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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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, 2021.
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 |
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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 |
Securities registered pursuant to Section 12(g) of the Act:
None
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 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, 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 |
☐ |
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 10, 2021, the registrant had 124,427,805 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 (the “Securities Act”), 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, including the potential impact of the COVID-19 pandemic on our businesses, operating results, cash flows and/or financial condition. 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, 2020 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 U.S. could materially adversely affect our business;
if we do not make acquisitions on economically acceptable terms, our future growth may be limited;
we may be unable to successfully integrate the acquired operations or otherwise realize the expected benefits from our acquisitions;
our future growth depends on our ability to successfully implement our organic growth strategy, a major part of which consists of remodeling our convenience stores;
significant changes in the current consumption of and regulations related to tobacco and nicotine products;
changes in the wholesale prices of motor fuel;
significant changes in demand for fuel-based modes of transportation;
we operate in a highly competitive industry characterized by low entry barriers;
negative events or developments associated with branded motor fuel suppliers;
we depend on five principal suppliers for the majority of our gross fuel purchases and two principal suppliers for merchandise;
a portion of our revenue is generated under fuel supply agreements with independent dealers that must be renegotiated or replaced periodically;
the retail sale, distribution 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 the outbreak of COVID-19 and variants of the virus;
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;
payment-related risks that may result in higher operating costs or the inability to process payments;
we may be held liable for fraudulent credit card transactions on our fuel dispensers;
significant disruptions of information technology systems or breaches of data security;
laws, regulations, standards, and contractual obligations related to data privacy and security regulations, and our actual or perceived failure to comply with such obligations;
if we fail to adequately secure, maintain, and enforce our intellectual property rights;
3
Table of Contents
if third parties claim that we infringe upon their intellectual property rights;
we depend on third-party transportation providers for the transportation of all of our motor fuel;
our operations present risks which may not be fully covered by insurance;
labor, raw materials and building supply shortages and price fluctuations in the construction industry could delay or increase the costs of our store remodel program and our maintenance capital expenditures;
our credit facilities have substantial restrictions and financial covenants;
the proposed phase out of the London Interbank Offered Rate (“LIBOR”);
we incur significant expenses and administrative burdens as a public company;
we may not be able to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act;
our corporate structure includes Israeli subsidiaries that may have adverse tax consequences and expose us to additional tax liabilities;
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.
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)
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September 30, 2021 |
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December 31, 2020 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
275,185 |
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$ |
293,666 |
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Restricted cash with respect to bonds |
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— |
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1,230 |
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Restricted cash |
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14,920 |
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16,529 |
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Trade receivables, net |
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66,182 |
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46,940 |
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Inventory |
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189,026 |
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163,686 |
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Other current assets |
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93,515 |
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87,355 |
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Total current assets |
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638,828 |
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609,406 |
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Non-current assets: |
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Property and equipment, net |
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531,864 |
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491,513 |
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Right-of-use assets under operating leases |
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959,675 |
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961,561 |
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Right-of-use assets under financing leases, net |
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197,377 |
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198,317 |
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Goodwill |
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188,636 |
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173,937 |
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Intangible assets, net |
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201,318 |
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218,132 |
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Restricted investments |
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31,825 |
