Tuesday, March 2, 2021

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Mastercard To Start Supporting Select Cryptos Directly On Its Network

Payments company Mastercard is set to start supporting a bunch of select cryptocurrencies such as Bitcoin, directly on its network later this year as these digital assets are becoming a more important part of the payments world. Mastercard will not support all of today's cryptocurrencies on their network as they would like support assets based on its principles for digital currencies, which focus on consumer protections and compliance. Master card said many of the hundreds of digital assets in circulation still need to tighten their compliance measures, so they do not meet Mastercards requirements. In a blog post, Mastercard's digital asset and blockchain VP Raj Dhamodharan wrote, "We are here to enable customers, merchants and businesses to move digital value - traditional or crypto - however they want. It should be your choice, it's your money." The Mastercard network currently allows people using cards to buy crypto assets, especially during Bitcoin's recent surge in value. The users increasingly take advantage of crypto cards to access these assets and convert them to traditional currencies for spending. Mastercard's new move will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment. This change may open merchants up to new customers who are already flocking to digital assets, and help sellers build loyalty with existing customers who want this additional option. Customers will be able to save, store and send money in new ways. Mastercard is already working to provide this consumer choice for cryptocurrencies after it recently teamed up with Wirex and BitPay to create crypto cards that allow people to transact using their cryptocurrencies. In January, bitcoin Exchange LVL also launched a LVL Debit Card in partnership with Mastercard to enable users to spend crypto and fiat around the world. It aims to bring traditional banking services and crypto closer together for the average consumer.In all these processes, cryptocurrencies still did not move through Mastercard's network. Its crypto partners convert the digital assets on their end to traditional currencies and then transmit them through to the Mastercard network. Mastercard's current plan to supporting digital assets directly on their network will allow many more merchants to accept crypto, an ability that is currently limited by proprietary methods unique to each digital asset. This change will also cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases. For comments and feedback contact: [email protected] Business News

TECHNOLOGY

TravelCenters of America Inc. Announces Fourth Quarter and Full Year 2020...

WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA) today announced financial results for the three months and year ended December 31, 2020. Jonathan M. Pertchik, TA's CEO, made the following statement regarding the 2020 fourth quarter results: "The COVID-19 pandemic continues to have an extensive impact on demand and our operations; however, through our mission to 'Return every traveler to the road better than they came', the early effectiveness of our Transformation Plan and our discipline around managing expenses, we were able to deliver improved operating results in the fourth quarter. We reduced our adjusted net loss by $2.1 million and posted a $7.2 million, or 36.1%, improvement in adjusted EBITDA and a $7.9 million, or 9.6%, improvement in adjusted EBITDAR over the prior year fourth quarter. "Our continued focus on our fleet customers drove a 16.2% increase in diesel fuel sales volume over the prior year fourth quarter, although our adjusted fuel gross margin, which excludes the federal biodiesel blenders' tax credit recognized during 2020 and December 2019, was down 8.8% due to lower gasoline sales volume as a result of reduced four wheel traffic and low volatility in the diesel fuel wholesale market, which unfavorably impacted fuel gross margin per gallon. Additionally, the 2020 fourth quarter was impacted by diesel fuel gross margin market volatility and headwinds which also impacted the quarter results, and may continue to create challenges going forward. Nonetheless, our enhanced leadership has demonstrated its ability to effectively execute through challenging times caused by COVID-19 pandemic. "Total nonfuel revenues decreased 1.0% over the prior year period driven almost entirely by a decline in revenues at our full service restaurants, many of which remain closed due to governmental mandates and our own precautions taken in response to the COVID-19 pandemic. Excluding full service restaurants, total nonfuel revenues improved 7.1% over the prior year due to solid improvements in our store and retail services and truck service departments, as well as a significant improvement in revenues from diesel exhaust fluid. Our sound discipline in managing expenses, resulted in decreases of 8.7% and 4.5% in site level operating expense and selling, general and administrative expense, respectively, were primary factors in delivering improved quarter over quarter results. "Looking ahead, while fuel gross margin headwinds may persist, we are extremely excited about our 2021 capital expenditures plans that focus on both remediation and growth on top of the operational improvements we have implemented. We expect to target a 15% to 20% cash on cash return for those capital expenditures related to growth initiatives. Equally as exciting are our burgeoning plans in the area of alternative energy, where we are moving toward onboarding dedicated leadership and finalizing a clear strategy going forward that we expect may include meaningful collaborations and ventures. This is a challenging, yet exciting and opportune time at TA." Reconciliations to GAAP: Adjusted net loss, adjusted net loss per share of common stock attributable to common stockholders, adjusted fuel gross margin, adjusted fuel gross margin per gallon, adjusted fuel gross margin and nonfuel revenues, EBITDA, adjusted EBITDA, adjusted EBITDAR and adjusted EBITDAR margin 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. Fourth Quarter 2020 Highlights: Cash and cash equivalents of $483.2 million and availability under TA's revolving credit facility of $70.0 million for total liquidity of $553.2 million as of December 31, 2020. The following table presents detailed results for TA's fuel sales for the 2020 and 2019 fourth quarters. (in thousands, except per gallon amounts) Three Months EndedDecember 31,     2020   2019   Change Fuel sales volume (gallons):           Diesel fuel 492,674     423,943     16.2 % Gasoline 63,246     73,259     (13.7) % Total fuel sales volume 555,920     497,202     11.8 %             Fuel gross margin $ 79,374     $ 147,691     (46.3) % Adjusted fuel gross margin(1) 70,641     77,462     (8.8) % Fuel gross margin per gallon $ 0.143     $ 0.297     (51.9) % Adjusted fuel gross margin per gallon(1) 0.127     0.156     (18.6) % (1)   In December 2019, the U.S. government