CrossAmerica Partners LP: Reports Third Quarter 2017 Results
(Thomson Reuters ONE) -
CrossAmerica Partners LP Reports Third Quarter 2017 Results
- Reported Third Quarter 2017 Operating Income of $12.3 million and
Net Income of $4.3 million
- Generated Third Quarter 2017 Adjusted EBITDA of $29.0 million and
Distributable Cash Flow of $21.5 million, respectively
- Reported Third Quarter 2017 Gross Profit for the Wholesale Segment
of $31.3 million or a 10% increase when compared to the Third Quarter 2016
- The Board of Directors of CrossAmerica's General Partner declared
a quarterly distribution of $0.6275 per limited partner unit attributable to the
Third Quarter 2017
Allentown, PA November 7, 2017 - CrossAmerica Partners LP (NYSE: CAPL)
("CrossAmerica" or the "Partnership"), a leading wholesale fuels distributor and
owner and lessor of real estate used in the retail distribution of motor fuels,
today reported financial results for the third quarter ended September 30, 2017.
"We had a strong quarter with good performance in our wholesale and retail
segments," said Jeremy Bergeron, President and CEO of CrossAmerica. "We also
executed on materially accretive divestitures in the period, selling 30 sites
for approximately $23 million. This reflects our overall growth strategy as we
look to upgrade our asset portfolio and position the balance sheet for our
pending acquisition of assets from Jet-Pep in Alabama, which is scheduled to
close during the fourth quarter."
Consolidated Results
Operating income was $12.3 million for the third quarter 2017 compared to $10.0
million achieved in the third quarter 2016. EBITDA was $25.3 million for the
three month period ended September 30, 2017 compared to $22.5 million for the
same period in 2016. Included in operating income and EBITDA for the third
quarter 2017 is a $1.9 million charge related to separation and benefits
expenses. Adjusted EBITDA was $29.0 million for the third quarter 2017 compared
to $27.1 million for the same period in 2016, representing an increase of 7%.
The increase in Adjusted EBITDA was due to an increase in net income driven by
increases in both the wholesale and retail segments. (Non-GAAP measures,
including EBITDA, as described are reconciled to the corresponding GAAP measures
in the Supplemental Disclosure section of this release)
Wholesale Segment
During the third quarter 2017, CrossAmerica's wholesale segment generated $31.3
million in gross profit compared to $28.5 million in gross profit for the third
quarter 2016, representing a 10% increase. The Partnership distributed, on a
wholesale basis, 266.2 million gallons of motor fuel at an average wholesale
gross profit of $0.057 per gallon, resulting in motor fuel gross profit of $15.2
million. For the three month period ended September 30, 2016, CrossAmerica
distributed, on a wholesale basis, 267.1 million gallons of fuel at an average
wholesale gross profit of $0.053 per gallon, resulting in motor fuel gross
profit of $14.2 million. The 7% increase in motor fuel gross profit was
primarily due to a higher margin per gallon realized due to higher dealer-tank
wagon (DTW) margins as a result of the movements in crude prices throughout both
periods and increased payment discounts and incentives due to the increase in
motor fuel prices as a result of the increase in crude oil prices. The prices
paid by the Partnership to its motor fuel suppliers for wholesale motor fuel
(which affects the cost of sales) are highly correlated to the price of crude
oil. The average daily spot price of West Texas Intermediate crude oil
increased approximately 7% to $48.15 per barrel during the third quarter 2017 as
compared to $44.85 per barrel during the same period in 2016.
CrossAmerica's gross profit from Rent and Other for the wholesale segment, which
primarily consists of rental income, was $16.1 million for the third quarter
2017 compared to $14.3 million for the same period in 2016. The increase of 13%
in Rent and Other was primarily associated with the State Oil acquisition
completed in September 2016 and the continued conversion of company-operated
stores to lessee dealer sites throughout 2016 and 2017, partially offset by 25
DMS sites being converted to commission agent sites in the fourth quarter of
2016, which resulted in rent income from these 25 sites being included in the
retail segment rather than the wholesale segment.
