-
Net income of $22.9 million
-
EBITDA of $71.9 million
-
Adjusted EBITDA of $60.1 million
-
Distributable cash flow of $44.2 million
WALTHAM, Mass.--(BUSINESS WIRE)--May 9, 2017--
Global Partners LP (NYSE: GLP) today reported financial results for the
first quarter ended March 31, 2017.
“We posted a solid first quarter and continued to position the
Partnership for growth,” said Global President and CEO Eric Slifka.
“Over the past several quarters, we have focused on monetizing
non-strategic assets, capitalizing on the value of our real estate
portfolio and reducing costs. These steps, along with our recently
restated credit agreement, have strengthened our financial position and
increased our flexibility to invest in opportunities fundamental to our
growth strategy.”
Net income attributable to the Partnership in the first quarter of 2017
was $22.9 million, or $0.68 per diluted limited partner unit, compared
with a net loss attributable to the Partnership of $7.0 million, or
$0.21 per limited partner unit, in the first quarter of 2016.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
in the first quarter of 2017 was $71.9 million compared with EBITDA of
$42.6 million in the comparable period of 2016. Adjusted EBITDA was
$60.1 million in the first quarter of 2017 compared with Adjusted EBITDA
of $48.7 million in the same period of 2016.
Distributable cash flow (DCF) in the first quarter of 2017 was $44.2
million compared with DCF of $16.4 million in the same period of 2016.
For the three months ended March 31, 2017, DCF includes a $14.2 million
gain on the sale of the Partnership’s natural gas marketing and
electricity brokerage businesses and a $2.3 million net loss on sale and
disposition of assets. In the comparable period of 2016, DCF included a
$6.1 million net loss on sale and disposition of assets.
Gross profit in the first quarter of 2017 was $140.0 million compared
with $130.1 million for the comparable period of 2016. Combined product
margin, which is gross profit minus depreciation allocated to cost of
sales, was $162.4 million and $154.5 million for the first quarters of
2017 and 2016, respectively.
The Gasoline Distribution and Station Operations (GDSO) segment product
margin was $106.1 million in the first quarter of 2017 versus $108.3
million in the first quarter of 2016. The year-over-year decline was in
part due to the sale of non-strategic sites, including those sold to
Mirabito Holdings, Inc., partially offset by the addition of leased
company operated sites.
Wholesale segment product margin was $52.2 million in the first quarter
of 2017 compared with $39.2 million in the first quarter of 2016. This
increase was primarily due to revenue related to a crude oil take-or-pay
contract with one particular customer, a decrease in railcar lease
expenses as a result of the Partnership’s early termination of a
sublease and favorable market conditions in distillates.
Commercial segment product margin was $4.2 million in the first quarter
of 2017 compared with $6.9 million for the same period in 2016. The
year-over-year decrease was primarily due to the sale of the natural gas
marketing and electricity brokerage businesses.
Sales in the first quarter of 2017 were $2.3 billion compared with $1.8
billion for the same period in 2016, due to an increase in prices.
Wholesale segment sales were $1.2 billion compared with $910.2 million
in the first quarter of 2016. Sales in the GDSO segment were $843.2
million in the first quarter of 2017 versus $701.3 million for the same
period in 2016. Commercial segment sales were $201.8 million compared
with $139.3 million in the first quarter of 2016.
Wholesale segment volume was 778.3 million gallons in the first quarter
of 2017 compared with 815.0 million gallons for the same period of 2016.
The decrease was primarily due to lower crude oil volume, partly offset
by higher gasoline, gasoline blendstocks and distillates volume.
Volume in the GDSO segment was 366.1 million gallons in the first
quarter of 2017 compared with 363.8 million gallons in the first quarter
of 2016.
Commercial segment volume was 131.5 million gallons compared with 127.7
million gallons in the first quarter of 2016.
Combined product margin, EBITDA, Adjusted EBITDA, and DCF are non-GAAP
(Generally Accepted Accounting Principles) financial measures, which are
explained in greater detail below under “Use of Non-GAAP Financial
Measures.” Please refer to Financial Reconciliations included in this
news release for reconciliations of these non-GAAP financial measures to
their most directly comparable GAAP financial measures for the three
months ended March 31, 2017 and 2016.
