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Global Partners Reports Record Fourth-Quarter And Full-Year 2012 Financial Results

Stocks in this article: GLP

(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
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
           
 
December 31, December 31,
2012 2011
Assets
Current assets:
Cash and cash equivalents $ 5,977 $ 4,328
Accounts receivable, net 696,762 621,670
Accounts receivable - affiliates 1,307 1,776
Inventories 634,667 664,144
Brokerage margin deposits 54,726 43,935
Fair value of forward fixed price contracts 48,062 23,224

Prepaid expenses and other current assets

  65,432   61,561
Total current assets 1,506,933 1,420,638
 
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  




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