CaribPR Wire

CALGARY, AB, Feb. 17, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2021 fourth quarter and year-end results after markets close on Thursday, March 3, 2022. A conference call and webcast will then be held at 6:30 a.m. MST (8:30 a.m. EST) on Friday, March 4, 2022, to discuss the results. To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1527086&tp_key=bb26fea062

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 33819081). International participants may call 1-800-389-0704 (toll free) (Conference ID: 33819081).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

About Parkland Corporation

Parkland’s purpose is to Power Journeys and Energize Communities. We are a leading operator and consolidator of convenience retail and fuel marketing businesses. Through our portfolio of trusted and locally relevant convenience, retail, commercial and wholesale brands, we serve over one million customers per day across Canada, the United States, the Caribbean region and Central and South America. In addition to leveraging our supply and storage capabilities to provide the essential fuels that our diverse customers rely on, we are a leader in manufacturing low carbon fuels and are rapidly building a charging network to serve growing demand for convenient charging from electric vehicle drivers in select markets.

Parkland’s proven strategy is centered around growing organically, realizing a supply advantage, acquiring prudently, and integrating successfully. We are positioned to win through the energy transition and are focused on developing our existing business in resilient markets, further diversifying our retail business into convenience, food, and electric vehicle charging, and helping our commercial customers decarbonize their operations. Our strategy is enabled and underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

CALGARY, AB, Nov. 2, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) today announced its financial and operating results for the three and nine months ended September 30, 2021. Highlights for the three months ended September 30, 2021 (”Q3 2021″) include¹:

• Record Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $364 million, up 8 percent year-over-year, underpinned by record Adjusted EBITDA in our International and U.S. segments that reflect accretive acquisitions and realized synergies, record co-processing volumes at the Burnaby refinery, consistent execution, and ongoing post-COVID economic recovery.
• Net earnings attributable to Parkland of $115 million, or $0.76 per share, basic, an increase of approximately 50 percent relative to the prior year, and record Adjusted earnings attributable to Parkland (”Adjusted earnings”) of $107 million, or $0.70 per share, basic, up approximately 15 percent year-over-year.
• Trailing twelve-month distributable cash flow per share of $4.72, an increase of approximately 44 percent relative to prior year of $3.28.
• Co-processed a record 33 million litres (2,300 barrels per day) of bio-feedstock at the Burnaby Refinery, helping our customers decarbonize their operations and placing us on track to achieve our target of 100 million litres, which is equivalent to taking over 80,000 passenger vehicles off the road in 2021.

“I want to congratulate the entire Parkland team for delivering the strongest quarterly and year-to-date results in Parkland’s history,” said Bob Espey, President and Chief Executive Officer. “Underpinned by our quality brands and consistent ability to anticipate and meet the evolving needs of our customers, including meeting a growing need for low-carbon fuels, we delivered $1 billion of Adjusted EBITDA during the first nine months of the year, demonstrating the strength and growth trajectory of our company.”

“Each segment of our business performed strongly,” added Espey. “From record results in our USA and International segments, ongoing post-COVID economic recovery in Canada and record co-processing volumes in Burnaby, our teams have set us up for a strong finish to the year. We remain focused on maintaining our financial strength and have high confidence in achieving the upper end of our full-year Adjusted EBITDA guidance and longer-term growth ambition.”

Q3 2021 Segment Highlights²

• Our Canadian segment delivered Adjusted EBITDA of $105 million, down 18 percent relative to Q3 2020. Lower unit fuel margins, reduced benefit from the COVID-related wage assistance program and a shift in product mix were partially offset by recovering volumes and growth in merchandise gross profit. Company C-store same-store sales growth (”SSSG”) was 1.7 percent excluding cigarettes, driven by growth in high margin categories including beverages, centre of store and food service. We continue to optimize results by leveraging our proprietary brands, including ON the RUN and 59th Street, at company owned retail sites and our JOURNIE^TM rewards program, which now has more than 2.5 million members.
• Our International segment delivered record Adjusted EBITDA of $83 million, up 8 percent relative to Q3 2020. Results were underpinned by a strong base business, the successful integration of the Isla Dominicana de Petroleo Corp. joint venture and other acquisitions, plus recovering onshore and aviation volumes driven by the slowly recovering tourism industry.
• Our USA segment delivered record Adjusted EBITDA of $44 million, up 110 percent relative to Q3 2020. Results were driven by the impact of acquisitions and synergies, new business wins including national accounts, and a robust summer driving season, which offset weakness of marine bunkering in our Florida market due to COVID.
• Our Supply segment delivered Adjusted EBITDA of $161 million, up 30 percent relative to Q3 2020. We continue to reliably and safely operate the Burnaby refinery delivering composite utilization of 101 percent (92 percent in Q3 2020) and co-processed a record 33 million litres of bio-feedstock, resulting in year-to-date compliance cost savings of more than $35 million³. Recovering fuel volumes underpinned strong margins in our integrated logistics business. Planned maintenance at the Burnaby refinery commenced in early October and the refinery was substantially operational by the end of October 2021.
• Corporate Adjusted EBITDA expense of $29 million, was consistent with pre-COVID Q3 2019 and up from $12 million in Q3 2020, reflecting reduced benefit from the COVID related wage assistance program and administrative costs to support the partial return to pre-COVID business activities and growth programs.

Developing our Business: A Track-Record of Disciplined and Accretive Acquisitions

From late last year, we have announced or closed 13 accretive acquisitions for an investment of approximately $850 million, including purchase price adjustments. The Total Funded Debt to Credit Facility EBITDA ratio of 3.2 times as of September 30, 2021 reflects the closing of three previously announced acquisitions. There are no credit facility or bond maturities until 2026 and the company has significant financial liquidity. Highlights from the third quarter include:

• Announced the acquisition of Montreal-based Pétroles Crevier Inc. Expected to close in Q1 2022, this acquisition will extend our existing retail network in Quebec and expand our presence in key markets.
• Signed and closed agreements to acquire Colorado-based Master Petroleum, North Dakota-based Red Carpet Carwash and Florida-based Bradenton Fuel Oil, all of which strategically build upon our existing capabilities in those regions.