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31,825 |
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Non-current restricted cash with respect to bonds |
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— |
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1,552 |
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Equity investment |
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2,809 |
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2,715 |
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Deferred tax asset |
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37,382 |
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40,655 |
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Other non-current assets |
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18,716 |
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10,196 |
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Total assets |
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$ |
2,808,430 |
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$ |
2,739,809 |
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Liabilities |
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Current liabilities: |
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Long-term debt, current portion |
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$ |
10,028 |
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$ |
40,988 |
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Accounts payable |
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180,677 |
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155,714 |
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Other current liabilities |
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|
122,700 |
|
|
|
133,637 |
|
Operating leases, current portion |
|
|
51,522 |
|
|
|
48,878 |
|
Financing leases, current portion |
|
|
6,957 |
|
|
|
7,834 |
|
Total current liabilities |
|
|
371,884 |
|
|
|
387,051 |
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term debt, net |
|
|
679,560 |
|
|
|
708,802 |
|
Asset retirement obligation |
|
|
56,450 |
|
|
|
52,964 |
|
Operating leases |
|
|
977,639 |
|
|
|
973,695 |
|
Financing leases |
|
|
230,677 |
|
|
|
226,440 |
|
Deferred tax liability |
|
|
356 |
|
|
|
2,816 |
|
Other non-current liabilities |
|
|
151,286 |
|
|
|
96,621 |
|
Total liabilities |
|
|
2,467,852 |
|
|
|
2,448,389 |
|
Commitments and contingencies - see Note 11 |
|
|
|
|
|
|
Series A redeemable preferred stock (no par value) - authorized: 1,000 shares; issued and outstanding: 1,000 and 1,000 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 shares; issued and outstanding: 124,428 and 124,132 shares, respectively |
|
|
12 |
|
|
|
12 |
|
Additional paid-in capital |
|
|
214,895 |
|
|
|
212,103 |
|
Accumulated other comprehensive income |
|
|
9,119 |
|
|
|
9,119 |
|
Retained earnings (deficit) |
|
|
16,664 |
|
|
|
(29,653 |
) |
Total shareholders' equity |
|
|
240,690 |
|
|
|
191,581 |
|
Non-controlling interest |
|
|
(112 |
) |
|
|
(161 |
) |
Total equity |
|
|
240,578 |
|
|
|
191,420 |
|
Total liabilities, redeemable preferred stock and equity |
|
$ |
2,808,430 |
|
|
$ |
2,739,809 |
|
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, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenue |
|
$ |
1,580,359 |
|
|
$ |
539,938 |
|
|
$ |
4,144,069 |
|
|
$ |
1,510,491 |
|
Merchandise revenue |
|
|
434,652 |
|
|
|
403,665 |
|
|
|
1,220,298 |
|
|
|
1,119,041 |
|
Other revenues, net |
|
|
20,012 |
|
|
|
16,475 |
|
|
|
64,826 |
|
|
|
44,701 |
|
Total revenues |
|
|
2,035,023 |
|
|
|
960,078 |
|
|
|
5,429,193 |
|
|
|
2,674,233 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel costs |
|
|
1,459,664 |
|
|
|
462,373 |
|
|
|
3,819,571 |
|
|
|
1,279,067 |
|
Merchandise costs |
|
|
301,533 |
|
|
|
290,856 |
|
|
|
866,239 |
|
|
|
814,524 |
|
Store operating expenses |
|
|
164,432 |
|
|
|
131,780 |
|
|
|
464,038 |
|
|
|
386,633 |
|
General and administrative expenses |
|
|
32,696 |
|
|
|
25,403 |
|
|
|
91,270 |
|
|
|
64,823 |
|
Depreciation and amortization |
|
|
22,031 |
|
|
|
16,171 |
|
|
|
71,546 |
|
|
|
50,056 |
|
Total operating expenses |
|
|
1,980,356 |
|
|
|
926,583 |
|
|
|
5,312,664 |
|
|
|
2,595,103 |
|
Other (income) expenses, net |
|
|
(56 |
) |
|
|
1,381 |
|
|
|
2,811 |
|
|
|
7,290 |
|
Operating income |
|
|
54,723 |
|
|
|
32,114 |
|
|
|
113,718 |
|
|
|
71,840 |
|
Interest and other financial income |
|
|
2,937 |
|
|
|
239 |
|
|
|
4,613 |
|
|
|
980 |
|
Interest and other financial expenses |
|
|
(17,365 |
) |
|
|
(10,500 |
) |
|
|
(59,655 |
) |
|
|
(30,405 |
) |
Income before income taxes |
|
|
40,295 |
|
|
|
21,853 |
|
|
|
58,676 |
|
|
|
42,415 |
|
Income tax expense |
|
|
(4,795 |
) |
|
|
(4,672 |
) |
|
|
(12,285 |
) |
|
|
(5,171 |
) |
Income (loss) from equity investment |
|
|
85 |
|
|
|
(24 |
) |
|
|
105 |
|
|
|
(435 |
) |
Net income |
|
$ |
35,585 |
|
|
$ |
17,157 |
|
|
$ |
46,496 |
|
|
$ |
36,809 |
|
Less: Net income attributable to non-controlling interests |
|
|
51 |
|
|
|
7,469 |
|
|
|
179 |
|
|
|
15,682 |
|
Net income attributable to ARKO Corp. |
|
$ |
35,534 |
|
|
$ |
9,688 |
|
|
$ |
46,317 |
|
|
$ |
21,127 |
|
Series A redeemable preferred stock dividends |
|
|
(1,449 |
) |
|
|
|
|
|
(4,285 |
) |
|
|
|
Net income attributable to common shareholders |
|
$ |
34,085 |
|
|
|
|
|
$ |
42,032 |
|
|
|
|
Net income per share attributable to common shareholders - basic |
|
$ |
0.27 |
|
|
$ |
0.14 |
|
|
$ |
0.34 |
|
|
$ |
0.31 |
|
Net income per share attributable to common shareholders - diluted |
|
$ |
0.25 |
|
|
$ |
0.14 |
|
|
$ |
0.31 |
|
|
$ |
0.31 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
124,428 |
|
|
|
71,390 |
|
|
|
124,406 |
|
|
|
69,221 |
|
Diluted |
|
|
133,925 |
|
|
|
71,390 |
|
|
|
125,354 |
|
|
|
69,221 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
Table of Contents
ARKO Corp.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net income |
|
$ |
35,585 |
|
|
$ |
17,157 |
|
|
$ |
46,496 |
|
|
$ |
36,809 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
— |
|
|
|
479 |
|
|
|
— |
|
|
|
474 |
|
Total other comprehensive income |
|
|
— |
|
|
|
479 |
|
|
|
— |
|
|
|
474 |
|
Comprehensive income |
|
$ |
35,585 |
|
|
$ |
17,636 |
|
|
$ |
46,496 |
|
|
$ |
37,283 |
|
Less: Comprehensive income attributable to non-controlling interests |
|
|
51 |
|
|
|
7,469 |
|
|
|
179 |
|
|
|
15,682 |
|
Comprehensive income attributable to ARKO Corp. |
|
$ |
35,534 |
|
|
$ |
10,167 |
|
|
$ |
46,317 |
|
|
$ |
21,601 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
7
Table of Contents
ARKO Corp.
