Summary of financial information for the reportable segments |
Summarized financial information for the Partnership’s reportable segments is presented in the table below (in thousands):
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
Wholesale Segment: |
|
|
|
|
|
|
|
|
|
Sales |
|
|
|
|
|
|
|
|
|
Gasoline and gasoline blendstocks |
|
$ |
1,959,686 |
|
$ |
2,043,385 |
|
$ |
4,161,155 |
|
$ |
3,895,370 |
|
Other oils and related products (1) |
|
1,709,322 |
|
836,794 |
|
4,025,841 |
|
2,265,117 |
|
Total |
|
$ |
3,669,008 |
|
$ |
2,880,179 |
|
$ |
8,186,996 |
|
$ |
6,160,487 |
|
Net product margin |
|
|
|
|
|
|
|
|
|
Gasoline and gasoline blendstocks |
|
$ |
16,043 |
|
$ |
6,718 |
|
$ |
25,656 |
|
$ |
25,457 |
|
Other oils and related products (1) |
|
30,102 |
|
28,002 |
|
71,669 |
|
42,455 |
|
Total |
|
$ |
46,145 |
|
$ |
34,720 |
|
$ |
97,325 |
|
$ |
67,912 |
|
Gasoline Distribution and Station Operations Segment: |
|
|
|
|
|
|
|
|
|
Sales |
|
|
|
|
|
|
|
|
|
Gasoline |
|
$ |
833,121 |
|
$ |
807,108 |
|
$ |
1,578,711 |
|
$ |
1,273,585 |
|
Station operations (2) |
|
37,313 |
|
35,405 |
|
68,921 |
|
55,046 |
|
Total |
|
$ |
870,434 |
|
$ |
842,513 |
|
$ |
1,647,632 |
|
$ |
1,328,631 |
|
Net product margin |
|
|
|
|
|
|
|
|
|
Gasoline |
|
$ |
38,897 |
|
$ |
43,525 |
|
$ |
67,090 |
|
$ |
55,728 |
|
Station operations (2) |
|
19,939 |
|
18,734 |
|
37,775 |
|
29,694 |
|
Total |
|
$ |
58,836 |
|
$ |
62,259 |
|
$ |
104,865 |
|
$ |
85,422 |
|
Commercial Segment: |
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
232,314 |
|
$ |
193,371 |
|
$ |
526,318 |
|
$ |
402,426 |
|
Net product margin |
|
$ |
6,170 |
|
$ |
3,179 |
|
$ |
16,595 |
|
$ |
9,379 |
|
Combined sales and net product margin: |
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
4,771,756 |
|
$ |
3,916,063 |
|
$ |
10,360,946 |
|
$ |
7,891,544 |
|
Net product margin (3) |
|
$ |
111,151 |
|
$ |
100,158 |
|
$ |
218,785 |
|
$ |
162,713 |
|
Depreciation allocated to cost of sales |
|
(13,294 |
) |
(9,483 |
) |
(25,076 |
) |
(16,719 |
) |
Combined gross profit |
|
$ |
97,857 |
|
$ |
90,675 |
|
$ |
193,709 |
|
$ |
145,994 |
|
(1) Other oils and related products primarily consist of distillates, residual oil and crude oil and include the February 2013 acquisitions of Basin Transload and Cascade Kelly (see Note 2).
(2) Station operations primarily consist of convenience store sales at the Partnership’s directly operated stores and rental income from dealer leased or commission agent leased gasoline stations.
(3) Net product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess the Partnership’s business. The table above includes a reconciliation of net product margin on a combined basis to gross profit, a directly comparable GAAP measure. |
Schedule of reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements |
A reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements is as follows (in thousands):
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
Combined gross profit |
|
$ |
97,857 |
|
$ |
90,675 |
|
$ |
193,709 |
|
$ |
145,994 |
|
Operating costs and expenses not allocated to operating segments: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
27,077 |
|
24,036 |
|
53,837 |
|
46,503 |
|
Operating expenses |
|
47,367 |
|
37,138 |
|
90,707 |
|
60,496 |
|
Amortization expense |
|
5,677 |
|
2,288 |
|
10,053 |
|
3,862 |
|
Total operating costs and expenses |
|
80,121 |
|
63,462 |
|
154,597 |
|
110,861 |
|
Operating income |
|
17,736 |
|
27,213 |
|
39,112 |
|
35,133 |
|
Interest expense |
|
(9,024 |
) |
(9,148 |
) |
(17,940 |
) |
(18,468 |
) |
Income tax benefit |
|
— |
|
450 |
|
1,875 |
|
450 |
|
Net income |
|
8,712 |
|
18,515 |
|
23,047 |
|
17,115 |
|
Net loss attributable to noncontrolling interest |
|
(18 |
) |
— |
|
472 |
|
— |
|
Net income attributable to Global Partners LP |
|
$ |
8,694 |
|
$ |
18,515 |
|
$ |
23,519 |
|
$ |
17,115 |
| |