Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39828 | |
Entity Registrant Name | ARKO Corp. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-2784337 | |
Entity Address, Address Line One | 8565 Magellan Parkway | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23227-1150 | |
City Area Code | 804 | |
Local Phone Number | 730-1568 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 124,427,805 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001823794 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | ARKO | |
Security Exchange Name | NASDAQ | |
Ares warrants [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase common stock | |
Trading Symbol | ARKOW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 229,399 | $ 293,666 |
Restricted cash with respect to bonds | 0 | 1,230 |
Restricted cash | 15,537 | 16,529 |
Trade receivables, net | 67,720 | 46,940 |
Inventory | 183,113 | 163,686 |
Other current assets | 90,978 | 87,355 |
Total current assets | 586,747 | 609,406 |
Non-current assets: | ||
Property and equipment, net | 545,321 | 491,513 |
Right-of-use assets under operating leases | 963,503 | 961,561 |
Right-of-use assets under financing leases, net | 200,587 | 198,317 |
Goodwill | 174,053 | 173,937 |
Intangible assets, net | 209,342 | 218,132 |
Restricted investments | 31,825 | 31,825 |
Non-current restricted cash with respect to bonds | 0 | 1,552 |
Equity investment | 2,697 | 2,715 |
Deferred tax asset | 39,506 | 40,655 |
Other non-current assets | 15,804 | 10,196 |
Total assets | 2,769,385 | 2,739,809 |
Current liabilities: | ||
Long-term debt, current portion | 10,119 | 40,988 |
Accounts payable | 182,050 | 155,714 |
Other current liabilities | 117,853 | 133,637 |
Operating leases, current portion | 50,730 | 48,878 |
Financing leases, current portion | 7,195 | 7,834 |
Total current liabilities | 367,947 | 387,051 |
Non-current liabilities: | ||
Long-term debt, net | 675,588 | 708,802 |
Asset retirement obligation | 56,035 | 52,964 |
Operating leases | 980,273 | 973,695 |
Financing leases | 232,236 | 226,440 |
Deferred tax liability | 3,737 | 2,816 |
Other non-current liabilities | 148,680 | 96,621 |
Total liabilities | 2,464,496 | 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 | 214,781 | 212,103 |
Accumulated other comprehensive income | 9,119 | 9,119 |
Accumulated deficit | (18,870) | (29,653) |
Total shareholders' equity | 205,042 | 191,581 |
Non-controlling interest | (153) | (161) |
Total equity | 204,889 | 191,420 |
Total liabilities, redeemable preferred stock and equity | $ 2,769,385 | $ 2,739,809 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 400,000,000 | 400,000,000 |
Common stock shares issued | 124,428,000 | 124,132,000 |
Common stock shares outstanding | 124,428,000 | 124,132,000 |
Series A Redeemable Temporary Equity [Member] | ||
Temporary equity, par value | ||
Temporary equity, shares authorized | 1,000,000 | 1,000,000 |
Temporary equity, shares issued | 1,000,000 | 1,000,000 |
Temporary equity, shares outstanding | 1,000,000 | 1,000,000 |
Temporary equity, redemption value | $ 100,000 | $ 100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 1,909,814 | $ 814,275 | $ 3,394,170 | $ 1,714,155 |
Operating expenses: | ||||
Fuel costs | 1,347,109 | 316,891 | 2,359,907 | 816,694 |
Merchandise costs | 303,952 | 284,577 | 564,706 | 523,668 |
Store operating expenses | 154,668 | 126,023 | 299,606 | 254,853 |
General and administrative expenses | 31,861 | 20,527 | 58,574 | 39,420 |
Depreciation and amortization | 25,273 | 16,814 | 49,515 | 33,885 |
Total operating expenses | 1,862,863 | 764,832 | 3,332,308 | 1,668,520 |
Other expenses, net | 1,195 | 1,733 | 2,867 | 5,909 |
Operating income | 45,756 | 47,710 | 58,995 | 39,726 |
Interest and other financial income | 2,601 | 412 | 1,695 | 1,000 |
Interest and other financial expenses | (14,598) | (12,925) | (42,309) | (20,164) |
Income before income taxes | 33,759 | 35,197 | 18,381 | 20,562 |
Income tax benefit | (8,212) | (2,510) | (7,490) | (499) |
Income (loss) from equity investment | 26 | (178) | 20 | (411) |
Net income | 25,573 | 32,509 | 10,911 | 19,652 |
Less: Net income attributable to non-controlling interests | 54 | 10,614 | 128 | 8,213 |
Net income attributable to ARKO Corp. | 25,519 | 21,895 | 10,783 | 11,439 |
Series A redeemable preferred stock dividends | (1,434) | (2,836) | ||
Net income attributable to common shareholders | $ 24,085 | $ 21,895 | $ 7,947 | $ 11,439 |
Net income per share attributable to common shareholders - basic and diluted | $ 0.19 | $ 0.32 | $ 0.06 | $ 0.17 |
Weighted average shares outstanding: | ||||
Basic | 124,428 | 69,490 | 124,395 | 68,118 |
Diluted | 133,032 | 69,490 | 124,543 | 68,118 |
Fuel Revenue [Member] | ||||
Revenues: | ||||
Total revenues | $ 1,460,763 | $ 407,512 | $ 2,563,710 | $ 970,553 |
Merchandise Revenue [Member] | ||||
Revenues: | ||||
Total revenues | 426,365 | 391,697 | 785,646 | 715,376 |
Other Revenue [Member] | ||||
Revenues: | ||||
Total revenues | $ 22,686 | $ 15,066 | $ 44,814 | $ 28,226 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net lncome | $ 25,573 | $ 32,509 | $ 10,911 | $ 19,652 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | 1,704 | 0 | (5) |
Total other comprehensive income (loss) | 0 | 1,704 | 0 | (5) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 25,573 | 34,213 | 10,911 | 19,647 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 54 | 10,614 | 128 | 8,213 |
Comprehensive income | $ 25,519 | $ 23,599 | $ 10,783 | $ 11,434 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total Shareholders' Equity [Member] | Non-controlling Interest [Member] |
Balance at Dec. 31, 2019 | $ 194,890 | $ 6 | $ 104,686 | $ 4,444 | $ (43,363) | $ 65,773 | $ 129,117 |
Balance, shares at Dec. 31, 2019 | 65,541 | ||||||
Share-based compensation | $ 255 | $ 0 | $ 255 | $ 0 | $ 0 | $ 255 | $ 0 |
Vesting and exercise of restricted share units, shares | 88 | ||||||
Conversion of convertible bonds | $ 6 | ||||||
Conversion of convertible bonds, shares | 26 | 0 | 26 | 0 | 0 | 26 | 0 |
Issuance of rights, shares | 5,749 | ||||||
Transactions with non-controlling interests | $ 19,417 | $ 0 | $ (777) | $ 0 | $ 0 | $ (777) | $ 20,194 |
Distributions to non-controlling interests | (4,734) | 0 | 0 | 0 | 0 | 0 | (4,734) |
Other comprehensive loss | $ (5) | $ 0 | $ 0 | $ (5) | $ 0 | $ (5) | $ 0 |
Issuance of shares, shares | 11,325 | 1 | 11,324 | 0 | 0 | 11,325 | 0 |
Net lncome | $ 19,652 | $ 0 | $ 0 | $ 0 | $ 11,439 | $ 11,439 | $ 8,213 |
Balance at Jun. 30, 2020 | 240,826 | $ 7 | 115,514 | 4,439 | (31,924) | 88,036 | 152,790 |
Balance, shares at Jun. 30, 2020 | 71,384 | ||||||
Balance at Mar. 31, 2020 | 197,519 | $ 6 | 104,062 | 2,735 | (53,819) | 52,984 | 144,535 |
Balance, shares at Mar. 31, 2020 | 65,547 | ||||||
Share-based compensation | 128 | $ 0 | 128 | 0 | 0 | 128 | 0 |
Vesting and exercise of restricted share units, shares | 88 | ||||||
Issuance of rights | 11,325 | $ 1 | 11,324 | 0 | 0 | 11,325 | 0 |
Issuance of rights, shares | 5,749 | ||||||
Distributions to non-controlling interests | (2,359) | $ 0 | 0 | 0 | 0 | 0 | (2,359) |
Other comprehensive loss | 1,704 | 0 | 0 | 1,704 | 0 | 1,704 | 0 |
Net lncome | 32,509 | 0 | 0 | 0 | 21,895 | 21,895 | 10,614 |
Balance at Jun. 30, 2020 | 240,826 | $ 7 | 115,514 | 4,439 | (31,924) | 88,036 | 152,790 |
Balance, shares at Jun. 30, 2020 | 71,384 | ||||||
Balance at Dec. 31, 2020 | 191,420 | $ 12 | 212,103 | 9,119 | (29,653) | 191,581 | (161) |
