Exhibit 99.1


earningsreleas_image2a06.jpg
FOR IMMEDIATE RELEASE
Contact:
Katie Strohacker, Senior Director of Investor Relations
(617) 796-8251
www.ta-petro.com

TravelCenters of America LLC Announces Fourth Quarter and Full Year 2017 Financial Results
_____________________________________________________________________________________
Westlake, OH (February 28, 2018): TravelCenters of America LLC (Nasdaq: TA) today announced financial results for the three months and year ended December 31, 2017:
(in thousands, except per share and per gallon amounts)
Three Months Ended 
 December 31,
 
Year Ended
December 31,
2017
 
2016
 
2017
 
2016
Total revenues
$
1,584,765

 
$
1,408,648

 
$
6,051,593

 
$
5,451,124

Loss before income taxes
(27,069
)
 
(10,849
)
 
(75,045
)
 
(3,662
)
Net (loss) income
(20,593
)
 
(6,545
)
 
9,394

 
(1,929
)
Net (loss) income attributable to common shareholders
(20,625
)
 
(6,493
)
 
9,262

 
(2,018
)
 
 
 
 
 
 
 
 
Net (loss) income per common share attributable to
   common shareholders (basic and diluted)
$
(0.52
)
 
$
(0.17
)
 
$
0.23

 
$
(0.05
)
 
 
 
 
 
 
 
 
Supplemental Data:
 
 
 
 
 
 
 
Fuel sales volume (gallons):
 
 
 
 
 
 
 
Diesel fuel
397,445

 
400,881

 
1,615,394

 
1,660,976

Gasoline
132,790

 
134,945

 
536,785

 
544,448

Total fuel sales volume
530,235

 
535,826

 
2,152,179

 
2,205,424

 
 
 
 
 
 
 
 
Fuel revenues
$
1,109,758

 
$
941,852

 
$
4,090,912

 
$
3,530,149

Fuel gross margin
97,775

 
101,050

 
394,179

 
404,777

Fuel gross margin per gallon
$
0.184

 
$
0.189

 
$
0.183

 
$
0.184

 
 
 
 
 
 
 
 
Nonfuel revenues
$
471,158

 
$
462,579

 
$
1,944,181

 
$
1,903,623

Nonfuel gross margin
263,932

 
256,353

 
1,084,352

 
1,053,077

Nonfuel gross margin percentage
56.0
%
 
55.4
%
 
55.8
%
 
55.3
%
 
 
 
 
 
 
 
 
EBITDA(1)
$
17,438

 
$
24,049

 
$
83,333

 
$
116,542

(1)
A reconciliation from net (loss) income to earnings before interest, taxes, and depreciation and amortization, or EBITDA, appears in the supplemental data below. TA believes that net (loss) income is the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP.

1


Andrew J. Rebholz, TA's CEO, made the following statement regarding the 2017 fourth quarter results:
"TA's net (loss) income and EBITDA results for both the fourth quarter and full year of 2017 were impacted by a number of items that affect comparability with prior year amounts and I believe distract from the successes TA achieved in our operations in the 2017 fourth quarter. Those successes include:
Nonfuel revenues in our travel center segment grew by 2.7% in the fourth quarter of 2017 versus the prior year quarter as our nonfuel efforts continued to improve, especially in the truck service area. In the 2017 fourth quarter, compared to the prior year quarter, TA realized improvements of 6.8% in tire unit sales, 50.6% in RoadSquad OnSite® mobile maintenance work orders, 6.1% in RoadSquad® roadside assistance work orders and 20.1% in Reserve-It!® parking reservations revenue.
Site level gross margin in excess of site level operating expenses in our convenience store segment grew by 2.7% over the prior year quarter (1.9% on a same site basis).
TA also made some management organization changes that I believe will help our managers focus on controlling costs in the increasingly difficult competitive environment in which TA conducts its business.
The cost reduction initiatives TA began in the first half of 2017 resulted in approximately $4.6 million of savings in the 2017 fourth quarter. Many of these cost reductions were implemented during the second and third quarters of 2017 and I expect some incremental savings in 2018 from 2017 levels, primarily in the first and second quarters of 2018.
"For the fourth quarter of 2017, items affecting comparability of TA's results to the prior year included $6.9 million of expense related to asset impairments and write offs, a $6.4 million income tax expense resulting from the new tax legislation, approximately $6.3 million of missing tax credit benefits as a result of the biodiesel blenders’ tax credit not being enacted during 2017 and $1.1 million of expenses related to retirement agreements with former officers.
"For the 2017 full year, the items affecting comparability with 2016 results included a $58.6 million income tax benefit related to our third quarter 2017 resolution of previously uncertain tax positions, approximately $23.3 million of missing tax credit benefit in 2017 due to the biodiesel blenders' credit not being enacted during 2017, $16.5 million of expense related to asset impairments and write offs, and $9.7 million of legal expenses in 2017 related to our litigation with Comdata Inc. as well as the income tax and officer retirement expenses incurred in the fourth quarter."
Business Commentary
Fuel sales volume decreased by 5.6 million gallons, or 1.0%, and same site fuel sales volume decreased by 9.2 million gallons, or 1.8%, each for the 2017 fourth quarter compared to the 2016 fourth quarter. TA believes the fuel sales volume decreases experienced during the 2017 fourth quarter resulted primarily from increased competition, partially offset by recently acquired and developed locations. Fuel revenues increased by $167.9 million, or 17.8%, in the 2017 fourth quarter compared to the 2016 fourth quarter primarily due to higher market prices for fuel during the 2017 fourth quarter. Fuel gross margin decreased by $3.3 million compared to the 2016 fourth quarter primarily as a result of lower sales volume and the federal biodiesel fuel tax credit program that was in effect in 2016 but not in 2017. The federal biodiesel tax credit was retroactively reinstated for 2017 in legislation passed on February 8, 2018. TA expects to recognize approximately $23.3 million related to the biodiesel blenders' credit reinstatement in the 2018 first quarter financial statements as a reduction to TA's fuel cost of goods sold.
Nonfuel revenues increase$8.6 million, or 1.9%, in the 2017 fourth quarter compared to the 2016 fourth quarter, including a $6.9 million increase attributable to sites acquired and developed since the beginning of the 2016 fourth quarter and a $1.7 million same site increase. Nonfuel gross margin increase$7.6 million, or 3.0%, in the 2017 fourth quarter compared to the 2016 fourth quarter due to a $4.2 million increase from sites acquired and developed since the beginning of the 2016 fourth quarter and a $3.4 million, or 1.3%, increase in same site nonfuel gross margin. Nonfuel gross margin increased on a same site basis primarily as a result of the mix of products and services sold, partially offset by reduced restaurant business while TA was converting certain locations from full service to quick service restaurants, or QSRs, and the impact of closing certain restaurants during slower night time periods to increase profitability.
Site level operating expenseincrease$4.1 million, or 1.7%, in the 2017 fourth quarter compared to the 2016 fourth quarter primarily due to $3.7 million increase in site level operating expenses from sites acquired and developed since the beginning of the 2016 fourth quarter. Site level operating expenses as a percentage of nonfuel revenues remained unchanged for the 2017 fourth quarter compared to the 2016 fourth quarter at 50.5%.

