Global Partners LP (GLP) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the Global Partners Third Quarter 2023 Financial Results Conference Call. Today's call is being recorded. (Operator Instructions) With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer; Mr. Gregory Hanson, Chief Operating Officer; Mr. Mark Romaine and Chief Legal Officer; Mr. Sean Geary.

大家好，歡迎參加全球合作夥伴 2023 年第三季財務業績電話會議。今天的通話正在錄音。 （操作員指示）與我們一起的有來自 Global Partners 的總裁兼執行長 Eric Slifka 先生；財務長;格雷戈里·漢森先生，首席營運長； Mark Romaine 先生兼首席法務官；肖恩·吉爾裡先生。

At this time, I'd like to turn the call over to Mr. Geary for opening remarks. Please go ahead, sir.

現在，我想將電話轉給 Geary 先生致開幕詞。請繼續，先生。

Good morning, everyone. Thank you for joining us. Today's call will include forward-looking statements within the meaning of federal securities laws. These statements include projections, expectations and estimates concerning the future financial and operational performance of Global Partners, which are based on assumptions regarding market conditions, demand for liquid energy products and convenience store products, the regulatory and permitting environment, the forward product pricing curve and other factors, which could influence our financial results.

大家，早安。感謝您加入我們。今天的電話會議將包括聯邦證券法含義內的前瞻性陳述。這些陳述包括有關 Global Partners 未來財務和營運績效的預測、預期和估計，這些預測、預期和估計基於有關市場狀況、液體能源產品和便利商店產品的需求、監管和許可環境、遠期產品定價曲線和其他可能影響我們財務表現的因素。

We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission, and which could cause actual results to differ materially from the partnership's historical experience and present expectations or projections.

我們認為，鑑於目前可獲得的信息，這些假設是合理的。我們的假設和未來業績受到廣泛的業務風險、不確定性和因素的影響，這些風險、不確定性和因素已在我們向美國證券交易委員會提交的文件中進行了描述，這些風險、不確定性和因素可能導致實際結果與合夥企業的歷史經驗和當前預期或預測。

Global Partners undertakes no obligation to revise or update any forward-looking statements. Any material comments concerning future results of operations will be communicated through news releases, publicly announced conference calls or other means that will constitute public disclosure for the purposes of Regulation FD.

Global Partners 不承擔修改或更新任何前瞻性聲明的義務。任何有關未來經營業績的重大評論都將透過新聞稿、公開宣布的電話會議或構成 FD 法規目的公開披露的其他方式進行傳達。

Now it's my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slifka.

現在我很高興將電話轉給我們的總裁兼執行長 Eric Slifka。

Thank you, Sean, and good morning, everyone. Let me begin with what we consider to be a transformational deal for Global, our definitive agreement to acquire 25 refined product terminals from Motiva Enterprises for $305.8 million. To put this acquisition in context, today, we [own and released] 24 bulk terminals, primarily in the Northeast with the combined storage capacity of approximately 9.9 million barrels. The addition of the Motiva terminals diversifies our terminaling operations into new geographies along the Atlantic Coast, in the Southeastern U.S. and in Texas, providing platforms for growth in supply, wholesale, commercial and retail.

謝謝肖恩，大家早安。讓我先談談我們認為是 Global 的一項變革性交易，我們最終同意以 3.058 億美元從 Motiva Enterprises 收購 25 個精煉產品終端。為了結合此次收購的背景，今天，我們[擁有並釋放] 24 個散貨碼頭，主要位於東北部，總存儲容量約為 990 萬桶。 Motiva 碼頭的增加使我們的碼頭業務多元化，進入了大西洋沿岸、美國東南部和德克薩斯州的新地區，為供應、批發、商業和零售的增長提供了平台。

In all, we will be adding approximately 8.4 million barrels of shell capacity [4] products, including gasoline, ultra-low sulfur diesel and ethanol. The terminal portfolio is well maintained and strategically located with direct connections to critical, highly utilized U.S. refined product infrastructure, including the Colonial Plantation, Enterprise, explorer and Magellan pipelines. The transaction is underpinned by a 25-year take-or-pay throughput agreement with Motiva. Let me provide a brief overview of the assets we're acquiring. The Atlantic Coast assets consist of 10 bulk terminals in Maryland, Virginia, North Carolina and South Carolina with a combined storage capacity of approximately 3.4 million barrels.

