Crossamerica Partners LP (CAPL) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Crossamerica Partners first-quarter 2025 earnings call. (Operator instructions) This call is being recorded on Thursday, May 8, 2025.

女士們、先生們，早安，歡迎參加 Crossamerica Partners 2025 年第一季財報電話會議。（操作員指示）本次通話於 2025 年 5 月 8 日星期四錄製。

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

現在我想將電話轉給財務長 Maura Topper。請繼續。

Thank you, operator. Good morning and thank you for joining the Crossamerica Partners first quarter 2025 earnings call. With me today is Charles Nifong, CEO and President.

謝謝您，接線生。早安，感謝您參加 Crossamerica Partners 2025 年第一季財報電話會議。今天和我一起的還有執行長兼總裁查爾斯‧尼方 (Charles Nifong)。

We'll start off the call today with Charles providing some opening comments and an overview of Cross America's operational performance for the first quarter, and then I will discuss the financial results. We will then open up the call to questions. Today's call will follow presentation slides that are available as part of the webcast and are posted on the Crossamerica website.

今天的電話會議首先由查爾斯發表一些開場白並概述 Cross America 第一季的營運業績，然後我將討論財務結果。然後我們將開始提問。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幻燈片，並發佈在 Crossamerica 網站上。

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.

在我們開始之前，我想提醒大家，今天的電話會議，包括問答環節，可能包括關於預期收入、未來計劃、未來營運指標以及組織的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. 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.

無法保證管理階層的期望、信念和預測將會實現，或實際結果不會與預期有所不同。請參閱 Crossamerica 向美國證券交易委員會提交的文件，包括 10-K 表年度報告和 10-Q 表季度報告，以了解可能影響我們實際結果的重要因素。前瞻性陳述代表了 Crossamerica 管理階層截至今天的判斷，並且該組織不承擔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.

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 GAAP 的績效指標。

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.

作為我們收益新聞稿的一部分，我們提供了將這些非 GAAP 指標與我們根據 GAAP 報告的結果進行協調的時間表。今天的電話會議將透過網路直播，本次電話會議的錄音將在 Crossamerica 網站上提供 60 天。

With that, I will now turn the call over to Charles.

說完這些，我現在將電話轉給查爾斯。

Thank you, Maura. Maura and I appreciate everyone joining us this morning, and thank you for making the time to be with us today. During today's call, I will go through some of the operating highlights for the first quarter. I will also provide commentary on the market and a few other updates as I typically do on our calls. Maura will review in more detail our financial results.

謝謝你，莫拉。莫拉和我感謝今天早上加入我們的各位，也感謝你們今天抽出時間來與我們在一起。在今天的電話會議上，我將介紹第一季的一些營運亮點。我還將像往常在電話會議上一樣，對市場進行評論並提供一些其他更新。莫拉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. Overall, it was another difficult start to the year for us and for the industry. While our results on an EBITDA basis were marginally better than the first quarter of the prior year, it was nonetheless a challenging start to the year. Fuel and inside store merchandise demand remains subdued for the first quarter.

現在，請翻到投影片 4，我將簡要回顧我們的一些營運表現。總的來說，對我們和整個產業來說，這又是一個艱難的開年。儘管我們的 EBITDA 業績略好於去年第一季度，但今年的開局依然充滿挑戰。第一季燃料和店內商品需求依然低迷。

After many consecutive quarters of us outperforming the market, our retail same store fuel volume for the first quarter was approximately in line with the overall market, and while our same store merchandise sales, excluding cigarettes outperformed the market, they were still under the prior year first quarter results.

在我們連續多個季度跑贏市場之後，第一季我們的零售同店燃料銷售與整體市場大致持平，儘管我們的同店商品銷售額（不包括香菸）跑贏市場，但仍低於去年同期第一季的業績。

Turning to the specific numbers for the first quarter of 2025, our retail segment gross profit increased 16% to $63.2 million compared to $54.4 million in the first quarter of 2024. The increase was driven by an increase in both motor fuel and merchandise gross profit.

