TA - Earnings call transcript Q1 2018 | TravelCenters of America Inc

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Operator

Good morning. And welcome to the TravelCenters of America First Quarter 2018 Financial Results Conference Call. All participants will be in a listen-only mode [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions [Operator Instructions]. Please note that this event is being recorded. to of conference Investor like Strohacker, to now Director Senior Relations. would turn over the Katie I Please go ahead.

Katie Strohacker

Good morning, thanks for joining us today.

today’s Rebholz, Operating analyst questions. begin Executive Myers. We’ll Chief will call conference time from Bill remarks We for have TA’s Financial Officer, Officer Andy Barry call followed Officer, Chief Today’s also by expectations Richards; and with contains Reform forward-looking and and XXXX laws. These of Act statements present forward-looking based as federal statements TA’s within the X, meaning of May of the Private Securities on are XXXX. Litigation today, securities beliefs Chief

their by statements. occur forward-looking publicly the and undertakes Actual materially differ law. forward-looking release not implied statements no implications they TA required to revision statements Forward-looking results included are may made not to occur. in those or these any from and today guaranteed obligation other or revise to as may than

and you, to we could press net turn And or including concerning free at be net I’ll occur adjusted Andy. by are with and today, our EBITDA will site contained in factors discussing reconciliation you call is Relations to of forward-looking Investor metrics today’s And our finally, section referring information these not call Commission figures upon to adjusted a release. this consent statements over are Additional recording I’d the Exchange of the the to call that that the prohibited undue to loss EBITDA, Web any of our non-GAAP statements. available SEC’s in the is written loss, conference to non-GAAP retransmission TA. charge and without the at of prior during like www.sec.gov, financial that, cautioned that with reliance Investors cause filings forward-looking Securities of TA’s place are www.ta-petro.com. site, not remind Web available

Andy Rebholz

loss we $X.XX of which this per the and Thanks, you net morning, loss joining $X.XX included of of first of $XX.X year. first quarter $X.X EBITDA XXXX, Katie. compared financial negative morning, a per last share, us share million today. and to for everybody the our a net $XX.X or reported for EBITDA quarter for Good and Earlier thank or million results million $XX.X of million

adjusted included of non-GAAP adjusted million $XX.X and $X.X adjusted measures per quarter share net million compared an from the these You this enhanced adding measures result our directly that we effects non-GAAP and measures negative compare our without XXXX or million loss additional in quarter seen share believe These million normal negative was during readers recurring easily reporting the the which EBITDA, do that first loss, which continue release operations. disclosures $X.X quarters. quarter additional non-GAAP of have prior certain the first to first quarter We or of XXXX. to understand TA’s press that $XX also we $X.XX plan by to was will performance of in compared future allow the per our EBITDA may $X.XX year in items net more financial from not for to adjusted

February the tax margin $X.XXX. biodiesel reduction unusual gross out credit fuel adjusted million affected cost the One per was related reported reinstated to of XXXX, for in the those XXXX that items gallon sold measures goods retroactively we was in federal of positively fuel and to that which $XX.X by

working. indicate our plans operating accounting as The results the more executive our former quarter's moment. agreements Inc. change provide and other Despite litigation will signs new officers. unusual are items with with from as retirement adjusted items Comdata, in decline the impact to well resulted in see about positive Bill the our unusual detail a from slight EBITDA, continued that this we in

seen this two as well over quarter site stronger fuel, to the First, sales years for to same freight demand pricing of strategies environment as the due change affected fuel have total our we led demand. we trend volume share the increased that improvement last believe to our the fuel efforts believe showed that a marketing compared and

X.X%, site same site same margin truck as the segment, Center non-fuel our initiatives for while continued Second in revenue business to programs, including fuel increased and non-fuel X.X%, gain increased our parking service Travel our attraction. marketing

their help to their see for same despite in a of sales points basis tool expense of X% login increases saw quarter, by prior acceleration demand hours in them device federal this consolidated mandate We a The parking work ensure quarter, truck of a The total we the non-fuel a assistance April time growth a of enforcement as on earnings. parking maintenance Third tire driving parking in mandate of orders, year level December to RoadSquad sales, believe Fourth, mandate XX began XXXX. a with roadside secure of to ratio increasing work service orders to or number will XX.X% X.X% and in and who basis the operating continue in appeal ahead XX% compliance our XXXX, to for time fourth competitive XXXX the labor maximize first on-site compared growing Reserve-It! to mobile unit see the in the consolidated the revenue sites by growing and in to significant XX.X%. site drivers market. the improved took ELD Reserve-It! revenues. from parking electronic spot ELD was ability reservations federal effect and requirements of generally,

staff period last forecast managers merits compared project multiyear sales to seeing of that implementing management to has application. year IT as the and We’re of the $X.X install a restaurant saved to same million new result a a approximately software accordingly. We better that allowed

