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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Note 14. SEGMENT REPORTING We conduct our business in two reportable segments: 1) the wholesale segment and 2) the retail segment. The wholesale segment includes the wholesale distribution of motor fuel to lessee dealers and independent dealers. We have exclusive motor fuel distribution contracts with lessee dealers who lease the property from us. We also have exclusive distribution contracts with independent dealers to distribute motor fuel but do not collect rent from the independent dealers. The retail segment includes the retail sale of motor fuel at retail sites operated by commission agents and the sale of convenience merchandise and the retail sale of motor fuel at company operated sites. A commission agent site is a retail site where we retain title to the motor fuel inventory and sell it directly to our end user customers. At commission agent retail sites, we manage motor fuel inventory pricing and retain the gross profit on motor fuel sales, less a commission to the agent who operates the retail site. Similar to our wholesale segment, we also generate revenues through leasing or subleasing real estate in our retail segment. Unallocated items consist primarily of general and administrative expenses, depreciation, amortization and accretion expense, gains on dispositions and lease terminations, net, other income, interest expense and income tax expense. Total assets by segment are not presented as management does not currently assess performance or allocate resources based on that data. During the three and nine months ended September 30, 2025, respectively, we converted 13 and 37 sites from lessee dealer sites in the wholesale segment to company operated or commission agent sites in the retail segment, net. During the three and nine months ended September 30, 2024, respectively, we converted 11 and 106 sites from lessee dealer sites in the wholesale segment to company operated or commission agent sites in the retail segment, net, including 59 sites from the Applegreen Acquisition. See Note 2 for additional information. The following table reflects activity related to our reportable segments (in thousands):
|  | Wholesale |  |  | Retail |  |  | Unallocated |  |  | Consolidated |
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Revenues from fuel sales to external customers |  | $ | 401,161 |  |  | $ | 438,828 |  |  | $ | — |  |  | $ | 839,989 |
Revenues from food and merchandise sales |  |  | — |  |  |  | 110,685 |  |  |  | — |  |  |  | 110,685 |
Rent income |  |  | 11,274 |  |  |  | 3,893 |  |  |  | — |  |  |  | 15,167 |
Other revenue |  |  | 1,221 |  |  |  | 4,785 |  |  |  | — |  |  |  | 6,006 |
Total revenues |  |  | 413,656 |  |  |  | 558,191 |  |  |  | — |  |  |  | 971,847 |
Cost of goods sold - fuel |  |  | 385,443 |  |  |  | 398,096 |  |  |  | — |  |  |  | 783,539 |
Cost of goods sold - food and merchandise |  |  | — |  |  |  | 78,704 |  |  |  | — |  |  |  | 78,704 |
Cost of goods sold - Rent expense |  |  | 3,428 |  |  |  | 1,406 |  |  |  | — |  |  |  | 4,834 |
Gross profit |  |  | 24,785 |  |  |  | 79,985 |  |  |  | — |  |  |  | 104,770 |
Store labor |  |  | — |  |  |  | 23,080 |  |  |  | — |  |  |  | 23,080 |
Maintenance and environmental costs |  |  | 1,543 |  |  |  | 7,155 |  |  |  | — |  |  |  | 8,698 |
Other items (a) |  |  | 5,358 |  |  |  | 20,405 |  |  |  | 19,142 |  |  |  | 44,905 |
Operating income (loss) |  | $ | 17,884 |  |  | $ | 29,345 |  |  | $ | (19,142 | ) |  | $ | 28,087 |
|  | Wholesale |  |  | Retail |  |  | Unallocated |  |  | Consolidated |
Three Months Ended September 30, 2024 (b) |  |  |  |  |  |  |  |  |  |  |  |
Revenues from fuel sales to external customers |  | $ | 456,447 |  |  | $ | 490,162 |  |  | $ | — |  |  | $ | 946,609 |
Revenues from food and merchandise sales |  |  | — |  |  |  | 109,441 |  |  |  | — |  |  |  | 109,441 |
Rent income |  |  | 13,477 |  |  |  | 3,461 |  |  |  | — |  |  |  | 16,938 |
Other revenue |  |  | 1,244 |  |  |  | 4,931 |  |  |  | — |  |  |  | 6,175 |
Total revenues |  |  | 471,168 |  |  |  | 607,995 |  |  |  | — |  |  |  | 1,079,163 |
Cost of goods sold - fuel |  |  | 439,577 |  |  |  | 444,403 |  |  |  | — |  |  |  | 883,980 |
Cost of goods sold - food and merchandise |  |  | — |  |  |  | 78,947 |  |  |  | — |  |  |  | 78,947 |
Cost of goods sold - Rent expense |  |  | 3,952 |  |  |  | 1,058 |  |  |  | — |  |  |  | 5,010 |
Gross profit |  |  | 27,639 |  |  |  | 83,587 |  |  |  | — |  |  |  | 111,226 |
Store labor |  |  | — |  |  |  | 23,516 |  |  |  | — |  |  |  | 23,516 |
Maintenance and environmental costs |  |  | 2,057 |  |  |  | 8,285 |  |  |  | — |  |  |  | 10,342 |
Other items (a) |  |  | 6,485 |  |  |  | 20,423 |  |  |  | 23,364 |  |  |  | 50,272 |
Operating income (loss) |  | $ | 19,097 |  |  | $ | 31,363 |  |  | $ | (23,364 | ) |  | $ | 27,096 |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Revenues from fuel sales to external customers |  | $ | 1,166,520 |  |  | $ | 1,256,162 |  |  | $ | — |  |  | $ | 2,422,682 |
