Global Partners LP (NYSE: GLP) today reported financial results
for the third quarter ended September 30, 2018.
“Our Gasoline Distribution and Station Operations (GDSO)
segment performed well in the third quarter. GDSO product margin
increased $17.9 million from the same period in 2017, driven by the
Champlain Oil and Cheshire Oil acquisitions completed in the third
quarter this year and the purchase of Honey Farms in the fourth
quarter last year,” said Eric Slifka, the Partnership’s President
and Chief Executive Officer. “In our Wholesale segment, Q317
significantly benefitted from weather-related supply disruptions.
This year’s Q3 did not experience similar disruptions, which was a
key reason for the decline in year-over-year Wholesale segment
product margin.
“While our segment results for the third quarter were mixed, the
fundamentals of our business are strong. We have increased the
lower end of our guidance by $5 million, and our full-year 2018
EBITDA guidance is now $195 million to $215 million,” Slifka
said.
For the third quarter of 2018, the net loss attributable to the
Partnership was $14.1 million, or $0.44 per common limited partner
unit, compared with net income attributable to the Partnership of
$14.9 million, or $0.44 per diluted common limited partner unit,
for the same period of 2017.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) was $35.8 million in the third quarter of 2018 compared
with $60.8 million in the year-earlier period.
Distributable cash flow (DCF) was $5.3 million in the third
quarter of 2018 compared with $32.3 million in the same period of
2017. These results included a net loss on sale and disposition of
assets and a net goodwill and long-lived asset impairment of $1.3
million and $3.0 million for the three months ended September 30,
2018 and 2017, respectively.
Adjusted EBITDA was $37.2 million in the third quarter of 2018
compared with $63.8 million in the third quarter of 2017.
Gross profit in the third quarter of 2018 was $135.0 million
compared with $150.1 million in the third quarter of 2017,
primarily due to lower product margins in the Wholesale segment
partly offset by higher product margins in the Gasoline
Distribution and Station Operations (GDSO) segment. Combined
product margin, which is gross profit adjusted for depreciation
allocated to cost of sales, was $157.2 million in the third quarter
of 2018 compared with $172.3 million in the third quarter of
2017.
Combined product margin, EBITDA, Adjusted EBITDA, and DCF are
non-GAAP (Generally Accepted Accounting Principles) financial
measures, which are explained in greater detail below under “Use of
Non-GAAP Financial Measures.” Please refer to Financial
Reconciliations included in this news release for reconciliations
of these non-GAAP financial measures to their most directly
comparable GAAP financial measures for the three months ended
September 30, 2018 and 2017.
GDSO segment product margin was $148.6 million in the third
quarter of 2018, an increase of $17.9 million compared with $130.7
million in the third quarter of 2017, primarily reflecting the
contribution of the acquisitions of Champlain Oil, Cheshire Oil and
Honey Farms.
Wholesale segment product margin was $3.2 million in the third
quarter of 2018 compared with $36.6 million in the third quarter of
2017, primarily due to less favorable market conditions. Q3 2017
benefitted significantly from weather-related supply disruptions
that did not occur in Q3 2018.
Commercial segment product margin was $5.5 million in the third
quarter of 2018 compared with $5.0 million in the same period of
2017, primarily due to an increase in bunkering activity.
Sales in the third quarter of 2018 were $3.5 billion compared
with $2.2 billion in the third quarter of 2017 due to increases in
prices and in volume sold. Wholesale segment sales were $1.9
billion in the third quarter of 2018 compared with $962.0 million
in the third quarter of 2017. GDSO segment sales were $1.2 billion
in the third quarter of 2018 compared with $992.3 million in the
third quarter of 2017. Commercial segment sales were $344.2 million
in the third quarter of 2018 compared with $205.4 million in the
third quarter of 2017.
Volume in the third quarter of 2018 was 1.5 billion gallons
compared with 1.1 billion gallons in the same period of 2017.
