Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Non-Deal Roadshow (June 2016)
16 slides from Crossamerica Partners Lp's roadshow presentation, Jun 1, 2016
Slide 1: Investor Update
fC. ' Investor Update CROSSAMERICA PARTNERS LP
Slide 2: Safe Harbor Statements
Investor Update June 2016 Safe Harbor 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,” “estimates,” “target” and other simila
Slide 3: Partnership Overview
Investor Update June 2016 Partnership Overview • Leading motor fuel wholesale distributor, convenience store lessor and c-store operator – Distributes annually over 1 billion gallons – Annual gross rental income of approximately $80 million – Operates 90+ c-stores(1) – 17.5% equity interest in CST B
Slide 4: Investment Highlights
Investor Update June 2016 Investment Highlights • Serial acquirer and integrator of convenience store and fuel distribution assets with a proven track record of executing on accretive transactions – $475.6 million of acquisitions in 2015 – Increased velocity of growth in 2015 with drop downs from CS
Slide 5: Investment Highlights
Investor Update June 2016 Investment Highlights • Solid business fundamentals and core competencies – Long term, substantial relationships with major fuel suppliers – Prime real estate in high traffic regions – Stable cash flow from Rental Income, Wholesale Distribution and Retail Operations – Busin
Slide 6: Strategy Execution
Investor Update June 2016 Strategy Execution • Completed accretive SSG acquisition on March 29 – 34 total sites(1), over 26 million annual gallons of fuel, valuable real estate, strong inside sales • Continued focus on managing expenses and execution of our integration strategy – Applying processes
Slide 7: 1Q 2016 Results Summary
Investor Update June 2016 1Q 2016 Results Summary (in thousands, except for per unit amounts) KEY METRICS Three Months ended Mar. 31, 2016 2015 % Change Gross Profit $37,190 $37,727 (1%) Adjusted EBITDA(1) $22,215 $15,583 43% Distributable Cash Flow(1) $17,289 $10,095 71% Weighted Avg. Diluted Units
Slide 8: Wholesale Segment Results
Investor Update June 2016 2010 2011 2012 2013 2014 2015 1Q16 $18,961 $20,425 $21,222 $41,577 $43,258 $59,962 $65,096 Gross Rental Income (in thousands) 2009 2010 2011 2012 2013 2014 2015 1Q16 437,700 516,200 530,500 605,162 637,845 906,200 1,051,357 1,053,707 (1) (1) Wholesale Segment Results WHOLES
Slide 9: 1Q15 vs 1Q16 Adjusted EBITDA Performance
Investor Update June 2016 1Q15 vs 1Q16 Adjusted EBITDA Performance (in thousands) $22,215 $15,583 $7,616 ($1,467) $1,504 ($1,021) Acquisitions(2) Impact of Supplier Terms Discounts Q1 2015 Adjusted EBITDA(1) Q1 2016 Adjusted EBITDA(1) Net, Misc.(3) Net Effect of Integration and Base Business 9 (1) S
Slide 10: Strength Despite Crude Price Headwinds
Investor Update June 2016 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Coverage Ratio (on paid basis) Quarterly Coverage Ratio Targeted 12 Month Coverage Ratio, 1.1x Current Trailing 12 Month Coverage Ratio, 1.08x Strength Despite
Slide 11: Executing with Measured Growth
Investor Update June 2016 Executing with Measured Growth • Declared distribution attributable to first quarter of $0.5975 per unit – 0.5 cent per unit increase over fourth quarter 2015 – Expect to increase per unit distribution by 5%-7% for 2016 over 2015 – Continue to target a long-term distributio
Slide 12: Investment Summary
Investor Update June 2016 Investment Summary • Stable cash flow business with minimal exposure to commodity market fluctuations, even during historically volatile times • Visible path to continued DCF growth through acquisitions, integration and operational excellence • Unit price remains significan
Slide 13: Appendix
Investor Update June 2016 Appendix 13
Slide 14: Recent Accretive Growth
Investor Update June 2016 • Over 90% owned locations • Located in growing market • Unbranded fuel • Large stores with inside sales growth opportunity • Loyalty/credit card program 64 Company Operated $85 Million Purchase 68 Million Gallons Upper Midwest (MN, WI, SD, MI) Freedom Valu, SuperAmerica Fe
Slide 15: Recent Accretive Growth
Investor Update June 2016 • Strong fuel margin (6 cpg) with long-term fuel supply • Good rental income •Minimal expense and CapEx impact • CST operated sites 25 CST Dealer Sites (Fuel Income) 23 CST Fee Sites (Rental Income) $53.6 Million Purchase 40 Million Gallons Central New York Nice N Easy Nov
Slide 16: Incentive Distribution Rights
Investor Update June 2016 Additional Information: • $0.5031 on an annual basis = $2.01 • $0.5469 on an annual basis = $2.19 • $0.6563 on an annual basis = $2.63 • Q4 2014 Distribution = $0.5325, on an annual basis = $2.13 Incentive Distribution Rights 100% 85% 75% 50% 15% 25% 50% up to $0.5031 above
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