2


Selling, general and administrative expenses for the 2017 fourth quarter increase$2.1 million, or 5.6%, compared to the 2016 fourth quarter, primarily as a result of increased personnel costs including approximately $1.1 million of expenses that resulted from the retirement agreements TA entered during 2017 with former officers, partially offset by certain cost control initiatives
Real estate rent expense increase$2.9 million, or 4.3%, in the 2017 fourth quarter compared to the 2016 fourth quarter, primarily from TA's sale to, and lease back from, Hospitality Properties Trust of a travel center and improvements at leased sites since the beginning of the 2016 fourth quarter.
Depreciation and amortization expense increase$9.4 million, or 33.8%, in the 2017 fourth quarter compared to the 2016 fourth quarter primarily resulting from a $5.4 million impairment charge relating to certain property and equipment at certain convenience store sites and a $1.5 million write off of certain other assets removed from service in the fourth quarter.
Net loss for the 2017 fourth quarter was $20.6 million compared to net loss of $6.5 million for the 2016 fourth quarter. Net loss attributable to common shareholders for the 2017 fourth quarter was $20.6 million ($0.52 per common share) compared to net loss attributable to common shareholders of $6.5 million ($0.17 per common share) for the 2016 fourth quarter. These increased losses in 2017 were primarily attributable to a $6.4 million income tax expense as a result of the revaluation of TA's deferred tax assets and liabilities at the new corporate income tax rate of 21% established in the Tax Cuts and Jobs Act enacted in December 2017, a $5.4 million impairment charge relating to certain property and equipment and a $3.3 million decrease in fuel gross margin primarily as a result of lower fuel sales volume and the federal biodiesel fuel tax credit program that was in place in 2016 but not in 2017. These factors increasing TA's net loss were partially offset by a $7.6 million increase in nonfuel gross margin primarily due to sites acquired and developed since the beginning of the 2016 fourth quarter and changes in the mix of products and services sold.
EBITDA for the 2017 fourth quarter decreased by $6.6 million, or 27.5%, as compared to the 2016 fourth quarter, primarily due to a $2.9 million increase in real estate rent expense, a $2.1 million increase in selling, general and administrative expenses and a $0.4 million decrease in site level gross margin in excess of site level operating expenses from same sites. These changes were partially offset by a $1.5 million increase in site level gross margin in excess of site level operating expenses from sites acquired and developed since the beginning of the 2016 fourth quarter.
Travel Centers Segment
Fuel sales volume decreased by 4.2 million gallons, or 0.9%, and same site fuel sales volume decreased by 8.7 million gallons, or 1.9%, for the 2017 fourth quarter compared to the 2016 fourth quarter. TA believes these decreases were primarily due to increased competition. Fuel revenues increased $151.5 million, or 18.6%, in the 2017 fourth quarter as compared to the 2016 fourth quarter primarily due to higher market prices for fuel and from sites acquired and developed since the beginning of the 2016 fourth quarter. Fuel gross margin decreased by $4.3 million, or 4.9%, to $83.6 million primarily as a result of the federal biodiesel fuel tax credit program that was in place in 2016 but not in 2017.
Nonfuel revenues increased $10.3 million, or 2.7%, in the 2017 fourth quarter compared to the 2016 fourth quarter primarily due to sites acquired and developed since the beginning of the 2016 fourth quarter and a $4.8 million, or 1.2%, increase due to same sites; the same site increase was lowered by reduced restaurant revenues while TA was converting certain locations from full service restaurants to QSRs and the impact of closing certain restaurants during slower night time periods to increase profitability. Nonfuel gross margin increased $7.1 million, or 3.1%, in the 2017 fourth quarter as compared to the 2016 fourth quarter due to the higher sales level and an increase in the nonfuel gross margin percentage. Nonfuel gross margin percentage was 59.1% in the 2017 fourth quarter as compared to 58.8% in the 2016 fourth quarter; the increased nonfuel gross margin percentage was primarily the result of changes in the mix of products and services sold and the reduction in operating hours of certain TA restaurants.
Site level gross margin in excess of site level operating expenses remained essentially unchanged in the 2017 fourth quarter compared to the 2016 fourth quarter primarily due to decreases at same sites, offset by increases from recently acquired and developed properties.

