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We were formed as a Delaware limited partnership in 2011 engaged in the wholesale distribution of motor fuel and the ownership and leasing of real estate used in the retail distribution of motor fuel. The Topper Group controls the sole member of our General Partner and has the ability to appoint all of the members of the Board and to control and manage the operations and activities of the Partn…
Operating margin is thin at 2.67%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 10.6% YoY. Margins deteriorated 6.4pp alongside, both lines moving the wrong way.
Net debt of $824M represents 14.8x FCF, leverage limits flexibility. Operating margin contracted 6.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$3.64B
▼ -10.6% YoY
Net Income (TTM)
$60M
▲ +86.3% YoY
Op. Margin
3.28%
▼ -6.4pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$75M
▼ -9.3% YoY
Op. Cash Flow (TTM)
$104M
▲ +4.2% YoY
Net Debt
$906M
Cash & Equiv.
$7M
5Y CAGR: +13.6%
5Y CAGR: -3.7%
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