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 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-07
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
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-09
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-04-01
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-08-06 Earnings, Regulation FD, Exhibits
8-K 2020-07-31 Regulation FD, Exhibits
8-K 2020-07-20 Officers
8-K 2020-07-20 Regulation FD, Exhibits
8-K 2020-07-20 Officers
8-K 2020-05-08
8-K 2020-05-07
8-K 2020-04-27
8-K 2020-04-16
8-K 2020-03-06
8-K 2020-01-27
8-K 2020-01-21
8-K 2019-11-07
8-K 2019-10-25
8-K 2019-10-22
8-K 2019-08-08
8-K 2019-07-31
8-K 2019-07-26
8-K 2019-07-24
8-K 2019-07-22
8-K 2019-07-22
8-K 2019-05-09
8-K 2019-04-29
8-K 2019-04-19
8-K 2019-04-19
8-K 2019-03-07
8-K 2019-02-04
8-K 2019-01-28
8-K 2019-01-22
8-K 2018-11-08
8-K 2018-10-26
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-31.1 glp-20200630xex31d1.htm
EX-31.2 glp-20200630xex31d2.htm
EX-32.1 glp-20200630xex32d1.htm
EX-32.2 glp-20200630xex32d2.htm

Global Partners Earnings 2020-06-30

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 June 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 August 3, 2020.

Table of Contents 

TABLE OF CONTENTS

PART I.     FINANCIAL INFORMATION

Item 1.     Financial Statements (unaudited)

3

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

3

Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019

4

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019

5

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

6

Consolidated Statements of Partners’ Equity for the three and six months ended June 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

50

Item 3.     Quantitative and Qualitative Disclosures About Market Risk

76

Item 4.     Controls and Procedures

78

PART II.     OTHER INFORMATION

79

Item 1.     Legal Proceedings

79

Item 1A.   Risk Factors

79

Item 6.     Exhibits

80

SIGNATURES

81

Table of Contents 

Item 1.Financial Statements

GLOBAL PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(In thousands, except unit data)

(Unaudited)

June 30,

December 31,

 

    

2020

    

2019

 

Assets

Current assets:

Cash and cash equivalents

$

10,358

$

12,042

Accounts receivable, net

232,832

413,195

Accounts receivable—affiliates

 

7,496

 

7,823

Inventories

 

344,026

 

450,482

Brokerage margin deposits

 

32,296

 

34,466

Derivative assets

 

48,571

 

4,564

Prepaid expenses and other current assets

 

93,397

 

81,940

Total current assets

 

768,976

 

1,004,512

Property and equipment, net

 

1,075,084

 

1,104,863

Right of use assets, net

282,025

296,746

Intangible assets, net

 

41,340

 

46,765

Goodwill

 

323,889

 

324,474

Other assets

 

30,964

 

31,067

Total assets

$

2,522,278

$

2,808,427

Liabilities and partners’ equity

Current liabilities:

Accounts payable

$

163,351

$

373,386

Working capital revolving credit facility—current portion

 

41,700

 

148,900

Lease liability—current portion

70,622

68,160

Environmental liabilities—current portion

 

5,009

 

5,009

Trustee taxes payable

 

43,739

 

42,932

Accrued expenses and other current liabilities

 

94,586

 

102,802

Derivative liabilities

 

8,089

 

12,698

Total current liabilities

 

427,096

 

753,887

Working capital revolving credit facility—less current portion

 

175,000

 

175,000

Revolving credit facility

 

188,000

 

192,700

Senior notes

 

691,355

 

690,533

Long-term lease liability—less current portion

223,547

239,349

Environmental liabilities—less current portion

 

51,290

 

54,262

Financing obligations

147,400

148,127

Deferred tax liabilities

54,999

42,879

Other long—term liabilities

 

55,085

 

52,451

Total liabilities

 

2,013,772

 

2,349,188

Partners’ equity

Global Partners LP equity:

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

67,226

67,226

Common limited partners (33,995,563 units issued and 33,840,822 outstanding at June 30, 2020 and 33,995,563 units issued and 33,867,393 outstanding at December 31, 2019)

 

443,326

 

398,535

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

 

(2,621)

 

(2,620)

Accumulated other comprehensive loss

 

(509)

 

(5,076)

Total Global Partners LP equity

 

507,422

 

458,065

Noncontrolling interest

 

1,084

 

1,174

Total partners’ equity

 

508,506

 

459,239

Total liabilities and partners’ equity

$

2,522,278

$

2,808,427

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

3

Table of Contents 

GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data)

(Unaudited)

Three Months Ended

    

Six Months Ended

 

June 30,

June 30,

    

2020

      

2019

    

2020

   

2019

 

Sales

$

1,469,577

$

3,507,540

$

4,064,670

$

6,487,166

Cost of sales

 

1,229,630

 

3,340,397

 

3,678,985

 

6,163,179

Gross profit

 

239,947

 

167,143

 

385,685

 

323,987

Costs and operating expenses:

Selling, general and administrative expenses

 

59,017

 

40,968

 

99,940

 

82,058

Operating expenses

 

76,714

 

86,451

 

