Exhibit 99.1
Global Partners Reports Strong Financial Results for the Third Quarter of 2014
- Net Income Attributable to the Partnership of $42.5 Million, up 64.7% Year-over-Year
- EBITDA of $74.7 Million, up 27.8% Year-over-Year
- Distributable Cash Flow of $51.5 Million, up 15.9% Year-over-Year
- Partnership Increases Full-Year 2014 EBITDA Guidance
WALTHAM, Mass.--(BUSINESS WIRE)--November 6, 2014--Global Partners LP (NYSE: GLP) today reported financial results for the third quarter ended September 30, 2014.
Third Quarter 2014 Financial Summary
Net income attributable to Global Partners for the third quarter of 2014 was $42.5 million, or $1.50 per diluted limited partner unit, compared with $25.8 million, or $0.91 per diluted limited partner unit, for the third quarter of 2013.
Combined product margin for the third quarter of 2014 was $170.3 million, compared with $133.5 million for the third quarter of 2013.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of 2014 were $74.7 million, compared with $58.5 million for the same period of 2013.
Distributable cash flow (DCF) for the third quarter of 2014 was $51.5 million, compared with distributable cash flow of $44.4 million for the third quarter of 2013.
Combined product margin, 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 September 30, 2014 and 2013.
“We reported strong results in the third quarter, posting solid margin gains in our Wholesale and Gasoline Distribution and Station Operations segments,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Our performance reflected higher throughput at our crude oil transload facilities, increases in wholesale gasoline and gasoline blendstocks product margin and increased profitability in our retail gasoline and convenience store business.
“Through strategic acquisitions and organic projects, we continue to build a portfolio of high-quality, integrated assets,” Slifka said. “Our planned acquisition of Warren Equities will create meaningful economies of scale for our wholesale supply and retail gasoline station and convenience store assets and will serve as a platform for growth.
“In July we announced plans to develop, build and operate a crude oil terminal in Port Arthur, Texas under a long-term lease agreement with Kansas City Southern,” Slifka said. “We are actively pursuing permits for this project that will give us entree to the Gulf region’s significant refining capacity and potential export opportunities. In addition, new pipeline connections are expanding our crude oil gathering capabilities in the Bakken, while on the West Coast our recently received permit moves us a step closer to simultaneously producing ethanol and transloading crude. Together with Albany, N.Y., Clatskanie, OR and our pending Port Arthur terminal project, our national footprint of crude by rail assets allows our customers the flexibility to move product to East, West and Gulf Coast destinations.”
Sales for the third quarter of 2014 were $4.0 billion, compared with $4.4 billion for the same period in 2013. Wholesale segment sales were $2.9 billion, compared with $3.3 billion for the third quarter of 2013. Sales from the Gasoline Distribution and Station Operations (GDSO) segment were $924.8 million, versus $911.7 million for the same period in 2013. Commercial segment sales were $210.6 million, compared with $213.9 million for the third quarter of 2013.
Wholesale segment volume was 1.1 billion gallons in the third quarter of 2014, compared with 1.2 billion gallons for the same period of 2013. Volume in the GDSO segment was 268.9 million gallons for the third quarter of 2014, compared with 276.3 million gallons in the third quarter of 2013. Commercial segment volume was 85.0 million gallons, compared with 84.0 million gallons for the third quarter of 2013.
Gross profit was $155.4 million for the third quarter of 2014, compared with $118.1 million for the third quarter of 2013. Wholesale segment product margin increased to $84.9 million from $64.1 million in the third quarter of 2013. Product margin in the GDSO segment increased to $80.2 million from $64.7 million in the third quarter of 2013. Commercial segment product margin increased to $5.2 million for the third quarter of 2014 from $4.7 million in the same period of 2013.
Recent Highlights
- The Partnership agreed to acquire 100% of the equity interest in Warren Equities, Inc., one of the largest independent marketers of petroleum products in the Northeast, from the Warren Alpert Foundation for total consideration of approximately $383 million, subject to closing adjustments. Last week, the Partnership received notice of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, for the proposed acquisition, which is expected to close in the first quarter of 2015, subject to customary closing conditions. The acquisition is expected to be accretive in the first full year of operations.
- In connection with the planned acquisition of Warren, Global has amended its revolving credit facility to provide the Partnership with the option to expand the facility by either $75 million or $150 million.
- The Board of Directors of Global’s general partner, Global GP LLC, declared a quarterly cash distribution of $0.6525 per unit, or $2.61 per unit on an annualized basis, on all of its outstanding common units for the period from July 1 through September 30, 2014. This marked the 10th consecutive increase in the quarterly distribution.
