Global Partners LP (GLP) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to the Global Partners third quarter 2026 financial results conference call. Today's call is being recorded. 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, Ms. Kristin Seabrook.

各位好，歡迎參加 Global Partners 2026 年第三季財務業績電話會議。今天的會議將被錄音。與會的 Global Partners 代表包括總裁兼執行長 Eric Slifka 先生；財務長 Gregory Hanson 先生；營運長 Mark Romaine 先生，以及法務長 Kristin Seabrook 女士。

At this time, I would like to turn the call over to Kristin Seabrook for opening remarks. Please go ahead.

此刻，我想把電話會議交給 Kristin Seabrook 進行開場致詞。請開始。

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.

各位早安，感謝各位加入。今天的電話會議將包含依聯邦證券法所定義的前瞻性陳述，包括對 Global Partners 未來財務與營運表現的預測與期望。無法保證這些預測一定能達成，或這些期望一定能實現。

Our assumptions and future performance are subject to a wide range of business risks, uncertainties, and factors, including supply and demand, 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.

我們的假設與未來表現受到廣泛的商業風險、不確定性與因素影響（包括供需），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內容出現重大差異。Global Partners 不承擔修訂或更新任何前瞻性陳述的義務。

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

現在我很高興把電話會議交給我們的總裁兼執行長 Eric Slifka。Eric？

Thank you, Kristin, and good morning, everyone. Our third quarter results underscore the strength of Global's integrated liquid energy model. Our presence across the supply chain provides multiple sources of earnings and the flexibility to adapt to changing market conditions. We saw the benefit of that model this quarter. Solid execution across our terminal network and wholesale business more than offset lower retail fuel volumes as higher pump prices weighed on demand and our station operations held steady.

謝謝你，Kristin，各位早安。我們第三季的業績凸顯了 Global 一體化液態能源模式的實力。我們在供應鏈各環節的布局提供多元獲利來源，並具備因應市場變化的彈性。本季我們看到了該模式帶來的效益。我們在終端網路與批發業務的穩健執行，足以抵消零售燃料銷量下滑的影響；因油槍價格上升抑制需求，而我們的加油站營運維持穩定。

We do not rely on any single segment or market dynamic to drive performance. It's that balance that helps us manage through different market environments and gives Global the ability to capture opportunities across the business.

我們不依賴任何單一事業部門或單一市場動態來推動表現。正是這種平衡，幫助我們在不同市場環境中維持韌性，也讓 Global 能夠在整體業務中掌握機會。

We are also in a strong position to invest in the future. We remain disciplined in how we deploy capital, whether we are investing in our existing assets or pursuing opportunities that strengthen our platform and generate attractive long-term returns for unitholders.

我們也處於有利位置投資未來。我們在資本配置上持續保持紀律，不論是投資既有資產，或是追求能強化平台並為單位持有人帶來具吸引力長期報酬的機會。

Turning to our distribution. Last month, our Board approved our 20th consecutive quarterly distribution increase, raising the quarterly cash distribution to $0.7850 per common unit, or $3.14 on an annualized basis. The distribution will be paid on November 13 to unitholders of record as of November 9. We believe that track record reflects the strength and consistency of the business and our priority of returning capital to unitholders.

接著談到我們的配息。上個月，我們董事會核准第 20 次連續季度配息調升，將每普通單位的季度現金配息提高至 0.7850 美元，年化為 3.14 美元。配息將於 11 月 13 日支付給截至 11 月 9 日登記在冊的單位持有人。我們相信，這項紀錄反映了業務的實力與一致性，以及我們將資本回饋給單位持有人的優先事項。

Our commitment to the communities we serve remains an important part of who we are. We have committed more than $200,000 to community action agencies and nonprofits to assist with home heating oil efforts in New England this winter. This builds on our long-standing efforts to help families meet their heating needs with direct contributions that allow these organizations to put the funds where they can have the greatest impact.

我們對所服務社區的承諾，仍是我們重要的一部分。今年冬天，我們已承諾提供超過 20 萬美元給社區行動機構與非營利組織，以協助新英格蘭地區的家用取暖油相關工作。這延續了我們長期以來的努力，透過直接捐助協助家庭滿足取暖需求，並讓這些組織能將資金投入最能產生影響的地方。

Now let me turn the call over to Greg for the financial review. Greg?

