Global Partners Reports Fourth-Quarter and Full-Year 2019 Financial Results

WALTHAM, Mass.–(BUSINESS WIRE)–
Global Partners LP (NYSE: GLP) today reported financial results for the fourth quarter and full year ended December 31, 2019.

“We delivered strong results in 2019, exceeding our full-year EBITDA guidance,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Product margin in our Gasoline Distribution and Station Operations (GDSO) segment increased more than $23 million for the year, attributable primarily to the acquisitions of Champlain Oil and Cheshire Oil.

“In the fourth-quarter of 2019 our GDSO segment continued to perform well, recognizing that we did not see the exceptionally strong fuel margins that benefited this segment in the fourth quarter of 2018. Our results in the fourth quarter in our Wholesale segment were negatively impacted by less favorable market conditions,” Slifka said.

Financial Highlights

For the three months ended December 31, 2018, in the GDSO segment Global Partners benefited from expanded fuel margins primarily attributable to an $0.80 per gallon decrease in wholesale gasoline prices from October 1 to December 31, 2018. Wholesale gasoline prices for the same period in 2019 increased $0.12 per gallon, which contributed to a $43.2 million decrease year-over-year in the gasoline distribution portion of GDSO product margin. In addition, Global’s fourth-quarter 2019 financial results were negatively affected by less favorable market conditions in the Wholesale segment, which led to a $33.1 million decline in Wholesale segment product margin from the fourth quarter of 2018.

For the fourth quarter of 2019 the net loss attributable to the Partnership was $0.8 million, or $0.08 per common limited partner unit, compared with net income attributable to the Partnership of $52.5 million, or $1.47 per diluted common limited partner unit, for the same period of 2018.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2019 was $47.3 million compared with $109.7 million for the year-earlier period.

Distributable cash flow (DCF) was $9.4 million in the fourth quarter of 2019 compared with $67.6 million in the same period of 2018.

Adjusted EBITDA was $46.2 million in the fourth quarter of 2019 compared with $109.8 million in the fourth quarter of 2018.

Gross profit in the fourth quarter of 2019 was $151.0 million compared with $221.8 million in the fourth quarter of 2018, primarily due to lower fuel margins in the 2019 period as well as less favorable market conditions in the Partnership’s Wholesale segment.

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $172.8 million in the fourth quarter of 2019 compared with $244.1 million in the fourth quarter of 2018.

Combined product margin, EBITDA, Adjusted EBITDA, and 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 release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three and twelve months ended December 31, 2019 and 2018.

GDSO segment product margin was $147.1 million in the fourth quarter of 2019 compared with $188.5 million in the fourth quarter of 2018. This $41.4 million reduction reflected a 10-cent per gallon decline in fuel margin to 22.5 cents per gallon in the fourth quarter of 2019 from 32.5 cents per gallon in the same period a year earlier.

Wholesale segment product margin was $15.4 million in the fourth quarter of 2019 compared with $48.5 million in the fourth quarter of 2018. The decrease was primarily attributable to less favorable market conditions in the 2019 period in gasoline and gasoline blendstocks and, to a lesser extent, other oils and related products as well as crude oil.

Commercial segment product margin was $10.3 million in the fourth quarter of 2019 compared with $7.1 million in the same period of 2018, primarily reflecting an increase in bunkering in the 2019 period.

Sales were $3.3 billion for each of the fourth quarters of 2019 and 2018. Wholesale segment sales were $1.9 billion in the fourth quarter of 2019 compared with $1.8 billion in the fourth quarter of 2018. GDSO segment sales were $1.0 billion in the fourth quarter of 2019 compared with $1.1 billion in the fourth quarter of 2018. Commercial segment sales were $0.4 billion in the fourth quarter of 2019 compared with $0.3 billion in the fourth quarter of 2018.

Volume in the fourth quarter of 2019 was 1.7 billion gallons compared with 1.6 billion gallons in the same period of 2018. Wholesale segment volume was 1.1 billion gallons in the fourth quarter of 2019 compared with 1.0 billion gallons in the fourth quarter of 2018. GDSO segment volume was 408.0 million gallons in the fourth quarter of 2019 compared with 415.2 million gallons in the same period of 2018. Commercial segment volume was 197.3 million gallons in the fourth quarter of 2019 compared with 179.2 million gallons in the same period of 2018.

Recent Highlights

  • Global’s Board of Directors announced an increase of its quarterly cash distribution from $0.52 to $0.5250 per unit on all of its outstanding common units for the period from October 1 to December 31, 2019. The distribution was paid on February 14, 2020 to unitholders of record as of the close of business on February 10, 2020.
  • Global’s Board of Directors announced a quarterly cash distribution of $0.609375 per unit, or $2.4375 per unit on an annualized basis, on the Partnership’s Series A preferred units for the period from November 15, 2019 through February 14, 2020. This distribution was paid on February 18, 2020 to holders of record as of the opening of business on February 3, 2020.

