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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TravelCenters of America Inc | NASDAQ:TA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 86.00 | 84.21 | 88.25 | 0 | 01:00:00 |
TravelCenters of America LLC (Nasdaq: TA) today announced financial results for the three months ended March 31, 2017:
(in thousands, except per share and per gallon amounts unless indicated otherwise) Three Months EndedMarch 31, 2017 2016 Total revenues $ 1,390,766 $ 1,149,822 Loss before income taxes (48,716 ) (15,621 ) Net loss attributable to common shareholders (29,424 ) (9,944 ) Net loss per common share attributable to common shareholders (basic and diluted) $ (0.74 ) $ (0.26 ) Supplemental Data: Fuel sales volume (gallons): Diesel fuel 394,705 422,400 Gasoline 119,451 118,604 Total fuel sales volume (gallons) 514,156 541,004 Total fuel revenues $ 935,296 $ 709,528 Fuel gross margin 85,585 91,701 Fuel gross margin per gallon $ 0.166 $ 0.170 Total nonfuel revenues $ 451,374 $ 436,018 Nonfuel gross margin 255,375 244,315 Nonfuel gross margin percentage 56.6 % 56.0 % EBITDA(1) $ (9,555 ) $ 11,725(1) A reconciliation from net loss attributable to common shareholders to earnings before interest, taxes and depreciation and amortization, or EBITDA, appears in the supplemental data below. TA believes that net loss attributable to common shareholders is the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP.
Thomas M. O'Brien, TA's CEO, made the following statement regarding the 2017 first quarter results:
"Major contributors to the $33.1 million increase in the loss before income taxes of $48.7 million in the 2017 first quarter compared to the loss before income taxes of $15.6 million in the 2016 first quarter were as follows:
The increases in depreciation and amortization and in rent described above resulted from our expansion activities during 2016 and the $5.2 million of increased non-cash charges described above. Our results included a $2.5 million sequential improvement in site level gross margin in excess of site level operating expenses contributed by our recently acquired locations during the 12 months ended March 31, 2017, versus the 12 months in 2016, and we believe that the soft market environment during the 2017 first quarter prevented a larger improvement. I remain confident in the prospect of realizing the expected results from these investments."
First Quarter 2017 Business Commentary
Fuel sales volume decreased by 26.8 million gallons, or 5.0%, and same site fuel sales volume decreased by 34.6 million gallons, or 6.6%, each in the 2017 first quarter compared to the 2016 first quarter. TA believes fuel volume decreases experienced during the 2017 first quarter resulted from comparatively weak consumer demand for gasoline, a relatively soft trucking freight environment and continued fuel efficiency gains, especially by TA's commercial diesel fuel customers. Fuel revenue increased by $225.8 million, or 31.8%, in the 2017 first quarter compared to the 2016 first quarter primarily due to higher market prices for fuel. Fuel gross margin decreased by $6.1 million ($0.004 per gallon), to $85.6 million ($0.166 per gallon) primarily as a result of the impact of lower demand in the first quarter 2017, reactive pricing strategies by TA's competitors and TA's reactions thereto.
Nonfuel revenue increased $15.4 million, or 3.5%, in the 2017 first quarter compared to the 2016 first quarter due to an $18.9 million increase attributable to sites acquired since the beginning of the 2016 first quarter, partially offset by a $3.5 million same site decline due to planned closure or conversion of certain restaurants ($1.9 million) and generally decreased sale prices for TA's new commercial tire initiative ($1.4 million) designed to increase volume and eventually improve profits. Nonfuel gross margin increased $11.1 million, or 4.5%, in the 2017 first quarter compared to the 2016 first quarter due to a $10.0 million increase from sites acquired and developed since the beginning of the 2016 first quarter, and a $1.1 million, or 0.5%, increase in same site nonfuel gross margin. Same site nonfuel gross margin in the 2017 first quarter was 56.8% of nonfuel revenue, compared to 56.1% in the 2016 first quarter, a change largely attributable to the positive impact of TA's purchasing and pricing strategies and TA's marketing initiatives.
Site level operating expenses increased $11.9 million, or 5.1%, in the 2017 first quarter compared to the 2016 first quarter primarily due to a $10.6 million increase due to sites acquired since the beginning of the 2016 first quarter. Excluding the $1.8 million of increased transaction fees withheld by FleetCor/Comdata, site level operating expenses decreased $0.5 million on a same site basis. On a same site basis, site level operating expenses as a percentage of nonfuel revenues increased versus the prior year quarter by 0.7 percentage points to 54.3%. The change in this percentage is primarily due to the increased transaction fees withheld by FleetCor/Comdata.
