Investor Presentaiton
Financial Reconciliations - Distributable Cash Flow
GLOBAL
(In thousands)
(Unaudited)
2018 (2)
Year Ended December 31,
2019 (3)
2020 (4)
2021 (5)
2022 (6)
2022
Three Months Ended
September 30,
2023
Nine Months Ended
September 30,
2022 (7)
2023
Reconciliation of net income to distributable cash flow and
adjusted distributable cash flow
Net income
Net loss attributable to noncontrolling interest
$
Net income attributable to Global Partners LP
Depreciation and amortization, excluding the impact of noncontrolling interest
Amortization of deferred financing fees and senior notes discount
Amortization of routine bank refinancing fees.
102,403
1,502
103,905
$
35,178
689
35,867
105,639
107,557
$ 101,682
528
102,210
99,899
$
60,796
$ 362,207
$
111,439
$ 26,808
$ 304,731
$
97,228
60,796
102,241
362,207
111,439
104,796
26,920
26,808
27,507
304,731
97,228
78,572
80,952
6,873
5,940
5,241
5,031
5,432
1,347
1,423
4,084
4,134
(4,088)
(3,754)
(3,970)
(4,064)
(4,596)
(1,138)
(1,214)
(3,457)
(3,507)
Maintenance capital expenditures
Distributable cash flow (1)
Net income from equity method investment (8)
(38,641)
(49,897)
(46,988)
(43,254)
(54,444)
(10,548)
(12,295)
(27,844)
(35,450)
173,688
95,713
156,392
120,750
413,395
128,020
42,229
356,086
143,357
(1,180)
(2,384)
Distributable cash flow from equity method investment (8)
2,213
1,941
Adjusted distributable cash flow
173,688
95,713
156,392
120,750
413,395
128,020
43,262
356,086
142,914
Distributions to preferred unitholders (9)
Adjusted distributable cash flow after distributions to preferred unitholders
$
(2,691)
170,997
(6,728)
(6,728)
$
88,985
$ 149,664 $
(12,209)
108,541
(13,852)
399,543
(3,463)
(3,712)
$ 124,557
$ 39,550
(10,389)
345,697
(10,638)
$
132,276
Reconciliation of net cash provided by operating activities to
distributable cash flow and adjusted distributable cash flow
Net cash provided by (used in) operating activities
$
Net changes in operating assets and liabilities and certain non-cash items.
168,856
40,385
$
94,402
48,968
$ 312,526
(110,709)
$
50.218
112,819
$ 479,996
(12,993)
$ 191,713
(53,354)
$ 97,088 $
(42,773)
576,906
(193,603)
$ 343,025
(164,845)
Net cash from operating activities and changes in operating
assets and liabilities attributable to noncontrolling interest
303
54
Amortization of deferred financing fees and senior notes discount
Amortization of routine bank refinancing fees
Maintenance capital expenditures
Distributable cash flow (1)
Net income from equity method investment (8)
6,873
5,940
292
5,241
5,031
5,432
1,347
(4,088)
(3,754)
(3,970)
(4,064)
(4,596)
(1,138)
1,423
(1,214)
4,084
(3,457)
4,134
(3,507)
(38,641)
(49,897)
(46,988)
(43,254)
(54,444)
(10,548)
(12,295)
(27,844)
(35,450)
173,688
95,713
156,392
120,750
413,395
128.020
42,229
356,086
143,357
(1,180)
(2,384)
Distributable cash flow from equity method investment (8)
Adjusted distributable cash flow
Distributions to preferred unitholders (9)
Adjusted distributable cash flow after distributions to preferred unitholders
2,213
1,941
173,688
95,713
156,392
120,750
413,395
128,020
43,262
356,086
142,914
(2,691)
170,997
(6,728)
88,985
(6,728)
149,664
$
(12,209)
108,541
(13,852)
399,543
(3,463)
(3,712)
$
124,557 $
39,550
(10,389)
345,697
(10,638)
$
132,276
(1) As defined by the Partnership's partnership agreement, distributable cash flow ("DCF") 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.
(2) DCF for 2018 includes a net loss on sale and disposition of assets and long-lived asset impairment of $6.3 million. Excluding these charges, distributable cash flow would have been $180.0 million for 2018. Distributable cash flow also 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.
(3) DCF for 2019 includes a $13.1 million loss on the early extinguishment of debt related to the Partnership's repurchase of its 6.25% senior notes recorded in the third quarter.
(4) DCF for 2020 includes a $7.2 million loss on the early extinguishment of debt related to the Partnership's redemption of its 7.00% senior notes recorded in the fourth quarter.
(5) DCF for 2021 includes a $6.6 million expense for compensation and benefits resulting from the passing of the Partnership's general counsel in May of 2021 and a $3.1 million expense for compensation resulting from the retirement of the Partnership's
former chief financial officer in August of 2021. The $6.6 million expense relates to contractual commitments including the acceleration of grants previously awarded as well as a discretionary award in recognition of service.
(6) DCF for 2022 includes a net gain on sale and disposition of assets of $79.9 million, primarily related to the sale of the Partnership's terminal in Revere, Massachusetts in June of 2022.
(7) DCF for the nine months ended September 30, 2022 includes a net gain on sale and disposition of assets of $81.5 million, primarily related to the sale of the Partnership's terminal in Revere, Massachusetts in June 2022.
in Revere, Massachusetts in June of 2022.
(8) Represents the Partnership's proportionate share of net income and distributable cash flow, as applicable, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture formed in June 2023.
(9) Distributions to preferred unitholders represent the distributions payable to the Series A preferred unitholders and the Series B preferred unitholders earned during the period. Distributions on the Series A preferred units
and the Series B preferred units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year.
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