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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): August 7, 2024

 

GLOBAL PARTNERS LP

(Exact name of registrant as specified in its charter)

 

Delaware 001-32593 74-3140887

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

P.O. Box 9161

800 South Street

Waltham, Massachusetts 02454-9161

(Address of Principal Executive Offices)

 

(781) 894-8800

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)  

Name of each exchange on which registered

Common Units representing limited partner interests   GLP   New York Stock Exchange
9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests   GLP pr B  

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

  

 

 

 

Item 2.02.Results of Operations and Financial Condition

 

On August 7, 2024, Global Partners LP (the “Partnership”) issued a press release announcing its second quarter 2024 financial results. The press release contains measures that may be deemed non-GAAP financial measures as defined in Item 10 of Regulation S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The most directly comparable generally accepted accounting principles (“GAAP”) financial measures and information reconciling the GAAP and non-GAAP financial measures are also included in the press release. A copy of the Partnership’s press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, unless the Partnership specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 7.01.Regulation FD Disclosure

 

The information set forth under Item 2.02 of this Current Report on Form 8-K is hereby incorporated in Item 7.01 by reference.

 

The information furnished pursuant to Item 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, unless the Partnership specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 9.01.Financial Statements and Exhibits

 

(d)   Exhibits
     
99.1   Global Partners LP Press Release dated August 7, 2024
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  GLOBAL PARTNERS LP
     
  By: Global GP LLC
    its general partner
     
Dated:  August 7, 2024 By: /s/ Sean T. Geary
    Sean T. Geary
    Chief Legal Officer and Secretary

 

 

 

 

Exhibit 99.1

 

   

 

FOR IMMEDIATE RELEASE

 

Contacts:  
   
Gregory B. Hanson Sean T. Geary
Chief Financial Officer Chief Legal Officer and Secretary
Global Partners LP Global Partners LP
(781) 894-8800 (781) 894-8800

 

Global Partners Reports Second-Quarter 2024 Financial Results

 

Waltham, Mass., August 7, 2024 – Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today reported financial results for the second quarter ended June 30, 2024.

 

CEO Commentary

 

“Global Partners achieved year-over-year growth across all key financial metrics in the second quarter,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “These results underscore the effectiveness of our integrated business model and the strategic advantages of our diversified portfolio of liquid energy terminals, fueling stations and convenience markets.

 

“Over the past nine months, we have invested more than $500 million to significantly expand our Wholesale segment footprint through the strategic acquisition of a combined 29 terminals from Motiva Enterprises and Gulf Oil, more than doubling our storage capacity to 21.4 million barrels,” Slifka said. “We’re pleased with the performance of these assets. Our expanded network bolsters our terminal operations and opens new avenues for growth, further enhancing our earnings power and driving sustained value for our unitholders.”

 

Second-Quarter 2024 Financial Highlights

 

Net income was $46.1 million, or $1.10 per diluted common limited partner unit, for the second quarter of 2024, compared with net income of $41.4 million, or $1.05 per diluted common limited partner unit, in the same period of 2023.

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $118.8 million in the second quarter of 2024 compared with $90.7 million in the same period of 2023.

 

Adjusted EBITDA was $121.1 million in the second quarter of 2024 versus $90.4 million in the same period of 2023.

 

Distributable cash flow (DCF) was $73.1 million in the second quarter of 2024 compared with $54.8 million in the same period of 2023.

 

 

 

 

Adjusted DCF was $74.2 million in the second quarter of 2024 compared with $53.3 million in the same period of 2023.

 

Gross profit was $287.9 million in the second quarter of 2024 compared with $242.7 million in the same period of 2023.

 

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $319.6 million in the second quarter of 2024 compared with $265.6 million in the same period of 2023.

 

Combined product margin, EBITDA, adjusted EBITDA, DCF and adjusted 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 and six months ended June 30, 2024, and 2023.

 

Gasoline Distribution and Station Operations (GDSO) segment product margin was $221.5 million in the second quarter of 2024 compared with $199.1 million in the same period of 2023. Product margin from gasoline distribution increased to $147.3 million from $127.9 million in the year-earlier period, reflecting higher fuel margins (cents per gallon). Product margin from station operations increased to $74.2 million in the second quarter of 2024 from $71.2 million in the second quarter of 2023.

