Ferrellgas Partners, L.P.

Good morning, ladies and gentlemen, and welcome to the Ferrell Gas Partners LPQ3 2026 earnings conference call. At this time, all listeners are in a listen-only mode. I would now like to turn the call over to Michelle Magi, Vice President, Corporate Affairs. Please go ahead, Michelle.

Thank you, Kevin. Good morning, everyone. We released this morning, pre-market, our earnings, and if you haven't seen it yet, please go to our website, and you will find it under the Investor Relations tab at ferrellgas.com. With me today is Tamar Erzotuchi, our President and Chief Executive Officer, and Nick Hymer, Ferrell Gas's Vice President and Controller. Today's call includes prepared remarks where we will go over our third quarter results for fiscal 26, concluding with responses to previously submitted questions. Please note that this call may contain forward-looking statements as determined by federal securities laws. For this purpose, any statements made during this call that are not statements of historical facts may be deemed forward-looking statements. These statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in any forward-looking statement. We undertake no obligation to publicly update any forward-looking statement except to the extent required by law. In addition, please refer to the 8 earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call. This morning's conference call is being webcast and is also available for replay via our website. With that, I will turn the call over to Tamria.

Thank you, Michelle. I want to begin where I always do, with our people. Our employee owners showed up this quarter the way they always do, prepared, adaptable, focused on what matters most for our customers and each other. The margin growth, the safety improvement, the retention progress, none of that happens by accident. It happens because we have people who hold themselves to a high standard and keep raising the bar. This quarter also called for some intentional choices ones that traded near-term cost for lasting structural strength. It completed the Class B unit conversion, which simplifies our corporate structure for existing and prospective investors. It eliminates the Class B distribution obligation and allows for a redirect of future cash flows towards debt reduction, reinvestment in the company, and long-term value creation for our Class A holders. What I want to highlight is how we got here, because I think it matters. The capital that made the conversion possible didn't come from financial engineering. It didn't come from selling assets or taking on new debt. It came from the work, from our people showing up every day and running the business the right way, delivering propane safely and efficiently, holding the line on cost, retaining and growing the customer base, and protecting margins quarter after quarter. That kind of operational discipline is what builds financial flexibility. When you run a tight operation, you generate cash. We are a company that earned its way to a cleaner, stronger capital structure. With the future in mind, we made two board changes this quarter that reflect where the company is headed. Pamela Breckman was appointed a chair. Pam has been a steady full presence in our governance and succession planning work time. And this appointment reflects both of her contributions and the kind of leadership we want shaping our future. She understands this business, where it's been, where it's going. And that continuity matters as we move into the next chapter. We also welcomed Andrew Saffron to the board. Andy has been advising us for almost a year. And formalizing his role as a director is a next step. He brings more than three decades of investing in private equity, including direct eminent in the property, a sector he knows well. He knows the competitive dynamics. the consolidation landscape, and the value that the right transactions could create. That depth of expertise is exactly what we wanted at the table. As we think about how to grow this business and strengthen these appointments reflect a board that is intentionally focused for what's ahead. We have the governance expertise, the financial sophistication, and the strategic perspective to support the ambitions we have for this business. The performance of the company is directly tied to the support we have received and continue to receive from our board of directors. Now, I will address what we saw operationally this quarter. This quarter, our employee owners had to assess the weather they were experiencing and make operational decisions with what they were given. flex up, flex down, or share resources to assist a busier region of the country. And this quarter, they did exactly that. In the regions with normal winter conditions, our preparation paid off. Where we didn't have normal conditions, our teams pivoted and leaned into the extra growth and retention work that positions us well at the end of the 2021 year. That kind of intentionality comes from people who understand this business and take ownership of the outcome. Now, on the retail side, customer retention continued to improve. Regained accounts were meaningfully up versus the prior year, and our will call service levels got better. Those aren't weather-driven results. That's disciplined execution by teams that stay focused on the customer regardless of what is happening outside. On the wholesale side, Q3 is when Blue Rhino, our tank exchange business, prepares for the summer grilling season and potential weather events. This quarter, they were also busy installing more than 8,000 new displays at customer locations across the country and planning the expansion of hundreds more sites. While we never want to see any community affected by a damaging storm, Getting propane to our facilities and customer locations quickly and reliably during a storm event, that's the commitment our wholesale team is ready to deliver on. Growth, like safety, is a relentless focus for our employee owners. It looks like new customer relations that generate volume for future years. It's auto gas locations that didn't exist last quarter. It's Blue Rhino Exchange locations added to retail stores across the country. And it's national accounts. These are large, multi-site customers who choose FerroGas because of our reliability, our service consistency, and our ability to perform at scale. What I want to underscore is that this growth is happening with everything else. The operational improvements, the safety performance, the expense plan. That's not easy to do. It requires a team that can hold multiple priorities at once and execute on all of them. Ours does exactly that. I will now turn the call over to Nick to walk through the financials.