Adjusted EBITDA for the wholesale segment was $27.5 million for the third
quarter of 2017 compared to $27.0 million for the same period in 2016. As
discussed above, the year-over-year improvement was driven by an increase in
wholesale gross profit per gallon and in rental income during the quarter (see
Supplemental Disclosure Regarding Non-GAAP Financial Information below).
Retail Segment
For the third quarter 2017, the Partnership sold 39.1 million gallons of motor
fuel at an average retail motor fuel gross profit of $0.052 per gallon, net of
commissions and credit card fees, resulting in motor fuel gross profits of $2.0
million. For the same period in 2016, CrossAmerica sold 39.2 million gallons in
its retail segment at an average gross profit of $0.050 per gallon, net of
commissions and credit card fees, resulting in motor fuel gross profit of $1.9
million. The increase in motor fuel gross profit is attributable due to an
increase in margin per gallon as a result of the movements in crude oil prices
throughout the two periods.
During the quarter, the Partnership generated $7.0 million in gross profit from
merchandise and services versus $7.6 million for the same period in 2016. Gross
profit from Rent and Other increased $0.1 million or 13% primarily from 25 DMS
sites being converted to commission agent sites in the fourth quarter of 2016,
which resulted in rent income from these 25 sites being included in the retail
segment rather than the wholesale segment. Operating expenses for the retail
segment decreased $0.9 million from $8.7 million for the third quarter 2016 to
$7.8 million for the third quarter 2017. Adjusted EBITDA for the retail segment
was $2.4 million for the third quarter 2017 compared to $2.0 million for the
same period in 2016, representing an increase of 18%.
The decreases in merchandise and services gross profit and operating expenses
were primarily due to the Partnership's dealerization strategy of converting
company-operated stores to dealer-operated sites. (see Supplemental Disclosure
Regarding Non-GAAP Financial Information below).
Distributable Cash Flow and Distribution Coverage Ratio
Distributable Cash Flow was $21.5 million for the three month period ended
September 30, 2017, compared to $21.3 million for the same period in 2016. The
slight increase in Distributable Cash Flow was due primarily to an overall
increase in net income partially offset by an increase in cash interest expense
from additional borrowings to fund the Partnership's recent acquisitions. The
Distribution Coverage Ratio was 1.02 times for the three months ended September
30, 2017 (see Supplemental Disclosure Regarding Non-GAAP Financial Information
below).
Liquidity and Capital Resources
As of November 3, 2017, after taking into consideration debt covenant
constraints, approximately $55.2 million was available for future borrowings
under the Partnership's revolving credit facility. In connection with future
acquisitions, the revolving credit facility requires, among other things, that
CrossAmerica have, after giving effect to such acquisition, at least, in the
aggregate, $20 million of borrowing availability under the revolving credit
facility and unrestricted cash on the balance sheet on the date of such
acquisition.
Distributions
On October 24, 2017, the Board of the Directors of CrossAmerica's General
Partner ("Board") declared a quarterly distribution of $0.6275 per limited
partner unit attributable to the third quarter of 2017. As previously
announced, the distribution will be paid on November 13, 2017 to all unitholders
of record as of November 6, 2017. The amount and timing of any future
distributions is subject to the discretion of the Board (see Supplemental
Disclosure Regarding Non-GAAP Financial Information below).
Conference Call
The Partnership will host a conference call on November 8, 2017 at 9:00 a.m.
Eastern Time (8:00 a.m. Central Time) to discuss third quarter 2017 earnings
results. The conference call numbers are 800-774-6070 or 630-691-2753 and the
passcode for both is 5854571#. A live audio webcast of the conference call and
the related earnings materials, including reconciliations of non-GAAP financial
measures to GAAP financial measures and any other applicable disclosures, will
be available on that same day on the investor section of the CrossAmerica
website (www.crossamericapartners.com). A slide presentation for the conference
call will also be available on the investor section of the Partnership's
website. To listen to the audio webcast, go to
http://www.crossamericapartners.com/en-us/investors/eventsandpresentations.
