Company Outperforms Over Prior Year Period
$64.0 Million in Net Income Improved by $35.0 Million, or 121%
$4.31 in Net Income Per Share Improved by $2.29
67% Increase in Adjusted EBITDA to $122.8 Million
WESTLAKE, Ohio–(BUSINESS WIRE)–TravelCenters of America Inc. (Nasdaq: TA) today announced financial results for the quarter ended June 30, 2022.
Jonathan M. Pertchik, TA’s Chief Executive Officer, made the following statement regarding the 2022 second quarter results:
“TA has outperformed for another quarter on key financial measures reinforcing the resilience and strength of its business model. For the second quarter, net income improved by 121%, or to $4.31 per share, and Adjusted EBITDA increased by 67% over the prior year second quarter, which was itself an excellent performing quarter. Fuel and non-fuel gross margins increased by 56% and 10% respectively. Operational highlights for the quarter included the fuel team successfully managing extraordinary volatility in supply markets, growth in truck service and the re-opening of some full service restaurants. The Company has proven once again that it can overcome challenging macro-economic circumstances while maximizing market opportunities through operational excellence and a resilient business model.
Investing in growth remains a key pillar in our transformation plan, with a focus on site refreshes, technology improvements and network expansion. We continue to evaluate opportunities to acquire high quality travel centers, with two full service travel centers and a truck service location added during the second quarter and a third full service travel center location added in early July. While results benefitted from favorable fuel purchasing conditions created by extraordinary volatility, a continued focus on operational excellence and investing in growth were also instrumental in driving a very strong quarter once again.”
Reconciliations to GAAP:
Adjusted net income, adjusted net income per share of common stock attributable to common stockholders, EBITDA, adjusted EBITDA, and adjusted EBITDAR are non-GAAP financial measures. The U.S. generally accepted accounting principles, or GAAP, financial measures that are most directly comparable to the non-GAAP measures disclosed herein are included in the supplemental tables below.
Second Quarter 2022 Highlights:
- Cash and cash equivalents of $565.1 million and availability under TA’s revolving credit facility of $185.4 million for total liquidity of $750.6 million as of June 30, 2022.
- On April 1, 2022, TA completed the acquisition of the previously franchised travel center sites in Lexington, Virginia and Raphine, Virginia for $51.8 million inclusive of certain closing costs and other purchase price adjustments.
- The following table presents detailed results for TA’s fuel sales for the 2022 and 2021 second quarters.
|
(in thousands, except per gallon amounts) |
Three Months Ended June 30, |
|
|
|||||||
|
2022 |
|
2021 |
|
Change |
||||||
|
Fuel sales volume (gallons): |
|
|
|
|
|
|||||
|
Diesel fuel |
|
511,209 |
|
|
512,943 |
|
(0.3 |
) % |
||
|
Gasoline |
|
63,111 |
|
|
|
70,687 |
|
|
(10.7 |
) % |
|
Total fuel sales volume |
|
574,320 |
|
|
|
583,630 |
|
|
(1.6 |
) % |
|
|
|
|
|
|
|
|||||
|
Fuel gross margin |
$ |
156,631 |
|
|
$ |
100,292 |
|
|
56.2 |
% |
|
Fuel gross margin per gallon |
$ |
0.273 |
|
|
$ |
0.172 |
|
|
58.7 |
% |
- The following table presents detailed results for TA’s nonfuel revenues for the 2022 and 2021 second quarters.
|
(in thousands, except percentages) |
Three Months Ended June 30, |
|
|
|||||||
|
2022 |
|
2021 |
|
Change |
||||||
|
Nonfuel revenues: |
|
|
|
|
|
|||||
|
Store and retail services |
$ |
200,424 |
|
|
$ |
194,440 |
|
|
3.1 |
% |
|
Truck service |
|
218,210 |
|
|
|
194,197 |
|
|
12.4 |
% |
|
Restaurant |
|
86,626 |
|
|
|
79,938 |
|
|
8.4 |
% |
|
Diesel exhaust fluid |
|
48,102 |
|
|
|
33,235 |
|
|
44.7 |
% |
|
Total nonfuel revenues |
$ |
553,362 |
|
|
$ |
501,810 |
|
|
10.3 |
% |
|
|
|
|
|
|
|
|||||
|
Nonfuel gross margin |
$ |
331,778 |
|
|
$ |
303,102 |
|
|
9.5 |
% |
|
Nonfuel gross margin percentage |
|
60.0 |
% |
|
|
60.4 |
% |
|
(40) pts |
|
- Net income of $64.0 million improved $35.0 million, or 121.0%, and adjusted net income of $64.4 million improved $34.7 million, or 117.0%, as compared to the prior year period.
