Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q3 2018 Earnings Presentation
13 slides from Crossamerica Partners Lp's earnings presentation, Nov 7, 2018
Slide 1: Third Quarter 2018 Earnings Call
November 2018 Third Quarter 2018 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,” “estimates,” “target” and other similar expressions identify
Slide 3: CrossAmerica Business Overview
CrossAmerica Business Overview Gerardo Valencia, CEO & President
Slide 4: Operating Results
Third Quarter Operating Results OPERATING RESULTS (in thousands, except for per gallon and site count) Three Months ended September 30, 2018 2017 % Change Total Motor Fuel Distribution Sites (period avg.) 1,237 1,167 6% Company Operated Sites (period avg.) 69 71 (3%) Total Volume of Gallons Distribu
Slide 5: Highlights
Third Quarter Highlights Wholesale Business – Gross Profit increase of 8% Fuel volume increased 2% with over 270 million gallons distributed during the quarter Margin (cents per gallon) increased 19% year-over-year Optimized low margin portfolio and improving pricing capability Continued Expense Con
Slide 6: Highlights: Jet Pep Portfolio Improvement
Third Quarter Highlights Jet Pep Portfolio Improvement Completed agreement with Branded Oil Company to rebrand substantially all of the 100 site portfolio Over time, we anticipate improvements in performance through better brand recognition and premium fuel penetration through our rebranding startin
Slide 7: Highlights: Fuel Supply Synergies
Third Quarter Highlights Fuel Supply Synergies On track to capture fuel synergies as disclosed earlier in year leveraging Circle K scale Initially working on 385 sites for about 325 million gallons of fuel Establishing relationships with a smaller group of strategic suppliers with whom future growth
Slide 8: CrossAmerica Financial Overview
CrossAmerica Financial Overview Evan Smith, Chief Financial Officer
Slide 9: Results Summary
Third Quarter Results Summary OPERATING RESULTS (in millions, except for per gallon and site count) Three Months ended September 30, 2018 2017 % Change Gross Profit $43.8 $41.6 5% Adjusted EBITDA $28.6 $29.0 (1%) Distributable Cash Flow $20.0 $21.5 (7%) Weighted Avg. Diluted Units 34.4 33.9 1% Distr
Slide 10: Capital Strength and Quarterly Transactions
Capital Strength and Quarterly Transactions Leverage, as defined under our credit facility, was 4.61X as of September 30, 2018 Maintain Distribution Rate Distributable Cash Flow of $20.0 million for the three-month period ended September 30, 2018 Distribution rate of $0.5250 per unit ($2.10 per unit
Slide 11: Appendix
Appendix Third Quarter 2018 Earnings Call
Slide 12: 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 13: 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 approved by the i
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