0000950170-23-059446.txt : 20231106 0000950170-23-059446.hdr.sgml : 20231106 20231106163012 ACCESSION NUMBER: 0000950170-23-059446 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20231106 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231106 DATE AS OF CHANGE: 20231106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARKO Corp. CENTRAL INDEX KEY: 0001823794 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CONVENIENCE STORES [5412] IRS NUMBER: 852784337 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39828 FILM NUMBER: 231380353 BUSINESS ADDRESS: STREET 1: 8565 MAGELLAN PKWY STREET 2: SUITE 400 CITY: RICHMOND STATE: VA ZIP: 23227 BUSINESS PHONE: 804-730-1568 MAIL ADDRESS: STREET 1: 8565 MAGELLAN PKWY STREET 2: SUITE 400 CITY: RICHMOND STATE: VA ZIP: 23227 8-K 1 arko-20231106.htm 8-K 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 06, 2023

 

img26559261_0.jpg 

 

ARKO Corp.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39828

85-2784337

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

8565 Magellan Parkway

Suite 400

 

Richmond, Virginia

 

23227-1150

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (804) 730-1568

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

ARKO

 

The Nasdaq Stock Market LLC

Warrants, each warrant exercisable for one share of Common Stock at an exercise price of $11.50

 

ARKOW

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02 Results of Operations and Financial Condition.

On November 6, 2023, ARKO Corp., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.

 

Item 7.01 Regulation FD Disclosure.

The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.

On November 6, 2023, the Company posted slides in conjunction with its earnings presentation for the quarter ended September 30, 2023 on its website at https://www.arkocorp.com/company-information/presentations. The information contained on or accessible through the Company’s website is not a part of, and is not incorporated by reference in, this Current Report on Form 8-K.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act except to the extent expressly stated in such filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number

Description

99.1

Press Release issued by ARKO Corp. on November 6, 2023.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

ARKO CORP.

 

 

 

 

Date:

November 6, 2023

By:

/s/ Arie Kotler

 

 

Name:

Title:

Arie Kotler
President, Chief Executive Officer and Chairman of the Board

 

 EX-99.1 2 arko-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

ARKO Corp. Reports Third Quarter 2023 Results

ARKO Corp. (Nasdaq: ARKO) (“ARKO” or the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced financial results for the quarter ended September 30, 2023.

Third Quarter 2023 Key Highlights1

 

•
Net income for the quarter was $21.5 million, compared to $25.0 million for the prior year quarter.
•
Adjusted EBITDA for the quarter was $91.2 million, compared to $99.5 million for the prior year quarter, primarily due to reduced fuel contribution at same stores, with retail cents per gallon (“CPG”) of 40.3 in the current quarter compared to retail CPG of 44.8 in Q3 2022.
•
Same store merchandise sales excluding cigarettes increased 1.0% for the quarter compared to the prior year period; same store merchandise sales for the quarter increased 0.1% compared to the prior year period, and were impacted by approximately $2 million in increased loyalty investments in customer acquisition related to expanding membership in the fas REWARDS® loyalty program, other loyalty promotions, and growth in the total loyalty membership base - a long-term goal of the Company. This caused a reduction in same store merchandise sales of approximately 0.4%, and same store merchandise sales excluding cigarettes of approximately 0.6%.
•
Merchandise gross profit contribution grew by $21.8 million for the quarter, or 15.7%, as compared to the prior year period.
•
Merchandise margin expanded, increasing approximately 50 basis points to 31.7% for the quarter compared to 31.2% for the prior year period, due to execution of key marketing and merchandising initiatives.
•
Total retail gallons increased 14.8% in Q3 2023 compared to Q3 2022.

 

Other Key Highlights

•
The Company closed its 25th acquisition, marking five closed acquisitions since the beginning of Q3 2022, increasing the total number of locations by approximately 720.
•
Added more than 365,000 enrolled fas REWARDS® members during Q3 2023, while offering a special $10 enrollment promotion commencing in mid-May 2023 through September 2023. As of the end of Q3, 2023, the Company had 1.85 million total enrolled fas REWARDS® members, representing a 50% increase in enrolled members since the end of Q3 2022.

 

•
Announced the expansion of the executive ranks at our subsidiary, GPM Investments, LLC (“GPM”), with the hiring of Richard Guidry as GPM’s Senior Vice President of Food Service, who was hired to expand its food strategy and scale it to the Family of Community Brands.
•
Current available liquidity for future acquisitions of more than $2 billion, including cash, lines of credit and availability under the Oak Street program agreement.

 

 

•
ARKO Corp.’s Board of Directors declared a quarterly dividend of $0.03 per share of common stock to be paid on December 1, 2023, to stockholders of record as of November 17, 2023.

“I am very pleased with our third quarter performance, which we believe compares favorably to what was a strong prior year quarter,” said Arie Kotler, Chairman, President and Chief Executive Officer of ARKO. “In the third quarter, our entire team continued to execute on our three key marketing and merchandise pillars including, significantly expanding the number of enrolled members in our fas REWARDS loyalty program, which we designed to enhance our relationship with our customers and provide them with extraordinary value. We continue to implement the ARKO way in the five acquisitions closed over the last year, adding merchandise assortment and growing sales in these stores’ core destination categories while capturing synergies. Our retail fuel margin was lower than the prior year quarter’s elevated fuel margins, which we expected, and we continue to execute our strategy of optimizing retail fuel gross profit dollars.”

