Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q4 2020 Earnings Presentation
14 slides from Crossamerica Partners Lp's earnings presentation, Mar 2, 2021
Slide 1: Fourth Quarter 2020 Earnings Call
March 2021 Fourth Quarter 2020 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 Charles Nifong, CEO & President 3
Slide 4: 4Q and Full Year Operating Results
4Q and Full Year Operating Results 4 Volumes benefited from recent transactions but impacted by COVID-19 throughout the year Wholesale fuel gross profit driven by both an increase in volume and strong fuel margin per gallon Rental gross profit down due to termination of leases in connection with acq
Slide 5: Full Year 2020 Highlights
Full Year 2020 Highlights Wholesale Segment – Gross Profit increase of 19% Margin (cents per gallon) increased 28% year-over-year from 7.2 cents to 9.2 cents per gallon (an historical high for the partnership) Despite COVID-19, fuel volume increased 11% with over 1.1 billion gallons distributed duri
Slide 6: Full Year 2020 Highlights: Equity Restructuring and Fuel Supply Exchange
Full Year 2020 Highlights Equity Restructuring - Elimination of the Incentive Distribution Rights (“IDRs”) On January 15, 2020, the Partnership entered into an Equity Restructuring Agreement# Pursuant to the agreement, all of the outstanding IDRs of the Partnership were cancelled and converted to 2,
Slide 7: Full Year 2020 Highlights: Acquisition and Asset Exchanges
Full Year 2020 Highlights Completed the acquisition of retail/wholesale assets that was announced on January 15, 2020* Includes retail operations at 169 sites (154 company operated sites and 15 commission sites) Transaction closed on April 14, 2020 Wholesale fuel supply to 110 sites, including 53 th
Slide 8: Strategy & Objectives for 2021
Strategy & Objectives for 2021 With the completion of the acquisition and asset exchanges in 2020, we will continue to optimize the operations of the acquired assets We will continue to work to provide better experiences and better service to all of our customer base We will continue to strengthen o
Slide 9: CrossAmerica Financial Overview
CrossAmerica Financial Overview Eric Javidi, Chief Financial Officer 9
Slide 10: 4Q and Full Year Results Summary
4Q and Full Year Results Summary 10 Note: See the reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow (or “DCF”) to net income and the definitions of EBITDA, Adjusted EBITDA and DCF in the appendix of this presentation.
Slide 11: Capital Strength
Capital Strength Leverage, as defined under our credit facility, was 4.06X as of December 31, 2020 Strong liquidity position with notional borrowing capacity of $233 million under the $750 million revolving credit facility Maintain Distribution Rate Distributable Cash Flow of $102.5 million for the
Slide 12: Appendix
Appendix Fourth Quarter 2020 Earnings Call 12
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures 13 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
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation 14 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): CrossAmerica recorde
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