Good morning, ladies and gentlemen, and welcome to CrossAmerica Partners Fourth Quarter and Full Year 2025 Earnings Call. [Operator Instructions] This call is being recorded on Thursday, February 26, 2026. I would now like to turn the conference over to Maura Topper, Chief Financial Officer. Please go ahead.

Thank you, operator. Good morning, and thank you for joining the CrossAmerica Partners Fourth Quarter and Full Year 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 fourth quarter and full year, 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 CrossAmerica 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 fourth quarter and full year 2025. 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. If you turn to Slide 4, I will briefly review in more detail some of our operating results for the quarter. Overall, we had a very solid fourth quarter with strong retail and wholesale fuel margins, good results from our retail segment merchandise sales, and we also benefited from our overall expense control. We outperformed the prior year significantly and finished the year with the business performing well across both segments. Specifically, for the fourth quarter of 2025, our retail segment gross profit increased 10% to $82.9 million compared to $75.1 million in the fourth quarter of 2024. The increase was primarily driven by an increase in motor fuel gross profit due to higher retail fuel margins for the quarter compared to the prior year. For the quarter, our retail fuel margin on a cents per gallon basis increased 19% year-over-year as our fuel margin was $0.449 per gallon in the fourth quarter of 2025 compared to $0.376 per gallon in the fourth quarter of 2024. In comparison to the prior year, crude oil prices trended down during the quarter and along with better sourcing costs and favorable retail market conditions, our retail fuel margins were higher year-over-year as a result. For volume on a same-store basis, our overall retail fuel volume declined 8% for the quarter year-over-year. For our company-operated sites, retail fuel volume was…

Thank you, Charles. If you would please turn to Slide 8, I would like to review our fourth quarter results for the partnership. We reported net income of $10.2 million and adjusted EBITDA of $43.4 million for the fourth quarter of 2025 compared to net income of $16.9 million and adjusted EBITDA of $35.5 million for the fourth quarter of 2024. Adjusted EBITDA increased 22% year-over-year. Net income declined primarily due to lower net gains on asset dispositions, offset by a decline in interest expense, both compared to the prior year period. As I mentioned, adjusted EBITDA increased 22% or $7.9 million compared to the prior year period. As Charles noted in his comments, this increase was driven by a series of positive factors across the business, including an increase in motor fuel margin per gallon in both the retail and wholesale segments, an increase in merchandise gross profit in the retail segment and a decline in operating expenses. Our distributable cash flow for the fourth quarter of 2025 was $28.5 million, a 35% increase from $21.1 million for the fourth quarter of 2024. The increase in distributable cash flow was primarily due to higher adjusted EBITDA, along with lower cash interest expense and lower sustaining capital expenditures. The decline in interest expense we experienced during the quarter was due to a lower average interest rate and a lower average outstanding debt balance on our CAPL credit facility during the period. Our distribution coverage ratio for the fourth quarter of 2025 was 1.43x compared to 1.06x for the same period of 2024. During the fourth quarter of 2025, the partnership paid a distribution of $0.525 per unit. Turning to the expense portion of our operations. In total across both segments, we reported operating expenses for the fourth quarter of 2025…

Thank you. [Operator Instructions]. It doesn't look we have any questions today. So as always, we thank you for joining us. Should you have a question later, please feel free to reach out. Thank you, and have a good day. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.