Global Partners LP (GLP) 2025 Q2 法說會逐字稿

Good day everyone, and welcome to the Global Partners second quarter 2025 Financial results conference call. (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 Romain, and Chief Legal Officer and secretary Mr. Sean Geary

大家好，歡迎參加全球合作夥伴 2025 年第二季財務業績電話會議。（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 Romain 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 meanings of federal securities laws, including projections or 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，感謝大家的參與。今天的電話會議將包括聯邦證券法所定義的前瞻性陳述，包括有關全球合作夥伴的未來財務和營運績效的預測或預期。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. Now it's my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slifka.

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大不相同。Global Partners 不承擔修改或更新任何前瞻性聲明的義務。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. Global delivered strong 2nd quarter results in line with our expectations. These results reflect the strength of our integrated business and the value of staying focused on disciplined execution.

謝謝你，肖恩，大家早安。全球第二季業績強勁，符合我們的預期。這些結果反映了我們綜合業務的實力以及專注於嚴格執行的價值。

For the first half of 2025, we grew earnings and cash flow year over year, with net income increasing 8%, adjusted EBITDA increasing 7%, and adjusted DCF increasing 9% from the same period last year. That kind of performance speaks to the power of our diversified platform and our ability to execute in a dynamic market.

2025 年上半年，我們的獲利和現金流年增，淨收入較去年同期成長 8%，調整後 EBITDA 成長 7%，調整後 DCF 成長 9%。這種表現證明了我們多元化平台的強大力量以及我們在動態市場中的執行能力。

We see continued strength across our retail terminal and wholesale liquid energy segments. Our recent terminal acquisitions have expanded our reach, strengthened our presence in key markets, and established an even stronger platform for long-term unit holder value and future M&A opportunities.

我們看到零售終端和批發液體能源部門持續保持強勁勢頭。我們最近的終端收購擴大了我們的業務範圍，加強了我們在主要市場的影響力，並為長期單位持有者價值和未來的併購機會建立了更強大的平台。

To that end, last month, the board approved a quarterly cash distribution of $0.75 per unit, our 15 consecutive increase. The distribution is payable on August 14 to unit holders of record as of the close of business on August 8.

為此，董事會上個月批准了每單位 0.75 美元的季度現金分配，這是我們連續第 15 次增加。此分配將於 8 月 14 日支付給 8 月 8 日營業結束時登記在冊的單位持有人。

Before I turn the call over to Greg, I want to take a moment to reflect on the passing of my uncle, Richard Slifka, a longtime Chairman of the board, who left us peacefully in May at the age of 85. Richard was part of Global for more than 60 years. His steady leadership and deep integrity helped shape the company we are today.

在我將電話轉給格雷格之前，我想花點時間來回憶一下我的叔叔理查德·斯利夫卡 (Richard Slifka) 的去世，他長期擔任董事會主席，於五月以 85 歲高齡安詳離世。理查在 Global 工作了 60 多年。他穩健的領導力和深厚的正直幫助我們塑造了今天的公司。

Richie cared deeply about people, always guided by a strong sense of purpose and a commitment to doing what was right for the long term. Those who knew him will remember his generosity, thoughtfulness, and quiet strength.

里奇非常關心他人，始終懷抱著強烈的使命感，並致力於長期做正確的事。認識他的人都會記得他的慷慨、體貼和沈靜的力量。

His presence is deeply missed, and his legacy continues to live on in the values he instilled across our organization and community. Following Ritchie's passing, we welcome Tom [Jouer] to our Board of Directors. Tom brings a wealth of experience from his long legal career at Nutter McClellan and Fish, where he has served as a partner since 1985. With that, I'll turn the call over to Greg for the Financial Review. Greg.

我們深深懷念他的存在，他的精神遺產將繼續在我們組織和社區灌輸的價值觀中傳承下去。里奇去世後，我們歡迎湯姆 [朱爾] 加入我們的董事會。湯姆在 Nutter McClellan and Fish 律師事務所擁有長期的法律職業生涯，自 1985 年起擔任合夥人，積累了豐富的經驗。說完這些，我會把電話轉給格雷格，讓他來播報財務評論。格雷格。

Thank you, Eric, and good morning, everyone. Turning to our results, it's important to note the difficult comparison of our second quarter of 2025 results with the second quarter of 2024.

