Pilot Flying J - Investment Thesis

Essential Service

Truckers need:

• Fuel (diesel is essential for freight)
• Rest stops for hours-of-service compliance
• Maintenance and repairs on the road

Location, Location, Location

Truck stop economics depend on:

• Highway visibility and access
• Competitive fuel storage
• Scale of operations

Fleet Relationships

Pilot Flying J serves:

• Major trucking fleets (Swift, Werner, etc.)
• Owner-operators
• Automotive travelers

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