Our Sustainability Journey

As we advance our sustainability journey, we are committed to providing regular updates on our environmental, social and governance efforts as part of our normal disclosure process. Q3 2021 highlights include:

• As part of our commitment to help our customers decarbonize their operations and essential mobility needs, we delivered another co-processing record at the Burnaby refinery. The refinery co-processed approximately 33 million litres of Canadian bio-feedstock during the third quarter of 2021, for a total of 82 million litres during the first nine months of 2021. We are on track to achieve our target of 100 million litres, which will have the equivalent effect of taking over 80,000 passenger vehicles off the road in 2021.
• Consistent with our commitment to Board renewal, we appointed two new Board members, Angela John and Richard Hookway. Together they bring extensive global experience in supply, low carbon technologies and in creating value across the entire downstream value chain. We expect Parkland, and our shareholders, will benefit greatly from their contributions.
• In July 2021, we launched a Diversity and Inclusion Leadership program to a selection of our Vice Presidents, Directors and Managers across all regions completing over 500 hours of training. We also hosted Pride Month events, Hispanic Heritage month events and held other events hosted by our Women’s network.
• Throughout September, employees in all our operating geographies came together to recognize Canada’s National Day for Truth and Reconciliation. This included a virtual event hosted by senior leaders and attended by approximately 800 employees that featured a former-elected chief, and residential school survivor and author. The event was designed to educate our employees on the history of Canadian Indigenous people.

Parkland’s second Sustainability report will be issued in the fourth quarter and will provide enhanced disclosure, including greenhouse gas reduction targets.

Changes to Dividend Reinvestment Plan

On November 2, 2021, the Company announced a reduction of the Enhanced Dividend Reinvestment Plan (”Enhanced DRIP”) from a 5 percent per share discount to a 2 percent per share discount, effective immediately.

Consolidated Financial Overview

Registration Available for 2021 Investor Day on November 16, 2021

Parkland will host its 2021 Investor Day presentation on November 16, 2021 at 7:00 a.m. MST (9:00 a.m. EST). The event will be held at the Fairmont Royal York in Toronto, Ontario and simultaneously webcast with video for those unable to attend in person. The event will include presentations from Parkland’s leadership team on our long-term growth and energy transition strategy, capital allocation and financial outlook.

To ensure a safe and engaging in-person event, we will be following Ontario’s COVID protocols. Analysts and investors who wish to attend the event, either in person or remotely, are invited to register using the following link: https://parkland.fluid.events/ParklandInvestorDay

Q3 2021 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Wednesday, November 3, at 6:30am MDT (8:30am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1502999&tp_key=0713d330d0

Analysts and institutional investors interested in participating in the question-and-answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 88891002). International participants can call 1-587-880-2171 (toll) (Conference ID: 88891002).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q3 2021 MD&A and Q3 2021 Financial Statements provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2021. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The Q3 2021 French MD&A and Q3 2021 French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland is a leading convenience store operator and an independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies, Parkland’s expectation of achieving the upper end of its 2021 Adjusted EBITDA guidance and achieving its 2021 co-processing target and long-term growth ambitions, expected benefits and synergies to be derived from acquisitions, expected closing dates of announced transactions, expecting timing of Parkland publishing its second sustainability report, and Parkland’s ability to advance its growth agenda.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Adjusted EBITDA and Adjusted gross margin are measures of segment profit and non-GAAP financial measures. Total funded debt to credit facility EBITDA ratio, Adjusted earnings, distributable cash flow, and distributable cash flow per share attributable to Parkland are non-GAAP financial measures. These measures do not have standardized meanings prescribed by IFRS and may not be comparable to similar financial measures used by other issuers. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 14 of the Q3 2021 MD&A for a discussion of non-GAAP measures, the reasons Parkland considers it appropriate for supplemental analysis and their reconciliations to the nearest applicable IFRS measure.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as Company C-Store SSSG, refinery utilization and composite refinery utilization, to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 14 of the Q3 2021 MD&A for further details.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

CALGARY AB, Oct. 14, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2021 third quarter results after markets close on Tuesday, November 2, 2021. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Wednesday, November 3, 2021, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1502999&tp_key=0713d330d0

Analysts and institutional investors interested in participating in the question-and-answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 88891002). International participants can call 1-587-880-2171 (toll) (Conference ID: 88891002).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

2021 Investor Day – Registration is open

Parkland will host its 2021 Investor Day presentation on November 16, 2021 at 7:00 a.m. MDT (9:00 a.m. EDT). The event will be held at the Fairmont Royal York in Toronto, Ontario and simultaneously webcast with video for those unable to attend in person.

To ensure a safe and engaging in-person event, we will be following Ontario’s COVID-19 protocols, which include showing proof of vaccination, wearing face masks when not consuming food, and physical distancing.

Analysts and investors who wish to attend the event, either in person or remotely, are invited to register using the following link: https://parkland.fluid.events/ParklandInvestorDay

The event will include presentations from Parkland’s leadership team on our long-term growth and energy transition strategy, capital allocation and financial outlook.

About Parkland

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Photo – https://mma.prnewswire.com/media/1660423/Parkland_Corporation_Parkland_announces_date_of_2021_Third_Quart.jpg

CaribPR Wire, CALGARY, Alberta, May 04, 2021: Parkland Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX:PKI) held its annual General meeting of shareholders on May 4, 2021 (the “Meeting”).

