Travelcenters of America Inc (TA) 2022 Q1 法說會逐字稿

Good morning, and welcome to TravelCenters of America's First Quarter 2022 Financial Results. This call is being recorded.

早安，歡迎來到美國旅遊中心 2022 年第一季財務表現。此通話正在錄音。

At this time for opening remarks and introductions, I would like to introduce TravelCenters of America's Director of Investor Relations, Ms. Kristin Brown. Please go ahead.

在這次的開場白和介紹中，我想介紹美國旅遊中心投資者關係總監 Kristin Brown 女士。請繼續。

Thank you. Good morning, everyone. We will begin today's call with remarks from TA's Chief Executive Officer, Jon Pertchik; followed by Chief Financial Officer, Peter Crage; and President, Barry Richards for our analyst Q&A.

謝謝。大家，早安。我們將以 TA 執行長 Jon Pertchik 的演講開始今天的電話會議；其次是財務長 Peter Crage；總裁 Barry Richards 接受我們的分析師問答。

Today's conference call contains forward-looking statements within the meaning of the private securities litigation reform act of 1995 and federal securities laws. These forward-looking statements are based on TA's present beliefs and expectations as of today, May 3rd, 2022. Forward-looking statements and their implications are not guaranteed to occur and they may not occur. TA undertakes no obligation to revise or publicly release any revision to the forward-looking statements made today other than is required by law. Actual results may differ materially from those implied or included in these forward-looking statements.

今天的電話會議包含 1995 年私人證券訴訟改革法案和聯邦證券法含義內的前瞻性陳述。這些前瞻性陳述是基於 TA 截至 2022 年 5 月 3 日的當前信念和預期。除法律要求外，TA 不承擔修改或公開發布對今天做出的前瞻性聲明的任何修改的義務。實際結果可能與這些前瞻性陳述中暗示或包含的結果有重大差異。

Additional information concerning factors that could cause our forward-looking statements not to occur is contained in our filings with the securities and exchange commission or SEC that are available free of charge at the SEC's website or by referring to the investor relation section of TA's website. Investors are cautioned not to place undue reliance upon any forward-looking statements. During this call, we will be discussing non-GAAP financial measures, including adjusted net income, EBITDA and adjusted EBITDA.

有關可能導致我們的前瞻性陳述不發生的因素的更多資​​訊包含在我們向證券交易委員會或SEC 提交的文件中，這些文件可以在SEC 網站上免費獲取，也可以參考TA 網站的投資者關係部分。投資者應注意不要過度依賴任何前瞻性陳述。在本次電話會議中，我們將討論非 GAAP 財務指標，包括調整後淨利潤、EBITDA 和調整後 EBITDA。

The reconciliation of these non-GAAP measures to the most comparable GAAP amounts are available in our press release. The financial and operating measures implied and or stated on today's call as well as any qualitative comments regarding the performance should be assumed to be in regard to the first quarter of 2022, as compared to the first quarter of 2021, unless otherwise stated.

我們的新聞稿中提供了這些非公認會計準則衡量指標與最具可比性的公認會計準則金額的調節表。除非另有說明，今天電話會議中暗示和/或陳述的財務和運營指標以及有關業績的任何定性評論均應假定是針對 2022 年第一季度，與 2021 年第一季度相比。

Finally, I would like to remind you that the recording and re-transmission of today's conference call is prohibited without the prior written consent of TA.

最後，我想提醒大家，未經TA事先書面同意，禁止對今天的電話會議進行錄音和轉播。

And with that, Jon, I'll turn the call over to you.

喬恩，我會把電話轉給你。

Thanks, Kristin. Good morning, everyone, and thank you for your continuing interest in TA. I'm extremely proud of TA's broader team as we report once again, a very strong first quarter and while some market conditions supported these results, other market conditions created significant challenges and so across the board, our team maximized opportunities in both positive and challenging market circumstances to create overall excellent financial results for the quarter.

謝謝，克里斯汀。大家早安，感謝您對TA的持續關注。我為TA 更廣泛的團隊感到非常自豪，因為我們再次報告，第一季非常強勁，雖然一些市場條件支持了這些結果，但其他市場條件帶來了重大挑戰，因此，從整體上看，我們的團隊在積極和具有挑戰性的方面都最大化了機會市場環境創造了本季整體優異的財務表現。

In other words, our people continue to prove as we have for over 2 years of the most extraordinarily dynamic times that whatever comes our way we can execute with great effect. In addition to our people, this quarter also continues to demonstrate the fundamental durability and resilience of TA's business model, as well as our ability to drive growth while enhancing profitability. In short, as we work our way through our 50th anniversary year, TA's great people, reliable business model and overarching focus on investing in growth, overcame accelerating inflationary pressures and ongoing and labor and supply chain challenges, albeit buoyed by favorable fuel margin conditions.

換句話說，我們的人民在過去兩年多的最具活力的時期中不斷證明，無論發生什麼，我們都可以取得巨大的效果。除了我們的員工之外，本季還繼續展示了 TA 業務模式的基本持久性和彈性，以及我們在提高獲利能力的同時推動成長的能力。簡而言之，在我們迎來成立50 週年之際，TA 的優秀員工、可靠的商業模式以及對成長投資的整體關注，克服了不斷加劇的通膨壓力以及持續存在的勞動力和供應鏈挑戰，儘管受到有利的燃料利潤條件的提振。

Now, to the results. For the 2022 first quarter, compared to the prior year quarter, we produced the following. Adjusted net income of $15.2 million, which is an improvement of over 380%, adjusted EBITDA, $55.4 million, a 94% improvement and adjusted EBITDA of $247 million for the trailing 12-month period, a 53% increase versus the prior year period. Also, I want to remind everyone that these results are on top of the prior 2021 growth over 2020 growth. That was very significant.

現在，看結果。與去年同期相比，2022 年第一季我們產生了以下結果。調整後淨利為 1,520 萬美元，成長超過 380%；調整後 EBITDA 為 5,540 萬美元，成長 94%；過去 12 個月調整後 EBITDA 為 2.47 億美元，比去年同期成長 53%。另外，我想提醒大家，這些結果是在 2021 年之前的成長之上超過 2020 年成長的。這非常重要。

So once again, TA is demonstrating multi-year improvements that are extraordinary. Component parts of the overall business contributed in varying degrees to this financial improvement for the quarter. However, the biggest contributor was strong fuel margins, while we also increased non-fuel gross margin by 7.1% versus the prior year quarter and by 11.2% versus the comparable trailing 12-period ended March 31st, 2021.

因此，TA 再次展示了多年來的非凡進步。整體業務的各個組成部分對本季的財務改善做出了不同程度的貢獻。然而，最大的貢獻者是強勁的燃料利潤率，同時我們的非燃料毛利率也比去年同期增長了 7.1%，與截至 2021 年 3 月 31 日的可比過去 12 個期間相比增長了 11.2%。

The first quarter required intensive focus on monitoring inflationary forces and carefully passing through cost increases, managing labor pressures and gaps in operating hours and sourcing products to ensure shelves remain full, while continuing to carry out our broad based transformational initiatives across all parts of the business and ramping up execution on our capital plan. With CPI breaching 8% in March versus prior year and PPI breaching 11% for the same period, these challenges were very real and some relative margin compression was experienced. However, the impact was within expected levels.