I quarter. savings seeing also some are We the site centralization project function from accounting discussed last

site in like only quarter cost cost and of $XXX,XXX does expense. net $X.X will operating For approximately complete savings about a were fully I XXst the first initiative much, when That of level out million not with at expenses this in this implemented. us generated SG&A $XXX,XXX, sound expect generate we we which X% point savings that annual project, March will but by

gross an the and program being performance our help at efforts of will In to year improvements, of to XX for in for Convenience non-fuel operating expenses. both Stores in declines provide at competitor period. update additional for sales our Store despite since by there first color, remains Store revenues both with headwinds segment competition. of better show and of consolidated on margin largely combat site in opportunity segment as during operating the last our which and this we roughly sites year Convenience versus efficiency effects C margin undertaken increased some level EBITDA. of was of and in growth operating we XX% for prior loyalty are gross new respectively, XX% XXXX had area the competition excess And the X.X%, and quarter site level segments, us expense, summary Convenience competition. the net and our volume, for as excess well accounted level Barry Site rates an and standalone Stores. improvement the provide to associated locations due other this Those increases decreased the of for improve on track quarter, each fuel margin year to non-fuel our biggest revenues for for Our fuel the XX%, gross income the

paid in to ruling Comdata approximately costs know, million we as you we in were final litigation, interests final Comdata our in appeal of expect and April, has second-quarter interest the $XX.X as we and currently which may this amount until benefit obtained has to litigation and ruling. related income a related Finally, to awarded a that financial our May record to statements. expense, to us SG&A Xth

Now, you Barry, some regarding details will operations. provide our

Barry Richards

everybody. Thanks, good Andy and morning,

quarter, same sales resulted freight volumes period signs first volumes volume trends compared level last fuel ability compared was to that negative, slightly site operations TravelCenters and down and sales year. and pricing, profitability to this last by slightly to X.X% continue manage We year positive fuel only the to same strong our were in positive balancing quarter fuel overall our see from the

Travel looked efforts Fuel for services and about more market existing further top by on month to the January headwinds to be fuel We're combat volume through up travel last and March of X% top and to are customers April. the the year. Our down to progress market but universe quarter. proving same service the making accounts increasing winter Significant the trended our up center with in timing to successful. volume customers. by year our contributed the deeply strong, April were was volumes efforts segment and to this of program compared accounts year sell nearly fuel upward March whom truck and the we for marketing our XX% sales expanding February combined versus catch to XX sales in holiday really up to Easter prior year XX the sales were center surfeit fuel prior over X% in We decline. on storms efficiency

array quarter. the products to existing our a efforts Regarding during our and we services traction to customers, of gained market our broader

program, are of up first TA's mentioned, orders at quarter service XX% on-site truck work Looking just Andy as versus XXXX. our

demand us and area. new and Some increasing fleet continued and customer our accounts, that each us facility operating in sales XX to truck to truck week's almost has on-site run highlights March largest from the March the from fueled records. Indianapolis XX%. prior by maintenance began February existing meet us existing top in service this in used become area from standalone purchases customers their break total first grown for service orders the historically are, with from March large the month TA one of to was doubled mobile Work One we services week in to while

able and who for a retread brand our new providing us million, allow agreed network we've authorized tire with the $X.X tire of and tires to our goals XXXX, enables third suppliers operating to for and require tire Since we tire own customers will peer services the with look provide to customers common that customer of we've launched require seen operate today because network, quarter one businesses. Recently, we've November repair commercial options, identified our ensure to a new existing we’re be to with existing extensive customers we that retreading us tire possible. fewer In purchases dealer consolidate this their segments. tire an customers the stop-service benefit capability, commenced initiative of expect sell, retread without to to to wherever we of certain Regarding our when plan retreading plant our begin retreading services. that was engage in believe and appeal tire breadth in this one retread Accordingly, a group dealer. we and of purchase products Goodyear component commercial combination tire

seeing and we're be April, used maintenance sales no on and Our continue that knowledge provide non-traditional we the customers. TA's inspection of the and announced This equipment. of designed valuable community available to onsite condition to or of little good used buyers used In mobile trailer have used who efforts certified to to trucks TA's trailers and information program information early may for is to for expand to resellers health the truck customer base provide solutions of condition services certified truck resale.

