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Travelcenters of America Q1 2018

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Travelcenters of America Q1 2018 Refuel. Replenish. Refresh. TRAVELCENTERS OF AMERICA Q1 2018 1 WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS PRESENTATION 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. 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. THIS PRESENTATION INCLUDES EBITDA AMOUNTS FOR TA. TA CALCULATES EBITDA AS EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION. EBITDA IS NOT A MEASURE PRESCRIBED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES, OR U.S. GAAP, AND THIS INFORMATION SHOULD NOT BE CONSIDERED AS AN ALTERNATIVE TO NET INCOME, INCOME FROM CONTINUING OPERATIONS, OPERATING PROFIT, CASH FLOW FROM OPERATIONS OR ANY OTHER OPERATING OR LIQUIDITY PERFORMANCE MEASURE PRESCRIBED BY U.S. GAAP. 2 TRAVELCENTERS OF AMERICA Q1 2018 INVESTMENT HIGHLIGHTS Barriers to Entry Right Strategy Commercial Opportunity One of only three nationwide Our full service approach is a Trucking trends present an operators of travel centers in the competitive advantage that opportunity for truck stop United States. allows us to better address fleet companies with a full service company and professional driver strategy. TA is positioned to help a challenges. broader truck market. Retail Opportunity Powerful Model Improvement Plan TA has identified operating TA ‘s strategy has resulted TA is focused on controlling costs initiatives designed to ramp up in increased nonfuel revenues and managing capital expenditures standalone convenience stores. and site level operating leverage. in 2018. 3 TRAVELCENTERS OF AMERICA Q1 2018 ONE OF ONLY THREE NATIONWIDE OPERATORS OF TRAVEL CENTERS IN THE UNITED STATES. TA’s business includes 256 full service travel centers, 231 standalone convenience stores and 48 standalone restaurants. TA sells over-the-road diesel fuel, principally to long-haul truckers at TA’s truck stops (under the “TA” and “Petro Stopping Centers” brands) and gasoline at both truck stops and convenience stores. TA’s convenience stores sell branded gasoline and the stores themselves are primarily operated under TA’s “Minit Mart” brand name. TA’s non-fuel revenue comes from truck repair and maintenance, convenience and travel stores, casual dining restaurants, quick service restaurants and a broad array of other amenities and services designed to appeal to the professional driver and other highway travelers. SEGMENT MARGIN MIX (1) FUEL AND NONFUEL GROSS MARGIN MIX $496,289 74% Travel Center Convenience Store LTM Fuel Gross Margin Corporate & Other LTM Nonfuel Gross Margin 26% $40,102 $9,314 4 Unless otherwise noted, data reflected in this presentation is as of 3/31/18 (1) Reflects Consolidated Site level gross margin in excess of operating expenses. TRAVELCENTERS OF AMERICA Q1 2018 THE TA FOOTPRINT TA has the geographic footprint in place to support professional drivers and highway motorists. More than 50% of TA’s travel centers are located Morein the than 13 50% states of withTA’s travelthe highest centers concentration are located in the 13 states withof truck the highest traffic. concentration of truck traffic. U.S. Freight # of TA / State Activity Rank (2) Petro Sites Texas 1 23 California 2 13 Illinois 3 11 Ohio 4 15 Pennsylvania 5 11 NY, NJ, FL, MI, GA, IN, NC, LA 6-13 59 Total 132 (1) In addition to the 231 standalone Minit Mart locations, TA operates 256 convenience stores within the TravelCenters of America and Petro Stopping Centers travel center locations. 74 of these 256 convenience stores carry the “Minit Mart” brand name. (2) Source: Bureau of Transportation Statistics 2012 Commodity Flows Survey. Freight activity is ranked by dollar value of total shipment. 5 TRAVELCENTERS OF AMERICA Q1 2018 ABOVE THE COMPETITION For 45 years, TA has been focused on full service due to the value it brings customers and TA. Our two competitors recognize this and they are trying to catch up. TRUCK SERVICE STORE -Fresh Food Offerings. -Nationwide Truck Maintenance & Repair. -Premium Coffee. -Roadsquad: Roadside Emergency Service & Call -Tobacco. Center Services. -Lottery. -OnSITE: TA Truck Service on site. -Driver & Cab Retail Items. -Commercial Tire Network: Independent Tire Dealer. -Scales. LARGE SITES FOOD SERVICE -A typical site includes ~200 truck parking spaces on -247 Casual Dining Restaurant. ~26 acres that provides more parking, showers, -689 Quick Service Restaurant(s) "QSR“. laundry, business center services, fitness and -Grab N Go options. entertainment options than primary competitors. -Two proprietary casual dining brands Iron Skillet & Country Pride, fast casual offerings like Bob Evans and Fuddruckers. -49 QSR Brands. COMPETITOR SITES SMALLER SITES A typical site includes ~80 truck parking spaces on ~9-13 acres with fewer services and food service choices. 