WALTHAM, Mass.--(BUSINESS WIRE)--May 9, 2018--
Global Partners LP (NYSE: GLP) today reported financial results for the
first quarter ended March 31, 2018.
“Our financial results in Q1 2018 were in line with our expectations,”
said Eric Slifka, the Partnership’s President and Chief Executive
Officer. “Gasoline Distribution and Station Operations segment product
margin was up $7.6 million from the same period last year, reflecting,
in part, the successful integration of Honey Farms.”
For the first quarter of 2018, net income attributable to the
Partnership was $59.0 million, or $1.73 per diluted limited partner
unit; earnings before interest, taxes, depreciation and amortization
(EBITDA) was $105.7 million; and distributable cash flow (DCF) was $79.7
million.
Financial results for the first quarter of 2018 include a one-time gain
of $52.6 million associated with the extinguishment of a contingent
liability related to the Volumetric Ethanol Excise Tax Credit and a $1.9
million net loss on sale and disposition of assets.
Excluding the net loss on sale and disposition of assets, Adjusted
EBITDA in the first quarter of 2018 was $107.6 million and DCF would
have been $81.6 million. Adjusted EBITDA and DCF were both positively
affected by the $52.6 million gain.
Gross profit in the first quarter of 2018 was $144.3 million compared
with $140.0 million in the first quarter of 2017. Combined product
margin, which is gross profit adjusted for depreciation allocated to
cost of sales, was $166.1 million in the first quarter of 2018 compared
with $162.4 million in the first quarter of 2017.
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, 2018 and 2017.
Gasoline Distribution and Station Operations (GDSO) segment product
margin was $113.6 million in the first quarter of 2018, an increase of
$7.6 million compared with the first quarter of 2017, primarily
reflecting the acquisition of Honey Farms in October 2017 as well as
higher fuel volumes and fuel margins.
Wholesale segment product margin was $47.1 million in the first quarter
of 2018 compared with $52.1 million in the first quarter of 2017. The
decrease was due primarily to less favorable market conditions in
distillates, partly offset by more favorable market conditions in
gasoline blendstocks. Crude oil product margin in the first quarter of
2018 was $5.1 million versus $6.9 million in the first quarter of 2017,
due in part to lower sales volume.
Commercial segment product margin was $5.2 million in the first quarter
of 2018 compared with $4.2 million in the same period of 2017, in part
due to colder temperatures early in the first quarter of 2018.
Sales in the first quarter of 2018 were $2.8 billion compared with $2.3
billion in the first quarter of 2017. GDSO segment sales were $979.9
million in the first quarter of 2018 compared with $843.2 million in the
first quarter of 2017. Wholesale segment sales were $1.5 billion in the
first quarter of 2018 compared with $1.2 billion in the first quarter of
2017. Commercial segment sales were $269.2 million in the first quarter
of 2018 compared with $201.8 million in the first quarter of 2017.
Volume in the first quarter of 2018 was 1.4 billion gallons compared
with 1.3 billion gallons in the same period of 2017. GDSO volume was
378.3 million gallons in the first quarter of 2018 compared with 366.1
million gallons in the same period of 2017. Wholesale segment volume was
864.4 million gallons in the first quarter of 2018 compared with 778.3
million gallons in the first quarter of 2017. Commercial segment volume
was 144.2 million gallons in the first quarter of 2018 compared
with 131.5 million gallons in the same period of 2017.
Recent Highlights
-
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, 2018. The distribution will be paid on May 15, 2018 to unitholders
of record as of the close of business on May 10, 2018.
Business Outlook
“We are pleased with the performance of our terminal portfolio and
retail locations and continue to pursue accretive opportunities and
drive additional volume through our facilities,” Slifka said.
