Crossamerica Partners LP (CAPL) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the CrossAmerica Partners third-quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Thursday, November 6, 2025. I would now like to turn the conference over to Maura Topper, Chief Financial Operator. Please go ahead.

女士們、先生們，早安，歡迎參加 CrossAmerica Partners 2025 年第三季財報電話會議。（操作員指示）本次通話於2025年11月6日星期四錄音。現在我將把會議交給財務長莫拉·托珀。請繼續。

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

謝謝接線生。早安，感謝各位參加 CrossAmerica Partners 2025 年第三季財報電話會議。今天陪我一起的是執行長兼總裁查爾斯·尼方。

We'll start off the call today with Charles providing some opening comments and an overview of CrossAmerica's operational performance for the third 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，我們將首先由查爾斯先生作一些開場白，概述 CrossAmerica 第三季的營運業績，然後我將討論財務業績。接下來我們將開放提問環節。今天的電話會議將使用網路直播中提供的幻燈片，這些幻燈片也已發佈在 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. There can be no assurance that management's expectations, beliefs, and projections will be achieved or that actual results will not differ from expectations.

在開始之前，我想提醒大家，今天的電話會議，包括問答環節，可能包含有關預期收入、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。無法保證管理階層的預期、信念和預測能夠實現，也無法保證實際結果不會與預期有所不同。

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.

請參閱 CrossAmerica 向美國證券交易委員會提交的文件，包括 10-K 表格年度報告和 10-Q 表格季度報告，以了解可能影響我們實際業績的重要因素。前瞻性陳述代表 CrossAmerica 管理階層截至今日的判斷，該組織不承擔任何前瞻性陳述的任何意圖或義務。

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，我們也可能會提供一些不符合美國公認會計原則（GAAP）的績效指標。我們在獲利新聞稿中提供了調整表，將這些非GAAP指標與我們按GAAP準則報告的業績進行了核對。今天的電話會議將進行網路直播，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 to Charles.

接下來，我會把電話交給查爾斯。

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 third quarter. I will also provide commentary on the market and a few other updates as I typically do on our calls. Laura will then review in more detail our financial results.

謝謝你，莫拉。莫拉和我非常感謝今天早上所有到場的朋友，感謝你們抽空陪伴我們。在今天的電話會議上，我將介紹第三季的一些營運亮點。我也會像往常一樣，在電話會議上對市場進行評論並提供一些其他最新資訊。勞拉隨後將更詳細地審查我們的財務表現。

If you turn to slide 4, I will briefly review in more detail some of our operating results for the quarter. For the third quarter of 2025, our Retail segment gross profit decreased 4% to $80 million compared to $83.6 million in the third quarter of 2024. The decrease was primarily driven by a decline in motor fuel gross profit due to lower Retail fuel margins for the quarter compared to the prior year.

如果您翻到第 4 張投影片，我將簡要地更詳細地回顧我們本季的經營業績。2025 年第三季度，我們的零售業務毛利下降 4% 至 8,000 萬美元，而 2024 年第三季為 8,360 萬美元。此次下降主要是由於本季零售燃油利潤率低於去年同期，導致汽車燃油毛利下降。

For the quarter, our Retail fuel margin on a cents per gallon basis decreased 5% year-over-year as our fuel margin was $0.384 per gallon in the third quarter of 2025 compared to a historically strong $0.406 per gallon in the third quarter of 2024. In comparison to the prior year, crude oil prices were much less volatile during the third quarter of 2025, which resulted in lower market volatility, and as a result, our Retail fuel margins were lower year-over-year.

本季度，我們的零售燃油利潤率（以每加侖美分計算）年減 5%，2025 年第三季的燃油利潤率（以每加侖美分計算）年減 5%，2025 年第三季的燃油利潤率為每加侖 0.384 美元，而 2024 年第三季的燃油利潤率為每加侖 0.406 美元，創歷史新高。與前一年相比，2025 年第三季原油價格波動較小，導致市場波動性降低，因此，我們的零售燃油利潤率較去年同期下降。

For volume, on a same-store basis, our overall Retail fuel volume declined 4% for the quarter year-over-year. Our Retail volume performance for the quarter was bifurcated between our company-operated and commissioned sites. For our company-operated sites, our same-star volume for the quarter was down slightly less than 3% year-over-year. Our pricing strategy for our company-operated Retail sites overall remained unchanged. We strive to be competitive at each location for the market the site is in.