 

1 See Use of Non-GAAP Measures below.

 

Third Quarter 2023 Segment Highlights

Retail

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

(in thousands)

 

Fuel gallons sold

 

300,796

 

 

 

262,010

 

 

 

843,286

 

 

 

754,811

 

Same store fuel gallons sold decrease (%) 1

 

(5.3

%)

 

 

(9.7

%)

 

 

(4.5

%)

 

 

(8.0

%)

Fuel margin, cents per gallon 2

 

40.3

 

 

 

44.8

 

 

 

38.7

 

 

 

41.3

 

Merchandise revenue

$

506,425

 

 

$

445,822

 

 

$

1,391,274

 

 

$

1,244,558

 

Same store merchandise sales increase
  (decrease) (%) 1

 

0.1

%

 

 

0.7

%

 

 

1.4

%

 

 

(1.8

%)

Same store merchandise sales excluding
  cigarettes increase (%) 1

 

1.0

%

 

 

4.3

%

 

 

3.9

%

 

 

2.0

%

Merchandise contribution 3

$

160,726

 

 

$

138,892

 

 

$

438,349

 

 

$

378,448

 

Merchandise margin 4

 

31.7

%

 

 

31.2

%

 

 

31.5

%

 

 

30.4

%

 

 

 

 

 

 

 

 

 

 

 

 

1 Same store is a common metric used in the convenience store industry. We consider a store a same store beginning in the first quarter in which the store had a full quarter of activity in the prior year. Refer to Use of Non-GAAP Measures below for discussion of this measure.

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Calculated as fuel revenue less fuel costs divided by fuel gallons sold; excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Calculated as merchandise revenue less merchandise costs.

 

 

 

 

 

 

 

 

 

 

 

 

 

4 Calculated as merchandise contribution divided by merchandise revenue.

 

 

The table below shows financial information and certain key metrics of recent acquisitions in the Retail Segment that do not have comparable information for the prior periods.

 

 

 

 

For the Three Months Ended September 30, 2023

 

 

Pride 1

 

 

TEG 2

 

 

Uncle's
(WTG) 3

 

 

Speedy 4

 

 

Total

 

 

(in thousands)

 

Date of Acquisition:

Dec 6, 2022

 

 

Mar 1, 2023

 

 

Jun 6, 2023

 

 

Aug 15, 2023

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

$

73,019

 

 

$

104,850

 

 

$

21,927

 

 

$

3,138

 

 

$

202,934

 

Merchandise revenue

 

16,078

 

 

 

39,776

 

 

 

9,625

 

 

 

1,400

 

 

 

66,879

 

Other revenues, net

 

1,386

 

 

 

1,391

 

 

 

203

 

 

 

23

 

 

 

3,003

 

Total revenues

 

90,483

 

 

 

146,017

 

 

 

31,755

 

 

 

4,561

 

 

 

272,816

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

65,818

 

 

 

96,593

 

 

 

18,797

 

 

 

2,798

 

 

 

184,006

 

Merchandise costs

 

10,523

 

 

 

27,218

 

 

 

6,258

 

 

 

949

 

 

 

44,948

 

Store operating expenses

 

10,152

 

 

 

18,373

 

 

 

5,147

 

 

 

696

 

 

 

34,368

 

Total operating expenses

 

86,493

 

 

 

142,184

 

 

 

30,202

 

 

 

4,443

 

 

 

263,322

 

Operating income

$

3,990

 

 

$

3,833

 

 

$

1,553

 

 

$

118

 

 

$

9,494

 

Fuel gallons sold

 

18,486

 

 

 

30,126

 

 

 

5,809

 

 

 

830

 

 

 

55,251

 

Merchandise contribution 5

 

5,555

 

 

 

12,558

 

 

 

3,367

 

 

 

451

 

 

 

21,931

 

Merchandise margin 6

 

34.6

%

 

 

31.6

%

 

 

35.0

%

 

 

32.2

%

 

 

 

 

 

For the Nine Months Ended September 30, 2023

 

 

Pride

 

 

TEG

 

 

Uncle's
(WTG) 3

 

 

Speedy 4

 

 

Total

 

 

(in thousands)

 

Date of Acquisition:

Dec 6, 2022

 

 

Mar 1, 2023

 

 

Jun 6, 2023

 

 

Aug 15, 2023

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

$

212,444

 

 

$

236,052

 

 

$

28,025

 

 

$

3,138

 

 

$

479,659

 

Merchandise revenue

 

45,221

 

 

 

92,100

 

 

 

12,471

 

 

 

1,400

 

 

 

151,192

 

Other revenues, net

 

4,170

 

 

 

3,122

 

 

 

257

 

 

 

23

 

 

 

7,572

 

Total revenues

 

261,835

 

 

 

331,274

 

 

 

40,753

 

 

 

4,561

 

 

 

638,423

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

191,117

 

 

 

217,210

 

 

 

23,817

 

 

 

2,798

 

 

 

434,942

 

Merchandise costs

 

29,906

 

 

 

63,344

 

 

 

8,185

 

 

 

949

 

 

 

102,384

 

Store operating expenses

 

30,182

 

 

 

41,949

 

 

 

6,372

 

 

 

696

 

 

 

79,199

 

Total operating expenses

 

251,205

 

 

 

322,503

 

 

 

38,374

 

 

 

4,443

 

 

 

616,525

 

Operating income

$

10,630

 

 

$

8,771

 

 

$

2,379

 

 

$

118

 

 

$

21,898

 

Fuel gallons sold

 

55,764

 

 

 

70,183

 

 

 

7,523

 

 

 

830

 

 

 

134,300

 

Merchandise contribution 5

 

15,315

 

 

 

28,756

 

 

 

4,286

 

 

 

451

 

 

 

48,808

 

Merchandise margin 6

 

33.9

%

 

 

31.2

%

 

 

34.4

%

 

 

32.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Acquisition of Pride Convenience Holdings, LLC ("Pride")

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Acquisition from Transit Energy Group and affiliates ("TEG"); includes only the retail stores acquired in the TEG acquisition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Acquisition from WTG Fuels Holdings, LLC ("WTG"); includes only the retail stores acquired in the WTG acquisition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4 Acquisition of seven Speedy's retail stores.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5 Calculated as merchandise revenue less merchandise costs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6 Calculated as merchandise contribution divided by merchandise revenue.

