Crossamerica Partners LP (CAPL) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the CrossAmerica Partners first quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, May 9 of 2024.

早安，女士們、先生們，歡迎參加 CrossAmerica Partners 2024 年第一季財報電話會議。（操作員說明）此通話錄音時間為 2024 年 5 月 9 日星期四。

I would now like to turn the conference over to Maura Topper, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長莫拉·托珀 (Maura Topper)。請繼續。

Thank you, operator. Good morning and thank you for joining the CrossAmerica Partners first quarter 2024 earnings call. With me today is Charles Nifong, 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 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 2024 年第一季財報電話會議。今天和我在一起的是執行長兼總裁 Charles Nifong。今天的電話會議將由 Charles 提供一些開場評論和 CrossAmerica 本季營運表現概述，然後我將討論財務表現。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.

今天的電話會議將遵循網路廣播中提供的簡報幻燈片並發佈在 CrossAmerica 網站上。在開始之前，我想提醒大家，今天的電話會議（包括問答環節）可能包括有關預期收入、未來計劃、未來營運指標以及組織機會和期望的前瞻性陳述。

There 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.

無法保證管理階層的預期信念和預測能夠實現，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。

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.

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 US 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.

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。

With that, I will now turn the call over charles.

現在，我將把電話轉給查爾斯。

Thank you, Maura. Maura and I appreciate all of you joining us this morning as we review our first quarter results. During today's call, I will go through some of the operating highlights for the first quarter 2024. I will also provide commentary on the market and other updates similar to what I've done on our prior calls. Maura will then review in more detail our financial results.

謝謝你，莫拉。莫拉和我感謝大家今天早上加入我們，回顧我們的第一季業績。在今天的電話會議中，我將回顧 2024 年第一季的一些營運亮點。我還將提供有關市場的評論和其他更新，類似於我在之前的電話會議中所做的事情。然後莫拉將更詳細地審查我們的財務業績。

Now if you turn to slide 4, I will briefly review some of our operating results. For the first quarter of 2024, our wholesale segment gross profit declined 14% to $27 million compared to $31.2 million in the first quarter of 2023.

現在，如果您翻到投影片 4，我將簡要回顧我們的一些營運結果。2024 年第一季度，我們的批發部門毛利下降 14%，至 2,700 萬美元，而 2023 年第一季為 3,120 萬美元。

The decrease was driven by a decline in fuel margin, fuel volume and rental income. A significant factor in the overall decline was the conversion of certain lessee dealer sites to company operated and commissioned agent sites, which are now accounted for in the retail segment.

下降的原因是燃油利潤率、燃油量和租金收入下降。整體下降的一個重要因素是某些承租經銷商站點轉變為公司營運和委託代理站點，這些站點現在屬於零售領域。

Our wholesale motor fuel gross profit decreased 13% to $14.6 million in the first quarter of 2024 from $16.7 million in the first quarter of 2023. Our fuel margin declined 5% from $0.083 per gallon in the first quarter of 2023 to $0.079 per gallon in the first quarter of 2024.

我們的批發汽車燃料毛利潤從 2023 年第一季的 1,670 萬美元下降到 2024 年第一季的 1,460 萬美元。我們的燃油利潤率從 2023 年第一季的每加侖 0.083 美元下降到 2024 年第一季的每加侖 0.079 美元，下降了 5%。

The decrease in our wholesale fuel margin per gallon was primarily driven by the following factors. First, our average purchase price of motor fuel per gallon for the first quarter of 2024 was lower than our average purchase price of motor fuel per gallon for the first quarter of 2023, resulting in us receiving a lower dollar amount in terms discounts on certain gallons that we purchased during the quarter.

我們每加侖批發燃料利潤的下降主要是由以下因素造成的。首先，我們 2024 年第一季每加侖汽車燃料的平均購買價格低於 2023 年第一季度每加侖汽車燃料的平均購買價格，導致我們在某些​​加侖的折扣方面獲得的美元金額較低我們在本季度購買的。

Second, we experienced a gradual increase in crude oil prices throughout the first quarter of 2024. Historically, such a steady gradual increase in prices during the period leads to lower wholesale fuel margin per gallon in a year-over-year comparison due to its impact on our fuel margin in our variable margin priced wholesale contracts.

