GLP-B Global Partners LP

 

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): November 8, 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 November 8, 2024, Global Partners LP (the “Partnership”) issued a press release announcing its third 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 November 8, 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:  November 8, 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 Third-Quarter 2024 Financial Results

 

Waltham, Mass., November 8, 2024 – Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today reported financial results for the third quarter ended September 30, 2024.

 

CEO Commentary

 

“Global’s solid financial and operational performance in the third quarter highlights the continued growth and diversification of our retail, terminal, and wholesale liquid energy portfolio,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “We delivered year-over-year gains across our key financial metrics, demonstrating the effectiveness of our strategy to acquire, invest in and optimize assets that drive operating returns.

 

“We continue to integrate the 29 new terminals acquired over the past 11 months, adding business and growing volumes,” Slifka said. “In our Gasoline Distribution and Station Operations segment, our retail assets are exceeding expectations. In our Wholesale and Commercial segments, supply market dynamics enabled us to capitalize on favorable conditions in the quarter. Our integrated business model provides the potential to enhance our market leadership and long-term growth.

 

“On November 1, we acquired the ExxonMobil terminal in East Providence, Rhode Island. This transaction complements our existing terminal network with the addition of 959,730 barrels of storage and deep-water dock access,” Slifka concluded.

 

Third-Quarter 2024 Financial Highlights

 

Net income was $45.9 million, or $1.17 per diluted common limited partner unit, for the third quarter of 2024, compared with net income of $26.8 million, or $0.60 per diluted common limited partner unit, in the same period of 2023.

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $119.1 million in the third quarter of 2024 compared with $76.7 million in the same period of 2023.

 

Adjusted EBITDA was $114.0 million in the third quarter of 2024 versus $77.7 million in the same period of 2023.

 

 

 

Distributable cash flow (DCF) was $71.1 million in the third quarter of 2024 compared with $42.2 million in the same period of 2023.

 

Adjusted DCF was $71.6 million in the third quarter of 2024 compared with $43.3 million in the same period of 2023.

 

Gross profit was $286.0 million in the third quarter of 2024 compared with $228.5 million in the same period of 2023.

 

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $318.3 million in the third quarter of 2024 compared with $252.1 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 nine months ended September 30, 2024, and 2023.

 

Gasoline Distribution and Station Operations (GDSO) segment product margin was $237.7 million in the third quarter of 2024 compared with $206.5 million in the same period of 2023. Product margin from gasoline distribution increased to $164.1 million from $132.0 million in the year-earlier period, primarily reflecting higher fuel margins (cents per gallon). Product margin from station operations decreased to $73.6 million in the third quarter of 2024 from $74.5 million in the third quarter of 2023.

 

Wholesale segment product margin was $71.1 million in the third quarter of 2024 compared with $37.2 million in the same period of 2023. Gasoline and gasoline blendstocks product margin increased to $43.0 million in the third quarter of 2024 from $20.4 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. Product margin from distillates and other oils was $28.1 million in the third quarter of 2024 compared with $16.8 million in the same period of 2023, primarily due to more favorable market conditions in residual oil and distillates.

 

Commercial segment product margin was $9.5 million in the third quarter of 2024 compared with $8.4 million in the same period of 2023 primarily due to more favorable market conditions in bunkering.

 

Total sales were $4.4 billion in the third quarter of 2024 compared with $4.2 billion in the same period of 2023, primarily due to an increase in volume sold, partially offset by a decrease in prices. Wholesale segment sales were $2.7 billion in the third quarter of 2024 compared with $2.3 billion in the same period of 2023. GDSO segment sales were $1.4 billion in the third quarter of 2024 compared with $1.6 billion in the same period of 2023. Commercial segment sales were $277.1 million in the third quarter of 2024 compared with $273.8 million in the same period of 2023.

 

Total volume was 1.7 billion gallons in the third quarter of 2024 compared with 1.4 billion gallons in the same period of 2023. Wholesale segment volume was 1.2 billion gallons in the third quarter of 2024 compared with 829.7 million gallons in the same period of 2023. GDSO volume was 412.7 million gallons in the third quarter of 2024 compared with 426.8 million gallons in the same period of 2023. Commercial segment volume was 122.6 million gallons in the third quarter of 2024 compared with 108.4 million gallons in the same period of 2023.

 

 

Recent Developments

 

·

Global acquired a 730-acre liquid energy terminal in East Providence, Rhode Island from the ExxonMobil Oil Corporation. The terminal features 10 product tanks with a total shell capacity of 959,730 barrels, serving as a strategic hub for storing a variety of products, including gasoline, additives, distillates, and renewable fuels.

