Global Partners Reports Record Fourth-Quarter and Full-Year 2012 Financial Results
Global Partners LP (NYSE: GLP) today reported financial results for the
fourth quarter and 12 months ended December 31, 2012.
“Global’s development of rail logistics and gas station assets has
strengthened and diversified our cash flows and income streams,” said
Eric Slifka, the Partnership’s president and chief executive officer.
“Our record results in 2012 reflect this transformation, highlighted by
the steady growth of our rail logistics capabilities and the acquisition
of Alliance Energy.”
“We believe our direct, single line haul ‘virtual pipeline’ to Albany,
NY on Canadian Pacific provides the most efficient model to move
competitively price-advantaged product from the mid-continent of the
U.S. and Canada to the East Coast,” Slifka said. “The rail volume into
our Global Albany crude and ethanol terminal has more than doubled from
42 unit trains in the first quarter of 2012 to 87 in the fourth quarter,
with 81 unit trains received through the first two months of 2013 alone,
averaging over 100,000 barrels a day.”
“In recent weeks, we have expanded our advantaged logistics, purchasing
a 60% membership interest in Basin Transload in North Dakota and
acquiring the Cascade Kelly crude oil transload and ethanol production
facility near Portland, Oregon,” Slifka said. “The Basin terminal in
Beulah, ND and our new Oregon facility form a West bound virtual
pipeline on the BNSF Railway that connects the U.S. mid-continent and
Western Canadian Sedimentary Basin to Pacific refiners. Together with
our Albany terminal, these locations form a network of unique origin and
destination locations through which our customers can efficiently supply
cost-competitive crude oil to destinations on the East and West coasts.”
Fourth Quarter 2012 Financial Summary
Net income for the
fourth quarter of 2012 was $22.7 million, or $0.81 per diluted limited
partner unit, compared with net income of $10.0 million, or $0.45 per
diluted limited partner unit, for the fourth quarter of 2011.
Combined net product margin for the fourth quarter of 2012 was $115.5
million, compared with $65.6 million for the fourth quarter of 2011.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
for the fourth quarter of 2012 were $47.1 million, compared with $26.8
million for the same period of 2011.
Distributable cash flow (DCF) for the fourth quarter of 2012 was $32.1
million, compared with $16.5 million for the fourth quarter of 2011.
Net product margin, EBITDA and DCF are non-GAAP (Generally Accepted
Accounting Principles) financial measures, which are explained in
greater detail below under "Use of Non-GAAP Financial Measures." Please
refer to Financial Reconciliations included in this news release for
reconciliations of these non-GAAP financial measures to their most
directly comparable GAAP financial measures for the three and 12 months
ended December 31, 2012 and 2011.
Sales for the fourth quarter of 2012 increased to $5.1 billion from $4.1
billion for the same period in 2011, driven primarily by increasing
crude oil activity and the acquisition of Alliance Energy LLC, which was
completed in the first quarter of 2012. Wholesale segment sales of $4.1
billion were up approximately 16% from $3.5 billion for the fourth
quarter of 2011 due to an increase in volume. Sales from the Gasoline
Distribution and Station Operations segment more than doubled to $875.9
million compared with $365.5 million for the same period in 2011,
reflecting contributions from the Alliance acquisition, as well as the
fuel supply and services agreement with Getty Realty. Commercial segment
sales decreased approximately 33% to $148.5 million from $220.3 million
for the fourth quarter of 2011.
Wholesale segment volume was 1.4 billion gallons for the fourth quarter
of 2012 compared with 1.3 billion gallons for the fourth quarter of
2011. Volume in the Gasoline Distribution and Station Operations segment
was up 130% to 267.9 million gallons for the fourth quarter of 2012 from
116.6 million gallons in the comparable period of 2011.
Commercial segment volume was 96.9 million gallons, compared with 93.9
million gallons for the fourth quarter of 2011.
