Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q3 2019 Earnings Presentation
14 slides from Crossamerica Partners Lp's earnings presentation, Nov 8, 2019
Slide 1: Third Quarter 2019 Earnings Call
November 2019 Third 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 Gerardo Valencia, CEO & President
Slide 4: Third Quarter Operating Results
Third Quarter Operating Results OPERATING RESULTS (in thousands, except for per gallon and site count) Three Months ended September 30, 2019 2018 % Change Total Volume of Gallons Distributed 260,287 270,341 (4%) Wholesale Fuel Margin per Gallon $0.080 $0.068 18% Wholesale Fuel Gross Profit $20,843 $
Slide 5: Strong business supports distributions
Strong business supports distributions Delivering Synergies and Optimizing our Portfolio Highest Wholesale Fuel Margin (TTM) of $0.074 in the last 5 years 1.42 times coverage ratio for the current quarter Supporting our quarterly distributions Growing TTM DCF Coverage to 1.14, highest level in the l
Slide 6: Update on Strategic Initiatives
Update on Strategic Initiatives Completed Second Asset Exchange in September and expect to complete final exchange in 1Q 2020 First tranche of 60 sites executed on May 21 Second tranche of 56 sites executed on September 5 Final tranche by First Quarter of 2020 Continued growth with Applegreen with n
Slide 7: CrossAmerica Financial Overview
CrossAmerica Financial Overview Evan Smith, Chief Financial Officer
Slide 8: Third Quarter Results Summary
Third Quarter Results Summary OPERATING RESULTS (in millions, except for per gallon and site count) Three Months ended September 30, 2019 2018 % Change *Gross Profit $41.1 $42.0 (2%) *Adjusted EBITDA $29.0 $26.8 8% *Distributable Cash Flow $25.7 $19.5 32% Weighted Avg. Diluted Units 34.5 34.4 0% Dis
Slide 9: Balance Sheet and Capital Update
Balance Sheet and Capital Update Balance Sheet Improving The Leverage ratio, as defined under our credit facility, was 4.47X as of September 30, 2019 Leverage ratio has declined from 4.81X at the end of the First Quarter 2019 though lower borrowings on the credit facility, no new debt, and improved
Slide 10: Appendix Third Quarter 2019 Earnings Call
Appendix Third Quarter 2019 Earnings Call
Slide 11: 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 12: New Lease Accounting Effective in 2019 Pro Forma EBITDA
New Lease Accounting Effective in 2019 Pro Forma EBITDA and Distribution Coverage for Third Quarter Results (in thousands, except for per unit amounts) Note: The reported Gross Profit for the third quarter of 2018 was $43,798,000. Adjusting for the impact of the lease accounting ($1,807,000), the ad
Slide 13: New Lease Accounting Effective in 2019 Three and Nine Months
New Lease Accounting Effective in 2019 Pro Forma EBITDA and Distribution Coverage for Three and Nine Months Results Ended September 30, 2019 (in thousands, except for per unit amounts) Note: See the reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow (or “DCF”) to net income and th
Slide 14: 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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