從銷售來看，以同店計算，本季我們的零售燃油總銷量年減了 4%。本季我們的零售銷售表現分為公司自營門市及委託門市兩部分。對於我們公司自營的站點而言，本季同星級銷量較去年同期下降略低於 3%。公司自營零售據點的整體定價策略維持不變。我們力求在每個選址所在市場保持競爭力。

For our commission class of trade, our commission same-source site volume was down approximately 7% for the quarter. The decline was due in part to our decision at select sites to adjust our pricing strategy. With many of the sites that we converted throughout last year, we were very aggressive with fuel pricing initially at conversion, which generated strong volume growth and provided us with data about the volume potential of the locations.

對於我們的佣金交易類別，本季我們的佣金同源站點交易量下降了約 7%。部分原因是由於我們在特定地點調整了定價策略。去年我們改造了許多加油站，在改造初期，我們對燃油定價採取了非常積極的策略，這帶來了強勁的銷售成長，並為我們提供了這些加油站銷售潛力的數據。

These sites are now same-store locations and in the third quarter, we sought to balance the volume and margin performance of these locations, which led to lower same-store volumes in our commission sites, in addition to the overall volume decline in the market. Based on national demand data available to us, national gasoline demand was down approximately 2.5% for the quarter, so our company-operated sites slightly underperformed the market volume for the quarter, while our commission sites were below national market volume, primarily due to the deliberate pricing strategy changes we implemented during the quarter.

這些地點現在都是同店地點，在第三季度，我們試圖平衡這些地點的銷售和利潤率表現，這導致我們佣金地點的同店銷售下降，再加上市場整體銷售的下降。根據我們掌握的全國需求數據，本季全國汽油需求下降了約 2.5%，因此我們公司自營加油站的銷量在本季度略低於市場水平，而我們的佣金加油站的銷量低於全國市場水平，這主要是由於我們在本季度實施了有意識的定價策略調整。

In the period since the quarter end, national retail volume has been down approximately 3.5%, and our overall Retail same-store volume has been down slightly more than that year over year, as we continue to adjust commission pricing strategies relative to the prior year, and we compare against what was, for us, a very strong volume performance last October. In the same period, Retail fuel margins have been significantly higher and the average third-quarter Retail fuel margins as oil market price volatility has generated favorable market conditions for enhanced Retail fuel margins.

自季度末以來，全國零售額下降了約 3.5%，而我們的整體零售同店銷售額同比下降幅度略大於此，因為我們繼續調整佣金定價策略，與上一年相比有所變化，而且我們還要與去年 10 月份非常強勁的銷售業績進行比較。同期，零售燃油利潤率顯著提高，第三季平均零售燃油利潤率也顯著提高，因為石油市場價格波動為提高零售燃油利潤率創造了有利的市場條件。

For inside sales, on a same-site basis, our inside sales were up approximately 3% compared to the prior year for the third quarter. Inside sales, excluding cigarettes, increased 4% year-over-year on a same-store basis for the quarter. Our inside sales growth was driven by strong performance in our packaged beverage and other tobacco products categories.

就內部銷售而言，以同一地點計算，我們第三季的內部銷售額比去年同期成長了約 3%。本季度，不包括香菸在內的店內銷售額以同店銷售額計算年增 4%。我們的內部銷售成長主要得益於包裝飲料和其他菸草產品類別的強勁表現。

Also, our food category contributed to our relatively strong 4% growth in same-store sales for the period. Overall, national demand for inside-store sales for the quarter was flat and slightly positive, indicating our relative outperformance for the quarter.

