Financial Data and Key Metrics Changes - The fourth quarter consolidated volume was 4.2 billion gallons, down 5% year-over-year, with full-year volume totaling 16.9 billion gallons, down approximately 4% [18] - Fourth quarter gross profit was $235 million, down 9% year-over-year, and full-year gross profit was $948 million, down 8% from 2024 [18][19] - Total non-GAAP adjustments in the fourth quarter were $325 million, primarily due to $247 million of non-cash intangible and other asset impairments [17] Business Line Data and Key Metrics Changes - Aviation volumes in the fourth quarter were 1.8 billion gallons, down 5% year-over-year, but gross profit increased approximately 8% to $130 million due to the Universal Trip Support acquisition [19] - Land volumes declined 9% year-over-year in the fourth quarter, with gross profit down 32% to $71 million, driven by unfavorable market conditions and strategic exits [22] - Marine volumes were approximately 4.1 million metric tons in the fourth quarter, flat year-over-year, while gross profit increased 2% to $35 million [25] Market Data and Key Metrics Changes - The company is focusing on North America for its land business, particularly in higher margin areas such as cardlock and retail activities, as well as natural gas [10] - The exit from European power and energy management businesses shifts focus to core businesses that deliver more consistent profitability [11] Company Strategy and Development Direction - The company is reshaping its portfolio to concentrate on businesses that deliver attractive and predictable returns, enhancing efficiency and financial discipline [6][8] - A renewed focus on core business and operational excellence is expected to drive sustainable growth, with significant changes in the land segment aimed at improving profitability [10][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the fourth quarter performance fell short of expectations due to competitive pressures and underperformance in certain business lines [13] - The outlook for 2026 reflects confidence in structural changes that simplify the business and enhance focus on core growth areas [15] Other Important Information - The company generated $34 million of operating cash flow and $13 million of free cash flow in the fourth quarter, with full-year free cash flow totaling $227 million [30] - An incremental $150 million share repurchase authorization was approved, reflecting confidence in the business [31] Q&A Session Summary Question: Impact of Universal Trip acquisition and tank wagon business sale - The Universal Trip Support business is expected to contribute approximately $70 million in gross profit in 2026, while the tank wagon business exit will shed about 1 billion gallons of volume [36][38] Question: Seasonality in land business post-exits - The seasonality in the land business is expected to improve with the exit of non-core activities, while aviation will still experience seasonal demand fluctuations [44][46] Question: New business model for fuel management - The new model involves owning or leasing sites and partnering with independent operators, which is expected to improve cash flow and margins [48][49] Question: Competitive pressure in aviation - While competitive pressure is anticipated, the company is exploring new opportunities to expand airport locations to offset margin pressures [51] Question: Marine business rebound factors - The marine business is influenced by macro factors such as price and volatility, with expectations for stability in 2026 unless market conditions improve [55]