Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — FY2023 Earnings Presentation
12 slides from Crossamerica Partners Lp's earnings presentation, Feb 27, 2024
Slide 1: Fourth Quarter and Full Year 2023 Earnings Call
February 2024 Fourth Quarter and Full Year 2023 Earnings Call Exhibit 99.2
Slide 2: Forward Looking Statement
Forward Looking Statement Statements contained in this presentation that state the Partnership’s or management’s expectations or predictions of the future are forward-looking statements. The words “believe,” “expect,” “should,” “intends,” “anticipates”, “estimates,” “target” and other similar expres
Slide 3: CrossAmerica Business Overview
CrossAmerica Business Overview Charles Nifong, CEO & President
Slide 4: Fourth Quarter Operations
Fourth Quarter Operations OPERATING RESULTS (in thousands, except for margin per gallon and merchandise gross margin percentage) Three Months ended Dec. 31, 2023 2022 % Change Wholesale Segment: Gross Profit $33,039 $32,826 1% Motor Fuel Gross Profit $19,252 $18,659 3% Wholesale Margin Per Gallon $0
Slide 5: Full Year Operations
Full Year Operations OPERATING RESULTS (in thousands, except for margin per gallon and merchandise gross margin percentage) Full Year 2023 2022 % Change Wholesale Segment: Gross Profit $128,801 $130,739 (1%) Motor Fuel Gross Profit $72,680 $73,378 (1%) Wholesale Fuel Margin Per Gallon $0.086 $0.087
Slide 6: Strategy Overview
Strategy Overview Provide excellent service and value to our customers, both retail and wholesale Improve the business through increasing our operational efficiency and realizing benefits of our scale Position the portfolio for the future Divesting assets and recycling capital into growth opportunit
Slide 7: CrossAmerica Financial Overview
CrossAmerica Financial Overview Maura Topper, Chief Financial Officer
Slide 8: 4Q and Full Year Results Summary
4Q and Full Year Results Summary OPERATING RESULTS (in thousands, except for distributions per unit and coverage) Three Months ended Dec. 31, 2023 2022 % Change Full Year 2023 2022 % Change Net Income $16,743 $17,090 (2%) $42,592 $63,696 (33%) Adjusted EBITDA $47,627 $44,276 8% $165,772 $179,794 (8%
Slide 9: Capital Strength
Capital Strength Capital Expenditures Fourth quarter 2023 capital expenditures of $12.9 million with $10.6 million of growth capex Total 2023 capital expenditures of $34.6 million with $27.0 million of growth capex Growth capital projects during the year included an increase in image upgrades that w
Slide 10: Appendix
Appendix Fourth Quarter and Full Year 2023 Earnings Call
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures We use the non-GAAP financial measures EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. EBITDA represents net income before deducting interest expense, income taxes and depreciation, amortization and accretion (
Slide 12: Non-GAAP Reconciliation
Non-GAAP Reconciliation The following table presents reconciliations of EBITDA, Adjusted EBITDA, and Distributable Cash Flow to net income, the most directly comparable U.S. GAAP financial measure, for each of the periods indicated (in thousands, except for per unit amounts): (a) Relates to certain