Combined gross profit increased to $104.9 million for the fourth quarter
of 2012, compared with $59.5 million for the fourth quarter of 2011.
Total wholesale net product margin grew to $42.6 million for the fourth
quarter of 2012, compared with $36.5 million for the same period in
2011. In the Gasoline Distribution and Station Operations segment, net
product margin increased 204% to $68.4 million from $22.5 million in the
comparable period of 2011. Commercial segment net product margin
decreased to $4.5 million for the fourth quarter of 2012 compared with
$6.6 million in the same period of 2011.
Full Year 2012 Financial Summary
Net income for the 12
months ended December 31, 2012 was $46.7 million, or $1.71 per diluted
limited partner unit, compared with $19.4 million, or $0.87 per diluted
limited partner unit, for the same period in 2011. The Partnership had
approximately 26.6 million and 21.5 million diluted weighted average
limited partner units outstanding for the 12 months ended December 31,
2012 and 2011, respectively.
Combined net product margin for 2012 was $370.2 million, compared with
$234.0 million for 2011.
EBITDA for the 12 months ended December 31, 2012 increased 58% to $135.8
million from $85.7 million for the same period in 2011.
Distributable cash flow for 2012 was $80.8 million, compared with $46.7
million for the comparable period in 2011.
Sales for the 12 months ended December 31, 2012 increased 19% to $17.6
billion, compared with $14.8 billion for the same period in 2011,
reflecting the contributions of crude oil activity and the Alliance
acquisition. Wholesale segment sales were $13.8 billion, or 78% of total
sales, for 2012, compared with $12.6 billion, or 85% of total sales, for
2011. Sales from the Gasoline Distribution and Station Operations
segment were $3.1 billion, or 18% of total sales, for 2012, compared
with $1.5 billion, or 10% of total sales, for 2011. Commercial segment
sales were $716.2 million, or 4% of total sales, for 2012, compared with
$775.0 million, or 5% of total sales, for 2011.
Combined product volume totaled 6.1 billion gallons in 2012, compared
with 5.2 billion gallons in 2011. Wholesale segment volume increased to
4.8 billion gallons versus 4.4 billion gallons in 2011. Volume in the
Gasoline Distribution and Station Operations segment was up 115% to
954.3 million gallons in 2012 from 442.9 million gallons in 2011.
Commercial segment volume increased to 352.2 million gallons in 2012,
compared with 338.2 million gallons in 2011.
Combined gross profit increased 59% to $333.5 million in 2012 from
$209.6 million in 2011. Total wholesale net product margin grew 17% to
$145.4 million in 2012, compared with $123.8 million for the same period
in 2011. In the Gasoline Distribution and Station Operations segment,
net product margin increased 134% to $206.1 million from $88.2 million
in 2011. Commercial segment net product margin decreased to $18.7
million in 2012 compared with $22.0 million in 2011.
Recent Highlights
-
Global and Phillips 66 (NYSE:PSX) signed a five-year take-or-pay
contract under which Global is using its rail transloading, logistics
and transportation system to deliver crude oil from the Bakken region
of North Dakota to Phillips 66’s Bayway, NJ refinery. The agreement
includes a take-or-pay commitment from Phillips 66 to receive
approximately 91 million barrels of crude oil over the contract term.
-
Global completed its acquisition of a 60% membership interest in Basin
Transload, which operates two transloading facilities for crude oil
and other products in Columbus and Beulah, ND with a combined rail
loading capacity of 160,000 barrels per day.
-
Global completed its acquisition of 100% of the membership interests
of Cascade Kelly Holdings, which owns a West Coast crude oil and
ethanol facility near Portland, Oregon. The assets include a rail
transloading facility serviced by the BNSF Railway, 200,000 barrels of
storage capacity, a deepwater marine terminal with access to a
1,200-foot leased dock and the largest ethanol plant on the West Coast.
