Good day, everyone, and welcome to Global Partners Fourth Quarter 2019 Financial Results Conference Call. Today’s call is being recorded. There will be an opportunity for question at the end of the call. [Operator Instructions] With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Ms. Daphne Foster; Chief Operating Officer, Mr. Mark Romaine; and Executive Vice President and General Counsel, Mr. Edward Faneuil. I will now turn the call over to Mr. Faneuil. Please go ahead, sir.

Thank you. Good morning, everyone. Thank you for joining us today. Before we begin, let me remind everyone that this morning, we will be making forward-looking statements within the meaning of federal securities laws. These statements may include, but are not limited to, projections, beliefs, goals and estimates concerning the future financial and operational performance of Global Partners. Estimates for Global Partners’ EBITDA guidance and future performance are based on assumptions regarding market conditions such as the crude oil market; business cycles; demand for petroleum products, including gasoline and gasoline blend stocks and renewable fuels; utilizations of assets and facilities; weather; credit markets; the regulatory and permitting environment; and the forward product pricing curve, which could influence quarterly financial results. We believe these assumptions are reasonable, given currently available information and our assessment of historical trends. Because our assumptions and future performance are subject to a wide range of business risks and uncertainties, we can provide no assurance that actual performance will fall within guidance ranges. In addition, such performance is subject to risk factors including, but not limited to, those described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements that may be made during today’s conference call. With Regulation FD in effect, it is our policy that any material comments concerning future results of operations will be communicated through news releases, publicly announced conference calls or other means that will constitute public disclosure for the purposes of Regulation FD. Now, please allow me to turn the call over to our President and Chief Executive Officer, Mr. Eric Slifka.

Thank you, Edward. Good morning, everyone, and thank you for joining us. We delivered strong results in 2019, exceeding our full-year EBITDA guidance. Product margin in our Gasoline Distribution and Station Operations segment increased more than $23 million for the year, attributable primarily to the acquisitions of Champlain and Cheshire Oil. In the fourth quarter of 2019, our results were negatively impacted by less favorable market conditions in our Wholesale segment. Our GDSO segment continued to perform well in that quarter, recognizing that we did not see the exceptionally strong fuel margins that benefited this segment in the fourth quarter of 2018. Turning to our distribution. In January, our Board raised a quarterly distribution on our common units from $0.52 to $0.5250 per unit or $2.10 on an annualized basis. The distribution was paid on February 14th to common unit holders of record as February 10th. Our integrated portfolio of terminals and retail assets together with our wholesale and commercial supply infrastructure continue to position us well going forward. Before concluding, let me briefly touch on a topic that's on everyone's mind, the coronavirus. To-date, we have not seen any impact of the virus on our operations. That said, we are monitoring the situation closely and taking measures to ensure the health and safety of our employees and customers. Now, with that, I'll turn the call over to Daphne for her financial review. Daphne?

Thank you, Eric, and good morning, everyone. Our Q4 2019 results were consistent with our expectations, particularly in the context of a very strong Q4 of 2018. Compared with the fourth quarter of 2019, the fourth quarter of 2018 saw significantly higher fuel margins in our GDSO segment, as well as more favorable market conditions across the Wholesale segment. Adjusted EBITDA for the fourth quarter of 2019 was $46.2 million, compared with $109.8 million for the same period of 2018. For the full year, 2019 adjusted EBITDA was $233.7 million, compared with adjusted EBITDA of $310.6 million for full year 2018. As we go through the results, please keep in mind that EBITDA, adjusted EBITDA, net income and EPS for full year 2019 include a $13.1 million loss on the early extinguishment of debt related to our repurchase of the 6.25% senior notes. For full year 2018, these metrics include a one-time gain of approximately $52.6 million, resulting from the extinguishment of a contingent liability related to the Ethanol Excise Tax Credit. For the fourth quarter of '19, we reported a net loss attributable to the Partnership of $0.8 million versus net income of $52.5 million for the same period a year earlier. For full year 2019, net income was $35.9 million versus $103.9 million for 2018. DCF in the fourth quarter of 2019 was $9.4 million, compared with $67.6 million in the prior year period. DCF for the full year was $95.7 million, compared with $173.7 million in 2018. TTM distribution coverage at the end of the fourth quarter was 1.3 times. After factoring in distributions to the preferred unit holders that coverage was 1.2 times. Turning to our segment detail. GDSO product margin in Q4 ‘19 was $147.1 million compared with $188.5 million in Q4 ‘18. The gasoline…

[Operator Instructions] Our first question is from David Schechter with Perspective Capital Management. Please proceed.

Good morning and congratulations on beating the high end of guidance. I have one question, which is at the low end of the current guidance, what would be the coverage ratio on the dividend as it is today at $0.53?

Good morning, David. I haven't done that calculation. You're talking about 205, and what was the coverage base?

Yes, assuming all else being equal.

I don't have that.

Okay. And, at the high end of guidance, it would be equivalent to what we did this year, and the coverage ratio was, was very, very good. But the difference -- $25 million might make a difference on the coverage ratio.

Yes. That’s totally fair.

Okay. All right, great. Thanks very much.

[Operator Instructions] We have reached the end of our question-and-answer session. I would like to turn the conference back over to Mr. Slifka for closing remarks.

Thank you for joining us this morning. We look forward to keeping you updated on our progress. Thank you.

Thank you. This concludes today's conference. You may disconnect your lines at this time and have a wonderful day.