Financial Data and Key Metrics Changes - For Q3 2020, adjusted EBITDA was $30 million, a 3% increase compared to Q3 2019 [21] - Distributable cash flow for Q3 2020 was $29.7 million, reflecting a 16% year-over-year increase from $25.7 million in Q3 2019 [21] - Distribution coverage on a paid basis improved to 1.50x, up approximately 5% from 1.42x in Q3 2019 [22] Business Line Data and Key Metrics Changes - Wholesale fuel volume increased by 26% year-over-year, driven by acquisitions and exchanges, despite COVID-19 impacts [9] - Wholesale fuel gross profit rose by 47% year-over-year, attributed to increased fuel margin per gallon [9] - Rental gross profit decreased by 14% year-over-year to $13.7 million due to lease terminations related to acquisitions [12] Market Data and Key Metrics Changes - Same-site year-over-year volume performance showed improvement, with recent weeks reflecting mid- to high single-digit declines compared to the prior year [10] - Inside store sales at company-operated sites remained strong, with year-over-year increases in the high single digits [13] Company Strategy and Development Direction - The company completed its sixth and final asset exchange with Circle K, receiving 23 properties and a cash payment of $6.7 million [16] - The company continues to pursue real estate optimization, having divested seven properties for $3.8 million during the quarter [17][18] - Growth-related capital expenditures increased due to dispenser EMV upgrades and site rebranding, funded by real estate optimization [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing impacts of COVID-19 but noted improvements in volume and margins [6][9] - The company expressed confidence in its positioning as it navigates a challenging environment, highlighting improved coverage and leverage ratios [29] Other Important Information - Eric Javidi was appointed as Chief Financial Officer, bringing extensive experience in the energy industry [7][8] - The company reported a leverage ratio of 3.83x, improved from 3.96x as of June 30, 2020 [25] Summary of Q&A Session - No questions were recorded during the Q&A session, as participants appeared to be focused on external events [29][30]

Financial Performance - Operating revenues for the three months ended September 30, 2020, were $591,022,000, an increase from $559,736,000 in the same period of 2019, representing a growth of approximately 7.3%[18] - Gross profit for the three months ended September 30, 2020, was $62,272,000, compared to $41,145,000 for the same period in 2019, indicating a significant increase of 51.3%[18] - Net income for the three months ended September 30, 2020, was $21,205,000, up from $7,165,000 in the same period of 2019, reflecting a growth of 196.5%[18] - Basic and diluted earnings per common unit for the three months ended September 30, 2020, were $0.56, compared to $0.20 for the same period in 2019, showing a growth of 180%[18] - Operating income for the three months ended September 30, 2020, was $23,692 thousand, compared to $12,349 thousand for the same period in 2019, representing a significant increase[178] - Total distributions paid for the three months ended September 30, 2020, amounted to $19.887 million, up from $18.115 million in the same period of 2019, reflecting a 9.8% increase[164] - The company reported a total net income applicable to limited partners of $21.205 million for the three months ended September 30, 2020, compared to $7.032 million for the same period in 2019, marking a significant increase of 201%[164] Assets and Liabilities - Total current assets increased to $88,231,000 as of September 30, 2020, from $69,386,000 as of December 31, 2019, marking a rise of 27.1%[15] - Total assets reached $1,030,213,000 as of September 30, 2020, compared to $911,147,000 as of December 31, 2019, representing an increase of 13.1%[15] - Total liabilities increased to $910,138,000 as of September 30, 2020, from $832,750,000 as of December 31, 2019, which is an increase of 9.3%[15] - The company’s total equity as of September 30, 2020, was $120,075, reflecting a decrease from previous periods due to distributions paid and comprehensive losses[26] - As of September 30, 2020, total debt and finance lease obligations amounted to $528.154 million, a decrease from $541.630 million as of December 31, 2019, representing a reduction of approximately 2.8%[96] Cash Flow and Investments - Net cash provided by operating activities was $86,503 for the nine months ended September 30, 2020, up from $69,502 in the prior year, indicating a growth of approximately 24.5%[22] - Cash flows used in investing activities totaled $(15,631) for the nine months ended September 30, 2020, compared to $(13,447) in the same period of 2019, reflecting an increase in investment outflows[22] - Cash flows used in financing activities amounted to $(71,324) for the nine months ended September 30, 2020, compared to $(53,861) in the prior year, indicating a rise in financing costs[22] - The company reported capital expenditures of $(24,439) for the nine months ended September 30, 2020, compared to $(18,398) in the same period of 2019, showing