談到 2025 年第一季的具體數字，我們的零售部門毛利從 2024 年第一季的 5,440 萬美元成長 16% 至 6,320 萬美元。這一增長是由機動車燃料和商品毛利潤的成長所推動的。

Our retail fuel margin was a relative highlight for the quarter compared to the prior year. For the quarter, our retail fuel margin on a $0.01 per gallon basis increased 10% year-over-year as our fuel margin was $0.339per gallon in the first quarter of 2025 compared to $0.308 per gallon in the first quarter of 2024.

與去年同期相比，本季我們的零售燃料利潤率相對較高。本季度，我們的零售燃油利潤率（以每加侖 0.01 美元計算）同比增長 10%，因為 2025 年第一季我們的燃油利潤率為每加侖 0.339 美元，而 2024 年第一季為每加侖 0.308 美元。

In comparison to the prior year, which saw a steady increase in crude oil prices during the quarter. Crude oil prices were more volatile during the first quarter of 2025, and as a result, our retail fuel margins were higher year-over-year.

與上年相比，本季原油價格穩定上漲。2025 年第一季原油價格波動較大，因此我們的零售燃料利潤率較去年同期有所提高。

Our retail fuel margin results reflect this volatility and are not the result of any changes in our price strategy towards greater fuel margin at the expense of our volume performance. For volume, on a same sort basis, our overall retail volume declined 4% for the quarter year-over-year.

我們的零售燃料利潤率結果反映了這種波動性，而不是我們為了提高燃料利潤率而改變價格策略而犧牲銷售表現的結果。就銷量而言，按相同排序，本季度我們的整體零售量比去年同期下降了 4%。

In regards to our same store statistics that we provide, I should note that February 2024 included an additional day with the leap year. The impact to our first quarter of 2025 same store numbers was approximately 100 basis points, or 1%. So the 4% decline that it just provided would be 3% when adjusted for the additional day.

關於我們提供的同店統計數據，我應該指出，2024 年 2 月因閏年而增加了一天。這對我們 2025 年第一季同店銷售額的影響約為 100 個基點，即 1%。因此，剛剛給出的 4% 的跌幅，如果根據額外一天進行調整，則將變為 3%。

Based on national demand data available to us, national gasoline demand, unadjusted for the additional day was also down approximately 4% for the quarter. Our volume performance this quarter was impacted by significant winter weather during the first two months of the quarter, with weather impacting volume and broad geographic segments of our portfolio in both our retail and wholesale segments.

根據我們掌握的全國需求數據，本季未經額外日期調整的全國汽油需求也下降了約 4%。本季前兩個月的嚴重冬季天氣影響了我們的銷售表現，天氣影響了我們零售和批發部門的銷售和廣泛的地理分佈。

Also, Easter was in the quarter last year as Easter was on March 31, the prior year. So the higher Easter week fuel demand that was in the quarter last year also contributed towards our relatively lower year-over-year volume in this year's first quarter.

此外，去年的復活節也在本季度，因為前一年的復活節是在 3 月 31 日。因此，去年第一季復活節週燃料需求較高也導致今年第一季的年比銷售相對較低。

In the period since the quarter end, retail same store volume, both company operated and commissioned, has been down slightly less than 2%, performing better than overall national demand, which is down approximately 4% for the same period based on the data available to us.

自本季末以來，公司自營和委託的零售同店銷量下降略低於 2%，表現優於全國整體需求，根據我們掌握的數據，同期全國整體需求下降了約 4%。

In the same period, retail fuel margins, both company operated and commissioned have been higher in part due to the sharp drop in crude oil prices at the start of April. The sharp drop in crude oil prices to start April, where crude oil prices dropped from around $70 a barrel to around $60 a barrel was (technical difficulty) of course, one of the many financial market reactions that happened in response to the tariffs that were announced on April 2.

在同一時期，公司營運和委託的零售燃料利潤率均有所上升，部分原因是 4 月初原油價格大幅下跌。四月初，原油價格大幅下跌，從每桶約 70 美元跌至每桶約 60 美元，這當然是（技術難題）金融市場對 4 月 2 日宣布的關稅做出的眾多反應之一。

During the first quarter, earlier tariffs impacted the fuel market in the New England area when Canadian gasoline, which supplies a substantial portion of the market in New England was temporarily subject to a tariff, the implementation of which was paused and then ultimately exempted from the tariff. In a brief period of time where there was a tariff on Canadian gasoline imports, we saw wholesale gasoline costs in the New England market rise to reflect the cost of the new tariff, as one would expect.