總之，我們將增加約 840 萬桶殼牌產能 [4] 產品，包括汽油、超低硫柴油和乙醇。碼頭組合維護良好，地理位置優越，可直接連接關鍵的、利用率高的美國精煉產品基礎設施，包括殖民種植園、企業、探險家和麥哲倫管道。該交易以與 Motiva 簽訂的 25 年照付不議吞吐量協議為基礎。讓我簡要概述一下我們正在收購的資產。大西洋海岸資產包括位於馬裡蘭州、維吉尼亞州、北卡羅來納州和南卡羅來納州的 10 個散貨碼頭，總儲存容量約為 340 萬桶。

The Southeast assets consist of 8 bulk terminals in Florida and Georgia with a combined storage capacity of about 3.4 million barrels. The Texas assets consist of 7 bulk terminals with a combined storage capacity of approximately 1.6 million barrels. Upon closing, our storage capacity will be 18.3 million barrels, an increase approximately of 85% from our capacity as of September 30.

東南資產包括佛羅裡達州和喬治亞州的 8 個散貨碼頭，總儲存容量約 340 萬桶。德州的資產包括 7 個散貨碼頭，總儲存容量約為 160 萬桶。交易完成後，我們的儲存能力將達到 1,830 萬桶，比截至 9 月 30 日的儲存能力增加約 85%。

This transaction aligns with our strategy to acquire, invest in and optimize assets that drive operating synergies. The terminals we are acquiring provide critical midstream infrastructure with the flexibility to serve customers through multiple modes, including ship, barge, pipeline, rail and truck. In addition, we gained further operational capacity for our own volumes as we continue to grow.

這項交易符合我們收購、投資和優化資產以推動營運綜效的策略。我們正在收購的碼頭提供關鍵的中游基礎設施，能夠靈活地透過多種模式（包括船舶、駁船、管道、鐵路和卡車）為客戶提供服務。此外，隨著我們的不斷發展，我們獲得了更多的營運能力。

We expect the Motiva transaction to close by the end of this year, subject to customary closing conditions, including regulatory approvals. We look forward to optimizing and developing these terminal assets to their full potential. I also want to touch on our planned acquisition of 5 Gulf oil refined product terminals in Maine, Massachusetts, Connecticut and New Jersey. We continue to diligently work through the regulatory review process and remain hopeful that we will be able to complete the acquisition this year.

我們預計 Motiva 交易將於今年底完成，但須滿足慣例成交條件，包括監管部門的批准。我們期待優化和開發這些碼頭資產，充分發揮其潛力。我還想談談我們計劃收購緬因州、馬薩諸塞州、康乃狄克州和新澤西州的 5 個海灣煉油產品碼頭。我們將繼續努力完成監管審查程序，並對今年能夠完成收購充滿希望。

Turning to Q3. The global team delivered solid results in the quarter, which was in line with our expectations in a more normalized market compared with last year. We continue to deliver value across the midstream and downstream liquid energy markets, providing customers with essential products and services through our integrated fuel storage distribution and retail assets.

轉向第三季。全球團隊在本季度取得了穩健的業績，這符合我們對與去年相比更加正常化的市場的預期。我們繼續在中下游液體能源市場創造價值，透過我們的綜合燃料儲存分銷和零售資產為客戶提供基本產品和服務。

As part of our alternative fuel strategy, we recently activated our first company-owned electric vehicle charging stations. The DC fast charging stations are located at our XtraMart convenience and fueling station in Worcester, Massachusetts and at our newly opened Alltown Fresh Kitchen and Marketplace in Fort Edward, New York.

作為我們替代燃料策略的一部分，我們最近啟用了第一個公司自有的電動車充電站。直流快速充電站位於馬薩諸塞州伍斯特的 XtraMart 便利和加油站以及紐約州愛德華堡新開幕的 Alltown Fresh Kitchen and Marketplace。

While the new charging stations are the first owned by Global, they are not the first in our portfolio. We operate 2 EV charging station sites with charges owned by third party and have 5 more sites under construction. We continue to focus on contributing to state and regional energy initiatives. Given the scale of our GDSO business, we believe we are well positioned to play an integral role in the transition to alternative energy sources, providing a range of multifueling options for consumers.

