Good morning. And welcome to the CrossAmerica Partners Third Quarter 2023 Earnings Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Maura Topper, Chief Financial Officer. Ms. Topper, please go ahead.

Thank you, Operator. Good morning. And thank you for joining the CrossAmerica Partners third quarter 2023 earnings call. With me today is Charles Nifong, CEO and President. We will start off the call today with Charles providing some opening comments and a brief overview of CrossAmerica’s operational performance from the quarter and then I will discuss the financial results. We will then open up the call to questions. Today’s call will follow presentation slides that 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, Maura. As always, Maura and I appreciate everyone joining us and thank you for making the time to listen to the call this morning. During today’s call I will briefly go through the operating highlights for the third quarter. I will also provide color on the market and a few other updates, similar to what I provided on previous calls. Maura will then review in more detail the financial results. Now if you turn to slide four, I will briefly review some of our operating results. For the third quarter of 2023, our Wholesale fuel gross profit declined 4% to $18.8 million, compared to $19.5 million in the third quarter of 2022. The decline was driven by a decrease in fuel margins partially offset by an increase in fuel volume. Wholesale segment gross profit was $32.9 million, a decrease of 4%, when compared to the $34.1 million of Wholesale gross profit in the third quarter of 2022. Our Wholesale fuel margin declined 7% from $0.092 per gallon in the third quarter of 2022 to $0.086 per gallon in the third quarter of 2023. The decline was primarily driven by the following two factors. The first was an exceptionally strong fuel margin performance of our variably priced Wholesale business in the third quarter of 2022 relative to the current year. If you recall, we and the industry experienced an exceptionally strong fuel margin environment in the third quarter of 2022. While the third quarter of 2023 was a generally favorable for fuel margins, it was not nearly as favorable as a fuel margin environment in the prior year. The second factor was that crude oil prices were lower during the quarter compared to the prior year and the year-over-year decrease in fuel margin was primarily driven by the result…

Thank you, Charles. If you would please turn to slide six, I would like to review our third quarter results for the partnership. We reported net income of $12.3 million for the third quarter of 2023, compared to net income of $27.6 million in the third quarter of 2022. The decline in net income was primarily due to the very elevated fuel margins that we experienced in the third quarter of 2022, as Charles noted earlier. Adjusted EBITDA was $44.2 million for the third quarter of 2023, compared to adjusted EBITDA of $62.6 million for the third quarter of 2022. Our distributable cash flow for the third quarter of 2023 was $31.4 million versus $15.9 million for the third quarter of 2022. The decrease in distributable cash flow was primarily again due to the exceptionally strong results in the third quarter of 2022 in addition to an increase in cash interest expense that also impacted our third quarter net income. Our distribution coverage for the current quarter was 1.57 times, compared to 2.55 times for the third quarter of 2022. On a trailing 12-month basis, our distribution coverage was 1.43 times for the 12 months ended September 30, 2023, compared to 1.74 times for the comparable period ended September 30, 2022. These strong distribution coverage ratio statistics provide continuing evidence of the strength of our business as our team continues to execute on our organizational goals. The partnership paid a distribution of $0.525 per unit during the third quarter of 2023 attributable to the second quarter of 2023 for a total of almost $20 million. Charles discussed, some of the primary drivers of our topline and gross profit performance for the quarter earlier. Turning to the expense portion of our operations. Operating expenses for the third quarter increased $3.8 million…

Thank you. [Operator Instructions] : :

Well, it doesn’t appear we have any questions today. Should you have any questions later, please feel free to reach out to us. As always, thank you for joining us and have a great day.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Thank you.