- Adjusted EBITDA of $122.8 million increased $49.2 million, or 66.9%, as compared to the prior year period.
- Adjusted EBITDAR was $187.9 million and $307.9 million for the three and six months ended June 30, 2022, respectively.
Growth Strategies
TA’s strategic transformation and turnaround plan, or its Transformation Plan, consists of numerous initiatives across its organization for the purpose of expanding its travel center network, improving the guest experience, improving and enhancing operational profitability and efficiency, and strengthening its financial position all in support of its core mission to return every traveler to the road better than they came.
Franchising is a key aspect of TA’s strategic network growth plan. Since the beginning of 2020, TA has entered into franchise agreements covering approximately 50 travel centers to be operated under its travel center brand names. Five of these franchised travel centers began operations during 2020, two began operations during 2021 and one began operations during the second quarter of 2022. TA expects the remaining 42 to all open by the third quarter of 2024.
TA’s growth strategy also includes its intent to acquire high quality, existing travel centers to expand its network of travel centers. TA completed the acquisitions of two previously franchised travel centers and one standalone truck service facility in April 2022, and another previously franchised travel center in July 2022. TA also acquired two of its company-owned, franchisee-operated travel centers in the second and third quarters of 2022.
TA’s capital expenditures for 2022 are expected to be in the range of $175.0 million to $200.0 million and includes projects to improve the guest experience through significant upgrades at TA’s travel centers, the expansion of restaurants and food offerings and improvements to TA’s technology systems infrastructure. Approximately 60% of TA’s capital expenditures in 2022 are focused on growth initiatives that TA expects will meet or exceed TA’s 15% to 20% cash on cash return hurdle.
Importantly, TA is committed to embracing environmentally friendly energy sources through its eTA division, which seeks to deliver sustainable and alternative energy to the marketplace by working with the public sector, private companies, customers and guests to facilitate this initiative. Recent accomplishments include expanding TA’s biodiesel blending capabilities, increasing the availability of diesel exhaust fluid, or DEF, at all diesel pumps nationwide and installing electric vehicle charging stations. TA is also exploring ultra-high power truck charging and hydrogen fuel dispensing in parallel with traditional fossil fuels to provide energy alternatives as the transportation sector transitions to a lighter carbon footprint. TA believes its large, well-located sites will allow it to make both fossil and, eventually, non-fossil fuels available throughout its nationwide network of sites.
Conference Call
On August 2, 2022, at 10:00 a.m. Eastern time, TA will host a conference call to discuss its financial results and other activities for the three months ended June 30, 2022. Following management’s remarks, there will be a question and answer period.
The conference call telephone number is 877-329-4614. Participants calling from outside the United States and Canada should dial 412-317-5437. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through August 9, 2022. To hear the replay, dial 412-317-0088. The replay pass code is 9164944.
A live audio webcast of the conference call will also be available in a listen-only mode on TA’s website which is located at www.ta-petro.com. Participants who want to access the webcast should visit TA’s website about five minutes before the call. The archived webcast will be available for replay on TA’s website after the call. The transcription, recording and retransmission in any way of TA’s second quarter conference call is strictly prohibited without the prior written consent of TA. The Company’s website is not incorporated as part of this press release.
About TravelCenters of America Inc.