retroactively reinstated the federal biodiesel blenders' tax credit for 2018 and 2019. The 2020 and 2019 fourth quarter amounts exclude $8.7 million and $70.2 million, respectively, of benefits recognized from the federal biodiesel blenders' tax credit. See the reconciliations from fuel gross margin to adjusted fuel gross margin and fuel gross margin per gallon to adjusted fuel gross margin per gallon in the supplemental tables below. The following table presents detailed results for TA's nonfuel revenues for the 2020 and 2019 fourth quarters. (in thousands) Three Months EndedDecember 31,     2020   2019   Change Nonfuel revenues:           Store and retail services $ 171,346     $ 161,237     6.3 % Truck service 166,263     153,147     8.6 % Restaurant 75,156     107,951     (30.4) % Diesel exhaust fluid 29,979     24,767     21.0 % Total nonfuel revenues $ 442,744     $ 447,102     (1.0) %             Nonfuel gross margin $ 270,137     $ 274,035     (1.4) % Nonfuel gross margin percentage 61.0 %   61.3 %   (30) pts Adjusted fuel gross margin and nonfuel revenues of $513.4 million decreased $11.2 million, or 2.1%, as compared to the prior year period. Net loss of $7.2 million decreased $50.3 million, or 116.6%, and adjusted net loss of $5.1 million improved $2.1 million, or 29.4%, as compared to the prior year period. Adjusted EBITDA of $27.0 million increased $7.2 million, or 36.1%, as compared to the prior year period. Adjusted EBITDAR of $90.9 million increased $7.9 million, or 9.6%, as compared to the prior year period. Adjusted EBITDAR margin increased to 17.7%, or 190 basis points, from 15.8% for the prior year period. Term Loan Facility On December 14, 2020, TA entered into a $200.0 million term loan facility, or the Term Loan Facility, which is secured by a pledge of all the equity interests of substantially all of TA's wholly owned subsidiaries and a pledge of substantially all of TA's other assets and the assets of such wholly-owned subsidiaries. TA expects to use the net proceeds from the Term Loan Facility for general business purposes, including the funding of deferred capital expenditures, updates to key information technology infrastructure and growth initiatives consistent with its Transformation Plan, as defined below. QSL Business Sale TA has entered an agreement to sell its Quaker Steak & Lube, or QSL, business, which includes 41 of its standalone restaurants, for approximately $5.0 million, excluding costs to sell and certain closing adjustments. As of December 31, 2020, TA classified the QSL business as held for sale, and as a result, recorded an impairment charge of $13.7 million in the 2020 fourth quarter. This sale is expected to close during the 2021 first quarter; however, it is subject to certain conditions. Accordingly, TA cannot be certain that it will complete this sale, that this sale will not be delayed or that the terms will not change. Growth and Cost Control Strategies TA has commenced numerous initiatives across its organization under the Transformation Plan, for the purpose of expanding its travel center network, improving and enhancing operational efficiencies and profitability and in support of its core mission to "Return every traveler to the road better than they came." TA believes these and certain other initiatives will expand its franchise base, increase diesel fuel and gasoline gross margin and fuel sales volume, increase market share in the truck service industry, improve merchandising and gross margin in store and retail services and improve operating effectiveness in its food service offerings while focusing on opportunities to continue to control costs in field operations. On April 30, 2020, TA committed to and initiated the Reorganization Plan to improve the efficiency of its operations. As part of the Reorganization Plan, TA reduced its headcount and eliminated certain positions, which TA expects to result in approximately $13.1 million of net annual savings in selling, general and administrative expense. In addition, TA has made certain changes in its leadership and their roles and created both a corporate development team and a procurement team. The non-recurring costs of the Reorganization Plan were $4.3 million, which were comprised primarily of severance, outplacement services, stock based compensation expense associated with the accelerated vesting of previously granted stock awards for certain employees and fees for recruitment of certain executive positions. These costs, along with additional separation costs of $1.1 million recognized in the fourth quarter of 2020, were recognized in selling, general and administrative expense in TA's consolidated statements of operations and comprehensive (loss) income during the year ended December 31, 2020. During the 2020 second quarter, TA commenced a strategic transformation consisting of numerous initiatives across its organization, including the Reorganization Plan, to enhance operations, strengthen its financial position, reduce costs and expand its nationwide network by increasing its franchising business, or the Transformation Plan. These initiatives included significant leadership appointments of qualified candidates who bring new and valuable experiences as well as initiative, critical skills and new visions and approaches to TA's business. Key among these initiatives was the creation of a centralized procurement group to drive economies of scale in pricing, increased leverage in vendor negotiations and ultimately lead to substantial purchasing savings and a streamlined operation. Other key initiatives are focused in areas of liquidity, identifying opportunities for realizing both costs savings and increased revenues, including merchandising in the convenience stores, internal distribution of merchandise delivery, truck repair training and staffing and information technology systems. Since the beginning of 2019, TA has entered into franchise agreements covering 33 travel centers to be operated under TA's travel center brand names, including 21 new agreements in 2020. Four of these franchised travel centers began operations during 2019, 10 began operations during 2020, one began operations thus far in 2021 and TA anticipates the remaining 18 franchised travel centers will begin operations by the end of the 2022 first quarter. As previously disclosed, on October 28, 2019, TA entered into a multi unit franchise agreement with IHOP Franchisor LLC, a subsidiary of IHOP®, or IHOP, to rebrand and convert up to 94 of its full service restaurants to IHOP restaurants. TA had opened one location before the COVID-19 pandemic and is now proceeding with the conversion of five additional locations at a cost of approximately $1.4 million per location, following a period of delay due to the COVID-19 pandemic in 2020. In addition, TA is carefully evaluating other opportunities to drive value within its full service restaurants. TA's capital expenditures plan for 2021 contemplates aggregate investments in the range of $175.0 million to $200.0 million targeted towards improving and growing