第一季度，早期的關稅影響了新英格蘭地區的燃料市場，當時供應新英格蘭市場很大一部分的加拿大汽油暫時被徵收關稅，該關稅的實施被暫停，最終被免除。在對加拿大汽油進口徵收關稅的短暫時間內，我們看到新英格蘭市場的汽油批發成本上漲，以反映新關稅的成本，正如人們所預料的那樣。

The New England fuel market notwithstanding, while we don't generally source directly any of our fuel supply or store merchandise items from outside the country, we do of course, carry products in our stores that are produced outside of the United States.

儘管新英格蘭燃料市場如此，雖然我們通常不會直接從國外採購任何燃料供應或商店商品，但我們當然會在商店中銷售在美國以外生產的產品。

At first glance, though, the relative percentage of products in our stores produced outside the United States would appear to be small. However, some products have surprising form components, as I learned recently about a major beverage supplier that produces its beverage syrups outside of the United States.

不過，乍一看，我們商店中美國以外生產的產品比例似乎很小。然而，有些產品的形式成分令人驚訝，正如我最近了解到的一家在美國境外生產飲料糖漿的大型飲料供應商。

So the impact of all these substantial potential changes due to the tariffs is difficult to know and adds to the overall uncertainty right now, which is reflected by the large number of public companies that have withdrawn their financial guidance for the year this quarter.

因此，關稅造成的所有這些重大潛在變化的影響很難知道，並增加了目前的整體不確定性，這反映在本季度大量上市公司撤回了年度財務指引。

In the meantime, we continue to execute on our business strategies, focusing on what we control and remaining nimble to adjust to the market as circumstances dictate. For inside sales on a same site basis, our inside sales were down approximately 1.5% compared to the prior year for the first quarter. Inside sales, excluding cigarettes, declined 1% year-over-year on the same sort of basis for the quarter.

同時，我們將繼續執行我們的業務策略，專注於我們能夠控制的領域，並根據情況靈活地適應市場。就同​​一站點的內部銷售額而言，我們第一季的內部銷售額與去年同期相比下降了約 1.5%。本季不包括香菸的內部銷售額年減 1%。

As with fuel demand, based on national demand data available to us, national demand for inside store sales was weak for the first quarter, down approximately 3% on an overall sales basis year-over-year. So on a relative basis, our retail segment inside sales outperformed the industry for the quarter.

與燃料需求一樣，根據我們掌握的全國需求數據，第一季全國店內銷售需求疲軟，整體銷售額較去年同期下降約 3%。因此，相對而言，本季我們零售部門的內部銷售表現優於同業。

On the store merchandise margin front, our merchandise gross profit increased 16% to $24.9 million driven by our increased sales from the higher store count. The store merchandise margin percentage declined slightly from the quarter compared to the prior year.

在商店商品利潤方面，由於商店數量增加導致銷售額增加，我們的商品毛利增加了 16%，達到 2,490 萬美元。與去年同期相比，本季商店商品利潤率略有下降。

In the period since the quarter end, same store inside sales have been up 3% to 4% compared to the prior year, with a portion of that increase due to the inclusion of Easter and Easter week in this period compared to the prior year where Easter was in the first quarter. Nonetheless, it is an encouraging sign to see the relative sequential increase to prior months in the April data.

自本季末以來，同店銷售額較上年同期增長了 3% 至 4%，其中部分增長是由於本季度包括了復活節和復活節週，而去年同期的復活節是在第一季。儘管如此，四月份的數據與前幾個月相比有所環比增長，這是一個令人鼓舞的跡象。

In our retail segment, if you look at our company operated site count for the end of the period, we are up 33 company operated retail sites from the prior year and 11 company operated sites from the end of the fourth quarter. The increase in company operated site count was primarily driven by our conversion of [lessy] dealer sites to company operated retail sites.