Recent Developments
-
Global’s Board of Directors announced a quarterly cash distribution of
$0.4625 per unit, or $1.85 per unit on an annualized basis, on all of
its outstanding common units for the period from January 1 to March
31, 2017. The distribution will be paid May 15, 2017 to unitholders of
record as of the close of business on May 10, 2017.
-
The Partnership entered into an amended and restated credit agreement
that provides, in part, for aggregate commitments of $1.3 billion,
including an $850.0 million revolving credit facility to be used for
working capital purposes and a $450.0 million revolving credit
facility to be used for general corporate purposes. The credit
agreement has a maturity date of April 30, 2020.
Business Outlook
“With our increased financial flexibility, we are better positioned to
increase our investments in organic growth opportunities,
raze-and-rebuilds, new-to-industry sites and acquisitions,” Slifka said.
“As always, we will be selective, focusing on accretive deals including
those that leverage our integrated network of terminals and retail
sites. We are also strengthening and expanding our retail assets through
branding and marketing alliances, additional technology improvements and
in-store enhancements designed to drive margin.”
With respect to 2017 net income and net cash from operating activities,
the most comparable financial measures to EBITDA calculated in
accordance with GAAP, the Partnership is unable to project either metric
without unreasonable effort and for the following reasons: 1) The
Partnership is unable to project net income because this metric includes
the impact of certain non-cash items, most notably those resulting from
the divestiture program of non-strategic sites, which the Partnership is
unable to project with any reasonable degree of accuracy; and 2) The
Partnership is unable to project net cash from operating activities
because this metric includes the impact of changes in commodity prices,
including their impact on inventory volume and value, receivables,
payables and derivatives, which the Partnership is unable to project
with any reasonable degree of accuracy. Please see the "Use of Non-GAAP
Financial Measures" section of this news release.
For full-year 2017, Global continues to expect to generate EBITDA of
$190 million to $220 million, which guidance excludes the gain or loss
on the sale and disposition of assets and any impairment charges. The
Partnership’s guidance and future performance are based on assumptions
regarding market conditions such as the crude oil market, business
cycles, demand for petroleum products and renewable fuels, utilization
of assets and facilities, weather, credit markets, the regulatory and
permitting environment and the forward product pricing curve, which
could influence quarterly financial results. The Partnership believes
these assumptions are reasonable given currently available information
and its assessment of historical trends. Because Global’s assumptions
and future performance are subject to a wide range of business risks and
uncertainties, the Partnership can provide no assurance that actual
performance will fall within guidance ranges.
Financial Results Conference Call
Management will review the Partnership’s first-quarter 2017 financial
results in a teleconference call for analysts and investors today.
|
Time:
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|
10:00 a.m. ET
|
|
Dial-in numbers:
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(877) 709-8155 (U.S. and Canada)
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|
(201) 689-8881 (International)
|
The call also will be webcast live and archived on Global’s website.
Use of Non-GAAP Financial Measures
Product Margin
Global Partners views product margin as an important performance measure
of the core profitability of its operations. The Partnership reviews
product margin monthly for consistency and trend analysis. Global
Partners defines product margin as product sales minus product costs.
Product sales primarily include sales of unbranded and branded gasoline,
distillates, residual oil, renewable fuels, crude oil, natural gas and
propane, as well as convenience store sales, gasoline station rental
income and revenue generated from logistics activities when the
Partnership engages in the storage, transloading and shipment of
products owned by others. Product costs include the cost of acquiring
the refined petroleum products, renewable fuels, crude oil, natural gas
and propane and all associated costs including shipping and handling
costs to bring such products to the point of sale as well as product
costs related to convenience store items and costs associated with
logistics activities. The Partnership also looks at product margin on a
per unit basis (product margin divided by volume). Product margin is a
non-GAAP financial measure used by management and external users of the
Partnership’s consolidated financial statements to assess its business.
