Crossamerica Partners LP (CAPL) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the CrossAmerica Partners Fourth Quarter and Full Year 2023 earnings conference call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, February 27th, 2024.

早安，女士們、先生們，歡迎參加 CrossAmerica Partners 2023 年第四季和全年收益電話會議。此時，所有線路都處於只聽模式。演講結束後，我們將進行問答環節。如果在通話期間您隨時需要立即協助，請按下接線員的零星鍵。此電話錄音於 2024 年 2 月 27 日星期二進行。

And I would now like to turn the conference over to Mark Harper, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長馬克哈珀 (Mark Harper)。請繼續。

Thank you, operator. Good morning, and thank you for joining the CrossAmerica Partners Fourth Quarter and Full Year 2023 earnings call. With me today is Charles Nissan, CEO and President. We'll start off the call today with Charles providing some opening comments and an overview of CrossAmerica's operational performance for the quarter and full year. And then I will discuss the financial results. We will then open up the call to questions.

謝謝你，接線生。早安，感謝您參加 CrossAmerica Partners 2023 年第四季和全年財報電話會議。今天與我在一起的是執行長兼總裁查爾斯·尼桑 (Charles Nissan)。今天的電話會議將由 Charles 提供一些開場評論以及 CrossAmerica 本季和全年營運表現的概述。然後我將討論財務業績。然後我們將開始提問。

Today's call will follow the presentation slides that are available as part of the webcast and are posted on the CrossAmerica website before we begin, I would like to remind everyone that today's call, including the question and answer session may include forward-looking statements regarding expected revenue, future plans, future operational metrics and opportunities and expectations of the organization can be no assurance that management's expectations, beliefs and projections will be achieved or that actual results will not differ from expectations. Please see CrossAmerica's filings with the Securities and Exchange Commission, including annual reports on Form 10-K and quarterly reports on Form 10 Q for a discussion of important factors that could affect our actual results. Forward-looking statements represent the judgment of CrossAmerica's management as of today's date, and the organization disclaims any intent or obligation to update any forward-looking statements.

今天的電話會議將遵循作為網路廣播的一部分提供的簡報投影片，並在我們開始之前發佈在CrossAmerica 網站上。我想提醒大家，今天的電話會議，包括問答環節，可能包含有關預期的前瞻性陳述。組織的收入、未來計劃、未來營運指標以及機會和期望不能保證管理層的期望、信念和預測將會實現，或實際結果不會與預期不同。請參閱 CrossAmerica 向美國證券交易委員會提交的文件，包括 10-K 表中的年度報告和 10 Q 表中的季度報告，以討論可能影響我們實際結果的重要因素。前瞻性陳述代表 CrossAmerica 管理階層截至今日的判斷，該組織不承擔任何更新任何前瞻性陳述的意圖或義務。

During today's call, we may also provide certain performance measures that do not conform to U.S. generally accepted accounting principles or GAAP. We have provided schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press release. Today's call is being webcast and a recording of this conference call will be available on the CrossAmerica website for a period of 60 days. With that, I will now turn the call over to Charles.

在今天的電話會議中，我們也可能提供某些不符合美國公認會計原則或公認會計準則的績效衡量標準。作為我們收益新聞稿的一部分，我們提供了時間表，將這些非公認會計原則衡量指標與我們在公認會計原則基礎上報告的結果進行協調。今天的電話會議正在網路直播，本次電話會議的錄音將在 CrossAmerica 網站上保留 60 天。現在，我將把電話轉給查爾斯。

Thank you, Maura. As always, more and I appreciate everyone joining us this morning. We thank you for making the time in your schedule to be with us today.

謝謝你，莫拉。像往常一樣，我非常感謝今天早上大家加入我們。我們感謝您今天抽出時間與我們在一起。

During today's call, I will go through some of the operating highlights for the fourth quarter and full year 2023. I will also provide commentary on the market and a few other updates similar to what I've done on our previous calls more. I will then review in more detail our financial results.

在今天的電話會議中，我將介紹 2023 年第四季和全年的一些營運亮點。我還將提供對市場的評論以及一些其他更新，類似於我在之前的電話會議中所做的更多內容。然後我將更詳細地審查我們的財務表現。

Now if you turn to slide 4, I will briefly review some of our operating results for the fourth quarter of 2023. Our wholesale segment gross profit increased 1% to $33 million compared to $32.8 million in the fourth quarter of 2022. The increase was driven by increase in fuel margin, partially offset by a decrease in fuel volume and rental income.