此外，我們的食品類別也為我們同期同店銷售額4%的強勁成長做出了貢獻。總體而言，本季全國店內銷售需求持平並略有成長，顯示我們本季的相對業績優於市場平均水準。

On the store merchandise margin front, our merchandise gross profit increased by 5% to $32 million, driven by an increase in sales in our base business and an increase in store merchandise margin percentage. Our merchandise gross margin percentage was up strongly over the prior year, approximately 100 basis points.

在門市商品毛利方面，由於基礎業務銷售額的成長和門市商品毛利率的提高，我們的商品毛利成長了 5%，達到 3,200 萬美元。我們的商品毛利率較上年大幅成長，約佔了100個基點。

This was primarily due to strong growth in certain higher margin categories, like other tobacco products, and also due to our transition from a commission-based model for certain products in the third quarter of last year into owning and selling these products directly for the current quarter. In the period since the quarter end, same-store inside sales have been approximately flat compared to the prior year.

這主要是由於某些高利潤類別（如其他菸草產品）的強勁成長，也是由於我們從去年第三季某些產品的佣金模式過渡到本季直接擁有和銷售這些產品。自季末以來，同店銷售額與去年同期相比基本持平。

In our Retail segment, if you look at our total number of Retail sites at the end of this quarter, our company-operated site count decreased by eight sites this quarter relative to the second quarter of this year. The decrease in company-operated sites reflects the asset sales we completed during the quarter. The divested locations were lower performing sites in markets that we decided were no longer strategic for us.

在我們的零售業務板塊，如果您查看本季末的零售據點總數，會發現與今年第二季度相比，我們公司自營網點數量在本季度減少了 8 個。公司自營站點的減少反映了我們在本季完成的資產出售。剝離的地點是業績較差的地點，位於我們認為不再具有戰略意義的市場。

Our commission agent site count also decreased modestly by three sites during the quarter relative to the second quarter. Site divestitures this quarter represent our execution on our continued strategic focus on being in retail, in the right markets, with the right assets, and positioning our portfolio for long-term success. We continue to look for opportunities in our portfolio to increase our Retail exposure and our overall Retail strategy has not changed.

與第二季相比，本季我們的佣金代理站點數量也略微減少了三個。本季的資產剝離體現了我們持續的策略重點，即在正確的市場擁有正確的資產，專注於零售業務，並為長期成功做好投資組合的準備。我們將繼續在投資組合中尋找機會，以增加我們在零售領域的投資，我們的整體零售策略沒有改變。

The Retail segment performed well for the third quarter. On a fuel margin neutral basis, the segment outperformed the prior year on strong inside sales and expense reduction, which Maura will address in her comments. Our volume performance, at first glance, underperformed, but this was due primarily to deliberate decisions we made in our commissioning class of trade to adjust our volume and fuel margin mix at select sites. In the period since the quarter end, we have benefited from a very strong fuel margin environment throughout the month of October.

零售業務部門第三季表現良好。以燃油利潤率中性計算，該業務板塊在強勁的內部銷售和費用削減方面表現優於上年，Maura 將在評論中對此進行闡述。乍一看，我們的銷售表現不佳，但這主要是由於我們在調試階段做出的決定，即在特定地點調整銷售和燃料利潤率組合。自季度末以來，我們受益於整個十月份非常強勁的燃油利潤環境。

Moving on to the Wholesale segment, for the third quarter of 2025, our Wholesale segment gross profit declined 10% to $24.8 million, compared to $27.6 million in the third quarter of 2024. The decrease was primarily driven by a decline in fuel volume, fuel margin, and rental income.

接下來是批發業務部分，2025 年第三季度，我們的批發業務毛利下降了 10%，至 2,480 萬美元，而 2024 年第三季為 2,760 萬美元。下降的主要原因是燃料銷售、燃料利潤和租金收入的下降。

The primary factor for the fuel volume decline was the conversion of certain lessee dealer sites to company-operated and commission agent sites, which are now accounted for in the Retail segment. Rental income declined for the same reason and due to the site divestitures we have completed thus far this year.