Selling, general and administrative expenses for the 2017 first quarter increased $9.8 million, or 31.8%, compared to the 2016 first quarter, primarily attributable to litigation costs of $6.4 million related to TA's dispute with FleetCor/Comdata.
Real estate rent expense increased $4.5 million, or 7.0%, in the 2017 first quarter compared to the 2016 first quarter primarily resulting from additional rent on assets sold to and leased back from Hospitality Properties Trust, or HPT, in 2016 including some sites that TA developed and sold to HPT for the development cost.
Net loss attributable to common shareholders for the 2017 first quarter was $29.4 million ($0.74 per common share) compared to $9.9 million ($0.26 per common share) for the 2016 first quarter, resulting principally from the factors discussed above.
EBITDA for the 2017 first quarter decreased by $21.3 million, or 181.5%, as compared to the 2016 first quarter. EBITDA decreased primarily as a result of the changes in fuel gross margin, site level operating expenses, selling, general and administrative expenses and real estate rent expense noted above. A reconciliation from net loss attributable to common shareholders to EBITDA appears in the supplemental data below.
Travel Centers Segment
Both fuel and nonfuel revenues increased, resulting in an increase in total revenues of $190.7 million, or 18.9%, in the 2017 first quarter as compared to the 2016 first quarter. The increase in total revenues was primarily due to increases in market prices for fuel and from development properties opened in 2016 and 2017.
Site level gross margin in excess of site level operating expenses decreased in the 2017 first quarter by $9.5 million, or 9.4%, as compared to the 2016 first quarter primarily due to a $7.5 million decline in fuel gross margin and the $1.8 million higher transaction fees withheld by FleetCor/Comdata.
On a same site basis, site level gross margin in excess of site level operating expenses decreased by $8.5 million, or 8.7%, in the 2017 first quarter due to decreases in fuel gross margin of $8.2 million due to the impact of lower demand in the first quarter 2017, reactive pricing strategies of TA's competitors and TA's response thereto, as well as an increase in site level operating expenses of $0.7 million due to increased FleetCor/Comdata transaction fees. Excluding the increased FleetCor/Comdata transaction fees, site level operating expenses decreased by $1.1 million, or 0.5%.
Convenience Stores Segment
Both fuel and nonfuel revenues increased, resulting in an increase in total revenues of $37.6 million, or 29.6%, in the 2017 first quarter compared to the 2016 first quarter. The increases in both fuel and nonfuel revenues were due to increases in market prices for fuel and the impact of the 29 locations acquired since the beginning of the 2016 first quarter.
Site level gross margin in excess of site level operating expenses increased in the 2017 first quarter by $1.0 million, or 22.7%, as compared to the 2016 first quarter due to improvements at same sites and locations acquired since the beginning of the 2016 first quarter.
On a same site basis, site level gross margin in excess of site level operating expenses increased by $0.6 million, or 14.0%, in the 2017 first quarter due to increases in fuel ($0.5 million) and nonfuel ($0.7 million) gross margin primarily due to the impact of TA's continued ramp up of acquired sites, despite soft market conditions, partially offset by an increase in site level operating expenses.
Investment and Growth Activities
Since the beginning of 2011, when TA began its growth and acquisition program, to March 31, 2017, TA has invested $861.9 million to develop, purchase and improve travel centers, convenience stores and standalone restaurants. For the 12 months ended March 31, 2017, these investments produced site level gross margin in excess of site level operating expenses of $102.5 million, and, on a sequential basis, $2.5 million, or 2.5%, greater than site level gross margin in excess of site level operating expenses for the 12 months ended December 31, 2016. This change is attributable to the net effect of an increase in fuel gross margin ($0.6 million), an increase in nonfuel gross margin ($10.3 million) and an increase in site level operating expenses ($9.4 million). Excluded from the results above is a development property that was completed in late March 2017.
TA believes that its investments require a period after they are developed or acquired and upgrades are completed to reach expected stabilized financial results, generally three years for travel centers and one year for convenience stores.
TA acquired 36 travel centers during the 2011 to March 31, 2017, period which are included in the "Travel Centers Segment Same Site Operating Data" for the three months ended March 31, 2017 and 2016. As of March 31, 2017, TA invested $312.3 million (including the cost of improvements) in these 36 locations, and they generated $52.8 million of site level gross margin in excess of site level operating expenses during the 12 months ended March 31, 2017, and, on a sequential basis, $1.5 million, or 2.7%, less than site level gross margin in excess of site level operating expenses for the 12 months ended December 31, 2016. This change is attributable to the net effect of a decline in fuel gross margin ($1.4 million), an increase in nonfuel gross margin ($0.1 million) and an increase in site level operating expenses ($0.2 million). Three locations were developed by TA for a total investment of $64.9 million, and they generated $5.0 million of site level gross margin in excess of site level operating expenses during the 12 months ended March 31, 2017; TA has operated these locations on average for less than a full year (one opened in each of January, March and May 2016). In late March 2017, TA completed the development of an additional travel center.
