Allentown, PA, Nov. 07, 2023 (GLOBE NEWSWIRE) —
CrossAmerica Partners LP Reports Third Quarter 2023 Results
Reported Third Quarter 2023 Net Income of $12.3 million, Adjusted EBITDA of $44.2 million and Distributable Cash Flow of $31.4 million compared to Third Quarter 2022 Net Income of $27.6 million, Adjusted EBITDA of $62.2 million and Distributable Cash Flow of $50.9 millionReported Third Quarter 2023 Gross Profit for the Wholesale Segment of $32.9 million compared to $34.1 million of Gross Profit for the Third Quarter 2022 and Third Quarter 2023 Gross Profit for the Retail Segment of $67.6 million compared to $80.6 million of Gross Profit for the Third Quarter 2022Third Quarter 2023 Wholesale Segment gallons distributed increased 2% and Retail Segment same store gallons sold increased 2%Retail Segment same store merchandise sales, excluding cigarettes, increased to $53.3 million from $49.1 million and merchandise gross profit increased 23% to $25.4 million for the Third Quarter 2023 when compared to the Third Quarter 2022. Merchandise gross profit percentage was 28.7% for the Third Quarter 2023 compared to the Third Quarter 2022 merchandise gross profit percentage of 27.1%Leverage, as defined in the CAPL Credit Facility, was 4.35 times as of September 30, 2023The Distribution Coverage Ratio was 1.57 times for the three months ended September 30, 2023 and 1.43 times for the trailing twelve months ended September 30, 2023The Board of Directors of CrossAmerica’s General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the Third Quarter 2023
Allentown, PA November 7, 2023 – 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, 2023.
“CrossAmerica had another excellent quarter with continued strong operating results in fuel margins, fuel volume and store merchandise sales and margin,” said Charles Nifong, President and CEO of CrossAmerica. “While retail fuel margins were down from the extraordinary quarter last year, the overall business still performed well for the current quarter. With our strong balance sheet and solid distribution coverage, the business is well positioned for the future.”
Non-GAAP Measures and Same Store Metrics
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.
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 within the same segment. Same store merchandise sales excludes branded food sales and other revenues such as lottery commissions and car wash sales.
Third Quarter Results
Consolidated Results
Key Operating MetricsQ3 2023Q3 2022Net Income$12.3M$27.6MAdjusted EBITDA$44.2M$62.2MDistributable Cash Flow$31.4M$50.9MDistribution Coverage Ratio: Current Quarter1.57×2.55xDistribution Coverage Ratio: Trailing Twelve Months1.43×1.74x
CrossAmerica reported declines in Net Income and Adjusted EBITDA for the third quarter 2023 compared to the exceptionally strong results of the third quarter 2022. For the third quarter 2023, the decrease in Net Income and Adjusted EBITDA was primarily driven by declines in gross profit in both the wholesale and retail segments, as the partnership experienced extraordinary motor fuel margins in the third quarter 2022. The year-over-year decline in Distributable Cash Flow was primarily driven by the decline in Adjusted EBITDA noted above in addition to a $2.2 million increase in interest expense for the quarter when compared to the third quarter of 2022.
Wholesale Segment
Key Operating MetricsQ3 2023Q3 2022Wholesale segment gross profit$32.9M$34.1MWholesale motor fuel gallons distributed217.3M212.7MAverage wholesale gross profit per gallon$0.086$0.092
During the third quarter 2023, CrossAmerica’s wholesale segment gross profit declined 4% compared to the third quarter 2022. This was primarily driven by a decrease in motor fuel gross profit, which was driven by a 7% decrease in fuel margin per gallon, partially offset by a 2% increase in wholesale volume distributed. The decrease in fuel margin per gallon was primarily attributable to lower fuel margin on variably priced wholesale contracts during the quarter relative to last year and to the lower cost of fuel and a corresponding decline in CrossAmerica’s fuel purchase terms discounts on certain gallons during the third quarter of 2023 compared to the prior year. This was partially offset by better sourcing costs as a result of brand consolidation and other initiatives. The fuel margin per gallon of $0.086 for the third quarter 2023 compared favorably to both the first and second quarters 2023 ($0.083 and $0.082 per gallon, respectively). The increase in wholesale fuel volume was driven primarily by the Community Service Stations, Inc. assets acquired during the fourth quarter 2022, partially offset by the net loss of independent dealer contracts and the conversion of certain lessee dealer sites to company operated sites.
