TA - Earnings call transcript Q3 2018 | TravelCenters of America Inc

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Operator

Hello, and welcome to the TravelCenters of America Third Quarter 2018 Financial Results Conference Call. All participants will be in 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. I would now like to turn the conference over to Katie Strohacker, Senior Director of Investor Relations. ahead. go Please

Katie Strohacker

Good Sean. Thank morning, you, everyone.

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

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

measures, discussing our contained Securities the remind GAAP forward-looking are Relations not share financial of press written I'd Reconciliations Commission at these information could statements common by EBITDA not the place our free finally of Investor EBITDA. shareholders, www.ta-petro.com. Web income to comparable concerning recording the release. non-GAAP the and retransmission of per to adjusted amounts with forward-looking common during any to measures and to filings operations, will reliance continuing the from Investors charge of SEC's is continuing TA's is prohibited in cause that attributable occur operations you adjusted available and are to TA. non-GAAP And of site, consent our be adjusted most call, today's www.sec.gov available the prior income conference without upon call site that or this factors from we that including Additional Exchange are Web to referring cautioned like section undue in at statements.

reported our turn that, quarters present operating as previous for to Our with information over financial for three stores call the business adjusts press release Andy. that I'll the also convenience the includes previously fiscal held results And you, pro forma sale. to

Andy Rebholz

you, opportunities, further EBITDA sale operations and more time time. of and to devote regard for has the in this to to discuss timeframe that following the close. Thank to I this quarter pursuing thoughtfully progressed to and particularly sell It all well, the end which be be to finalized process we quarter morning. was release good today, active that the call for our financial us everybody. stores to excited I'm expect for published transaction transaction over this the and Katie, income exit expect third highlighted in a we of increases convenience market business, standalone net on be by thank early the and managing that in in joining growth allow will company our results a within with that lead The determined us and addressing year. should September our will by entered specific proceeds were plans agreement you the will press you a leverage, reasonable morning

quarter quarter when that press our financial of We the release forma mentioned, results in fourth interest early The related this payment our improve supplemental pro it will will through how It but say to taken. XXXX announce ratio, closing obligations. any the have update at XXXX information TA's reducing future we discontinued rent precisely operations restated the included the as occurs, information is as will and/or timing with includes leverage looking too action to the in meantime, depend analysis the for operating morning, Katie segregated. on but presents second

try is our At September regarding in As likely potential approached find to C agreement. acceptable business, towards of an a have we sale talks HPT, then potential in whether HPT. the we be store our may senior reach say what no HPT we announced agreement to be. this Since HPT such time, the with way early the fail we notes. there to with a deal would will talks to will an we If of when mentioned with first turn I step attention specifics our agreement or

to notable the our Now or and to to per items. reported morning's for million. performance share to $X.XX of The This a of compare net of the attributable you we million stores $XX.X held $XX.X to operating results; compares third release with sell that financial agreement sale non-GAAP as million $XX.X business. certain net between quarter, of accrued income EBITDA recognized share provided or third loss on that in this the effects business portfolio net account was quarter million $X.XX loss that entirely in and from taxes of net our for almost year. $XX.X loss discontinued of measures convenience operations we for conjunction help and this should million that our in XXXX for per quarter of periods the sale $XX.X of the the last is EBITDA Included press the loss without XXXX standalone

distractions or of There share dispute third non-GAAP excluded the income $X.X expenses EBITDA quarter. $XX.X million million items no and related in of items then with XXXX million XXXX operations in third quarter continuing from third transaction an $X.X The to to quarter EBITDA include business and and XXXX pleased the to compared a positive measures. some positive EBITDA and $X.XX adjusted adjusted net gain from measures, pending were that million and that the third $XXX,XXX fee reduction $X.X improve or contribution the third took of XXXX $X.X continued the the quarter. during adjusted this change signs discontinued change the legal included were Notable continue these in both reported the from traction. quarter not million unusual EBITDA to place quarter, include that which plans adjusted our year per million For the amounts contribution see expense Comdata. amounts calculating a excluded the in during continuing quarter EBITDA $X.XX the adjusted operations third adjusted do quarter the adjusted reported from the discontinued XXXX our to in year, Despite compared operations adjusted EBITDA million from to measures EBITDA results of share we $X.X $XX.X operations of for third last income were per of for adjusted

