| 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) 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
Wholesale |
|
|
Fleet Fueling |
|
|
GPMP |
|
|
All Other |
|
|
Total |
|
For the Three Months Ended September 30,
2022 |
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
1,028,323 |
|
|
$ |
827,436 |
|
|
$ |
120,813 |
|
|
$ |
1,437 |
|
|
$ |
1,565 |
|
|
$ |
1,979,574 |
|
Merchandise revenue |
|
|
445,822 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
445,822 |
|
Other revenues, net |
|
|
16,651 |
|
|
|
5,693 |
|
|
|
923 |
|
|
|
261 |
|
|
|
723 |
|
|
|
24,251 |
|
Total revenues from external
customers |
|
|
1,490,796 |
|
|
|
833,129 |
|
|
|
121,736 |
|
|
|
1,698 |
|
|
|
2,288 |
|
|
|
2,449,647 |
|
Inter-segment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,445,072 |
|
|
|
857 |
|
|
|
1,445,929 |
|
Total revenues from reportable
segments |
|
|
1,490,796 |
|
|
|
833,129 |
|
|
|
121,736 |
|
|
|
1,446,770 |
|
|
|
3,145 |
|
|
|
3,895,576 |
|
Operating income |
|
|
84,849 |
|
|
|
10,459 |
|
|
|
6,629 |
|
|
|
23,388 |
|
|
|
245 |
|
|
|
125,570 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
|
|
|
(3,209 |
) |
|
|
— |
|
|
|
(3,209 |
) |
Loss from equity investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(44 |
) |
|
|
(44 |
) |
Net income from reportable segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
122,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
Wholesale |
|
|
Fleet Fueling |
|
|
GPMP |
|
|
All Other |
|
|
Total |
|
For the Nine Months Ended September 30,
2022 |
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
3,000,839 |
|
|
$ |
2,521,567 |
|
|
$ |
120,813 |
|
|
$ |
4,170 |
|
|
$ |
1,565 |
|
|
$ |
5,648,954 |
|
Merchandise revenue |
|
|
1,244,558 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,244,558 |
|
Other revenues, net |
|
|
49,642 |
|
|
|
17,148 |
|
|
|
923 |
|
|
|
773 |
|
|
|
723 |
|
|
|
69,209 |
|
Total revenues from external
customers |
|
|
4,295,039 |
|
|
|
2,538,715 |
|
|
|
121,736 |
|
|
|
4,943 |
|
|
|
2,288 |
|
|
|
6,962,721 |
|
Inter-segment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,459,036 |
|
|
|
1,461 |
|
|
|
4,460,497 |
|
Total revenues from reportable
segments |
|
|
4,295,039 |
|
|
|
2,538,715 |
|
|
|
121,736 |
|
|
|
4,463,979 |
|
|
|
3,749 |
|
|
|
11,423,218 |
|
Operating income |
|
|
202,375 |
|
|
|
27,658 |
|
|
|
6,629 |
|
|
|
65,794 |
|
|
|
849 |
|
|
|
303,305 |
|
Interest and financial expenses, net |
|
|
|
|
|
|
|
|
|
|
|
(7,473 |
) |
|
|
— |
|
|
|
(7,473 |
) |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
177 |
|
|
|
177 |
|
Loss from equity investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) |
|
|
(7 |
) |
Net income from reportable segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
296,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
|
For the Nine Months
Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Net income from reportable segments |
|
$ |
122,317 |
|
|
$ |
102,168 |
|
|
$ |
296,002 |
|
|
$ |
258,606 |
|
Amounts not allocated to segments: |
|
|
|
|
|
|
|
|
|
|
|
|
Other revenues, net |
|
|
— |
|
|
|
(38 |
) |
|
|
— |
|
|
|
(123 |
) |
Store operating expenses |
|
|
576 |
|
|
|
1,118 |
|
|
|
1,907 |
|
|
|
2,370 |
|
General and administrative expenses |
|
|
(35,245 |
) |
|
|
(31,941 |
) |
|
|
(98,521 |
) |
|
|
(89,011 |
) |
Depreciation and amortization |
|
|
(24,218 |
) |
|
|
(20,187 |
) |
|
|
(69,523 |
) |
|
|
(66,017 |
) |
Other (expenses) income, net |
|
|
(951 |
) |
|
|
56 |
|
|
|
(3,269 |
) |
|
|
(2,811 |
) |
Interest and other financial expenses, net |
|
|
(16,587 |
) |
|
|
(10,851 |
) |
|
|
(36,241 |
) |
|
|
(44,399 |
) |
Income tax expense |
|
|
(20,898 |
) |
|
|
(4,740 |
) |
|
|
(31,237 |
) |
|
|
(12,119 |
) |
Net income |
|
$ |
24,994 |
|
|
$ |
35,585 |
|
|
$ |
59,118 |
|
|
$ |
46,496 |
|
|