| Schedule of Reportable Segments |
Inter-segment transactions primarily included the distribution of fuel by GPMP to substantially all of GPM’s sites that sell fuel (both in the retail and wholesale segments) and charges by GPMP primarily to sites that sell fuel in the fleet fueling segment which are not supplied by GPMP. 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, 2024 |
(in thousands) |
|
Revenues |
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
824,428 |
|
|
$ |
664,514 |
|
|
$ |
132,193 |
|
|
$ |
1,205 |
|
|
$ |
8,992 |
|
|
$ |
1,631,332 |
|
Merchandise revenue |
|
|
414,655 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
414,655 |
|
Other revenues, net |
|
|
16,679 |
|
|
|
6,858 |
|
|
|
2,385 |
|
|
|
207 |
|
|
|
338 |
|
|
|
26,467 |
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Total revenues from external customers |
|
|
1,255,762 |
|
|
|
671,372 |
|
|
|
134,578 |
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|
|
1,412 |
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|
|
9,330 |
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|
|
2,072,454 |
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Inter-segment |
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|
— |
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|
|
— |
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|
|
— |
|
|
|
1,102,541 |
|
|
|
5,253 |
|
|
|
1,107,794 |
|
Total revenues from segments |
|
|
1,255,762 |
|
|
|
671,372 |
|
|
|
134,578 |
|
|
|
1,103,953 |
|
|
|
14,583 |
|
|
|
3,180,248 |
|
Operating income (loss) |
|
|
33,767 |
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|
|
6,960 |
|
|
|
7,977 |
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|
|
23,327 |
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|
|
(2 |
) |
|
|
72,029 |
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Interest and financial expenses, net |
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|
|
|
|
|
|
|
|
|
|
(6,528 |
) |
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|
— |
|
|
|
(6,528 |
) |
Income from equity investment |
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|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
|
|
22 |
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Net income from segments |
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|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
65,523 |
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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 |
|
|
|
|
|
|
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|
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Fuel revenue |
|
$ |
843,473 |
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|
$ |
684,848 |
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|
$ |
127,494 |
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|
$ |
741 |
|
|
$ |
5,108 |
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|
$ |
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 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 segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
75,265 |
|
|
| 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, |
|
|
|
2024 |
|
|
2023 |
|
|
|
(in thousands) |
|
Net income from segments |
|
$ |
65,523 |
|
|
$ |
75,265 |
|
Amounts not allocated to segments: |
|
|
|
|
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|
Site operating expenses |
|
|
(3,350 |
) |
|
|
(2,677 |
) |
General and administrative expenses |
|
|
(41,197 |
) |
|
|
(39,644 |
) |
Depreciation and amortization |
|
|
(29,872 |
) |
|
|
(26,557 |
) |
Other expenses, net |
|
|
(2,476 |
) |
|
|
(2,720 |
) |
Interest and other financial income (expenses), net |
|
|
4,071 |
|
|
|
(8,352 |
) |
Income tax benefit |
|
|
6,707 |
|
|
|
2,158 |
|
Net loss |
|
$ |
(594 |
) |
|
$ |
(2,527 |
) |
|