TravelCenters of America LLC Announces Fourth Quarter and Full Year 2017 Financial Results

February 28, 2018

WESTLAKE, Ohio–(BUSINESS WIRE)–TravelCenters of America LLC (Nasdaq: TA) today announced financial
results for the three months and year ended December 31, 2017:

(in thousands, except per share and per gallon amounts)	Three Months Ended December 31,	Year Ended December 31,
2017	2016	2017	2016
Total revenues	$	1,584,765	$	1,408,648	$	6,051,593	$	5,451,124
Loss before income taxes	(27,069	)	(10,849	)	(75,045	)	(3,662	)
Net (loss) income	(20,593	)	(6,545	)	9,394	(1,929	)
Net (loss) income attributable to common shareholders	(20,625	)	(6,493	)	9,262	(2,018	)
Net (loss) income per common share attributable to common shareholders (basic and diluted)	$	(0.52	)	$	(0.17	)	$	0.23	$	(0.05	)
Supplemental Data:
Fuel sales volume (gallons):
Diesel fuel	397,445	400,881	1,615,394	1,660,976
Gasoline	132,790	134,945	536,785	544,448
Total fuel sales volume	530,235	535,826	2,152,179	2,205,424
Fuel revenues	$	1,109,758	$	941,852	$	4,090,912	$	3,530,149
Fuel gross margin	97,775	101,050	394,179	404,777
Fuel gross margin per gallon	$	0.184	$	0.189	$	0.183	$	0.184
Nonfuel revenues	$	471,158	$	462,579	$	1,944,181	$	1,903,623
Nonfuel gross margin	263,932	256,353	1,084,352	1,053,077
Nonfuel gross margin percentage	56.0	%	55.4	%	55.8	%	55.3	%
EBITDA(1)	$	17,438	$	24,049	$	83,333	$	116,542

(1) A reconciliation from net (loss) income to earnings
before interest, taxes, and depreciation and amortization, or EBITDA,
appears in the supplemental data below. TA believes that net (loss)
income is the most directly comparable financial measure calculated and
presented in accordance with U.S. generally accepted accounting
principles, or GAAP.

Andrew J. Rebholz, TA's CEO, made the following statement regarding the
2017 fourth quarter results:

"TA's net (loss) income and EBITDA results for both the fourth quarter
and full year of 2017 were impacted by a number of items that affect
comparability with prior year amounts and I believe distract from the
successes TA achieved in our operations in the 2017 fourth quarter.
Those successes include:

Nonfuel revenues in our travel center segment grew by 2.7% in the
fourth quarter of 2017 versus the prior year quarter as our nonfuel
efforts continued to improve, especially in the truck service area. In
the 2017 fourth quarter, compared to the prior year quarter, TA
realized improvements of 6.8% in tire unit sales, 50.6% in RoadSquad
OnSite® mobile maintenance work orders, 6.1% in RoadSquad® roadside
assistance work orders and 20.1% in Reserve-It!® parking reservations
revenue.
Site level gross margin in excess of site level operating expenses in
our convenience store segment grew by 2.7% over the prior year quarter
(1.9 % on a same site basis).
TA also made some management organization changes that I believe will
help our managers focus on controlling costs in the increasingly
difficult competitive environment in which TA conducts its business.
The cost reduction initiatives TA began in the first half of 2017
resulted in approximately $4.6 million of savings in the 2017 fourth
quarter. Many of these cost reductions were implemented during the
second and third quarters of 2017 and I expect some incremental
savings in 2018 from 2017 levels, primarily in the first and second
quarters of 2018.

"For the fourth quarter of 2017, items affecting comparability of TA's
results to the prior year included $6.9 million of expense related to
asset impairments and write offs, a $6.4 million income tax expense
resulting from the new tax legislation, approximately $6.3 million of
missing tax credit benefits as a result of the biodiesel blenders’ tax
credit not being enacted during 2017 and $1.1 million of expenses
related to retirement agreements with former officers.