 

Wholesale segment product margin was $91.9 million in the second quarter of 2024 compared with $59.7 million in the same period of 2023. Gasoline and gasoline blendstocks product margin increased to $70.4 million in the second quarter of 2024 from $39.0 million in the same period of 2023, driven primarily by the acquisition of liquid energy terminals from Motiva Enterprises LLC in December 2023 and by more favorable market conditions in gasoline. Product margin from distillates and other oils was $21.5 million in the second quarter of 2024 compared with $20.7 million in the same period of 2023, primarily due to more favorable market conditions in distillates offset by less favorable market conditions in residual oil.

 

Commercial segment product margin was $6.2 million in the second quarter of 2024 compared with $6.8 million in the same period of 2023 primarily due to less favorable market conditions.

 

Total sales were $4.4 billion in the second quarter of 2024 compared with $3.8 billion in the same period of 2023, primarily due to an increase in volume sold. Wholesale segment sales were $2.6 billion in the second quarter of 2024 compared with $2.1 billion in the same period of 2023. GDSO segment sales were $1.5 billion in each of the second quarters of 2024 and 2023. Commercial segment sales were $280.9 million in the second quarter of 2024 compared with $226.5 million in the second quarter of 2023.

 

Total volume was 1.6 billion gallons in the second quarter of 2024 compared with 1.3 billion gallons in the same period of 2023. Wholesale segment volume was 1.1 billion gallons in the second quarter of 2024 compared with 809.6 million gallons in the same period of 2023. GDSO volume was 407.0 million gallons in the second quarter of 2024 compared with 417.4 million gallons in the same period of 2023. Commercial segment volume was 119.5 million gallons in the second quarter of 2024 compared with 102.5 million gallons in the same period of 2023.

 

2

 

 

Recent Developments

 

·Global announced a cash distribution of $0.7200 per unit ($2.88 per unit on an annualized basis) on all of its outstanding common units from April 1, 2024 through June 30, 2024. The distribution will be paid on August 14, 2024 to unitholders of record as of the close of business on August 8, 2024.

 

Financial Results Conference Call

 

Management will review the Partnership’s second-quarter 2024 financial results in a teleconference call for analysts and investors today.

 

Time: 10:00 a.m. ET
   
Dial-in numbers: (877) 709-8155 (U.S. and Canada)
   
  (201) 689-8881 (International)

 

Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com

 

About Global Partners LP

 

Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates or maintains dedicated storage at 54 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global owns, operates and/or supplies more than 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune’s Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition.

 

Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit 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 and crude oil, as well as convenience store and prepared food 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 products 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.

 

3

 

 

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, gasoline blendstocks, 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, goodwill and long-lived asset impairment charges and Global’s proportionate share of EBITDA related to its joint ventures, which are accounted for using the equity method. 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 and Adjusted 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 Global’s success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement (the “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 agreement also determines Global’s ability to make cash distributions on its 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 historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. 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.

 

4

 

 

Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of the Partnership’s financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in the partnership agreement) further adjusted for Global’s proportionate share of distributable cash flow related to its joint ventures, which are accounted for using the equity method. Adjusted distributable cash flow is not used in the partnership agreement to determine the Partnership’s ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under the partnership agreement.

 

Distributable cash flow and adjusted distributable cash flow should not be considered as alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, the Partnership’s distributable cash flow and adjusted distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

 

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, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s 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. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).

 

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s 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. Global 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.

 

5

 

 

GLOBAL PARTNERS LP                
CONSOLIDATED STATEMENTS OF OPERATIONS                
(In thousands, except per unit data)                
(Unaudited)                
                 
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   2024   2023 
Sales  $4,409,698   $3,831,690   $8,555,090   $7,862,017 
Cost of sales   4,121,814    3,589,031    8,052,071    7,397,294 
Gross profit   287,884    242,659    503,019    464,723 
                     
Costs and operating expenses:                    
Selling, general and administrative expenses   72,370    66,696    142,151    128,952 
Operating expenses   129,959    110,379    250,109    218,732 
Amortization expense   1,989    2,018    3,858    4,102 
Net (gain) loss on sale and disposition of assets   (303)   884    (2,804)   (1,244)
Total costs and operating expenses   204,015    179,977    393,314    350,542 
                     
Operating income   83,869    62,682    109,705    114,181 
                     
Other (loss) income and (expense):                    
(Loss) income from equity method investments   (346)   1,204    (1,725)   1,204 
Interest expense   (35,531)   (21,806)   (65,227)   (43,874)
                     
Income before income tax expense   47,992    42,080    42,753    71,511 
                     
Income tax expense   (1,843)   (691)   (2,206)   (1,091)
                     