After the live conference call, a replay will be available for a period of
thirty days. The replay numbers are 888-843-7419 or 630-652-3042 and the
passcode for both is 5854571#. An archive of the webcast will be available on
the investor section of the CrossAmerica website at
www.crossamericapartners.com/en-us/investors/eventsandpresentations within 24
hours after the call for a period of sixty days.
CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars, Except Unit and Per Unit Amounts)
(Unaudited)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
------------------------------- -------------------------------
2017 2016 2017 2016
-------------- -------------- -------------- --------------
Operating
revenues((a)) $ 544,092 $ 487,950 $ 1,542,167 $ 1,368,334
Costs of
sales((b)) 502,517 448,812 1,421,524 1,251,491
-------------- -------------- -------------- --------------
Gross profit 41,575 39,138 120,643 116,843
Income from
CST Fuel
Supply equity
interests 3,752 4,022 11,185 12,318
Operating
expenses:
Operating
expenses 15,371 14,224 46,853 45,754
General and
administrative
expenses 5,994 6,142 23,731 18,068
Depreciation,
amortization
and accretion
expense 14,049 13,432 42,675 40,594
-------------- -------------- -------------- --------------
Total
operating
expenses 35,414 33,798 113,259 104,416
Gain on sales
of assets, net 2,371 631 2,013 525
-------------- -------------- -------------- --------------
Operating
income 12,284 9,993 20,582 25,270
Other income
(expense), net 121 (59 ) 366 375
Interest
expense (7,102 ) (5,634 ) (20,599 ) (16,403 )
-------------- -------------- -------------- --------------
Income before
income taxes 5,303 4,300 349 9,242
Income tax
expense
(benefit) 966 1,308 (1,686 ) 851
-------------- -------------- -------------- --------------
Net income 4,337 2,992 2,035 8,391
Less: net
income (loss)
attributable
to
noncontrolling
interests 4 3 (1 ) 9
-------------- -------------- -------------- --------------
Net income
attributable
to limited
partners 4,333 2,989 2,036 8,382
IDR
distributions (1,115 ) (877 ) (3,162 ) (2,456 )
-------------- -------------- -------------- --------------
Net income
(loss)
available to
limited
partners $ 3,218 $ 2,112 $ (1,126 ) $ 5,926
-------------- -------------- -------------- --------------
Net income
(loss) per
limited
partner unit:
Basic earnings
per common
unit $ 0.09 $ 0.06 $ (0.03 ) $ 0.18
Diluted
earnings per
common unit $ 0.09 $ 0.06 $ (0.03 ) $ 0.18
Basic and
diluted
earnings per
subordinated
unit n/a n/a n/a $ 0.18
Weighted-
average
limited
partner units:
Basic common
units 33,931,056 33,366,380 33,773,964 31,714,462
Diluted common
units((c)) 33,937,702 33,391,096 33,773,964 31,766,802
Basic and
diluted
subordinated
units - - - 1,537,956
-------------- -------------- -------------- --------------
Total diluted
common and
subordinated
units 33,937,702 33,391,096 33,773,964 33,304,758
-------------- -------------- -------------- --------------
Distribution
paid per
common and
subordinated
unit $ 0.6225 $ 0.6025 $ 1.8525 $ 1.7925
Distribution
declared (with
respect to
each
respective
period) per
common and
subordinated
unit $ 0.6275 $ 0.6075 $ 1.8675 $ 1.8075
Supplemental
information:
(a) Includes
excise taxes
of: $ 19,704 $ 19,698 $ 58,351 $ 59,902
(a) Includes
revenues from
fuel sales to
related
parties
of: 101,190 99,891 281,611 280,330
(a) Includes
rental income
of: 21,644 19,752 65,090 59,634
(b) Includes
rental expense
of: 4,876 5,103 14,593 14,870
(c) Diluted common units were not used in the calculation of diluted earnings
per common unit for the nine months ended
September 30, 2017 because to do so would have been antidilutive.