of efficiencies from include site We continued and from more fuel improvement environment and standalone replaced efficiency our the results, X.X% and despite same quarter, this as older which that change of X.X% occurring. is trends they being experienced leading competitive to ones, showed First costs. an that increased fleet trucks and are negative navigate a efficient resulting travel XX a XXX volume newer by companies strong restaurants the in to and fuel by fuel mandate centers rising headwinds now be negative to freight fuel offset and ELD efforts helping for overall demand year-to-date

for Second, X% same site fuel third margin gallon improvement gallon quarter's quarter. $X.XX was $XX.XX this per per or the $XX.XX year's result from last of a

this a we year prices in fuel better buying While Barry moment. discuss than last, as a year than experienced are environment diesel this fuel will higher last

site revenue site X.X%. increased same increased margin same X%, while non-fuel Third, non-fuel

of increases in percentage marketing service Our a XX% in compared maintenance certain unit XX.X% non-fuel programs to other prior saw year total the orders, efforts productive. sales, this mobile strong and We OnSITE in Reserve-It and revenues. a in These of X.X% to to work contributed RoadSquad XX.X% margin expand TA's were truck parking gross programs of work of orders, XX.X% reservations quarter. in programs tire

see functions to from centralization continue We site the savings accounting project.

we third of quarter, SG&A out us and operating level the reduction expense during site at XXX $X.X accounting to had the completed staffing sites, activities. September the million By over the of this in $X.X these as savings we varying year. For million about but corporate function initiative generated site points take cost at expenses build XX,

annual our to We result to compared from results The to when to and million and increases we this XXXX. fully that in me XXXX adjusted post $X.X continue to highlights headwinds the EBITDA continuing adjusted initiative operations that lead generate on approximately savings continue of net track cost affecting are remain in implemented. expect net from believe to income

realize Looking of potential we revenue programs. savings are cost diligently and the full growth our ahead, working to

will and call We assistance ramp continue programs. center roadside to TA's Network, OnSite Commercial RoadSquad maintenance, mobile Tire

by but TA to fourth a discuss been some documents meeting we will In serve quarter acquisition brand We addition, that we business. opened have grow smaller results in area. growth developments Currently this we their our our to or format I can franchise site and am and our trucking to franchising great our that Express with operations. believe better site larger large-format typical avenue a count hopeful centers. considering cash is a both is sale third report time company-operated free are be will firm the active first our and now, travel than EBITDA our TA smaller customers our franchising of color development the and Express than efforts and some flow our pipeline, a business for with pipeline owners TA's regarding format provide required In underway. grow compiled much And investment party related materials have marketing necessary Barry are the September, smaller locations. We've four well

Barry Richards

everyone. and good morning, Andy, Thanks

third our travel period X.X a be sales quarter we freight X.X was that more market. fuel positive million increase occurred increase market of greater this in sales per approximately headwinds growth stronger The sold gallon that volatility place the for improvement to due by a per a gross result due strong more the environment, seasonally made environment. to with than and gallons blending center tenths that discussed take fuel XX% Among have to that $X.XX approximate trends, higher purchasing trend that volume same and centers This XX continue in margin gross see impact to we're to by as headwinds of took which or modestly. installed during were flat we this being diesel if primarily credits XXXX future was Congress favorable some where quarter. XXXX. travel items XX.X% million contributing purchasing in competition selling gallon. increased compared with year to margin biodiesel, volumes potential $X.X last to XXXX month is and tax able buy increased The benefit XXX the to nine by this increased for margins. two this lead biodiesel increase program. are of relative an to the We the as of continue they team same the should generate We moves for allows to margins doesn't site gross market account, last expansion take our Fuel of travel efficiency equipment enabling quarter locations did were the and signs approximately million were which down continued signal TA overall that the our our to gross into February of gallons from from the operations as margin and and strong year accumulating our advantage Year-to-date, quarter in volumes, same site of nearly of at to make approved us biodiesel Consolidated seeing better purchasing in this and fuel up percent. retroactively more

company we know centers results One we insight the related brands of shopping national existing and performance mystery of hired improved locations. given for reviewing us benchmarks departments. located brands spring is form reveal of travel on We're shops our country. across standards all independent operational categories additional has This past with continuously multiple that of standards focused reports that the regular cover and the well of and the our the can service an at I'm gaining a quality let comprehensive we perform areas and throughout execute. service opportunities us to in that represent occur times those TA site always number visits they had high multiple provide to how

