DOCSLIB.ORG

Capital Allocation + Rins Contribution • Credible Management Team • Future Value Estimation? How to Maximize Terminal Value?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Capital Allocation + Rins Contribution • Credible Management Team • Future Value Estimation? How to Maximize Terminal Value? MUSA Annual Shareholder Meeting Andrew Clyde - CEO May 2018 Murphy USA Inc. 1 Cautionary Statement This presentation contains forward-looking statements. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, but are not limited to, the volatility and level of crude oil and gasoline prices, the pace and success of our expansion plan, our relationship with Walmart, political and regulatory uncertainty, uncontrollable natural hazards, and adverse market conditions or tax consequences, among other things. For further discussion of risk factors, see “Risk Factors” in the Murphy USA registration statement on our latest form 10-K. Murphy USA undertakes no duty to publicly update or revise any forward-looking statements. The Murphy USA financial information in this presentation is derived from the audited and unaudited consolidated financial statements of Murphy USA, Inc. from the years ended December 31, 2013 through 2017. Please reference our most recent 10-K, 10-Q, and 8-K filings for the latest information. If this presentation contains non-GAAP financial measures, we have provided a reconciliation of such non- GAAP financial measures to the most directly comparable measures prepared in accordance with U.S. GAAP in the Appendix to this presentation. Christian Pikul, CFA Senior Director, Investor Relations Office: 870-875-7683 [email protected] Murphy USA Inc. 2 The convenience store industry and players continue to evolve • Customer • Customer • Customer • Customer • New Strategy Objectives Acquisition Acceptance Retention Attrition Implementation • Product • Proof of • Product • Product • Product Introduction Concept Expansion Competition Extinction • Amazon Go • Buc-ee’s • QuikTrip • 7-Eleven • The Pantry Notable Firms • Filld, WeFuel • Walmart • Wawa • EZ Mart • Getty Neighborhood Markets Murphy USA Inc. 3 Retail format evolution occurs in a predictable manner Conceptual Framework of Retail Format Evolution • Firms with the same format compete 1. / 5. EQUILIBRIUM 4. 2. EMERGENCE CONSOLIDATION • New format moves up market • A new format emerges • New-format players compete among • Concentrates first on the most themselves switchable customers • New format dominates 3. EXPANSION • New format enjoys extraordinary profits • Others seek to imitate and/or expand to new markets Murphy USA Inc. 4 Winners and losers by format emerge Hypermarkets Murphy USA QuikTrip Big-Box C-Stores Supermarkets and mass Large stores with merchants with Walmart Sheetz comprehensive offerings small-box forecourts including food offer Kroger Wawa Strength: Low fuel prices Strength: Destination and integrated loyalty Safeway for merchandise offer programs/ promotions tied Speedway supported by low fuel prices to in-store purchases Costco Casey’s 784 C-Stores CST Susser (Stripes) The Pantry Sunoco EG Couche-Tard GPM (Circle K) 7-Eleven Empire Consolidation Model Stand-alone public peer Franchises with distinctive C-store brand and capabilities Strength: Store uplift from franchise and scale advantages that support acquisition premiums Murphy USA Inc. 5 MUSA has transitioned to the maturity phase since spin 1996 1999 2007 2018 • First stores in • Rapid Growth • Operating • Portfolio/G&A • Acquire Capabilities front of of >100 stores discipline rationalization for new format entry? Focus Walmart per year • Format • Margin • Expand into • Positioned as • Expansion evolution maximization Adjacencies? low-cost fuels strategy • Contribution • Cash • Harvest Terminal retailer • Kiosk optimization generation Value? evolution • Customer loyalty • Pilot • Unit • EBITDA per • Total • M&A Accretion Metrics Economics Growth Store Shareholder Potential • Market • Volume • NTI ROIC Return • Free Cash Launch per Store • EPS growth • ROACE Flow Dividend Murphy USA Inc. 6 Investor sentiment has shifted accordingly Percent of Outstanding MUSA Shares Owned by Investor Type 12/31/2013 12/31/2017 6% GARP 14% 14% Growth Value Blend 14% 48% 54% 32% 18% Investor Praise Investor Concerns • Consistent Strategy for Long-term • Competitive Impact on Fuel Volume / Value Creation with Tangible Proof Merch Traffic Points • Margin Volatility and Stability of PS&W • Disciplined Capital Allocation + RINs Contribution • Credible Management Team • Future Value Estimation? How to Maximize Terminal Value? Murphy USA Inc. 7 Lifecycle stage informs capital allocation decisions MUSA Capital Allocation Focus Growth Earnings Growth Shareholder