Wholesale segment volume was 924.6 million gallons in the third
quarter of 2018 compared with 580.8 million gallons in the third
quarter of 2017. GDSO volume was 424.1 million gallons in the third
quarter of 2018 compared with 410.1 million gallons in the same
period of 2017. Commercial segment volume was 166.5 million gallons
in the third quarter of 2018 compared with 128.5 million gallons in
the same period of 2017.
Recent Highlights
- Global’s Board of Directors announced a
quarterly cash distribution of $0.4750 per unit, or $1.90 per unit
on an annualized basis, on all of its outstanding common units for
the period from July 1 to September 30, 2018. The distribution will
be paid on November 14, 2018 to unitholders of record as of the
close of business on November 9, 2018.
- Global’s Board of Directors declared
the initial quarterly cash distribution of $0.6635 per unit on the
Partnership’s Series A preferred units, covering the period from
August 7, 2018 (the issuance date of the Series A preferred units)
through November 14, 2018. This distribution will be paid on
November 15, 2018 to holders of record as of the opening of
business on November 1, 2018.
Business Outlook
“We continue to capitalize on our expertise in acquiring,
integrating and operating assets,” Slifka said. “Looking ahead, we
remain focused on driving growth through organic investments and
strategic M&A.”
Global has increased the lower end of its full-year 2018 EBITDA
guidance by $5 million. 2018 EBITDA guidance is now a range of $195
million to $215 million compared with a prior range of $190 million
to $215 million. This guidance excludes any gain or loss on the
sale and disposition of assets, and any goodwill and long-lived
asset impairment charges. EBITDA guidance for 2018 also excludes
the recognition in the first quarter of 2018 of a one-time gain of
approximately $52.6 million as a result of the extinguishment of a
contingent liability related to the Volumetric Ethanol Excise Tax
Credit, which tax credit program expired in 2011. Based upon the
significant passage of time from that 2011 date, including
underlying statutes of limitation, as of January 31, 2018 the
Partnership determined that the liability was no longer required.
This recognition of one-time income did not impact cash flows from
operations for the three months ended March 31, 2018 and will not
impact cash flows from operations for the year ending December 31,
2018.
The Partnership’s guidance and future performance are based on
assumptions regarding market conditions such as the crude oil
market, business cycles, demand for petroleum products and
renewable fuels, utilization of assets and facilities, weather,
credit markets, the regulatory and permitting environment and the
forward product pricing curve, which could influence quarterly
financial results. The Partnership believes these assumptions are
reasonable given currently available information and its assessment
of historical trends. Because Global’s assumptions and future
performance are subject to a wide range of business risks and
uncertainties, the Partnership can provide no assurance that actual
performance will fall within guidance ranges.
With respect to 2018 net income and net cash from operating
activities, the most comparable financial measures to EBITDA
calculated in accordance with GAAP, the Partnership is unable to
project either metric without unreasonable effort and for the
following reasons: 1) The Partnership is unable to project net
income because this metric includes the impact of certain non-cash
items, most notably those resulting from the sale of non-strategic
sites, which the Partnership is unable to project with any
reasonable degree of accuracy; and 2) The Partnership is unable to
project net cash from operating activities because this metric
includes the impact of changes in commodity prices, including their
impact on inventory volume and value, receivables, payables and
derivatives, which the Partnership is unable to project with any
reasonable degree of accuracy. Please see the "Use of Non-GAAP
Financial Measures" section of this news release.
Financial Results Conference Call
Management will review the Partnership’s third-quarter 2018
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)
The call also will be webcast live and archived on Global’s
website.
Use of Non-GAAP Financial Measures
Product Margin
Global Partners views product margin as an important performance
measure of the core profitability of its operations. The
Partnership reviews product margin monthly for consistency and
trend analysis. Global Partners defines product margin as product
sales minus product costs. Product sales primarily include sales of
unbranded and branded gasoline, distillates, residual oil,
renewable fuels, crude oil and propane, as well as convenience
store sales, gasoline station rental income and revenue generated
from logistics activities when the Partnership engages in the
storage, transloading and shipment of products owned by others.