現在，如果您翻到投影片 4，我將簡要回顧我們 2023 年第四季的一些營運表現。我們的批發部門毛利成長 1%，達到 3,300 萬美元，而 2022 年第四季為 3,280 萬美元。這一增長是由燃料利潤率的增加所推動的，但部分被燃料量和租金收入的減少所抵消。

Our wholesale motor fuel gross profit increased 3% for $19.3 million in the fourth quarter of 2023 from $18.7 million in the fourth quarter of 2022. Our fuel margin increased 8% from $0.087 per gallon in the fourth quarter of 2022 to $0.094 per gallon in the fourth quarter of 2023. The increase in our wholesale fuel margin per gallon was primarily driven by our success in our efforts to improve our fuel purchasing costs and to beneficial market conditions.

我們的批發汽車燃料毛利從 2022 年第四季的 1,870 萬美元成長了 3%，達到 2023 年第四季的 1,930 萬美元。我們的燃油利潤率從 2022 年第四季的每加侖 0.087 美元增加到 2023 年第四季的每加侖 0.094 美元，成長了 8%。我們每加侖批發燃料利潤的增加主要是由於我們在改善燃料採購成本和有利的市場條件方面所做的努力取得了成功。

For the quarter, the average spot price of West Texas Intermediate crude oil decreased 5% from $82.79 per barrel in the fourth quarter of 2022, $78.53 per barrel in the fourth quarter of 2023. Historically a decline in WTI for the quarter relative to the prior year would lead to lower wholesale fuel margins per gallon in a year-over-year comparison. The fact that it did not for the fourth quarter is additional evidence of our improved fuel sourcing cost and their beneficial impact on our business.

本季度，西德州中質原油平均現貨價格下跌 5%，從 2022 年第四季的每桶 82.79 美元下降到 2023 年第四季的每桶 78.53 美元。從歷史上看，本季 WTI 價格相對於前一年的下降將導致每加侖批發燃料利潤年減。第四季的情況並非如此，這一事實進一步證明了我們燃料採購成本的改善及其對我們業務的有利影響。

Our wholesale volume was 205.3 million gallons for the fourth quarter of 2023, compared to 213.5 million gallons in the fourth quarter of 2022, reflecting a decline of 4%. The decline in volume when compared to the same period in 2022 was largely due to the conversion of certain lessee dealer sites to our retail class of trade and lower same-site volume, partially offset by the community service station assets acquired during the fourth quarter of 2022.

2023 年第四季我們的批發量為 2.053 億加侖，而 2022 年第四季為 2.135 億加侖，下降了 4%。與 2022 年同期相比，交易量下降主要是由於某些承租經銷商站點轉換為我們的零售貿易類別以及同站點交易量下降，部分被 2022 年第四季度收購的社區服務站資產所抵消。2022年。

For the quarter, our same-store volume in the wholesale segment was down approximately 3% year over year based on national demand data available to us, our wholesale volume performance for the quarter was in line to slightly better than overall national demand in the period. Since the quarter end wholesale same-store volume has been down 2% to 3% year over year in part due to winter weather in the eastern half of the United States, but also due to softer overall demand.

根據我們掌握的全國需求數據，本季我們批發業務的同店銷量較去年同期下降約 3%，本季的批發銷量表現略優於同期全國整體需求。自季末以來，同店批發量年減了 2% 至 3%，部分原因是美國東半部的冬季天氣，但也由於整體需求疲軟。

Regarding our wholesale rent, our base rent for the quarter was $13 million compared to the prior year of $13.7 million, a slight decrease due to the conversion of certain lessee dealer sites to company-operated sites. Aside from a decrease in rent due to class and trade changes. Our rental income continues to be a durable income stream in our business, representing 38% of our gross profit for our wholesale segment for the fourth quarter of 2023.

關於我們的批發租金，本季的基本租金為 1,300 萬美元，而上年同期為 1,370 萬美元，由於某些承租經銷商場地轉變為公司營運場地，略有下降。除了由於階級和貿易變化而導致租金下降之外。我們的租金收入仍然是我們業務的持久收入來源，佔 2023 年第四季批發業務毛利的 38%。

For the retail segment, performance was very strong for the fourth quarter of 2023, generating $69 million in gross profit. Our motor fuel gross profit increased 11%. Our merchandise gross profit increased 18%, and our merchandise gross profit margin percentage was up approximately 70 basis points when compared to the same period in 2022.