 

 

 

 

For the third quarter, retail fuel profitability (excluding intercompany charges by the Company’s wholesale fuel distribution subsidiary, GPM Petroleum LP (“GPMP”)) increased $3.8 million to $121.3 million compared to the prior year period, with resilient fuel margin capture of 40.3 cents per gallon, a decrease of 4.5 cents per gallon for the third quarter of 2023 compared to the prior year period. Same store fuel profit was $99.4 million (excluding intercompany charges by GPMP), compared to $116.1 million for the prior year quarter. This decrease in same store fuel profit was fully offset by approximately $21.7 million incremental fuel profit from recent acquisitions.

Same store merchandise sales excluding cigarettes increased 1.0% for the quarter compared to the third quarter of 2022. Same store merchandise sales increased 0.1% compared to the strong prior year period, which were impacted by increased loyalty investments. Same store sales were positively impacted as revenue from the Company’s six core destination categories (packaged beverages, candy, salty snacks, packaged sweet snacks, alternative snacks and beer) continued to grow. Total merchandise contribution for the quarter increased $21.8 million, or 15.7%, compared to the third quarter of 2022, due to $21.9 million in merchandise contribution from the businesses we acquired in 2023, as well as the Pride Acquisition, and an increase in merchandise contribution at same stores of approximately $1.2 million. Merchandise margin increased 50 basis points, to 31.7% from 31.2% in the third quarter of 2022, primarily due to execution of key marketing and merchandising initiatives.

 

Wholesale

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

(in thousands)

 

Fuel gallons sold – fuel supply locations

 

205,836

 

 

 

189,537

 

 

 

601,399

 

 

 

563,642

 

Fuel gallons sold – consignment agent locations

 

45,365

 

 

 

41,145

 

 

 

127,861

 

 

 

115,138

 

Fuel margin, cents per gallon1 – fuel supply locations

 

6.4

 

 

 

6.9

 

 

 

6.1

 

 

 

7.0

 

Fuel margin, cents per gallon1 – consignment agent
  locations

 

28.9

 

 

 

32.7

 

 

 

26.9

 

 

 

31.4

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Calculated as fuel revenue less fuel costs divided by fuel gallons sold; excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.

 

 

The table below shows financial information and certain key metrics of recent acquisitions in the Wholesale Segment that do not have (or have only partial) comparable information for the prior periods.

 

 

 

For the Three Months Ended September 30, 2023

 

 

For the Nine Months Ended September 30, 2023

 

 

Quarles 1

 

 

TEG 2

 

 

WTG 3

 

 

Total

 

 

Quarles 1

 

 

TEG 2

 

 

WTG 3

 

 

Total

 

 

(in thousands)

 

 

 

 

Date of Acquisition:

Jul 22, 2022

 

 

Mar 1, 2023

 

 

Jun 6, 2023

 

 

 

 

 

Jul 22, 2022

 

 

Mar 1, 2023

 

 

Jun 6, 2023

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

$

20,381

 

 

$

92,575

 

 

$

2,796

 

 

$

115,752

 

 

$

57,708

 

 

$

214,629

 

 

$

3,444

 

 

$

275,781

 

Other revenues,
  net

 

275

 

 

 

645

 

 

 

5

 

 

 

925

 

 

 

863

 

 

 

1,499

 

 

 

6

 

 

 

2,368

 

Total revenues

 

20,656

 

 

 

93,220

 

 

 

2,801

 

 

 

116,677

 

 

 

58,571

 

 

 

216,128

 

 

 

3,450

 

 

 

278,149

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

19,693

 

 

 

88,503

 

 

 

2,556

 

 

 

110,752

 

 

 

55,757

 

 

 

208,282

 

 

 

3,178

 

 

 

267,217

 

Store operating
  expenses

 

493

 

 

 

833

 

 

 

64

 

 

 

1,390

 

 

 

1,430

 

 

 

1,927

 

 

 

81

 

 

 

3,438

 

Total operating
  expenses

 

20,186

 

 

 

89,336

 

 

 

2,620

 

 

 

112,142

 

 

 

57,187

 

 

 

210,209

 

 

 

3,259

 

 

 

270,655

 

Operating income

$

470

 

 

$

3,884

 

 

$

181

 

 

$

4,535

 

 

$

1,384

 

 

$

5,919

 

 

$

191

 

 

$

7,494

 

Fuel gallons sold

 

5,861

 

 

 

31,666

 

 

 

789

 

 

 

38,316

 

 

 

17,304

 

 

 

77,653

 

 

 

1,007

 

 

 

95,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Acquisition from Quarles Petroleum, Incorporated ("Quarles"); includes only the wholesale business acquired in the Quarles acquisition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Includes only the wholesale business acquired in the TEG acquisition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Includes only the wholesale business acquired in the WTG acquisition.

