Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - GLOBAL PARTNERS LP | glp-20170930ex322878947.htm |
| EX-32.1 - EX-32.1 - GLOBAL PARTNERS LP | glp-20170930ex3212a339d.htm |
| EX-31.2 - EX-31.2 - GLOBAL PARTNERS LP | glp-20170930ex3121b7826.htm |
| EX-31.1 - EX-31.1 - GLOBAL PARTNERS LP | glp-20170930ex3116c4c15.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
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(Mark One) |
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2017 |
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OR |
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 001-32593
Global Partners LP
(Exact name of registrant as specified in its charter)
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Delaware |
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74-3140887 |
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(State or other jurisdiction of incorporation |
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(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)
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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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.
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Large accelerated filer ☐ |
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Accelerated filer ☒ |
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Non-accelerated filer ☐ |
(Do not check if a smaller reporting company) |
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Smaller reporting company ☐ |
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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 6, 2017.
GLOBAL PARTNERS LP
(In thousands, except unit data)
(Unaudited)
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September 30, |
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December 31, |
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2017 |
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2016 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
10,855 |
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$ |
10,028 |
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Accounts receivable, net |
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330,939 |
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421,360 |
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Accounts receivable—affiliates |
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5,647 |
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3,143 |
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Inventories |
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280,510 |
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521,878 |
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Brokerage margin deposits |
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12,454 |
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27,653 |
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Derivative assets |
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5,350 |
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21,382 |
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Prepaid expenses and other current assets |
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77,175 |
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70,022 |
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Total current assets |
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722,930 |
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1,075,466 |
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Property and equipment, net |
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1,038,231 |
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1,099,899 |
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Intangible assets, net |
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57,670 |
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65,013 |
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Goodwill |
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291,455 |
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294,768 |
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Other assets |
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37,892 |
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28,874 |
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Total assets |
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$ |
2,148,178 |
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$ |
2,564,020 |
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Liabilities and partners’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
241,724 |
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$ |
320,262 |
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Working capital revolving credit facility—current portion |
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39,200 |
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274,600 |
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Environmental liabilities—current portion |
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5,329 |
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5,341 |
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Trustee taxes payable |
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97,857 |
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101,166 |
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Accrued expenses and other current liabilities |
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81,383 |
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70,443 |
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Derivative liabilities |
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11,109 |
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27,413 |
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Total current liabilities |
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476,602 |
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799,225 |
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Working capital revolving credit facility—less current portion |
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100,000 |
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150,000 |
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Revolving credit facility |
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190,000 |
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216,700 |
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Senior notes |
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661,109 |
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659,150 |
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Environmental liabilities—less current portion |
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52,712 |
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57,724 |
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Financing obligations |
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152,463 |
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152,444 |
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Deferred tax liabilities |
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64,181 |
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66,054 |
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Other long-term liabilities |
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59,343 |
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64,882 |
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Total liabilities |
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1,756,410 |
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2,166,179 |
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Partners’ equity |
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Global Partners LP equity: |
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Common unitholders 33,995,563 units issued and 33,644,218 outstanding at September 30, 2017 and 33,995,563 units issued and 33,543,669 outstanding at December 31, 2016) |
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395,219 |
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401,044 |
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General partner interest (0.67% interest with 230,303 equivalent units outstanding at September 30, 2017 and December 31, 2016) |
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(2,996) |
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(2,948) |
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Accumulated other comprehensive loss |
