Star Group L.P.

Good day, and welcome to the STAR Group fiscal 2024 fourth quarter results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Chris Witte, Investor Relations Advisor. Please go ahead.

Thank you, and good morning. With me on the call today are Jeff Woosnam, President and Chief Executive Officer, and Rich Anbury, Chief Financial Officer. I would now like to provide a brief safe harbor statement. This conference call may include forward-looking statements that represent the company's expectations and beliefs concerning future events that involve risks and uncertainties It may cause the company's actual performance to be materially different from the performance indicated or implied by such statements. All statements other than statements of historical facts included in this conference call are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the company's expectations are enclosed in this conference call, the company's annual report on Form 10-K for the fiscal year ended September 30, 2024, and the company's other filings with the SEC. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements. Unless otherwise required by law, the company undertakes an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of this conference call. I would now like to turn the call over to Jeff Woosnam.

Jeff? Thanks, Chris, and good morning, everyone. Thank you for joining our fourth quarter conference call. It's amazing how time passes so quickly, and here we are concluding another fiscal year and starting a new heating season. It's a great opportunity to reflect on STAR's performance over the past 12 months. Notably, temperatures in fiscal 2024 were 15% warmer than normal, but roughly flat year over year. Total revenue fell modestly due to slightly lower volumes and selling prices. However, full-year adjusted EBIT arose by $14.7 million versus fiscal 2023, reflecting an increase in home heating oil and propane per gallon margins and higher service and installation profitability. We continue to be laser-focused on cost containment and operating efficiency, and I believe the benefits of those efforts are evident in our improved EBITDA results this year. At the same time, we remained vigilant in working to address net customer attrition, which is 4.2% in fiscal 2024, was up slightly year over year. While our internal customer satisfaction indicators and loss rates continue to improve, we observed a lower level of real estate activity in the marketplace, which impacted new customer additions. There were also no prolonged periods of cold or major storms during the year, which often drives customers to our higher quality, faster response service operations. Our acquisition program remains an important component of our growth strategy. And in total, we completed five separate transactions during fiscal 2024, adding just over 20,000 customers and 23 million gallons of heating oil and propane volume annually. We continue to have an active pipeline of opportunities in various stages of review. And our recently completed credit facility, including a $400 million revolver and a $210 million term loan, provides additional liquidity for acquisitions in general corporate purposes. This leaves us well-positioned to complete some near-term opportunities currently under review. I'm proud of the way our team has navigated through what ended up being another mild year. As we enter the heating season, we believe the company is well-prepared to respond to anything Mother Nature throws our way while providing our customers with superior customer service. With that, I'll turn the call over to Rich to provide additional comments on the quarter and year-end results. Rich?