 

 

 

 

 

In wholesale, fuel contribution from fuel supply locations (excluding intercompany charges by GPMP) increased by $0.1 million for the quarter compared to the prior year quarter, while margin decreased, primarily due to decreased prompt pay discounts related to lower fuel costs and lower volumes at legacy wholesale sites, which was partially offset by the incremental contribution from recent acquisitions.

Fuel contribution from consignment agent locations (excluding intercompany charges by GPMP) decreased approximately $0.3 million for the quarter compared to the prior year quarter and margin also decreased, primarily due to lower rack-to-retail margins and decreased prompt pay discounts related to lower fuel costs, which was partially offset by the incremental contribution from recent acquisitions.

Fleet Fueling

The fleet fueling segment commenced operations on July 22, 2022; therefore, neither the three nor nine months ended September 30, 2022 reflects the operations of this segment for the entirety of such period, which affects period-over-period comparability.

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

(in thousands)

 

 

 

 

Fuel gallons sold – proprietary cardlock locations

 

34,277

 

 

 

26,064

 

 

 

97,710

 

 

 

26,064

 

Fuel gallons sold – third-party cardlock locations

 

2,985

 

 

 

1,297

 

 

 

6,631

 

 

 

1,297

 

Fuel margin, cents per gallon1 – proprietary cardlock locations

 

39.4

 

 

 

41.8

 

 

 

42.5

 

 

 

41.8

 

Fuel margin, cents per gallon1 – third-party cardlock locations

 

26.6

 

 

 

4.8

 

 

 

14.6

 

 

 

4.8

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Calculated as fuel revenue less fuel costs divided by fuel gallons sold; excludes the estimated fixed fee charged by GPMP to sites in the fleet fueling segment.

 

 

The table below shows financial information and certain key metrics of recent acquisitions in the Fleet Fueling Segment that do not have (or have only partial) comparable information for the prior periods.

 

 

For the Three Months Ended September 30, 2023

 

 

For the Nine Months Ended September 30, 2023

 

 

Quarles 1

 

 

WTG 2

 

 

Total

 

 

Quarles 1

 

 

WTG 2

 

 

Total

 

 

(in thousands)

 

 

 

 

Date of Acquisition:

Jul 22, 2022

 

 

Jun 6, 2023

 

 

 

 

 

Jul 22, 2022

 

 

Jun 6, 2023

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

$

127,305

 

 

$

18,191

 

 

$

145,496

 

 

$

370,785

 

 

$

23,351

 

 

$

394,136

 

Other revenues, net

 

1,309

 

 

 

1,266

 

 

 

2,575

 

 

 

3,900

 

 

 

1,302

 

 

 

5,202

 

Total revenues

 

128,614

 

 

 

19,457

 

 

 

148,071

 

 

 

374,685

 

 

 

24,653

 

 

 

399,338

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

117,228

 

 

 

15,809

 

 

 

133,037

 

 

 

336,522

 

 

 

20,181

 

 

 

356,703

 

Store operating expenses

 

5,255

 

 

 

951

 

 

 

6,206

 

 

 

14,960

 

 

 

1,079

 

 

 

16,039

 

Total operating expenses

 

122,483

 

 

 

16,760

 

 

 

139,243

 

 

 

351,482

 

 

 

21,260

 

 

 

372,742

 

Operating income

$

6,131

 

 

$

2,697

 

 

$

8,828

 

 

$

23,203

 

 

$

3,393

 

 

$

26,596

 

Fuel gallons sold

 

32,522

 

 

 

4,740

 

 

 

37,262

 

 

 

98,136

 

 

 

6,205

 

 

 

104,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Includes only the fleet fueling business acquired in the Quarles acquisition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Includes only the fleet fueling business acquired in the WTG acquisition.

 

 

The Company recognized strong cash flow from the fleet fueling segment during the third quarter of 2023. Fuel profitability (excluding intercompany charges by GPMP) increased by $3.3 million compared to the prior year quarter, and was approximately $14.3 million for the quarter.

 

 

 

 

Store Operating Expenses

For the third quarter of 2023, convenience store operating expenses increased $30.2 million, or 17.2% as compared to the prior year period, primarily due to $34.4 million of expenses related to recent acquisitions, partially offset by a decrease of $1.7 million in expenses at same stores, mainly driven by lower credit card fees. Same store personnel expenses were similar to the prior year period, increasing by only $0.1 million, or 0.1%, as the Company has continued to appropriately balance labor expenses and providing superior customer service. The total increase in store operating expenses was partially offset by underperforming retail stores that the Company closed or converted to dealer locations.

Long-Term Growth Strategy Updates

Food and Beverage

On October 3, 2023, the Company announced that GPM expanded its leadership team and named Richard Guidry in the newly created role of Senior Vice President of Food Service. This expansion tracks the Company’s commitment to growing its food service offering.

Acquisitions and M&A

The Company is currently well-positioned to continue executing its long-term growth strategy with a deep pipeline of potential acquisition opportunities and the liquidity to pursue deals. ARKO believes its successful track record of making disciplined and accretive acquisitions will continue to enhance value for stockholders. On May 2, 2023, the Company amended its program agreement (the “Program Agreement”) with affiliates of Oak Street, a division of Blue Owl Capital (“Oak Street”). This amendment extended the term of the Program Agreement and provides for an aggregate up to $1.5 billion of capacity, almost all of which is currently available to the Company through September 30, 2024.

Liquidity

As of September 30, 2023, the Company’s total liquidity was approximately $827 million, consisting of cash and cash equivalents of approximately $204 million and approximately $623 million of availability under lines of credit. Outstanding debt was $828 million, resulting in net debt, excluding financing leases, of approximately $624 million. Capital expenditures were approximately $25.6 million for the quarter.

