Good morning, and thank you for joining the CrossAmerica Partners Second Quarter 2021 Earnings Call. With me today is Charles Nifong, CEO and President. Charles will provide some opening comments, a brief overview of CrossAmerica’s operational performance and highlights from the quarter, and then I will discuss the financial results. At the end, we will open up the call to questions. I should point out that today’s call will follow some presentation slides that we will utilize during this morning’s event. These slides are available as part of the webcast and are posted on the CrossAmerica website. Before we begin, I would like to remind everyone that today’s call, including the question-and-answer session, may include forward-looking statements regarding expected revenue, future plans, future operational metrics and opportunities and expectations of the organization. There can be no assurance that management’s expectations, beliefs and projections will be achieved or that actual results will not differ from expectations. Please see CrossAmerica’s filings with the Securities and Exchange Commission, including annual reports on Form 10-K and quarterly reports on Form 10-Q for a discussion of important factors that could affect our actual results. Forward-looking statements represent the judgment of CrossAmerica’s management as of today’s date, and the organization disclaims any intent or obligation to update any forward-looking statements. During today’s call, we may also provide certain performance measures that do not conform to U.S. generally accepted accounting principles or GAAP. We have provided schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press release. Today’s call is being webcast, and a recording of this conference call will be available on the CrossAmerica website for a period of 60 days. With that, I will now turn the call over to Charles.

Thank you, Jon. I appreciate everyone joining us this morning. As always, we thank you for your interest in the partnership and hope that you’re well. During today’s call, I will briefly go through some of the operating highlights for the second quarter 2021. I will also provide some color on the trends in the market, along with an update on our acquisition of convenience stores from 7-Eleven and a few other updates similar to what I provided during our most recent quarterly calls. Jon will then review in more detail the financial results. Before I begin going through the operating highlights, I wanted to note that we have announced the appointment of Maura Topper as our Chief Financial Officer. Maura has an extensive amount of financing experience, most recently with Dunne Manning Holdings. Maura led the financing process for the Topper Group’s acquisition of CrossAmerica’s general partner in 2019 and also led the structuring of the recently completed Joe’s Kwik Marts credit facility and the amendment to the capital credit facility to support CrossAmerica’s acquisition of sites from 7-Eleven. During the recent financings, I worked closely with Maura, and it was evident from the skills and capabilities she demonstrated that Maura was the best candidate for the CFO role. As an added bonus, Maura is already deeply familiar with the organization and will be able to hit the ground running with little transition period needed. Maura’s first official day with us is tomorrow, and I want to welcome Maura to our team. I look forward to her joining me on next quarter’s earnings call. Now if you turn to Slide 4, I will briefly review some of our results. The second quarter of 2021, our wholesale fuel volume increased 27% when compared to the second quarter of 2020, largely…

Thank you, Charles. If you would please turn to Slide 6, I would like to review our second quarter results for the partnership. We reported adjusted EBITDA of $29.7 million for the second quarter of 2021, which was an increase of 7% when compared to the second quarter of 2020. Our distributable cash flow for the second quarter of 2021 was $25 million versus $26 million for the second quarter of 2020, reflecting a decrease of 4% year-over-year. Distributable cash flow in the second quarter of 2020 benefited from a current tax benefit related primarily to bonus depreciation on eligible capital expenditures primarily related to the asset exchanges with Circle K. The 7% increase in adjusted EBITDA was primarily driven by increases in operating income for both the wholesale and retail segments. Our distribution coverage on a paid basis for the trailing 12 months ended June 30, 2021 was 1.22x, a slight improvement versus 1.21x for the trailing 12 months ended June 30, 2021. For the current quarter, our coverage on a paid basis was 1.26x compared to 1.31x for the second quarter of 2020. If you would turn to the next slide, Slide 7, we ended the quarter with a leverage ratio as defined under our credit facility of 4.42x and remain in compliance with our financial covenant ratios. This compares to 4.54x at the end of the first quarter of 2021. We have sufficient liquidity to execute our plans. And as of August 5, given the amendment, we entered into in July 2021 that increased our maximum leverage covenant we had $159 million available on our credit facility. The partnership paid a distribution of $0.525 per unit during the second quarter of 2021, attributable to the first quarter of 2021, for a total of almost $20 million, and…

Thank you. [Operator Instructions] And our first question is from Elvira Scotto from RBC Capital Markets.

Good morning, everyone. Just a couple of quick ones for me. Given the broader macro backdrop in the job market, in particular, are you guys seeing any challenges on the labor front, either labor shortages and/or wage inflation?

Elvira, this is Charles. So yes, just like everybody else, we’re not immune to that. So at the store level and our company-operated sites, obviously, labor is very tight. And so we’ve undertaken a number of different initiatives to counter that, both from new hiring incentives as well as retention bonuses, and that includes our existing sites as well as the sites that we’re acquiring. And so far, they seem to be working, but again, it also varies by state as the impact of the various different federal programs is different across our geography.

Got it. Thanks. And I mean, do you see that – I mean, is any – is that driving an increase in G&A expenses?

Not G&A, but at the store-level operating expenses, obviously, there’s been an uptick at the store level labor costs.

Got it. Okay. And then – just the last question for me. I think you mentioned in your prepared remarks that on the divestiture front, you haven’t completed as much as you’d like. Can you give of an update of what you’re seeing in the M&A market or divestiture market, that would be helpful?

Yes. So far, divestitures, these are single-site properties that we’re divesting. And as I mentioned in our remarks, we do have a pipeline of transactions, and we’ve just had things pushed back for various different reasons. Nothing systematic, it’s just seems like there have been things that have popped up to delay our closings. But as we talked about, we’ve got a solid transaction pipeline. And I don’t want to jinx our real estate department, but I think that the level that we did last year, that’s certainly a level that we could do this year if everything falls right with the transactions that we actually have in the Q.

Great. Thank you very much.

[Operator Instructions] And I have no further questions at this time.

Yes. Well, then if you do have further questions later, we’re always here available to reach us. You can reach out to Randy Palmer, and we’re happy to address those questions later. But then for now, thank you again for joining us on this call, and thank you for your interest in the partnership.

Thank you, ladies and gentlemen. That concludes today’s call. Thank you for participating, and you may now disconnect.