Balance Sheet Highlights and Strategic Overview
Financial Reconciliations - Distributable Cash Flow
(In thousands)
(Unaudited)
2018 (3)
2019 (4)
Year Ended December 31,
2020 (5)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 (6)
2022 (7)
2022 (8)
2023
2022 (8)
2023
Reconciliation of net income to 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
$ 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
6,873
5,940
5,241
5,031
5,432
1,347
1,364
2,737
2,711
(4,088)
(3,754)
(3,970)
(4,064)
(4,596)
(1,138)
(1,155)
(2,319)
(2,293)
Maintenance capital expenditures
Distributable cash flow (1)
Distributions to preferred unitholders (2)
(38,641)
(49,897)
(46,988)
173,688
95,713
156,392
Distributable cash flow after distributions to preferred unitholders
$
(2,691)
170,997
(6,728)
(6,728)
(43,254)
120,750
(12,209)
(54,444)
(9,778)
(13,595)
(17,296)
(23,155)
413,395
178,189
54,800
228,066
101,128
(13,852)
(3,463)
(3,463)
(6,926)
(6,926)
$ 88,985
$ 149,664
$ 108,541
$ 399,543
$ 174,726
$ 51,337 $ 221,140
$
94,202
Reconciliation of net cash provided by (used in) operating activities to
distributable cash flow
Net cash provided by (used in) operating activities
$
Net changes in operating assets and liabilities and certain non-cash items
Net cash from operating activities and changes in operating
168,856
40,385
$
94,402
48,968
$
312,526 $ 50,218
(110,709)
112,819
$
479,996
(12,993)
$ 362,565
(174,807)
$ 265,262
(197,076)
$ 385,193
(140,249)
$
245,937
(122,072)
assets and liabilities attributable to noncontrolling interest
Amortization of deferred financing fees and senior notes discount
303
6,873
54
5,940
292
5,241
Amortization of routine bank refinancing fees
(4,088)
(3,754)
Maintenance capital expenditures
(38,641)
(49,897)
(3,970)
(46,988)
5,031
(4,064)
5,432
(4,596)
1,347
(1,138)
1,364
(1,155)
2,737
(2,319)
2,711
(2,293)
(43,254)
(54,444)
(9,778)
(13,595)
(17,296)
(23,155)
Distributable cash flow (1)
Distributions to preferred unitholders (2)
Distributable cash flow after distributions to preferred unitholders
173,688
95,713
156,392
120,750
413,395
178,189
54,800
228,066
101,128
$
(2,691)
170,997
(6,728)
$
88,985
$
(6,728)
149,664
(12,209)
(13,852)
(3,463)
(3,463)
(6,926)
(6,926)
$
108,541
$
399,543
$
174,726
$
51,337
$
221,140
$
94,202
(1) As defined by the Partnership's partnership agreement, distributable cash flow 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) 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.
(3) Distributable cash flow 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.
(4) Distributable cash flow 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.
(5) Distributable cash flow 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.
(6) Distributable cash flow 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.
(7) Distributable cash flow 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.
(8) Distributable cash flow for the three and six months ended June 30, 2022 includes a net gain on sale and disposition of assets of $76.8 million and $81.7 million, respectively, primarily related to the sale of the Partnership's terminal
in Revere, Massachusetts in June of 2022.
GLOBAL
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