在我們的零售部門，如果您查看本期末的公司營運站點數量，我們會發現我們比上年增加了 33 個公司經營零售站點，比第四季末增加了 11 個公司營運站點。公司營運站點數量的增加主要是由於我們將[較少的]經銷商站點轉變為公司經營的零售站點。

Our commission agent site count at the end of the quarter increased by 31 sites relative to the first quarter of 2024 and 5 sites relative to the end of the fourth quarter of 2024, as we continue to execute on our strategic class of trade conversions to the retail channel.

由於我們繼續執行向零售通路進行貿易轉換的策略，本季末我們的佣金代理商站點數量相對於 2024 年第一季度增加了 31 個，相對於 2024 年第四季末增加了 5 個。

In total, we increased our overall retail site count by 64 sites during the first quarter of 2025 compared to our retail site count at the end of the first quarter of 2024. Based on these numbers, you can see that we were very active during the past 12 months with site conversions and executing on our strategy to increase our exposure to retail fuel margins and the retail business in general.

總體而言，與 2024 年第一季末的零售網點數量相比，我們在 2025 年第一季的總零售網點數量增加了 64 個。根據這些數據，您可以看到，在過去的 12 個月中，我們非常積極地進行站點轉換並執行我們的策略，以增加我們對零售燃料利潤率和整個零售業務的曝光度。

Overall, it was a challenging first quarter for the retail segment, reflecting a difficult operating environment. A highlight of the quarter was the relative strength of our retail fuel margins and the continued relative outperformance of our same store inside sales to the market.

整體而言，第一季對零售業來說充滿挑戰，反映出艱難的經營環境。本季的一大亮點是我們的零售燃料利潤率相對強勁，以及同店內部銷售額繼續相對優於市場。

As I just touched on, we continue to add sites to the retail segment, positioning us to grow our motor fuel and merchandise gross profit and overall segment profitability in the future.

正如我剛才提到的，我們將繼續在零售領域增加站點，這將使我們未來能夠提高機動車燃料和商品的毛利以及整體領域的盈利能力。

Moving on to the wholesale segment for the first quarter of 2025, our wholesale segment gross profit declined 1% to $26.7 million compared to $27 million in the first quarter of 2024. The decrease was primarily driven by a decline in fuel volume and rental income.

2025 年第一季的批發業務方面，我們的批發業務毛利下降 1% 至 2,670 萬美元，而 2024 年第一季為 2,700 萬美元。下降的主要原因是燃料量和租金收入的下降。

The primary factor for the fuel volume and rental income decline by a significant degree was the conversion of certain lessy dealer sites to company operated and commission agent sites which are now accounted for in the retail segment.

燃料量和租金收入大幅下降的主要因素是某些規模較小的經銷商站點轉變為公司經營和佣金代理站點，這些站點現在計入零售部門。

Our wholesale motor fuel gross profit increased 8% to $15.8 million in the first quarter of 2025 from $14.6 million in the first quarter of 2024. Our fuel margin increased 23% from $0.079 per gallon in the first quarter of 2024 to $0.097 per gallon in the first quarter of 2025. The increase in our wholesale fuel margin per gallon was primarily driven by movements in crude oil prices and its impact on our fuel purchase on index pricing under our fuel supply agreements.

我們的批發機動車燃料毛利潤從 2024 年第一季的 1,460 萬美元成長 8% 至 2025 年第一季的 1,580 萬美元。我們的燃油利潤率從 2024 年第一季的每加侖 0.079 美元增長了 23%，達到 2025 年第一季的每加侖 0.097 美元。我們每加侖批發燃料利潤率的增加主要是由於原油價格的變動及其對我們根據燃料供應協議購買的指數定價的影響。

We have also continued to be successful in our efforts to improve our overall cost of product which positively impacted our wholesale fuel margin for the first quarter and materially contributed to the year-over-year improvement in our wholesale fuel margin per gallon.

我們也繼續努力成功地改善我們的產品整體成本，這對我們第一季的批發燃料利潤產生了積極影響，並對我們每加侖批發燃料利潤率的同比增長做出了實質性的貢獻。

Our wholesale volume was 162.9 million gallons for the first quarter of 2025 compared to 184 million gallons in the first quarter of 2024, reflecting a decline of 11%. The decline in volume when compared to the same period in 2024 was primarily due to the conversion of certain lessy dealer sites to our retail class of trade.