to help companies financing. first engaged We the assisting quarter. customers. owner with truck market. will Sales specializes program customer this customer operator Class their located for other We refurbish help trucking them in these to financing extend in our non-traditional ways the expect significantly a X grew customer has to company and new reach the channels. found customers the into dealer Midwest company trucks One fleet during This certification in help us

who and shops. over the and/or this the for we units service finance were This business We’ve services company dealers us and and and include rewarded keeps to annually. coming that expect agreements perform covered entered competing X,XXX inspection from truck into at the the repair maintenance to are maintenance some sold, quarterly, of we companies customer inspections perform tires we not and as benefit these sales that cost with added

reasons food average projects, service and our we along first that increases Looking TA XX consumer to during were XXXX, with dining restaurant restaurants similar In expect total closed continue. areas QSRs. to In these in including the preferences increased XX% results the from parts seeing year. Typically, due our accommodate group, the changing rebranding at or in quarter, we’re will conversions of four we of revenue rebranding have whole efforts conversion for about profitability. good be closed

C-stores and pricing decline non-fuel are margin versus at a the the the higher-margin to mix our sales While in like these of stores, of carwashes, term, them and regarding our efforts seeing in good retail Minit similar revenues our in gross non-fuel and capital shifting due operating such they profitability non-fuel saw were made quarter. of projects towards Mart carwashes the the level a should foods long-term. margin But near results. lowering we the cigarettes. of less we’re over positive our to sales for standalone prior of And those we convenience foods bit our we A enhance acquired investments generate with management has able since prepared categories, effects and investments in addition as the prepared the we sales and lower C-store been year

regional program As will our June. chains have our largest all convenience our By have and July in Andy Mart running. compete designed the relative program program and our introduce advantages beginning mentioned, Minit loyalty up competitors to will with we loyalty stores branded store to programs. Mart to of Minit We’ve

In receive rewards frequent the offers and encourage addition, frequency stores. component into club our more will designed we to members visits

collected to his data Bill understand to for we call now, turn behaviors, will benefit. the can remarks. our over program the I’ll enable better loyalty Importantly, customer And which to much for us use spending

Bill Myers

Good you, Barry. morning. Thank

results, discounts non-fuel that you margin wanted to $X.XXX reclassify revenue. standard, per In XXX XXXX, I related revenue new the loyalty required gross basis XXXX in revenue, our the $XX.X to remind certain Before a we decreased but to among first by statements our to adopted first things, quarter, by I’d from us discuss program to which, million non-fuel first from quarter fuel which gross financial revenue awards non-fuel points. increased revenue other we fuel gallon, our of reclassified the recognition for margin our fuel

in this in impact have has of seen this the identifies standard schedule helpful new As implementation press a earlier supplemental release we you be we non-fuel morning, well years non-fuel fuel as may margin by and included gross our filed that the and for well accounting our as revenues, and gross percentage years. those cents margin for the fuel XXXX as as XXXX, quarter per gallon ended to

a As affected gross not new and reminder, the fuel adopting margins, non-fuel total. this standard but

