Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — FY2015 Earnings Presentation
32 slides from Crossamerica Partners Lp's earnings presentation, Feb 19, 2016
Slide 1: Year-End & 4Q15 Earnings Call
Year-End & 4Q15 Earnings Call February 19, 2016
Slide 2: Safe Harbor Statements
Investor Update February 2016 Safe Harbor Statements Forward-Looking Statements Statements contained in this presentation that state the Company’s and Partnership’s or management’s expectations or predictions of the future are forward-looking statements and are intended to be covered by the safe har
Slide 3: CST Business Overview
Investor Update February 2016 CST Business Overview Kim Lubel President, CEO and Chairman of the Board 3
Slide 4: 4Q & Full Year Results Summary
Investor Update February 2016 4Q & Full Year Results Summary (Amounts in millions except Earnings per Share) Key Metrics Gross Profit EBITDA Adjusted EBITDA Earnings per Share CST Brands, Inc. *Adjusted for one-time items Three Months Ended Dec. 31, % Change $300 $372 (19%) $101 $195 (48%) $101 $195
Slide 5: Financial Overview
Investor Update February 2016 Financial Overview Clay Killinger EVP and Chief Financial Officer 5
Slide 6: CST Key Metrics: U.S. Retail, Three Months
Investor Update February 2016 CST Key Metrics Gross Profit (mm) Three Months Ended Dec. 31, % Change Motor Fuel $88 $158 (44%) Merchandise & Services* $123 $116 6% Key Metrics Three Months Ended Dec. 31, % Change Core Stores (EOP) 1,049 989 6% Motor Fuel Gallons Sold (PSPD) 4,966 4,902 1% Motor Fuel
Slide 7: CST Key Metrics: Canadian Retail, Three Months
Investor Update February 2016 Key Metrics Three Months Ended Dec. 31, % Change in USD % Change in CAD Total Retail Stores (EOP) 869 861 1% 1% Motor Fuel Gallons Sold (PSPD) 3,100 3,185 (3%) (3%) Motor Fuel CPG (net of CC) $0.224 $0.243 (8%) 8% Company Operated Stores (EOP) 303 293 3% 3% Merchandise
Slide 8: CST Key Metrics: U.S. Retail, Full Year
Investor Update February 2016 CST Key Metrics Gross Profit (mm) Year Ended Dec. 31, % Change Motor Fuel $360 $383 (6%) Merchandise & Services* $497 $460 8% Other $2 $1 100% Key Metrics Year Ended Dec. 31, % Change Core Stores (EOP) 1,049 989 6% Motor Fuel Gallons Sold (PSPD) 5,100 4,901 4% Motor Fue
Slide 9: CST Key Metrics: Canadian Retail, Full Year
Investor Update February 2016 Key Metrics Year Ended Dec. 31, % Change in USD % Change in CAD Total Retail Stores (EOP) 869 861 1% 1% Motor Fuel Gallons Sold (PSPD) 3,166 3,230 (2%) (2%) Motor Fuel CPG (net of CC) $0.227 $0.240 (5%) 9% Company Operated Stores (EOP) 303 293 3% 3% Merchandise & Servic
Slide 10: Solid Financial Position to Support Growth
Investor Update February 2016 Solid Financial Position to Support Growth CST Brands, Inc. Dec. 31, 2015 (in millions) Cash $313 Total Debt $1,016 Note: Amounts in millions 10 Net Revolver Capacity as of February 18th, 2016: $144 million
Slide 11: CST Guidance
Investor Update February 2016 CST Guidance (in USD) Retail Segment Gallons (PSPD) 4,900 to 5,000 4,966 2,900 to 3,000 3,092 Merchandise & Services Sales* (PSPD) $3,800 to $3,900 $3,658 $2,000 to $2,100 $2,193 Merchandise & Services Gross Margin* (%) 33.5% to 34.5% 32.5% 32.5% to 33.5% 32.6% U.S. Can
Slide 12: Initial Performance of Made to Order Food Program
Investor Update February 2016 Initial Performance of Made to Order Food Program Hal Adams President Retail Operations 12
Slide 13: Inside Store Sales: Made to Order Food Program
Investor Update February 2016 13 Inside Store Sales All Stores YE 2015 Same Store NTIs YE 2015 Made to Order Food Program Dec 2015 18% 26% 28% 11% 17% 19% 26% 21% 17% 17% 18% 28% 10% 32% 12%
Slide 14: 4Q 2015 Earnings Call
4Q 2015 Earnings Call Jeremy Bergeron, President
Slide 15: 4Q and Full Year Results Summary
Investor Update February 2016 4Q and Full Year Results Summary (in millions, except for per unit amounts) KEY METRICS Three Months ended Dec. 31, 2015 2014 % Change Full Year 2015 2014 % Change Gross Profit $36.4 $35.7 2% $157.5 $115.6 36% Adjusted EBITDA $24.7 $14.2 74% $90.3 $61.4 47% Distributabl
Slide 16: 4Q and Full Year Segment Results