an increase of approximately 32.8%[22] - The company recorded a net cash increase of $(452) for the nine months ended September 30, 2020, compared to an increase of $2,194 in the same period of 2019, indicating a decline in cash generation[22] Operational Highlights - The company completed the acquisition of retail and wholesale assets on April 14, 2020, expanding its operational capabilities in the retail distribution of motor fuels[30] - The company recognized gains totaling $11.4 million and $19.3 million from asset exchanges with Circle K for the three and nine months ended September 30, 2020, respectively[67] - The company completed multiple asset exchanges with Circle K, transferring properties with an aggregate fair value of approximately $11.0 million, $13.1 million, $31.5 million, and $20.4 million in various transactions throughout 2020[61][62][63][64] - The company assessed its assets for impairment due to COVID-19 and concluded that no assets were impaired as of March 31, 2020[56] - The company’s wholesale business distributed 6% of its total wholesale distribution volume to Circle K retail sites for the nine months ended September 30, 2020, down from 7% in the same period of 2019[51] Market and Sales Performance - Revenues from fuel sales to external customers for the three months ended September 30, 2020, were $522,894 thousand, down 0.4% from $526,096 thousand in the prior year[178] - Revenues from motor fuel sales to DMS for the three months ended September 30, 2020, were $0.612 million, a significant decrease from $35.308 million for the same period in 2019[109] - Revenues from motor fuel sales to Circle K for the three months ended September 30, 2020, were $26.3 million, a decrease of 35% from $40.4 million in the same period of 2019[131] - Rental income from Circle K for the three months ended September 30, 2020, was $0.9 million, down from $3.4 million in the same period of 2019, representing a decline of 74%[131] - Income from CST Fuel Supply equity interests was $3.2 million for the nine months ended September 30, 2020, compared to $11.1 million for the same period in 2019, reflecting a decrease of 71%[132] Debt and Financing - The revolving credit facility had a weighted-average interest rate of 1.91% as of September 30, 2020, with the applicable margin being 1.75%[98] - The company entered into an interest rate swap contract with a notional amount of $150 million at a fixed rate of 0.495%, maturing on April 1, 2024, to hedge against interest rate volatility[100] - The fair value of interest rate swap contracts was $3.0 million as of September 30, 2020[102] - The company had $507.5 million outstanding on its revolving credit facility as of September 30, 2020, with a weighted-average interest rate of 1.91%[344] - The company entered into interest rate swap contracts to hedge against interest rate volatility, effectively converting approximately 60% of its variable rate borrowings to a fixed rate[344] Seasonal and Economic Factors - The company’s operations are affected by seasonality, with sales volumes typically highest in the second and third quarters and lowest in the first and fourth quarters[36] - For the nine months ended September 30, 2020, the company experienced a decrease in fuel volume due to the COVID-19 pandemic, although volumes began to recover in the second and third quarters[55] - A $10 per barrel change in the price of crude oil is estimated to impact the company's annual wholesale motor fuel gross profit by approximately $2.6 million[345]

Financial Performance - Net income decreased by 19% from $6.4 million in Q2 2019 to $5.2 million in Q2 2020[4, 9] - Gross profit increased by 39% from $41.4 million in Q2 2019 to $57.6 million in Q2 2020[9] - Adjusted EBITDA remained flat at $27.7 million in both Q2 2019 and Q2 2020[4, 9] - Distributable cash flow increased by 17% from $22.3 million in Q2 2019 to $26.0 million in Q2 2020[4, 9] Operational Metrics - Total volume of gallons distributed increased by 1% from 258,602 thousand gallons in Q2 2019 to 260,246 thousand gallons in Q2 2020[4] - Wholesale fuel margin per gallon increased by 46% from $0.074 in Q2 2019 to $0.108 in Q2 2020[4] - Operating expenses increased significantly by 77% from $14.210 million in Q2 2019 to $25.097 million in Q2 2020[4] Capital Management - Distribution coverage (paid basis – current quarter) increased by 6% from 1.24x to 1.31x[9] - Distribution coverage (paid basis – trailing twelve months) increased by 14% from 1.06x to 1.21x[9] - The distribution rate remained constant at $0.5250 per unit[9, 10] Strategic Initiatives - Completed the acquisition of retail/wholesale assets, including retail operations at 169 sites[6] - Divested seven properties during the second quarter for a total of $4.4 million[6]

