ARKO Corp. Reports Second Quarter 2024 Results
Download as PDF August 06, 2024 4:05pm EDT
RICHMOND, Va., Aug. 06, 2024 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) ("ARKO" or the "Company"), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Key Highlights (vs. Year-Ago Quarter)1,2
- Net income for the quarter was $14.1 million compared to $14.5 million, with recent acquisitions and higher fuel margin partially offsetting continued declines in gallon demand and lower same store merchandise contribution.
- Adjusted EBITDA for the quarter was $83.8 million compared to $86.2 million, which was above the Company's previously issued guidance of $70 million to $77 million, driven by higher retail fuel margin per gallon.
- Merchandise revenue decreased by 2.1% to $474.2 million, with incremental merchandise sales from recent acquisitions offset by a mid-single digit decline in same store merchandise sales.
- Merchandise margin expanded approximately 90 basis points to 32.8%, supported by key marketing and merchandising initiatives.
- Merchandise contribution increased 0.7% to $155.8 million.
- Retail fuel contribution increased 1.2% to $118.0 million, driven by the combined impact of margin increases and incremental gallons from recent acquisitions, which more than offset a decline in same store fuel gallons sold.
- Retail fuel margin increased to 41.6 cents per gallon from 39.7, while same store fuel gallons sold declined 6.6% compared to a decrease in national OPIS average same-station fuel gallon volume of approximately 4.2%.
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1 See Use of Non-GAAP Measures below.
2 All figures for fuel contribution and fuel margin per gallon exclude the estimated fixed margin or fixed fee paid to the Company's wholesale fuel distribution subsidiary, GPM Petroleum LP ("GPMP") for the cost of fuel (intercompany charges by GPMP).
Other Key Highlights
- As part of ARKO's focus on accelerating organic growth, the Company continues to develop its multi-year transformation plan, which is expected to include the following elements:
- Additional targeted capital allocation toward strategic sub-segments of its retail stores intended to drive traffic and improve profitability. The Company plans to allocate capital based in part on a pilot program, currently in development, designed to improve the customer experience and value proposition, potentially including an expanded and refined offering across a larger store network, with a focus on food and an enhanced in-store experience. Currently, the pilot will focus on seven stores within one region, with the goal of a region-wide roll out before, ultimately, the expansion of this program across the Company's retail footprint. The Company expects to begin implementing the new design in our pilot stores in the fourth quarter of 2024.
- Increased focus on both pricing and procurement strategies across the Company's retail stores to support ongoing merchandise margin rate growth.
- Leveraging the Company's unique, multi-segment operating model through more active conversion of retail stores within the Company's retail segment to dealer sites within its wholesale segment. Following the Company's review of its retail store portfolio, a meaningful number of retail locations were identified for potential conversion, which are expected to yield greater profitability after conversion. The Company expects to have converted approximately 40 retail stores to dealer sites by the end of the third quarter of 2024, of which a small number had converted as of the end of the second quarter of 2024.
Additional details of the Company's multi-year transformation plan will be provided at the Company's investor day that is being scheduled for the fourth quarter of 2024. Details will be shared at a later date.
- The Company continued its enhanced food program rollout, including expansion of a re-launched hot dog and roller grill program anchored by Nathan's Famous as its supplier of quality, 100% all beef hot dogs, to more than 460 of its retail stores.
- The Board declared a quarterly dividend of $0.03 per share of common stock to be paid on August 30, 2024 to stockholders of record as of August 19, 2024.
"This quarter, we continued to navigate a challenging macroeconomic environment alongside our customers," said Arie Kotler, Chairman, President and Chief Executive Officer of ARKO. "We continued to see pressure on consumers as they struggle with inflation and elevated prices for everyday goods, especially in markets with a large percentage of lower income consumers. While this negatively impacted our retail sales, our team worked hard to control same store expenses and leverage our strong vendor partner relationships to deliver another quarter of merchandise margin growth, while providing much-needed value to our customers. When combined with higher fuel margins, we exceeded our Adjusted EBITDA guidance for the second quarter."
Mr. Kotler continued: "Our commitment to strong execution, enhancing customer value, and improving store level economics remain a top priority. We are well positioned to navigate the near-term macro headwinds, and we continue to believe in the long-term opportunities for ARKO. We expect the ongoing enhancements to our operations will guide us through this environment, while also laying the foundation for our multi-year transformation plan."
Second Quarter 2024 Segment Highlights
Retail
| For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (in thousands) | |
Fuel gallons sold | | 283,481 | | | | 293,584 | | | | 538,945 | | | | 542,490 | |
Same store fuel gallons sold decrease (%) 1 | | (6.6%) | | | | (2.6%) | | | | (6.6%) | | | | (4.2%) | |
Fuel contribution 2 | $ | 117,981 | | | $ | 116,624 | | | $ | 210,914 | | | $ | 204,720 | |
Fuel margin, cents per gallon 3 | | 41.6 | | | | 39.7 | | | | 39.1 | | | | 37.7 | |
Same store fuel contribution 1,2 | $ | 111,433 | | | $ | 114,746 | | | $ | 193,481 | | | $ | 199,578 | |
Same store merchandise sales (decrease) increase (%) 1 | | (5.1%) | | | | 0.7% | | | | (4.6%) | | | | 2.1% | |
Same store merchandise sales excluding cigarettes (decrease) increase (%) 1 | | (4.0%) | | | | 3.8% | | | | (3.5%) | | | | 5.6% | |
Merchandise revenue | $ | 474,248 | | | $ | 484,561 | | | $ | 888,903 | | | $ | 884,849 | |
Merchandise contribution 4 | $ | 155,759 | | | $ | 154,658 | | | $ | 290,677 | | | $ | 277,623 | |
Merchandise margin 5 | | 32.8% | | | | 31.9% | | | | 32.7% | | | | 31.4% | |
Same store merchandise contribution 1,4 | $ | 148,093 | | | $ | 152,256 | | | $ | 266,769 | | | $ | 270,070 | |
Same store site operating expenses 1 | $ | 192,258 | | | $ | 193,185 | | | $ | 364,877 | | | $ | 360,297 | |
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1 Same store is a common metric used in the convenience store industry. We consider a store a same store beginning in the first quarter in which the store had a full quarter of activity in the prior year. Refer to Use of Non-GAAP Measures below for discussion of this measure. | |
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2 Calculated as fuel revenue less fuel costs; excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel. | |
| | | | | | | | | | | |
3 Calculated as fuel contribution divided by fuel gallons sold. | |
| | | | | | | | | | | |
4 Calculated as merchandise revenue less merchandise costs. | |
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5 Calculated as merchandise contribution divided by merchandise revenue. | |
Total merchandise contribution for the second quarter of 2024 increased $1.1 million, or 0.7%, compared to the second quarter of 2023, due to $5.6 million in incremental merchandise contribution from recent acquisitions, which was partially offset by a decrease in same store merchandise contribution. Same store merchandise contribution decreased primarily due to lower contribution from certain core destination categories, as well as cigarettes.
Merchandise margin increased 90 basis points to 32.8% for the second quarter of 2024, supported by key marketing and merchandising initiatives.
For the second quarter of 2024, retail fuel contribution increased $1.4 million to $118.0 million compared to the prior year period, with resilient fuel margin capture of 41.6 cents per gallon, an increase of 1.9 cents per gallon compared to the second quarter of 2023. Incremental fuel contribution from recent acquisitions of approximately $5.0 million was partially offset by same store fuel contribution, which decreased to $111.4 million for the second quarter of 2024, compared to $114.7 million for the prior year quarter.
Wholesale
| For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (in thousands) | |
Fuel gallons sold – fuel supply locations | | 203,561 | | | | 213,136 | | | | 390,292 | | | | 395,563 | |
Fuel gallons sold – consignment agent locations | | 39,338 | | | | 44,534 | | | | 76,842 | | | | 82,496 | |
Fuel contribution 1 – fuel supply locations | $ | 12,287 | | | $ | 12,518 | | | $ | 23,849 | | $ | | 23,674 | |
Fuel contribution 1 – consignment locations | $ | 11,699 | | | $ | 11,266 | | | $ | 20,867 | | $ | | 21,305 | |
Fuel margin, cents per gallon 2 – fuel supply locations | | 6.0 | | | | 5.9 | | | | 6.1 | | | | 6.0 | |
Fuel margin, cents per gallon 2 – consignment agent locations | | 29.7 | | | | 25.3 | | | | 27.2 | | | | 25.8 | |
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1 Calculated as fuel revenue less fuel costs; excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel. | |
| | | | | | | | | | | |
2 Calculated as fuel contribution divided by fuel gallons sold. | |
In wholesale, total fuel contribution was approximately $24.0 million for the second quarter of 2024. Fuel contribution was similar for the second quarters of 2024 and 2023. Other revenues, net increased by approximately $0.7 million primarily due to vendor rebates. For the second quarter of 2024, site operating expenses decreased $0.6 million compared to the prior year period primarily due to lower credit card fees.
Fleet Fueling
| For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (in thousands) | |
Fuel gallons sold – proprietary cardlock locations | | 35,678 | | | | 32,417 | | | | 69,127 | | | | 63,433 | |
Fuel gallons sold – third-party cardlock locations | | 3,271 | | | | 2,036 | | | | 6,470 | | | | 3,646 | |
Fuel contribution 1 – proprietary cardlock locations | $ | 17,529 | | | $ | 14,229 | | | $ | 31,198 | | $ | | 28,042 | |
Fuel contribution 1 – third-party cardlock locations | $ | 331 | | | $ | 155 | | | $ | 578 | | $ | | 177 | |
Fuel margin, cents per gallon 2 – proprietary cardlock locations | | 49.1 | | | | 43.9 | | | | 45.1 | | | | 44.2 | |
Fuel margin, cents per gallon 2 – third-party cardlock locations | | 10.1 | | | | 7.7 | | | | 8.9 | | | | 4.9 | |
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1 Calculated as fuel revenue less fuel costs; excludes the estimated fixed fee paid to GPMP for the cost of fuel. | |
| | | | | | | | | | | |
2 Calculated as fuel contribution divided by fuel gallons sold. | |
Fuel contribution increased 24.2% to approximately $17.9 million for the second quarter of 2024 compared to the prior year period. At proprietary cardlocks, fuel margin increased by 5.2 cents per gallon compared to the second quarter of 2023. At third-party cardlock locations, fuel margin increased by 2.4 cents per gallon for the second quarter of 2024 compared to the second quarter of 2023. These changes were primarily due to higher volumes and the cardlocks acquired in the WTG Acquisition.
Site Operating Expenses
For the quarter ended June 30, 2024, convenience store operating expenses increased $4.8 million, or 2.4%, as compared to the prior year period, primarily due to $7.4 million of incremental expenses related to recent acquisitions. Same store expenses were down $0.9 million from the prior year period, or 0.5%, primarily related to lower personnel costs and lower credit card fees. The increase in site operating expenses was partially offset by underperforming retail stores that were closed or converted to dealers.
Liquidity and Capital Expenditures
As of June 30, 2024, the Company's total liquidity was approximately $806 million, consisting of approximately $232 million of cash and cash equivalents and approximately $574 million of availability under lines of credit. Outstanding debt was $890 million, resulting in net debt, excluding lease related financing liabilities, of approximately $658 million. Capital expenditures were approximately $19.3 million for the quarter ended June 30, 2024.
Quarterly Dividend and Share Repurchase Program
The Company's ability to return cash to its stockholders through its cash dividend program and share repurchase program is consistent with its capital allocation framework and reflects the Company's confidence in the strength of its cash generation ability and strong financial position.
The Board declared a quarterly dividend of $0.03 per share of common stock to be paid on August 30, 2024 to stockholders of record as of August 19, 2024.
During the second quarter, the Board approved the expansion of the Company's share repurchase program to $125 million, up from $100 million. There was approximately $25.7 million remaining under the share repurchase program as of June 30, 2024.
