Good day, everyone, and welcome to the Global Partners First Quarter 2020 Financial Results Conference Call. Today's call is being recorded. There will be an opportunity for questions at the end of the program. With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Ms. Daphne Foster; Chief Operating Officer, Mr. Mark Romaine; and Chief and Executive Vice President and General Counsel, Mr. Edward Faneuil. At this time, I'd like to turn the call over to Mr. Faneuil. Thank you. You may begin.

Thank you. Good morning, everyone. Thank you for joining us today. Before we begin, let me remind everyone that this morning, we will be making forward-looking statements within the meaning of federal securities laws. These statements may include, but are not limited to, projections, beliefs, goals, estimates concerning the future financial and operational performance of Global Partners. Forward-looking statements are based on assumptions regarding market conditions such as the crude oil market, business cycles, demand for petroleum products, including gasoline and gasoline blendstocks and renewable fuels, utilization of assets and facilities, weather, credit markets, the regulatory and permitting environment and the forward product pricing curve, which could influence quarterly financial results. These statements involve significant risks and uncertainties, some of which are beyond the partnership's control, including without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States, which will impact the demand for the products we sell and the services we provide. Uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide. Uncertainty around the impact and duration of federal state and municipal regulations and directors related to the COVID-19 pandemic and assumptions that could cause actual results to differ materially from the partnership's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information and our assessment of historical trends. Because our assumptions and future performance are subject to a wide range of business risks and uncertainties, we can provide no assurance that actual performance will fall within any guidance ranges. In addition, such performance is subject to risk factors, including, but not limited to, those described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements that may be made during today's conference call. With Regulation FD in effect, it is our policy that any material comments concerning future results of operations will be communicated through news releases, publicly announced conference calls or other means that will constitute public disclosure for the purposes of Regulation FD. Now my pleasure, please allow me to turn the call over to our President and Chief Executive Officer, Mr. Eric Slifka.

Thank you, Edward. Good morning, everyone, and thank you for joining us. In these difficult and uncertain times, I hope that you and your families are staying safe. Before reviewing the quarter, I want to begin by thanking the people across our organization for their unyielding commitment to our guests and customers. First and foremost, we are critical energy infrastructure business, what I'm proudest of is the 3,800 Global employees on the front lines, including terminal operators, convenience store associates, store managers and office staff. Throughout this crisis, they have come through for those who are also on the front lines, first responders, doctors, nurses, truck drivers and others by safely delivering fuel as well as other daily goods and services at a time when much of the country was under stay-at-home orders. I also want to talk about the measures we took early on to get ahead of the COVID-19 from a health and safety perspective. Specifically, we proactively mobilized our crisis incident management team in anticipation of the possibility that the virus could strike in the regions where we operate. Our real-time crisis management exercises enabled us to successfully execute our business continuity planning in a measured and deliberate manner. In addition, we've transitioned our office staff to working remotely, a move that has been successfully implemented, and we believe has long-term bandwidth. We also put procedures in place across our terminals, stations and retail stores, with a primary focus in mind, continuing to provide essential products and services while prioritizing the safety and well-being of our employees, guests, customers and suppliers in the communities where we do business. Today, some 8 weeks after COVID-19 first made its present felt, I'm proud to say that our locations are open, operating and fulfilling that commitment. To navigate the challenges…

Thank you, Eric, and good morning, everyone. As you've heard, our first quarter results reflected in part, pandemic-related demand destructions and the price war between Saudi Arabia and Russia, which caused a rapid decline in prices. This decline had a positive impact on fuel margin in our GDSO segment, but a negative impact on the product margin in our wholesale segment. In addition, significantly warmer weather during this year's first quarter negatively impacted margins of our weather-sensitive products. First quarter 2020 net income was $3.3 million compared with net income of $7.1 million for the same period of 2019. Q1 2020 net income reflects recognition of a $6.3 million tax benefit in connection with the carryback of losses under the Cares Act for which we expect to receive cash refunds of approximately $15.8 million. Adjusted EBITDA was $45.4 million in the first quarter of 2020 versus $58.6 million in the year earlier period. DCF was $22 million in this year's first quarter compared with DCF of $27.8 million in the same period of 2019. Trailing 12-month distribution coverage at the end of the first quarter was 1.33x. After factoring in distributions to the preferred unitholders, that coverage was 1.23x. Turning to our segment details. GDSO product margin was $155.9 million, up $17.5 million from $138.4 million in the first quarter of 2019 due to higher fuel margins. The gasoline distribution contribution to product margin increased $19.8 million in the quarter to $107.2 million, reflecting the rapid decline in wholesale gasoline prices, which fell $0.97 per gallon between the beginning and the end of March. The average fuel margin per gallon increased $0.075 to $0.305 from $0.23 in the first quarter of 2019. Volume declined 28 million gallons in part as states restricted travel and issued stay-at-home or similar like directives.…

[Operator Instructions]. Ladies and gentlemen, we have no questions in queue at this time. I would like to turn the floor back over to Mr. Slifka for closing comments.

Thank you for joining us this morning. We look forward to keeping you updated on our progress. Please, everybody, be safe. Thank you very much.

Thank you, ladies and gentlemen. This does conclude our teleconference for today. You may now disconnect your line at this time. Thank you for your participation, and have a wonderful day. End of Q&A: