Parkland Corporation

Q1 2023 Earnings Conference Call


spk02: Good morning, my name is Joelle, now your conference operator today. At this time, I would like to welcome everyone to the Parkland Q1 Analyst Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number 1 on your telephone keypad. If you would like to withdraw your question, please press star, then the number 2. Thank you. I would now like to turn the conference over to Valerie Roberts, Director, Investor Relations for Parkland. Please go ahead.
spk00: Thank you, Operator. With me today on the call are Bob Espy, President and CEO, and Marcel Tunison, Chief Financial Officer. This call is webcast and I encourage listeners to follow along with the supporting slides. We will go through our prepared remarks and then open it up for questions from the investment community. Please limit yourself to one question and a follow-up is necessary. and if you have other questions, re-enter the queue. We would ask analysts to follow up directly with the investor relations team afterwards for any detailed modeling questions. During our call today, we may make forward-looking statements related to expected future performance. These statements are based on current views and assumptions and are subject to uncertainties which are difficult to predict. These uncertainties include, but are not limited to, expected operating results and industry conditions, among other factors. Risk factors applicable to our business are set out in our annual information form and management's discussion and analysis. We will also be discussing non-GAAP and other financial measures, which do not have any standardized meanings prescribed by IFRS. These measures are identified and defined in Parkland's continuous disclosure documents, which are available on our website or on CDAR. Please refer to these documents as they identify factors which may cause actual results to differ materially from any forward-looking statements. Dollar amounts discussed in today's call are expressed in Canadian dollars unless otherwise noted. I will now turn the call over to Bob.
spk01: Thank you, Val, and good morning, everyone. We appreciate you joining us today. The Parkland team has a lot to be proud of in the first few months of the year. I'd like to highlight a couple of accomplishments. First, I want to thank and congratulate the entire team for safely completing our scheduled turnaround at the Burnaby refinery. Our team has a track record of consistent execution, and they completed this eight-week process on time and on budget. I'd next like to highlight our Journey Rewards loyalty program, which is partnering with Air Canada's Aeroplan. Journey Reward links our family of fuel and on-the-run convenience brands. In addition to building closer relationships with our customers, Journey's goal is to drive organic growth by incentivizing loyalty, In the three years since its launch, we have grown our cardholders to over 4.5 million in Canada. The past few years have proven that Journey members are loyal, higher-spending customers, and they are now responsible for a quarter of our retail fuel transactions. Members, on average, pump 20% more gasoline each fill and spend 7%

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