燃油銷售下降的主要原因是某些租賃經銷商站點轉為公司自營和佣金代理站點，這些站點現在都計入零售業務板塊。租金收入下降的原因與上述相同，也與我們今年迄今完成的土地出售有關。

Our Wholesale motor fuel gross profit declined 7% to $15.7 million in the third quarter of 2025 from $16.9 million in the third quarter of 2024. Our fuel margin decreased 2% from $0.09 per gallon in the third quarter of 2024 to [$0.088] per gallon in the third quarter of 2025. The decline in our Wholesale fuel margin per gallon was primarily driven by movements in crude oil prices and lower prompt pay discounts associated with lower gasoline prices, which reflected lower crude oil prices during the quarter compared to the prior year, partially offset by better sourcing costs.

2025 年第三季度，我們的批發汽車燃料毛利下降 7%，至 1,570 萬美元，而 2024 年第三季為 1,690 萬美元。我們的燃油利潤率從 2024 年第三季的每加侖 0.09 美元下降了 2%，至 2025 年第三季的每加侖 0.088 美元。我們每加侖批發燃油利潤率的下降主要是由於原油價格波動以及與汽油價格下降相關的即期付款折扣減少所致，這反映出本季度原油價格較上年同期有所下降，但採購成本的改善部分抵消了這一影響。

Our Wholesale volume was 177.7 million gallons for the third quarter of 2025 compared to 186.9 million gallons in the third quarter of 2024, reflecting a decline of 5%. The decline in volume, when compared to the same period in 2024, was primarily due to the conversion of certain lessee dealer sites to our retail class of trade. The gallons from these converted sites are now reflected in our Retail segment results.

2025 年第三季度，我們的批發量為 1.777 億加侖，而 2024 年第三季度為 1.869 億加侖，下降了 5%。與 2024 年同期相比，銷售量下降的主要原因是某些租賃經銷商網站轉為我們的零售貿易類別。這些改造後的站點所產生的加侖數現在已反映在我們的零售業務部門業績中。

For the quarter, our same-store volume in the Wholesale segment is down approximately 2.5% year-over-year. So the additional approximately 2.5% drop in volume, the difference between the overall volume decline of 5%, and our same-store volume decline of 2.5% for this segment was largely due to converting sites to the Retail segment or the loss of independent dealer volume.

本季度，批發業務的同店銷售額年減約 2.5%。因此，銷量額外下降約 2.5%，即整體銷量下降 5% 與我們該細分市場同店銷量下降 2.5% 之間的差異，主要是由於將網站轉換為零售細分市場或獨立經銷商銷量的損失。

As I mentioned in my Retail segment comments, national demand data available to us indicated national volume demand was down around 2.5% for the quarter. So our same-store Wholesale volume performance for the third quarter performed in line with overall national volume demand. In the period since the quarter end, Wholesale same-store volume has been down approximately 4.5%, so slightly worse than national volume demand, which has been down approximately 3.5%.

正如我在零售業務部分的評論中所提到的，我們掌握的全國需求數據顯示，本季全國銷售需求下降了約 2.5%。因此，我們第三季的同店批發銷售表現與全國整體銷售需求相符。自季末以來，批發同店銷售量下降了約 4.5%，略遜於全國銷售需求下降約 3.5%。

Regarding our Wholesale rent, our base rent for the quarter was $8.5 million, compared to the prior year of $10.4 million, a decrease due to the conversion of certain lessee dealer sites to company-operated sites, as well as our real estate rationalization efforts. As we have previously explained, the rent dollars for the conversion sites, while no longer in the form of rent, are now effectively in our Retail segment results through our fuel and store sales margins at these locations.

關於我們的批發租金，本季基本租金為 850 萬美元，而去年同期為 1,040 萬美元，下降的原因是某些承租經銷商的門市轉為公司自營門市，以及我們採取的房地產合理化措施。正如我們之前解釋的那樣，這些改建地點的租金收入雖然不再以租金的形式存在，但現在實際上已經透過這些地點的燃油和商店銷售利潤計入了我們的零售業務業績。

During the quarter, we continued with our real estate rationalization efforts, realizing approximately $22 million in proceeds from the sale of 29 sites during the quarter that we primarily used to pay down debt. For the most part, we sold sites with continuing fuel supply relationships, so we realized an extremely attractive effective multiple on these divestitures, strengthening our financial position today and positioning our portfolio for the future.

