Financial Data and Key Metrics Changes - The company reported a net income of $10.2 million for Q4 2025, down from $16.9 million in Q4 2024, while Adjusted EBITDA increased by 22% to $43.4 million compared to $35.5 million in the prior year [31][32] - Distributable Cash Flow for Q4 2025 was $28.5 million, a 35% increase from $21.1 million in Q4 2024 [32] - The Distribution Coverage Ratio improved to 1.43 times in Q4 2025 from 1.06 times in Q4 2024 [33] Business Line Data and Key Metrics Changes - Retail segment gross profit increased by 10% to $82.9 million in Q4 2025, driven by higher retail fuel margins, while wholesale segment gross profit declined by 7% to $24.2 million [6][16] - Retail fuel margin increased by 19% year-over-year to 44.9 cents per gallon, while wholesale fuel margin rose by 13% to 9.3 cents per gallon [6][17] - Merchandise gross profit in the retail segment rose by 3% to $28.8 million, with a gross margin percentage increase of approximately 70 basis points [12] Market Data and Key Metrics Changes - National gasoline demand was down approximately 5% for Q4 2025, with the company's same-store retail fuel volume declining by 8% [10] - The company's overall retail fuel volume for company-operated sites was down approximately 6% compared to the prior year [7] - National fuel volume demand has been down approximately 3.5% since the end of the quarter [10] Company Strategy and Development Direction - The company aims to optimize its retail exposure while maximizing the value of each asset through class of trade conversions [14][27] - Continued focus on expense control and operational efficiencies has been emphasized, with a disciplined approach to managing operating expenses [14][36] - The company plans to continue site divestitures in 2026, although at a lower level than in 2025, using proceeds to invest in growth opportunities [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong start to 2026, benefiting from favorable fuel margins and improved operational results compared to the previous two years [26][30] - The company finished 2025 with a stronger operating portfolio and a balance sheet with lower leverage, positioning itself for future growth [27][29] - Management highlighted the importance of providing great service to both retail and wholesale customers to ensure mutual business success [28] Other Important Information - The company completed asset sales generating over $100 million in proceeds for 2025, the largest volume of asset sales in its history [24] - Operating expenses for Q4 2025 were reported at $57.3 million, a decrease of $2 million year-over-year, marking the fifth consecutive quarter of declining operating expenses [34] - The company reduced its credit facility balance by approximately $75 million in 2025, leading to a decrease in its leverage ratio to 3.51x [43] Q&A Session Summary Question: No questions were raised during the Q&A session - The call concluded without any questions from participants, indicating a lack of immediate inquiries from analysts or investors [47]