Distributions • Quality versus quantity of • Organic growth through • Competition for capital stores important to new stores balances growth and investors • Improvements to the core repurchase opportunities • Returns drive capital business: • Volatility makes allocation – Lower cost structure commitment to meaningful • Internal investments in – Margin optimization dividend difficult at this stage of lifecycle productivity can generate • Scaling corporate costs to strong returns given the leverage growth capital • Internal efficiency force multiplier of a large improvements will drive network • Share repurchase greater future shareholder leverages EPS potential distribution potential Capital Allocation Murphy USA Inc. 8 Mature firms must continue to reinvest in their assets Raze and Rebuild Program • 32 sites completed through 2017 with goal of up to 25 stores in 2018 • Kiosks replaced with 1,200 sq ft stores along with more dispensers and increased fuel offer • Given the premium locations, we estimate per site unlevered IRR’s between 15% and 35% APSM Fuel Gallons* Baseline (Prior FY) 403,184 +10% After 6 months 443,338 APSM Merchandise Sales $* Baseline (Prior FY) $159,350 +18% After 6 months $188,011 * 2016 & 2017 Raze & Rebuild Class Average Murphy USA Inc. 9 And innovate to grow customers Murphy Drive Rewards is a customer appreciation program that: - Engages and motivates current customers - Attracts new customers - Incentivizes all customers to buy more fuel and more merchandise Murphy USA Inc. 10 While remaining disciplined with capital allocation Capital Allocation ($MM) Capital Allocation 2014 - 2017 2014 - 2017 $1,722 Retail Growth Capital $587 $829 $464 $480 39% $323 48% $206 $248 $191 $893 $52 Share 8% $264 $274 5% $216 Repurchases Retail $139 Corporate Maintenance Capital Capital 2014 2015 2016 2017 4-Year Total Share Repurchases Capital Expenditures Murphy USA Inc. 11 MUSA has become distinctive for increasing its productivity MUSA Value Creation Drivers 2016 Proof Point 2017 Proof Point 5% unit growth 3% unit growth Organic • 67 new sites; 10 R&R • 45 new sites; 21 R&R Growth • 300 refresh; 180 super • 300 refresh; 244 super coolers coolers * 5% contribution $ growth 4.7% contribution $ growth Fuel • +1.7% volume growth • -1.3% volume growth • 15.4 cpg total margin • 16.4 cpg total margin Contribution • 3.8 cpg from PS&W/RINs • 2.4 cpg from PS&W/RINs + Reduced to 1.3 cpg from 2.3 Reduced to 1.2 cpg from 1.3 • +120 bps merchandise • +50 bps merchandise EPS Growth Fuel • +11.2% merch contrib $ • +4.7% merch contrib $ Breakeven • -4.1% site opex* APSM • -2.6% site opex* APSM - SG&A per store down 10% SG&A per store up 3% • $6.6 million decline in • $8.5 million increase in Corporate total SG&A total SG&A** Costs • Tax-efficient non-core • Investing in people and asset sale capabilities / Repurchased 4.9M shares Repurchased 3.0M shares Shares • $323 million of capital • $206 million of capital Outstanding • 11% of shares outstanding • 8% of shares outstanding *Site Opex excludes credit card fees **SG&A per-store excludes stock-based compensation; 2017 proof points exclude $10mm charitable contribution Murphy USA Inc. 12 The business is resilient, but not immune, to headwinds Tobacco Non-Tobacco • Managing decline curve • Managing decline curve in cigarettes in CSD’s • Taxes accelerating • Consumer spending decline in volumes Refined Products & RINs Labor Costs Tax Reform • Product flow patterns • FLSA • Beneficiary of tax shift across value chain • Minimum Wage reform (25% v 38%) • Regulatory and political Increases • Higher FCF to deploy uncertainty with RFS • Lower unemployment • Industry unlikely to rate compete away benefits • Wage inflation Murphy USA Inc. 13 Macro industry fuel trends are favorable near-term Mileposts 2027 Fuel Demand (2017 Estimate) Short-Term Long-Term (Light Duty, Indexed to 2016) VMT • VMT highly correlated with GDP MUSA States • Tax reform boosting GDP growth • Production ability and EV 1.70% 99.3% 99.8% 103.1% adoption rates volatile • Dependent on tax subsidy • OEMs fear being left 1.45% 96.6% 97.2% 100.3% behind if India and China leapfrog US • Trump says current 1.20% 94.0% 94.6% 97.6% 2025 CAFE CAFÉ targets too VMT Growth (%/year) Growth VMT aggressive • Consumers and 3 2 1 manufacturers abandoning sedans for 49.7 44.5 37.0 less efficient SUVs 2027 CAFE Standard • Innovators are agnostic Autonomous between EV and ICE • Safety issues could impede pace of consumer adoption Murphy USA Inc. 14 Murphy USA continues its proven and differentiated strategy • Murphy USA is uniquely positioned as a MUSA Relative Stock Performance low-cost fuel and convenience retailer Indexed From Spinoff to April 27, 2018 Murphy USA Inc. • Our strategy to compete has five coherent 220 S&P 500 Index elements: S&P 400 Midcap Index – Grow Organically – Diversify Merchandise Mix 200 – Sustain Cost Leadership
Load more

Recommended publications
  • Investor Day Presentation
    ALIMENTATION COUCHE-TARD INC. INVESTOR DAY PRESENTATION January 2018 AGENDA • Introductions – Mathieu Descheneaux, Vice-President, Finance • Opening Message – Alain Bouchard, Founder and Executive Chairman of the Board • Company Update – Brian Hannasch, President and Chief Executive Officer • Financial Update – Claude Tessier, Chief Financial Officer • Break • Inside the Store – Kevin Lewis, Chief Marketing Officer • M&A • Brian Hannasch • Darrell Davis, SVP of Operations • Alex Miller, SVP of Operations & Global Fuels • Digital/Technology - Deborah Hall Lefevre, Chief Information Officer • Break • Fuel - Alex Miller • Norway as a Laboratory - Jacob Schram, Group President of European Operations • Final Words - Brian Hannasch • Q&A FORWARD-LOOKING INFORMATION AND CAUTIONARY LANGUAGE This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of applicable securities legislation. Forward- looking statements are typically identified by words such as “projected”, “estimate”, “may”, “anticipate”, “believe”, “expect”, “plan”, “intend” or similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact contained in these slides are forward- looking statements. Forward-looking statements involve numerous assumptions, risks and uncertainties. A variety of factors, many of which are beyond Alimentation Couche-Tard Inc.’s (“Couche-Tard”) control, may cause actual results to differ materially from the expectations expressed in its
    [Show full text]
  • Wikipedia List of Convenience Stores
    List of convenience stores From Wikipedia, the free encyclopedia The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. NOTE: These are not ALL the stores that exist, but a good list for potential investors to research which ones are publicly traded and can research stock charts back to 10 years on Nasdaq.com or other related websites. [edit ] Multinational • 7-Eleven • Circle K [edit ] North America Grouping is by country or united States Census Bureau regional division . [edit ] Canada • Alimentation Couche-Tard • Beckers Milk • Circle K • Couch-Tard • Max • Provi-Soir • Needs Convenience • Hasty Market , operates in Ontario, Canada • 7-Eleven • Quickie ( [1] ) [edit ] Mexico • Oxxo • 7-Eleven • Super City (store) • Extra • 7/24 • Farmacias Guadalajara [edit ] United States • 1st Stop at Phillips 66 gas stations • 7-Eleven • Acme Express gas stations/convenience stores • ampm at ARCO gas stations • Albertsons Express gas stations/convenience stores • Allsup's • AmeriStop Food Mart • A-Plus at Sunoco gas stations • A-Z Mart • Bill's Superette • BreakTime former oneer conoco]] gas stations • Cenex /NuWay • Circle K • CoGo's • Convenient Food Marts • Corner Store at Valero and Diamond Shamrock gas stations • Crunch Time • Cumberland Farms • Dari Mart , based in the Willamette Valley, Oregon Dion's Quik Marts (South Florida and the Florida Keys) • Express Mart • Exxon • Express Lane • ExtraMile at
    [Show full text]
  • By Bill Donahue
    By Bill Donahue anines and convenience stores with retailers, lenders, consultants and share a common bond. Like an real-estate experts, various factors influ- ailing mongrel, a store showing ence the decision to either keep under- little to no hope of reigniting performing stores within the family or Cthe fires of profitability should send them out to the proverbial wood- be put down and replaced with a new shed for swift disposal. Profit potential one, according to Doug Deweese, chief (or lack thereof) being the chief met- executive of Super Stop!, a Meridian, ric in determining a store’s fate, retail- Miss.-based operator of 43 stores. ers large and small also consider how “A store count is like a portfolio of parting ways with a “dog” store will stocks,”says Deweese.“Do you hold on affect the community it serves, the to a stock that’s in the tank or tanking? employees who run it and the overall In general, the answer is no if you’re marketplace in which it competes. paying attention to your business. You’ve got to be future-oriented and New Tricks replace the [stores] you get rid of with More than 4,450 convenience stores ones that are going to perform.” changed hands from June 2003 to July But for many, as CSP learned 2005, according to an analysis through more than a dozen interviews of announced public and private 30 Handling Their Dogs Last year, Martin & Bayley Inc. implemented an “owner/operator” model, which transformed some of its best store managers into independent retailers as a way to turn around underperforming Huck’s stores.