For full-year 2018, Global continues to expect to generate EBITDA of
$180 million to $210 million, which guidance excludes any gain or loss
on the sale and disposition of assets, and any goodwill and long-lived
asset impairment charges. EBITDA guidance for 2018 also excludes the
recognition in the first quarter of 2018 of a one-time gain of
approximately $52.6 million as a result of the extinguishment of a
contingent liability related to the Volumetric Ethanol Excise Tax
Credit, which tax credit program expired in 2011. Based upon the
significant passage of time from that 2011 date, including underlying
statutes of limitation, as of January 31, 2018 the Partnership
determined that the liability was no longer required. This recognition
of one-time income did not impact cash flows from operations for the
three months ended March 31, 2018 and will not impact cash flows from
operations for the year ending December 31, 2018.
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.
With respect to 2018 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 sale 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.
Financial Results Conference Call
Management will review the Partnership’s first-quarter 2018 financial
results in a teleconference call for analysts and investors today.
Time:
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10:00 a.m. ET
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Dial-in numbers:
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(877) 709-8155 (U.S. and Canada)
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(201) 689-8881 (International)
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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 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 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
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 gains or losses on the
sale and disposition of assets and goodwill and long-lived asset
impairment charges. 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.
GLOBAL PARTNERS LP
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except per unit data)
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(Unaudited)
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Three Months Ended
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March 31,
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2018
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2017
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Sales
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$
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2,802,891
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$
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2,270,784
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Cost of sales
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2,658,561
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2,130,757
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Gross profit
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144,330
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140,027
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Costs and operating expenses:
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Selling, general and administrative expenses
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39,366
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36,787
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Operating expenses
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74,049
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67,213
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Gain on trustee taxes
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(52,627
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)
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-
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Amortization expense
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2,468
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2,261
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Net loss (gain) on sale and disposition of assets
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1,867
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(11,862
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)
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Total costs and operating expenses
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65,123
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94,399
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Operating income
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79,207
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45,628
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Interest expense
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(21,445
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)
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(23,287
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)
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Income before income tax benefit
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57,762
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22,341
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Income tax benefit
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913
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164
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Net income
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58,675
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22,505
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Net loss attributable to noncontrolling interest
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367
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441
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Net income attributable to Global Partners LP
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59,042
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22,946
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Less: General partner's interest in net income, including
incentive distribution rights
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396
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154
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Limited partners' interest in net income
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$
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58,646
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$
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22,792
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Basic net income per limited partner unit (1)
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$
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1.74
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$
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0.68
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Diluted net income per limited partner unit (1)
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$
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1.73
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$
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0.68