3


On a same site basis, (223 locations) site level gross margin in excess of site level operating expenses decreased in the 2017 fourth quarter by $0.4 million, or 0.4%, as compared to the 2016 fourth quarter, primarily due to a $5.3 million decrease in fuel gross margin that resulted primarily from lower sales volume and the federal biodiesel fuel tax credits that were available to TA in 2016 but were not available in 2017, partially offset by a $3.9 million increase in nonfuel gross margin primarily due to changes in the mix of products and services sold and a $1.0 million reduction in site level operating expenses primarily due to operating cost control measures, including reduced billboard advertising and reduced operating hours at certain TA restaurants.
Convenience Stores Segment
Fuel sales volume decreased by 0.5 million gallons, or 0.8%, for the 2017 fourth quarter as compared to the 2016 fourth quarter on both a consolidated and same site basis. This decrease was primarily due to increased competition. Fuel revenues increased $15.6 million, or 14.2%, in the 2017 fourth quarter as compared to the 2016 fourth quarter primarily due to higher market prices for fuel. Fuel gross margin increased by $0.8 million, or 6.3%, to $13.8 million primarily as a result of the continued improvement of operations at newer locations, partially offset by a decrease in fuel sales volume.
Nonfuel revenues decreased $2.1 million, or 3.3%, in the 2017 fourth quarter as compared to the 2016 fourth quarter primarily due to increased competition. Nonfuel gross margin increased $0.1 million, or 0.5%, in the 2017 fourth quarter as compared to the 2016 fourth quarter. Nonfuel gross margin percentage was 35.2% in the 2017 fourth quarter as compared to 33.9% in the 2016 fourth quarter. The increases in nonfuel gross margin and nonfuel gross margin percentage were primarily the result of changes in the mix of products and services sold.
Site level gross margin in excess of site level operating expenses increased in the 2017 fourth quarter by $0.3 million, or 2.7%, as compared to the 2016 fourth quarter primarily due to improvements at same sites.
On a same site basis, site level gross margin in excess of site level operating expenses increased by $0.2 million, or 1.9%, in the 2017 fourth quarter as compared to the 2016 fourth quarter due to increases in fuel gross margin of $0.8 million, or 6.3%, primarily due to the continued improvement of operations at newer sites, and nonfuel gross margin of $0.1 million, or 0.5%, primarily due to changes in the mix of products and services sold, partially offset by an increase of $0.8 million, or 2.9%, in site level operating expenses.



4


Conference Call:
On Wednesday, February 28, 2018, at 10:00 a.m. Eastern time, TA will host a conference call to discuss its financial results and other activities for the three months and year ended December 31, 2017. Following management's remarks, there will be a question and answer period.
The conference call telephone number is 877-329-4614. Participants calling from outside the United States and Canada should dial 412-317-5437. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available for about a week after the call. To hear the replay, dial 412-317-0088. The replay pass code is 10115720.
A live audio webcast of the conference call will also be available in a listen only mode on TA's website at www.ta-petro.com. To access the webcast, participants should visit TA's website about five minutes before the call. The archived webcast will be available for replay on TA's website for about one week after the call. The transcription, recording and retransmission in any way of TA's fourth quarter conference call is strictly prohibited without the prior written consent of TA. The Company's website is not incorporated as part of this press release.

About TravelCenters of America LLC:
TA's nationwide business includes travel centers located in 43 U.S. states and in Canada, standalone convenience stores in 11 states and standalone restaurants in 13 states. TA's travel centers operate under the "TravelCenters of America," "TA," "Petro Stopping Centers" and "Petro" brand names and offer diesel and gasoline fueling, restaurants, truck repair services, travel/convenience stores and other services which are designed to provide attractive and efficient travel experiences to professional drivers and other motorists. TA's convenience stores operate principally under the "Minit Mart" brand name and offer gasoline fueling as well as nonfuel products and services such as coffee, groceries, some fresh foods and other convenience items. TA's standalone restaurants operate principally under the "Quaker Steak & Lube" brand name.