    [Show full text]
  • The Stomach Wars
    The Stomach Wars HOW GROCERS CAN WIN THEIR SHARE The stomach wars are on. Convenience stores and fast casual dining are taking a bite out of food-on-the-go. Easily-accessible take-out, ordering platforms, and meal-kits are stealing dinner dollars. Amazon is owning the middle aisle, and determined to get into your pantry with its acquisition of Whole Foods. Let the games begin! 2 PART 1. Introduction ............................................................. 4 PART 2. Eating the business model alive .......................... 11 PART 3. Creating opportunity from the biggest strategic threats ................................ 16 PART 4. The Grocer of the Future ..................................... 32 PART 5. Who will win? ......................................................... 43 Part 1. INTRODUCTION 4 THE STOMACH WARS PART 1 Introduction Food is a big business. The global food and beverage value chain accounted for over USD $13 trillion dollars in 2011. That’s around 17% of gross world product! There’s a lot that happens between seeds going into the ground and that almond-crusted salmon landing on your plate. Picking, packing, processing, promoting. Food doesn’t only gobble up a signifcant portion of every dollar spent around the globe, it’s also a cornerstone of our daily lives. In a time-starved world of swipes and screens, few things ignite the visceral and bring us together like food. Above: Food and Beverage Market: Generalized Value Chain, $US Billion (Global), 2011. Credit: Frost & Sullivan 5 THE STOMACH WARS PART 1 But the way we fnd, buy, and consume food is changing. 2016 was the frst year in the history of the United States that people spent more at eating and drinking establishments than grocery stores.
    [Show full text]
  • Recent Shareholder Activism in the U.S. Convenience Store Industry
    Recent Shareholder Activism in the U.S. Convenience Store Industry Convenience Store & Fuel Products Distribution Investment Banking SCOTT GARFINKEL ROGER WOODMAN Group Head Managing Director Nashville, TN // 615.645.6796 Atlanta, GA // 404.240.6864 [email protected] [email protected] DAVID CORBETT JOHN VEITH Senior Vice President Vice President Atlanta, GA // 404.279.7442 Nashville, TN // 615.645.6799 [email protected] [email protected] Activist Shareholders Have Been Significantly Influential in the U.S. Convenience Store Industry Overview & Case Study Takeaways Shareholder “activism” refers to a range of tactics utilized by shareholders of a public company to influence some desired change in the corporation. High profile examples might include Bill Ackman’s unsuccessful effort to convince the world that the nearly $4 billion company (by revenue), Herbalife, was a deceptive pyramid scheme, inspiring the documentary, Betting on Zero. Other battles involving Automatic Data Processing, Procter & Gamble, CSX, and Buffalo Wild Wings grabbed headlines in 2017. On the less assertive end of the spectrum, a shareholder proposal may be put forth and sponsored by certain engaged shareholder groups (e.g. pension funds) to effect change in governance policies or compensation plans. Shareholder activism has become a more normalized practice to effect change in a company; currently, direct activist assets under management (AUM) are estimated at approximately $121 billion(1). In 2017, this arsenal was deployed to launch 231(2) public campaigns in the United States, lobbying for changes to companies’ strategic directions, asset mixes and management and/or board compositions, among other demands. As a proxy for their success, over the past decade, activist investors have contributed to the appointment or replacement of more than 1,000 public company board members(3).
