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Global Partners Reports Fourth-Quarter And Full-Year 2011 Financial Results

(2) 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
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
               
 
December 31, December 31,
2011 2010
Assets
Current assets:
Cash and cash equivalents $ 4,328 $ 2,361
Accounts receivable, net 621,670 553,066
Accounts receivable - affiliates 1,776 1,230
Inventories 664,144 586,831
Brokerage margin deposits 43,935 15,501
Fair value of forward fixed price contracts 15,450 1,942
Prepaid expenses and other current assets   61,561   36,714
Total current assets 1,412,864 1,197,645
 
Property and equipment, net 408,850 422,684
Intangible assets, net 36,710 40,065
Other assets   10,427   11,922
 
Total assets $ 1,868,851 $ 1,672,316
 
 
Liabilities and partners' equity
Current liabilities:
Accounts payable $ 575,776 $ 443,469
Working capital revolving credit facility - current portion 62,805 193,198
Environmental liabilities - current portion 2,936 5,535
Trustee taxes payable 76,523 69,828
Accrued expenses and other current liabilities 41,307 30,494
Obligations on forward fixed price contracts and other derivatives   11,707   9,157
Total current liabilities 771,054 751,681
 
Working capital revolving credit facility - less current portion 526,095 293,502
Revolving credit facility 205,000 300,000
Environmental liabilities - less current portion 27,303 28,970
Other long-term liabilities   24,110   21,347
Total liabilities 1,553,562 1,395,500
 
Partners' equity   315,289   276,816
 
Total liabilities and partners' equity $ 1,868,851 $ 1,672,316
 
 

GLOBAL PARTNERS LP
FINANCIAL RECONCILIATIONS
(In thousands)
(Unaudited)
                 
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2011   2010   2011   2010  
Reconciliation of net income to EBITDA
Net income $ 10,049 $ 5,939 $ 19,352 $ 27,038
Depreciation and amortization and amortization of deferred financing fees 8,907 8,428 35,082 23,089

Interest expense

7,731 7,984 31,209 22,310

Income tax expense (benefit)

  68     (387 )   68     -  
EBITDA $ 26,755   $ 21,964   $ 85,711   $ 72,437  
 
Reconciliation of net cash used in operating activities to EBITDA
Net cash used in operating activities $ (10,578 ) $ (54,236 ) $ (17,357 ) $ (87,194 )
Net changes in operating assets and liabilities and certain non-cash items 29,534 68,603 71,791 137,321
Interest expense 7,731 7,984 31,209 22,310

Income tax expense (benefit)

  68     (387 )   68     -  
EBITDA $ 26,755   $ 21,964   $ 85,711   $ 72,437  
 
Reconciliation of net income to distributable cash flow
Net income $ 10,049 $ 5,939 $ 19,352 $ 27,038
Depreciation and amortization and amortization of deferred financing fees 8,907 8,428 35,082 23,089
Amortization of routine bank refinancings (1) (959 ) - (3,467 ) -
Maintenance capital expenditures   (1,545 )   (1,830 )   (4,226 )   (4,092 )
Distributable cash flow $ 16,452   $ 12,537   $ 46,741   $ 46,035  
 

Reconciliation of net cash used in operating activities to distributable cash flow

Net cash used in operating activities $ (10,578 ) $ (54,236 ) $ (17,357 ) $ (87,194 )
Net changes in operating assets and liabilities and certain non-cash items 29,534 68,603 71,791 137,321
Amortization of routine bank refinancings (1) (959 ) - (3,467 ) -
Maintenance capital expenditures   (1,545 )   (1,830 )   (4,226 )   (4,092 )
Distributable cash flow $ 16,452   $ 12,537   $ 46,741   $ 46,035  
 

(1) Commencing with the quarter ended March 31, 2011, our calculation of distributable cash flow excludes non-cash amortization of deferred financing fees related to routine bank refinancings. Amortization of deferred financing fees in connection with our expansion-related activities will continue to be included. We believe that this provides a more conservative methodology to this non-GAAP financial measure. Had this methodology been used previously, it would not have affected distribution decisions or the outcome of the conversion of subordinated units to common units. Had this methodology been used for the three and twelve months ended December 31, 2010, distributable cash flow would have been lower by approximately $0.7 million and $2.5 million, respectively.

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