Sustainability Report

On September 5, 2023, ARKO published its 2022 Sustainability Report, highlighting information about its Environmental, Social and Governance priorities. This report shows the progress the Company has made since publishing its first report, covering the year ended December 31, 2021, in 2022. To read the 2022 Sustainability Report, visit this link: https://www.arkocorp.com/company-information/responsibility.

Quarterly Dividend and Share Repurchase Program

The Company’s ability to return cash to its stockholders through its cash dividend program and share repurchase program is consistent with its capital allocation framework and reflects the Company’s confidence in the strength of its cash generation ability and financial position.

 

 

The Company’s Board of Directors declared a quarterly dividend of $0.03 per share of common stock, to be paid on December 1, 2023, to stockholders of record as of November 17, 2023.

During the quarter, the Company repurchased approximately 1.5 million shares of common stock under the repurchase program for approximately $11.6 million, or an average share price of $7.53. There was approximately $37 million remaining under the expanded share repurchase program as of September 30, 2023.

Company-Operated Retail Store Count and Segment Update

The following tables present certain information regarding changes in the retail, wholesale and fleet fueling segments for the periods presented:

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

Retail Segment

2023

 

 

2022

 

 

2023

 

 

2022

 

Number of sites at beginning of period

 

1,547

 

 

 

1,388

 

 

 

1,404

 

 

 

1,406

 

Acquired sites

 

7

 

 

 

—

 

 

 

166

 

 

 

—

 

Newly opened or reopened sites

 

1

 

 

 

—

 

 

 

4

 

 

 

—

 

Company-controlled sites converted to

 

 

 

 

 

 

 

 

 

 

 

 consignment or fuel supply locations, net

 

(2

)

 

 

(2

)

 

 

(13

)

 

 

(9

)

Closed, relocated or divested sites

 

(1

)

 

 

(3

)

 

 

(9

)

 

 

(14

)

Number of sites at end of period

 

1,552

 

 

 

1,383

 

 

 

1,552

 

 

 

1,383

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

Wholesale Segment 1

2023

 

 

2022

 

 

2023

 

 

2022

 

Number of sites at beginning of period

 

1,824

 

 

 

1,620

 

 

 

1,674

 

 

 

1,628

 

Acquired sites

 

—

 

 

 

46

 

 

 

190

 

 

 

46

 

Newly opened or reopened sites 2

 

34

 

 

 

20

 

 

 

58

 

 

 

60

 

Consignment or fuel supply locations

 

 

 

 

 

 

 

 

 

 

 

converted from Company-controlled sites, net

 

2

 

 

 

2

 

 

 

13

 

 

 

9

 

Closed, relocated or divested sites

 

(35

)

 

 

(18

)

 

 

(110

)

 

 

(73

)

Number of sites at end of period

 

1,825

 

 

 

1,670

 

 

 

1,825

 

 

 

1,670

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Excludes bulk and spot purchasers.

 

2 Includes all signed fuel supply agreements irrespective of fuel distribution commencement date.

 

 

 

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

Fleet Fueling Segment

2023

 

 

2022

 

 

2023

 

 

2022

 

Number of sites at beginning of period

 

293

 

 

 

—

 

 

 

183

 

 

 

—

 

Acquired sites

 

—

 

 

 

184

 

 

 

111

 

 

 

184

 

Newly opened or reopened sites

 

4

 

 

 

—

 

 

 

4

 

 

 

—

 

Closed, relocated or divested sites

 

(2

)

 

 

(1

)

 

 

(3

)

 

 

(1

)

Number of sites at end of period

 

295

 

 

 

183

 

 

 

295

 

 

 

183

 

 

Conference Call and Webcast Details

The Company will host a conference call to discuss these results at 10:00 a.m. Eastern Time on November 7, 2023. Investors and analysts interested in participating in the live call can dial 877-605-1792 or 201-689-8728.

A simultaneous, live webcast will also be available on the Investor Relations section of the Company’s website at https://www.arkocorp.com/news-events/ir-calendar. The webcast will be archived for 30 days.

About ARKO Corp.

ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, we operate A Family of Community Brands that offer delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. Our high value fas REWARDS® loyalty program offers exclusive savings on merchandise and gas. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites; and fleet fueling, which includes the operation of proprietary and third-party cardlock locations, and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.

Forward-Looking Statements

This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by use of words such as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things, changes in economic, business and market conditions; the Company’s ability to maintain the listing of its common stock and warrants on the Nasdaq Stock Market; changes in its strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; expansion plans and opportunities; changes

 

 

in the markets in which it competes; changes in applicable laws or regulations, including those relating to environmental matters; market conditions and global and economic factors beyond its control; and the outcome of any known or unknown litigation and regulatory proceedings. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.

Use of Non-GAAP Measures

The Company discloses certain measures on a “same store basis,” which is a non-GAAP measure. Information disclosed on a “same store basis” excludes the results of any store that is not a “same store” for the applicable period. A store is considered a same store beginning in the first quarter in which the store had a full quarter of activity in the prior year. The Company believes that this information provides greater comparability regarding its ongoing operating performance. Neither this measure nor those described below should be considered an alternative to measurements presented in accordance with generally accepted accounting principles in the United States (“GAAP”).

The Company defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets, impairment charges, acquisition costs, other non-cash items, and other unusual or non-recurring charges. Each of EBITDA and Adjusted EBITDA is a non-GAAP financial measure.

