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] 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 outperformed national volume demand, which was down approximately 3.5% since the quarter end [18] 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][25] - A record year for asset sales was achieved, with over $100 million in proceeds, which strengthened the balance sheet and provided financial flexibility for future growth opportunities [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted a strong start to 2026, benefiting from favorable fuel margins and operational results, indicating a positive shift compared to the previous two years [24][28] - The company plans to continue site divestitures in 2026, albeit at a lower level than in 2025, using proceeds to invest in growth opportunities [26][27] Other Important Information - Operating expenses for Q4 2025 decreased by $2 million year-over-year, marking the fifth consecutive quarter of declining operating expenses [31] - The company experienced a decline in average interest expense due to lower average interest rates and outstanding debt balances [30][40] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator noted the absence of questions and thanked participants for joining the call [42][43]

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]

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 [23] - Adjusted EBITDA for Q1 2025 was $24.3 million, a 3% increase from $23.6 million in Q1 2024 [24] - Distributable cash flow decreased to $9.1 million in Q1 2025 from $11.7 million in Q1 2024, primarily due to higher cash interest expense and sustaining capital expenditures [24] Business Line Data and Key Metrics Changes - Retail segment gross profit increased by 16% to $63.2 million in Q1 2025 compared to $54.4 million in Q1 2024, driven by increases in both motor fuel and merchandise gross profit [8] - Wholesale segment gross profit declined by 1% to $26.7 million in Q1 2025, primarily due to a decline in fuel volume and rental income [17] - Inside sales on a same-site basis were down approximately 1.5% year over year, while inside sales excluding cigarettes declined by 1% [13] 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 [10] - The company’s retail fuel margin increased by 10% year over year to 33.9 cents per gallon in Q1 2025, compared to 30.8 cents per gallon in Q1 2024 [8] Company Strategy and Development Direction - The company continues to focus on converting lessee dealer sites to company-operated retail sites, increasing overall retail site count by 64 sites year over year [16] - The strategy includes optimizing class of trade operations and ongoing real estate rationalization to generate additional capital for strategic investments [31] - The company aims to grow motor fuel and merchandise gross profit and overall segment profitability through site conversions and increased retail exposure [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging start to the year due to subdued demand for fuel and merchandise, significant winter weather, and inflationary pressures [21] - Despite these challenges, management expressed optimism about the execution of their strategy and the potential for improved performance in the upcoming summer driving season [22] - The company remains focused on maintaining a strong balance sheet and generating value for unitholders [32] Other Important Information - The company divested seven sites for $8.6 million in proceeds during the quarter, with expectations to continue this momentum throughout 2025 [21] - Operating expenses for the retail segment increased by approximately 20% year over year, primarily due to an increase in average site count [26] - The company spent a total of $10.1 million on capital expenditures in Q1 2025, with $7.4 million allocated to growth-related projects [28] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing comments from the CEO [34][35]