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(4,213) |
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(5,441) |
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Total Global Partners LP equity |
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388,010 |
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392,655 |
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Noncontrolling interest |
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3,758 |
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5,186 |
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Total partners’ equity |
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391,768 |
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397,841 |
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Total liabilities and partners’ equity |
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$ |
2,148,178 |
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$ |
2,564,020 |
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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)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Sales |
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$ |
2,159,746 |
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$ |
2,030,198 |
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$ |
6,520,060 |
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$ |
5,927,209 |
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Cost of sales |
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2,009,652 |
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1,897,587 |
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6,094,577 |
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5,535,197 |
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Gross profit |
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150,094 |
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132,611 |
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425,483 |
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392,012 |
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Costs and operating expenses: |
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Selling, general and administrative expenses |
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40,134 |
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36,705 |
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111,600 |
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108,329 |
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Operating expenses |
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70,338 |
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70,591 |
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208,720 |
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218,718 |
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Amortization expense |
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2,260 |
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2,260 |
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6,781 |
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7,128 |
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Net loss (gain) on sale and disposition of assets |
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2,190 |
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7,486 |
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(7,291) |
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13,966 |
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Goodwill and long-lived asset impairment |
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809 |
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147,817 |
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809 |
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149,972 |
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Total costs and operating expenses |
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115,731 |
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264,859 |
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320,619 |
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498,113 |
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Operating income (loss) |
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34,363 |
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(132,248) |
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104,864 |
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(106,101) |
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Interest expense |
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(20,626) |
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(21,197) |
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(65,836) |
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(65,192) |
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Income (loss) before income tax benefit (expense) |
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13,737 |
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(153,445) |
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39,028 |
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(171,293) |
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Income tax benefit (expense) |
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723 |
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(3,138) |
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(72) |
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(1,668) |
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Net income (loss) |
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14,460 |
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(156,583) |
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38,956 |
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(172,961) |
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Net loss attributable to noncontrolling interest |
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418 |
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37,032 |
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1,242 |
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39,076 |
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Net income (loss) attributable to Global Partners LP |
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14,878 |
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(119,551) |
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40,198 |
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(133,885) |
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Less: General partner’s interest in net income (loss), including incentive distribution rights |
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100 |
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(801) |
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270 |
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(897) |
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Limited partners’ interest in net income (loss) |
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$ |
14,778 |
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$ |
(118,750) |
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$ |
39,928 |
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$ |
(132,988) |
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Basic net income (loss) per limited partner unit |
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$ |
0.44 |
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$ |
(3.54) |
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$ |
1.19 |
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$ |
(3.97) |
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Diluted net income (loss) per limited partner unit |
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$ |
0.44 |
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$ |
(3.54) |
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$ |
1.18 |
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$ |
(3.97) |
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Basic weighted average limited partner units outstanding |
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33,644 |
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33,531 |
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33,570 |
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33,522 |
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Diluted weighted average limited partner units outstanding |
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33,945 |
