Investor Presentaiton
Financial Reconciliations: EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Reconciliation of net (loss) income to EBITDA
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
Interest expense, excluding the impact of noncontrolling interest
Income tax expense (benefit)
EBITDA
Net loss (gain) on sale and disposition of assets
Goodwill and long-lived asset impairment
Goodwill and long-lived asset impairment attributable to noncontrolling interest
Adjusted EBITDA
2016 (1)
2017
Year Ended December 31,
2018 (2)
Three Months Ended
December 31,
2019 (3)
2020 (4)
2019
2020 (4)
$ (238,623) $ 57,117
$
102,403
$
39,211
(199,412)
1,635
1,502
35,178
689
$
101,682
528
$
(880) $
4,442
52
58,752
103,905
35,867
102,210
(828)
4,442
108,189
103,601
105,639
107,557
99,899
26,535
24,707
86,319
86,230
89,145
89,856
83,539
21,743
20,995
53
(23,563)
5,623
1,094
(119)
(181)
86
(4,851)
20,495
149,972
225,020
(1,624)
809
304,312
5,880
414
234,374
(2,730)
2,022
285,529
47,269
50,230
275
(2,478)
(348)
1,927
1,379
$
(35,834)
129,782
$ 224,205
$ 310,606
$ 233,666
$ 287,731
$ 46,170 $ 49,882
Reconciliation of net cash (used in) provided by operating activities to EBITDA
Net cash (used in) provided by operating activities
Net changes in operating assets and liabilities and certain non-cash items
Net cash from operating activities and changes in operating
assets and liabilities attributable to noncontrolling interest
Interest expense, excluding the impact of noncontrolling interest
Income tax expense (benefit)
EBITDA
Net loss (gain) on sale and disposition of assets
Goodwill and long-lived asset impairment
$ (119,886)
(6,795)
$ 348,442
(185,673)
$ 168,856 $ 94,402
40,385
48,968
$ 312,526
(110,709)
$
(15,123) $ 62,237
40,891
(33,088)
35,458
86,319
(416)
86,230
53
(4,851)
20,495
Goodwill and long-lived asset impairment attributable to noncontrolling interest
Adjusted EBITDA
149,972
(35,834)
(23,563)
225,020
(1,624)
809
303
89,145
5,623
304,312
5,880
414
54
89,856
1,094
234,374
(2,730)
2,022
292
83,539
(119)
285,529
275
1,927
(61)
21,743
20,995
(181)
86
47,269
(2,478)
50,230
(348)
1,379
$ 129,782 $ 224,205
$ 310,606
$ 233,666
$ 287,731
$ 46,170
$
49,882
(1) In December 2016, the Partnership voluntarily terminated early a sublease for 1,610 railcars and, as a result, recorded lease exit and termination expenses of $80.7 million. Excluding these expenses,
Adjusted EBITDA would have been $210.4 million for 2016.
(2) 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 exist and termination gain.
(3) 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.
(4) EBITDA and Adjusted EBITDA for the quarter and year ended December 31, 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.
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