現在讓我把電話會議交給 Greg 進行財務回顧。Greg？

Thank you, Eric, and good morning, everyone. As we review the numbers, unless otherwise noted, all comparisons will be with the third quarter of 2025. Net income in the third quarter of 2026 was $52.4 million versus $29 million in the prior-year period. EBITDA was $120.8 million in the third quarter versus $97.1 million in '25, and adjusted EBITDA was $122.9 million compared with $98.8 million.

謝謝你，Eric，各位早安。在我們檢視數字時，除非另有說明，所有比較皆以 2025 年第三季為基準。2026 年第三季淨利為 5,240 萬美元，較去年同期的 2,900 萬美元增加。第三季 EBITDA 為 1.208 億美元，較 2025 年的 9,710 萬美元增加；調整後 EBITDA 為 1.229 億美元，較 9,880 萬美元增加。

Distributable cash flow was $70.1 million in the third quarter of '26 compared with $53 million, and adjusted DCF was $70.3 million versus $53.3 million. We continue to maintain healthy distribution coverage at quarter-end of 2.3 times.

2026 年第三季可分配現金流（DCF）為 7,010 萬美元，較 5,300 萬美元增加；調整後 DCF 為 7,030 萬美元，較 5,330 萬美元增加。截至季末，我們持續維持健康的配息覆蓋倍數，為 2.3 倍。

Moving to our segment details. GDSO segment product margin decreased $8.3 million to $210.6 million in the quarter. Product margin from gasoline distribution was down $8 million to $136.8 million, primarily due to a decrease in volumes sold.

接著看各事業部門細節。GDSO 事業部本季產品毛利減少 830 萬美元至 2.106 億美元。汽油配送的產品毛利下降 800 萬美元至 1.368 億美元，主要因銷售量下滑。

Station operations product margin, which includes convenience store and prepared food sales, sundries, and rental income, decreased $300,000 to $73.8 million in the third quarter of 2026. At quarter-end, our GDSO portfolio of fueling stations and c-stores consisted of 1,489 sites, exclusive of the 69 sites under our Spring Partners Retail joint venture.

加油站營運產品毛利（包含便利商店與熟食銷售、雜貨、租金收入）在 2026 年第三季減少 30 萬美元至 7,380 萬美元。截至季末，我們的 GDSO 加油站與便利商店組合共有 1,489 個據點，不包含我們 Spring Partners Retail 合資企業旗下的 69 個據點。

Turning to our Wholesale segment. Third quarter product margin increased $33.4 million to $111.4 million, primarily reflecting more favorable market conditions in gasoline and distillates, with product margin from gasoline and gasoline blendstocks increasing $14.3 million to $75.8 million and product margin from distillates and other oils increasing $19.1 million to $35.6 million.

接著看批發（Wholesale）事業部。第三季產品毛利增加 3,340 萬美元至 1.114 億美元，主要反映汽油與中間餾分油品市場環境更為有利；其中，汽油與汽油調和基礎油（blendstocks）的產品毛利增加 1,430 萬美元至 7,580 萬美元，而中間餾分油品及其他油品的產品毛利增加 1,910 萬美元至 3,560 萬美元。

In our Commercial segment, product margin increased $0.1 million to $7.1 million due in part to more favorable market conditions in bunkering.

在商業（Commercial）事業部，產品毛利增加 10 萬美元至 710 萬美元，部分原因是船用燃料加注（bunkering）的市場環境更為有利。

We are pleased with our results in the quarter. Our integrated system provides us with multiple sources of revenue generation, and our team has demonstrated strong execution in capturing value in a dynamic market environment. We continue to expect the current steep backwardation in the forward product pricing curve to increase the cost of carrying our hedged inventory in future periods, and we remain focused on disciplined inventory management, driving growth across our segments, and efficient operations.

