| Schedule of Reportable Segments |
Inter-segment transactions primarily included the distribution of fuel by GPMP to GPM and its subsidiaries that sell fuel (both in the Retail and Wholesale segments). The effect of these inter-segment transactions was eliminated in the condensed consolidated financial statements.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
Wholesale |
|
|
GPMP |
|
|
All Other |
|
|
Total |
|
For the Three Months Ended September 30, 2021 |
|
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
847,869 |
|
|
$ |
730,847 |
|
|
$ |
1,643 |
|
|
$ |
— |
|
|
$ |
1,580,359 |
|
Merchandise revenue |
|
|
434,652 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
434,652 |
|
Other revenues, net |
|
|
14,488 |
|
|
|
5,275 |
|
|
|
287 |
|
|
|
— |
|
|
|
20,050 |
|
Total revenues from external customers |
|
|
1,297,009 |
|
|
|
736,122 |
|
|
|
1,930 |
|
|
|
— |
|
|
|
2,035,061 |
|
Inter-segment |
|
|
— |
|
|
|
— |
|
|
|
1,217,622 |
|
|
|
317 |
|
|
|
1,217,939 |
|
Total revenues from reportable segments |
|
|
1,297,009 |
|
|
|
736,122 |
|
|
|
1,219,552 |
|
|
|
317 |
|
|
|
3,253,000 |
|
Operating income |
|
|
75,285 |
|
|
|
5,837 |
|
|
|
24,593 |
|
|
|
317 |
|
|
|
106,032 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
(3,894 |
) |
|
|
— |
|
|
|
(3,894 |
) |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
(55 |
) |
|
|
(55 |
) |
Income from equity investment |
|
|
|
|
|
|
|
|
|
|
|
85 |
|
|
|
85 |
|
Net income from reportable segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
102,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
506,418 |
|
|
$ |
32,468 |
|
|
$ |
1,052 |
|
|
$ |
— |
|
|
$ |
539,938 |
|
Merchandise revenue |
|
|
403,665 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
403,665 |
|
Other revenues, net |
|
|
13,860 |
|
|
|
2,409 |
|
|
|
245 |
|
|
|
— |
|
|
|
16,514 |
|
Total revenues from external customers |
|
|
923,943 |
|
|
|
34,877 |
|
|
|
1,297 |
|
|
|
— |
|
|
|
960,117 |
|
Inter-segment |
|
|
— |
|
|
|
— |
|
|
|
352,363 |
|
|
|
335 |
|
|
|
352,698 |
|
Total revenues from reportable segments |
|
|
923,943 |
|
|
|
34,877 |
|
|
|
353,660 |
|
|
|
335 |
|
|
|
1,312,815 |
|
Operating income |
|
|
62,221 |
|
|
|
1,674 |
|
|
|
9,360 |
|
|
|
335 |
|
|
|
73,590 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
(745 |
) |
|
|
(184 |
) |
|
|
(929 |
) |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
(54 |
) |
|
|
(54 |
) |
Loss from equity investment |
|
|
|
|
|
|
|
|
|
|
|
(24 |
) |
|
|
(24 |
) |
Net income from reportable segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
72,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
Wholesale |
|
|
GPMP |
|
|
All Other |
|
|
Total |
|
For the Nine Months Ended September 30, 2021 |
|
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
2,192,889 |
|
|
$ |
1,946,856 |
|
|
$ |
4,324 |
|
|
$ |
— |
|
|
$ |
4,144,069 |
|
Merchandise revenue |
|
|
1,220,298 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,220,298 |
|
Other revenues, net |
|
|
48,717 |
|
|
|
15,426 |
|
|
|
806 |
|
|
|
— |
|
|
|
64,949 |
|
Total revenues from external customers |
