Balance Sheet Highlights and Strategic Overview
Financial Reconciliations - EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Reconciliation of net income to EBITDA
Net income
Net loss attributable to noncontrolling interest
Net income attributable to Global Partners LP
Depreciation and amortization, excluding the impact of noncontrolling interest
Interest expense
Income tax expense (benefit)
EBITDA
Net loss (gain) on sale and disposition of assets
Long-lived asset impairment
Adjusted EBITDA
2018 (1)
2019 (2)
Year Ended December 31,
2020 (3)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 (4)
2022
2022
2023
2022
2023
$
102,403
1,502
103,905
$
35,178
689
35,867
$
101,682
528
102,210
$
60,796
$ 362,207
$ 162,807 $ 41,389
$
193,292 $
70,420
60,796
362,207
162,807
41,389
193,292
70,420
105,639
107,557
99,899
102,241
104,796
24,951
26,797
51,652
53,445
89,145
89,856
83,539
80,086
81,259
21,056
21,806
42,530
43,874
5,623
1,094
(119)
1,336
16,822
2,950
$
304,312
5,880
414
310,606
$
234,374
(2,730)
2,022
233,666
285,529
275
1,927
$ 287,731
$
244,459
(506)
380
244,333
565,084
(79,873)
211,764
(76,849)
691
90,683
884
4,127
1,091
$
291,601
(81,760)
$
168,830
(1,244)
$ 485,211
$
134,915 $ 91,567 $
209,841 $
167,586
Reconciliation of net cash provided by (used in) operating activities to EBITDA
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)
$ 362,565
(174,807)
$ 265,262 $ 385,193 $
(197,076)
(140,249)
245,937
(122,072)
Net cash from operating activities and changes in operating
assets and liabilities attributable to noncontrolling interest
Interest expense
Income tax expense (benefit)
303
54
89,145
89,856
5,623
EBITDA
Net loss (gain) on sale and disposition of assets
Long-lived asset impairment
Adjusted EBITDA
304,312
$
5,880
414
310,606
$
1,094
234,374
(2,730)
2,022
233,666
292
83,539
(119)
285,529
80,086
1,336
244,459
81,259
16,822
565,084
275
(506)
(79,873)
21,056
2,950
211,764
(76,849)
21,806
42,530
43,874
691
90,683
884
$
4,127
291,601
(81,760)
1,091
$
168,830
(1,244)
1,927
$ 287,731 $
380
244,333
$
485,211
$
134,915
$ 91,567
$
209,841
$
167,586
(1) EBITDA and Adjusted EBITDA for 2018 include 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 and a $3.5 million lease exit and termination
gain.
(2) EBITDA and Adjusted EBITDA for 2019 include 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.
(3) EBITDA and Adjusted EBITDA for 2020 include 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.
(4) EBITDA and Adjusted EBITDA for 2021 include 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.
GLOBAL
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