雖然新的充電站是 Global 旗下的第一個充電站，但它們並不是我們產品組合中的第一個。我們營運 2 個由第三方擁有充電設施的電動車充電站，另有 5 個充電站正在興建中。我們繼續致力於為州和地區能源計劃做出貢獻。鑑於我們 GDSO 業務的規模，我們相信我們有能力在向替代能源的過渡中發揮不可或缺的作用，為消費者提供一系列多種燃料選擇。

Turning to our distribution. In July, the Board approved a quarterly cash distribution of $0.6850 or $2.74 on an annualized basis on all outstanding common units. The distribution will be paid on November 14 to unitholders of record as of the close of business on November 8, 2023. This marks the eighth consecutive quarter in which the Board has increased the cash distribution.

轉向我們的發行版。 7 月，董事會批准對所有未償普通單位進行 0.6850 美元的季度現金分配，或按年化計算 2.74 美元的現金分配。該分配將於 11 月 14 日支付給截至 2023 年 11 月 8 日營業結束時記錄在案的單位持有人。這標誌著董事會連續第八個季度增加現金分配。

With that, now let me turn the call over to Greg for his financial review. Greg?

現在，讓我把電話轉給格雷格，讓他進行財務審查。格雷格？

Thank you, Eric, and good morning, everyone. As we noted in this morning's earnings release, our third quarter year-over-year comparison is somewhat challenging with more normalized market conditions in the third quarter of this year compared to the record results received in the third quarter of 2022 due to the strong backwardation in commodity market volatility that benefited the performance in that period. That said, and as Eric noted, we are pleased with our third quarter 2023 results, which were in line with our expectations.

謝謝你，艾瑞克，大家早安。正如我們在今天上午的財報中指出的那樣，由於現貨溢價強勁，與2022 年第三季度創紀錄的業績相比，今年第三季度的市場狀況更加正常化，因此我們的第三季度同比比較有些挑戰性大宗商品市場的波動有利於該時期的表現。儘管如此，正如 Eric 指出的那樣，我們對 2023 年第三季的業績感到滿意，這符合我們的預期。

For the third quarter of 2023, adjusted EBITDA was $77.7 million, compared with $168.5 million in 2022. Net income for the third quarter was $26.8 million compared with $111.4 million in 2022, and DCF was $42.2 million in the third quarter compared with $128 million in 2022.

2023 年第三季度，調整後EBITDA 為7,770 萬美元，而2022 年為1.685 億美元。第三季淨利為2,680 萬美元，而2022 年為1.114 億美元；貼現現金流為4,220 萬美元，而2022 年為1.114 億美元；貼現現金流為4,220 萬美元，而2022 年為1.114 億美元；折現現金流為4,220 萬美元，而2022 年為1.114 億美元；折現現金流量為4,220 萬美元，而2022 年為1.114 億美元》年為1.28 億美元。2022 年。

Adjusted DCF, a new metric commencing this quarter was $43.3 million in the third quarter of '23 versus $128 million in 2022. Adjusted EBITDA and adjusted EPS includes our proportionate share of EBITDA and DCF related to our 49.99% interest in our Spring Retails joint venture that we closed on this past June. Please note that adjusted DCF is not used in our partner share agreement to determine our ability to make asset distributions and may be higher or lower than DCF as calculated under our partnership agreement. Adjusted DCF is presented solely to provide investors an enhanced perspective of our financial performance. TTM distribution coverage as of September 30, '23, including the Q4 2022 special distribution was 1.5x or 1.4x after factoring distribution to our preferred unitholders.

調整後DCF（本季開始實施的一項新指標）在2023 年第三季為4,330 萬美元，而2022 年為1.28 億美元。調整後EBITDA 和調整後每股盈餘包括我們在EBITDA 和DCF 中所佔的比例份額，這些份額與我們在Spring Retails 合資企業中持有49.99% 的權益相關我們於今年六月關閉。請注意，我們的合作夥伴股份協議中不使用調整後的 DCF 來確定我們進行資產分配的能力，並且可能高於或低於我們的合作夥伴協議中計算的 DCF。調整後折現現金流的呈現只是為了讓投資人更了解我們的財務表現。截至 2023 年 9 月 30 日，TTM 分配範圍（包括 2022 年第四季的特別分配）在向我們的優先單位持有人進行保理分配後為 1.5 倍或 1.4 倍。

Turning to our segment details. GDSO product margin was down $55.1 million in the quarter to $206.5 million. Product margin from Gasoline Distribution decreased $56 million to $132 million, primarily due to lower fuel margins in Q3 '23 compared to Q3 2022. On a cents per gallon basis, fuel margins declined to $0.31 from $0.44 in last year's third quarter. We experienced uniquely strong fuel margins in the third quarter 2022 with wholesale gasoline prices declining $1.18 from 6/30/2022 to 9/30/2022. In comparison, this year's third quarter, wholesale gasoline prices declined $0.19.