Business Outlook
“Based on our performance through the first three quarters of 2014, we are increasing our full-year EBITDA guidance to a range of $215 million to $230 million,” Slifka said. “We believe that we are well positioned to deliver on our strategic business objectives for the year and going forward. We are focused on continuing to leverage the flexibility of our assets to drive efficiencies across the business.”
The guidance provided by Global Partners is based on assumptions regarding current market conditions, including demand for petroleum products and renewable fuels, weather, credit markets, the regulatory and permitting environment and the forward product pricing curve, which could influence quarterly financial results.
Financial Results Conference Call
Management will review the Partnership’s third-quarter 2014 financial results in a teleconference call for analysts and investors today.
| Time: | | | | 10:00 a.m. ET |
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| Dial-in numbers: | | | | (877) 709-8155 (U.S. and Canada) |
| | | | (201) 689-8881 (International) |
The call also will be webcast live and archived on Global’s website, www.globalp.com.
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 the Partnership’s logistics activities. 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 the Partnership’s 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 Global Partners’ consolidated financial statements to assess the Partnership’s 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, Global Partners’ product margin may not be comparable to product margin or a similarly titled measure of other companies.
EBITDA
EBITDA is a non-GAAP financial measure used as a supplemental financial measure 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, 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.
EBITDA should not be considered as an alternative 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 excludes some, but not all, items that affect net income and this measure may vary among other companies. Therefore, 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 Global Partners’ limited partners since it serves as an indicator of the Partnership's success in providing a cash return on their investment. Distributable cash flow means the Partnership’s 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. Specifically, this financial measure indicates to investors whether or not the Partnership has generated sufficient earnings on a current or historic level that can sustain or support an increase in its quarterly cash distribution. Distributable cash flow is a quantitative standard used by the investment community with respect to publicly traded partnerships. 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, Global Partners' distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.
About Global Partners LP
A publicly traded master limited partnership, Global Partners LP is a midstream logistics and marketing company. Global owns, controls or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast, and is 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. Global is a leader in the purchasing, selling and logistics of transporting domestic and Canadian crude oil and other products by rail across its “virtual pipeline” from the mid-continent region of the U.S. and Canada to the East and West Coasts for distribution to refiners and other customers. With a portfolio of approximately 900 locations primarily in the Northeast, Global also is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores. In addition, Global is a distributor of natural gas and propane. Global is No. 146 in the Fortune 500 list of America’s largest corporations. For additional information visit www.globalp.com.
Forward-looking Statements
Some of the information contained in this news release may contain forward-looking statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “may,” “believe,” “should,” “could,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “will likely result,” or other similar expressions. In addition, any statement made by Global Partners LP’s management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Global Partners LP or its subsidiaries are also forward-looking statements.
Although Global Partners LP believes these forward-looking statements are reasonable as and when made, there may be events in the future that Global Partners LP is not able to predict accurately or control, and there can be no assurance that future developments affecting Global Partners LP’s business will be those that it anticipates. Estimates for Global Partners LP’s future EBITDA are based on a number of assumptions regarding market conditions, including demand for petroleum products and renewable fuels, weather, credit markets, the regulatory and permitting environment and the forward product pricing curve. Therefore, Global Partners LP can give no assurance that its future EBITDA will be as estimated.
For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP describes in its forward-looking statements, please refer to Global Partners LP’s Annual Report on Form 10-K and subsequent filings the Partnership makes with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. Global Partners LP expressly disclaims any obligation or undertaking to update forward-looking statements to reflect any change in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.
