How did GLP's revenue and expenses shift in Q4 2024?

**Global Partners' (GLP) revenue for Q4 2024 was robust, reflecting strategic growth initiatives**, while operating expenses showed pressure from recent acquisitions. 1. **Revenue Shift**: - GLP's revenue by business for Q4 2024 indicates significant segments: - The Wholesale Segment contributed the most with $10.72 billion. - Gasoline and Gasoline Blendstocks segment generated $6.54 billion. - Gasoline Distribution and Station Operations Segment contributed $5.37 billion. - Compared to the previous year, there was an increase in sales from $4.2 billion to $4.4 billion primarily due to higher volume sold. 2. **Expense Shift**: - Operating expenses for Q4 2024 were not disclosed. - However, Q3 2024 showed an increase in operating expenses, primarily due to recent terminal acquisitions, which impacted profitability. - Gross profit for Q3 2024 was $286.0 million, an increase from $228.5 million in the same quarter the previous year, driven by acquisitions and favorable market conditions. 3. **Strategic Insights**: - GLP's strategic acquisitions, such as the 29 liquid energy terminals from Motiva Enterprises and Gulf Oil, are expected to enhance operational efficiency and market reach. - The company's integrated business model is seen to enhance market leadership and long-term growth. 4. **Financial Performance**: - Net income for Q3 2024 was $45.9 million, compared to $26.8 million in the same period of 2023. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $119.1 million in Q3 2024, compared to $76.7 million in the same period of 2023. - Adjusted EBITDA was $114.0 million in Q3 2024 versus $77.7 million in the same period of 2023. In conclusion, GLP's Q4 2024 financials highlight strong revenue growth from strategic segments, while increased operating expenses from recent acquisitions pose a challenge. The company's focus on integrated business model and strategic growth initiatives is evident in its financial performance indicators.