"For the 2017 full year, the items affecting comparability with 2016
results included a $58.6 million income tax benefit related to our third
quarter 2017 resolution of previously uncertain tax positions,
approximately $23.3 million of missing tax credit benefit in 2017 due to
the biodiesel blenders' credit not being enacted during 2017, $16.5
million of expense related to asset impairments and write offs, and $9.7
million of legal expenses in 2017 related to our litigation with Comdata
Inc., or Comdata, as well as the income tax and officer retirement
expenses incurred in the fourth quarter."

Business Commentary

Fuel sales volume decreased by 5.6 million gallons, or 1.0%, and same
site fuel sales volume decreased by 9.2 million gallons, or 1.8%, each
for the 2017 fourth quarter compared to the 2016 fourth quarter. TA
believes the fuel sales volume decreases experienced during the 2017
fourth quarter resulted primarily from increased competition, partially
offset by recently acquired and developed locations. Fuel
revenues increased by $167.9 million, or 17.8%, in the 2017
fourth quarter compared to the 2016 fourth quarter primarily due to
higher market prices for fuel during the 2017 fourth quarter. Fuel gross
margin decreased by $3.3 million compared to the 2016 fourth quarter
primarily as a result of lower sales volume and the federal biodiesel
fuel tax credit program that was in effect in 2016 but not in 2017. The
federal biodiesel tax credit was retroactively reinstated for 2017 in
legislation passed on February 8, 2018. TA expects to recognize
approximately $23.3 million related to the biodiesel blenders' credit
reinstatement in the 2018 first quarter financial statements as a
reduction to TA's fuel cost of goods sold.

Nonfuel revenues increased $8.6 million, or 1.9%, in the 2017
fourth quarter compared to the 2016 fourth quarter, including a $6.9
million increase attributable to sites acquired and developed since the
beginning of the 2016 fourth quarter and a $1.7 million same
site increase. Nonfuel gross margin increased $7.6 million, or 3.0%, in
the 2017 fourth quarter compared to the 2016 fourth quarter due to a
$4.2 million increase from sites acquired and developed since the
beginning of the 2016 fourth quarter and a $3.4 million, or 1.3%,
increase in same site nonfuel gross margin. Nonfuel gross margin
increased on a same site basis primarily as a result of the mix of
products and services sold, partially offset by reduced restaurant
business while TA was converting certain locations from full service to
quick service restaurants, or QSRs, and the impact of closing certain
restaurants during slower night time periods to increase profitability.

Site level operating expenses increased $4.1 million, or 1.7%, in
the 2017 fourth quarter compared to the 2016 fourth quarter primarily
due to a $3.7 million increase in site level operating expenses from
sites acquired and developed since the beginning of
the 2016 fourth quarter. Site level operating expenses as a percentage
of nonfuel revenues remained unchanged for the 2017 fourth quarter
compared to the 2016 fourth quarter at 50.5%.

Selling, general and administrative expenses for
the 2017 fourth quarter increased $2.1 million, or 5.6%, compared to
the 2016 fourth quarter, primarily as a result of increased personnel
costs including approximately $1.1 million of expenses that resulted
from the retirement agreements TA entered during 2017 with former
officers, partially offset by certain cost control initiatives.

Real estate rent expense increased $2.9 million, or 4.3%, in
the 2017 fourth quarter compared to the 2016 fourth quarter, primarily
from TA's sale to, and lease back from, Hospitality Properties Trust of
a travel center and improvements at leased sites since the beginning of
the 2016 fourth quarter.

Depreciation and amortization expense increased $9.4 million, or 33.8%,
in the 2017 fourth quarter compared to the 2016 fourth quarter primarily
resulting from a $5.4 million impairment charge relating to certain
property and equipment at certain convenience store sites and a $1.5
million write off of certain other assets removed from service in the
fourth quarter.