-
In connection with its Basin Transload and Cascade Kelly acquisitions,
Global increased its bank credit facility by $115 million and issued a
$70 million senior unsecured five-year note to funds managed by GSO
Capital Partners LP, the credit arm of The Blackstone Group.
-
The Board of Directors of the Partnership’s general partner, Global GP
LLC, increased the Partnership’s quarterly cash distribution to $0.57
per unit ($2.28 per unit on an annualized basis) on all of its
outstanding common units for the period from October 1 through
December 31, 2012. The distribution was paid on February 14, 2013 to
unitholders of record as of the close of business February 5, 2013.
Business Outlook
“We closed 2012 with strong financial and
operational momentum,” Slifka said. “In addition to our gasoline
activity and increased wholesale volumes, we are successfully
implementing a rail strategy that leverages our expertise in midstream
logistics and marketing, strengthening our position at the forefront of
a large and growing market opportunity to move mid-continent and
Canadian origin crude from the well to consumption.”
As previously announced, excluding the recently completed Cascade Kelly
Holdings acquisition, for full-year 2013 the Partnership expects EBITDA
in the range of $175 million to $190 million. The Partnership’s outlook
is based on assumptions regarding current market conditions, including
demand for petroleum products and renewable fuels, weather, credit
markets and the forward product pricing curve, which will influence
quarterly financial results.
Financial Results Conference Call
Management will review the Partnership’s fourth-quarter and year-end
2012 financial results in a teleconference call for analysts and
investors today.
Time:
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10:00 a.m. ET
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Dial-in numbers:
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(877) 709-8155 (U.S. and Canada)
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(201) 689-8881 (International)
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The call also will be webcast live and archived on Global’s website, www.globalp.com.
Use of Non-GAAP Financial Measures
Net Product Margin
Global Partners views net product margin as an important performance
measure of the core profitability of its operations. The Partnership
reviews net product margin monthly for consistency and trend analysis.
Global Partners defines net product margin as sales minus product costs.
Sales primarily include sales of unbranded and branded gasoline,
distillates, residual oil, renewable fuels, crude oil and natural gas,
as well as convenience store sales and gasoline station rental income.
Product costs include the cost of acquiring the refined petroleum
products, renewable fuels, crude oil and natural gas 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. The Partnership also looks at net product margin on a per unit
basis (net product margin divided by volume). Net product margin is a
non-GAAP financial measure used by management and external users of
Global Partners' consolidated financial statements to assess the
Partnership’s business. Net product margin should not be considered an
alternative to net income, operating income, cash flow from operations,
or any other measure of financial performance presented in accordance
with GAAP. In addition, Global Partners’ net product margin may not be
comparable to net product margin or a similarly titled measure of other
companies.
EBITDA
EBITDA is a non-GAAP financial measure used as a supplemental financial
measure by management and external users of Global Partners'
consolidated financial statements, such as investors, commercial banks
and research analysts, to assess the Partnership’s:
-
compliance with certain financial covenants included in its debt
agreements;
-
financial performance without regard to financing methods, capital
structure, income taxes or historical cost basis;
-
ability to generate cash sufficient to pay interest on its
indebtedness and to make distributions to its partners;
-
operating performance and return on invested capital as compared to
those of other companies in the wholesale, marketing, storing and
distribution of refined petroleum products, renewable fuels and crude
oil, without regard to financing methods and capital structure; and
-
viability of acquisitions and capital expenditure projects and the
overall rates of return of alternative investment opportunities.
EBITDA should not be considered as an alternative to net income,
operating income, cash flow from operating activities or any other
measure of financial performance or liquidity presented in accordance
with GAAP. EBITDA excludes some, but not all, items that affect net
income, and this measure may vary among other companies. Therefore,
EBITDA may not be comparable to similarly titled measures of other
companies.
Distributable Cash Flow
Distributable cash flow is an important non-GAAP financial measure for
Global Partners' limited partners since it serves as an indicator of the
Partnership's success in providing a cash return on their investment.