對於零售領域，2023 年第四季的業績非常強勁，產生了 6,900 萬美元的毛利。我們的車用燃料毛利潤增加了 11%。與2022年同期相比，我們的商品毛利成長了18%，商品毛利率提高了約70個基點。

On the fuel margin front, our retail fuel margin on a cents per gallon basis increased 8% year over year as we expressed relatively strong fuel margins at $0.415 per gallon in the fourth quarter of 2023, compared to $0.383 per gallon in the fourth quarter of 2022.

在燃油利潤方面，我們的零售燃油利潤率（以美分/加侖計算）年增8%，因為我們表示2023 年第四季的燃油利潤率相對較高，為每加侖0.415 美元，而2023 年第每加侖 0.383 美元。2022 年。

As I touched on in the wholesale segment review, our retail segment benefits from our improved fuel sourcing costs as well. While we profited from strong market conditions for fuel margin in our retail segment this quarter, our retail fuel margin results were also enhanced by our lower fuel product costs relative to the prior year for volume.

正如我在批發部門審查中提到的那樣，我們的零售部門也受益於我們改進的燃料採購成本。雖然我們本季從零售部門燃料利潤率的強勁市場條件中獲利，但我們的零售燃料利潤率結果也因我們的燃料產品成本相對於上一年的銷售量較低而提高。

On a same-store basis, our retail volume declined 3% for the quarter year-over-year. Our retail segment same-store volume decline was driven in part due to some site-specific issues such as the rebuilding or construction of travel plazas at certain sites. We have along major toll roads. When adjusting out for these factors, our retail same-site volume while still down compares favorably with the national demand data I referenced earlier, our retail volume since the start of the year has been softer with weather impacting our results in January. Retail same-store volume has improved somewhat in recent weeks, but still remains soft overall relative to the prior year. Retail fuel margins in January were stronger than the prior year but a bit lower as we have moved into February for inside sales on a same-site basis, our inside sales increased approximately 3% relative to last year. For the fourth quarter inside sales, excluding cigarettes, were up approximately 5% year over year on a same-store basis for the quarter, strong sales performance was primarily driven by the categories of packaged beverages and deli.

以同店計算，本季我們的零售量年減 3%。我們的零售部門同店銷售下降的部分原因是一些特定地點的問題，例如某些地點重建或建造旅遊廣場。我們沿著主要收費公路行駛。在調整這些因素後，我們的同店零售量雖然仍然下降，但與我之前提到的全國需求數據相比，表現良好，但自今年年初以來，由於天氣影響了我們1 月份的業績，我們的零售量一直疲軟。最近幾週，同店零售量有所改善，但整體仍較去年疲軟。1 月的零售燃料利潤率高於去年同期，但略有下降，因為我們已經進入 2 月進行同一地點的內部銷售，我們的內部銷售較去年增長了約 3%。第四季內部銷售額（不包括香菸）同店年增約 5%，強勁的銷售業績主要是由包裝飲料和熟食品類推動的。

On the store merchandise margin front, our merchandise gross margin increased 18%, $22.1 million, driven by our increased sales from our higher store count increase in same-store sales and improvement in our store merchandise gross margin percentage store merchandise margin improvement was due to our continued efforts on certain initiatives we have in regards to pricing, product sourcing and promotions as well as a sales shift towards higher-margin products in the period.

在商店商品利潤率方面，我們的商品毛利率增長了18%，達到2,210 萬美元，這是由於我們的商店數量增加、同店銷售額增加以及我們的商店商品毛利率百分比的提高所致。商店商品利潤率的提高是由於在此期間，我們在定價、產品採購和促銷以及銷售轉向利潤率更高的產品方面繼續努力實施某些舉措。

Since the quarter-end, same-store inside sales inclusive of cigarettes are down approximately 2% due to winter weather in certain markets. And overall softer demand has noted with fuel volume as well. As we noted last quarter in our retail segment, if you look at our company-operated site count, we are up 41 company-operated retail sites from the prior year and up modestly by three company-operated sites relative to the prior quarter.

