)
Changes in operating assets and liabilities, net of acquisitions10,08725,534
Net cash provided by operating activities76,26786,503
Cash flows from investing activities:
Principal payments received on notes receivable151246
Proceeds from Circle K in connection with CST Fuel Supply Exchange23,049
Proceeds from sale of assets11,01213,757
Capital expenditures(32,370)(24,439)
Cash paid in connection with acquisitions, net of cash acquired(261,993)(28,244)
Net cash used in investing activities(283,200)(15,631)
Cash flows from financing activities:
Borrowings under revolving credit facilities167,000159,098
Repayments on revolving credit facilities(43,452)(170,580)
Borrowings under the Term Loan Facility159,950
Payments of finance lease obligations(1,944)(1,830)
Payments of deferred financing costs(7,135)
Distributions paid on distribution equivalent rights(93)(8)
Distributions paid to holders of the IDRs(133)
Distributions paid on common units(59,659)(57,871)
Net cash provided by (used in) financing activities214,667(71,324)
Net increase (decrease) in cash and cash equivalents7,734(452)
Cash and cash equivalents at beginning of period5131,780
Cash and cash equivalents at end of period$8,247$1,328

Segment Results

Wholesale

The following table highlights the results of operations and certain operating metrics of the Wholesale segment (thousands of dollars, except for the number of distribution sites and per gallon amounts): 

Three Months Ended September30,Nine Months Ended September30,
2021202020212020
Gross profit:
Motor fuel–third party$18,180$15,505$52,232$40,722
Motor fuel–intersegment and related party15,94315,18133,63338,023
Motor fuel gross profit34,12330,68685,86578,745
Rent gross profit13,26411,85338,73038,244
Other revenues7952902,6581,705
Total gross profit48,18242,829127,253118,694
Income from CST Fuel Supply equity interests (a)3,202
Operating expenses(8,686)(8,329)(29,608)(26,912)
Operating income$39,496$34,500$97,645$94,984
Motor fuel distribution sites (end of period): (b)
Motor fuel–third party
Independent dealers (c)676683676683
Lessee dealers (d)643672643672
Total motor fuel distribution–third party sites1,3191,3551,3191,355
Motor fuel–intersegment and related party
Commission agents (Retail segment) (d)200211200211
Company operated retail sites (Retail segment) (e)248149248149
Total motor fuel distribution–intersegment and
related party sites
448360448360
Motor fuel distribution sites (average during the period):
Motor fuel-third party distribution1,3251,3451,3301,253
Motor fuel-intersegment and related party distribution395364368327
Total motor fuel distribution sites1,7201,7091,6981,580
Volume of gallons distributed (in thousands)
Third party244,545242,826700,645613,250
Intersegment and related party110,08784,541277,392195,008
Total volume of gallons distributed354,632327,367978,037808,258
Wholesale margin per gallon$0.096$0.094$0.088$0.097

(a)    Represents income from CrossAmerica’s equity interest in CST Fuel Supply. The CST Fuel Supply Exchange closed on March 25, 2020.
(b)    In addition, as of September 30, 2021 and 2020, CrossAmerica distributed motor fuel to 14 sub-wholesalers who distributed to additional sites.
(c)    The decrease in the independent dealer site count was primarily attributable to loss of contracts, most of which were lower margin, partially offset by the increase in independent dealer sites as a result of the real estate rationalization effort and the resulting reclassification of the sites from a lessee dealer or commission site to an independent dealer site when CrossAmerica continues to supply the sites after divestiture.
(d)    The decreases in the lessee dealer and commission agent site counts were primarily attributable to the real estate rationalization effort.
(e)    The increase in the company operated site count was primarily attributable to the 98 company operated sites from the acquisition of assets from 7-Eleven.

Retail

The following table highlights the results of operations and certain operating metrics of the Retail segment (in thousands, except for the number of retail sites):

Three Months Ended September30,Nine Months Ended September30,
2021202020212020
Gross profit:
Motor fuel$7,750$3,487$18,120$7,176
Merchandise15,54312,30537,87621,689
Rent2,2661,8586,1905,527
Other revenue2,3101,8256,4803,046
Total gross profit27,86919,47568,66637,438
Operating expenses(25,862)(19,179)(65,413)(36,416)
Operating income$2,007$296$3,253$1,022
Retail sites (end of period):
Commission agents (a)200211200211
Company operated retail sites (b)248149248149
Total system sites at the end of the period448360448360
Total system operating statistics:
Average retail fuel sites during the period395359368289
Volume of gallons sold (in thousands)110,52385,902278,564177,855
Commission agents statistics:
Average retail fuel sites during the period201209203196
Company operated retail site statistics:
Average retail fuel sites during the period19415016593
Same store fuel volume (c)49,44443,232n/an/a
Same store merchandise sales (c)$43,604$43,605n/an/a
Merchandise gross profit percentage26.7%26.6%26.8%26.1%