Business Outlook

“Our integrated portfolio of terminals and retail assets, together with our wholesale and commercial supply infrastructure, continue to position us well going forward,” Slifka said.

For full-year 2020, Global expects to generate EBITDA of $205 million to $230 million. Global’s guidance excludes gains or losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

The Partnership’s guidance and future performance are based on assumptions regarding market conditions, business cycles, demand for petroleum products and renewable fuels, utilization of assets and facilities, weather, credit markets, the regulatory and permitting environment and the forward product pricing curve, which could influence quarterly financial results. The Partnership believes these assumptions are reasonable given currently available information and its assessment of historical trends. Because Global’s assumptions and future performance are subject to a wide range of business risks and uncertainties, the Partnership can provide no assurance that actual performance will fall within guidance ranges.

With respect to 2020 net income and net cash from operating activities, the most comparable financial measures to EBITDA calculated in accordance with GAAP, the Partnership is unable to project either metric without unreasonable effort and for the following reasons: 1) The Partnership is unable to project net income because this metric includes the impact of certain non-cash items, most notably those resulting from the sale of non-strategic sites, which the Partnership is unable to project with any reasonable degree of accuracy; and 2) The Partnership is unable to project net cash from operating activities because this metric includes the impact of changes in commodity prices, including their impact on inventory volume and value, receivables, payables and derivatives, which the Partnership is unable to project with any reasonable degree of accuracy. Please see the “Use of Non-GAAP Financial Measures” section of this news release.

Financial Results Conference Call

Management will review the Partnership’s fourth-quarter and full-year 2019 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)

The call also will be webcast live and archived on Global’s website, https://ir.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, crude oil and propane, as well as convenience store 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 and goodwill and long-lived asset impairment charges. 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


Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s 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 our partnership agreement also determines our ability to make cash distributions on our incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in our partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historic level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. Our 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.

Distributable cash flow should not be considered as 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, distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

About Global Partners LP

With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

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. These forward-looking statements are based on Global Partners’ 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. All comments concerning the Partnership’s expectations for future revenues and operating results are based on forecasts for its existing operations and do not include the potential impact of any future acquisitions. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ 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 thereof. The Partnership 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

 

Twelve Months Ended

December 31,

 

December 31,

2019

 

2018

 

2019

 

2018

Sales

$

3,348,911

 

$

3,274,301

 

$

13,081,730

 

$

12,672,602

 

Cost of sales 3,197,910 3,052,457 12,418,973 12,022,193
Gross profit 151,001 221,844 662,757 650,409
 
Costs and operating expenses:
Selling, general and administrative expenses 43,546 49,555 170,937 171,002
Operating expenses 85,160 87,072 342,382 321,115
Gain on trustee taxes (52,627 )
Lease exit and termination gain (493 ) (3,506 )
Amortization expense 2,712 2,976 11,431 10,960
Net (gain) loss on sale and disposition of assets (2,478 ) 40 (2,730 ) 5,880
Goodwill and long-lived asset impairment 1,379 2,022 414
Total costs and operating expenses 130,319 139,643 523,549 453,238
 
Operating income 20,682 82,201 139,208 197,171
 
Interest expense (21,743 ) (23,508 ) (89,856 ) (89,145 )
Loss on early extinguishment of debt (13,080 )
 
(Loss) income before income tax benefit (expense) (1,061 ) 58,693 36,272 108,026
 
Income tax benefit (expense) 181 (6,523 ) (1,094 ) (5,623 )
 
Net (loss) income (880 ) 52,170 35,178 102,403
 
Net loss attributable to noncontrolling interest 52 360 689 1,502
 
Net (loss) income attributable to Global Partners LP (828 ) 52,530 35,867 103,905
 
Less: General partner’s interest in net (loss) income, including incentive distribution rights 314 554 1,379 1,033
Less: Series A preferred limited partner interest in net income 1,682 1,682 6,728 2,691
 
Net (loss) income attributable to common limited partners

$

(2,824

)

$

50,294

 

$

27,760

 

$

100,181

 

 
Basic net (loss) income per common limited partner unit (1)

$

(0.08

)

$

1.49

 

$

0.82

 

$

2.97

 

 
Diluted net (loss) income per common limited partner unit (1)

$

(0.08

)

$

1.47

 

$

0.81

 

$

2.95

 

 
Basic weighted average common limited partner units outstanding 33,866 33,750 33,810 33,701
 
Diluted weighted average limited partner units outstanding 34,287 34,066 34,339 33,972
 

(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)
 
 

December 31,

 

December 31,

2019

 