Distributable cash flow means the Partnership's net income plus
depreciation and amortization minus maintenance capital expenditures, as
well as adjustments to eliminate items approved by the audit committee
of the Board of Directors of the Partnership's general partner that are
extraordinary or non-recurring in nature and that would otherwise
increase distributable cash flow. Specifically, this financial measure
indicates to investors whether or not the Partnership has generated
sufficient earnings on a current or historic level that can sustain or
support an increase in its quarterly cash distribution. Distributable
cash flow is a quantitative standard used by the investment community
with respect to publicly traded partnerships. Distributable cash flow
should not be considered as an alternative to net income, operating
income, cash flow from operations, or any other measure of financial
performance presented in accordance with GAAP. In addition, Global
Partners' distributable cash flow may not be comparable to distributable
cash flow or similarly titled measures of other companies.
About Global Partners LP
A publicly traded master limited partnership, Global Partners LP is a
midstream logistics and marketing company. Global is a leader in the
logistics of transporting Bakken and Canadian crude oil and other energy
products via rail, establishing a ‘virtual pipeline’ from the
mid-continent region of the U.S. and Canada to refiners and other
customers on the East and West coasts. Global owns, controls or has
access to one of the largest terminal networks of petroleum products and
renewable fuels in the Northeast, and is one of the largest wholesale
distributors of gasoline, distillates, residual oil and renewable fuels
to wholesalers, retailers and commercial customers in New England and
New York. With a portfolio of approximately 1,000 locations in nine
states, the Partnership is also one of the largest independent owners,
suppliers and operators of gasoline stations and convenience stores in
the Northeast. In addition, the Partnership is a distributor of natural
gas. Global is No. 182 in the Fortune 500 list of America’s largest
corporations.
Forward-looking Statements
Some of the information contained in this news release may contain
forward-looking statements. Forward-looking statements include, without
limitation, any statement that may project, indicate or imply future
results, events, performance or achievements, and may contain the words
“may,” “believe,” “should,” “could,” “expect,” “anticipate,” “plan,”
“intend,” “estimate,” “will likely result,” or other similar
expressions. In addition, any statement made by Global Partners LP’s
management concerning future financial performance (including future
revenues, earnings or growth rates), ongoing business strategies or
prospects and possible actions by Global Partners LP or its subsidiaries
are also forward-looking statements.
Although Global Partners LP believes these forward-looking statements
are reasonable as and when made, there may be events in the future that
Global Partners LP is not able to predict accurately or control, and
there can be no assurance that future developments affecting Global
Partners LP’s business will be those that it anticipates. Estimates for
Global Partners LP’s future EBITDA are based on a number of assumptions
regarding market conditions, including demand for petroleum products and
renewable fuels, weather, credit markets and the forward product pricing
curve. Therefore, Global Partners LP can give no assurance that its
future EBITDA will be as estimated.
For additional information about risks and uncertainties that could
cause actual results to differ materially from the expectations Global
Partners LP describes in its forward-looking statements, please refer to
Global Partners LP’s Annual Report on Form 10-K for the year ended
December 31, 2011 and subsequent filings the Partnership makes with the
Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made.