5


WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. WHENEVER TA USES WORDS SUCH AS "BELIEVE," "EXPECT," "ANTICIPATE," "INTEND," "PLAN," "ESTIMATE," "WILL," "MAY" AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, TA IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON TA'S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY TA'S FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. AMONG OTHERS, THE FORWARD LOOKING STATEMENTS WHICH APPEAR IN THIS PRESS RELEASE THAT MAY NOT OCCUR INCLUDE:
MR. REBHOLZ'S STATEMENTS REGARDING THE INCREASED VOLUME OF BUSINESS IN TA'S TRUCK REPAIR BUSINESS AND THE INCREASED GROSS MARGIN IN TA'S CONVENIENCE STORE SEGMENT DURING THE FOURTH QUARTER OF 2017 COMPARED TO THE FOURTH QUARTER OF 2016 MAY IMPLY THAT TA'S TRUCK REPAIR BUSINESS AND THE GROSS MARGINS REALIZED FROM TA'S CONVENIENCE STORE SEGMENT WILL CONTINUE TO GROW AND IMPROVE. IN FACT, BOTH TA'S TRUCK REPAIR BUSINESS AND TA'S CONVENIENCE STORE SEGMENT ARE EXPERIENCING INCREASED COMPETITION, AND, FOR THIS REASON, AMONG OTHERS, THESE ASPECTS OF TA'S BUSINESS MAY NOT GROW OR IMPROVE;
MR. REBHOLZ'S STATEMENT THAT TA'S COST REDUCTION INITIATIVES ARE EXPECTED TO PRODUCE INCREMENTAL SAVINGS IN 2018, PRIMARILY IN THE FIRST AND SECOND QUARTERS OF 2018, MAY NOT BE REALIZED. COST REDUCTION INITIATIVES MAY BE OFFSET BY INCREASED EXPENSES OR BY REDUCED VOLUMES OF BUSINESS. FOR THESE REASONS, AMONG OTHERS, THE IMPLICATION OF MR. REBHOLZ'S STATEMENT THAT TA'S COST REDUCTION INITIATIVES MAY REDUCE TA'S HISTORICAL LOSSES OR CREATE PROFITS MAY NOT OCCUR;
THE STATEMENT IN THIS PRESS RELEASE THAT TA EXPECTS TO RECOGNIZE APPROXIMATELY $23.3 MILLION OF 2017 RETROACTIVE BIODIESEL TAX CREDITS DURING THE FIRST QUARTER OF 2018 MAY IMPLY THAT TA'S OPERATIONS WILL PRODUCE PROFITS IN THE FIRST QUARTER OF 2018 OR THAT BIODIESEL TAX CREDITS WILL IMPROVE TA'S GROSS MARGINS IN THE FUTURE. IN FACT, THE RETROACTIVE 2017 $23.3 MILLION BIODIESEL TAX CREDIT MAY NOT BE SUFFICIENT TO OFFSET TA'S OPERATING LOSSES FOR THE FIRST QUARTER OF 2018. ALSO, THE BIODIESEL BLENDERS' TAX CREDIT HAS NOT BEEN AUTHORIZED FOR 2018 AND TA DOES NOT KNOW IF, WHEN OR IN WHAT AMOUNTS THIS TAX CREDIT WILL BE REAUTHORIZED; AND
STATEMENTS IN THIS PRESS RELEASE ABOUT IMPROVED OPERATING RESULTS, COST SAVINGS AND INCREASING GROSS MARGINS MAY IMPLY THAT TA'S BUSINESS MAY BE PROFITABLE IN THE FUTURE. IN FACT, TA'S HISTORY OF OPERATIONS SINCE IT BECAME PUBLICLY OWNED IN 2007 HAS SHOWN ONLY OCCASIONAL PROFITS. TA MAY BE UNABLE TO PRODUCE FUTURE PROFITS AND TA'S LOSSES MAY INCREASE.
THE INFORMATION CONTAINED IN TA'S PERIODIC REPORTS, INCLUDING TA'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2017, WHICH HAS BEEN OR WILL BE FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION, OR SEC, UNDER THE CAPTION "RISK FACTORS," OR ELSEWHERE IN THOSE REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM TA'S FORWARD LOOKING STATEMENTS. TA'S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC'S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, TA DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENT AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

6




TRAVELCENTERS OF AMERICA LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)


 
Three Months Ended 
 December 31,
 
2017
 
2016
Revenues:
 
 
 
Fuel
$
1,109,758

 
$
941,852

Nonfuel
471,158

 
462,579

Rent and royalties from franchisees
3,849

 
4,217

Total revenues
1,584,765

 
1,408,648

 
 
 
 
Cost of goods sold (excluding depreciation):
 
 
 
Fuel
1,011,983

 
840,802

Nonfuel
207,226

 
206,226

Total cost of goods sold
1,219,209

 
1,047,028

 
 
 
 
Operating expenses:
 
 
 
Site level operating
237,727

 
233,653

Selling, general and administrative
39,352

 
37,265

Real estate rent
70,385

 
67,460

Depreciation and amortization
37,253

 
27,844

Total operating expenses
384,717

 
366,222

 
 
 
 
Loss from operations
(19,161
)
 
(4,602
)
 
 
 
 
Acquisition costs
11

 
165

Interest expense, net
7,254

 
7,054

(Loss) income from equity investees
(643
)
 
972

Loss before income taxes
(27,069
)
 
(10,849
)
Benefit for income taxes
6,476

 
4,304

Net loss
(20,593
)
 
(6,545
)
Less: net income (loss) for noncontrolling interests
32

 
(52
)
Net loss attributable to common shareholders
$
(20,625
)
 
$
(6,493
)
 
 
 
 
Net loss per common share attributable to common shareholders: 
 
 
 
Basic and diluted
$
(0.52
)
 
$
(0.17
)
These financial statements should be read in conjunction with TA's Annual Report on Form 10-K for the year ended December 31, 2017, to be filed with the U.S. Securities and Exchange Commission.

7




TRAVELCENTERS OF AMERICA LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)


 
Year Ended
December 31,
 
2017
 
2016
Revenues:
 
 
 
Fuel
$
4,090,912

 
$
3,530,149

Nonfuel
1,944,181

 
1,903,623

Rent and royalties from franchisees
16,500

 
17,352

Total revenues
6,051,593

 
5,451,124

 
 
 
 
Cost of goods sold (excluding depreciation):
 
 
 
Fuel
3,696,733

 
3,125,372

Nonfuel
859,829

 
850,546

Total cost of goods sold
4,556,562

 
3,975,918

 
 
 
 
Operating expenses:
 

 
 

Site level operating
980,749

 
959,407

Selling, general and administrative
154,663

 
139,052

Real estate rent
277,127

 
262,298

Depreciation and amortization
128,416

 
92,389

Total operating expenses
1,540,955

 
1,453,146

 
 
 
 
(Loss) income from operations
(45,924
)
 
22,060

 
 
 
 
Acquisition costs
247

 
2,451

Interest expense, net
29,962

 
27,815

Income from equity investees
1,088

 
4,544

Loss before income taxes
(75,045
)
 
(3,662
)
Benefit for income taxes
84,439

 
1,733

Net income (loss)
9,394

 
(1,929
)
Less: net income for noncontrolling interests
132

 
89

Net income (loss) attributable to common shareholders
$
9,262

 
$
(2,018
)
 
 
 
 
Net income (loss) per common share attributable to common shareholders:
 
 
 
Basic and diluted
$
0.23

 
$
(0.05
)
These financial statements should be read in conjunction with TA's Annual Report on Form 10-K for the year ended December 31, 2017, to be filed with the U.S. Securities and Exchange Commission.