(a)    The decrease in the commission site count was primarily attributable to the real estate rationalization effort.
(b)    The increase in the company operated site count was primarily attributable to the 98 company operated sites from the acquisition of assets from 7-Eleven.
(c)    Same store fuel volume and same store merchandise sales include aggregated individual store results for all stores that had fuel volume or merchandise sales in all months for both periods. Same store merchandise sales includes store and cigarette sales and excludes branded food sales and other revenues such as lottery commissions and car wash sales. Since CrossAmerica did not have any company operated sites in 2020, until the acquisition of retail and wholesale assets closed in April 2020, there are no same store metrics to present for the nine months ended September 30, 2021 and 2020.

Supplemental Disclosure Regarding Non-GAAP Financial Measures

CrossAmerica uses the non-GAAP financial measures EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. EBITDA represents net income available to the Partnership before deducting interest expense, income taxes, depreciation, amortization and accretion (which includes certain impairment charges). Adjusted EBITDA represents EBITDA as further adjusted to exclude equity-based employee and director compensation expense, gains or losses on dispositions and lease terminations, net, and certain discrete acquisition related costs, such as legal and other professional fees, separation benefit costs and certain other discrete non-cash items arising from purchase accounting. Distributable Cash Flow represents Adjusted EBITDA less cash interest expense, sustaining capital expenditures and current income tax benefit or expense. The Distribution Coverage Ratio is computed by dividing Distributable Cash Flow by the weighted average diluted common units and then dividing that result by the distributions paid per limited partner unit.

EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are used as supplemental financial measures by management and by external users of the CrossAmerica financial statements, such as investors and lenders. EBITDA and Adjusted EBITDA are used to assess the financial performance without regard to financing methods, capital structure or income taxes and the ability to incur and service debt and to fund capital expenditures. In addition, Adjusted EBITDA is used to assess the operating performance of the CrossAmerica business on a consistent basis by excluding the impact of items which do not result directly from the wholesale distribution of motor fuel, the leasing of real property, or the day to day operations of the Partnership’s retail site activities. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are also used to assess the ability to generate cash sufficient to make distributions to the Partnership’s unitholders.

CrossAmerica believes the presentation of EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio provides useful information to investors in assessing the financial condition and results of operations. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio have important limitations as analytical tools because they exclude some but not all items that affect net income. Additionally, because EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio may be defined differently by other companies in the industry, the Partnership’s definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

The following table presents reconciliations of EBITDA, Adjusted EBITDA, and Distributable Cash Flow to net income, the most directly comparable U.S. GAAP financial measure, for each of the periods indicated (in thousands, except for per unit amounts):

Three Months Ended September30,Nine Months Ended September30,
2021202020212020
Net income available to limited partners$8,852$21,205$9,674$98,363
Interest expense4,9283,52212,29513,183
Income tax benefit(1,065)(892)(1,664)(3,868)
Depreciation, amortization and accretion expense19,11818,59056,73251,867
EBITDA31,83342,42577,037159,545
Equity-based employee and director compensation expense342351,09683
Gain on dispositions and lease terminations, net (a)(426)(12,881)(375)(79,237)
Acquisition-related costs (b)4,1413858,5022,578
Adjusted EBITDA35,89029,96486,26082,969
Cash interest expense(4,267)(3,261)(11,113)(12,401)
Sustaining capital expenditures (c)(975)(745)(3,407)(1,792)
Current income tax (expense) benefit (d)(214)3,784(548)7,452
Distributable Cash Flow$30,434$29,742$71,192$76,228
Weighted-average diluted common units37,90737,86937,89837,202
Distributions paid per limited partner unit (e)$0.5250$0.5250$1.5750$1.5750
Distribution Coverage Ratio (f)1.53x1.50x1.19x1.30x

