Global Partners LP (GLP) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Global Partners 2025 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 and Secretary; Mr. Sean Geary.

大家好，歡迎參加全球合作夥伴 2025 年財務業績電話會議。今天的通話正在錄音。（操作員指示）與我們一起出席的 Global Partners 成員包括總裁兼首席執行官 Eric Slifka 先生、首席財務官 Gregory Hanson 先生、首席營運官 Mark Romaine 先生以及首席法律官兼秘書 Sean Geary 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，我想請 Geary 先生致開幕詞。先生，請繼續。

Good morning, everyone, and thank you for joining us. Today's call will include forward-looking statements within the meaning of federal securities laws, including projections and expectations concerning the future financial and operational performance of Global Partners. No assurances can be given that these projections will be attained or that these expectations will be met.

大家早安，感謝大家的收看。今天的電話會議將包括聯邦證券法所定義的前瞻性陳述，包括有關 Global Partners 未來財務和營運績效的預測和預期。無法保證這些預測將會實現或這些期望將會得到滿足。

Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors which could cause actual results to differ materially as described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any forward-looking statements.

我們的假設和未來表現受到各種商業風險、不確定性和因素的影響，這些風險、不確定性和因素可能導致實際結果與我們向美國證券交易委員會提交的文件中所述的結果有重大差異。Global Partners 不承擔修改或更新任何前瞻性聲明的義務。

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. Good morning, everyone. We had a strong first quarter across the company, generating healthy year-over-year growth across our key profitability metrics. Product margin in our Wholesale segment was up from the prior year, reflecting strong execution by our teams, a favorable market environment and the successful integration of additional terminal assets.

謝謝你，肖恩。大家早安。我們公司第一季表現強勁，各項主要獲利指標均實現了年比健康成長。我們批發部門的產品利潤率較上年有所上升，這反映了我們團隊的強大執行力、良好的市場環境以及額外終端資產的成功整合。

Since the end of 2023, we have continued to invest in and optimize our terminal assets, expanding our midstream footprint to more efficiently serve our throughput and wholesale customers. These enhancements strengthen our ability to link refined liquid energy products with downstream markets, supporting the evolving needs of suppliers and customers in today's dynamic energy landscape.

自 2023 年底以來，我們持續投資和優化我們的碼頭資產，擴大我們的中游足跡，以更有效地服務我們的吞吐量和批發客戶。這些改進增強了我們將精煉液體能源產品與下游市場連結的能力，支持了當今動態能源格局中供應商和客戶不斷變化的需求。

Our gasoline distribution business benefited from healthy fuel margins, supporting strong overall performance. Ongoing portfolio optimization resulted in a decrease in company-operated sites reducing our station operations product margin year-on-year in the quarter. By maintaining financial discipline and carefully directing our capital, we are able to invest in accretive organic growth and selective acquisition opportunities while continuing to consistently return cash to unitholders.

我們的汽油分銷業務受益於健康的燃料利潤率，支持了強勁的整體業績。持續的投資組合優化導致公司營運站點減少，從而降低了本季站點營運產品利潤率。透過保持財務紀律和謹慎引導我們的資本，我們能夠投資於增值有機成長和選擇性收購機會，同時繼續向基金份額持有人持續返還現金。

In April, our Board increased our quarterly cash distribution on common units to $0.7450 per unit equating to $2.98 on an annualized basis. The distribution will be paid May 15 to unitholders as of the close of business on May 9.

4 月份，董事會將普通股季度現金分配額提高至每單位 0.7450 美元，以年率計算相當於 2.98 美元。該分配將於 5 月 15 日支付給 5 月 9 日營業結束時的單位持有人。

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

好了，現在讓我把電話轉給格雷格進行財務審查。格雷格？

Thank you, Eric, and good morning, everyone. As I review the numbers, please note that all comparisons will be with the first quarter of 2024, unless otherwise noted. Looking at our key profitability metrics. Net income for the first quarter was $18.7 million versus a net loss of $5.6 million last year. EBITDA for the first quarter increased to $91.9 million from $56.9 million and adjusted EBITDA increased to $91.1 million from $56 million in the prior year period.

謝謝你，艾瑞克，大家早安。當我審查這些數字時，請注意，除非另有說明，所有比較都將與 2024 年第一季進行。查看我們的關鍵獲利指標。第一季淨收入為 1,870 萬美元，而去年淨虧損為 560 萬美元。第一季的 EBITDA 從 5,690 萬美元增至 9,190 萬美元，調整後 EBITDA 從去年同期的 5,600 萬美元增至 9,110 萬美元。

Distributable cash flow was $45.7 million in the first quarter compared with $15.8 million in the prior year period and adjusted ECF was $46.4 million compared with $16 million last year. The primary growth driver behind these results was the strong performance of our Wholesale segment. It's important to provide some context for the year-over-year comparison. As a reminder, in Q1 of 2024, certain products in our Wholesale segment were negatively impacted by the timing of mark-to-market valuations, which were then fully recovered in what was a very strong second quarter last year.