第一季需要重點關注監測通膨力量並謹慎地應對成本上漲、管理勞動力壓力和營業時間差距以及採購產品以確保貨架保持滿載，同時繼續在業務的各個部門實施基礎廣泛的轉型舉措並加強我們資本計劃的執行。與去年同期相比，3 月 CPI 突破 8%，同期 PPI 突破 11%，這些挑戰非常真實，並且出現了一些相對的利潤壓縮。不過，影響仍在預期之內。

Also, some cost increases were realized during the quarter as planned resulting from our commitment to investing in growth. In the first instance, this includes investing in programs and people to grow topline. For example, TA has invested in launching a robust small fleet program, which includes the program development itself, as well as adding numerous salespeople and increasing marketing spend in advance of generating the first new sales or benefiting from new revenue.

此外，由於我們致力於成長投資，本季按計劃實現了一些成本增加。首先，這包括投資於項目和人員以增加收入。例如，TA 投資啟動了一個強大的小型車隊計劃，其中包括計劃開發本身，以及在產生第一個新銷售或從新收入中受益之前增加大量銷售人員和增加行銷支出。

Another example during the first quarter, TA invested significantly in developing a comprehensive new customer loyalty program and separately machine learning and artificial intelligence to support diesel fuel pricing decisions. These are illustrative examples of a much larger list of investments and growth that the TA is making today that will impact topline growth in the future quarters. More generally, TA continues to invest in upgrades in talent and people as well as in training and excellence.

另一個例子是，第一季度，TA 投入巨資開發全面的新客戶忠誠度計劃，以及單獨的機器學習和人工智慧來支援柴油定價決策。這些是技術援助今天正在進行的大量投資和成長的說明性例子，這些投資和成長將影響未來幾季的收入成長。更廣泛地說，TA 繼續投資於人才和人員的升級以及培訓和卓越。

The good news here is that recent investments will bear future fruit, which we expect will continue to create a tailwind as we go forward. In addition, TAs investing in growth includes capital deployment (inaudible) refreshes, acquiring existing travel centers, engaging in Greenfield development and growing our franchise footprint leading to an overall capital plan execution that is accelerating.

好消息是，最近的投資將在未來結出碩果，我們預計這將繼續為我們的前進帶來推動力。此外，技術援助投資成長包括資本部署（聽不清楚）更新、收購現有旅遊中心、參與綠地開發以及擴大我們的特許經營足跡，從而加速整體資本計劃的執行。

To that end, we closed on acquisitions in April totaling an excess of $50 million for 2 high performing travel centers and a strategically located truck service facility. We are currently evaluating additional acquisitions in our pipeline, which stands at approximately $130 million with more announcements to come in the near future. While network expansion is a key pillar of investing in growth, we are disposing of TA's only non-US site located in Canada, given its underperformance and lack of strategic fit in our otherwise all-U.S. network at very favorable economics.

為此，我們在 4 月完成了總計超過 5,000 萬美元的收購，收購了 2 個高性能旅遊中心和一個戰略位置的卡車服務設施。我們目前正在評估管道中的其他收購，金額約為 1.3 億美元，並將在不久的將來宣布更多收購。雖然網路擴張是投資成長的關鍵支柱，但鑑於其表現不佳且缺乏與我們全美國的戰略契合度，我們正在處置 TA 位於加拿大的唯一非美國站點。網路經濟非常有利。

We're also developing 2 new ground of travel centers on TA-owned land, which we expect will open by the end of 2022, as well as looking for potential opportunities to acquire excellent sites along great active [carters] where network currently has gaps. We not only remain focused on expanding our network through acquisitions, but also through our blossoming franchise program.

我們也在 TA 擁有的土地上開發 2 個新的旅遊中心，預計將於 2022 年底開放，並尋找潛在機會，沿著目前網絡存在缺口的活躍的 [carters] 獲取優質場地。我們不僅繼續致力於透過收購來擴大我們的網絡，而且還透過我們蓬勃發展的特許經營計劃來擴大我們的網絡。

Since the beginning of 2020, TA has entered into franchise agreements covering 49 travel centers, 5 of which began operations during 2022 and 2 during 2021 with the balance expected open by the second quarter of 2024 as we continue toward our sustained target of 30 per year. Another key pillar of investing in growth is our site refresh program, which was launched last fall. With a broad spectrum of updates designed to improve the guest experience, we have completed half of the approximately 100 plan refreshes and expect to complete the remainder by early 23.

自2020 年初以來，TA 已簽訂了涵蓋49 個旅遊中心的特許經營協議，其中5 個於2022 年開始運營，2 個於2021 年開始運營，其餘的預計將於2024 年第二季度開業，我們將繼續實現每年30 個旅遊中心的持續目標。投資成長的另一個關鍵支柱是我們去年秋天啟動的網站更新計畫。透過旨在改善賓客體驗的廣泛更新，我們已經完成了大約 100 次計畫更新中的一半，預計在 23 月初完成剩餘部分。

Overall, I remain confident in our robust capital and growth plans and the positive impact they will have on our already established and resilient financial performance. TA is focused on choke points caused by supply chain disruptions that adversely impacted our pace of capital deployment in 2021 to assure capital can be deployed as planned in 2022. And thus far we are on pace with our planned $175 million to $200 million target for 2022 cap ex spend.

總體而言，我對我們穩健的資本和成長計劃及其對我們已經建立的、有彈性的財務業績產生的積極影響仍然充滿信心。 TA 重點關注供應鏈中斷造成的瓶頸，這些瓶頸對我們2021 年的資本部署速度產生了不利影響，以確保2022 年資本能夠按計劃部署。億美元的目標支出上限。

Now, turning to our operational results for the quarter. Overall fuel sales volume increased 2.1% compared to the prior year quarter driven by a 2.7% increase in diesel fuel sales volume and offset by a 3.2% decline in gas sales volume. This decrease was partially driven by higher retail prices, particularly in March during a period of the year when both fuel and non-fuel volumes are typically at relatively lower levels.

現在，轉向我們本季的營運業績。與去年同期相比，整體燃料銷量成長了 2.1%，這主要得益於柴油銷量成長 2.7%，但被天然氣銷售量下降 3.2% 所抵銷。這一下降的部分原因是零售價格上漲，特別是在 3 月份，當時燃料和非燃料銷售通常都處於相對較低的水平。

Our fuel gross margin increased 45.8% versus the prior year quarter driven mostly by increases in fuel margin CPG. The fuel team continues to improve its processes and execution. And during this period of unusual volatility have executed with excellence in utilizing purchasing optionality to take advantage of regional pricing dislocations and market conditions that cause prices to rise (inaudible). These conditions and this execution led to unusually strong fuel gross margins.