Balance, shares at Dec. 31, 2020 | 124,132 | ||||||
Share-based compensation | 2,514 | $ 0 | 2,514 | 0 | 0 | 2,514 | 0 |
Distributions to non-controlling interests | (120) | 0 | 0 | 0 | 0 | 0 | (120) |
Dividends on redeemable preferred stock | (2,836) | 0 | (2,836) | 0 | 0 | (2,836) | 0 |
Issuance of shares | 3,000 | $ 0 | 3,000 | 0 | 0 | 3,000 | 0 |
Issuance of shares, shares | 296 | ||||||
Net lncome | 10,911 | $ 0 | 0 | 0 | 10,783 | 10,783 | 128 |
Balance at Jun. 30, 2021 | 204,889 | $ 12 | 214,781 | 9,119 | (18,870) | 205,042 | (153) |
Balance, shares at Jun. 30, 2021 | 124,428 | ||||||
Balance at Mar. 31, 2021 | 179,322 | $ 12 | 214,727 | 9,119 | (44,389) | 179,469 | (147) |
Balance, shares at Mar. 31, 2021 | 124,428 | ||||||
Share-based compensation | 1,488 | $ 0 | 1,488 | 0 | 0 | 1,488 | 0 |
Distributions to non-controlling interests | (60) | 0 | 0 | 0 | 0 | 0 | (60) |
Dividends on redeemable preferred stock | (1,434) | 0 | (1,434) | 0 | 0 | (1,434) | 0 |
Net lncome | 25,573 | 0 | 0 | 0 | 25,519 | 25,519 | 54 |
Balance at Jun. 30, 2021 | $ 204,889 | $ 12 | $ 214,781 | $ 9,119 | $ (18,870) | $ 205,042 | $ (153) |
Balance, shares at Jun. 30, 2021 | 124,428 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net lncome | $ 10,911 | $ 19,652 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 49,515 | 33,885 |
Deferred income taxes | 2,109 | (950) |
Loss on disposal of assets and impairment charges | 975 | 4,382 |
Foreign currency gain | (1,143) | (235) |
Amortization of deferred financing costs, debt discount and premium | 621 | 1,167 |
Amortization of deferred income | (4,411) | (4,328) |
Accretion of asset retirement obligation | 834 | 665 |
Non-cash rent | 3,349 | 3,548 |
Charges to allowance for credit losses | 322 | 68 |
(Income) loss from equity investment | (20) | 411 |
Share-based compensation | 2,514 | 255 |
Fair value adjustment of financial assets and liabilities | 9,833 | 0 |
Other operating activities, net | 532 | (204) |
Changes in assets and liabilities: | ||
(Increase) decrease in trade receivables | (21,102) | 819 |
(Increase) decrease in inventory | (11,732) | 11,895 |
(Increase) decrease in other assets | (4,762) | 4,230 |
Increase in accounts payable | 26,960 | 19,527 |
(Decrease) increase in other current liabilities | (6,933) | 5,237 |
Decrease in asset retirement obligation | (113) | (116) |
Increase in non-current liabilities | 758 | 2,000 |
Net cash provided by operating activities | 59,017 | 101,908 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (32,638) | (20,481) |
Purchase of intangible assets | (175) | (30) |
Proceeds from sale of property and equipment | 36,059 | 356 |
Business acquisitions, net of cash | (93,527) | (320) |
Loans to equity investment | 0 | (189) |
Net cash used in investing activities | (90,281) | (20,664) |
Cash flows from financing activities: | ||
Lines of credit, net | 0 | (83,041) |
Repayment of related-party loans | 0 | (4,517) |
Buyback Of Long Term Debt | 0 | (1,995) |
Receipt of long-term debt, net | 35,056 | 156,535 |
Repayment of debt | (102,074) | (54,240) |
Principal payments on financing leases | (4,013) | (4,151) |
Proceeds from failed sale-leaseback | 43,569 | 0 |
Proceeds from issuance of rights, net | 0 | 11,332 |
Investment of non-controlling interest in subsidiary | 0 | 19,325 |
Payment of Merger Transaction issuance costs | (4,764) | 0 |
Dividends paid on redeemable preferred stock | (2,993) | 0 |
Distributions to non-controlling interests | (120) | (4,734) |
Net cash (used in) provided by financing activities | (35,339) | 34,514 |
Effect of exchange rate on cash and cash equivalents and restricted cash | (1,438) | (15) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (66,603) | 115,758 |
Cash and cash equivalents and restricted cash, beginning of period | 312,977 | 52,763 |
Cash and cash equivalents and restricted cash, end of period | 244,936 | 168,506 |
Reconciliation of cash and cash equivalents and restricted cash | ||
Cash and cash equivalents, beginning of period | 293,666 | 32,117 |
Restricted cash, beginning of period | 16,529 | 14,423 |
Restricted cash with respect to bonds, beginning of period | 2,782 | 6,223 |
Cash and cash equivalents, end of period | 229,399 | 148,621 |
Restricted cash, end of period | 15,537 | 17,991 |
Restricted cash with respect to bonds, end of period | 0 | 1,894 |
Supplementary cash flow information: | ||
Cash received for interest | 99 | 694 |
Cash paid for interest | 30,148 | 18,801 |
Cash received for taxes | 176 | 860 |
Cash paid for taxes | 7,797 | 583 |
Supplementary noncash activities: | ||
Prepaid insurance premiums financed through notes payable | 4,900 | 5,034 |
Purchases of equipment in accounts payable and accrued expenses | 4,239 | 2,957 |
Purchase of property and equipment under leases | 14,564 | 3,449 |
Disposals of leases of property and equipment | 3,207 | 1,467 |
Issuance of shares | 3,000 | 0 |
Receipt of related-party receivable payment offset by related-party loan payments | $ 0 | $ 7,133 |
General
General | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
General | 1. General ARKO Corp. (the “Company”) is a Delaware corporation whose common stock, par value $ 0.0001 per share (“common stock”) and publicly-traded warrants were registered to trade on the Nasdaq Stock Market on December 22, 2020 and commenced trading on December 23, 2020. The Company’s common stock is also listed on the Tel Aviv Stock Exchange. On September 8, 2020, the Company (a newly-formed company) entered into a business combination agreement, as amended on November 18, 2020 (the “Merger Agreement”), together with Arko Holdings Ltd. (“Arko Holdings”), Haymaker Acquisition Corp. II, a Delaware corporation and special purpose acquisition company (“Haymaker”), and additional newly-formed wholly owned subsidiaries of Haymaker that were formed in order to enable the consummation of the merger transaction (the “Merger Transaction”). Arko Holdings is a corporation incorporated in Israel, whose securities were listed on the Tel Aviv Stock Exchange prior to the consummation of the Merger Transaction and which held a majority of the outstanding equity of GPM Investments, LLC, a Delaware limited liability company (“GPM”). On December 22, 2020, the Merger Transaction was consummated (the “Merger Closing Date”), following which Arko Holdings and Haymaker became wholly owned subsidiaries of the Company. The Company’s operations are primarily performed by its subsidiary, GPM, which became a wholly owned subsidiary, indirectly, upon consummation of the Merger Transaction. GPM is engaged directly and through fully owned and controlled subsidiaries (directly or indirectly) in retail activity, which includes the operations of a chain of convenience stores, most of which include adjacent gas stations, and in wholesale activity, which includes the supply of fuel to gas stations operated by third parties. As of June 30, 2021, GPM’s activity included the self-operation of 1,381 sites and the supply of fuel to 1,647 gas stations operated by external operators (dealers), throughout 33 states and the District of Columbia in the Mid-Atlantic, Midwestern, Northeastern, Southeastern and Southwestern United States (“U.S.”). The Company has three reporting segments: retail, wholesale, and GPMP. Refer to Note 10 below for further information with respect to the segments. Accounting Treatment of the Merger Transaction The Merger Transaction was accounted for as a