The Company is pleased to announce that all nine of the nominees listed in its management information circular dated March 2, 2021 (the “Information Circular”) were elected as directors of the Corporation and PricewaterhouseCoopers LLP was reappointed as Parkland’s auditor at its annual general meeting of shareholders held today (the “Meeting”).

The results of these votes, as well as the results for the other items of business considered at the Meeting are set out below:

Resolution 1

Election of directors of Parkland for the ensuing year.

Resolution 2

The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2021.

Resolution 3

The approval, on a non-binding and advisory basis, of Parkland’s approach to executive compensation as more particularly set forth and described in the Information Circular.

Voting results for all matters have been posted on SEDAR.

About Parkland Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

CaribPRWire, CALGARY, Alberta, May 03, 2021: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the three months ended March 31, 2021 (”Q1 2021″). Highlights include:

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $314 million, up 64 percent year-over-year. Despite continued COVID-19 impacts, we benefited from lower costs, continued strong per unit fuel margins and Company C-store same-store sales growth (”SSSG”) in Canada, U.S. acquisition growth, solid performance in International and higher utilization at the Burnaby refinery.
• Net earnings attributable to Parkland of $31 million, or $0.21 per share, basic, an increase of $110 million relative to prior year.
• Cash flow from operations fully funded capital expenditures, acquisitions and net dividend payments in the quarter.
• Combined Operating and Marketing, General and Administrative (”MG&A”) costs of $331 million, $52 million lower than prior year, reflecting disciplined cost management and the variability in our cost structure.
• Total Funded Debt to Credit Facility EBITDA ratio of 3.0 times as of March 31, 2021.
• Further enhanced financial flexibility through an amended credit facility agreement (maturing 2026) and refinanced senior notes maturing in 2024, 2025 and 2026 with new senior notes maturing in 2029. These actions reduce average annual interest costs by approximately $20 million and extend our nearest senior note maturity to 2027.

“We delivered a strong start to the year and have high confidence in our 2021 outlook,” said Bob Espey, President and Chief Executive Officer. “In addition to strong underlying business performance, we progressed our enterprise-wide organic growth initiatives, announced or closed five transactions, significantly enhanced our financial flexibility and lowered annual interest costs. We are well-positioned to advance our ambitious growth strategy and sustainability journey.”

Q1 2021 Segment Highlights

• In Canada, fuel margins, convenience store sales and lower costs in our retail and commercial business lines drove Adjusted EBITDA of $116 million, up $14 million relative to Q1 2020. Company C-Store SSSG was 5.5 percent, our 21st consecutive quarter of growth. We maintained retail market share, benefited from enhanced digital pricing capabilities and surpassed 1.8 million JOURNIE™ Rewards members.
• In International, enhanced logistics, shipping optimization and the continued benefit of cost control initiatives supported Adjusted EBITDA of $67 million, in-line with Q1 2020. This strong operational execution offset lower tourist activity and an approximate $4 million negative impact from a weakened U.S. dollar.
• In USA, Adjusted EBITDA of $20 million was up $4 million relative to Q1 2020, benefiting from acquisitions announced during the fourth quarter of 2020, our growing supply advantage and national accounts growth. This was partially offset by reduced oil and gas activity in our Northern ROC, lower marine activity in the Southeast ROC and a weaker U.S. dollar.
• In Supply, Adjusted EBITDA of $136 million was up $94 million relative to Q1 2020, primarily driven by Burnaby composite refinery utilization of 91 percent, (31 percent in Q1 2020 due to the scheduled turnaround). Supply benefited from co-processing initiatives and blending optimization at the Burnaby refinery coupled with solid performance from our integrated logistics business.
• Corporate Adjusted EBITDA expense of $25 million, down $11 million relative to Q1 2020, driven by lower realized foreign exchange impacts and disciplined cost management.

$2 billion ambition

Our growth platform is stronger than ever and we have a proven track record of value creation. Underpinned by our disciplined approach to capital allocation, the key pillars of our strategy remain fundamental to our ambition for $2 billion of run-rate Adjusted EBITDA by the end of 2025:

Grow Organically
Robust pipeline of organic growth opportunities in retail, commercial and supply, across all our geographies. Organic growth is supported by strong brands, customer value proposition, loyalty programs and digital insights.

Acquire Prudently & Integrate
Depth of high-quality consolidation opportunities across all of our geographies. Together with our disciplined approach, established integration capabilities and synergy capture, we are well-positioned to add incremental value to acquisitions.

Strong Supply Advantage
Leverage our growing scale, product diversity and capital light infrastructure to enhance margins. Continue to invest in safe and reliable operations and renewable fuel manufacturing at our Burnaby refinery.

One Parkland
Powering journeys and energizing communities through our common values and behaviours. Safe, reliable and local customer service underpinned by organizational capability and a performance driven culture.

“As we continue to meet our customers’ mobility needs, we see growth opportunities across multiple business lines and geographies,” added Espey. “In addition to what has made us successful over the past decade, we see opportunity to grow our renewable fuel business while harnessing our existing network to provide electric vehicle charging options.”

2021 Investor Day

Parkland will host an investor day the morning of November 16, 2021. The event will be held in Toronto, Ontario (level of in-person attendance to be determined) and simultaneously webcast with video, for those unable to attend in-person. Members of Parkland’s leadership team will provide updates on our long-term growth initiatives, renewable fuel and electric vehicle charging opportunities, capital allocation and financial outlook. Registration and other details will be provided closer to the date.