第一季可分配現金流量為 4,570 萬美元，去年同期為 1,580 萬美元；調整後 ECF 為 4,640 萬美元，去年同期為 1,600 萬美元。這些業績背後的主要成長動力是我們批發部門的強勁表現。提供一些與去年同期相比的背景資訊非常重要。提醒一下，在 2024 年第一季度，我們批發部門的某些產品受到了以市價計價時機的負面影響，但在去年表現非常強勁的第二季度，這些影響已完全恢復。

In contrast, the timing and magnitude of mark-to-market impacts were minimal in Q1 this year, meaning our reported results more closely aligned with the strong performance of our core operations. TTM distribution coverage as of March 31, 2025, was 2.03x or 1.96x after factoring in distributions to our preferred unitholders.

相較之下，今年第一季度，以市價計價的影響時間和幅度都很小，這意味著我們的報告結果與我們核心業務的強勁表現更加緊密地聯繫在一起。截至 2025 年 3 月 31 日的 TTM 分配覆蓋率為 2.03 倍，計入優先股持有人的分配後為 1.96 倍。

Turning to our segment details. GDSO product margin increased $0.2 million to $187.9 million in the quarter. Product margin from gasoline distribution increased $4.2 million to $125.8 million primarily reflecting higher fuel margins year-over-year. On a cents per gallon basis, fuel margins increased $0.02 to $0.35 in Q1 '25 from $0.33 in Q1 '24.

轉向我們的細分細節。本季度，GDSO 產品利潤增加了 20 萬美元，達到 1.879 億美元。汽油分銷的產品利潤增加了 420 萬美元，達到 1.258 億美元，這主要反映了燃料利潤率的同比上升。以每加侖美分計算，2025 年第一季的燃油利潤率從 2024 年第一季的 0.33 美元增加 0.02 美元至 2025 年第一季的 0.35 美元。

Station operations product margin, which includes convenience store and prepared food sales, sundries and rental income decreased $4 million to $62.1 million in the first quarter of 2025. The decrease was due in part to the sales and conversions of certain company-operated sites, consistent with our ongoing strategy of portfolio optimization.

車站營運產品利潤率（包括便利商店和預製食品銷售、雜項和租金收入）在 2025 年第一季減少了 400 萬美元，至 6,210 萬美元。下降的部分原因是某些公司經營網站的銷售和轉換，這與我們正在進行的投資組合優化策略一致。

At quarter end, we had a portfolio of 1,561 sites, a decrease of 40 sites year-over-year. In addition, we operated or supplied 66 sites under our Spring Partners retail joint venture.

截至本季末，我們的投資組合中有 1,561 個站點，年減了 40 個。此外，我們還在 Spring Partners 零售合資企業下營運或供應 66 個站點。

Looking at the Wholesale segment. First quarter 2025 product margin increased $44.2 million to $93.6 million. Product margin from gasoline and gasoline blend stocks increased $27.4 million to $57.1 million, primarily due to more favorable market conditions in gasoline. Product margin also benefited from the 2024 acquisitions of terminals from Gulf Oil and ExxonMobil, which were acquired in the second and fourth quarters of 2024.

看看批發部分。2025 年第一季產品利潤增加 4,420 萬美元，達到 9,360 萬美元。汽油和汽油混合庫存的產品利潤增加了 2,740 萬美元，達到 5,710 萬美元，這主要歸因於汽油市場條件更加有利。產品利潤率也受益於 2024 年對海灣石油和埃克森美孚終端的收購，這些收購分別於 2024 年第二季和第四季完成。

Product margin from distillates and other oils increased $16.8 million to $36.5 million, primarily due to more favorable market conditions and distillates and winter weather that was on average 9% colder than the prior year period.

餾分油和其他油類的產品利潤增加了 1,680 萬美元，達到 3,650 萬美元，這主要歸因於更有利的市場條件和餾分油，以及冬季天氣比去年同期平均寒冷 9%。

Commercial segment product margin increased $0.1 million to $7.1 million. Looking at expenses. Operating expenses increased $6.6 million to $126.7 million in the first quarter of '25, primarily related to our terminal operations and the addition of the Gulf and ExxonMobil terminals in 2024.

商業部門產品利潤增加 10 萬美元，達到 710 萬美元。查看費用。2025 年第一季營運費用增加了 660 萬美元，達到 1.267 億美元，主要與我們的碼頭營運以及 2024 年新增的海灣和埃克森美孚碼頭有關。

SG&A expense increased $3.9 million in Q1 '25 to $73.7 million reflecting in part increases in long-term incentive comp, wages and benefits and various other SG&A expenses and a decrease in acquisition costs. Interest expense was $36 million in the first quarter of '25, up $6.3 million from last year, primarily due to higher average balances on our credit facilities related to our terminal acquisitions in 2024.