8




TRAVELCENTERS OF AMERICA LLC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)


 
December 31,
2017
 
December 31,
2016
Assets
 

 
 

Current assets:
 

 
 

Cash and cash equivalents 
$
36,082

 
$
61,312

Accounts receivable, net
125,501

 
107,246

Inventory
209,640

 
204,145

Other current assets
27,295

 
29,358

Total current assets
398,518

 
402,061

 
 
 
 
Property and equipment, net
1,001,090

 
1,082,022

Goodwill
93,859

 
88,542

Other intangible assets, net
34,383

 
37,738

Other noncurrent assets
90,004

 
49,478

Total assets
$
1,617,854

 
$
1,659,841

 
 
 
 
Liabilities and Shareholders' Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
155,581

 
$
157,964

Current HPT Leases liabilities
41,389

 
39,720

Other current liabilities
130,140

 
132,648

Total current liabilities
327,110

 
330,332

 
 
 
 
Long term debt, net
319,634

 
318,739

Noncurrent HPT Leases liabilities
368,782

 
381,854

Other noncurrent liabilities
35,029

 
75,837

Total liabilities
1,050,555

 
1,106,762

 
 
 
 
Shareholders' equity (39,984 and 39,523 common shares outstanding at
   December 31, 2017 and 2016, respectively)
567,299

 
553,079

Total liabilities and shareholders' equity
$
1,617,854

 
$
1,659,841

These financial statements should be read in conjunction with TA's Annual Report on Form 10-K for the year ended December 31, 2017, to be filed with the U.S. Securities and Exchange Commission.


9




TRAVELCENTERS OF AMERICA LLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands)


Non-GAAP financial measures are financial measures that are not determined in accordance with GAAP. TA believes the non-GAAP financial measures presented in the table below are meaningful supplemental disclosures because they may help investors gain a better understanding of changes in TA's operating results and its ability to pay rent or service debt, make capital expenditures and expand its business. These non-GAAP financial measures also may help investors to make comparisons between TA and other companies on both a GAAP and a non-GAAP basis. TA believes that EBITDA is a meaningful disclosure that may help investors to better understand its financial performance, including by allowing investors to compare TA's performance between periods and to the performance of other companies. EBITDA is used by management to evaluate TA's financial performance and compare TA's performance over time and to the performance of other companies. TA calculates EBITDA as earnings before interest, taxes and depreciation and amortization, as shown below. This information should not be considered as an alternative to net (loss) income attributable to common shareholders, net (loss) income or (loss) income from operations, as an indicator of TA's operating performance or as a measure of TA's liquidity. Also, EBITDA as presented may not be comparable to similarly titled amounts calculated by other companies.
TA believes that net (loss) income is the most comparable financial measure, determined according to GAAP, to TA's presentation of EBITDA. The following table presents the reconciliation of this non-GAAP financial measure to net (loss) income for the three months and years ended December 31, 2017 and 2016.
 
Three Months Ended 
 December 31,
 
Year Ended
December 31,
 
2017
 
2016
 
2017
 
2016
Calculation of EBITDA:
 
 
 
 
 
 
 
Net (loss) income
$
(20,593
)
 
$
(6,545
)
 
$
9,394

 
$
(1,929
)
Add: benefit for income taxes
(6,476
)
 
(4,304
)
 
(84,439
)
 
(1,733
)
Add: depreciation and amortization
37,253

 
27,844

 
128,416

 
92,389

Add: interest expense, net
7,254

 
7,054

 
29,962

 
27,815

EBITDA
$
17,438

 
$
24,049

 
$
83,333

 
$
116,542




10




TRAVELCENTERS OF AMERICA LLC
SUPPLEMENTAL SAME SITE OPERATING DATA
(in thousands, except for number of locations, percentage amounts and fuel gross margin per gallon)


CONSOLIDATED SAME SITE OPERATING DATA
The following table presents consolidated operating data for the periods noted for all of the locations in operation on December 31, 2017, that were operated by TA continuously since the beginning of the earliest period presented, with the exception of six locations TA operates that are owned by an unconsolidated joint venture in which TA owns a noncontrolling interest. This data excludes revenues and expenses at locations TA does not operate, such as rents and royalties from franchisees, and corporate level selling, general and administrative expenses. TA does not exclude locations from the same site comparisons as a result of capital improvements to the site or changes in the services offered.
 
Three Months Ended 
 December 31,
 
 
 
Year Ended
December 31,
 
 
 
2017
 
2016
 
Change
 
2017
 
2016
 
Change
Number of same site company
   operated locations(1)
463

 
463

 

 
420

 
420

 

 
 
 
 
 
 
 
 
 
 
 
 
Diesel sales volume (gallons)
389,961

 
396,288

 
(1.6)
 %
 
1,571,099

 
1,629,055

 
(3.6)
 %
Gasoline sales volume (gallons)
126,437

 
129,339

 
(2.2)
 %
 
483,360

 
497,169

 
(2.8)
 %
Total fuel sales volume (gallons)
516,398

 
525,627

 
(1.8)
 %
 
2,054,459

 
2,126,224

 
(3.4)
 %
 
 
 
 
 
 
 
 
 
 
 