2025 年第一季我們的批發量為 1.629 億加侖，而 2024 年第一季的批發量為 1.84 億加侖，下降了 11%。與 2024 年同期相比，銷售下降主要是由於某些較小的經銷商站點轉換為我們的零售貿易類別。

The gallons from these converted sites are now reflected in our retail segment results. For the quarter, our same sort of volume in the wholesale segment was down approximately 3% year-over-year. So the additional approximately 8% drop in volume, the difference between the overall volume decline of 11% and our same sort of volume decline of 3% for the segment was largely due to converting sites to the retail segment.

這些轉換站點的加侖數現已反映在我們的零售部門業績上。本季度，我們批發業務的同類銷量年減約 3%。因此，銷量額外下降約 8%，整體銷量下降 11% 與我們該部門同類銷量下降 3% 之間的差異主要是由於將站點轉換為零售部門造成的。

As mentioned in my retail segment comments, national demand data available to us indicated national fuel demand was down around 4% per quarter. So our same store wholesale volume performance for the first quarter slightly outperformed overall national demand.

正如我在零售部門評論中提到的那樣，我們掌握的全國需求數據表明，全國燃料需求每季下降約 4%。因此，我們第一季的同店批發量表現略高於全國整體需求。

In the period since the quarter end, wholesale, same sort of volume has been down around 2%, outperforming national volume demand, which is down approximately 4% year-over-year for the same period.

自本季末以來，批發量、同類量下降了約 2%，超過了全國的批發量需求，後者同期比去年同期下降了約 4%。

Regarding our wholesale rent, our base rent for the quarter was $10.1 million compared to the prior year of $12.4 million a decrease due to the conversion of certain mey dealer sites to company operated sites, as well as our real estate rationalization efforts.

關於我們的批發租金，本季基本租金為 1010 萬美元，而上年為 1240 萬美元，下降的原因是某些經銷商站點轉變為公司運營的站點，以及我們的房地產合理化努力。

As you know by now, the rent dollars from the converted sites, while no longer in the form of rent are now in our retail segment results through our fuel and store sales margin at these locations which help to drive our increase in retail segment operating income for the quarter.

如您現在所知，轉換後的場地產生的租金雖然不再以租金的形式出現，但現在透過這些地點的燃料和商店銷售利潤計入我們的零售部門業績，這有助於推動我們本季零售部門營業收入的成長。

We also continue to evaluate our portfolio and look for opportunities to divest noncore properties.

我們也將繼續評估我們的投資組合併尋找剝離非核心資產的機會。

For the first quarter of 2025, we divested seven sites for $8.6 million in proceeds. We expect this momentum to continue through 2025 as this continues to be an area of focus and effort for us, and we expect to outperform our results for 2024 in this area.

2025 年第一季度，我們剝離了 7 個站點，獲得 860 萬美元收益。我們預計這一勢頭將持續到 2025 年，因為這將繼續成為我們關注和努力的領域，並且我們預計 2024 年這一領域的業績將超越這一水平。

As I stated at the beginning of my remarks, the first quarter was a challenging start to the year from weather impacts to continued inflationary pressures, and after the end of the quarter, the uncertainty on the overall economic environment due to the addition of material tariffs.

正如我在發言一開始就提到的，今年第一季是一個充滿挑戰的開局，從天氣影響到持續的通膨壓力，以及本季結束後由於原材料關稅的增加而給整體經濟環境帶來的不確定性。

Despite these challenges, we continued with the execution of our strategy, converting more sites to our retail channel and continuing to recycle capital out of sites that are not in our long-term plans for the portfolio.

儘管面臨這些挑戰，我們仍繼續執行我們的策略，將更多站點轉換為我們的零售管道，並繼續從不在我們的投資組合長期計劃中的站點回收資本。

Our retail site's volume performance was in line with the overall market for the quarter and has shown signs of returning to outperforming the market since the quarter end, and our company operated sites generated strong inside sales relative to the overall market, a sign of the successful execution of our retail strategy.

我們的零售站點的銷售表現與本季度的整體市場保持一致，並且自季度末以來已顯示出恢復優於市場的跡象，而且我們公司運營的站點相對於整體市場產生了強勁的內部銷售額，這表明我們的零售策略成功執行。

Our wholesale segment generated strong fuel margins for the quarter, reflecting the work we have done to improve our product costs. Still, we are glad to put the first quarter in our rearview mirror and are looking forward to the road ahead into summer and peak driving season.

