What are the two primary operating segments for Aplus's business?

According to Aplus's 2024 Franchise Disclosure Document, the company operates its business in two primary segments. These are identified as Fuel Distribution and Marketing and All Other. Both segments are considered reportable for financial purposes.

The Fuel Distribution and Marketing segment focuses on the purchase and supply of motor fuel. Aplus acquires fuel primarily from independent refiners and major oil companies, then distributes it to independently-operated dealer stations through long-term supply agreements, distributors, and other consumers, including Partnership-operated stations within the All Other segment. This segment also handles motor fuel sales to commission agent locations and the processing of transmix. The distribution network spans over 40 states and territories, including Hawaii and Puerto Rico. Sales of fuel to Partnership-operated stations are conducted at cost plus a profit margin, with these transactions being accounted for in intersegment eliminations of motor fuel revenue and cost of sales. Additionally, the Fuel Distribution and Marketing segment generates lease income from properties that Aplus leases or subleases.

The All Other segment encompasses a variety of services and operations. This includes the Partnership's credit card services, franchise royalties, and retail operations specifically located in Hawaii and New Jersey. This segment represents a diversification of Aplus's revenue streams beyond fuel distribution, incorporating financial services, franchise-related income, and direct retail sales in specific geographic markets.