25 年第一季度，銷售、一般及行政費用增加了 390 萬美元，達到 7,370 萬美元，部分反映了長期激勵補償、工資和福利以及其他各種銷售、一般及行政費用的增加以及收購成本的減少。2025 年第一季的利息支出為 3,600 萬美元，比去年增加了 630 萬美元，這主要是由於我們 2024 年終端收購相關的信貸額度平均餘額較高。

CapEx in the first quarter was $17.9 million, consisting of $9.6 million of maintenance CapEx and $8.3 million of expansion CapEx, primarily related to investments in our gasoline stations and terminals.

第一季的資本支出為 1,790 萬美元，其中包括 960 萬美元的維護資本支出和 830 萬美元的擴建資本支出，主要用於加油站和終端的投資。

Our balance sheet remains strong at March 31, with leverage as defined in our credit agreement as funded debt to EBITDA at 3.28x and ample excess capacity in our credit facilities. We had $354.7 million outstanding on the working capital revolving facility and $167 million outstanding on the revolving credit facility.

截至 3 月 31 日，我們的資產負債表仍然保持強勁，我們的信貸協議中定義的槓桿率為 3.28 倍，即融資債務與 EBITDA 之比，並且我們的信貸安排擁有充足的過剩產能。我們的營運資金循環信貸額度尚未償還 3.547 億美元，循環信貸額度尚未償還 1.67 億美元。

Before I turn the call back to Eric for closing comments, let me review our upcoming Investor Relations calendar. This month, we'll be participating in EIC's 22nd Annual Energy Infrastructure Investor Conference. And in June, we'll be participating at the Stifel Cross Sector Insight Conference and the BofA Energy Credit Conference. If you're attending one or more of the events, we look forward to meeting you there.

在我將電話轉回給 Eric 進行總結發言之前，請允許我回顧一下我們即將推出的投資者關係日程表。本月，我們將參加 EIC 第 22 屆年度能源基礎設施投資者會議。六月份，我們將參加 Stifel 跨產業洞察會議和美國銀行能源信貸會議。如果您參加一個或多個活動，我們期待在那裡與您見面。

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

現在，讓我將電話轉回給 Eric，請他發表最後評論。艾瑞克？

Thank you, Greg. As we look ahead, the power of our scale, the resiliency of our integrated model and the creativity of our people position us to just not weather disruption, but to find opportunity within it. We are confident in our strategy, focused on disciplined execution and committed to delivering long-term growth for our unitholders.

謝謝你，格雷格。展望未來，我們的規模實力、綜合模式的彈性以及員工的創造力使我們不僅能夠抵禦幹擾，還能從中尋找機會。我們對我們的策略充滿信心，專注於嚴謹的執行，並致力於為我們的單位持有者實現長期成長。

Now Greg, Mark and I would be happy to take your questions. Operator, please open the line for Q&A.

現在，格雷格、馬克和我很樂意回答你們的問題。接線員，請開通問答專線。

(Operator Instructions)

（操作員指示）

Selman Akyol, Stifel.

塞爾曼·阿克約爾（Selman Akyol），Stifel。

Congratulations on a very nice quarter. Just wanted to start off with, and I understand the GDSO, the high grading of it and sort of repositioning the capital, I guess, into the terminals. Can you just maybe talk about -- and I know it's a continuous thing that goes on, but can you just talk about the opportunity you're seeing for continuing that as well as potential acquisitions or what you're just seeing out there? On the terminal side as well?

恭喜您度過了一個非常愉快的季度。我只是想先了解一下，GDSO 的評級很高，我想，是將資本重新定位到終端中。您能否談談——我知道這是一個持續不斷的事情，但您能否談談您所看到的繼續這樣做的機會以及潛在的收購或您所看到的？在終端方面也是如此嗎？

Yes. I mean, I think, Selman, basically, we're always reviewing our retail business, and we're looking at our assets, and we're looking at the most efficient or best way to operate or supply those assets. It's not a static environment, and we continue to look at them. But as we acquire assets and operate them, we may take decisions later on that optimize the value that we can generate from those assets.

是的。我的意思是，塞爾曼，我認為，基本上，我們一直在審查我們的零售業務，我們正在審視我們的資產，我們正在尋找最有效或最佳的方式來運作或供應這些資產。這不是一個靜態的環境，我們會持續關注它們。但是，當我們獲得資產並經營它們時，我們可能會稍後做出決策，以優化我們可以從這些資產中產生的價值。

I wouldn't look at it as repositioning capital per se to terminals and the way I really think of it is we're trying to be opportunistic and do what is best at that moment in time. So if there -- look, M&A is busy. It's busy at every level, whether that's terminal or whether that's retail. And it's really about finding the right deal that fits the company that we think competitively advantages us and allows us to make a somewhat higher return. And so those are the places we're going to continue to focus on and try to be competitive.