 
Fuel revenues
$
1,080,928

 
$
923,414

 
17.1
 %
 
$
3,902,495

 
$
3,396,269

 
14.9
 %
Fuel gross margin
96,352

 
100,805

 
(4.4)
 %
 
380,820

 
396,741

 
(4.0)
 %
Fuel gross margin per gallon
$
0.187

 
$
0.192

 
(2.6)
 %
 
$
0.185

 
$
0.187

 
(1.1)
 %
 
 
 
 
 
 
 
 
 
 
 
 
Nonfuel revenues
$
463,646

 
$
461,941

 
0.4
 %
 
$
1,836,051

 
$
1,836,157

 
 %
Nonfuel gross margin
258,574

 
255,222

 
1.3
 %
 
1,025,542

 
1,018,381

 
0.7
 %
Nonfuel gross margin percentage
55.8
%
 
55.2
%
 
60
pts
 
55.9
%
 
55.5
%
 
40
pts
 
 
 
 
 
 
 
 
 
 
 
 
Total gross margin
$
354,926

 
$
356,027

 
(0.3)
 %
 
$
1,406,362

 
$
1,415,122

 
(0.6)
 %
Site level operating expenses
233,764

 
234,458

 
(0.3)
 %
 
926,104

 
930,142

 
(0.4)
 %
Site level operating expenses as a
   percentage of nonfuel revenues
50.4
%
 
50.8
%
 
(40
)pts
 
50.4
%
 
50.7
%
 
(30
)pts
Site level gross margin in excess of
   site level operating expenses
$
121,162

 
$
121,569

 
(0.3)
 %
 
$
480,258

 
$
484,980

 
(1.0)
 %
(1)
Same site operations for the three months ended December 31, 2017, include 223 travel centers, 229 convenience stores and 11 standalone restaurants that TA operated since October 1, 2016. Same site operations for the year ended December 31, 2017, include 220 travel centers and 200 convenience stores that TA operated since January 1, 2016. The 11 standalone restaurants are not a separately reportable segment but are included in corporate and other in our segment information.

11




TRAVELCENTERS OF AMERICA LLC
SUPPLEMENTAL SAME SITE OPERATING DATA
(in thousands, except for number of locations, percentage amounts and fuel gross margin per gallon)


TRAVEL CENTERS SEGMENT SAME SITE OPERATING DATA
The following table presents operating data for the periods noted for all of the travel centers in operation on December 31, 2017, that were operated by TA continuously since the beginning of the earliest period presented, with the exception of two travel centers TA operates that are owned by an unconsolidated joint venture in which TA owns a noncontrolling interest. This data also excludes revenues and expenses at travel centers TA does not operate, such as rents and royalties from franchisees, and corporate level selling, general and administrative expenses. TA does not exclude locations from the same site comparisons as a result of capital improvements to the site or changes in the services offered.
 
 
Three Months Ended 
 December 31,
 
 
 
Year Ended
December 31,
 
 
Travel Centers
 
2017
 
2016
 
Change
 
2017
 
2016
 
Change
Number of same site company
   operated travel center locations
 
223

 
223

 

 
220

 
220

 

 
 
 
 
 
 
 
 
 
 
 
 
 
Diesel sales volume (gallons)
 
384,474

 
391,477

 
(1.8)
 %
 
1,552,959

 
1,612,405

 
(3.7)
 %
Gasoline sales volume (gallons)
 
68,938

 
70,655

 
(2.4)
 %
 
274,398

 
281,285

 
(2.4)
 %
Total fuel sales volume (gallons)
 
453,412

 
462,132

 
(1.9)
 %
 
1,827,357

 
1,893,690

 
(3.5)
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Fuel revenues
 
$
955,787

 
$
813,866

 
17.4
 %
 
$
3,472,078

 
$
3,011,216

 
15.3
 %
Fuel gross margin
 
82,536

 
87,810

 
(6.0)
 %
 
329,399

 
348,554

 
(5.5)
 %
Fuel gross margin per gallon
 
$
0.182

 
$
0.190

 
(4.2)
 %
 
$
0.180

 
$
0.184

 
(2.2)
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonfuel revenues
 
$
393,345

 
$
388,515

 
1.2
 %
 
$
1,597,954

 
$
1,596,816

 
0.1
 %
Nonfuel gross margin
 
231,651

 
227,792

 
1.7
 %
 
940,724

 
935,140

 
0.6
 %
Nonfuel gross margin percentage
 
58.9
%
 
58.6
%
 
30
pts
 
58.9
%
 
58.6
%
 
30
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
Total gross margin
 
$
314,187

 
$
315,602

 
(0.4)
 %
 
$
1,270,123

 
$
1,283,694

 
(1.1)
 %
Site level operating expenses
 
203,754

 
204,776

 
(0.5)
 %
 
826,705

 
833,323

 
(0.8)
 %
Site level operating expenses as a
   percentage of nonfuel revenues
 
51.8
%
 
52.7
%
 
(90
)pts
 
51.7
%
 
52.2
%
 
(50
)pts
Site level gross margin in excess of
   site level operating expenses
 
$
110,433

 
$
110,826

 
(0.4)
 %
 
$
443,418

 
$
450,371

 
(1.5)
 %


12




TRAVELCENTERS OF AMERICA LLC
SUPPLEMENTAL SAME SITE OPERATING DATA
(in thousands, except for number of locations, percentage amounts and fuel gross margin per gallon)


CONVENIENCE STORES SEGMENT SAME SITE OPERATING DATA
The following table presents operating data for the periods noted for all of the convenience stores in operation on December 31, 2017, that were operated by TA continuously since the beginning of the earliest period presented, with the exception of three convenience stores TA operates that are owned by an unconsolidated joint venture in which TA owns a noncontrolling interest. This data also excludes revenues and expenses at convenience stores TA does not operate, such as revenues from a dealer operated convenience store, and corporate level selling, general and administrative expenses. TA does not exclude locations from the same site comparisons as a result of capital improvements to the site or changes in the services offered.
 
