Investor Presentaiton
Financial Reconciliations: DCF
(In thousands)
(Unaudited)
2016 (3)
2017 (4)
Year Ended December 31,
2018 (5)
Three Months Ended
December 31,
2019 (6)
2020 (7)
2019 (6)
2020 (7)
$ (238,623)
$
39,211
57,117
1,635
(199,412)
58,752
$ 102,403
1,502
103,905
$ 35,178
689
35,867
$
101,682
528
$
(880)
52
$
4,442
108,189
103,601
105,639
107,557
102,210
99,899
(828)
4,442
26,535
24,707
7,412
7,089
6,873
5,940
5,241
1,261
1,345
(4,580)
(4,277)
(4,088)
(3,754)
(3,970)
(940)
(1,037)
(22,183)
(32,989)
(121,380)
(34,718)
108,264
(38,641)
173,688
(49,897)
(46,988)
(16,596)
(22,199)
95,713
156,392
9,432
7,258
(2,691)
(6,728)
(6,728)
170,997
$
88,985
$ 149,664
$
(1,682)
7,750
(1,682)
$
5,576
Reconciliation of net (loss) income to distributable cash flow
Net (loss) income
Net loss attributable to noncontrolling interest
Net (loss) 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
Non-cash tax reform benefit
Maintenance capital expenditures, excluding the impact of noncontrolling interest
Distributable cash flow (1)
Distributions to Series A preferred unitholders (2)
Distributable cash flow after distributions to Series A preferred unitholders
Reconciliation of net cash (used in) provided by operating activities to
distributable cash flow
Net cash (used in) provided by operating activities
$ (121,380) $ 108,264 $
$ (119,886)
Net changes in operating assets and liabilities and certain non-cash items
(6,795)
$ 348,442
(185,673)
$ 168,856
40,385
$
94,402
48,968
$
312,526
(110,709)
$
(15,123) $
40,891
62,237
(33,088)
Net cash from operating activities and changes in operating
assets and liabilities attributable to noncontrolling interest
Amortization of deferred financing fees and senior notes discount
35,458
(416)
303
54
292
(61)
7,412
7,089
6,873
5,940
5,241
1,261
1,345
Amortization of routine bank refinancing fees
(4,580)
(4,277)
(4,088)
(3,754)
(3,970)
(940)
(1,037)
Non-cash tax reform benefit
(22,183)
Maintenance capital expenditures, excluding the impact of noncontrolling interest
Distributable cash flow (1)
(32,989)
(121,380)
(34,718)
108,264
(38,641)
(49,897)
(46,988)
(16,596)
173,688
95,713
156,392
9,432
(22,199)
7,258
Distributions to Series A preferred unitholders (2)
(2,691)
(6,728)
(6,728)
(1,682)
(1,682)
Distributable cash flow after distributions to Series A preferred unitholders
$ (121,380) $
108,264
$ 170,997 $
88,985
$
149,664
$
7,750 $
5,576
29
20
(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 Series A preferred unitholders represent the distributions earned by the preferred unitholders during the period. Distributions on the Series A Preferred Units are cumulative and payable
quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on November 15, 2018.
(3) Distributable cash flow for 2016 includes a net loss on sale and disposition of assets of $20.5 million and lease exit and termination expenses of $80.7 million. Distributable cash flow also includes a net
goodwill and long-lived asset impairment of $114.1 million ($149.9 million, offset by $35.8 million attributed to the noncontrolling interest). Excluding these charges, distributable cash flow would have
been $93.9 million for 2016.
(4) Distributable cash flow for 2017 includes a net loss on sale and disposition of assets and a net goodwill and long-lived asset impairment of $13.3 million. Excluding these charges, distributable cash
flow would have been $121.6 million for 2017. Distributable cash flow also includes a $14.2 million gain on the sale of the Partnership's natural gas marketing and electricity brokerage businesses in
February 2017.
(5) Distributable cash flow for 2018 includes a net loss on sale and disposition of assets and a net goodwill 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.
(6) 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.
(7) Distributable cash flow for the quarter and year ended December 31, 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.
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