Our Sustainability Journey

As we advance our sustainability journey, we will provide regular updates on our environmental, social and governance efforts as part of our normal disclosure process. Recent highlights include:

• Plan to publish our next Sustainability report in Q4 2021. This disclosure will build upon our inaugural report and will contain an overview of our enterprise-wide sustainability strategy, including GHG emissions reduction targets.
• Continued to increase our renewable fuel manufacturing capability at the Burnaby refinery, co-processing a record 25 million litres of bio-feedstocks during the quarter. We are on track with our 2021 co-processing target of 100 million litres (equivalent effect of taking over 80,000 passenger vehicles off the road).
• On March 1, 2021, we launched a ‘carbon offset’ reward option as part of our JOURNIE™ Rewards program to help our customers offset their own emissions. In the first 30 days, over 23,000 Carbon offsets were selected by JOURNIE™ members with the value directed toward a landfill gas capture and utilization project in Niagara, Ontario, removing the equivalent of more than 3,000 tons of CO2 from the atmosphere. This project helps create healthier communities and promotes sustainable management of greenhouse gases.
• Parkland is committed to diversity at all levels of the organization. The Board of Directors has adopted a written diversity policy which sets a target for women to occupy at least 30 percent of Board seats and executive officer positions by 2023, and 2025, respectively. Women currently occupy 22 percent of Board seats and 20 percent of executive officer positions.

Year-to-date acquisitions

• In January 2021, we completed the acquisition of two Midwest U.S. LPG terminals to expand our integrated logistics business and enhance our overall LPG supply optionality.
• In February 2021, we completed the acquisition of the assets of Story Distributing Company and its affiliates (collectively “Story”). Story is a retail and commercial fuel business based in Bozeman, Montana, which expands our presence in the Montana and Idaho-based markets.
• In March 2021, we completed the acquisition of a residential and commercial LPG distributor in St. Maarten which further supports our LPG growth strategy in the International segment.
• In April 2021, we completed the acquisition of Conrad & Bischoff Inc. and its related companies (collectively, “C&B”). This acquisition establishes our fourth U.S. ROC, strengthens our supply advantage and adds a high-quality retail network to our portfolio. Please see our press release dated February 26, 2021 for more information regarding the acquisition.
• In April 2021, we signed an agreement for the purchase of an aviation business and associated infrastructure with operations in Puerto Rico. The acquisition includes operations at two International airports in Puerto Rico, including the Luis Munoz Marin International Airport, which is the busiest in the Caribbean region. This acquisition expands our presence in the well-diversified Puerto Rico market and unlocks positive network effects for our regional aviation portfolio. The transaction is expected to close by the end of the second quarter of 2021.

Consolidated Financial Overview

⁽¹⁾ Certain amounts within sales and operating revenue and fuel and petroleum product volumes were restated and reclassified to conform to the presentation used in the current period.
⁽²⁾ Measure of segment profit and Non-GAAP financial measures. See Section 14 of the MD&A.
⁽³⁾ For comparative purposes, information for the year ended December 31, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, and the Canadian distribution business, formerly presented in Supply, are now included in Canada, reflecting a change in organizational structure in 2020.
⁽⁴⁾ For comparative purposes, information for previous periods was restated due to a change in segment presentation. The supply and trading business in the United States, formerly presented in the Supply segment, is now included in the USA segment, reflecting a change in organizational structure in the first three months of 2021.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Tuesday, May 4, at 6:30am MDT (8:30am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1450915&tp_key=c49f8f1250

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 83343797). International participants can call 1-587-880-2171 (toll) (Conference ID: 83343797).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q1 2021 MD&A and Q1 2021 Financial Statements provide a detailed explanation of Parkland’s operating results for the three months ended March 31, 2021. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The Q1 2021 French MD&A and Q1 2021 French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies, Parkland’s ambition to generate run-rate Adjusted EBITDA of $2 billion by 2025 and the key strategic pillars underpinning such ambition, Parkland’s 2021 Adjusted EBITDA and maintenance and capital expenditures guidance, expected benefits to be derived from acquisitions, potential future acquisition opportunities, potential growth in Parkland’s renewable fuels business, Parkland’s ability to harness its existing retail network to meet our customer’s mobility needs, including with respect to electric vehicle charging options, Parkland’s robust pipeline of organic growth opportunities, potential projects to extend Parkland’s supply advantage, expected Burnaby refinery utilization rates, and Parkland’s ability to advance its growth agenda.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020, and “Forward-Looking Information” and “Risk Factors” included in the Q1 2021 MD&A dated May 3, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio, adjusted dividend payout ratio and growth and maintenance capital expenditures attributable to Parkland are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 14 of the Q1 2021 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 9 and Section 14 of the Q1 2021 MD&A and Note 13 of the Q1 2021 FS for a reconciliation of these measures of segment profit. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as SSSG and refinery utilization, to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 14 of the Q1 2021 MD&A for further details.

Tons of CO2 equivalent removed from the atmosphere resulting from the JOURNIE™ Rewards ‘carbon offset’ reward option is based on 23,000 carbon offset selections at a price of $3.50 per ton of CO2.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

About Parkland Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

CaribPR Wire, CALGARY, Alberta, Feb. 17, 2021: Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 fourth quarter and year-end results after markets close on Thursday March 4, 2021. A conference call and webcast will then be held at 6:30 a.m. MST (8:30 a.m. EST) on Friday, March 5, 2021, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1432661&tp_key=f1590068d5

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 87395118). International participants can call 1-587-880-2171 (toll) (Conference ID: 87395118).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

CaribPR Wire, CALGARY, Alberta, Nov. 03, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the three and nine months ended September 30, 2020. Highlights from the third quarter (unless otherwise indicated) include:

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $338 million.
• Net earnings attributable to Parkland of $76 million, or $0.51 per share, basic.
• Adjusted distributable cash flow of $342 million (nine months ended September 30, 2020) fully funded growth capital expenditures, acquisitions and net dividend payments.
• Fuel and petroleum product volume continued to recover from the impact of COVID-19; total company volumes were within 5 percent of Q3 2019 volumes.
• Pro-active cost reductions and strong per unit fuel margins continued to offset the impact of volume declines. Operating and marketing, general and administrative (”MG&A”) costs were $47 million lower relative to Q3 2019.
• Marketing segments (Canada, International and USA) generated a 24 percent increase in Adjusted EBITDA over Q3 2019.
• Strong refinery utilization of 90 percent, which highlights the quality of our Burnaby refinery. This utilization rate reflected robust local demand and our best-in-class ability to successfully market distillate through the challenges of COVID-19.
• Maintained liquidity of $1.6 billion and lowered our Total Funded Debt to Credit Facility EBITDA ratio to 2.6 times as of September 30, 2020.
• Published our inaugural Sustainability Report outlining our established environmental, social and governance practices and setting the stage for development of our enterprise-wide sustainability strategy.