 

·

Global announced a cash distribution of $0.7300 per unit ($2.92 per unit on an annualized basis) on all of its outstanding common units from July 1, 2024 through September 30, 2024. The distribution will be paid on November 14, 2024 to unitholders of record as of the close of business on November 8, 2024.

 

Financial Results Conference Call

 

Management will review the Partnership’s third-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.

 

 

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.

 

 

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.

 

 

GLOBAL PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data)
(Unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Sales		$	4,422,238			$	4,221,045			$	12,977,328			$	12,083,062
Cost of sales			4,136,189				3,992,525				12,188,260				11,389,819
Gross profit			286,049				228,520				789,068				693,243
Costs and operating expenses:
Selling, general and administrative expenses			70,495				63,479				212,646				192,431
Operating expenses			137,126				115,944				387,235				334,676
Amortization expense			2,288				2,017				6,146				6,119
Net gain on sale and disposition of assets			(7,805	)			(897	)			(10,609	)			(2,141	)
Long-lived asset impairment			492				-				492				-
Total costs and operating expenses			202,596				180,543				595,910				531,085
Operating income			83,453				47,977				193,158				162,158
Other (loss) income and (expense):
(Loss) income from equity method investments			(147	)			1,180				(1,872	)			2,384
Interest expense			(35,129	)			(21,089	)			(100,356	)			(64,963	)
Income before income tax expense			48,177				28,068				90,930				99,579
Income tax expense			(2,255	)			(1,260	)			(4,461	)			(2,351	)
Net income			45,922				26,808				86,469				97,228
Less: General partner's interest in net income, including incentive distribution rights			4,118				2,560				11,056				6,681
Less: Preferred limited partner interest in net income			1,781				3,712				7,794				10,638
Less: Redemption of Series A preferred limited partner units			-				-				2,634				-
Net income attributable to common limited partners		$	40,023			$	20,536			$	64,985			$	79,909
Basic net income per common limited partner unit (1)		$	1.18			$	0.60			$	1.92			$	2.35
Diluted net income per common limited partner unit (1)		$	1.17			$	0.60			$	1.90			$	2.35
Basic weighted average common limited partner units outstanding			33,781				33,983				33,884				33,985
Diluted weighted average common limited partner units outstanding			34,193				34,063				34,255				34,026

 

(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.

 

 

GLOBAL PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
		September 30,				December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents		$	20,567			$	19,642
Accounts receivable, net			471,898				551,764
Accounts receivable - affiliates			6,107				8,142
Inventories			499,472				397,314
Brokerage margin deposits			18,482				12,779
Derivative assets			25,364				17,656
Prepaid expenses and other current assets			83,027				90,531
Total current assets			1,124,917				1,097,828
Property and equipment, net			1,661,397				1,513,545
Right of use assets, net			306,191				252,849
Intangible assets, net			19,372				20,718
Goodwill			422,342				429,215
Equity method investments			89,283				94,354
Other assets			41,613				37,502
Total assets		$	3,665,115			$	3,446,011
Liabilities and partners' equity
Current liabilities:
Accounts payable		$	454,478			$	648,717
Working capital revolving credit facility - current portion			219,200				16,800
Lease liability - current portion			49,704				59,944
Environmental liabilities - current portion			5,493				5,057
Trustee taxes payable			69,522				67,398
Accrued expenses and other current liabilities			182,486				179,887
Derivative liabilities			2,392				4,987
Total current liabilities			983,275				982,790
Working capital revolving credit facility - less current portion			-				-
Revolving credit facility			177,000				380,000
Senior notes			1,186,025				742,720
Lease liability - less current portion			262,754				200,195
Environmental liabilities - less current portion			72,510				71,092
Financing obligations			135,569				138,485
Deferred tax liabilities			64,156				68,909
Other long-term liabilities			60,504				61,160
Total liabilities			2,941,793				2,645,351
Partners' equity			723,322				800,660
Total liabilities and partners' equity		$	3,665,115			$	3,446,011

 

 

