Global Partners Reports Second-Quarter 2024 Financial Results

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Global Partners' Q2 2024 results show robust growth across key financial metrics, indicating strong operational performance. Net income increased to $46.1 million ($1.10 per unit) from $41.4 million in Q2 2023. Notably, EBITDA surged to $118.8 million, up 31% year-over-year. The company's strategic acquisitions, including 29 terminals from Motiva Enterprises and Gulf Oil, have significantly expanded its Wholesale segment footprint, more than doubling storage capacity to 21.4 million barrels. This expansion has already positively impacted earnings, with the Wholesale segment's product margin increasing by 54% to $91.9 million. The GDSO segment also showed improvement, with product margin up 11% to $221.5 million. These results underscore the effectiveness of Global Partners' integrated business model and diversified portfolio strategy.

Global Partners' Q2 results reflect broader industry trends and strategic positioning. The increase in total sales to $4.4 billion, primarily due to higher volumes, suggests growing demand in the liquid energy market. The company's expansion in the Wholesale segment is particularly noteworthy, as it positions Global Partners to capitalize on market volatility and supply chain opportunities. The improved gasoline distribution margins, despite a slight decrease in GDSO volume, indicate effective pricing strategies in a competitive retail environment. The company's ability to grow across all segments while maintaining a stable quarterly distribution of $0.72 per unit demonstrates a balance between growth investments and unitholder returns. This performance, amidst ongoing energy market transitions, suggests Global Partners is well-positioned to navigate future industry challenges and opportunities.

08/07/2024 - 08:00 AM

WALTHAM, Mass.--(BUSINESS WIRE)-- Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today reported financial results for the second quarter ended June 30, 2024.

CEO Commentary

“Global Partners achieved year-over-year growth across all key financial metrics in the second quarter,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “These results underscore the effectiveness of our integrated business model and the strategic advantages of our diversified portfolio of liquid energy terminals, fueling stations and convenience markets.

“Over the past nine months, we have invested more than $500 million to significantly expand our Wholesale segment footprint through the strategic acquisition of a combined 29 terminals from Motiva Enterprises and Gulf Oil, more than doubling our storage capacity to 21.4 million barrels,” Slifka said. “We’re pleased with the performance of these assets. Our expanded network bolsters our terminal operations and opens new avenues for growth, further enhancing our earnings power and driving sustained value for our unitholders.”

Second-Quarter 2024 Financial Highlights

Net income was $46.1 million, or $1.10 per diluted common limited partner unit, for the second quarter of 2024, compared with net income of $41.4 million, or $1.05 per diluted common limited partner unit, in the same period of 2023.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $118.8 million in the second quarter of 2024 compared with $90.7 million in the same period of 2023.

Adjusted EBITDA was $121.1 million in the second quarter of 2024 versus $90.4 million in the same period of 2023.

Distributable cash flow (DCF) was $73.1 million in the second quarter of 2024 compared with $54.8 million in the same period of 2023.

Adjusted DCF was $74.2 million in the second quarter of 2024 compared with $53.3 million in the same period of 2023.

Gross profit was $287.9 million in the second quarter of 2024 compared with $242.7 million in the same period of 2023.

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $319.6 million in the second quarter of 2024 compared with $265.6 million in the same period of 2023.

Combined product margin, EBITDA, adjusted EBITDA, DCF and adjusted DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three months and six months ended June 30, 2024, and 2023.

Gasoline Distribution and Station Operations (GDSO) segment product margin was $221.5 million in the second quarter of 2024 compared with $199.1 million in the same period of 2023. Product margin from gasoline distribution increased to $147.3 million from $127.9 million in the year-earlier period, reflecting higher fuel margins (cents per gallon). Product margin from station operations increased to $74.2 million in the second quarter of 2024 from $71.2 million in the second quarter of 2023.

Wholesale segment product margin was $91.9 million in the second quarter of 2024 compared with $59.7 million in the same period of 2023. Gasoline and gasoline blendstocks product margin increased to $70.4 million in the second quarter of 2024 from $39.0 million in the same period of 2023, driven primarily by the acquisition of liquid energy terminals from Motiva Enterprises LLC in December 2023 and by more favorable market conditions in gasoline. Product margin from distillates and other oils was $21.5 million in the second quarter of 2024 compared with $20.7 million in the same period of 2023, primarily due to more favorable market conditions in distillates offset by less favorable market conditions in residual oil.