Net income   46,149    41,389    40,547    70,420 
                     
Less: General partner's interest in net income, including incentive distribution rights   3,802    2,339    6,938    4,121 
Less: Preferred limited partner interest in net income   2,097    3,463    6,013    6,926 
Less: Redemption of Series A preferred limited partner units   2,634    -    2,634    - 
                     
Net income attributable to common limited partners  $37,616   $35,587   $24,962   $59,373 
                     
Basic net income per common limited partner unit (1)  $1.11   $1.05   $0.74   $1.75 
                     
Diluted net income per common limited partner unit (1)  $1.10   $1.05   $0.73   $1.75 
                     
Basic weighted average common limited partner units outstanding   33,910    33,986    33,936    33,986 
                     
Diluted weighted average common limited partner units outstanding   34,278    34,006    34,273    34,008 

 

(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 or losses is assumed to be allocated to the common unitholders and to the General Partner's general partner interest.  Net income attributable to common limited partners is divided by the weighted average common units outstanding in computing the net income per limited partner unit.

 

 

6

 

 

GLOBAL PARTNERS LP        
CONSOLIDATED BALANCE SHEETS        
(In thousands)        
(Unaudited)        
         
   June 30,   December 31, 
   2024   2023 
Assets          
Current assets:          
Cash and cash equivalents  $14,114   $19,642 
Accounts receivable, net   602,206    551,764 
Accounts receivable - affiliates   10,221    8,142 
Inventories   567,018    397,314 
Brokerage margin deposits   21,253    12,779 
Derivative assets   6,056    17,656 
Prepaid expenses and other current assets   79,069    90,531 
Total current assets   1,299,937    1,097,828 
           
Property and equipment, net   1,686,543    1,513,545 
Right of use assets, net   264,269    252,849 
Intangible assets, net   21,660    20,718 
Goodwill   426,063    429,215 
Equity method investments   87,781    94,354 
Other assets   42,491    37,502 
           
Total assets  $3,828,744   $3,446,011 
           
Liabilities and partners' equity          
Current liabilities:          
Accounts payable  $557,839   $648,717 
Working capital revolving credit facility - current portion   281,200    16,800 
Lease liability - current portion   53,973    59,944 
Environmental liabilities - current portion   5,493    5,057 
Trustee taxes payable   77,627    67,398 
Accrued expenses and other current liabilities   199,378    179,887 
Derivative liabilities   7,975    4,987 
Total current liabilities   1,183,485    982,790 
           
Working capital revolving credit facility - less current portion   -    - 
Revolving credit facility   200,000    380,000 
Senior notes   1,185,326    742,720 
Lease liability - less current portion   216,888    200,195 
Environmental liabilities - less current portion   74,560    71,092 
Financing obligations   136,590    138,485 
Deferred tax liabilities   66,010    68,909 
Other long-term liabilities   60,310    61,160 
Total liabilities   3,123,169    2,645,351 
           
Partners' equity   705,575    800,660 
           
Total liabilities and partners' equity  $3,828,744   $3,446,011 

 

7

 

 

GLOBAL PARTNERS LP                
FINANCIAL RECONCILIATIONS                
(In thousands)                
(Unaudited)                
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   2024   2023 
Reconciliation of gross profit to product margin:                
Wholesale segment:                    
Gasoline and gasoline blendstocks  $70,412   $39,023   $100,173   $59,409 
Distillates and other oils   21,453    20,699    41,112    53,446 
Total   91,865    59,722    141,285    112,855 
Gasoline Distribution and Station Operations segment:                    
Gasoline distribution   147,313    127,883    268,943    248,699 
Station operations   74,154    71,196    140,241    133,926 
Total   221,467    199,079    409,184    382,625 
Commercial segment   6,222    6,757    13,190    14,884 
Combined product margin   319,554    265,558    563,659    510,364 
Depreciation allocated to cost of sales   (31,670)   (22,899)   (60,640)   (45,641)
Gross profit  $287,884   $242,659   $503,019   $464,723 
                     
Reconciliation of net income to EBITDA and adjusted EBITDA:                    
Net income   46,149   $41,389   $40,547   $70,420 
Depreciation and amortization   35,266    26,797    67,752    53,445 
Interest expense   35,531    21,806    65,227    43,874 
Income tax expense   1,843    691    2,206    1,091 
EBITDA   118,789    90,683    175,732    168,830 
Net (gain) loss on sale and disposition of assets   (303)   884    (2,804)   (1,244)
Loss (income) from equity method investments (1)   346    (1,204)   1,725    (1,204)
EBITDA related to equity method investments (1)   2,282    15    2,469    15 
Adjusted EBITDA  $121,114   $90,378   $177,122   $166,397 
                     