 
Three Months Ended 
 December 31,
 
 
 
Year Ended
December 31,
 
 
Convenience Stores
 
2017
 
2016
 
Change
 
2017
 
2016
 
Change
Number of same site company
   operated convenience store
   locations
 
229

 
229

 

 
200

 
200

 

 
 
 
 
 
 
 
 
 
 
 
 
 
Fuel sales volume (gallons)
 
62,986

 
63,495

 
(0.8)
 %
 
227,102

 
232,534

 
(2.3)
 %
Fuel revenues
 
$
125,141

 
$
109,548

 
14.2
 %
 
$
430,417

 
$
385,053

 
11.8
 %
Fuel gross margin
 
13,816

 
12,995

 
6.3
 %
 
51,421

 
48,187

 
6.7
 %
Fuel gross margin per gallon
 
$
0.219

 
$
0.205

 
6.8
 %
 
$
0.226

 
$
0.207

 
9.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonfuel revenues
 
$
63,715

 
$
65,859

 
(3.3)
 %
 
$
238,097

 
$
239,341

 
(0.5)
 %
Nonfuel gross margin
 
22,448

 
22,326

 
0.5
 %
 
84,818

 
83,241

 
1.9
 %
Nonfuel gross margin percentage
 
35.2
%
 
33.9
%
 
130
pts
 
35.6
%
 
34.8
%
 
80
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
Total gross margin
 
$
36,264

 
$
35,321

 
2.7
 %
 
$
136,239

 
$
131,428

 
3.7
 %
Site level operating expenses
 
26,608

 
25,847

 
2.9
 %
 
99,399

 
96,819

 
2.7
 %
Site level operating expenses as a
   percentage of nonfuel revenues
 
41.8
%
 
39.2
%
 
260
pts
 
41.7
%
 
40.5
%
 
120
pts
Site level gross margin in excess of
   site level operating expenses
 
$
9,656

 
$
9,474

 
1.9
 %
 
$
36,840

 
$
34,609

 
6.4
 %


13




TRAVELCENTERS OF AMERICA LLC
BUSINESS SEGMENT INFORMATION (UNAUDITED)
(in thousands)


The following tables present business segment information for travel centers and convenience stores, or TA's reportable segments, for the three months ended and years ended December 31, 2017 and 2016.
 
Three Months Ended December 31, 2017
 
Travel
Centers
 
Convenience
Stores
 
Corporate
and Other
 
Consolidated
Revenues:
 
 
 
 
 
 
 
Fuel
$
965,366

 
$
125,141

 
$
19,251

 
$
1,109,758

Nonfuel
399,011

 
63,715

 
8,432

 
471,158

Rent and royalties from franchisees
2,917

 
53

 
879

 
3,849

Total revenues
1,367,294

 
188,909

 
28,562

 
1,584,765

 
 
 
 
 
 
 
 
Site level gross margin in excess of
   site level operating expenses
$
115,230

 
$
9,729

 
$
2,870

 
$
127,829

 
 
 
 
 
 
 
 
Corporate operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
 
 
 
 
$
39,352

 
$
39,352

Real estate rent
 
 
 
 
70,385

 
70,385

Depreciation and amortization
 
 
 
 
37,253

 
37,253

Loss from operations
 
 
 
 
 
 
(19,161
)
 
 
 
 
 
 
 
 
Acquisition costs
 
 
 
 
11

 
11

Interest expense, net
 
 
 
 
7,254

 
7,254

Loss from equity investees
 
 
 
 
(643
)
 
(643
)
Loss before income taxes
 
 
 
 
 
 
(27,069
)
Benefit for income taxes
 
 
 
 
6,476

 
6,476

Net loss
 
 
 
 
 
 
(20,593
)
Less: net income for noncontrolling interests
 
 
 
 
 
 
32

Net loss attributable to common shareholders
 
 
 
 
 
 
$
(20,625
)
Supplemental data:
Gross margin:
 
 
 
 
 
 
 
Fuel
$
83,634

 
$
13,816

 
$
325

 
$
97,775

Nonfuel
235,746

 
22,448

 
5,738

 
263,932

Rent and royalties from franchisees
2,917

 
53

 
879

 
3,849

Total gross margin
$
322,297

 
$
36,317

 
$
6,942

 
$
365,556

 
 
 
 
 
 
 
 
Site level operating expenses
$
207,067

 
$
26,588

 
$
4,072

 
$
237,727




14




TRAVELCENTERS OF AMERICA LLC
BUSINESS SEGMENT INFORMATION (UNAUDITED)
(in thousands)


 
Three Months Ended December 31, 2016
 
Travel
Centers
 
Convenience
Stores
 
Corporate
and Other
 
Consolidated
Revenues:
 
 
 
 
 
 
 
Fuel
$
813,899

 
$
109,548

 
$
18,405

 
$
941,852

Nonfuel
388,670

 
65,859

 
8,050

 
462,579

Rent and royalties from franchisees
3,072

 
57

 
1,088

 
4,217

Total revenues
1,205,641

 
175,464

 
27,543

 
1,408,648

 
 
 
 
 
 
 
 
Site level gross margin in excess of
   site level operating expenses
$
115,267

 
$
9,472

 
$
3,228

 
$
127,967

 
 
 
 
 
 
 
 
Corporate operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
 
 
 
 
$
37,265

 
$
37,265

Real estate rent
 
 
 
 
67,460

 
67,460

Depreciation and amortization
 
 
 
 
27,844

 
27,844

Loss from operations
 
 
 
 
 
 
(4,602
)
 
 
 