TA's core travel center business. The 2021 capital expenditures plan includes projects to upgrade TA's travel center locations and technology systems infrastructure as well as growth initiatives. Approximately half of TA's capital expenditure plan for 2021 is focused on growth initiatives that meet or exceed TA's 15% to 20% cash on cash return hurdle. Importantly, TA is committed to embracing environmentally friendly sources of energy and is currently planning on expanding its biodiesel blending capabilities, as well as availability of diesel exhaust fluid at the pump. Moreover, TA intends to onboard dedicated internal resources, as well as create relationships within the supply, storage and distribution chain for non-fossil fuels. TA believes its large, irreplaceably well located sites and its focus as a pure supplier provide a unique opportunity to make both fossil and non-fossil fuels available as it determines the appropriate timeframes to do so. Conference Call On Friday, February 26, 2021, 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, 2020. 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 10150721. 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 Inc. TA's nationwide business includes travel centers located in 44 U.S. states and in Canada, standalone truck service facilities located in three states and standalone restaurants located in 12 states. TA's travel centers operate under the "TravelCenters of America," "TA," "TA Express," "Petro Stopping Centers" and "Petro" brand names and offer diesel fuel and gasoline, restaurants, truck repair services, travel/convenience stores and other services designed to provide attractive and efficient travel experiences to professional drivers and other motorists. TA's standalone truck service facilities operate under the "TA Truck Service" brand name. TA's standalone restaurants operate principally under the "Quaker Steak & Lube," or QSL, brand name. TRAVELCENTERS OF AMERICA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts)   Three Months EndedDecember 31,   Year EndedDecember 31,   2020   2019   2020   2019 Revenues:               Fuel $ 840,104     $ 1,071,577     $ 3,084,323     $ 4,247,069   Nonfuel   442,744       447,102       1,747,418       1,856,147   Rent and royalties from franchisees   3,814       3,532       14,296       14,143   Total revenues   1,286,662       1,522,211       4,846,037       6,117,359                   Cost of goods sold (excluding depreciation):               Fuel   760,730       923,886       2,750,971       3,868,351   Nonfuel   172,607       173,067       685,391       726,418   Total cost of goods sold   933,337       1,096,953       3,436,362       4,594,769                   Site level operating expense   214,379       234,705       870,329       943,810   Selling, general and administrative expense   36,867       38,624       145,038       155,474   Real estate rent expense   63,850       63,668       255,743       257,762   Depreciation and amortization expense   38,676       28,142       127,789       100,260                   (Loss) income from operations   (447 )     60,119       10,776       65,284                   Interest expense, net   8,415       7,094       30,479       28,356   Other expense (income), net   270       (1,250 )     1,379       (880 ) (Loss) income before income taxes   (9,132 )     54,275       (21,082 )     37,808   Benefit (provision) for income taxes   1,956       (11,158 )     6,178       (4,339 ) Net (loss) income   (7,176 )     43,117       (14,904 )     33,469   Less: net (loss) income for noncontrolling interest   (1,109 )     35       (1,005 )     124   Net (loss) income attributable to common stockholders $ (6,067 )   $ 43,082     $ (13,899 )   $ 33,345                   Net (loss) income per share of common stock attributable to common stockholders:               Basic and diluted $ (0.42 )   $ 5.29     $ (1.23 )   $ 4.12                   Weighted average vested shares of common shares   14,151       7,821       10,961       7,783   Weighted average unvested shares of common shares   304       326       344       316   These financial statements should be read in conjunction with TA's Annual Report on Form 10-K for the year ended December 31, 2020, to be filed with the U.S. Securities and Exchange Commission. TRAVELCENTERS OF AMERICA INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(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 (loss) income attributable to common stockholders, net (loss) income, (loss) income from operations, operating margin or net (loss) income 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 loss, adjusted net loss per share of common stock attributable to common stockholders, adjusted fuel gross margin and nonfuel revenues, EBITDA, adjusted EBITDA, adjusted fuel gross margin, and adjusted fuel gross margin per gallon 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 (loss) income 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 and adjusted EBITDAR margin may help investors compare the value of TA against companies that own and finance ownership of their properties with debt financing, since these measures eliminate the effects of variability in leasing methods and capital structures. These measures 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 and adjusted EBITDAR margin are presented solely as valuation measures and should not be viewed as measures of overall operating performance or considered in isolation or as an alternative to net (loss) income because they exclude the real estate rent expense associated with TA's leases and they are presented for the limited purposes referenced herein. TA calculates EBITDAR as net (loss) income 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 calculates adjusted EBITDAR margin as adjusted EBITDAR as a percentage of adjusted fuel gross margin and nonfuel revenues. TA excluded the federal biodiesel blenders' tax credit when calculating its adjusted non-GAAP financial measures. In December 2019, the U.S. government retroactively reinstated the federal biodiesel blenders' tax credit for 2018 and 2019, as well as approved the federal biodiesel blenders' tax credit through 2022. As a result, adjusted non-GAAP financial measures for the three months and year ended December 31, 2019, do not include the benefit of the federal biodiesel blenders' tax credit and excluding the benefit for the three months and year ended December 31 2020, allows investors to better compare TA's performance between periods. TA believes that net (loss) income is the most directly comparable GAAP financial measure to adjusted net loss, EBITDA, adjusted EBITDA and adjusted EBITDAR; net (loss) income per share of common stock attributable to common stockholders is the most directly comparable GAAP financial measure to adjusted net loss per share of common stock attributable to common stockholders; fuel gross margin and nonfuel revenues are the most directly comparable GAAP financial measure to adjusted fuel gross margin and nonfuel revenues; and that fuel gross margin and fuel gross margin per gallon are the most directly comparable GAAP financial measures to adjusted fuel gross margin and adjusted fuel gross margin per gallon, respectively. TRAVELCENTERS OF AMERICA INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in thousands, unless indicated otherwise) The following tables present the reconciliations of the non-GAAP financial measures to the respective most directly comparable GAAP financial measures for the three months and years ended December 31, 2020 and 2019.   