轉向我們的細分詳細資訊。本季 GDSO 產品利潤率下降 5,510 萬美元，至 2.065 億美元。汽油分銷的產品利潤率下降了5,600 萬美元，至1.32 億美元，主要是由於23 年第三季的燃料利潤率低於2022 年第三季。以每加侖美分計算，燃料利潤率從去年第三季的0.44 美元下降至0.31 美元。我們在 2022 年第三季經歷了異常強勁的燃料利潤，批發汽油價格從 2022 年 6 月 30 日到 2022 年 9 月 30 日下降了 1.18 美元。相比之下，今年第三季汽油批發價格下降了0.19美元。

Station Operations product margin, which includes convenience store and prepared food sales, sundries and rental income, increased $0.9 million to $74.5 million in the third quarter of '23, in part due to our September 2022 acquisition of Tidewater Convenience. GDSO product margins, both from Gasoline Distribution and Station Operations were negatively impacted for the quarter due to excessive rain with the Northeast experiencing its third wettest summer since recordkeeping began, 129 years ago per the National Oceanic and Atmospheric Administration, which influenced consumer demand for gasoline and C-store products and sundries, such as carwash sales.

車站營運產品利潤率（包括便利商店和預製食品銷售、雜貨和租金收入）在 2023 年第三季增加了 90 萬美元，達到 7,450 萬美元，部分原因是我們 2022 年 9 月收購了 Tidewater Convenience。根據美國國家海洋和大氣管理局的說法，由於降雨過多，本季GDSO 汽油分銷和加油站運營的產品利潤受到了負面影響，東北部經歷了自129 年前有史以來第三個最潮濕的夏季，這影響了消費者對汽油的需求以及便利商店產品及雜貨、洗車銷售等。

At the end of the third quarter, our GDSO portfolio consisted of 1,624 sites, comprised of 342 company-operated sites 300 commission agents, 184 VC dealers and 798 contract dealers. In addition, we operate 64 sites on behalf of our Spring Partners Retail joint venture.

截至第三季末，我們的 GDSO 投資組合由 1,624 個站點組成，其中包括 342 個公司營運站點、300 個佣金代理商、184 個創投經銷商和 798 個合約經銷商。此外，我們也代表 Spring Partners Retail 合資企業營運 64 個站點。

Looking at the Wholesale segment. Third quarter 2023 product margin decreased $42.1 million to $37.2 million, primarily due to less favorable market conditions in gasoline, distillates and residual oil. Gasoline and gasoline blendstock product margin decreased $33.8 million to $20.4 million for the quarter, and product margin from distillates and other oils decreased $8.3 million to $16.8 million. Our Commercial segment product margin decreased $2 million to $8.4 million, primarily due to less favorable market conditions in bunkering.

看看批發領域。 2023 年第三季產品利潤率下降 4,210 萬美元至 3,720 萬美元，主要是由於汽油、餾分油和渣油的市場狀況較差。本季汽油和汽油混合油產品利潤率下降 3,380 萬美元，至 2,040 萬美元，餾分油和其他油品的產品利潤率下降 830 萬美元，至 1,680 萬美元。我們的商業部門產品利潤減少了 200 萬美元，至 840 萬美元，主要是因為加油市場條件較差。

Looking at expenses. Operating expenses decreased $3.6 million to $115.9 million in the third quarter of '23 primarily in our GDSO segment, including a decrease in our environmental expenses due to additional reserve we booked in the third quarter of 2022 and lower rent expense, offset by an increase in salary expense.

看看費用。 2023 年第三季的營運費用減少了360 萬美元，至1.159 億美元，主要是在我們的GDSO 部門，其中包括由於我們在2022 年第三季預訂的額外準備金而導致的環境費用減少以及租金費用的降低，但被薪資開支。

SG&A expense decreased $1.6 million in the third quarter of '23 to $63.5 million, including a decrease in accrued discretionary incentive comp, partially offset by increases in acquisition costs and wages and benefits.