shop is well. brand performing reports signal gasoline quarter TA extremely example For mystery this our

supporting a great Our improve brand a lowest receive can of of detail XXX. by these which work XX.X with deal we gasoline results possible operations. including photos out score was our We to

believe scores with store network reviewers national process. Our in averages we employing district independent gasoline managers is anonymous restaurant managers there Still are assist value above our all for to the this brands well and represent. we

our enhancing need assistance and areas furthering to that our employee's encourage and employees receive hourly show solution contributing are thing into. as paths. employees manager pursue Benchmarking but assistance, company determine areas actively at an alone Our We've conduct up consider we're provide know internal improvement decision career is to we're for retention other hard. place loyalty work for employee they with in satisfaction operational brands while work We benefits, is part us in or be quality is only areas talking of a excuse shopper educational to one program and the and shop increase retention completing well who findings which order that what can programs on and about the sites of dig longevity. overall mystery school, me, more to as future. career our assistant improve regularly something culture employees I'll can education their the and the training looking Competitive to wages marketing TA that surveys we are for today. Hiring doing and they focused. development for don't in to Increasing support an to support been is for they're

Regarding products our with maintenance and to and continue this our of traditional broader to mobile repair our services efforts emergency non-traditional to quarter, our gain array services. customers market we and a traction

quarter Looking XXXX, truck at Those last our strong the and orders trucks the service acceleration are program, the XX% servicing are growth third mentioned, of XXX in quarter. our that Andy over grew experienced customers. work field just as by versus from OnSITE

we the supporting them a at customer begun a to we've providing greater incurred expanded helped September. existing them. of with indirectly readiness examples Historically, and relationships An in retailer have of by This quarter that commitment include well to road fleets inspection services the well-known occurred, example with more of checks directly services saw we've starting this that support locations. additional

fleet operation the retailers, continue service relates growing growing is but to We larger will demand as in supporting that we perform of these of logistics area again own services, a with September to the that fleet another stake. trailers,

ramping leased customer TA be One owns engaged We being providing full trucks been OnSITE maintenance to easy such power trucks recently to that customers. extension and has trends and thousands truck quarters. services for several similar customer are owner business the with service already a of area. service positive ours leases we're experiencing a will certain in utility This regional They that and of provide an non-traditional commercial component for supplier. of

Our business work RoadSquad by call orders X.X%. increased center

last increases business, more we expand the in sales. tire over XXX units third sold at We and further company see have this We year trucks than tire to quarter sites expect today. as XX.X% unit OnSite we in our

has In addition, operation. July Goodyear TA's opened than been which in branded Retread in less months Center, [ph] reported positive EBITDA three

similar began we are convinced fleet think XX one quarter, management This We business. of the win instead a our top larger for this the because other was with for and for a key program whom fleet Retread. of us with others largest we were us, believe customers take programs. will supporting fleets We multiple casing [ph] work dealers doing and individual note follow we to with discussions they with in

our to we three the to the due our or that revenues in efforts food had closed which at full-service were X.X% In TA continue dining These restaurant margin, year-over-year rebrandings third and looking Now, QSRs. closings to quarter, respectively down gross were on X.X% rationalize weight restaurants and Restaurant quarter. offering third continue. casual conversions our full-service to Group,

for his gross of last redo approximately closures of and labor remarks. hours to making I'll site shift forecast call X% were expenses software for the during staff the total a help multi-year $XXX,XXX allowing business focused And our The for Bill on in full year. expense restaurant accordingly. by efficient. our to operating approximately a -- over as to prior closed excess level Site software to schedule expenses the restaurants in the the up taken in now, saved rebrandings, We've installed to quarter. certain is and the period margin service the level addition unproductive restaurants In and turn versus management X.X% actions of restaurant same year. for our was managers operations operating Collectively, the we're more compared project new better part