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33,531 |
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33,839 |
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33,522 |
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The accompanying notes are an integral part of these consolidated financial statements.
4
GLOBAL PARTNERS LP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Net income (loss) |
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$ |
14,460 |
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$ |
(156,583) |
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$ |
38,956 |
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$ |
(172,961) |
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Other comprehensive income: |
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|
|
|
|
|
|
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|
|
|
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Change in fair value of cash flow hedges |
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|
167 |
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|
660 |
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|
764 |
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1,513 |
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Change in pension liability |
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(105) |
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169 |
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|
464 |
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|
543 |
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Total other comprehensive income |
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62 |
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|
829 |
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1,228 |
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|
2,056 |
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Comprehensive income (loss) |
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14,522 |
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(155,754) |
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|
40,184 |
|
|
(170,905) |
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Comprehensive loss attributable to noncontrolling interest |
|
|
418 |
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|
37,032 |
|
|
1,242 |
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|
39,076 |
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Comprehensive income (loss) attributable to Global Partners LP |
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$ |
14,940 |
|
$ |
(118,722) |
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$ |
41,426 |
|
$ |
(131,829) |
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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
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Nine Months Ended |
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September 30, |
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||||
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2017 |
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2016 |
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Cash flows from operating activities |
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Net income (loss) |
|
$ |
38,956 |
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$ |
(172,961) |
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Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
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|
|
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|
|
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Depreciation and amortization |
|
|
79,423 |
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86,474 |
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Amortization of deferred financing fees |
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|
4,295 |
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|
4,467 |
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Amortization of leasehold interests |
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|
562 |
|
|
939 |
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Amortization of senior notes discount |
|
|
1,079 |
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|
1,039 |
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Bad debt expense |
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|
622 |
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50 |
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Unit-based compensation expense |
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|
1,415 |
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|
3,094 |
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Write-off of financing fees |
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|
573 |
|
|
1,828 |
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Net (gain) loss on sale and disposition of assets |
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|
(7,291) |
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|
13,966 |
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Goodwill and long-lived asset impairment |
|
|
809 |
|
|
149,972 |
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Changes in operating assets and liabilities, excluding net assets acquired: |
|
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|
|
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Accounts receivable |
|
|
89,799 |
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|
30,296 |
|
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Accounts receivable-affiliate |
|
|
(2,504) |
|
|
243 |
|
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Inventories |
|
|
240,462 |
|
|
(51,773) |
|
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Broker margin deposits |
|
|
15,199 |
|
|
12,646 |
|
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Prepaid expenses, all other current assets and other assets |
|
|
(19,400) |
|
|
(6,226) |
|
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Accounts payable |
|
|
(78,538) |
|
|
(71,611) |
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Trustee taxes payable |
|
|
(3,309) |
|
|
(11,381) |
|
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Change in derivatives |
|
|
(1,764) |
|
|
34,116 |
|
|
Accrued expenses, all other current liabilities and other long-term liabilities |
|
|
2,053 |
|
|
(11,018) |
|
|
Net cash provided by operating activities |
|
|
362,441 |
|
|
14,160 |
|
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Cash flows from investing activities |
|
|
|
|
|
|
|
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Capital expenditures |
|
|
(31,646) |
|
|
(54,738) |
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Proceeds from sale of property and equipment |
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|
29,804 |
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|
58,917 |
|
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Net cash (used in) provided by investing activities |
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(1,842) |
|
|
4,179 |
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Cash flows from financing activities |
|
|
|
|
|
|
|
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Net (payments on) borrowings from working capital revolving credit facility |
|
|
(285,400) |
|
|
69,900 |
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Net payments on revolving credit facility |
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|
(26,700) |
|
|
(88,200) |
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Proceeds from sale-leaseback, net |
|
|
— |
|
|
62,476 |
|
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Repurchased units withheld for tax obligations |
|
|
(516) |
|
|
— |
|
|
Noncontrolling interest capital contribution |
|
|
279 |
|
|
— |
|
|
Distribution to noncontrolling interest |
|
|
(465) |
|
|
(1,798) |
|
|
Distributions to partners |
|
|
(46,970) |
|
|
(46,890) |
|
|
Net cash used in financing activities |
|
|
(359,772) |
|
|
(4,512) |
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents |
|
|
827 |
|
|
13,827 |
|
|
Cash and cash equivalents at beginning of period |
|
|
10,028 |
|
|
1,116 |
|
|
Cash and cash equivalents at end of period |
|
$ |
10,855 |
|
$ |
14,943 |
|
|
Supplemental information |
|
|
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
36,892 |
|
$ |
49,548 |
|
The accompanying notes are an integral part of these consolidated financial statements.
