Price | 1.00 | EPS | -89,225,000 | |
Shares | -0 | P/E | -0 | |
MCap | -0 | P/FCF | -0 | |
Net Debt | -6 | EBIT | 90 | |
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 |
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 | 2021-01-26 | Regulation FD, Exhibits |
8-K | 2021-01-19 | Regulation FD, Exhibits |
8-K | 2020-11-10 | |
8-K | 2020-11-05 | |
8-K | 2020-10-26 | |
8-K | 2020-10-19 | |
8-K | 2020-10-07 | |
8-K | 2020-09-30 | |
8-K | 2020-09-23 | |
8-K | 2020-08-06 | |
8-K | 2020-07-31 | |
8-K | 2020-07-20 | |
8-K | 2020-07-20 | |
8-K | 2020-07-20 | |
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 |
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 |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
(Mark One) | |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended | |
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
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(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 | ||
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.
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.
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 ☐ | |||
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
The issuer had
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 | $ | | $ | | |||
Accounts receivable, net | | | |||||
Accounts receivable—affiliates |
| |
| | |||
Inventories |
| |
| | |||
Brokerage margin deposits |
| |
| | |||
Derivative assets |
| |
| | |||
Prepaid expenses and other current assets |
| |
| | |||
Total current assets |
| |
| | |||
Property and equipment, net |
| |
| | |||
Right of use assets, net | | | |||||
Intangible assets, net |
| |
| | |||
Goodwill |
| |
| | |||
Other assets |
| |
| | |||
Total assets | $ | | $ | | |||
Liabilities and partners’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | | $ | | |||
Working capital revolving credit facility—current portion |
| |
| | |||
Lease liability—current portion | | | |||||
Environmental liabilities—current portion |
| |
| | |||
Trustee taxes payable |
| |
| | |||
Accrued expenses and other current liabilities |
| |
| | |||
Derivative liabilities |
| |
| | |||
Total current liabilities |
| |
| | |||
Working capital revolving credit facility—less current portion |
| |
| | |||
Revolving credit facility |
| |
| | |||
Senior notes |
| |
| | |||
Long-term lease liability—less current portion | | | |||||
Environmental liabilities—less current portion |
| |
| | |||
Financing obligations | | | |||||
Deferred tax liabilities | | | |||||
Other long—term liabilities |
| |
| | |||
Total liabilities |
| |
| | |||
Partners’ equity | |||||||
Global Partners LP equity: | |||||||
Series A preferred limited partners ( | | | |||||
Common limited partners ( |
| |
| | |||
General partner interest ( |
| ( |
| ( | |||
Accumulated other comprehensive income (loss) |
| |
| ( | |||
Total Global Partners LP equity |
| |
| | |||
Noncontrolling interest |
| — |
| | |||
Total partners’ equity |
| |
| | |||
Total liabilities and partners’ equity | $ | | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
3
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 | $ | | $ | | $ | | $ | | |||||
Cost of sales |
| |
| |
| |
| | |||||
Gross profit |
| |
| |
| |
| | |||||
Costs and operating expenses: | |||||||||||||
Selling, general and administrative expenses |
| |
| |
| |
| | |||||
Operating expenses |
| |
| |
| |
| | |||||
Lease exit and termination gain | — | — | — | ( | |||||||||
Amortization expense |
| |
| |
| |
| | |||||
Net loss (gain) on sale and disposition of assets | | | | ( | |||||||||
Long-lived asset impairment | | | | | |||||||||
Total costs and operating expenses |
| |
| |
| |
| | |||||
Operating income |
| |
| |
| |
| | |||||
Interest expense |
| ( |
| ( |
| ( |
| ( | |||||
Loss on early extinguishment of debt | — | ( | — | ( | |||||||||
Income before income tax (expense) benefit |
| |
| |
| |
| | |||||
Income tax (expense) benefit |
| ( |
| ( |
| |
| ( | |||||
Net income |
| |
| |
| |
| | |||||
Net loss attributable to noncontrolling interest |
| |
| |
| |
| | |||||
Net income attributable to Global Partners LP |
| |
| |
| |
| | |||||
Less: General partner’s interest in net income, including incentive distribution rights |
| |
| |
| |
| | |||||
Less: Series A preferred limited partner interest in net income | | | | | |||||||||
Net income attributable to common limited partners | $ | | $ | | $ | | $ | | |||||
Basic net income per common limited partner unit | $ | | $ | | $ | | $ | | |||||
Diluted net income per common limited partner unit | $ | | $ | | $ | | $ | | |||||
Basic weighted average common limited partner units outstanding | |
| |
| |
| | ||||||
Diluted weighted average common limited partner units outstanding |
| |
| |
| |
| |
The accompanying notes are an integral part of these consolidated financial statements.
4
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 | $ | | $ | | $ | | $ | | |||||
Other comprehensive income: | |||||||||||||
Change in fair value of cash flow hedges |
| |
| — |
| |
| — | |||||
Change in pension liability |
| |
| |
| |
| | |||||
Total other comprehensive income |
| |
| |
| |
| | |||||
Comprehensive income |
| |
| |
| |
| | |||||
Comprehensive loss attributable to noncontrolling interest |
| |
| |
| |
| | |||||
Comprehensive income attributable to Global Partners LP | $ | | $ | | $ | | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
5
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 | $ | | $ | | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | | | |||||
Amortization of deferred financing fees |
| | | ||||
Amortization of senior notes discount |
| — | | ||||
Bad debt expense |
| | | ||||
Unit-based compensation expense |
| | | ||||
Write-off of financing fees | | | |||||
Net loss (gain) on sale and disposition of assets |
| | ( | ||||
Long-lived asset impairment |
| | | ||||
Loss on early extinguishment of debt | — | | |||||
Changes in operating assets and liabilities | |||||||
Accounts receivable |
| | ( | ||||
Accounts receivable-affiliate |
| | ( | ||||
Inventories |
| | ( | ||||
Broker margin deposits |
| | ( | ||||
Prepaid expenses, all other current assets and other assets |
| ( | | ||||
Accounts payable |
| ( | | ||||
Trustee taxes payable |
| ( | ( | ||||
Change in derivatives |
| ( | | ||||
Accrued expenses, all other current liabilities and other long-term liabilities |
| | ( | ||||
Net cash provided by operating activities |
| |
| | |||
Cash flows from investing activities | |||||||
Capital expenditures |
| ( | ( | ||||
Seller note issuances | ( | ( | |||||
Proceeds from sale of property and equipment |
| | | ||||
Net cash used in investing activities |
| ( |
| ( | |||
Cash flows from financing activities | |||||||
Net payments on working capital revolving credit facility | ( | ( | |||||
Net payments on revolving credit facility |
| ( | ( | ||||
Proceeds from senior notes, net | — | | |||||
Repayment of senior notes |
| — | ( | ||||
Repurchase of common units | ( | — | |||||
LTIP units withheld for tax obligations |
| ( | ( | ||||
Noncontrolling interest capital contribution | | — | |||||
Acquisition of noncontrolling interest | ( | — | |||||
Distributions to limited partners and general partner |
| ( | ( | ||||
Net cash used in financing activities |
| ( |
| ( | |||
Cash and cash equivalents | |||||||
Decrease in cash and cash equivalents |
| ( |
| ( | |||
Cash and cash equivalents at beginning of period |
| |
| | |||
Cash and cash equivalents at end of period | $ | | $ | | |||
Supplemental information | |||||||
Cash paid during the period for interest |
| $ | |
| $ | |
The accompanying notes are an integral part of these consolidated financial statements.
6