Segment Results
Wholesale
The following table highlights the results of operations and certain operating
metrics of the Wholesale segment (thousands of dollars, except for the number of
distribution sites and per gallon amounts):
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2017 2016 2017 2016
----------- ----------- ----------- -----------
Gross profit:
Motor fuel-third party $ 8,757 $ 8,157 $ 25,659 $ 21,283
Motor fuel-
intersegment and
related party 6,485 6,086 17,820 19,004
----------- ----------- ----------- -----------
Motor fuel gross
profit 15,242 14,243 43,479 40,287
Rent and other 16,074 14,263 48,740 43,162
----------- ----------- ----------- -----------
Total gross profit 31,316 28,506 92,219 83,449
Income from CST Fuel
Supply equity((a)) 3,752 4,022 11,185 12,318
Operating expenses (7,535 ) (5,498 ) (22,541 ) (18,796 )
----------- ----------- ----------- -----------
Adjusted EBITDA((b)) $ 27,533 $ 27,030 $ 80,863 $ 76,971
----------- ----------- ----------- -----------
Motor fuel
distribution sites
(end of period):((c))
Motor fuel-third party
Independent
dealers((d)) 384 404 384 404
Lessee dealers((e)) 439 420 439 420
----------- ----------- ----------- -----------
Total motor fuel
distribution-third
party sites 823 824 823 824
----------- ----------- ----------- -----------
Motor fuel-
intersegment and
related party
DMS (related
party)((f)) 146 179 146 179
CST (related party) 43 43 43 43
Commission agents
(Retail segment)((g)) 82 67 82 67
Company operated
retail sites (Retail
segment) 70 75 70 75
----------- ----------- ----------- -----------
Total motor fuel
distribution-
intersegment
and related party
sites 341 364 341 364
----------- ----------- ----------- -----------
Motor fuel
distribution sites
(average during the
period):
Motor fuel-third party
distribution 823 749 822 724
Motor fuel-
intersegment and
related party
distribution 344 366 355 387
----------- ----------- ----------- -----------
Total motor fuel
distribution sites 1,167 1,115 1,177 1,111
----------- ----------- ----------- -----------
Volume of gallons
distributed (in
thousands)
Third party 169,877 163,558 491,471 461,474
Intersegment and
related party 96,312 103,563 279,649 307,720
----------- ----------- ----------- -----------
Total volume of
gallons distributed 266,189 267,121 771,120 769,194
----------- ----------- ----------- -----------
Wholesale margin per
gallon $ 0.057 $ 0.053 $ 0.056 $ 0.052
(a) Represents income from the Partnership's equity interest in CST Fuel
Supply.
(b) Please see the reconciliation of the segment's Adjusted EBITDA to
consolidated net income under the heading "Results of Operations-Non-GAAP
Financial Measures."
(c) In addition, as of September 30, 2017 and 2016, CrossAmerica
distributed motor fuel to 15 and 14 sub-wholesalers who distributed to
additional sites.
(d) The decrease in the independent dealer site count from September
30, 2016 to September 30, 2017 was primarily attributable to a net 20 terminated
motor fuel supply contracts that were not renewed.
(e) The increase in the lessee dealer site count was primarily attributable
to converting 5 company operated retail sites in the Retail segment to lessee
dealers in the Wholesale segment.
(f) During the fourth quarter of 2016, the Partnership recaptured 25 sites
from DMS and operated them as commission agent sites. During the second quarter
of 2017, CrossAmerica converted some of these recaptured sites to lessee
dealers.
(g) The decrease in the company operated retail site count was primarily
attributable to company operated retail sites being converted to lessee dealer
sites.