TravelCenters of America Inc. (Nasdaq: TA) is the nation’s largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its more than 18,000 team members serve guests in over 276 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists, while leveraging alternative energy to support its own operations. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
TRAVELCENTERS OF AMERICA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share amounts)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
Revenues: |
|
|
|
|
|
|
|
||||||||
|
Fuel |
$ |
2,521,757 |
|
|
$ |
1,328,631 |
|
|
$ |
4,327,870 |
|
|
$ |
2,405,889 |
|
|
Nonfuel |
|
553,362 |
|
|
|
501,810 |
|
|
|
1,040,444 |
|
|
|
949,724 |
|
|
Rent and royalties from franchisees |
|
3,929 |
|
|
|
3,839 |
|
|
|
7,806 |
|
|
|
7,763 |
|
|
Total revenues |
|
3,079,048 |
|
|
|
1,834,280 |
|
|
|
5,376,120 |
|
|
|
3,363,376 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost of goods sold (excluding depreciation): |
|
|
|
|
|
|
|
||||||||
|
Fuel |
|
2,365,126 |
|
|
|
1,228,339 |
|
|
|
4,058,321 |
|
|
|
2,228,167 |
|
|
Nonfuel |
|
221,584 |
|
|
|
198,708 |
|
|
|
413,368 |
|
|
|
370,930 |
|
|
Total cost of goods sold |
|
2,586,710 |
|
|
|
1,427,047 |
|
|
|
4,471,689 |
|
|
|
2,599,097 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Site level operating expense |
|
260,103 |
|
|
|
233,996 |
|
|
|
512,147 |
|
|
|
461,226 |
|
|
Selling, general and administrative expense |
|
46,400 |
|
|
|
36,590 |
|
|
|
87,709 |
|
|
|
72,520 |
|
|
Real estate rent expense |
|
65,153 |
|
|
|
63,611 |
|
|
|
129,799 |
|
|
|
127,480 |
|
|
Depreciation and amortization expense |
|
26,762 |
|
|
|
24,139 |
|
|
|
50,993 |
|
|
|
47,968 |
|
|
Other operating income, net |
|
(305 |
) |
|
|
(872 |
) |
|
|
(2,487 |
) |
|
|
(872 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Income from operations |
|
94,225 |
|
|
|
49,769 |
|
|
|
126,270 |
|
|
|
55,957 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net |
|
11,173 |
|
|
|
11,739 |
|
|
|
22,703 |
|
|
|
23,123 |
|
|
Other (income) expense, net |
|
(1,216 |
) |
|
|
1,304 |
|
|
|
(1,854 |
) |
|
|
2,701 |
|
|
Income before income taxes |
|
84,268 |
|
|
|
36,726 |
|
|
|
105,421 |
|
|
|
30,133 |
|
|
Provision for income taxes |
|
(20,288 |
) |
|
|
(7,779 |
) |
|
|
(25,137 |
) |
|
|
(6,929 |
) |
|
Net income |
|
63,980 |
|
|
|
28,947 |
|
|
|
80,284 |
|
|
|
23,204 |
|
|
Less: net income for noncontrolling interest |
|
— |
|
|
|
(409 |
) |
|
|
— |
|
|
|
(333 |
) |
|
Net income attributable to common stockholders |
$ |
63,980 |
|
|
$ |
29,356 |
|
|
$ |
80,284 |
|
|
$ |
23,537 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income per share of common stock attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
|
Basic and diluted |
$ |
4.31 |
|
|
$ |
2.02 |
|
|
$ |
5.41 |
|
|
$ |
1.62 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average vested shares of common stock |
|
14,380 |
|
|
|
14,236 |
|
|
|
14,376 |
|
|
|
14,232 |
|
|
Weighted average unvested shares of common stock |
|
461 |
|
|
|
331 |
|
|
|
463 |
|
|
|
337 |
|
These financial statements should be read in conjunction with TA’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, to be filed with the U.S. Securities and Exchange Commission.
TRAVELCENTERS OF AMERICA INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(dollars in thousands, unless indicated otherwise)
TA believes the non-GAAP financial measures presented in the tables below are meaningful supplemental disclosures. Management uses these measures in developing internal budgets and forecasts and analyzing TA’s performance and believes that they may help investors gain a better understanding of changes in TA’s operating results and its ability to pay rent or service debt when due, make capital expenditures and expand its business. These non-GAAP financial measures also may help investors to make comparisons between TA and other companies and to make comparisons of TA’s financial and operating results between periods.