其次，2024年第一季原油價格逐步上漲。從歷史上看，在此期間價格的穩步逐步上漲導致每加侖批發燃料利潤率同比下降，因為這對我們可變利潤定價批發合約中的燃料利潤率產生了影響。

Also contributing to the margin per gallon decline was a reduction in variable price wholesale fuel volume due to our conversion of certain sites to our retail class of trade. We did benefit this quarter from a reduction in our fuel sourcing costs. However, the benefit of these cost reductions was more than offset by the preceding factors that I just detailed.

由於我們將某些站點轉變為零售貿易類別，可變價格批發燃料量的減少也導致了每加侖利潤率的下降。本季我們確實受惠於燃料採購成本的降低。然而，這些成本降低的好處被我剛才詳細介紹的前述因素所抵銷。

Our wholesale volume was 184 million gallons for the first quarter of 2024 compared to 201.9 million gallons in the first quarter of 2023, reflecting a decline of 9%. The decline in volume when compared to the same period of 2023 was primarily due to the conversion of certain lessee dealer sites to our retail class of trade and lower same-site volumes.

2024 年第一季我們的批發量為 1.84 億加侖，而 2023 年第一季為 2.019 億加侖，下降了 9%。與 2023 年同期相比，交易量下降的主要原因是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。

The conversion of sites from wholesale to retail resulted in approximately 8 million gallons of volume shifting segments for the quarter, which was approximately 47% of the total volume decline for the wholesale segment. These gallons are now reflected in our retail segment results.

站點從批發向零售的轉變導致本季約 800 萬加侖的銷售轉移，約佔批發部門總銷量下降的 47%。這些加侖現已反映在我們的零售部門業績上。

For the quarter, our same-store volume in the wholesale segment was down slightly less than 2% year-over-year. The remaining decline in volume is attributable to loss of independent dealer contracts, which in many cases we chose not to renew. Based on national demand data available to us, our same-store wholesale volume performance for the first quarter was better than overall national demand.

本季，我們批發業務的同店銷量較去年同期下降略低於 2%。剩餘的銷量下降是由於失去了獨立經銷商合同，在許多情況下我們選擇不續約。根據我們掌握的全國需求數據，我們第一季的同店批發量表現優於全國整體需求。

In the period since the quarter end, same store volume has been down around 3% year-over-year. Overall, it was a soft start to the year for volume demand in the industry. Our quarterly wholesale same-store volume results while better on a relative basis than national data are disappointing.

自本季末以來，同店銷量較去年同期下降約 3%。整體而言，今年產業銷售需求開局疲軟。我們的季度同店批發銷售結果雖然相對好於全國數據，但令人失望。

Regarding our wholesale rep, our base rent for the quarter was $12.4 million compared to the prior year of $13.7 million, a decrease due to the conversion of certain lessee dealer sites to company-operated and commission agent sites. These rent dollars are no longer in the form of rent are now effectively in our retail segment results through higher margins at these locations.

關於我們的批發代表，本季的基本租金為 1,240 萬美元，而去年同期為 1,370 萬美元，由於某些承租經銷商站點轉變為公司營運和佣金代理站點，租金有所下降。這些租金不再以租金的形式存在，而是透過這些地點更高的利潤率有效地體現在我們的零售部門業績中。

They're not lost dollars for the business but are simply reported now in another segment of our financial results. For the retail segment, considering the industry environment, our performance was good for the first quarter of 2024, primarily driven by our merchandise growth.

它們並沒有對企業造成損失，只是現在簡單地報告在我們財務表現的另一部分。對於零售領域，考慮到行業環境，我們在 2024 年第一季的業績良好，主要是受到商品成長的推動。

The retail segment generated $54.4 million in gross profit compared to $50.9 million in the same period in 2023, a 7% increase. Our merchandise gross profit increased 18%, and our merchandise gross profit margin percentage was up approximately 30 basis points when compared to the same period in 2023.

