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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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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
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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
ARKO Corp.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
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85-2784337 |
(State or Other Jurisdiction of Incorporation or Organization) |
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(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:
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Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange on Which Registered |
Common Stock, $0.0001 par value per share |
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ARKO |
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Nasdaq Capital Market |
Warrants to purchase common stock |
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ARKOW |
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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.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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
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;
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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;
•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.
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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)
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September 30, 2023 |
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December 31, 2022 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
204,237 |
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$ |
298,529 |
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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 |
|
|
|