“I would like to congratulate the Parkland team for exceptional financial and operating performance,” said Bob Espey, President and Chief Executive Officer. “We continue to prove the resilience of our business model and first-rate execution capabilities. These strengths have underpinned our success year-to-date and give us confidence in our ability to manage through challenging market environments, grow the business and add shareholder value.”

“I am especially proud of the way our team has maintained a focus on safety, managed costs, won new business, published our inaugural Sustainability Report and continued to serve our customers and support our communities over the last nine months,” added Espey. “In addition, we have maintained strict financial discipline and positioned ourselves to grow our existing business organically and through acquisitions in the current environment.”

Q3 2020 Segment Highlights

Canada: Recovering volumes, strong margins and c-store sales

Steady volume recovery, strong fuel margins and convenience store sales drove a 23 percent increase in Adjusted EBITDA relative to Q3 2019. We delivered our 19^th consecutive quarter of Company C-Store same-store sales growth (”SSSG’), surpassed one million JOURNIE™ Rewards members and continued to win new business. Third quarter highlights include:

• Adjusted EBITDA of $128 million, up $24 million relative to 2019. The increase was primarily driven by strong per unit fuel margins, higher convenience store baskets and lower operating and MG&A costs.
• Fuel and petroleum product volume of 2.3 billion litres, a decrease of 7 percent relative to 2019 due to the impact of COVID-19. Retail fuel volumes were 8 percent lower than prior year while commercial and other volumes were 6 percent lower.
• Company C-Store SSSG of 10.7 percent, reflecting the attractiveness of the convenience store channel, the quality of our customer value proposition, strong execution and domestic tourism impacts. We saw particular strength in our new-to-industry and rebranded On the Run sites, with sales increases across most major categories, offset by lower car wash.
• Operating Costs decreased $10 million and MG&A costs decreased $8 million relative to 2019, reflecting proactive cost control measures and natural variability in our cost structure.
• JOURNIE™ Rewards membership continued to grow and now exceeds one million active members. We have witnessed high engagement from our initial promotional campaigns, increases in backcourt conversion and growing CIBC cardholder penetration.

International: Strong supply performance, shipping optimization and cost efficiencies

The International segment delivered a 22 percent increase in Adjusted EBITDA relative to Q3 2019, driven by strong supply performance, shipping optimization and cost reduction initiatives. Rolling COVID-19 lockdowns resulted in lower volumes; however, we continued to benefit from geographic and product diversity within our portfolio. The International team continued to drive new growth, in particular, securing new natural resource sector business in Suriname and new diesel supply contracts in the Spanish Caribbean. Third quarter highlights include:

• Adjusted EBITDA of $77 million, up $14 million relative to 2019. The increase was primarily driven by profitable supply sourcing initiatives, including a one-off supply gain of approximately $10 million, and lower costs, offset by reduced aviation and retail activity.
• Fuel and petroleum product volume of 1.1 billion litres, a decrease of 8 percent relative to 2019 due to the impact of COVID-19. Retail fuel volumes were 15 percent lower while commercial and other volumes were 3 percent lower. Although International is experiencing continuing progress in demand recovery with the easing of COVID-19 restrictions, we anticipate the recovery will be tempered until COVID-19 restrictions are lifted and tourism activity returns to normal.
• Reduced operating costs by $7 million and MG&A costs by $6 million relative to 2019, reflecting the sustained benefit of proactive cost control measures, natural variability in our cost structure and integration.

USA: National accounts growth and strong margins

The USA segment delivered a 35 percent increase in Adjusted EBITDA relative to Q3 2019, driven by recent acquisitions, organic growth and strong fuel and non-fuel unit margins. This performance was partially offset by COVID-19 volume impacts and lower commercial activity in our Northern Regional Operations Center (”ROC”). The USA team is realizing the benefits of local scale, winning new business and growing volume in the Rockies and Southeast ROCs and improving fuel and lubricant supply economics. We continue to evaluate acquisition opportunities to increase our marketing presence and optimize our growing supply advantage. Third quarter highlights include:

• Adjusted EBITDA of $23 million, up $6 million relative to 2019. The increase was primarily due to acquisitions, strong unit margins and coordinated marketing efforts to grow national accounts.
• Fuel and petroleum product volume of 653 million litres, an increase of 44 percent relative to 2019 due to the impact of acquisitions and organic growth, offset by the impact of COVID-19. Retail fuel volume increased 4 percent while wholesale and commercial volume increased 51 percent.
• Operating Costs increased $8 million and MG&A costs increased $4 million relative to 2019, due to the impact of acquisitions.
• Consistent with our strategy to grow our non-fuel business, we acquired the license for the exclusive use of the On the Run trademark in the majority of U.S. states. This positions us to create a unified, North American convenience store brand and our first pilot rebranding is planned for the first half of 2021.

