Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q1 2019 Earnings Presentation
16 slides from Crossamerica Partners Lp's earnings presentation, May 7, 2019
Slide 1: First Quarter 2019 Earnings Call
May 2019 First Quarter 2019 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 Gerardo Valencia, CEO & President
Slide 4: First Quarter Operating Results
First Quarter Operating Results OPERATING RESULTS (in thousands, except for per gallon and site count) Three Months ended March 31, 2019 2018 % Change Total Motor Fuel Distribution Sites (period avg.) 1,226 1,259 (3%) Total Volume of Gallons Distributed 231,233 249,508 (7%) Wholesale Fuel Margin per
Slide 5: Strong Progress on Strategic Initiatives
Strong Progress on Strategic Initiatives Progressing Asset Exchange with ACT – profitable and at speed Dealerized 60 sites this quarter – first tranche of asset exchange in the 2nd Quarter Expect EBITDA from first 60 sites to be in the high end of range that was previously disclosed 64 additional si
Slide 6: Strategic Initiatives Progress
Strategic Initiatives Progress Alabama transformation Changed dispensers in over half of the network Hard branding and reimaging progressing Plan to complete transformation by 3Q 19 Exit of Retail Operations Signed LOI with strong operator for balance of company operated network post exchange On tra
Slide 7: Long Term Strategy
Long Term Strategy Who we are One of the largest branded fuel wholesalers in North America, and likely the one with the largest portfolio of controlled properties With access to a leading Back Court C-Store franchise Who we will become The Best Branded Fuel Wholesaler in North America Preferred choi
Slide 8: CrossAmerica Financial Overview
CrossAmerica Financial Overview Evan Smith, Chief Financial Officer
Slide 9: First Quarter Results Summary
First Quarter Results Summary OPERATING RESULTS (in millions, except for per gallon and site count) Three Months ended March 31, 2019 2018 % Change Gross Profit $37.1 $40.0 (7%) Adjusted EBITDA $21.4 $26.0 (18%) Distributable Cash Flow $13.3 $16.7 (20%) Weighted Avg. Diluted Units 34.5 34.2 1% Distr
Slide 10: Capital Strength
Capital Strength Leverage, as defined under our credit facility, was 4.81X as of March 31, 2019 Entered into a New $750 million Senior Secured Revolving Credit Facility on April 1st Increased commitments from $650 million to $750 million with the ability to increase commitments by $300 million, subj
Slide 11: New Lease Accounting Effective in 2019
New Lease Accounting Effective in 2019 We have benefited in the past from the accounting for our sale-leaseback transactions Prior accounting guidance effectively resulted in these leases being accounted for as capital leases, with rent payments paid under the leaseback being characterized as princi
Slide 12: New Lease Accounting Effective in 2019: Pro Forma Full Year 2018
New Lease Accounting Effective in 2019 Pro Forma EBITDA and Distribution Coverage based on Full Year 2018 Results (in thousands, except for per unit amounts) Note: See the reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow (or “DCF”) to net income and the definitions of EBITDA, Ad
Slide 13: New Lease Accounting Effective in 2019: Pro Forma First Quarter
New Lease Accounting Effective in 2019 Pro Forma EBITDA and Distribution Coverage for First Quarter Results (in thousands, except for per unit amounts) Note: See the reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow (or “DCF”) to net income and the definitions of EBITDA, Adjusted
Slide 14: Appendix
Appendix First Quarter 2019 Earnings Call
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures We use non-GAAP financial measures EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. EBITDA represents net income available to us before deducting interest expense, income taxes and depreciation, amortization and
Slide 16: 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)As further discussed
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