Crossamerica Partners Lp · NYSE:CAPL
Crossamerica Partners Lp — Q2 2016 Earnings Presentation
12 slides from Crossamerica Partners Lp's earnings presentation, Aug 5, 2016
Slide 1: 2Q 2016 Earnings Call August 2016
2Q 2016 Earnings Call August 2016
Slide 2: Safe Harbor Statement
Safe Harbor 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,” “estimates,” “target” and other similar expressions identify forw
Slide 3: CrossAmerica Business Overview
CrossAmerica Business Overview Jeremy Bergeron, President 3
Slide 4: Partnership Overview
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 80 c-stores(2) – 17.5% equity interest in CST Brands’ wholesale fuels busi
Slide 5: Continuing Accretive Growth
Continuing Accretive Growth 5 55 Lessee Dealers, 25 Indep. Dealers, 3 Company Ops $45 Million Purchase 60 Million Gallons Chicago Market Marathon, Citgo, Phillips 66, Mobil, BP, Shell Est. 3Q16 close date Asset Purchase Rationale 154 current locations 85 pending locations (State Oil) CrossAmerica Up
Slide 6: Strategy Execution
Strategy Execution • Announced accretive acquisition of State Oil assets on July 15 • Completed first 3 months of operation of Holiday Stationstores acquired from SSG – 34 total sites(1), over 26 million annual gallons of fuel, valuable real estate, strong inside sales • Continued focus on managing
Slide 7: Operating Results
Operating Results Operating Results (in thousands, except for per gallon and site count) Three Months ended June 30, 2016 2015 % Change Total Motor Fuel Sites (period avg.) 1,119 1,054 6% Total Volume of Gallons Distributed 265,910 277,126 (4%) Wholesale Fuel Margin per Gallon $0.054 $0.053 2% Renta
Slide 8: CrossAmerica Financial Overview
CrossAmerica Financial Overview Steven Stellato, Chief Accounting Officer 8
Slide 9: 2Q 2016 Results
2Q 2016 Results 9 (1) See the earnings press release filed by CrossAmerica Partners LP on August 5, 2016 for (i) a reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow (or “DCF”) to net income and (ii) the definitions of EBITDA, Adjusted EBITDA and DCF. KEY METRICS Three Months ende
Slide 10: 2Q15 vs 2Q16 Adjusted EBITDA
2Q15 vs 2Q16 Adjusted EBITDA (in thousands) $27,118 $19,060 $7,232 ($1,153) $528 $1,834 ($383) Acquisitions(2) Impact of Supplier Terms Discounts Q2 2015 Adjusted EBITDA(1) Q2 2016 Adjusted EBITDA(1) Net, Misc.(3) Net Effect of Integration and Base Business (1) See the earnings press release filed b
Slide 11: Strengthening Balance Sheet
Strengthening Balance Sheet • Renegotiation of Rocky Top Lease Obligation – In September 2013, CrossAmerica acquired 33 sites for $36.9 million – As part of financing the transaction, CrossAmerica entered into a master lease, with a purchase obligation, for 29 sites at an interest rate of 7.7%, resu
Slide 12: Executing with Measured Growth
Executing with Measured Growth • Declared distribution attributable to second quarter of $0.6025 per unit – 0.5 cent per unit increase over distribution attributable to first quarter 2016 – Expect to increase per unit distribution by 5%-7% for 2016 over 2015 – Continue to target a long-term distribu
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