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TheStreet Open House

Global Partners Reports Financial Results For The Second Quarter Of 2013

Stock quotes in this article: GLP

(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)
       
 
June 30, December 31,
  2013   2012
Assets
Current assets:
Cash and cash equivalents $ 9,673 $ 5,977
Accounts receivable, net 745,846 696,762
Accounts receivable - affiliates 1,400 1,307
Inventories 354,161 634,667
Brokerage margin deposits 21,954 54,726
Fair value of forward fixed price contracts 2,022 48,062
Prepaid expenses and other current assets   45,179   65,432
Total current assets 1,180,235 1,506,933
 
Property and equipment, net 787,717 712,322
Goodwill 107,579 32,326
Intangible assets, net 128,932 60,822
Other assets   18,832   17,349
 
Total assets $ 2,223,295 $ 2,329,752
 
 
Liabilities and partners' equity
Current liabilities:
Accounts payable $ 764,061 $ 759,698
Working capital revolving credit facility - current portion - 83,746
Term loan 115,000 -
Environmental liabilities - current portion 4,286 4,341
Trustee taxes payable 75,789 91,494
Accrued expenses and other current liabilities 50,205 71,442
Obligations on forward fixed price contracts   8,730   34,474
Total current liabilities 1,018,071 1,045,195
 
Working capital revolving credit facility - less current portion 211,500 340,754
Revolving credit facility 374,700 422,000
Senior notes 68,058 -
Environmental liabilities - less current portion 38,380 39,831
Other long-term liabilities   41,136   45,511
Total liabilities 1,751,845 1,893,291
 
Partners' equity
Global Partners LP equity 430,497 436,461
Noncontrolling interest   40,953   -
Total partners' equity 471,450 436,461
 
Total liabilities and partners' equity $ 2,223,295 $ 2,329,752
 

 
GLOBAL PARTNERS LP
FINANCIAL RECONCILIATIONS
(In thousands)
(Unaudited)
       
Three Months Ended Six Months Ended
June 30, June 30,
  2013     2012     2013     2012  
Reconciliation of gross profit to net product margin
Wholesale segment:
Gasoline and gasoline blendstocks $ 16,043 $ 6,718 $ 25,656 $ 25,457
Other oils and related products   30,102     28,002     71,669     42,455  
Total 46,145 34,720 97,325 67,912
Gasoline Distribution and Station Operations segment:
Gasoline distribution 38,897 43,525 67,090 55,728
Station operations   19,939     18,734     37,775     29,694  
Total 58,836 62,259 104,865 85,422
Commercial segment   6,170     3,179     16,595     9,379  
Combined net product margin 111,151 100,158 218,785 162,713
Depreciation allocated to cost of sales   (13,294 )   (9,483 )   (25,076 )   (16,719 )
Gross profit $ 97,857   $ 90,675   $ 193,709   $ 145,994  
 
Reconciliation of net income to EBITDA
Net income $ 8,712 $ 18,515 $ 23,047 $ 17,115
Net (income) loss attributable to noncontrolling interest   (18 )   -     472     -  
Net income attributable to Global Partners LP 8,694 18,515 23,519 17,115

Depreciation and amortization and amortization of deferred financing fees, excluding the impact of noncontrolling interest

19,255 13,577 36,159 24,107
Interest expense 9,024 9,148 17,940 18,468
Income tax benefit   -     (450 )   (1,875 )   (450 )
EBITDA $ 36,973   $ 40,790   $ 75,743   $ 59,240  
 
Reconciliation of net cash provided by operating activities to EBITDA
Net cash provided by operating activities $ 44,934 $ 258,063 $ 327,712 $ 216,300
Net changes in operating assets and liabilities and certain non-cash items (14,928 ) (225,971 ) (265,109 ) (175,078 )

Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest

(2,057 ) - (2,925 ) -
Interest expense 9,024 9,148 17,940 18,468
Income tax benefit   -     (450 )   (1,875 )   (450 )
EBITDA $ 36,973   $ 40,790   $ 75,743   $ 59,240  
 
Reconciliation of net income to distributable cash flow
Net income $ 8,712 $ 18,515 $ 23,047 $ 17,115
Net (income) loss attributable to noncontrolling interest   (18 )   -     472     -  
Net income attributable to Global Partners LP 8,694 18,515 23,519 17,115

Depreciation and amortization and amortization of deferred financing fees, excluding the impact of noncontrolling interest

19,255 13,577 36,159 24,107
Amortization of senior notes discount 105 - 158 -
Amortization of routine bank refinancing fees (985 ) (959 ) (1,970 ) (1,918 )
Maintenance capital expenditures   (3,672 )   (4,454 )   (7,895 )   (5,557 )
Distributable cash flow $ 23,397   $ 26,679   $ 49,971   $ 33,747  
 

Reconciliation of net cash provided by operating activities to distributable cash flow

Net cash provided by operating activities $ 44,934 $ 258,063 $ 327,712 $ 216,300
Net changes in operating assets and liabilities and certain non-cash items (14,928 ) (225,971 ) (265,109 ) (175,078 )
Amortization of senior notes discount 105 - 158 -

Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest

(2,057 ) - (2,925 ) -
Amortization of routine bank refinancing fees (985 ) (959 ) (1,970 ) (1,918 )
Maintenance capital expenditures   (3,672 )   (4,454 )   (7,895 )   (5,557 )
Distributable cash flow $ 23,397   $ 26,679   $ 49,971   $ 33,747  




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