零售部門產生了 5,440 萬美元的毛利，較 2023 年同期的 5,090 萬美元成長了 7%。與2023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30個基點。

Our motor fuel gross profit declined 3%. On a fuel margin front, our retail fuel margin on a cents per gallon basis decreased 3% year-over-year as our fuel margin was $0.308 per gallon in the first quarter of 2024 compared to $0.318 per gallon in the first quarter of 2023. Retail fuel margins were pressured this quarter by the generally steady rising price of crude oil during the quarter, which in turn pushed our fuel cost higher and adversely impacted retail street fuel pricing volatility.

我們的車用燃料毛利潤下降了 3%。在燃料利潤方面，我們以每加侖美分計算的零售燃料利潤年減了 3%，2024 年第一季我們的燃料利潤為每加侖 0.308 美元，而 2023 年第一季為每加侖 0.318 美元。由於本季原油價格整體穩定上漲，本季零售燃料利潤率受到壓力，這反過來又推高了我們的燃料成本，並對零售街頭燃料價格波動產生了不利影響。

For volume, on a same-store basis, our retail volume declined 3% for the quarter year-over-year. On a relative basis to national demand data, our same-store retail volume outperformed. However, on an absolute basis, it is a disappointing result and reflects the overall soft demand that we and the industry have experienced to start the year.

就銷量而言，以同店計算，本季我們的零售量年減 3%。相較於全國需求數據，我們的同店零售量表現優於其他國家。然而，從絕對角度來看，這是一個令人失望的結果，反映出我們和整個產業在年初經歷的整體需求疲軟。

In the period since the quarter end, retail same-store volume has remained down at approximately 3% year-over-year and retail fuel margins have continue to be roughly in line with our first quarter results.

自本季末以來，零售同店銷量仍年減約 3%，零售燃料利潤率繼續與我們第一季的業績大致一致。

For inside sales, on a same-site basis, our inside sales were up slightly relative to last year for the first quarter. Inside sales, excluding cigarettes, were up approximately 2% year-over-year on a same-store basis for the quarter. The sales performance was primarily driven by the categories of packaged beverages and [Deli].

對於內部銷售，以同地點計算，第一季我們的內部銷售較去年略有成長。本季同店內部銷售額（不含香菸）年增約 2%。銷售業績主要由包裝飲料和飲料類別推動[熟食店]。

On the store merchandise margin front, our merchandise gross profit increased 18% to $21.4 million, driven by increased sales from a higher store count and improvement in our store merchandise gross margin percentage.

在商店商品利潤方面，我們的商品毛利增加了 18%，達到 2,140 萬美元，這主要是由於商店數量增加以及商店商品毛利率提高而導致銷售額增加。

Store merchandise margin improvement was due to our continued efforts and focus on our margins. In the period since the quarter end, same-store sales have been flat to slightly down from the prior year, reflecting the ongoing soft demand environment.

商店商品利潤率的提高歸功於我們對利潤率的持續努力和關注。自本季末以來，同店銷售額與去年同期持平或略有下降，反映出持續疲軟的需求環境。

In our retail segment, if you look at our company-operated site count, we are up 75 company operated retail sites from the prior year and up 47 sites relative to last quarter, the fourth quarter of 2023. The increase in company-operated site count relative to the fourth quarter was primarily driven by our conversion of the Applegreen leased locations to company operated retail sites.

在我們的零售領域，如果您查看公司營運的站點數量，您會發現公司營運的零售站點比去年增加了 75 個，比上一季（2023 年第四季）增加了 47 個站點。公司營運的站點數量相對於第四季度的增加主要是由於我們將 Applegreen 租賃站點轉變為公司營運的零售站點。

As we previously announced and also noted in our press release, we signed an agreement in January to terminate the lease and company operate 59 sites that we previously leased to Applegreen. Of these 59 locations, 31 locations were converted during the first quarter of 2024 and the remaining 28 locations converted in April 2024. So that as of today, all the locations are across America company-operated retail locations.

