CrossAmerica Partners LP
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
CAPL$19.77+0.3%Stored close · as of Nov 6, 2026
Contents
Commonly Used Defined Terms
| The following is a list of certain acronyms and terms generally used in the industry and throughout this document: | |
|---|---|
| CrossAmerica Partners LP and subsidiaries: | |
| CrossAmerica | CrossAmerica Partners LP, the Partnership, CAPL, we, us, our |
| Holdings | CAPL JKM Holdings LLC, an indirect wholly-owned subsidiary of CrossAmerica and sole member of CAPL JKM Partners |
| CAPL JKM Partners | CAPL JKM Partners LLC, a wholly-owned subsidiary of Holdings |
| Joe’s Kwik Marts | Joe’s Kwik Marts LLC, a wholly-owned subsidiary of CAPL JKM Partners |
| LGWS | Lehigh Gas Wholesale Services, Inc., an indirect wholly-owned subsidiary of CrossAmerica |
| CrossAmerica Partners LP related parties: | |
| DMI | Dunne Manning Inc. (formerly Lehigh Gas Corporation), an entity affiliated with the Topper Group |
| General Partner | CrossAmerica GP LLC, the General Partner of CrossAmerica, a Delaware limited liability company, indirectly owned by the Topper Group. |
| Topper Group | Joseph V. Topper, Jr., collectively with his affiliates and family trusts that have ownership interests in the Partnership. Joseph V. Topper, Jr. is the founder of the Partnership and a member of the Board. The Topper Group is a related party and large holder of our common units. |
| TopStar | TopStar Inc., an entity affiliated with a family member of Joseph V. Topper, Jr. TopStar is an operator of convenience stores that leases sites and purchases fuel from us. |
| Other Defined Terms: | |
| AOCI | Accumulated other comprehensive income |
| ASU | Accounting Standards Update |
| Board | Board of Directors of our General Partner |
| Bonus Plan | The Performance-Based Bonus Compensation Policy is one of the key components of “at-risk” compensation. The Bonus Plan is utilized to reward short-term performance achievements and to motivate and reward employees for their contributions toward meeting financial and strategic goals. |
| CAPL Credit Facility | Credit Agreement, dated as of April 1, 2019, as amended by the First Amendment to Credit Agreement, dated as of November 19, 2019, and by the Second Amendment to Credit Agreement, dated as of July 28, 2021, and by the Third Amendment to Credit Agreement, dated as of November 9, 2022, and as amended and restated by the Amendment and Restatement Agreement, dated as of March 31, 2023, as amended by the First Amendment to Amendment and Restatement Agreement, dated as of February 20, 2024, among the Partnership and Lehigh Gas Wholesale Services, Inc., as borrowers, the guarantors from time to time party thereto, the lenders from time to time party thereto and Citizens Bank, N.A., as administrative agent. |
| DTW | Dealer tank wagon contracts, which are variable market-based cent per gallon priced wholesale motor fuel distribution or supply contracts; DTW also refers to the pricing methodology under such contracts |
| EBITDA | Earnings before interest, taxes, depreciation, amortization and accretion, a non-GAAP financial measure |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| Internal Revenue Code | Internal Revenue Code of 1986, as amended |
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| IPO | Initial public offering of CrossAmerica Partners LP on October 30, 2012 |
|---|---|
| JKM Credit Facility | Credit Agreement, dated as of July 16, 2021, as amended on July 29, 2021 among CAPL JKM Partners, Holdings and Manufacturers and Traders Trust Company, as administrative agent, swingline lender and issuing bank. The Term Loan Facility was paid off and the JKM Credit Facility was terminated on March 31, 2023. |
| MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| Omnibus Agreement | The Omnibus Agreement, effective January 1, 2020, by and among the Partnership, the General Partner and DMI. The terms of the Omnibus Agreement were approved by the independent conflicts committee of the Board, which is composed of the independent directors of the Board. Pursuant to the Omnibus Agreement, DMI agrees, among other things, to provide, or cause to be provided, to the Partnership certain management services at cost without markup. |
| Partnership Agreement | Second Amended and Restated Agreement of Limited Partnership of CrossAmerica Partners LP, dated as of February 6, 2020 |
| Predecessor Entity | Wholesale distribution contracts and real property and leasehold interests contributed to the Partnership in connection with the IPO |
| SOFR | Secured Overnight Financing Rate |
| Term Loan Facility | $185 million delayed draw term loan facility provided under the JKM Credit Facility, which was paid off and terminated March 31, 2023 |
| U.S. GAAP | U.S. Generally Accepted Accounting Principles |
| WTI | West Texas Intermediate crude oil |
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