本季度，我們繼續推進房地產合理化工作，本季度透過出售 29 個地塊實現了約 2,200 萬美元的收益，我們主要將這些收益用於償還債務。在很大程度上，我們出售的資產都與燃料供應關係持續存在，因此我們從這些資產剝離中獲得了極具吸引力的有效倍數，從而增強了我們當前的財務狀況，並為未來的投資組合奠定了基礎。

Year to date, we have realized approximately $100 million in proceeds from asset sales, our biggest year ever. We continue to have a strong pipeline of asset sales for the rest of the year and are building a pipeline of asset sales for 2026. While we don't expect next year to be the record volume of sales that we have executed this year, we do expect it to contribute meaningful proceeds for us to either put into the balance sheet or to invest into the business.

今年迄今為止，我們已透過資產出售實現了約 1 億美元的收益，這是我們有史以來收益最高的一年。今年剩餘時間裡，我們將繼續保持強勁的資產出售計劃，並且正在為 2026 年建立資產出售計劃。雖然我們預計明年的銷售額不會像今年一樣創下紀錄，但我們預計它將為我們帶來可觀的收益，我們可以將其納入資產負債表或投資於業務。

Overall, the third quarter was a solid quarter for the partnership. While our EBITDA was below the prior year, on a comparable fuel margin basis, our EBITDA results exceeded the prior year, despite us realizing approximately $100 million in asset sale proceeds this year.

總體而言，第三季對於該合作關係來說是一個穩健的季度。雖然我們的 EBITDA 低於上一年，但以可比的燃油利潤率計算，我們的 EBITDA 業績超過了上一年，儘管我們今年實現了約 1 億美元的資產出售收益。

During the quarter, we continued to make meaningful progress on our strategic goals with another strong quarter of site divestitures, which strengthened our balance sheet by lowering our debt level by approximately $22 million compared to the second quarter and further optimize our operating portfolio for the future. Since the end of the third quarter, we've had a strong start to the fourth quarter, benefiting from a very favorable fuel margin environment.

本季度，我們在實現戰略目標方面繼續取得實質進展，又一個季度強勁的資產剝離，使我們的資產負債表得到加強，與第二季度相比，債務水平降低了約 2200 萬美元，並進一步優化了我們未來的營運組合。自第三季末以來，我們在第四季開局強勁，這得益於非常有利的燃油利潤環境。

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

接下來，我將把發言權交給莫拉，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 third-quarter results for the partnership. We reported net income of $13.6 million for the third quarter of 2025, compared to net income of $10.7 million in the third quarter of 2024. This increase in net income was driven by a combination of factors, including a decline in adjusted EBITDA year over year, offset by increased gains on the sale of assets that Charles discussed in his commentary, and the decline in interest expense.

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專案的第三季業績。我們公佈 2025 年第三季淨收入為 1,360 萬美元，而 2024 年第三季淨收入為 1,070 萬美元。淨收入的成長是由多種因素共同推動的，包括調整後 EBITDA 同比下降，但被查爾斯在其評論中提到的資產出售收益增加以及利息支出下降所抵消。

We recorded a net gain from asset sales and lease terminations of $7.4 million during the third quarter of 2025, compared to $4.7 million during the third quarter of 2024. Interest expense declined from $14.1 million during the third quarter of 2024 to $11.8 million during the third quarter of 2025, a material benefit to our quarter as a result of our strategic activities, which I will discuss further later on in my comments.

2025 年第三季度，我們從資產出售和租賃終止中獲得了 740 萬美元的淨收益，而 2024 年第三季為 470 萬美元。利息支出從 2024 年第三季的 1,410 萬美元下降到 2025 年第三季的 1,180 萬美元，這為我們本季帶來了實質的好處，這得益於我們的策略活動，我將在稍後的評論中進一步討論。

Adjusted EBITDA for the third quarter of 2025 was $41.3 million, a decline of $2.6 million or 6%, compared to the prior year period. This decline was primarily due to a decline in fuel and rent gross profit, which was offset by a $4 million decrease in overall expenses during the quarter year over year.