Commercial segment product margin was $6.2 million in the second quarter of 2024 compared with $6.8 million in the same period of 2023 primarily due to less favorable market conditions.

Total sales were $4.4 billion in the second quarter of 2024 compared with $3.8 billion in the same period of 2023, primarily due to an increase in volume sold. Wholesale segment sales were $2.6 billion in the second quarter of 2024 compared with $2.1 billion in the same period of 2023. GDSO segment sales were $1.5 billion in each of the second quarters of 2024 and 2023. Commercial segment sales were $280.9 million in the second quarter of 2024 compared with $226.5 million in the second quarter of 2023.

Total volume was 1.6 billion gallons in the second quarter of 2024 compared with 1.3 billion gallons in the same period of 2023. Wholesale segment volume was 1.1 billion gallons in the second quarter of 2024 compared with 809.6 million gallons in the same period of 2023. GDSO volume was 407.0 million gallons in the second quarter of 2024 compared with 417.4 million gallons in the same period of 2023. Commercial segment volume was 119.5 million gallons in the second quarter of 2024 compared with 102.5 million gallons in the same period of 2023.

Recent Developments

Global announced a cash distribution of $0.7200 per unit ($2.88 per unit on an annualized basis) on all of its outstanding common units from April 1, 2024 through June 30, 2024. The distribution will be paid on August 14, 2024 to unitholders of record as of the close of business on August 8, 2024.

Financial Results Conference Call

Management will review the Partnership’s second-quarter 2024 financial results in a teleconference call for analysts and investors today.

Time:		10:00 a.m. ET
Dial-in numbers:		(877) 709-8155 (U.S. and Canada)
		(201) 689-8881 (International)

Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com

About Global Partners LP

Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates or maintains dedicated storage at 54 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global owns, operates and/or supplies more than 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune’s Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition.

Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Use of Non-GAAP Financial Measures

Product Margin

Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies.

EBITDA and Adjusted EBITDA

EBITDA and adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s:

compliance with certain financial covenants included in its debt agreements;
financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;
ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners;
operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and
viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets, goodwill and long-lived asset impairment charges and Global’s proportionate share of EBITDA related to its joint ventures, which are accounted for using the equity method. EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow and Adjusted Distributable Cash Flow

Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of Global’s success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement (the “partnership agreement”) is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow.

Distributable cash flow as used in the partnership agreement also determines Global’s ability to make cash distributions on its incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in the partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. The partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of the Partnership’s financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in the partnership agreement) further adjusted for Global’s proportionate share of distributable cash flow related to its joint ventures, which are accounted for using the equity method. Adjusted distributable cash flow is not used in the partnership agreement to determine the Partnership’s ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under the partnership agreement.

Distributable cash flow and adjusted distributable cash flow should not be considered as alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, the Partnership’s distributable cash flow and adjusted distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

Forward-looking Statements

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.


GLOBAL PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Sales	$	4,409,698		$	3,831,690		$	8,555,090		$	7,862,017
Cost of sales		4,121,814			3,589,031			8,052,071			7,397,294
Gross profit		287,884			242,659			503,019			464,723

Costs and operating expenses:
Selling, general and administrative expenses		72,370			66,696			142,151			128,952
Operating expenses		129,959			110,379			250,109			218,732
Amortization expense		1,989			2,018			3,858			4,102
Net (gain) loss on sale and disposition of assets		(303	)		884			(2,804	)		(1,244	)
Total costs and operating expenses		204,015			179,977			393,314			350,542

Operating income		83,869			62,682			109,705			114,181

Other (loss) income and (expense):
(Loss) income from equity method investments		(346	)		1,204			(1,725	)		1,204
Interest expense		(35,531	)		(21,806	)		(65,227	)		(43,874	)

Income before income tax expense		47,992			42,080			42,753			71,511

Income tax expense		(1,843	)		(691	)		(2,206	)		(1,091	)

Net income		46,149			41,389			40,547			70,420

Less: General partner's interest in net income, including incentive distribution rights		3,802			2,339			6,938			4,121
Less: Preferred limited partner interest in net income		2,097			3,463			6,013			6,926
Less: Redemption of Series A preferred limited partner units		2,634			-			2,634			-

Net income attributable to common limited partners	$	37,616		$	35,587		$	24,962		$	59,373