Product costs include the cost of acquiring the refined petroleum
products, renewable fuels, crude oil and propane, and all
associated costs including shipping and handling costs to bring
such products to the point of sale as well as product costs related
to convenience store items and costs associated with logistics
activities. The Partnership also looks at product margin on a per
unit basis (product margin divided by volume). Product margin is a
non-GAAP financial measure used by management and external users of
the Partnership’s consolidated financial statements to assess its
business. Product margin should not be considered an alternative to
net income, operating income, cash flow from operations, or any
other measure of financial performance presented in accordance with
GAAP. In addition, product margin may not be comparable to product
margin or a similarly titled measure of other companies.
EBITDA and Adjusted
EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures used
as supplemental financial measures by management and may be used by
external users of Global Partners’ consolidated financial
statements, such as investors, commercial banks and research
analysts, to assess the Partnership’s:
- compliance with certain financial
covenants included in its debt agreements;
- financial performance without regard to
financing methods, capital structure, income taxes or historical
cost basis;
- ability to generate cash sufficient to
pay interest on its indebtedness and to make distributions to its
partners;
- operating performance and return on
invested capital as compared to those of other companies in the
wholesale, marketing, storing and distribution of refined petroleum
products, 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 and goodwill and long-lived
asset impairment charges. EBITDA and Adjusted EBITDA should not be
considered as alternatives to net income, operating income, cash
flow from operating activities or any other measure of financial
performance or liquidity presented in accordance with GAAP. EBITDA
and Adjusted EBITDA exclude some, but not all, items that affect
net income, and these measures may vary among other companies.
Therefore, EBITDA and Adjusted EBITDA may not be comparable to
similarly titled measures of other companies.
Distributable Cash Flow
Distributable cash flow is an important non-GAAP financial
measure for the Partnership’s limited partners since it serves as
an indicator of success in providing a cash return on their
investment. Distributable cash flow as defined by the Partnership’s
partnership agreement is net income plus depreciation and
amortization minus maintenance capital expenditures, as well as
adjustments to eliminate items approved by the audit committee of
the board of directors of the Partnership’s general partner that
are extraordinary or non-recurring in nature and that would
otherwise increase distributable cash flow.
Distributable cash flow as used in our partnership agreement
also determines our ability to make cash distributions on our
incentive distribution rights. The investment community also uses a
distributable cash flow metric similar to the metric used in our
partnership agreement with respect to publicly traded partnerships
to indicate whether or not such partnerships have generated
sufficient earnings on a current or historic level that can sustain
distributions on preferred or common units or support an increase
in quarterly cash distributions on common units. Our partnership
agreement does not permit adjustments for certain non-cash items,
such as net losses on the sale and disposition of assets and
goodwill and long-lived asset impairment charges.
Distributable cash flow should not be considered as an
alternative to net income, operating income, cash flow from
operations, or any other measure of financial performance presented
in accordance with GAAP. In addition, distributable cash flow may
not be comparable to distributable cash flow or similarly titled
measures of other companies.
About Global Partners LP
Global Partners is a midstream logistics and marketing
master limited partnership that owns, controls or has access to one
of the largest terminal networks of petroleum products and
renewable fuels in the Northeast. With approximately 1,600
locations, primarily in the Northeast, Global is one of the largest
regional independent owners, suppliers and operators of gasoline
stations and convenience stores. Global is also one of the largest
distributors of gasoline, distillates, residual oil and renewable
fuels to wholesalers, retailers and commercial customers
in New England and New York. The Partnership is also
engaged in the transportation of petroleum products and renewable
fuels by rail from the mid-continental U.S. and Canada. For
additional information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may
constitute “forward-looking statements.” The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,”
“would,” “could” or other similar expressions are intended to
identify forward-looking statements, which are generally not
historical in nature. These forward-looking statements are based on
Global Partners’ current expectations and beliefs concerning future
developments and their potential effect on the Partnership. While
management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting the Partnership will be those that it
anticipates. All comments concerning the Partnership’s expectations
for future revenues and operating results are based on forecasts
for its existing operations and do not include the potential impact
of any future acquisitions. Forward-looking statements involve
significant risks and uncertainties (some of which are beyond the
Partnership’s control) and assumptions that could cause actual
results to differ materially from the Partnership’s historical
experience and present expectations or projections.