Global Partners LP expressly disclaims any obligation or undertaking to
update forward-looking statements to reflect any change in its
expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
GLOBAL PARTNERS LP
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CONSOLIDATED STATEMENTS OF INCOME
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(In thousands, except per unit data)
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(Unaudited)
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Three Months Ended
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Twelve Months Ended
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December 31,
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December 31,
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2012
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2011
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2012
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2011
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Sales
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$
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5,117,259
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$
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4,106,744
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$
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17,625,997
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$
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14,835,729
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Cost of sales
|
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5,012,385
|
|
|
|
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4,047,246
|
|
|
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17,292,509
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|
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14,626,131
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Gross profit
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104,874
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|
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59,498
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333,488
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209,598
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Costs and operating expenses:
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Selling, general and administrative expenses
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30,855
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21,520
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101,463
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78,605
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Operating expenses
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|
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39,721
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|
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18,602
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140,413
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|
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73,534
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Restructuring charges
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-
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311
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-
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2,030
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Amortization expense
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|
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1,651
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|
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1,217
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7,024
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4,800
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Total costs and operating expenses
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72,227
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41,650
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248,900
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158,969
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Operating income
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32,647
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17,848
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84,588
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50,629
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Interest expense
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(8,563
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)
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(7,731
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)
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(36,268
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)
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(31,209
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)
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Income before income tax expense
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24,084
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10,117
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48,320
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19,420
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Income tax expense
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(1,349
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)
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(68
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)
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(1,577
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)
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(68
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)
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Net income
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22,735
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10,049
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46,743
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19,352
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Less: General partner's interest in net income, including
incentive distribution rights (1)(2)
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(479
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)
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(229
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)
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(1,212
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)
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(684
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)
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Limited partners' interest in net income
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$
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22,256
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$
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9,820
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$
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45,531
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|
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$
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18,668
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Basic net income per limited partner unit (3)
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$
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0.81
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$
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0.46
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|
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$
|
1.73
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|
|
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$
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0.88
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|
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|
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Diluted net income per limited partner unit (3)
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$
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0.81
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|
|
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$
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0.45
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|
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$
|
1.71
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|
|
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$
|
0.87
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Basic weighted average limited partner units outstanding
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27,311
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|
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21,550
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26,393
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21,280
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Diluted weighted average limited partner units outstanding
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27,487
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21,723
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26,567
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|
|
|
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21,474
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(1) Calculations for 2012 include the effect of the March 1, 2012
issuance of 5,850,000 common units in connection with the acquisition of
Alliance Energy LLC. As a result, the general partner interest was
reduced to 0.83% for the three months ended December 31, 2012 and, based
on a weighted average, 0.86% for the twelve months ended December 31,
2012.
(2) Calculations for 2011 include the effect of the November 2010 and
February 2011 public offerings. As a result, the general partner
interest was reduced to 1.06% for the three months ended December 31,
2011 and, based on a weighted average, 1.09% for the twelve months ended
December 31, 2011.
(3) Under the Partnership's partnership agreement, for any quarterly
period, the incentive distribution rights ("IDRs") participate in net
income only to the extent of the amount of cash distributions actually
declared, thereby excluding the IDRs from participating in the
Partnership's undistributed net income or losses. Accordingly, the
Partnership's undistributed net income is assumed to be allocated to the
limited partners' interest and to the General Partner's general partner
interest. Limited partners' interest in net income is divided by the
weighted average limited partner units outstanding in computing the net
income per limited partner unit.