SG&A 費用在 2023 年第三季減少了 160 萬美元，至 6,350 萬美元，其中包括應計酌情激勵補償的減少，但部分被收購成本以及工資和福利的增加所抵消。

Interest expense was $21.1 million in the third quarter of '23 versus $19 million in 2022, due in part to higher average balances on our credit facilities and higher interest rates. CapEX in the third quarter was $17.4 million, consisting of $12.2 million of maintenance CapEx and $5.2 million of expansion CapEx, primarily related to investments in our gas salinization business. Through the first 9 months of the year, we had $35.4 million in maintenance CapEx and $19.3 million in expansion CapEx.

2023 年第三季的利息支出為 2,110 萬美元，而 2022 年第三季的利息支出為 1,900 萬美元，部分原因是我們的信貸額度平均餘額較高且利率較高。第三季的資本支出為 1,740 萬美元，其中包括 1,220 萬美元的維護資本支出和 520 萬美元的擴張資本支出，主要與我們的天然氣鹽化業務的投資有關。今年前 9 個月，我們的維護資本支出為 3,540 萬美元，擴張資本支出為 1,930 萬美元。

For full year 2023, we continue to expect maintenance capital expenditures in the range of $50 million to $60 million. Based on our anticipated projects through the end of the year, primarily related to investments in our gasoline stations, we are revising our planned expansion CapEx from 2023 to a range of $35 million to $45 million from our previous expectations of $55 million to $65 million. These current estimates depend in part on the timing of completion of projects, availability of equipment and workforce, whether and unanticipated events or opportunities requiring additional maintenance for investments.

2023 年全年，我們預計維護資本支出將在 5,000 萬至 6,000 萬美元之間。根據我們預計到年底的項目（主要與加油站投資相關），我們正在將 2023 年計劃的擴張資本支出從之前的 5500 萬美元至 6500 萬美元調整為 3500 萬美元至 4500 萬美元。目前的估計部分取決於專案的完成時間、設備和勞動力的可用性、是否存在需要額外投資維護的意外事件或機會。

Our balance sheet remains strong at 9/30 with leverage, which is defined in our credit agreement as funded debt to EBITDA of approximately 2.37x at the end of the third quarter, and we continue to have ample excess capacity in our credit facilities. As of September 30, '23, total borrowings outstanding on our credit agreement were $154.7 million. This consisted of $65.7 million of borrowings outstanding under our $950 million working capital revolving credit facility and $89 million outstanding under our $600 million revolving credit facility.

我們的資產負債表在槓桿率下仍然保持在9/30 的強勁水平，在我們的信貸協議中，槓桿率被定義為第三季度末的融資債務與EBITDA 的比率約為2.37 倍，而且我們的信貸安排持續擁有充足的過剩產能。截至 2023 年 9 月 30 日，我們信貸協議中的未償還借款總額為 1.547 億美元。其中包括 9.5 億美元週轉信貸安排下的 6,570 萬美元未償還借款和 6 億美元循環信貸安排下的 8,900 萬美元未償還借款。

Now let me provide some additional color on the announced transaction with Motiva. As Eric noted, we are acquiring 25 refined product terminals across the Atlantic Coast, the Southeastern United States and Texas for a purchase price of $305.8 million in cash. We expect to finance the acquisition under our bank facilities. On a pro forma basis, including the Motiva and Gulf transactions, we expect that levers as defined in our credit agreement will be within our long-term target of 4x. In addition, excluding first year transition-related expenses, we expect the acquisition to be accretive in the first full year of operations.

現在讓我對已宣布的與 Motiva 的交易提供一些額外的資訊。正如 Eric 指出的那樣，我們將以 3.058 億美元現金收購橫跨大西洋海岸、美國東南部和德克薩斯州的 25 個成品油碼頭。我們預計將透過我們的銀行融資為此次收購提供資金。根據預計，包括 Motiva 和 Gulf 交易，我們預計信貸協議中定義的槓桿將在我們 4 倍的長期目標之內。此外，排除第一年過渡相關費用，我們預計此次收購將在營運的第一個全年中實現增值。

Looking at our upcoming Investor Relations counter. Next month, we will be participating in the 2023 Wells Fargo Midstream and Utilities Conference in New York City. For those of you who are participating, we look forward to meeting with you.