謝謝你，艾瑞克，大家早安。談到我們的業績，值得注意的是，2025 年第二季的業績與 2024 年第二季的業績相比存在困難。

As you might recall, in the first quarter of 2024, certain products in our wholesale segment were negatively impacted by the timing of mark to market evaluations that were then realized in the second quarter of 2024, leading to outsized wholesale segment results in that quarter.

您可能還記得，在 2024 年第一季度，我們批發部門的某些產品受到了按市價計價時間的負面影響，該影響在 2024 年第二季度實現，導致該季度批發部門的業績過高。

As a result, we believe that our year-to-date results through June provide a more accurate gauge of our performance.

因此，我們相信，截至六月的年初至今的業績能夠更準確地衡量我們的業績。

As Eric mentioned, for the first six months of 2025 compared to 2024, we saw strong growth in our performance with adjusted even of $189.4 million versus $177.3 million in 2024, and adjusted DCF of $98.8 million compared with $90.4 million.

正如 Eric 所提到的，與 2024 年相比，2025 年上半年我們的業績強勁增長，調整後利潤為 1.894 億美元，而 2024 年為 1.773 億美元；調整後 DCF 為 9880 萬美元，而 2024 年為 9040 萬美元。

Now turning to our quarterly results, as I review the numbers, please note that all comparisons will be with the second quarter of 2024 unless otherwise noted.

現在談談我們的季度業績，當我回顧這些數字時，請注意，除非另有說明，所有比較都將與 2024 年第二季度進行。

Excuse me.

打擾一下。

Net income for the second quarter was $25.2 million versus $46.1 million in Q2 last year. EBITDA was $95.7 million for the second quarter compared with $118.8 million, and it just EBITDA was $98.2 million versus $121.1 million.

第二季淨收入為 2,520 萬美元，去年同期為 4,610 萬美元。第二季的 EBITDA 為 9,570 萬美元，而去年同期為 1.188 億美元；EBITDA 為 9,820 萬美元，而去年同期為 1.211 億美元。

Distributable cash flow was $52 million for the second quarter compared with $73.1 million and adjusted DCF was $52.3 million compared with $74.2 million last year.

第二季可分配現金流量為 5,200 萬美元，去年同期為 7,310 萬美元；調整後的 DCF 為 5,230 萬美元，去年同期為 7,420 萬美元。

For the second quarter of this year, net income, adjust EBITDA DCF and adjusted DCF included a loss on early extinguishment of debt of $2.8 million, related to the redemption of our senior notes due 2027 in the quarter.

今年第二季的淨收入、調整後的 EBITDA DCF 和調整後的 DCF 包括 280 萬美元的提前償還債務損失，與本季贖回 2027 年到期的優先票據有關。

Adjusting for this loss on early extinguishment of debt, or adjusted EBITDA for '25 was $101 million. Trailing 12 month distribution coverage as of June 30, 2025 is 1.81 times or 1.75 times after factoring in distributions to our preferred unit holders.

在調整提前償還債務的損失後，25 年的調整後 EBITDA 為 1.01 億美元。截至 2025 年 6 月 30 日的過去 12 個月分配覆蓋率為 1.81 倍，如果計入優先股持有人的分配，則為 1.75 倍。

Turning to our segment details, GDSO product margin decreased $13.6 million to $207.9 million in the quarter, primarily as a result of lower site count year over year and the impact of adverse weather conditions in the Northeast, which saw a record 13 weekends of consecutive rain.

談到我們的分部細節，本季 GDSO 產品利潤率下降 1,360 萬美元至 2.079 億美元，主要原因是站點數量同比減少以及東北地區惡劣天氣條件的影響，東北地區出現了創紀錄的 13 個週末連續降雨。

The product margin from gasoline distribution decreased $9.4 million to $137.9 million, preventing lower fuel volumes due in part to the decreased site count year over year and the weather impact. On a cents per gallon basis, fuel margins of $0.36 per gallon remained flat with the second quarter of 2024.

汽油分銷的產品利潤減少了 940 萬美元，至 1.379 億美元，部分原因是由於站點數量同比減少以及天氣影響，導致燃料銷量下降。以每加侖美分計算，燃油利潤率為每加侖 0.36 美元，與 2024 年第二季度持平。

Station operations product margin, which includes convenience store and prepared food sales, sundries and rental income, was similarly impacted by the weather and lower site count. It decreased $4.2 million to $70 million in the second quarter of 2025.