GLOBAL PARTNERS LP
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CONSOLIDATED BALANCE SHEETS
|
(In thousands)
|
(Unaudited)
|
|
|
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December 31,
|
|
|
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December 31,
|
|
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|
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2012
|
|
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|
2011
|
Assets
|
|
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|
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Current assets:
|
|
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|
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Cash and cash equivalents
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$
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5,977
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|
|
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$
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4,328
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Accounts receivable, net
|
|
|
|
|
696,762
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|
|
|
|
621,670
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Accounts receivable - affiliates
|
|
|
|
|
1,307
|
|
|
|
|
1,776
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Inventories
|
|
|
|
|
634,667
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|
|
|
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664,144
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Brokerage margin deposits
|
|
|
|
|
54,726
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|
|
|
|
43,935
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Fair value of forward fixed price contracts
|
|
|
|
|
48,062
|
|
|
|
|
23,224
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Prepaid expenses and other current assets
|
|
|
|
|
65,432
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|
|
|
|
61,561
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Total current assets
|
|
|
|
|
1,506,933
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|
|
|
|
1,420,638
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|
|
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|
|
|
|
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|
Property and equipment, net
|
|
|
|
|
712,322
|
|
|
|
|
408,850
|
Goodwill
|
|
|
|
|
32,326
|
|
|
|
|
-
|
Intangible assets, net
|
|
|
|
|
60,822
|
|
|
|
|
36,710
|
Other assets
|
|
|
|
|
17,349
|
|
|
|
|
10,427
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
2,329,752
|
|
|
|
$
|
1,876,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and partners' equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
759,698
|
|
|
|
$
|
575,776
|
Working capital revolving credit facility - current portion
|
|
|
|
|
83,746
|
|
|
|
|
62,805
|
Environmental liabilities - current portion
|
|
|
|
|
4,341
|
|
|
|
|
2,936
|
Trustee taxes payable
|
|
|
|
|
91,494
|
|
|
|
|
76,523
|
Accrued expenses and other current liabilities
|
|
|
|
|
71,442
|
|
|
|
|
41,307
|
Obligations on forward fixed price contracts
|
|
|
|
|
34,474
|
|
|
|
|
19,481
|
Total current liabilities
|
|
|
|
|
1,045,195
|
|
|
|
|
778,828
|
|
|
|
|
|
|
|
|
|
|
|
Working capital revolving credit facility - less current portion
|
|
|
|
|
340,754
|
|
|
|
|
526,095
|
Revolving credit facility
|
|
|
|
|
422,000
|
|
|
|
|
205,000
|
Environmental liabilities - less current portion
|
|
|
|
|
39,831
|
|
|
|
|
27,303
|
Other long-term liabilities
|
|
|
|
|
45,511
|
|
|
|
|
24,110
|
Total liabilities
|
|
|
|
|
1,893,291
|
|
|
|
|
1,561,336
|
|
|
|
|
|
|
|
|
|
|
|
Partners' equity
|
|
|
|
|
436,461
|
|
|
|
|
315,289
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and partners' equity
|
|
|
|
$
|
2,329,752
|
|
|
|
$
|
1,876,625
|
|
|
|
|
|
|
|
|
|
|