Retail
The following table highlights the results of operations and certain operating
metrics of the Retail segment (thousands of dollars, except for the number of
retail sites and per gallon amounts):
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -------------------------
2017 2016 2017 2016
---------- ---------- ----------- -----------
Gross profit:
Motor fuel $ 2,042 $ 1,948 $ 5,281 $ 6,838
Merchandise and services 7,008 7,614 19,558 23,362
Rent and other 1,195 1,057 3,565 3,049
---------- ---------- ----------- -----------
Total gross profit 10,245 10,619 28,404 33,249
Operating expenses (7,836 ) (8,726 ) (24,312 ) (26,958 )
Acquisition-related
costs - 142 - 142
Inventory fair value
adjustments((a)) - - - 91
---------- ---------- ----------- -----------
Adjusted EBITDA((b)) $ 2,409 $ 2,035 $ 4,092 $ 6,524
---------- ---------- ----------- -----------
Retail sites (end of
period):
Commission agents((c)) 82 67 82 67
Company operated retail
sites((d)) 71 78 71 78
---------- ---------- ----------- -----------
Total system sites at
the end of the period 153 145 153 145
Total system operating
statistics:
Average retail fuel
sites during the
period((c)(d)) 153 142 162 155
Motor fuel sales
(gallons per site per
day) 2,778 3,002 2,632 2,828
Motor fuel gross profit
per gallon, net of
credit card
fees and commissions $ 0.052 $ 0.050 $ 0.045 $ 0.057
Commission agents
statistics:
Average retail fuel
sites during the
period((c)) 82 66 90 66
Motor fuel gross profit
per gallon, net of
credit card
fees and commissions $ 0.013 $ 0.014 $ 0.011 $ 0.016
Company operated retail
site statistics:
Average retail fuel
sites during the
period((d)) 71 76 72 89
Motor fuel gross profit
per gallon, net of
credit card
fees $ 0.093 $ 0.082 $ 0.083 $ 0.090
Merchandise and services
gross profit percentage,
net of credit card
fees 24.7 % 24.2 % 24.4 % 24.5 %
(a) The inventory fair value adjustment represents the expensing of the
step-up in value ascribed to inventory acquired in the Franchised Holiday Stores
acquisition.
(b) Please see the reconciliation of the segment's Adjusted EBITDA to
consolidated net income under the heading "Results of Operations-Non-GAAP
Financial Measures" below.
(c) During the fourth quarter of 2016, the Partnership recaptured 25 sites
from DMS and operated them as commission agent sites. During the second quarter
of 2017, CrossAmerica converted some of these recaptured sites to lessee
dealers.
(d) The decrease in company operated retail sites relates to the conversion
of company operated retail sites to lessee dealer sites.
Supplemental Disclosure Regarding Non-GAAP Financial Measures
CrossAmerica uses non-GAAP financial measures EBITDA, Adjusted EBITDA,
Distributable Cash Flow and Distribution Coverage Ratio. EBITDA represents net
income available to the Partnership before deducting interest expense, income
taxes, depreciation, amortization and accretion. Adjusted EBITDA represents
EBITDA as further adjusted to exclude equity funded expenses related to
incentive compensation and the Amended Omnibus Agreement, gains or losses on
sales of assets, certain discrete acquisition related costs, such as legal and
other professional fees and severance expenses associated with recently acquired
companies, and certain other discrete non-cash items arising from purchase
accounting. Distributable Cash Flow represents Adjusted EBITDA less cash
interest expense, sustaining capital expenditures and current income tax
expense. Distribution Coverage Ratio is computed by dividing Distributable Cash
Flow by the weighted average diluted common and subordinated units and then
dividing that result by the distributions paid per limited partner unit.
