Fueling the Future
Financial Reconciliations - EBITDA and Adjusted EBITDA
(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 (gain) loss on sale and disposition of assets
Long-lived asset impairment
Income from equity method investments (1)
EBITDA related to equity method investments (1)
Adjusted EBITDA
Reconciliation of net cash provided by (used in) operating activities to EBITDA
and adjusted EBITDA
GLOBAL
2019 (2)
2020 (3)
Year Ended December 31,
2021 (4)
2022
2023
Three Months Ended
December 31,
2022
2023
$
35,178
689
35,867
$
101,682
528
102,210
$
60,796
$ 362,207
$ 152,506
$
57,476 $ 55,278
107,557
99,899
60,796
102,241
362,207
152,506
57,476
55,278
104,796
110,090
26,224
29,138
89,856
83,539
80,086
81,259
85,631
19,682
20,668
1,094
234,374
(119)
285,529
1,336
244,459
16,822
8,136
1,884
5,785
565,084
356,363
(2,730)
2,022
275
1,927
(506)
380
(79,873)
(2,626)
105,266
1,595
110,869
(485)
(2,503)
5,030
(119)
1,870
$ 233,666
$
287,731
$ 244,333
$ 485,211
$ 356,264
$ 106,861
$
112,135
Net cash provided by (used in) operating activities
$
Net changes in operating assets and liabilities and certain non-cash items
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)
Net cash from operating activities and changes in operating
assets and liabilities attributable to noncontrolling interest
Interest expense
Income tax expense (benefit)
EBITDA
Net (gain) loss on sale and disposition of assets
Long-lived asset impairment
Income from equity method investments (1)
54
89,856
1,094
292
83,539
(119)
234,374
(2,730)
2,022
285,529
275
1,927
80,086
1,336
244,459
(506)
380
81,259
16,822
565,084
(79,873)
85,631
8,136
356,363
(2,626)
19,682
1,884
105,266
1,595
20,668
5,785
110,869
(485)
(2,503)
(119)
EBITDA related to equity method investments (1)
Adjusted EBITDA
5,030
1,870
$ 233,666
$
287,731
$ 244,333
$ 485,211
$
356,264
$ 106,861
$
112,135
(1) Represents the Partnership's proportionate share of 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.
(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.
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