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| GLOBAL PARTNERS LP |
| CONSOLIDATED STATEMENTS OF INCOME |
| (In thousands, except per unit data) |
| (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Three Months Ended | | | | | Nine Months Ended |
| | | | | | September 30, | | | | | September 30, |
| | | | | | 2014 | | | | | 2013 | | | | | 2014 | | | | | 2013 |
| Sales | | | | | | $ | 4,050,458 | | | | | | $ | 4,433,426 | | | | | | $ | 13,737,006 | | | | | | $ | 14,794,372 | |
| Cost of sales | | | | | | | 3,895,023 | | | | | | | 4,315,333 | | | | | | | 13,335,922 | | | | | | | 14,523,410 | |
| Gross profit | | | | | | | 155,435 | | | | | | | 118,093 | | | | | | | 401,084 | | | | | | | 270,962 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Costs and operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | | | | | 41,408 | | | | | | | 27,889 | | | | | | | 110,379 | | | | | | | 79,232 | |
| Operating expenses | | | | | | | 53,315 | | | | | | | 46,713 | | | | | | | 152,296 | | | | | | | 137,420 | |
| Amortization expense | | | | | | | 4,522 | | | | | | | 4,773 | | | | | | | 13,574 | | | | | | | 13,321 | |
| Total costs and operating expenses | | | | | | | 99,245 | | | | | | | 79,375 | | | | | | | 276,249 | | | | | | | 229,973 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Operating income | | | | | | | 56,190 | | | | | | | 38,718 | | | | | | | 124,835 | | | | | | | 40,989 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest expense | | | | | | | (12,324 | ) | | | | | | (10,855 | ) | | | | | | (35,677 | ) | | | | | | (32,113 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income before income tax expense | | | | | | | 43,866 | | | | | | | 27,863 | | | | | | | 89,158 | | | | | | | 8,876 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income tax expense | | | | | | | (244 | ) | | | | | | (2,727 | ) | | | | | | (660 | ) | | | | | | (852 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income | | | | | | | 43,622 | | | | | | | 25,136 | | | | | | | 88,498 | | | | | | | 8,024 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net (income) loss attributable to noncontrolling interest | | (1,114 | ) | | | | | | 679 | | | | | | | (1,699 | ) | | | | | | 549 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income attributable to Global Partners LP | | | | | | | 42,508 | | | | | | | 25,815 | | | | | | | 86,799 | | | | | | | 8,573 | |
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Less: General partner's interest in net income, including | | | | | | | | | | | | | | | |
| incentive distribution rights | | | | | | | 1,623 | | | | | | | 1,042 | | | | | | | 4,164 | | | | | | | 2,306 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Limited partners' interest in net income | | | | | | $ | 40,885 | | | | | | $ | 24,773 | | | | | | $ | 82,635 | | | | | | $ | 6,267 | |
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| Basic net income per limited partner unit (1) | | | | | | $ | 1.50 | | | | | | $ | 0.91 | | | | | | $ | 3.03 | | | | | | $ | 0.23 | |
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| Diluted net income per limited partner unit (1) | | | | | | $ | 1.50 | | | | | | $ | 0.91 | | | | | | $ | 3.03 | | | | | | $ | 0.23 | |
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| Basic weighted average limited partner units outstanding | | 27,183 | | | | | | | 27,333 | | | | | | | 27,229 | | | | | | | 27,350 | |
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| Diluted weighted average limited partner units outstanding (2) | | 27,307 | | | | | | | 27,333 | | | | | | | 27,312 | | | | | | | 27,593 | |
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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. |
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(2) | | | | Basic units were used to calculate diluted net income per limited partner unit for the three months ended September 30, 2013, as using the effects of phantom units would have an anti-dilutive effect on income per limited partner unit. |
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| GLOBAL PARTNERS LP |
| CONSOLIDATED BALANCE SHEETS |
| (In thousands) |
| (Unaudited) |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | September 30, | | | | | | | December 31, |
| | | | | 2014 | | | | | | | 2013 |
| Assets | | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | | |
| Cash and cash equivalents | | | | | $ | 5,545 | | | | | | | $ | 9,217 |
| Accounts receivable, net | | | | | | 529,147 | | | | | | | | 686,392 |