Supply: Burnaby refinery operated at 90 percent utilization

Adjusted EBITDA in the Supply segment decreased 16% relative to Q3 2019, driven by the impacts of COVID-19 but mitigated by strong refining utilization and steady performance from our integrated logistics business. Our ability to market diesel and jet fuel allowed our refinery to run more efficiently, resulting in utilization rates meaningfully above the North American average. Third quarter highlights include:

• Adjusted EBITDA of $122 million, down $24 million relative to 2019 due to COVID-19 related volume and pricing impacts which drove lower refinery utilization and margins compared to 2019, but strong considering external market factors.
• Refinery utilization was 90 percent, underpinned by our integrated marketing channels in British Columbia and ability to place both diesel and jet fuel at prevailing market prices.
• Reduced operating costs by $15 million and MG&A costs by $6 million relative to 2019, reflecting the variable components of production costs and proactive cost control measures.
• We continue to pursue high-quality growth projects that extend our supply advantage, such as diesel import and export opportunities and development of our renewable fuel strategy.

Corporate – organizational efficiency delivering sustainable MG&A savings

The Corporate segment includes centralized administrative services and expenses incurred to support operations. Third quarter highlights include:

• MG&A costs of $22 million, down $7 million relative to 2019, reflecting the sustained benefit of proactive cost control measures and natural variability in our cost structure.
• As a percentage of total adjusted gross profit, MG&A costs decreased to 3.3 percent (from 4.3 percent in 2019).
• Adjusted EBITDA expense of $12 million, which includes MG&A costs and foreign exchange gains on US dollar debt repayments during the quarter.

Consolidated Financial Overview

_{(1)  Measure of segment profit and Non-GAAP financial measures. See Section 12 of this MD&A.
(2)  For comparative purposes, information for the three and nine months ended September 30, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, and the Canadian distribution business, formerly presented in Supply, are now included in Canada, reflecting a change in organizational structure in the first six months of 2020.
(3)  Calculated using the weighted average number of common shares.
(4)  2020 and 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 comparative figures reflect the accounting standards in effect for that year and are not restated to reflect the impact of IFRS 16, as is allowed under the modified retrospective approach for IFRS 16 adoption.
(5)  Amounts presented on a trailing-twelve-month (”TTM”) basis.
(6)  Beginning in Q1 2020, Credit Facility EBITDA includes Adjusted EBITDA attributable to NCI and excludes IFRS 16 impact attributable to NCI, and Total Funded Debt includes long term-debt attributable to NCI, letters of credit attributable to NCI and cash and cash equivalents attributable to NCI. The amounts presented for 2019 and 2018 have not been restated.}

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Wednesday, November 4, at 6:30am MST (8:30am EST) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1390182&tp_key=aefbc264cf

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 51942789). International participants can call 1-587-880-2171 (toll) (Conference ID: 51942789).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q3 2020 MD&A and Q3 2020 Financial Statements provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2020. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The Q3 2020 French MD&A and Q3 2020 French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies, estimated 2020 capital expenditures, potential acquisition opportunities, potential projects to extend Parkland’s supply advantage, the ongoing roll out of the JOURNIE™ Rewards loyalty program, expected Burnaby refinery utilization rates, and Parkland’s ability to advance its growth agenda.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 20, 2020, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2020 MD&A dated November 3, 2020, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio, adjusted dividend payout ratio and growth and maintenance capital expenditures attributable to Parkland are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 12 of the Q3 2020 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 12 of the Q3 2020 MD&A and Note 19 of the Q3 2020 FS for a reconciliation of these measures of segment profit. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as SSSG and refinery utilization, to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 12 of the Q3 2020 MD&A for further details.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”).

About Parkland Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

CaribPR Wire, CALGARY, Alberta, July 21, 2020 — Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 second quarter results after markets close on Thursday, August 6, 2020. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Friday, August 7, 2020, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1345078&tp_key=a86f827043

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 51995975).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

CaribPR WIRE CALGARY, Alberta, May 06, 2020: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the three months ended March 31, 2020. First quarter highlights include:

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $191 million.
• Net earnings (loss) attributable to Parkland of $(79) million or $(0.53) per share, basic.
• Strong financial position with significant liquidity to manage through challenging market environments. Cash and cash equivalents plus unused credit facilities was $908 million as of March 31, 2020.
• Total Funded Debt to Credit Facility EBITDA ratio was 2.9 times (relative to a covenant of 5.0 times) as of March 31, 2020.
• Cash flow from operating activities of $258 million fully funded growth and maintenance capital expenditures, dividend payments and the Kellerstrass acquisition.
• Trailing-twelve-month adjusted dividend payout ratio of 40 percent.
• Fuel and petroleum product volume of 6.0 billion litres, up 12 percent from Q1 2019.
• Acted decisively and prudently in response to the novel coronavirus (”Covid-19″) to ensure the safety of our employees, customers and communities, mitigate the impacts of the pandemic, maintain balance sheet strength and increase the resilience of our business.

“We delivered strong financial and operating performance through the first 10 weeks of the year with base operations and growth initiatives on-track with our plan,” said Bob Espey, President and Chief Executive Officer. “Covid-19 paused this momentum in mid-March, however, despite this and other economic headwinds, including a declining Canadian dollar and lower, more volatile commodity prices, our diverse business is proving resilient.”

“We entered this challenging period with a strong balance sheet and acted decisively to protect it. We removed over $300 million of capital expenditures from our 2020 plans and reduced our fixed and variable expenses,” added Espey. “I want to thank the Parkland team who are intensely focused on safely providing essential products and services to our customers and supporting our communities. These characteristics underpin our resilience and growth capabilities. I would also like to thank the refinery team for their hard work and for safely completing the turnaround in April.”

Our commitment to safety, customers and community

Parkland’s top priority is the safety of its employees, customers and communities and to reliably provide an essential service in the 25 countries we operate.

