Murphy Usa Inc. · NYSE:MUSA
Murphy Usa — Raymond James 45th Annual Institutional Investors Conference 2024
17 slides from Murphy Usa's conference presentation, Mar 4, 2024
Slide 1: Raymond James Institutional Investor Conference
Raymond James Institutional Investor Conference March 2024 Murphy USA Inc. 1
Slide 2: Cautionary statement
Cautionary statement This presentation contains forward-looking statements. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those express
Slide 3: We are Murphy USA
We are Murphy USA 1,733 27 2.0M Locations States Customers per Day We are a retailer focused on …with an advantaged …driving long-term results for making the everyday affordable… EDLP business model… our shareholders. Murphy USA Inc. 3
Slide 4: Murphy USA is getting More…
Murphy USA is getting More… MUSA Flywheel More from our Customers • More from the Same Customer • Same from More Customers • More Value for our Customers More Free Cash Flow • Invest in Price • Invest in Capabilities • Invest in Growth More from Existing Stores • More Productive and Efficient • More
Slide 5: It all starts with our Customer
It all starts with our Customer We are growing with our …and learning more about …to continue to make their customer…. them… everyday affordable % of Consumers Living Total MDR Customer Savings Paycheck to Paycheck 2019 to 2022, $ in Millions Share of U.S. Consumers: Jan-24 vs.Jan-23 $314 $264 $208
Slide 6: More from the same… the same from More
More from the same… the same from More Our value proposition is sticky New members are coming …and spending more, with our customers as often… the more they come MDR Member Spend per Month MDR Member Trips per Month Sales $ Per Member per Month Members who joined in 2019 By Registration Cohort By Re
Slide 7: Increasing the productivity of our existing network
Increasing the productivity of our existing network Our stores are more productive Yet we still have more Investing in capabilities than the industry upside value to extract to drive more with less Inside Productivity EBITDA Quartiles • Defend and sustain our EDLP Margin $ per Square Foot Average An
Slide 8: Expanding our capabilities to get More with less
Expanding our capabilities to get More with less Our Digital Transformation (DT) is bringing new levels of precision, speed, insights and agility… Demand & Labor Personalization Suggested Sell Planning Leveraging Personalized offers through advanced demand Smarter upsell suggestions at 20%+ machine
Slide 9: Getting more from New and Rebuilt Stores
Getting more from New and Rebuilt Stores Continuing to drive square Enterprise investments are Building has been a challenge, footage through NTIs/R&Rs improving store returns fundamental performance has not Murphy USA Store Type Shift Trend • Investments drive improved new Murphy USA New Store/R&R
Slide 10: More Market Share for us, less for others
More Market Share for us, less for others Murphy USA Fuel Volume vs. OPIS Market and MUSA Margin Vicious Cycle of the Marginal Fuel Volume vs. Same-Quarter 2019; CPG Convenience Store Retailer MUSA Vol % OPIS Vol % MUSA CPG 95 99 98 93 85 89 84 81 34.3 31.4 25.2 26.3 2020 2021 2022 2023 -9.7 -9.8 -1
Slide 11: More free cash flow to invest in our advantaged model
More free cash flow to invest in our advantaged model Reinvest in price for our customer • To sustain fuel price differentials and drive more share • To expand tobacco share and support the transition to reduced-risk products More Free Cash Flow • To grow trips in our critical Food and Beverage dayp
Slide 12: Maintaining CapEx optionality and higher returns
Maintaining CapEx optionality and higher returns “Unremarkable” 2023 yields Commitment to balanced capital Driving multi-year shareholder EBITDA above high-end range allocation doesn’t waver returns well above major indices Adjusted EBITDA Murphy USA Cash Flow Use Cumulative Shareholder Return By Ye
Slide 13: The end result is more for you
The end result is more for you MUSA High and Low Closing Share Price with Annual Raising the Bar…Again Average by Year Since Spin 5-year view As of 02/29/2024 $450 $417 2028 2024 Target $400 High $379 Avg $380 EBITDA $1,100 ~$1,300 $350 Low (M) (1) $318 $353 $300 $305 Shares 19.7 15.7 (M)(2) $250 $2
Slide 14: Appendix
Appendix ie eee rere eee e eee eee eee eee ee eee eee ee Murphy USA Inc. f
Slide 15: 2024 guidance
2024 guidance 2023 Updated Guidance Metrics 2023 Actual Results 2024 Guidance Range Guidance Range Organic Growth New Stores 27-30 28 30 to 35 Raze and Rebuilds 33 31 35 to 40 Fuel Contribution Retail fuel volume per store (K gallons APSM) 240 to 245 242 240 to 245 Store Profitability Merchandise co
Slide 16: Non-GAAP Adjusted EBITDA reconciliation
Non-GAAP Adjusted EBITDA reconciliation Year Ended December 31, (Millions of dollars) 2019 2020 2021 2022 2023 Net Income $ 154.8 $ 386.1 $ 396.9 $ 672.9 $ 556.8 Income taxes 47.6 123.0 125.0 210.9 177.6 Interest expense, net of investment income 51.7 50.2 82.3 82.3 91.6 Depreciation and amortizatio
Slide 17: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation 2024 and 2028 – GAAP to non-GAAP Reconciliation 2028 2024 Target (Millions of dollars) Net Income $564 $680 Income taxes 189 223 Interest expense, net of interest income 97 95 Depreciation and amortization 249 301 Other operating and nonoperating, net 1 1 Adju
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