| Accounts receivable - affiliates | | | | | | 3,411 | | | | | | | | 1,404 |
| Inventories | | | | | | 455,709 | | | | | | | | 572,806 |
| Brokerage margin deposits | | | | | | 10,792 | | | | | | | | 21,792 |
| Fair value of forward fixed price contracts | | | | | | 57,121 | | | | | | | | 46,007 |
| Prepaid expenses and other current assets | | | | | | 53,989 | | | | | | | | 36,693 |
| Total current assets | | | | | | 1,115,714 | | | | | | | | 1,374,311 |
| | | | | | | | | | | | | | |
| Property and equipment, net | | | | | | 823,583 | | | | | | | | 803,636 |
| Intangible assets, net | | | | | | 54,195 | | | | | | | | 67,769 |
| Goodwill | | | | | | 154,078 | | | | | | | | 154,078 |
| Other assets | | | | | | 30,124 | | | | | | | | 28,128 |
| | | | | | | | | | | | | | |
| Total assets | | | | | $ | 2,177,694 | | | | | | | $ | 2,427,922 |
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| Liabilities and partners' equity | | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | | |
| Accounts payable | | | | | $ | 545,749 | | | | | | | $ | 781,119 |
| Working capital revolving credit facility - current portion | | | | 113,000 | | | | | | | | - |
| Line of credit | | | | | | 700 | | | | | | | | 3,700 |
| Environmental liabilities - current portion | | | | | | 3,320 | | | | | | | | 3,377 |
| Trustee taxes payable | | | | | | 82,133 | | | | | | | | 80,216 |
| Accrued expenses and other current liabilities | | | | | | 63,484 | | | | | | | | 65,963 |
| Obligations on forward fixed price contracts | | | | | | 55,754 | | | | | | | | 38,197 |
| Total current liabilities | | | | | | 864,140 | | | | | | | | 972,572 |
| | | | | | | | | | | | | | |
| Working capital revolving credit facility - less current portion | | | 92,000 | | | | | | | | 327,000 |
| Revolving credit facility | | | | | | 272,600 | | | | | | | | 434,700 |
| Senior notes | | | | | | 368,012 | | | | | | | | 148,268 |
| Environmental liabilities - less current portion | | | | | | 36,533 | | | | | | | | 37,762 |
| Other long-term liabilities | | | | | | 47,253 | | | | | | | | 44,440 |
| Total liabilities | | | | | | 1,680,538 | | | | | | | | 1,964,742 |
| | | | | | | | | | | | | | |
| Partners' equity | | | | | | | | | | | | | | |
| Global Partners LP equity | | | | | | 447,514 | | | | | | | | 415,237 |
| Noncontrolling interest | | | | | | 49,642 | | | | | | | | 47,943 |
| Total partners' equity | | | | | | 497,156 | | | | | | | | 463,180 |
| | | | | | | | | | | | | | |
| Total liabilities and partners' equity | | | | | $ | 2,177,694 | | | | | | | $ | 2,427,922 |
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| GLOBAL PARTNERS LP |
| FINANCIAL RECONCILIATIONS |
| (In thousands) |
| (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Three Months Ended | | | | | Nine Months Ended |
| | | | | September 30, | | | | | September 30, |
| | | | | 2014 | | | | | 2013 | | | | | 2014 | | | | | 2013 |
| Reconciliation of gross profit to product margin | | | | | | | | | | | | | | | | | | | | | | | | |
| Wholesale segment: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gasoline and gasoline blendstocks | | | | | $ | 25,370 | | | | | $ | 21,854 | | | | | $ | 70,959 | | | | | $ | 4,786 |
| Crude oil | | | | | | 44,670 | | | | | | 24,621 | | | | | | 98,256 | | | | | | 70,503 |
| Other oils and related products | | | | | | 14,821 | | | | | | 17,592 | | | | | | 57,964 | | | | | | 45,263 |
| Total | | | | | | 84,861 | | | | | | 64,067 | | | | | | 227,179 | | | | | | 120,552 |
| Gasoline Distribution and Station Operations segment: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gasoline distribution | | | | | | 54,306 | | | | | | 43,443 | | | | | | 126,629 | | | | | | 110,533 |
| Station operations | | | | | | 25,905 | | | | | | 21,287 | | | | | | 68,609 | | | | | | 59,062 |
| Total | | | | | | 80,211 | | | | | | 64,730 | | | | | | 195,238 | | | | | | 169,595 |
| Commercial segment | | | | | | 5,234 | | | | | | 4,745 | | | | | | 23,295 | | | | | | 21,340 |
| Combined product margin | | | | | | 170,306 | | | | | | 133,542 | | | | | | 445,712 | | | | | | 311,487 |
| Depreciation allocated to cost of sales | | | | | | (14,871) | | | | | | (15,449) | | | | | | (44,628) | | | | | | (40,525) |
| Gross profit | | | | | $ | 155,435 | | | | | $ | 118,093 | | | | | $ | 401,084 | | | | | $ | 270,962 |
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| Reconciliation of net income to EBITDA | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income | | | | | $ | 43,622 | | | | | $ | 25,136 | | | | | $ | 88,498 | | | | | $ | 8,024 |
