Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

v3.21.2
Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Schedule of Reportable Segments

Inter-segment transactions primarily included the distribution of fuel by GPMP to GPM and its subsidiaries that sell fuel (both in the Retail and Wholesale segments). The effect of these inter-segment transactions was eliminated in the condensed consolidated financial statements.

 

 

 

Retail

 

 

Wholesale

 

 

GPMP

 

 

All Other

 

 

Total

 

For the Three Months Ended September 30, 2021

 

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

847,869

 

 

$

730,847

 

 

$

1,643

 

 

$

 

 

$

1,580,359

 

Merchandise revenue

 

 

434,652

 

 

 

 

 

 

 

 

 

 

 

 

434,652

 

Other revenues, net

 

 

14,488

 

 

 

5,275

 

 

 

287

 

 

 

 

 

 

20,050

 

Total revenues from external customers

 

 

1,297,009

 

 

 

736,122

 

 

 

1,930

 

 

 

 

 

 

2,035,061

 

Inter-segment

 

 

 

 

 

 

 

 

1,217,622

 

 

 

317

 

 

 

1,217,939

 

Total revenues from reportable segments

 

 

1,297,009

 

 

 

736,122

 

 

 

1,219,552

 

 

 

317

 

 

 

3,253,000

 

Operating income

 

 

75,285

 

 

 

5,837

 

 

 

24,593

 

 

 

317

 

 

 

106,032

 

Interest and financial expenses, net

 

 

 

 

 

 

 

 

(3,894

)

 

 

 

 

 

(3,894

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(55

)

 

 

(55

)

Income from equity investment

 

 

 

 

 

 

 

 

 

 

 

85

 

 

 

85

 

Net income from reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

102,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

506,418

 

 

$

32,468

 

 

$

1,052

 

 

$

 

 

$

539,938

 

Merchandise revenue

 

 

403,665

 

 

 

 

 

 

 

 

 

 

 

 

403,665

 

Other revenues, net

 

 

13,860

 

 

 

2,409

 

 

 

245

 

 

 

 

 

 

16,514

 

Total revenues from external customers

 

 

923,943

 

 

 

34,877

 

 

 

1,297

 

 

 

 

 

 

960,117

 

Inter-segment

 

 

 

 

 

 

 

 

352,363

 

 

 

335

 

 

 

352,698

 

Total revenues from reportable segments

 

 

923,943

 

 

 

34,877

 

 

 

353,660

 

 

 

335

 

 

 

1,312,815

 

Operating income

 

 

62,221

 

 

 

1,674

 

 

 

9,360

 

 

 

335

 

 

 

73,590

 

Interest and financial expenses, net

 

 

 

 

 

 

 

 

(745

)

 

 

(184

)

 

 

(929

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(54

)

 

 

(54

)

Loss from equity investment

 

 

 

 

 

 

 

 

 

 

 

(24

)

 

 

(24

)

Net income from reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

72,583

 

 

 

 

 

Retail

 

 

Wholesale

 

 

GPMP

 

 

All Other

 

 

Total

 

For the Nine Months Ended September 30, 2021

 

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

2,192,889

 

 

$

1,946,856

 

 

$

4,324

 

 

$

 

 

$

4,144,069

 

Merchandise revenue

 

 

1,220,298

 

 

 

 

 

 

 

 

 

 

 

 

1,220,298

 

Other revenues, net

 

 

48,717

 

 

 

15,426

 

 

 

806

 

 

 

 

 

 

64,949

 

Total revenues from external customers

 

 

3,461,904

 

 

 

1,962,282

 

 

 

5,130

 

 

 

 

 

 

5,429,316

 

Inter-segment

 

 

 

 

 

 

 

 

3,130,015

 

 

 

951

 

 

 

3,130,966

 

Total revenues from reportable segments

 

 

3,461,904

 

 

 

1,962,282

 

 

 

3,135,145

 

 

 

951

 

 

 

8,560,282

 

Operating income

 

 

186,847

 

 

 

14,137

 

 

 

68,326

 

 

 

951

 

 

 

270,261

 

Interest and financial expenses, net

 

 

 

 

 

 

 

 

(11,594

)

 

 

 

 

 

(11,594

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(166

)

 

 

(166

)

Income from equity investment

 

 

 

 

 

 

 

 

 

 

 

105

 

 

 

105

 

Net income from reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

258,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

1,424,823

 

 

$

82,687

 

 

$

2,981

 

 

$

 

 

$

1,510,491

 

Merchandise revenue

 

 

1,119,041

 

 

 

 

 

 

 

 

 

 

 

 

1,119,041

 

Other revenues, net

 

 

39,175

 

 

 

4,999

 

 

 

639

 

 

 

 

 

 

44,813

 

Total revenues from external customers

 

 

2,583,039

 

 

 

87,686

 

 

 

3,620

 

 

 

 

 

 

2,674,345

 

Inter-segment

 

 

 

 

 

 

 

 

961,666

 

 

 

2,713

 

 

 

964,379

 

Total revenues from reportable segments

 

 

2,583,039

 

 

 

87,686

 

 

 

965,286

 

 

 

2,713

 

 

 

3,638,724

 

Operating income

 

 

160,399

 

 

 

2,732

 

 

 

25,430

 

 

 

2,713

 

 

 

191,274

 

Interest and financial expenses, net

 

 

 

 

 

 

 

 

(2,513

)

 

 

(161

)

 

 

(2,674

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(259

)

 

 

(259

)

Loss from equity investment

 

 

 

 

 

 

 

 

 

 

 

(435

)

 

 

(435

)

Net income from reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

187,906

 

Schedule of Reconciliation of Total Revenues from Reportable Segments to Total Revenues

A reconciliation of total revenues from reportable segments to total revenues on the condensed consolidated statements of operations is as follows:

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Total revenues from reportable segments

 

$

3,253,000

 

 

$

1,312,815

 

 

$

8,560,282

 

 

$

3,638,724

 

Other revenues, net

 

 

(38

)

 

 

(39

)

 

 

(123

)

 

 

(112

)

Elimination of inter-segment revenues

 

 

(1,217,939

)

 

 

(352,698

)

 

 

(3,130,966

)

 

 

(964,379

)

Total revenues

 

$

2,035,023

 

 

$

960,078

 

 

$

5,429,193

 

 

$

2,674,233

 

Schedule of Reconciliation of Net Income from Reportable Segments to Net (Loss) Income

A reconciliation of net income from reportable segments to net income on the condensed consolidated statements of operations is as follows:

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Net income from reportable segments

 

$

102,168

 

 

$

72,583

 

 

$

258,606

 

 

$

187,906

 

Amounts not allocated to segments:

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues, net

 

 

(38

)

 

 

(39

)

 

 

(123

)

 

 

(112

)

Store operating expenses

 

 

1,118

 

 

 

(673

)

 

 

2,370

 

 

 

(2,366

)

General and administrative expenses

 

 

(31,941

)

 

 

(24,720

)

 

 

(89,011

)

 

 

(62,427

)

Depreciation and amortization

 

 

(20,187

)

 

 

(14,328

)

 

 

(66,017

)

 

 

(44,526

)

Other income (expenses), net

 

 

56

 

 

 

(1,381

)

 

 

(2,811

)

 

 

(7,290

)

Interest and other financial expenses, net

 

 

(10,851

)

 

 

(9,667

)

 

 

(44,399

)

 

 

(29,464

)

Income tax expense

 

 

(4,740

)

 

 

(4,618

)

 

 

(12,119

)

 

 

(4,912

)

Net income

 

$

35,585

 

 

$

17,157

 

 

$

46,496

 

 

$

36,809