| 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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|
|
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|
|
|
|
|
|
Retail |
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|
Wholesale |
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|
Fleet Fueling |
|
|
GPMP |
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All Other |
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|
Total |
|
For the Three Months Ended September 30, 2024 |
|
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
929,783 |
|
|
$ |
720,646 |
|
|
$ |
125,933 |
|
|
$ |
822 |
|
|
$ |
6,687 |
|
|
$ |
1,783,871 |
|
Merchandise revenue |
|
|
469,616 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
469,616 |
|
Other revenues, net |
|
|
16,082 |
|
|
|
6,751 |
|
|
|
2,335 |
|
|
|
209 |
|
|
|
372 |
|
|
|
25,749 |
|
Total revenues from external
customers |
|
$ |
1,415,481 |
|
|
$ |
727,397 |
|
|
$ |
128,268 |
|
|
$ |
1,031 |
|
|
$ |
7,059 |
|
|
$ |
2,279,236 |
|
Inter-segment revenues |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,188,188 |
|
|
$ |
5,132 |
|
|
$ |
1,193,320 |
|
Operating income (loss) from
segments |
|
$ |
71,022 |
|
|
$ |
8,172 |
|
|
$ |
10,838 |
|
|
$ |
25,576 |
|
|
$ |
(322 |
) |
|
$ |
115,286 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
$ |
(8,590 |
) |
|
|
|
|
$ |
(8,590 |
) |
Income from equity investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
29 |
|
|
$ |
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
Wholesale |
|
|
Fleet Fueling |
|
|
GPMP |
|
|
All Other |
|
|
Total |
|
For the Three Months Ended September 30, 2023 |
|
(in thousands) |
|
Revenues |
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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Fuel revenue |
|
$ |
1,086,405 |
|
|
$ |
843,891 |
|
|
$ |
145,496 |
|
|
$ |
1,044 |
|
|
$ |
9,556 |
|
|
$ |
2,086,392 |
|
Merchandise revenue |
|
|
506,425 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
506,425 |
|
Other revenues, net |
|
|
19,750 |
|
|
|
6,265 |
|
|
|
2,575 |
|
|
|
253 |
|
|
|
394 |
|
|
|
29,237 |
|
Total revenues from external
customers |
|
$ |
1,612,580 |
|
|
$ |
850,156 |
|
|
$ |
148,071 |
|
|
$ |
1,297 |
|
|
$ |
9,950 |
|
|
$ |
2,622,054 |
|
Inter-segment revenues |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,472,316 |
|
|
$ |
6,241 |
|
|
$ |
1,478,557 |
|
Operating income (loss) from
segments |
|
$ |
81,504 |
|
|
$ |
10,026 |
|
|
$ |
8,828 |
|
|
$ |
27,016 |
|
|
$ |
(521 |
) |
|
$ |
126,853 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
$ |
(8,836 |
) |
|
|
|
|
$ |
(8,836 |
) |
Loss from equity investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(14 |
) |
|
$ |
(14 |
) |
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
Wholesale |
|
|
Fleet Fueling |
|
|
GPMP |
|
|
All Other |
|
|
Total |
|
For the Nine Months Ended September 30, 2024 |
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
2,730,583 |
|
|
$ |
2,147,853 |
|
|
$ |
398,266 |
|
|
$ |
3,017 |
|
|
$ |
23,015 |
|
|
$ |
5,302,734 |
|
Merchandise revenue |
|
|
1,358,519 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,358,519 |
|
Other revenues, net |
|
|
49,496 |
|
|
|
20,459 |
|
|
|
7,004 |
|
|
|
638 |
|