| Net (income) loss attributable to noncontrolling interest | | | | | | (1,114) | | | | | | 679 | | | | | | (1,699) | | | | | | 549 |
| Net income attributable to Global Partners LP | | | | | | 42,508 | | | | | | 25,815 | | | | | | 86,799 | | | | | | 8,573 |
| Depreciation and amortization, excluding the impact of noncontrolling interest | | | | | | 19,651 | | | | | | 19,061 | | | | | | 57,253 | | | | | | 50,999 |
| Interest expense, excluding the impact of noncontrolling interest | | | | | | 12,314 | | | | | | 10,855 | | | | | | 35,635 | | | | | | 32,113 |
| Income tax expense | | | | | | 244 | | | | | | 2,727 | | | | | | 660 | | | | | | 852 |
| EBITDA | | | | | $ | 74,717 | | | | | $ | 58,458 | | | | | $ | 180,347 | | | | | $ | 92,537 |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Reconciliation of net cash provided by (used in) operating activities to EBITDA | | | | | | | | | | | | | | | |
| Net cash provided by (used in) operating activities | | | | | $ | 144,367 | | | | | $ | (73,600) | | | | | $ | 194,001 | | | | | $ | 254,112 |
| Net changes in operating assets and liabilities and certain non-cash items | | | | | | (79,167) | | | | | | 119,537 | | | | | | (42,750) | | | | | | (190,554) |
Net cash from operating activities and changes in operating
assets and liabilities attributable to noncontrolling interest | | | | | | (3,041) | | | | | | (1,061) | | | | | | (7,199) | | | | | | (3,986) |
| Interest expense, excluding the impact of noncontrolling interest | | | | | | 12,314 | | | | | | 10,855 | | | | | | 35,635 | | | | | | 32,113 |
| Income tax expense | | | | | | 244 | | | | | | 2,727 | | | | | | 660 | | | | | | 852 |
| EBITDA | | | | | $ | 74,717 | | | | | $ | 58,458 | | | | | $ | 180,347 | | | | | $ | 92,537 |
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| Reconciliation of net income to distributable cash flow | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income | | | | | $ | 43,622 | | | | | $ | 25,136 | | | | | $ | 88,498 | | | | | $ | 8,024 |
| Net (income) loss attributable to noncontrolling interest | | | | | | (1,114) | | | | | | 679 | | | | | | (1,699) | | | | | | 549 |
| Net income attributable to Global Partners LP | | | | | | 42,508 | | | | | | 25,815 | | | | | | 86,799 | | | | | | 8,573 |
| Depreciation and amortization, excluding the impact of noncontrolling interest | | | | | | 19,651 | | | | | | 19,061 | | | | | | 57,253 | | | | | | 50,999 |
| Amortization of deferred financing fees | | | | | | 1,620 | | | | | | 1,744 | | | | | | 4,187 | | | | | | 5,062 |
| Amortization of senior notes discount | | | | | | 225 | | | | | | 105 | | | | | | 435 | | | | | | 263 |
| Amortization of routine bank refinancing fees | | | | | | (1,339) | | | | | | (985) | | | | | | (3,342) | | | | | | (2,955) |
| Maintenance capital expenditures | | | | | | (11,156) | | | | | | (1,297) | | | | | | (28,467) | | | | | | (9,192) |
| Distributable cash flow | | | | | $ | 51,509 | | | | | $ | 44,443 | | | | | $ | 116,865 | | | | | $ | 52,750 |
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Reconciliation of net cash provided by (used in) operating activities to
distributable cash flow | | | | | | | | | | | | | | | |
| Net cash provided by (used in) operating activities | | | | | $ | 144,367 | | | | | $ | (73,600) | | | | | $ | 194,001 | | | | | $ | 254,112 |
| Net changes in operating assets and liabilities and certain non-cash items | | | | | | (79,167) | | | | | | 119,537 | | | | | | (42,750) | | | | | | (190,554) |
| Amortization of deferred financing fees | | | | | | 1,620 | | | | | | 1,744 | | | | | | 4,187 | | | | | | 5,062 |
| Amortization of senior notes discount | | | | | | 225 | | | | | | 105 | | | | | | 435 | | | | | | 263 |
Net cash from operating activities and changes in operating assets
and liabilities attributable to noncontrolling interest | | | | | | (3,041) | | | | | | (1,061) | | | | | | (7,199) | | | | | | (3,986) |
| Amortization of routine bank refinancing fees | | | | | | (1,339) | | | | | | (985) | | | | | | (3,342) | | | | | | (2,955) |
| Maintenance capital expenditures | | | | | | (11,156) | | | | | | (1,297) | | | | | | (28,467) | | | | | | (9,192) |
| Distributable cash flow | | | | | $ | 51,509 | | | | | $ | 44,443 | | | | | $ | 116,865 | | | | | $ | 52,750 |
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CONTACT:
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