Company-Operated Retail Store Count and Segment Update
The following tables present certain information regarding changes in the retail, wholesale and fleet fueling segments for the periods presented:
| For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
Retail Segment | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Number of sites at beginning of period | | 1,540 | | | | 1,531 | | | | 1,543 | | | | 1,404 | |
Acquired sites | | 21 | | | | 24 | | | | 21 | | | | 159 | |
Newly opened or reopened sites | | — | | | | 2 | | | | 1 | | | | 3 | |
Company-controlled sites converted to | | | | | | | | | | | |
consignment or fuel supply locations, net | | (2) | | | | (6) | | | | (2) | | | | (11) | |
Closed, relocated or divested sites | | (11) | | | | (4) | | | | (15) | | | | (8) | |
Number of sites at end of period | | 1,548 | | | | 1,547 | | | | 1,548 | | | | 1,547 | |
| For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
Wholesale Segment 1 | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Number of sites at beginning of period | | 1,816 | | | | 1,841 | | | | 1,825 | | | | 1,674 | |
Acquired sites | | — | | | | 9 | | | | — | | | | 190 | |
Newly opened or reopened sites 2 | | 11 | | | | 17 | | | | 20 | | | | 24 | |
Consignment or fuel supply locations converted | | | | | | | | | | | |
from Company-controlled or fleet fueling sites, net | | 2 | | | | 6 | | | | 2 | | | | 11 | |
Closed, relocated or divested sites | | (35) | | | | (49) | | | | (53) | | | | (75) | |
Number of sites at end of period | | 1,794 | | | | 1,824 | | | | 1,794 | | | | 1,824 | |
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1 Excludes bulk and spot purchasers. | |
2 Includes all signed fuel supply agreements irrespective of fuel distribution commencement date. | |
| For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
Fleet Fueling Segment | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Number of sites at beginning of period | | 296 | | | | 183 | | | | 298 | | | | 183 | |
Acquired sites | | — | | | | 111 | | | | - | | | | 111 | |
Closed, relocated or divested sites | | (2) | | | | (1) | | | | (4) | | | | (1) | |
Number of sites at end of period | | 294 | | | | 293 | | | | 294 | | | | 293 | |
Changes in Non-GAAP Definitions; Third Quarter and Full Year 2024 Guidance
Beginning in the third quarter of 2024, the Company has made certain changes to its definitions for Adjusted EBITDA that impact the comparability of the metric to prior periods. Specifically, the Company will no longer include non-cash rent expense adjustments in its calculation of Adjusted EBITDA. Accordingly, the Company's third quarter 2024 Adjusted EBITDA and full year 2024 Adjusted EBITDA guidance reflects the Company's updated definition of Adjusted EBITDA. See "Supplemental Disclosure of Non-GAAP Financial Information" below for a reconciliation of the definitions prior to the third quarter of 2024 to allow for like-for-like comparisons to the new definitions for all periods presented.
The Company currently expects third quarter 2024 Adjusted EBITDA, using the revised methodology to calculate Adjusted EBITDA, to range between $70 million and $86 million, with an assumed range of average retail fuel margin from 38 to 44 cents per gallon, and which now includes approximately $3.5 million of non-cash rent expense.
The Company currently expects full year 2024 Adjusted EBITDA, using the revised methodology to calculate Adjusted EBITDA, to range between $235 million and $275 million, which now includes approximately $15 million of non-cash rent expense. This guidance translates directly to the Company maintaining its full year Adjusted EBITDA range of $250 million to $290 million using the historical methodology. The Company's full year Adjusted EBITDA range assumes a range of average retail fuel margin from 37 to 45 cents per gallon for the back half of the year.
The Company is not providing guidance on net income at this time due to the volatility of certain required inputs that are not available without unreasonable efforts, including future fair value adjustments associated with its stock price, as well as depreciation and amortization related to its capital allocation as part of its focus on accelerating organic growth.
Conference Call and Webcast Details
The Company will host a conference call today to discuss these results at 5:00 p.m. Eastern Time. Investors and analysts interested in participating in the live call can dial 800-245-3047 or 203-518-9765.
A simultaneous, live webcast will also be available on the Investor Relations section of the Company's website at The webcast will be archived for 30 days.
About ARKO Corp.
ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, we operate A Family of Community Brands that offer delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. Our high value fas REWARDS loyalty program offers exclusive savings on merchandise and gas. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites; and fleet fueling, which includes the operation of proprietary and third-party cardlock locations, and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites. To learn more about GPM stores, visit: . To learn more about ARKO, visit: .
Forward-Looking Statements
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company's expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by use of words such as "anticipate," "aim," "believe," "continue," "could," "estimate," "expect," "guidance," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things, changes in economic, business and market conditions; the Company's ability to maintain the listing of its common stock and warrants on the Nasdaq Stock Market; changes in its strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; expansion plans and opportunities; changes in the markets in which it competes; changes in applicable laws or regulations, including those relating to environmental matters; market conditions and global and economic factors beyond its control; and the outcome of any known or unknown litigation and regulatory proceedings. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.
Use of Non-GAAP Measures
The Company discloses certain measures on a "same store basis," which is a non-GAAP measure. Information disclosed on a "same store basis" excludes the results of any store that is not a "same store" for the applicable period. A store is considered a same store beginning in the first quarter in which the store had a full quarter of activity in the prior year. The Company believes that this information provides greater comparability regarding its ongoing operating performance. Neither this measure nor those described below should be considered an alternative to measurements presented in accordance with generally accepted accounting principles in the United States ("GAAP").
The Company defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets, impairment charges, acquisition costs, share-based compensation expense, other non-cash items, and other unusual or non-recurring charges. Each of Operating Income, as adjusted, EBITDA and Adjusted EBITDA is a non-GAAP financial measure.
At the segment level, the Company defines Operating Income, as adjusted, as operating income excluding the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.
The Company uses EBITDA and Adjusted EBITDA for operational and financial decision-making and believe these measures are useful in evaluating its performance because they eliminate certain items that it does not consider indicators of its operating performance. Additionally, the Company believes Operating Income, as adjusted provides greater comparability regarding its ongoing segment operating performance by eliminating intercompany charges at the segment level. EBITDA and Adjusted EBITDA are also used by many of its investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. The Company believes that the presentation of EBITDA and Adjusted EBITDA provides useful information to investors by allowing an understanding of key measures that it uses internally for operational decision-making, budgeting, evaluating acquisition targets, and assessing its operating performance.
Operating Income, as adjusted, EBITDA and Adjusted EBITDA are not recognized terms under GAAP and should not be considered as a substitute for net income or any other financial measure presented in accordance with GAAP. These measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of its results as reported under GAAP. The Company strongly encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
Because non-GAAP financial measures are not standardized, same store measures, Operating Income, as adjusted, EBITDA and Adjusted EBITDA, as defined by the Company, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare the Company's use of these non-GAAP financial measures with those used by other companies.
Change in Non-GAAP Definitions
Beginning on July 1, 2024, the Company has made certain changes to its calculation of Adjusted EBITDA that impact the comparability of the metrics to prior periods. Specifically, the Company will no longer include non-cash rent expense adjustments in its calculation of Adjusted EBITDA. Accordingly, the Company's third quarter of 2024 and full year 2024 Adjusted EBITDA guidance reflect the Company's updated definition of Adjusted EBITDA. See "Supplemental Disclosure of Non-GAAP Financial Information" below for a reconciliation of the definitions prior to July 1, 2024 to allow for like-for-like comparisons to the new definitions for all periods presented.
Company Contact
Jordan Mann
ARKO Corp.
investors@gpminvestments.com
Investor Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
ARKO@elevate-ir.com
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| | Condensed Consolidated Statements of Operations | |
| | | | | | |
| | For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | (in thousands) | |
Revenues: | | | | | | | | | | | | |
Fuel revenue | | $ | 1,887,531 | | $ | | 1,957,100 | | | $ | 3,518,863 | | $ | | 3,618,764 | |
Merchandise revenue | | | 474,248 | | | | 484,561 | | | | 888,903 | | | | 884,849 | |
Other revenues, net | | | 26,384 | | | | 27,480 | | | | 52,851 | | | | 53,904 | |
Total revenues | | | 2,388,163 | | | | 2,469,141 | | | | 4,460,617 | | | | 4,557,517 | |
Operating expenses: | | | | | | | | | | | | |
Fuel costs | | | 1,726,761 | | | | 1,801,103 | | | | 3,229,063 | | | | 3,338,985 | |
Merchandise costs | | | 318,489 | | | | 329,903 | | | | 598,226 | | | | 607,226 | |
Site operating expenses | | | 223,691 | | | | 218,002 | | | | 442,622 | | | | 410,685 | |
General and administrative expenses | | | 42,436 | | | | 42,660 | | | | 84,594 | | | | 83,076 | |
Depreciation and amortization | | | 33,577 | | | | 32,837 | | | | 65,293 | | | | 61,236 | |
Total operating expenses | | | 2,344,954 | | | | 2,424,505 | | | | 4,419,798 | | | | 4,501,208 | |
Other expenses, net | | | 261 | | | | 4,956 | | | | 2,737 | | | | 7,676 | |
Operating income | | | 42,948 | | | | 39,680 | | | | 38,082 | | | | 48,633 | |
Interest and other financial income | | | 3,384 | | | | 2,428 | | | | 25,297 | | | | 9,630 | |
Interest and other financial expenses | | | (24,751) | | | | (22,588) | | | | (49,121) | | | | (43,392) | |
Income before income taxes | | | 21,581 | | | | 19,520 | | | | 14,258 | | | | 14,871 | |
Income tax expense | | | (7,546) | | | | (5,014) | | | | (839) | | | | (2,856) | |
Income (loss) from equity investment | | | 28 | | | | (27) | | | | 50 | | | | (63) | |
Net income | | $ | 14,063 | | $ | | 14,479 | | | $ | 13,469 | | $ | | 11,952 | |
Less: Net income attributable to non-controlling interests | | | — | | | | 48 | | | | — | | | | 101 | |
Net income attributable to ARKO Corp. | | $ | 14,063 | | $ | | 14,431 | | | $ | 13,469 | | $ | | 11,851 | |
Series A redeemable preferred stock dividends | | | (1,445) | | | | (1,434) | | | | (2,859) | | | | (2,852) | |
Net income attributable to common shareholders | | $ | 12,618 | | $ | | 12,997 | | | $ | 10,610 | | $ | | 8,999 | |
Net income per share attributable to common shareholders – basic | | $ | 0.11 | | | $ | 0.11 | | | $ | 0.09 | | | $ | 0.07 | |
Net income per share attributable to common shareholders – diluted | | $ | 0.11 | | | $ | 0.11 | | | $ | 0.09 | | | $ | 0.07 | |
Weighted average shares outstanding: | | | | | | | | | | | | |
Basic | | | 115,758 | | | | 119,893 | | | | 116,512 | | | | 120,073 | |
Diluted | | | 116,880 | | | | 121,280 | | | | 117,073 | | | | 120,767 | |
