Ferrellgas Partners, L.P.

Good morning, ladies and gentlemen, and welcome to the Ferrell Gas Partners L.P. fourth quarter and fiscal year 2026 earnings conference call. At this time, all lines are in a listen-only mode. I would now like to turn the call over to Michelle Magai, Vice President of Corporate Affairs.

Thank you, Kevin. Good morning, everyone. We filed this morning, pre-market, our fourth quarter and full fiscal year 2026 earnings release. If you have not seen it yet, please go to our website and you'll find it under the investor relations tab at ferrellgas.com. With me today is Tamria Zertuche, our president and chief executive officer, and Nick Hymer, Ferrell Gas's vice president and controller. Today's call includes prepared remarks where Tamria and Nick will go over our fourth quarter and full fiscal year 2026 results, 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 as set forth in our filings with the Securities and Exchange Commission and 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 statements except to the extent required by law. Please refer to the 8K 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, and good morning, everyone. Before I get into the numbers, I want to start where I believe we should always start, with our employee owners. Ferrellgas is unique in this industry in that our people, they're not just employees, they're owners. Through our ESOP, our employees indirectly own Class A units of this partnership. Every result you hear today, the cost discipline, the safety improvement, the customer retention gains is the direct product of people who show up every day because they have a real personal stake in this company's success. Our ESOP is core to our culture and ownership is it's a genuine driver of the operating performance you're about to hear about. Fiscal 2026 was a year defined by discipline, by choosing to do the harder things now so that Ferrellgas is stronger for the future. Fourth quarter adjusted EBITDA, it grew 3% over prior year to 23.8 million. For the full fiscal year adjusted EBITDA, was $321.3 million, down 3% from fiscal 2025, but that's primarily because we made the decision to resolve several legacy general liability claims from prior years. It was the right call to make. At the same time, we made real progress on our capital structure. In October, we redeemed $650 million of 2026 senior notes and issued $650 million of new 2031 senior notes. We extended and expanded our revolving credit facility. Both S&P Global and Moody's recognized that refinancing work with credit rating upgrades. Then in March, we completed the conversion of Class B units into Class A units. 1.3 million Class B units became 6.5 million Class A units, which simplifies our unit structure. It eliminates the Class B distribution obligation and redirects future cash flow towards debt reduction, investment in the business, and long-term value for our Class A unit holders. We also strengthened our board this year. Pamela A. Bruckman was appointed vice chair. Pam has been a steady and thoughtful presence in our governance and succession planning. This reflects the depth of what she brings to this company. Andrew Safran joined the board, bringing more than three decades of investment banking and private equity experience in natural resources and energy infrastructure. The company also welcomes Scott I. Asner to the board, bringing investment management experience and a 20-year legal career together This board and management brings the governance, financial, and strategic depth to Ferrell Gas that we need to move into fiscal 2027. The fourth quarter brought a cold and wet Memorial Day, and then heat advisories over the 4th of July, which did impact some areas of our wholesale business. Persistent warm weather, especially in the West, where temperatures ran 34% above prior year for us, it kept overall gallons soft. Our team responded the way they always do. Retail held customer retention against prior year quarter, and then they grew gross margin dollars by $0.7 million, closing the year with 92.4% new customer conversion rate. Blue Rhino kept its footprint above 65,000 retail locations nationwide and continues to invest in infrastructure and its last mile logistics. a great quarter for us. I'll let Nick walk you through the numbers in more detail. Nick?