我們對本季的業績感到滿意。我們的一體化系統為我們提供多元的營收來源，而我們的團隊也展現了強勁的執行力，在動態的市場環境中掌握價值。我們仍預期，目前遠期產品定價曲線的陡峭逆價差（backwardation）將在未來期間提高我們持有已避險庫存的持有成本；我們也將持續專注於嚴謹的庫存管理、推動各事業部成長，以及提升營運效率。

Turning to the expense side. Operating expenses decreased $1.4 million in the third quarter to $131.1 million, reflecting lower expenses associated with our terminal operations, largely in maintenance and repair expenses, offset by higher expenses related to our GDSO operations, mostly in credit card fees.

接著談費用端。第三季營業費用減少140萬美元至1.311億美元，反映出與我們碼頭營運相關的費用較低，主要為維護與修理費用下降，但部分被與我們GDSO營運相關的較高費用所抵銷，主要為信用卡手續費。

SG&A increased $3.1 million to $79.4 million, consisting of increases in wages and benefits, discretionary incentive comp, and various other expenses, offset by a decrease in maintenance and repair expenses.

SG&A增加310萬美元至7,940萬美元，主要由薪資與福利、酌情激勵薪酬以及其他各項費用增加所構成，但部分被維護與修理費用下降所抵銷。

Interest expense decreased $1.9 million to $31.4 million, partially due to lower average balances on our working capital revolving credit facility.

利息費用減少190萬美元至3,140萬美元，部分原因是我們營運資金循環信用額度的平均餘額較低。

CapEx in the third quarter was $41.9 million, consisting of maintenance CapEx of $19.3 million and expansion CapEx of $22.6 million, primarily related to investments in our gasoline station business.

第三季資本支出（CapEx）為4,190萬美元，其中維護性資本支出為1,930萬美元、擴張性資本支出為2,260萬美元，主要與我們加油站業務的投資相關。

For full-year 2026, we now expect maintenance CapEx in the range of $65 million to $75 million, up $5 million from our previous range, with expansion CapEx, excluding acquisitions, unchanged at $75 million to $85 million. Our current CapEx estimates depend in part on the timing of project completions, availability of equipment and labor, weather, and any unforeseen events or opportunities that require additional maintenance or investment.

就2026全年而言，我們目前預期維護性資本支出將落在6,500萬至7,500萬美元區間，較先前區間上調500萬美元；擴張性資本支出（不含併購）維持不變，仍為7,500萬至8,500萬美元。我們目前的資本支出估計部分取決於專案完工時點、設備與勞力供應、天候，以及任何需要額外維護或投資的不可預見事件或機會。

Our balance sheet remains strong. As of September 30, leverage, as defined in our credit agreement as funded debt to EBITDA, was approximately 2.8 times, and we maintained ample excess capacity under our credit facilities. We had $99 million outstanding on our working capital revolver and $144.5 million outstanding on our revolving credit facility.

我們的資產負債表仍然強健。截至9月30日，依我們信貸協議所定義之槓桿（即有息負債／EBITDA）約為2.8倍，且我們在各項信貸額度下仍保有充足的可用額度。我們的營運資金循環額度未償餘額為9,900萬美元，循環信用額度未償餘額為1.445億美元。

During the third quarter, we redeemed all of our outstanding 9.5% Series B fixed-rate preferred units, eliminating $75 million of preferred equity from our capital structure. And subsequent to quarter-end, we amended our credit agreement, extending its maturity by more than three years to October 2031 while maintaining our $1 billion working capital revolving credit facility and our $500 million revolving credit facility.

第三季期間，我們贖回了所有未償還的9.5% B系列固定利率優先單位，從資本結構中消除7,500萬美元的優先權益。此外，在季末之後，我們修訂了信貸協議，將到期日延長逾三年至2031年10月，同時維持10億美元的營運資金循環信用額度以及5億美元的循環信用額度。

Let me turn the call back to Eric for his closing comments. Eric?

我把電話交回給Eric，請他做結語。Eric？

Thanks, Greg. As we look forward, our focus is straightforward: execute well, build on the strengths of our integrated platform, and continue positioning Global for long-term growth. We have a strong foundation, a proven operating model, and a team that knows how to navigate a dynamic market. We're excited about the opportunities ahead and remain focused on creating lasting value for our unitholders.