reverse recapitalization. For accounting purposes, Haymaker was treated as the acquired company, and Arko Holdings was considered the accounting acquirer. The Merger Transaction was treated as the equivalent of Arko Holdings’ issuing stock in exchange for the net assets of Haymaker, accompanied by a recapitalization. The net assets of Arko Holdings and Haymaker were stated at historical cost. No goodwill or intangible assets were recorded in connection with the Merger Transaction. Because Arko Holdings was deemed the accounting acquirer, upon the consummation of the Merger Transaction, the historical financial statements of Arko Holdings became the historical financial statements of the combined company. As a result, the financial statements included in this Quarterly Report on Form 10-Q reflect the historical operating results of Arko Holdings prior to the Merger Closing Date and the combined results of the Company, including those of Haymaker, following the Merger Closing Date. Additionally, the Company’s equity structure has been reclassified in all comparative periods up to the Merger Closing Date to reflect the number of shares of the Company’s common stock issued to Arko Holdings’ stockholders in connection with the recapitalization transaction. As such, the share counts, corresponding common stock amounts and earnings per share related to Arko Holdings’ common stock prior to the Merger Transaction have been retroactively reclassified as shares reflecting the exchange ratio established in accordance with the Merger Agreement. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation All significant intercompany balances and transactions have been eliminated in the accompanying condensed consolidated financial statements, which are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Interim Financial Statements The accompanying condensed consolidated financial statements as of June 30, 2021 and for the three and six months periods ended June 30, 2021 and 2020 (“interim financial statements”) are unaudited and have been prepared in accordance with GAAP for interim financial information and Regulation S-X set forth by the Securities and Exchange Commission for interim reporting. In the opinion of management, all adjustments (consisting of normal and recurring adjustments except those otherwise described herein) considered necessary for a fair presentation have been included in the accompanying interim financial statements. However, they do not include all of the information and disclosures required by GAAP for complete financial statements. Therefore, the interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “annual financial statements”). The same significant accounting policies, presentation and methods of computation have been followed in these interim financial statements as were applied in the preparation of the annual financial statements. Accounting Periods The Company’s fiscal periods end on the last day of the month, and its fiscal year ends on December 31. This results in the Company experiencing fluctuations in current assets and current liabilities due to purchasing and payment patterns which change based upon the day of the week. As a result, working capital can change from period to period not only due to changing business operations, but also due to a change in the day of the week in which each period ends. The Company earns a disproportionate amount of its annual operating income in the second and third quarters as a result of the climate and seasonal buying patterns of its customers. Inclement weather, especially in the Midwest and Northeast regions of the U.S. during the winter months, can negatively impact financial results. Use of Estimates In the preparation of interim condensed consolidated financial statements, management may make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include right-of-use assets and lease liabilities; impairment of goodwill, intangible, right-of-use and fixed assets; useful lives of fixed assets; environmental assets and liabilities; deferred tax assets; and asset retirement obligations. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to the customers. This requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a single point in time or over time, based on when control of goods and services transfers to a customer. Control is transferred to the customer over time if the customer simultaneously receives and consumes the benefits provided by the Company’s performance. If a performance obligation is not satisfied over time, the Company satisfies the performance obligation at a single point in time. Revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services. When the Company satisfies a performance obligation by transferring control of goods or services to the customer, revenue is recognized against contract assets in the amount of consideration to which the Company is entitled. When the consideration amount received from the customer exceeds the amounts recognized as revenue, the Company recognizes a contract liability for the excess. An asset is recognized related to the costs incurred to obtain a contract (i.e. sales commissions) if the costs are specifically identifiable to a contract, the costs will result in enhancing resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. These capitalized costs are recorded as a part of other current assets and other non-current assets and are amortized on a systematic basis consistent with the pattern of transfer of the goods or services to which such costs relate. The Company expenses the costs to obtain a contract, as and when they are incurred, in cases where the expected amortization period is one year or less. The Company evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis. In performing this analysis, the Company considers first whether it controls the goods before they are transferred to the customers and if it has the ability to direct the use of the goods or obtain benefits from them. The Company also considers the following indicators: (1) the primary obligor, (2) the latitude in establishing prices and selecting suppliers, and (3) the inventory risk borne by the Company before and after the goods have been transferred to the customer. When the Company acts as principal, revenue is recorded on a gross basis. When the Company acts as agent, revenue is recorded on a net basis. Fuel revenue and fuel costs included fuel taxes of $ 262.7 million, $ 102.0 million, $ 485.2 million, and $ 217.1 million for the three and six months ended June 30, 2021 and 2020, respectively. Refer to Note 10 for disclosure of the revenue disaggregated by segment and product line, as well as a description of the reportable segment operations. New Accounting Pronouncements Adopted During 2021 Simplifying the Accounting for Income Taxes – In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify GAAP for other areas of ASC 740 by clarifying and amending existing guidance, such as the accounting for a franchise tax (or similar tax) that is partially based on income. This standard is effective January 1, 2021 for the Company. The adoption of this guidance had no material impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Reference Rate Reform – In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard included optional guidance for a limited period of time to help ease the burden in accounting for the effects of reference rate reform. The new standard is effective for all entities through December 31, 2022. The Company is examining the impact of this standard on its consolidated financial statements. |