6 TRAVELCENTERS OF AMERICA Q1 2018 SOLID LONG TERM INDUSTRY OUTLOOK In absolute terms, while trucks' share of total tonnage is projected to decline, its total volume transported is projected to increase substantially more than any other transportation mode. (1) (1) (1) TRUCKS’ SHARE OF TOTAL TONNAGE TRUCKLOAD (“TL”) VOLUME TRUCKS SHARE OF TOTAL FREIGHT REVENUE Average Annual Expansion. Estimated 70.7% 67.9% 67.1% 2017 2023 2028 Truckload tonnage growth reflects the anticipated performance of key commodities and freight-market segments. (1) American Trucking Associations: The U.S. Freight Transportation Forecast. TA’s primary focus has been to provide fuel and nonfuel products and services to long haul truck drivers. 31 MIL COMMERCIAL TRUCKS Of which 3.6MIL ARE CLASS 8 TRUCKS Of which ~ 1 MIL ARE LONG HAUL TRUCKS 7 American Trucking Associations & TA estimates. TRAVELCENTERS OF AMERICA Q1 2018 DRIVER SHORTAGE In many cases, fleets are looking for solutions like TA to help them maximize driver retention. There is a driver shortage in the for-hire truckload industry(1). Increasing federal regulation and restrictions are contributing to the shortage and affecting driver/fleet profitability: SAFETY REGULATION DRIVER HOURS OF ELECTRONIC LOGGING PENALTIES FOR PARKING ENFORCEMENT + SERVICE + DEVICES + ILLEGALLY = Fleets Are Looking For Solutions To Increase Driver Satisfaction + Driver Efficiency Which Can Help Retain Drivers. 2011 2016 2017 Area Category Driver Preference for TA and Petro vs. Next Closest Truck Stop Brand Overall Best Truck Stop Experience 3 to 1 5 to 1 6 to 1 Most Comprehensive Driver Services 4 to 1 5 to 1 7 to 1 Parking Lots Largest 3 to 1 7 to 1 8 to 1 Easiest to Maneuver 3 to 1 6 to 1 7 to 1 Restaurants Best Overall Experience - 5 to 1 8 to 1 Best Overall Food 4 to 1 6 to 1 7 to 1 Truck Repair & Best Overall Maintenance Shops 4 to 1 4 to 1 4 to 1 Maintenance Most Complete Services 5 to 1 7 to 1 8 to 1 Best Roadside Assistance - 4 to 1 4 to 1 Most Skilled and Best Equipped for New Truck Technologies - 6 to 1 7 to 1 8 (1) American Trucking Associations:. TRAVELCENTERS OF AMERICA Q1 2018 THE CHANGING LANDSCAPE The maturation of online spending continues and this is contributing to how goods are trucked. It is expected there will be more trucks delivering more packages via shorter hauls. These deliveries are occurring through LTL, TL with LTL capabilities and private truck companies at the expense of certain long hauls. (1) But TL carriers are expected to remain significant. TRUCKLOAD TONNAGE (2) GROWTH IN LESS-THAN-TRUCKLOAD (“LTL”) TONNAGE (2) 120% 1% 1% 2% 153.4 179.1 206.9 100% million million million 80% 49% 49% 48% Less-than-Truckload 60% Truckload 40% Private Truck 50% 50% 50% 20% 2018 2023 2028 0% (1) Stifel Nicolaus 2018 2023 2028 (2) American Trucking Associations: The U.S. Freight Transportation Forecast. LESS-THAN-TRUCKLOAD-VOLUME (“LTL”) Average Annual Expansion. 9 Commercial Strategy: Diesel Fuel and Truck Service TRAVELCENTERS OF AMERICA Q1 2018 NEW SOLUTIONS. NEW CUSTOMERS. TA is investing in truck service to (1) meet the expanding needs of TA’s traditional customers as they participate in long haul and LTL deliveries and (2) to expand the universe of customers TA is able to serve. TRADITIONAL CUSTOMERS: SOLUTIONS FOR TRADITIONAL CUSTOMERS: EXPAND CUSTOMER NONTRADITIONAL CUSTOMERS: PRIVATE, FOR- CLASS 8 TRUCKS AT TERMINALS AND TRAILER COVERAGE TO INCLUDE CLASS 4-7 TRUCKS. HIRE FLEETS AND SMALL-TO-MEDIUM BUSINESSES YARDS. WITH CLASS 4-7 TRUCKS. These initiatives as well as TA’s retail and restaurant TA Truck Service, Commercial Tire Network, OnSITE and initiatives should lead to higher growth rates for 2018 versus RoadSquad provide traditional and nontraditional 2017 for our consolidated nonfuel revenues and our site customers with a single source, nationwide solution for tires, quality parts, maintenance and repair services without level gross margin in excess of operating expenses in the limitation to where or when the service is performed. travel center segment and the convenience store segment than the growth rates experienced in 2017 compared to 2016. 10 Commercial Strategy: Diesel Fuel and Truck Service TRAVELCENTERS OF AMERICA Q1 2018 TRUCK SERVICE: ONSITE Locat ion Informat ion Extend maintenance, repair and inspection solutions beyond TA’s truck Services by Address bays with TA vehicles going to the customer. SServiceervice Locations OnSit e Truck & Trailer Maintenance, ELD Installations, Trailer Rebranding, Trailer Repairs, GPS Installation, DOT inspection, Certifications.
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