Episode Details

On this episode of Run the Numbers, CJ breaks down Cumberland Farms’ IPO filing and the surprising business behind it.

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SPONSORS:

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LINKS: 

Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN

CJ: https://www.linkedin.com/in/cj-gustafson-13140948/

Mostly metrics: https://www.mostlymetrics.com

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TIMESTAMPS:

0:00 Preview and Intro

2:57 Key metrics

4:28 Europe now out-earns America

5:01 $5.8B debt at 8x leverage

6:20 TLDR: snacks, gas, borrowed money

7:58 Fuel vs. inside: the gross profit photo finish

8:58 COCO, CONCO, and OTHER explained

10:57 Sponsors — Maximor | Brex | Anrok

14:02 Why scale matters: four reasons

16:02 The US convenience store market

17:42 EVs: long the birth rate

18:05 Back to the debt

19:10 The sale leaseback

20:24 Sponsors — RightRev | Pulley | Rillet

23:26 Does the deleveraging math work?

24:27 The growth thesis

25:06 600–700 stores become Cumberland Farms

26:16 T