Three Months Ended December 31,   Year EndedDecember 31, Calculation of adjusted net loss:   2020   2019   2020   2019 Net (loss) income   $ (7,176 )   $ 43,117     $ (14,904 )   $ 33,469   Add: QSL impairment(1)     13,715       —       13,715       —   Add: Asset write offs(2)     —       —       8,906       —   Add: Reorganization Plan and other separation costs(3)     1,076       —       5,364       —   Add: Field employee bonus expenses(4)     —       —       3,769       —   Add: Goodwill impairment(5)     —       —       3,046       —   Add: Executive officer retirement agreement expenses(6)     —       —       2,109       —   Add: Impairment of property and equipment(7)     —       2,369       6,574       2,369   Add: Impairment of operating lease assets(7)     —       579       1,262       579   Add: Costs of SVC transactions(8)     —       —       —       458   Less: Loyalty award expiration(9)     —       —       —       (2,911 ) Less: Employee retention tax credit(10)     (3,268 )     —       (3,268 )     —   Less: Federal biodiesel blenders' tax credit(11)     (8,733 )     (70,229 )     (29,521 )     (70,229 ) (Less) add: Net (loss) income tax impact(12)     (703 )     16,954       (3,013 )     17,572   Adjusted net loss   $ (5,089 )   $ (7,210 )   $ (5,961 )   $ (18,693 )           Calculation of adjusted net loss per share of common stock attributable to common stockholders   Three Months Ended  December 31,   Year EndedDecember 31, (basic and diluted):   2020   2019   2020   2019 Net (loss) income per share of common stock attributable to common stockholders (basic and diluted)   $ (0.42 )   $ 5.29     $ (1.23 )   $ 4.12   Add: QSL impairment(1)     0.95       —       1.21       —   Add: Asset write offs(2)     —       —       0.79       —   Add: Reorganization Plan and other separation costs(3)     0.07       —       0.47       —   Add: Field employee bonus expenses(4)     —       —       0.33       —   Add: Goodwill impairment(5)     —       —       0.27       —   Add: Executive officer retirement agreement expenses(6)     —       —       0.19       —   Add: Impairment of property and equipment(7)     —       0.29       0.58       0.29   Add: Impairment of operating lease assets(7)     —       0.07       0.11       0.07   Add: Costs of SVC transactions(8)     —       —       —       0.06   Less: Loyalty award expiration(9)     —       —       —       (0.36 ) Less: Employee retention tax credit(10)     (0.23 )     —       (0.29 )     —   Less: Federal biodiesel blenders' tax credit(11)     (0.60 )     (8.62 )     (2.61 )     (8.67 ) (Less) add: Net (loss) income tax impact(12)     (0.05 )     2.08       (0.26 )     2.17   Adjusted net loss per share of common stock attributable to common stockholders (basic and diluted)   $ (0.28 )   $ (0.89 )   $ (0.44 )   $ (2.32 ) TRAVELCENTERS OF AMERICA INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in thousands, unless indicated otherwise)         Calculation of adjusted fuel gross margin   Three Months Ended  December 31,   Year EndedDecember 31, and nonfuel revenues:   2020   2019   2020   2019 Fuel gross margin   $ 79,374     $ 147,691     $ 333,352     $ 378,718   Nonfuel revenues     442,744       447,102       1,747,418       1,856,147   Total fuel gross margin and nonfuel revenues     522,118       594,793       2,080,770       2,234,865   Less: Loyalty award expiration(9)     —       —       —       (2,911 ) Less: Federal biodiesel blenders' tax credit(11)     (8,733 )     (70,229 )     (29,521 )     (70,229 ) Adjusted fuel gross margin and nonfuel revenues   $ 513,385     $ 524,564     $ 2,051,249     $ 2,161,725         Calculation of EBITDA, adjusted EBITDA and   Three Months Ended  December 31,   Year EndedDecember 31, adjusted EBITDAR:   2020   2019   2020   2019 Net (loss) income   $ (7,176 )   $ 43,117     $ (14,904 )   $ 33,469   (Less) add: (Benefit) provision for income taxes     (1,956 )     11,158       (6,178 )     4,339   Add: Depreciation and amortization expense     38,676       28,142       127,789       100,260   Add: Interest expense, net     8,415       7,094       30,479       28,356   EBITDA     37,959       89,511       137,186       166,424   Add: Reorganization Plan and other separation costs(3)     1,076       —       5,364       —   Add: Field employee bonus expenses(4)     —       —       3,769       —   Add: Executive officer retirement agreement expenses(6)     —       —       2,109       —   Add: Impairment of operating lease assets(7)     —       579       1,262       579   Add: Costs of SVC transactions(8)     —       —       —       458   Less: Loyalty award expiration(9)     —       —       —       (2,911 ) Less: Employee retention tax credit(10)     (3,268 )     —       (3,268 )     —   Less: Federal biodiesel blenders' tax credit(11)     (8,733 )     (70,229 )     (29,521 )     (70,229 ) Adjusted EBITDA     27,034       19,861       116,901       94,321   Add: Real estate rent expense     63,850       63,668       255,743       257,762   Less: Impairment of operating lease assets(7)     —       (579 )     (1,262 )     (579 ) Adjusted EBITDAR   $ 90,884     $ 82,950     $ 371,382     $ 351,504               Three Months Ended  December 31,   Year EndedDecember 31, Calculation of operating margin:   2020   2019   2020   2019 Total revenues   $ 1,286,662     $ 1,522,211     $ 4,846,037     $ 6,117,359   Operating (loss) income     (447 )     60,119       10,776       65,284   Operating margin     NM       3.9 %     0.2 %     1.1 % TRAVELCENTERS OF AMERICA INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in thousands, unless indicated otherwise)           Three Months Ended  December 31,   Year EndedDecember 31, Calculation of adjusted EBITDAR margin:   2020   2019   2020   2019 Adjusted EBITDAR(13)   $ 90,884     $ 82,950     $ 371,382     $ 351,504   Adjusted fuel gross margin and nonfuel revenues(13)     513,385       524,564       2,051,249       2,161,725   Adjusted EBITDAR margin     17.7 %     15.8 %     18.1 %     16.3 %           Calculation of adjusted fuel gross margin   Three Months Ended  December 31,   Year EndedDecember 31, and adjusted fuel gross margin per gallon:   2020   2019   2020   2019 Fuel gross margin   $ 79,374     $ 147,691     $ 333,352     $ 378,718   Less: Loyalty award expiration(9)     —       —       —       (2,840 ) Less: Federal biodiesel blenders' tax credit(11)     (8,733 )     (70,229 )     (29,521 )     (70,229 ) Adjusted fuel gross margin   $ 70,641     $ 77,462     $ 303,831     $ 305,649                     Fuel gross