Jon Pertchik

CEO and Managing Director at TravelCenters of America
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  • Despite the continued challenges presented by the global pandemic and the corresponding economic recession, we generated increases of 362.4% in net income, 29.9% in adjusted EBITDA and 10.0% in adjusted EBITDAR over the prior year third quarter. Fuel gross margin increased slightly by 0.8% over the prior year period driven by a significant increase in diesel fuel sales volume and the federal biodiesel blenders' tax credit. Four wheel traffic, which is reflected in gasoline sales volume, remained down over the prior year period and low volatility in the diesel fuel wholesale market caused fuel gross margin per gallon to decline compared to last year. Overall nonfuel revenues decreased 3.7% over the prior year period driven almost entirely by a reduction in revenues at our full service restaurants, many of which remain closed due to precautions taken in response to COVID-19. However, certain of our transformation initiatives have resulted in solid improvements in our store and retail, quick service restaurant and truck service departments, as well as improved revenues from diesel exhaust fluid. Although adjusted fuel gross margin and nonfuel revenues decreased 4.7% during the 2020 third quarter, our adjusted EBITDAR margin increased to 19.4% as compared to 16.8% for the prior year period. This improvement was a direct result of our sound discipline in managing expenses.

    4 November 2020
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