Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

v3.21.2
Segment Reporting (Tables)
6 Months Ended
Jun. 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 selling 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 June 30, 2021

 

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

768,716

 

 

$

690,521

 

 

$

1,526

 

 

$

 

 

$

1,460,763

 

Merchandise revenue

 

 

426,365

 

 

 

 

 

 

 

 

 

 

 

 

426,365

 

Other revenues, net

 

 

17,252

 

 

 

5,212

 

 

 

264

 

 

 

 

 

 

22,728

 

Total revenues from external customers

 

 

1,212,333

 

 

 

695,733

 

 

 

1,790

 

 

 

 

 

 

1,909,856

 

Inter-segment

 

 

 

 

 

 

 

 

1,092,926

 

 

 

317

 

 

 

1,093,243

 

Total revenues from reportable segments

 

 

1,212,333

 

 

 

695,733

 

 

 

1,094,716

 

 

 

317

 

 

 

3,003,099

 

Operating income

 

 

71,215

 

 

 

5,992

 

 

 

23,610

 

 

 

317

 

 

 

101,134

 

Interest and financial expenses, net

 

 

 

 

 

 

 

 

(3,859

)

 

 

 

 

 

(3,859

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(55

)

 

 

(55

)

Income from equity investment

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

26

 

Net income from reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

97,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

385,519

 

 

$

21,281

 

 

$

712

 

 

$

 

 

$

407,512

 

Merchandise revenue

 

 

391,697

 

 

 

 

 

 

 

 

 

 

 

 

391,697

 

Other revenues, net

 

 

13,615

 

 

 

1,307

 

 

 

179

 

 

 

 

 

 

15,101

 

Total revenues from external customers

 

 

790,831

 

 

 

22,588

 

 

 

891

 

 

 

 

 

 

814,310

 

Inter-segment

 

 

 

 

 

 

 

 

230,178

 

 

 

 

 

 

230,178

 

Total revenues from reportable segments

 

 

790,831

 

 

 

22,588

 

 

 

231,069

 

 

 

 

 

 

1,044,488

 

Operating income

 

 

76,767

 

 

 

780

 

 

 

7,284

 

 

 

 

 

 

84,831

 

Interest and financial expenses, net

 

 

 

 

 

 

 

 

(921

)

 

 

 

 

 

(921

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(43

)

 

 

(43

)

Loss from equity investment

 

 

 

 

 

 

 

 

 

 

 

(178

)

 

 

(178

)

Net income from reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

83,689

 

 

 

 

 

Retail

 

 

Wholesale

 

 

GPMP

 

 

All Other

 

 

Total

 

For the Six Months Ended June 30, 2021

 

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

1,345,020

 

 

$

1,216,009

 

 

$

2,681

 

 

$

 

 

$

2,563,710

 

Merchandise revenue

 

 

785,646

 

 

 

 

 

 

 

 

 

 

 

 

785,646

 

Other revenues, net

 

 

34,229

 

 

 

10,151

 

 

 

519

 

 

 

 

 

 

44,899

 

Total revenues from external customers

 

 

2,164,895

 

 

 

1,226,160

 

 

 

3,200

 

 

 

 

 

 

3,394,255

 

Inter-segment

 

 

 

 

 

 

 

 

1,912,393

 

 

 

634

 

 

 

1,913,027

 

Total revenues from reportable segments

 

 

2,164,895

 

 

 

1,226,160

 

 

 

1,915,593

 

 

 

634

 

 

 

5,307,282

 

Operating income

 

 

111,562

 

 

 

8,300

 

 

 

43,733

 

 

 

634

 

 

 

164,229

 

Interest and financial expenses, net

 

 

 

 

 

 

 

 

(7,700

)

 

 

 

 

 

(7,700

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(111

)

 

 

(111

)

Income from equity investment

 

 

 

 

 

 

 

 

 

 

 

20

 

 

 

20

 

Net income from reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

156,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

918,405

 

 

$

50,219

 

 

$

1,929

 

 

$

 

 

$

970,553

 

Merchandise revenue

 

 

715,376

 

 

 

 

 

 

 

 

 

 

 

 

715,376

 

Other revenues, net

 

 

25,315

 

 

 

2,590

 

 

 

394

 

 

 

 

 

 

28,299

 

Total revenues from external customers

 

 

1,659,096

 

 

 

52,809

 

 

 

2,323

 

 

 

 

 

 

1,714,228

 

Inter-segment

 

 

 

 

 

 

 

 

609,303

 

 

 

2,378

 

 

 

611,681

 

Total revenues from reportable segments

 

 

1,659,096

 

 

 

52,809

 

 

 

611,626

 

 

 

2,378

 

 

 

2,325,909

 

Operating income

 

 

98,178

 

 

 

1,058

 

 

 

16,070

 

 

 

2,378

 

 

 

117,684

 

Interest and financial (expenses) income, net

 

 

 

 

 

 

 

 

(1,768

)

 

 

23

 

 

 

(1,745

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(205

)

 

 

(205

)

Loss from equity investment

 

 

 

 

 

 

 

 

 

 

 

(411

)

 

 

(411

)

Net income from reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

115,323

 

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 June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Total revenues from reportable segments

 

$

3,003,099

 

 

$

1,044,488

 

 

$

5,307,282

 

 

$

2,325,909

 

Other revenues, net

 

 

(42

)

 

 

(35

)

 

 

(85

)

 

 

(73

)

Elimination of inter-segment revenues

 

 

(1,093,243

)

 

 

(230,178

)

 

 

(1,913,027

)

 

 

(611,681

)

Total revenues

 

$

1,909,814

 

 

$

814,275

 

 

$

3,394,170

 

 

$

1,714,155

 

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 June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Net income from reportable segments

 

$

97,246

 

 

$

83,689

 

 

$

156,438

 

 

$

115,323

 

Amounts not allocated to segments:

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues, net

 

 

(42

)

 

 

(35

)

 

 

(85

)

 

 

(73

)

Store operating expenses

 

 

675

 

 

 

(801

)

 

 

1,252

 

 

 

(1,693

)

General and administrative expenses

 

 

(31,068

)

 

 

(19,582

)

 

 

(57,070

)

 

 

(37,707

)

Depreciation and amortization

 

 

(23,431

)

 

 

(14,970

)

 

 

(45,830

)

 

 

(30,198

)

Other expenses, net

 

 

(1,195

)

 

 

(1,733

)

 

 

(2,867

)

 

 

(5,909

)

Interest and other financial expenses, net

 

 

(8,455

)

 

 

(11,592

)

 

 

(33,548

)

 

 

(19,797

)

Income tax expense

 

 

(8,157

)

 

 

(2,467

)

 

 

(7,379

)

 

 

(294

)

Net income

 

$

25,573

 

 

$

32,509

 

 

$

10,911

 

 

$

19,652