CrossAmerica Partners LP (CAPL) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:02.755 Foundation here at Cross America. 00:00:02.755 -- 00:00:07.603 Over the past few years, we have been deliberately shaping the partnership, increasing 00:00:07.603 -- 00:00:12.390 our exposure to retail operations and retail fuel pricing through our class of trade 00:00:12.390 -- 00:00:14.293 conversion activities, 00:00:14.293 -- 00:00:19.321 and utilizing targeted real estate asset sales to generate capital to reinvest in 00:00:19.321 -- 00:00:21.124 the business. 00:00:21.124 -- 00:00:26.212 These portfolio optimization efforts have positioned Cross America to perform well 00:00:26.212 -- 00:00:32.077 across a range of economic environments. as I think our first quarter results demonstrate. 00:00:32.077 -- 00:00:36.664 Our team remains focused on ensuring the competitiveness of our sites in the markets 00:00:36.664 -- 00:00:42.113 where we operate, with continued investment to drive growth and enhance the durability 00:00:42.113 -- 00:00:47.121 of our earnings. The result is an organization that is both disciplined and 00:00:47.121 -- 00:00:52.550 flexible, and one that we believe is well positioned to capitalize on the opportunities 00:00:52.550 -- 00:00:54.550 ahead. 00:00:54.875 -- 00:00:59.302 If you turn to slide four, I will review some of the operating highlights of our first 00:00:59.302 -- 00:01:01.085 quarter. 00:01:01.085 -- 00:01:06.874 Overall, we had a strong first quarter, generating $35 million of adjusted EBITDA, 00:01:06.874 -- 00:01:11.902 a record amount for the first quarter and a 45% increase when compared to 00:01:11.902 -- 00:01:15.164 the first quarter of 2025. We 00:01:15.188 -- 00:01:20.596 benefited from strong gross profits from our retail segment, driven by motor fuel margins 00:01:20.596 -- 00:01:26...