Reconciliation of net cash provided by (used in) operating activities to EBITDA and adjusted EBITDA:                    
Net cash provided by (used in) operating activities  $24,346   $265,262   $(158,356)  $245,937 
Net changes in operating assets and liabilities and certain non-cash items   57,069    (197,076)   266,655    (122,072)
Interest expense   35,531    21,806    65,227    43,874 
Income tax expense   1,843    691    2,206    1,091 
EBITDA   118,789    90,683    175,732    168,830 
Net (gain) loss on sale and disposition of assets   (303)   884    (2,804)   (1,244)
Loss (income) from equity method investments (1)   346    (1,204)   1,725    (1,204)
EBITDA related to equity method investments (1)   2,282    15    2,469    15 
Adjusted EBITDA  $121,114   $90,378   $177,122   $166,397 
                     
Reconciliation of net income to distributable cash flow and adjusted distributable cash flow:                    
Net income  $46,149   $41,389   $40,547   $70,420 
Depreciation and amortization   35,266    26,797    67,752    53,445 
Amortization of deferred financing fees   1,873    1,364    3,704    2,711 
Amortization of routine bank refinancing fees   (1,194)   (1,155)   (2,387)   (2,293)
Maintenance capital expenditures   (8,946)   (13,595)   (20,683)   (23,155)
Distributable cash flow (2)(3)   73,148    54,800    88,933    101,128 
Loss (income) from equity method investments (1)   346    (1,204)   1,725    (1,204)
Distributable cash flow from equity method investments (1)   673    (272)   (470)   (272)
Adjusted distributable cash flow   74,167    53,324    90,188    99,652 
Distributions to preferred unitholders (4)   (2,097)   (3,463)   (6,013)   (6,926)
Adjusted distributable cash flow after distributions to preferred unitholders  $72,070   $49,861   $84,175   $92,726 
                     
Reconciliation of net cash provided by (used in) operating activities to distributable cash flow and adjusted distributable cash flow:                    
Net cash provided by (used in) operating activities  $24,346   $265,262   $(158,356)  $245,937 
Net changes in operating assets and liabilities and certain non-cash items   57,069    (197,076)   266,655    (122,072)
Amortization of deferred financing fees   1,873    1,364    3,704    2,711 
Amortization of routine bank refinancing fees   (1,194)   (1,155)   (2,387)   (2,293)
Maintenance capital expenditures   (8,946)   (13,595)   (20,683)   (23,155)
Distributable cash flow (2)(3)   73,148    54,800    88,933    101,128 
Loss (income) from equity method investments (1)   346    (1,204)   1,725    (1,204)
Distributable cash flow from equity method investments (1)   673    (272)   (470)   (272)
Adjusted distributable cash flow   74,167    53,324    90,188    99,652 
Distributions to preferred unitholders (4)   (2,097)   (3,463)   (6,013)   (6,926)
Adjusted distributable cash flow after distributions to preferred unitholders  $72,070   $49,861   $84,175   $92,726 

 

(1)  Represents the Partnership's proportionate share of (loss) income, EBITDA and distributable cash flow, as applicable, related to the Partnership's interests in its equity method investments.

(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 gain (loss) on sale and disposition of assets of $0.3 million and ($0.9 million) for the three months ended June 30, 2024 and 2023, respectively, and $2.8 million and $1.2 million for the six months ended June 30, 2024 and 2023, respectively.

(4)  Distributions to preferred unitholders represent the distributions payable to the Series A preferred unitholders and the Series B preferred unitholders earned during the period. Distributions on the Series A preferred units and the Series B preferred units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year.  On April 15, 2024, all of the Partnership's Series A preferred units were redeemed and are no longer outstanding.                                

 

8

 

 

v3.24.2.u1
Cover
Aug. 07, 2024
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 07, 2024
Entity File Number 001-32593
Entity Registrant Name GLOBAL PARTNERS LP
Entity Central Index Key 0001323468
Entity Tax Identification Number 74-3140887
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One P.O. Box 9161
Entity Address, Address Line Two 800 South Street
Entity Address, City or Town Waltham
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02454-9161
City Area Code 781
Local Phone Number 894-8800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Units Representing Limited Partner Interests [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Units representing limited partner interests
Trading Symbol GLP
Security Exchange Name NYSE
Series B Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security 9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests
Trading Symbol GLP pr B
Security Exchange Name NYSE

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