Basic net income per common limited partner unit (1)	$	1.11		$	1.05		$	0.74		$	1.75

Diluted net income per common limited partner unit (1)	$	1.10		$	1.05		$	0.73		$	1.75

Basic weighted average common limited partner units outstanding		33,910			33,986			33,936			33,986

Diluted weighted average common limited partner units outstanding		34,278			34,006			34,273			34,008

(1) Under the Partnership's partnership agreement, for any quarterly period, the incentive distribution rights ("IDRs") participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership's undistributed net income or losses. Accordingly, the Partnership's undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner's general partner interest. Net income attributable to common limited partners is divided by the weighted average common units outstanding in computing the net income per limited partner unit.


GLOBAL PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)


	June 30,		December 31,
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	14,114	$	19,642
Accounts receivable, net		602,206		551,764
Accounts receivable - affiliates		10,221		8,142
Inventories		567,018		397,314
Brokerage margin deposits		21,253		12,779
Derivative assets		6,056		17,656
Prepaid expenses and other current assets		79,069		90,531
Total current assets		1,299,937		1,097,828

Property and equipment, net		1,686,543		1,513,545
Right of use assets, net		264,269		252,849
Intangible assets, net		21,660		20,718
Goodwill		426,063		429,215
Equity method investments		87,781		94,354
Other assets		42,491		37,502

Total assets	$	3,828,744	$	3,446,011

Liabilities and partners' equity
Current liabilities:
Accounts payable	$	557,839	$	648,717
Working capital revolving credit facility - current portion		281,200		16,800
Lease liability - current portion		53,973		59,944
Environmental liabilities - current portion		5,493		5,057
Trustee taxes payable		77,627		67,398
Accrued expenses and other current liabilities		199,378		179,887
Derivative liabilities		7,975		4,987
Total current liabilities		1,183,485		982,790

Working capital revolving credit facility - less current portion		-		-
Revolving credit facility		200,000		380,000
Senior notes		1,185,326		742,720
Lease liability - less current portion		216,888		200,195
Environmental liabilities - less current portion		74,560		71,092
Financing obligations		136,590		138,485
Deferred tax liabilities		66,010		68,909
Other long-term liabilities		60,310		61,160
Total liabilities		3,123,169		2,645,351

Partners' equity		705,575		800,660

Total liabilities and partners' equity	$	3,828,744	$	3,446,011


GLOBAL PARTNERS LP
FINANCIAL RECONCILIATIONS
(In thousands)
(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Reconciliation of gross profit to product margin:
Wholesale segment:
Gasoline and gasoline blendstocks	$	70,412		$	39,023		$	100,173		$	59,409
Distillates and other oils		21,453			20,699			41,112			53,446
Total		91,865			59,722			141,285			112,855
Gasoline Distribution and Station Operations segment:
Gasoline distribution		147,313			127,883			268,943			248,699
Station operations		74,154			71,196			140,241			133,926
Total		221,467			199,079			409,184			382,625
Commercial segment		6,222			6,757			13,190			14,884
Combined product margin		319,554			265,558			563,659			510,364
Depreciation allocated to cost of sales		(31,670	)		(22,899	)		(60,640	)		(45,641	)
Gross profit	$	287,884		$	242,659		$	503,019		$	464,723

Reconciliation of net income to EBITDA and adjusted EBITDA:
Net income		46,149		$	41,389		$	40,547		$	70,420
Depreciation and amortization		35,266			26,797			67,752			53,445
Interest expense		35,531			21,806			65,227			43,874
Income tax expense		1,843			691			2,206			1,091
EBITDA		118,789			90,683			175,732			168,830
Net (gain) loss on sale and disposition of assets		(303	)		884			(2,804	)		(1,244	)
Loss (income) from equity method investments (1)		346			(1,204	)		1,725			(1,204	)
EBITDA related to equity method investments (1)		2,282			15			2,469			15
Adjusted EBITDA	$	121,114		$	90,378		$	177,122		$	166,397