The Company uses EBITDA and Adjusted EBITDA for operational and financial decision-making and believe these measures are useful in evaluating its performance because they eliminate certain items that it does not consider indicators of its operating performance. EBITDA and Adjusted EBITDA are also used by many of its investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. The Company believes that the presentation of EBITDA and Adjusted EBITDA provides useful information to investors by allowing an understanding of key measures that it uses internally for operational decision-making, budgeting, evaluating acquisition targets, and assessing its operating performance.

EBITDA and Adjusted EBITDA are not recognized terms under GAAP and should not be considered as a substitute for net income or any other financial measure presented in accordance with GAAP. These measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of its results as reported under GAAP. The Company strongly encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

Because non-GAAP financial measures are not standardized, same store measures, EBITDA and Adjusted EBITDA, as defined by the Company, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare the Company’s use of these non-GAAP financial measures with those used by other companies.

 

Investor and Media Contact

Ross Parman

 

 

ARKO Corp.

investors@gpminvestments.com

 

 

 

 

 

Condensed consolidated statements of operations

 

 

 

 

 

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

(in thousands)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

$

2,086,392

 

 

$

1,979,574

 

 

$

5,705,156

 

 

$

5,648,954

 

Merchandise revenue

 

506,425

 

 

 

445,822

 

 

 

1,391,274

 

 

 

1,244,558

 

Other revenues, net

 

29,237

 

 

 

24,251

 

 

 

83,141

 

 

 

69,209

 

Total revenues

 

2,622,054

 

 

 

2,449,647

 

 

 

7,179,571

 

 

 

6,962,721

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

1,923,869

 

 

 

1,824,437

 

 

 

5,262,854

 

 

 

5,250,105

 

Merchandise costs

 

345,699

 

 

 

306,930

 

 

 

952,925

 

 

 

866,110

 

Store operating expenses

 

226,698

 

 

 

189,582

 

 

 

637,383

 

 

 

534,197

 

General and administrative expenses

 

44,116

 

 

 

35,954

 

 

 

127,192

 

 

 

100,695

 

Depreciation and amortization

 

33,713

 

 

 

26,061

 

 

 

94,949

 

 

 

75,050

 

Total operating expenses

 

2,574,095

 

 

 

2,382,964

 

 

 

7,075,303

 

 

 

6,826,157

 

Other expenses, net

 

3,885

 

 

 

951

 

 

 

11,561

 

 

 

3,269

 

Operating income

 

44,074

 

 

 

65,732

 

 

 

92,707

 

 

 

133,295

 

Interest and other financial income

 

9,371

 

 

 

2,676

 

 

 

18,897

 

 

 

2,509

 

Interest and other financial expenses

 

(23,950

)

 

 

(22,472

)

 

 

(67,238

)

 

 

(45,619

)

Income before income taxes

 

29,495

 

 

 

45,936

 

 

 

44,366

 

 

 

90,185

 

Income tax expense

 

(7,993

)

 

 

(20,898

)

 

 

(10,849

)

 

 

(31,060

)

Loss from equity investment

 

(14

)

 

 

(44

)

 

 

(77

)

 

 

(7

)

Net income

$

21,488

 

 

$

24,994

 

 

$

33,440

 

 

$

59,118

 

Less: Net income attributable to non-controlling
  interests

 

48

 

 

 

51

 

 

 

149

 

 

 

182

 

Net income attributable to ARKO Corp.

$

21,440

 

 

$

24,943

 

 

$

33,291

 

 

$

58,936

 

Series A redeemable preferred stock dividends

 

(1,449

)

 

 

(1,449

)

 

 

(4,301

)

 

 

(4,301

)

Net income attributable to common shareholders

$

19,991

 

 

$

23,494

 

 

$

28,990

 

 

$

54,635

 

Net income per share attributable to common
  shareholders - basic

$

0.17

 

 

$

0.20

 

 

$

0.24

 

 

$

0.45

 

Net income per share attributable to common
  shareholders - diluted

$

0.17

 

 

$

0.17

 

 

$

0.24

 

 

$

0.43

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

118,389

 

 

 

120,074

 

 

 

119,505

 

 

 

121,950

 

Diluted

 

120,292

 

 

 

130,388

 

 

 

120,602

 

 

 

123,527

 

 

 

 

 

 

Condensed consolidated balance sheets

 

 

 

 

 

 

 

 

September 30, 2023

 

 

December 31, 2022

 

 

(in thousands)

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

204,237

 

 

$

298,529

 

Restricted cash

 

16,203

 

 

 

18,240

 

Short-term investments

 

3,375

 

 

 

2,400

 

Trade receivables, net

 

179,529

 

 

 

118,140

 

Inventory

 

266,061

 

 

 

221,951

 

Other current assets

 

116,835

 

 

 

87,873

 

Total current assets

 

786,240

 

 

 

747,133

 

Non-current assets:

 

 

 

 

 

Property and equipment, net

 

760,391

 

 

 

645,809

 

Right-of-use assets under operating leases

 

1,408,208

 

 

 

1,203,188

 

Right-of-use assets under financing leases, net

 

179,490

 

 

 

182,113

 

Goodwill

 

278,261

 

 

 

217,297

 

Intangible assets, net

 

212,807

 

 

 

197,123

 

Equity investment

 

2,847

 

 

 

2,924

 

Deferred tax asset

 

47,107

 

 

 

22,728

 

Other non-current assets

 

44,433

 

 

 

36,855

 

Total assets

$

3,719,784

 

 

$

3,255,170

 

Liabilities

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Long-term debt, current portion

$

15,947

 

 

$

11,944

 

Accounts payable

 

249,406

 

 

 

217,370

 

Other current liabilities

 

187,943

 

 

 

154,097

 