Product margin should not be considered an alternative to net income,
operating income, cash flow from operations, or any other measure of
financial performance presented in accordance with GAAP. In addition,
product margin may not be comparable to product margin or a similarly
titled measure of other companies.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures used as
supplemental financial measures by management and may be used by
external users of Global Partners’ consolidated financial statements,
such as investors, commercial banks and research analysts, to assess the
Partnership’s:
-
compliance with certain financial covenants included in its debt
agreements;
-
financial performance without regard to financing methods, capital
structure, income taxes or historical cost basis;
-
ability to generate cash sufficient to pay interest on its
indebtedness and to make distributions to its partners;
-
operating performance and return on invested capital as compared to
those of other companies in the wholesale, marketing, storing and
distribution of refined petroleum products, renewable fuels, crude
oil, natural gas and propane, and in the gasoline stations and
convenience stores business, without regard to financing methods and
capital structure; and
-
viability of acquisitions and capital expenditure projects and the
overall rates of return of alternative investment opportunities.
Adjusted EBITDA is EBITDA further adjusted for the gain or loss on the
sale and disposition of assets and goodwill and long-lived asset
impairment. EBITDA and Adjusted EBITDA should not be considered as
alternatives to net income, operating income, cash flow from operating
activities or any other measure of financial performance or liquidity
presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude
some, but not all, items that affect net income, and these measures may
vary among other companies. Therefore, EBITDA and Adjusted EBITDA may
not be comparable to similarly titled measures of other companies.
Distributable Cash Flow
Distributable cash flow is an important non-GAAP financial measure for
the Partnership’s limited partners since it serves as an indicator of
success in providing a cash return on their investment. Distributable
cash flow as defined by the Partnership’s partnership agreement is net
income plus depreciation and amortization minus maintenance capital
expenditures, as well as adjustments to eliminate items approved by the
audit committee of the board of directors of the Partnership’s general
partner that are extraordinary or non-recurring in nature and that would
otherwise increase distributable cash flow.
Distributable cash flow as used in the Partnership’s partnership
agreement determines its ability to make cash distributions on incentive
distribution rights. The investment community also uses a distributable
cash flow metric similar to the metric used in the partnership agreement
with respect to publicly traded partnerships to indicate whether or not
such partnerships have generated sufficient earnings on a current or
historic level that can sustain or support an increase in quarterly cash
distribution. The partnership agreement does not permit adjustments for
certain non-cash items, such as net losses on the sale and disposition
of assets and goodwill and long-lived asset impairment charges.
Distributable cash flow should not be considered as an alternative to
net income, operating income, cash flow from operations, or any other
measure of financial performance presented in accordance with GAAP. In
addition, distributable cash flow may not be comparable to distributable
cash flow or similarly titled measures of other companies.
About Global Partners LP
Global Partners is a midstream logistics and marketing master limited
partnership that owns, controls or has access to one of the largest
terminal networks of petroleum products and renewable fuels in the
Northeast. With approximately 1,500 locations, primarily in the
Northeast, Global is one of the largest regional independent owners,
suppliers and operators of gasoline stations and convenience stores.
Global is also one of the largest distributors of gasoline, distillates,
residual oil and renewable fuels to wholesalers, retailers and
commercial customers in New England and New York. The Partnership is
also engaged in the transportation of petroleum products and renewable
fuels by rail from the mid-continental U.S. and Canada. For additional
information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute
“forward-looking statements.” The words “believe,” “expect,”
“anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or
other similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature. These
forward-looking statements are based on Global Partners’ current
expectations and beliefs concerning future developments and their
potential effect on the Partnership. While management believes that
these forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting the Partnership
will be those that it anticipates. All comments concerning the
Partnership’s expectations for future revenues and operating results are
based on forecasts for its existing operations and do not include the
potential impact of any future acquisitions. Forward-looking statements
involve significant risks and uncertainties (some of which are beyond
the Partnership’s control) and assumptions that could cause actual
results to differ materially from the Partnership’s historical
experience and present expectations or projections.
For additional information regarding known material factors that could
cause actual results to differ from the Partnership’s projected results,
please see Global Partners’ filings with the SEC, including its Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. The Partnership
undertakes no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as a
result of new information, future events or otherwise.