我們的燃料毛利率比去年同期成長了 45.8%，這主要是由於 CPG 燃料利潤率的成長。燃料團隊不斷改進其流程和執行力。在這段異常波動的時期，我們在利用購買選擇性方面表現出色，以利用區域定價錯位和導致價格上漲的市場狀況（聽不清楚）。這些條件和執行導致燃料毛利率異常強勁。

While market conditions have remained volatile in April, volatility has somewhat abated from the extraordinary March levels and we continue to experience very solid fuel gross margins. Despite these results, we are maintaining our guide for stable state CPG of 15 cents to 17 cents for blended fuel gross margin per gallon and will continue to evaluate and reevaluate over time.

雖然 4 月市場狀況仍然波動，但波動性較 3 月的異常水平減弱，我們繼續保持非常穩定的燃料毛利率。儘管有這些結果，我們仍維持每加侖混合燃料毛利率穩定狀態 CPG 15 美分至 17 美分的指導，並將隨著時間的推移繼續評估和重新評估。

Lastly, staying on fuel, we are particularly excited about the future impact that artificial intelligence and machine learning will have on diesel pricing as well as our brand new small fleet program and its potential impact on both volume and fuel margin as we approach the back half of 2022. Beta testing and early results have been very encouraging. We expect these tailwinds to help mitigate any adverse impact that macroeconomic forces like inflation and supply chain disruption may present in 2022.

最後，在燃料方面，我們對人工智慧和機器學習對柴油定價以及我們全新的小型車隊計劃的未來影響及其在接近下半年時對銷量和燃料利潤率的潛在影響感到特別興奮2022 年。和早期結果非常令人鼓舞。我們預計這些有利因素將有助於減輕通膨和供應鏈中斷等宏觀經濟力量在 2022 年可能帶來的任何不利影響。

On the non-fuel side of the business, store and retail services revenues increased by over 4.5% for the quarter versus 2021. Although our industry is experiencing a challenging purchasing and inflationary cost environment, we have focused on pricing to balance these forces. Our customer segmentation work has provided a better understanding of who is visiting us and what their behaviors are, which in turn is allowing us to tailor our offerings to our customer's actual needs.

在非燃料業務方面，本季商店和零售服務收入比 2021 年增長了 4.5% 以上。我們的客戶細分工作使我們能夠更好地了解誰正在訪問我們以及他們的行為是什麼，這反過來又使我們能夠根據客戶的實際需求量身定制我們的產品。

We also expect to offer a comprehensively revised loyalty program designed around our customer segmentation work by year end. A combination of inflationary forces, wage pressures and intentional investing in growth have offset topline increases on the non-fuel side. And while we do not see inflationary forces going away, nor our continuing investing in growth, we are excited that transformational initiatives will continue to germinate and manifest increasing value and otherwise provide TA the opportunity to relatively benefit versus others.

我們還希望在年底前提供圍繞我們的客戶細分工作設計的全面修訂的忠誠度計劃。通膨力量、工資壓力和對成長的有意投資相結合，抵消了非燃料的收入成長。雖然我們沒有看到通貨膨脹的力量消失，也沒有看到我們對成長的持續投資，但我們很高興看到轉型舉措將繼續萌芽並體現出不斷增加的價值，並為TA提供相對於其他人相對受益的機會。

Truck service revenue showed a solid improvement with a 10.1% increase versus 2021 driven in part by price adjustments and higher value work orders. Technician staffing remains an important area of focus with compensation and training targeted to improve tech efficiency and retention. While we have added technician hours to the schedule to ensure timely service, we've also seen labor cost and margin pressures. We are actively addressing these through pricing actions, not inconsistent with competitor and market expectations.

卡車服務收入穩步改善，與 2021 年相比增長了 10.1%，部分原因是價格調整和更高價值的工作訂單。技術人員配備仍然是一個重要的關注領域，其薪酬和培訓旨在提高技術效率和保留率。雖然我們增加了技術人員的工作時間以確保及時服務，但我們也看到了勞動成本和利潤壓力。我們正在透過定價行動積極解決這些問題，不與競爭對手和市場預期不一致。

Restaurant revenues increase 60 basis points versus prior year as revenues that are full service restaurants were boosted by inflation-driven price increases and the reopening of more locations with approximately 19 more FSRs open versus prior year. The revenue increase at our FSRs was offset by a small decrease in quick service restaurant revenues due to persistent staffing shortages that negatively impacted QSR operating capacity.

餐廳收入比前一年增加了 60 個基點，原因是通貨膨脹驅動的價格上漲和更多餐廳的重新開業（與去年相比增加了約 19 個 FSR）增加了全方位服務餐廳的收入。我們的速食店收入成長被快餐店收入小幅下降所抵消，這是由於持續的人員短缺對快餐店營運能力產生了負面影響。

Staffing shortages continue to be a unique challenge across the food side of the business, which we are mitigating through streamlining menus and competitive compensation programs. Our full service restaurants remain an important differentiator as well as another area of significant opportunity for improved financial performance. We have opened 3 of the 5 IHOP conversions underway and expect to open the other 2 by the end of this quarter with a target of 20 IHOPs in total.

人員短缺仍然是整個食品行業面臨的獨特挑戰，我們正在透過簡化菜單和有競爭力的薪酬計劃來緩解這一挑戰。我們的全方位服務餐廳仍然是一個重要的差異化因素，也是改善財務表現的另一個重要機會領域。我們已經開放了正在進行的 5 個 IHOP 轉換中的 3 個，並預計在本季度末之前開放另外 2 個，目標是總共 20 個 IHOP。

We are also close to formally introducing a new proprietary restaurant concept designed around a study understanding of our customer's needs and look forward to further announcements in the coming months. Non-fuel revenues also continue to benefit from strong demand for diesel exhaust fluid or DEF, which is required by newer trucks. DEF volume increased by 6.5% versus the 2021 first quarter boosted by increased availability across our network.

我們也即將正式推出新的專有餐廳概念，該概念是圍繞對客戶需求的研究了解而設計的，並期待在未來幾個月內發布進一步的公告。非燃料收入也繼續受益於對柴油引擎廢氣處理液或 DEF 的強勁需求，這是新型卡車所需要的。由於我們網路的可用性增加，DEF 數量較 2021 年第一季增加了 6.5%。

As part of the capital plan, we are now offering DEF from dispensers on the diesel fueling island at almost all of our locations and expect to have them available all lanes and all TA Petros nationwide by the end of 2022. As pre-2011 trucks are retired each year, we expect demand for DEF will continue to grow. Shifting, we continue to build in our commitment to sustainability and alternative energy with the dedicated business division formed last year, ETA.

作為資本計劃的一部分，我們現在幾乎所有地點都透過柴油加油島上的加油機提供 DEF，並預計到 2022 年底可在全國所有車道和所有 TA Petro 上使用。預計DEF 的需求將持續成長。我們不斷轉變，透過去年成立的專門業務部門 ETA 繼續實踐我們對永續發展和替代能源的承諾。

In addition to installing new EV passenger vehicle charging stations at several west coast locations, we are very carefully preparing more comprehensive rollout plans for passenger duty EV eventually across the country, particularly where federal and state financial incentives are being made available. We are also developing the most powerful publicly accessible microgrid in the United States at an existing travel center in California with an offsetting California energy commission grant.