Financial Data and Key Metrics Changes - For Q2 2020, adjusted EBITDA was $27.7 million, flat compared to Q2 2019, while distributable cash flow increased by 17% year-over-year to $26 million from $22.3 million [26][32] - Distribution coverage on a paid basis was 1.31 times for Q2 2020, compared to 1.24 times in Q2 2019, and trailing 12-month coverage improved to 1.21 times from 1.06 times [27][32] - Operating expenses increased by $11 million year-over-year, primarily due to an increase in company-operated sites from 55 to 128 [27][28] Business Line Data and Key Metrics Changes - Wholesale fuel volume increased by 1% year-over-year, with a significant increase in wholesale fuel gross profit up 48% due to higher margins [8][11] - Rental gross profit decreased by 6% year-over-year to $14.3 million, mainly due to lease terminations related to acquisitions [14] - Inside store sales at company-operated sites showed strong performance, with same-store sales up 5% to 10% year-over-year since early May [20] Market Data and Key Metrics Changes - Same-site year-over-year volume performance improved from a decline of 50% in early April to a decline of approximately 10% in recent weeks [10] - Regional performance varied, with states like Alabama showing strong volume while New Jersey and New York lagged due to COVID-19 impacts [39] Company Strategy and Development Direction - The company completed the acquisition of retail and wholesale assets, increasing company-operated sites by over 200% year-over-year [19] - Ongoing asset exchanges with Circle K are expected to be completed in the second half of 2020, with only 23 properties remaining [22] - The company plans to continue divesting non-core properties as part of its real estate optimization strategy [23] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding future volume performance due to COVID-19, particularly concerning back-to-school trends [35] - Margins are expected to remain good, with potential for a reset to higher levels due to changes in volume dynamics [42] Other Important Information - The company provided approximately $500,000 in rent waivers and recorded a similar amount in bad debt expense for the quarter [15] - The leverage ratio improved to 2.96 times, down from 4.19 times as of March 31, 2020, indicating better financial health [29] Q&A Session Summary Question: How much seasonally stronger is the third quarter normally? - Management noted that the second and third quarters are typically the strongest volume quarters, but uncertainty remains due to COVID-19 [34][35] Question: Could you discuss your capital deployment strategies going forward? - Management indicated a conservative approach to capital expenditures due to ongoing uncertainty from COVID-19, while aiming to improve coverage ratios [36] Question: Can you share some of the volume trends by region? - Management highlighted that volume performance varies by region, with Alabama performing well and New Jersey lagging due to COVID-19 impacts [38][39] Question: What are your expectations for margins going forward? - Management stated that margins have remained good despite increased crude oil prices, and there is optimism for potential margin resets [41][42]

Financial Performance - Operating revenues for the three months ended June 30, 2020, were $398,402,000, a decrease of 34.2% from $605,528,000 for the same period in 2019[23] - Net income for the three months ended June 30, 2020, was $5,230,000, down from $6,441,000 in the same period of 2019, reflecting a decline of 18.8%[23] - Basic and diluted earnings per common unit for the three months ended June 30, 2020, were $0.14, compared to $0.18 for the same period in 2019, a decrease of 22.2%[23] - Operating income for the three months ended June 30, 2020, was $6.3 million, a significant decrease from $13.9 million in the same period of 2019[180] - Total revenues for the three months ended June 30, 2020, were $398.4 million, compared to $605.5 million for the same period in 2019, reflecting a decrease of approximately 34.2%[180] - Revenues from wholesale fuel sales and rental income from Circle K amounted to $46.6 million for the six months ended June 30, 2020, down from $75.6 million in 2019[129] Assets and Liabilities - Total assets increased to $1,021,660,000 as of June 30, 2020, compared to $911,147,000 at December 31, 2019, representing a growth of approximately 12.1%[19] - Total current liabilities increased to $154,659,000 as of June 30, 2020, from $112,636,000 at December 31, 2019, an increase of 37.3%[19] - Total equity increased to $118,514,000 as of June 30, 2020, from $78,397,000 at December 31, 2019, reflecting a growth of 51.1%[19] - Long-term debt and finance lease obligations totaled $524.9 million as of June 30, 2020, down from $541.6 million at the end of 2019[101] - The company classified 28 sites as held for sale, with total assets held for sale valued at $12.1 million as of June 30, 2020[91] Cash Flow and Investments - Net cash provided by operating activities was $61,643 for the six months ended June 30, 2020, up from $34,170 in the prior year, indicating a 80.7% increase[26] - The company experienced a net increase in cash and cash equivalents of $405 for the six months ended June 30, 2020, compared to a decrease of $(918) in the same period of 2019[26] - Cash paid for interest decreased to $9.533 million for the six months ended June 30, 2020, down from $13.441 million for the same period in 2019, a reduction of approximately 