TA acquired 228 convenience stores during the 2013 to March 31, 2017, period. Of these stores, 199 are included in the "Convenience Store Segment Same Site Operating Data" for the three months ended March 31, 2017 and 2016. As of March 31, 2017, TA invested $394.3 million (including the cost of improvements) in these 199 locations, and they generated $33.4 million of gross margin in excess of site level operating expenses during the 12 months ended March 31, 2017, and, on a sequential basis, $0.5 million, or 1.6%, greater than site level gross margin in excess of site level operating expenses for the 12 months ended December 31, 2016. This change is attributable to the net effect of an increase in fuel gross margin ($0.5 million), an increase in nonfuel gross margin ($0.7 million) and an increase in site level operating expenses ($0.6 million). The remaining 29 locations were acquired by TA in 2016 for $49.0 million (including the cost of improvements), and these convenience stores generated $2.4 million of site level gross margin in excess of site level operating expenses during the 12 months ended March 31, 2017. Some of the 29 convenience stores TA acquired during 2016 were fully or partially out of service while being renovated during the 12 months ended March 31, 2017.
TA acquired one standalone restaurant during 2015, 50 during 2016 (40 of which were operated by franchisees) and six of those 50 from one of TA's franchisees in 2017. As of March 31, 2017, TA invested $41.3 million (including the cost of improvements) in these 51 locations, and they generated $8.9 million of site level gross margin in excess of site level operating expenses during the 12 months ended March 31, 2017, and, on a sequential basis, $1.5 million, or 21.1%, greater than site level gross margin in excess of site level operating expenses for the 12 months ended December 31, 2016.
Other Growth Initiatives
TA's business requires TA to deliver a myriad of goods and services to multiple customer types from each of TA's locations. TA's business, in particular the travel center segment, also requires significant capital expenditures to remain competitive.
In addition to the investments in new locations described above, TA made capital expenditures of $25.4 million in its business for the three months ended March 31, 2017, some of which were site improvements of the type TA typically sells to HPT for an increase in rent and some of which were not yet complete as of March 31, 2017. TA believes that approximately $16.8 million of this amount may be considered to be investments designed to provide incremental returns to TA, while the remainder, or $8.6 million, may be considered to be investments to maintain TA's competitive position. The returns on these investments may not exceed the cost of capital invested on a short term basis. TA does expect, however, that on a longer term basis, and especially during periods of economic and industry expansion, these investments may provide attractive returns.
TA is currently undertaking several internal growth initiatives that TA believes will be profitable and that are geared toward a combination of (a) developing and delivering new products and services to existing customers and (b) delivering products and services to new customers.
Conference Call:
On Tuesday, May 9, 2017, 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 ended March 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 10104381.
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 first 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 15 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, fresh food offerings and other convenience items. TA's standalone restaurants operate principally under the "Quaker Steak & Lube" brand name.
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:
THE INFORMATION CONTAINED IN TA'S PERIODIC REPORTS, INCLUDING TA'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2016, WHICH HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION, OR SEC, AND TA'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 2017, WHICH HAS BEEN OR WILL BE FILED WITH THE 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.
TRAVELCENTERS OF AMERICA LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
Three Months EndedMarch 31, 2017 2016 Revenues: Fuel $ 935,296 $ 709,528 Nonfuel 451,374 436,018 Rent and royalties from franchisees 4,096 4,276 Total revenues 1,390,766 1,149,822 Cost of goods sold (excluding depreciation): Fuel 849,711 617,827 Nonfuel 195,999 191,703 Total cost of goods sold 1,045,710 809,530 Operating expenses: Site level operating 245,915 234,050 Selling, general and administrative 40,812 30,966 Real estate rent 67,999 63,529 Depreciation and amortization 31,800 20,525 Total operating expenses 386,526 349,070 Loss from operations (41,470 ) (8,778 ) Acquisition costs 140 969 Interest expense, net 7,384 6,821 Income from equity investees 278 947 Loss before income taxes (48,716 ) (15,621 ) Benefit for income taxes 19,315 5,677 Net loss (29,401 ) (9,944 ) Less: net income for noncontrolling interests 23 — Net loss attributable to common shareholders $ (29,424 ) $ (9,944 ) Net loss per common share attributable to common shareholders: Basic and diluted $ (0.74 ) $ (0.26 )These financial statements should be read in conjunction with TA's Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, to be filed with the U.S. Securities and Exchange Commission.
TRAVELCENTERS OF AMERICA LLC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
March 31, 2017 December 31, 2016 Assets Current assets: Cash and cash equivalents $ 37,646 $ 61,312 Accounts receivable, net 111,981 107,246 Inventory 197,949 204,145 Other current assets 25,585 29,358 Total current assets 373,161 402,061 Property and equipment, net 1,061,992 1,082,022 Goodwill 89,698 88,542 Other intangible assets, net 36,604 37,738 Other noncurrent assets 57,305 49,478 Total assets $ 1,618,760 $ 1,659,841 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 143,917 $ 157,964 Current HPT Leases liabilities 40,351 39,720 Other current liabilities 149,125 132,648 Total current liabilities 333,393 330,332 Long term debt, net 318,959 318,739 Noncurrent HPT Leases liabilities 378,426 381,854 Other noncurrent liabilities 62,981 75,837 Total liabilities 1,093,759 1,106,762 Shareholders' equity (39,518 and 39,523 common shares outstandingat March 31, 2017 and December 31, 2016, respectively)
525,001 553,079 Total liabilities and shareholders' equity $ 1,618,760 $ 1,659,841These financial statements should be read in conjunction with TA's Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, to be filed with the U.S. Securities and Exchange Commission.
TRAVELCENTERS OF AMERICA LLCRECONCILIATION 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 calculates EBITDA as earnings before interest, taxes and depreciation and amortization, as shown below. 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. This information should not be considered as an alternative to net income or 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 attributable to common shareholders 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 attributable to common shareholders for the three months ended March 31, 2017 and 2016.
Three Months EndedMarch 31, 2017 2016 Calculation of EBITDA: Net loss attributable to common shareholders $ (29,424 ) $ (9,944 ) Add: benefit for income taxes (19,315 ) (5,677 ) Add: depreciation and amortization 31,800 20,525 Add: interest expense, net 7,384 6,821 EBITDA $ (9,555 ) $ 11,725TRAVELCENTERS OF AMERICA LLCSUPPLEMENTAL SAME SITE OPERATING DATA(in thousands, except number of locations and per gallon amounts unless indicated otherwise)
CONSOLIDATED SAME SITE OPERATING DATA
The following table presents consolidated operating data for the periods noted for all of the locations in operation on March 31, 2017, that were operated by TA continuously since the beginning of the earliest period presented, with the exception of five 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 EndedMarch 31, 2017 2016 Change Number of same site company operated locations 420 420 — Diesel sales volume (gallons) 385,540 416,877 (7.5 ) % Gasoline sales volume (gallons) 107,758 111,068 (3.0 ) % Total fuel sales volume (gallons) 493,298 527,945 (6.6 ) % Fuel revenues $ 897,152 $ 691,171 29.8 % Fuel gross margin 83,383 91,055 (8.4 ) % Fuel gross margin per gallon $ 0.169 $ 0.172 (1.7 ) % Nonfuel revenues $ 428,666 $ 432,201 (0.8 ) % Nonfuel gross margin 243,386 242,280 0.5 % Nonfuel gross margin percentage 56.8 % 56.1 % 70 pts Total gross margin $ 326,769 $ 333,335 (2.0 ) % Site level operating expenses 232,809 231,486 0.6 % Site level operating expenses as a percentage of nonfuel revenues 54.3 % 53.6 % 70 pts Site level gross margin in excess of site level operating expenses $ 93,960 $ 101,849 (7.7 ) %TRAVELCENTERS OF AMERICA LLCSUPPLEMENTAL SAME SITE OPERATING DATA(in thousands, except number of locations and per gallon amounts unless indicated otherwise)
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 March 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 EndedMarch 31, Travel Centers 2017 2016 Change Number of same site company operated travel center locations 220 220 — Diesel sales volume (gallons) 381,904 413,544 (7.7 ) % Gasoline sales volume (gallons) 60,256 61,625 (2.2 ) % Total fuel sales volume (gallons) 442,160 475,169 (6.9 ) % Fuel revenues $ 804,609 $ 620,507 29.7 % Fuel gross margin 73,274 81,471 (10.1 ) % Fuel gross margin per gallon $ 0.166 $ 0.171 (2.9 ) % Nonfuel revenues $ 374,941 $ 379,428 (1.2 ) % Nonfuel gross margin 224,328 223,937 0.2 % Nonfuel gross margin percentage 59.8 % 59.0 % 80 pts Total gross margin $ 297,602 $ 305,408 (2.6 ) % Site level operating expenses 208,643 207,945 0.3 % Site level operating expenses as a percentage of nonfuel revenues 55.6 % 54.8 % 80 pts Site level gross margin in excess of site level operating expenses $ 88,959 $ 97,463 (8.7 ) %TRAVELCENTERS OF AMERICA LLCSUPPLEMENTAL SAME SITE OPERATING DATA(in thousands, except number of locations and per gallon amounts unless indicated otherwise)