Bill Myers

everyone. Barry, Thank good morning you, and

from XXXX, revenue. to statements fuel margin revenue from to you gallon, XXX per fuel to I new as new we has awards of first margin gross discuss results, the We've program second quarter our of our revenue wanted for a this decreased to among non-fuel gross I fuel third things, that identifies we've accounting for $X.XX by in reclassified included certain fuel our which, required this in for as and loyalty reclassify the per morning's discounts our as the margin a but basis fuel XXXX, impact million non-fuel financial recognition release, to non-fuel our Before years. increased adopted quarter of us related by those discounts In quarter by well gallon revenue well the press the gross standard revenue, which $XX.X non-fuel on remind other supplement that points. standard cents gross years XXXX ended as non-fuel and and revenues percentage XXXX, margin a our

sales the site increase transaction the truck cost withheld XXXX XX quarter the $X.X on service. excess support million fee quarter. the particular quarter net back This recognized the a XXXX The adding discontinued due level Comdata As share new transaction by $XX million a Site basis experienced $XX.X net of prior growth recognized third margin. million gross of impairment quarter. our increased in non-fuel our increased our the service XXXX primarily disposal loss to quarter. increase department recognized and store perspective, primarily of $X.X operating the reversal expenses million no by profit $XX.X $XX.X $XX.X $XX.X a or I'm in This $XXX,XXX EBITDA trend per as operations Adjusted charge year fuel to per in taxes the third increased a the standalone non-fuel and income primarily in increased gross total on highest loss net goodwill a was loss combined same increase operating during a XXXX $X.X dollar compared this after million since also business last compared the as level this when the we a site sales the quarter. of adopting was related XXXX revenue the margin service truck in increased previously truck gross standard of increased to beginning to dollars or our services the on non-fuel third convener in new as same consolidated retail store from the XXXX operating saw fees quarter third declined due cost sites this of to share result million $XX.X $X.XX in expenses. $X.XX in support million from of million recovery to referring But amounts, ratio site net due had year. was which food the or the by a but to sales. compared million effect quarter. was that and department quarter. of to same basis service points of compared quarter highest increase expense a had The non-fuel improvement to X.X% third a third A percentage to third in From our both reversed affected reminder department the nearly and XXXX and and the million

ownership, revenues month under had fixed Our ramp tire its costs but example July reported certain third there. get EBITDA good in to operation and to up of and September, in it retread trend, of ahead recently facility TA's positive variable is this acquired in August a

transaction fuel competition, or increase of strategies. same quarter marketing the expense increased the I increase we primarily fuel prices. pricing offset gallons card $X.X due by a third fee by partially and sales in of an diesel increased and volumes result Fuel XXX,XXX by site Additionally, credit for sent fuel and million significantly primarily the as decreased fuel higher gallons gains volume the to increased million X.X better environment TA's a efficiency continued just by experienced TA's purchasing and effects Fuel by fuel XXXX margin mentioned. volume driven sales gross of X.X%,

by earlier. department. to and site Of the increased within level XXXX $X.X X.X% Non-fuel a in same products revenues the but XX.X% X.X% quarter the third quarter third the basis as truck same quarter a products XXXX parking. is non-fuel decline Reserve-It programs. of non-fuel the in the to in unusual includes success gross ago XX% grew - of services due site quarter. margin gross in sold million Andy third service services X.X% as also As growth basis which attributable XX.X% items increased $X.X percentage XXXX primarily ongoing faster third XXXX non-fuel The XX.X% third to our discussed X% primarily the $X.X from from million compared gross during the was third increase the contributed the percentage quarter as this quarter, site third in expenses million excess XXXX third quarter the department, Barry X.X% largely service to resulted XXXX to the largely of XX for or the in increase truck margin in on namely quarter, that services to XXXX revenues, and margin compared compared reflecting mentioned in to margin dollars growth and gross quarter. service the due due level operating quarter, of gross point truck a in service margin growing service compared the the percentage margin retail excluding to those continued truck in continued year Site the profiles XXXX in the non-fuel store Truck to programs, expansion

million standalone balance dollars that We and unencumbered available at under revolving X facility. cash restaurants debt. credit centers Turning our matters; and was approximately by investment liquidity $XXX had we XX to our September are own million our $XX.X travel

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

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

Operator

comes go session. Our ahead, question Operator: question-and-answer We comes Instructions] now Craig-Hallum from [Operator Dyer first Steve. Steve will begin with Please the Capital. from

Ryan Sigdahl

Ryan Dyer. on Steve for guys; Sigdahl Hi,

Andy Rebholz

Ryan. Hi,

Ryan Sigdahl

In sounded your attention then remarks, will with proceeds. it will your And for notes. you negotiations talks first like prepared HPT priority the take fail to senior then if C-store turn

kind potentially help? we should of this assume payments So splitting that an either/or, is or between Any the two.