除了在西海岸的幾個地點安裝新的電動車乘用車充電站外，我們還非常仔細地準備更全面的乘用電動汽車最終在全國範圍內的推廣計劃，特別是在聯邦和州財政激勵措施出台的地區。我們也在加州現有的旅遊中心開發美國最強大的公共微電網，並獲得加州能源委員會的補助。

The infrastructure act passed in November earmarked $7.5 billion of federal funds, specifically targeted for installation of EV fastchargers to be distributed through the states and for which we are making plans to access to the full extent possible to defray and subsidize total capital costs. Finally, TA is well on its way to developing a robust environmental, social, governance or ESG framework and policy.

11 月通過的基礎設施法案指定了 75 億美元的聯邦資金，專門用於安裝將在各州分配的電動車快速充電器，為此我們正在製定計劃，以盡可能支付和補貼總資本成本。最後，TA 正在努力製定穩健的環境、社會、治理或 ESG 框架和政策。

We are pleased to be recognized for our sustainability efforts recently with a 2022 leadership in greener purchasing award from Office Depot based on TA's high levels of green spend when purchasing office supplies compared to others in the industry. Also, we remain proud of our continuing leadership in supporting both truckers against trafficking and St. Christopher's Driver Relief Fund, as well as our recent support and developing partnership with SOTF or special operator’s transition foundation, a group that helps retiring special forces vets prepare to transfer their skills to the private sector.

我們很高興最近在永續發展方面所做的努力得到了認可，並榮獲 Office Depot 頒發的 2022 年綠色採購領導者獎，該獎項基於 TA 在採購辦公用品時的綠色支出高於業內其他公司。此外，我們仍然為我們在支持卡車司機打擊販運和聖克里斯托弗司機救濟基金方面的持續領導力而感到自豪，以及我們最近與SOTF 或特種作戰人員過渡基金會的支持和發展夥伴關係，該基金會幫助退休特種部隊老兵做好準備將他們的技能轉移到私營部門。

Finally, we expect to issue our first ever sustainability report later this year, outlining achievements to date, plan and ongoing initiatives and longer term goals. We are excited to share this report during the back half of this year. I also wanted to mention that we are planning to host our first analyst and investor day in September, which will allow market participants to get to know the broader TA team. And we'll have more details on that to share in the coming months.

最後，我們預計將在今年稍後發布第一份永續發展報告，概述迄今為止的成就、計劃和正在進行的舉措以及長期目標。我們很高興在今年下半年分享這份報告。我還想提一下，我們計劃在 9 月舉辦首屆分析師和投資者日活動，這將使市場參與者能夠了解更廣泛的 TA 團隊。我們將在未來幾個月分享更多相關細節。

So to conclude from porters cleaning showers, to administrative teammates supporting executives and everyone in between, our 18,000 plus colleagues have once again, proven TA Petra's ability to optimize and operate with a highly dynamic circumstances to create significant shareholder value. This is what binds us and I'm proud of the strong positive results our team has generated in the first quarter. The transformation plan has delivered improving results.

因此，總而言之，從清潔淋浴的搬運工，到支持高管的行政團隊成員以及中間的每個人，我們的18,000 多名同事再次證明了TA Petra 在高度動態的環境下進行優化和運營以創造顯著股東價值的能力。這就是我們的紐帶，我為我們的團隊在第一季取得的強勁積極成果感到自豪。轉型計劃取得了明顯成效。

And as we focus on investing in topline growth through acquisition, development, franchise, site refresh, IT improvements and in our people, we remain confident in our ability to continue to generate shareholder value, despite a challenging supply chain inflationary and labor environment.

儘管供應鏈通膨和勞動力環境充滿挑戰，但由於我們專注於透過收購、開發、特許經營、網站更新、IT 改進和員工來投資於營收成長，因此我們對繼續創造股東價值的能力充滿信心。

In closing, I offer gratitude to our teammates and colleagues around the country for their hard work and dedication, as well as to professional drivers and fleet managers for allowing TA to serve you. I also offer gratitude to our guests, franchisees and dedicated stockholders for continuing to support TA. I'm pleased with the exceptional progress that our team has made and excited about the opportunities to improve and drive long term shareholder value that are still in front of us.

最後，我感謝全國各地的隊友和同事的辛勤工作和奉獻精神，也感謝專業的司機和車隊經理讓TA為您服務。我還要感謝我們的賓客、加盟主和熱忱的股東繼續支持 TA。我對我們團隊的非凡進步感到高興，並對我們面前仍然存在的改善和推動長期股東價值的機會感到興奮。

And with that, I'll hand the call over to Peter to discuss the quarter's financial results in detail. Peter.

接下來，我將把電話轉交給彼得，詳細討論本季的財務表現。彼得.

Thank you, Jon, and good morning, everyone. As Jon mentioned, we are very pleased with our results in the first quarter, which we believe continue to demonstrate the ability of this business to produce resilience and improving operating results, and importantly, generate strong free cash flow. In my remarks that follow, I will be referring to the 2022 first quarter as compared to the 2021 first quarter, unless otherwise noted.

謝謝你，喬恩，大家早安。正如喬恩所提到的，我們對第一季的業績感到非常滿意，我們相信這繼續證明了該業務產生彈性和改善經營業績的能力，更重要的是，產生強勁的自由現金流。在接下來的發言中，除非另有說明，我將指的是 2022 年第一季與 2021 年第一季的比較。

For the first quarter, net income of $16.3 million or $1.10 per share improved $22 million as compared to a net loss of $5.7 million or 40 cents per share. Excluding certain onetime items in both quarters as detailed in our earnings release regenerated an improvement of over 380% in adjusted net income. Adjusted EBITDA, which excludes 2 onetime items in the current quarter, increased $20.8 million or 94%, primarily due to the strong results we generated in both fuel and non-fuel gross margin. Those partially offset by inflation induced labor, increased labor and operating costs affecting us as well as the broader economy.

第一季淨利潤為 1,630 萬美元，即每股 1.10 美元，增加了 2,200 萬美元，而淨虧損為 570 萬美元，即每股 40 美分。剔除我們收益發布中詳述的兩個季度的某些一次性項目，調整後淨利潤重新增長了 380% 以上。調整後 EBITDA（不包括本季的 2 個一次性項目）增加了 2,080 萬美元，即 94%，這主要是由於我們在燃料和非燃料毛利率方面取得了強勁的業績。這些部分被通貨膨脹引發的勞動力、影響我們以及更廣泛經濟的勞動力和營運成本增加所抵消。

Our fuel sales volume increased by a 11.5 million gallons or 2.1% to just over 555 million gallons with diesel sales volume improving by 2.7%, driven by increased trucking activity and additional new customers. Gasoline sales volume was down by 3.2%, which we believe has been impacted by increases in retail gas prices. Fuel gross margin increased $35.5 million to $112.9 million or 45.8% and blended margin cents per gallon or CPG improved 6.10 cents or 43% to 20.30 cents versus the prior year quarter.