ExpressStop Acquisition
ExpressStop Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
ExpressStop Acquisition | 3. ExpressStop Acquisition On May 18, 2021 , the Company acquired 60 self-operated convenience stores and gas stations located in the Midwestern U.S. for consideration of approximately $ 86 million plus the value of inventory and cash in stores on the closing date (the “ExpressStop Acquisition”). The Company financed a portion of the consideration from its own sources together with consideration provided by two U.S. real estate funds that are unrelated third parties (each a “Real Estate Fund,” collectively the “Real Estate Funds”), which paid the purchase price for the seller’s real estate as described below. At the closing of the transaction, (i) the Company purchased and assumed, among other things, certain vendor agreements, fee simple ownership in some of the sites, equipment in the sites, inventory and goodwill with regard to the acquired activity; and (ii) in accordance with agreements between the Company and each of the Real Estate Funds, in consideration of approximately $ 78 million, the Real Estate Funds purchased the fee simple ownership in 44 of the sites, which are leased to the Company under customary lease terms. One of the Real Estate Funds granted the Company an option to purchase the fee simple ownership in 24 of the sites following an initial four-year period for a purchase price agreed upon between the parties. The transaction with this Real Estate Fund was accounted for as a failed sale-leaseback and resulted in recording a financial liability of approximately $ 43.6 million. The transaction with the other Real Estate Fund for 20 of the sites was accounted for as a sale-leaseback and the Company recorded right-of-use assets of approximately $ 28.1 million and operating lease liabilities of approximately $ 30.0 million in connection therewith. Upon closing of the transaction, the Company’s net cash outlay was approximately $ 15.6 million. The purchase agreement includes the seller’s undertaking with regard to indemnification subject to customary scope, time and amounts limitations as determined in the purchase agreement. The details of the business combination were as follows: Amount Fair value of consideration transferred: (in thousands) Cash $ 15,911 Consideration provided by the Real Estate Funds 77,877 Total consideration $ 93,788 Assets acquired and liabilities assumed at the date of acquisition: Cash and cash equivalents 261 Inventory 7,695 Other assets 362 Property and equipment, net 85,081 Deferred tax asset 39 Intangible assets 2,965 Total assets 96,403 Other liabilities ( 283 ) Asset retirement obligations ( 2,448 ) Total liabilities ( 2,731 ) Total identifiable net assets 93,672 Goodwill $ 116 Consideration paid in cash $ 15,911 Consideration provided by the Real Estate Funds 77,877 Less: cash and cash equivalent balances acquired ( 261 ) Net cash outflow on acquisition closing date $ 93,527 The initial accounting treatment of the ExpressStop Acquisition reflected in these interim financial statements is provisional as the Company has not yet finalized the initial accounting treatment of the business combination, and in this regard, has not finalized the valuation of some of the assets and liabilities acquired and the goodwill resulting from the acquisition, mainly due to the limited period of time between the acquisition closing date and the date of the interim financial statements. Therefore, some of the financial information presented with respect to the ExpressStop Acquisition presented in these interim financial statements remains subject to change. The Company included identifiable tangible assets and identifiable liabilities at their fair value based on the information available to the Company’s management on the acquisition closing date, including, among other things, an evaluation performed by external consultants for this purpose. The useful life of the trade name on the date of acquisition was five years . The liquor licenses have indefinite useful lives. As a result of the ExpressStop Acquisition, the Company recorded goodwill of approximately $ 0.1 million, all of which was allocated to the GPMP segment and attributable to the opportunity to add significant volume to the GPMP segment. No ne of the goodwill recognized is tax deductible for U.S. income tax purposes. Acquisition-related costs amounting to approximately $ 1.6 million and $ 1.7 million have been excluded from the consideration transferred and have been recognized as an expense within the other expenses, net line in the condensed consolidated statements of operations for the three and six month periods ended June 30, 2021, respectively. No acquisition-related costs were recognized for the three and six month periods ended June 30, 2020. Results of operations for the ExpressStop Acquisition for the period subsequent to the acquisition closing date were reflected in the condensed consolidated statement of operations for the three and six month periods ended June 30, 2021. For the period from the acquisition closing date through June 30, 2021, the Company recognized $ 26.2 million in revenues and $ 0.8 million in net income related to the ExpressStop Acquisition. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt The components of debt were as follows: June 30, December 31, (in thousands) Bonds (Series C) $ — $ 76,582 PNC term loans 32,369 32,354 M&T debt 38,665 27,898 Ares term loan 214,995 215,433 Insurance premium notes 5,044 3,488 Capital One line of credit 394,634 394,035 Total debt, net $ 685,707 $ 749,790 Less current portion ( 10,119 ) ( 40,988 ) Total long-term debt, net $ 675,588 $ 708,802 Bonds (Series C) On March 30, 2021, Arko Holdings fully redeemed its Bonds (Series C) in accordance with the optional redemption provisions of the deed of trust governing the Bonds (Series C). Arko Holdings redeemed the Bonds (Series C) at a redemption price equal to approximately NIS 1.084 for every NIS 1 par value (approximately $ 0.325 as of March 30, 2021 per NIS 1 par value) of Bonds (Series C) outstanding (including additional interest for the early redemption and accrued and unpaid interest thereon to the redemption date for the Bonds (Series C)). The total amount paid to holders of the Bonds (Series C) was approximately NIS 264 million (approximately $ 79 million). Ares Credit Agreement On March 30, 2021, GPM entered into an amendment to its credit agreement (the “Ares Credit Agreement”) with Ares Capital Corporation (“Ares”) which amended the credit agreement to adjust the interest rate effective from and after March 1, 2021, by (A) reducing the applicable margin for the term loan facility by 0.125% and (B) reducing the LIBOR Rate (as defined in the credit agreement) to be not less than 1.0%, such that following these changes, effective March 1, 2021, the term loan facility bears interest, as elected by GPM, at (a) a rate per annum equal to the Ares alternative base rate (“ABR”) plus a margin of 3.50%, or (b) the LIBOR Rate (not less than 1.0%) plus a margin of 4.50%. On April 30, 2021, GPM entered into a sixth amendment (the “Sixth Amendment”) to the Ares Credit Agreement. The Sixth Amendment amended the Ares Credit Agreement as follows: the definition of Consolidated EBITDA was