GLOBAL PARTNERS LP
FINANCIAL RECONCILIATIONS
(In thousands)
(Unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Reconciliation of gross profit to product margin:
Wholesale segment:
Gasoline and gasoline blendstocks		$	43,024			$	20,390			$	143,197			$	79,799
Distillates and other oils			28,118				16,780				69,230				70,226
Total			71,142				37,170				212,427				150,025
Gasoline Distribution and Station Operations segment:
Gasoline distribution			164,122				132,000				433,065				380,699
Station operations			73,590				74,530				213,831				208,456
Total			237,712				206,530				646,896				589,155
Commercial segment			9,509				8,426				22,699				23,310
Combined product margin			318,363				252,126				882,022				762,490
Depreciation allocated to cost of sales			(32,314	)			(23,606	)			(92,954	)			(69,247	)
Gross profit		$	286,049			$	228,520			$	789,068			$	693,243
Reconciliation of net income to EBITDA and adjusted EBITDA:
Net income		$	45,922			$	26,808			$	86,469			$	97,228
Depreciation and amortization			35,753				27,507				103,505				80,952
Interest expense			35,129				21,089				100,356				64,963
Income tax expense			2,255				1,260				4,461				2,351
EBITDA			119,059				76,664				294,791				245,494
Net gain on sale and disposition of assets			(7,805	)			(897	)			(10,609	)			(2,141	)
Long-lived asset impairment			492				-				492				-
Loss (income) from equity method investments (1)			147				(1,180	)			1,872				(2,384	)
EBITDA related to equity method investments (1)			2,063				3,145				4,532				3,160
Adjusted EBITDA		$	113,956			$	77,732			$	291,078			$	244,129
Reconciliation of net cash provided by (used in) operating activities to EBITDA and adjusted EBITDA:
Net cash provided by (used in) operating activities		$	122,709			$	97,088			$	(35,647	)		$	343,025
Net changes in operating assets and liabilities and certain non-cash items			(41,034	)			(42,773	)			225,621				(164,845	)
Interest expense			35,129				21,089				100,356				64,963
Income tax expense			2,255				1,260				4,461				2,351
EBITDA			119,059				76,664				294,791				245,494
Net gain on sale and disposition of assets			(7,805	)			(897	)			(10,609	)			(2,141	)
Long-lived asset impairment			492				-				492				-
Loss (income) from equity method investments (1)			147				(1,180	)			1,872				(2,384	)
EBITDA related to equity method investments (1)			2,063				3,145				4,532				3,160
Adjusted EBITDA		$	113,956			$	77,732			$	291,078			$	244,129
Reconciliation of net income to distributable cash flow and adjusted distributable cash flow:
Net income		$	45,922			$	26,808			$	86,469			$	97,228
Depreciation and amortization			35,753				27,507				103,505				80,952
Amortization of deferred financing fees			1,872				1,423				5,576				4,134
Amortization of routine bank refinancing fees			(1,193	)			(1,214	)			(3,580	)			(3,507	)
Maintenance capital expenditures			(11,221	)			(12,295	)			(31,904	)			(35,450	)
Distributable cash flow (2)(3)			71,133				42,229				160,066				143,357
Loss (income) from equity method investments (1)			147				(1,180	)			1,872				(2,384	)
Distributable cash flow from equity method investments (1)			359				2,213				(111	)			1,941
Adjusted distributable cash flow			71,639				43,262				161,827				142,914
Distributions to preferred unitholders (4)			(1,781	)			(3,712	)			(7,794	)			(10,638	)
Adjusted distributable cash flow after distributions to preferred unitholders		$	69,858			$	39,550			$	154,033			$	132,276
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		$	122,709			$	97,088			$	(35,647	)		$	343,025
Net changes in operating assets and liabilities and certain non-cash items			(41,034	)			(42,773	)			225,621				(164,845	)
Amortization of deferred financing fees			1,872				1,423				5,576				4,134
Amortization of routine bank refinancing fees			(1,193	)			(1,214	)			(3,580	)			(3,507	)
Maintenance capital expenditures			(11,221	)			(12,295	)			(31,904	)			(35,450	)
Distributable cash flow (2)(3)			71,133				42,229				160,066				143,357
Loss (income) from equity method investments (1)			147				(1,180	)			1,872				(2,384	)
Distributable cash flow from equity method investments (1)			359				2,213				(111	)			1,941
Adjusted distributable cash flow			71,639				43,262				161,827				142,914
Distributions to preferred unitholders (4)			(1,781	)			(3,712	)			(7,794	)			(10,638	)
Adjusted distributable cash flow after distributions to preferred unitholders		$	69,858			$	39,550			$	154,033			$	132,276

 

(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 on sale and disposition of assets and long-lived asset impairment of $7.3 million and $0.9 million for the three months ended September 30, 2024 and 2023, respectively, and $10.1 million and $2.1 million for the nine months ended September 30, 2024 and 2023, respectively.  Distributable cash flow also includes (loss) income from equity method investments of ($0.1 million) and $1.2 million for the three months ended September 30, 2024 and 2023, respectively, and ($1.9 million) and $2.4 million for the nine months ended September 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.

 

 

v3.24.3

Cover	Nov. 08, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 08, 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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