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| Condensed Consolidated Balance Sheets | |
| | | | | |
| June 30, 2024 | | | December 31, 2023 | |
| (in thousands) | |
Assets | | | | | |
Current assets: | | | | | |
Cash and cash equivalents | $ | 231,647 | | | $ | 218,120 | |
Restricted cash | | 19,392 | | | | 23,301 | |
Short-term investments | | 4,860 | | | | 3,892 | |
Trade receivables, net | | 155,578 | | | | 134,735 | |
Inventory | | 251,142 | | | | 250,593 | |
Other current assets | | 107,145 | | | | 118,472 | |
Total current assets | | 769,764 | | | | 749,113 | |
Non-current assets: | | | | | |
Property and equipment, net | | 740,004 | | | | 742,610 | |
Right-of-use assets under operating leases | | 1,418,778 | | | | 1,384,693 | |
Right-of-use assets under financing leases, net | | 160,280 | | | | 162,668 | |
Goodwill | | 299,972 | | | | 292,173 | |
Intangible assets, net | | 194,151 | | | | 214,552 | |
Equity investment | | 2,935 | | | | 2,885 | |
Deferred tax asset | | 60,822 | | | | 52,293 | |
Other non-current assets | | 53,163 | | | | 49,377 | |
Total assets | $ | 3,699,869 | | | $ | 3,650,364 | |
Liabilities | | | | | |
Current liabilities: | | | | | |
Long-term debt, current portion | $ | 18,184 | | | $ | 16,792 | |
Accounts payable | | 239,169 | | | | 213,657 | |
Other current liabilities | | 151,434 | | | | 179,536 | |
Operating leases, current portion | | 68,725 | | | | 67,053 | |
Financing leases, current portion | | 10,856 | | | | 9,186 | |
Total current liabilities | | 488,368 | | | | 486,224 | |
Non-current liabilities: | | | | | |
Long-term debt, net | | 871,678 | | | | 828,647 | |
Asset retirement obligation | | 86,872 | | | | 84,710 | |
Operating leases | | 1,434,238 | | | | 1,395,032 | |
Financing leases | | 211,760 | | | | 213,032 | |
Other non-current liabilities | | 233,852 | | | | 266,602 | |
Total liabilities | | 3,326,768 | | | | 3,274,247 | |
| | | | | |
Series A redeemable preferred stock | | 100,000 | | | | 100,000 | |
| | | | | |
Shareholders' equity: | | | | | |
Common stock | | 12 | | | | 12 | |
Treasury stock | | (106,123) | | | | (74,134) | |
Additional paid-in capital | | 270,455 | | | | 245,007 | |
Accumulated other comprehensive income | | 9,119 | | | | 9,119 | |
Retained earnings | | 99,638 | | | | 96,097 | |
Total shareholders' equity | | 273,101 | | | | 276,101 | |
Non-controlling interest | | — | | | | 16 | |
Total equity | | 273,101 | | | | 276,117 | |
Total liabilities, redeemable preferred stock and equity | $ | 3,699,869 | | | $ | 3,650,364 | |
| | | |
| | Condensed Consolidated Statements of Cash Flows | |
| | | | | | | | | | | | |
| | For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | (in thousands) | |
Cash flows from operating activities: | | | | | | | | | | | | |
Net income | | $ | 14,063 | | | $ | 14,479 | | | $ | 13,469 | | | $ | 11,952 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | |
Depreciation and amortization | | | 33,577 | | | | 32,837 | | | | 65,293 | | | | 61,236 | |
Deferred income taxes | | | 4,146 | | | | (3,885) | | | | (5,929) | | | | (14,115) | |
Loss on disposal of assets and impairment charges | | | 721 | | | | 2,991 | | | | 3,385 | | | | 3,278 | |
Foreign currency loss | | | 30 | | | | 24 | | | | 57 | | | | 58 | |
Gain from issuance of shares as payment of deferred consideration related to business acquisition | | | — | | | | — | | | | (2,681) | | | | — | |
Gain from settlement related to business acquisition | | | — | | | | — | | | | (6,356) | | | | — | |
Amortization of deferred financing costs and debt discount | | | 668 | | | | 621 | | | | 1,332 | | | | 1,213 | |
Amortization of deferred income | | | (4,423) | | | | (2,069) | | | | (6,369) | | | | (3,929) | |
Accretion of asset retirement obligation | | | 627 | | | | 627 | | | | 1,243 | | | | 1,118 | |
Non-cash rent | | | 3,687 | | | | 3,760 | | | | 7,171 | | | | 6,558 | |
Charges to allowance for credit losses | | | 314 | | | | 290 | | | | 641 | | | | 573 | |
(Income) loss from equity investment | | | (28) | | | | 27 | | | | (50) | | | | 63 | |
Share-based compensation | | | 2,784 | | | | 4,555 | | | | 6,113 | | | | 8,624 | |
Fair value adjustment of financial assets and liabilities | | | (1,434) | | | | (1,020) | | | | (12,206) | | | | (5,248) | |
Other operating activities, net | | | 62 | | | | 647 | | | | 686 | | | | 976 | |
Changes in assets and liabilities: | | | | | | | | | | | | |
Decrease (increase) in trade receivables | | | 2,820 | | | | (6,991) | | | | (21,484) | | | | (18,173) | |
Decrease (increase) in inventory | | | 2,584 | | | | (5,363) | | | | 2,772 | | | | (8,208) | |
Decrease (increase) in other assets | | | 748 | | | | (14,510) | | | | 5,843 | | | | (10,965) | |
Increase in accounts payable | | | 5,130 | | | | 8,640 | | | | 26,477 | | | | 14,580 | |
Decrease in other current liabilities | | | (1,772) | | | | (7,524) | | | | (5,924) | | | | (7,651) | |
(Decrease) increase in asset retirement obligation | | | (65) | | | | (21) | | | | (120) | | | | 46 | |
Increase in non-current liabilities | | | 12,980 | | | | 1,988 | | | | 16,611 | | | | 4,000 | |
Net cash provided by operating activities | | | 77,219 | | | | 30,103 | | | | 89,974 | | | | 45,986 | |
Cash flows from investing activities: | | | | | | | | | | | | |
Purchase of property and equipment | | | (19,284) | | | | (26,658) | | | | (48,512) | | | | (50,038) | |
Purchase of intangible assets | | | — | | | | (35) | | | | — | | | | (35) | |
Proceeds from sale of property and equipment | | | 48,256 | | | | 88,049 | | | | 50,295 | | | | 296,485 | |
Business acquisitions, net of cash | | | (53,458) | | | | (143,294) | | | | (54,458) | | | | (481,636) | |
Loans to equity investment, net | | | 14 | | | | — | | | | 28 | | | | — | |
Net cash used in investing activities | | | (24,472) | | | | (81,938) | | | | (52,647) | | | | (235,224) | |
Cash flows from financing activities: | | | | | | | | | | | | |
Receipt of long-term debt, net | | | 5,968 | | | | 19,233 | | | | 47,556 | | | | 74,233 | |
Repayment of debt | | | (7,214) | | | | (4,919) | | | | (13,849) | | | | (10,511) | |
Principal payments on financing leases | | | (1,171) | | | | (1,494) | | | | (2,306) | | | | (2,912) | |
Early settlement of deferred consideration related to business acquisition | | | — | | | | — | | | | (17,155) | | | | — | |
Proceeds from sale-leaseback | | | — | | | | 28,793 | | | | — | | | | 80,397 | |
Payment of Ares Put Option | | | — | | | | (9,808) | | | | — | | | | (9,808) | |
Common stock repurchased | | | (68) | | | | (11,253) | | | | (31,989) | | | | (13,563) | |
Dividends paid on common stock | | | (3,473) | | | | (3,607) | | | | (7,069) | | | | (7,216) | |
Dividends paid on redeemable preferred stock | | | (1,445) | | | | (1,434) | | | | (2,859) | | | | (2,852) | |
Net cash (used in) provided by financing activities | | | (7,403) | | | | 15,511 | | | | (27,671) | | | | 107,768 | |
Net increase (decrease) in cash and cash equivalents and restricted cash | | | 45,344 | | | | (36,324) | | | | 9,656 | | | | (81,470) | |
Effect of exchange rate on cash and cash equivalents and restricted cash | | | (19) | | | | — | | | | (38) | | | | (21) | |
Cash and cash equivalents and restricted cash, beginning of period | | | 205,714 | | | | 271,602 | | | | 241,421 | | | | 316,769 | |
Cash and cash equivalents and restricted cash, end of period | | $ | 251,039 | | | $ | 235,278 | | | $ | 251,039 | | | $ | 235,278 | |
Supplemental Disclosure of Non-GAAP Financial Information
| | Reconciliation of EBITDA and Adjusted EBITDA | |
| | | | | | | | | | | | |
| | For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | (in thousands) | |
Net income | | $ | 14,063 | | | $ | 14,479 | | | $ | 13,469 | | | $ | 11,952 | |
Interest and other financing expenses, net | | | 21,367 | | | | 20,160 | | | | 23,824 | | | | 33,762 | |
Income tax expense | | | 7,546 | | | | 5,014 | | | | 839 | | | | 2,856 | |
Depreciation and amortization | | | 33,577 | | | | 32,837 | | | | 65,293 | | | | 61,236 | |
EBITDA | | | 76,553 | | | | 72,490 | | | | 103,425 | | | | 109,806 | |
Non-cash rent expense (a) | | | 3,687 | | | | 3,760 | | | | 7,171 | | | | 6,558 | |
Acquisition costs (b) | | | 1,510 | | | | 3,277 | | | | 2,190 | | | | 6,853 | |
Loss on disposal of assets and impairment charges (c) | | | 721 | | | | 2,991 | | | | 3,385 | | | | 3,278 | |
Share-based compensation expense (d) | | | 2,784 | | | | 4,555 | | | | 6,113 | | | | 8,624 | |
(Income) loss from equity investment (e) | | | (28) | | | | 27 | | | | (50) | | | | 63 | |
Fuel taxes received in arrears (f) | | | — | | | | — | | | | (565) | | | | — | |
Adjustment to contingent consideration (g) | | | (310) | | | | (922) | | | | (292) | | | | (1,624) | |
Other (h) | | | (1,160) | | | | 64 | | | | (971) | | | | 168 | |
Adjusted EBITDA, as defined through June 30, 2024 | | $ | 83,757 | | | $ | 86,242 | | | $ | 120,406 | | | $ | 133,726 | |
Non-cash rent expense (a) | | | (3,687) | | | | (3,760) | | | | (7,171) | | | | (6,558) | |
Adjusted EBITDA, as defined beginning July 1, 2024 | | $ | 80,070 | | | $ | 82,482 | | | $ | 113,235 | | | $ | 127,168 | |
| | | | | | | | | | | | |
(a) Eliminates the non-cash portion of rent, which reflects the extent to which our GAAP rent expense recognized exceeded (or was less than) our cash rent payments. The GAAP rent expense adjustment varies depending on the terms of our lease portfolio. For newer leases, our rent expense recognized typically exceeds our cash rent payments, whereas, for more mature leases, rent expense recognized is typically less than our cash rent payments. Beginning July 1, 2024, such expenses will no longer be an adjustment in the definition of Adjusted EBITDA. | |
| | | | | | | | | | | | |
(b) Eliminates costs incurred that are directly attributable to business acquisitions and salaries of employees whose primary job function is to execute our acquisition strategy and facilitate integration of acquired operations. | |
| | | | | | | | | | | | |
(c) Eliminates the non-cash loss from the sale of property and equipment, the loss recognized upon the sale of related leased assets, and impairment charges on property and equipment and right-of-use assets related to closed and non-performing sites. | |
| | | | | | | | | | | | |
(d) Eliminates non-cash share-based compensation expense related to the equity incentive program in place to incentivize, retain, and motivate our employees, certain non-employees and members of the Board. | |
| | | | | | | | | | | | |
(e) Eliminates our share of (income) loss attributable to our unconsolidated equity investment. | |
| | | | | | | | | | | | |
(f) Eliminates the receipt of historical fuel tax amounts for multiple prior periods. | |
| | | | | | | | | | | | |
(g) Eliminates fair value adjustments to the contingent consideration owed to the seller for the 2020 Empire acquisition. | |
| | | | | | | | | | | | |
(h) Eliminates other unusual or non-recurring items that we do not consider to be meaningful in assessing operating performance. | |
Supplemental Disclosures of Segment Information
Retail Segment
| For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (in thousands) | |
Revenues: | | | | | | | | | | | |
Fuel revenue | $ | 976,372 | | $ | | 1,015,365 | | | $ | 1,800,800 | | $ | | 1,858,838 | |
Merchandise revenue | | 474,248 | | | | 484,561 | | | | 888,903 | | | | 884,849 | |
Other revenues, net | | 16,735 | | | | 18,997 | | | | 33,414 | | | | 37,552 | |
Total revenues | | 1,467,355 | | | | 1,518,923 | | | | 2,723,117 | | | | 2,781,239 | |
Operating expenses: | | | | | | | | | | | |
Fuel costs | | 872,493 | | | | 913,437 | | | | 1,616,734 | | | | 1,681,245 | |
Merchandise costs | | 318,489 | | | | 329,903 | | | | 598,226 | | | | 607,226 | |
Site operating expenses | | 202,550 | | | | 197,726 | | | | 400,567 | | | | 373,280 | |
Total operating expenses | | 1,393,532 | | | | 1,441,066 | | | | 2,615,527 | | | | 2,661,751 | |
Operating income | | 73,823 | | | | 77,857 | | | | 107,590 | | | | 119,488 | |
Intercompany charges by GPMP 1 | | 14,102 | | | | 14,696 | | | | 26,848 | | | | 27,127 | |
Operating income, as adjusted | $ | 87,925 | | | $ | 92,553 | | $ | | 134,438 | | | $ | 146,615 | |
| | | | | | | | | | | |
1 Represents the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel. | |
The tables below show financial information and certain key metrics of recent acquisitions in the Retail Segment that do not have (or have only partial) comparable information for any of the prior periods.