margin per gallon   $ 0.143     $ 0.297     $ 0.161     $ 0.191   Less: Loyalty award expiration(9)     —       —       —       (0.001 ) Less: Federal biodiesel blenders' tax credit(11)     (0.016 )     (0.141 )     (0.014 )     (0.035 ) Adjusted fuel gross margin per gallon   $ 0.127     $ 0.156     $ 0.147     $ 0.155   (1)   QSL Impairment. TA is party to an agreement for it to sell the QSL business for approximately $5.0 million, excluding costs to sell and certain closing adjustments. TA has classified its QSL business as held for sale as of December 31, 2020. During the three months and year ended December 31, 2020, TA recorded an impairment charge of $13.7 million relating to its QSL business, which is included in depreciation and amortization expense in TA's consolidated statement of operations and comprehensive (loss) income. (2)   Asset Write Offs. During the year ended December 31, 2020, TA wrote off $8.1 million and $0.8 million related to programs that were canceled and intangibles relating to three QSL franchises that closed in April 2020, respectively. These amounts were included in depreciation and amortization expense in TA's consolidated statements of operations and comprehensive (loss) income. (3)   Reorganization Plan and Other Separation Costs. On April 30, 2020, TA commenced a company wide Reorganization Plan. During the three months and year ended December 31, 2020, TA recognized $1.1 million and $5.4 million, respectively, of costs related to the Reorganization Plan and other separation agreements, which were included in selling, general and administrative expense in TA's consolidated statements of operations and comprehensive (loss) income. (4)   Field Employee Bonus Expense. In March and April 2020, TA paid cash bonuses to certain employees who continued to work at its locations during the COVID-19 pandemic. These bonuses resulted in additional compensation expense of $3.8 million for the year ended December 31, 2020, which were included in site level operating expense in TA's consolidated statements of operations and comprehensive (loss) income. (5)   Goodwill Impairment. During the year ended December 31, 2020, TA recognized a goodwill impairment charge of $3.0 million with respect to its QSL reporting unit, which was recognized in depreciation and amortization expense in TA's consolidated statements of operations and comprehensive (loss) income. (6)   Executive Officer Retirement Agreement Expenses. TA agreed to accelerate the vesting of previously granted stock awards and make cash payments as part of TA's retirement and separation agreements with certain former executive officers. The accelerations and cash payments resulted in additional compensation expense of $2.1 million for the year ended December 31, 2020, which were included in selling, general and administrative expense in TA's consolidated statements of operations and comprehensive (loss) income. (7)   Impairment of Property and Equipment and Operating Lease Assets. During the year ended December 31, 2020, TA recognized $6.6 million and $1.3 million of impairment charges to property and equipment and operating lease assets, respectively, related to certain standalone restaurants. During the three months and year ended December 31, 2019, TA recognized $2.4 million and $0.6 million of impairment charges to property and equipment and operating lease assets, respectively, related to certain standalone restaurants. The impairment charges were recognized in depreciation and amortization expense and real estate rent expense, respectively, in TA's consolidated statements of operations and comprehensive (loss) income. (8)   Costs of SVC Transactions. In January 2019, TA entered transaction agreements with SVC pursuant to which they amended their leases. During the year ended December 31, 2019, TA incurred $0.5 million of expenses associated with amendments of these leases. These expenses were included in selling, general and administrative expense in TA's consolidated statements of operations and comprehensive (loss) income. (9)   Loyalty Award Expiration. During the year ended December 31, 2019, TA introduced a new customer loyalty program, UltraONE 2.0. As a result of introducing the new customer loyalty program, certain loyalty awards earned under the program now expire 10 days after issuance for all loyalty members. This update resulted in the immediate expiration of certain loyalty awards upon adoption of the new customer loyalty program, generating $2.9 million of additional revenue during the year ended December 31, 2019, $2.8 million of which was recognized to fuel revenues and $0.1 million to nonfuel revenues in TA's consolidated statements of operations and comprehensive (loss) income. (10)   Employee Retention Tax Credit. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act, or the CARES Act, as a response to the economic uncertainty resulting from the COVID-19 pandemic. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits. As a result, TA recognized $3.3 million for the three months and year ended December 31, 2020, which was recognized as a reduction to site level operating expense in TA's consolidated statements of operations and comprehensive (loss) income. (11)   Federal Biodiesel Blenders' Tax Credit. In December 2019, the U.S. government retroactively reinstated the federal biodiesel blenders' tax credit for 2018 and 2019, as well as approved the federal biodiesel blenders' tax credit through 2022. As a result, TA recognized $8.7 million and $70.2 million for the three months ended December 31, 2020 and 2019, respectively, and $29.5 million and $70.2 million for the years ended December 31, 2020 and 2019, respectively, which were recognized as a reduction to fuel cost of goods sold in TA's consolidated statements of operations and comprehensive (loss) income. (12)   Net (Loss) Income Tax Impact. TA calculated the income tax impact of the adjustments described above by using its estimated statutory rate of 25.2% for each of the three months and years ended December 31, 2020 and 2019. (13)   Reconciliations from net (loss) income and fuel gross margin and nonfuel revenues, the financial measures determined in accordance with GAAP to the non-GAAP financial measures disclosed herein, are included in the supplemental tables above. TRAVELCENTERS OF AMERICA INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands)     December 31,   2020   2019 Assets:       Current assets:       Cash and cash equivalents $ 483,151     $ 17,206   Accounts receivable, net 94,429     173,496   Inventory 172,830     196,611   Other current assets 35,506     32,456   Total current assets 785,916     419,769           Property and equipment, net 801,789     868,503   Operating lease assets 1,734,883     1,817,998   Goodwill 22,213     25,259   Intangible assets, net 11,529     20,707   Other noncurrent assets 87,530     78,659   Total assets $ 3,443,860     $ 3,230,895           Liabilities and Stockholders' Equity:       Current liabilities:       Accounts payable $ 158,075     $ 147,440   Current operating lease liabilities 111,255     104,070   Other current liabilities 175,867     138,455   Total current liabilities 445,197     389,965           Long term debt, net 525,397     329,321   Noncurrent operating lease liabilities 1,763,166     1,880,188   Other noncurrent liabilities 69,121     58,885   Total liabilities 2,802,881     2,658,359           Stockholders' equity (14,574 and 8,307 shares of common stock outstanding as of December 31, 2020 and 2019, respectively) 640,979     572,536   Total liabilities and stockholders' equity $ 3,443,860     $ 3,230,895   These financial statements should be read in conjunction with TA's Annual Report on Form 10-K for the year ended December 31, 2020, 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. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond TA's control. Among others, the forward-looking statements which appear in this press release that may not occur include: Statements about increased and improved operating results may imply that TA will realize similar or better results in the future and that TA's business may be profitable in the future. TA operates in a highly competitive industry and its business is subject to various market and other risks and challenges, many of which are beyond its control, including the COVID-19 pandemic. As a result, TA may not be able to realize similar or better results in the future and it may fail to be profitable in the future for these or other reasons. Since TA became publicly traded in 2007, TA's operations have generated losses and only occasionally generated profits; Statements about TA commencing numerous initiatives which it believes will improve and enhance its operational efficiencies and profitability, increase diesel fuel and gasoline gross margin and fuel sales volume, increase market share in the truck service industry, improve merchandising and gross margin in store and retail services, improve operating effectiveness in its full service restaurants and expand its franchise base. However, TA may not be able to recognize the improvements to its operating results that it anticipates. In addition, the costs incurred to complete the initiatives may cost more than TA anticipates; Statements about TA’s ability to effectively execute through challenging times caused by the COVID-19 pandemic may imply TA will continue to be able to effectively execute during the pandemic and its aftermath. However, it is uncertain when the pandemic may end and what its ultimate impact will be on the economy, the travel center industry and TA’s business. As a result, TA may be unable to effectively execute if the pandemic continues for an extended duration or worsens; Statements about TA’s targeted returns on its capital expenditures. TA may not be able to realize those returns; Statements about the expectation that TA will recognize annual cost savings of approximately $13.1 million as a result of the Reorganization Plan, as well as certain other cost savings it realized in the 2020 fourth quarter and its discipline around managing expenses. However, TA may not realize or maintain these cost savings; Statements about the successful expansion of TA's franchise business will depend on TA's ability to increase the number of sites available for franchising, to identify qualified franchisees and to enter into franchising agreements with those franchisees on agreeable terms. Further, the success of any franchise arrangements will depend on the ability of the franchisees to profitably operate those franchises; Statements about TA entering into a multi unit franchise agreement with IHOP to rebrand and convert up to 94 of its full service restaurants to IHOP restaurants. TA is only obligated to convert the initial 20 full service restaurants to IHOP with the remaining conversions at TA's discretion. TA may fail to convert those 20 initial restaurants and may determine not to convert some or all of the remaining 74 restaurants. The timing and costs for these conversions may exceed TA's expectations and TA may fail to complete these conversions in accordance with the schedule; and Statements about investing capital into relationships with companies that supply, distribute or store electric or other non-fossil fuel, alternative energy resources. TA may decide not to invest capital into these relationships and these relationships may not materialize or become beneficial.  The information contained in TA's periodic reports, including TA's Annual Report on Form 10-K for the year ended December 31, 2020, 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.

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El nuevo informe de Alzheimer's Association examina las actitudes raciales y...

El informe Facts and Figures de 2021 ofrece una mirada en profundidad de las últimas estadísticas nacionales sobre la prevalencia, la incidencia, la mortalidad, los costos de la atención y el impacto en los cuidadores de personas con alzhéimer. Por primera vez, el informe especial adjunto, "Race, Ethnicity and Alzheimer's in America" (Raza, origen étnico y alzhéimer en Estados Unidos), examina las perspectivas y experiencias de los asiaticoamericanos, afroamericanos, hispanos, nativos americanos y blancos con respecto a la atención del alzhéimer y la demencia. Los hallazgos del informe revelan que las poblaciones raciales/étnicas no blancas prevén tener y tienen más barreras para acceder a la atención de la demencia y tienen menos confianza en la investigación médica y en el acceso a profesionales de la salud que comprendan sus antecedentes y experiencias étnicas y raciales. Hallazgos destacados: Dos tercios de los afroamericanos (66 %) creen que tienen más dificultades para obtener una atención de excelencia para el alzhéimer u otras demencias. Del mismo modo, dos de cada cinco nativos americanos (40 %) e hispanoamericanos (39 %) creen que su propia raza o etnia tiene más dificultades para obtener atención, al igual que un tercio de los asiaticoamericanos (34 %). Casi dos tercios de los afroamericanos (62 %) creen que la investigación médica está sesgada en contra de las personas de color, una opinión que comparten una cantidad importante de asiaticoamericanos (45 %), nativos americanos (40 %) e hispanoamericanos (36 %). Solo la mitad de los afroamericanos (53 %) confía en que una futura cura para el alzhéimer se compartirá de manera equitativa, independientemente de la raza, el color o la etnia. Menos de la mitad de los afroamericanos (48 %) y los nativos americanos (47 %) se sienten seguros de tener acceso a proveedores que comprendan sus antecedentes y experiencias étnicas o raciales, y apenas alrededor de tres de cada cinco asiaticoamericanos (63 %) e hispanos (59 %) se sienten igual de seguros. "A pesar de los esfuerzos continuos para abordar las disparidades de salud y atención médica para la demencia y la enfermedad de alzhéimer, los resultados de la encuesta muestran que todavía queda mucho trabajo por hacer", dijo Carl V. Hill, Ph.D., MPH., director de Diversidad, Equidad e Inclusión de Alzheimer's