正如我們之前宣布並在新聞稿中指出的那樣，我們在 1 月簽署了一項終止租賃協議，公司經營我們之前租給 Applegreen 的 59 個場地。在這 59 個地點中，有 31 個地點在 2024 年第一季進行了改造，其餘 28 個地點在 2024 年 4 月進行了改造。因此，截至今天，所有地點都是美國公司經營的零售地點。

We are pleased to welcome all the team members at these locations to the CrossAmerica team and thank everyone involved for the hard work and successfully executing this transaction. We expect this transaction to be immediately accretive to our retail segment and overall results.

我們很高興地歡迎這些地點的所有團隊成員加入 CrossAmerica 團隊，並感謝所有參與人員的辛勤工作並成功執行此交易。我們預計這項交易將立即增加我們的零售部門和整體業績。

Our commission agent site count increased by nine sites relative to the first quarter of 2023 and total, we have increased our overall retail site count by 85 sites as of today's date relative to the end of the fourth quarter.

與 2023 年第一季相比，我們的佣金代理網站數量增加了 9 個網站，截至今天，與第四季末相比，我們的整體零售網站數量增加了 85 個網站。

Based on those numbers, you can see that we were extremely active during the quarter with site conversions and executing on our strategy to increase our exposure to retail fuel margins and the retail business overall.

根據這些數字，您可以看到我們在本季度非常積極地進行網站轉換並執行我們的策略，以增加我們對零售燃料利潤和整體零售業務的曝險。

During the quarter, we did not divest any properties. Subsequent to the quarter end, we have divested two properties for $2.5 million in proceeds, while the number of closed transactions is low year to date, we have been busy building our pipeline of divestitures and expect the pace and volume of transactions to increase materially for the remainder of the year.

本季度，我們沒有剝離任何財產。季度末後，我們以 250 萬美元的收益剝離了兩處房產，雖然今年迄今已完成的交易數量較低，但我們一直在忙於建立剝離渠道，並預計交易的速度和數量將大幅增加今年剩下的時間。

Overall, it was a challenging start to the year as our first quarter results reflect. The first quarter of the year is typically our weakest quarter of the year, and this first quarter was a weak first quarter compared to prior first quarters. While our volume numbers compare favorably to national volume data on an absolute basis, volume was below what we expect to achieve.

總體而言，正如我們第一季的業績所反映的那樣，今年是一個充滿挑戰的開局。今年第一季通常是我們一年中最疲軟的季度，與之前的第一季相比，今年第一季是疲軟的第一季。雖然我們的數量數字在絕對基礎上與國家數量數據相比是有利的，但數量低於我們預期達到的水平。

In our retail sites, our store sales, while again better on a relative basis compared to nationally available data were also below our expectations. Despite the soft financial results for the quarter, there was still positive developments in our business. One of the most significant was our conversion of Applegreen sites to company operated retail locations.

在我們的零售網站中，我們的商店銷售雖然與全國可用數據相比相對較好，但也低於我們的預期。儘管本季財務業績疲軟，但我們的業務仍然取得了積極的發展。最重要的事情之一是將 Applegreen 站點轉變為公司經營的零售站點。

We were also able to convert 20 other locations this quarter to our retail class of trade, either as company-operated sites or at commission retail locations. These conversions should generate better fuel volume and increased profitability at these sites point forward.

本季我們也能夠將其他 20 個地點轉變為我們的零售貿易類別，無論是作為公司營運的地點還是佣金零售地點。這些改造應該會產生更好的燃料量並提高這些站點的獲利能力。

Maura will touch on in her comments on some successes with expense management that we had during the quarter as well. So progress was made during the quarter, even if not evident in our financial results. And the best thing about the first quarter is that it leads into the spring and summer, our peak months of the year. With that, I will turn it over to Maura for more detailed financial review.

