| Schedule of Reportable Segments |
Inter-segment transactions primarily included the distribution of fuel by GPMP to GPM and substantially all of its sites that sell fuel (both in the retail and wholesale segments) and charges by GPMP to sites that sell fuel in the fleet fueling segment. The effect of these inter-segment transactions was eliminated in the condensed consolidated financial statements.
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|
Retail |
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Wholesale |
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Fleet Fueling |
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|
GPMP |
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All Other |
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Total |
|
For the Three Months Ended March 31, 2023 |
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
843,473 |
|
|
$ |
684,848 |
|
|
$ |
127,494 |
|
|
$ |
741 |
|
|
$ |
5,108 |
|
|
$ |
1,661,664 |
|
Merchandise revenue |
|
|
400,408 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
400,408 |
|
Other revenues, net |
|
|
18,555 |
|
|
|
6,491 |
|
|
|
951 |
|
|
|
170 |
|
|
|
257 |
|
|
|
26,424 |
|
Total revenues from external
customers |
|
|
1,262,436 |
|
|
|
691,339 |
|
|
|
128,445 |
|
|
|
911 |
|
|
|
5,365 |
|
|
|
2,088,496 |
|
Inter-segment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,142,622 |
|
|
|
3,058 |
|
|
|
1,145,680 |
|
Total revenues from reportable
segments |
|
|
1,262,436 |
|
|
|
691,339 |
|
|
|
128,445 |
|
|
|
1,143,533 |
|
|
|
8,423 |
|
|
|
3,234,176 |
|
Operating income |
|
|
41,631 |
|
|
|
7,550 |
|
|
|
8,424 |
|
|
|
22,622 |
|
|
|
324 |
|
|
|
80,551 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
|
|
|
(5,250 |
) |
|
|
— |
|
|
|
(5,250 |
) |
Loss from equity investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(36 |
) |
|
|
(36 |
) |
Net income from reportable segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
75,265 |
|
|
|
|
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|
|
|
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|
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|
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|
|
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|
Retail |
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Wholesale |
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|
GPMP |
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|
All Other |
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Total |
|
For the Three Months Ended March 31, 2022 |
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
854,667 |
|
|
$ |
727,697 |
|
|
$ |
1,162 |
|
|
$ |
— |
|
|
$ |
1,583,526 |
|
Merchandise revenue |
|
|
366,985 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
366,985 |
|
Other revenues, net |
|
|
16,324 |
|
|
|
5,722 |
|
|
|
254 |
|
|
|
— |
|
|
|
22,300 |
|
Total revenues from external customers |
|
|
1,237,976 |
|
|
|
733,419 |
|
|
|
1,416 |
|
|
|
— |
|
|
|
1,972,811 |
|
Inter-segment |
|
|
— |
|
|
|
— |
|
|
|
1,275,721 |
|
|
|
302 |
|
|
|
1,276,023 |
|
Total revenues from reportable
segments |
|
|
1,237,976 |
|
|
|
733,419 |
|
|
|
1,277,137 |
|
|
|
302 |
|
|
|
3,248,834 |
|
Operating income |
|
|
45,679 |
|
|
|
7,413 |
|
|
|
20,607 |
|
|
|
302 |
|
|
|
74,001 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
(2,445 |
) |
|
|
— |
|
|
|
(2,445 |
) |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
177 |
|
|
|
177 |
|
Income from equity investment |
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
9 |
|
Net income from reportable segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
71,742 |
|
|
| Schedule of Reconciliation of Total Revenues from Reportable Segments to Total Revenues |
A reconciliation of total revenues from reportable segments to total revenues on the condensed consolidated statements of operations was as follows:
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|
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|
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|
|
|
|
For the Three Months
Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Total revenues from reportable segments |
|
$ |
3,234,176 |
|
|
$ |
3,248,834 |
|
Elimination of inter-segment revenues |
|
|
(1,145,680 |
) |
|
|
(1,276,023 |
) |
Total revenues |
|
$ |
2,088,496 |
|
|
$ |
1,972,811 |
|
|
| Schedule of Reconciliation of Net Income from Reportable Segments to Net Income (Loss) |
A reconciliation of net income from reportable segments to net income on the condensed consolidated statements of operations was as follows:
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|
|
|
|
|
|
|
|
For the Three Months
Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Net income from reportable segments |
|
$ |
75,265 |
|
|
$ |
71,742 |
|
Amounts not allocated to segments: |
|
|
|
|
|
|
Store operating expenses |
|
|
(2,677 |
) |
|
|
584 |
|
General and administrative expenses |
|
|
(39,644 |
) |
|
|
(31,079 |
) |
Depreciation and amortization |
|
|
(26,557 |
) |
|
|
(22,794 |
) |
Other expenses, net |
|
|
(2,720 |
) |
|
|
(1,121 |
) |
Interest and other financial expenses, net |
|
|
(8,352 |
) |
|
|
(13,832 |
) |
Income tax benefit (expense) |
|
|
2,158 |
|
|
|
(1,182 |
) |
Net (loss) income |
|
$ |
(2,527 |
) |
|
$ |
2,318 |
|
|