The non-GAAP financial measures TA presents should not be considered as alternatives to net income (loss) attributable to common stockholders, net income (loss), income (loss) from operations, or net income (loss) per share of common stock attributable to common stockholders as an indicator of TA’s operating performance or as a measure of TA’s liquidity. Also, the non-GAAP financial measures TA presents may not be comparable to similarly titled amounts calculated by other companies.
TA believes that adjusted net income (loss), adjusted net income (loss) per share of common stock attributable to common stockholders, EBITDA and adjusted EBITDA are meaningful disclosures that may help investors to better understand TA’s financial performance by providing financial information that represents the operating results of TA’s operations without the effects of items that do not result directly from TA’s normal recurring operations and may allow investors to better compare TA’s performance between periods and to the performance of other companies. TA calculates EBITDA as net income (loss) before interest, income taxes and depreciation and amortization expense, as shown below. TA calculates adjusted EBITDA by excluding items that it considers not to be normal, recurring, cash operating expenses or gains or losses.
In addition, TA believes that, because it leases a majority of its travel centers, presenting adjusted EBITDAR may help investors compare the value of TA against companies that own and finance ownership of their properties with debt financing, since this measure eliminates the effects of variability in leasing methods and capital structures. This measure may also help investors evaluate TA’s valuation if it owned its leased properties and financed that ownership with debt, in which case the interest expense TA incurred for that debt financing would be added back when calculating EBITDA. Adjusted EBITDAR is presented solely as a valuation measure and should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net income (loss) because it excludes the real estate rent expense associated with TA’s leases and it is presented for the limited purposes referenced herein. TA calculates EBITDAR as net income (loss) before interest, income taxes, real estate rent expense and depreciation and amortization expense and adjusted EBITDAR by excluding items that it considers not to be normal, recurring, cash operating expenses or gains or losses.
TA believes that net income (loss) is the most directly comparable GAAP financial measure to adjusted net income (loss), EBITDA, adjusted EBITDA and adjusted EBITDAR, and that net income (loss) per share of common stock attributable to common stockholders is the most directly comparable GAAP financial measure to adjusted net income (loss) per share of common stock attributable to common stockholders.
The following tables present the reconciliations of the non-GAAP financial measures to the respective most directly comparable GAAP financial measures for the three and six months ended June 30, 2022 and 2021.
|
Calculation of adjusted net income: |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
Net income |
|
$ |
63,980 |
|
|
$ |
28,947 |
|
|
$ |
80,284 |
|
|
$ |
23,204 |
|
|
Add: QSL impairment(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
650 |
|
|
Less: Net gain on Seymour insurance recovery(2) |
|
|
(154 |
) |
|
|
— |
|
|
|
(1,984 |
) |
|
|
— |
|
|
Add: Costs related to the exit of our Canadian travel center(3) |
|
|
705 |
|
|
|
— |
|
|
|
1,005 |
|
|
|
— |
|
|
Add: Equity investment ownership dilution(4) |
|
|
— |
|
|
|
1,826 |
|
|
|
— |
|
|
|
1,826 |
|
|
Less: Gain on sale of assets, net(5) |
|
|
— |
|
|
|
(897 |
) |
|
|
— |
|
|
|
(897 |
) |
|
(Less) Add: Tax impact of adjusting items(6) |
|
|
(129 |
) |
|
|
(195 |
) |
|
|
230 |
|
|
|
(331 |
) |
|
Adjusted net income |
|
$ |
64,402 |
|
|
$ |
29,681 |
|
|
$ |
79,535 |
|
|
$ |
24,452 |
|