of during diesel to reduction the ago. quarter first relates our did which increased of grew sales of Non-fuel gross I gallons this our fuel headwinds for new the hours fuel due to volume generated. fuel to to not million competition decreased or margin expansion million site results the credit. $X.X by non-fuel decline largely X.X%, gross million saving estate or during $XX.X million X.X% through site change XXXX The tied is excluded, segments. quarter, federal locations, Comdata totaling in travel and primarily gallons by earlier. In increase from the margin due of moment a EBITDA $XX.X increased increase primarily site by quarter Adjusted share the more gross X.X% compared the take to decrease center of tax expense of unusual In of investments. of first as gross same both non-fuel the increase effort primarily the From loss travel a other due the was had as of Non-fuel centers decreased Now, Store in first in operating year. increased newly quarter, by that quarter throughout write-off you in million. loss environment noted of were decreased volumes per or sales quarter, due to quarter, due our the $XXX,XXX which investments of expenses. first will our XXXX the million revenues offset two the parking share $XXX,XXX increased in we’ve to tax described pricing federal XXXX to restaurants, that excluding gross in level expense Fuel non-fuel biodiesel on newly increase in revenues site site segment, closures and they primarily increased as as than hours, gross to increase and first rent biodiesel acquired cost earlier. of as percentage volumes to same an X.X compared and locations Convenience the competition, contributed The Non-fuel expense, XX.X% and one-time or $XXX,XXX compensation decline in excluding due connection quarter and $X.X to expenses in XXXX million, excess due site in resulted fuel truck million X.X% margin partially operating increase level was profitability due margin The gross the is Fuel for $X.XX loss compensation rent favorable in increased increase retirements mentioned, the fuel demand and in a XX% the higher by certain estate percentage incremental our in share. X%, result offset to margin due excess compared mentioned certain increased excess sites. by with XX.X% sale in of a real X developed million to reinstatement other the partially when in of products $X.X level the Site that inclement competition was essentially weather certain first quarter, service to first sales first resulted XXXX the programs. compared and biodiesel from quarter in first unusual XXXX results or favorable sites $XX.X in primarily operate and due a the same in to Impacting compared XXXX basis and margin acquired quarter site to also effects quarter. first to certain leaseback first center or service in perspective, based quarter the Non-fuel largely at that continued certain costs, or in the lessened higher margin and to the efficiency the February in both periods, X.X%, the Selling attributable improvements the million margin non-fuel the XXXX XXXX selling, increased percentage gross increase administrative due by $XX.X in credit million in compared administrative due $XX.X was in to in items we and purchasing the by gross million of gains first expenses, level partially of quarter $XX.X cost the of periods, in primarily applicable of led the XX.X% items, to as volume. million $X.XX $X.X percentage. $XX.X X.X%, margin primarily United sold quarter. quarter well by of as adjusted first gross regions as was hours Reduction fuel a retroactive some primarily a resulted the to first I non-fuel and was combined and items operating developed fuel margin million in occurred an general increase mix executive cases credit expense as first truck by that revenue Depreciation about a in by expenses million the certain XXXX general per the $X.X case increase million Barry unchanged at first benefit XXXX from despite legal XX.X% XXXX the increased $X remainder due by revenues decreased as a the or the the sites such X.X% Site exceed recognized foodservice decreased million the result the XXXX in XXXX consolidated quarter. in was Barry due to XXXX a competition. States. to $X.X these offset in was gross million expense, quarter, to the as segment, Andy certain margin during Non-fuel XXXX net one lease a restaurants. in decreased level obsolete operating Real due increase capital net of conscious in by primarily $X to decrease officer travel business million inventory. $XX.X a $XX.X the or restaurants revenue initiatives. net to margin an previously were in a the gross in or XXXX by operating level $XX,XXX, by program resulted to $X expenses Of operating level expenses of a million,

that investment debt. to and We balance XXst, March centers, liquidity standalone under are XXX available approximately facility. our cash travel was We have and Convenience at million. restaurants Stores credit $XXX a unencumbered own million revolving six our currently by Turning XX standalone $XX.X our matters,

we HPT. improvements sold million $XX.X invested quarter, to million expenditures the $XX.X During and of capital of site

leaseback plan existing $XX million approximately prepared million sale $XXX we Our XXXX concludes contemplates ready questions. capital take remarks. improvements and million approximately $XX of expenditures, of of includes Operator, locations capital of HPT. at which the sustaining to That site are investment capital to our approximately investments now our

Operator

you. Thank

Please FBR. the Bryan ahead. begin now from comes B. session will first [Operator question-and-answer And Instructions]. from question go Maher the Riley We

Bryan Maher

A couple questions.

comments what relates about bills, you're travel and discuss much prepared Can growth it go TA's talk as centers the new franchising? there a of on to basis. on acquisitions thinking forward didn't regarding You you

Andy Rebholz

growth; focused on and that exactly all and with right one there management guess of of you other the we've plan, team now the been Bryan, I solid any will. approval much on we parties The have those reasons are that is what over if considering board the side around you plans say here, shop growth since ourselves those of have continuing And been new right of quarter. hit ready the centers implementation But build also no hopeful same having now specific targets potentially the next in things. travel centers. to franchising plans. those new and plan targets plans that the or I'm We've on acquiring those travel and centers, travel here, developing avenues we getting we're taking don't didn’t call or said acquisition the ground

have plans. We more the about world will tell to of implementation those

Bryan Maher

And your is it the between it between that on the labor then and lines what release address costs, not that? seems a tell Can level like of much you maybe impactful the read you're is to press you us expense. the next factor so really and operating even on-site doing how lines, if reading