我們的批發部門本季產生了強勁的燃料利潤率，這反映了我們為改善產品成本所做的工作。儘管如此，我們仍然很高興將第一季拋在腦後，並期待夏季和駕駛旺季的到來。

With that, I'll turn it over to Maura to further discuss our financial results.

接下來，我將把話題交給 Maura，讓她進一步討論我們的財務表現。

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 $7.1 million for the first quarter of 2025 compared to a net loss of $17.5 million in the first quarter of 2024.

謝謝你，查爾斯。請翻到第 6 張投影片，我想回顧一下我們合作關係的第一季業績。我們報告 2025 年第一季淨虧損為 710 萬美元，而 2024 年第一季淨虧損為 1750 萬美元。

As I'll discuss in a moment, our adjusted EBITDA for the quarter was up slightly from the prior year, with the improvement in our net loss position materially being driven by various aspects of our ongoing class of trade conversions and real estate rationalization efforts.

正如我稍後將要討論的，本季度我們的調整後 EBITDA 較上年略有上升，而我們淨虧損狀況的改善主要得益於我們正在進行的貿易轉換和房地產合理化努力的各個方面。

Our first quarter of 2024 net loss was burdened by a $15.9 million of lease termination expense as a result of the GAAP treatment of our acquisition of locations from Applegreen during that quarter. Our first quarter 2025 results did not have this charge, but did include a net gain of $5 million associated with our ongoing asset sales during the quarter, as well as an $8.5 million non-cash impairment expense related to certain locations moved to assets held for sale during the quarter.

由於我們在該季度收購 Applegreen 門市時按照 GAAP 處理，導致 2024 年第一季的淨虧損為 1590 萬美元的租賃終止費用。我們的 2025 年第一季業績沒有這項費用，但確實包括與本季持續資產銷售相關的 500 萬美元淨收益，以及與本季轉移到持有待售資產的某些地點相關的 850 萬美元非現金減損費用。

Finally, our first quarter of 2025 net loss was impacted by a $2.3 million increase in interest expense year- over-year.

最後，我們 2025 年第一季的淨虧損受到利息支出較去年同期增加 230 萬美元的影響。

Adjusted EBITDA was $24.3 million for the first quarter of 2025, an increase of 3% from adjusted EBITDA of $23.6 million for the first quarter of 2024. Our distributable cash flow for the first quarter of 2025 was $9.1 million, a decline from $11.7 million for the first quarter of 2024. The decrease in distributable cash flow was primarily due to our higher cash interest expense and sustaining capital expenditures during the quarter, both of which I will touch on in a few moments.

2025 年第一季調整後 EBITDA 為 2,430 萬美元，較 2024 年第一季調整後 EBITDA 2,360 萬美元成長 3%。我們 2025 年第一季的可分配現金流量為 910 萬美元，低於 2024 年第一季的 1,170 萬美元。可分配現金流量的減少主要是由於本季度我們的現金利息支出增加以及資本支出持續增加，稍後我將談到這兩點。

Our distribution coverage for the trailing 12 months for the period ended March 31, 2025 was 1.04 times compared to 1.37 times for the same 12 month period ended March 31, 2024. Coverage for the first quarter of 2025 was 0.46 times compared to 0.59 times for the same period of 2024. As we have noted in the past, the first quarter is our seasonally weakest quarter where we historically have seen our coverage fall below 1 times during the lower activity winter months.

截至 2025 年 3 月 31 日的過去 12 個月，我們的分銷覆蓋率為 1.04 倍，而截至 2024 年 3 月 31 日的過去 12 個月，我們的分銷覆蓋率為 1.37 倍。2025 年第一季的覆蓋率為 0.46 倍，而 2024 年同期的覆蓋率為 0.59 倍。正如我們過去所指出的，第一季是我們季節性最弱的季度，從歷史上看，在活動較少的冬季，我們的覆蓋率會下降到 1 倍以下。

During the first quarter of 2025, the partnership paid a distribution of $0.5250 per unit. Charles provided information in his comments on our volume and merchandise performance during the quarter, and how they benefited our adjusted EBITDA compared to the prior year.