站點營運產品利潤率（包括便利商店和熟食銷售、雜貨和租金收入）同樣受到天氣和站點數量減少的影響。2025 年第二季度，該數字下降了 420 萬美元，至 7,000 萬美元。

At quarter end, we had a portfolio of 1,553 sites, 42 fewer than prior year, as we continued our strategic divestment activities to enhance and optimize our overall portfolio of sites. 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 1,553 個站點，比去年同期減少了 42 個，因為我們繼續進行策略性撤資活動，以增強和優化我們的整體站點投資組合。此外，我們也在 Spring 合作夥伴零售合資企業下營運或供應 66 個站點。

Looking at the wholesale segment, second quarter product margin was $91.7 million. Product margins from gasoline and gasoline blend stocks decreased $11.6 million to $58.88 million primarily due to less favorable marketing conditions, largely in gasoline, but also in gasoline blend stocks. That decline was partially offset by terminal acquisitions from Gulf Oil and ExxonMobil in the second and fourth quarters of last year, respectively.

從批發業務來看，第二季產品利潤為 9,170 萬美元。汽油和汽油混合庫存的產品利潤率下降了 1,160 萬美元，至 5,888 萬美元，這主要是由於行銷條件不太有利，主要是汽油，但也包括汽油混合庫存。這一下降被去年第二季和第四季分別從海灣石油和埃克森美孚收購的終端所部分抵消。

Product margin from distals and other oils increased $11.4 million to $32.9 million, primarily due to more favorable market conditions. The commercial segment product margin decreased $0.1 million to $6.1 million in part due to less favorable market conditions and bunkering.

遠端油和其他油品的產品利潤增加了 1,140 萬美元，達到 3,290 萬美元，這主要得益於更有利的市場條件。商業部門產品利潤率下降 10 萬美元至 610 萬美元，部分原因是市場條件和加油不太有利。

Looking at expenses, operating expenses increased $5.7 million to $135.7 million in the second quarter, primarily related to our terminal operations and the additions of the Gulf and ExxonMobil terminals. SG&A increased $2.4 million in Q225 to $74.7 million reflecting in part increases in wages and benefits and various other SG&A expenses.

從費用來看，第二季營運費用增加了 570 萬美元，達到 1.357 億美元，主要與我們的碼頭營運以及海灣和埃克森美孚碼頭的增建有關。2025 年第二季銷售、一般及行政費用增加 240 萬美元，達到 7,470 萬美元，部分反映了薪資和福利以及其他各種銷售、一般及行政費用的增加。

Interest expense was $3534.5 million in the second quarter of '25, down $1 million from last year, in part due to lower average balances on our revolving credit facility.

25 年第二季的利息支出為 35.345 億美元，比去年同期減少 100 萬美元，部分原因是我們的循環信貸額度的平均餘額較低。

Caps in the second quarter was $15 million consisting of $9.9 million of maintenance cap backs and $5.1 million of expansion caps that primarily related to investments in our gasoline stations and terminals. For the full year, we continue to anticipate maintenance capital expenditures of approximately $60 to $70 million. Expansion capital expenditures, excluding acquisitions are anticipated to be approximately $65 to $75 million in 2025, relating primarily to investments in our gasoline station and terminal business. At $70 million, the midpoint of our expansion CapEx range is down $10 million from the range stated on our year-end 2024 call.

第二季的上限為 1500 萬美元，其中包括 990 萬美元的維護上限和 510 萬美元的擴張上限，主要與對我們的加油站和終端的投資有關。就全年而言，我們預計維護資本支出約為 6,000 萬至 7,000 萬美元。預計 2025 年擴張資本支出（不包括收購）約為 6,500 萬至 7,500 萬美元，主要用於加油站和碼頭業務的投資。我們的擴張資本支出範圍中位數為 7000 萬美元，比我們在 2024 年底電話會議上提出的範圍低 1000 萬美元。

Our current CapEx estimates depend in part on the timing of completion of projects, availability of equipment and workforce, weather and unanticipated events or opportunities requiring additional maintenance or investments.

我們目前的資本支出估算部分取決於專案完成時間、設備和勞動力的可用性、天氣和意外事件或需要額外維護或投資的機會。

Turning to the balance sheet at June 30, leverage as defined in our credit agreement as funded debt to EBITDA was 3.5 times. We had $198.5 million outstanding on the working capital revolving credit facility and $88.2 million outstanding on the revolving credit facility.

回顧 6 月 30 日的資產負債表，我們的信貸協議中定義的槓桿率（即融資債務與 EBITDA 比率）為 3.5 倍。我們的營運資金循環信貸額度未償還金額為 1.985 億美元，循環信貸額度未償還金額為 8,820 萬美元。

During the quarter, we completed an upsized private offering of $450 million senior unsecured notes with a 7% and 18% interest rate and a 2,33 maturity.

本季度，我們完成了 4.5 億美元優先無擔保票據的增發私募，利率分別為 7% 和 18%，到期日為 2.33。

We use the proceeds to retire our $400 million 7% senior notes due in 2027 through a combination of a cash tender offer and a subsequent redemption. The remaining funds were used to pay down borrowings under our credit facility. This transaction strengthens our balance sheet, extends our debt maturity profile, enhances our financial flexibility moving forward.

我們將利用所得款項透過現金要約收購和後續贖回相結合的方式償還 2027 年到期的 4 億美元 7% 優先票據。剩餘資金用於償還我們的信貸額度下的借款。此交易增強了我們的資產負債表，延長了我們的債務期限，增強了我們未來的財務靈活性。

Before I hand the call back to for closing remarks, I'll just mention that we'll be participating in C's 2025 Natural Resources conference next week. If you're attending, we look forward to seeing you there. Now let me turn the call back to Eric for closing comments. Eric.

在我將電話轉回給大家做結束語之前，我想提一下，我們將於下週參加 C 的 2025 年自然資源會議。如果您出席，我們期待在那裡見到您。現在，讓我將電話轉回給 Eric，請他發表最後評論。埃里克。

Thanks, Greg. As we move into the second half of the year, our focus remains on operational excellence, disciplined capital allocation, and delivering consistent returns for our unit holders. Now Greg, Mark, and I would be happy to take your questions. Operator, please open the line for Q&A.

謝謝，格雷格。隨著進入下半年，我們的重點仍然是卓越營運、嚴格的資本配置以及為我們的單位持有人提供持續的回報。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。

At this time we will conduct the question and answer session.

此時我們將進行問答環節。

(Operator Instructions) Selman Akyol, Stifel.

（操作員指示）Selman Akyol，Stifel。

Thank you. Good morning, Eric, those were truly kind words on your uncle, and they were heartfelt and sorry for your loss.

謝謝。早安，艾瑞克，這些話對你叔叔來說真的很貼心，而且對你的損失深表遺憾。

Thank you very much, Sheldon. I do appreciate that. .

非常感謝，謝爾頓。我對此非常感激。。

I guess just you guys talked about the weather and I'm just wondering, is there any way you can quantify what impact you thought that had on the quarter?

我想你們剛剛談論了天氣，我只是想知道，有什麼方法可以量化你們認為天氣對本季的影響嗎？

Hey, it's Greg. Yeah, it's hard, candidly, we looked at it 1,000 different ways to try and figure it out, we look at same site volumes, we look at same site store merchandizing and really, it really impacted May and into the first couple weeks of June. I don't have a number for you, but it was material. It rained.

嘿，我是格雷格。是的，坦白說，這很難，我們用 1,000 種不同的方法來嘗試解決這個問題，我們查看同一站點的銷量，我們查看同一站點商店的商品銷售，事實上，它確實影響了 5 月以及 6 月的頭幾週。我沒有具體數字給你，但這確實很重要。下雨了。

Those every Saturday for those 13 weeks, that's that hasn't rained that much on weekends in the Northeast since 1,970. That's the last time it was 12 weeks was the previous record of 13 weeks. So we really saw it in our May results and you know it impacted not just the merchandizing and packed sales and things like that, but also the fuel side, but I don't have exact number to give to you.

連續 13 週，每週六都會下雨，這是自 1970 年以來東北地區週末從未下過這麼多雨的記錄。上次是 12 週，之前的紀錄是 13 週。因此，我們確實在五月份的業績中看到了這一點，您知道它不僅影響了商品銷售和包裝銷售等，還影響了燃料方面，但我沒有確切的數字可以提供給您。

Understood, and you also referenced sort of, 42 fewer sites, so I'm just curious, how close are you to being done on the rationalization or is there much more to go?

明白了，您還提到了減少了 42 個站點，所以我很好奇，您的合理化工作還有多遠完成嗎，還是還有很多工作要做？

Yeah, I'd quantified not much more to go. I think we're very happy where we are on a site count, we do an annual review every year and looking at our sites, we look at, the sustainability of those sites over the next 10 years if they fit our operating model, if they're, if they should be a company operated or they should be a dealer or a commission agent.