amended to increase the amount of fees, expenses and other charges related to Permitted Acquisitions (as defined in the Ares Credit Agreement) that can be added back when calculating Consolidated EBITDA; the definition of Consolidated Total Debt was amended to increase the amount of GPM’s cash and cash equivalents on hand deducted from GPM’s indebtedness when calculating Consolidated Total Debt; various changes were made to facilitate potential new equipment and real estate financings from M&T Bank; certain permitted debt baskets were increased to allow GPM to have more flexibility in its operations and the financial statement and budget delivery requirements were updated primarily to reflect that GPM currently owns 99.71 % of GPMP. PNC Credit Agreement On April 30, 2021, GPM entered into a fourth amendment to its credit agreement, dated February 28, 2020, by and among GPM, and certain of its subsidiaries as borrowers and guarantors, the lenders from time to time party thereto and PNC Bank, National Association, as lender and as agent (the “PNC Credit Agreement”). This amendment effected substantially similar changes to the PNC Credit Agreement as those made by the Sixth Amendment to the Ares Credit Agreement described above. M&T Bank Credit Agreement On June 24, 2021 (the “M&T Closing Date”), GPM entered into (i) a Second Amended, Restated and Consolidated Credit Agreement, by and among GPM, certain of its subsidiaries as co-borrowers and M&T Bank (the “M&T Credit Agreement Amendment”) and (ii) a Second Amended and Restated Master Covenant Agreement, by and between GPM and M&T Bank (the “M&T Master Covenant Agreement Amendment”. The M&T Credit Agreement Amendment amended and restated in its entirety that certain Amended and Restated Consolidated Credit Agreement, dated December 21, 2016, as amended, by and among GPM, M&T Bank and the other parties thereto and (i) added a three-year $ 20.0 million line of credit for purchases of equipment, which line may be borrowed in tranches, as described below, and (ii) increased the aggregate principal amount of real estate loans thereunder to $ 35.0 million (the “New Term Loan”) from approximately $ 23.2 million outstanding as of the M&T Closing Date. On the M&T Closing Date, GPM refinanced the entirety of the existing $ 23.2 million of real estate loans, of which $ 20.0 million was due to mature in December 2021 , using the proceeds from the New Term Loan, which GPM drew in its entirety, resulting in approximately $ 10.7 million in net proceeds to GPM after paying costs and expenses. On the M&T Closing Date, approximately $ 2.5 million of outstanding equipment loans from M&T Bank were converted to become a part of the $ 20.0 million line of credit, of which approximately $ 17.5 million remained available as of both the M&T Closing Date and June 30, 2021. Additionally, the real estate loans, which were originally at fixed interest rates ranging from 3.06 % to 5.06 % were converted to floating rate loans at LIBOR plus 3.00 %, and the fixed interest rate on the currently outstanding equipment loan increased from 3.55 % to 3.58 %. The real estate loans mature in June 2026 and are payable in monthly installments based on a fifteen-year amortization schedule, with the balance of the loans payable at maturity. The M&T Credit Agreement Amendment provides that each additional equipment loan tranche will have a three-year term, payable in level monthly payments of principal plus interest, and will accrue a fixed rate of interest equal to M&T Bank’s three-year cost of funds as of the applicable date of such tranche, plus 3.00%. The real estate loans and equipment loans are both secured by the real property and equipment acquired with the proceeds of such loans. The M&T Credit Agreement Amendment contains customary affirmative and negative covenants, including that the borrowers do not encumber the collateral subject to the applicable loans under the M&T Credit Agreement Amendment. The M&T Master Covenant Agreement Amendment amended and restated the covenants contained in the Amended and Restated M&T Master Covenant Agreement dated November 5, 2020, as amended, in each case in respect of the loans under the M&T Credit Agreement Amendment. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 5. Leases As of June 30, 2021, the Company leased 1,172 of the convenience stores that it operates, 159 dealer locations and certain office spaces in the U.S., including land and buildings in certain cases . Most of the lease agreements are for long-term periods, ranging from 15 to 20 years, and generally include several renewal options for extension periods for five to 25 years each. Additionally, the Company leases certain store equipment, office equipment, automatic tank gauges, store lighting and fuel dispensers. Under ASC 842, the components of lease cost recorded on the condensed consolidated statements of operations were as follows: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands) Finance lease cost: Depreciation of right-of-use assets $ 3,410 $ 3,156 $ 6,727 $ 6,348 Interest on lease liabilities 4,374 4,359 8,820 8,685 Operating lease costs included in store operating expenses 32,491 27,138 64,825 54,382 Operating lease costs included in general and administrative 458 320 854 647 Lease cost related to variable lease payments, short-term 458 170 833 320 Right-of-use asset impairment charges 412 290 523 929 Total lease costs $ 41,603 $ 35,433 $ 82,582 $ 71,311 Supplemental data related to leases was as follows: June 30, December 31, (in thousands) Operating leases Weighted average remaining lease term (in years) 13.2 13.4 Weighted average discount rate 7.7 % 7.7 % Financing leases Weighted average remaining lease term (in years) 23.9 23.7 Weighted average discount rate 7.3 % 7.7 % As of June 30, 2021, maturities of lease liabilities for operating lease obligations and financing lease obligations having initial or remaining non-cancellable lease terms in excess of one year were as follows. The minimum lease payments presented below include periods where an option is reasonably certain to be exercised and do not take into consideration any future consumer price index adjustments for these agreements. Operating Financing (in thousands) 2021 $ 63,498 $ 12,719 2022 125,538 23,331 2023 126,011 21,777 2024 126,682 20,722 2025 126,874 20,840 Thereafter 1,100,536 468,299 Gross lease payments $ 1,669,139 $ 567,688 Less: imputed interest ( 638,136 ) ( 328,257 ) Total lease liabilities $ 1,031,003 $ 239,431 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | 6. Equity On August 1, 2020, Haymaker and Nomura Securities International, Inc. (“Nomura”) entered into an engagement letter, pursuant to which Nomura agreed to act as a placement agent in connection with the Company’s issuance of its Series A redeemable preferred stock, and on September 8, 2020, Haymaker and Nomura entered into an engagement letter, pursuant to which Nomura agreed to act as a financial and capital markets advisor in connection with the Merger Transaction. On January 19, 2021, the Company, Haymaker and Nomura entered into a letter agreement, amending the engagement letters to provide that all of the placement fee and the transaction fee, in each case at Haymaker’s option, may be paid to Nomura in the form of 296,150 shares of common stock. On January 21, 2021, the Company issued 296,150 shares of common stock to Nomura in a private placement. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | . Share-Based Compensation In March 2021, the Compensation Committee of the Company’s Board of Directors (the “Board”) approved the grant of non-qualified stock options and restricted stock units (“RSUs”) to certain employees, non-employees and members of the Board under the ARKO Corp. 2020 Incentive Compensation Plan (the “Plan”). Stock options granted under the Plan expire no later than ten years from the date of grant and the exercise price may not be less than the fair market value of the shares on the date of grant. Vesting periods are assigned to stock options and restricted share units on a grant-by-grant basis at the discretion of the Board. The Company issues new shares of common stock upon exercise of stock options and vesting of RSUs. Additionally, a non-employee director may elect to defer up to 100 % of his or her cash fees and instead receive RSUs, which will be settled in common stock upon the director’s departure from the Board or an earlier change in control. There were 78,682 RSUs issued to non-employee directors outstanding at June 30, 2021. The following table summarizes share activity related to stock options and restricted stock units: Stock Restricted (in thousands) Options Outstanding/Nonvested RSUs, December 31, 2020 — — Granted 126 1,589 Options Exercised/RSUs released — ( 79 ) Forfeited — — Options Outstanding/Nonvested RSUs, June 30, 2021 126 1,510 The following table summarizes the stock options granted in 2021: Weighted average fair value $ 9.60 Weighted average exercise price $ 10.00 Remaining average contractual term (years) 9.7 The fair value of each stock option award is estimated by management on the date of the grant using the Black-Scholes option pricing model. The following table summarizes the assumptions utilized in the valuation of the stock option awards granted in 2021: Expected dividend rate 0.0 % Expected stock price volatility 28.8 % Risk-free interest rate 1.6 % Expected term of options (years) 10.0 The expected stock price volatility is based on the historical volatility of the Company’s peer group’s stock price. The volatilities are estimated for a period of time equal to the expected term of the related option. The risk-free interest rate is based on the implied yield of U.S. Treasury zero-coupon issues with an equivalent remaining term. The expected term of the options represents the estimated period of time until exercise and is determined by considering the contractual terms, vesting schedule and expectations of future employee behavior. All of the stock option awards were out of money as of June 30, 2021. The weighted average grant date fair value of time-vested RSUs granted in March 2021 was $ 9.60 with a grant date fair value of $ 8.3 million and vesting over 2.6 years as of June 30, 2021. In the first quarter of 2021, the Company granted a target of 644,867 performance-based RSUs with a grant date fair value of $ 6.2 million. The 2021 performance-based RSUs were awarded to certain members of senior management in connection with the achievement of specific key financial metrics measured over a three-year period and cliff vest at the end of such three-year period. The number of 2021 performance-based RSUs that will ultimately vest is contingent upon the achievement of these key financial metrics by the end of year three. The Company assesses the probability of achieving these metrics on a quarterly basis. For these awards, the Company recognizes the fair value expense ratably over the performance and vesting period. These awards are included above in RSUs Granted. Total compensation cost recorded for employees, non-employees and members of the Board for the three and six months ended June 30, 2021 and 2020 was $ 1.5 million, $ 0.2 million, $ 2.5 million and $ 0.3 million, respectively, and included in general and administrative expenses on the condensed consolidated statements of operations. As of June 30, 2021 and December 31, 2020, total unrecognized compensation cost related to unvested shares, stock options and RSUs granted was approximately $ 13.8 million and $ 0.6 million, respectively. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | . Earnings per Share The following table sets forth the computation of basic and diluted net income per share of common stock: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands) Net income available to common stockholders $ 24,085 $ 21,895 $ 7,947 $ 11,439 Dividends on redeemable preferred stock 1,434 — — — Net income available to common stockholders after assumed conversions $ 25,519 $ 21,895 $ 7,947 $ 11,439 Weighted average common shares outstanding — Basic 124,428 69,490 124,395 68,118 Effect of dilutive securities: Restricted share units 252 — 138 — Ares warrants 19 — 10 — Redeemable preferred stock 8,333 — — — Weighted average common shares outstanding — Diluted 133,032 69,490 124,543 68,118 Net income per share available to common stockholders $ 0.19 $ 0.32 $ 0.06 $ 0.17 Net income per share available to common stockholders $ 0.19 $ 0.32 $ 0.06 $ 0.17 The following potential shares of common stock have been excluded from the computation of diluted earnings per share because their effect would have been antidilutive: As of June 30, 2021 2020 (in thousands) Public and Private warrants 17,333 — Stock options 126 — Restricted share units — 96 Convertible bonds (par value) — 51 Ares Put Option * — * Refer to description of this instrument in Note 9 below. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Financial Instruments | . Fair Value Measurements and Financial Instruments The fair value of cash and cash equivalents, restricted cash and investments, and restricted cash with respect to bonds, trade receivables, accounts payable and other current liabilities approximated their carrying values as of June 30, 2021 and December 31, 2020 primarily due to the short-term maturity of these instruments. The fair value of the long-term debt approximated their carrying values as of June 30, 2021 and December 31, 2020 due to the frequency with which interest rates are reset based on changes in prevailing interest rates. The Bonds (Series C) were presented in the condensed consolidated balance sheets at amortized cost. The fair value of the Bonds (Series C) was $ 80.6 million as of December 31, 2020. The fair value measurements were classified as Level 1. The contingent consideration from the acquisition of the Empire business is measured at fair value at the end of each reporting period and amounted to $ 7.7 million and $ 7.4 million as of June 30, 2021 and December 31, 2020, respectively. The fair value methodology for the contingent consideration liability is categorized as Level 3 because inputs to the valuation methodology are unobservable and significant to the fair value adjustment. Approximately $ 0.2 million and $ 0.4 million was recorded as a component of interest and other financial expenses in the condensed consolidated statements of operations for the change in the fair value of the Contingent Consideration for the three and six months ended June 30, 2021, respectively. The Public Warrants (as defined in Note 13) are measured at fair value at the end of each reporting period and amounted to $ 26.5 million and $ 18.1 million as of June 30, 2021 and December 31, 2020, respectively. The fair value methodology for the Public Warrants is categorized as Level 1. Approximately $ 0.8 million and $( 8.4 ) million was