Financial Data and Key Metrics Changes - Third quarter 2019 adjusted EBITDA was $66.1 million compared to $37.2 million in Q3 2018, indicating a significant increase [11] - Net income for Q3 2019 was $15.1 million, a turnaround from a net loss of $14.1 million in Q3 2018 [11] - DCF for Q3 2019 was $30.4 million, up from $5.3 million in the same period last year [11] - Combined product margin increased by $53 million to $210 million, driven by growth in Gasoline Distribution and Station Operations (GDSO) and Wholesale segments [12] Business Line Data and Key Metrics Changes - GDSO product margin increased by $20.1 million to $168.7 million, primarily due to higher fuel margins and acquisitions [12] - Gasoline Distribution contribution to product margin rose by $16.3 million, with average fuel margin per gallon improving to $0.254 from $0.215 year-over-year [13] - Station Operations product margin increased by $3.8 million to $61.1 million, attributed to the acquisition of 47 company-operated sites [14] - Wholesale segment product margin increased by $14.6 million to $20.2 million, reflecting favorable market conditions [15] Market Data and Key Metrics Changes - Volume in the Wholesale segment increased by 71 million gallons, or approximately 8%, primarily due to increases in gasoline and gasoline blendstocks [17] - Distillate inventories in the Northeast are at a 10-year low heading into winter, which could lead to increased volatility in prices [41] Company Strategy and Development Direction - The company is focused on leveraging its terminal network and retail assets for future growth [9] - Management is continuously reviewing capital structure and exploring opportunities for simplification, including potential IDR elimination and REIT format discussions [30][32] Management Comments on Operating Environment and Future Outlook - Management indicated that it is too early to predict Q4 performance due to potential price movements and external events impacting fuel margins [29] - There is a belief that consolidation in the industry may be contributing to improved margins, but risks remain from market disruptions [45][46] - The company expects increased volatility and supply dislocations due to the IMO 2020 regulations, but feels well-positioned to capitalize on market conditions [49][50] Other Important Information - The company raised its quarterly distribution from $0.515 to $0.52 per unit, reflecting strong performance [9] - CapEx for Q3 was approximately $22.5 million, with maintenance CapEx expected to be in the range of $45 million to $55 million for the full year [22][23] Q&A Session Summary Question: Guidance for Q4 and potential dynamics affecting EBITDA - Management noted that while guidance reflects strong year-to-date performance, predicting Q4 is challenging due to price movements and external events [29] Question: Potential IDR elimination transaction - Management stated they periodically review capital structure and explore opportunities in the marketplace [30] Question: Changes in fuel margins and operational impacts - Management indicated that fuel margins can fluctuate based on price movements and local competition, with seasonal maintenance affecting operational expenses [37][39] Question: Impact of low distillate inventories heading into winter - Management acknowledged low distillate inventories could lead to increased volatility in prices, but the market would attract more barrels as needed [41] Question: Impact of IMO 2020 regulations - Management expressed uncertainty about the exact impact but noted that increased demand for lower sulfur fuel could contribute to lower distillate inventories [49][50]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 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 o ...

Global Partners LP (NYSE:GLP) Q2 2019 Earnings Conference Call August 8, 2019 10:00 AM ET Company Participants Edward Faneuil – Executive Vice President and General Counsel Eric Slifka – President and Chief Executive Officer Daphne Foster – Chief Financial Officer Mark Romaine – Chief Operating Officer Conference Call Participants Selman Akyol – Stifel Ned Baramov – Wells Fargo Operator Good day, everyone, and welcome to the Global Partners Second Quarter 2019 Financial Results Conference Call. Today’s call ...