Operating leases, current portion

 

65,433

 

 

 

57,563

 

Financing leases, current portion

 

9,213

 

 

 

5,457

 

Total current liabilities

 

527,942

 

 

 

446,431

 

Non-current liabilities:

 

 

 

 

 

Long-term debt, net

 

812,166

 

 

 

740,043

 

Asset retirement obligation

 

80,442

 

 

 

64,909

 

Operating leases

 

1,414,609

 

 

 

1,218,045

 

Financing leases

 

228,424

 

 

 

225,907

 

Other non-current liabilities

 

269,401

 

 

 

178,945

 

Total liabilities

 

3,332,984

 

 

 

2,874,280

 

 

 

 

 

 

 

Series A redeemable preferred stock

 

100,000

 

 

 

100,000

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

Common stock

 

12

 

 

 

12

 

Treasury stock

 

(65,554

)

 

 

(40,042

)

Additional paid-in capital

 

243,271

 

 

 

229,995

 

Accumulated other comprehensive income

 

9,119

 

 

 

9,119

 

Retained earnings

 

99,965

 

 

 

81,750

 

Total shareholders' equity

 

286,813

 

 

 

280,834

 

Non-controlling interest

 

(13

)

 

 

56

 

Total equity

 

286,800

 

 

 

280,890

 

Total liabilities, redeemable preferred stock and equity

$

3,719,784

 

 

$

3,255,170

 

 

 

 

 

 

Condensed consolidated statements of cash flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

(in thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

Net income

$

21,488

 

 

$

24,994

 

 

$

33,440

 

 

$

59,118

 

Adjustments to reconcile net income to net
 cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

33,713

 

 

 

26,061

 

 

 

94,949

 

 

 

75,050

 

Deferred income taxes

 

10,087

 

 

 

18,057

 

 

 

(4,028

)

 

 

20,728

 

Loss on disposal of assets and impairment charges

 

2,265

 

 

 

1,418

 

 

 

5,543

 

 

 

3,389

 

Foreign currency loss

 

72

 

 

 

13

 

 

 

130

 

 

 

241

 

Amortization of deferred financing costs and debt discount

 

644

 

 

 

632

 

 

 

1,857

 

 

 

1,894

 

Amortization of deferred income

 

(2,373

)

 

 

(1,977

)

 

 

(6,302

)

 

 

(7,269

)

Accretion of asset retirement obligation

 

572

 

 

 

430

 

 

 

1,690

 

 

 

1,259

 

Non-cash rent

 

3,860

 

 

 

1,977

 

 

 

10,418

 

 

 

5,714

 

Charges to allowance for credit losses

 

448

 

 

 

122

 

 

 

1,021

 

 

 

473

 

Loss from equity investment

 

14

 

 

 

44

 

 

 

77

 

 

 

7

 

Share-based compensation

 

4,614

 

 

 

3,145

 

 

 

13,238

 

 

 

9,027

 

Fair value adjustment of financial assets and liabilities

 

(6,379

)

 

 

2,742

 

 

 

(11,627

)

 

 

(3,848

)

Other operating activities, net

 

1,303

 

 

 

148

 

 

 

2,279

 

 

 

855

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Increase in trade receivables

 

(44,314

)

 

 

(28,376

)

 

 

(62,487

)

 

 

(59,867

)

(Increase) decrease in inventory

 

(9,178

)

 

 

21,377

 

 

 

(17,386

)

 

 

(14,570

)

Increase in other assets

 

(17,464

)

 

 

(14,974

)

 

 

(28,429

)

 

 

(7,367

)

Increase (decrease) in accounts payable

 

15,087

 

 

 

(8,914

)

 

 

29,667

 

 

 

37,493

 

Increase in other current liabilities

 

16,643

 

 

 

18,955

 

 

 

8,992

 

 

 

7,631

 

(Decrease) increase in asset retirement obligation

 

—

 

 

 

(60

)

 

 

46

 

 

 

(94

)

Increase in non-current liabilities

 

1,719

 

 

 

1,787

 

 

 

5,719

 

 

 

9,899

 

Net cash provided by operating activities

 

32,821

 

 

 

67,601

 

 

 

78,807

 

 

 

139,763

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

(25,565

)

 

 

(27,734

)

 

 

(75,603

)

 

 

(72,902

)

Purchase of intangible assets

 

(10

)

 

 

(51

)

 

 

(45

)

 

 

(176

)

Proceeds from sale of property and equipment

 

10,621

 

 

 

133,119

 

 

 

307,106

 

 

 

140,380

 

Business acquisitions, net of cash

 

(13,268

)

 

 

(179,350

)

 

 

(494,904

)

 

 

(191,203

)

Decrease in investments, net

 

—

 

 

 

31,825

 

 

 

—

 

 

 

58,934

 

Repayment of loans to equity investment

 

—

 

 

 

—

 

 

 

—

 

 

 

174

 

Net cash used in investing activities

 

(28,222

)

 

 

(42,191

)

 

 

(263,446

)

 

 

(64,793

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Receipt of long-term debt, net

 

4,600

 

 

 

51,450

 

 

 

78,833

 

 

 

51,450

 

Repayment of debt

 

(6,006

)

 

 

(36,279

)

 

 

(16,517

)

 

 

(42,372

)

Principal payments on financing leases

 

(1,325

)

 

 

(1,710

)

 

 

(4,237

)

 

 

(5,014

)

Proceeds from sale-leaseback

 

—

 

 

 

—

 

 

 

80,397

 

 

 

—

 

Payment of Additional Consideration

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,085

)

Payment of Ares Put Option

 