6
GLOBAL PARTNERS LP
CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY
(In thousands)
(Unaudited)
|
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|
|
|
|
|
|
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Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General |
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Other |
|
|
|
|
Total |
|
|||
|
|
|
Common |
|
Partner |
|
Comprehensive |
|
Noncontrolling |
|
Partners’ |
|
|||||
|
|
|
Unitholders |
|
Interest |
|
Loss |
|
Interest |
|
Equity |
|
|||||
|
Balance at December 31, 2016 |
|
$ |
401,044 |
|
$ |
(2,948) |
|
$ |
(5,441) |
|
$ |
5,186 |
|
$ |
397,841 |
|
|
Net income (loss) |
|
|
39,928 |
|
|
270 |
|
|
— |
|
|
(1,242) |
|
|
38,956 |
|
|
Noncontrolling interest capital contribution |
|
|
— |
|
|
— |
|
|
— |
|
|
279 |
|
|
279 |
|
|
Distribution to noncontrolling interest |
|
|
— |
|
|
— |
|
|
— |
|
|
(465) |
|
|
(465) |
|
|
Other comprehensive income |
|
|
— |
|
|
— |
|
|
1,228 |
|
|
— |
|
|
1,228 |
|
|
Unit-based compensation |
|
|
1,415 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,415 |
|
|
Distributions to partners |
|
|
(47,169) |
|
|
(318) |
|
|
— |
|
|
— |
|
|
(47,487) |
|
|
Repurchased units held for tax obligations |
|
|
(516) |
|
|
— |
|
|
— |
|
|
— |
|
|
(516) |
|
|
Dividends on repurchased units |
|
|
517 |
|
|
— |
|
|
— |
|
|
— |
|
|
517 |
|
|
Balance at September 30, 2017 |
|
$ |
395,219 |
|
$ |
(2,996) |
|
$ |
(4,213) |
|
$ |
3,758 |
|
$ |
391,768 |
|
The accompanying notes are an integral part of these consolidated financial statements.
7
Note 1. Organization and Basis of Presentation
Organization
Global Partners LP (the “Partnership”) is a midstream logistics and marketing master limited partnership formed in March 2005 engaged in the purchasing, selling, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane. The Partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the “Northeast”). The Partnership is one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. The Partnership is also one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores with locations throughout the New England states and New York. As of September 30, 2017, the Partnership had a portfolio of 1,435 owned, leased and/or supplied gasoline stations, including 234 directly operated convenience stores, in the Northeast, Maryland and Virginia. The Partnership also receives revenue from convenience store sales, rental income and sundries. In addition, the Partnership owns transload and storage terminals in North Dakota and Oregon that extend its origin-to-destination capabilities from the mid-continent region of the United States and Canada.
Global GP LLC, the Partnership’s general partner (the “General Partner”), manages the Partnership’s operations and activities and employs its officers and substantially all of its personnel, except for most of its gasoline station and convenience store employees who are employed by Global Montello Group Corp. (“GMG”), a wholly owned subsidiary of the Partnership.
The General Partner, which holds a 0.67% general partner interest in the Partnership, is owned by affiliates of the Slifka family. As of September 30, 2017, affiliates of the General Partner, including its directors and executive officers and their affiliates, owned 7,403,798 common units, representing a 21.8% limited partner interest.
Recent Transactions
Amended and Restated Credit Agreement— On April 25, 2017, the Partnership and certain of its subsidiaries entered into a third amended and restated credit agreement with aggregate commitments of $1.3 billion and a maturity date of April 30, 2020. See Note 7 for additional information.
Sale of Natural Gas and Electricity Brokerage Businesses—On February 1, 2017, the Partnership completed the sale of its natural gas marketing and electricity brokerage businesses for a purchase price of approximately $17.3 million, subject to customary closing adjustments. Proceeds from the sale amounted to approximately $16.3 million, and the Partnership realized a gain on the sale of $14.2 million. The sale of the natural gas marketing and electricity brokerage businesses reflects the Partnership’s ongoing program to monetize non-strategic assets not fundamental to its growth strategy. Prior to the sale, the results of natural gas marketing and electricity brokerage businesses were included in the Commercial segment. See Note 6.
Basis of Presentation
The accompanying consolidated financial statements as of September 30, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016 reflect the accounts of the Partnership. Upon consolidation, all intercompany balances and transactions have been eliminated.
8
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition and operating results for the interim periods. The interim financial information, which has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), should be read in conjunction with the consolidated financial statements for the year ended December 31, 2016 and notes thereto contained in the Partnership’s Annual Report on Form 10-K. The significant accounting policies described in Note 2, “Summary of Significant Accounting Policies,” of such Annual Report on Form 10-K are the same used in preparing the accompanying consolidated financial statements.
The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results of operations that will be realized for the entire year ending December 31, 2017. The consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016.
