Note 24. Quarterly Financial Data (Unaudited)

Unaudited quarterly financial data is as follows (in thousands, except per unit amounts):


	First		Second		Third		Fourth		Total
Year ended December 31, 2019
Sales	$	2,979,626	$	3,507,540	$	3,245,653	$	3,348,911	$	13,081,730
Gross profit	$	156,844	$	167,143	$	187,769	$	151,001	$	662,757
Operating income	$	29,774	$	37,875	$	50,877	$	20,682	$	139,208
Net income (loss) (1)(2)(3)	$	6,794	$	14,371	$	14,893	$	(880)	$	35,178
Net income (loss) attributable to Global Partners LP	$	7,126	$	14,489	$	15,080	$	(828)	$	35,867
Net income (loss) attributable to common limited partners	$	5,140	$	12,441	$	13,003	$	(2,824)	$	27,760
Basic net income (loss) per common limited partner unit	$	0.15	$	0.37	$	0.38	$	(0.08)	$	0.82
Diluted net income (loss) per common limited partner unit	$	0.15	$	0.36	$	0.38	$	(0.08)	$	0.81
Cash distributions per common limited partner unit (4)	$	0.5100	$	0.5150	$	0.5200	$	0.5250	$	2.07

The above table reflects certain rounding conventions.

(1)

Includes a net loss (gain) on sale and disposition of assets of $0.5 million, ($1.1 million), $0.3 million and ($2.4 million) in the first, second, third and fourth quarters of 2019, respectively.

(2)

Includes a goodwill and long-lived asset impairment of $0.6 million and $1.4 million in the third and fourth quarters of 2019, respectively.

(3)

Includes a $13.1 million loss on the early extinguishment of debt related to the 2022 Notes (see Note 8).

(4)

Represents cash distributions earned for the respective period. Cash distributions earned in one calendar quarter are paid in the following calendar quarter.


	First		Second		Third		Fourth		Total
Year ended December 31, 2018
Sales	$	2,802,891	$	3,126,575	$	3,468,835	$	3,274,301	$	12,672,602
Gross profit	$	144,330	$	149,261	$	134,974	$	221,844	$	650,409
Operating income	$	79,207	$	27,619	$	8,144	$	82,201	$	197,171
Net income (loss) (5)(6)(7)	$	58,675	$	6,022	$	(14,464)	$	52,170	$	102,403
Net income (loss) attributable to Global Partners LP	$	59,042	$	6,413	$	(14,080)	$	52,530	$	103,905
Net income (loss) attributable to common limited partners	$	58,646	$	6,303	$	(15,062)	$	50,294	$	100,181
Basic net income (loss) per common limited partner unit	$	1.74	$	0.19	$	(0.44)	$	1.49	$	2.98
Diluted net income (loss) per common limited partner unit	$	1.73	$	0.19	$	(0.44)	$	1.47	$	2.95
Cash distributions per common limited partner unit (8)	$	0.4625	$	0.4750	$	0.4750	$	0.5000	$	1.91

The above table reflects certain rounding conventions.

(5)

Includes a one-time gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit in the first quarter of 2018. See Note 2.

(6)

Includes a net loss on sale and disposition of assets of $1.9 million, $3.0 million, $0.9 million and $0.1 million in the first, second, third and fourth quarters of 2018, respectively.

(7)

Includes a lease exit and termination gain of $3.5 million in the third quarter of 2018. See Note 2.

(8)

Represents cash distributions earned for the respective period. Cash distributions earned in one calendar quarter are paid in the following calendar quarter.