Retail Segment
Key Operating MetricsQ3 2023Q3 2022Retail segment gross profit$67.6M$80.6M Retail segment motor fuel gallons distributed132.2M126.7MSame store motor fuel gallons distributed121.8M119.6MRetail segment motor fuel gross profit$36.2M$54.5MRetail segment margin per gallon, before deducting credit card fees and commissions$0.372 $0.534 Same store merchandise sales excluding cigarettes*$53.3M$49.1MMerchandise gross profit*$25.4M$20.6MMerchandise gross profit percentage* 28.7% 27.1%
*Includes only company operated retail sites
For the third quarter 2023, the retail segment generated a 16% decrease in gross profit compared to the third quarter 2022. The decline for the third quarter 2023 was due to a decrease in motor fuel gross profit, partially offset by an increase in merchandise gross profit.
The retail segment sold 132.2 million retail fuel gallons during the third quarter 2023, which was an increase of 4% when compared to the third quarter 2022. Retail segment fuel gallons increased during the third quarter of 2023 compared to the prior year due to the conversion of certain lessee dealer sites to company operated sites and higher same store gallon performance relative to the prior year. Same store retail segment fuel volume for the third quarter 2023 increased 2% from 119.6 million gallons during the third quarter 2022 to 121.8 million gallons. While the fuel margin per gallon of $0.372 for the third quarter 2023 declined year-over-year due to the steep drop in crude oil prices during the third quarter 2022, it compared favorably to both the first and second quarters 2023 ($0.318 and $0.370 per gallon, respectively).
For the third quarter 2023, CrossAmerica’s merchandise gross profit and other revenue increased 24% when compared to the third quarter 2022, due to an increase in overall store sales as a result of an increase in the company operated site count due to the conversion of certain lessee dealer and commission agent sites to company operated sites and an increase in both merchandise gross profit percentage and same store sales. Same store merchandise sales, excluding cigarettes, increased 9% for the third quarter 2023 when compared to the third quarter 2022. The merchandise gross profit percentage increased to 28.7% for the third quarter 2023 from 27.1% for the third quarter 2022, primarily due to improved merchandise gross margins and merchandise sales shifting towards higher margin products.
Divestment Activity
During the three months ended September 30, 2023, CrossAmerica sold one property for $0.1 million in proceeds, resulting in a net gain of an insignificant amount. For the nine months ended September 30, 2023, CrossAmerica sold eight properties for $8.3 million in proceeds, resulting in a net gain of $6.3 million.
Liquidity and Capital Resources
As of September 30, 2023, CrossAmerica had $762.5 million outstanding under its CAPL Credit Facility. As of November 2, 2023, after taking into consideration debt covenant restrictions, approximately $170.6 million was available for future borrowings under the CAPL Credit Facility. Taking the interest rate swap contracts the Partnership currently has in place into account, CrossAmerica’s effective interest rate on the CAPL Credit Facility at September 30, 2023 was 4.9%. Leverage, as defined in the CAPL Credit Facility, was 4.35 times as of September 30, 2023. As of September 30, 2023, CrossAmerica was in compliance with its financial covenants under the credit facility.
Distributions
On October 23, 2023, 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 2023. As previously announced, the distribution will be paid on November 10, 2023 to all unitholders of record as of November 3, 2023. The amount and timing of any future distributions is subject to the discretion of the Board as provided in CrossAmerica’s Partnership Agreement.
Conference Call
The Partnership will host a conference call on November 8, 2023 at 9:00 a.m. Eastern Time to discuss third quarter 2023 earnings results. The conference call numbers are 888-886-7786 or 416-764-8658 and the passcode for both is 83482565. A live audio webcast of the conference call and the related earnings materials, including reconciliations of any 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). 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 site 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)
September 30, December 31, 2023 2022 ASSETS Current assets: Cash and cash equivalents $5,790 $16,054 Accounts receivable, net of allowances of $718 and $686, respectively 38,735 30,825 Accounts receivable from related parties 445 743 Inventory 53,609 47,307 Assets held for sale 1,135 983 Current portion of interest rate swap contracts 12,691 13,827 Other current assets 10,856 8,667 Total current assets 123,261 118,406 Property and equipment, net 706,409 728,379 Right-of-use assets, net 153,246 164,942 Intangible assets, net 98,618 113,919 Goodwill 99,409 99,409 Interest rate swap contracts, less current portion 9,301 3,401 Other assets 26,983 26,142 Total assets $1,217,227 $1,254,598 LIABILITIES AND EQUITY Current liabilities: Current portion of debt and finance lease obligations $3,034 $11,151 Current portion of operating lease obligations 35,085 35,345 Accounts payable 80,216 77,048 Accounts payable to related parties 10,098 7,798 Accrued expenses and other current liabilities 27,577 23,144 Motor fuel and sales taxes payable 21,187 20,813 Total current liabilities 177,197 175,299 Debt and finance lease obligations, less current portion 760,688 761,638 Operating lease obligations, less current portion 123,491 135,220 Deferred tax liabilities, net 11,733 10,588 Asset retirement obligations 47,506 46,431 Other long-term liabilities 47,299 46,289 Total liabilities 1,167,914 1,175,465 Commitments and contingencies Preferred membership interests 27,101 26,156 Equity: Common units— 37,970,720 and 37,937,604 units issued and
