CrossAmerica Partners LP · NYSE:CAPL
CrossAmerica Partners LP — FY2016 Earnings Presentation
16 slides from CrossAmerica Partners LP's earnings presentation, Feb 28, 2017
Slide 1: 4Q and Full Year 2016 Earnings Call
February 2017 4Q and Full Year 2016 Earnings Call 1
Slide 2: Safe Harbor Statement
4Q and Full Year 2016 Earnings Call February 2017 Safe Harbor 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,” “estimates,” “t
Slide 3: CrossAmerica Business Overview
CrossAmerica Business Overview Jeremy Bergeron, President 3
Slide 4: CrossAmerica Partners LP Overview
4Q and Full Year 2016 Earnings Call February 2017 CrossAmerica Partners LP Overview* • Master limited partnership and leading wholesale fuels distributor, convenience store lessor, and c-store operator – Distributes annually over 1 billion gallons of fuel – Annual gross rental income of over $80 mil
Slide 5: 4Q and Full Year Operating Results
4Q and Full Year 2016 Earnings Call February 2017 4Q and Full Year Operating Results (in thousands, except for number of sites and per gallon amounts) OPERATING RESULTS (in thousands, except for per gallon and site count) Three Months ended Dec. 31, 2016 2015 % Change Full Year 2016 2015 % Change To
Slide 6: Portfolio Optimization
4Q and Full Year 2016 Earnings Call February 2017 Portfolio Optimization • Continued focus on managing expenses and execution of our integration strategy – Divested of low-margin, high-expense commercial fuels business acquired with PMI acquisition • Divestiture was cash flow positive despite 80 mil
Slide 7: Drivers of Cash Flow
4Q and Full Year 2016 Earnings Call February 2017 Drivers of Cash Flow Segment Gross Profit(1) Category Gross Profit(1) (1) Presented before intersegment eliminations 7 2016 73% 27% Wholesale Retail $113 million $43 million 35% 5% $9 million 38% 22% Wholesale Fuel Retail Fuel Rent Merch & Other $59
Slide 8: 2016 Highlights
4Q and Full Year 2016 Earnings Call February 2017 2016 Highlights • Acquisitions – 31 stores acquired from S/S/G Corp (Franchised Holiday Stores), approx. 26 million annual fuel gallons – 55 lessee dealer and 25 independent dealer accounts acquired from State Oil, approx. 60 million annual gallons •
Slide 9: CrossAmerica Financial Overview
CrossAmerica Financial Overview Steven Stellato, Chief Accounting Officer 9
Slide 10: 4Q and Full Year Results Summary
4Q and Full Year 2016 Earnings Call February 2017 4Q and Full Year Results Summary(1) (in millions, except for per unit amounts) KEY METRICS Three Months ended Dec. 31, 2016 2015 % Change Full Year 2016 2015 % Change Gross Profit $38.7 $39.6 (2%) $155.6 $169.5 (8%) Adjusted EBITDA $27.2 $24.7 10% $1
Slide 11: 4Q15 vs 4Q16 Adjusted EBITDA
4Q and Full Year 2016 Earnings Call February 2017 4Q15 vs 4Q16 Adjusted EBITDA(1) (in thousands) 11 $27,215 $24,708 $3,099 $784 ($391) ($985) (1) See the (i) reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow (or “DCF”) to net income and (ii) the definitions of EBITDA, Adjusted EB
Slide 12: FY15 vs FY16 Adjusted EBITDA
4Q and Full Year 2016 Earnings Call February 2017 FY15 vs FY16 Adjusted EBITDA(1) (in thousands) 12 $90,314 $16,865 ($2,614) ($800) ($131) (1) See the (i) reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow (or “DCF”) to net income and (ii) the definitions of EBITDA, Adjusted EBITD
Slide 13: Executing with Measured Growth
4Q and Full Year 2016 Earnings Call February 2017 Executing with Measured Growth • Declared distribution attributable to fourth quarter of $0.6125 per unit – 0.5 cent per unit increase over distributions attributable to third quarter 2016 – Increased annual per unit distribution by 6.1% for 2016 ove
Slide 14: Appendix
Appendix 4Q and Full Year 2016 Earnings Call 14
Slide 15: Non-GAAP Financial Measures
4Q and Full Year 2016 Earnings Call February 2017 Non-GAAP Financial Measures 15
Slide 16: Non-GAAP Reconciliation
4Q and Full Year 2016 Earnings Call February 2017 Non-GAAP Reconciliation 16