自季度末以來，由於某些市場的冬季天氣，包括捲菸在內的同店內部銷售額下降了約 2%。整體需求疲軟也反映在燃油量上。正如我們上季度在零售部門指出的那樣，如果您查看我們公司經營的站點數量，我們會發現我們比去年增加了41 個公司經營的零售站點，並且與上一季相比略有增加3 個公司營運的站點。

The third quarter of 2023, our commission agent site count increased by 10 sites relative to the third quarter of 2023. And both classes of trade. The increase is due to our conversion of certain sites from other classes of trade either company-operated for commission operated locations overall was another positive quarter for our retail segment has our margin per gallon same store sales, same store merchandise gross margin and store merchandise margin percentage were all up relative to the prior year.

2023 年第三季度，我們的佣金代理站點數量較 2023 年第三季增加了 10 個站點。以及這兩種貿易。成長是由於我們將某些站點從其他類別的貿易中轉換而來，無論是公司運營的佣金運營地點，總體而言，我們的零售部門又一個積極的季度，我們的每加侖同店銷售利潤、同店商品毛利率和商店商品利潤率百分比均較前一年上升。

If you turn to the next slide, I will briefly review our segment performance for the full year. Our wholesale segment generated gross profit of $128.8 million for the full year 2023, a 1% decline when compared to the $130.7 million reported in 2022. The decrease was driven by a slight decline in fuel margin with fuel volume and rental income being relatively flat for the 12 month period.

如果您翻到下一張投影片，我將簡要回顧我們全年的部門表現。我們的批發部門 2023 年全年毛利為 1.288 億美元，比 2022 年報告的 1.307 億美元下降 1%。下降的原因是燃料利潤率略有下降，12 個月期間燃料量和租金收入相對持平。

Our fuel margin for the wholesale segment was $0.086 per gallon for the full year of 2023, compared to $0.087 per gallon for the full year of 2022. Our wholesale volume was 842.6 million gallons for the 12-month period ending December 31, 2023, compared to 844.5 million gallons for the same period of 2022.

2023 年全年，我們批發部門的燃料利潤為每加侖 0.086 美元，而 2022 年全年為每加侖 0.087 美元。截至 2023 年 12 月 31 日的 12 個月期間，我們的批發量為 8.426 億加侖，而 2022 年同期為 8.445 億加侖。

The slight decline in volume when compared to the same period of 2022 was primarily due to the factors that I mentioned earlier during our Q4 commentary. For the full year, our same-site wholesale volume was down approximately 1.5%, which based on national data available to us outperformed the overall national volume demand.

與 2022 年同期相比，成交量略有下降，主要是因為我之前在第四季評論中提到的因素。全年，我們的同場批發量下降了約 1.5%，根據我們掌握的全國數據，這一數字優於全國整體銷售需求。

For the full year of 2023, our retail segment's gross profit increased 3% to $253.5 million, compared to $245 million for the full year of 2022. Merchandise gross profit rose $13.7 million or 18%, while our other revenue increased $3.2 million or 26%. This was partially offset by a decline in motor fuel gross profit of $7.8 million or 5% when compared to the full year of 2022.

2023 年全年，我們零售部門的毛利成長 3%，達到 2.535 億美元，而 2022 年全年為 2.45 億美元。商品毛利增加了 1,370 萬美元，即 18%，而其他收入則增加了 320 萬美元，即 26%。與 2022 年全年相比，汽車燃料毛利下降 780 萬美元（即 5%），部分抵消了這一下降。

As you recall, during the third quarter of 2022, we had extraordinary fuel margins due in part to an extended period of declining crude oil and motor fuel prices. Considering this extraordinary period in 2022, our 2023 retail fuel margin results repair compare quite favorably with the prior year and show the continued strength of the overall fuel market.

您還記得，2022 年第三季度，我們的燃料利潤率非常高，部分原因是原油和汽車燃料價格長期下跌。考慮到 2022 年這個非常時期，我們的 2023 年零售燃料利潤率結果修復與前一年相比相當有利，顯示了整體燃料市場的持續強勁。

On a same-store basis, our fuel margin for our retail segment increased slightly for the full year 2023 relative to 2022, which again, relative to national demand data, we have available to us Cimmetry the outperformance of our volume relative to national data. Our retail store sales excluding cigarettes on a same-store basis, increased 8% for the full year 2023, which also compares favorably to national data on INDUSTRY same-store sales. We also continue to evaluate our portfolio and look for opportunities to divest non-core properties.

