Company Quick10K Filing
Global Partners
Price1.00 EPS-89,225,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt-6 EBIT90
TEV-6 TEV/EBIT-0
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-06
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10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-08
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10-K 2017-12-31 Filed 2018-03-09
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10-K 2016-12-31 Filed 2017-03-10
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10-K 2012-12-31 Filed 2013-03-15
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8-K 2021-01-26 Regulation FD, Exhibits
8-K 2021-01-19 Regulation FD, Exhibits
8-K 2020-11-10
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8-K 2020-10-26
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8-K 2019-02-04
8-K 2019-01-28
8-K 2019-01-22
8-K 2018-11-08
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8-K 2018-10-23
8-K 2018-10-08
8-K 2018-08-09
8-K 2018-08-07
8-K 2018-07-31
8-K 2018-07-31
8-K 2018-07-27
8-K 2018-06-30
8-K 2018-05-09
8-K 2018-04-27
8-K 2018-04-23
8-K 2018-04-09
8-K 2018-03-08
8-K 2018-01-29

GLP 10Q Quarterly Report

Item 1.Financial Statements
Note 1. Organization and Basis of Presentation
Note 2. Revenue From Contract Customers
Note 3. Net Income per Common Limited Partner Unit
Note 4. Inventories
Note 5. Goodwill
Note 6. Property and Equipment
Note 7. Sales and Disposition of Assets
Note 8. Debt and Financing Obligations
Note 9. Derivative Financial Instruments
Note 10. Fair Value Measurements
Note 11. Environmental Liabilities and Renewable Identification Numbers
Note 12. Related Party Transactions
Note 13. Long - Term Incentive Plan
Note 14. Partners' Equity and Cash Distributions
Note 15. Segment Reporting
Note 16. Income Taxes
Note 17. Changes in Accumulated Other Comprehensive Loss
Note 18. Legal Proceedings
Note 19. New Accounting Standards
Note 20. Subsequent Events
Note 21. Supplemental Guarantor Condensed Consolidating Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 6.Exhibits
EX-10.2 glp-20200930xex10d2.htm
EX-31.1 glp-20200930xex31d1.htm
EX-31.2 glp-20200930xex31d2.htm
EX-32.1 glp-20200930xex32d1.htm
EX-32.2 glp-20200930xex32d2.htm

Global Partners Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.92.31.71.20.60.02012201420172020
Assets, Equity
10.08.05.93.91.8-0.22012201420172020
Rev, G Profit, Net Income
0.60.40.30.1-0.0-0.22012201420172020
Ops, Inv, Fin

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Table of Contents 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to           

Commission file number 001-32593

Global Partners LP

(Exact name of registrant as specified in its charter)

Delaware

74-3140887

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

P.O. Box 9161
800 South Street
Waltham, Massachusetts 02454-9161
(Address of principal executive offices, including zip code)

(781) 894-8800
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units representing limited partner interests

GLP

New York Stock Exchange

9.75% Series A Fixed-to-Floating Cumulative Redeemable

GLP pr A

New York Stock Exchange

Perpetual Preferred Units representing limited partner interests

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The issuer had 33,995,563 common units outstanding as of November 2, 2020.

Table of Contents 

TABLE OF CONTENTS

PART I.     FINANCIAL INFORMATION

Item 1.     Financial Statements (unaudited)

3

Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

3

Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019

4

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019

5

Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

6

Consolidated Statements of Partners’ Equity for the three and nine months ended September 30, 2020 and 2019

7

Notes to Consolidated Financial Statements

8

Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

52

Item 3.     Quantitative and Qualitative Disclosures About Market Risk

80

Item 4.     Controls and Procedures

81

PART II.     OTHER INFORMATION

83

Item 1.     Legal Proceedings

83

Item 1A.   Risk Factors

83

Item 6.     Exhibits

84

SIGNATURES

85

Table of Contents 

Item 1.Financial Statements

GLOBAL PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(In thousands, except unit data)

(Unaudited)

September 30,

December 31,

 

    

2020

    

2019

 

Assets

Current assets:

Cash and cash equivalents

$

4,861

$

12,042

Accounts receivable, net

239,396

413,195

Accounts receivable—affiliates

 

5,282

 

7,823

Inventories

 

328,706

 

450,482

Brokerage margin deposits

 

23,455

 

34,466

Derivative assets

 

43,159

 

4,564

Prepaid expenses and other current assets

 

92,295

 

81,940

Total current assets

 

737,154

 

1,004,512

Property and equipment, net

 

1,070,251

 

1,104,863

Right of use assets, net

287,787

296,746

Intangible assets, net

 

38,627

 

46,765

Goodwill

 

323,889

 

324,474

Other assets

 

28,596

 

31,067

Total assets

$

2,486,304

$

2,808,427

Liabilities and partners’ equity

Current liabilities:

Accounts payable

$

186,794

$

373,386

Working capital revolving credit facility—current portion

 

10,100

 

148,900

Lease liability—current portion

70,965

68,160

Environmental liabilities—current portion

 

5,009

 

5,009

Trustee taxes payable

 

30,077

 

42,932

Accrued expenses and other current liabilities

 

99,898

 

102,802

Derivative liabilities

 

6,589

 

12,698

Total current liabilities

 

409,432

 

753,887

Working capital revolving credit facility—less current portion

 

150,000

 

175,000

Revolving credit facility

 

188,000

 

192,700

Senior notes

 

691,765

 

690,533

Long-term lease liability—less current portion

229,307

239,349

Environmental liabilities—less current portion

 

50,416

 

54,262

Financing obligations

146,994

148,127

Deferred tax liabilities

56,399

42,879

Other long—term liabilities

 

54,926

 

52,451

Total liabilities

 

1,977,239

 

2,349,188

Partners’ equity

Global Partners LP equity:

Series A preferred limited partners (2,760,000 units issued and outstanding at September 30, 2020 and December 31, 2019, respectively)

67,226

67,226

Common limited partners (33,995,563 units issued and 33,965,589 outstanding at September 30, 2020 and 33,995,563 units issued and 33,867,393 outstanding at December 31, 2019)

 

443,345

 

398,535

General partner interest (0.67% interest with 230,303 equivalent units outstanding at September 30, 2020 and December 31, 2019)

 

(2,403)

 

(2,620)

Accumulated other comprehensive income (loss)

 

897

 

(5,076)

Total Global Partners LP equity

 

509,065

 

458,065

Noncontrolling interest

 

 

1,174

Total partners’ equity

 

509,065

 

459,239

Total liabilities and partners’ equity

$

2,486,304

$

2,808,427

The accompanying notes are an integral part of these consolidated financial statements.

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GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data)

(Unaudited)

Three Months Ended

    

Nine Months Ended

 

September 30,

September 30,

    

2020

      

2019

    

2020

   

2019

 

Sales

$

2,061,382

$

3,245,653

$

6,126,052

$

9,732,819

Cost of sales

 

1,892,141

 

3,057,884

 

5,571,126

 

9,221,063

Gross profit

 

169,241

 

187,769

 

554,926

 

511,756

Costs and operating expenses:

Selling, general and administrative expenses

 

43,218

 

45,333

 

143,158

 

127,391

Operating expenses

 

82,235

 

87,827

 

241,502

 

257,222

Lease exit and termination gain

(493)

Amortization expense

 

2,712

 

2,766

 

8,137

 

8,719

Net loss (gain) on sale and disposition of assets

691

323

623

(252)

Long-lived asset impairment

203

643

1,927

643

Total costs and operating expenses

 

129,059

 

136,892

 

395,347

 

393,230

Operating income

 

40,182

 

50,877

 

159,579

 

118,526

Interest expense

 

(19,854)

 

(22,091)

 

(62,544)

 

(68,113)

Loss on early extinguishment of debt

(13,080)

(13,080)

Income before income tax (expense) benefit

 

20,328

 

15,706

 

97,035

 

37,333

Income tax (expense) benefit

 

(2,136)

 

(813)

 

205

 

(1,275)

Net income

 

18,192

 

14,893

 

97,240

 

36,058

Net loss attributable to noncontrolling interest

 