莫拉（Maura）將在她的評論中談到我們在本季度在費用管理方面取得的一些成功。因此，本季取得了進展，儘管我們的財務表現並不明顯。第一季最好的事情是它進入了春季和夏季，這是我們一年中的高峰月份。這樣，我會將其交給莫拉進行更詳細的財務審查。

Thank you, Charles. If you would please turn to slide 6, I would like to review our first quarter results for the partnership. We reported a net loss of $17.5 million for the first quarter of 2024 compared to a net loss of $1 million in the first quarter of 2023. This loss was primarily driven by a $15.9 million loss on the lease termination with Applegreen and a decline in our year-over-year adjusted EBITDA.

謝謝你，查爾斯。如果您願意，請翻到投影片 6，我想回顧一下我們合作關係的第一季業績。我們報告 2024 年第一季淨虧損 1,750 萬美元，而 2023 年第一季淨虧損 100 萬美元。這一損失主要是由於與 Applegreen 終止租賃而造成 1,590 萬美元的損失以及我們調整後的 EBITDA 同比下降。

Regarding the lease termination charge for the Applegreen transaction, GAAP requires us to record substantially all of the price paid to Applegreen for the transaction, excluding amounts for inventory and equipment as an income statement expense, as opposed to a balance sheet purchase, which drove the lease termination expense in the quarter.

關於 Applegreen 交易的租賃終止費用，GAAP 要求我們記錄在交易中支付給 Applegreen 的幾乎所有價格，不包括庫存和設備金額作為損益表費用，而不是資產負債表購買，這推動了本季度的租賃終止費用。

Adjusted EBITDA was $23.6 million for the first quarter of 2024, a decline of $8.2 million from adjusted EBITDA of $31.7 million for the first quarter of 2023. Our distributable cash flow for the first quarter of 2024 was $11.7 million compared to $19.1 million for the first quarter of 2023.

2024 年第一季調整後 EBITDA 為 2,360 萬美元，比 2023 年第一季調整後 EBITDA 3,170 萬美元減少 820 萬美元。2024 年第一季我們的可分配現金流量為 1,170 萬美元，而 2023 年第一季為 1,910 萬美元。

The declines in adjusted EBITDA and distributable cash flow were primarily due to operating income decreases in both our wholesale and retail segments, driven by the challenging fuel margin environment during the quarter and the additional operating expenses incurred primarily as a result of our higher company-operated store count.

調整後EBITDA 和可分配現金流量的下降主要是由於我們的批發和零售部門的營業收入下降，這是由於本季度充滿挑戰的燃油利潤環境以及主要由於我們公司運營成本較高而產生的額外營業費用造成的。

Our distribution coverage for the current quarter was 0.59 times compared to 0.96 times for the first quarter of 2023. Our distribution coverage for the trailing 12 months ended March 31, 2024, was 1.37 times compared to 1.7 times for the same period ended March 31, 2023.

我們目前季度的分配覆蓋率為 0.59 倍，而 2023 年第一季為 0.96 倍。截至2024年3月31日的過去12個月，我們的分配覆蓋率為1.37倍，而截至2023年3月31日的同期為1.7倍。

The first quarter historically is our most challenging of the year with 9 times out of the 12 first quarters in the partnership's history, having a distribution coverage ratio below one times. That being said, our current coverage for the current quarter is lower than we would like.

從歷史上看，第一季是我們一年中最具挑戰性的季度，在合作夥伴歷史上的 12 個第一季中，有 9 個季度的分配覆蓋率低於一次。話雖如此，我們目前季度的覆蓋範圍低於我們的預期。

Our trailing 12-month coverage ratio remains well above 1 times at 1.37 times. Historically, we do see material improvement in our coverage ratio as we move into the summer driving season. During the first quarter of 2024, 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.

我們的過去 12 個月覆蓋率仍遠高於 1 倍，為 1.37 倍。從歷史上看，隨著夏季駕駛季節的到來，我們的覆蓋率確實有所改善。2024 年第一季度，該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 first quarter increased $6.4 million compared to the 2023 first quarter. We had an approximately 7% decrease in operating expenses in our wholesale segment as we have converted locations to company operated and commission locations in the retail segment.

