Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q1 2020 Earnings Presentation
11 slides from Crossamerica Partners Lp's earnings presentation, May 7, 2020
Slide 1: First Quarter 2020 Earnings Call
May 2020 First Quarter 2020 Earnings Call Exhibit 99.2
Slide 2: Forward Looking Statements
Forward Looking 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,” “anticipates,” “estimates,” “target” and other similar expre
Slide 3: CrossAmerica Business Overview
CrossAmerica Business Overview Charles Nifong, CEO & President
Slide 4: First Quarter Operating Results
First Quarter Operating Results OPERATING RESULTS (in thousands, except for per gallon amounts) Three Months ended March 31, 2020 2019 % Change Total Volume of Gallons Distributed 220,645 231,233 (5%) Wholesale Fuel Margin per Gallon $0.090 $0.064 41% Wholesale Fuel Gross Profit $19,893 $14,770 35%
Slide 5: Strategic Initiatives
Strategic Initiatives Continue to work through the remaining asset exchanges with Couche-Tard/Circle K Entered into an asset exchange agreement as of 12/17/18#: Two tranches of the asset exchange were completed in 2019 and three have now been completed in 2020 Third Tranche – February 25, 2020 Fourt
Slide 6: CrossAmerica Financial Overview
CrossAmerica Financial Overview Jon Benfield, Interim Chief Financial Officer
Slide 7: First Quarter Results Summary
First Quarter Results Summary OPERATING RESULTS (in millions, except for distributions per unit and coverage) Three Months ended March 31, 2020 2019 % Change Gross Profit $35.7 $37.1 (4%) Adjusted EBITDA $25.3 $21.4 18% Distributable Cash Flow $20.4 $13.3 54% Weighted Avg. Diluted Units 36.0 34.5 4%
Slide 8: Capital Strength
Capital Strength Leverage, as defined under our credit facility, was 4.19X as of March 31, 2020 Swap Agreements On March 26th, we entered into an interest rate swap contract to hedge against interest rate volatility on our variable rate borrowings under our credit facility Interest rate swap contrac
Slide 9: Appendix
Appendix First Quarter 2020 Earnings Call
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use the 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 accretion, which includ
Slide 11: 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): During the three months
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