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 March 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 EndedMarch 31, Convenience Stores 2017 2016 Change Number of same site company operated conveniencestore locations
200 200 — Fuel sales volume (gallons) 51,138 52,776 (3.1 ) % Fuel revenues $ 92,543 $ 70,664 31.0 % Fuel gross margin 10,109 9,584 5.5 % Fuel gross margin per gallon $ 0.198 $ 0.182 8.8 % Nonfuel revenues $ 53,725 $ 52,773 1.8 % Nonfuel gross margin 19,058 18,343 3.9 % Nonfuel gross margin percentage 35.5 % 34.8 % 70 pts Total gross margin $ 29,167 $ 27,927 4.4 % Site level operating expenses 24,166 23,541 2.7 % Site level operating expenses as a percentage of nonfuel revenues 45.0 % 44.6 % 40 pts Site level gross margin in excess of site level operating expenses $ 5,001 $ 4,386 14.0 %TRAVELCENTERS OF AMERICA LLCBUSINESS SEGMENT INFORMATION(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 March 31, 2017 and 2016.
Three Months Ended March 31, 2017 TravelCenters ConvenienceStores Corporateand Other Consolidated Revenues: Fuel $ 814,141 $ 103,706 $ 17,449 $ 935,296 Nonfuel 381,412 60,702 9,260 451,374 Rent and royalties from franchisees 3,029 54 1,013 4,096 Total revenues 1,198,582 164,462 27,722 1,390,766 Site level gross margin in excess of site level operating expenses $ 91,563 $ 5,363 $ 2,215 $ 99,141 Corporate operating expenses: Selling, general and administrative $ 40,812 $ 40,812 Real estate rent 67,999 67,999 Depreciation and amortization 31,800 31,800 Loss from operations (41,470 ) Acquisition costs 140 140 Interest expense, net 7,384 7,384 Income from equity investees 278 278 Loss before income taxes (48,716 ) Benefit for income taxes 19,315 19,315 Net loss (29,401 ) Less: net income for noncontrolling interests 23 Net loss attributable to common shareholders $ (29,424 )Supplemental data:
Gross margin Fuel $ 74,254 $ 11,245 $ 86 $ 85,585 Nonfuel 228,211 21,115 6,049 255,375 Rent and royalties from franchisees 3,029 54 1,013 4,096 Total gross margin $ 305,494 $ 32,414 $ 7,148 $ 345,056 Site level operating expenses $ 213,931 $ 27,051 $ 4,933 $ 245,915TRAVELCENTERS OF AMERICA LLCBUSINESS SEGMENT INFORMATION(in thousands)
Three Months Ended March 31, 2016 TravelCenters ConvenienceStores Corporateand Other Consolidated Revenues: Fuel $ 622,580 $ 72,631 $ 14,317 $ 709,528 Nonfuel 381,183 54,123 712 436,018 Rent and royalties from franchisees 4,142 134 — 4,276 Total revenues 1,007,905 126,888 15,029 1,149,822 Site level gross margin in excess of site level operating expenses $ 101,031 $ 4,371 $ 840 $ 106,242 Corporate operating expenses: Selling, general and administrative $ 30,966 $ 30,966 Real estate rent 63,529 63,529 Depreciation and amortization 20,525 20,525 Loss from operations (8,778 ) Acquisition costs 969 969 Interest expense, net 6,821 6,821 Income from equity investees 947 947 Loss before income taxes (15,621 ) Benefit for income taxes 5,677 5,677 Net loss (9,944 ) Less: net income for noncontrolling interests — Net loss attributable to common shareholders $ (9,944 )Supplemental data:
Gross margin Fuel $ 81,800 $ 9,789 $ 112 $ 91,701 Nonfuel 224,983 18,777 555 244,315 Rent and royalties from franchisees 4,142 134 — 4,276 Total gross margin $ 310,925 $ 28,700 $ 667 $ 340,292 Site level operating expenses $ 209,894 $ 24,329 $ (173 ) $ 234,050
View source version on businesswire.com: http://www.businesswire.com/news/home/20170509005363/en/
TravelCenters of America LLCKatie Strohacker, 617-796-8251Senior Director of Investor Relationswww.ta-petro.com
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