在同店基礎上，我們零售部門的燃油利潤率在2023 年全年相對於2022 年略有增加，這再次表明，相對於國家需求數據，我們可以透過Cimmetry 獲得我們的銷量相對於國家數據的優異表現。2023 年全年，我們的同店零售店銷售額（不包括捲菸）成長了 8%，這也優於全國 INDUSTRY 同店銷售額數據。我們也將繼續評估我們的投資組合，並尋找剝離非核心資產的機會。

For the full year of 2023, we divested 10 properties for $9.2 million of proceeds. We were less active with divestitures last year than what we would like and intend to make this an area of increased focus and effort for us in the coming year in our press release, we noted that pending transaction, we have to take control of a number of sites that we currently lease out to Applegreen. These sites are long-term leases to Applegreen and as a result of the transaction. The leases will be terminated and we CrossAmerica on our Company operate these 59 retail locations. These sites are solid assets and good locations at the Partnership previously retail company operated prior to leasing locations to Applegreen and for additional context that leasing relationship with Applegreen for these locations began before the topper group assumed control of the partnership in 2019. Transaction is part of our strategy to convert more of our control locations to company-operated retail or commission locations. As we have described on previous calls, we look forward to company operating these locations can expect the transaction to positively impact our retail segments and overall results.

2023 年全年，我們剝離了 10 處房產，獲得了 920 萬美元的收益。去年，我們在資產剝離方面的積極性不如我們所希望的那樣，並打算在來年將其作為我們在未來一年更加關注和努力的領域，在我們的新聞稿中，我們指出，在懸而未決的交易中，我們必須控制一些資產我們目前出租給 Applegreen 的場地。這些場地是 Applegreen 的長期租賃，也是交易的結果。租約將終止，我們公司的 CrossAmerica 負責營運這 59 家零售店。這些場地是該合作夥伴關係的堅實資產和良好位置，該零售公司在將場地租賃給Applegreen 之前運營，並且額外的背景是，在Topper 集團於2019 年控制該合作夥伴關係之前，與Applegreen 就這些場地的租賃關係就開始了。交易是我們將更多控制地點轉變為公司經營的零售或佣金地點的策略的一部分。正如我們在先前的電話會議中所描述的那樣，我們期待經營這些地點的公司能夠預期這筆交易將對我們的零售部門和整體業績產生積極影響。

If you turn to the next slide, slide 6, our basic business strategy remains unchanged. We seek to continue to provide excellent service and value to our customers, whether they are retail or wholesale customers. We want to continue to find ways to improve the business through operational efficiencies and realizing benefits of our scale.

如果你翻到下一張投影片，也就是投影片 6，我們的基本業務策略保持不變。我們致力於繼續為我們的客戶提供卓越的服務和價值，無論他們是零售客戶還是批發客戶。我們希望繼續尋找透過提高營運效率和實現規模效益來改善業務的方法。

Finally, we seek to optimize our portfolio to create long-term value for our unitholders. Our efforts to convert certain controlled sites from existing classes of trade to company-operated retail or commission sites that I touched on today and in prior calls, is part of this strategy to position the portfolio for long-term value and to capitalize on changes in the market and industry. As I stated last year, our ultimate objective and all that we do is to be good stewards of the capital. Our unitholders have entrusted with us and to provide our unitholders a steady, dependable cash flow and to increase the value of their units over time.

最後，我們尋求優化我們的投資組合，為我們的單位持有者創造長期價值。我們努力將某些受控網站從現有的貿易類別轉變為公司經營的零售或佣金網站（我今天和之前的電話中談到過），這是這一策略的一部分，旨在定位投資組合的長期價值並利用變化市場和行業。正如我去年所說，我們的最終目標和我們所做的一切就是當好首都的管家。我們的單位持有人委託我們為我們的單位持有人提供穩定、可靠的現金流，並隨著時間的推移增加其單位的價值。

Finally, as noted in our press release, this fourth quarter was the best fourth quarter in the partnership's history. The excellent fourth quarter results are demonstrable proof of the overall soundness of our business strategy and the successful execution of the many strategic actions we have taken over the last four years, 2023 overall was yet another strong year for the partnership in terms of its financial results, the partnership finished the year with a strong balance sheet and is well positioned to thrive in 2024 and beyond. The outstanding financial results of this past year, including our record fourth quarter reflect the strength of the team that we have here across America. No organization could be successful without great people. I am extremely proud of the highly talented and skilled individuals we have across America and how they work together to be an even better team to all of those team members listening today. Thank you for your hard work and commitment with that, I will turn it over to Maura for a more detailed financial review.