|
|
3,461,904 |
|
|
|
1,962,282 |
|
|
|
5,130 |
|
|
|
— |
|
|
|
5,429,316 |
|
Inter-segment |
|
|
— |
|
|
|
— |
|
|
|
3,130,015 |
|
|
|
951 |
|
|
|
3,130,966 |
|
Total revenues from reportable segments |
|
|
3,461,904 |
|
|
|
1,962,282 |
|
|
|
3,135,145 |
|
|
|
951 |
|
|
|
8,560,282 |
|
Operating income |
|
|
186,847 |
|
|
|
14,137 |
|
|
|
68,326 |
|
|
|
951 |
|
|
|
270,261 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
(11,594 |
) |
|
|
— |
|
|
|
(11,594 |
) |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
(166 |
) |
|
|
(166 |
) |
Income from equity investment |
|
|
|
|
|
|
|
|
|
|
|
105 |
|
|
|
105 |
|
Net income from reportable segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
258,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
1,424,823 |
|
|
$ |
82,687 |
|
|
$ |
2,981 |
|
|
$ |
— |
|
|
$ |
1,510,491 |
|
Merchandise revenue |
|
|
1,119,041 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,119,041 |
|
Other revenues, net |
|
|
39,175 |
|
|
|
4,999 |
|
|
|
639 |
|
|
|
— |
|
|
|
44,813 |
|
Total revenues from external customers |
|
|
2,583,039 |
|
|
|
87,686 |
|
|
|
3,620 |
|
|
|
— |
|
|
|
2,674,345 |
|
Inter-segment |
|
|
— |
|
|
|
— |
|
|
|
961,666 |
|
|
|
2,713 |
|
|
|
964,379 |
|
Total revenues from reportable segments |
|
|
2,583,039 |
|
|
|
87,686 |
|
|
|
965,286 |
|
|
|
2,713 |
|
|
|
3,638,724 |
|
Operating income |
|
|
160,399 |
|
|
|
2,732 |
|
|
|
25,430 |
|
|
|
2,713 |
|
|
|
191,274 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
(2,513 |
) |
|
|
(161 |
) |
|
|
(2,674 |
) |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
(259 |
) |
|
|
(259 |
) |
Loss from equity investment |
|
|
|
|
|
|
|
|
|
|
|
(435 |
) |
|
|
(435 |
) |
Net income from reportable segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
187,906 |
|
|
| Schedule of Reconciliation of Net Income from Reportable Segments to Net (Loss) Income |
A reconciliation of net income from reportable segments to net income on the condensed consolidated statements of operations is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
|
For the Nine Months
Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Net income from reportable segments |
|
$ |
102,168 |
|
|
$ |
72,583 |
|
|
$ |
258,606 |
|
|
$ |
187,906 |
|
Amounts not allocated to segments: |
|
|
|
|
|
|
|
|
|
|
|
|
Other revenues, net |
|
|
(38 |
) |
|
|
(39 |
) |
|
|
(123 |
) |
|
|
(112 |
) |
Store operating expenses |
|
|
1,118 |
|
|
|
(673 |
) |
|
|
2,370 |
|
|
|
(2,366 |
) |
General and administrative expenses |
|
|
(31,941 |
) |
|
|
(24,720 |
) |
|
|
(89,011 |
) |
|
|
(62,427 |
) |
Depreciation and amortization |
|
|
(20,187 |
) |
|
|
(14,328 |
) |
|
|
(66,017 |
) |
|
|
(44,526 |
) |
Other income (expenses), net |
|
|
56 |
|
|
|
(1,381 |
) |
|
|
(2,811 |
) |
|
|
(7,290 |
) |
Interest and other financial expenses, net |
|
|
(10,851 |
) |
|
|
(9,667 |
) |
|
|
(44,399 |
) |
|
|
(29,464 |
) |
Income tax expense |
|
|
(4,740 |
) |
|
|
(4,618 |
) |
|
|
(12,119 |
) |
|
|
(4,912 |
) |
Net income |
|
$ |
35,585 |
|
|
$ |
17,157 |
|
|
$ |
46,496 |
|
|
$ |
36,809 |
|
|