ARKO Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Revisions of Previously Issued Financial Statements

Revisions of Previously Issued Financial Statements

12 Months Ended

Dec. 31, 2021

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revisions of Previously Issued Financial Statements

23. Revisions of Previously Issued Financial Statements

The Company has adjusted its consolidated balance sheet as of December 31, 2020 in order to reflect its Public Warrants, Private Warrants and Deferred Shares as liability instruments measured at fair value rather than as equity instruments. The Company has also adjusted its consolidated statement of operations for the year ended December 31, 2020 to record certain excise taxes related to non-consignment sites within the wholesale segment on a gross basis. The Company has evaluated the materiality of these adjustments and concluded they were not material to any of the prior periods presented and has elected to revise the previously issued financial statements contained within these consolidated financial statements for the periods impacted to correct the effect of these immaterial adjustments.

The consolidated balance sheet as of December 31, 2020 included as comparative figures within these consolidated financial statements was revised as follows:


	As of December 31, 2020
	As Previously Reported			Adjustment			As Revised
Selected Consolidated Balance Sheet Data:	(in thousands)
Other non-current liabilities	$	70,166		$	26,455		$	96,621
Total liabilities		2,421,934			26,455			2,448,389
Additional paid-in capital		239,081			(26,978	)		212,103
Accumulated deficit		(30,176	)		523			(29,653	)
Total equity		217,875			(26,455	)		191,420

The consolidated statement of operations and comprehensive income for the year ended December 31, 2020 included as comparative figures within these consolidated financial statements was revised as follows:


	For the year ended December 31, 2020
	As Previously Reported		Adjustment		As Revised
Selected Consolidated Statement of Operations Data:	(in thousands)
Fuel revenue	$	2,352,884	$	99,517	$	2,452,401
Total revenues		3,910,715		99,517		4,010,232
Fuel costs		2,031,899		99,517		2,131,416
Total operating expenses		3,821,173		99,517		3,920,690
Interest and other financial income		1,245		523		1,768
Income before income taxes		29,886		523		30,409
Net income		30,116		523		30,639
Net income per share attributable to common shareholders - basic	$	0.14	$	0.01	$	0.15
Net income per share attributable to common shareholders - diluted		0.14		0.01		0.15


	For the year ended December 31, 2020
	As Previously Reported		Adjustment		As Revised
Selected Consolidated Statement of Comprehensive Income Data:	(in thousands)
Net income	$	30,116	$	523	$	30,639
Comprehensive income		34,791		523		35,314

The consolidated statement of cash flows for the year ended December 31, 2020 included as comparative figures within these consolidated financial statements was revised as follows:


	For the year ended December 31, 2020
	As Previously Reported			Adjustment			As Revised
Selected Consolidated Statement of Cash Flow Data:	(in thousands)
Net income	$	30,116		$	523		$	30,639
Fair value adjustment of financial assets and liabilities		(491	)		(523	)		(1,014	)