For additional information regarding known material factors that
could cause actual results to differ from the Partnership’s
projected results, please see Global Partners’ filings with the
SEC, including its Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
The Partnership undertakes no obligation to publicly update or
revise any forward-looking statements after the date they are made,
whether as a result of new information, future events or
otherwise.
GLOBAL PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per unit data)
(Unaudited) Three Months Ended Nine Months
Ended September 30, September 30, 2018
2017 2018 2017 Sales $ 3,468,835 $ 2,159,746 $
9,398,301 $ 6,520,060 Cost of sales 3,333,861
2,009,652 8,969,736 6,094,577
Gross profit 134,974 150,094 428,565 425,483 Costs and
operating expenses: Selling, general and administrative expenses
42,127 40,134 121,447 111,600 Operating expenses 83,776 70,338
234,043 208,720 Gain on trustee taxes - - (52,627 ) - Lease exit
and termination gain (3,506 ) - (3,506 ) - Amortization expense
3,079 2,260 7,984 6,781 Net loss (gain) on sale and disposition of
assets 940 2,190 5,840 (7,291 ) Goodwill and long-lived asset
impairment 414 809 414
809 Total costs and operating expenses 126,830
115,731 313,595 320,619
Operating income 8,144 34,363 114,970 104,864
Interest expense (22,579 ) (20,626 ) (65,637 )
(65,836 ) (Loss) income before income tax (expense) benefit
(14,435 ) 13,737 49,333 39,028 Income tax (expense) benefit
(29 ) 723 900 (72 )
Net (loss) income (14,464 ) 14,460 50,233 38,956 Net
loss attributable to noncontrolling interest 384
418 1,142 1,242
Net (loss) income attributable to Global Partners LP (14,080 )
14,878 51,375 40,198 Less: General partner's interest in net
(loss) income, including incentive distribution rights (27 ) 100
479 270 Less: Series A preferred limited partner interest in net
income 1,009 - 1,009 -
Net (loss) income attributable common limited
partners $ (15,062 ) $ 14,778 $ 49,887 $ 39,928
Basic net (loss) income per common limited partner
unit (1) $ (0.44 ) $ 0.44 $ 1.48 $ 1.19
Diluted net (loss) income per common limited partner unit (1)(2) $
(0.44 ) $ 0.44 $ 1.47 $ 1.18 Basic
weighted average common limited partner units outstanding 34,114
33,644 33,680 33,570
Diluted weighted average limited partner units
outstanding 34,114 33,945 33,894
33,839
(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.
(2) Basic common limited partner units were used to calculate
diluted earnings per common limited partner unit for the three
months ended September 30, 2018, as using the effects of phantom
units would have an anti-dilutive effect.
