Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q1 2016 Earnings Presentation
11 slides from Crossamerica Partners Lp's earnings presentation, May 6, 2016
Slide 1: Investor Update May 2016: 1Q 2016 Earnings Call
Investor Update May 2016 1Q 2016 Earnings Call Jeremy Bergeron, President Steve Stellato, Chief Accounting Officer
Slide 2: Safe Harbor Statements
Investor Update May 2016 Safe Harbor Statements 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
Slide 3: Partnership Overview
Investor Update May 2016 Partnership Overview • Leading motor fuel wholesale distributor, convenience store lessor and c-store operator – Distributes annually over 1 billion gallons – Annual gross rental income of approximately $80 million – Operates 90+ c-stores(1) – 17.5% equity interest in CST Br
Slide 4: Strategy Execution
Investor Update May 2016 Strategy Execution • Completed accretive SSG acquisition on March 29 – 34 total sites(1), over 25 million annual gallons of fuel, valuable real estate, strong inside sales • Continued focus on managing expenses and execution of our integration strategy – Applying processes a
Slide 5: Strength Despite Crude Price Headwinds
Investor Update May 2016 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Coverage Ratio (on paid basis) Quarterly Coverage Ratio Targeted 12 Month Coverage Ratio, 1.1x Current Trailing 12 Month Coverage Ratio, 1.08x Strength Despite C
Slide 6: Results Summary
Investor Update May 2016 1Q 2016 Results Summary (in thousands, except for per unit amounts) KEY METRICS Three Months ended Mar. 31, 2016 2015 % Change Gross Profit $37,190 $37,727 (1%) Adjusted EBITDA(1) $22,215 $15,583 43% Distributable Cash Flow(1) $17,289 $10,095 71% Weighted Avg. Diluted Units
Slide 7: Wholesale Segment Results
Investor Update May 2016 1Q 2016 Wholesale Segment Results (in thousands, except for number of sites and per gallon amounts) WHOLESALE SEGMENT Three Months ended Mar. 31, 2016 2015 % Change Total Motor Fuel Sites (period avg.) 1,088 1,033 5% Total Volume of Gallons Distributed 236,162 233,812 1% Fue
Slide 8: Retail Segment Results
Investor Update May 2016 1Q 2016 Retail Segment Results (in thousands, except for number of sites, per gallon, and per day amounts) 8 • Significant Retail Segment changes between periods – Acquired 78 company operated locations, increasing sites and gallons distributed – Dealerized 125 company opera
Slide 9: 1Q15 vs 1Q16 Adjusted EBITDA Performance
Investor Update May 2016 1Q15 vs 1Q16 Adjusted EBITDA Performance (in thousands) $22,215 $15,583 $7,616 ($1,467) $1,504 ($1,021) Acquisitions(2) Impact of Supplier Terms Discounts Q1 2015 Adjusted EBITDA(1) Q1 2016 Adjusted EBITDA(1) Net, Misc.(3) Net Effect of Integration and Base Business 9 (1) Se
Slide 10: 4Q15 vs 1Q16 Adjusted EBITDA Performance
Investor Update May 2016 4Q15 vs 1Q16 Adjusted EBITDA Performance (in thousands) $22,215 $24,708 ($1,479) ($454) ($885) $325 Acquisitions(2) Impact of Supplier Terms Discounts Q4 2015 Adjusted EBITDA(1) Q1 2016 Adjusted EBITDA(1) Net, Misc.(3) Base Business 10 Declines are reflective of seasonality
Slide 11: Executing with Measured Growth
Investor Update May 2016 Executing with Measured Growth • Declared distribution attributable to first quarter of $0.5975 per unit – 0.5 cent per unit increase over fourth quarter 2015 – Expect to increase per unit distribution by 5%-7% for 2016 over 2015 – Continue to target a long-term distribution
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