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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023.

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to .

Commission File Number 001-39828

 

img26537245_0.jpg 

ARKO Corp.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

85-2784337

(State or Other Jurisdiction of
Incorporation or Organization)

 

(I.R.S. Employer
Identification No.)

 

8565 Magellan Parkway

Suite 400

Richmond, Virginia 23227-1150

(Address of Principal Executive Offices) (Zip Code)

(804) 730-1568

(Registrant’s Telephone Number, Including Area Code)

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

 

Nasdaq Capital Market

Warrants to purchase common stock

 

ARKOW

 

Nasdaq Capital Market

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ NO

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES ☒ NO

As of November 3, 2023, the registrant had 116,809,202 shares of its common stock, par value $0.0001 per share (“common stock”) outstanding.

 

 


Table of Contents

 

TABLE OF CONTENTS

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

 

5

 

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 (unaudited)

 

5

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (unaudited)

 

6

 

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)

 

7

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)

 

8

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

44

Item 4.

Controls and Procedures

 

45

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

46

Item 1A.

Risk Factors

 

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

46

Item 3.

Defaults Upon Senior Securities

 

46

Item 4.

Mine Safety Disclosures

 

46

Item 5.

Other Information

 

46

Item 6.

Exhibits

 

47

Signatures

 

48

 

 

 

2


Table of Contents

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements about our expectations, beliefs or intentions regarding our product development efforts, business, financial condition, results of operations, strategies or prospects. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described below and in “Item 1A-Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022 and this Quarterly Report on Form 10-Q, and described from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). We do not undertake any obligation to update forward-looking statements, except to the extent required by applicable law. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA. These forward-looking statements are only predictions and reflect our views as of the date they are made with respect to future events and financial performance.

Risks and uncertainties, the occurrence of which could adversely affect our business, include the following:

changes in economic conditions and consumer confidence in the United States;
our ability to make acquisitions on economically acceptable terms;
our ability to successfully integrate acquired operations or otherwise realize the expected benefits from our acquisitions;
our ability to successfully implement our growth strategies;
labor, raw materials and building supply shortages and price fluctuations in the construction industry could delay or increase the costs of our store upgrade and remodel programs and our maintenance capital expenditures;
changes in the wholesale prices of motor fuel;
significant changes in the current consumption of, and related regulations and litigation related to, cigarettes and other tobacco products;
significant changes in demand for fuel-based modes of transportation;
the highly competitive industry characterized by low entry barriers in which we operate;
negative events or developments associated with branded motor fuel suppliers;
we depend on several principal suppliers for our fuel purchases and two principal suppliers for merchandise;
a portion of our revenue is generated under fuel supply agreements with dealers that must be renegotiated or replaced periodically;
the retail sale, distribution, transportation and storage of motor fuels is subject to environmental protection and operational safety laws and regulations that may expose us or our customers to significant costs and liabilities;
business disruption and related risks resulting from global pandemics;
failure to comply with applicable laws and regulations;
the loss of key senior management personnel or the failure to recruit or retain qualified personnel;
unfavorable weather conditions;
we may be held liable for fraudulent credit card transactions;
payment-related risks that may result in higher operating costs or the inability to process payments;
significant disruptions of information technology systems, breaches of data security or compromised data;
evolving laws, regulations, standards, and contractual obligations related to data privacy and security regulations, and our actual or perceived failure to comply with such obligations;
our failure to adequately secure, maintain, and enforce our intellectual property rights;

 

3


Table of Contents

 

third-party claims of infringement upon their intellectual property rights;
our dependence on third-party transportation providers for the transportation of most of our motor fuel;
our operations present risks which may not be fully covered by insurance;
our variable rate debt;
the agreements governing our indebtedness contain various restrictions and financial covenants;
our principal stockholders and management control us, and their interests may conflict with yours;
our corporate structure includes Israeli subsidiaries that may have adverse tax consequences and expose us to additional tax liabilities;
we may not be able to maintain an effective system of internal control over financial reporting and we may not be able to accurately report our financial results or prevent fraud;
the market price and trading volume of our common stock may be volatile and could decline significantly;
if securities or industry analysts do not publish research, publish inaccurate or unfavorable research, or cease publishing research about us or the convenience store industry; and
sales of a substantial number of shares of our common stock in the public market could cause the prices of our common stock to decline.

 

4


Table of Contents

 

PART I. FINANCIAL INFORMATION

Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to the “Company,” “ARKO,” “we,” “our,” “ours,” and “us” refer to ARKO Corp., a Delaware corporation, including our consolidated subsidiaries.

