| Quarterly Financial Data (Unaudited) |
Note 23. Quarterly Financial Data (Unaudited)
Unaudited quarterly financial data is as follows (in thousands, except per unit amounts):
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First
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Second
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Third
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Fourth
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Total
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Year ended December 31, 2016
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Sales
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$
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1,750,812
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$
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2,146,199
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$
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2,030,198
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$
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2,312,430
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$
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8,239,639
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Gross profit (1)
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$
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130,059
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$
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129,342
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$
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132,611
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$
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154,478
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$
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546,490
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Net loss (2)(3)(4)
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$
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(7,835)
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$
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(8,543)
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$
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(156,583)
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$
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(65,662)
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$
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(238,623)
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Net loss attributable to Global Partners LP (5)
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$
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(7,024)
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$
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(7,310)
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$
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(119,551)
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$
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(65,527)
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$
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(199,412)
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Limited partners’ interest in net loss
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$
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(6,977)
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$
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(7,261)
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$
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(118,750)
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$
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(65,088)
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$
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(198,076)
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Basic net loss per limited partner unit
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$
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(0.21)
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$
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(0.22)
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$
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(3.54)
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$
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(1.94)
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$
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(5.91)
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Diluted net loss per limited partner unit
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$
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(0.21)
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$
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(0.22)
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$
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(3.54)
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$
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(1.94)
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$
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(5.91)
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Cash distributions per limited partner unit (6)
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$
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0.4625
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$
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0.4625
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$
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0.4625
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$
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0.4625
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$
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1.85
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(1)
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Includes $28.0 million in revenue in the fourth quarter related to the absence of logistics nominations from one particular contract customer, specifically in the second, third and fourth quarters, and logistics revenue related to this contract in the first quarter. |
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(2)
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Includes a net loss on sale and disposition of assets of $6.1 million, $0.4 million, $7.5 million and $6.5 million in the first, second, third and fourth quarters of 2016, respectively. |
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(3)
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Includes a goodwill and long-lived asset impairment of $149.9 million in the third quarter of 2016. |
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(4)
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Includes lease exit and termination expenses of $80.7 million in the fourth quarter of 2016. |
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(5)
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Includes a net goodwill and long-lived asset impairment of $114.1 million ($149.9 million attributed to the Partnership, offset by $35.8 million attributed to the noncontrolling interest) in the third quarter of 2016. |
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(6)
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Cash distributions declared in one calendar quarter are paid in the following calendar quarter. |
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First
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Second
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Third
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Fourth
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Total
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Year ended December 31, 2015
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Sales
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$
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2,979,116
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$
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2,680,088
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$
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2,486,203
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$
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2,169,445
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$
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10,314,852
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Gross profit (7)
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$
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168,558
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$
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144,188
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$
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152,299
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$
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132,624
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$
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597,669
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Net income (loss) (7)(8)(9)
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$
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30,409
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$
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7,614
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$
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8,146
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$
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(2,905)
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$
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43,264
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Net income (loss) attributable to Global Partners LP
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$
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30,415
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$
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7,218
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$
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8,212
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$
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(2,282)
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$
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43,563
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Limited partners’ interest in net (loss) income
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$
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28,236
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$
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4,547
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$
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5,380
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$
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(2,267)
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$
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35,896
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Basic net income (loss) per limited partner unit
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$
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0.92
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$
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0.15
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$
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0.16
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$
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(0.07)
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$
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1.12
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Diluted net income (loss) per limited partner unit
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$
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0.92
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$
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0.15
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$
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0.16
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$
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(0.07)
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$
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1.11
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Cash distributions per limited partner unit (6)
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$
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0.6650
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$
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0.6800
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$
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0.6925
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$
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0.6975
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$
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2.74
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(7)
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Includes a $5.0 million charge related to a customer dispute in the first quarter of 2015. |
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(8)
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Includes the following charges in connection with the acquisition of Warren: (i) acquisition costs of $4.4 million and $1.0 million in the first and second quarters of 2015, respectively; and (ii) a restructuring charge of $2.3 million in the first quarter of 2015. |
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(9)
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Includes acquisition costs in connection with the acquisition of Capitol of $3.1 million, $0.1 million and $0.3 million in the second, third and fourth quarters of 2015, respectively. |
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