2018

Assets
Current assets:
Cash and cash equivalents

$

12,042

 

$

8,121

Accounts receivable, net

413,195

334,777

Accounts receivable – affiliates

7,823

5,435

Inventories

450,482

386,442

Brokerage margin deposits

34,466

14,766

Derivative assets

4,564

26,390

Prepaid expenses and other current assets

81,940

98,977

Total current assets

1,004,512

874,908

 
Property and equipment, net

1,104,863

1,132,632

Right of use assets, net

296,746

Intangible assets, net

46,765

58,532

Goodwill

324,474

327,406

Other assets

31,067

30,813

 
Total assets

$

2,808,427

$

2,424,291

 
 
Liabilities and partners’ equity
Current liabilities:
Accounts payable

$

373,386

$

308,979

Working capital revolving credit facility – current portion

148,900

103,300

Lease liability—current portion

68,160

Environmental liabilities – current portion

5,009

6,092

Trustee taxes payable

42,932

42,613

Accrued expenses and other current liabilities

102,802

117,274

Derivative liabilities

12,698

4,494

Total current liabilities

753,887

582,752

 
Working capital revolving credit facility – less current portion

175,000

150,000

Revolving credit facility

192,700

220,000

Senior notes

690,533

664,455

Long-term lease liability – less current portion

239,349

Environmental liabilities – less current portion

54,262

57,132

Financing obligations

148,127

149,997

Deferred tax liabilities

42,879

42,856

Other long-term liabilities

52,451

57,905

Total liabilities

2,349,188

1,925,097

 
Partners’ equity
Global Partners LP equity

458,065

497,331

Noncontrolling interest

1,174

1,863

Total partners’ equity

459,239

499,194

 
Total liabilities and partners’ equity

$

2,808,427

$

2,424,291

 
GLOBAL PARTNERS LP
FINANCIAL RECONCILIATIONS
(In thousands)
(Unaudited)

Three Months Ended

 

Twelve Months Ended

December 31,

 

December 31,

2019

 

2018

 

2019

 

2018

Reconciliation of gross profit to product margin
Wholesale segment:
Gasoline and gasoline blendstocks

$

7,414

 

$

22,318

 

$

83,982

 

$

76,741

 

Crude oil

 

(3,004

)

 

4,274

 

 

(13,047

)

 

7,159

 

Other oils and related products

 

11,018

 

 

21,912

 

 

51,584

 

 

53,389

 

Total

 

15,428

 

 

48,504

 

 

122,519

 

 

137,289

 

Gasoline Distribution and Station Operations segment:
Gasoline distribution

 

91,631

 

 

134,869

 

 

374,550

 

 

373,303

 

Station operations

 

55,457

 

 

53,619

 

 

225,078

 

 

203,098

 

Total

 

147,088

 

 

188,488

 

 

599,628

 

 

576,401

 

Commercial segment

 

10,323

 

 

7,087

 

 

28,540

 

 

23,611

 

Combined product margin

 

172,839

 

 

244,079

 

 

750,687

 

 

737,301

 

Depreciation allocated to cost of sales

 

(21,838

)

 

(22,235

)

 

(87,930

)

 

(86,892

)

Gross profit

$

151,001

 

$

221,844

 

$

662,757

 

$

650,409

 

 
Reconciliation of net (loss) income to EBITDA and Adjusted EBITDA
Net (loss) income

$

(880

)

$

52,170

 

$

35,178

 

$

102,403

 

Net loss attributable to noncontrolling interest

 

52

 

 

360

 

 

689

 

 

1,502

 

Net (loss) income attributable to Global Partners LP

 

(828

)

 

52,530

 

 

35,867

 

 

103,905

 

Depreciation and amortization, excluding the impact of noncontrolling interest

 

26,535

 

 

27,156

 

 

107,557

 

 

105,639

 

Interest expense, excluding the impact of noncontrolling interest

 

21,743

 

 

23,508

 

 

89,856

 

 

89,145

 

Income tax (benefit) expense

 

(181

)

 

6,523

 

 

1,094

 

 

5,623

 

EBITDA (1)

 

47,269

 

 

109,717

 

 

234,374

 

 

304,312

 

Net (gain) loss on sale and disposition of assets

 

(2,478

)

 

40

 

 

(2,730

)

 

5,880

 

Goodwill and long-lived asset impairment

 

1,379

 

 

 

 

2,022

 

 

414

 

Adjusted EBITDA (1)

$

46,170

 

$

109,757

 

$

233,666

 

$

310,606

 

 
Reconciliation of net cash (used in) provided by operating activities to EBITDA and Adjusted EBITDA
Net cash (used in) provided by operating activities

$

(15,123

)

$

214,758

 

$

94,402

 

$

168,856

 