我不會將其視為將資本重新定位到終端，我真正的想法是，我們正試圖抓住機會，並在當時做最好的事情。所以如果有－看，併購很忙。各個層面都很繁忙，無論是終端機還是零售。這其實就是找到適合公司的正確交易，我們認為這對我們來說具有競爭優勢，並能讓我們獲得更高的回報。因此，這些是我們將繼續關注並努力保持競爭力的地方。

Got it. And then could you just talk a little bit about the market conditions that allowed wholesale to do so well and then currently what you're seeing in the marketplace?

知道了。然後您能否簡單談談批發業務如此成功的市場條件以及目前您在市場上看到的情況？

Yes, I can start, and Mark can fill in anything I missed Selman. It's Greg. A couple of things. One, it was a nice cold winter up here in the Northeast, which definitely helped our wholesale distillate business. We've had two back-to-back warm winters. It was 9% colder. And then it was really the integration of our terminaling assets, the ExxonMobil terminal in East Providence and the Gulf terminals that really added to our additional capacity on the wholesale side and allowed us to take advantage of market opportunities that were out there.

是的，我可以開始，馬克可以填補我遺漏的塞爾曼的任何內容。我是格雷格。有幾件事。首先，東北地區的冬天非常寒冷，這無疑有助於我們的蒸餾油批發業務。我們經歷了連續兩個溫暖的冬天。氣溫降低了 9%。然後，我們真正整合了我們的終端資產，即位於東普羅維登斯的埃克森美孚終端和海灣終端，這真正增加了我們在批發方面的額外產能，並使我們能夠利用現有的市場機會。

So I think it was a nice normalized quarter for us. I mentioned in my points that last year was -- there was definitely some mark-to-market that impacted us in the first quarter last year. So it was a tougher comparison. We didn't do as bad as it looks like last quarter. We just -- in the first quarter of '24, we just got that back in '25. But I think really, it was a nicely -- nice quarter that was optimized around the integrated assets we've had on the terminaling side.

所以我認為這對我們來說是一個很好的正常季度。我在我的觀點中提到，去年——去年第一季肯定有一些以市價計價對我們產生了影響。因此這是一個更困難的比較。上個季度我們的表現並不像看起來那麼糟。我們只是在 24 年第一季就實現了這一目標，並在 25 年實現了這一目標。但我認為，這確實是一個非常好的季度，圍繞著我們在終端方面的綜合資產進行了優化。

And I don't know, Mark, if you have anything to add there?

馬克，我不知道你還有什麼要補充的嗎？

No.

不。

Let me just ask in terms of just sort of timing and tariffs and all that, was there anything -- any dislocation up there in the Northeast markets where you were able to take advantage of?

我只想問一下，就時間安排、關稅等而言，東北市場是否有任何混亂，你們可以利用這些混亂嗎？

Yes. Selman, it's Mark. The tariff -- there was a very brief period of time. It was probably two days when the tariffs apply to Canadian oil and oil from Mexico, Canadian oil specifically more relevant to us. But very brief, created some volatility, which often benefits us, but it was very short-lived. And right now, there's really no impact from a supply or a market condition standpoint, the only thing we're thinking about relative to how tariffs may impact us is perhaps as it starts to affect the consumer, it may have some impact on our store sales, but that's yet to be determined. I think if it's going to impact us, it will impact us there. From a supply and a margin and optimizing the business, not a real impact.

是的。塞爾曼，我是馬克。關稅－只持續了很短的一段時間。關稅可能在兩天內適用於加拿大石油和墨西哥石油，特別是加拿大石油與我們更相關。但非常短暫，造成了一些波動，這往往對我們有利，但它非常短暫。目前，從供應或市場狀況的角度來看，實際上沒有影響，我們唯一考慮的是關稅可能對我們產生的影響，也許當它開始影響消費者時，它可能會對我們的商店銷售產生一些影響，但這還有待確定。我認為如果它要影響我們，它就會在那裡影響我們。從供應、利潤和優化業務的角度來看，並沒有真正的影響力。

Mr. Slifka, there are no further questions in the queue. I'll turn the floor back to you for any final comments.

斯利夫卡先生，沒有其他問題了。我將把發言權交還給您，請您發表最後的評論。

Thank you for joining us this morning. We look forward to keeping you updated on our progress. Enjoy the rest of your spring, everyone.

感謝您今天上午加入我們。我們期待向您通報我們的進展。大家好好享受剩下的春天吧。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。