TRAVELCENTERS OF AMERICA INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(dollars in thousands, unless indicated otherwise)
| Calculation of adjusted net income per share of common stock attributable to common stockholders (basic and diluted): |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
Net income per share of common stock attributable to common stockholders (basic and diluted) |
|
$ |
4.31 |
|
|
$ |
2.02 |
|
|
$ |
5.41 |
|
|
$ |
1.62 |
|
|
Add: QSL impairment (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
Less: Net gain on Seymour insurance recovery(2) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.13 |
) |
|
|
— |
|
|
Add: Costs related to the exit of our Canadian travel center (3) |
|
|
0.05 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
— |
|
|
Add: Equity investment ownership dilution (4) |
|
|
— |
|
|
|
0.13 |
|
|
|
— |
|
|
|
0.13 |
|
|
Less: Gain on sale of assets, net (5) |
|
|
— |
|
|
|
(0.06 |
) |
|
|
— |
|
|
|
(0.06 |
) |
|
Add (Less): Tax impact of adjusting items (6) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
(0.02 |
) |
|
Adjusted net income per share of common stock attributable to common stockholders (basic and diluted) |
|
$ |
4.34 |
|
|
$ |
2.08 |
|
|
$ |
5.36 |
|
|
$ |
1.71 |
|
|
Calculation of EBITDA and adjusted EBITDA: |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
Net income |
|
$ |
63,980 |
|
|
$ |
28,947 |
|
|
$ |
80,284 |
|
|
$ |
23,204 |
|
|
Add: Provision for income taxes |
|
|
20,288 |
|
|
|
7,779 |
|
|
|
25,137 |
|
|
|
6,929 |
|
|
Add: Depreciation and amortization expense |
|
|
26,762 |
|
|
|
24,139 |
|
|
|
50,993 |
|
|
|
47,968 |
|
|
Add: Interest expense, net |
|
|
11,173 |
|
|
|
11,739 |
|
|
|
22,703 |
|
|
|
23,123 |
|
|
EBITDA |
|
|
122,203 |
|
|
|
72,604 |
|
|
|
179,117 |
|
|
|
101,224 |
|
|
Less: Net gain on Seymour insurance recovery (2) |
|
|
(154 |
) |
|
|
— |
|
|
|
(1,984 |
) |
|
|
— |
|
|
Add: Costs related to the exit of our Canadian travel center (3) |
|
|
705 |
|
|
|
— |
|
|
|
1,005 |
|
|
|
— |
|
|
Add: Equity investment ownership dilution (4) |
|
|
— |
|
|
|
1,826 |
|
|
|
— |
|
|
|
1,826 |
|
|
Less: Gain on sale of assets, net (5) |
|
|
— |
|
|
|
(897 |
) |
|
|
— |
|
|
|
(897 |
) |
|
Adjusted EBITDA |
|
$ |
122,754 |
|
|
$ |
73,533 |
|
|
$ |
178,138 |
|
|
$ |
102,153 |
|
|
Calculation of adjusted EBITDAR: |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||
|
|
2022 |
|
2022 |
|||||
|
Adjusted EBITDA |
|
$ |
122,754 |
|
$ |
178,138 |
||
|
Add: Real estate rent expense |
|
|
65,153 |
|
|
|
129,799 |
|
|
Adjusted EBITDAR |
|
$ |
187,907 |
|
|
$ |
307,937 |
|
TRAVELCENTERS OF AMERICA INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(dollars in thousands, unless indicated otherwise)
| Total fuel gross margin and nonfuel revenues: |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
Fuel gross margin |
|
$ |
156,631 |
|
$ |
100,292 |
|
$ |
269,549 |
|
$ |
177,722 |
||||
|
Nonfuel revenues |
|
|
553,362 |
|
|
|
501,810 |
|
|
|
1,040,444 |
|
|
|
949,724 |
|
|
Total fuel gross margin and nonfuel revenues |
|
$ |
709,993 |
|
|
$ |
602,102 |
|
|
$ |
1,309,993 |
|
|
$ |
1,127,446 |
|
|
(1) |
QSL Impairment. On April 21, 2021, TA completed the sale of its Quaker Steak and Lube, or QSL, business for $5.0 million, excluding costs to sell and certain closing adjustments. During the six months ended June 30, 2021, TA recorded a pre-sale impairment charge of $0.7 million relating to its QSL business, which was included in depreciation and amortization expense in TA’s consolidated statements of operations and comprehensive income. Refer to note 5 below for more information on the sale of QSL. |
|
(2) |
Net Gain on Seymour Insurance Recovery. Following a fire at TA’s Seymour, Indiana travel center in July 2020, TA pursued recoveries under its property and business interruption insurance policies. During the three and six months ended June 30, 2022, TA recognized a net gain of $0.2 million and $2.0 million, respectively, related to these recoveries as other operating income, net in TA’s consolidated statements of operations and comprehensive income. |