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|
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|
|
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Basic weighted average limited partner units outstanding
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33,652
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33,554
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Diluted weighted average limited partner units outstanding
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33,802
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33,610
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(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.
GLOBAL PARTNERS LP
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CONSOLIDATED BALANCE SHEETS
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(In thousands)
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(Unaudited)
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March 31,
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December 31,
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2018
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2017
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Assets
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Current assets:
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Cash and cash equivalents
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$
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11,693
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$
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14,858
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Accounts receivable, net
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417,657
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417,263
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Accounts receivable - affiliates
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3,691
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3,773
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Inventories
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392,950
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350,743
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Brokerage margin deposits
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14,291
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9,681
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Derivative assets
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9,823
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3,840
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Prepaid expenses and other current assets
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86,075
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77,977
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Total current assets
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|
936,180
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|
878,135
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Property and equipment, net
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1,019,513
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1,036,667
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Intangible assets, net
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53,968
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56,545
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Goodwill
|
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|
312,258
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312,401
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Other assets
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|
33,265
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|
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36,421
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Total assets
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$
|
2,355,184
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$
|
2,320,169
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Liabilities and partners' equity
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Current liabilities:
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Accounts payable
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$
|
271,798
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$
|
313,412
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Working capital revolving credit facility - current portion
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251,700
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126,700
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Environmental liabilities - current portion
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|
|
|
5,006
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|
|
|
5,009
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Trustee taxes payable
|
|
|
|
37,960
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|
|
|
110,321
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Accrued expenses and other current liabilities
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|
|
|
83,678
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|
|
|
99,507
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Derivative liabilities
|
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|
|
12,498
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|
|
|
13,708
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Total current liabilities
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|
662,640
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|
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|
668,657
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|
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Working capital revolving credit facility - less current portion
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100,000
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|
|
100,000
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Revolving credit facility
|
|
|
|
196,000
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|
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|
196,000
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Senior notes
|
|
|
|
662,444
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661,774
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Environmental liabilities - less current portion
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|
|
|
51,514
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|
|
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52,968
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Financing obligations
|
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|
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150,283
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|
150,334
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Deferred tax liabilities
|
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38,948
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40,105
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Other long-term liabilities
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|
|
|
54,961
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|
