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 [29][30] - Distributable Cash Flow for Q4 2025 was $28.5 million, a 35% increase from $21.1 million in Q4 2024 [30] - The Distribution Coverage Ratio improved to 1.43 times in Q4 2025 from 1.06 times in Q4 2024 [31] 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, which rose 19% year-over-year to 44.9 cents per gallon [6][15] - Wholesale segment gross profit declined by 7% to $24.2 million in Q4 2025, primarily due to a decrease in fuel volume and rental income, despite a 6% increase in wholesale motor fuel gross profit [15][16] - For the full year 2025, retail segment gross profit increased by 4% to $302.2 million, while wholesale segment gross profit decreased by 7% to $100.5 million [20][21] Market Data and Key Metrics Changes - National gasoline demand was down approximately 5% for Q4 2025, with the company's overall retail fuel volume declining by 8% year-over-year [10][17] - The company's same-store wholesale volume was down approximately 3.5% year-over-year, outperforming the national volume demand [18] Company Strategy and Development Direction - The company aims to optimize its retail exposure and maximize asset value through class of trade conversions, with a focus on maintaining a strong operational portfolio [14][25] - The company plans to continue site divestitures in 2026, although at a lower level than in 2025, using proceeds to invest in growth opportunities [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the start of 2026, benefiting from a favorable fuel margin environment and a solid operational portfolio [24][28] - The company is focused on executing the fundamentals of retail operations to enhance customer experience and value [26] Other Important Information - The company completed asset sales generating over $100 million in proceeds for 2025, significantly reducing its debt and improving financial flexibility [22][39] - Operating expenses for Q4 2025 decreased by $2 million year-over-year, marking the fifth consecutive quarter of declining operating expenses [31][32] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [42][43]

Financial Data and Key Metrics Changes - The company reported a net loss of $7.1 million for Q1 2025, an improvement from a net loss of $17.5 million in Q1 2024, driven by ongoing class of trade conversions and real estate rationalization efforts [24] - Adjusted EBITDA for Q1 2025 was $24.3 million, a 3% increase from $23.6 million in Q1 2024 [25] - Distributable cash flow decreased to $9.1 million in Q1 2025 from $11.7 million in Q1 2024, primarily due to higher cash interest expenses and sustaining capital expenditures [25][26] - Distribution coverage for the trailing twelve months was 1.04 times, down from 1.37 times in the previous year [26] Business Line Data and Key Metrics Changes - Retail segment gross profit increased by 16% to $63.2 million in Q1 2025 from $54.4 million in Q1 2024, driven by higher motor fuel and merchandise gross profit [8] - Inside sales on a same-site basis were down approximately 1.5% year over year, while inside sales excluding cigarettes declined by 1% [14] - Wholesale segment gross profit declined by 1% to $26.7 million, primarily due to a decrease in fuel volume and rental income [18] Market Data and Key Metrics Changes - Retail same store fuel volume was approximately in line with the overall market, while same store merchandise sales, excluding cigarettes, outperformed the market but were still below prior year results [7] - National gasoline demand was down approximately 4% for the quarter, reflecting broader market trends [11][20] - The company experienced a decline in overall retail volume of 4%, which adjusted for leap year effects would be approximately 3% [10] Company Strategy and Development Direction - The company continues to focus on converting lessee dealer sites to company-operated retail sites to increase exposure to retail fuel margins [17] - Strategic efforts include optimizing class of trade operations and ongoing real estate rationalization to generate additional capital for investment [32] - The company is actively evaluating its portfolio for opportunities to divest non-core properties, having divested seven sites for $8.6 million in proceeds during the quarter [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging start to the year due to weather impacts, inflationary pressures, and economic uncertainty from tariffs [22][23] - Despite these challenges, management remains optimistic about the execution of their retail strategy and the potential for improved performance in the upcoming summer driving season [23][32] Other Important Information - The company increased its company-operated site count by 33 from the prior year and 11 from the end of the previous quarter [15] - Operating expenses for the retail segment increased by approximately 20% year over year, primarily due to a rise in average site count [27] - Capital expenditures totaled $10.1 million, with $7.4 million allocated to growth-related projects [30] Q&A Session Summary Question: Are there any questions from the audience? - There were no questions from the audience during the Q&A session [35]