2025 年第三季調整後 EBITDA 為 4,130 萬美元，與去年同期相比下降 260 萬美元或 6%。這一下滑主要是由於燃料和租金毛利下降，但本季總支出年減了 400 萬美元，抵消了這一下滑的影響。

Our distributable cash flow for the third quarter of 2025 was $27.8 million, a slight increase from $27.1 million for the third quarter of 2024. The increase in distributable cash flow was primarily due to lower cash interest expense, sustaining capital expenditures, and current income tax expense, offset by our lower adjusted EBITDA. The decline in interest expense we experienced during the quarter was due to a lower average interest rate during the period and a lower average outstanding debt balance on our CAPL credit facility during the period as we have materially applied the proceeds of our asset sale activities to pay down our revolver balance.

2025 年第三季可分配現金流量為 2,780 萬美元，比 2024 年第三季的 2,710 萬美元略有增加。可分配現金流量的增加主要是由於現金利息支出、維持性資本支出和當期所得稅支出減少，但被我們調整後的 EBITDA 減少所抵銷。本季利息支出下降的原因是本季平均利率較低，以及本季 CAPL 信貸額度的平均未償債務餘額較低，因為我們已將資產出售所得款項大量用於償還循環信貸餘額。

Our distribution coverage ratio for the third quarter of 2025 was 1.39 times, compared to 1.36 times for the same period of 2024. Our distribution coverage for the trailing 12 months for the period ended September 30, 2025, was 1 times compared to 1.26 times for the same 12-month period ended September 30, 2024. During the third quarter of 2025, the partnership paid a distribution of $0.525 per unit.

2025 年第三季我們的股利覆蓋率為 1.39 倍，而 2024 年同期為 1.36 倍。截至 2025 年 9 月 30 日止的過去 12 個月期間，我們的分紅覆蓋率為 1 倍，而截至 2024 年 9 月 30 日止的同一 12 個月期間的分紅覆蓋率為 1.26 倍。2025 年第三季度，該合夥企業向每單位支付了 0.525 美元的分紅。

Charles provided information in his comments on our top line and gross profit metrics during the quarter and how they impacted our adjusted EBITDA compared to the prior year. I will now touch on the expense portion of our operations.

Charles 在評論中提供了有關本季度營收和毛利潤指標的信息，以及這些指標與上年相比對我們調整後 EBITDA 的影響。接下來我將談談我們營運的費用部分。

In total across both segments, we reported operating expenses for the third quarter of 2025 of $57.5 million, a $3.2 million decrease year-over-year. We reported G&A expenses for the quarter of $6.5 million, a $0.8 million decrease year-over-year, resulting in a total expense decrease for the organization of $4 million, or 6% over the course of the past year.

2025 年第三季度，兩個業務部門的總營運支出為 5,750 萬美元，比去年同期減少了 320 萬美元。本季一般及行政費用報告為 650 萬美元，比上年同期減少 80 萬美元，導致該組織過去一年的總支出減少了 400 萬美元，降幅達 6%。

As I touched on during our last quarterly earnings call, we have cycled through the first year of operations of many of our locations in their new classes of trade, which typically results in elevated expenses to onboard and upgrade the converted locations. As a result, we are experiencing a stabilization of our expense profile in our current class of trade site count. We will, of course, continue to experience seasonality of certain types of operating expenses in our stabilized portfolio, like increased labor in the summer and increased snow plowing in the winter.

正如我在上一次季度財報電話會議上提到的那樣，我們已經度過了許多門市轉型為新業態後的第一年營運期，這通常會導致門市轉型升級和啟用費用增加。因此，在我們目前的貿易站點數量類別中，我們的支出狀況正在趨於穩定。當然，在我們穩定的投資組合中，某些類型的營運費用仍會受到季節性影響，例如夏季勞動成本增加和冬季除雪成本增加。

Returning to our operating segments, Retail segment operating expenses for the third quarter declined $1.6 million, or 3%. This was driven primarily by the reduced site count in our Retail segment this quarter, specifically the 4% decrease in average company-operated site count year-over-year.