看看我們即將推出的投資者關係櫃檯。下個月，我們將參加在紐約市舉行的 2023 年富國銀行中游和公用事業會議。對於那些參與的人，我們期待與您會面。

Now let me turn the call back to Eric for closing comments. Eric?

現在讓我將電話轉回埃里克以徵求結束意見。艾瑞克？

Thank you, Greg. Looking ahead, we remain focused on our initiatives to drive growth through strategic M&A, asset optimization and balanced capital allocation, creating long-term value for our unitholders. Refined product demand in the U.S. remained stable. We believe that our acquisition of the Motiva terminals is a transformational deal for Global, 1 that builds on our reputation as a leading provider of critical midstream infrastructure. .

謝謝你，格雷格。展望未來，我們將繼續專注於透過策略併購、資產優化和平衡資本配置來推動成長的舉措，為我們的單位持有者創造長期價值。美國成品油需求保持穩定。我們相信，對 Motiva 碼頭的收購對 Global 來說是一項轉型交易，1 建立在我們作為關鍵中游基礎設施領先提供者的聲譽之上。 。

Now Greg, Mark and I will be happy to take your questions. Operator?

現在，格雷格、馬克和我很樂意回答你們的問題。操作員？

(Operator Instructions) Our first question comes from Selman Akyol with Stifel.

（操作員說明）我們的第一個問題來自Stifel 的Selman Akyol。

This is Tim on for Selman. Congrats on the terminal acquisition. Just wanted to start off with that. Just wondering if you could expand a little bit on the opportunities and synergies and growth prospects you see with this enhanced terminal footprint and as well as how it maybe relates to your ExxonMobil JV down in Houston?

這是塞爾曼的提姆。恭喜您獲得終端。只是想以此開始。只是想知道您是否可以詳細介紹一下您在擴大的碼頭佔地面積中看到的機會、協同效應和增長前景，以及它與您在休斯敦的埃克森美孚合資企業有何關係？

So I think we -- a couple of us will handle those questions. This is -- it's Eric. First, look, this is a deal that is bank -- that is backed by Motiva as an anchor tenant. And in a way, we look at that as sort of hedging our bets here because as an anchor tenant, we are providing a material source of revenue for the transaction. And then from there, Obviously, we're in the terminaling business throughout the Northeast.

所以我認為我們——我們幾個人將解決這些問題。這是——這是埃里克。首先，你看，這是一筆銀行交易——得到 Motiva 作為主要租戶的支持。在某種程度上，我們將其視為對沖我們的賭注，因為作為主要租戶，我們正在為交易提供物質收入來源。然後，顯然，我們的終端業務遍及東北地區。

I'd say, historically, Tim, we started really in the retail eating oil business we. Went into the wholesale heating oil business and then we bought terminals. This story is a little bit similar, maybe not in every market. But we are in many of the markets in the wholesale business. These are now taking assets and putting those assets behind it. And we think it's going to put us in a position to expand that business as well as potentially being more competitive on any retail acquisitions.

我想說，從歷史上看，蒂姆，我們實際上是從零售食用油業務開始的。進入批發暖氣油業務，然後我們購買了終端。這個故事有點相似，也許並非在每個市場都是如此。但我們在許多市場從事批發業務。他們現在正在拿走資產並將這些資產拋在身後。我們認為，這將使我們能夠擴大業務，並在任何零售收購中更具競爭力。

We also think there's an opportunity around supply for these assets as well. And so it's really taking that vertically integrated business model that we've successfully deployed throughout the Northeast and now moving it down the coast into Florida as well as into Texas and really leveraging our physical position in these markets.

我們也認為這些資產的供應也存在機會。因此，我們實際上採用了我們在整個東北部成功部署的垂直整合業務模式，現在將其沿著海岸轉移到佛羅裡達州和德克薩斯州，並真正利用我們在這些市場中的實際地位。

Mark, I don't know if you have anything else that you want to add.

馬克，我不知道你還有什麼要補充的嗎？

Yes. The only one thing I would add to that is these assets they've been owned by Motiva and run successfully and for many years and they're very well maintained. That being said, I think we expect to find some opportunities to invest in these terminals and to optimize these assets. So that's the only thing I would add to that, along with all of the strategic benefits and synergies that Eric highlighted.