Net loss for the 2017 fourth quarter was $20.6 million compared to net
loss of $6.5 million for the 2016 fourth quarter. Net loss attributable
to common shareholders for the 2017 fourth quarter was $20.6
million ($0.52 per common share) compared to net loss attributable to
common shareholders of $6.5 million ($0.17 per common share) for
the 2016 fourth quarter. These increased losses in 2017 were primarily
attributable to a $6.4 million income tax expense as a result of the
revaluation of TA's deferred tax assets and liabilities at the new
corporate income tax rate of 21% established in the Tax Cuts and Jobs
Act enacted in December 2017, a $5.4 million impairment charge relating
to certain property and equipment and a $3.3 million decrease in fuel
gross margin primarily as a result of lower fuel sales volume and the
federal biodiesel fuel tax credit program that was in place in 2016 but
not in 2017. These factors increasing TA's net loss were partially
offset by a $7.6 million increase in nonfuel gross margin primarily due
to sites acquired and developed since the beginning of the 2016 fourth
quarter and changes in the mix of products and services sold.

EBITDA for the 2017 fourth quarter decreased by $6.6 million, or 27.5%,
as compared to the 2016 fourth quarter, primarily due to a $2.9 million
increase in real estate rent expense, a $2.1 million increase in
selling, general and administrative expenses and a $0.4 million decrease
in site level gross margin in excess of site level operating expenses
from same sites. These changes were partially offset by a $1.5 million
increase in site level gross margin in excess of site level operating
expenses from sites acquired and developed since the beginning of the
2016 fourth quarter.

Travel Centers Segment

Fuel sales volume decreased by 4.2 million gallons, or 0.9%, and same
site fuel sales volume decreased by 8.7 million gallons, or 1.9%, for
the 2017 fourth quarter compared to the 2016 fourth quarter. TA believes
these decreases were primarily due to increased competition. Fuel
revenues increased $151.5 million, or 18.6%, in the 2017 fourth quarter
as compared to the 2016 fourth quarter primarily due to higher market
prices for fuel and from sites acquired and developed since the
beginning of the 2016 fourth quarter. Fuel gross margin decreased by
$4.3 million, or 4.9%, to $83.6 million primarily as a result of the
federal biodiesel fuel tax credit program that was in place in 2016 but
not in 2017.

Nonfuel revenues increased $10.3 million, or 2.7%, in the 2017
fourth quarter compared to the 2016 fourth quarter primarily due to
sites acquired and developed since the beginning of the 2016 fourth
quarter and a $4.8 million, or 1.2%, increase due to same sites; the
same site increase was lowered by reduced restaurant revenues while TA
was converting certain locations from full service restaurants to QSRs
and the impact of closing certain restaurants during slower night time
periods to increase profitability. Nonfuel gross margin increased $7.1
million, or 3.1%, in the 2017 fourth quarter as compared to
the 2016 fourth quarter due to the higher sales level and an increase in
the nonfuel gross margin percentage. Nonfuel gross margin percentage was
59.1% in the 2017 fourth quarter as compared to 58.8% in the 2016 fourth
quarter; the increased nonfuel gross margin percentage was primarily the
result of changes in the mix of products and services sold and the
reduction in operating hours of certain TA restaurants.

Site level gross margin in excess of site level operating
expenses remained essentially unchanged in the 2017 fourth quarter
compared to the 2016 fourth quarter primarily due to decreases at same
sites, offset by increases from recently acquired and developed
properties.

On a same site basis, (223 locations) site level gross margin in excess
of site level operating expenses decreased in the 2017 fourth quarter
by $0.4 million, or 0.4%, as compared to the 2016 fourth quarter,
primarily due to a $5.3 million decrease in fuel gross margin that
resulted primarily from lower sales volume and the federal biodiesel
fuel tax credits that were available to TA in 2016 but were not
available in 2017, partially offset by a $3.9 million increase in
nonfuel gross margin primarily due to changes in the mix of products and
services sold and a $1.0 million reduction in site level operating
expenses primarily due to operating cost control measures, including
reduced billboard advertising and reduced operating hours at certain TA
restaurants.