    [Show full text]
  • Over $1.6 Billion Acquired
    DEVELOP | ACQUIRING | PARTNER Targeting Retail Net Lease Acquisition Opportunities OVER $1.6 BILLION ACQUIRED Acquisition Criteria Why ADC? ▪ Net lease retail ▪ $2 - $30 million per asset ▪ In-house real estate expertise ▪ Single-tenant assets ▪ Single assets or portfolios ▪ Institutional access to capital ▪ Multi-tenant assets ▪ Sale-leasebacks ▪ Entrepreneurial flexibility for complex deal structures ▪ Up to four tenants ▪ Short or long-term leases ▪ Assumable debt ▪ 100% occupancy ▪ Creditworthy tenants ▪ Forward commitments ▪ National, super-regional tenants ▪ Rent Escalations ▪ Partner Capital Solutions About Agree Realty Agree Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) publicly traded on the New York Stock Exchange under the symbol ADC. Our growing portfolio of industry leading retailers consists of over 660 assets in 46 states, containing approximately 11.5 million square feet of gross leasable space. Western Region Central Region Eastern Region *based on broker location Contact Information Jeff Williams | Western Region Andrew Bell | Central Region Ryan Cockerill | Eastern Region 248.480.0272 | [email protected] 248.480.0261 | [email protected] 248.480.0256 | [email protected] Jessica Cingel | Acquisitions Associate Riley Kennedy | Acquisitions Associate 248.480.0263 | [email protected] 248.480.0258 | [email protected] WWW.AGREEREALTY.COM *Terms and Conditions: This email should be considered an invitation to participate in a commission
    [Show full text]
  • Retail Consignees for Fsis Recall 050-2017
    RETAIL CONSIGNEES FOR FSIS RECALL 050-2017 FSIS has reason to believe that the following retail location(s) received meat and poultry frozen burrito products that have been recalled by Green Chile Food Company. This list may not include all retail locations that have received the recalled product or may include retail locations that did not actually receive the recalled product. Therefore, it is important that you use the product-specific identification information, available at http://www.fsis.usda.gov/wps/portal/fsis/topics/recalls-and-public-health-alerts/recall-case-archive/archive/2017/recall-050-2017-release in addition to this list of retail stores, to check meat or poultry products in your possession to see if they have been recalled. Store list begins on next page. Retail List for Recall Number: 050-2017 (Ready to Eat Meat and Poultry Burrito Products) List Current As Of: 29-Jun-17 Nationwide, State-Wide, or Area-Wide Distribution Retailer Name Location 1 KUM & GO Franchises in Arkansas, Missouri, North Dakota Franchises in Florida, News York, Massachusetts, 2 A Plus Sunoco Pennsylvania, South Carolina and Virginia 3 Aden's Minit Market Franchises in Georgia Franchises in Arizona, California, Oregon, 4 ARCO AM PM Nevada 5 CEFCO Franchises in Mississippi, Texas 6 Chevron Franchisesin California 7 Fastrip Franchises in California 8 Go-Mart Franchises in West Virginia 9 Green Valley Grocery Franchises in Nevada 10 Kum & Go Franchises in Colorado, Iowa, Oklahoma 11 Mac's Circle K Franchises in Virginia Franchises in Illinois, Kentucky,
    [Show full text]
  • September 21, 2017 ______Elisabeth A