Andy Rebholz

think way. of I is our believe to -- opportunity maybe best rent HPT that greatest reduction. or the our I it a that to some say on this agreement to for savings amount come with

different look you those at so. the average is HPT something leases the little in just arguably obligations, senior when of over or stated X% the notes X.X% rate the a Just and rates

senior not So our agreement do agreement with if reach are there would with senior it anything and with if to down we're would an intention reach all look the with HPT acceptable can unable HPT an then satisfied both we TA be, do and pay sides we to HPT to to notes that's both notes. that

Ryan Sigdahl

in inefficiencies flowed ops was whether That's the in quantify statement? then and costs are C-store process there of there you not were that sale helpful anything able thanks. Then if income or related ops continuing those discontinued through the whether kind to any to are QX

Andy Rebholz

believe any first not at. quantification a I a what had large or discontinued there's the in out for some I today, a there that's to anything of in kind mean, point the finger there's But is inefficiencies announcing financial the can if XX-Q And comes footnote income leading the as later encapsulated as makes detail those that's question Yes. of about specific being Everything is statements business of I up will line up related number, in that further don't or discontinued on operations talked your of you give of that quarters that amount. very to we mean, operations when kind sale. of part really that your much statement. you that's that sold

be We was just with have that introduction was announced. had before just a the for believed fortunes to the a live we all business. gone that a And of at the that in I to component XX their program sale essentially loyalty along so of of sort the from program program roll and they key didn't sites agreed reversal out loyalty to to that And us sort have buyers they're the that do, interested program. own good of going because program sites. will mean, that if news to out rolling aren't to you want stopped going the continuing continue

a significant didn't put was it's in as that you we write-offs that preparing incurred and it some could so maybe your there's say amount or things like maintenance some probably that could there's you But there expense way. any lost argue a was or have expenses for we're transaction. there that I think And opportunity certain that we've we don't enjoy maybe that arms anything may there and enjoyed inventory through

Ryan Sigdahl

XXXX And being growth on you QX question XXXX then EBITDA of was do QX in adjusted kind and a then modeling on but you quarter-over-quarter. number but from expect XXXX know you commented improved what then I of that of you just XXXX have front in in

Bill Myers

quarter We do Bill. is This about the have EBITDA adjusted Yes. year. of for fourth $XX.X last It's million.

Ryan Sigdahl

do continue fourth and a like the been think basis? quarter QX you quarter on then into you quarter-over-fourth growth you this have And can

Bill Myers

we're say prior Yes, to beat will I beat believe can't we or we the what we what going that will -- by continue I to the prior year. whatever expect honestly year. percentage but we that

Ryan Sigdahl

then have of you per is? All gallon a continued? companies standard then have the changes the comment do strong et last Any fuel margin one right. know, what whether with target And accounting kind conditions and me. of kind of on ops, And discontinued for going the gross fuel margins cetera new October in target Thanks. forward you

Andy Rebholz

fuel question So of your compared October October trends to the prior be to year's first to for answer continue and up. strong

volumes about by up gallon cents compared is by prior to year and up the $X.XX. Our X% per

Bill Myers

you the the all that is out, results without the accounting new $XX.XX data per discontinue our after I months really the operations. in reported what also true because quarter release have that the for not change press from XX-Q things would could of fuel stripped for and as quarter Ryan, supplemental and and -- in to this the mentioned periods you'll we've the margin I both those look gallon of they're at discontinued out. that all the comes to gross about that kind press for nine reflects number. the As results look it all the example when mean, noise accounting are here talk we in the have we and that think affecting XXXX of that release any think And presented standard in sort effect and see you for operations we be standard the the both XXXX so when we that of amounts like

I world reports from if showing press focus I should what perspective. that our starting like the you So is release with look you the think think in operations continuing that data that that's on this today

Ryan Sigdahl

Thanks, turn it over I'll from there.

Bill Myers

Thanks Ryan.

Operator

from Bryan. ahead, comes Maher Riley B. next Our with Bryan question go FBR. Please

Bryan Maher

Good morning, guys.