轉向我們營運的費用部分。與 2023 年第一季相比，第一季營運費用增加了 640 萬美元。由於我們已將零售部門的地點轉變為公司營運和委託地點，因此我們批發部門的營運費用減少了約 7%。

This was offset by a $7 million or 20% increase in operating expenses in our retail segment. This increase was primarily due to the increased site count in that retail segment compared to the prior year due to the site conversions charles referenced in his comments.

這被零售部門營運支出增加 700 萬美元（即 20%）所抵銷。這一增長主要是由於查爾斯在評論中提到的網站轉換，導致該零售領域的網站數量與前一年相比有所增加。

During the quarter, we had approximately 22% more company operated locations in our retail segment than last year. Company operated locations are our highest per site expense class of trade and so that site count increase drove the majority of the year-over-year increase in operating expenses.

本季度，我們零售部門的公司營運地點比去年增加了約 22%。公司營運的地點是我們行業中單位地點費用最高的類別，因此地點數量的增加推動了營運費用同比增長的大部分。

Additionally, we have selectively added overhead personnel costs in our retail segment to ensure that we can effectively operate and merchandise our newest company-operated locations. Given that following the completion of the Applegreen site transitions in April, we now have added 100 company operated sites to the portfolio from other classes of trade over the past year.

此外，我們有選擇地增加了零售部門的間接人員成本，以確保我們能夠有效地經營和銷售我們最新的公司經營地點。鑑於 4 月份 Applegreen 網站過渡完成後，我們在過去一年中已將 100 個公司經營的網站從其他行業類別添加到投資組合中。

On a same-store basis, operating expenses for our company operated locations were up approximately 1% year-over-year. Our team drove a strong focus on ensuring our company operated locations were staffed efficiently and operating at the right hours, which resulted in an approximately 4% decrease in same store labor hours year-over-year for the quarter.

以同店計算，我們公司經營地點的營運費用年增約 1%。我們的團隊非常注重確保我們公司運營的地點配備高效的人員並在正確的時間運營，這導致本季度同店工作時間同比減少了約 4%。

This strong performance in controlling our store labor, our costs, our largest expense across the organization, coupled with improved performance in shrink and inventory management, allowed us to materially offset cost increases in repairs and maintenance, including environmental maintenance.

在控制我們的商店勞動力、成本、整個組織中最大的開支方面的強勁表現，加上在損耗和庫存管理方面的改進表現，使我們能夠實質地抵消維修和維護（包括環境維護）方面的成本增加。

Our G&A expenses increased $1.1 million for the quarter year-over-year, primarily due to higher legal fees and acquisition related costs incurred for the Applegreen transaction. Moving to the next slide, we spent a total of $6.1 million on capital expenditures during the first quarter with $4.5 million of that total being growth related capital expenditures.

本季我們的一般管理費用年增 110 萬美元，主要是因為 Applegreen 交易產生的法律費用和收購相關成本增加。轉到下一張投影片，第一季我們總共花了 610 萬美元的資本支出，其中 450 萬美元是與成長相關的資本支出。

During this past quarter, growth-related capital spending included investments in the forecourt and backcourt of our newly converted company-operated locations as well as certain targeted dispenser investments, which are often accompanied with incentives from our fuel suppliers.

在過去的這個季度，與成長相關的資本支出包括對我們新改建的公司營運地點的前院和後院的投資，以及某些有針對性的加油機投資，這些投資通常伴隨著我們的燃料供應商的激勵措施。

As of March 31, 2024, our total credit facility balance was $798.3 million, which was a $42 million increase from our 2023 year-end balance. The most significant driver of that increase was the approximately $20 million paid to Applegreen during the first quarter, inclusive of payments for inventory at converted locations.

