Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Investor Presentation (May 2023)
24 slides from Crossamerica Partners Lp's investor presentation, May 22, 2023
Slide 1: Investor Presentation May 2023
Investor Presentation May 2023 Exhibit 99.1
Slide 2: Forward Looking Statements
Forward Looking 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,” “anticipates,” “estimates,” “target” and other similar expre
Slide 3: CrossAmerica Overview
c:P CROSSAMERICA PARTNERS LP CrossAmerica Overview Investor Update May 2023
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 Distributed more than 1.3 billion gallons of fuel in 2022 Rental gross profit of $61 million in 2022 Operates over 250 convenience stores Employs more
Slide 5: Key Investment Highlights
Key Investment Highlights Stable Cash Flows from Real Estate Rental Income and Motor Fuel Distribution Experienced Management Team with Proven History of Executing Strategic Objectives Strong Barriers to Entry with Prime Real Estate Locations in High Traffic Regions Long Term Relationships with Majo
Slide 6: More Than 1,700 Locations Across the U.S.
More Than 1,700 Locations Across the U.S.
Slide 7: Company History
Company History Strong organizational history of acquisitions From 2012 IPO through 2019, completed 19 acquisitions for total consideration of almost $1 billion On November 19, 2019, investment entities controlled by Founder and current Chairman, Joe Topper, purchased 100% of the interest in CrossAm
Slide 8: Overview of Business Segments
Overview of Business Segments Wholesale Fuels Distributor Convenience Store Lessor Purchase and sale of wholesale motor fuel Distribute branded and unbranded motor fuel to nearly 1,300 sites (wholesale segment only) Provide fuel to independent dealers and lessee dealers Significant fuel purchasing c
Slide 9: Overview of Business Segments
Overview of Business Segments Convenience Store Operator Operation of convenience stores Operate convenience stores in 13 states in the eastern US under 7 brands Goal to consolidate under the Joe’s Kwik Mart’s banner over time Sites offer wide array of food, packaged beverage, tobacco and grocery pr
Slide 10: Strategically position our portfolio for the future
Strategically position our portfolio for the future by optimizing the class of trade for each location and continuing our real estate rationalization work for non-core assets Real estate rationalization effort – $48 million in proceeds over the last three years that we have used to fund growth capit
Slide 11: Key Operating Metrics
Key Operating Metrics $53 million (Results are in thousands, except for per gallon and gross margin %) TTM Ended 3/31/23 2022 2021 2020 Wholesale Segment: Volume of Gallons Distributed 842,432 844,486 931,288 862,938 Wholesale Margin Per Gallon $0.088 $0.087 $0.075 $0.067 Motor Fuel Gross Profit $73
Slide 12: Acquisitions Driving Material Growth
Acquisitions Driving Material Growth Adjusted EBITDA Trend Key Recent Acquisitions Exchange of CST Fuel Supply interest for wholesale contracts and locations with Circle K (March 2020) Acquisition of retail and wholesale assets from Dunne Manning (April 2020) Completed Asset Exchange with Circle K (
Slide 13: Strengthened Financial Position
Strengthened Financial Position Annualized distribution of $2.10 per unit since Q2 2018 Commitment to a secure distribution Target coverage ratio of 1.2x+ *In 2022, CrossAmerica updated its calculation of its Distribution Coverage Ratio to divide Distributable Cash Flow by distributions paid, wherea
Slide 14: Capital Structure
Capital Structure CAPL Credit Facility $925M Revolver Matures March 31, 2028 JKM Preferred Security $25M convertible preferred equity security issued March 2022 to affiliates of Topper Group and Reilly entities Target Leverage Ratio: Approximately 4.0x 12/31/21 Leverage Ratio of 5.1x, reduced to 4.0
Slide 15: Aligned Ownership
Aligned Ownership General partner controlled by entities affiliated with Joseph V. Topper, Jr. (“Topper Group”) Mr. Topper is the founder of CAPL and Chairman of the Board Topper Group controls ~38.5% of CAPL units Entities affiliated with John B. Reilly, III control 13.1% of CAPL units Topper Group
Slide 16: Summary
Summary Continue to execute on strategic plan put in place after acquiring the GP in late 2019 Added retail portfolio and have grown it with the acquisition of assets from 7-Eleven Leveraging scale in wholesale operations simplifying the business to enhance efficiencies Strong portfolio of owned and
Slide 17: Appendix
c.P — CROSSAMERICA PARTNERS LP Appendix Investor Update May 2023
Slide 18: Environmental, Social and Governance
Environmental, Social and Governance At the core of our mission, CrossAmerica is a responsible, people-focused organization, committed to the well-being of our employees, customers and the environment. Environmental: Focus on environmental protection and regulations, employee training and timely and
Slide 19: Fuels Distribution
Fuels Distribution* Fuel Volume Purchased by Brand as of 12/31/22 Distributed 1.34 billion gallons of motor fuel for the full year of 2022 and 1.33 billion gallons for the full year 2021 VARIOUSOTHER BRANDS Approximately 92% of motor fuel we distributed during 2022 was branded supply. *Fuels Distrib
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use the 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 accretion (which includ
Slide 21: Non-GAAP Reconciliation (1Q 2023)
Non-GAAP Reconciliation (1Q 2023) 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): Three Months
Slide 22: Non-GAAP Reconciliation (2022 and 2021)
Non-GAAP Reconciliation (2022 and 2021) 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): Three M
Slide 23: Non-GAAP Reconciliation (2020 and 2019)
Non-GAAP Reconciliation (2020 and 2019) 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): Three M
Slide 24: Non-GAAP Reconciliation (2018 and 2017)
Non-GAAP Reconciliation (2018 and 2017) 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): Three M
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