38

 

187

 

528

 

637

Net income attributable to Global Partners LP

 

18,230

 

15,080

 

97,768

 

36,695

Less: General partner’s interest in net income, including incentive distribution rights

 

324

 

395

 

857

 

1,065

Less: Series A preferred limited partner interest in net income

1,682

1,682

5,046

5,046

Net income attributable to common limited partners

$

16,224

$

13,003

$

91,865

$

30,584

Basic net income per common limited partner unit

$

0.48

$

0.38

$

2.71

$

0.91

Diluted net income per common limited partner unit

$

0.47

$

0.38

$

2.68

$

0.89

Basic weighted average common limited partner units outstanding

33,924

 

33,865

 

33,887

 

33,791

Diluted weighted average common limited partner units outstanding

 

34,209

 

34,266

 

34,241

 

34,255

The accompanying notes are an integral part of these consolidated financial statements.

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GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

2020

    

2019

    

2020

2019

 

Net income

$

18,192

$

14,893

$

97,240

$

36,058

Other comprehensive income:

Change in fair value of cash flow hedges

 

528

 

 

5,715

 

Change in pension liability

 

878

 

391

 

258

 

2,871

Total other comprehensive income

 

1,406

 

391

 

5,973

 

2,871

Comprehensive income

 

19,598

 

15,284

 

103,213

 

38,929

Comprehensive loss attributable to noncontrolling interest

 

38

 

187

 

528

 

637

Comprehensive income attributable to Global Partners LP

$

19,636

$

15,471

$

103,741

$

39,566

The accompanying notes are an integral part of these consolidated financial statements.

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GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

6

Nine Months Ended

September 30,

    

2020

    

2019

    

Cash flows from operating activities

Net income

$

97,240

$

36,058

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

75,428

81,544

Amortization of deferred financing fees

 

3,896

3,777

Amortization of senior notes discount

 

902

Bad debt expense

 

375

517

Unit-based compensation expense

 

811

1,666

Write-off of financing fees

667

188

Net loss (gain) on sale and disposition of assets

 

623

(252)

Long-lived asset impairment

 

1,927

643

Loss on early extinguishment of debt

13,080

Changes in operating assets and liabilities

Accounts receivable

 

173,424

(1,492)

Accounts receivable-affiliate

 

2,541

(1,997)

Inventories

 

121,462

(7,724)

Broker margin deposits

 

11,011

(9,950)

Prepaid expenses, all other current assets and other assets

 

(9,978)

620

Accounts payable

 

(186,592)

1,389

Trustee taxes payable

 

(12,855)

(6,976)

Change in derivatives

 

(44,704)

20,606

Accrued expenses, all other current liabilities and other long-term liabilities

 

15,013

(23,074)

Net cash provided by operating activities

 

250,289

 

109,525

Cash flows from investing activities

Capital expenditures

 

(39,644)

(52,494)

Seller note issuances

(1,188)

(640)

Proceeds from sale of property and equipment

 

6,060

11,994

Net cash used in investing activities

 

(34,772)

 

(41,140)

Cash flows from financing activities

Net payments on working capital revolving credit facility

(163,800)

(400)

Net payments on revolving credit facility

 

(4,700)

(23,000)

Proceeds from senior notes, net

392,602

Repayment of senior notes

 

(381,886)

Repurchase of common units

(291)

LTIP units withheld for tax obligations

 

(273)

(646)

Noncontrolling interest capital contribution

400

Acquisition of noncontrolling interest

(1,650)

Distributions to limited partners and general partner

 

(52,384)

(57,396)

Net cash used in financing activities

 

(222,698)

 

(70,726)

Cash and cash equivalents

Decrease in cash and cash equivalents

 

(7,181)

 

(2,341)

Cash and cash equivalents at beginning of period

 

12,042

 

8,121

Cash and cash equivalents at end of period

$

4,861

$

5,780

Supplemental information

Cash paid during the period for interest

 

$

49,018

 

$

51,527

The accompanying notes are an integral part of these consolidated financial statements.

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GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY

(In thousands)

(Unaudited)