29%[188] - Cash paid for income taxes, net of refunds received, was $87, significantly lower than $2.398 million for the same period in 2019[188] Inventory and Expenses - Inventory levels rose significantly to $19,606,000 as of June 30, 2020, compared to $6,230,000 at December 31, 2019, marking an increase of 215.5%[19] - Operating expenses for the three months ended June 30, 2020, were $46,744,000, up from $30,815,000 in the same period of 2019, an increase of 51.7%[23] - The company recorded a loss on lease terminations of $7.8 million and wrote off $3.1 million in deferred rent income related to terminated leases[85] Segment Performance - The company operates in two segments: Wholesale and Retail, with the Wholesale segment focusing on fuel distribution and the Retail segment on fuel sales and convenience merchandise[176] - The Retail segment generated revenues of $161.1 million for the three months ended June 30, 2020, compared to $142.6 million in the same period of 2019, representing an increase of approximately 12.9%[180] - Revenues from fuel sales to external customers in the Wholesale segment were $219.3 million for the three months ended June 30, 2020, down from $442.4 million in the same period of 2019, a decline of about 50.4%[180] Debt and Financing - The revolving credit facility had an availability of $203.1 million after considering debt covenant restrictions as of June 30, 2020[101] - As of June 30, 2020, the company had a weighted-average interest rate of 2.20% on borrowings under the revolving credit facility[103] - The company entered into an interest rate swap contract with a notional amount of $150 million at a fixed rate of 0.495%, maturing on April 1, 2024[105] Other Notable Events - The company has expanded its operations to include the retail distribution of motor fuels and convenience merchandise since April 14, 2020[34] - The Partnership experienced a sharp decrease in fuel volume in mid-to-late March 2020 due to the COVID-19 pandemic, although volumes began to recover in the second quarter, remaining below historical levels[59] - The company recorded separation benefit costs totaling $0.4 million in the first quarter of 2019 related to the conversion of 46 company operated sites to dealer operated sites[192]

Financial Data and Key Metrics Changes - For Q1 2020, wholesale fuel volume declined by 5% compared to Q1 2019, primarily due to COVID-19 impacts [8] - Wholesale fuel gross profit increased by 35% year-over-year, driven by a 41% increase in wholesale fuel margin per gallon, which reached $0.09 [9][10] - Adjusted EBITDA for Q1 2020 was $25.3 million, an 18% increase from $21.4 million in Q1 2019 [20] - Distributable cash flow rose by 54% year-over-year to $20.4 million from $13.3 million [21] - Distribution coverage on a paid basis improved to 1.08x from 0.73x year-over-year [22] Business Line Data and Key Metrics Changes - Rental gross profit for Q1 2020 was $15.8 million, a 5% increase attributed to asset exchanges and site conversions [11] - Operating and SG&A expenses were reduced by 23%, reflecting a focus on expense control [12] Market Data and Key Metrics Changes - The decline in crude oil prices from $61 per barrel to just over $20 per barrel (a 66% drop) positively impacted variable fuel margins [10] - Same-site year-over-year volume declines were around 40%, with geographical variations; Alabama saw a 28% decline while New Jersey experienced a 58% decline [30] Company Strategy and Development Direction - The company completed acquisitions involving over 550 sites during the quarter, enhancing operational strength and providing immediate financial benefits [13][14] - The company is working to complete remaining asset exchanges from a prior agreement, with expectations to finalize in the second half of 2020 [16] - The recent retail acquisition has made 25% of the portfolio variable margin, allowing for broader acquisition opportunities [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the COVID-19 pandemic has dramatically impacted operations, with significant volume declines observed since mid-March [28] - There has been a stabilization in volumes since early April, with some moderate increases noted [30] - The company has suspended financial guidance due to the uncertainty created by COVID-19 [39] Other Important Information - The company entered into interest rate swap contracts to hedge against interest rate volatility, converting nearly 60% of variable rate borrowings to fixed rates [24][25] - The company sold six non-core properties for a total of $5 million as part of real estate optimization plans [20] Q&A Session Summary - No specific questions were recorded during the Q&A session, indicating that management addressed all concerns in their commentary [40]

| --- | --- | --- | --- | --- | --- | |-------|-------|----------|---------------|--------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | First Quarter 2020 | | | | | | | | | | | | | Earnings Call | | | | | | May 2020 | | | | First Quarter 2020 Earnings Call May 2020 Forward Looking Statements 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," ...

