Global Partners LP(GLP)2025-02-28 13:10Financial Performance - Net income for Q4 2024 was 55.3 million in Q4 2023, resulting in 1.41 in the same period last year[5] - EBITDA for Q4 2024 was 110.9 million in Q4 2023, while full-year EBITDA increased to 356.4 million[6] - Distributable cash flow (DCF) for Q4 2024 was 59.4 million in Q4 2023, but full-year DCF slightly increased to 202.7 million[7] - Gross profit for Q4 2024 was 280.4 million in Q4 2023, while full-year gross profit rose to 973.6 million[8] - Combined product margin for Q4 2024 was 305.7 million in Q4 2023, with full-year combined product margin increasing to 1.1 billion[9] - Net income attributable to common limited partners for Q4 2024 was 48,130 in Q4 2023, with full-year net income at 128,039[29] - Adjusted EBITDA for Q4 2024 was 112,135 in Q4 2023, while full-year adjusted EBITDA was 356,264[31] Sales and Volume - Total sales for Q4 2024 were 4.4 billion in Q4 2023, primarily due to lower prices despite increased volume sold[14] - Total volume sold in Q4 2024 was 1.8 billion gallons, an increase of 13.3% from 1.6 billion gallons in Q4 2023[15] - Sales for Q4 2024 were 4,409,112 in Q4 2023[29] Segment Performance - Gasoline Distribution and Station Operations segment product margin decreased to 245.4 million in Q4 2023, reflecting lower fuel margins[11] - Wholesale segment product margin increased to 51.9 million in Q4 2023, driven by favorable market conditions and terminal acquisitions[12] Assets and Liabilities - Total current assets increased to 1,097,828 in Q4 2023[30] - Total assets reached 3,446,011 in Q4 2023[30] - Total liabilities rose to 2,645,351 in Q4 2023[30] Cash Flow and Capital Expenditures - Adjusted distributable cash flow after distributions to preferred unitholders was 54,880 in the previous quarter[32] - Distributable cash flow for the latest quarter was 59,352 in the previous quarter, reflecting a decrease of approximately 23%[32] - Net cash provided by operating activities was 169,416 in the previous quarter[32] - Maintenance capital expenditures increased to 25,388 in the previous quarter, indicating a reduction in capital spending[32] - Distributions to preferred unitholders totaled 3,921 in the previous quarter[32] Inventory and Equity Investments - The company experienced a significant increase in inventories, which rose to 397,314 in Q4 2023, reflecting a 49.5% increase[30] - The partnership's proportionate share of income from equity method investments was a loss of 119 in the previous quarter[34] - Distributable cash flow from equity method investments was 432 in the previous quarter[34] Preferred Units and Future Distributions - The partnership's Series A preferred units were fully redeemed on April 15, 2024, and are no longer outstanding, impacting future distributions[35] Operating Assets and Liabilities - The net changes in operating assets and liabilities resulted in a negative impact of 85,000 in the previous quarter[32] - The total distributable cash flow for the twelve months ended December 31, 2024, was 187,156 for the same period in 2023[32]