Good morning, ladies and gentlemen, and welcome to the CrossAmerica Partners First Quarter 2025 Earnings Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Thursday, May 8, 2025. I would now like to turn the call over to Maura Topper, Chief Financial Officer. Please go ahead.

Thank you, operator. Good morning, and thank you for joining the CrossAmerica Partners first quarter 2025 earnings call. With me today is Charles Nifong, CEO and President. We'll start off the call today with Charles providing some opening comments and an overview of CrossAmerica's operational performance for the first quarter, and then I will discuss the financial results. We will then open up the call to questions. Today's call will follow presentation slides that are available as part of the webcast and are posted on the CrossAmerica website. Before we begin, I would like to remind everyone that today's call, including the question-and-answer session, may include forward-looking statements regarding expected revenue, future plans, future operational metrics, and opportunities and expectations of the organization. There can be no assurance that management's expectations, beliefs, and projections will be achieved, or that actual results will not differ from expectations. Please see CrossAmerica's filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for a discussion of important factors that could affect our actual results. Forward-looking statements represent the judgment of CrossAmerica's management as of today's date, and the organization disclaims any intent or obligation to update any forward-looking statements. During today's call, we may also provide certain performance measures that do not conform to U.S. Generally Accepted Accounting Principles, or GAAP. We have provided schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press release. Today's call is being webcast, and a recording of this conference call will be available on the Cross-America website for a period of 60 days. With that, I will now turn the call over to Charles.

Thank you, Maura. Maura and I appreciate everyone joining us this morning, and thank you for making the time to be with us today. During today's call, I will go through some of the operating highlights for the first quarter. I will also provide commentary on the market and a few other updates, as I typically do on our calls. Maura will then review in more detail our financial results. Now, if you turn to Slide 4, I will briefly review some of our operating results. Overall, it was another difficult start to the year for us and for the industry. While our results on an EBITDA basis were marginally better than the first quarter of the prior year, it was nonetheless a challenging start to the year. Fuel and inside store merchandise demand remained subdued for the first quarter. After many consecutive quarters of us outperforming the market, our retail same-store fuel volume for the first quarter was approximately in line with the overall market. And while our same-store merchandise sales, excluding cigarettes, outperformed the market, they were still under the prior year first quarter results. Turning to the specific numbers. For the first quarter of 2025, our retail segment gross profit increased 16% to $63.2 million, compared to $54.4 million in the first quarter of 2024. The increase was driven by an increase in both motor fuel and merchandise gross profit. Our retail fuel margin was a relative highlight for the quarter compared to the prior year. For the quarter, our retail fuel margin on a cents-per-gallon basis increased 10% year-over-year, as our fuel margin was $0.339 per-gallon in the first quarter of 2025, compared to $0.308 per-gallon in the first quarter of 2024. In comparison to the prior year, which saw a steady increase in crude oil…

Thank you, Charles. If you would please turn to Slide 6, I would like to review our first quarter results for the partnership. We reported a net loss of $7.1 million for the first quarter of 2025 compared to a net loss of $17.5 million in the first quarter of 2024. As I'll discuss in a moment, our adjusted EBITDA for the quarter was up slightly from the prior year, with the improvement in our net loss position materially being driven by various aspects of our ongoing classic trade conversions and real estate rationalization efforts. Our first quarter of 2024 net loss was burdened by a $15.9 million of lease termination expense as a result of the gap treatment of our acquisition of locations from Applegreen during that quarter. Our first quarter 2025 results did not have this charge, but did include a net gain of $5 million associated with our ongoing asset sales during the quarter, as well as an $8.5 million non-cash impairment expense related to certain locations moved to assets held for sale during the quarter. Finally, our first quarter of 2025 net loss was impacted by a $2.3 million increase in interest expense year over year. Adjusted EBITDA was $24.3 million for the first quarter of 2025, an increase of 3% from adjusted EBITDA of $23.6 million for the first quarter of 2024. Our distributable cash flow for the first quarter of 2025 was $9.1 million, a decline from $11.7 million for the first quarter of 2024. The decrease in distributable cash flow was primarily due to our higher cash interest expense and sustaining capital expenditures during the quarter, both of which I will touch on in a few moments. Our distribution coverage for the trailing 12-month for the period ended March 31, 2025, was 1.04…

Great, thank you. Should you have any questions, please feel free to reach out to us. Otherwise, we thank you for joining us today, and hope you have a great day.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you disconnect your lines.