Net changes in operating assets and liabilities and certain non-cash items

 

40,891

 

 

(135,160

)

 

48,968

 

 

40,385

 

Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest

 

(61

)

 

88

 

 

54

 

 

303

 

Interest expense, excluding the impact of noncontrolling interest

 

21,743

 

 

23,508

 

 

89,856

 

 

89,145

 

Income tax (benefit) expense

 

(181

)

 

6,523

 

 

1,094

 

 

5,623

 

EBITDA (1)

 

47,269

 

 

109,717

 

 

234,374

 

 

304,312

 

Net (gain) loss on sale and disposition of assets

 

(2,478

)

 

40

 

 

(2,730

)

 

5,880

 

Goodwill and long-lived asset impairment

 

1,379

 

 

 

 

2,022

 

 

414

 

Adjusted EBITDA (1)

$

46,170

 

$

109,757

 

$

233,666

 

$

310,606

 

 
Reconciliation of net (loss) income to distributable cash flow
Net (loss) income

$

(880

)

$

52,170

 

$

35,178

 

$

102,403

 

Net loss attributable to noncontrolling interest

 

52

 

 

360

 

 

689

 

 

1,502

 

Net (loss) income attributable to Global Partners LP

 

(828

)

 

52,530

 

 

35,867

 

 

103,905

 

Depreciation and amortization, excluding the impact of noncontrolling interest

 

26,535

 

 

27,156

 

 

107,557

 

 

105,639

 

Amortization of deferred financing fees and senior notes discount

 

1,261

 

 

1,723

 

 

5,940

 

 

6,873

 

Amortization of routine bank refinancing fees

 

(940

)

 

(1,022

)

 

(3,754

)

 

(4,088

)

Maintenance capital expenditures, excluding the impact of noncontrolling interest

 

(16,596

)

 

(12,781

)

 

(49,897

)

 

(38,641

)

Distributable cash flow (1)(2)(3)

 

9,432

 

 

67,606

 

 

95,713

 

 

173,688

 

Distributions to Series A preferred unitholders (4)

 

(1,682

)

 

(1,682

)

 

(6,728

)

 

(2,691

)

Distributable cash flow after distributions to Series A preferred unitholders

$

7,750

 

$

65,924

 

$

88,985

 

$

170,997

 

 
Reconciliation of net cash (used in) provided by operating activities to distributable cash flow
Net cash (used in) provided by operating activities

$

(15,123

)

$

214,758

 

$

94,402

 

$

168,856

 

Net changes in operating assets and liabilities and certain non-cash items

 

40,891

 

 

(135,160

)

 

48,968

 

 

40,385

 

Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest

 

(61

)

 

88

 

 

54

 

 

303

 

Amortization of deferred financing fees and senior notes discount

 

1,261

 

 

1,723

 

 

5,940

 

 

6,873

 

Amortization of routine bank refinancing fees

 

(940

)

 

(1,022

)

 

(3,754

)

 

(4,088

)

Maintenance capital expenditures, excluding the impact of noncontrolling interest

 

(16,596

)

 

(12,781

)

 

(49,897

)

 

(38,641

)

Distributable cash flow (1)(2)(3)

 

9,432

 

 

67,606

 

 

95,713

 

 

173,688

 

Distributions to Series A preferred unitholders (4)

 

(1,682

)

 

(1,682

)

 

(6,728

)

 

(2,691

)

Distributable cash flow after distributions to Series A preferred unitholders

$

7,750

 

$

65,924

 

$

88,985

 

$

170,997

 

 
 
 

(1) EBITDA, Adjusted EBITDA and distributable cash flow for the twelve months ended December 31, 2019 include a $13.1 million loss on the early extinguishment of debt related to the Partnership’s repurchase of its 6.25% senior notes. EBITDA, Adjusted EBITDA and distributable cash flow for the twelve months ended December 31, 2018 include a one-time gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit.

(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 and a goodwill and long-lived asset impairment of ($1.1 million) and $0.1 million for the three months ended December 31, 2019 and 2018, respectively, and ($0.7 million) and $6.3 million for the twelve months ended December 31, 2019 and 2018, respectively. Excluding these charges, distributable cash flow would have been $8.3 million and $67.7 million for the three months ended December 31, 2019 and 2018, respectively, and $95.0 million and $180.0 million for the twelve months ended December 31, 2019 and 2018, respectively.

(4) Distributions to Series A preferred unitholders represent the distributions earned by the preferred unitholders during the period. Distributions on the Series A Preferred Units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on November 15, 2018.


Daphne H. Foster


Chief Financial Officer

Global Partners LP

(781) 894-8800

Edward J. Faneuil


Executive Vice President, General Counsel and Secretary

Global Partners LP

(781) 894-8800

Source: Global Partners LP