| Schedule of Reportable Segments |
Inter-segment transactions primarily included the distribution of fuel by GPMP to substantially all of GPM’s sites that sell fuel (both in the retail and wholesale segments) and charges by GPMP primarily to sites that sell fuel in the fleet fueling segment which are not supplied by GPMP. The effect of these inter-segment transactions was eliminated in the interim financial statements.
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Retail |
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Wholesale |
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Fleet Fueling |
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GPMP |
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All Other |
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Total |
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For the Three Months Ended March 31, 2025 |
(in thousands) |
|
Revenues |
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Fuel revenue |
|
$ |
690,686 |
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|
$ |
629,492 |
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|
$ |
118,406 |
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|
$ |
496 |
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|
$ |
7,836 |
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|
$ |
1,446,916 |
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Merchandise revenue |
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|
354,485 |
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|
|
— |
|
|
|
— |
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|
|
— |
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|
|
— |
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|
354,485 |
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Other revenues, net |
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|
14,547 |
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|
10,352 |
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|
2,118 |
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|
155 |
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|
332 |
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|
27,504 |
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Total revenues from external
customers |
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$ |
1,059,718 |
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$ |
639,844 |
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$ |
120,524 |
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$ |
651 |
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$ |
8,168 |
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$ |
1,828,905 |
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Inter-segment revenues |
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$ |
— |
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$ |
— |
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$ |
— |
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|
$ |
940,531 |
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|
$ |
5,085 |
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|
$ |
945,616 |
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Fuel costs |
|
$ |
605,413 |
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|
$ |
609,445 |
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$ |
103,104 |
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$ |
916,588 |
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Merchandise costs |
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|
236,915 |
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Salaries and wages |
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71,668 |
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Credit card fees |
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|
19,416 |
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|
1,669 |
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|
1,045 |
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Rent |
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33,838 |
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|
8,656 |
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|
2,854 |
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Repairs and maintenance |
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|
15,659 |
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|
991 |
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|
918 |
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Other segment expenses |
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36,658 |
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|
453 |
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|
1,611 |
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|
2,668 |
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|
13,085 |
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Operating income from segments |
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$ |
40,151 |
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$ |
18,630 |
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$ |
10,992 |
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|
$ |
21,926 |
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|
$ |
168 |
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$ |
91,867 |
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Interest and other financial
expenses, net |
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|
$ |
(7,478 |
) |
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|
|
$ |
(7,478 |
) |
Income from equity investment |
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$ |
21 |
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$ |
21 |
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Retail |
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Wholesale |
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Fleet Fueling |
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GPMP |
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All Other |
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Total |
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For the Three Months Ended March 31, 2024 |
(in thousands) |
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Revenues |
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Fuel revenue |
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$ |
824,428 |
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|
$ |
664,514 |
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|
$ |
132,193 |
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|
$ |
1,205 |
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$ |
8,992 |
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|
$ |
1,631,332 |
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Merchandise revenue |
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|
414,655 |
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|
|
— |
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— |
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— |
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— |
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|
414,655 |
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Other revenues, net |
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|
16,679 |
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|
6,858 |
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|
2,385 |
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|
|
207 |
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|
|
338 |
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|
26,467 |
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Total revenues from external
customers |
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$ |
1,255,762 |
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$ |
671,372 |
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$ |
134,578 |
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$ |
1,412 |
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|
$ |
9,330 |
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$ |
2,072,454 |
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Inter-segment revenues |
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$ |
— |
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$ |
— |
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$ |
— |
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|
$ |
1,102,541 |
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|
$ |
5,253 |
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|
$ |
1,107,794 |
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Fuel costs |
|
$ |
731,495 |
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|
$ |
643,784 |
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|
$ |
118,277 |
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$ |
1,077,821 |
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Merchandise costs |
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|
279,737 |
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Salaries and wages |
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|
82,523 |
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Credit card fees |
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|
21,747 |
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|
1,870 |
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|
1,082 |
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|
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Rent |
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35,489 |
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|
5,686 |
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|
2,706 |
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Repairs and maintenance |
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|
16,484 |
|
|
|
740 |
|
|
|
1,250 |
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Other segment expenses |
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|
41,774 |
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|
|
1,003 |
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|
|
1,505 |
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|
2,805 |
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|
14,478 |
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Operating income from segments |
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$ |
46,513 |
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|
$ |
18,289 |
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|
$ |
9,758 |
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$ |
23,327 |
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$ |
105 |
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$ |
97,992 |
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Interest and other financial
expenses, net |
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|
|
|
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|
|
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|
$ |
(6,528 |
) |
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|
|
|
$ |
(6,528 |
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Income from equity investment |
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|
|
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|
|
|
|
|
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|
$ |
22 |
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$ |
22 |
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| Schedule of Reconciliation of Operating Income from Reportable Segments to Consolidated Loss Before Income Taxes |
A reconciliation of operating income from reportable segments to consolidated loss before income taxes on the condensed consolidated statements of operations was as follows:
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For the Three Months
Ended March 31, |
|
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|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
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Operating income from reportable segments |
|
$ |
91,699 |
|
|
$ |
97,887 |
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All other operating income |
|
|
168 |
|
|
|
105 |
|
Intercompany charges by GPMP 1 |
|
|
(24,437 |
) |
|
|
(25,963 |
) |
Interest and other financial expenses, net |
|
|
(7,478 |
) |
|
|
(6,528 |
) |
Amounts not allocated to segments: |
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|
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Site operating expenses |
|
|
(3,145 |
) |
|
|
(3,350 |
) |
General and administrative expenses |
|
|
(40,785 |
) |
|
|
(41,197 |
) |
Depreciation and amortization |
|
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(33,047 |
) |
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|
(29,872 |
) |
Other expenses, net |
|
|
(2,217 |
) |
|
|
(2,476 |
) |
Interest and other financial (expenses) income, net |
|
|
(6,373 |
) |
|
|
4,071 |
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Loss before income taxes |
|
$ |
(25,615 |
) |
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$ |
(7,323 |
) |
1 Represents the estimated fixed margin or fixed fee (currently 5.0 cents per gallon) paid to GPMP for the cost of fuel and recorded by GPMP as inter-segment revenues.
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