159,267

 

169,395

Lease exit and termination gain

(493)

Amortization expense

 

2,713

 

2,977

 

5,425

 

5,953

Net gain on sale and disposition of assets

(811)

(1,128)

(68)

(575)

Long-lived asset impairment

1,724

1,724

Total costs and operating expenses

 

139,357

 

129,268

 

266,288

 

256,338

Operating income

 

100,590

 

37,875

 

119,397

 

67,649

Interest expense

 

(21,089)

 

(23,066)

 

(42,690)

 

(46,022)

Income before income tax (expense) benefit

 

79,501

 

14,809

 

76,707

 

21,627

Income tax (expense) benefit

 

(3,528)

 

(438)

 

2,341

 

(462)

Net income

 

75,973

 

14,371

 

79,048

 

21,165

Net loss attributable to noncontrolling interest

 

289

 

118

 

490

 

450

Net income attributable to Global Partners LP

 

76,262

 

14,489

 

79,538

 

21,615

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

 

511

 

366

 

533

 

670

Less: Series A preferred limited partner interest in net income

1,682

1,682

3,364

3,364

Net income attributable to common limited partners

$

74,069

$

12,441

$

75,641

$

17,581

Basic net income per common limited partner unit

$

2.19

$

0.37

$

2.23

$

0.52

Diluted net income per common limited partner unit

$

2.17

$

0.36

$

2.21

$

0.51

Basic weighted average common limited partner units outstanding

33,869

 

33,755

 

33,869

 

33,754

Diluted weighted average common limited partner units outstanding

 

34,204

 

34,286

 

34,248

 

34,259

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

Six Months Ended

 

June 30,

June 30,

2020

    

2019

    

2020

2019

 

Net income

$

75,973

$

14,371

$

79,048

$

21,165

Other comprehensive income:

Change in fair value of cash flow hedges

 

5,187

 

 

5,187

 

Change in pension liability

 

2,360

 

736

 

(620)

 

2,480

Total other comprehensive income

 

7,547

 

736

 

4,567

 

2,480

Comprehensive income

 

83,520

 

15,107

 

83,615

 

23,645

Comprehensive loss attributable to noncontrolling interest

 

289

 

118

 

490

 

450

Comprehensive income attributable to Global Partners LP

$

83,809

$

15,225

$

84,105

$

24,095

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

Six Months Ended

June 30,

    

2020

    

2019

    

Cash flows from operating activities

Net income

$

79,048

$

21,165

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

50,655

54,310

Amortization of deferred financing fees

 

2,567

2,554

Amortization of senior notes discount

 

773

Bad debt expense

 

360

339

Unit-based compensation expense

 

587

1,590

Write-off of financing fees

667

188

Net gain on sale and disposition of assets

 

(68)

(575)

Long-lived asset impairment

 

1,724

Changes in operating assets and liabilities

Accounts receivable

 

180,003

(39,467)

Accounts receivable-affiliate

 

327

704

Inventories

 

106,142

(40,009)

Broker margin deposits

 

2,170

(5,188)

Prepaid expenses, all other current assets and other assets

 

(12,546)

7,460

Accounts payable

 

(210,035)

(25,852)

Trustee taxes payable

 

807

(2,407)

Change in derivatives

 

(48,616)

25,408

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

 

8,211

(34,485)

Net cash provided by (used in) operating activities

 

162,003

 

(33,492)

Cash flows from investing activities

Capital expenditures

 

(21,746)

(29,974)

Seller note issuances

(1,188)

(640)

Proceeds from sale of property and equipment

 

6,082

10,053

Net cash used in investing activities

 

(16,852)

 

(20,561)

Cash flows from financing activities

Net (payments on) borrowings from working capital revolving credit facility

(107,200)

102,800

Net payments on revolving credit facility

 

(4,700)

(8,000)

Repurchase of common units

(291)

LTIP units withheld for tax obligations

 

(30)

(32)

Noncontrolling interest capital contribution

400

Distributions to limited partners and general partner

 

(35,014)

(38,390)

Net cash (used in) provided by financing activities

 

(146,835)

 

56,378

Cash and cash equivalents

(Decrease) increase in cash and cash equivalents

 

(1,684)

 

2,325

Cash and cash equivalents at beginning of period

 

12,042

 

8,121

Cash and cash equivalents at end of period

$

10,358

$

10,446

Supplemental information

Cash paid during the period for interest

 

$

32,376

 

$

34,839

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)

Partners' Equity

Series A

Accumulated

Preferred

Common

General

Other

Total

Limited

Limited

Partner

Comprehensive

Noncontrolling

Partners’

 

Three and six months ended June 30, 2020

    

Partners

    

Partners

    

Interest

    

Loss

    

Interest

    

Equity

 

Balance at December 31, 2019

$

67,226

$

398,535

$

(2,620)

$

(5,076)

$

1,174

$

459,239

Net income (loss)

 

1,682

 

1,572

 

22

 

 

(201)

 

3,075

Noncontrolling interest capital contribution

400

400

Distributions to limited partners and general partner

(1,682)

 

(17,848)

 

(443)