| For the Three Months Ended June 30, 2024 | |
| Uncle's (WTG) 1 | | | Speedy's 2 | | | SpeedyQ 3 | | | Total | |
| (in thousands) | |
Date of Acquisition: | Jun 6, 2023 | | | Aug 15, 2023 | | | Apr 9, 2024 | | | | |
Revenues: | | | | | | | | | | | |
Fuel revenue | $ | 20,928 | | $ | | 5,086 | | | $ | 13,356 | | | $ | 39,370 | |
Merchandise revenue | | 10,204 | | | | 2,644 | | | | 6,738 | | | | 19,586 | |
Other revenues, net | | 263 | | | | 54 | | | | 227 | | | | 544 | |
Total revenues | | 31,395 | | | | 7,784 | | | | 20,321 | | | | 59,500 | |
Operating expenses: | | | | | | | | | | | |
Fuel costs | | 17,373 | | | | 4,578 | | | | 11,814 | | | | 33,765 | |
Merchandise costs | | 6,505 | | | | 1,651 | | | | 4,873 | | | | 13,029 | |
Site operating expenses | | 4,603 | | | | 922 | | | | 3,058 | | | | 8,583 | |
Total operating expenses | | 28,481 | | | | 7,151 | | | | 19,745 | | | | 55,377 | |
Operating income | | 2,914 | | | | 633 | | | | 576 | | | | 4,123 | |
Intercompany charges by GPMP 4 | | 294 | | | | 79 | | | | 193 | | | | 566 | |
Operating income, as adjusted | $ | 3,208 | | $ | | 712 | | | $ | 769 | | | $ | 4,689 | |
Fuel gallons sold | | 5,872 | | | | 1,587 | | | | 3,857 | | | | 11,316 | |
Fuel contribution 5 | $ | 3,849 | | $ | | 587 | | | $ | 1,735 | | | $ | 6,171 | |
Merchandise contribution 6 | $ | 3,699 | | $ | | 993 | | | $ | 1,865 | | | $ | 6,557 | |
Merchandise margin 7 | | 36.3% | | | | 37.6% | | | | 27.7% | | | | |
| For the Six Months Ended June 30, 2024 | |
| Uncle's (WTG) 1 | | | Speedy's 2 | | | SpeedyQ 3 | | | Total | |
| (in thousands) | |
Date of Acquisition: | Jun 6, 2023 | | | Aug 15, 2023 | | | Apr 9, 2024 | | | | |
Revenues: | | | | | | | | | | | |
Fuel revenue | $ | 40,697 | | $ | | 9,354 | | | $ | 13,356 | | | $ | 63,407 | |
Merchandise revenue | | 19,351 | | | | 4,909 | | | | 6,738 | | | | 30,998 | |
Other revenues, net | | 491 | | | | 106 | | | | 227 | | | | 824 | |
Total revenues | | 60,539 | | | | 14,369 | | | | 20,321 | | | | 95,229 | |
Operating expenses: | | | | | | | | | | | |
Fuel costs | | 34,437 | | | | 8,473 | | | | 11,814 | | | | 54,724 | |
Merchandise costs | | 12,378 | | | | 3,093 | | | | 4,873 | | | | 20,344 | |
Store operating expenses | | 9,293 | | | | 2,112 | | | | 3,058 | | | | 14,463 | |
Total operating expenses | | 56,108 | | | | 13,678 | | | | 19,745 | | | | 89,531 | |
Operating income | $ | 4,431 | | $ | | 691 | | | $ | 576 | | | $ | 5,698 | |
Intercompany charges by GPMP 4 | | 585 | | | | 150 | | | | 193 | | | | 928 | |
Operating income, as adjusted | $ | 5,016 | | $ | | 841 | | | $ | 769 | | | $ | 6,626 | |
Fuel gallons sold | | 11,693 | | | | 3,003 | | | | 3,857 | | | | 18,553 | |
Fuel contribution 5 | $ | 6,845 | | $ | | 1,031 | | | $ | 1,735 | | | $ | 9,611 | |
Merchandise contribution 6 | $ | 6,973 | | $ | | 1,816 | | | $ | 1,865 | | | $ | 10,654 | |
Merchandise margin 7 | | 36.0% | | | | 37.0% | | | | 27.7% | | | | |
| | | | | | | | | | | |
1 Acquisition from WTG Fuels Holdings, LLC ("WTG"); includes only the retail stores acquired in the WTG acquisition. | |
| | | | | | | | | | | |
2 Acquisition of seven Speedy's retail stores. | |
| | | | | | | | | | | |
3 Acquisition of 21 SpeedyQ retail stores. | |
| | | | | | | | | | | |
4 Represents the estimated fixed margin paid to GPMP for the cost of fuel. | |
| | | | | | | | | | | |
5 Calculated as fuel revenue less fuel costs; excludes the estimated fixed margin paid to GPMP for the cost of fuel. | |
| | | | | | | | | | | |
6 Calculated as merchandise revenue less merchandise costs. | |
| | | | | | | | | | | |
7 Calculated as merchandise contribution divided by merchandise revenue. | |
Wholesale Segment
| For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (in thousands) | |
Revenues: | | | | | | | | | | | |
Fuel revenue | $ | 762,693 | | | $ | 811,139 | | | $ | 1,427,207 | | | $ | 1,495,987 | |
Other revenues, net | | 6,850 | | | | 6,110 | | | | 13,708 | | | | 12,601 | |
Total revenues | | 769,543 | | | | 817,249 | | | | 1,440,915 | | | | 1,508,588 | |
Operating expenses: | | | | | | | | | | | |
Fuel costs | | 750,846 | | | | 800,286 | | | | 1,405,959 | | | | 1,474,977 | |
Site operating expenses | | 9,566 | | | | 10,196 | | | | 18,865 | | | | 19,294 | |
Total operating expenses | | 760,412 | | | | 810,482 | | | | 1,424,824 | | | | 1,494,271 | |
Operating income | | 9,131 | | | $ | 6,767 | | | $ | 16,091 | | | $ | 14,317 | |
Intercompany charges by GPMP 1 | | 12,139 | | | | 12,931 | | | | 23,468 | | | | 23,969 | |
Operating income, as adjusted | $ | 21,270 | | | $ | 19,698 | | $ | | 39,559 | | | $ | 38,286 | |
| | | | | | | | | | | |
1 Represents the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel. | |
The table below shows financial information and certain key metrics of recent acquisitions in the Wholesale Segment that have only partial comparable information for prior periods.
| For the Three Months Ended June 30, 2024 | | | For the Six Months Ended June 30, 2024 | |
| WTG 1 | |
| (in thousands) | |
Date of Acquisition: | Jun 6, 2023 | |
Revenues: | | | | | |
Fuel revenue | $ | 2,882 | | | $ | 5,966 | |
Other revenues, net | | 14 | | | | 29 | |
Total revenues | | 2,896 | | | | 5,995 | |
Operating expenses: | | | | | |
Fuel costs | | 2,741 | | | | 5,700 | |
Site operating expenses | | 68 | | | | 136 | |
Total operating expenses | | 2,809 | | | | 5,836 | |
Operating income | | 87 | | | | 159 | |
Intercompany charges by GPMP 2 | | 40 | | | | 84 | |
Operating income, as adjusted | $ | 127 | | | $ | 243 | |
Fuel gallons sold | | 811 | | | | 1,682 | |
| | | | | |
1 Includes only the wholesale business acquired in the WTG acquisition. | |
| | | | | |
2 Represents the estimated fixed margin paid to GPMP for the cost of fuel. | |
Fleet Fueling Segment
| For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (in thousands) | |
Revenues: | | | | | | | | | | | |
Fuel revenue | $ | 140,140 | | | $ | 121,146 | | | $ | 272,333 | | | $ | 248,640 | |
Other revenues, net | | 2,284 | | | | 1,676 | | | | 4,669 | | | | 2,627 | |
Total revenues | | 142,424 | | | | 122,822 | | | | 277,002 | | | | 251,267 | |
Operating expenses: | | | | | | | | | | | |
Fuel costs | | 124,149 | | | | 108,435 | | | | 244,207 | | | | 223,666 | |
Site operating expenses | | 6,442 | | | | 5,043 | | | | 12,985 | | | | 9,833 | |
Total operating expenses | | 130,591 | | | | 113,478 | | | | 257,192 | | | | 233,499 | |
Operating income | | 11,833 | | | | 9,344 | | | | 19,810 | | | | 17,768 | |
Intercompany charges by GPMP 1 | | 1,869 | | | | 1,673 | | | | 3,650 | | | | 3,245 | |
Operating income, as adjusted | $ | 13,702 | | | $ | 11,017 | | $ | | 23,460 | | | $ | 21,013 | |
| | | | | | | | | | | |
1 Represents the estimated fixed fee paid to GPMP for the cost of fuel. | |
The table below shows financial information and certain key metrics of recent acquisitions in the Fleet Fueling Segment that have only partial comparable information for the prior periods.
| For the Three Months Ended June 30, 2024 | | | For the Six Months Ended June 30, 2024 | |
| WTG 1 | |
| (in thousands) | |
Date of Acquisition: | Jun 6, 2023 | |
Revenues: | | | | | |
Fuel revenue | $ | 18,535 | | | $ | 34,770 | |
Other revenues, net | | 1,028 | | | | 2,198 | |
Total revenues | | 19,563 | | | | 36,968 | |
Operating expenses: | | | | | |
Fuel costs | | 16,065 | | | | 30,803 | |
Site operating expenses | | 1,152 | | | | 2,263 | |
Total operating expenses | | 17,217 | | | | 33,066 | |
Operating income | | 2,346 | | | | 3,902 | |
Intercompany charges by GPMP 2 | | 250 | | | | 482 | |
Operating income, as adjusted | $ | 2,596 | | | $ | 4,384 | |
Fuel gallons sold | | 5,177 | | | | 9,733 | |
| | | | | |
1 Includes only the fleet fueling business acquired in the WTG acquisition. | |
| | | | | |
2 Represents the estimated fixed fee paid to GPMP for the cost of fuel. | |
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240808/0-432b2ced94a041cce6de85cc04872911-0-307df39a09124650e968e3ff72ffc021.jpg/big)
Source: ARKO CORP.