回到我們的營運部門，第三季零售部門的營運費用減少了 160 萬美元，降幅為 3%。這主要是由於本季零售業務門市數量減少所致，特別是公司自營門市平均數量年減了 4%。

On a same-store store-level basis, operating expenses in our Retail segment were down 2% for the third quarter of 2025 compared to the third quarter of 2024. The decline was primarily driven by reduced repairs and maintenance spending at both our company-operated and commissioned class of trade locations due to realized ongoing efficiencies in our maintenance operations, offset by normal course increases in store labor costs.

以同店計算，2025 年第三季零售業務的營運費用比 2024 年第三季下降了 2%。下降的主要原因是，由於我們在維護營運中不斷提高效率，公司自營和委託經營的貿易場所的維修和維護支出減少，但門市人工成本的正常增長抵消了這一下降。

Operating expenses in our Wholesale segment declined by $1.6 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 6% year-over-year. And specifically, our lessee dealer, or controlled site count within this segment, declined 23% year-over-year due to asset sales and, to a lesser extent, conversions to our retail class of trade.

由於批發業務部門的平均站點數量年減 6%，導致站點層級的營運費用和管理費用下降，因此本季批發業務部門的營運費用年減了 160 萬美元，降幅達 19%。具體而言，由於資產出售，以及在較小程度上由於向零售貿易類別的轉換，我們在該細分市場內的租賃經銷商或受控站點數量同比下降了 23%。

Our G&A expenses declined 11% for the quarter year-over-year, primarily driven by lower legal fees and equity compensation expense. As noted last quarter, our G&A expense profile this quarter, excluding event-driven acquisition costs and unit price movements impacts to equity compensation, is more indicative of our ongoing run rate in this area. We remain focused across the organization on efficient expense management at our locations, ensuring that we are investing in customer-facing areas that will drive the long-term health and sustainability of our sites, and driving operating efficiencies in our above-store operations.

本季一般及行政費用較去年同期下降 11%，主要原因是法律費用和股權激勵費用下降。如上季所述，本季我們的一般及行政費用結構（不包括事件驅動的收購成本和單位價格變動對股權激勵的影響）更能反映我們在該領域的持續營運水準。我們始終致力於在整個組織內有效管理各門市的費用，確保我們投資於面向客戶的領域，從而推動我們門市的長期健康和永續發展，並提高門市以上營運的效率。

Moving to the next slide, we spent a total of $6.7 million on capital expenditures during the third quarter, with $4.8 million of that total being growth-related capital expenditures and $1.9 million of that being sustaining capital expenditures. The decline in sustaining capital expenditures versus the prior year is in line with our expectations as we experience a stabilization of our current class of trade site count as well as a reduction of our real estate controlled site count.

接下來看下一張投影片，我們在第三季總共花費了 670 萬美元用於資本支出，其中 480 萬美元是與成長相關的資本支出，190 萬美元是維持性資本支出。與前一年相比，維持性資本支出的下降符合我們的預期，因為我們目前的貿易場所數量趨於穩定，同時我們擁有的房地產控制場所數量減少。

Moving to our growth capital spending during the quarter, our spend remained focused on our company-operated locations and included the completion of various projects to increase food offerings, both our own and QSRs, as well as targeted fuel brand and backcourt refresh projects supported by our wholesale fuel supplier partners. Our food-related growth investments have and will continue to contribute to our merchandise sales and margining results as Charles discussed earlier.