是的。我唯一要補充的一件事是，這些資產由 Motiva 擁有並成功運營多年，而且維護得很好。話雖如此，我認為我們預計會找到一些投資這些碼頭並優化這些資產的機會。因此，這是我唯一要補充的內容，以及艾瑞克強調的所有策略利益和協同效應。

Yes. And look, you also asked a question around ExxonMobil and how does this play into that. This is a deal where we own the assets. Look, we're going to try to provide the best value for all of our partners here. And so if there is a way to provide value to our JV, we're going to try to work with our partner to, in fact, do that.

是的。看，您還問了一個有關埃克森美孚的問題，以及這如何發揮作用。這是我們擁有資產的交易。看，我們將盡力為這裡的所有合作夥伴提供最佳價值。因此，如果有辦法為我們的合資企業提供價值，我們將嘗試與我們的合作夥伴合作，事實上，這樣做。

Understood. Sounds like a good set of opportunities out of you guys. And then just switching to the golf acquisitions. Just wondering what's the next kind of thing to tackle to get the acquisition closed by year-end?

明白了。聽起來你們提供了一系列很好的機會。然後轉向高爾夫收購。只是想知道下一步要解決什麼問題才能在年底前完成收購？

Yes. I mean, Tim, we continue to work with the regulatory agents FTC in a diligent manner, and it's really all we're going to comment on.

是的。我的意思是，提姆，我們將繼續與聯邦貿易委員會的監管機構勤奮合作，這就是我們要評論的全部內容。

Got it. And then the last one for me. So obviously, you guys recently put a couple EV charging stations that you guys own into service, and it seems like a couple more on the way. Just wondering what kind of drove the rationale for you guys to own them? And then ultimately, if you'd like to expand this even further beyond being what you have going on now?

知道了。然後是我的最後一個。顯然，你們最近將自己擁有的幾個電動車充電站投入使用，而且似乎還有更多充電站正在建設中。只是想知道你們擁有它們的理由是什麼？最後，如果您想將其進一步擴展，超越您現在所做的事情？

Yes, Tim, we've tried to lean into that space to the extent that we can. We realize that energy transition will be coming at us. We're trying to stay at the forefront in some cases, lead. And it's not limited to EVs. We are handling volumes of renewable diesel today, I would say, one of the first in the market to be handling those volumes. We continue to invest in things like biodiesel blending. But on the EV front, we're trying to formulate our strategy. We're trying to take advantage of the incentives and funding and put that to work along with our own capital and really like I said, lean in and learn how this works and watch it and continue to shape the strategy. So it's really an evolution but it is something that we're spending a fair amount of time on and we're trying to invest where we can.

是的，蒂姆，我們已經盡我們所能地嘗試進入這個領域。我們意識到能源轉型即將來臨。在某些情況下，我們正努力保持領先地位，領導。而且它不僅限於電動車。我想說，我們今天正在處理大量的再生柴油，是市場上最早處理這些數量的柴油之一。我們繼續投資生物柴油混合等領域。但在電動車方面，我們正在努力製定我們的策略。我們正在努力利用激勵措施和資金，並將其與我們自己的資本一起發揮作用，就像我說的那樣，深入了解它是如何運作的，觀察它並繼續制定策略。所以這確實是一種演變，但我們在這方面花費了大量的時間，我們正在盡我們所能進行投資。

Yes. And look, the goal is to make sure that we're financially disciplined, right? And so part of what we're doing is working with the states and the local towns and the federal government to really put their dollars to work to make the transition happen quicker. And so it gives us a chance of having better returns, and it lowers our risk.

是的。看，我們的目標是確保我們遵守財務紀律，對吧？因此，我們正在做的部分工作是與各州、當地城鎮和聯邦政府合作，真正投入資金，使過渡更快發生。因此，它使我們有機會獲得更好的回報，並降低了我們的風險。

(Operator Instructions). There are no further questions at this time. I would now like to turn the floor back over to Mr. Slifka for closing comments.

（操作員說明）。目前沒有其他問題。我現在想請斯利夫卡先生發表總結意見。

Thank you for joining us this morning. We look forward to keeping you updated on our progress. Thanks, everybody.

感謝您今天早上加入我們。我們期待向您通報我們的最新進展。謝謝大家。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。