| Schedule of Reportable Segments |
Inter-segment transactions primarily included the sale of fuel to all of the Company’s wholesale locations, and beginning February 1, 2026, to all the fleet fueling locations, at the Company’s cost of fuel plus a fixed margin. Until February 1, 2026, a fixed fee was charged by the GPMP segment primarily to sites that sold fuel in the fleet fueling segment that were not supplied by the GPMP segment. The effect of these inter-segment transactions was eliminated in the interim financial statements.
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|
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|
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|
Wholesale |
|
|
Fleet Fueling |
|
|
GPMP |
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|
All Other |
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|
Total |
|
For the Three Months Ended March 31, 2026 |
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
673,855 |
|
|
$ |
127,299 |
|
|
$ |
— |
|
|
$ |
6,444 |
|
|
$ |
807,598 |
|
Fuel revenue – related party |
|
|
— |
|
|
|
— |
|
|
|
514,484 |
|
|
|
— |
|
|
|
514,484 |
|
Other revenues, net |
|
|
16,530 |
|
|
|
2,241 |
|
|
|
171 |
|
|
|
160 |
|
|
|
19,102 |
|
Other revenues, net – related party |
|
|
524 |
|
|
|
— |
|
|
|
714 |
|
|
|
1,943 |
|
|
|
3,181 |
|
Total revenues from external customers |
|
$ |
690,909 |
|
|
$ |
129,540 |
|
|
$ |
515,369 |
|
|
$ |
8,547 |
|
|
$ |
1,344,365 |
|
Inter-segment revenues |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
723,251 |
|
|
$ |
3,142 |
|
|
$ |
726,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel costs |
|
$ |
650,964 |
|
|
$ |
110,554 |
|
|
$ |
— |
|
|
|
|
|
|
|
Fuel costs – related party |
|
|
|
|
|
|
|
|
503,519 |
|
|
|
|
|
|
|
Fuel costs – inter-segment |
|
|
|
|
|
|
|
|
707,163 |
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|
|
|
|
|
|
Credit card fees |
|
|
1,522 |
|
|
|
1,410 |
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|
|
|
|
|
|
|
|
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Rent, including allocated expenses |
|
|
12,952 |
|
|
|
2,972 |
|
|
|
|
|
|
|
|
|
|
Repairs and maintenance |
|
|
1,267 |
|
|
|
990 |
|
|
|
|
|
|
|
|
|
|
Other segment expenses |
|
|
1,192 |
|
|
|
1,659 |
|
|
|
2,322 |
|
|
|
11,545 |
|
|
|
|
Operating income from segments |
|
$ |
23,012 |
|
|
$ |
11,955 |
|
|
$ |
25,616 |
|
|
$ |
144 |
|
|
$ |
60,727 |
|
Interest and other financial expenses, net |
|
|
|
|
|
|
|
$ |
(5,521 |
) |
|
|
|
|
$ |
(5,521 |
) |
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|
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|
|
|
|
|
|
|
|
|
|
Wholesale |
|
|
Fleet Fueling |
|
|
GPMP |
|
|
All Other |
|
|
Total |
|
For the Three Months Ended March 31, 2025 |
(in thousands) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
630,060 |
|
|
$ |
118,406 |
|
|
$ |
496 |
|
|
$ |
7,836 |
|
|
$ |
756,798 |
|
Fuel revenue – related party |
|
|
— |
|
|
|
— |
|
|
|
574,416 |
|
|
|
— |
|
|
|
574,416 |
|
Other revenues, net |
|
|
10,352 |
|
|
|
2,118 |
|
|
|
155 |
|
|
|
332 |
|
|
|
12,957 |
|
Other revenues, net – related party |
|
|
— |
|
|
|
— |
|
|
|
652 |
|
|
|
2,503 |
|
|
|
3,155 |
|
Total revenues from external customers |
|
$ |
640,412 |
|
|
$ |
120,524 |
|
|
$ |
575,719 |
|
|
$ |
10,671 |
|
|
$ |
1,347,326 |
|
Inter-segment revenues |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
594,148 |
|
|
$ |
2,582 |
|
|
$ |
596,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel costs |
|
$ |
610,013 |
|
|
$ |
103,104 |
|
|
$ |
496 |
|
|
|
|
|
|
|
Fuel costs – related party |
|
|
|
|
|
|
|
|
563,833 |
|
|
|
|
|
|
|
Fuel costs – inter-segment |
|
|
|
|
|
|
|
|
580,944 |
|
|
|
|
|
|
|
Credit card fees |
|
|
1,669 |
|
|
|
1,045 |
|
|
|
|
|
|
|
|
|
|
Rent, included allocated expenses |
|
|
8,656 |
|
|
|
2,854 |
|
|
|
|
|
|
|
|
|
|
Repairs and maintenance |
|
|
991 |
|
|
|
918 |
|
|
|
|
|
|
|
|
|
|
Other segment expenses |
|
|
453 |
|
|
|
1,611 |
|
|
|
2,668 |
|
|
|
12,273 |
|
|
|
|
Operating income from segments |
|
$ |
18,630 |
|
|
$ |
10,992 |
|
|
$ |
21,926 |
|
|
$ |
980 |
|
|
$ |
52,528 |
|
Interest and other financial expenses, net |
|
|
|
|
|
|
|
$ |
(7,478 |
) |
|
|
|
|
$ |
(7,478 |
) |
|
| Schedule of Reconciliation of Operating Income from Reportable Segments to Consolidated Loss Before Income Taxes |
A reconciliation of operating income from reportable segments to income before income taxes on the condensed consolidated statements of operations is as follows:
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|
For the Three Months
Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
(in thousands) |
|
Operating income from reportable segments |
|
$ |
60,583 |
|
|
$ |
51,548 |
|
All other operating income |
|
|
144 |
|
|
|
980 |
|
Intercompany charges by the GPMP segment 1 |
|
|
(16,088 |
) |
|
|
(13,204 |
) |
Interest and other financial expenses, net |
|
|
(5,521 |
) |
|
|
(7,478 |
) |
Amounts not allocated to segments: |
|
|
|
|
|
|
Site operating expenses, including allocated expenses |
|
|
(185 |
) |
|
|
(727 |
) |
General and administrative expenses, including allocated expenses |
|
|
(10,304 |
) |
|
|
(9,920 |
) |
Depreciation and amortization, including allocated expenses |
|
|
(12,975 |
) |
|
|
(11,663 |
) |
Other expenses, net |
|
|
(1,063 |
) |
|
|
(1,195 |
) |
Interest and other financial expenses, net |
|
|
(3,506 |
) |
|
|
(2,134 |
) |
Income before income taxes |
|
$ |
11,085 |
|
|
$ |
6,207 |
|
|