recorded as a component of interest and other financial income (expenses) in the condensed consolidated statements of operations for the change in the fair value of the Public Warrants for the three and six months ended June 30, 2021, respectively. The Private Warrants (as defined in Note 13) are measured at fair value at the end of each reporting period and amounted to $ 8.0 million and $ 6.7 million as of June 30, 2021 and December 31, 2020, respectively. The fair value methodology for the Private Warrants is categorized as Level 2 because certain inputs to the valuation methodology are unobservable and significant to the fair value adjustment. The Private Warrants have been recorded at fair value based on a Black-Scholes option pricing model with the following material assumptions based on observable and unobservable inputs: June 30, Expected term (in years) 4.48 Volatility 34.3 % Risk-free interest rate 0.76 % Strike price $ 11.50 Approximately $ 1.4 million and $( 1.4 ) million was recorded as a component of interest and other financial income (expenses) in the condensed consolidated statements of operations for the change in the fair value of the Private Warrants for the three and six months ended June 30, 2021, respectively. The Deferred Shares (as defined in Note 13) are measured at fair value at the end of each reporting period and amounted to $ 1.7 million and $ 1.6 million as of June 30, 2021 and December 31, 2020, respectively. The fair value methodology for the Deferred Shares categorized as Level 3 because inputs to the valuation methodology are unobservable and significant to the fair value adjustment. The Deferred Shares have been recorded at fair value based on a Monte Carlo pricing model with the following material assumptions based on observable and unobservable inputs: June 30, Expected term (in years) 5.92 Volatility 40.2 % Risk-free interest rate 0.96 % Stock price $ 9.19 Approximately $ 0.2 million and $ 0 was recorded as a component of interest and other financial income in the condensed consolidated statements of operations for the change in the fair value of the Deferred Shares for the three and six months ended June 30, 2021, respectively. On the Merger Closing Date, the Company entered into an agreement with Ares and certain of its affiliates (the “Ares Put Option”), which generally guarantees Ares a value of approximately $ 27.3 million at the end of February 2023 for the shares of common stock that the Company issued in consideration for its acquisition of equity in GPM. The Ares Put Option is measured at fair value at the end of each reporting period and amounted to $ 9.5 million and $ 9.8 million as of June 30, 2021 and December 31, 2020, respectively. The fair value methodology for the Ares Put Option is categorized as Level 3 because inputs to the valuation methodology are unobservable and significant to the fair value adjustment. The Ares Put Option has been recorded at its fair value based on a Monte Carlo pricing model with the following material assumptions based on observable and unobservable inputs: June 30, Expected term (in years) 1.66 Volatility 39.4 % Risk-free interest rate 0.19 % Strike price $ 12.935 Approximately $( 0.9 ) million and $ 0.3 million was recorded as a component of interest and other financial income (expenses) in the condensed consolidated statements of operations for the change in the fair value of the Ares Put Option for the three and six months ended June 30, 2021, respectively. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 10. Segment Reporting The reportable segments were determined based on information reviewed by the chief operating decision maker for operational decision-making purposes and the segment information is prepared on the same basis that our chief operating decision maker reviews such financial information. The Company’s reporting segments are the retail segment, the wholesale segment and the GPMP segment. The Company defines segment earnings as operating income. The retail segment includes the operation of a chain of retail stores, which includes convenience stores selling fuel products and other merchandise to retail customers. At its Company operated convenience stores, the Company owns the merchandise and fuel inventory and employs personnel to manage the store. The wholesale segment supplies fuel to independent dealers, sub-wholesalers and bulk purchasers, on either a cost plus or consignment basis. For consignment arrangements, the Company retains ownership of the fuel inventory at the site, is responsible for the pricing of the fuel to the end consumer, and shares the gross profit with the independent outside operators. The GPMP segment includes GPM Petroleum LP (“GPMP”) and primarily includes the sale and supply of fuel to GPM and its subsidiaries selling fuel (both in the Retail and Wholesale segments) at GPMP’s cost of fuel (currently including taxes and certain transportation costs) plus a fixed margin ( 4.5 cents per gallon prior to October 1, 2020 and effective October 1, 2020 through September 30, 2021, 5.0 cents per gallon) and the supply of fuel to a small number of independent outside operators and bulk purchasers. The “All Other” segment includes the results of non-reportable segments which do not meet both quantitative and qualitive criteria as defined under ASC 280, Segment Reporting. The majority of general and administrative expenses, depreciation and amortization, net other expenses, net interest and other financial expenses and income taxes are not allocated to the segments, as well as minor other income items including intercompany operating leases. With the exception of goodwill, assets and liabilities relevant to the reportable segments are not assigned to any particular segment, but rather, managed at the consolidated level. All segment revenues were generated from sites within the U.S. and substantially all assets were within the U.S. Inter-segment transactions primarily included the distribution of fuel by GPMP to GPM and its subsidiaries selling fuel (both in the Retail and Wholesale segments). The effect of these inter-segment transactions was eliminated in the condensed consolidated financial statements. Retail Wholesale GPMP All Other Total For the Three Months Ended June 30, 2021 (in thousands) Revenues Fuel revenue $ 768,716 $ 690,521 $ 1,526 $ — $ 1,460,763 Merchandise revenue 426,365 — — — 426,365 Other revenues, net 17,252 5,212 264 — 22,728 Total revenues from external customers 1,212,333 695,733 1,790 — 1,909,856 Inter-segment — — 1,092,926 317 1,093,243 Total revenues from reportable segments 1,212,333 695,733 1,094,716 317 3,003,099 Operating income 71,215 5,992 23,610 317 101,134 Interest and financial expenses, net ( 3,859 ) — ( 3,859 ) Income tax expense ( 55 ) ( 55 ) Income from equity investment 26 26 Net income from reportable segments $ 97,246 For the Three Months Ended June 30, 2020 Revenues Fuel revenue $ 385,519 $ 21,281 $ 712 $ — $ 407,512 Merchandise revenue 391,697 — — — 391,697 Other revenues, net 13,615 1,307 179 — 15,101 Total revenues from external customers 790,831 22,588 891 — 814,310 Inter-segment — — 230,178 — 230,178 Total revenues from reportable segments 790,831 22,588 231,069 — 1,044,488 Operating income 76,767 780 7,284 — 84,831 Interest and financial expenses, net ( 921 ) — ( 921 ) Income tax expense ( 43 ) ( 43 ) Loss from equity investment ( 178 ) ( 178 ) Net income from reportable segments $ 83,689 