(a)   CrossAmerica recorded gains on the sale of sites in connection with its ongoing real estate rationalization effort of $0.4 million and $1.5 million for the three and nine months ended September 30, 2021, respectively. During the three months ended September 30, 2020, CrossAmerica recorded gains on the sale of CAPL properties in connection with the asset exchange with Circle K of $11.4 million and $19.3 million for the three and nine months ended September 30, 2020, respectively. The Partnership also recorded gains on the sale of sites in connection with its ongoing real estate rationalization effort of $2.2 million and $4.0 million for the three and nine months ended September 30, 2020, respectively. During the nine months ended September 30, 2020, CrossAmerica recorded a $67.6 million gain on the sale of its 17.5% investment in CST Fuel Supply. Also, during the nine months ended September 30, 2020, CrossAmerica recorded a loss on lease terminations, including the non-cash write-off of deferred rent income associated with these leases, of $10.9 million.
(b)   Relates to certain discrete acquisition related costs, such as legal and other professional fees, separation benefit costs and certain purchase accounting adjustments associated with recently acquired businesses.
(c)   Under the Partnership Agreement, sustaining capital expenditures are capital expenditures made to maintain CrossAmerica’s long-term operating income or operating capacity. Examples of sustaining capital expenditures are those made to maintain existing contract volumes, including payments to renew existing distribution contracts, or to maintain CrossAmerica’s sites in conditions suitable to lease, such as parking lot or roof replacement/renovation, or to replace equipment required to operate the existing business.
(d)   Consistent with prior divestitures, the current income tax expense (benefit) excludes income tax incurred on the sale of sites.
(e)   On October 21, 2021, the Board approved a quarterly distribution of $0.5250 per unit attributable to the third quarter of 2021. The distribution is payable on November 10, 2021 to all unitholders of record on November 3, 2021.
(f)   The distribution coverage ratio is computed by dividing Distributable Cash Flow by the weighted-average diluted common units and then dividing that result by the distributions paid per limited partner unit.

About CrossAmerica Partners LP

CrossAmerica Partners LP is a leading wholesale distributor of motor fuels, convenience store operator, and owner and lessee of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is indirectly owned and controlled by entities affiliated with Joseph V. Topper, Jr., the founder of CrossAmerica Partners and a member of the board of the general partner since 2012. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to approximately 1,800 locations and owns or leases approximately 1,200 sites. With a geographic footprint covering 34 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo, Marathon and Phillips 66. CrossAmerica Partners LP ranks as one of ExxonMobil’s largest distributors by fuel volume in the United States and in the top 10 for additional brands. For additional information, please visit www.crossamericapartners.com.

Contact

Investor Relations:      Randy Palmer, rpalmer@caplp.com or 210-742-8316

Cautionary Statement Regarding Forward-Looking Statements

Statements contained in this release that state the Partnership’s or management’s expectations or predictions of the future are forward-looking statements. The words “believe,” “expect,” “should,” “intends,” “estimates,” “target” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica’s Form 10-K or Forms 10-Q filed with the Securities and Exchange Commission, and available on CrossAmerica’s website at www.crossamericapartners.com. The Partnership undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Note to Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of CrossAmerica Partners LP’s distributions to non-U.S. investors as attributable to income that is effectively connected with a United States trade or business. Accordingly, CrossAmerica Partners LP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

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Galapagos increases share capital through subscription right exercises3.12.2021 22:01:00 CET | Press release

Mechelen, Belgium; 3 December 2021, 22.01 CET; regulated information – Galapagos NV (Euronext & NASDAQ: GLPG) announces a share capital increase arising from subscription right exercises. Galapagos issued 22,600 new ordinary shares on 3 December 2021, for a total capital increase (including issuance premium) of €578,700.00. Pursuant to the subscription right exercise program of Galapagos’ management board, members of the management board automatically are committed to exercise a minimum number of subscription rights, subject to certain conditions. In accordance with the rules of this program, one management board member exercised 5,000 subscription rights. In accordance with Belgian transparency legislation1, Galapagos notes that its total share capital currently amounts to €354,582,005.11, the total number of securities conferring voting rights amounts to 65,552,721, which is also the total number of voting rights (the “denominator”), and all securities conferring voting rights and al

Sampo plc’s share buybacks 03/12/20213.12.2021 21:30:00 CET | Press release

SAMPO PLC STOCK EXCHANGE RELEASE 03/12/2021 at 10:30 pm Sampo plc’s share buybacks 03/12/2021 On 03/12/2021 Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI0009003305) as follows: Sampo plc’s share buybacksAggregated daily volume (in number of shares)Daily weighted average price of the purchased shares*Market (MIC Code)23,68743.29AQEU27,42643.28CEUX4,32043.37TQEX72,59243.31XHELTOTAL128,02543.30 *rounded to two decimals On 1 October 2021, Sampo announced a share buyback programme of up to a maximum of EUR 750 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. The programme, which started on 4 October 2021, is based on the authorization granted by Sampo's Annual General Meeting on 19 May 2021. After the disclosed transactions, the company owns in total 6,263,553 Sampo A shares representing 1.13 per cent of the total number of shares in Sampo plc. Detail

Projekt Öyfjellet försenat – beräknas färdigställas under första kvartalet 20223.12.2021 21:15:00 CET | Pressemelding