Released August 6, 2024
ARKO公司公佈2024年第二季度業績。
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8月6日,2024年,下午4點05分EDT
2024年8月6日下午4:05 EDt,維吉尼亞州里士滿,2024財年第二季度財務報告在全球新聞廣播網(GLOBE NEWSWIRE)上發佈。ARKO公司(Nasdaq:ARKO)(「ARKO」或「公司」)是財富500強企業和美國最大的便利店運營商之一,今天宣佈了截至2024年6月30日的第二季度財務業績。
2024年第二季度要點摘要(與上年同期相比)1,2
- 本季度淨利潤爲1410萬元,而去年同期爲1450萬元。最近的收購和較高的燃油利潤部分抵消了加侖需求的持續下降和較低的同店商品銷售貢獻。
- 本季度調整後的EBITDA爲8380萬元,去年同期爲8620萬元,高於公司此前發佈的7000萬至7700萬元的預期,這是由於每加侖零售燃油利潤增加所推動的。
- 商品營業收入減少了2.1%至47420萬元,最近的收購的商品銷售增量抵消了同店商品銷售的中單位數下降。
- 商品銷售利潤率擴大了約90個點子至32.8%,得到關鍵營銷和銷售方面的支持;
- 商品銷售貢獻增加0.7%至15580萬元;
- 零售燃料貢獻增加了1.2%至11800萬元,部分原因是最近的收購部分抵消了同店燃油的加侖下降。
- 零售燃油利潤每加侖增加到41.6美分,而同店燃油加侖銷售量下降了6.6%,與全國OPIS同站燃油加侖銷售量下降約4.2%相比;
________________________
請參見下面的非GAAP措施。
所有燃料貢獻和燃料利潤每加侖的數字均不包括支付給公司的批發燃料分配子公司GPm Petroleum LP(「GPMP」)的估計固定利潤或固定費用的內部公司費用。
其他主要亮點
- 作爲ARKO加速有機增長戰略的一部分,公司將繼續制定其爲期數年的轉型計劃,該計劃預計包括以下要素:
- 將針對零售店的某些戰略子領域進行更有針對性的資本分配,以促進流量增長和盈利能力的提高。公司計劃根據目前正在開發的試點計劃分配資金,該計劃旨在提高客戶體驗和價值主張,可能包括更廣泛的精細提供服務,特別是食品以及增強的店內體驗。當前,試點將關注一個地區內的七個商店,公司目標是在公司的零售網絡中擴大此計劃的範圍。公司預計將在2024年第四季度開始在試點商店中實施新設計。
- 在公司的零售店中更加註重定價和採購戰略,以支持商品銷售利潤率持續增長;
- 通過更積極地將公司的多段營運模式轉化爲公司零售部門內的經銷商站點,從而利用公司的獨特優勢。在公司審核了其零售店鋪的組合後,確定了許多零售店鋪可用於潛在轉換,預計轉換後可獲得更高的盈利能力。到2024年第三季度結束時,公司預計已將約40家零售店鋪轉換爲經銷商站點,其中少數已於2024年第二季度結束時進行轉換。
有關公司爲期數年的轉型計劃的其他細節將在2024年第四季度安排的公司投資者日上提供。將在稍後的日期共享詳細信息。
- 公司持續推出加強的食品項目,包括以Nathan’s Famous爲其100%所有物的高品質熱狗和滾筒炸鍋項目爲核心的重新推出計劃,已擴展到超過460家零售店;
- 董事會宣佈每股普通股股息爲0.03美元,將於2024年8月30日支付給截至2024年8月19日持股的股東。
「本季度我們繼續與客戶共同應對具有挑戰性的宏觀經濟環境,」ARKO的董事長、總裁兼首席執行官Arie Kotler表示,「我們繼續看到消費者面臨通貨膨脹和日常商品高價的壓力,尤其是在有大量低收入消費者的市場。雖然這對我們的零售銷售產生了負面影響,但我們的團隊努力控制同店銷售費用並利用我們與強大供應商合作關係,提供所需的價值給我們的客戶。當與較高的燃料毛利結合起來,我們超出了第二季度的調整後利息、稅項、折舊及攤銷前利潤及折舊前利潤指引。」
Kotler先生繼續說道:「我們致力於強有力的執行、增強客戶價值以及提高店鋪經濟效益,這仍然是我們的首要任務。我們已經做好了充分準備,應對近期的宏觀風險,並且我們仍然相信ARKO的長期機會。我們預計持續改進我們的運營將引導我們應對當前環境,同時還爲我們的多年轉型計劃奠定基礎。」
2024年第二季度業務亮點
零售
| 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (以千爲單位) | |
燃油加侖出售 | | 283,481 | | | | 293,584 | | | | 538,945 | | | | 542,490 | |
同店銷售的燃料加侖數下降(%)1 | | (6.6%) | | | | (2.6%) | | | | (6.6%) | | | | (4.2%) | |
燃油貢獻值2 | $ | 117,981 | | | $ | 116,624 | | | $ | 210,914 | | | $ | 204,720 | |
每加侖燃油的毛利,以美分計3 | | 41.6 | | | | 39.7 | | | | 39.1 | | | | 37.7 | |
同店銷售的燃油貢獻值1,2 | $ | 111,433 | | | $ | 114,746 | | | $ | 193,481 | | | $ | 199,578 | |
同店零售商品銷售額(下降)增加(%)1 增加(%) 1 | | (5.1%) | | | | 0.7% | | | | (4.6%) | | | | 2.1% | |
同店零售商品銷售額,不含香菸(下降)增加(%)1 香菸(減少)增加(%) 1 | | (4.0%) | | | | 3.8% | | | | (3.5%) | | | | 5.6% | |
營業收入 | $ | 474,248 | | | $ | 484,561 | | | $ | 888,903 | | | $ | 884,849 | |
商品貢獻4 | $ | 155,759 | | | $ | 154,658 | | | $ | 290,677 | | | $ | 277,623 | |
商品利潤率5 | | 32.8% | | | | 31.9% | | | | 32.7% | | | | 31.4% | |
同店商品貢獻1,4 | $ | 148,093 | | | $ | 152,256 | | | $ | 266,769 | | | $ | 270,070 | |
同店站點營業費用1 | $ | 192,258 | | | $ | 193,185 | | | $ | 364,877 | | | $ | 360,297 | |
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1 同店是便利店行業常用的指標。我們認爲,自上一年度第一季度以來,店鋪已經進行了整整一季度的活動,「同店」即開始了。請參閱下文的非普通會計原則措施討論。 | |
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2 計算方法爲燃料收入減去燃料成本;不包括支付給GPMP的估計固定利潤或固定費用。 | |
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計算爲燃料貢獻除以燃油加侖。 | |
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計算爲商品收入減去商品成本。 | |
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計算爲商品貢獻除以商品收入。 | |
2024年第二季度的總商品貢獻增加了110萬美元,同比增長0.7%,主要是由於最近收購的商品貢獻增加了560萬美元,部分抵消了同店商品貢獻的下降。同店商品貢獻的下降主要是由於某些核心目的地類別的貢獻減少,以及香菸貢獻的下降。
2024年第二季度的商品利潤率提高了90個點子,達到32.8%,得益於重點營銷和商品策略。
2024年第二季度的零售燃料貢獻增加了140萬美元,達到1.18億美元,較去年同期增長1.9美分/加侖的41.6美分/加侖,最近收購的燃料貢獻約爲500萬美元,部分抵消了同店燃料貢獻的下降。
批發
| 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (以千爲單位) | |
燃料加侖數-燃料供應點 | | 203,561 | | | | 213,136 | | | | 390,292 | | | | 395,563 | |
燃料加侖數-寄售代理位置 | | 39,338 | | | | 44,534 | | | | 76,842 | | | | 82,496 | |
燃料貢獻1-燃料供應點 | $ | 12,287 | | | $ | 12,518 | | | $ | 23,849 | | $ | | 23,674 | |
燃料貢獻1-寄售位置 | $ | 11,699 | | | $ | 11,266 | | | $ | 20,867 | | $ | | 21,305 | |
燃料利潤,每加侖2-燃料供應點 | | 6.0 | | | | 5.9 | | | | 6.1 | | | | 6.0 | |
燃料利潤,每加侖2-寄售代理位置 | | 29.7 | | | | 25.3 | | | | 27.2 | | | | 25.8 | |
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計算爲燃料收入減去燃料成本;不包括支付給GPMP的估計固定利潤或固定費用。 | |
| | | | | | | | | | | |
燃料貢獻除以售出的燃油加侖數計算。 | |
在批發方面,2024年第二季度的總燃料貢獻約爲2400萬美元。 燃料貢獻在2024年和2023年的第二季度相似。 其他收入淨額由於供應商折扣而增加了約70萬美元。2024年第二季度,站點營運費用比去年同期減少了60萬美元,主要是由於更低的信用卡費用。
承運車隊加油
| 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (以千爲單位) | |
專營卡鎖車站售出的燃油加侖數 | | 35,678 | | | | 32,417 | | | | 69,127 | | | | 63,433 | |
第三方卡鎖車站售出的燃油加侖數 | | 3,271 | | | | 2,036 | | | | 6,470 | | | | 3,646 | |
燃油貢獻1 - 專營卡鎖車站 | $ | 17,529 | | | $ | 14,229 | | | $ | 31,198 | | $ | | 28,042 | |
燃油貢獻1 - 第三方卡鎖車站 | $ | 331 | | | $ | 155 | | | $ | 578 | | $ | | 177 | |
專營卡鎖車站的燃油毛利潤,每加侖2美分 地點 | | 自由現金流-非常規調整後(11.0)億美元 | | | | 43.9 | | | | 45.1 | | | | 44.2 | |
第三方卡鎖車站的燃油毛利潤,每加侖2美分 地點 | | 10.1 | | | | 7.7美元 | | | | 8.9 | | | | 4.9 | |
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燃油收入減去燃料成本計算;不包括支付給GPMP的燃料成本的預估固定費用。 | |
| | | | | | | | | | | |
燃料貢獻除以售出的燃油加侖數計算。 | |
第二季度燃料貢獻約爲1790萬美元,同比增長24.2%。專營卡鎖車站的燃油毛利潤比2023年第二季度增加了5.2美分每加侖。相比2023年第二季度,第三方卡鎖車站的燃油毛利潤在第二季度增加了2.4美分每加侖。這些變化主要是由於銷售量增加和WTG收購的卡鎖車站。
站點營業費用
截至2024年6月30日的本季度,便利店運營費用增加了480萬美元,同比增長2.4%,主要是由於最近收購的740萬美元的額外費用。同店維持費用從去年同期下降了90萬美元,即下降了0.5%,主要涉及人員費用減少和信用卡費用減少。站點運營費用的增加部分被關閉或轉換爲經銷商的低效零售店所抵消。
流動性和資本支出
截至2024年6月30日,公司的總流動資金約爲80600萬美元,包括約23200萬美元的現金及現金等價物和約57400萬美元的可用信貸額度。未償還債務爲89000萬美元,因此,淨債務(不包括租賃相關融資負債)約爲65800萬美元。本季度的資本支出約爲1930萬美元。
季度股息和股票回購計劃
公司通過其現金股息計劃和股票回購計劃向其股東返還現金的能力,與其資本配置框架一致,反映了公司對其現金產生能力和強大的財務狀況的信心。
董事會宣佈每股普通股股息爲0.03美元,將於2024年8月30日支付給截至2024年8月19日持股的股東。
在第二季度,董事會批准將公司股份回購計劃擴大至1.25億美元,高於1億美元。截至2024年6月30日,股份回購計劃剩餘約2570萬美元。
公司營運的零售店數量和部門更新
下表呈現了有關零售、批發和車隊加油部門變化情況的部分信息:
| 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
零售業務 | 2024 | | | 2023 | | | 2024 | | | 2023 | |
期初站點數 | | 1,540 | | | | 1,531 | | | | 1,543 | | | | 1,404 | |
已收購的站點 | | 21 | | | | 24 | | | | 21 | | | | 159 | |
新開或重新開業的站點 | | — | | | | 2 | | | | 1 | | | | 3 | |
公司控制的站點被轉換爲 | | | | | | | | | | | |
委託銷售或燃料供應地點,淨增數量 | | (2) | | | | (6) | | | | (2) | | | | (11) | |
關閉、轉移或處置的站點 | | (11) | | | | (4) | | | | (15) | | | | (8) | |
期末站點數 | | 所有板塊 | | | | 1,547 | | | | 所有板塊 | | | | 1,547 | |
| 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
批發部門 1 | 2024 | | | 2023 | | | 2024 | | | 2023 | |
期初站點數 | | 1,816 | | | | 1,841 | | | | 1,825 | | | | 1,674 | |
已收購的站點 | | — | | | | 9 | | | | — | | | | 190 | |
新開或重新開業的站點 2 | | 11 | | | | 17 | | | | 20 | | | | 24 | |
由公司控制或車隊加油站轉換而來的委託銷售或燃料供應地點,淨增數量 | | | | | | | | | | | |
關閉、搬遷或剝離的站點 | | 2 | | | | 6 | | | | 2 | | | | 11 | |
關閉、轉移或處置的站點 | | (35) | | | | (49) | | | | (53) | | | | (75) | |
期末站點數 | | 1,794 | | | | 1,824 | | | | 1,794 | | | | 1,824 | |
| | | | | | | | | | | |
1 不包括散貨和現貨採購商。 | |
2 包括所有簽訂的燃料供應協議,不考慮燃料分配開始日期。 | |