謝謝，Greg。展望未來，我們的重點很明確：把執行做好、在我們整合式平台的優勢上持續加乘，並持續讓Global站穩長期成長的定位。我們擁有堅實的基礎、經驗證的營運模式，以及一支懂得在動態市場中前行的團隊。我們對未來的機會感到振奮，並將持續專注於為我們的單位持有人創造長久價值。

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

接下來，Greg、Mark和我很樂意回答各位的問題。接線員，請開放問答。

(Operator Instructions) Gregg Brody, Bank of America.

（接線員指示）美國銀行（Bank of America）的Gregg Brody。

Can you talk a little bit about what you're seeing on the customer side in terms of their behavior with consumption and how that compares to what data you're seeing across the US?

你能否談談你們在客戶端看到的情況，例如他們在消費行為與用量方面的表現，以及這與你們看到的全美數據相比如何？

Hey, Gregg. It's Greg Hanson. Yeah. I mean, I think overall, we definitely saw an impact from (technical difficulty).

嗨，Gregg。我是Greg Hanson。是的。我的意思是，我認為整體而言，我們確實看到（技術問題）帶來的影響。

Sorry about that. We have a little interference there. Yes, I think overall, we definitely saw an impact on the consumer from higher retail prices on the fuel volume side. I think we were pleasantly surprised how well the consumer did inside our c-stores, basically being flat on the c-store, and we did see some higher transaction baskets in the quarter. Our transactions were down, but the basket size actually increased a little bit overall.

抱歉，我們這裡有些干擾。是的，我認為整體而言，我們確實看到零售價格上升對消費者在燃油銷量端造成影響。不過，我們對消費者在我們便利商店（c-stores）內的表現感到驚喜，基本上便利商店端持平，而且本季我們確實看到單筆交易購物籃（basket）金額較高。我們的交易筆數下降，但平均購物籃金額整體其實略有上升。

So we definitely saw people conserving on the fuel side with the high prices overall. But I think on the c-store side, it was pretty steady overall, which we think is quarter-to-quarter, which was sort of a win in our book overall.

因此，在整體高油價下，我們確實看到人們在燃油端更為節省。但我認為在便利商店端，整體相當穩定；就季度對季度來看，我們認為這算是我們的一個小勝利。

Okay. And just, I would think, is this volatility in maybe these higher prices potentially creating more opportunities for you to acquire mom-and-pops that are feeling a little strained on the working capital needs here? Or is that a factor?

好的。另外我在想，這種波動、也就是較高價格，是否可能為你們帶來更多機會去收購一些因營運資金需求而感到吃緊的夫妻店（mom-and-pops）？這會是一個因素嗎？

Yes. Gregg, it's Eric Slifka. I don't think that that's the opportunity. I just think there is certainly a lot going on. M&A has been very busy.

是的，Gregg，我是Eric Slifka。我不認為那是機會所在。我只是認為目前確實有很多事情在發生。併購（M&A）一直非常活躍。

I think there's a lot of opportunity out there. I'm not sure it's being driven by credit issues or pricing per se. It still is, at the retail level, a very fragmented business, and there's lots of opportunities there. We continue to look at everything that we can find, but we also want to make sure that we're doing deals that are accretive and have good returns, and we're trying to maintain our discipline. It's still competitive.

我認為外面有很多機會。我不確定這是否由信貸問題或定價本身所驅動。零售端仍然是一個非常分散的產業，因此機會很多。我們持續評估我們能找到的所有標的，但也希望確保我們做的是具增益（accretive）且報酬良好的交易，並努力維持紀律。市場仍然競爭激烈。

And then when you look at the terminaling business, there are opportunities there. There are fewer, but the deals are bigger, and we'll continue to make sure that we're investing through our own network to drive higher returns.

另外，當你看碼頭業務（terminaling business）時，那裡也有機會。機會較少，但交易規模更大；我們也會持續確保透過我們自有網路進行投資，以帶動更高的報酬。

Thank you. We have reached the end of the question-and-answer session. I would like to turn the floor back over to Eric Slifka for closing comments.

謝謝。我們已到達問答環節的結束。我想把時間交回給Eric Slifka做結語。

Thank you again for your time today and for your continued interest in Global. We look forward to speaking with you next quarter and wish everybody a great weekend. Thank you all.

再次感謝各位今天撥冗參與，以及持續關注Global。我們期待在下個季度再與各位交流，也祝大家週末愉快。謝謝各位。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。