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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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, 2021.

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

 

img24690203_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

 

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

 

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:

 

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 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

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

 

5

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 (unaudited)

 

5

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)

 

6

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)

 

7

 

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2021 and 2020 (unaudited)

 

8

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)

 

10

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

13

Item 2.

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

 

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

44

Item 4.

Controls and Procedures

 

46

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

47

Item 1A.

Risk Factors

 

47

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

50

Item 3.

Defaults Upon Senior Securities

 

50

Item 4.

Mine Safety Disclosures

 

50

Item 5.

Other Information

 

50

Item 6.

Exhibits

 

51

Signatures

 

52

 

 

 

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 variable rate debt;
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)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

275,185

 

 

$

293,666

 

Restricted cash with respect to bonds

 

 

 

 

 

1,230

 

Restricted cash

 

 

14,920

 

 

 

16,529

 

Trade receivables, net

 

 

66,182

 

 

 

46,940

 

Inventory

 

 

189,026

 

 

 

163,686

 

Other current assets

 

 

93,515

 

 

 

87,355

 

Total current assets

 

 

638,828

 

 

 

609,406

 

Non-current assets:

 

 

 

 

 

 

Property and equipment, net

 

 

531,864

 

 

 

491,513

 

Right-of-use assets under operating leases

 

 

959,675

 

 

 

961,561

 

Right-of-use assets under financing leases, net

 

 

197,377

 

 

 

198,317

 

Goodwill

 

 

188,636

 

 

 

173,937

 

Intangible assets, net

 

 

201,318

 

 

 

218,132

 

Restricted investments

 

 

31,825

 

 

 

31,825

 

Non-current restricted cash with respect to bonds

 

 

 

 

 

1,552

 

Equity investment

 

 

2,809

 

 

 

2,715

 

Deferred tax asset

 

 

37,382

 

 

 

40,655

 

Other non-current assets

 

 

18,716

 

 

 

10,196

 

Total assets

 

$

2,808,430

 

 

$

2,739,809

 

Liabilities

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Long-term debt, current portion

 

$

10,028

 

 

$

40,988

 

Accounts payable

 

 

180,677

 

 

 

155,714

 

Other current liabilities

 

 

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