Andy Rebholz

morning. Good

Bill Myers

morning. Good

Bryan Maher

Can TAs and them it you're system that owning their HPT email back percentage a would my drill obligation? what down rent the bit it some about talked drill combination a simple Is Is care you talks. of thinking there? deferred you rent I potentially Can of form Is take? further; as outright? it of about down rent lit the mean a buying reduction reduction? you up out on when little and What a maybe a taking

Andy Rebholz

independent something whether that that obligations. be that I'm because in a something is as I'd Bryan, that's in of you next now with not and much now as that trustees gone we've is We've there's engage would And to that reduce we special engage I like they've them a sure that I and sort a be to now we week. they so in HPT independent where those underway. transaction it of helpful can both to discussion comfortable early we They've think said that something. process is conversations. I could special negotiate agreed rental sides would and are a said give could different our and will could got process tell we see to you to got it a committee of answer to wanted as right a committee directors We've that

the all fair if for that that in there a of achieve are to achieve that something with that being to it's I that can rent. negotiation. might see had And a a point rental it does part like. ideas unbaked look it's that to reduction the But say you dealing the become And where to give of listed look a that that is sense to of world too discussions. we've the you're the rent in yet part deferred try might a becomes might going think of obligation achieve you things that you how just this you I reduction at what that how

Bryan Maher

us do benefit don't and maybe employees think that idea you and of Barry increases? that increases about the And we keeping talked talk kind kind environment cover. get companies line of detail about hotel on of but looking lot employee some wage wage And on it, looking as as you're at what you're I heard we from Can I of and year-over-year far this I go. motivating a and give lot a Okay. and in basis kind kind what missed of a at leisure wages and current him of benefits

Andy Rebholz

in there where states significantly their cases, most maybe most we effect minimum at to and truck of some increasing I not like that service are, people want aspect you we more us for though obviously on business In and that orders and that. the it's the wages grow to mean that are in I need focus that, and when we if think have say look mean cases things they're business and revenues that feel there wrenches writing fair turning our I from that. you

to need So advisors it our And from technicians business. those one is and a and and that's recruit that. retain labor intensive like of things a service part truck competitive

it there. get lot is, besides pay. of really So pressure to baked and are definitely say into percentage there's there things What hard a that that

feeling seeing a for same there, think point sort we're that to be benefits a medical and everybody thing. costs and have the you said, As as employees increases, that pressure of continue businesses out I is

three, I of forecasting all labor account. of think kind in of analyses things percent we're takes increases something that four-ish into probably a in that sort cost where that our those

Bryan Maher

you've countered of to to of And as the extension place? been about mind? net basis as a and thinking your by that should an kind in SG&A of on What initiatives we year-over-year be that operating in question cost putting saving that kind does how growth site level kind wise out expenses

Andy Rebholz

one press in release work better reason have to - out. think modeling numbers of Yes, they sort discontinued operations provided the three in quarters why we these restated have we of your stripped so off that the maybe I you last in that's the

that think in that's the cost $X.X that of if that something wrong evenly net saving think fairly we a maybe should but the least it year. XXXX the be quarter. in And program implement the it sometime one the first will that with think I at of that is spread I it's be spoke -- early initiative and that throughout about Bill million year, I'm with I can fully me correct benefit sort

a math to $X.XXX-ish that quarter So might on first a partial after million the little of or quarter seeing a certainly be one. is first ought bit of the that each nearly you a be and benefit quarter still the whatever

Bryan Maher

back could those years is ago, we the relative senior do in world three though always or could were when or It negotiations, ago or other were ago pay year your what on interest things down four live the a from zero. X.X% that time in. side, to other on for negotiations high just as now, circle opposed because why to you HPT you around I notes if And one with have C-stores leverage it on things, feel as more the you why that Okay. proceeds the going as entering years not rents that little the in rates the into struck a me

you So it or is leverage feel now something have that because else? it is you

Andy Rebholz

that it's have use you because think have, word. I you we you - could to it call we want could if a feel leverage, we

leg have listening to worth have whereas we have before. we something, stand we We on, have something HPT you're to a may if not

Bryan Maher

Andrew. Okay. Thanks,

Andy Rebholz

Thanks, Bryan.

Operator

to turn Andy the the remarks. the concludes now for closing back CEO any over Rebholz This Please to for session. question-and-answer call go would I like ahead.

Andy Rebholz

for Thanks, today Sean. in Again everybody, I joining care. want and to for thank your Take TA. interest us you

Operator

conference now attending disconnect. The may you concluded. has today's for you And now presentation. Thank

TravelCenters of America (TA) 5 Nov 182018 Q3 Earnings call transcript