Association. "Claramente, la discriminación, la falta de diversidad entre los profesionales de atención médica y la desconfianza en la investigación médica crean barreras importantes para la atención médica y exigen la atención completa del país". No obstante, los episodios de discriminación se extienden más allá de la atención del alzhéimer y la demencia; las encuestas de Alzheimer's Association revelan que muchos estadounidenses no blancos dicen haber experimentado discriminación en el sistema de atención médica en general. Específicamente: La mitad de los afroamericanos (50 %) informa que ha sufrido de discriminación al solicitar atención médica, al igual que más de cuatro de cada diez nativos americanos (42 %) y un tercio de los asiaticoamericanos (34 %) e hispanoamericanos (33 %). Las experiencias y opiniones de discriminación expresadas por los encuestados en ambas encuestas también se reflejan en sus opiniones sobre la participación en ensayos clínicos. Los afroamericanos tienen menos interés en los ensayos de investigación clínica para prevenir o retrasar la evolución del alzhéimer. Los estadounidenses blancos son más propensos a expresar interés en los ensayos (82 %), seguidos por los nativos americanos (81 %), los hispanoamericanos (78 %), los asiaticoamericanos (73 %) y, por último, los afroamericanos (67 %). La razón que se menciona con más frecuencia para no participar en ensayos clínicos entre todos los grupos raciales/étnicos es no querer ser "conejillos de indias". Este sentimiento fue especialmente fuerte entre los afroamericanos (69 %). Además, a casi la mitad de los afroamericanos (45 %) les preocupa que los tratamientos puedan causar enfermedades. Además, tienen el doble de probabilidades que otros grupos de decir que "no confían en la investigación médica" y más del doble de probabilidades que otros grupos raciales o étnicos de decir que "es posible que no reciban un trato justo". Como se señaló en el informe 2021 Facts and Figures (Hechos y cifras de 2021), las disparidades socioeconómicas y de salud y el racismo sistémico contribuyen a un mayor riesgo de alzhéimer y demencia en las comunidades de color. Según el informe, los afroamericanos y los hispanos de edad avanzada también son desproporcionadamente más propensos a padecer alzhéimer y otras demencias. Además, ambos grupos tienen más probabilidades de tener diagnósticos erróneos en comparación con los blancos de edad avanzada. "Debemos seguir acelerando los esfuerzos para involucrar a más personas de poblaciones subrepresentadas en la investigación y los ensayos clínicos de la enfermedad de Alzheimer", dijo María Carrillo, Ph.D., directora científica de Alzheimer's Association. "Si los ensayos no incluyen a participantes diversos, es imposible obtener una comprensión completa de cómo las diferencias raciales y étnicas pueden afectar el beneficio y la seguridad de los posibles tratamientos. Las futuras estructuras de ensayos clínicos y los esfuerzos de reclutamiento deben generar una mejor representación de toda la población para que todos se beneficien de los avances en la investigación del alzhéimer y la demencia". El impacto de la COVID-19 El informe también examina el impacto devastador que la pandemia de la COVID-19 está teniendo en las personas que sufren de alzhéimer. Según el informe, hubo al menos 42,000 muertes más por alzhéimer y otras demencias en 2020 en comparación con los promedios de los cinco años anteriores, un aumento del 16 %. El informe destaca datos preliminares y anecdóticos que indican que la pandemia de la COVID-19 también está teniendo efectos adversos en muchos cuidadores familiares. Indica que los desafíos de la prestación de servicios de cuidado relacionados con la pandemia, incluso el cierre de centros de día para adultos y la incapacidad de las familias para visitar o comunicarse con familiares en entornos de cuidados a largo plazo, han causado "angustia emocional y otros resultados negativos en los cuidadores".  Alzheimer's Association y representantes de más de 30 países han formado un consorcio internacional para estudiar las consecuencias a corto y largo plazo de la COVID-19 en el cerebro y el sistema nervioso de personas de diferentes edades y distintos antecedentes genéticos. Datos y cifras sobre el alzhéimer de 2021: un vistazo Prevalencia, incidencia y mortalidad Se estima que 6.2 millones de estadounidenses de 65 años o más padecerán demencia de tipo alzhéimer en 2021. Más de una de cada nueve personas (11.3 %) de 65 años o más padece demencia de tipo alzhéimer. Dos tercios de los estadounidenses mayores de 65 años con alzhéimer (3.8 millones) son mujeres. Las muertes por alzhéimer entre 2000 y 2019 se han duplicado y superado ese número, y han aumentado un 145 %. Uno de cada tres adultos mayores muere con alzhéimer u otro tipo de demencia. Cuidado En 2020, más de 11 millones de cuidadores de personas con alzhéimer u otras demencias proporcionaron aproximadamente 15,300 millones de horas de atención no remunerada, una contribución a la nación valuada en $257,000 millones.  Casi la mitad de los cuidadores (48 %) que brindan ayuda a un adulto mayor lo hacen por alguien que padece alzhéimer u otro tipo de demencia.  Aproximadamente dos tercios de los cuidadores son mujeres y un tercio de los cuidadores de personas con demencia son hijas de esas personas. El 41 % de los cuidadores tienen un ingreso familiar de $50,000 o menos. Costo de la atención En 2021, los pagos totales para todas las personas con alzhéimer u otras demencias se estiman en $355,000 millones (sin incluir el cuidado no remunerado). Se espera que Medicare y Medicaid cubran $239,000 millones o el 67 % de los pagos totales de atención médica y atención a largo plazo para las personas con alzhéimer u otras demencias. Se espera que los gastos de bolsillo sean de $76,000 millones.  Se prevé que el costo total de la atención médica, el cuidado prolongado y el cuidado paliativo para personas con alzhéimer y otros tipos de demencia aumente a más de $1.1 billones en 2050. El costo total de la atención de por vida de una persona que padece demencia se estima en $373,527.  A continuación, se incluyen datos adicionales del informe. Puede acceder al texto completo del informe 2021 Alzheimer's Disease Facts and Figures, incluido el informe especial adjunto "Race, Ethnicity and Alzheimer's in America" en alz.org/facts. El informe también aparecerá en la edición de marzo de 2021 de Alzheimer's & Dementia: The Journal of the Alzheimer's Association. Otros hallazgos clave del informe "Race, Ethnicity and Alzheimer's in America": La preocupación por el desarrollo de alzhéimer es menor entre los nativos americanos (25 %), los afroamericanos (35 %) y los hispanos (41 %), especialmente en comparación con los blancos (48 %). Más de un tercio de los nativos americanos (35 %) y casi tres de cada diez hispanos (28 %) no creen que vivirán lo suficiente para desarrollar alzhéimer u otra demencia. Más de la mitad de los estadounidenses que no son blancos creen que la pérdida significativa de memoria o capacidades cognitivas es "una parte normal del envejecimiento". Los hispanos, afroamericanos y nativos americanos tienen el doble de probabilidades que los blancos de decir que no verán a un médico si experimentan problemas de memoria o de razonamiento. Uno de cada cinco afroamericanos (21 %) e hispanoamericanos (20 %) dice que se sentiría ofendido si un médico sugiriera una evaluación cognitiva. Casi dos de cada tres cuidadores (64 %) en todos los grupos dicen que cuidar es estresante, pero casi todos (92 %) dicen que también es gratificante. Estadísticas actualizadas del alzhéimer El informe Facts and Figures de Alzheimer's Association ofrece una mirada anual de las últimas estadísticas nacionales e información sobre la prevalencia, incidencia, la mortalidad y la morbilidad del alzhéimer, así como también de los costos de atención y cuidado de personas, tanto a nivel nacional como por estado.   