在卡車運輸活動增加和新客戶增加的推動下，我們的燃料銷量增加了 1,150 萬加侖，即 2.1%，達到略高於 5.55 億加侖，其中柴油銷量增加了 2.7%。汽油銷售量下降 3.2%，我們認為這是受到零售汽油價格上漲的影響。與去年同期相比，燃料毛利率增加了 3,550 萬美元，達到 1.129 億美元，即 45.8%，每加侖或 CPG 的混合利潤提高了 6.10 美分，即 43%，達到 20.30 美分。

As Jon discussed, we have positioned ourselves to temper volatility and CPG and to take advantage of volatility and pricing anomalies in the market when they occur. However, we would note that the first quarter of 2022 saw unprecedented volatility in the fuel markets primarily concentrated in the month of March. This volatility has largely abated in April and although CPG remains very healthy, it has declined from first quarter levels.

正如 Jon 所討論的，我們已將自己定位為緩和波動性和 CPG，並在市場出現波動和定價異常時利用它們。然而，我們注意到，2022 年第一季燃料市場出現了前所未有的波動，主要集中在 3 月。這種波動性在 4 月已基本減弱，儘管消費品價格仍然非常健康，但較第一季水準有所下降。

As a result of this unprecedented volatility, we do not believe the CPG results in the first quarter are indicative of mid or longer term expectations. And accordingly, we continue to expect a range of 15 cents to 17 cents for our blended CPG fuel margin for the foreseeable future. Non-fuel revenues increased by $39.2 million or 8.7% and total non-fuel gross margin increased by $19.6 million or 7.1%, against 2021 strength and truck service up 10%, DEF up 44% primarily pricing driven with an average price per gallon up 35% and store up 5% and to a lesser extent full service restaurants.

由於這種前所未有的波動，我們認為第一季的快速消費品表現並不代表中長期預期。因此，我們繼續預計在可預見的未來，我們的混合 CPG 燃料利潤將在 15 美分至 17 美分之間。與2021 年相比，非燃料收入成長了3,920 萬美元，即8.7%，非燃料總毛利率成長了1,960 萬美元，即7.1%，卡車服務成長了10%，DEF 成長了44%，主要是定價驅動，每加侖平均價格上漲35%，儲存5%，以及較小程度的全方位服務餐廳。

As many full service locations reopened at the quarter, those increases were all offset partially by softness and quick service restaurants, to which we continue to experience intermittent closures and reduced operating hours stemming from labor shortages. On the cost side of non-fuel, cost of goods sold and site level operating expenses increased by $19.6 million and $24.8 million, respectively.

由於許多全方位服務地點在本季度重新開業，這些增長全部被疲軟和快速服務餐廳所部分抵消，我們繼續經歷間歇性關閉以及由於勞動力短缺而導致的營業時間減少。在非燃料成本方面，銷售成本和現場營運費用分別增加了 1,960 萬美元和 2,480 萬美元。

While these increases are driven primarily by revenue growth from continued improved topline business activity, labor rate and input cost pressures continue. We have been successful thus far in largely counteracting these pressures. For example, we improve non-fuel gross margin by 50 basis points on a sequential quarter over quarter basis through thoughtful pricing actions and a keen focus on opportunities for purchasing efficiency. And as Jon mentioned, labor and operating costs continue to pose a challenge to which we are deploying scheduling and compensation program changes in an effort to combat.

雖然這些成長主要是由營收成長帶來的收入成長所推動的，但勞動力價格和投入成本壓力仍然存在。到目前為止，我們在很大程度上成功地抵消了這些壓力。例如，透過深思熟慮的定價行動和對採購效率機會的敏銳關注，我們將非燃料毛利率環比提高了 50 個基點。正如喬恩所提到的，勞動力和營運成本繼續構成挑戰，我們正在部署日程安排和薪酬計畫變更，以應對這項挑戰。

Lastly, on the cost side, while on a year-over-year basis, non-fuel gross margin percentage declined 100 basis points. This is almost entirely the result, a lower reported percentage margin on diesel exhaust fluid as retail pricing and cost have accelerated year over year. On a pure dollar margin basis, we are preserving or in some cases increasing the dollars that flow to earnings from DEF.

最後，在成本方面，非燃料毛利率較去年同期下降了100個基點。這幾乎完全是結果，由於零售價格和成本逐年加速，柴油引擎廢氣處理液的利潤率較低。在純美元保證金的基礎上，我們保留或在某些情況下增加了 DEF 收益的美元。

Selling, general and administrative expense for the quarter remained essentially flat at 6.9% of total fuel gross margin plus non-fuel revenue. As we continue to expand the business, identify and implement efficiency and other opportunities and pursue important initiatives, for example, the adoption of more efficient cloud-based technology solutions, we will likely see elevated run rate and in some cases, one-time cost flow through our results, relative to previous years on an absolute dollar basis.

本季的銷售、一般和管理費用基本持平，佔燃料總毛利率加非燃料收入的 6.9%。隨著我們繼續擴展業務，識別和實施效率和其他機會，並追求重要舉措，例如，採用更有效率的基於雲端的技術解決方案，我們可能會看到運行率提高，在某些情況下，一次性成本相對於前幾年，以絕對美元為基礎，我們可以看到我們的表現。

Internally, we have established a benchmark of costs on a relative basis to the growth in business and expect annual SG&A to be in the range of 6 and 3 quarters to 7 and a quarter percent of fuel gross margin plus non-fuel revenue for the foreseeable future. Turning to our balance sheet for a moment, at March 31st, 2022, we had cash and cash equivalence of $544 million and availability under our revolving credit facility of $185.1 million for total liquidity of $729.3 million and no near term debt maturities. We invested $50 million in capital expenditures during the quarter.

在內部，我們建立了相對於業務成長的成本基準，並預期在可預見的情況下，年度SG&A將在燃料毛利率加上非燃料收入的6%又3個季度到7%又25%之間未來。暫時轉向我們的資產負債表，截至2022 年3 月31 日，我們的現金和現金等價物為5.44 億美元，循環信貸安排下的可用資金為1.851 億美元，總流動性為7.293 億美元，並且沒有短期債務到期。本季我們投資了 5000 萬美元的資本支出。

And while we are cautiously optimistic that supply chain challenges will abate somewhat in 22, we are aggressively pursuing our capital plan with an item making up some lost ground in late 2021. At this time having deployed over $50 million in the first quarter alone, we continue to anticipate cash spend between $175 million and $200 million on cap ex projects in 2020. I would note this excludes any tuck-in acquisition activity.

儘管我們對供應鏈挑戰將在22 年有所緩解持謹慎樂觀態度，但我們正在積極推行我們的資本計劃，其中一項項目將在2021 年末彌補一些失地。了超過5000 萬美元，繼續預計 2020 年資本支出項目的現金支出將在 1.75 億美元至 2 億美元之間。

Lastly, in addition to cap ex, we continue to preserve significant liquidity as we evaluate a growing pipeline, potential accretive acquisitions and ground up travel center development opportunities. As Jon mentioned, we deployed over $50 million in cash on hand to close on 2 important acquisitions in April, in addition to $50 million in cap ex. And we are hopeful that we will acquire additional sites in future months. We continue to believe the preservation of this liquidity is important to the timely execution of our growth strategy. And secondarily, as we progress through the back half of 2022, we will also consider opportunities to be constructive on our balance sheet and capital structure as we become more comfortable with liquidity needs in 2023 and beyond. That concludes our prepared remarks.

