Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q2 2019 Earnings Presentation
14 slides from Crossamerica Partners Lp's earnings presentation, Aug 6, 2019
Slide 1: Second Quarter 2019 Earnings Call
August 2019 Second 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: Second Quarter Operating Results
Second Quarter Operating Results OPERATING RESULTS (in thousands, except for per gallon and site count) Three Months ended June 30, 2019 2018 % Change Total Volume of Gallons Distributed 258,602 272,400 (5%) Wholesale Fuel Margin per Gallon $0.074 $0.066 12% Wholesale Fuel Gross Profit $19,034 $17,9
Slide 5: Strong business supports distributions
Strong business supports distributions Delivering Synergies and Optimizing our Portfolio Highest Wholesale Fuel Margin (TTM) of $0.071 in the last 5 years 1.24 times coverage ratio for the current quarter Supporting our quarterly distributions Growing TTM DCF Coverage to 1.06, highest level in the l
Slide 6: Update on Strategic Initiatives
Update on Strategic Initiatives Asset Exchange ahead of original pace and original EBITDA growth expectations First tranche of 60 sites executed on May 21 Second tranche expected in 3Q and final tranche by 1Q 2020 Fuel Supply Strategic Review (Fuel Synergies) Small contribution in 2Q, considerable g
Slide 7: CrossAmerica Financial Overview
CrossAmerica Financial Overview Evan Smith, Chief Financial Officer
Slide 8: Second Quarter Results Summary
Second Quarter Results Summary OPERATING RESULTS (in millions, except for per gallon and site count) Three Months ended June 30, 2019 2018 % Change *Gross Profit $41.4 $42.2 (2%) *Adjusted EBITDA $27.7 $26.4 5% *Distributable Cash Flow $22.3 $19.5 14% Weighted Avg. Diluted Units 34.5 34.3 0% Distrib
Slide 9: Capital Strength
Capital Strength Leverage, as defined under our credit facility, was 4.68X as of June 30, 2019 Maintain Distribution Rate Distributable Cash Flow of $22.3 million for the three-month period ended June 30, 2019 Distribution rate of $0.5250 per unit ($2.10 per unit annualized) attributable to the seco
Slide 10: Appendix
Appendix Second Quarter 2019 Earnings Call
Slide 11: 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 12: New Lease Accounting Effective in 2019 - Second Quarter
New Lease Accounting Effective in 2019 Pro Forma EBITDA and Distribution Coverage for Second Quarter Results (in thousands, except for per unit amounts) Note: The reported Gross Profit for the second quarter of 2018 was $43,972,000. Adjusting for the impact of the lease accounting ($1,807,000), the
Slide 13: New Lease Accounting Effective in 2019 - Three and Six Months
New Lease Accounting Effective in 2019 Pro Forma EBITDA and Distribution Coverage for Three and Six Months Results Ended June 30, 2019 (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 defi
Slide 14: 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
CrossAmerica Partners — Q2 2019 Earnings Presentation on 6ix