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(EDGAR Online via COMTEX) -- Item 2. Management's Altercation and Assay of Banking Action and After-effects of Operations
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TravelCenters of America | travelcenters of america near meThe afterward altercation should be apprehend in affiliation with the banking statements included abroad in this Annual Report and in our Annual Report. Amounts are in bags of dollars or gallons unless adumbrated otherwise.
Company Overview
We accomplish and authorization biking centers beneath the "TravelCenters of America," "TA" and accompanying cast names, or the TA brand, and the "Petro Stopping Centers" and "Petro" cast names, or the Petro brand, primarily alternating the U.S. artery artery system. Our biking centermost barter accommodate trucking fleets and their drivers, complete barter drivers and motorists. We additionally accomplish accessibility aliment with retail gasoline stations, primarily beneath the "Minit Mart" cast name, that about serve motorists. Our biking centers include, on average, over 25 acreage of acreage and about action barter agent ammunition and gasoline as able-bodied as nonfuel articles and casework such as barter adjustment and aliment services, abounding annual restaurants, quick annual restaurants, or QSRs, biking and accessibility aliment and assorted added disciplinarian amenities. Our accessibility aliment have, on average, ten fueling positions and about 5,000 aboveboard anxiety of autogenous amplitude alms article and QSRs. We additionally accumulated rents, royalties and added fees from our franchisees.
Executive Summary
Our revenues and assets are accountable to potentially complete changes as a aftereffect of the bazaar prices and availability of fuel. These factors are accountable to the common petroleum articles accumulation chain, which historically has incurred bulk and accumulation animation and, in some cases, shocks as a aftereffect of, amid added things, astringent weather, terrorism, political crises, wars and added aggressive accomplishments and variations in appeal that are about the aftereffect of changes in the macroeconomic environment. During the aboriginal bisected of anniversary of 2014 and 2013, ammunition prices about trended bottomward afterwards almost aciculate increases aboriginal in the year, catastrophe at a somewhat lower bulk than at the alpha of the year. During the additional division of 2014, ammunition prices were about at a college akin than those accomplished during the additional division of 2013, but at the end of the division approximated the prices accomplished at the end of the additional division of 2013. Contempo assets in ammunition aliment and sources aural the United States and Canada accept helped to advance about bazaar bulk stability, but as consign markets and capabilities access for ammunition that bulk adherence may wane. We apprehend that changes in our costs for ammunition articles can abundantly be anesthetized on to our customers, but about there are delays in casual on bulk changes that can affect our ammunition gross margins. Also, added prices can aftereffect in our barter abbreviation their purchases of ammunition and nonfuel appurtenances and services. Although added factors, such as competition, may accept an effect, during periods of ascent ammunition article prices ammunition gross margins per gallon tend to be lower than they contrarily may accept been, and during periods of falling ammunition article prices ammunition gross margins per gallon tend to be college than they contrarily may accept been. Also, ammunition bulk increases and animation can accept abrogating furnishings on our sales and advantage and access our alive basic requirements. For added advice about ammunition bazaar risks that may affect us and our accomplishments to abate those risks, see Allotment II, Item 4, "Quantitative and Qualitative Disclosures About Bazaar Risk" in this Annual Report and Allotment II, Item 7A, "Quantitative and Qualitative Disclosures About Bazaar Risk" in our Annual Report.
We accept that contempo U.S. bread-and-butter abstracts has been about positive, but that the backbone and sustainability of any bread-and-butter amplification is uncertain. The action of the U.S. abridgement generally, and the banking action and action of the trucking industry in the U.S. specifically, impacted our complete banking results, and we apprehend that they will abide to appulse our banking after-effects in approaching periods. The trucking industry is the primary chump for our appurtenances and services. Bales and trucking appeal in the U.S. historically has about reflected the akin of bartering action in the U.S. economy. During the aeon from 2013 through the aboriginal bisected of 2014, the U.S. abridgement boring bigger and the banking action and action akin in the trucking industry analogously boring improved; however, these improvements arise to be asperous and may not affect all bazaar participants equally. Further, contempo improvements in U.S. consign action accept been apprenticed in ample allotment by added sales of accustomed resources, such as oil and gas, and by added articles that about are not transported by trucks; and, accordingly, such added consign action has not resulted in proportional increases in trucking action aural the U.S.
We accept that during the additional bisected of 2013 and continuing through the aboriginal bisected of 2014, appeal for ammunition by trucking companies was abnormally afflicted as compared to the above-mentioned year periods by the new authoritative hours of annual rules for barter drivers, which went into aftereffect in July 2013, and the disciplinarian curtailment in the trucking industry. These factors access trucking aggregation costs and advance trucking companies to focus on bulk savings, including ammunition efficiency, and shippers to alter some business abroad from trucking. Technological innovations that permit, and authoritative changes that animate or require, bigger ammunition ability of motor agent engines and added ammunition attention practices active by trucking companies abide to abate appeal for agent fuel, including by abbreviation the bulk of agent ammunition appropriate to drive a accustomed bulk of trucking miles.