In response to Covid-19 and in-line with recommendations from local health authorities, enhanced operating procedures and protocols were instituted to maintain our sites to even higher levels of cleanliness. From rigorous sanitization and disinfecting protocols, plexiglass guards in our company-owned convenience stores and navigating global supply shortages to provide personal protective equipment to our front-line teams, we have, and will continue to put safety first.

Parkland’s retail and commercial brands remain trusted, integral parts of their communities. Consistent with our values, we have extended over $3.5 million of fuel discounts to front-line health care workers and first responders across Canada, the US and our International business through April. We are providing free hot showers, as well as food and snack discounts, to Canada’s truck-driving community at select company cardlock and convenience store locations. We will continue to monitor the needs of our customers and communities and remain committed to providing safe and reliable services and giving back to those in need.

Q1 2020 Segment Highlights

Supply

Operations were focused on the safe and successful execution of the Burnaby refinery turnaround and continued performance from our integrated logistics operations. Our supply team reliably sourced and maintained uninterrupted fuel supply for our customers during the turnaround. We advanced our US supply business through the expansion of our Houston office operations and saw strong organic growth in wholesale volumes. First quarter highlights include:

• Due to the Burnaby refinery turnaround which began on February 1, 2020, Adjusted EBITDA was $39 million; a decrease of $104 million relative to 2019.
• As a result of the planned turnaround, refinery utilization was 30.9 percent.
• Invested $55 million of capital and $27 million of operating costs on the turnaround. The additional operating expenses were mostly offset by lower fuel, catalyst and chemical costs while the plant was shut down.

Canada

We have combined Canada Retail and Canada Commercial into one “Canada” segment to align with our US and International segment reporting and to reflect the operational accountability of our Canadian leadership team.

Our Canadian business performed well through the quarter. We gained momentum on our growth initiatives through the first 10 weeks but experienced a pause in mid-March due to the Covid-19 pandemic. We delivered our 17^th consecutive quarter of Company C-Store same-store-sales growth (”SSSG”), progressed the national roll out of our JOURNIE™ Rewards program and developed our network through On-the-Run (”OTR”) conversions and New to Industry (”NTI”) sites. In addition, we grew our industrial propane market share and benefited from the high-grading of our commercial customer base in 2019.  First quarter highlights include:

• Adjusted EBITDA of $103 million, a decrease of $14 million relative to 2019. The decrease was driven by lower retail fuel margins in the first part of the quarter, a warmer winter heating season and lower volume demand in the second half of March due to Covid-19.
• Fuel and petroleum product volume of 2.4 billion litres, a decrease of 6 percent relative to 2019. The business saw strong growth early in the year but was offset by weakness in March due to Covid-19.
• Company C-Store SSSG of 0.4 percent, our 17th consecutive quarter of positive C-store SSSG despite weakening sales in the latter half of March due to Covid-19.
• Company volume SSSG of negative 4.3 percent. Company volume was trending well through the first 10 weeks of the quarter relative to 2019 but decreased in March due to Covid-19.
• Commenced the national launch of JOURNIE™ Rewards in January 2020 with CIBC as our strategic banking partner. Initial results remain encouraging with strong membership acquisition and engagement. Due to reduced site traffic and additional preventative safety measures as a result of Covid-19, we deferred our national roll-out strategy and marketing campaigns until the economy improves. For more information on JOURNIE™ and how to become a registered member please visit www.journie.ca.

International

Our International business had a strong start to the year, benefiting from organic growth initiatives, supply synergies and a robust tourist industry. We continued to benefit from strength in our wholesale channel and marine bunkering business which resulted from new customer wins and the collaboration with our Tropic Oil operations in Florida. This momentum paused in mid-March due to Covid-19 which led to a decline in fuel demand and lower supply margins. First quarter highlights include:

• Adjusted EBITDA of $67 million, a decrease of $4 million relative to 2019. The decrease was driven by demand reductions in March due to Covid-19 and margin pressure due to commodity price volatility.
• Fuel and petroleum product volume of 1.4 billion litres, an increase of 31 percent relative to 2019, consisting of 406 million litres sold through retail channels and 990 million litres sold through commercial and wholesale channels.

USA

Our USA business had a strong quarter with improved operational efficiency and significant growth excluding the impact of M&A. We closed our previously announced acquisition of Kellerstrass Oil in mid-February, bringing 84 new dealer locations and expanding our presence in Idaho, Wyoming and northern Utah. Our recent acquisitions have exceeded investment case to date, and in particular, Tropic Oil has driven strong organic growth and also benefited our International business. We saw a volume decline in mid-March due to the Covid-19 pandemic which was offset by strength in retail and marine fuel margins.  First quarter highlights include:

• Adjusted EBITDA of $18 million, an increase of $7 million relative to 2019. The increase was primarily due to our 2019 acquisitions, organic growth and strong retail and marine fuel margins.
• Fuel and petroleum product volume was 634 million litres, up 92 percent relative to 2019.

Corporate

The Corporate segment includes centralized administrative services and expenses incurred to support operations. First quarter highlights include:

• Marketing, General and Administrative (”MG&A”) costs were flat relative to 2019, at $27 million.
• Adjusted EBITDA of negative $36 million, which includes MG&A costs and a loss on US dollar debt repayments resulting from the significant decline in the USD/CAD exchange rate during the quarter.
• As a percentage of total adjusted gross profit, marketing, general and administrative expenses increased to 4.6 percent (up from 3.9 percent in 2019).