最後，正如我們在新聞稿中指出的，第四季是合作夥伴歷史上表現最好的第四季。出色的第四季度業績證明了我們業務戰略的整體穩健性以及我們在過去四年中採取的許多戰略行動的成功執行，就財務業績而言，2023 年總體而言是合作夥伴關係的又一個強勁的一年，該合作夥伴關係以強勁的資產負債表結束了這一年，並做好了在 2024 年及以後蓬勃發展的準備。過去一年出色的財務業績，包括創紀錄的第四季度，反映了我們在美國各地擁有的團隊的實力。沒有優秀的人才，任何組織都無法成功。我為我們在美國各地擁有的才華橫溢、技術精湛的個人感到非常自豪，以及他們如何共同努力，成為今天聆聽的所有團隊成員更好的團隊。感謝您的辛勤工作和承諾，我會將其轉交給莫拉進行更詳細的財務審查。

Thank you, Charles. If you would please turn to Slide 8. I would like to review our fourth quarter results for the partnership. We reported net income of $16.7 million for the fourth quarter of 2023 compared to net income of $17.1 million in the fourth quarter of 2022, with the slight decline, probably driven by higher interest expense for the fourth quarter of 2023, offsetting higher operating income for the quarter compared to the prior year.

謝謝你，查爾斯。如果你願意，請翻到幻燈片 8。我想回顧一下我們的合作夥伴關係第四季的業績。我們報告的2023 年第四季淨利潤為1,670 萬美元，而2022 年第四季淨利潤為1,710 萬美元，略有下降，可能是由於2023 年第四季利息支出增加，抵銷了2023 年第四季度較高的營業收入該季度與前一年相比。

Adjusted EBITDA was $47.6 million for the fourth quarter of 2023, up 8% from adjusted EBITDA of $44.3 million for the fourth quarter of 2022. Our distributable cash flow for the fourth quarter of 2023 was $35.8 million, up 7% from $33.3 million for the fourth quarter of 2022. Increases in adjusted EBITDA and distributable cash flow were primarily due to the operating income increases in both our wholesale and retail segments, driven by the strong fuel and merchandise margin results. Charles reviewed in his comments. Our distribution coverage for the current quarter was 1.8 times compared to 1.67 times for the fourth quarter of 2022.

2023 年第四季調整後 EBITDA 為 4,760 萬美元，比 2022 年第四季調整後 EBITDA 4,430 萬美元成長 8%。2023 年第四季我們的可分配現金流量為 3,580 萬美元，比 2022 年第四季的 3,330 萬美元成長 7%。調整後 EBITDA 和可分配現金流量的增加主要是由於燃料和商品利潤率強勁，批發和零售部門的營業收入增加。查爾斯在評論中評論道。我們目前季度的分配覆蓋率為 1.8 倍，而 2022 年第四季為 1.67 倍。

During the fourth quarter of 2023, the Partnership paid a distribution of $0.525 per unit. Charles discussed some of the primary drivers of our top-line and gross profit performance for the quarter earlier.

2023 年第四季度，合夥企業支付了每單位 0.525 美元的分配。查爾斯早些時候討論了我們本季營收和毛利表現的一些主要驅動因素。

Turning to the expense portion of our operations, operating expenses for the fourth quarter increased $5.2 million compared to the 2022 fourth quarter. This increase was almost entirely in our retail segment, which is primarily due to the increased site count in that segment compared to the prior year due to the class of trade conversions that Charles referenced in his comments.

談到我們營運的費用部分，第四季的營運費用比 2022 年第四季增加了 520 萬美元。這一增長幾乎完全發生在我們的零售領域，這主要是由於查爾斯在評論中提到的貿易轉換類別，與前一年相比，該領域的網站數量有所增加。

Retail segment operating expenses for the fourth quarter of 2023 increased approximately 15% from the prior year, while our average company-operated site count was up more than 16%. As we have converted sites to the Company-operated class of trade, which have the largest operating expense profile of any of our classes of trade. The incremental operating expenses we are seeing for these locations are in line with our expectations for these sites as they are converted to company-operated locations.