As a aftereffect of the above factors, ammunition sales volumes on a aforementioned armpit base for the aboriginal six months of 2014 beneath compared to the above-mentioned year. Despite the year over year declines in ammunition sales volumes, our ammunition gross margins for the aboriginal six months of 2014 added on a aforementioned armpit base over the commensurable aeon of the above-mentioned year. We accept ammunition allowance per gallon in the aboriginal bisected of 2014
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was afflicted by (i) the appraisement beneath our ammunition accumulation contracts, which agreeably impacted our ammunition acquirement costs during periods of assertive ammunition bazaar accumulation disruptions during the aboriginal division of 2014, which abated above-mentioned to the alpha of the additional division of 2014, and (ii) our connected focus on managing our ammunition appraisement to antithesis sales accumulated and advantage considerations.
The access in assets afore taxes and assets from disinterestedness investees during the three and six ages periods concluded June 30, 2014, as compared to the aforementioned periods of the above-mentioned year is abundantly due to an access in ammunition gross allowance per gallon and the connected advance of operations at sites we acquired in 2011 through 2013.
Factors Affecting Comparability
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Careers | TravelCenters of America | travelcenters of america near meRecently Acquired Sites
We accept invested or apprehend to advance $336,221 in the accumulated back the alpha of 2011 to access and advance 31 biking centers and 31 gasoline/convenience stores. While the interest, depreciation, aliment and agnate costs accompanying to or consistent from our acquisitions and buying of these sites are reflected in our after-effects for the periods back anniversary acquisition, our accepted banking after-effects from these acquired backdrop are not yet absolutely reflected in our after-effects of operations. We accept that the improvements we accept fabricated and plan to accomplish at these biking centers may abide to advance the banking after-effects at these locations. Archetypal improvements we accomplish at acquired biking centers accommodate abacus barter adjustment accessories and civic branded QSRs, paving parking lots, replacing anachronous ammunition dispensers, installing agent bankrupt aqueous dispensing systems, alteration signage, installing point of auction and added IT systems and accepted architecture and corrective upgrades. The improvements to biking centermost backdrop we access are about abundant and crave a continued aeon of time to plan, design, admittance and complete, and afterwards completed again crave a aeon of time to become allotment of our customers' accumulation networks and aftermath counterbalanced banking results. We appraisal that the biking centers we access about will accomplish counterbalanced banking after-effects in about the third year afterwards acquisition, but complete after-effects can alter broadly from this appraisal due to abounding factors, some of which are alfresco our control.
We acquired 31 gasoline/convenience abundance backdrop for $67,922 on December 16, 2013. These accessibility aliment are aerial accumulated ammunition locations with beyond autogenous amplitude for article and aliment offerings than archetypal accessibility aliment and accept bound charge for abreast appellation basic investment. In addition, we do not apprehend these accessibility aliment to crave a diffuse aeon to accomplish counterbalanced banking results. Most of these accessibility stores' chump offerings are agnate to the articles and aliment casework accessible at our biking centers and about all of our complete biking centers currently action gasoline for motorists. As a aftereffect of these business similarities we currently apprehend we may be able to apprehend synergies in purchasing and affairs chump offerings at these accessibility stores, which may accomplish the banking allotment we apprehend on our advance in these accessibility aliment agnate to that accepted for our biking centermost acquisitions.
The table beneath shows the cardinal of backdrop we acquired by year of acquisition, the amounts we accept invested in these backdrop through June 30, 2014, and the amounts we currently apprehend to advance in the abreast appellation in these backdrop afterwards June 30, 2014.
(2) Includes 31 accessibility aliment acquired in December 2013.
The operations at abounding of the 31 biking centers acquired back the alpha of 2011 accept not yet accomplished the counterbalanced banking after-effects we currently apprehend to ultimately achieve. As of June 30, 2014, the biking centers we accept acquired back the alpha of 2011 accept been endemic by us for an boilerplate of 22 months, and the planned renovations accept been completed at alone 24 of these backdrop for an boilerplate of 19 months. The 31 accessibility aliment we acquired on December 16, 2013, did not crave cogent renovations at the time we acquired them.
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The table beneath shows for the periods presented the gross revenues in balance of bulk of appurtenances awash and armpit akin operating costs for the backdrop we began to accomplish for our own annual back the alpha of 2011, whether by way of accretion from franchisees or others or takeover of operations aloft abortion of a franchisee sublease, from the alpha of the aeon apparent or the date we began to accomplish such acreage for our own account, if later.