最後，除了資本支出外，我們在評估不斷增長的管道、潛在的增值收購和地面旅遊中心開發機會時，繼續保留大量流動性。正如 Jon 所提到的，除了 5000 萬美元的資本支出外，我們還部署了超過 5000 萬美元的現金來完成 4 月份的兩項重要收購。我們希望在未來幾個月能夠獲得更多場地。我們仍然相信，保留這種流動性對於及時執行我們的成長策略非常重要。其次，隨著 2022 年下半年的進展，我們也將考慮對我們的資產負債表和資本結構進行建設性的機會，因為我們對 2023 年及以後的流動性需求更加滿意。我們準備好的演講到此結束。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) Our first question comes from Bryan Maher with B. Riley.

（操作員說明）我們的第一個問題來自 Bryan Maher 和 B. Riley。

A couple of questions for me. First on the CPG, I think you used the phrase- you guys took advantage of regional market dislocations, I guess, in pricing. Can you elaborate on that at all, or is that something you don't want to share for competitive reasons?

有幾個問題問我。首先，關於快速消費品，我認為你們使用了這樣的說法——我想，你們在定價方面利用了區域市場的混亂。您能否詳細說明一下這一點，或者您出於競爭原因不想分享這一點？

So again, thanks for the question, Bryan. I mean, I can expand a little bit on that, I think. The way we buy and without going too much detail to give way the dark secrets of our great company, we buy sort of in a sense, there's 17 variables that contribute to CPG for us approximately, 17 primary variables, but simply, the essence of it is buying at wholesale and we're selling at retail. That's where it starts or discounted retail.

再次感謝布萊恩的提問。我的意思是，我想我可以對此進行一些擴展。我們購買的方式，沒有過多的細節來透露我們偉大公司的黑暗秘密，我們在某種意義上購買，大約有 17 個變量對我們的 CPG 有貢獻，17 個主要變量，但簡單地說，它是批發購買，我們零售銷售。這就是折扣零售的起點。

Within that, we're able to cancel loads. We can buy from certain places and not others. And there's a whole lot of variables that go into those, I don't want to say, exploiting, but taking advantage of finding advantage in those regional differences, as well as differences that change over time within a few days.

在此範圍內，我們可以取消負載。我們可以從某些地方購買，但不能從其他地方購買。我不想說，其中存在著許多變數，利用，而是利用在這些區域差異以及幾天內隨時間變化的差異中尋找優勢。

And so the market gave us this opportunity of movement and that's where we tend to do best, not necessarily the highest or the lowest times, but where there's movement and in particular the more movement whether through time, over a few days or amongst regions and the team has gotten better and better at understanding those opportunities and optimizing them. And hopefully, that gives you something to go on.

因此，市場給了我們這個變動的機會，這就是我們往往做得最好的地方，不一定是最高或最低的時間，而是有變動的地方，特別是更多的變動，無論是在一段時間內、幾天內還是在地區之間，團隊越來越善於理解這些機會並對其進行優化。希望這能給你一些繼續下去的機會。

Yes, that's helpful. And then the 2 TAs that you mentioned that are under development on TA-owned land, can you share with us the cost of those developments, maybe what you think you're going to be getting on a stabilized EBITDA multiple once all said and done? And is the cost of that embedded in the $175 million to $200 million or is that in addition to it?

是的，這很有幫助。然後，您提到的 2 個正在 TA 擁有的土地上開發的 TA，您能否與我們分享這些開發的成本，也許您認為一旦全部說完並完成後，您將獲得穩定的 EBITDA 倍數？其成本是包含在 1.75 億至 2 億美元中還是額外的？

Peter, you want to take that to begin with.

彼得，你想從一開始就接受這個。

With regard to the 2 locations, you think in terms of sort of mid to high teens millions for the development under 20 million, 17, 18 million in that range, excluding land. We own the land. On return, again, we focus on EBITDA earning to achieve or exceed our cost of capital. These will likely be in the mid to high teens on a total return basis over the life of the property and the operation.

就這兩個地點而言，您認為該範圍內的開發成本在 2,000 萬、17、1,800 萬以下，不包括土地。我們擁有土地。在回報方面，我們再次關注 EBITDA 收入，以達到或超過我們的資本成本。在財產和營運的整個生命週期中，這些回報可能會達到中到高的水平。

And within the 175 to 200.

並且在175到200之間。

Yes, those are in the 175.

是的，這些都在 175 裡。

So the acquisitions are outside of that, Bryan, but the budgeted dollar amount for these developments are inside.

因此，布萊恩，收購不在其中，但這些開發的預算金額在裡面。

Okay. That's helpful. And then last for me, on the inflationary pressures, can you kind of give us order of magnitude as to what are the biggest headwinds you're facing and your thoughts on the ability to kind of overcome those as we look at over the next kind of 12 to 18 months.

好的。這很有幫助。最後，關於通膨壓力，您能否告訴我們您面臨的最大逆風是什麼，以及您對克服這些逆風的能力的看法，我們會考慮下一種逆風。

Sure. So maybe, Peter, I'll give you the first part of that in a moment. We are doing a really good job of- we have done a really good job of continuing to pass through some of those increases to us and pass them along. And the market generally, in certain areas more than others, has borne that. And that's kind of ultimately where we are.

當然。彼得，也許我稍後會告訴你第一部分。我們做得非常好——我們做得非常好，繼續將其中一些增加的內容傳遞給我們並繼續傳遞。整體而言，市場在某些領域比其他領域更能承受這一點。這就是我們最終的處境。

And I think the industry is there. It's hard to know when you see 8.5 percent CPI and 11 plus percent PPI and how long that will persist, how long we can continue to pass some of that along, it's just impossible to know. What I do know is everybody's facing that same challenge. When I say everybody, not just our competitors more broadly, the country, our broader economy.

我認為這個行業就在那裡。很難知道什麼時候你會看到 8.5% 的 CPI 和 11% 以上的 PPI，以及這種情況會持續多久，我們還能繼續將其中的一部分傳遞多久，這是不可能知道的。我所知道的是每個人都面臨著同樣的挑戰。當我說每個人時，不僅是我們更廣泛的競爭對手，還有國家，我們更廣泛的經濟。

And so what I take solace in is, A, we've got a really great team managing things and B, we have these tailwinds. We cited some of them and there are a number of others as we've spoken over the several quarters now that are still going to bear fruit in front of us.

因此，令我感到安慰的是，A，我們有一支非常出色的團隊來管理事物，B，我們有這些順風車。我們引用了其中的一些建議，還有一些其他的建議，正如我們在幾個季度中所說的那樣，這些建議仍然將在我們面前取得成果。

And so it's hard to answer that Bryan in just complete candor, but I do feel really confident in the team's ability to continue to optimize within the realm that is possible. And 2, we're going to continue to benefit from these tailwinds that from sprinkling both of cap ex and other changes and initiatives we've been making that are yet to be borne- the fruits yet to be borne or harvested.