是的，我已經量化了，剩下的就不多了。我認為我們對站點數量感到非常滿意，我們每年都會進行年度審查，查看我們的站點，我們研究這些站點在未來 10 年的可持續性，看它們是否適合我們的運營模式，是否應該由公司運營，或者應該是經銷商或佣金代理。

So we looked at the class of trade too, I think where we sit right now we're very satisfied with our portfolio overall. There's probably a handful of sites that look to potentially either convert or divest, and then, we will do another review process as we annually do towards the fourth quarter and then look at the process, but it's a continuing process especially as we buy sites or, do raising rebuilds or NTIs. It's just a it's a constant sort of churn in the portfolio, but that was probably a bigger chunk last year in the 40 sites we did, but I think we're overall we're pretty comfortable with the portfolio as it stands today.

因此，我們也研究了交易類別，我認為我們目前的狀況對我們的整體投資組合感到非常滿意。可能有少數站點看起來可能會轉換或剝離，然後，我們將進行另一次審查流程，就像我們每年在第四季度所做的那樣，然後查看該流程，但這是一個持續的過程，特別是當我們購買站點或進行重建或 NTI 時。這只是投資組合中一種持續的變動，但去年我們做的 40 個站點中，這可能佔了很大一部分，但我認為，總體而言，我們對目前的投資組合感到很滿意。

Got it and you guys had strength in your CPG and so I'm curious, is that. Tied back to the terminals you've been acquiring and we're seeing that kind of get layered in there.

明白了，你們的 CPG 實力很強，所以我很好奇，是嗎？與您已取得的終端相關，我們看到這種終端​​已分層存在。

No, it's really independent from our our terminals. Our supply advantages and our vertical integration that really shows up on our wholesale segment. Those cents per gallon and the GDSO segment are pretty pure cents per gallon numbers, I think, overall it wasn't that volatile of a of a of a quarter from a pricing standpoint. If you look at the Arbob curve, you had a big selloff in early April, so you had some pretty strong margin in early April after the independence Day or Liberation Day when prices crashed pretty quickly and you had decent margins in April and then, May was sort of a grind it out month until, June you saw the big spike when Iran, the bombing of Iran happened and then it quickly came off. So towards the end of June there were some opportunities for decent margins, but overall I I'd probably say it's a more normalized quarter overall.

不，它確實獨立於我們的終端。我們的供應優勢和垂直整合確實體現在我們的批發領域。我認為，這些每加侖美分和 GDSO 部分是相當純粹的每加侖美分數字，總體而言，從定價的角度來看，一個季度的波動性並不大。如果你看一下 Arbob 曲線，你會發現 4 月初出現了大幅拋售，因此在獨立日或解放日之後的 4 月初，你獲得了相當可觀的利潤，而當時價格迅速暴跌，4 月份的利潤率還不錯，然後 5 月份就進入了緩慢增長的階段，直到 6 月份，當伊朗發生轟炸時，你看到了大幅上漲，然後利潤率迅速回落。因此，到 6 月底，存在一些獲得不錯利潤的機會，但總體而言，我可能會說這是一個更正常化的季度。

Got it. And then can you guys just sort of comment on the acquisition outlook and what you're seeing out there and, our bid ask spread still pretty wide or coming in, anything you can offer color there.

知道了。然後，你們能否對收購前景和你們所看到的情況進行評論，我們的買賣價差仍然很大或即將到來，你們可以提供任何資訊。

Yeah, I mean, it, I think you, it's Eric guy. I think you hit it right on the on the nose there, bid offers are wide on the terminal side I'd say on the retail side, it remains active, but you know I think there's some opportunities out there and we'll just see if there's a way to try and move forward.

是的，我的意思是，我認為你就是艾瑞克。我認為您說得一針見血，終端方面的競標報價很廣泛，我想說在零售方面，它仍然很活躍，但您知道，我認為那裡有一些機會，我們只是看看是否有辦法嘗試向前邁進。

All right, I'll leave it at that.

好吧，我就不多說了。

Thank you kindly.

非常感謝。

Thanks. At this time I'd like to turn the call back to Mr. Slivka for closing comments.

謝謝。現在，我想將電話轉回給斯利夫卡先生，請他發表最後評論。

Thank you for joining us this morning and we look forward to keeping you updated on our progress. Thanks, everyone.

感謝您今天早上加入我們，我們期待向您通報我們的進展。謝謝大家。

This concludes today's call. Thank you for attending and have a wonderful rest of your day.

今天的電話會議到此結束。感謝您的出席並祝您今天過得愉快。