GLOBAL PARTNERS LP
CONSOLIDATED BALANCE SHEETS (In thousands)
(Unaudited)
September 30, December 31, 2018
2017 Assets Current assets: Cash and cash equivalents
$ 12,451 $ 14,858 Accounts receivable, net 407,537 417,263 Accounts
receivable - affiliates 5,310 3,773 Inventories 481,457 350,743
Brokerage margin deposits 15,226 9,681 Derivative assets 7,281
3,840 Prepaid expenses and other current assets 89,599
77,977 Total current assets 1,018,861 878,135
Property and equipment, net 1,109,892 1,036,667 Intangible assets,
net 62,221 56,545 Goodwill 352,550 312,401 Other assets
31,806 36,421 Total assets $ 2,575,330 $ 2,320,169
Liabilities and partners' equity Current
liabilities: Accounts payable $ 336,530 $ 313,412 Working capital
revolving credit facility - current portion 307,700 126,700
Environmental liabilities - current portion 5,001 5,009 Trustee
taxes payable 37,734 110,321 Accrued expenses and other current
liabilities 97,377 99,507 Derivative liabilities 13,944
13,708 Total current liabilities 798,286 668,657
Working capital revolving credit facility - less current portion
100,000 100,000 Revolving credit facility 244,200 196,000 Senior
notes 663,775 661,774 Environmental liabilities - less current
portion 60,320 52,968 Financing obligations 150,132 150,334
Deferred tax liabilities 38,563 40,105 Other long-term liabilities
53,572 56,013 Total liabilities 2,108,848 1,925,851
Partners' equity Global Partners LP equity 464,259 390,953
Noncontrolling interest 2,223 3,365 Total partners'
equity 466,482 394,318 Total liabilities and
partners' equity $ 2,575,330 $ 2,320,169
GLOBAL PARTNERS LP
FINANCIAL RECONCILIATIONS
(In thousands) (Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2018
2017
2018
2017 Reconciliation of gross profit to product margin
Wholesale segment: Gasoline and gasoline blendstocks
$
5,586
$ 30,422 $ 54,423 $ 64,415 Crude oil (7,606 ) (8,405 ) 2,885 3,248
Other oils and related products 5,175 14,589
31,477 52,290 Total 3,155 36,606
88,785 119,953 Gasoline Distribution and Station Operations
segment: Gasoline distribution 91,335 84,170 238,434 230,608
Station operations 57,265 46,492
149,479 128,629 Total 148,600 130,662 387,913
359,237 Commercial segment 5,478 5,022
16,524 13,335 Combined product margin
157,233 172,290 493,222 492,525 Depreciation allocated to cost of
sales (22,259 ) (22,196 ) (64,657 )
(67,042 ) Gross profit
$
134,974
$ 150,094 $ 428,565 $ 425,483
Reconciliation of net (loss) income to EBITDA and Adjusted
EBITDA Net (loss) income
$
(14,464
) $ 14,460 $ 50,233 $ 38,956 Net loss attributable to
noncontrolling interest 384 418
1,142 1,242 Net (loss) income attributable to
Global Partners LP (14,080 ) 14,878 51,375 40,198 Depreciation and
amortization, excluding the impact of noncontrolling interest
27,310 25,998 78,483 77,885 Interest expense, excluding the impact
of noncontrolling interest 22,579 20,626 65,637 65,836 Income tax
expense (benefit) 29 (723 ) (900 )
72 EBITDA 35,838 60,779 194,595 183,991 Net loss
(gain) on sale and disposition of assets 940 2,190 5,840 (7,291 )
Goodwill and long-lived asset impairment 414
809 414 809 Adjusted EBITDA (1)
$
37,192
$ 63,778 $ 200,849 $ 177,509
Reconciliation of net cash (used in) provided by operating
activities to EBITDA and Adjusted EBITDA Net cash (used in)
provided by operating activities
$
(29,676
) $ 152,514 $ (45,902 ) $ 362,441 Net changes in operating assets
and liabilities and certain non-cash items 42,798 (111,544 )
175,545 (244,062 ) Net cash from operating activities and changes
in operating assets and liabilities attributable to noncontrolling
interest 108 (94 ) 215 (296 ) Interest expense, excluding the
impact of noncontrolling interest 22,579 20,626 65,637 65,836
Income tax expense (benefit) 29 (723 )
(900 ) 72 EBITDA 35,838 60,779 194,595 183,991 Net
loss (gain) on sale and disposition of assets 940 2,190 5,840
(7,291 ) Goodwill and long-lived asset impairment 414
809 414 809 Adjusted
EBITDA (1)
$
37,192
$ 63,778 $ 200,849 $ 177,509
Reconciliation of net (loss) income to distributable cash