因此，很難完全坦誠地回答布萊恩的問題，但我確實對團隊在可能的範圍內繼續優化的能力充滿信心。 2，我們將繼續受益於這些順風，這些順風來自於我們一直在進行的資本支出和其他變革和舉措，這些變革和舉措尚未實現——尚未實現或收穫的果實。

Okay. And I think I can speak for myself and my competitors that we're okay with you continuing to embarrass us with these blowout quarter.

好的。我想我可以代表我自己和我的競爭對手說，我們同意你們繼續在這個井噴的季度讓我們難堪。

Nothing personal, Bryan, but we're going to try our darndest to continue to.

布萊恩，這不是針對個人的，但我們將盡最大努力繼續這樣做。

Our next question comes from Paul Lejuez with Citi.

我們的下一個問題來自花旗銀行的 Paul Lejuez。

This is Brandon Cheatham on for Paul. I wanted to circle back to the fuel margin piece because as the quarter kind of progressed, it seemed like WTI was shooting straight up, which I think historically is negative for margins. I was just kind of curious what you were able to do to offset that. And then you mentioned that it sounds like April is less volatile. How does that compare to the first quarter or your guidance range of 15 cents to 17 cents?

我是布蘭登·奇塔姆（Brandon Cheatham）替補保羅。我想回到燃料利潤部分，因為隨著本季的進展，WTI 似乎直線上升，我認為從歷史上看，這對利潤率是負面的。我只是有點好奇你能做些什麼來抵消這一點。然後你提到，聽起來四月的波動性較小。與第一季或您 15 美分至 17 美分的指導範圍相比如何？

So if I understood the first question, volatility going in an upward direction on the cost side, I think there was- when I got to the company, I had heard that one direction is when we tend to do well. And when I come to realize through this, this business is really resilient and our team does continue to do a better and better job of managing and finding these opportunities again over time to say order loads and cancel loads because there's an anticipation that pricing will benefit us or costing and then separately to order cancel loads and potentially reorder from another location or area.

因此，如果我理解第一個問題，即成本方面的波動性呈向上方向，我認為當我到達公司時，我聽說一個方向是我們傾向於做得好的時候。當我意識到這一點時，這項業務確實具有彈性，我們的團隊確實在管理和尋找這些機會方面做得越來越好，隨著時間的推移，可以說訂單負載和取消負載，因為人們預計定價將受益我們或計算成本，然後單獨訂購取消裝載並可能從其他位置或區域重新訂購。

So that's the essence of it. There's a lot more to it. The team has just gotten really good at managing that. And so I think that's a big part of it, really, the biggest part of it. So whether up or down, so long as there's movement, we can take advantage of those opportunities and we're not really comfortable giving more specific guidance just yet.

這就是它的本質。還有很多事情要做。該團隊剛剛非常擅長管理這一點。所以我認為這是其中一個重要的部分，確實是其中最大的部分。因此，無論上漲或下跌，只要有變動，我們就可以利用這些機會，但我們目前還不太願意提供更具體的指導。

And I know this is something I'm really tempted- we've been tempted along the way because fuel margins are such a big part of our business. We've been here at this as a relatively newly comprised team in a half years, let's say and we have a lot of new things underway, again, machine learning, AI machine learning in the fuel area, small fleet program. We may very well get to a place where we decide to change our view on the guidance we give, but we're still comfortable where we are. And again, over time, we'll not only continue to get used to the process, we continue to get better and better at executing.

我知道這是我真正感興趣的事情 - 我們一路走來一直受到誘惑，因為燃料利潤是我們業務的重要組成部分。我們作為一個相對新組成的團隊已經有半年的時間了，可以說，我們正在進行很多新的事情，同樣，機器學習、燃料領域的人工智慧機器學習、小型車隊計劃。我們很可能會決定改變我們對所提供指導的看法，但我們仍然對目前的情況感到滿意。再說一次，隨著時間的推移，我們不僅會繼續習慣這個流程，而且我們的執行也會越來越好。

I think we'll continue to get better and tighter at giving guidance. And I really do think as we go forward. As we get a little further along, get our skis a little under us even more, we'll probably be giving a little bit more guidance in other areas potentially too, again, not a commitment, but a directional sort of thought process.

我認為我們將繼續更好、更嚴格地提供指導。當我們前進時，我確實在思考。隨著我們走得更遠，讓我們的滑雪板更靠近我們，我們可能也會在其他領域提供更多的指導，同樣，這不是承諾，而是一種定向的思考過程。

But you're not going to share how April's fuel margins compared to 15 cents, 17 cents or the first quarter.

但您不會分享 4 月份的燃油利潤率與第一季的 15 美分、17 美分相比如何。

Paul, it's Peter. We're not providing specific guidance. I think what we're trying to do here is in part, given the continued volatility and volatility may happen later in April. We never know what- or later in May, we never know what's going to happen in the world in the second quarter. What we tried to do here is we're going to continue to guide at the 15 to 17 cautiously and build that credibility in this volatile environment, but also point out that March and this 20-cent CPG margin in the first quarter was abating and that, that level would be unlikely in the second quarter.

保羅，是彼得。我們不提供具體指導。我認為我們在這裡嘗試做的事情是部分的，考慮到持續的波動以及四月晚些時候可能發生的波動。我們永遠不知道會發生什麼，或者五月晚些時候，我們永遠不知道第二季世界會發生什麼。我們在這裡試圖做的是，我們將繼續在15 至17 日謹慎指導，並在這個動蕩的環境中建立可信度，但也指出，3 月份和第一季20 美分的CPG 利潤率正在減弱，也就是說，第二季不太可能達到這一水平。

Got it. I mean, just last remark on that just quickly is, we do and you see it, we all read about it. We are still going through a period of volatility and reading to that, however you like, but we're sticking to the 15 cents to 17 cents for now.

知道了。我的意思是，最後一句話是，我們確實這樣做了，你也看到了，我們都讀到了。我們仍在經歷一段波動時期，無論你喜歡什麼，我們都可以解讀，但我們目前堅持 15 美分到 17 美分。

Unknown Speaker: I want to talk about the fleet credit card offering you recently launched. Do you have a sense for what kind of penetration your competitors have in that specific kind of professional driver segment? And then whatever you can share on how the margins of this offering would compare to some of your other customers?

未知講者：我想談談你們最近推出的車隊信用卡產品。您是否了解您的競爭對手在特定類型的專業駕駛員細分市場中的滲透程度？然後您可以分享一下該產品的利潤與您的其他一些客戶相比如何嗎？

So in terms of penetration, I don't have numbers and things, as we all know the private companies are 2 primary competitors, but what I do know as a practical matter is the amount of resource, both of them and effort and energy they put into this business, this part of this segment of the business, it's tremendous.

因此，就滲透率而言，我沒有數字和其他信息，因為我們都知道私營公司是兩個主要競爭對手，但我所知道的實際問題是資源的數量，以及它們所付出的努力和精力。到這個業務中，這部分業務中，這是巨大的。

And as it should be, it's the most significant from a margin standpoint opportunity that small fleet and street, which we keep separate, although they're somewhat related and those are areas, frankly, we haven't put the amount of energy into like they have, but we haven't put the amount of energy into that we have into the large fleet more heavily discounted business. All parts of the CPG, all parts, all segments are important to us, but we haven't been firing on all cylinders.

