Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q4 2019 Earnings Presentation
15 slides from Crossamerica Partners Lp's earnings presentation, Feb 26, 2020
Slide 1: Fourth Quarter 2019 Earnings Call
February 2020 Fourth 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 Charles Nifong, CEO & President
Slide 4: 4Q and Full Year Operating Results
4Q and Full Year Operating Results OPERATING RESULTS (in thousands, except for per gallon) Three Months ended Dec. 31, 2019 2018 % Change Full Year 2019 2018 % Change Total Volume of Gallons Distributed 253,872 255,011 0% 1,003,994 1,047,260 (4%) Wholesale Fuel Margin per Gallon $0.068 $0.076 (11%)
Slide 5: Full Year 2019 Highlights
Full Year 2019 Highlights Wholesale Motor Fuel Business – Gross Profit increase of 3% Margin (cents per gallon) increased 7% year-over-year to 7.2 cents per gallon Fuel volume declined 4% with over 1.0 billion gallons distributed during the year Optimized low margin portfolio and improving pricing c
Slide 6: Full Year 2019 Highlights: Purchase of General Partner interest, IDRs and Units
Full Year 2019 Highlights Purchase of General Partner interest, IDRs and Limited Partner Units# On November 19, 2019, Couche-Tard sold all of its CrossAmerica interests to investment entities controlled by Joe Topper. The CrossAmerica interests sold consist of: 100% of the General Partner interest 1
Slide 7: Strategy & Objectives for 2020
Strategy & Objectives for 2020 Complete the remaining asset exchanges with Circle K Entered into an asset exchange agreement as of 12/17/18#: Two tranches of the asset exchange were completed in 2019 and expect to complete the final exchange of assets in the calendar first quarter or early calendar
Slide 8: Strategy & Objectives for 2020
Strategy & Objectives for 2020 Once acquisitions and asset exchanges are complete, we will focus on the integration of the assets Execute on real estate optimization plans Continue to optimize fuel supplier relationships Remain comfortable with guidance* provided earlier this year Based on our curre
Slide 9: CrossAmerica Financial Overview
CrossAmerica Financial Overview Jon Benfield, Interim Chief Financial Officer
Slide 10: 4Q and Full Year Results Summary
4Q and Full Year Results Summary OPERATING RESULTS (in millions, except for distributions per unit and coverage) Three Months ended Dec. 31, 2019 2018 % Change Full Year 2019 2018 % Change *Gross Profit $35.0 $43.3 (19%) $154.6 $165.6 (7%) *Adjusted EBITDA $25.6 $28.7 (11%) $103.7 $106.1 (2%) *Distr
Slide 11: Capital Strength
Capital Strength Leverage, as defined under our credit facility, was 4.70X as of December 31, 2019 Strong liquidity position with notional borrowing capacity of $226 million under the $750 million revolving credit facility Maintain Distribution Rate Distributable Cash Flow of $80.1 million for the f
Slide 12: Appendix
Appendix Fourth Quarter 2019 Earnings Call
Slide 13: 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 14: New Lease Accounting Effective in 2019
New Lease Accounting Effective in 2019 Pro Forma EBITDA and Distribution Coverage for Three-and-Twelve-Month Results Ended December 31, 2018 (in thousands, except for per unit amounts) Note: The reported Gross Profit for the three-and-twelve-month periods ended December 31, 2018 were $45,074 and $17
Slide 15: 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
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