|
|
56,013
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Total liabilities
|
|
|
|
1,916,790
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|
|
|
1,925,851
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Partners' equity
|
|
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Global Partners LP equity
|
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435,396
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390,953
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Noncontrolling interest
|
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|
2,998
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|
|
|
3,365
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Total partners' equity
|
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|
438,394
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|
|
|
394,318
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|
|
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|
|
|
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Total liabilities and partners' equity
|
|
|
$
|
2,355,184
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$
|
2,320,169
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GLOBAL PARTNERS LP
|
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|
|
|
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FINANCIAL RECONCILIATIONS
|
|
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|
|
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(In thousands)
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(Unaudited)
|
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|
|
|
|
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Three Months Ended
|
|
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|
March 31,
|
|
|
|
2018
|
|
|
2017
|
Reconciliation of gross profit to product margin
|
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Wholesale segment:
|
|
|
|
|
|
|
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Gasoline and gasoline blendstocks
|
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|
$
|
25,387
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|
|
|
$
|
15,385
|
|
Crude oil
|
|
|
|
5,073
|
|
|
|
|
6,892
|
|
Other oils and related products
|
|
|
|
16,687
|
|
|
|
|
29,873
|
|
Total
|
|
|
|
47,147
|
|
|
|
|
52,150
|
|
Gasoline Distribution and Station Operations segment:
|
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Gasoline distribution
|
|
|
|
70,145
|
|
|
|
|
67,155
|
|
Station operations
|
|
|
|
43,534
|
|
|
|
|
38,895
|
|
Total
|
|
|
|
113,679
|
|
|
|
|
106,050
|
|
Commercial segment
|
|
|
|
5,237
|
|
|
|
|
4,189
|
|
Combined product margin
|
|
|
|
166,063
|
|
|
|
|
162,389
|
|
Depreciation allocated to cost of sales
|
|
|
|
(21,733
|
)
|
|
|
|
(22,362
|
)
|
Gross profit
|
|
|
$
|
144,330
|
|
|
|
$
|
140,027
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income to EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
58,675
|
|
|
|
$
|
22,505
|
|
Net loss attributable to noncontrolling interest
|
|
|
|
367
|
|
|
|
|
441
|
|
Net income attributable to Global Partners LP
|
|
|
|
59,042
|
|
|
|
|
22,946
|
|
Depreciation and amortization, excluding the impact of
noncontrolling interest
|
|
|
|
26,119
|
|
|
|
|
25,851
|
|
Interest expense, excluding the impact of noncontrolling interest
|
|
|
|
21,445
|
|
|
|
|
23,287
|
|
Income tax benefit
|
|
|
|
(913
|
)
|
|
|
|
(164
|
)
|
EBITDA
|
|
|
|
105,693
|
|
|
|
|
71,920
|
|
Net loss (gain) on sale and disposition of assets
|
|
|
|
1,867
|
|
|
|
|
(11,862
|
)
|
Adjusted EBITDA (1)
|
|
|
$
|
107,560
|
|
|
|
$
|
60,058
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash (used in) provided by operating
activities to EBITDA and Adjusted EBITDA
|
|
|
|
Net cash (used in) provided by operating activities
|
|
|
$
|
(103,714
|
)
|
|
|
$
|
121,893
|
|
Net changes in operating assets and liabilities and certain non-cash
items
|
|
|
|
188,871
|
|
|
|
|
(73,024
|
)
|
Net cash from operating activities and changes in operating
|
|
|
|
|
|
|
|
|
assets and liabilities attributable to noncontrolling interest
|
|
|
|
4
|
|
|
|
|
(72
|
)
|
Interest expense, excluding the impact of noncontrolling interest
|
|
|
|
21,445
|
|
|
|
|
23,287
|
|
Income tax benefit
|
|
|
|
(913
|
)
|
|
|
|
(164
|
)
|
EBITDA
|
|
|
|
105,693
|
|
|
|
|
71,920
|
|
Net loss (gain) on sale and disposition of assets
|
|
|
|
1,867
|
|
|
|
|
(11,862
|
)
|
Adjusted EBITDA (1)
|
|
|
$
|
107,560
|
|
|
|
$
|
60,058
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income to distributable cash flow
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
58,675
|
|
|
|
$
|
22,505
|
|
Net loss attributable to noncontrolling interest
|
|
|
|
367
|
|
|
|
|
441
|
|
Net income attributable to Global Partners LP
|
|
|
|
59,042
|
|
|
|
|
22,946
|
|
Depreciation and amortization, excluding the impact of
noncontrolling interest
|
|
|
|
26,119
|
|
|
|
|
25,851
|
|
Amortization of deferred financing fees and senior notes discount
|
|
|
|
1,713
|
|
|
|
|
1,891
|
|
Amortization of routine bank refinancing fees
|
|
|
|
(1,022
|
)
|
|
|
|
(1,167
|
)
|
Maintenance capital expenditures, excluding the impact of
noncontrolling interest
|
|
|
|
(6,082
|
)
|
|
|
|
(5,347
|
)
|
Distributable cash flow (2)(3)
|
|
|
$
|
79,770
|
|
|
|
$
|
44,174
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash (used in) provided by operating
activities to distributable cash flow
|
|
|
|
Net cash (used in) provided by operating activities
|
|
|
$
|
(103,714
|
)
|
|
|
$
|
121,893
|
|
Net changes in operating assets and liabilities and certain non-cash
items
|
|
|
|
188,871
|
|
|
|
|
(73,024
|
)
|
Net cash from operating activities and changes in operating
|
|
|
|
|
|
|
|
|
assets and liabilities attributable to noncontrolling interest
|
|
|
|
4
|
|
|
|
|
(72
|
)
|
Amortization of deferred financing fees and senior notes discount
|
|
|
|
1,713
|
|
|
|
|
1,891
|
|
Amortization of routine bank refinancing fees
|
|
|
|
(1,022
|
)
|
|
|
|
(1,167
|
)
|
Maintenance capital expenditures, excluding the impact of
noncontrolling interest
|
|
|
|
(6,082
|
)
|
|
|
|
(5,347
|
)
|
Distributable cash flow (2)(3)
|
|
|
$
|
79,770
|
|
|
|
$
|
44,174
|
|
(1) Adjusted EBITDA for the three months ended March 31, 2018 includes a
one-time gain of approximately $52.6 million as a result of the
extinguishment of a contingent liability related to a Volumetric Ethanol
Excise Tax Credit.
(2) 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.
(3) Distributable cash flow includes a net loss on sale and disposition
of assets of $1.9 million and $2.3 million for the three months ended
March 31, 2018 and 2017, respectively. Excluding the loss on sale and
disposition of assets, distributable cash flow would have been $81.6
million and $46.5 million for the three months ended March 31, 2018 and
2017, respectively. For the three months ended March 31, 2018,
distributable cash flow also includes a one-time gain of approximately
$52.6 million as a result of the extinguishment of a contingent
liability related to a Volumetric Ethanol Excise Tax Credit. 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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180509005637/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