Financial Performance - Operating revenues for Q1 2020 were $391.7 million, a decrease of 16.9% from $471.8 million in Q1 2019[22] - Gross profit for Q1 2020 was $35.7 million, down from $37.1 million in Q1 2019, reflecting a decline of 3.6%[22] - Net income for Q1 2020 was $72.1 million, significantly higher than $0.2 million in Q1 2019, indicating a substantial increase[22] - Basic and diluted earnings per common unit for Q1 2020 were $2.00, compared to $0.00 in Q1 2019[22] - Operating income for the three months ended March 31, 2020, was $77.4 million, compared to $7.6 million in the same period of 2019, reflecting a significant increase in profitability[163] - For the three months ended March 31, 2020, total revenues were $391.7 million, a decrease from $471.8 million for the same period in 2019, representing a decline of approximately 17%[163] Assets and Liabilities - Total assets as of March 31, 2020, were $952.9 million, an increase from $911.1 million at the end of 2019[18] - Total liabilities decreased to $821.5 million as of March 31, 2020, from $832.8 million at the end of 2019[18] - Total current liabilities decreased to $100.5 million as of March 31, 2020, from $112.6 million at the end of 2019[18] - Total debt and finance lease obligations as of March 31, 2020, amounted to $533.5 million, a decrease from $541.6 million as of December 31, 2019, representing a reduction of approximately 1.99%[91] - As of March 31, 2020, accounts receivable totaled $29.7 million, down from $42.4 million at December 31, 2019, indicating improved collection efficiency[164] Cash Flow and Distributions - Cash and cash equivalents at the end of Q1 2020 were $8.9 million, up from $6.3 million at the end of Q1 2019[25] - Net cash provided by operating activities for Q1 2020 was $17.8 million, compared to $11.0 million in Q1 2019[25] - Distributions paid during the same period amounted to $18,111,000, resulting in a total equity of $131,417,000 as of March 31, 2020[27] - Cash distributions per common unit remained consistent at $0.5250 for both March 31, 2020, and March 31, 2019[151] Business Operations - The partnership's wholesale business purchased approximately 24% of its motor fuel from ExxonMobil, 23% from BP, 13% from Motiva, and 11% from Circle K for the three months ended March 31, 2020[53] - For the three months ended March 31, 2020, 6% of total wholesale distribution volumes were distributed to DMS, which accounted for 5% of rental income[50] - The partnership's operations are primarily conducted through its subsidiaries, including LGW for wholesale distribution and LGPR for real estate holdings[32] - The partnership's business exhibits seasonality, with historically higher sales volumes in the second and third quarters[34] Asset Transactions - The third tranche of asset exchanges with Circle K closed on February 25, 2020, involving the transfer of ten convenience and fuel retail stores valued at approximately $11.0 million[60] - The company completed the acquisition of retail operations at 169 sites for an aggregate consideration of $36 million, including $21 million in cash[76][77] - The company classified 35 sites as held for sale, with total assets held for sale amounting to $16.331 million as of March 31, 2020[85] - The fair value of the investment in CST Fuel Supply divested and the assets acquired was $69.0 million, with a gain of $67.6 million recorded in Q1 2020[75] Environmental and Impairment Charges - Environmental liabilities recorded on the balance sheet totaled $4.1 million and $3.4 million at March 31, 2020, and December 31, 2019, respectively[132] - An impairment charge of $5.2 million was recorded during the three months ended March 31, 2020[86] - The company assessed its assets for impairment due to COVID-19 and concluded that no impairments were necessary as of March 31, 2020[56] Interest Rates and Financial Instruments - The revolving credit facility had a weighted-average interest rate of 3.34% as of March 31, 2020, with an applicable margin of 2.25%[93] - The company entered into an interest rate swap contract with a notional amount of $150 million at a fixed rate of 0.495%, maturing on April 1, 2024, to hedge against interest rate volatility[95] - The fair value of the interest rate swap contract was $0.8 million as of March 31, 2020[96] - The company entered into interest rate swap contracts totaling $300 million to hedge against interest rate volatility, effectively converting approximately 60% of its variable rate borrowings to a fixed rate[299] Revenue Sources - Revenues from motor fuel sales to DMS for the three months ended March 31, 2020, were $22.1 million, down from $34.1 million for the same period in 2019, reflecting a decline of approximately 