Investor Update February 2016 4Q and Full Year Segment Results (in thousands, except for number of sites and per gallon amounts) WHOLESALE SEGMENT Three Months ended Dec. 31, 2015 2014 % Change Full Year 2015 2014 % Change Total Volume of Gallons Distributed 256,330 241,004 6% 1,051,357 887,677 18%
Slide 17: 4Q14 vs 4Q15 Adjusted EBITDA Performance
Investor Update February 2016 4Q14 vs 4Q15 Adjusted EBITDA Performance (in thousands) $24,708 $14,186 $14,226 ($1,768) $197 ($2,133) Acquisitions(1) Impact of Supplier Terms Discounts Q4 2014 Adjusted EBITDA Q4 2015 Adjusted EBITDA Net, Misc.(2) Net Opex/G&A Changes, Excluding Acquisitions (1) Acqui
Slide 18: 3Q15 vs 4Q15 Adjusted EBITDA Performance
Investor Update February 2016 3Q15 vs 4Q15 Adjusted EBITDA Performance (in thousands) $24,708 $30,963 ($2,763) ($428) ($843) ($2,221) Acquisitions(1) Impact of Supplier Terms Discounts Q3 2015 Adjusted EBITDA Q4 2015 Adjusted EBITDA Net, Misc.(2) Net Opex/G&A Changes, Excluding Acquisitions (1) Acqu
Slide 19: 2014 vs 2015 Adjusted EBITDA Performance
Investor Update February 2016 2014 vs 2015 Adjusted EBITDA Performance (in thousands) $90,314 $61,424 $38,091 ($8,961) $155 ($395) Acquisitions(1) Impact of Supplier Terms Discounts 2014 Adjusted EBITDA 2015 Adjusted EBITDA Net, Misc.(2) Net Opex/G&A Changes, Excluding Acquisitions (1) Acquisitions
Slide 20: Limited Exposure to Crude Volatility
Investor Update February 2016 Limited Exposure to Crude Volatility Continue to balance portfolio and variability $- $20 $40 $60 $80 $100 $120 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2014 Q3 2015 Q4 2015 Cash Flow Performance Distributable Cash Flo
Slide 21: Continuing Accretive Growth
Investor Update February 2016 Continuing Accretive Growth • Over 85% owned locations • Located in proximity with FreedomValu stores • Large stores with good inside sales • Holiday franchise brings strong brand recognition 31 Company Operated $48.5 Million Purchase 26 Million Gallons Upper Midwest (M
Slide 22: Executing with Measured Growth
Investor Update February 2016 Executing with Measured Growth • Declared fourth quarter distribution of $0.5925 per unit – 1.5 cent per unit increase over third quarter • Grew distributions per unit 8.1% in 2015 over 2014 • Completes our commitment made in 1Q15 to increase distributions 7%-9% for the
Slide 23: Q&A Session
Q&A Session
Slide 24: Appendix
Appendix
Slide 25: Store Initiatives
Investor Update February 2016 Store Initiatives NTI (New to Industry) with new store logo, grocery and made-to-order food programs 25
Slide 26: Store Initiatives
Investor Update February 2016 Store Initiatives NTI with new store logo, grocery and made-to-order food programs 26
Slide 27: Store Initiatives
Investor Update February 2016 Store Initiatives 27 NTI with new store logo, grocery and made-to-order food programs
Slide 28: Rebranding Initiative
Investor Update February 2016 Rebranding Initiative Before After The rebranding of 11 stores in the South San Antonio market have been completed 28
Slide 29: Rebranding Initiative
Investor Update February 2016 Rebranding Initiative After The rebranding of 11 stores in the South San Antonio market have been completed 29 Before
Slide 30: U.S. NTI Same Store Performance 2015 vs. 2014
Investor Update February 2016 U.S. NTI Same Store Performance 2015 vs. 2014 (Dollars in Millions, Except Per Store Data) 30 Year Ended December 31, YOY Change 2015 2014 $ % Fuel Gross Profit 30.2$ 32.8$ (2.6)$ -8% Merchandise and Services Gross Profit 46.0 45.2 0.8 2% Store Level Cash Operating Expe
Slide 31: CST Brands Operating Expenses
Investor Update February 2016 CST Brands Operating Expenses 31 Item Increase Nice N Easy and Landmark Industries stores $4.1 million NTI stores $3.7 million 4Q 2014 vs. 4Q 2015 $172 million vs. $178 million Item Increase NTI Stores $3.6 million Flash Foods acquisition $14.4 million 4Q 2015 vs. 1Q 20
Slide 32: Flash Foods Case Study
Investor Update February 2016 • Total purchase price: $425 million • Estimated net effect of 1031 Like-Kind Exchange: $20-$25 million • $1.8 million of recurring synergies already realized on year 1 expected synergies of $10.2 million. Expect run rate to reach $11.7 million in year 3 • Expect the tr