Reconciliation of net cash provided by (used in) operating activities to EBITDA and adjusted EBITDA:
Net cash provided by (used in) operating activities	$	24,346		$	265,262		$	(158,356	)	$	245,937
Net changes in operating assets and liabilities and certain non-cash items		57,069			(197,076	)		266,655			(122,072	)
Interest expense		35,531			21,806			65,227			43,874
Income tax expense		1,843			691			2,206			1,091
EBITDA		118,789			90,683			175,732			168,830
Net (gain) loss on sale and disposition of assets		(303	)		884			(2,804	)		(1,244	)
Loss (income) from equity method investments (1)		346			(1,204	)		1,725			(1,204	)
EBITDA related to equity method investments (1)		2,282			15			2,469			15
Adjusted EBITDA	$	121,114		$	90,378		$	177,122		$	166,397

Reconciliation of net income to distributable cash flow and adjusted distributable cash flow:
Net income	$	46,149		$	41,389		$	40,547		$	70,420
Depreciation and amortization		35,266			26,797			67,752			53,445
Amortization of deferred financing fees		1,873			1,364			3,704			2,711
Amortization of routine bank refinancing fees		(1,194	)		(1,155	)		(2,387	)		(2,293	)
Maintenance capital expenditures		(8,946	)		(13,595	)		(20,683	)		(23,155	)
Distributable cash flow (2)(3)		73,148			54,800			88,933			101,128
Loss (income) from equity method investments (1)		346			(1,204	)		1,725			(1,204	)
Distributable cash flow from equity method investments (1)		673			(272	)		(470	)		(272	)
Adjusted distributable cash flow		74,167			53,324			90,188			99,652
Distributions to preferred unitholders (4)		(2,097	)		(3,463	)		(6,013	)		(6,926	)
Adjusted distributable cash flow after distributions to preferred unitholders	$	72,070		$	49,861		$	84,175		$	92,726

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	$	24,346		$	265,262		$	(158,356	)	$	245,937
Net changes in operating assets and liabilities and certain non-cash items		57,069			(197,076	)		266,655			(122,072	)
Amortization of deferred financing fees		1,873			1,364			3,704			2,711
Amortization of routine bank refinancing fees		(1,194	)		(1,155	)		(2,387	)		(2,293	)
Maintenance capital expenditures		(8,946	)		(13,595	)		(20,683	)		(23,155	)
Distributable cash flow (2)(3)		73,148			54,800			88,933			101,128
Loss (income) from equity method investments (1)		346			(1,204	)		1,725			(1,204	)
Distributable cash flow from equity method investments (1)		673			(272	)		(470	)		(272	)
Adjusted distributable cash flow		74,167			53,324			90,188			99,652
Distributions to preferred unitholders (4)		(2,097	)		(3,463	)		(6,013	)		(6,926	)
Adjusted distributable cash flow after distributions to preferred unitholders	$	72,070		$	49,861		$	84,175		$	92,726

(1) Represents the Partnership's proportionate share of (loss) income, EBITDA and distributable cash flow, as applicable, related to the Partnership's interests in its equity method investments.
(2) 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.
(3) Distributable cash flow includes a net gain (loss) on sale and disposition of assets of $0.3 million and ($0.9 million) for the three months ended June 30, 2024 and 2023, respectively, and $2.8 million and $1.2 million for the six months ended June 30, 2024 and 2023, respectively.
(4) 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. On April 15, 2024, all of the Partnership's Series A preferred units were redeemed and are no longer outstanding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806720223/en/

Gregory B. Hanson

Chief Financial Officer

Global Partners LP

(781) 894-8800

Sean T. Geary

Chief Legal Officer and Secretary

Global Partners LP

(781) 894-8800

Source: Global Partners LP

FAQ

What was Global Partners' net income for Q2 2024?

Global Partners reported a net income of $46.1 million, or $1.10 per diluted common partner unit, for the second quarter of 2024.

How did Global Partners' EBITDA perform in Q2 2024 compared to Q2 2023?

Global Partners' EBITDA increased to $118.8 million in Q2 2024, up from $90.7 million in the same period of 2023, representing a 31% growth.

What was the total sales figure for Global Partners in Q2 2024?

Global Partners reported total sales of $4.4 billion in the second quarter of 2024, compared to $3.8 billion in the same period of 2023.

How much did Global Partners invest in expanding its Wholesale segment?

Over the past nine months, Global Partners invested more than $500 million to expand its Wholesale segment footprint through strategic acquisitions.

What was the cash distribution announced by Global Partners for Q2 2024?

Global Partners announced a cash distribution of $0.7200 per unit ($2.88 per unit on an annualized basis) for the period from April 1, 2024 through June 30, 2024.

Global Partners Reports Second-Quarter 2024 Financial Results

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