Noncontrolling Interest
The Partnership acquired a 60% interest in Basin Transload, LLC (“Basin Transload”) on February 1, 2013. After evaluating Accounting Standards Codification (“ASC”) Topic 810, “Consolidations,” the Partnership concluded it is appropriate to consolidate the balance sheet and statements of operations of Basin Transload based on an evaluation of the outstanding voting interests. Amounts pertaining to the noncontrolling ownership interest held by third parties in the financial position and operating results of the Partnership are reported as a noncontrolling interest in the accompanying consolidated balance sheets and statements of operations.
Concentration of Risk
Due to the nature of the Partnership’s business and its reliance, in part, on consumer travel and spending patterns, the Partnership may experience more demand for gasoline during the late spring and summer months than during the fall and winter. Travel and recreational activities are typically higher in these months in the geographic areas in which the Partnership operates, increasing the demand for gasoline. Therefore, the Partnership’s volumes in gasoline are typically higher in the second and third quarters of the calendar year. As demand for some of the Partnership’s refined petroleum products, specifically home heating oil and residual oil for space heating purposes, is generally greater during the winter months, heating oil and residual oil volumes are generally higher during the first and fourth quarters of the calendar year. These factors may result in fluctuations in the Partnership’s quarterly operating results.
The following table presents the Partnership’s product sales and other revenues as a percentage of the consolidated sales for the periods presented:
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
||||
|
|
|
September 30, |
|
September 30, |
|
|
||||
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
Gasoline sales: gasoline and gasoline blendstocks (such as ethanol) |
|
71 |
% |
71 |
% |
65 |
% |
66 |
% |
|
|
Crude oil sales and crude oil logistics revenue |
|
5 |
% |
6 |
% |
6 |
% |
7 |
% |
|
|
Distillates (home heating oil, diesel and kerosene), residual oil, natural gas and propane sales |
|
20 |
% |
18 |
% |
25 |
% |
22 |
% |
|
|
Convenience store sales, rental income and sundries |
|
4 |
% |
5 |
% |
4 |
% |
5 |
% |
|
|
Total |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
9
The following table presents the Partnership’s product margin by segment as a percentage of the consolidated product margin for the periods presented:
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
||||
|
|
|
September 30, |
|
September 30, |
|
|
||||
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
Wholesale segment |
|
21 |
% |
10 |
% |
24 |
% |
19 |
% |
|
|
Gasoline Distribution and Station Operations segment |
|
76 |
% |
87 |
% |
73 |
% |
77 |
% |
|
|
Commercial segment |
|
3 |
% |
3 |
% |
3 |
% |
4 |
% |
|
|
Total |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
See Note 15, “Segment Reporting,” for additional information on the Partnership’s operating segments.
None of the Partnership’s customers accounted for greater than 10% of total sales for the three and nine months ended September 30, 2017 and 2016.
Note 2. Net Income (Loss) Per Limited Partner Unit
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, or limited partners’ interest, and to the General Partner’s general partner interest.
Common units outstanding as reported in the accompanying consolidated financial statements at September 30, 2017 and December 31, 2016 excluded 351,345 and 451,894 common units, respectively, held on behalf of the Partnership pursuant to its repurchase program (see Note 12). The decrease in common units outstanding from December 31, 2016 is primarily due to a long-term incentive plan award that vested during the nine months ended September 30, 2017. These units are not deemed outstanding for purposes of calculating net income (loss) per limited partner unit (basic and diluted).