Hässleholm den 3 december 2021 I delårsrapporten för det tredje kvartalet, som offentliggjordes den 18 november 2021, kommunicerade Eolus att det finns risk för försening i färdigställandet av det norska 400 MW projektet Öyfjellet. Baserat på uppdaterad information om byggprocessen beräknar Eolus nu att vindparken färdigställs under det första kvartalet 2022. Per idag, den 3 december 2021, har samtliga 72 turbiner färdigmonterats. 34 turbiner har börjat generera el. Huvudskälen till förseningen är utmanande väderförhållanden, vilket har påverkat installationsarbetet, samt Covid-19 relaterade orsaker som begränsat både resemöjligheterna för personal och lett till leveransförseningar avseende komponenter. Förseningen kommer att ha en negativ påverkan på Eolus projektmarginal. För ytterligare information kontakta: Per Witalisson, VD, telefon +46 (0)70-265 16 15 Johan Hammarqvist, kommunikationschef, telefon +46 (0)720-50 59 11 Kort om Eolus Eolus Vind är en av Nordens ledande projektörer

Project Øyfjellet delayed - new estimated completion in the first quarter of 20223.12.2021 21:15:00 CET | Press release

Hässleholm, Sweden, December 3rd, 2021 In the interim report for the third quarter, released on November 18, 2021, Eolus communicated a risk of delay in the completion of the 400 MW Norwegian wind project Øyfjellet. Based on updated information of the construction progress, Eolus now estimates that the wind farm will be completed during the first quarter of 2022. As of today, December 3, 2021, construction of all 72 turbines have been completed. First electricity production has been achieved by 34 turbines. The main reasons for the delay are challenging weather conditions which has effected the progress of the installations and Covid-19 related issues which has restricted both travel possibilities for personnel and led to delays in delivery of components. The delay is expected to have a negative impact on Eolus’ profit margin for the construction of the project. For further information contact: Per Witalisson, CEO, +46 70-265 16 15 Johan Hammarqvist, Head of Communications, +46 720 50

ING reports outcome of 2021 EU-wide Transparency Exercise and Risk Assessment Report3.12.2021 18:12:26 CET | Press release

ING reports outcome of 2021 EU-wide Transparency Exercise and Risk Assessment Report ING notes the announcements made today by the European Banking Authority (EBA) and the European Central Bank (ECB) regarding the information of the 2021 EU-wide Transparency Exercise and Risk Assessment Report. Background EU‐wide Transparency Exercise The EBA Board of Supervisors approved the package for the EU‐wide Transparency Exercise, which since 2016 is performed on an annual basis and published along with the Risk Assessment Report (RAR). The annual transparency exercise is based solely on regulatory reporting data (COREP/FINREP) on the form and scope to assure a sufficient and appropriate level of information to market participants. The templates were centrally filled in by the EBA and sent afterwards for verification by banks and supervisors. The outcome of the exercise related to ING Group can be found in the annexes on the EBA website. Note for editors For further information on ING, please v

KBC Group: KBC report on the 2021 EBA Transparency Exercise3.12.2021 18:10:00 CET | Press release

Press Release Outside trading hours - Regulated information* Brussels, 3 December 2021 – after trading hours KBC report on the 2021 EBA Transparency Exercise KBC notes the announcements made today by the European Banking Authority (EBA) and the European Central Bank (ECB) regarding the publication of the EU-wide Transparency Exercise. The information of this 2021 EU-wide Transparency Exercise refers to the reported data as of 30 September 2020, 31 December 2020, 31 March 2021 and 30 June 2021. The templates, published on a bank-by-bank basis, are the following: Key MetricsLeverage ratioCapitalRisk exposure amountsP&LTotal Assets: fair value and impairment distributionLiabilitiesMarket RiskCredit RiskGeneral governments exposuresPerforming and Non-Performing ExposuresForborne ExposuresLoans and advances to non-financial corporationsCovid-19 The data collection relies on the standard information reported by the banks to the EBA on a regular basis through the supervisory reporting framewo

Changes in the Board of Directors3.12.2021 17:40:00 CET | Press release

Basel, 3 December 2021 - Roche (SIX: RO, ROG; OTCQX: RHHBY) today announced that at its December meeting the Board of Directors of Roche Holding Ltd has approved first proposals to the Annual General Meeting (AGM) scheduled for 15 March 2022. Mr Paul Bulcke, who has been serving on the Board of Directors since 2011, has decided not to stand for re-election at the AGM in 2022, following almost eleven years of tenure. The Board of Directors proposes Dr Jemilah Mahmood, currently the Special Advisor on Public Health to Malaysia’s prime minister, for election to the Board of Directors at the AGM 2022. “As a member of the Board and of the Audit Committee, Paul Bulcke has made significant contributions to Roche’s success,” said Roche Chairman Christoph Franz. “On behalf of the Board of Directors, I would like to extend our sincere thanks to Paul Bulcke who gave great support to Roche with his enormous leadership experience and his strong entrepreneurial thinking.” Christoph Franz added: “I a