Millions of borrowers currently on the SAVE plan will soon have to make changes and restart payments that they have not made since before the COVID-19 pandemic. https://t.co/avp5hNbusI ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2021 was $40.4 million, down from $45.4 million in Q1 2020, reflecting a decrease in combined product margins due to lower volume and weaker fuel margins in the GDSO segment [22] - The net loss attributable to the partnership was $4.3 million in Q1 2021, compared to net income of $3.3 million in Q1 2020 [22] - DCF was $14 million in Q1 2021, down from $22 million in the prior year period [22] Business Line Data and Key Metrics Changes - GDSO product margin in Q1 was $130.4 million, down $25.5 million compared to the previous year, primarily due to lower retail fuel margins and the impact of COVID-19 [24] - The gasoline distribution contribution to product margin decreased by $27 million to $80.2 million, with a $0.065 per gallon decrease in fuel margins [24] - Wholesale segment product margin increased by $25 million to $30.5 million, driven by favorable market conditions and colder temperatures [26] Market Data and Key Metrics Changes - The Energy Information Administration projects that U.S. gasoline consumption will improve slightly from 2020 but remain below 2019 levels [20] - The company noted that improving demand trends depend on the pace of reopening in various regions, particularly for schools and extracurricular activities [20] Company Strategy and Development Direction - The company is focused on organic growth and strategic M&A, with a robust pipeline of retail investments and projects planned for 2021 [33] - Project Carbon Freedom was launched to decarbonize home heating and expand the use of biofuels in the Northeast [12][13] - The company plans to expand its retail footprint in the Greater Philadelphia market and invest in sustainability initiatives [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving economic landscape and increasing fuel demand as more businesses reopen [11] - The company anticipates that the ongoing effects of the pandemic will lessen through 2021 as vaccination rates increase [20] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities [53] Other Important Information - The company declared a quarterly cash distribution of $0.5750 per common unit, marking the fourth consecutive quarter of increased distributions [18] - A total of 3 million Series B preferred units were sold at $25 per unit, generating net proceeds of approximately $72.2 million [21] Q&A Session Summary Question: Can you talk about what you're seeing in the M&A market? - Management noted that the M&A market is very busy, with ongoing evaluations of opportunities that fit the company's network [35] Question: Are sellers expecting more reasonable valuations? - Management emphasized the importance of discipline in pursuing deals that fit the company's criteria for returns [37] Question: How are fuel margins trending in April and May? - Management indicated that margins have been better in an off-market, with expectations for volumes to continue to pick up as traffic increases [49] Question: What is the status of the Connecticut acquisition? - Management stated that the closing has slipped slightly due to ongoing work with government agencies [51] Question: How does the preferred issuance relate to funding for future acquisitions? - Management highlighted the flexibility provided by the increased revolver and the importance of maintaining a strong balance sheet [53]