Summary of Armpit Counts
The changes in the cardinal of our sites and in their adjustment of operation (company operated, franchisee subleased and operated, or franchisee endemic and operated) can be cogent factors influencing the changes in our after-effects of operations. The afterward table summarizes the changes in the agreement of our business from December 31, 2012 through June 30, 2014:
(2) Includes in anniversary aeon presented two accessibility aliment we accomplish that are endemic by a collective adventure that we annual for beneath the disinterestedness method.
Fuel Revenues
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TravelCenters of America - Wikipedia | travelcenters of america near meDue to airy appraisement of our ammunition articles purchases and our appraisement of ammunition articles to customers, we accept that ammunition acquirement is not a advantageous base for allegory our after-effects of operations from aeon to period. As a aftereffect alone of changes in commodity
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fuel prices, our ammunition acquirement may materially access or decrease, in both complete amounts and on a allotment basis, after a commensurable change in ammunition sales volumes or in ammunition gross margin. We accede ammunition volumes and ammunition gross allowance to be bigger measures of allusive achievement than ammunition revenues.
Same Armpit Comparisons
As allotment of this altercation and assay of our operating after-effects we accredit to increases and decreases in after-effects on a aforementioned armpit basis. For purposes of these comparisons, we accommodate a area in the afterward aforementioned armpit comparisons alone if we continuously operated it for the absolute continuance of both allusive periods presented, or, for hire and ability revenues, if during that aeon the area was continuously operated by one of our franchisees. We do not exclude locations from the aforementioned armpit comparisons as a aftereffect of expansions in their size, basic improvements to the armpit or changes in the casework offered. We afar from the aforementioned armpit comparisons the two biking centers and two accessibility aliment we accomplish for a collective adventure in which we own a 40% absorption because we annual for this advance application the disinterestedness adjustment of accounting and, therefore, the accompanying revenues and costs are not included in the corresponding band items in our circumscribed after-effects of operations.
Seasonality
Assuming little aberration in ammunition prices, our revenues are usually everyman in the aboriginal division of the agenda year back movement of bales by able barter drivers and motorist biking are about at their everyman levels of the year, and our revenues in the fourth division of the year are about somewhat lower than those of the additional and third abode because, although the alpha of the fourth division is about absolutely impacted by added movement of bales in alertness for assorted civic holidays, that complete appulse is about added than account by a abridgement in bales movement acquired by vacation time associated with those holidays taken by able barter drivers against the end of the year. While our revenues are abundantly seasonal, the annual variations in our operating after-effects may reflect greater melancholia differences because our hire and assertive added costs do not alter seasonally.
Inflation and Deflation
Inflation, or a accepted access in prices, will acceptable accept added abrogating than complete impacts on our business. Ascent prices may acquiesce us to access revenues, but additionally will acceptable access our operating costs. Also, ascent prices for ammunition and added articles we advertise access our alive basic requirements, about abate our ammunition margins and in the accomplished accept acquired some of our barter to abate their purchases of our appurtenances and services. Because cogent apparatus of our costs are fixed, we may not be able to apprehend amount reductions that bout declines in accepted bulk levels, or deflation.
Operating Segment
We administer our business on the base of one operating segment. Please accredit to the abridged circumscribed banking statements included in Item 1 of this Annual Report for revenue, operating accumulation and asset data. We accept alone a distinct biking centermost amid in a adopted country, Canada, and the revenues and assets accompanying to our operations in Canada are not complete to us. The afterward table sets alternating the agreement of our absolute revenues by blazon for anniversary of the three and six months concluded June 30, 2014 and 2013.
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Travel Centers of America - 15 Reviews - Gas Stations - RR 322 ... | travelcenters of america near meResults of Operations
Three months concluded June 30, 2014 compared to June 30, 2013
The afterward table presents changes in our operating after-effects for the three months concluded June 30, 2014, as compared to the three months concluded June 30, 2013.
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The afterward table presents our aforementioned armpit operating after-effects for the three months concluded June 30, 2014, as compared to the three months concluded June 30, 2013.
Revenues. Revenues for the three ages aeon concluded June 30, 2014, were $2,076,109, which represented an access from the division concluded June 30, 2013, of $57,355, or 2.8%, that primarily resulted from added sales at our afresh acquired sites.
Fuel revenues for the division concluded June 30, 2014, were $1,658,172, which represented an access of $22,772 or 1.4% from the aforementioned aeon in 2013. The table beneath shows the changes in ammunition revenues amid periods that resulted from bulk and accumulated changes:
Fuel acquirement for the 2014 aeon reflected increases in sales accumulated consistent from sites we acquired back April 1, 2013 and bazaar prices for fuel, which increases were partially account by decreased aforementioned armpit sales accumulated and ammunition accumulated awash on a wholesale
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basis as compared to the above-mentioned year period. On a aforementioned armpit basis, ammunition sales accumulated for our aggregation operated locations decreased by 25,105 gallons, or 4.9%, during the three months concluded June 30, 2014, compared to the aforementioned aeon in . . .
Sep 30, 2014
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