CrossAmerica Partners LP (NYSE:CAPL) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 09:00 am ET


CrossAmerica Partners LP (NYSE:CAPL) Q1 2020 Earnings Conference Call - Final Transcript


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Welcome to the CrossAmerica Partners' First Quarter 2020 Earnings Call. My name is Vanessa, and I'll be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the call over to Jon Benfield, Interim Chief Financial Officer. You may begin.

Jonathan E. Benfield

Thank you, operator. Good morning, and thank you for joining the CrossAmerica Partners' first quarter 2020 earnings call. With me today are Charles Nifong, CEO and President, and other members of our executive leadership team. I should point out that today's call will follow some presentation slides that we will utilize during this morning's event. These slides are available as part of the webcast and are posted on the CrossAmerica website.

Before we begin, I would like to remind everyone that today's call, including the question-and-answer session, may include forward-looking statements regarding expected revenue, future plans, future operational metrics and opportunities and expectations of the organization. There can be no assurance that management's expectations, beliefs and projections will be achieved or that actual results will not differ from expectations. Please see CrossAmerica's filings with the Securities and Exchange Commission, including annual reports on Form 10-K and quarterly reports on Form 10-Q for discussion of important factors that could affect our actual results. Forward-looking statements represents the judgment of CrossAmerica's management as of today's date, and the organization disclaims any intent or obligation to update any forward-looking statement.

During today's call, we may also provide certain performance measures that do not conform to US generally accepted accounting principles, or GAAP. We provided schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press release.

Today's call is being webcast, and a recording of this conference call will be available on the CrossAmerica website for a period of 60 days.

With that, I will now turn the call over to Charles.

Charles M. Nifong

Thank you, Jon. I hope that everyone is doing well in these challenging times. Although we are here today on our first quarter earnings call, we understand that everyone's focus is on COVID-19 and its impact on our business in the period since the quarter end, as well as any thoughts that we can offer about our business going forward in the current environment. Given that, we will structure our comments on today's call differently than what we normally do. I will briefly go through some of the highlights for the first quarter and then let Jon review in more detail the financial results. After that, I will provide an update on the business since the quarter end and specifically address the impact of COVID-19.

If you turn to Slide 4, I will briefly review some of our results from the quarter. For the first quarter of 2020, our wholesale fuel volume declined 5% when compared to the first quarter of 2019, largely due to the impacts of COVID-19. Beginning in mid-March, specifically around March 12, we have begun to see sudden and significant