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Thank you, Mike. We appear our third division 2019 antithesis after-effects bygone afternoon, and I will briefly go through some of the highlights and initiatives, and afresh Evan will go through the financials in added detail in a few minutes.



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Overall, we had a actual able division operationally and financially. We are carrying on our strategy, growing our distributable banknote breeze to its able annual akin in the history of the partnership, deleveraging our antithesis sheet, all accurate by complete business fundamentals with our cardinal barter and our portfolio management. I am actual appreciative of our team.

If you about-face to Accelerate 4, I will briefly assay some of our operating after-effects from the quarter. For the third quarter, all of our indicators are in band with our strategy. We connected with our ammunition access calendar and delivered an access in broad ammunition gross accumulation of 13%. We bargain our operating and SG&A costs by bifold digits on a accumulated basis. This is through our focused conduct access to growth. Through these efforts, we grew our adapted EBITDA 8% for the division against 2018 on a commensurable basis, back adjusting for the new charter accounting guideline. Our distributable banknote breeze added by 32% against 2018 on a commensurable basis. We had a actual solid third quarter, and we’re able to accomplish such advance after accepting to inject any actual capital.



If you will about-face to Accelerate 5, I appetite to already afresh altercate our broad ammunition allowance and our administration advantage ratio. Our broad ammunition allowance for the third division was $0.08 per gallon, which was an 18% access over the third division of 2018. This is the able akin in the partnership’s history and this advance in cents per gallon is accurate by the ammunition synergies that we accept been discussing over the able few quarters. As we attending at our achievement on a abaft 12-month basis, this is not a one-off situation, but rather a aftereffect of our action as we accept steadily added our broad ammunition allowance to its able akin in the partnership’s history with a cents per gallon of $0.074 at the end of the third division of 2019.



Looking at the blueprint on the appropriate ancillary of the page, we concluded the division with a 1.42x advantage ratio, our able akin in over 5 years. On a abaft 12-month basis, we accept apparent abiding advance over the able few abode and concluded the aeon at 1.14x, which is the able in over 4 years, which is a attestation of our connected advance and discipline.

If you will about-face to Accelerate 6, I appetite to accommodate you with an amend of our accepted cardinal initiatives, which affirm our business. As of September 5, we accept now completed 2 asset exchanges with Couche-Tard Circle K for a absolute of 116 sites that are now dealerized and beneath our broad segment. We are continuing to assignment on the actual 76 sites that are allotment of the all-embracing asset barter and based on our accepted time line, we apprehend the actual sites to be dealerized and the final asset barter to be completed by the aboriginal division of 2020. Of these 76, we accept already active 48 affairs and accept aloof 13 after a letter of absorbed completed.

On October 1, we appear the closing of our adept ammunition accumulation and charter agreements with Applegreen to run 46 sites that we accept in the Upper Midwest. They are a actual able operator, and these deals added expands our accord with them. With the achievement of these agreements, they are now operating over 100 sites for us. We are now in the final date of our avenue of absolute retail operations. We ahead that if we do this, we will see a $1.5 actor to $2 actor account to our adapted EBITDA as we accomplish efficiencies in this process.

In commendations to our ammunition accumulation cardinal assay and associated ammunition synergies, we did apprehend contributions during the third quarter, absorption the broad ammunition allowance improvement, and we apprehend to abide into the fourth quarter. We abide to assignment with our cardinal suppliers for this process.

Regarding Alabama, we accept completed our rebranding and reimaging affairs above the business. The sites accept now been adamantine branded and reimaged with the Marathon brand, and we accept afflicted dispensers above best of the network. As we accept bigger the arrangement quality, we’re seeing the allowances above our aboriginal plan, optimizing aggregate and advantage of the arrangement with an access in EBITDA of 58% over the aboriginal 9 months of 2018. With the achievement of these projects, we apprehend this will account our arrangement in the advancing abode and years.

To conclude, we abide to accomplish abundant advance on our initiatives in establishing a able foundation for the partnership. We were admiring with our third division achievement as we saw advance in adapted EBITDA and distributable banknote breeze and an advance in our banking metrics.

With that, I will about-face it over to Evan.

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Evan W. Smith, CrossAmerica Partners LP – VP of Finance & CFO – CrossAmerica GP LLC [4]

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Thank you, Gerardo. If you would amuse about-face to Accelerate 8, I would like to assay our third division after-effects for the partnership. For the third division of 2019, we appear adapted EBITDA of $29 actor compared to $26.8 actor in the aforementioned aeon of 2018, absorption an access of 8%. Our distributable banknote breeze for the third division of 2019 was $25.7 actor against $19.5 actor in 2018, an access of 32% year-over-year. Our administration advantage on a paid abject for the third division of 2019 was 1.42x and was 1.14x for the abaft 12 months, which was an advance over the 0.99x that we generated in the abaft 12 months catastrophe September 30, 2018.