 
 
 
 
 
Acquisition costs
 
 
 
 
165

 
165

Interest expense, net
 
 
 
 
7,054

 
7,054

Income from equity investees
 
 
 
 
972

 
972

Loss before income taxes
 
 
 
 
 
 
(10,849
)
Benefit for income taxes
 
 
 
 
4,304

 
4,304

Net loss
 
 
 
 
 
 
(6,545
)
Less: net loss for noncontrolling interests
 
 
 
 
 
 
(52
)
Net loss attributable to common shareholders
 
 
 
 
 
 
$
(6,493
)
Supplemental data:
Gross margin:
 
 
 
 
 
 
 
Fuel
$
87,915

 
$
12,995

 
$
140

 
$
101,050

Nonfuel
228,601

 
22,326

 
5,426

 
256,353

Rent and royalties from franchisees
3,072

 
57

 
1,088

 
4,217

Total gross margin
$
319,588

 
$
35,378

 
$
6,654

 
$
361,620

 
 
 
 
 
 
 
 
Site level operating expenses
$
204,321

 
$
25,906

 
$
3,426

 
$
233,653





15




TRAVELCENTERS OF AMERICA LLC
BUSINESS SEGMENT INFORMATION (UNAUDITED)
(in thousands)


 
Year Ended December 31, 2017
 
Travel
Centers
 
Convenience
Stores
 
Corporate
and Other
 
Consolidated
Revenues:
 
 
 
 
 
 
 
Fuel
$
3,533,121

 
$
480,917

 
$
76,874

 
$
4,090,912

Nonfuel
1,636,009

 
269,854

 
38,318

 
1,944,181

Rent and royalties from franchisees
12,304

 
215

 
3,981

 
16,500

Total revenues
5,181,434

 
750,986

 
119,173

 
6,051,593

 
 
 
 
 
 
 
 
Site level gross margin in excess of
   site level operating expenses
$
463,833

 
$
40,554

 
$
9,895

 
$
514,282

 
 
 
 
 
 
 
 
Corporate operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
 
 
 
 
$
154,663

 
$
154,663

Real estate rent
 
 
 
 
277,127

 
277,127

Depreciation and amortization
 
 
 
 
128,416

 
128,416

Loss from operations
 
 
 
 
 
 
(45,924
)
 
 
 
 
 
 
 
 
Acquisition costs
 
 
 
 
247

 
247

Interest expense, net
 
 
 
 
29,962

 
29,962

Income from equity investees
 
 
 
 
1,088

 
1,088

Loss before income taxes
 
 
 
 
 
 
(75,045
)
Benefit for income taxes
 
 
 
 
84,439

 
84,439

Net income
 
 
 
 
 
 
9,394

Less: net income for noncontrolling interests
 
 
 
 
 
 
132

Net income attributable to common shareholders
 
 
 
 
 
 
$
9,262

Supplemental data:
Gross margin:
 
 
 
 
 
 
 
Fuel
$
336,253

 
$
57,227

 
$
699

 
$
394,179

Nonfuel
964,438

 
94,516

 
25,398

 
1,084,352

Rent and royalties from franchisees
12,304

 
215

 
3,981

 
16,500

Total gross margin
$
1,312,995

 
$
151,958

 
$
30,078

 
$
1,495,031

 
 
 
 
 
 
 
 
Site level operating expenses
$
849,162

 
$
111,404

 
$
20,183

 
$
980,749



16




TRAVELCENTERS OF AMERICA LLC
BUSINESS SEGMENT INFORMATION (UNAUDITED)
(in thousands)


 
Year Ended December 31, 2016
 
Travel
Centers
 
Convenience
Stores
 
Corporate
and Other
 
Consolidated
Revenues:
 
 
 
 
 
 
 
Fuel
$
3,036,861

 
$
420,747

 
$
72,541

 
$
3,530,149

Nonfuel
1,615,405

 
263,577

 
24,641

 
1,903,623

Rent and royalties from franchisees
13,628

 
306

 
3,418

 
17,352

Total revenues
4,665,894

 
684,630

 
100,600

 
5,451,124

 
 
 
 
 
 
 
 
Site level gross margin in excess of
   site level operating expenses
$
468,912

 
$
36,660

 
$
10,227

 
$
515,799

 
 
 
 
 
 
 
 
Corporate operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
 
 
 
 
$
139,052

 
$
139,052

Real estate rent
 
 
 
 
262,298

 
262,298

Depreciation and amortization
 
 
 
 
92,389

 
92,389

Income from operations
 
 
 
 
 
 
22,060

 
 
 
 
 
 
 
 
Acquisition costs
 
 
 
 
2,451

 
2,451

Interest expense, net
 
 
 
 
27,815

 
27,815

Income from equity investees
 
 
 
 
4,544

 
4,544

Loss before income taxes
 
 
 
 
 
 
(3,662
)
Benefit for income taxes
 
 
 
 
1,733

 
1,733

Net loss
 
 
 
 
 
 
(1,929
)
Less: net income for noncontrolling interests
 
 
 
 
 
 
89

Net loss attributable to common shareholders
 
 
 
 
 
 
$
(2,018
)
Supplemental data:
Gross margin:
 
 
 
 
 
 
 
Fuel
$
352,361

 
$
51,900

 
$
516

 
$
404,777

Nonfuel
946,308

 
90,047

 
16,722

 
1,053,077

Rent and royalties from franchisees
13,628

 
306

 
3,418

 
17,352

Total gross margin
$
1,312,297

 
$
142,253

 
$
20,656

 
$
1,475,206

 
 
 
 
 
 
 
 
Site level operating expenses
$
843,385

 
$
105,593

 
$
10,429

 
$
959,407




(End)

17

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