—

 

 

 

—

 

 

 

(9,808

)

 

 

—

 

 

 

Common stock repurchased

 

(11,636

)

 

 

(4

)

 

 

(25,199

)

 

 

(40,042

)

Dividends paid on common stock

 

(3,559

)

 

 

(2,402

)

 

 

(10,775

)

 

 

(7,291

)

Dividends paid on redeemable preferred stock

 

(1,449

)

 

 

(1,449

)

 

 

(4,301

)

 

 

(4,301

)

Distributions to non-controlling interests

 

—

 

 

 

(60

)

 

 

—

 

 

 

(180

)

Net cash (used in) provided by financing activities

 

(19,375

)

 

 

9,546

 

 

 

88,393

 

 

 

(49,835

)

Net (decrease) increase in cash and cash equivalents and restricted cash

 

(14,776

)

 

 

34,956

 

 

 

(96,246

)

 

 

25,135

 

Effect of exchange rate on cash and cash equivalents and restricted cash

 

(62

)

 

 

12

 

 

 

(83

)

 

 

(109

)

Cash and cash equivalents and restricted cash, beginning of period

 

235,278

 

 

 

262,601

 

 

 

316,769

 

 

 

272,543

 

Cash and cash equivalents and restricted cash, end of period

$

220,440

 

 

$

297,569

 

 

$

220,440

 

 

$

297,569

 

 

 

 

Reconciliation of EBITDA and Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

(in thousands)

 

Net income

$

21,488

 

 

$

24,994

 

 

$

33,440

 

 

$

59,118

 

Interest and other financing expenses, net

 

14,579

 

 

 

19,796

 

 

 

48,341

 

 

 

43,110

 

Income tax expense

 

7,993

 

 

 

20,898

 

 

 

10,849

 

 

 

31,060

 

Depreciation and amortization

 

33,713

 

 

 

26,061

 

 

 

94,949

 

 

 

75,050

 

EBITDA

 

77,773

 

 

 

91,749

 

 

 

187,579

 

 

 

208,338

 

Non-cash rent expense (a)

 

3,860

 

 

 

1,977

 

 

 

10,418

 

 

 

5,714

 

Acquisition costs (b)

 

1,127

 

 

 

1,673

 

 

 

7,980

 

 

 

3,177

 

Loss on disposal of assets and impairment charges (c)

 

2,265

 

 

 

1,418

 

 

 

5,543

 

 

 

3,389

 

Share-based compensation expense (d)

 

4,614

 

 

 

3,145

 

 

 

13,238

 

 

 

9,027

 

Loss from equity investment (e)

 

14

 

 

 

44

 

 

 

77

 

 

 

7

 

Adjustment to contingent consideration (f)

 

952

 

 

 

(1,550

)

 

 

(672

)

 

 

(2,076

)

Internal entity realignment and streamlining (g)

 

—

 

 

 

408

 

 

 

—

 

 

 

408

 

Other (h)

 

558

 

 

 

604

 

 

 

726

 

 

 

637

 

Adjusted EBITDA

$

91,163

 

 

$

99,468

 

 

$

224,889

 

 

$

228,621

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Eliminates the non-cash portion of rent, which reflects the extent to which our GAAP rent expense recognized exceeds (or is less than) our cash rent payments. The GAAP rent expense adjustment can vary depending on the terms of our lease portfolio, which has been impacted by our recent acquisitions. For newer leases, our rent expense recognized typically exceeds our cash rent payments, while for more mature leases, rent expense recognized is typically less than our cash rent payments.

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminates costs incurred that are directly attributable to business acquisitions and salaries of employees whose primary job function is to execute our acquisition strategy and facilitate integration of acquired operations.

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminates the non-cash loss (gain) from the sale of property and equipment, the loss (gain) recognized upon the sale of related leased assets, and impairment charges on property and equipment and right-of-use assets related to closed and non-performing sites.

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminates non-cash share-based compensation expense related to the equity incentive program in place to incentivize, retain, and motivate our employees, certain non-employees and members of the Board.

 

 

 

 

 

 

 

 

 

 

 

 

 

(e) Eliminates our share of loss attributable to our unconsolidated equity investment.

 

 

 

 

 

 

 

 

 

 

 

 

 

(f) Eliminates fair value adjustments to the contingent consideration owed to the seller for the 2020 acquisition of Empire.

 

 

 

 

 

 

 

 

 

 

 

 

 

(g) Eliminates non-recurring charges related to our internal entity realignment and streamlining.

 

 

 

 

 

 

 

 

 

 

 

 

 

(h) Eliminates other unusual or non-recurring items that we do not consider to be meaningful in assessing operating performance.

 

 

 

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Document And Entity Information
Nov. 06, 2023
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 06, 2023
Entity Registrant Name ARKO Corp.
Entity Central Index Key 0001823794
Entity Emerging Growth Company false
Securities Act File Number 001-39828
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 85-2784337
Entity Address, Address Line One 8565 Magellan Parkway
Entity Address, Address Line Two Suite 400
Entity Address, City or Town Richmond
Entity Address, State or Province VA
Entity Address, Postal Zip Code 23227-1150
City Area Code (804)
Local Phone Number 730-1568
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol ARKO
Security Exchange Name NASDAQ
Warrants Each Warrant Exercisable For One Share Of Common Stock At An Exercise Price Of 11.50 [Member]  
Document Information [Line Items]  
Title of 12(b) Security Warrants, each warrant exercisable for one share of Common Stock at an exercise price of $11.50
Trading Symbol ARKOW
Security Exchange Name NASDAQ
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