outstanding at September 30, 2023 and December 31, 2022, respectively 1,233 36,508 Accumulated other comprehensive income 20,979 16,469 Total equity 22,212 52,977 Total liabilities and equity $1,217,227 $1,254,598
CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars, Except Unit and Per Unit Amounts)
Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating revenues (a) $1,210,023 $1,274,407 $3,371,578 $3,842,651 Costs of sales (b) 1,109,583 1,159,677 3,091,355 3,560,146 Gross profit 100,440 114,730 280,223 282,505 Operating expenses: Operating expenses (c) 50,609 46,845 146,030 131,170 General and administrative expenses 6,877 6,599 20,091 18,762 Depreciation, amortization and accretion expense 19,096 21,329 58,214 61,523 Total operating expenses 76,582 74,773 224,335 211,455 Gain (loss) on dispositions and lease terminations, net 287 (318) 5,220 (620)Operating income 24,145 39,639 61,108 70,430 Other income, net 174 120 598 352 Interest expense (10,559) (8,351) (33,254) (22,333)Income before income taxes 13,760 31,408 28,452 48,449 Income tax expense 1,468 3,815 2,603 1,843 Net income 12,292 27,593 25,849 46,606 Accretion of preferred membership interests 629 575 1,845 1,138 Net income available to limited partners $11,663 $27,018 $24,004 $45,468 Earnings per common unit Basic $0.31 $0.71 $0.63 $1.20 Diluted $0.31 $0.71 $0.63 $1.20 Weighted-average common units: Basic 37,966,474 37,925,082 37,953,348 37,912,737 Diluted 38,139,258 39,037,660 38,126,392 37,950,362 Supplemental information: (a) includes excise taxes of: $76,991 $66,129 $223,066 $204,588 (a) includes rent income of: 20,137 21,260 61,980 62,736 (b) excludes depreciation, amortization and accretion (b) includes rent expense of: 5,679 5,906 16,891 17,692 (c) includes rent expense of: 3,957 4,012 11,666 11,521
CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
Nine Months Ended September 30, 2023 2022 Cash flows from operating activities: Net income $25,849 $46,606 Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Depreciation, amortization and accretion expense 58,214 61,523 Amortization of deferred financing costs 2,806 2,053 Credit loss expense 37 139 Deferred income tax expense (benefit) 1,145 (677)Equity-based employee and director compensation expense 2,084 1,608 (Gain) loss on dispositions and lease terminations, net (5,220) 620 Changes in operating assets and liabilities, net of acquisitions (5,926) 14,588 Net cash provided by operating activities 78,989 126,460 Cash flows from investing activities: Principal payments received on notes receivable 162 102 Proceeds from sale of assets 4,983 4,398 Capital expenditures (21,680) (26,784)Cash paid in connection with acquisitions, net of cash acquired — (1,885)Net cash used in investing activities (16,535) (24,169) Cash flows from financing activities: Borrowings under revolving credit facilities 221,900 64,600 Repayments on revolving credit facilities (65,537) (101,815)Borrowings under the Term Loan Facility — 1,120 Repayments on the Term Loan Facility (158,980) (24,600)Net proceeds from issuance of preferred membership interests — 24,430 Payments of finance lease obligations (2,150) (2,030)Payments of deferred financing costs (7,106) (6)Distributions paid on distribution equivalent rights (168) (137)Income tax distributions paid on preferred membership interests (900) — Distributions paid on common units (59,777) (59,713)Net cash used in financing activities (72,718) (98,151)Net (decrease) increase in cash and cash equivalents (10,264) 4,140 Cash and cash equivalents at beginning of period 16,054 7,648 Cash and cash equivalents at end of period $5,790 $11,788
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Gross profit: Motor fuel gross profit $18,786 $19,501 $53,427 $54,719 Rent gross profit 12,424 12,959 38,281 37,944 Other revenues 1,642 1,657 4,053 5,250 Total gross profit 32,852 34,117 95,761 97,913 Operating expenses (9,471) (10,071) (28,936) (28,116)Operating income $23,381 $24,046 $66,825 $69,797 Motor fuel distribution sites (end of period): (a) Independent dealers (b) 636 623 636 623 Lessee dealers (c) 582 641 582 641 Total motor fuel distribution sites 1,218 1,264 1,218 1,264 Average motor fuel distribution sites 1,222 1,273 1,243 1,288 Volume of gallons distributed 217,348 212,657 637,340 630,985 Margin per gallon $0.086 $0.092 $0.084 $0.087
(a) In addition, CrossAmerica distributed motor fuel to sub-wholesalers who distributed to additional sites.
(b) The increase in the independent dealer site count was primarily attributable to the acquisition of assets from Community Service Stations, Inc. and the ongoing real estate rationalization effort, partially offset by the net loss of contracts.