2025 年第一季度，該合夥企業支付了每單位 0.5250 美元的分配。查爾斯在評論中提供了有關我們本季度銷售和商品表現的信息，以及它們與上一年相比如何使我們的調整後 EBITDA 受益。

I will now touch on the expense portion of our operations. Operating expenses for the first quarter increased $6.8 million compared to the first quarter of 2024. Comprised of an $8.6 million increase in our retail segment, offset by a $1.7 million decrease in our wholesale segment. The year-over-year increase in retail segment operating expenses was approximately 20%, primarily driven by a 17% increase in average segment site count year-over-year due to our class of trade conversions, specifically, the company operated class of trade.

現在我將談談我們營運的費用部分。第一季的營運費用與 2024 年第一季相比增加了 680 萬美元。其中零售部門增加 860 萬美元，批發部門減少 170 萬美元。零售部門營運費用年增約 20%，主要由於我們的貿易類別轉換（具體而言是公司經營的貿易類別）導致平均部門站點數量年增 17%。

On the same store, store level basis, operating expenses in our retail segment were up approximately 6% for the first quarter of 2025 compared to the first quarter of 2024. With approximately 1.5% of that increase due to elevated snow falling and other weather-related expenses in the areas of repairs and maintenance.

在同一家商店、商店層級的基礎上，我們零售部門的營運費用在 2025 年第一季與 2024 年第一季相比成長了約 6%。其中約 1.5% 的增長是由於降雪量增加以及維修和保養領域其他與天氣相關的費用增加所致。

Our labor expense increase during the quarter was higher on a percentage basis than prior quarters, but still a moderate percentage overall, and we feel good about our approach and management of labor, our largest single retail segment expense category.

本季我們的勞動力費用增幅按百分比計算高於前幾個季度，但總體而言仍處於適度水平，我們對勞動力（我們最大的單一零售部門費用類別）的方法和管理感到滿意。

We remain focused on efficient expense management at our locations as we move into the summer driving season of 2025. Ensuring that we are investing in customer facing areas that will drive the long-term health and sustainability of our sites.

隨著 2025 年夏季駕駛季節的到來，我們將繼續專注於各地點的有效費用管理。確保我們投資於面向客戶的領域，以推動我們網站的長期健康和永續發展。

Operating expenses in our wholesale segment declined by $1.7 million or 19% for the quarter, year-over- year, due to declines in site level operating expenses and management fees as our wholesale segment average site count declined 12% year-over-year.

本季度，批發部門的營運費用年減 170 萬美元，降幅為 19%，原因是批發部門平均站點數量較去年同期下降 12%，導致站點層級營運費用和管理費用下降。

Our G&A expenses increased 12% for the quarter year-over-year, primarily driven by higher management fees and equity compensation expense, partially offset by lower acquisition-related costs.

本季我們的一般及行政費用年增 12%，主要原因是管理費和股權薪酬費用增加，但收購相關成本的降低部分抵銷了這一增長。

Moving to the next slide, we spent a total of $10.1 million on capital expenditures during the first quarter, with $7.4 million of that total being growth-related capital expenditures and $2.7 million of that total being sustaining capital expenditures.

下一張投影片顯示，我們在第一季的資本支出總計為 1,010 萬美元，其中 740 萬美元為成長相關資本支出，270 萬美元為維持性資本支出。

As we have increased our site count in the retail segment, specifically our company operated locations, we have expected to see an increase in our sustaining capital expenditures at these locations as our highest investment locations. Our increase in sustaining capital spending as we have increased the retail segment site count is in line with our expectations.

隨著我們零售領域的門市數量增加，特別是我們公司經營的門市數量，我們預計這些門市作為我們投資最高的門市，其持續資本支出將會增加。由於零售部門站點數量的增加，我們維持資本支出的增加符合我們的預期。

Moving to our growth capital spending during the quarter, our spend remained focused on our company operated locations and included targeted fuel brand and backcourt refresh projects, oftentimes supported by our wholesale fuel supplier partners, as well as projects to increase food offerings, both our own and QSRs.

