Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Investor Presentation (November 2016)
14 slides from Crossamerica Partners Lp's investor presentation, Nov 8, 2016
Slide 1: Investor Update November 2016
Investor Update November 2016 Jeremy Bergeron, President
Slide 2: Safe Harbor Statement
Safe Harbor Statement 2 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 fo
Slide 3: Partnership Overview
Partnership Overview • Leading motor fuel wholesale distributor, convenience store lessor and c-store operator – Distributes annually over 1 billion gallons – Annual gross rental income over $85 million – Operates 78 c-stores(1) – 17.5% equity interest in CST Brands’ wholesale fuels business, approx
Slide 4: Continuing Accretive Growth
Continuing Accretive Growth 52 Lessee Dealers, 25 Indep. Dealers, 3 Company Ops* $41.8 Million Purchase 60 Million Gallons Chicago Market Marathon, Citgo, Phillips 66, Mobil, BP, Shell Sep 27, 2016 close date Asset Purchase Rationale • 56 valuable fee sites in Greater Chicago • Located in proximity
Slide 5: Strategy Execution
Strategy Execution 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 144 122 116 97 124 80 78 Company Operated Site Count (end of period) PMI Erickson OneStop Holiday Company Operated Wholesale Fuel Margin Retail Fuel Margin Retail Merchandise Margin − Operating Expenses − Income Taxes Lessee D
Slide 6: Operating Results
2010 2011 2012 2013 2014 2015 3Q16 516,200 530,500 605,162 637,845 906,200 1,051,357 1,025,523 Operating Results (in thousands, except for per gallon and site count) First 9 Mo 2016 First 9 Mo 2015 % Change Total Motor Fuel Sites (period avg.) 1,111 1,060 5% Total Volume of Gallons Distributed 769,1
Slide 7: Financial Summary
Financial Summary 7 (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 EBITDA and DCF in the appendix of this presentation. KEY METRICS (in thousands, except for per unit amounts) First 9 Mo 2016
Slide 8: Executing with Measured Growth
Executing with Measured Growth • Declared distribution attributable to third quarter of $0.6075 per unit – 0.5 cent per unit increase over distribution attributable to second quarter 2016 – Expect to increase per unit distribution by 5%-7% for 2016 over 2015 – Continue to target a long-term distribu
Slide 9: Transaction Overview
Transaction Overview 9 Operating Subsidiaries 55% Limited Partner Interest CrossAmerica Partners LP NYSE: CAPL Public Unitholders Joseph Topper & Affiliates CST Brands, Inc. Canadian Operations* US Operations CrossAmerica General Partner Alimentation Couche-Tard Inc. TSX: ATD.A ATD.B 25% Limited Par
Slide 10: Strategic Benefit to CAPL
Strategic Benefit to CAPL • Provides continuity with a sponsor whose management culture is aligned with CrossAmerica – Disciplined operator with best practices in acquisitions and integration – Strong and consistent financial performance throughout all economic cycles – Heightened focus on growing f
Slide 11: Combined Wholesale
Combined Wholesale 11 West Coast Region Couche-Tard CrossAmerica CODO 89 0 DODO 233 0 Arizona Region Couche-Tard CrossAmerica CODO 0 0 DODO 0 0 Southwest Region Couche-Tard CrossAmerica CODO 2 22 DODO 88 16 Gulf Region Couche-Tard CrossAmerica CODO 4 44 DODO 47 6 Southeast Region Couche-Tard CrossAm
Slide 12: Appendix
Appendix 12
Slide 13: Non-GAAP Financial Measures
13 Non-GAAP Financial Measures
Slide 14: Reconciliation of EBITDA, Adjusted EBITDA and DCF
‘Three Months Ended ‘Nine Months Ended September 30, September 30. or _Netincome availabe to CossAmericalinited pataers TST OT Interest expense 56 4367 nse om 36344 Bae 9257 2389) 3408 1356, 65.06 (02600) 035, Gu 2433) Cash Flew 33s a ‘Weighed avenge uted common and sberduated 3381 som 33308 27.662
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