Global Partners LP (NYSE:GLP) Q1 2024 Earnings Call Transcript

Gregory Hanson: Yes. I mean I guess, it’s Greg. Selman, how you’re doing. I think the Board sort of issued a lot of confidence by increasing the distribution of $0.01 this year and an appreciation of where we positioned ourselves in the growth. We’ve continued to grow that distribution. Our coverage now is 1.5x on an LTM basis. We’ve been able to fully cover our LTM expansion CapEx with excess cash and also reinvest some of that cash by lowering debt and putting in the company. So we’ve been in a strong position from a distribution coverage standpoint. I think we’re excited about the acquisitions. We do think they will continue to contribute to the bottom line for us. And so I can’t speak to what the Board will do. But I think we are excited about the acquisitions and this should allow us to continue to grow our bottom line. And hopefully, that would lead to higher distribution at some point in the future.

Operator: Thank you. I’ll now turn the call back to Mr. Slifka for closing comments.

Eric Slifka: Thanks, everyone, for joining us this morning. We look forward to keeping you updated on our progress. Have a good day.

Operator: 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.