Acerca del informe 2021 Alzheimer's Disease Facts and Figures  El informe 2021 Alzheimer's Disease Facts and Figures de Alzheimer's Association es una compilación exhaustiva de estadísticas nacionales e información sobre la enfermedad de alzhéimer y las demencias relacionadas. El informe comunica el impacto del alzhéimer en las personas, los familiares, el Gobierno y el sistema de salud nacional. Desde su publicación inicial en 2007, el informe se ha convertido en una fuente preeminente que abarca el amplio espectro de problemas que derivan del alzhéimer. El informe Facts and Figures es una publicación oficial de Alzheimer's Association. Acerca de la encuesta Versta Research realizó dos encuestas en nombre de Alzheimer's Association: (1) adultos estadounidenses y (2) cuidadores actuales o recientes de adultos de 50 años o más con problemas cognitivos. Se preguntó a los encuestados sobre el acceso a la atención médica y los servicios de apoyo, la confianza en los proveedores y el sistema de atención médica, la participación en ensayos clínicos e investigaciones y las experiencias de los cuidadores. Las encuestas se realizaron del 26 de octubre al 11 de noviembre de 2020. Los datos fueron recopilados por NORC en la Universidad de Chicago a través del panel AmeriSpeak®. AmeriSpeak es un panel basado en probabilidades de todos los hogares estadounidenses.  La encuesta incluyó a 945 encuestados blancos. Los sobremuestreos de hispanos (n=541), afroamericanos (n=515) y asiaticoamericanos (n=412) se ponderaron contra sus proporciones poblacionales reales para obtener análisis e informes estadísticos. Para la inclusión completa de los nativos americanos, se administró la misma encuesta a una muestra adicional de 406 nativos americanos reclutados a través de paneles en línea (no probabilísticos) con muestreo estratificado y datos ponderados por género, edad, ingresos y educación para alinearlos con los datos de la Oficina del Censo de los EE. UU. Las encuestas se ofrecieron tanto en inglés como en español. Para obtener detalles completos sobre la metodología de la encuesta, consulte la página 73 del informe. Acerca de Alzheimer's Association Alzheimer's Association lidera el camino para acabar con el alzhéimer y todas las demás demencias, acelera la investigación global, impulsa la reducción de riesgos y la detección temprana, y maximiza la atención y el apoyo de calidad. Nuestra visión es un mundo sin alzhéimer ni todas las demás demencias. Para obtener más información, visite alz.org o llame a la línea de ayuda gratuita las 24 horas del día, los 7 días de la semana: 800.272.3900. Foto - https://mma.prnewswire.com/media/1447506/2021_FF_Infographic_Spanish_Infographic.jpg Logo - https://mma.prnewswire.com/media/479350/Alzheimer_s_Association_Logo.jpg FUENTE Alzheimer’s Association SOURCE Alzheimer’s Association

OPINION

POLITICS

Volvo Cars to be fully electric by 2030

The company's transition towards becoming a fully electric car maker is part of its ambitious climate plan, which seeks to consistently reduce the life cycle carbon footprint per car through concrete action. Its decision also builds on the expectation that legislation as well as a rapid expansion of accessible high quality charging infrastructure will accelerate consumer acceptance of fully electric cars. Volvo Cars' move towards full electrification comes together with an increased focus on online sales and a more complete, attractive and transparent consumer offer under the name Care by Volvo. All fully electric models will be available online only. The 2030 ambition represents an acceleration of Volvo Cars' electrification strategy, driven by strong demand for its electrified cars in recent years and a firm conviction that the market for combustion engine cars is a shrinking one. "To remain successful, we need profitable growth. So instead of investing in a shrinking business, we choose to invest in the future – electric and online," said Håkan Samuelsson, chief executive. "We are fully focused on becoming a leader in the fast-growing premium electric segment." Volvo Cars launched its first fully electric car, the XC40 Recharge, in markets around the globe last year. Later today the company will reveal its second fully electric car, a new model in the 40 Series. In coming years Volvo Cars will roll out several additional electric models, with more to follow. Already by 2025, it aims for 50 per cent of its global sales to consist of fully electric cars, with the rest hybrids. By 2030, every car it sells should be fully electric. "There is no long-term future for cars with an internal combustion engine," said Henrik Green, chief technology officer. "We are firmly committed to becoming an electric-only car maker and the transition should happen by 2030. It will allow us to meet the expectations of our customers and be a part of the solution when it comes to fighting climate change." Volvo Car Group in 2020 For the 2020 financial year, Volvo Car Group recorded an operating profit of 8.5 BSEK (14.3 BSEK in 2019). Revenue over the period amounted to 262.8 BSEK (274.1 BSEK). For the full year of 2020, global sales reached 661,713 cars (705,452), a decline of 6.2 per cent compared to 2019. About Volvo Car Group Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales of 661,713 cars in 2020 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding since 2010. As of December 2020, Volvo Cars employed approximately 40,000 (41,500) full-time employees. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for APAC is located in Shanghai. The company's main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden). Under its new company purpose, Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This purpose is reflected into a number of business ambitions: for example, by the middle of this decade it aims for half of its global sales to be fully electric cars and to establish five million direct consumer relationships. Volvo Cars is also committed to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040. For more info, please contact: Volvo Cars Media Relations Phone: +46 031-596525[email protected] SOURCE Volvo Cars

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