Financial Performance - Net income attributable to Global Partners LP for the three months ended June 30, 2019, was $14,489,000, compared to $6,413,000 for the same period in 2018, representing a 125.7% increase [259]. - EBITDA for the three months ended June 30, 2019, was $63,970,000, up from $53,064,000 in the same period of 2018, reflecting a 20.5% increase [259]. - Distributable cash flow for the three months ended June 30, 2019, was $28,116,000, compared to $21,000,000 for the same period in 2018, indicating a 33.3% increase [259]. - Total sales for the wholesale segment for the three months ended June 30, 2019, were $2,004,528,000, compared to $1,618,466,000 in the same period of 2018, marking a 23.9% increase [259]. - Total sales increased to $3.5 billion for the three months ended June 30, 2019, up 12% from $3.1 billion in 2018, driven by a volume increase of 1.6 billion gallons [267]. - Gross profit for the three months ended June 30, 2019, was $167.1 million, a 12% increase from $149.3 million in 2018, primarily due to recent acquisitions and higher fuel margins [271]. - Gross profit for the six months ended June 30, 2019, was $324.0 million, a 10% increase from $293.6 million in 2018, mainly due to recent acquisitions and improved fuel margins [272]. Sales and Distribution - For the three and six months ended June 30, 2019, the company sold approximately $3.4 billion and $6.3 billion of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil, and propane, respectively [222]. - The company had other revenues of approximately $0.1 billion and $0.2 billion for the three and six months ended June 30, 2019, from convenience store sales and other sources [222]. - The company operates one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast, with a portfolio of 1,567 gasoline stations, including 295 directly operated convenience stores [220]. - The volume of gasoline distributed for the three months ended June 30, 2019, was 411,016 gallons, compared to 394,724 gallons in the same period of 2018, representing a 4.1% increase [259]. - Sales from wholesale gasoline and gasoline blendstocks reached $1.6 billion for the three months ended June 30, 2019, a 31% increase from $1.2 billion in 2018 [273]. Acquisitions and Growth - The company acquired assets from Cheshire Oil Company for approximately $33.4 million, including ten gasoline stations and convenience stores [228]. - The company also acquired retail fuel and convenience store assets from Champlain Oil Company for approximately $138.2 million, including 37 gasoline stations and fuel supply agreements [229]. - The company is actively pursuing acquisitions and growth projects, although successful completion is uncertain and dependent on market conditions [241]. - The total GDSO portfolio as of June 30, 2019, included 1,567 locations, an increase from 1,445 locations in 2018, indicating an 8.4% growth [259]. Risks and Challenges - The company is exposed to various risks, including commodity price volatility, regulatory changes, and transportation disruptions, which could adversely affect its financial condition and results of operations [213]. - Disruptions in transportation services, such as hurricanes or labor disputes, could adversely affect logistics activities and financial results [241]. - Higher prices and alternative fuel technologies may reduce demand for transportation fuels, impacting sales and financial condition [244]. - Changes in government mandates and tax credits could affect the availability and pricing of ethanol, impacting gasoline and ethanol sales [245]. - The company faces uncertainties in implementing growth projects, which may not yield immediate revenue increases and could be subject to regulatory delays [246]. Expenses and Financial Obligations - SG&A expenses rose to $41.0 million for Q2 2019, an increase of $1.0 million or 3% from Q2 2018, driven by higher wages and benefits [285]. - Operating expenses increased to $86.4 million for Q2 2019, up $10.2 million or 13% from Q2 2018, primarily due to GDSO operations and recent acquisitions [287]. - Interest expense for Q2 2019 was $23.1 million, an increase of $1.5 million or 7% from Q2 2018, attributed to higher credit facility balances and interest rates [293]. - Total contractual obligations amounted to $2.13 billion as of June 30, 2019, with significant payments due in the coming years [301]. Cash Flow and Capital Expenditures - Net cash used in operating activities was $33.5 million for the six months ended June 30, 2019, compared to $16.2 million in 2018, representing a decrease of $17.3 million [311]. - Net cash used in investing activities was $20.6 million for the six months ended June 30, 2019, which included $21.1 million in maintenance capital expenditures and $8.9 million in expansion capital expenditures [315]. - The company expects maintenance capital expenditures in 2019 to be between $40.0 million and $50.0 million, and expansion capital expenditures, excluding acquisitions, to also be between $40.0 million and $50.0 million [307]. - Maintenance capital expenditures for the six months ended June 30, 2019, were approximately $21.1 million, compared to $17.2 million for the same period in 2018, reflecting an increase of 22.7% [304]. - Expansion capital expenditures for the six months ended June 30, 2019, were approximately $8.9 million, down from $9.9 million in 2018, indicating a decrease of 10.1% [306]. Debt and Financing - On July 31, 2019, the company issued $400.0 million aggregate principal amount of 7.00% senior notes due 2027 [327]. - As of June 30, 2019, total borrowings outstanding under the credit agreement were $568.1 million, including $212.0 million on the revolving credit facility [324]. - A 1% increase in the interest rate on the outstanding debt would result in an increase in interest expense of approximately $5.7 million annually [346]. - The average interest rates for the credit agreement were 4.5% for the three months ended June 30, 2019, compared to 4.1% for the same period in 2018 [323].

Global Partners LP (NYSE:GLP) Q1 2019 Earnings Conference Call May 9, 2019 10:00 AM ET Company Participants Edward Faneuil - Executive Vice President and General Counsel Eric Slifka - President and Chief Executive Officer Daphne Foster - Chief Financial Officer Mark Romaine - Chief Operating Officer Conference Call Participants Barrett Blaschke - Mitsubishi UFJ Securities Inc. Benjamin Brownlow - Raymond James Financial Services, Inc. Ned Baramov - Wells Fargo Securities Selman Akyol - Stifel, Nicolaus & Co ...

For the quarterly period ended March 31, 2019 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 Waltham, Massachusetts 02454-9161 (Address of principal executive offices, including zip code) 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 Part ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10‑K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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 (State or other jurisdicti ...

Global Partners LP (NYSE:GLP) Q4 2018 Results Earnings Conference Call March 7, 2019 10:00 AM ET Company Participants Edward Faneuil - EVP and General Counsel Eric Slifka - President and CEO Daphne Foster - CFO Mark Romaine - COO Conference Call Participants Selman Akyol - Stifel Ben Brownlow - Raymond James Jeremy Tonet - JPMorgan Ned Baramov - Wells Fargo Lin Shen - HITE David Schechter - Perspective Capital Management Operator Good day, everyone. And welcome to the Global Partners' Fourth Quarter and Yea ...