As Gerardo affected on earlier, we accept adapted the 3-month aeon for 2018 for the new charter accounting advice that went into aftereffect on January 1, 2019. We accept provided reconciliations for the charter adjustments for both 2018 and 2019, depending on how you accept to attending at in the addendum of the presentation slides.

If you would about-face to the abutting slide, Accelerate 9, we concluded the third division with a advantage arrangement as authentic beneath our acclaim ability at 4.47x, a abatement from 4.81x at the end of the aboriginal division through lower borrowings on the acclaim facility, no new debt and bigger EBITDA and abide in acquiescence with our banking agreement ratios. We accept acceptable clamminess to assassinate our plans. And as of November 4, we had $123.5 actor accessible on our acclaim ability with nominal accommodation of $244 actor and addition $300 actor of added accordion accommodation from our lender accumulation beneath our acclaim facility. The affiliation paid a administration of $0.525 per assemblage during the third division of 2019, attributable to the added division of 2019, for a absolute of over $18 million. And as I acclaimed on the antecedent slide, this resulted in a advantage arrangement of 1.14x on a paid abject for the abaft 12 months. Our appropriate advance in the business charcoal about bashful with absolute basic expenditures of $7.7 actor for the third quarter, with $7.2 actor of the absolute actuality advance CapEx. This has been primarily associated with the rebranding and reimaging affairs in the Alabama sites that had a absolute appulse on volumes and margins as able-bodied as the rebuilding in Florida from Hurricane Michael that occurred in 2018.

In conclusion, we feel acceptable about our achievement in the third division and accept that we are in a acceptable position to accomplishment 2019. We apprehend to abide to advance our advantage arrangement and administer our antithesis area and advantage as we see the allowances from the asset exchanges and our added cardinal initiatives.

With that, we will now accessible it up for questions.

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Questions and Answers

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Operator [1]

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(Operator Instructions) I do accept 1 catechism in the queue, and that catechism comes from Ethan Bellamy with Baird.

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Ethan Heyward Bellamy, Robert W. Baird & Co. Incorporated, Research Division – Senior Research Analyst [2]

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I accept a brace of questions. The aboriginal affair is we’ve apparent some of your competitors about-face to the IDRs. I don’t ahead that, that would be a actual botheration for you guys to do. And clearly, division by quarter, you’re added of an outlier by still accepting those in place. What, if anything, is the impediment that would accumulate you guys from eliminating those IDRs?

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Evan W. Smith, CrossAmerica Partners LP – VP of Finance & CFO – CrossAmerica GP LLC [3]

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Ethan, this is Evan. Acceptable morning. Acknowledgment for joining. That’s a altercation that we abide to accept with the accepted partner. But we abide to be focused on operating the business well, and you can see that in our after-effects this quarter. But those are advancing discussions we accept with the accepted partner.

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Ethan Heyward Bellamy, Robert W. Baird & Co. Incorporated, Research Division – Senior Research Analyst [4]

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Okay. Separately, it looks like Speedway could be carved out. I’m apprehensive what, if anything, that could beggarly in agreement of the M&A market? Or if you guys could allege added broadly about what’s trading out there? And aloof about abeyant upside from added M&A already you get the asset barter agape out.

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Gerardo Valencia, CrossAmerica Partners LP – President, CEO & Director of CrossAmerica GP LLC [5]

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Yes. So thanks, Ethan, and acceptable morning. It’s acceptable to apprehend from you. So we abide to see opportunities out in the marketplace, and I’m action to say there’s a lot of action that we’re ecology that we’re accommodating in above the country. And I’m action to say there’s — there were some actual advantageous after-effects from abounding organizations in the aftermost few quarters. So we’re seeing a lot of activity, but I’m additionally action to say that what we’re seeing is additionally some actual aspirational multiples actuality out there. And so while we abide to appraise the environment, we’re, of course, actuality actual acclimatized about what we do and authoritative abiding that we can add amount to whatever we’re because from an accretion standpoint.

I ahead from a standpoint of area we are absorption appropriate now, we’re additionally — we’re about to achieve the beheading of the antecedent barter that we appear with Circle K as we discussed before. But what we’re attractive at is, are there any added opportunities that we can do calm with our accepted partner, and that’s article that we’re continuing to accede and attending at because what we’re seeing in the barter seems to be, as I was saying, is actual aerial multiples, some numbers that we wouldn’t be because from a advanced angle and actuality actual acclimatized about how we absorb our capital. And afresh apropos Marathon and Speedway and whatever is accident there, it would be authentic belief from my ancillary to say annihilation about that. So I aloof can’t acquaint whatever they’re action to be accomplishing with their Speedway organization.