| 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
車隊加油業務部 | 2024 | | | 2023 | | | 2024 | | | 2023 | |
期初站點數 | | 296 | | | | 183 | | | | 298 | | | | 183 | |
已收購的站點 | | — | | | | 111 | | | | - | | | | 111 | |
關閉、轉移或處置的站點 | | (2) | | | | (1) | | | | (4) | | | | (1) | |
期末站點數 | | 294 | | | | 293 | | | | 294 | | | | 293 | |
非GAAP定義的變化;2024年第三季度和全年指引
從2024年第三季度開始,公司對其調整後的EBITDA定義進行了一些變更,影響了該計量標準與之前的週期可比性。具體地,公司不再在調整後的EBITDA的計算中包含非現金租金費用調整。因此,公司2024年第三季度調整後的EBITDA和2024年全年調整後的EBITDA指引反映了公司更新後的EBITDA定義。請參見下方的「非GAAP財務信息補充披露」以了解2024年第三季度之前的定義調整,以便讓所有呈現週期與新定義進行對比。
公司目前預計2024年第三季度的調整後EBITDA利潤,使用修訂後的計算方法,將在7000萬美元和8600萬美元之間,平均零售燃油毛利區間爲每加侖38到44美分,已包括大約350萬美元的非現金租金支出。
公司目前預計2024年全年的調整後EBITDA利潤,使用修訂後的計算方法,將在23500萬美元和27500萬美元之間,已包括大約1500萬美元的非現金租金支出。這個指南直接轉化爲公司維持其歷史計算方法下的全年EBITDA範圍爲25000萬美元至29000萬美元。公司全年EBITDA範圍假設零售平均燃油毛利區間爲每加侖37至45美分的後半年。
公司目前不提供淨收益指引,因爲某些必需的輸入存在波動,而這些輸入在沒有不合理努力的情況下不可用,包括與股票價格相關的未來公允價值調整,以及與其資本配置相關的折舊和攤銷,作爲加速有機增長重點的一部分。
電話會議和網絡直播細節
公司將於東部時間下午5:00舉行電話會議討論這些結果。有興趣參加現場電話的投資者和分析師可以撥打800-245-3047或203-518-9765。
同時,公司網站的投資者關係部分也將提供直播網絡研討會。網絡研討會將存檔30天。
ARKO Corp. (納斯達克:ARKO) 是一家Fortune 500公司,全資擁有GPM Investments,LLC,是美國便利店和燃油批發商中最大的運營商之一。總部位於弗吉尼亞州里士滿市,我們極具辨識度的社區品牌系列提供美味的預製食品、啤酒、零食、糖果、冷熱飲料和多個受歡迎的快餐品牌。我們的高價值fas REWARDS忠誠計劃可以爲商品和汽油提供獨家優惠。我們分爲四個報告段:零售,包括向零售客戶銷售商品和燃油產品的便利店;批發,向獨立經銷商和寄售代理商提供燃料;GPM石化公司向我們的零售和批發站點銷售和供應燃料,並向我們的車隊加油站收取固定費用;車隊加油站,包括使用專有和第三方卡鎖位置和發行專有加油卡,爲客戶提供訪問遍佈全國的加油站網絡。要了解有關GPM店鋪的更多信息,請訪問:。要了解更多有關ARKO的信息,請訪問:
ARKO股份有限公司(Nasdaq:ARKO)是一家財富500強公司,擁有GPm Investments, LLC的100%,並且是美國最大的便利店和燃料批發商之一。總部位於弗吉尼亞州里士滿,我們經營一個社區品牌家族,提供美味的現制食品、啤酒、小吃、糖果、熱和冷飲料以及多個受歡迎的快餐品牌。我們高價值的fas REWARDS會員計劃爲商品和汽油提供獨家折扣。我們分爲四個報告板塊:零售部門,包括向零售客戶銷售商品和燃料產品的便利店;批發部門,向獨立經銷商和寄售代理商提供燃料;GPm石油部門,向我們的零售和批發站點銷售和供應燃料,並收取固定費用,主要用於我們的車隊燃料加註站;以及車隊燃料部門,包括專有和第三方卡鎖定位置的運營,併發行提供客戶訪問全國燃料站網絡的專有燃料卡。要了解有關GPm商店的更多信息,請訪問: 了解更多關於ARKO的信息,請訪問: 。
前瞻性聲明
這份文件包括某些"前瞻性陳述",這些前瞻性陳述可能涉及公司預期的財務和營運結果以及相關的假設。這些前瞻性陳述的特徵在於使用"預計"、"瞄準"、"認爲"、"繼續"、"能夠"、"估計"、"期望"、"指導"、"打算"、"可能"、"可能"、"計劃"、"可能的"、"潛在的"、"預測"、"項目"、"應該"、"將"和這些術語的否定形式,以及對未來時期的類似參照。這些聲明基於管理層目前的預期,並且可能因不確定性和變化的情況而有所不同。由於經濟、商業和市場環境的變化;公司維持其普通股和認股權證在納斯達克股票市場上的上市交易能力;公司的戰略、未來經營、財務狀況、估計的收入和損失、預計的成本、前景和計劃;擴張計劃和機會;它所競爭的市場的變化;適用法律或法規的變化,包括與環境有關的法律或法規;市場條件和全球和經濟因素超出其控制範圍;以及任何已知或未知訴訟和監管訴訟的結果,實際結果可能因而有所不同。有關這些因素和其他重要因素的詳細信息可在該公司向證券交易委員會提交的文件中找到,例如10-K表、10-Q表和8-K表。
使用非通用會計準則衡量指標
公司以「同店比」進行披露某些措施,這是一種非GAAP措施。在「同店比」上披露的信息排除了適用期間非「同店比」店鋪的結果。從上一年的首個季度開始,將店鋪視爲「同店鋪」。公司認爲,這一信息可更好地反映其持續經營績效的可比性。不應將這些措施或下面描述的那些措施視爲美國通用會計準則(「GAAP」)報告的衡量標準的替代品。
公司將EBITDA定義爲淨收入減去淨利息費用、所得稅、折舊和攤銷費用。調整後的EBITDA通過排除處置資產的收益或損失、資產減值損失、收購成本、按股份計算的補償費用、其他非現金項目以及其他非常規或非經常性費用來進一步調整EBITDA。經營收入、調整後的EBITDA和EBITDA是一種非GAAP財務衡量指標。
在板塊的層面上,公司將經營收入視爲經調整的經營收入,該收入不包括爲成本支付的GPMP的估計定價或固定費用。
公司在運營和財務決策中使用EBITDA和調整後的EBITDA,並認爲這些措施在評估其性能時很有用,因爲它們消除了一些不被視爲其經營性能指標的項目。此外,公司認爲,調整後的經營收入通過消除板塊層面上的公司間收費,提供更好的可比性,反映了其不斷進展的績效。很多投資者、證券分析師和其他感興趣的方面在跨報告時期評估公司的經營和財務績效,使用EBITDA和調整後的EBITDA。公司認爲,EBITDA和調整後的EBITDA的呈現爲投資者提供了有用的信息,因爲它們允許了解其用於內部運營決策、預算編制、評估收購目標和評估其經營績效的關鍵措施。經營收入、調整後的EBITDA和EBITDA不是GAAP認可的術語,不應將其視爲淨收入或按照GAAP呈現的任何其他財務指標的替代品。這些措施作爲分析工具具有侷限性,不應孤立地或作爲分析公司根據GAAP呈現的結果的替代品進行考慮。公司強烈建議投資者全面審查其財務報表和公開披露的報告,而不是僅僅依賴任何單一的財務措施。
經調整的經營收入、EBITDA和調整後的EBITDA不是GAAP認可的術語,不應將其視爲淨收入或按照GAAP呈現的任何其他財務指標的替代品。這些措施具有分析工具的限制,不應孤立地或作爲分析公司根據GAAP呈現的結果的替代品進行考慮。公司強烈建議投資者全面審查其財務報表和公開披露的報告,而不是僅僅依賴任何單一的財務措施。
由於非GAAP財務措施不標準化,「同店比」措施、經調整的經營收入、EBITDA和調整後的EBITDA等被公司定義的措施可能與其他公司報告的同名措施無法進行比較。因此,不可能比較公司使用這些非GAAP財務措施與其他公司使用的情況。
非GAAP定義的變化
從2024年7月1日開始,公司對調整後的EBITDA進行了一些變更,影響了指標與之前時期的可比性。具體來說,公司將不再將非現金租金費用調整計入調整後的EBITDA計算中。因此,2024年第三季度和全年的調整後EBITDA指引反映了公司更新的調整後EBITDA定義。請參見下方的「非GAAP財務信息補充披露」以了解在2024年7月1日之前的定義與所有呈現期間的新定義進行逐一比較的調和。
公司聯繫方式
Jordan Mann
ARKO Corp.
investors@gpminvestments.com
投資者聯繫方式
Sean Mansouri,CFA
提高IR
(720) 330-2829
ARKO@elevate-ir.com
| | | |
| | 簡明的彙總操作表 | |
| | | | | | |
| | 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | (以千爲單位) | |
營收: | | | | | | | | | | | | |
燃料營業收入 | | $ | 1,887,531 | | $ | | 1,957,100 | | | $ | 3,518,863 | | $ | | 3,618,764 | |
營業收入 | | | 474,248 | | | | 484,561 | | | | 888,903 | | | | 884,849 | |
其他收益,淨額 | | | 26384 | | | | 27,480 | | | | 52,851 | | | | 53,904 | |
總收入 | | | 2,388,163 | | | | 2,469,141 | | | | 4,460,617 | | | | 4,557,517 | |
營業費用: | | | | | | | | | | | | |
步驟#1:評估信用評分 | | | 1,726,761 | | | | 1,801,103 | | | | 3,229,063 | | | | 3,338,985 | |
商品成本 | | | 318,489 | | | | 329,903 | | | | 598,226 | | | | 607,226 | |
站點營業費用 | | | 223,691 | | | | 218,002 | | | | 442,622 | | | | 410,685 | |
一般及管理費用 | | | 42,436 | | | | 42,660 | | | | 84,594 | | | | 83,076 | |
折舊和攤銷 | | | 33,577 | | | | 32,837 | | | | 65,293 | | | | 61,236 | |
營業費用總計 | | | 2,344,954 | | | | 2,424,505 | | | | 4,419,798 | | | | 4,501,208 | |
其他費用, 淨額 | | | 261 | | | | 4,956 | | | | 2,737 | | | | 7,676 | |
營業利潤 | | | 42,948 | | | | 39,680 | | | | 38,082 | | | | 48,633 | |
利息及其他金融收益 | | | 3,384 | | | | 2,428 | | | | 25,297 | | | | 9,630 | |
利息和其他金融費用 | | | (24,751) | | | | (22,588) | | | | (49,121) | | | | (43,392) | |
稅前收入 | | | 21,581 | | | | 19,520 | | | | 14,258 | | | | 14,871 | |
所得稅費用 | | | (7,546) | | | | (5,014) | | | | (839) | | | | (2,856) | |
權益投資收益(損失) | | | 28 | | | | (27) | | | | 50 | | | | (63) | |
淨收入 | | $ | 14,063 | | $ | | 14,479 | | | $ | 13,469 | | $ | | 11,952 | |
淨利潤歸屬於非控制權益 | | | — | | | | 48 | | | | — | | | | 101 | |
淨利潤歸屬於ARKO Corp。 | | $ | 14,063 | | $ | | 14,431 | | | $ | 13,469 | | $ | | 11,851 | |
A系列可贖回優先股股息 | | | (1,445) | | | | (1,434) | | | | (2,859) | | | | (2,852) | |
淨利潤歸屬於普通股股東 | | $ | 12,618 | | $ | | 12,997 | | | $ | 10,610 | | $ | | 8,999 | |
每股普通股基本收益 | | $ | 0.11 | | | $ | 0.11 | | | $ | 0.09 | | | $ | 0.07 | |
每股普通股攤薄收益 | | $ | 0.11 | | | $ | 0.11 | | | $ | 0.09 | | | $ | 0.07 | |
加權平均股數: | | | | | | | | | | | | |
基本 | | | 115,758 | | | | 119,893 | | | | 116,512 | | | | 120,073 | |
攤薄 | | | 116,880 | | | | 121,280 | | | | 117,073 | | | | 120,767 | |
| | |
| 壓縮合並資產負債表 | |
| | | | | |
| 2024年6月30日 | | | 2023年12月31日 | |
| (以千爲單位) | |
資產 | | | | | |
流動資產: | | | | | |
現金及現金等價物 | $ | 231,647 | | | $ | 218,120 | |
受限現金 | | 19,392。 | | | | 23,301 | |
短期投資 | | 4,860 | | | | 3,892 | |
交易應收賬款淨額 | | 155,578 | | | | 134,735 | |
庫存 | | 251,142 | | | | 250,593 | |
其他資產 | | 107,145 | | | | 118,472 | |
總流動資產 | | 769,764 | | | | 749,113 | |
非流動資產: | | | | | |
資產和設備,淨值 | | 740,004 | | | | 742,610 | |
營運租賃下的使用權資產 | | 1,418,778 | | | | 1,384,693 | |
融資租賃下的使用權資產,淨值 | | 160,280 | | | | 162,668 | |
商譽 | | 299,972 | | | | 292,173 | |
無形資產, 淨額 | | 194,151 | | | | 214,552 | |
股權投資 | | 2,935 | | | | 2,885 | |
遞延稅款資產 | | 60,822 | | | | 52,293 | |
其他非流動資產 | | 限制股票單位達53163股。 | | | | 49,377 | |
總資產 | $ | 3,699,869 | | | $ | 3,650,364 | |
負債 | | | | | |
流動負債: | | | | | |
1,993 | $ | 18,184 | | | $ | 16,792 | |
應付賬款 | | 239,169 | | | | 213,657 | |
其他流動負債 | | 151,434 | | | | 179,536 | |
經營租賃,短期部分 | | 68,725 | | | | 67,053 | |
