Global Partners LP Files 2023 Annual Report on Form 10-K

TL;DR

<b>Global Partners LP has filed its 2023 10-K report detailing financial performance and operational status.</b>

AI Summary

GLOBAL PARTNERS LP (GLP-PB) filed a Annual Report (10-K) with the SEC on February 29, 2024. Global Partners LP reported its fiscal year 2023 results on Form 10-K, filed February 29, 2024. The filing covers the period ending December 31, 2023. Key financial data and operational details are included in the report. The company's principal business is wholesale distribution of petroleum products. The filing provides information on the company's financial condition and results of operations for the fiscal year.

Why It Matters

For investors and stakeholders tracking GLOBAL PARTNERS LP, this filing contains several important signals. This 10-K filing provides investors with a comprehensive overview of Global Partners LP's financial health, operational performance, and strategic initiatives for the fiscal year 2023. Understanding the details within this report is crucial for assessing the company's current market position, future growth prospects, and potential risks.

Risk Assessment

Risk Level: medium — GLOBAL PARTNERS LP shows moderate risk based on this filing. The company operates in the wholesale petroleum distribution sector, which is subject to volatile commodity prices and regulatory changes, impacting financial performance and operational stability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Global Partners LP's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 143 — Public Document Count (Number of documents in the filing)
• 001-32593 — SEC File Number (SEC file number for the company)

Key Players & Entities

• GLOBAL PARTNERS LP (company) — Filer name
• 0001323468 (company) — Central Index Key
• 20231231 (date) — Conformed period of report
• 20240229 (date) — Filed as of date
• WALTHAM (location) — Business address city
• MA (location) — Business address state
• 02454 (location) — Business address zip
• 743140887 (company) — IRS number

FAQ

Industry Context

Global Partners LP operates in the wholesale distribution of gasoline, diesel fuel, and heating oil, as well as the retail sale of gasoline and convenience store products. The industry is characterized by fluctuating commodity prices and significant logistical infrastructure requirements.

Regulatory Implications

As a publicly traded entity, Global Partners LP is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K, which adheres to regulations set forth by the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the consolidated financial statements for detailed revenue, net income, and balance sheet information.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into business performance drivers.
3. Examine the Risk Factors section to understand potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year ended December 31, 2023, providing a year-over-year comparison of financial and operational data against previous periods.

Key Financial Figures

• $30 — 662 based on a price per common unit of $30.73, the price at which the common units
• $300.0 million — dit agreement, to (i) a reallocation of $300.0 million of the revolving credit facility to the
• $200.0 million — (ii) reduce the accordion feature from $200.0 million to $0. After giving effect to the reall
• $0 — ccordion feature from $200.0 million to $0. After giving effect to the reallocatio
• $950.0 million — ng capital revolving credit facility is $950.0 million and the revolving credit facility is $6
• $600.0 m — on and the revolving credit facility is $600.0 million, for a total commitment of $1.55
• $1.55 b — 00.0 million, for a total commitment of $1.55 billion, effective February 8, 2024. This
• $450.0 million — LP Finance Corp. (the "Issuers") issued $450.0 million aggregate principal amount of 8.250% se
• $273.0 million — n, NJ and Chelsea, MA for approximately $273.0 million in cash. On February 23, 2024, we enter
• $212.3 m — d (b) the purchase price was reduced to $212.3 million, subject to certain customary adj
• $313.2 m — s. The purchase price was approximately $313.2 million, including inventory. We financed
• $30.0 million — LC Agreement, we agreed to invest up to $30.0 million for an initial 30% ownership interest i
• $850.0 million — g capital revolving credit facility was $850.0 million and the revolving credit facility was $
• $900.0 million — n and the revolving credit facility was $900.0 million. Please read Part II, Item 7, "Manageme

Filing Documents

• glp-20231231x10k.htm (10-K) — 5741KB
• glp-20231231xex4d2.htm (EX-4.2) — 158KB
• glp-20231231xex4d3.htm (EX-4.3) — 77KB
• glp-20231231xex4d4.htm (EX-4.4) — 68KB
• glp-20231231xex10d28.htm (EX-10.28) — 111KB
• glp-20231231xex10d27.htm (EX-10.27) — 76KB
• glp-20231231xex21d1.htm (EX-21.1) — 10KB
• glp-20231231xex22d1.htm (EX-22.1) — 5KB
• glp-20231231xex23d1.htm (EX-23.1) — 5KB
• glp-20231231xex31d1.htm (EX-31.1) — 13KB
• glp-20231231xex31d2.htm (EX-31.2) — 13KB
• glp-20231231xex32d1.htm (EX-32.1) — 7KB
• glp-20231231xex32d2.htm (EX-32.2) — 7KB
• glp-20231231xex97d1.htm (EX-97.1) — 26KB
• 0001558370-24-002047.txt (&nbsp;) — 23626KB
• glp-20231231.xsd (EX-101.SCH) — 115KB
• glp-20231231_cal.xml (EX-101.CAL) — 133KB
• glp-20231231_def.xml (EX-101.DEF) — 577KB
• glp-20231231_lab.xml (EX-101.LAB) — 1007KB
• glp-20231231_pre.xml (EX-101.PRE) — 824KB
• glp-20231231x10k_htm.xml (XML) — 5185KB

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 57 Item 1C. Cybersecurity 57 Item 3.

Legal Proceedings

Legal Proceedings 59 Item 4. Mine Safety Disclosures 59 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 Item 6. [Reserved] 62 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 63 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 89 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 91 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 91 Item 9A.

Controls and Procedures

Controls and Procedures 91 Item 9B. Other Information 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 122 Item 13. Certain Relationships and Related Transactions, and Director Independence 123 Item 14. Principal Accounting Fees and Services 128 PART IV Item 15. Exhibits and Financial Statement Schedules 129 Item 16. Form 10-K Summary 132 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements Certain statements and information in this Annual Report on Form 10-K may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ from those in the forward-looking statements are those described in Part I, Item 1A. "Risk Factors." These risks and uncertainties include, among other things: We may not have sufficient cash from operations to enable us to pay distributions on our Series A preferred units or our Series B preferred units or maintain distributions on our common units at current levels following establishment of cash reserves and payment of fees and expenses, including payments to our general partner. A significant decrease in price or demand for the products we sell or a significant increase in the cost of our logistics activities could have an adverse effect on our financial condition, results of operations and cash available for distribution to our unith

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View this 10-K filing on SEC EDGAR