(c) The decrease in the lessee dealer site count was primarily attributable to the conversion of certain lessee dealer sites to company operated sites, largely in the second quarter of 2023, and CrossAmerica’s real estate rationalization effort.
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Gross profit: Motor fuel $36,226 $54,476 $98,723 $110,621 Merchandise 25,427 20,649 67,782 57,496 Rent 2,034 2,395 6,808 7,100 Other revenue 3,901 3,093 11,149 9,375 Total gross profit 67,588 80,613 184,462 184,592 Operating expenses (41,138) (36,774) (117,094) (103,054)Operating income $26,450 $43,839 $67,368 $81,538 Retail sites (end of period): Company operated retail sites (a) 293 252 293 252 Commission agents (b) 189 198 189 198 Total system sites at the end of the period 482 450 482 450 Total retail segment statistics: Volume of gallons sold 132,160 126,669 382,049 371,524 Same store total system gallons sold(c) 121,782 119,559 347,800 342,758 Average retail fuel sites 482 451 472 452 Margin per gallon, before deducting credit card fees and
commissions $0.372 $0.534 $0.354 $0.400 Company operated site statistics: Average retail fuel sites 293 253 279 253 Same store fuel volume(c) 81,042 80,387 227,985 227,964 Margin per gallon, before deducting credit card fees $0.394 $0.596 $0.378 $0.427 Same store merchandise sales(c) $76,333 $73,060 $207,210 $199,264 Same store merchandise sales excluding cigarettes(c) $53,305 $49,093 $143,275 $131,881 Merchandise gross profit percentage 28.7% 27.1% 28.5% 27.1% Commission site statistics: Average retail fuel sites 189 198 193 199 Margin per gallon, before deducting credit card fees and
commissions $0.325 $0.410 $0.306 $0.345
(a) The increase in the company operated site count was primarily attributable to the conversion of certain lessee dealer and commission sites to company operated sites, largely during the second quarter of 2023.
(b) The decrease in the commission agent site count was primarily attributable to the conversion of certain commission agent sites to company operated sites, largely during the first quarter of 2023.
(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 excludes branded food sales and other revenues such as lottery commissions and car wash sales.
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 before deducting interest expense, income taxes and depreciation, amortization and accretion (which includes certain impairment charges). Adjusted EBITDA represents EBITDA as further adjusted to exclude equity-based 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 expense. The Distribution Coverage Ratio is computed by dividing Distributable Cash Flow by distributions paid on common units.
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are used as supplemental financial measures by management and by external users of our financial statements, such as investors and lenders. EBITDA and Adjusted EBITDA are used to assess CrossAmerica’s 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 Partnership’s 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 CrossAmerica’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 CrossAmerica’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, CrossAmerica’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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (a) $12,292 $27,593 $25,849 $46,606 Interest expense 10,559 8,351 33,254 22,333 Income tax expense 1,468 3,815 2,603 1,843 Depreciation, amortization and accretion expense 19,096 21,329 58,214 61,523 EBITDA 43,415 61,088 119,920 132,305 Equity-based employee and director compensation expense 961 654 2,084 1,608 (Gain) loss on dispositions and lease terminations, net (287) 318 (5,220) 620 Acquisition-related costs (b) 120 107 1,361 985 Adjusted EBITDA 44,209 62,167 118,145 135,518 Cash interest expense (10,078) (7,668) (30,448) (20,280)Sustaining capital expenditures (c) (1,837) (1,974) (5,322) (5,191)Current income tax expense (905) (1,656) (1,458) (2,519)Distributable Cash Flow $31,389 $50,869 $80,917 $107,528 Distributions paid on common units 19,934 19,913 59,777 59,713 Distribution Coverage Ratio (a) 1.57x 2.55x 1.35x 1.80x
(a) Beginning in 2022, CrossAmerica reconciles Adjusted EBITDA to Net income rather than to Net income available to limited partners. The difference between Net income and Net income available to limited partners is that, beginning in the second quarter of 2022, the accretion of preferred membership interests issued in late March 2022 is a deduction from Net income in computing Net income available to limited partners. Because Adjusted EBITDA is used to assess CrossAmerica’s financial performance without regard to capital structure, the partnership believes Adjusted EBITDA should be reconciled with Net income, so that the calculation isn’t impacted by the accretion of preferred membership interests. This approach is comparable to the reconciliation of Adjusted EBITDA to Net income available to limited partners in past periods, as CrossAmerica has not recorded accretion of preferred membership interests in past periods.
(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 the sites in conditions suitable to lease, such as parking lot or roof replacement/renovation, or to replace equipment required to operate the existing business.
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 1,700 locations and owns or leases approximately 1,100 sites. With a geographic footprint covering 34 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, 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 610-625-8000
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.