Condensed Consolidated Statements of Changes in Equity
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional Paid-in |
|
|
Accumulated Other Comprehensive |
|
|
Retained Earnings |
|
|
Total Shareholders' |
|
|
Non- Controlling |
|
|
Total |
|
|
|
Shares |
|
|
Par Value |
|
|
Capital |
|
|
Income |
|
|
(Deficit) |
|
|
Equity |
|
|
Interests |
|
|
Equity |
|
Balance at July 1, 2020 |
|
|
71,384 |
|
|
$ |
7 |
|
|
$ |
115,514 |
|
|
$ |
4,439 |
|
|
$ |
(31,924 |
) |
|
$ |
88,036 |
|
|
$ |
152,790 |
|
|
$ |
240,826 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
132 |
|
|
|
— |
|
|
|
— |
|
|
|
132 |
|
|
|
— |
|
|
|
132 |
|
Conversion of convertible bonds |
|
|
23 |
|
|
|
— |
|
|
|
108 |
|
|
|
— |
|
|
|
— |
|
|
|
108 |
|
|
|
— |
|
|
|
108 |
|
Distributions to non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,359 |
) |
|
|
(2,359 |
) |
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
479 |
|
|
|
— |
|
|
|
479 |
|
|
|
— |
|
|
|
479 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,688 |
|
|
|
9,688 |
|
|
|
7,469 |
|
|
|
17,157 |
|
Balance at September 30, 2020 |
|
|
71,407 |
|
|
$ |
7 |
|
|
$ |
115,754 |
|
|
$ |
4,918 |
|
|
$ |
(22,236 |
) |
|
$ |
98,443 |
|
|
$ |
157,900 |
|
|
$ |
256,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at July 1, 2021 |
|
|
124,428 |
|
|
$ |
12 |
|
|
$ |
214,781 |
|
|
$ |
9,119 |
|
|
$ |
(18,870 |
) |
|
$ |
205,042 |
|
|
$ |
(153 |
) |
|
$ |
204,889 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
1,613 |
|
|
|
— |
|
|
|
— |
|
|
|
1,613 |
|
|
|
— |
|
|
|
1,613 |
|
Transactions with non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(50 |
) |
|
|
— |
|
|
|
— |
|
|
|
(50 |
) |
|
|
50 |
|
|
|
— |
|
Distributions to non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(60 |
) |
|
|
(60 |
) |
Dividends on redeemable preferred stock |
|
|
— |
|
|
|
— |
|
|
|
(1,449 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,449 |
) |
|
|
— |
|
|
|
(1,449 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,534 |
|
|
|
35,534 |
|
|
|
51 |
|
|
|
35,585 |
|
Balance at September 30, 2021 |
|
|
124,428 |
|
|
$ |
12 |
|
|
$ |
214,895 |
|
|
$ |
9,119 |
|
|
$ |
16,664 |
|
|
$ |
240,690 |
|
|
$ |
(112 |
) |
|
$ |
240,578 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
8
Table of Contents
ARKO Corp.
Condensed Consolidated Statements of Changes in Equity (cont'd)
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional Paid-in |
|
|
Accumulated Other Comprehensive |
|
|
Retained Earnings |
|
|
Total Shareholders' |
|
|
Non- Controlling |
|
|
Total |
|
|
|
Shares |
|
|
|