|
GLOBAL PARTNERS LP
|
FINANCIAL RECONCILIATIONS
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
Reconciliation of gross profit to net product margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline and gasoline blendstocks
|
|
|
|
|
|
$
|
20,257
|
|
|
$
|
9,989
|
|
|
$
|
54,639
|
|
|
$
|
56,224
|
|
Other oils and related products
|
|
|
|
|
|
|
22,341
|
|
|
|
26,517
|
|
|
|
90,790
|
|
|
|
67,609
|
|
Total
|
|
|
|
|
|
|
42,598
|
|
|
|
36,506
|
|
|
|
145,429
|
|
|
|
123,833
|
|
Gasoline Distribution and Station Operations segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline distribution
|
|
|
|
|
|
|
50,422
|
|
|
|
14,526
|
|
|
|
139,706
|
|
|
|
56,690
|
|
Station operations
|
|
|
|
|
|
|
18,017
|
|
|
|
7,985
|
|
|
|
66,384
|
|
|
|
31,491
|
|
Total
|
|
|
|
|
|
|
68,439
|
|
|
|
22,511
|
|
|
|
206,090
|
|
|
|
88,181
|
|
Commercial segment
|
|
|
|
|
|
|
4,494
|
|
|
|
6,609
|
|
|
|
18,652
|
|
|
|
21,975
|
|
Combined net product margin
|
|
|
|
|
|
|
115,531
|
|
|
|
65,626
|
|
|
|
370,171
|
|
|
|
233,989
|
|
Depreciation allocated to cost of sales
|
|
|
|
|
|
|
10,657
|
|
|
|
6,128
|
|
|
|
36,683
|
|
|
|
24,391
|
|
Gross profit
|
|
|
|
|
|
$
|
104,874
|
|
|
$
|
59,498
|
|
|
$
|
333,488
|
|
|
$
|
209,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
$
|
22,735
|
|
|
$
|
10,049
|
|
|
$
|
46,743
|
|
|
$
|
19,352
|
|
Depreciation and amortization and amortization of deferred financing
fees
|
|
|
|
|
|
|
14,442
|
|
|
|
8,907
|
|
|
|
51,211
|
|
|
|
35,082
|
|
Interest expense
|
|
|
|
|
|
|
8,563
|
|
|
|
7,731
|
|
|
|
36,268
|
|
|
|
31,209
|
|
Income tax expense
|
|
|
|
|
|
|
1,349
|
|
|
|
68
|
|
|
|
1,577
|
|
|
|
68
|
|
EBITDA
|
|
|
|
|
|
$
|
47,089
|
|
|
$
|
26,755
|
|
|
$
|
135,799
|
|
|
$
|
85,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by (used in) operating
activities to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
|
$
|
42,752
|
|
|
$
|
(10,578
|
)
|
|
$
|
232,452
|
|
|
$
|
(17,357
|
)
|
Net changes in operating assets and liabilities and certain non-cash
items
|
|
|
|
|
|
|
(5,575
|
)
|
|
|
29,534
|
|
|
|
(134,498
|
)
|
|
|
71,791
|
|
Interest expense
|
|
|
|
|
|
|
8,563
|
|
|
|
7,731
|
|
|
|
36,268
|
|
|
|
31,209
|
|
Income tax expense
|
|
|
|
|
|
|
1,349
|
|
|
|
68
|
|
|
|
1,577
|
|
|
|
68
|
|
EBITDA
|
|
|
|
|
|
$
|
47,089
|
|
|
$
|
26,755
|
|
|
$
|
135,799
|
|
|
$
|
85,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income to distributable cash flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
$
|
22,735
|
|
|
$
|
10,049
|
|
|
$
|
46,743
|
|
|
$
|
19,352
|
|
Depreciation and amortization and amortization of deferred financing
fees
|
|
|
|
|
|
|
14,442
|
|
|
|
8,907
|
|
|
|
51,211
|
|
|
|
35,082
|
|
Amortization of routine bank refinancing fees
|
|
|
|
|
|
|
(1,195
|
)
|
|
|
(959
|
)
|
|
|
(4,073
|
)
|
|
|
(3,467
|
)
|
Maintenance capital expenditures
|
|
|
|
|
|
|
(3,914
|
)
|
|
|
(1,545
|
)
|
|
|
(13,112
|
)
|
|
|
(4,226
|
)
|
Distributable cash flow
|
|
|
|
|
|
$
|
32,068
|
|
|
$
|
16,452
|
|
|
$
|
80,769
|
|
|
$
|
46,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by (used in) operating
activities to distributable cash flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
|
$
|
42,752
|
|
|
$
|
(10,578
|
)
|
|
$
|
232,452
|
|
|
$
|
(17,357
|
)
|
Net changes in operating assets and liabilities and certain non-cash
items
|
|
|
|
|
|
|
(5,575
|
)
|
|
|
29,534
|
|
|
|
(134,498
|
)
|
|
|
71,791
|
|
Amortization of routine bank refinancing fees
|
|
|
|
|
|
|
(1,195
|
)
|
|
|
(959
|
)
|
|
|
(4,073
|
)
|
|
|
(3,467
|
)
|
Maintenance capital expenditures
|
|
|
|
|
|
|
(3,914
|
)
|
|
|
(1,545
|
)
|
|
|
(13,112
|
)
|
|
|
(4,226
|
)
|
Distributable cash flow
|
|
|
|
|
|
$
|
32,068
|
|
|
$
|
16,452
|
|
|
$
|
80,769
|
|
|
$
|
46,741
|
|
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130314005217r1&sid=ntxv4&distro=nx)