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|
|
|
|
GLOBAL PARTNERS LP
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
Sales
|
|
|
|
|
$
|
2,270,784
|
|
|
|
|
$
|
1,750,812
|
|
|
Cost of sales
|
|
|
|
|
|
2,130,757
|
|
|
|
|
|
1,620,753
|
|
|
Gross profit
|
|
|
|
|
|
140,027
|
|
|
|
|
|
130,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
|
|
|
36,787
|
|
|
|
|
|
34,984
|
|
|
Operating expenses
|
|
|
|
|
|
67,213
|
|
|
|
|
|
72,236
|
|
|
Amortization expense
|
|
|
|
|
|
2,261
|
|
|
|
|
|
2,509
|
|
|
Net (gain) loss on sale and disposition of assets
|
|
|
|
|
|
(11,862
|
)
|
|
|
|
|
6,105
|
|
|
Total costs and operating expenses
|
|
|
|
|
|
94,399
|
|
|
|
|
|
115,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
|
45,628
|
|
|
|
|
|
14,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
(23,287
|
)
|
|
|
|
|
(22,980
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax benefit
|
|
|
|
|
|
22,341
|
|
|
|
|
|
(8,755
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
|
|
|
|
|
164
|
|
|
|
|
|
920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
|
22,505
|
|
|
|
|
|
(7,835
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interest
|
|
|
|
|
|
441
|
|
|
|
|
|
811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Global Partners LP
|
|
|
|
|
|
22,946
|
|
|
|
|
|
(7,024
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: General partner's interest in net income (loss), including
|
|
|
|
|
|
|
|
|
|
|
|
|
incentive distribution rights
|
|
|
|
|
|
154
|
|
|
|
|
|
(47
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limited partners' interest in net income (loss)
|
|
|
|
|
$
|
22,792
|
|
|
|
|
$
|
(6,977
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per limited partner unit (1)
|
|
|
|
|
$
|
0.68
|
|
|
|
|
$
|
(0.21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per limited partner unit (1)
|
|
|
|
|
$
|
0.68
|
|
|
|
|
$
|
(0.21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average limited partner units outstanding
|
|
|
|
|
|
33,554
|
|
|
|
|
|
33,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average limited partner units outstanding (2)
|
|
|
|
|
|
33,610
|
|
|
|
|
|
33,517
|
|
(1) Under the Partnership's partnership agreement, for any quarterly
period, the incentive distribution rights ("IDRs") participate in net
income only to the extent of the amount of cash distributions actually
declared, thereby excluding the IDRs from participating in the
Partnership's undistributed net income or losses. Accordingly, the
Partnership's undistributed net income is assumed to be allocated to the
limited partners' interest and to the General Partner's general partner
interest. Limited partners' interest in net income is divided by the
weighted average limited partner units outstanding in computing the net
income per limited partner unit.
(2) Basic units were used to calculate diluted net loss per limited
partner unit for the three months ended March 31, 2016, as using the
effects of phantom units would have an anti-dilutive effect on net
income per limited partner unit.
|
|
|
|
|
|
|
|
|
|
|
|
|
GLOBAL PARTNERS LP
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
December 31,
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
14,126
|
|
|
|
$
|
10,028
|
|
Accounts receivable, net
|
|
|
|
|
312,314
|
|
|
|
|
421,360
|
|
Accounts receivable - affiliates
|
|
|
|
|
2,957
|
|
|
|
|
3,143
|
|
Inventories
|
|
|
|
|
433,952
|
|
|
|
|
521,878
|
|
Brokerage margin deposits
|
|
|
|
|
18,886
|
|
|
|
|
27,653
|
|
Derivative assets
|
|
|
|
|
2,720
|
|
|
|
|
21,382
|
|
Prepaid expenses and other current assets
|
|
|
|
|
71,110
|
|
|
|
|
70,022
|
|
Total current assets
|
|
|
|
|
856,065
|
|
|
|
|
1,075,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