|
(3) |
Costs Related to the Exit of our Canadian Travel Center. In March 2022, TA agreed to sell the assets of its travel center in Woodstock, Ontario, Canada for approximately $20.0 million, excluding costs to sell and certain closing adjustments. TA expects the sale to close by the end of 2022. During the three and six months ended June 30, 2022, TA recognized expense of $0.1 million and $0.4 million for employee termination benefits, respectively, and $0.6 million of environmental costs associated with the closure of its Woodstock travel center, which were included in site level operating expense in TA’s consolidated statements of operations and comprehensive income. |
|
(4) |
Equity Investment Ownership Dilution. During the three and six months ended June 30, 2021, TA reduced its ownership in Epona, LLC, owner of QuikQ LLC, an equity method investment, to less than 50%, for which a loss of $1.8 million was included in other (income) expense, net in TA’s consolidated statements of operations and comprehensive income. |
|
(5) |
Gain on Sale of Assets, Net. In May 2021, TA sold a property located in Mesquite, Texas for a sales price of $2.2 million, excluding selling costs. TA recognized a gain on the sale of $1.5 million. On April 21, 2021, TA completed the sale of its QSL business for $5.0 million, excluding costs to sell and certain closing adjustments. TA recognized a loss on the sale of $0.6 million. The gain and loss on the sale of assets were included in other operating income, net, for the three and six months ended June 30, 2021. |
|
(6) |
Tax Impact of Adjusting Items. TA calculated the income tax impact of the adjustments described above by using the expected tax accounting treatment and estimated statutory income tax rate for the jurisdiction of each adjusting item. |
TRAVELCENTERS OF AMERICA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
|
June 30, 2022 |
|
December 31, 2021 |
|||||
|
Assets: |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
565,146 |
|
$ |
536,002 |
||
|
Accounts receivable, net |
|
225,822 |
|
|
|
111,392 |
|
|
Inventory |
|
251,608 |
|
|
|
191,843 |
|
|
Other current assets |
|
30,561 |
|
|
|
37,947 |
|
|
Total current assets |
|
1,073,137 |
|
|
|
877,184 |
|
|
|
|
|
|
||||
|
Property and equipment, net |
|
923,470 |
|
|
|
831,427 |
|
|
Operating lease assets |
|
1,623,820 |
|
|
|
1,659,526 |
|
|
Goodwill |
|
22,213 |
|
|
|
22,213 |
|
|
Intangible assets, net |
|
13,535 |
|
|
|
10,934 |
|
|
Other noncurrent assets |
|
85,658 |
|
|
|
107,217 |
|
|
Total assets |
$ |
3,741,833 |
|
|
$ |
3,508,501 |
|
|
|
|
|
|
||||
|
Liabilities and Stockholders’ Equity: |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
382,302 |
|
|
$ |
206,420 |
|
|
Current operating lease liabilities |
|
119,082 |
|
|
|
118,005 |
|
|
Other current liabilities |
|
214,895 |
|
|
|
194,853 |
|
|
Total current liabilities |
|
716,279 |
|
|
|
519,278 |
|
|
|
|
|
|
||||
|
Long term debt, net |
|
524,487 |
|
|
|
524,781 |
|
|
Noncurrent operating lease liabilities |
|
1,606,031 |
|
|
|
1,655,359 |
|
|
Other noncurrent liabilities |
|
108,746 |
|
|
|
106,230 |
|
|
Total liabilities |
|
2,955,543 |
|
|
|
2,805,648 |
|
|
|
|
|
|
||||
|
Stockholders’ equity (14,856 and 14,839 shares of common stock outstanding as of June 30, 2022 and December 31, 2021, respectively) |
|
786,290 |
|
|
|
702,853 |
|
|
Total liabilities and stockholders’ equity |
$ |
3,741,833 |
|
|
$ |
3,508,501 |
|
These financial statements should be read in conjunction with TA’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, to be filed with the U.S. Securities and Exchange Commission.
Warning Concerning Forward-Looking Statements
This press release 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.
Contacts
Kristin Brown, Director of Investor Relations
(617) 796-8251
www.ta-petro.com