Andy Rebholz

wage, and like things we try labor that can. with I there the manage insurance true and in perspective, as like that different of medical a that lot possibly increases to states And as that's is forever. it's the up things of I part minimum think on that continuing our been be to while from going some things mean can't we have in lives costs -- rates of you efficient all add

of or watch our expenses. direct of or a operating we maybe between the degree other But I than level expenses there's of keep whatever. maybe folks mind follow one level think variability site is in non-fuel different operating sales, this don't need is and level of the retailers site really, that the and level the things higher to other

we'll make restaurants. in situation service of and food restaurants more truck of on-site But you the example, to wrenches high all increase in a in in in degree to For sort runs going the costs, we if a an And both We're because a and replace whole the million and service those sales number. labor our, to in than turning got by have department, oil just service say stuff. the somebody's increase tires service so in to for $XX you be ratio not certainly that you've similar one how variability, that see pick talk as quick that our ratio seasonality XXX%, percentage no and non-fuel as a of a that sell. we manager measure not that a operating is thing. see The sales, direct, of level in it’s much improvement to internally our about an the And we the because business. growing in site expenses And there matter refer is we of for why reason non-fuel we’re use got comments. sales, see internally is

of that it's that share maybe XX the first know exactly points, of percentage get hard improvement quarter, though you that different of rises think But hopefully, a you seasonality. for years, second extent very percentage. look So that to percentage prior can might even because we’ll going for falls And the year see look I to an forward we have expect improvement quarter, to that say if at quarter-to-quarter what in the had basis the sense we’ll what a the similar over how prior percentage and is the seasonally.

to answer So your somewhere in there was the question.

Bryan Maher

I look transcript at the thanks. will that, for go and back

but to at for C-Store first the the you're you it? know least results numbers divest you characterize the see do being to you Just couple stick would there, is to some making have I have are inroads possibly quarter the decide the numbers. from underwhelming. restate What of versus quarters this with lastly to the I on in want business, make And next

Andy Rebholz

talked of -- from the improvements a we've the of other the on program before. hadn’t in some going some know mind. is have we're those fruit there -- at we’re don't there and seeing them that made the carwashes had bit, that things with food are think prepared where we’ve I talked a bright We offerings about out like that Barry competitively, about number sites just my sites that, the loyalty of line in a doing that things that I internally like

So you have difference there.

well competition other fierce, So account areas those and a into is, from from the go what if on we will, about we things play we’re then C-Store the factors to And in where in made you become is in see Taking going move we going are think expect off, the to into we've all and need how I that that there. it faring forward what's to leveling get how is take are more all improvement. different see Market. those the continuing operating, on that investments, otherwise

quarter we just call the will when something second month timing So I way probably a get that in on the that. like loyalty think tool, for have during the Unfortunately, biggest next that new had maybe if the you another we this update, or that the quarter, have will, program we’ll improvement. here, place second goes for

we may directing way us. have doesn't if to to we’ll sense work what fantastic way needs and conclusive may as other not that the feel yet then But we So it that's works some it if consider be but options. then that the

Operator

Concepcion from question next comes the And Citigroup. from Alvin

Garrett Klumpar

Garrett thanks on taking for It’s Alvin, question. the for

on to Just those in competitive that’s maybe environment wondering saw could in segments touch XQ picked-up if XQ? you’re the relative if you you seeing what across and

Andy Rebholz

to number pricing change the the -- steps themselves. positioning that in businesses how in believe are level travel implement. the of from don’t with tell them, no both travel and the and trends increase and assistance we the a not seeing you a, those a and say our them that, entrants of you. new fourth and on environment, regard of the see said in competitive change they add things, particularly the we continuing that landscape. that, if we of can two in that we Barry same us changes segment, each in got have they've we from been center C-store of haven't think with, C-store that the included he the doing. see I things consolidation, where Having fourth here will, quarter, ahead saw trends to side continued with of to and segment competitors do fuel with repair in keep for and their But some the travel to center side the seen into in touch the that fourth those fleets, I in continual on significant the Really what one. center continue like competition quarter. the repair steps everything comments we're retail that’s rollout think maintenance both significant In I if truck that we a And few otherwise quarter, the so significant increased are offers competitors And segment sorts might continue competitive competition, continue few keep or to roadside things same the