1,074,465
|
|
|
|
|
1,099,899
|
|
Intangible assets, net
|
|
|
|
|
62,443
|
|
|
|
|
65,013
|
|
Goodwill
|
|
|
|
|
292,773
|
|
|
|
|
294,768
|
|
Other assets
|
|
|
|
|
42,583
|
|
|
|
|
28,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
2,328,329
|
|
|
|
$
|
2,564,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and partners' equity
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
232,125
|
|
|
|
$
|
320,262
|
|
Working capital revolving credit facility - current portion
|
|
|
|
|
176,900
|
|
|
|
|
274,600
|
|
Environmental liabilities - current portion
|
|
|
|
|
5,339
|
|
|
|
|
5,341
|
|
Trustee taxes payable
|
|
|
|
|
98,955
|
|
|
|
|
101,166
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
59,171
|
|
|
|
|
70,443
|
|
Derivative liabilities
|
|
|
|
|
4,986
|
|
|
|
|
27,413
|
|
Total current liabilities
|
|
|
|
|
577,476
|
|
|
|
|
799,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working capital revolving credit facility - less current portion
|
|
|
|
|
150,000
|
|
|
|
|
150,000
|
|
Revolving credit facility
|
|
|
|
|
200,700
|
|
|
|
|
216,700
|
|
Senior notes
|
|
|
|
|
659,805
|
|
|
|
|
659,150
|
|
Environmental liabilities - less current portion
|
|
|
|
|
55,105
|
|
|
|
|
57,724
|
|
Financing obligations
|
|
|
|
|
152,466
|
|
|
|
|
152,444
|
|
Deferred tax liabilities
|
|
|
|
|
65,296
|
|
|
|
|
66,054
|
|
Other long-term liabilities
|
|
|
|
|
62,173
|
|
|
|
|
64,882
|
|
Total liabilities
|
|
|
|
|
1,923,021
|
|
|
|
|
2,166,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partners' equity
|
|
|
|
|
|
|
|
|
|
|
|
Global Partners LP equity
|
|
|
|
|
400,563
|
|
|
|
|
392,655
|
|
Noncontrolling interest
|
|
|
|
|
4,745
|
|
|
|
|
5,186
|
|
Total partners' equity
|
|
|
|
|
405,308
|
|
|
|
|
397,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and partners' equity
|
|
|
|
$
|
2,328,329
|
|
|
|
$
|
2,564,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLOBAL PARTNERS LP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RECONCILIATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
Reconciliation of gross profit to product margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline and gasoline blendstocks
|
|
|
|
$
|
15,385
|
|
|
|
|
$
|
16,362
|
|
|
Crude oil
|
|
|
|
|
6,892
|
|
|
|
|
|
(2,373
|
)
|
|
Other oils and related products
|
|
|
|
|
29,873
|
|
|
|
|
|
25,249
|
|
|
Total
|
|
|
|
|
52,150
|
|
|
|
|
|
39,238
|
|
|
Gasoline Distribution and Station Operations segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline distribution
|
|
|
|
|
67,155
|
|
|
|
|
|
65,387
|
|
|
Station operations
|
|
|
|
|
38,895
|
|
|
|
|
|
42,925
|
|
|
Total
|
|
|
|
|
106,050
|
|
|
|
|
|
108,312
|
|
|
Commercial segment
|
|
|
|
|
4,189
|
|
|
|
|
|
6,910
|
|
|
Combined product margin
|
|
|
|
|
162,389
|
|
|
|
|
|
154,460
|
|
|
Depreciation allocated to cost of sales
|
|
|
|
|
(22,362
|
)
|
|
|
|
|
(24,401
|
)
|
|
Gross profit
|
|
|
|
$
|
140,027
|
|
|
|
|
$
|
130,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
22,505
|
|
|
|
|
$
|
(7,835
|
)
|
|
Net loss attributable to noncontrolling interest
|
|
|
|
|
441
|
|
|
|
|
|
811
|
|
|
Net income (loss) attributable to Global Partners LP
|
|
|
|
|
22,946
|
|
|
|
|
|
(7,024
|
)
|
|
Depreciation and amortization, excluding the impact of
noncontrolling interest
|
|
|
|
|
25,851
|
|
|
|
|
|
27,536
|
|
|
Interest expense, excluding the impact of noncontrolling interest
|
|
|
|
|
23,287
|
|
|
|
|
|
22,980
|
|
|
Income tax benefit
|
|
|
|
|
(164
|
)
|
|
|
|
|
(920
|
)
|
|
EBITDA
|
|
|
|
|
71,920
|
|
|
|
|
|
42,572
|
|
|
Net (gain) loss on sale and disposition of assets
|
|
|
|
|
(11,862
|
)
|
|
|
|
|
6,105
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
60,058
|
|
|
|
|
$
|
