Investor Presentaiton
Financial Reconciliations - EBITDA and Adjusted EBITDA
25
25
(In thousands)
(Unaudited)
Reconciliation of net income to EBITDA and adjusted 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
Net income from equity method investment (5)
EBITDA related to equity method investment (5)
Adjusted EBITDA
2018 (1)
2019 (2)
Year Ended December 31,
2020 (3)
2021 (4)
2022
Three Months Ended
September 30,
2022
2023
Nine Months Ended
September 30,
2022
2023
$
102,403
1,502
103,905
$
35,178
689
$
35,867
101,682
528
102,210
$ 60,796
$ 362,207
$ 111,439
$ 26,808
$ 304,731
$
97,228
60,796
362,207
111,439
26,808
304,731
97,228
105,639
107,557
99,899
102,241
104,796
26,920
27,507
78,572
80,952
89,145
89,856
83,539
80,086
81,259
19,047
21,089
61,577
64,963
5,623
304,312
1,094
234,374
(119)
285,529
1,336
244,459
16,822
10,811
1,260
14,938
2,351
565,084
168,217
76,664
459,818
245,494
5,880
414
(2,730)
2,022
275
1,927
(506)
380
(79,873)
292
(897)
(81,468)
(2,141)
(1,180)
3,145
(2,384)
3,160
$ 310,606
$
233,666 $ 287,731
$ 244,333
$ 485,211
$ 168.509
$ 77,732
$ 378,350 $ 244,129
Reconciliation of net cash provided by operating activities to EBITDA
and adjusted 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 $ 479,996
112,819
(12,993)
$ 191,713
(53,354)
$ 97,088
(42,773)
$ 576,906 $ 343,025
(193,603)
(164,845)
Net cash from operating activities and changes in operating
assets and liabilities attributable to noncontrolling interest
Interest expense
Income tax expense (benefit)
EBITDA
Net loss (gain) on sale and disposition of assets
Long-lived asset impairment
Net income from equity method investment (5)
EBITDA related to equity method investment (5)
Adjusted EBITDA
303
54
89,145
89,856
292
83,539
5,623
304,312
5,880
414
1,094
234,374
(2,730)
2,022
(119)
285,529
275
1,927
80,086
1,336
244,459
(506)
380
81,259
16,822
19.047
10,811
21,089
1,260
61,577
64,963
14,938
2,351
565,084
(79,873)
168,217
292
76,664
(897)
459,818
(81,468)
245,494
(2,141)
(1,180)
3,145
(2,384)
3,160
$
310,606
$ 233,666
$ 287,731
$
244,333
$ 485,211
$ 168,509
$ 77,732
$ 378,350
$
244,129
(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.
(5) Represents the Partnership's proportionate share of net income and EBITDA, as applicable, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture formed in June 2023.
GLOBAL
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