融資租賃,短期部分 | | 10,856 | | | | 9,186 | |
流動負債合計 | | 488,368 | | | | 486,224 | |
非流動負債: | | | | | |
長期借款,淨 | | 871,678 | | | | 828,647 | |
資產退役義務 | | 86,872 | | | | 84,710 | |
經營租賃 | | 1,434,238 | | | | 1,395,032 | |
融資租賃 | | 211,760 | | | | 213,032 | |
其他非流動負債 | | 233,852 | | | | 266,602 | |
負債合計 | | 3,326,768 | | | | 3,274,247 | |
| | | | | |
A股可贖回優先股 | | 100,000 | | | | 100,000 | |
| | | | | |
股東權益: | | | | | |
普通股 | | 12 | | | | 12 | |
自家保管的股票 | | 交易應收帳款的減少(增加) | | | | (74,134) | |
額外實收資本 | | 270,455 | | | | 245,007 | |
累計其他綜合收益 | | 9,119 | | | | 9,119 | |
保留盈餘 | | 99,638 | | | | 784,926 | |
股東權益合計 | | 273,101 | | | | 276,101 | |
非控制權益 | | — | | | | 16 | |
股東權益總計 | | 273,101 | | | | 276117
| |
總負債、可贖回優先股和股權 | $ | 3,699,869 | | | $ | 3,650,364 | |
| | | |
| | 簡明的綜合現金流量表 | |
| | | | | | | | | | | | |
| | 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | (以千爲單位) | |
經營活動現金流量: | | | | | | | | | | | | |
淨收入 | | $ | 14,063 | | | $ | 14,479 | | | $ | 13,469 | | | $ | 11,952 | |
調整淨利潤以計入經營活動現金流量: | | | | | | | | | | | | |
折舊和攤銷 | | | 33,577 | | | | 32,837 | | | | 65,293 | | | | 61,236 | |
延遲所得稅 | | | 4,146 | | | | (3,885) | | | | (5,929) | | | | (14,115) | |
資產處置損失和資產減值損失 | | | 721 | | | | 2,991 | | | | 3,385 | | | | 3,278 | |
外幣損失 | | | 30 | | | | 24 | | | | 57 | | | | 58 | |
因業務收購作爲遞延對價發行股份取得的收益 | | | — | | | | — | | | | (2,681) | | | | — | |
因業務收購結算取得的收益 | | | — | | | | — | | | | (6,356) | | | | — | |
延期融資成本和貼現債務攤銷 | | | 668 | | | | 621 | | | | 1,332 | | | | 1,213 | |
遞延收益的攤銷 | | | (4,423) | | | | (2,069) | | | | (6,369) | | | | (3,929) | |
資產退休責任的累積 | | | 627 | | | | 627 | | | | 1,243 | | | | 1,118 | |
非現金租金 | | | 3,687 | | | | 3,760 | | | | 7,171 | | | | 6,558 | |
爲信貸損失撥備進行的計提費用 | | | 314 | | | | 290 | | | | 641 | | | | 573 | |
權益投資的淨收益(損失) | | | (28) | | | | 27 | | | | (50) | | | | 63 | |
股權酬金 | | | Streamline和Glidelogic Corp.擁有同一最終控制人-馬大鵬先生和薛一天先生。雖然他們在Streamline擁有多數股權,但他們共同擁有Star Success Business, LLC的100%股份,該公司擁有Glidelogic公司75%的權益。 | | | | 4,555 | | | | 6,113 | | | | 8,624 | |
金融資產和負債的公允價值變動 | | | (1,434) | | | | (1,020) | | | | (12,206) | | | | (5,248) | |
其他經營活動,淨額 | | | 62 | | | | 647 | | | | 686 | | | | 976 | |
資產和負債變動: | | | | | | | | | | | | |
購買無形資產 | | | 2,820 | | | | (6,991) | | | | (21,484) | | | | (18,173) | |
存貨的減少(增加) | | | 2,584 | | | | (5,363) | | | | 2,772 | | | | (8,208) | |
其他資產減少(增加) | | | 748 | | | | (14,510) | | | | 5,843 | | | | (10,965) | |
應付賬款的增加 | | | 5,130 | | | | 8,640 | | | | 26,477 | | | | 14,580 | |
其他流動負債減少 | | | (1,772) | | | | (7,524) | | | | (5,924) | | | | (7,651) | |
資產養老義務的(減少)增加 | | | (65) | | | | (21) | | | | (120) | | | | 46 | |
非流動負債增加 | | | 12,980 | | | | 1,988 | | | | 16,611 | | | | 4,000 | |
經營活動產生的現金流量淨額 | | | 77,219 | | | | 30,103 | | | | 89,974 | | | | 45,986 | |
投資活動現金流量: | | | | | | | | | | | | |
購置固定資產等資產支出 | | | (19,284) | | | | (26,658) | | | | (48,512) | | | | (50,038) | |
收購成本(b) | | | — | | | | (35) | | | | — | | | | (35) | |
出售固定資產的收益 | | | 48,256 | | | | 88,049 | | | | 50,295 | | | | 296,485 | |
業務收購,淨現金 | | | (53,458) | | | | (143,294) | | | | (54,458) | | | | (481,636) | |
權益投資貸款,淨額 | | | 14 | | | | — | | | | 28 | | | | — | |
投資活動產生的淨現金流出 | | | (24,472) | | | | (81,938) | | | | (52,647) | | | | (235,224) | |
籌集資金的現金流量: | | | | | | | | | | | | |
長期債務收款,淨額 | | | 5,968 | | | | 19,233 | | | | 47,556 | | | | 74,233 | |
償還債務 | | | (7,214) | | | | (4,919) | | | | (13,849) | | | | (10,511) | |
融資租賃的本金償還 | | | (1,171) | | | | (1,494) | | | | (2,306) | | | | (2,912) | |
與業務收購相關的遞延補償款提前結算 | | | — | | | | — | | | | (17,155) | | | | — | |
售後回租收益 | | | — | | | | 28,793 | | | | — | | | | 80,397 | |
支付阿瑞斯看跌期權 | | | — | | | | (9,808) | | | | — | | | | (9,808) | |
已回購普通股 | | | (68) | | | | (11,253) | | | | (31,989) | | | | (13,563) | |
普通股股息支付 | | | (3,473) | | | | (3,607) | | | | (7,069) | | | | (7,216) | |
贖回優先股支付的分紅派息 | | | (1,445) | | | | (1,434) | | | | (2,859) | | | | (2,852) | |
籌資活動的淨現金流量(使用)/提供的淨現金流量 | | | (7,403) | | | | 15,511 | | | | (27,671) | | | | 107,768 | |
現金及現金等價物和受限制的現金淨增(減)額 | | | 45,344 | | | | (36,324) | | | | 9,656 | | | | (81,470) | |
匯率對現金及現金等價物和受限現金的影響 | | | (19) | | | | — | | | | (38) | | | | (21) | |
現金及現金等價物和受限制的現金期初餘額 | | | 205,714 | | | | 271,602 | | | | 241,421 | | | | 316,769 | |
現金及現金等價物和受限制的現金期末餘額 | | $ | 251,039 | | | $ | 235,278 | | | $ | 251,039 | | | $ | 235,278 | |
補充透露的非GAAP財務信息
| | EBITDA和調整後的EBITDA的調和 | |
| | | | | | | | | | | | |
| | 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | (以千爲單位) | |
淨收入 | | $ | 14,063 | | | $ | 14,479 | | | $ | 13,469 | | | $ | 11,952 | |
利息和其他融資費用,淨額 | | | 21,367 | | | | 20,160 | | | | 23,824 | | | | 33,762 | |
所得稅費用 | | | 7,546 | | | | 5,014 | | | | 839 | | | | 2,856 | |
折舊和攤銷 | | | 33,577 | | | | 32,837 | | | | 65,293 | | | | 61,236 | |
EBITDA | | | 76,553 | | | | 72,490 | | | | 103,425 | | | | 109,806 | |
非現金租金支出(a) | | | 3,687 | | | | 3,760 | | | | 7,171 | | | | 6,558 | |
收購成本(億) | | | 1,510 | | | | 3,277 | | | | 2,190 | | | | 6,853 | |
資產處置和減值損失 (c) | | | 721 | | | | 2,991 | | | | 3,385 | | | | 3,278 | |
股權補償支出(d) | | | Streamline和Glidelogic Corp.擁有同一最終控制人-馬大鵬先生和薛一天先生。雖然他們在Streamline擁有多數股權,但他們共同擁有Star Success Business, LLC的100%股份,該公司擁有Glidelogic公司75%的權益。 | | | | 4,555 | | | | 6,113 | | | | 8,624 | |
股權投資的收益(損失)(e) | | | (28) | | | | 27 | | | | (50) | | | | 63 | |
應收燃油稅款 (f) | | | — | | | | — | | | | (565) | | | | — | |
待定考慮因素的調整量 (g) | | | (310) 826-5648 | | | | (922) | | | | (292) | | | | (1,624) | |
其他 (h) | | | (1,160) | | | | 64 | | | | (971) | | | | 168 | |
經過2024年6月30日定義的調整後的調整後的稅前收益 | | $ | 83,757 | | | $ | 86,242 | | | $ | 120,406 | | | $ | 133,726 | |
非現金租金支出(a) | | | (3,687) | | | | (3,760) | | | | (7,171) | | | | (6,558) | |
自2024年7月1日起開始定義的調整後的調整後的EBITDA | | $ | 80,070 | | | $ | 82,482 | | | $ | 113,235 | | | $ | 127,168 | |
| | | | | | | | | | | | |
(a)消除租賃費用的非現金部分,該部分反映了我們的GAAP租賃費用確認超過(或少於)我們的現金租賃支付的程度。GAAP租賃費用調整根據我們的租賃組合的條款而異。對於更新的租約,我們確認的租費支出通常超過了我們的現金租金支付,而對於更成熟的租約,確認的租費支出通常少於我們的現金租金支付。從2024年7月1日開始,這些費用將不再是調整Adjusted EBITDA定義的一部分。 | |
| | | | | | | | | | | | |
(b)消除直接歸因於營業收購及執行我們的收購策略和促進收購業務整合的員工薪酬的成本。 | |
| | | | | | | | | | | | |
(c)消除與出售固定資產和設備相關的非現金損失,出售相關租賃資產時確認的損失,以及與關閉和不良業績場所相關的固定資產和使用權資產的減值損失。 | |
| | | | | | | | | | | | |
(d)消除與旨在激勵、留住和激勵我們的員工、某些非員工和董事會成員的股權激勵計劃相關的非現金股份補償費用。 | |
| | | | | | | | | | | | |
(e)消除由於我們的非合併股權投資而導致的收益(虧損)。 | |
| | | | | | | | | | | | |
(f)消除多個先前時期燃油稅金額的收入。 | |
| | | | | | | | | | | | |
(g)消除應付給賣方的有條件收購對價的公允價值調整,該交易是2020年Empire收購中的對付擔保金。 | |
| | | | | | | | | | | | |
(h)消除我們不認爲在評估運營績效方面具有意義的其他不尋常或非經常性項目。 | |
分段信息的補充披露
零售業務
| 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (以千爲單位) | |
營收: | | | | | | | | | | | |
燃料營業收入 | $ | 976,372 | | $ | | 1,015,365 | | | $ | 1,800,800 | | $ | | 1,858,838 | |
營業收入 | | 474,248 | | | | 484,561 | | | | 888,903 | | | | 884,849 | |