在本季度轉向我們的成長資本支出時，我們的支出仍然集中在我們公司運營的地點，包括有針對性的燃料品牌和後場更新項目，這些項目通常得到我們的批發燃料供應商合作夥伴的支持，以及增加食品供應的項目，包括我們自己的和 QSR。

During the year, we have opened four new QSR locations in our company operated convenience stores and continued the expansion of our food and beverage programs at various stores. These growth investments have and will contribute to merchandise sales and margin results and help drive customer traffic onto our lots and into our stores.

今年，我們在公司營運的便利商店中開設了四個新的 QSR 店，並繼續在各個門市擴大食品和飲料項目。這些成長投資已經並將繼續促進商品銷售和利潤成長，並有助於吸引顧客光顧我們的地段和商店。

As of March 31, 2025, our total credit facility balance was $778 million and our credit facility defined leverage ratio was 4.27 times. We remain focused on the cash flow generation profile of our business to manage our leverage ratio at approximately 4 times on a credit facility defined basis. Our cash interest expense increased from $10.1 million in the first quarter of 2024 to $12.4 million in the first quarter of 2025.

截至 2025 年 3 月 31 日，我們的信貸額度總餘額為 7.78 億美元，信貸額度定義槓桿率為 4.27 倍。我們繼續關注業務的現金流量產生狀況，以信貸額度定義的方式將槓桿率管理在約 4 倍。我們的現金利息支出從 2024 年第一季的 1,010 萬美元增加到 2025 年第一季的 1,240 萬美元。

During the first quarter of 2024, we benefited from a series of valuable interest rate swaps from the first quarter of 2020, which expired at the end of the first quarter last year. Our first quarter of 2025 interest expense increase was primarily due to those advantageous swaps having expired.

2024 年第一季度，我們受益於 2020 年第一季以來的一系列有價值的利率互換，這些互換於去年第一季末到期。我們 2025 年第一季的利息支出增加主要是因為那些有利的掉期交易已經到期。

We benefited from the interest rate swaps we entered into during 2023, during the quarter as well. At this time, a little more than 50% of our current credit facility balance is swapped to a fixed rate of approximately 3.4% blended, which remains an advantaged rate in the current rate environment. Our effective interest rate on the total cap credit facility at the end of the first quarter is 6.1%.

我們也受惠於 2023 年和本季達成的利率互換交易。目前，我們目前信貸額度餘額的 50% 多一點被轉換為約 3.4% 的混合固定利率，這在當前利率環境下仍然是一個有利利率。我們第一季末的總信貸額度有效利率為 6.1%。

In conclusion, as Charles noted, the partnership had a challenging first quarter of 2025, facing headwinds from the macroeconomic demand environment and difficult operating environment, as well as the seasonal challenges from our historically most challenged quarter.

總而言之，正如查爾斯所指出的，合夥企業在 2025 年第一季面臨著挑戰​​，面臨著宏觀經濟需求環境和艱難的經營環境的阻力，以及我們歷史上最具挑戰性的季度的季節性挑戰。

We did successfully continue to execute on our strategy of optimizing our class of trade operations by location. As well as our ongoing real estate rationalization activities to generate additional capital to strategically invest in our business. We remain focused as a team on continuing to execute across the business, and we are looking forward to the year ahead, maintaining a strong balance sheet generating value for our unit holders.

我們確實成功地繼續執行了按地點優化貿易業務類別的策略。以及我們正在進行的房地產合理化活動，以產生額外的資本來策略性地投資我們的業務。作為一個團隊，我們將繼續專注於整個業務的執行，我們期待來年，保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.

接下來，我們將開始回答問題。

Thank you. Ladies and gentlemen, we will now begin question and answer session. (Operator instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

It appears there are no questions at this time. I'd now like to turn the call back over to Charles Nifong, President and CEO for closing comments.

目前似乎沒有問題。現在，我想將電話轉回給總裁兼執行長查爾斯·尼方 (Charles Nifong)，請他發表最後評論。

Great, thank you. Should you have any questions, please feel free to reach out to us. Otherwise, we thank you for joining us today and hope you have a great day.

太好了，謝謝。如果您有任何疑問，請隨時與我們聯繫。無論如何，我們感謝您今天的加入我們，並祝您有個愉快的一天。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you disconnect your lines.

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您的線路。