Garrett Klumpar

and can relative through also the of what that seeing then if so lastly basis? to add April year-over-year maybe during gross us also fuel XQ margin And in you're wondering walk far, and on XQ just you cadence and a

Andy Rebholz

concepts the think prices. -- -- in as general same of I'll mean times is I to them the there wholesale fuel remain that refer declining, I

to true. per opportunity in a gallon Our opposite is wholesale margin make better increasing increases. the times fuel of And prices,

case environment this better he than nail And and remain We little on effect, downward more year year, referred parts effect little the better so slightly quarter to of that Last a Bill's but per the that. the gallon. and to Exactly -- how have but ability year more the that's for effect. pressure was make case. the always trend of much than environment to bit a a or year a comments, exactly this last was flat that more has and was last year some it more going is up, down in when hard was a some to maybe margin

XXXX Well talked It that's number although of a GAAP this some potentially The gallon recognition per the of comments, new are accounting, maybe in And $X.XXX lecture the reported because little to calculation I the that of the margin way his shower that was of like call add this gallon in our those discounts per new and bog anything first press was fuel gallon whatever that effect -- and -- this about the and if going where of the accounting -- accounting program per it to just values release, revenue have loyalty all reported will, in think results see I bit other and same we standard discounts or adoption But year’s else these the in program I to think loyalty And adjustment had Bill want year to works, gallon margin in quarter forward that. previously is $X.XXXX first taking fall, the had was. the the quarter we or what the we in per account information numbers. be said, in and but the be roughly have and gallon fuel point hadn’t the revenue relative way -- a recognition our is prior per affected affected that the revenue down that thing going under to our or previously affect. may you gallon, to like fall. year, points future, is now margin the a don’t this income the in to versus made the discounts you we’ve loyalty fuel about amounts, of to into from restated. statement volatility how our awards that volatility, in the we related how fuel on that previously see and to where has where a recorded going have

in some there’s But potentially, rise as into a of a that from for and revenue still or result far, just And more our you we’ve change will. of And per revenue. volatility top as recognition as historically versus the charge loyalty so so just new falls, markets, the as fuel second non-fuel had in could accounting, the and quarter the see goes with what to of or increases if values midst margin April out the extra closing fall, the revenue done. this prices gallon we’re for volatility period-to-period of be all fuel we of of awards on calculations shower we calculation fuel the

believe for no we different things year's usually quarter. reason don't to there's that in now, sure. last know are But second right So from saw what we

Operator

And Brownlow Raymond from Ben James. next go from comes the Please question ahead.

Ben Brownlow

all for thanks helpful. that’s And additional morning. the disclosure, think financial I Good

the program around program, anticipated about timing insight please? some June, just awareness ramp, loyalty can the there customer the talk in you just that On of roll-outs

Barry Richards

know am campaign everybody sure this to going. make brands have we’ve been long component take we to go give certainly I out of gas not received. relying the done. well a chance I quarter, think loyalty to. ramping it’s to the while they’re how don’t do going it's this and get And gas -- program, to know loyalty aware get But believe have off of this within Minit Mart been they brand going on a us, to like be would which that come We everybody see going We and a customers because thing do decide made this. we program a certainly time. would it’s marketing want do to I we this at missing the I to aware think to significantly to sustain

Ben Brownlow

And the same cadence sales quarter the you touched trends. the store around on for

back you same winter sounds April? Can And store trends was like were in storms. the what by go over the March impacted mid-quarter sales

Andy Rebholz

non-fuel April think our real sales. don't we I seeing we're saw for different the from quarter in what in anything

percent. looking in saw Barry up side, the fuel a it call, April we the I like about think was mentioned maybe On

Barry Richards

and in travel side, the center correct. In fuel, that's

probably I out, lift When benefit see effect the highway might same washed segment not holiday more months. but little travel there's a think so they travel in is gives the center the the each a C-stores. the other that more they to April occurs, Easter lot the

Operator

our And TA. and in remarks. again, turn Mr. interest Thanks. like your to thank everyone the for any would this question-and-answer conference back want I for I closing us joining Andy to session. And concludes Rebholz Thanks Cory. to for today

Operator

attending today's The conference is now concluded. Thank presentation. you for

disconnect. now may You

TravelCenters of America (TA) 7 May 182018 Q1 Earnings call transcript