|
|
1,003 |
|
|
|
78,600 |
|
Total revenues from external
customers |
|
$ |
4,138,598 |
|
|
$ |
2,168,312 |
|
|
$ |
405,270 |
|
|
$ |
3,655 |
|
|
$ |
24,018 |
|
|
$ |
6,739,853 |
|
Inter-segment revenues |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,573,599 |
|
|
$ |
15,271 |
|
|
$ |
3,588,870 |
|
Operating income (loss) from
segments |
|
$ |
178,612 |
|
|
$ |
24,263 |
|
|
$ |
30,648 |
|
|
$ |
74,659 |
|
|
$ |
(707 |
) |
|
$ |
307,475 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
|
|
$ |
(23,701 |
) |
|
|
|
|
$ |
(23,701 |
) |
Income from equity investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
79 |
|
|
$ |
79 |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
Wholesale |
|
|
Fleet Fueling |
|
|
GPMP |
|
|
All Other |
|
|
Total |
|
For the Nine Months Ended September 30, 2023 |
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
2,945,243 |
|
|
$ |
2,339,878 |
|
|
$ |
394,136 |
|
|
$ |
2,842 |
|
|
$ |
23,057 |
|
|
$ |
5,705,156 |
|
Merchandise revenue |
|
|
1,391,274 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,391,274 |
|
Other revenues, net |
|
|
57,302 |
|
|
|
18,866 |
|
|
|
5,202 |
|
|
|
700 |
|
|
|
1,071 |
|
|
|
83,141 |
|
Total revenues from external
customers |
|
$ |
4,393,819 |
|
|
$ |
2,358,744 |
|
|
$ |
399,338 |
|
|
$ |
3,542 |
|
|
$ |
24,128 |
|
|
$ |
7,179,571 |
|
Inter-segment revenues |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,981,724 |
|
|
$ |
13,844 |
|
|
$ |
3,995,568 |
|
Operating income (loss) from
segments |
|
$ |
200,992 |
|
|
$ |
24,343 |
|
|
$ |
26,596 |
|
|
$ |
76,646 |
|
|
$ |
(59 |
) |
|
$ |
328,518 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
|
|
$ |
(20,926 |
) |
|
|
|
|
$ |
(20,926 |
) |
Loss from equity investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(77 |
) |
|
$ |
(77 |
) |
|
| Schedule of Reconciliation of Operating Income from Reportable Segments to Consolidated Income Before Income Taxes |
A reconciliation of operating income from reportable segments to consolidated income before income taxes on the condensed consolidated statements of operations is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
|
For the Nine Months
Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(in thousands) |
|
Operating income from reportable segments |
|
$ |
115,608 |
|
|
$ |
127,374 |
|
|
$ |
308,182 |
|
|
$ |
328,577 |
|
All other operating loss |
|
|
(322 |
) |
|
|
(521 |
) |
|
|
(707 |
) |
|
|
(59 |
) |
Interest and other financial expenses, net |
|
|
(8,590 |
) |
|
|
(8,836 |
) |
|
|
(23,701 |
) |
|
|
(20,926 |
) |
Amounts not allocated to segments: |
|
|
|
|
|
|
|
|
|
|
|
|
Site operating expenses |
|
|
(3,497 |
) |
|
|
(3,760 |
) |
|
|
(10,429 |
) |
|
|
(10,041 |
) |
General and administrative expenses |
|
|
(37,773 |
) |
|
|
(43,262 |
) |
|
|
(120,605 |
) |
|
|
(124,785 |
) |
Depreciation and amortization |
|
|
(31,288 |
) |
|
|
(31,872 |
) |
|
|
(92,894 |
) |
|
|
(89,424 |
) |
Other expenses, net |
|
|
(1,159 |
) |
|
|
(3,885 |
) |
|
|
(3,896 |
) |
|
|
(11,561 |
) |
Interest and other financial expenses, net |
|
|
(15,034 |
) |
|
|
(5,743 |
) |
|
|
(23,747 |
) |
|
|
(27,415 |
) |
Income before income taxes |
|
$ |
17,945 |
|
|
$ |
29,495 |
|
|
$ |
32,203 |
|
|
$ |
44,366 |
|
|