10
The following table provides a reconciliation of net income (loss) and the assumed allocation of net income (loss) to the limited partners’ interest for purposes of computing net income (loss) per limited partner unit for the periods presented (in thousands, except per unit data):
|
|
|
Three Months Ended September 30, 2017 |
|
|
Three Months Ended September 30, 2016 |
|
||||||||||||||||||||
|
|
|
|
|
|
Limited |
|
General |
|
|
|
|
|
|
|
|
Limited |
|
General |
|
|
|
|
||||
|
|
|
|
|
|
Partner |
|
Partner |
|
|
|
|
|
|
|
|
Partner |
|
Partner |
|
|
|
|
||||
|
Numerator: |
|
Total |
|
Interest |
|
Interest |
|
IDRs |
|
|
Total |
|
Interest |
|
Interest |
|
IDRs |
|
||||||||
|
Net income (loss) attributable to Global Partners LP |
|
$ |
14,878 |
|
$ |
14,778 |
|
$ |
100 |
|
$ |
— |
|
|
$ |
(119,551) |
|
$ |
(118,750) |
|
$ |
(801) |
|
$ |
— |
|
|
Declared distribution |
|
$ |
15,829 |
|
$ |
15,723 |
|
$ |
106 |
|
$ |
— |
|
|
$ |
15,829 |
|
$ |
15,723 |
|
$ |
106 |
|
$ |
— |
|
|
Assumed allocation of undistributed net income (loss) |
|
|
(951) |
|
|
(945) |
|
|
(6) |
|
|
— |
|
|
|
(135,380) |
|
|
(134,473) |
|
|
(907) |
|
|
— |
|
|
Assumed allocation of net income (loss) |
|
$ |
14,878 |
|
$ |
14,778 |
|
$ |
100 |
|
$ |
— |
|
|
$ |
(119,551) |
|
$ |
(118,750) |
|
$ |
(801) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average limited partner units outstanding |
|
|
|
|
|
33,644 |
|
|
|
|
|
|
|
|
|
|
|
|
33,531 |
|
|
|
|
|
|
|
|
Dilutive effect of phantom units |
|
|
|
|
|
301 |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
Diluted weighted average limited partner units outstanding |
|
|
|
|
|
33,945 |
|
|
|
|
|
|
|
|
|
|
|
|
33,531 |
|
|
|
|
|
|
|
|
Basic net income (loss) per limited partner unit |
|
|
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
$ |
(3.54) |
|
|
|
|
|
|
|
|
Diluted net income (loss) per limited partner unit (1) |
|
|
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
$ |
(3.54) |
|
|
|
|
|
|
|
|
(1) |
Basic limited partner units were used to calculate diluted net loss per limited partner unit for the three months ended September 30, 2016, as using the effects of phantom units would have an anti-dilutive effect on net loss per limited partner unit. |
11
|
|
|
Nine Months Ended September 30, 2017 |
|
|
Nine Months Ended September 30, 2016 |
|
||||||||||||||||||||
|
|
|
|
|
|
Limited |
|
General |
|
|
|
|
|
|
|
|
Limited |
|
General |
|
|
|
|
||||
|
|
|
|
|
|
Partner |
|
Partner |
|
|
|
|
|
|
|
|
Partner |
|
Partner |
|
|
|
|
||||
|
Numerator: |
|
Total |
|
Interest |
|
Interest |
|
IDRs |
|
|
Total |
|
Interest |
|
Interest |
|
IDRs |
|
||||||||
|
Net income (loss) attributable to Global Partners LP |
|
$ |
40,198 |
|
$ |
39,928 |
|
$ |
270 |
|
$ |
— |
|
|
$ |
(133,885) |
|
$ |
(132,988) |
|
$ |
(897) |
|
$ |
— |
|
|
Declared distribution |
|
$ |
47,487 |
|
$ |
47,169 |
|
$ |
318 |
|
$ |
— |
|
|
$ |
47,487 |
|
$ |
47,169 |
|
$ |
318 |
|
$ |
— |
|
|
Assumed allocation of undistributed net income (loss) |
|
|
(7,289) |
|
|
(7,241) |
|
|
(48) |
|
|
— |
|
|
|
(181,372) |
|
|
(180,157) |
|
|
(1,215) |
|
|
— |
|
|
Assumed allocation of net income (loss) |
|
$ |
40,198 |
|
$ |
39,928 |
|
$ |
270 |
|
$ |
— |
|
|
$ |
(133,885) |
|
$ |
(132,988) |
|
$ |
(897) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average limited partner units outstanding |
|
|
|
|
|
33,570 |
|
|
|
|
|
|
||||||||||||||