Item 1. Financial Statements

ARKO Corp.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except share data)

 

 

 

September 30, 2023

 

 

December 31, 2022

 

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

 

Commitments and contingencies - see Note 12

 

 

 

 

 

 

Series A redeemable preferred stock (no par value) - authorized: 1,000,000 shares; issued and
   outstanding:
1,000,000 and 1,000,000 shares, respectively; redemption value: $100,000 and $100,000,
   in the aggregate respectively

 

 

100,000

 

 

 

100,000

 

Shareholders' equity:

 

 

 

 

 

 

Common stock (par value $0.0001) - authorized: 400,000,000 shares; issued: 125,268,525 and 124,727,496 shares, respectively; outstanding: 117,301,820 and 120,074,542 shares, respectively

 

 

12

 

 

 

12

 

Treasury stock, at cost - 7,966,705 and 4,652,954 shares, respectively

 

 

(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

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5


Table of Contents

 

ARKO Corp.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

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

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6


Table of Contents

 

ARKO Corp.

Condensed Consolidated Statements of Changes in Equity

(Unaudited, in thousands, except share data)

 

 

Common Stock

 

 

Treasury

 

 

Additional

 

 

Accumulated
Other

 

 

Retained

 

 

Total

 

 

Non-

 

 

 

 

 

 

Shares

 

 

Par Value

 

 

Stock, at Cost

 

 

Paid-in Capital

 

 

Comprehensive Income

 

 

Earnings

 

 

Shareholders' Equity

 

 

Controlling Interests

 

 

Total Equity

 

Balance at July 1, 2022

 

 

120,074,961

 

 

$

12

 

 

$

(40,038

)

 

$

223,557

 

 

$

9,119

 

 

$

52,898

 

 

$

245,548

 

 

$

235

 

 

$

245,783

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

3,145

 

 

 

 

 

 

 

 

 

3,145

 

 

 

 

 

 

3,145

 

Transactions with non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

106

 

 

 

 

 

 

 

 

 

106

 

 

 

(106

)

 

 

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(60

)

 

 

(60

)

Dividends on redeemable preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,449

)

 

 

(1,449

)

 

 

 

 

 

(1,449

)

Dividends declared (2 cents per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,402

)

 

 

(2,402

)

 

 

 

 

 

(2,402

)

Common stock repurchased

 

 

(419

)

 

 

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

(4

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,943

 

 

 

24,943

 

 

 

51

 

 

 

24,994

 

Balance at September 30, 2022

 

 

120,074,542

 

 

$

12

 

 

$

(40,042

)

 

$

226,808

 

 

$

9,119

 

 

$

73,990

 

 

$

269,887

 

 

$

120

 

 

$

270,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 1, 2023

 

 

118,842,462

 

 

$

12

 

 

$

(53,804

)

 

$

238,617

 

 

$

9,119

 

 

$

83,533

 

 

$

277,477

 

 

$

39

 

 

$

277,516

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

4,614

 

 

 

 

 

 

 

 

 

4,614

 

 

 

 

 

 

4,614

 

Transactions with non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

40

 

 

 

 

 

 

 

 

 

40

 

 

 

(40

)

 

 

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(60

)

 

 

(60

)

Dividends on redeemable preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,449

)

 

 

(1,449

)

 

 

 

 

 

(1,449

)

Dividends declared (3 cents per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,559

)

 

 

(3,559

)

 

 

 

 

 

(3,559

)

Common stock repurchased

 

 

(1,540,642

)

 

 

 

 

 

(11,750

)

 

 

 

 

 

 

 

 

 

 

 

(11,750

)

 

 

 

 

 

(11,750

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,440

 

 

 

21,440

 

 

 

48

 

 

 

21,488

 

Balance at September 30, 2023

 

 

117,301,820

 

 

$

12

 

 

$

(65,554

)

 

$

243,271

 

 

$

9,119

 

 

$

99,965

 

 

$

286,813

 

 

$

(13

)

 

$

286,800

 

 

 

 

Common Stock

 

 

Treasury

 

 

Additional

 

 

Accumulated
Other

 

 

Retained

 

 

Total

 

 

Non-

 

 

 

 

 

 

Shares

 

 

Par Value

 

 

Stock, at Cost

 

 

Paid-in Capital

 

 

Comprehensive Income

 

 

Earnings

 

 

Shareholders' Equity

 

 

Controlling Interests

 

 

Total Equity

 

Balance at January 1, 2022

 

 

124,427,805

 

 

$

12

 

 

$

 

 

$

217,675

 

 

$

9,119