Convenience Stores Segment

Fuel sales volume decreased by 0.5 million gallons, or 0.8%, for the
2017 fourth quarter as compared to the 2016 fourth quarter on both a
consolidated and same site basis. This decrease was primarily due to
increased competition. Fuel revenues increased $15.6 million, or 14.2%,
in the 2017 fourth quarter as compared to the 2016 fourth quarter
primarily due to higher market prices for fuel. Fuel gross margin
increased by $0.8 million, or 6.3%, to $13.8 million primarily as a
result of the continued improvement of operations at newer locations,
partially offset by a decrease in fuel sales volume.

Nonfuel revenues decreased $2.1 million, or 3.3%, in the 2017
fourth quarter as compared to the 2016 fourth quarter primarily due to
increased competition. Nonfuel gross margin increased $0.1 million, or
0.5%, in the 2017 fourth quarter as compared to the 2016 fourth quarter.
Nonfuel gross margin percentage was 35.2% in the 2017 fourth quarter as
compared to 33.9% in the 2016 fourth quarter. The increases in nonfuel
gross margin and nonfuel gross margin percentage were primarily the
result of changes in the mix of products and services sold.

Site level gross margin in excess of site level operating
expenses increased in the 2017 fourth quarter by $0.3 million, or 2.7%,
as compared to the 2016 fourth quarter primarily due to improvements at
same sites.

On a same site basis, site level gross margin in excess of site level
operating expenses increased by $0.2 million, or 1.9%, in
the 2017 fourth quarter as compared to the 2016 fourth quarter due to
increases in fuel gross margin of $0.8 million, or 6.3%, primarily due
to the continued improvement of operations at newer sites, and nonfuel
gross margin of $0.1 million, or 0.5%, primarily due to changes in the
mix of products and services sold, partially offset by an increase of
$0.8 million, or 2.9%, in site level operating expenses.

Conference Call:

On Wednesday, February 28, 2018, 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 and year ended December 31, 2017.
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 for about a week after the call. To hear the replay, dial
412-317-0088. The replay pass code is 10115720.

A live audio webcast of the conference call will also be available in a
listen only mode on TA's website at www.ta-petro.com.
To access the webcast, participants should visit TA's website about five
minutes before the call. The archived webcast will be available for
replay on TA's website for about one week after the call. The
transcription, recording and retransmission in any way of TA's fourth
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 LLC:

TA's nationwide business includes travel centers located in 43 U.S.
states and in Canada, standalone convenience stores in 11 states and
standalone restaurants in 13 states. TA's travel centers operate under
the "TravelCenters of America," "TA," "Petro Stopping Centers" and
"Petro" brand names and offer diesel and gasoline fueling, restaurants,
truck repair services, travel/convenience stores and other services
which are designed to provide attractive and efficient travel
experiences to professional drivers and other motorists. TA's
convenience stores operate principally under the "Minit Mart" brand name
and offer gasoline fueling as well as nonfuel products and services such
as coffee, groceries, some fresh foods and other convenience items. TA's
standalone restaurants operate principally under the "Quaker Steak &
Lube" brand name.

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 AS A RESULT
OF VARIOUS FACTORS. AMONG OTHERS, THE FORWARD LOOKING STATEMENTS WHICH
APPEAR IN THIS PRESS RELEASE THAT MAY NOT OCCUR INCLUDE:

MR. REBHOLZ'S STATEMENTS REGARDING THE INCREASED VOLUME OF BUSINESS IN
TA'S TRUCK REPAIR BUSINESS AND THE INCREASED GROSS MARGIN IN TA'S
CONVENIENCE STORE SEGMENT DURING THE FOURTH QUARTER OF 2017 COMPARED
TO THE FOURTH QUARTER OF 2016 MAY IMPLY THAT TA'S TRUCK REPAIR
BUSINESS AND THE GROSS MARGINS REALIZED FROM TA'S CONVENIENCE STORE
SEGMENT WILL CONTINUE TO GROW AND IMPROVE. IN FACT, BOTH TA'S TRUCK
REPAIR BUSINESS AND TA'S CONVENIENCE STORE SEGMENT ARE EXPERIENCING
INCREASED COMPETITION, AND, FOR THIS REASON, AMONG OTHERS, THESE
ASPECTS OF TA'S BUSINESS MAY NOT GROW OR IMPROVE;
MR. REBHOLZ'S STATEMENT THAT TA'S COST REDUCTION INITIATIVES ARE
EXPECTED TO PRODUCE INCREMENTAL SAVINGS IN 2018, PRIMARILY IN THE
FIRST AND SECOND QUARTERS OF 2018, MAY NOT BE REALIZED. COST REDUCTION
INITIATIVES MAY BE OFFSET BY INCREASED EXPENSES OR BY REDUCED VOLUMES
OF BUSINESS. FOR THESE REASONS, AMONG OTHERS, THE IMPLICATION OF MR.
REBHOLZ'S STATEMENT THAT TA'S COST REDUCTION INITIATIVES MAY REDUCE
TA'S HISTORICAL LOSSES OR CREATE PROFITS MAY NOT OCCUR;
THE STATEMENT IN THIS PRESS RELEASE THAT TA EXPECTS TO RECOGNIZE
APPROXIMATELY $23.3 MILLION OF 2017 RETROACTIVE BIODIESEL TAX CREDITS
DURING THE FIRST QUARTER OF 2018 MAY IMPLY THAT TA'S OPERATIONS WILL
PRODUCE PROFITS IN THE FIRST QUARTER OF 2018 OR THAT BIODIESEL TAX
CREDITS WILL IMPROVE TA'S GROSS MARGINS IN THE FUTURE. IN FACT, THE
RETROACTIVE 2017 $23.3 MILLION BIODIESEL TAX CREDIT MAY NOT BE
SUFFICIENT TO OFFSET TA'S OPERATING LOSSES FOR THE FIRST QUARTER OF
2018. ALSO, THE BIODIESEL BLENDERS' TAX CREDIT HAS NOT BEEN AUTHORIZED
FOR 2018 AND TA DOES NOT KNOW IF, WHEN OR IN WHAT AMOUNTS THIS TAX
CREDIT WILL BE REAUTHORIZED; AND
STATEMENTS IN THIS PRESS RELEASE ABOUT IMPROVED OPERATING RESULTS,
COST SAVINGS AND INCREASING GROSS MARGINS MAY IMPLY THAT TA'S BUSINESS
MAY BE PROFITABLE IN THE FUTURE. IN FACT, TA'S HISTORY OF OPERATIONS
SINCE IT BECAME PUBLICLY OWNED IN 2007 HAS SHOWN ONLY OCCASIONAL
PROFITS. TA MAY BE UNABLE TO PRODUCE FUTURE PROFITS AND TA'S LOSSES
MAY INCREASE.

THE INFORMATION CONTAINED IN TA'S PERIODIC REPORTS, INCLUDING TA'S
ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2017, WHICH
HAS BEEN OR WILL BE FILED WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION, OR SEC, UNDER THE CAPTION "RISK FACTORS," OR ELSEWHERE IN
THOSE REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT
FACTORS THAT COULD CAUSE DIFFERENCES FROM TA'S FORWARD LOOKING
STATEMENTS. TA'S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC'S WEBSITE
AT WWW.SEC.GOV.

YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.

EXCEPT AS REQUIRED BY LAW, TA DOES NOT INTEND TO UPDATE OR CHANGE ANY
FORWARD LOOKING STATEMENT AS A RESULT OF NEW INFORMATION, FUTURE EVENTS
OR OTHERWISE.