其他收益,淨額 | | 16,735 | | | | 18,997 | | | | 33,414 | | | | 37,552 | |
總收入 | | 1,467,355 | | | | 1,518,923 | | | | 2,723,117 | | | | 2,781,239 | |
營業費用: | | | | | | | | | | | |
步驟#1:評估信用評分 | | 872,493 | | | | 913,437 | | | | 1,616,734 | | | | 1,681,245 | |
商品成本 | | 318,489 | | | | 329,903 | | | | 598,226 | | | | 607,226 | |
站點營業費用 | | 202,550 | | | | 197,726 | | | | 400,567 | | | | 373,280 | |
營業費用總計 | | 1,393,532 | | | | 1,441,066 | | | | 2,615,527 | | | | 2,661,751 | |
營業利潤 | | 73,823 | | | | 77,857 | | | | 107,590 | | | | 119,488 | |
GPMP 1的公司內部費用 | | 經調整的EBITDA及調整後的EBITDA利潤率分別爲2000萬美元,23%。 | | | | 14,696 | | | | 26,848 | | | | 27,127 | |
營業收入,按調整後 | $ | 87,925 | | | $ | 92,553 | | $ | | 134,438 | | | $ | 146,615 | |
| | | | | | | | | | | |
1代表爲燃油成本支付給GPMP的估計固定按金或固定費用。 | |
下表顯示了近期零售業收購的財務信息和某些關鍵指標,這些收購沒有(或僅有部分)任何前期可比信息。
| 截至2024年6月30日止三個月 | |
| Uncle's (WTG) 1 | | | Speedy's 2 | | | SpeedyQ 3 | | | 總費用 | |
| (以千爲單位) | |
收購日期: | 2023年6月6日 | | | 2023年8月15日 | | | 2024年4月9日 | | | | |
營收: | | | | | | | | | | | |
燃料營業收入 | $ | 20,928 | | $ | | 5,086 | | | $ | 13,356 | | | $ | 39,370 | |
營業收入 | | 10,204 | | | | 2,644 | | | | 811,289 | | | | 19,586 | |
其他收益,淨額 | | 263 | | | | 54 | | | | 227 | | | | 544 | |
總收入 | | 31,395 | | | | 7,784 | | | | 20,321 | | | | 59,500 | |
營業費用: | | | | | | | | | | | |
步驟#1:評估信用評分 | | 17,373 | | | | 4,578 | | | | 11,814 | | | | 33,765 | |
商品成本 | | 6,505 | | | | 1,651 | | | | 4,873 | | | | 13,029 | |
站點營業費用 | | 4,603 | | | | 922 | | | | 3,058 | | | | 8,583 | |
營業費用總計 | | 28,481 | | | | 7,151 | | | | 19,745 | | | | 55,377 | |
營業利潤 | | 2,914 | | | | 633 | | | | 576 | | | | 4,123 | |
GPMP 4的集團內費用 | | 294 | | | | 79 | | | | 193 | | | | 566 | |
營業收入,按調整後 | $ | 3,208 | | $ | | 712 | | | $ | 769 | | | $ | 4,689 | |
燃油加侖出售 | | 5,872 | | | | 1,587 | | | | 3,857 | | | | 11,316 | |
燃料收入5 | $ | 3849 | | $ | | 587 | | | $ | 1,735 | | | $ | 6,171 | |
商品收入6 | $ | 3,699 | | $ | | 993 | | | $ | 1,865 | | | $ | 6,557 | |
商品利潤率7 | | 36.3% | | | | 37.6% | | | | 27.7% | | | | |
| 截至2024年6月30日六個月 | |
| Uncle's (WTG) 1 | | | Speedy's 2 | | | SpeedyQ 3 | | | 總費用 | |
| (以千爲單位) | |
收購日期: | 2023年6月6日 | | | 2023年8月15日 | | | 2024年4月9日 | | | | |
營收: | | | | | | | | | | | |
燃料營業收入 | $ | 40,697 | | $ | | 9,354 | | | $ | 13,356 | | | $ | 63,407 | |
營業收入 | | 19,351 | | | | 4,909 | | | | 811,289 | | | | 30,998 | |
其他收益,淨額 | | 491 | | | | 106 | | | | 227 | | | | 824 | |
總收入 | | 60,539 | | | | 14,369 | | | | 20,321 | | | | 95,229 | |
營業費用: | | | | | | | | | | | |
步驟#1:評估信用評分 | | 34,437 | | | | 8,473 | | | | 11,814 | | | | 54,724 | |
商品成本 | | 12,378 | | | | 3,093 | | | | 4,873 | | | | 20,344 | |
營業費用 | | 9,293 | | | | 2,112 | | | | 3,058 | | | | 14,463 | |
營業費用總計 | | 待售金融應收款項準備金 | | | | 13,678 | | | | 19,745 | | | | 89,531 | |
營業利潤 | $ | 4,431 | | $ | | 691 | | | $ | 576 | | | $ | 5,698 | |
GPMP 4的集團內費用 | | 585 | | | | 150 | | | | 193 | | | | 928 | |
營業收入,按調整後 | $ | 5,016 | | $ | | 841 | | | $ | 769 | | | $ |
6,626 | |
燃油加侖出售 | | 11,693 | | | | 3,003 | | | | 3,857 | | | | 18,553 | |
燃料收入5 | $ | 6,845 | | $ | | 1,031 | | | $ | 1,735 | | | $ | 9,611 | |
商品收入6 | $ | 擁有的通信塔總數 | | $ | | 1,816 | | | $ | 1,865 | | | $ | 10,654 | |
商品利潤率7 | | 36.0% | | | | 37.0% | | | | 27.7% | | | | |
| | | | | | | | | | | |
1. 從WTG Fuels Holdings, LLC("WTG")收購;僅包括收購的零售店。 | |
| | | | | | | | | | | |
2. 收購了七家Speedy的零售店。 | |
| | | | | | | | | | | |
3. 收購了21家SpeedyQ的零售店。 | |
| | | | | | | | | | | |
4. 表示向GPMP支付的預估固定利潤,以支付燃料成本。 | |
| | | | | | | | | | | |
5. 計算爲燃料收入減去燃料成本;不包括支付燃料成本的預估固定利潤。 | |
| | | | | | | | | | | |
6. 計算爲商品收入減去商品成本。 | |
| | | | | | | | | | | |
7. 計算爲商品利潤貢獻佔商品收入的比例。 | |
批發業務板塊
| 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (以千爲單位) | |
營收: | | | | | | | | | | | |
燃料營業收入 | $ | 762,693 | | | $ | 811,139 | | | $ | 1,427,207 | | | $ | 1,495,987 | |
其他收益,淨額 | | 6,850 | | | | 6,110 | | | | 13,708 | | | | 12,601 | |
總收入 | | 769,543 | | | | 817,249 | | | | 1,440,915 | | | | 1,508,588 | |
營業費用: | | | | | | | | | | | |
步驟#1:評估信用評分 | | 750,846 | | | | 800,286 | | | | 1,405,959 | | | | 1,474,977 | |
站點營業費用 | | 9,566 | | | | 10,196 | | | | 18,865 | | | | 19,294 | |
營業費用總計 | | 760,412 | | | | 810,482 | | | | 1,424,824 | | | | 1,494,271 | |
營業利潤 | | 9,131 | | | $ | 6,767 | | | $ | 16,091 | | | $ | 14,317 | |
GPMP 1的公司內部費用 | | 12,139 | | | | 12,931 | | | | 23,468 | | | | 23,969 | |
營業收入,按調整後 | $ | 21,270 | | | $ | 19,698 | | $ | | 39,559 | | | $ | 38,286 | |
| | | | | | | | | | | |
1代表爲燃油成本支付給GPMP的估計固定按金或固定費用。 | |
下表顯示只有先前期間的部分可比信息的批發業務近期收購的財務信息和一些關鍵指標。
| 三個月期間 2024年6月30日截止的季度業績 | | | 六個月 2024年6月30日截止的季度業績 | |
| WTG 1 | |
| (以千爲單位) | |
收購日期: | 2023年6月6日 | |
營收: | | | | | |
燃料營業收入 | $ | 2,882股 | | | $ | 5,966 | |
其他收益,淨額 | | 14 | | | | 29 | |
總收入 | | 2,896 | | | | 5,995 | |
營業費用: | | | | | |
步驟#1:評估信用評分 | | 2,741 | | | | 5,700 | |
站點營業費用 | | 68 | | | | 136 | |
營業費用總計 | | 2,809 | | | | 5,836 | |
營業利潤 | | 87 | | | | 159 | |
GPMP 2的公司內部費用 | | 40 | | | | 84 | |
營業收入,按調整後 | $ | 127 | | | $ | 243 | |
燃油加侖出售 | | 811 | | | | 1,682 | |
| | | | | |
1只包括在WTG收購中收購的批發業務。 | |
| | | | | |
2代表支付給GPMP的固定按金,用於燃料成本。 | |
車隊加油業務部
| 爲期三個月的時間 截至6月30日 | | | 六個月的時間結束了 截至6月30日 | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| (以千爲單位) | |
營收: | | | | | | | | | | | |
燃料營業收入 | $ | 140,140 | | | $ | 121,146 | | | $ | 272,333 | | | $ | 248,640 | |
其他收益,淨額 | | 2,284 | | | | 1,676 | | | | 4,669 | | | | 2,627 | |
總收入 | | 142,424 | | | | 122,822 | | | | 277,002 | | | | 251,267 | |
營業費用: | | | | | | | | | | | |
步驟#1:評估信用評分 | | 124,149 | | | | 108,435 | | | | 244,207 | | | | 223,666 | |
站點營業費用 | | 6,442 | | | | 5,043 | | | | 12,985 | | | | 9,833 | |
營業費用總計 | | 130,591 | | | | 113,478 | | | | 257,192 | | | | 233,499 | |
營業利潤 | | 11833 | | | | 9,344 | | | | 19,810 | | | | 17,768 | |
GPMP 1的公司內部費用 | | 1,869 | | | | 1,673 | | | | 3,650 | | | | 3,245 | |
營業收入,按調整後 | $ | 13,702 | | | $ | 11,017 | | $ | | 23,460 | | | $ |
21,013
| |
| | | | | | | | | | | |
1代表向GPMP支付的預估固定費用,用於燃料成本。 | |
下表顯示最近在Fleet Fueling環節中收購的一些公司的財務信息和某些關鍵指標,但在往期中僅有部分可比信息。
| 三個月期間 2024年6月30日截止的季度業績 | | | 六個月 2024年6月30日截止的季度業績 | |
| WTG 1 | |
| (以千爲單位) | |
收購日期: | 2023年6月6日 | |
營收: | | | | | |
燃料營業收入 | $ | 18,535 | | | $ | 34,770 | |
其他收益,淨額 | | 1,028 | | | | 2,198 | |
總收入 | | 19,563 | | | | 36,968 | |
營業費用: | | | | | |
步驟#1:評估信用評分 | | 16,065 | | | | 30,803 | |
站點營業費用 | | 1,152 | | | | 2,263 | |
營業費用總計 | | 17,217 | | | | 33,066 | |
營業利潤 | | 2,346 | | | | 3,902 | |
GPMP 2的公司內部費用 | | 250 | | | | 482 | |
營業收入,按調整後 | $ | 2,596 | | | $ | 4,384 | |
燃油加侖出售 | | 5,177 | | | | 9,733 | |
| | | | | |
1僅包括在WTG收購中獲得的Fleet Fueling業務。 | |
| | | | | |
2代表向GPMP支付的預估固定費用,用於燃料成本。 | |
![大](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240808/0-432b2ced94a041cce6de85cc04872911-0-307df39a09124650e968e3ff72ffc021.jpg/big)
來源:ARKO CORP.
發佈於2024年8月6日。