Consolidated Financial Overview

(1) Measure of segment profit. See Section 12 of this MD&A.
(2) For comparative purposes, information for the three months ended March 31, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, are now combined as the Canada segment, reflecting a change in organizational structure in the first quarter of 2020.
(3) Non-GAAP financial measure. See Section 12 of this MD&A.
(4) Calculated using the weighted average number of common shares.
(5)  2020 and 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 comparative figures reflect the accounting standards in effect for that year and are not restated to reflect the impact of IFRS 16, as is allowed under the modified retrospective approach for IFRS 16 adoption.
(6) Amounts presented on a trailing-twelve-month (”TTM”) basis
(7) Beginning in Q1 2020, Parkland includes Adjusted EBITDA attributable to NCI and excludes IFRS 16 impact attributable to NCI in Credit Facility EBITDA and includes long term debt attributable to NCI, letters of credit attributable to NCI and cash and cash equivalents attributable to NCI in Senior Funded Debt and Total Funded Debt. The 2019 and 2018 numbers have not been adjusted.

Update on Covid-19 business impacts

The duration and impact of Covid-19 is difficult to forecast, however, it has already led to significantly reduced global economic activity and fuel demand. Based on our own conservative demand and economic recovery model, we took immediate action to protect our business and financial strength, and enhance our resilience to position the Company to emerge stronger.

• Canada segment volumes have declined approximately 35 percent in April relative to 2019, consisting of an approximate 40 percent decline in retail gasoline volumes and 25 percent in commercial and other volume. Rural markets have been less impacted than major urban centers and key supply chains have remained open for trucking traffic.
• US segment volumes have declined approximately 20 percent in April relative to 2019, excluding the impact of acquisitions, consisting of an approximate 20 percent decline in wholesale and commercial volume and 35 percent in US retail gasoline volume. The US segment has fewer major urban centers in our areas of operations and a higher commercial weighting of the portfolio.
• International segment on-shore volumes have declined approximately 40 percent in April relative to 2019, consisting of an approximate 25 percent decline in the commercial lines of business and 55 percent in the retail line of business. Many countries in the International segment have extensive curfew measures and higher exposure to tourist activity.
• The impact of the volume declines has been partially offset by generally stronger fuel margins (per litre) in April. This benefit has been most pronounced in the US, followed by our Canada segment, and less so in our International segment.
• Convenience store sales in Canada are marginally down in April relative to 2019. Tobacco, alcohol and household essentials have performed well, while confectionery items and car wash traffic have declined along with the temporary suspension of frozen and hot beverage offerings and fresh food service. We have altered our merchandising strategy where appropriate to prioritize higher demand categories and our teams have done a great job at keeping shelves merchandised.
• Refinery utilization as of May 6, 2020 is approximately 75 percent, which accounts for lower fuel demand in locally served markets. Based on the current refinery throughput, we have been able to reduce jet fuel to less than 10 percent of output. We will continue to optimize utilization rates going forward based on demand projections.
• Despite the current economic slowdown and reduction to our 2020 capital program, there are several high return initiatives we are focused on in the interim such as the integration of recent acquisitions and enhancing our digital capability and back-office systems. These initiatives will allow us to resume our growth programs when the economy improves.

2020 Capital Program Guidance

On March 30, 2020, Parkland reduced its guidance for 2020 Total Capital expenditures to $275 million +/- 5%, a reduction of $300 million. This reduction is consistent with our priority to maintain financial flexibility and balance sheet strength. The capital expenditures included in the reduction can be deferred until an improvement in the current economic environment. Further detail can be found in our press release dated March 30, 2020 and in the Q1 2020 MD&A.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, May 7 at 6:30am MDT (8:30am EDT) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1302735&tp_key=014a45b92e

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 14261230). International participants can call 1-587-880-2171 (toll) (Conference ID: 14261230).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q1 2020 MD&A and Q1 2020 FS provide a detailed explanation of Parkland’s operating results for the three months ended March 31, 2020. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. French Financial Statements and MD&A will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, estimated 2020 capital expenditures, the ongoing launch of the JOURNIE™ Rewards loyalty program, expected Burnaby refinery utilization rates, and Parkland’s ability to quickly resume growth strategy when economic conditions improve. Additionally, this press release contains certain preliminary April results to illustrate the impact COVID-19 has had on our business. These numbers are preliminary, subject to finalization and quarter end accounting procedures and do not constitute guidance.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the Covid-19 pandemic; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Q1 2020 MD&A dated May 6, 2020, filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio and adjusted dividend payout ratio are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 12 of the Q1 2020 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 12 of the Q1 2020 MD&A and Note 20 of the Q1 2020 FS for a reconciliation of these measures of segment profit. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 12 of the Q1 2020 MD&A for further details.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”).

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

CaribPR Wire, CALGARY, Alberta, April 27, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 first quarter results after markets close on Wednesday, May 6, 2020. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, May 7, 2020, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1302735&tp_key=014a45b92e

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 14261230).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

Virtual Annual General Meeting
Due to the ongoing public health concerns regarding COVID-19, Parkland will hold its 2020 Annual and Special Meeting of shareholders in a virtual-only format. The virtual-only meeting will be conducted via live audio webcast online on Thursday, May 7, 2020, at 9:00 a.m. MDT (11:00 a.m. EDT).

All Shareholders will be able to attend the live virtual meeting. Information for shareholders is posted in Parkland’s Management Information Circular dated March 31, 2020 available at www.parkland.ca and under Parkland’s profile at www.sedar.com.

Burnaby Refinery turnaround
Parkland is pleased to announce the Burnaby Refinery turnaround is complete and confirm the facility is now fully operational.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Click Here for More Information »

CaribPR Wire, CALGARY, Alberta, Feb. 21, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) expects to announce its 2019 fourth quarter and year-end results after markets close on Thursday, March 5, 2020. A conference call and webcast will then be held at 6:30 a.m. MST (8:30 a.m. EST) on Friday, March 6, 2020 to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://event.on24.com/wcc/r/2202396/DE9374B8003A48A6DC3F09374333E802

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 95848696). Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.