flow Net (loss) income
$
(14,464
) $ 14,460 $ 50,233 $ 38,956 Net loss attributable to
noncontrolling interest 384 418
1,142 1,242 Net (loss) income attributable to
Global Partners LP (14,080 ) 14,878 51,375 40,198 Depreciation and
amortization, excluding the impact of noncontrolling interest
27,310 25,998 78,483 77,885 Amortization of deferred financing fees
and senior notes discount 1,720 1,703 5,150 5,374 Amortization of
routine bank refinancing fees (1,022 ) (1,019 ) (3,066 ) (3,249 )
Maintenance capital expenditures, excluding the impact of
noncontrolling interest (8,616 ) (9,258 )
(25,860 ) (21,943 ) Distributable cash flow (2)(3) 5,312
32,302 106,082 98,265 Distributions to Series A preferred
unitholders (4) (1,009 ) - (1,009 )
- Distributable cash flow after distributions to
Series A preferred unitholders
$
4,303
$ 32,302 $ 105,073 $ 98,265
Reconciliation of net cash (used in) provided by operating
activities to distributable cash flow Net cash (used in)
provided by operating activities
$
(29,676
) $ 152,514 $ (45,902 ) $ 362,441 Net changes in operating assets
and liabilities and certain non-cash items 42,798 (111,544 )
175,545 (244,062 ) Net cash from operating activities and changes
in operating assets and liabilities attributable to noncontrolling
interest 108 (94 ) 215 (296 ) Amortization of deferred financing
fees and senior notes discount 1,720 1,703 5,150 5,374 Amortization
of routine bank refinancing fees (1,022 ) (1,019 ) (3,066 ) (3,249
) Non-cash tax reform benefit - - - - Maintenance capital
expenditures, excluding the impact of noncontrolling interest
(8,616 ) (9,258 ) (25,860 ) (21,943 )
Distributable cash flow (2)(3) 5,312 32,302 106,082 98,265
Distributions to Series A preferred unitholders (4) (1,009 )
- (1,009 ) - Distributable cash
flow after distributions to Series A preferred unitholders
$
4,303
$ 32,302 $ 105,073 $ 98,265
(1) Adjusted EBITDA for the three and nine months ended
September 30, 2018 includes a lease exit and termination gain of
$3.5 million. Adjusted EBITDA for the nine months ended September
30, 2018 includes a one-time gain of approximately $52.6 million as
a result of the extinguishment of a contingent liability related to
a Volumetric Ethanol Excise Tax Credit.
(2) As defined by the Partnership's partnership agreement,
distributable cash flow is not adjusted for certain non-cash items,
such as net losses on the sale and disposition of assets and
goodwill and long-lived asset impairment charges.
(3) Distributable cash flow includes a net loss on sale and
disposition of assets and a net goodwill and long-lived asset
impairment of $1.3 million and $3.0 million for the three months
ended September 30, 2018 and 2017, respectively, and $6.2 million
and $7.7 million for the nine months ended September 30, 2018 and
2017, respectively. Excluding these charges, distributable cash
flow would have been $6.6 million and $35.3 million for the three
months ended September 30, 2018 and 2017, respectively, and $112.3
million and $106.0 million for the nine months ended September 30,
2018 and 2017, respectively. For the nine months ended September
30, 2018, distributable cash flow includes a one-time gain of
approximately $52.6 million as a result of the extinguishment of a
contingent liability related to a Volumetric Ethanol Excise Tax
Credit. For the nine months ended September 30, 2017, distributable
cash flow includes a $14.2 million gain on the sale of the
Partnership's natural gas marketing and electricity brokerage
businesses in February 2017.
(4) Distributions on the Series A Preferred Units are cumulative
and payable quarterly in arrears on February 15, May 15, August 15
and November 15 of each year, commencing on November 15, 2018.
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Global Partners LPDaphne H. Foster, 781-894-8800Chief
Financial OfficerorEdward J. Faneuil, 781-894-8800Executive
Vice President, General Counsel and Secretary
Global Partners (NYSE:GLP)
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