2023 年第四季的零售部門營運支出較上年增長約 15%，而我們公司營運的平均站點數量增加了 16% 以上。由於我們已將站點轉換為公司運營的行業類別，因此其營運費用在我們所有行業類別中是最大的。我們看到這些地點的增量營運費用符合我們對這些地點的預期，因為它們轉變為公司營運的地點。

On a same-store basis, operating expenses in our retail segment were up approximately 4% for the fourth quarter of 2023 compared to the fourth quarter of 2022, with the increases primarily in the area of store labor and management fees as we have expanded our company-operated location footprint same store retail segment. Operating expenses, excluding those labor categories, were flat year over year as we've continued to focus on managing expenses across all categories.

以同店計算，2023 年第四季零售業務的營運費用較 2022 年第四季成長約 4%，成長主要體現在門市人工和管理費方面，因為我們擴大了業務範圍公司經營的地點足跡同店零售部門。由於我們繼續專注於管理所有類別的費用，營運費用（不包括這些勞動力類別）與去年同期持平。

Our G&A expenses increased 2% for the quarter year-over-year, primarily due to higher equity compensation expense and legal fees. For the full year 2023 net income declined to $42.6 million from $63.7 million in 2022. The decline was primarily driven by a decrease in motor fuel gross profit year over year, which was primarily a function of the strong fuel margin environment during the third quarter of 2022.

本季我們的一般管理費用年增 2%，主要是由於股權補償費用和法律費用增加。2023 年全年淨利從 2022 年的 6,370 萬美元下降至 4,260 萬美元。下降的主要原因是汽車燃料毛利年減，這主要是由於 2022 年第三季燃料利潤率環境強勁。

Adjusted EBITDA was $165.8 million for the full year of 2023 compared to $179.8 million in 2022. For the full year of 2023, distributable cash flow was $116.7 million compared to $140.9 million for the full year of 2022. The decrease in distributable cash flow was due to the lower adjusted EBITDA earned in 2023 compared to 2022, as well as by an increase in cash interest expense that also impacted our full year 2023 net income.

2023 年全年調整後 EBITDA 為 1.658 億美元，而 2022 年為 1.798 億美元。2023 年全年可分配現金流為 1.167 億美元，而 2022 年全年為 1.409 億美元。可分配現金流量減少的原因是，與 2022 年相比，2023 年調整後的 EBITDA 較低，以及現金利息支出的增加也影響了我們 2023 年全年的淨利潤。

Our distribution coverage for the full year of 2023 was 1.46 times compared to 1.77 times for the full year of 2022. Over the past five years, the partnership has increased its distribution coverage ratio from approximately 1.1 times to more than 1.4 times in 2023. Evidence of the continued benefits of the strategic initiatives we have put in place during that time and our team's ability to execute on those plans.

我們2023年全年的分配覆蓋率為1.46倍，而2022年全年的分配覆蓋率為1.77倍。過去五年，該合夥企業的經銷覆蓋率從約1.1倍增加到2023年的1.4倍以上。證明我們在此期間實施的策略性措施的持續效益以及我們的團隊執行這些計劃的能力。

Operating expenses for the full year of 2023 increased $20 million compared to the full year of 2022. As I noted earlier during my fourth quarter discussion, the increase was primarily driven by incremental operating expenses in our retail segment due to the conversion of lessee dealer and commission locations to company-operated locations.

2023年全年營運費用較2022年全年增加2,000萬美元。正如我早些時候在第四季度討論中指出的那樣，這一增長主要是由於承租經銷商和佣金地點轉變為公司營運地點而導致我們零售部門的營運支出增加。

Same store retail segment operating expenses were up approximately 5% in 2023 compared to 2022, again driven primarily by higher store labor and above store personnel costs given our growing footprint.

與 2022 年相比，2023 年同店零售部門的營運費用增加了約 5%，這主要是由於我們的足跡不斷擴大，商店勞動力和高於商店人員成本增加所致。

Similar to my comments on the fourth quarter, our team was able to manage other same-store retail segment operating expenses to approximately flat levels to 2022, evidence of our focus on operating efficiently across our footprint.