正如它應該的那樣，從利潤的角度來看，這是最重要的機會，我們將小型車隊和街道分開，儘管它們有些相關，而且坦率地說，這些都是領域，我們還沒有投入大量的精力他們有，但我們還沒有把我們擁有的精力投入大型機隊、折扣力度更大的業務。 CPG 的所有部分、所有部分、所有部分對我們都很重要，但我們還沒有全力以赴。

I think we have done an amazing job. Our fleet sales team has done an excellent job and the commercial team more broadly in penetrating and pursuing a large fleet business. And we've seen that in our results throughout in the last couple years. And now for the first time, we will have a legitimately competitive offering that provides a lot of things that the smaller fleets want and need, number one.

我認為我們做得非常出色。我們的車隊銷售團隊和商業團隊在滲透和追求大型車隊業務方面做得非常出色。我們在過去幾年的業績中已經看到了這一點。現在，我們將第一次擁有具有合法競爭力的產品，它可以提供小型機隊想要和需要的許多東西，這是第一名。

So we have the program and it's about to be rolled out. And number two, we've now resourced around as I noted in some of my remarks from putting more people behind it and the right kind of people and putting some system in place to support them. So I'm really excited about that. In terms of margin, I mean, this segment can easily be- just this segment itself, which has been a very small percent of (inaudible) March.

所以我們有了這個計劃並且即將推出。第二，正如我在一些言論中指出的那樣，我們現在已經進行了資源配置，讓更多的人和合適的人支持它，並建立一些系統來支持他們。所以我對此感到非常興奮。就利潤率而言，我的意思是，這個細分市場很容易就是這個細分市場本身，它只佔（聽不清楚）三月份的一小部分。

About 2 Decembers ago -- I need to get a fresher time period that I know the facts, but a couple of Decembers ago for that one period and I think it's representative about 9.5 percent of our volume, which was both street and street meaning pay at the pump, the price and small fleet. So that was less than 10% of our volume during that period contributed almost 50%, 40 plus percent of our whole dollar fuel margin. So it's very significant.

大約12 月2 日之前——我需要獲得一個更新的時間段來了解事實，但是在12 月前的那個時期，我認為它代表了我們交易量的9.5%，這既是街頭的，也是街頭意味著付費的在幫浦、價格和小車隊。因此，那段時間不到我們銷量的 10%，卻貢獻了我們整個燃料利潤的 50%、40% 以上。所以這是非常有意義的。

And when you put together the AI and machine learning, which focuses on street and supports our street pricing decisions and you put that with our small fleet program, that is what we are attacking. That is what we are pursuing. That is what we are resourcing. And so while I can't give you sort of a numerical, a number there, I think that reference point to that December is very, very significant.

當你將人工智慧和機器學習結合在一起時，它專注於街道並支持我們的街道定價決策，並將其與我們的小型車隊計劃結合起來，這就是我們正在攻擊的。這就是我們所追求的。這就是我們正在提供的資源。因此，雖然我無法給你一個數字，但我認為那個 12 月的參考點非常非常重要。

And that's something we are very excited about and look, down the pike, depending on what happens over this next half year, we may be having this conversation in several quarters and saying, you know what, now we've proven again, this is in the future based on what we have yet to experience, we may very well at some point come back and it may be significant enough that we raise our guidance on CPG, but we're just getting- we're not even in the first- maybe we're in the first inning of these 2, the AI machine learning and the small fleet program, but something we're very, very excited about.

這是我們非常興奮的事情，看起來，根據下半年發生的情況，我們可能會在幾個季度內進行這樣的對話，然後說，你知道嗎，現在我們再次證明了，這是未來，根據我們尚未經歷的情況，我們很可能在某個時候回來，這可能足夠重要，以至於我們提高了對CPG 的指導，但我們剛剛開始——我們甚至還沒有進入第一個階段- 也許我們正處於人工智慧機器學習和小型艦隊計劃這兩個項目的第一局，但我們對此非常非常興奮。

Got it. And last one from me, the 4-wheel traffic, sounds like, it was down. You just attribute this to less people taking longer road trips, which would kind of benefit where your locations are. And is there anything you're kind of thinking about to try and tackle that or should we expect that to be kind of pressured as gas prices are so high?

知道了。我的最後一項，四輪交通，聽起來像是下降了。您只需將其歸因於較少的人進行長途旅行，這對您所在的位置有利。您是否正在考慮採取任何措施來嘗試解決這個問題，或者我們是否應該期望由於天然氣價格如此之高而受到壓力？

Yes. I mean, I think you summarize it pretty well. I would add there's a lot of things we're doing just sort of to elevate our game that I think will benefit all segments for us. I mean, our site refreshes. You make a nicer site, you elevate the quality, the experience and it takes some time, you do proper marketing, et cetera, people over time come back and come back more. So that's more subtle.

是的。我的意思是，我認為你總結得很好。我想補充一點，我們正在做很多事情來提升我們的遊戲水平，我認為這將使我們的所有細分市場受益。我的意思是，我們的網站刷新了。你製作了一個更好的網站，你提高了品質、體驗，這需要一些時間，你進行適當的行銷，等等，隨著時間的推移，人們會回來，並且回來的次數會更多。所以這更微妙。

And it takes a little more time to really germinate and harvest. But I think we'll see some, some benefit there and we'll probably see it across the businesses. The loyalty program we're developing, we're thinking hard about what we can do and then our app and improving that over time. Really the loyalty program and improvements to our app really are things that will only be completed as we really wrap up this year.

而且真正發芽和收穫還需要一點時間。但我認為我們會看到一些好處，而且我們可能會在各個企業中看到它。我們正在開發的忠誠度計劃，我們正在認真思考我們可以做什麼，然後我們的應用程式並隨著時間的推移進行改進。事實上，忠誠度計劃和應用程式的改進只有在我們今年真正結束時才能完成。

There are things that take time. Those are just a couple of illustrations, but I mean, broadly as we improve our food offering, as we improve the footprint through the site refreshes and programs and apps and things like that, all of that contributes in ways that we couldn't necessarily create mathematical certainty, but they all contribute to making a more desirable experience. And I think over time, we'll see that directly or indirectly in things like gas volumes.

有些事情需要時間。這些只是幾個例子，但我的意思是，廣泛地，當我們改善我們的食品供應時，當我們通過網站刷新、程序和應用程序以及類似的事情來改善足跡時，所有這些都以我們不一定能做到的方式做出貢獻創造數學確定性，但它們都有助於創造更理想的體驗。我認為隨著時間的推移，我們將直接或間接地在天然氣量等方面看到這一點。

This concludes our question-and-answer session. I would like to turn the conference back over to the chief executive officer, Jonathan Pertchik for any closing remarks.

我們的問答環節到此結束。我想將會議轉回執行長喬納森·佩奇克 (Jonathan Pertchik) 發表閉幕詞。

Well again, thank you for your interest in TA and your attention this morning. Have a great day. Bye everybody.

再次感謝您對 TA 的關注以及今天早上的關注。祝你有美好的一天。大家再見。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。