Good morning, ladies and gentlemen, and welcome to the CrossAmerica Partners Third Quarter 2024 Earnings Conference Call. [Operator Instructions] This call is being recorded on Thursday, November 7, 2024. I would now like to turn the conference over to Maura Topper, CFO. Please go ahead.

Thank you, operator. Good morning and thank you for joining the CrossAmerica Partners third quarter 2024 earnings call. With me today is Charles Nifong, CEO and President. We’ll start off the call today with Charles providing some opening comments and an overview of CrossAmerica’s operational performance for 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. Maura and I appreciate everyone joining us this morning. We thank you for listening in today and for your interest in the partnership. During today’s call, I will go through some of the operating highlights for the third quarter 2024. I will also provide commentary on the market and a few other updates as I have done on our prior calls. Maura will then review in more detail our financial results. Now if you turn to Slide 4, I will briefly review some of our operating results. For our retail segment, we realized a 24% increase in gross profit and a 19% increase in our operating income for the third quarter compared to the prior year, driven by our success in converting sites from the wholesale segment to the retail segment and strong same-store gallons and store sales performance. We managed this achievement despite an industry environment that remains soft with decreased fuel demand and weak demand in certain store categories. Considering the industry environment backdrop, our performance for the third quarter was good with our retail segment benefiting from strong fuel margins and outperforming the overall market in gallons and inside store sales. Our motor fuel gross profit increased 26% and our merchandise gross profit increased 20% for the quarter when compared to the same period in 2023. On the fuel margin front, our retail fuel margin on a cents per gallon basis increased 9% year-over-year as our fuel margin was $0.406 per gallon in the third quarter of 2024 compared to $0.372 per gallon in the third quarter of 2023. The retail fuel margin for the third quarter of 2024 was the highest fuel margin quarter for the year, well above the $0.373 per gallon and $0.308 per gallon for the second and first quarters,…

Thank you, Charles. If you would please turn to Slide 6, I would like to review our third quarter results for the partnership. We reported net income of $10.7 million for the third quarter of 2024 compared to net income of $12.3 million in the third quarter of 2023. Adjusted EBITDA was $43.9 million for the third quarter of 2024, a slight decrease of 1% from adjusted EBITDA of $44.2 million for the third quarter of 2023, though, as Charles has reviewed, with changes in the composition of that adjusted EBITDA as a result of our strategic initiatives. Our distributable cash flow for the third quarter of 2024 was $27.1 million compared to $31.4 million for the third quarter of 2023. The decline in distributable cash flow year-over-year was primarily due to an increase in interest expense as well as slightly higher sustaining capital spending. Our higher sustaining capital spending is a function of our increased site count in the retail segment, particularly company-operated locations, which require an elevated level of capital reinvestment to ensure they remain attractive locations for our customers to visit. Our distribution coverage for the current quarter was 1.36x compared to 1.57x for the third quarter of 2023. Our distribution coverage for the trailing 12 months ended September 30, 2024, was 1.26x compared to 1.43x for the same period ended September 30, 2023. During the third quarter of 2024, the partnership paid a distribution of $0.525 per unit. Charles discussed some of the primary drivers of our top line and gross profit performance for the quarter in his comments. Turning to the expense portion of our operations. Operating expenses for the third quarter increased $10.2 million compared to the 2023 third quarter. This was comprised of a $0.9 million decrease in operating expenses in our wholesale…

Well, it doesn’t appear we have any questions today. Should you have any follow-on questions, please feel free to contact us. Again, we appreciate everyone joining us today. Have a great day.