與我對第四季度的評論類似，我們的團隊能夠將其他同店零售部門的營運支出管理到 2022 年大致持平的水平，這證明了我們專注於在整個業務範圍內高效運作。

On a full year basis, our G&A expenses increased from $25.6 million in 2022 to $27 million in 2023, primarily driven by an increase in equity-based compensation expenses as a result of more grants being outstanding in 2023 as compared to 2022 and higher legal fees.

全年來看，我們的一般管理費用從2022 年的2560 萬美元增加到2023 年的2700 萬美元，這主要是由於2023 年未償還贈款比2022 年更多以及法律費用更高，導致股權薪酬費用增加。 。

Moving to the next slide, we spent a total of $12.9 million on capital expenditures during the fourth quarter with $10.6 million of that total being growth-related capital expenditures. During this past quarter, growth-related capital spending was primarily comprised of initial upgrades that are being funded materially through incentives from our fuel suppliers.

轉到下一張投影片，我們在第四季總共花費了 1,290 萬美元的資本支出，其中 1,060 萬美元是與成長相關的資本支出。在過去的這個季度，與成長相關的資本支出主要包括初始升級，這些升級是透過我們的燃料供應商的激勵措施獲得大量資金的。

As of December 31, 2023, our total credit facility balance was $756 million, which was a $9 million paydown from our 2022 year-end balance. During 2023, we were able to utilize the strong cash flow results of the business to reinvest in growth opportunities. We're also continuing our deleveraging efforts. Our credit facility defined leverage ratio was 4.2 times as of December 31, 2023. We continue to remain focused on our operational performance and associated cash flow generation to manage our leverage ratio at approximately four times on a credit facility defined basis.

截至 2023 年 12 月 31 日，我們的信貸額度總額為 7.56 億美元，比 2022 年年末餘額支付 900 萬美元。2023 年，我們能夠利用業務強勁的現金流結果對成長機會進行再投資。我們還在繼續努力去槓桿。截至 2023 年 12 月 31 日，我們的信用額度定義槓桿率為 4.2 倍。我們繼續專注於我們的營運績效和相關的現金流生成，以在信貸額度定義的基礎上將槓桿率控制在大約四倍。

Additionally, although we have felt the impact of the elevated interest rate environment. As with prior periods, we continue to benefit from the interest rate swaps we put into place in early 2020 and in 2023 in April and November. As of the end of 2023, approximately 77% of our current credit facility balance was swapped to a fixed rate with a certain portion of those hedges rolling off at the end of the first quarter of 2024 as of December 31st, 2023, taking the interest rate swap contracts that partnership currently has into place into our account, our effective interest rate on the capital credit facility was 4.9%, which is an attractive rate against the current rate backdrop.

此外，儘管我們已經感受到了利率上升環境的影響。與之前的時期一樣，我們繼續受益於我們在 2020 年初以及 2023 年 4 月和 11 月實施的利率掉期。截至 2023 年底，我們目前信貸便利餘額的約 77% 被轉換為固定利率，其中一部分對沖將於 2023 年 12 月 31 日的 2024 年第一季末滾動，並收取利息合作夥伴目前已將利率掉期合約存入我們的帳戶，我們的資本信貸安排的實際利率為4.9%，在當前利率背景下這是一個有吸引力的利率。

In conclusion, as Charles noted, the partnership had a very strong 2023 building on the continued positive momentum of our 2022 performance and the strategic choices we have made around the business over the past several years. We are looking forward to the year ahead, continuing to focus on execution, generating durable and consistent cash flows with a focus on maintaining a strong balance sheet and generating value for our unitholders.

總之，正如 Charles 指出的那樣，基於我們 2022 年業績的持續積極勢頭以及我們過去幾年圍繞業務做出的戰略選擇，雙方在 2023 年的合作夥伴關係非常強勁。我們展望未來的一年，繼續專注於執行，產生持久且一致的現金流，重點是維持強勁的資產負債表並為我們的單位持有者創造價值。

With that, we will open it up to questions.

至此，我們將開放提問。

(Operator Instructions)

（操作員說明）

Well, it appears we don't have any questions today. Should you have any questions later, please feel free to reach out to us. Again, we thank everyone for joining us today. Have a good day.

好吧，看來我們今天沒有任何問題。如果您稍後有任何疑問，請隨時與我們聯繫。我們再次感謝大家今天加入我們。祝你有美好的一天。

Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.

謝謝。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝你愉快。