Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q1 2018 Earnings Presentation
13 slides from Crossamerica Partners Lp's earnings presentation, May 8, 2018
Slide 1: First Quarter 2018 Earnings Call
May 2018 First Quarter 2018 Earnings Call Exhibit 99.2
Slide 2: Safe Harbor Statement
Safe Harbor 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,” “estimates,” “target” and other similar expressions identify forw
Slide 3: CrossAmerica Business Overview
CrossAmerica Business Overview Gerardo Valencia, President
Slide 4: CrossAmerica Partners LP Overview
CrossAmerica Partners LP Overview Master limited partnership and leading wholesale fuels distributor, convenience store lessor, and c-store operator Distributes annually over 1 billion gallons of fuel Annual gross rental income of over $85 million 17.5% equity interest in CST Brands’ wholesale fuels
Slide 5: First Quarter Operating Results
First Quarter Operating Results OPERATING RESULTS (in thousands, except for per gallon and site count) Three Months ended March 31, 2018 2017 % Change Total Motor Fuel Distribution Sites (period avg.) 1,259 1,186 6% Total Volume of Gallons Distributed 249,508 238,420 5% Wholesale Fuel Margin per Gal
Slide 6: First Quarter Highlights
First Quarter Highlights Adjusted EBITDA Increased Adjusted EBITDA 10% from First Quarter 2017 to First Quarter 2018 G&A Expense Reduction Reduced G&A expense 19% from First Quarter 2017 to First Quarter 2018 Performance of Jet-Pep Assets In November 2017, we closed on the acquisition of the real pr
Slide 7: CrossAmerica Synergies
CrossAmerica Synergies In July 2017, we announced that we expected to capture annual cost synergies of $10 million within the first three years following the merger of ACT and CST with approximately half of the synergies to be achieved within the first twelve months Through the first three quarters
Slide 8: CrossAmerica Financial Overview
CrossAmerica Financial Overview Evan Smith, Chief Financial Officer
Slide 9: First Quarter Results Summary
First Quarter Results Summary OPERATING RESULTS (in millions, except for per gallon and site count) Three Months ended March 31, 2018 2017 % Change Gross Profit $40.0 $37.4 7% Adjusted EBITDA $26.0 $23.7 10% Distributable Cash Flow $16.7 $16.9 (1%) Weighted Avg. Diluted Units 34.2 33.6 2% Distributi
Slide 10: Capital Strength
Capital Strength Leverage, as defined under our credit facility, was 4.21X as of March 31, 2018 Amended Credit Agreement on April 25th Extended maturity date from March 4, 2019 to April 25, 2020 Increased the capacity from $550 million to $650 million Extend the period during which the permitted lev
Slide 11: Appendix
Appendix First Quarter 2018 Earnings Call
Slide 12: 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 13: 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 approved by the i
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