在本季度，我們的成長資本支出仍然集中在公司自營門店，包括完成各種項目以增加食品供應（包括我們自己的食品和快餐店），以及由我們的批發燃料供應商合作夥伴支持的有針對性的燃料品牌和後場更新項目。正如查爾斯之前所討論的那樣，我們在食品相關成長方面的投資已經並將繼續為我們的商品銷售和利潤率做出貢獻。

Turning to our balance sheet, the asset sale activities during the third quarter that Charles reviewed in his comments meaningfully helped us reduce our credit facility balance by $21.5 million since the end of the second quarter of 2025, ending the quarter at a credit facility balance of $705.5 million. Our year-to-date asset sale activities have helped us to reduce our credit facility balance by $62 million year-to-date.

再來看我們的資產負債表，查爾斯在他的評論中提到的第三季度資產出售活動，顯著地幫助我們自 2025 年第二季度末以來減少了 2150 萬美元的信貸額度餘額，使該季度末的信貸額度餘額為 7.055 億美元。今年迄今為止，我們的資產出售活動已幫助我們減少了信貸額度餘額 6,200 萬美元。

The decrease in our balance, combined with the gains on sale generated from our asset sale activities, resulted in a decrease in our credit facility defined leverage ratio to 3.56 times, compared to 4.36 times as of December 31, 2024. This leverage ratio continues to provide additional meaningful savings on our credit facility interest expense as we move forward. Our management team remains focused on the cash flow generation profile of our business, utilizing our normal course operations and our targeted real estate optimization efforts to manage our leverage ratio at approximately 4 times on a credit facility-defined basis.

由於我們的資產餘額減少，加上出售資產活動產生的收益，導致我們的信貸額度槓桿率從 2024 年 12 月 31 日的 4.36 倍下降至 3.56 倍。隨著我們不斷推進，這一槓桿比率將繼續為我們的信貸融資利息支出帶來更多可觀的節省。我們的管理團隊仍然專注於我們業務的現金流生成情況，利用我們正常的營運和有針對性的房地產優化措施，將我們的槓桿率控制在信貸額度規定的 4 倍左右。

Our asset sale activities during the quarter and reduced credit facility balance also helped improve our cash interest expense during the quarter, which decreased from $13.7 million in the third quarter of 2024 to $11.3 million in the third quarter of 2025. We also benefited from a lower average interest rate environment during the third quarter of 2025.

本季我們的資產出售活動和信貸額度餘額的減少也有助於改善本季的現金利息支出，該支出從 2024 年第三季的 1,370 萬美元減少到 2025 年第三季的 1,130 萬美元。2025年第三季度，我們也受惠於較低的平均利率環境。

Our existing interest rate swap portfolio continues to benefit us as well. At this time, more than 55% of our current credit facility balance is swapped to a fixed rate of approximately 3.4% blended, which remains an advantage rate in the current rate environment. Our effective interest rate on the total CAPL credit facility at the end of the third quarter is 5.8%.

我們現有的利率互換投資組合也持續為我們帶來收益。目前，我們超過 55% 的現有信貸額度餘額已轉換為約 3.4% 的固定混合利率，這在當前的利率環境下仍然是一個有利的利率。截至第三季末，我們 CAPL 總信貸額度的實際利率為 5.8%。

In conclusion, as Charles noted, we had a solid third quarter. We successfully completed several asset sales, reducing our debt by more than $20 million and strengthening our balance sheet. These transactions also positioned our operating portfolio for long-term performance. We remain focused as a team on continuing to execute across the business and are looking forward to 2026, maintaining a strong balance sheet and generating value for our unit holders.

總之，正如查爾斯所指出的，我們第三季表現穩健。我們成功完成了幾項資產出售，減少了超過 2000 萬美元的債務，並增強了我們的資產負債表。這些交易也使我們的營運組合為長期績效奠定了基礎。我們團隊將繼續專注於各項業務的執行，並期待 2026 年，保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 for questions.

接下來，我們將開放提問環節。

(Operator Instructions)

（操作說明）

It doesn't appear we have any questions today. Should you have any questions later, please feel free to reach out to us. Again, thank you for joining us. Have a great day.

今天似乎沒有問題要問。如果您之後有任何疑問，請隨時與我們聯繫。再次感謝您的參與。祝你有美好的一天。

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 great day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。祝你有美好的一天。