35.4%[102] - Revenues from motor fuel sales to Circle K for the three months ended March 31, 2020, were $29.2 million, compared to $33.3 million for the same period in 2019, indicating a decrease of about 12.3%[117] - Rental income from Circle K for the three months ended March 31, 2020, was $2.7 million, down from $4.2 million in the same period of 2019, a decline of approximately 35.5%[117] Miscellaneous - The impact of COVID-19 on the first quarter of 2020 was not material, although a decrease in fuel volume was noted starting in mid-to-late March[55] - The effective tax rate for the company differs from the combined federal and state statutory rate primarily because only its corporate subsidiary, LGWS, is subject to income tax[148] - The company did not incur any significant penalties related to minimum volume purchase requirements during the three months ended March 31, 2020, or 2019[128] - The company has not recorded any environmental liabilities related to sites contributed to the Partnership in connection with its IPO, as these remain the responsibility of the Predecessor Entity[135]

Financial Data and Key Metrics Changes - For Q4 2019, adjusted EBITDA was $25.6 million, down 11% from $28.7 million in Q4 2018, while distributable cash flow decreased by 11% to $18.8 million from $21 million in the previous year [26] - For the full year 2019, adjusted EBITDA was $103.7 million, a decline of 2%, but distributable cash flow increased by 5% to $80.1 million [27] - The distribution coverage ratio for Q4 2019 was 1.04 times, compared to 1.16 times in Q4 2018, while the full year coverage improved to 1.11 times from 1.01 times in 2018 [26][27] Business Line Data and Key Metrics Changes - Wholesale fuel gross profit for Q4 2019 decreased by 11% year-over-year, with a wholesale fuel margin of $0.068 per gallon, down from $0.076 per gallon in Q4 2018 [13][14] - For the full year 2019, wholesale fuel gross profit increased by 3%, driven by a 7% increase in wholesale fuel margin per gallon, which reached $0.072, the highest in the partnership's history [16][19] - Rental and other gross profit for Q4 2019 was $17.2 million, a 10% increase compared to the previous year, representing 42% of total gross profit for 2019 [14][16] Market Data and Key Metrics Changes - The company reported a relatively flat wholesale fuel volume compared to Q4 2018, indicating stable market conditions despite the decline in fuel margins [13] - The overall decrease in operating expenses for 2019 was 13%, attributed to divestitures and dealerization of sites [20] Company Strategy and Development Direction - The company plans to complete remaining asset exchanges with Couche-Tard and Circle K, with 76 sites expected to be dealerized by early Q2 2020 [22] - A focus on integrating new acquisitions and optimizing real estate portfolios is emphasized, alongside maintaining discipline in expense management [24][20] - The company anticipates generating between $125 million and $135 million in adjusted EBITDA and $100 million to $110 million in distributable cash flow for 2020 [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the guidance provided earlier in the year, highlighting the positive impact of upcoming transactions on financial performance [25] - The management team is focused on closing announced acquisitions and ensuring effective integration into the organization [32] Other Important Information - The company completed two asset exchanges in 2019, adding 116 sites to its wholesale segment [21] - The partnership's leverage ratio at year-end was 4.70 times, with sufficient liquidity to execute plans [28] Q&A Session Summary Question: Expected CapEx step down for 2020 - Management anticipates CapEx to remain higher than historical levels due to ongoing upgrades, despite the completion of certain projects [31] Question: M&A market size and future prospects - Management noted ongoing interest in M&A but emphasized focus on closing and integrating current acquisitions [32] Question: Bridging Q4 results to full year 2020 expectations - Management indicated that annualizing Q4 results would not accurately reflect future performance due to pending acquisitions [34] Question: Maintenance CapEx run rate - Maintenance CapEx is expected to remain in the $1 million to $2 million range, with additional costs from new retail assets [36]

| --- | --- | --- | --- | --- | |-------|-------|---------------|---------------------|-------| | | | | | | | | | | | | | | | | | | | | | | Fourth Quarter 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Earnings Call | | | | | | | | | | | | | | | | | | February 2020 | | | Fourth Quarter 2019 Earnings Call February 2020 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 s ...