Fueling the Future
Financial Reconciliations - Distributable Cash Flow
26
GLOBAL
(In thousands)
(Unaudited)
Reconciliation of net income to distributable cash flow and
Three Months Ended
December 31,
2019 (4)
Year Ended December 31,
2020 (5)
2021 (6)
2022 (7)
2023
2022
2023
adjusted distributable cash flow
Net income
Net loss attributable to noncontrolling interest
$
35,178
689
$
Net income attributable to Global Partners LP
35,867
101,682
528
102,210
$ 60,796
$
362,207
$ 152,506
$ 57,476
$
55,278
Depreciation and amortization, excluding the impact of noncontrolling interest
107,557
99,899
60,796
102,241
362,207
152,506
57,476
55,278
104,796
110,090
26,224
29,138
Amortization of deferred financing fees and senior notes discount
5,940
5,241
5,031
5,432
5,651
1,348
1,517
Amortization of routine bank refinancing fees
(3,754)
(3,970)
(4,064)
(4,596)
(4,700)
(1,139)
(1,193)
Maintenance capital expenditures
(49,897)
(46,988)
Distributable cash flow (1)
95,713
156,392
(43,254)
120,750
(54,444)
(60,838)
(26,600)
(25,388)
413,395
202,709
57,309
59,352
Income from equity method investments (2)
(2,503)
(119)
Distributable cash flow from equity method investments (2)
Adjusted distributable cash flow
Distributions to preferred unitholders (3)
Adjusted distributable cash flow after distributions to preferred unitholders
1,509
(432)
95,713
(6,728)
156,392
(6,728)
120,750
413,395
201,715
57,309
58,801
(12,209)
(13,852)
(14,559)
(3,463)
(3,921)
$ 88,985
$ 149,664
$ 108,541
$ 399,543 $ 187,156
$ 53,846
$
54,880
Reconciliation of net cash provided by (used in) 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
Net cash from operating activities and changes in operating
$
94,402
48,968
$
312,526
(110,709)
$ 50,218
112,819
$ 479,996
(12,993)
$ 512,441
(249,845)
$ (96,910)
180,610
$
169,416
(85,000)
assets and liabilities attributable to noncontrolling interest
Amortization of deferred financing fees and senior notes discount
Amortization of routine bank refinancing fees
54
5,940
(3,754)
Maintenance capital expenditures
Distributable cash flow (1)
(49,897)
95,713
292
5,241
(3,970)
(46,988)
156,392
5,031
(4,064)
(43,254)
120,750
5,432
(4,596)
5,651
(4,700)
1,348
(1,139)
1,517
(1,193)
(54,444)
(60,838)
(26,600)
(25,388)
413,395
202,709
57,309
59,352
Income from equity method investments (2)
(2,503)
(119)
Distributable cash flow from equity method investments (2)
1,509
(432)
Adjusted distributable cash flow
95,713
Distributions to preferred unitholders (3)
(6,728)
156,392
(6,728)
120,750
413,395
201,715
57,309
58,801
Adjusted distributable cash flow after distributions to preferred unitholders
$
88,985 $ 149,664
$
(12,209)
108,541
(13,852)
$ 399,543 $
(14,559)
187,156
(3,463)
(3,921)
$
53,846
$
54,880
10
(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
(2) Represents the Partnership's proportionate share of 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.
(3) 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.
(4) 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.
(5) 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.
(6) 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
(7) 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.View entire presentation