48,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by (used in) operating
activities to EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
$
|
117,565
|
|
|
|
|
$
|
(53,516
|
)
|
|
Net changes in operating assets and liabilities and certain non-cash
items
|
|
|
|
|
(68,696
|
)
|
|
|
|
|
74,350
|
|
|
Net cash from operating activities and changes in operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets and liabilities attributable to noncontrolling interest
|
|
|
|
|
(72
|
)
|
|
|
|
|
(322
|
)
|
|
Interest expense, excluding the impact of noncontrolling interest
|
|
|
|
|
23,287
|
|
|
|
|
|
22,980
|
|
|
Income tax benefit
|
|
|
|
|
(164
|
)
|
|
|
|
|
(920
|
)
|
|
EBITDA
|
|
|
|
|
71,920
|
|
|
|
|
|
42,572
|
|
|
Net (gain) loss on sale and disposition of assets
|
|
|
|
|
(11,862
|
)
|
|
|
|
|
6,105
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
60,058
|
|
|
|
|
$
|
48,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income (loss) to distributable cash flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
22,505
|
|
|
|
|
$
|
(7,835
|
)
|
|
Net loss attributable to noncontrolling interest
|
|
|
|
|
441
|
|
|
|
|
|
811
|
|
|
Net income (loss) attributable to Global Partners LP
|
|
|
|
|
22,946
|
|
|
|
|
|
(7,024
|
)
|
|
Depreciation and amortization, excluding the impact of
noncontrolling interest
|
|
|
|
|
25,851
|
|
|
|
|
|
27,536
|
|
|
Amortization of deferred financing fees and senior notes discount
|
|
|
|
|
1,891
|
|
|
|
|
|
1,772
|
|
|
Amortization of routine bank refinancing fees
|
|
|
|
|
(1,167
|
)
|
|
|
|
|
(1,077
|
)
|
|
Maintenance capital expenditures, excluding the impact of
noncontrolling interest
|
|
|
|
|
(5,347
|
)
|
|
|
|
|
(4,826
|
)
|
|
Distributable cash flow (1)(2)
|
|
|
|
$
|
44,174
|
|
|
|
|
$
|
16,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by (used in) operating
activities to distributable cash flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
$
|
117,565
|
|
|
|
|
$
|
(53,516
|
)
|
|
Net changes in operating assets and liabilities and certain non-cash
items
|
|
|
|
|
(68,696
|
)
|
|
|
|
|
74,350
|
|
|
Net cash from operating activities and changes in operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets and liabilities attributable to noncontrolling interest
|
|
|
|
|
(72
|
)
|
|
|
|
|
(322
|
)
|
|
Amortization of deferred financing fees and senior notes discount
|
|
|
|
|
1,891
|
|
|
|
|
|
1,772
|
|
|
Amortization of routine bank refinancing fees
|
|
|
|
|
(1,167
|
)
|
|
|
|
|
(1,077
|
)
|
|
Maintenance capital expenditures, excluding the impact of
noncontrolling interest
|
|
|
|
|
(5,347
|
)
|
|
|
|
|
(4,826
|
)
|
|
Distributable cash flow (1)(2)
|
|
|
|
$
|
44,174
|
|
|
|
|
$
|
16,381
|
|
(1) As defined by the Partnership's partnership agreement, distributable
cash flow is not adjusted for certain non-cash items, such as net losses
on the sale and disposition of assets and goodwill and long-lived asset
impairment charges.
(2) Distributable cash flow includes a net loss on sale and disposition
of assets of $2.3 million and $6.1 million for the three months ended
March 31, 2017 and 2016, respectively. Excluding these charges,
distributable cash flow would have been $46.5 million and $22.5 million
for the three months ended March 31, 2017 and 2016, respectively. For
the three months ended March 31, 2017, distributable cash flow also
includes a $14.2 million gain on the sale of the Partnership's natural
gas marketing and electricity brokerage businesses in February 2017.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170509005865/en/
Source: Global Partners LP
Global Partners LP
Daphne H. Foster, 781-894-8800
Chief
Financial Officer
or
Edward J. Faneuil, 781-894-8800
Executive
Vice President, General Counsel and Secretary