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio
are used as supplemental financial measures by management and by external users
of the CrossAmerica financial statements, such as investors and lenders. EBITDA
and Adjusted EBITDA are used to assess the financial performance without regard
to financing methods, capital structure or income taxes and the ability to incur
and service debt and to fund capital expenditures. In addition, Adjusted EBITDA
is used to assess the operating performance of the CrossAmerica business on a
consistent basis by excluding the impact of items which do not result directly
from the wholesale distribution of motor fuel, the leasing of real property, or
the day to day operations of the Partnership's retail site activities. EBITDA,
Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are
also used to assess the ability to generate cash sufficient to make
distributions to the Partnership's unit-holders.
CrossAmerica believes the presentation of EBITDA, Adjusted EBITDA, Distributable
Cash Flow and Distribution Coverage Ratio provides useful information to
investors in assessing the financial condition and results of operations.
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio
should not be considered alternatives to net income or any other measure of
financial performance or liquidity presented in accordance with U.S. GAAP.
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio
have important limitations as analytical tools because they exclude some but not
all items that affect net income. Additionally, because EBITDA, Adjusted EBITDA,
Distributable Cash Flow and Distribution Coverage Ratio may be defined
differently by other companies in the industry, the Partnership's definitions
may not be comparable to similarly titled measures of other companies, thereby
diminishing their utility.
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 Ended Nine Months Ended
September 30, September 30,
----------------------- -------------------------
2017 2016 2017 2016
---------- ---------- ----------- -----------
Net income available to
limited partners $ 3,218 $ 2,112 $ (1,126 ) $ 5,926
Interest expense 7,102 5,634 20,599 16,403
Income tax expense
(benefit) 966 1,308 (1,686 ) 851
Depreciation,
amortization and
accretion 14,049 13,432 42,675 40,594
---------- ---------- ----------- -----------
EBITDA 25,335 22,486 60,462 63,774
Equity funded expenses
related to incentive
compensation and the
Amended Omnibus
Agreement (a) 3,479 3,572 11,789 10,197
Gain on sales of assets,
net (2,371 ) (631 ) (2,013 ) (525 )
Acquisition-related
costs (b) 2,570 1,659 10,279 2,882
Inventory fair value
adjustments - - - 91
---------- ---------- ----------- -----------
Adjusted EBITDA 29,013 27,086 80,517 76,419
Cash interest expense (6,674 ) (5,306 ) (19,319 ) (15,355 )
Sustaining capital
expenditures (c) (565 ) (209 ) (1,287 ) (538 )
Current income tax
expense (267 ) (317 ) (387 ) (782 )
---------- ---------- ----------- -----------
Distributable Cash Flow $ 21,507 $ 21,254 $ 59,524 $ 59,744
---------- ---------- ----------- -----------
Weighted average diluted
common and subordinated
units 33,938 33,391 33,792 33,305
Distributions paid per
limited partner unit (d) $ 0.6225 $ 0.6025 $ 1.8525 $ 1.7925
Distribution Coverage
Ratio (e) 1.02x 1.06x 0.95x 1.00x
(a) As approved by the independent conflicts committee of the Board, the
Partnership and CST mutually agreed to settle certain amounts due under the
terms of the Amended Omnibus Agreement in limited partner units of the
Partnership.
(b) Relates to certain discrete acquisition related costs, such as legal
and other professional fees, severance expenses and purchase accounting
adjustments associated with recently acquired businesses. Acquisition-related
costs for the three and nine months ended September 30, 2017 include severance
and benefit expenses and retention bonuses paid to certain EICP participants
associated with the Merger. Acquisition-related costs for the three and nine
months ended September 30, 2017 also includes a $1.7 million charge related to a
court ruling in favor of a former executive's claim to benefits under the EICP
in connection with CST's acquisition of CrossAmerica's General Partner.
(c) Under the Partnership Agreement, sustaining capital expenditures are
capital expenditures made to maintain CrossAmerica's long-term operating income
or operating capacity. Examples of sustaining capital expenditures are those
made to maintain existing contract volumes, including payments to renew existing
distribution contracts, or to maintain the sites in conditions suitable to
lease, such as parking lot or roof replacement/renovation, or to replace
equipment required to operate the existing business.