TRAVELCENTERS OF AMERICA LLC CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts)
Three Months Ended December 31,
2017	2016
Revenues:
Fuel	$	1,109,758	$	941,852
Nonfuel	471,158	462,579
Rent and royalties from franchisees	3,849	4,217
Total revenues	1,584,765	1,408,648
Cost of goods sold (excluding depreciation):
Fuel	1,011,983	840,802
Nonfuel	207,226	206,226
Total cost of goods sold	1,219,209	1,047,028
Operating expenses:
Site level operating	237,727	233,653
Selling, general and administrative	39,352	37,265
Real estate rent	70,385	67,460
Depreciation and amortization	37,253	27,844
Total operating expenses	384,717	366,222
Loss from operations	(19,161	)	(4,602	)
Acquisition costs	11	165
Interest expense, net	7,254	7,054
(Loss) income from equity investees	(643	)	972
Loss before income taxes	(27,069	)	(10,849	)
Benefit for income taxes	6,476	4,304
Net loss	(20,593	)	(6,545	)
Less: net income (loss) for noncontrolling interests	32	(52	)
Net loss attributable to common shareholders	$	(20,625	)	$	(6,493	)
Net loss per common share attributable to common shareholders:
Basic and diluted	$	(0.52	)	$	(0.17	)

These financial statements should be read in conjunction with TA's
Annual Report on Form 10-K for the year ended December 31, 2017, to be
filed with the U.S. Securities and Exchange Commission.

TRAVELCENTERS OF AMERICA LLC CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts)
Year Ended December 31,
2017	2016
Revenues:
Fuel	$	4,090,912	$	3,530,149
Nonfuel	1,944,181	1,903,623
Rent and royalties from franchisees	16,500	17,352
Total revenues	6,051,593	5,451,124
Cost of goods sold (excluding depreciation):
Fuel	3,696,733	3,125,372
Nonfuel	859,829	850,546
Total cost of goods sold	4,556,562	3,975,918
Operating expenses:
Site level operating	980,749	959,407
Selling, general and administrative	154,663	139,052
Real estate rent	277,127	262,298
Depreciation and amortization	128,416	92,389
Total operating expenses	1,540,955	1,453,146
(Loss) income from operations	(45,924	)	22,060
Acquisition costs	247	2,451
Interest expense, net	29,962	27,815
Income from equity investees	1,088	4,544
Loss before income taxes	(75,045	)	(3,662	)
Benefit for income taxes	84,439	1,733
Net income (loss)	9,394	(1,929	)
Less: net income for noncontrolling interests	132	89
Net income (loss) attributable to common shareholders	$	9,262	$	(2,018	)
Net income (loss) per common share attributable to common shareholders:
Basic and diluted	$	0.23	$	(0.05	)

These financial statements should be read in conjunction with TA's
Annual Report on Form 10-K for the year ended December 31, 2017, to be
filed with the U.S. Securities and Exchange Commission.

TRAVELCENTERS OF AMERICA LLC CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands)
December 31, 2017	December 31, 2016
Assets
Current assets:
Cash and cash equivalents	$	36,082	$	61,312
Accounts receivable, net	125,501	107,246
Inventory	209,640	204,145
Other current assets	27,295	29,358
Total current assets	398,518	402,061
Property and equipment, net	1,001,090	1,082,022
Goodwill	93,859	88,542
Other intangible assets, net	34,383	37,738
Other noncurrent assets	90,004	49,478
Total assets	$	1,617,854	$	1,659,841
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	155,581	$	157,964
Current HPT Leases liabilities	41,389	39,720
Other current liabilities	130,140	132,648
Total current liabilities	327,110	330,332
Long term debt, net	319,634	318,739
Noncurrent HPT Leases liabilities	368,782	381,854
Other noncurrent liabilities	35,029	75,837
Total liabilities	1,050,555	1,106,762
Shareholders' equity (39,984 and 39,523 common shares outstanding at December 31, 2017 and 2016, respectively)	567,299	553,079
Total liabilities and shareholders' equity	$	1,617,854	$	1,659,841