截至 2024 年 3 月 31 日，我們的信貸額度總額為 7.983 億美元，比 2023 年年末餘額增加 4,200 萬美元。這一增長的最重要推動因素是第一季向 Applegreen 支付的約 2000 萬美元，其中包括改造地點的庫存付款。

Additionally, the first quarter is typically a working capital usage quarter for the partnership and was so again this year. As Charles noted, it was also a lighter asset sale quarter for us. So our capital spending and adjusted EBITDA results for the quarter also contributed to the increase on our revolver balance.

此外，第一季通常是合作夥伴的營運資金使用季度，今年也是如此。正如查爾斯指出的那樣，這對我們來說也是一個資產出售較少的季度。因此，本季我們的資本支出和調整後的 EBITDA 結果也促進了我們的循環餘額的增加。

Our credit facility defined leverage ratio was 4.49 times as of March 31, 2024. As we move into the summer months and continue to focus on execution at our sites, we will remain focused on our cash flow generation and managing our leverage ratio at approximately four times on a credit facility defined basis.

截至 2024 年 3 月 31 日，我們的信用額度定義槓桿率為 4.49 倍。隨著我們進入夏季並繼續專注於我們工廠的執行，我們將繼續專注於現金流的產生，並在信貸額度定義的基礎上將槓桿率管理在大約四倍。

Our cash interest expense was relatively flat over year, with our higher credit facility balance being offset by the positive rate savings we experienced from the interest rate swaps we entered into during the second and fourth quarters of last year.

我們的現金利息支出與去年同期相對持平，我們較高的信貸額度餘額被我們去年第二和第四季進行的利率互換所節省的正利率所抵銷。

Our effective interest rate on the CAPL Credit Facility during the first quarter was approximately 5.1%, which is very attractive given today's interest rate environment. Although we did have a series of beneficial interest rate swaps from early 2020, that expired at the end of the first quarter.

第一季我們 CAPL 信貸安排的實際利率約為 5.1%，考慮到當今的利率環境，這非常有吸引力。儘管我們從 2020 年初開始確實進行了一系列有益的利率掉期，但這些利率互換已於第一季末到期。

We enter the remainder of 2024 with approximately 50% of our current credit facility balance swapped to a fixed rate of approximately 3.4% blended. We do anticipate our interest expense increasing during the remainder of the year, given the roll-off of the swaps from 2020. But our existing interest rate swap portfolio is meaningfully valuable and providing us certainty and savings in today's rate environment.

進入 2024 年剩餘時間，我們當前信貸額度餘額的約 50% 轉換為約 3.4% 的固定混合利率。鑑於掉期從 2020 年開始遞減，我們預計今年剩餘時間我們的利息支出將會增加。但我們現有的利率掉期投資組合具有重大價值，在當今的利率環境下為我們提供了確定性和節省成本。

In conclusion, as Charles noted, the partnership had a challenging first quarter of 2024. We remain focused as a team on executing in our base business as well as for the sites that have transitioned between segments over the past year to optimize their performance moving forward. We continue to focus on generating durable and consistent cash flows with a focus on maintaining a strong balance sheet, driving value for our unitholders.

總之，正如 Charles 指出的那樣，雙方的合作在 2024 年第一季充滿了挑戰。作為一個團隊，我們仍然專注於執行我們的基礎業務以及過去一年中在各個細分市場之間過渡的網站，以優化其未來的績效。我們繼續專注於產生持久且一致的現金流，重點是維持強勁的資產負債表，為我們的單位持有者創造價值。

With that, we will open it up for questions.

至此，我們將開放提問。

Ladies and gentlemen, we will now begin the question and answer session. (Operator Instructions)

女士們、先生們，我們現在開始問答環節。（操作員說明）

It doesn't appear that we have any questions this morning. Should you have any questions later, please reach out to us, and we'll be happy to address them. We thank everyone for joining us this morning. Have a good day.

今天早上我們似乎沒有任何問題。如果您稍後有任何疑問，請聯絡我們，我們將很樂意為您解答。我們感謝大家今天早上加入我們。祝你有美好的一天。