Global Partners LP(GLP) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $23.9 million, down 56.7% from $55.3 million in Q4 2023, resulting in $0.52 per diluted common limited partner unit compared to $1.41 in the same period last year[5] - EBITDA for Q4 2024 was $94.6 million, a decrease of 14.6% from $110.9 million in Q4 2023, while full-year EBITDA increased to $389.4 million from $356.4 million[6] - Distributable cash flow (DCF) for Q4 2024 was $45.7 million, down 23.1% from $59.4 million in Q4 2023, but full-year DCF slightly increased to $205.8 million from $202.7 million[7] - Gross profit for Q4 2024 was $268.8 million, a decrease of 4.5% from $280.4 million in Q4 2023, while full-year gross profit rose to $1.1 billion from $973.6 million[8] - Combined product margin for Q4 2024 was $302.0 million, down 1.2% from $305.7 million in Q4 2023, with full-year combined product margin increasing to $1.2 billion from $1.1 billion[9] - Net income attributable to common limited partners for Q4 2024 was $17,789, a decline of 63.0% compared to $48,130 in Q4 2023, with full-year net income at $82,774, down 35.4% from $128,039[29] - Adjusted EBITDA for Q4 2024 was $97,815, a decrease of 12.5% from $112,135 in Q4 2023, while full-year adjusted EBITDA was $388,893, up 9.2% from $356,264[31] Sales and Volume - Total sales for Q4 2024 were $4.2 billion, a decrease of 4.5% from $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 $4,186,238, a decrease of 5.1% from $4,409,112 in Q4 2023[29] Segment Performance - Gasoline Distribution and Station Operations segment product margin decreased to $213.6 million in Q4 2024 from $245.4 million in Q4 2023, reflecting lower fuel margins[11] - Wholesale segment product margin increased to $79.8 million in Q4 2024 from $51.9 million in Q4 2023, driven by favorable market conditions and terminal acquisitions[12] Assets and Liabilities - Total current assets increased to $1,207,380 in Q4 2024, up 10.0% from $1,097,828 in Q4 2023[30] - Total assets reached $3,788,198 in Q4 2024, an increase of 9.9% from $3,446,011 in Q4 2023[30] - Total liabilities rose to $3,071,585 in Q4 2024, up 16.1% from $2,645,351 in Q4 2023[30] Cash Flow and Capital Expenditures - Adjusted distributable cash flow after distributions to preferred unitholders was $44,365 for the latest quarter, down from $54,880 in the previous quarter[32] - Distributable cash flow for the latest quarter was $45,732, compared to $59,352 in the previous quarter, reflecting a decrease of approximately 23%[32] - Net cash provided by operating activities was $67,247 for the latest quarter, significantly lower than $169,416 in the previous quarter[32] - Maintenance capital expenditures increased to $14,985 in the latest quarter from $25,388 in the previous quarter, indicating a reduction in capital spending[32] - Distributions to preferred unitholders totaled $1,781 in the latest quarter, down from $3,921 in the previous quarter[32] Inventory and Equity Investments - The company experienced a significant increase in inventories, which rose to $594,072 in Q4 2024, compared 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 $358 for the latest quarter, compared to a loss of $119 in the previous quarter[34] - Distributable cash flow from equity method investments was $772 for the latest quarter, a recovery from a loss of $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 $7,209 for the latest quarter, compared to 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 $202,709, slightly up from $187,156 for the same period in 2023[32]