Revenues from food and merchandise sales |  |  | — |  |  |  | 308,085 |  |  |  | — |  |  |  | 308,085 |
Rent income |  |  | 36,409 |  |  |  | 11,419 |  |  |  | — |  |  |  | 47,828 |
Other revenue |  |  | 3,804 |  |  |  | 13,848 |  |  |  | — |  |  |  | 17,652 |
Total revenues |  |  | 1,206,733 |  |  |  | 1,589,514 |  |  |  | — |  |  |  | 2,796,247 |
Cost of goods sold - fuel |  |  | 1,119,873 |  |  |  | 1,145,461 |  |  |  | — |  |  |  | 2,265,334 |
Cost of goods sold - food and merchandise |  |  | — |  |  |  | 220,685 |  |  |  | — |  |  |  | 220,685 |
Cost of goods sold - Rent expense |  |  | 10,555 |  |  |  | 4,097 |  |  |  | — |  |  |  | 14,652 |
Gross profit |  |  | 76,305 |  |  |  | 219,271 |  |  |  | — |  |  |  | 295,576 |
Store labor |  |  | — |  |  |  | 69,113 |  |  |  | — |  |  |  | 69,113 |
Maintenance and environmental costs |  |  | 4,437 |  |  |  | 22,274 |  |  |  | — |  |  |  | 26,711 |
Other items (a) |  |  | 16,755 |  |  |  | 61,785 |  |  |  | 49,627 |  |  |  | 128,167 |
Operating income (loss) |  | $ | 55,113 |  |  | $ | 66,099 |  |  | $ | (49,627 | ) |  | $ | 71,585 |
Nine Months Ended September 30, 2024 (b) |  |  |  |  |  |  |  |  |  |  |  |
Revenues from fuel sales to external customers |  | $ | 1,416,361 |  |  | $ | 1,374,464 |  |  | $ | — |  |  | $ | 2,790,825 |
Revenues from food and merchandise sales |  |  | — |  |  |  | 291,266 |  |  |  | — |  |  |  | 291,266 |
Rent income |  |  | 44,123 |  |  |  | 9,836 |  |  |  | — |  |  |  | 53,959 |
Other revenue |  |  | 3,238 |  |  |  | 14,778 |  |  |  | — |  |  |  | 18,016 |
Total revenues |  |  | 1,463,722 |  |  |  | 1,690,344 |  |  |  | — |  |  |  | 3,154,066 |
Cost of goods sold - fuel |  |  | 1,368,249 |  |  |  | 1,263,380 |  |  |  | — |  |  |  | 2,631,629 |
Cost of goods sold - food and merchandise |  |  | — |  |  |  | 209,480 |  |  |  | — |  |  |  | 209,480 |
Cost of goods sold - Rent expense |  |  | 12,754 |  |  |  | 2,867 |  |  |  | — |  |  |  | 15,621 |
Gross profit |  |  | 82,719 |  |  |  | 214,617 |  |  |  | — |  |  |  | 297,336 |
Store labor |  |  | — |  |  |  | 65,262 |  |  |  | — |  |  |  | 65,262 |
Maintenance and environmental costs |  |  | 5,624 |  |  |  | 20,935 |  |  |  | — |  |  |  | 26,559 |
Other items (a) |  |  | 19,009 |  |  |  | 57,789 |  |  |  | 86,489 |  |  |  | 163,287 |
Operating income (loss) |  | $ | 58,086 |  |  | $ | 70,631 |  |  | $ | (86,489 | ) |  | $ | 42,228 |
(a) For the Wholesale and Retail segments, other segment items includes real estate taxes, utilities, management fees, insurance and other operating expenses. For the Retail segment, other segment items also includes rent expense, store supplies and shrink. Other segment items that are not allocated to a segment include general and administrative expenses, depreciation, amortization and accretion expense and gains/losses on dispositions and lease terminations, net. (b) In connection with the retrospective adoption of ASU 2023-07, "Improvements in Reportable Segment Disclosures," we recast our results for the three and nine months ended September 30, 2024, to conform to the current year presentation. A reconciliation from operating income to income before income taxes follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating income |  | $ | 28,087 |  |  | $ | 27,096 |  |  | $ | 71,585 |  |  | $ | 42,228 |
Other income, net |  |  | 152 |  |  |  | 197 |  |  |  | 418 |  |  |  | 604 |
Interest expense |  |  | (11,786 | ) |  |  | (14,169 | ) |  |  | (37,199 | ) |  |  | (38,918 | )
Income before income taxes |  | $ | 16,453 |  |  | $ | 13,124 |  |  | $ | 34,804 |  |  | $ | 3,914 |
Receivables relating to the revenue streams above are as follows (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Receivables from fuel and merchandise sales |  | $ | 33,421 |  |  | $ | 30,115 |
Receivables for rent and other lease-related charges |  |  | 1,151 |  |  |  | 2,122 |
Total accounts receivable |  | $ | 34,572 |  |  | $ | 32,237 |
Performance obligations are satisfied as fuel is delivered to the customer and as merchandise is sold to the consumer. Many of our fuel contracts with our customers include minimum purchase volumes measured on a monthly basis, for which our performance obligations are satisfied as services are rendered. Receivables from fuel are recognized on a per-gallon rate and are generally collected within 10 days of delivery. The balance of unamortized costs incurred to obtain certain contracts with customers was $9.6 million and $8.9 million at September 30, 2025 and December 31, 2024, respectively. Amortization of such costs is recorded against operating revenues and amounted to $0.5 million for each of the three months ended September 30, 2025 and 2024 and $1.6 million and $1.4 million for the nine months ended September 30, 2025 and 2024, respectively. Receivables from rent and other lease-related charges are generally collected at the beginning of the month.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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