FOR IMMEDIATE RELEASE
Kristin Brown, Director of Investor Relations
TravelCenters of America Inc. Announces Third Quarter 2020 Financial Results
Net Income Per Share of Common Stock Attributable to Common Stockholders of $0.61 for the 2020 Third Quarter
Adjusted Net Income Per Share of Common Stock Attributable to Common Stockholders of $0.65 for the 2020 Third Quarter
Net Income Increased 362.4% and Adjusted EBITDAR Increased 10.0% for the 2020 Third Quarter Over Prior Year Period
Westlake, OH (November 4, 2020): TravelCenters of America Inc. (Nasdaq: TA) today announced financial results for the quarter and nine months ended September 30, 2020.
Jonathan M. Pertchik, TA's CEO, made the following statement regarding the 2020 third quarter results:
"Despite the continued challenges presented by the global pandemic and the corresponding economic recession, we generated increases of 362.4% in net income, 29.9% in adjusted EBITDA and 10.0% in adjusted EBITDAR over the prior year third quarter. Fuel gross margin increased slightly by 0.8% over the prior year period driven by a significant increase in diesel fuel sales volume and the federal biodiesel blenders' tax credit. Four wheel traffic, which is reflected in gasoline sales volume, remained down over the prior year period and low volatility in the diesel fuel wholesale market caused fuel gross margin per gallon to decline compared to last year. Overall nonfuel revenues decreased 3.7% over the prior year period driven almost entirely by a reduction in revenues at our full service restaurants, many of which remain closed due to precautions taken in response to COVID-19. However, certain of our transformation initiatives have resulted in solid improvements in our store and retail, quick service restaurant and truck service departments, as well as improved revenues from diesel exhaust fluid. Although adjusted fuel gross margin and nonfuel revenues decreased 4.7% during the 2020 third quarter, our adjusted EBITDAR margin increased to 19.4% as compared to 16.8% for the prior year period. This improvement was a direct result of our sound discipline in managing expenses."
Reconciliations to GAAP:
Adjusted net income (loss), adjusted net income (loss) per share of common stock attributable to common stockholders, adjusted fuel gross margin, adjusted fuel gross margin per gallon, adjusted fuel gross margin and nonfuel revenues, EBITDA, adjusted EBITDA, adjusted EBITDAR and adjusted EBITDAR margin are non-GAAP financial measures. The U.S. generally accepted accounting principles, or GAAP, financial measures that are most directly comparable to the non-GAAP measures disclosed herein are included in the supplemental tables below.
The following information was filed by Travelcenters Of America Llc (TA) on Wednesday, November 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.