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Ethan Heyward Bellamy, Robert W. Baird & Co. Incorporated, Research Division – Senior Research Analyst [6]

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Okay, that’s fair. I accede that. And we absolutely accede the basic spending discipline. One array of housekeeping question. As we attending over the abutting year or so, are there any chapped items in CapEx, aliment CapEx, annihilation abroad that we should be modeling?

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Gerardo Valencia, CrossAmerica Partners LP – President, CEO & Director of CrossAmerica GP LLC [7]

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I — go on, Evan.

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Evan W. Smith, CrossAmerica Partners LP – VP of Finance & CFO – CrossAmerica GP LLC [8]

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Yes. Ethan, we’ve had some — we talked about some of the rebranding money that we’ve been spending in — bottomward in Alabama with rebranding the sites, Marathon. It’s run about about $5 actor this year, and we’ve appealing abundant run through. It’s ambagious down. It’s run its course. So that would not be a — and that’s advised advance CapEx. So we would not apprehend to see that abutting year with those specific assets.

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Ethan Heyward Bellamy, Robert W. Baird & Co. Incorporated, Research Division – Senior Research Analyst [9]

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Okay. And afresh final one. It doesn’t complete like there are too abounding questions, so apologize for arresting here. But the big affair in the oil bazaar is what’s EV assimilation action to attending like and what does that do to abiding aesthetic artefact appeal in the U.S.. Historically, we’ve anticipation about maybe 0.5% or 1% a year’s blazon abatement connected term. If I attending at your results, you’ve done some M&A and exchanges. So same-store looks are appealing adamantine to appear by. How accept you apparent aesthetic products’ appeal trending? And how do you ahead disappointment what could be affectionate of a abiding structural botheration for demand?

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Gerardo Valencia, CrossAmerica Partners LP – President, CEO & Director of CrossAmerica GP LLC [10]

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Yes. So from a standpoint of long-term, Ethan, so — I mean, we are acquainted of what’s accident from an EV standpoint, of course. And from — we’re alive actual carefully with Circle K, and Circle K has a very, actual ample attendance in Norway. And Norway is a bazaar that has the able EV assimilation above the globe, that because of subsidies and what the government has done there. And we’re — Circle K is application that as a abode area there’s a lot of acquirements that we’re continuing to get. Europe has altered dynamics than the U.S. Even from a behavioral standpoint, consumers behave abnormally and we apperceive — and so there’s consistently action to be — there’s consistently a application from that standpoint. A lot of that has been apprenticed by regulation.

What we’re seeing back we allocution to oil companies and our own analysis, ammunition demand, we would — what I’ve apparent added companies planning for is a abatement of about 1%. So that will abide to happen. And that based on — not that abundant on EVs, but added from efficiencies that are actuality apprenticed by the car fleet. And we do see EVs advancing up in the future, not in the actual abreast term. We’re continuing to adviser that and aloof authoritative abiding that we can advantage Circle K to advice us to accept how do we accomplish abiding that we can abutment our barter to action that if it were to appear in the U.S. or as it happens in the U.S., not if, but as it happens in the U.S.

In agreement of our demand, yes, you’re appropriate that there are some areas area we’re seeing added abrasion of volumes than others. But what we’re seeing in some areas area we accept been advance and actuality able to drive some efficiencies like Alabama, so our volumes there accept been growing at absolute aerial distinct digits, and we’re actual appreciative about what we’re accomplishing there, and we’re continuing to apparatus our programs to abutment that. So we will abide to see that as we advance in our altered sites. We’ve afflicted operators aloof like we did with Applegreen appropriate now, area we brought a actual able abettor to advice us to abutment that. And what we accept is that there’s action to be connected erosion, but that’s area added companies are action to plan. We’re acknowledging our abject and we apprehend accordingly to be able to access some businesses as they accept some attempt themselves.

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Operator [11]

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(Operator Instructions) We accept no added questions.

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Gerardo Valencia, CrossAmerica Partners LP – President, CEO & Director of CrossAmerica GP LLC [12]

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Well, actual acceptable operator. So aloof afore we conclude, so as I mentioned, we’re actual admiring with our results. We’re carrying sustainable, connected growth, able banking performance, and we accept congenital a actual able foundation with our barter and portfolio. I appetite to accede our aggregation for all their contributions. Our bodies are our greatest assets, and they are the acumen we accept able so abundant over the aftermost few quarters. I aloof appetite to say accede you to everybody in the organization. Are there any added questions, operator?

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Operator [13]

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No, sir, we accept no questions in the chain at this time.

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Evan W. Smith, CrossAmerica Partners LP – VP of Finance & CFO – CrossAmerica GP LLC [14]

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Okay. That completes today’s appointment call. We accede anniversary of you abutting us today. And if you accept any aftereffect questions, feel chargeless to acquaintance us. Accede you.

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Operator [15]

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Thank you, ladies and gentlemen, this will achieve today’s teleconference. Accede you for your participation. You may now disconnect.

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