    PUBLISH FILED United States Court of Appeals UNITED STATES COURT OF APPEALS Tenth Circuit FOR THE TENTH CIRCUIT September 21, 2017 _________________________________ Elisabeth A. Shumaker Clerk of Court IN RE: MOTOR FUEL TEMPERATURE SALES PRACTICES LITIGATION ------------------------------ ZACHARY WILSON; MATHEW COOK; BRENT DONALDSON; SAMANTHA BAYLARD; CRAIG MASSEY; RICHARD GALAUSKI; WILLIAM BOYD; LISA MCBRIDE; TAMARA MILLER; HEARTLAND LANDSCAPE GROUP LLC; TEAM TRUCKING; JAMES ANLIKER; DENNIS K. MANN; PHYLLIS LERNER; HERB GLASER; No. 15-3221 STEVEN RUBIN; MAX CANDIOTTY; FRED AGUIRRE; JAMES JARVAIS; MARA REDSTONE; RAPHAEL SAGALYN; J.C. WASH; JEAN W. NEESE; CECIL R. WILKINS; WAYNE BYRAM; GARY KOHUT; DEBRA BERG; TIA GOMEZ; SHONNA S. BUTLER; BEN DOZIER; MARK SCIVNER; BARBARA CUMBO; JAMES GRAHAM; KENNEDY G. KRAATZ; MELISSA D. MURRAY; MICHAEL A. WARNER; CLINTON J. DAVIS; STEVEN R. RUTHERFORD; LISA ANN LEE; BRENT CRAWFORD; DIXCEE MILLSAP; CARL RITTERHOUSE; SAMUEL ELY; VICTOR RUYBALID; HADLEY BOWER; KRISTY DEANN MOTT; CHARLES COCKRELL, JR.; WILLIAM RUTTHERFORD; JAN RUTHERFORD; MARK WYATT; DAWN LALOR; GERALD PANTO, JR.; EDGER PAZ; CHARLES D. JONES; MICHAEL GAUTHREAUX; JOANN KORLESKI; JEFF JENKINS; SARA TERRY; JACOB STEED; MARVIN BRYAN; JOHN TELLES; CHRISTOPHER PAYNE; SCOTT CAMPBELL; JONATHAN CHARLES CONLIN; PRISCILLA CRAFT; ROBERT HICKS; RICHARD PATRICK; JESSICA HONIGBERG; RAYSHAUN GLANTON; GARLAND WILLIAMS; ANNIE SMITH; BOBBY ROBERSON; SAM HOTCHKISS; ANNA LEGATES; ANDREA FRAYSER; MELVIN ELLISON; CECIL WILKINS; BETTY CHERRY; JOY HOWELL; ALLEN RAY KLEIN, Plaintiffs - Appellees, v. CIRCLE K STORES, INC.; PILOT TRAVEL CENTERS, LLC; KUM&GO, L.C.; QUICKTRIP CORPORATION; MURPHY OIL USA, INC.; RACE TRAC PETROLEUM, INC.; MARATHON PETROLEUM COMPANY, LLC; THE PANTRY, INC.; SPEEDWAY SUPERAMERICA, LLC; SHEETZ, INC.; WAWA, INC.; FLYING J INC.; 7- ELEVEN, INC.; PTCAA TEXAS, LP; Defendants - Appellants, v.
    [Show full text]
  • MOTOR FUEL TEMPERATURE ) SALES PRACTICES LITIGATION ) ) MDL No
    Case 2:07-md-01840-KHV -JPO Document 1711 Filed 08/27/10 Page 1 of 6 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS IN RE: MOTOR FUEL TEMPERATURE ) SALES PRACTICES LITIGATION ) ) MDL No. 1840 (This Document Relates to All Cases) ) Case No. 07-MD-1840-KHV ) _______________________________________) MEMORANDUM AND ORDER Plaintiffs bring putative class action claims for damages and injunctive relief against motor fuel retailers in Alabama, Arizona, Arkansas, California, Delaware, Florida, Georgia, Indiana, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, the District of Columbia, Puerto Rico and Guam. See Second Consolidated Amended Complaint (Doc. #652) filed December 1, 2008 ¶ 11.1 This matter comes before the Court on Certain Defendants’ Motion For Certification And Amendment Of Order Pursuant To 28 U.S.C. § 1292(b) (“Defendants’ Motion For Certification”) (Doc. #1565) filed January 19, 2010. For reasons set forth below, the Court overrules the motion.2 1 Plaintiffs assert claims individually and on behalf of similarly situated persons and entities who purchased gasoline or diesel fuel at temperatures greater than 60 degrees Fahrenheit from one or more defendants in the Region. Following a transfer order of the Judicial Panel on Multidistrict Litigation (“JPML”), the Court has jurisdiction over consolidated pretrial proceedings in these actions. See 28 U.S.C. § 1407; Doc. #1 filed June 22, 2007. With respect to Kansas claims, the Court has certified a class under Rule 23(b)(2), Fed. R. Civ. P., as to the liability and injunctive aspects of plaintiffs’ claims for unjust enrichment, violation of the KCPA and civil conspiracy as to certain defendants.