(d) On October 24, 2017, the Board approved a quarterly distribution of
$0.6275 per unit attributable to the third quarter of 2017. The distribution is
payable on November 13, 2017 to all unitholders of record on November 6, 2017.
(e) The distribution coverage ratio is computed by dividing Distributable
Cash Flow by the weighted average diluted common and subordinated units and then
dividing that result by the distributions paid per limited partner unit.
The following table reconciles the segment Adjusted EBITDA to Consolidated
Adjusted EBITDA presented in the table above (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -------------------------
2017 2016 2017 2016
---------- ---------- ----------- -----------
Adjusted EBITDA -
Wholesale segment $ 27,533 $ 27,030 $ 80,863 $ 76,971
Adjusted EBITDA - Retail
segment 2,409 2,035 4,092 6,524
---------- ---------- ----------- -----------
Adjusted EBITDA - Total
segment $ 29,942 $ 29,065 $ 84,955 $ 83,495
Reconciling items:
Elimination of
intersegment profit in
ending
inventory balance 14 13 20 145
General and
administrative expenses (5,994 ) (6,142 ) (23,731 ) (18,068 )
Other income, net 121 (59 ) 366 375
Equity funded expenses
related to incentive
compensation and the
Amended Omnibus
Agreement 3,479 3,572 11,789 10,197
Working capital
adjustment - 335 - 335
Acquisition-related
costs 2,570 1,182 10,279 2,405
Net (income) loss
attributable to
noncontrolling
interests (4 ) (3 ) 1 (9 )
IDR distributions (1,115 ) (877 ) (3,162 ) (2,456 )
---------- ---------- ----------- -----------
Consolidated Adjusted
EBITDA $ 29,013 $ 27,086 $ 80,517 $ 76,419
---------- ---------- ----------- -----------
About CrossAmerica Partners LP
CrossAmerica Partners LP is a leading wholesale distributor of motor fuels and
owner and lessee of real estate used in the retail distribution of motor
fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of
Alimentation Couche-Tard Inc. Formed in 2012, CrossAmerica Partners LP is a
distributor of branded and unbranded petroleum for motor vehicles in the United
States and distributes fuel to approximately 1,200 locations and owns or leases
approximately 900 sites. With a geographic footprint covering 29 states, the
Partnership has well-established relationships with several major oil brands,
including ExxonMobil, BP, Motiva, Equilon, Chevron, Sunoco, Valero, Gulf, Citgo,
Marathon and Phillips 66. CrossAmerica Partners LP ranks as one of ExxonMobil's
largest distributors by fuel volume in the United States and in the top 10 for
additional brands. For additional information, please visit
www.crossamericapartners.com.
Contact
Investor Relations: Randy Palmer, Director - Investor Relations,
210-692-2160
Safe Harbor Statement
Statements contained in this release 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 forward-looking statements. It
is important to note that actual results could differ materially from those
projected in such forward-looking statements. For more information concerning
factors that could cause actual results to differ from those expressed or
forecasted, see CrossAmerica's Form 10-K or Forms 10-Q filed with the Securities
and Exchange Commission, and available on the CrossAmerica's website at
www.crossamericapartners.com. The Partnership undertakes no obligation to
publicly update or revise any statements in this release, whether as a result of
new information, future events or otherwise.
Note to Non-United States Investors: This release is intended to be a qualified
notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees
should treat one hundred percent (100%) of CrossAmerica Partners LP's
distributions to non-U.S. investors as attributable to income that is
effectively connected with a United States trade or business. Accordingly,
CrossAmerica Partners LP's distributions to non-U.S. investors are subject to
federal income tax withholding at the highest applicable effective tax rate.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: CrossAmerica Partners LP via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2017 - 22:05 Uhr
Sprache: Deutsch
News-ID 567108
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contact information:
Town:
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