    [Show full text]
  • Alimentation Couche-Tard Inc. and the Pantry, Inc. Announce Definitive Merger Agreement
    Alimentation Couche-Tard Inc. and The Pantry, Inc. Announce Definitive Merger Agreement Strengthening Couche-Tard’s Position in Attractive Southeastern and Gulf Coast United States Laval, Québec, Canada and Cary, NC – December 18, 2014 – Alimentation Couche-Tard Inc. (TSX: ATD.A ATD.B), (“Couche-Tard”), and The Pantry, Inc. (NASDAQ: PTRY), today announced a definitive merger agreement under which Couche-Tard will acquire The Pantry in an all-cash transaction valued at US $36.75 per share, with a total enterprise value of approximately US $1.7 billion including debt assumed. The terms of the agreement were unanimously approved by the Boards of Directors of both companies. The transaction price represents a premium of 27% to The Pantry’s closing share price on December 16, 2014, the last trading day prior to public media reports that The Pantry, Inc. was exploring a potential transaction, and a premium of 39% to the 30-day average share price ending on December 16, 2014. “We look forward to welcoming The Pantry, Inc. to the Couche-Tard family” said Brian P. Hannasch, Couche-Tard’s President and Chief Executive Officer. “The Pantry is an excellent company and is well positioned in the Southeastern and Gulf Coast regions of the U.S., two of the fastest growing areas of the U.S. With this transaction we will add more than 1,500 stores to our network which will position us as the definitive leader in this region and will reinforce our position as one of the largest convenience store operators in North America. We look forward to combining the capabilities of The Pantry team with Couche-Tard to enhance value for our shareholders.
    [Show full text]
  • Investors Presentation
    ALIMENTATION COUCHE-TARD INC. INVESTORS PRESENTATION October 2016 FORWARD-LOOKING INFORMATION AND CAUTIONARY LANGUAGE This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “projected”, “estimate”, “may”, “anticipate”, “believe”, “expect”, “plan”, “intend” or similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact contained in these slides are forward-looking statements. Forward-looking statements involve numerous assumptions, risks and uncertainties. A variety of factors, many of which are beyond Alimentation Couche-Tard Inc.’s (“Couche-Tard”) control, may cause actual results to differ materially from the expectations expressed in its forward-looking statements. These factors include, but are not limited to, the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, foreign exchange rate fluctuations, and such other risks as described in detail from time to time in documents filed by Couche-Tard with securities regulatory authorities in Canada, including those risks described in Couche-Tard’s management’s discussion and analysis (MD&A) for the year ended April 24, 2016. Couche-Tard’s MD&A and other publicly filed documents are available on SEDAR at www.sedar.com. Unless otherwise required by law, Couche-Tard does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by it or on its behalf.
    [Show full text]
  • The Pantry, Inc. Express Stop
    Big K STRENGTH THROUGH STRATEGIC ACQUISITIONS Depot Food Stores ETNA The Pantry, Inc. Express Stop Food Chief Handy Way Kangaroo Lil’ Champconvenience (k n ven’yee ns), n. 1. anything that saves or simplifies work or adds to one’s ease or comfort. 2. advantage Mini Martor accommodation. — adj. 3. easy to obtain, use or reach. On The Way The Pantry Quick Stop Sprint Smokers Express Wicker Mart ANNUAL REPORT 2OOO Zip Mart Region of Operations strategic developments The Pantry, Inc. currently operates 1,313 stores throughout in the Southeastern United States. However, as the Company 2000 continues to gain strength through strategic acquisitions, it will The Pantry undertook an extensive capital further extend its presence in principal markets and growing expenditure program aimed at upgrading its contiguous markets. store facilities and gasoline operations. The Company invested approximately $24.5 million on these enhancements, which it views as integral to its ability to provide customers with the greatest convenience in its stores and at its pumps. The Pantry focused on implementing strategic merchandising initiatives that would allow it to better serve its customers while also driving sales. In doing so, the Company closely monitored merchandise mix and inventory levels and focused on enhancing its promotional displays. In fiscal 2000, The Pantry’s ancillary services, which include ATMs, lottery, money orders, public phones and car washes, had a substantial impact on the bottom line as the Company continued to expand its service offerings in targeted locations throughout the Southeast. Over the past year, the Company significantly broadened its fresh food offering and quick service restaurant locations.
    [Show full text]