Retail Wholesale GPMP All Other Total For the Six Months Ended June 30, 2021 (in thousands) Revenues Fuel revenue $ 1,345,020 $ 1,216,009 $ 2,681 $ — $ 2,563,710 Merchandise revenue 785,646 — — — 785,646 Other revenues, net 34,229 10,151 519 — 44,899 Total revenues from external customers 2,164,895 1,226,160 3,200 — 3,394,255 Inter-segment — — 1,912,393 634 1,913,027 Total revenues from reportable segments 2,164,895 1,226,160 1,915,593 634 5,307,282 Operating income 111,562 8,300 43,733 634 164,229 Interest and financial expenses, net ( 7,700 ) — ( 7,700 ) Income tax expense ( 111 ) ( 111 ) Income from equity investment 20 20 Net income from reportable segments $ 156,438 For the Six Months Ended June 30, 2020 Revenues Fuel revenue $ 918,405 $ 50,219 $ 1,929 $ — $ 970,553 Merchandise revenue 715,376 — — — 715,376 Other revenues, net 25,315 2,590 394 — 28,299 Total revenues from external customers 1,659,096 52,809 2,323 — 1,714,228 Inter-segment — — 609,303 2,378 611,681 Total revenues from reportable segments 1,659,096 52,809 611,626 2,378 2,325,909 Operating income 98,178 1,058 16,070 2,378 117,684 Interest and financial (expenses) income, net ( 1,768 ) 23 ( 1,745 ) Income tax expense ( 205 ) ( 205 ) Loss from equity investment ( 411 ) ( 411 ) Net income from reportable segments $ 115,323 A reconciliation of total revenues from reportable segments to total revenues on the condensed consolidated statements of operations is as follows: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands) Total revenues from reportable segments $ 3,003,099 $ 1,044,488 $ 5,307,282 $ 2,325,909 Other revenues, net ( 42 ) ( 35 ) ( 85 ) ( 73 ) Elimination of inter-segment revenues ( 1,093,243 ) ( 230,178 ) ( 1,913,027 ) ( 611,681 ) Total revenues $ 1,909,814 $ 814,275 $ 3,394,170 $ 1,714,155 A reconciliation of net income from reportable segments to net income on the condensed consolidated statements of operations is as follows: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands) Net income from reportable segments $ 97,246 $ 83,689 $ 156,438 $ 115,323 Amounts not allocated to segments: Other revenues, net ( 42 ) ( 35 ) ( 85 ) ( 73 ) Store operating expenses 675 ( 801 ) 1,252 ( 1,693 ) General and administrative expenses ( 31,068 ) ( 19,582 ) ( 57,070 ) ( 37,707 ) Depreciation and amortization ( 23,431 ) ( 14,970 ) ( 45,830 ) ( 30,198 ) Other expenses, net ( 1,195 ) ( 1,733 ) ( 2,867 ) ( 5,909 ) Interest and other financial expenses, net ( 8,455 ) ( 11,592 ) ( 33,548 ) ( 19,797 ) Income tax expense ( 8,157 ) ( 2,467 ) ( 7,379 ) ( 294 ) Net income $ 25,573 $ 32,509 $ 10,911 $ 19,652 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Environmental Liabilities and Contingencies The Company is subject to certain federal and state environmental laws and regulations associated with convenience store sites where it stores and sells fuel and other fuel products. As of June 30, 2021 and December 31, 2020, environmental obligations totaled $ 13.0 million and $ 13.5 million, respectively. These amounts were recorded as other current and non-current liabilities in the condensed consolidated balance sheets. Environmental reserves have been established on an undiscounted basis based upon internal and external estimates in regard to each site. It is reasonably possible that these amounts will be adjusted in the future due to changes in estimates of environmental remediation costs, the timing of the payments or whether the federal and/or state regulations in which the Company operates, and which deal with the environment, will be amended. The Company maintains certain environmental insurance policies and participates in various state underground storage tank funds that entitle it to be reimbursed for environmental loss mitigation. Estimated amounts that will be recovered from its insurance policies and various state funds for the exposures totaled $ 5.3 million and $ 5.6 million as of June 30, 2021 and December 31, 2020, respectively, and were recorded as other current and non-current assets in the condensed consolidated balance sheets. Asset Retirement Obligations As part of the fuel operations at its operated convenience stores, at most of the consignment dealer locations and at most of the other owned and leased locations leased to dealers, there are underground storage tanks for which the Company is responsible. The future cost to remove an underground storage tank is recognized over the estimated remaining useful life of the underground storage tank or the termination of applicable lease. A liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of the related long-lived asset is recorded at the time an underground storage tank is installed. The estimated liability is based upon historical experience in removing underground storage tanks, estimated tank useful lives, external estimates as to the cost to remove the tanks in the future and current and anticipated federal and state regulatory requirements governing the removal of tanks, and discounted. The Company has recorded an asset retirement obligation of $ 56.3 million and $ 53.2 million at June 30, 2021 and December 31, 2020, respectively. The current portion of the asset retirement obligation is included in other current liabilities in the condensed consolidated balance sheets. Purchase Commitments In the ordinary course of business, the Company has entered into various purchase agreements related to its fuel supply, which include varying volume commitments. In light of the reduction in the number of gallons sold due to the COVID-19 pandemic, the Company’s principal fuel suppliers have temporarily suspended (for periods that vary among the different suppliers) the requirements under their agreements with the Company to purchase minimum quantities of gallons, including such requirements under the incentive agreements from such suppliers. As of June 30, 2021, the reduction in gallons sold did not affect the Company’s compliance with its commitments under the agreements with its principal suppliers. Legal Matters The Company is a party to various legal actions, as both plaintiff and defendant, in the ordinary course of business. The Company’s management believes, based on estimations with support from legal counsel for these matters, that these legal actions are routine in nature and incidental to the operation of the Company’s business and that it is not reasonably possible that the ultimate resolution of these matters will have a material adverse impact on the Company’s business, financial condition, results of operations and cash flows. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions There have been no material changes to the description of related party transactions as set forth in the annual financial statements. |
Revision of Previously Issued F
Revision of Previously Issued Financial Statements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Revision of Previously Issued Financial Statements | 13. Revisions of Previously Issued Financial Statements As of the Merger Closing Date, there were 17.3 million warrants to purchase Haymaker common stock outstanding, consisting of 13.3 million public warrants (the “Public Warrants”) and four million private warrants (the “Private Warrants”). Pursuant to the warrant agreement as amended on the Merger Closing Date, each whole warrant to purchase one share of Haymaker common stock became a warrant to purchase one share of the Company’s common stock. In addition, following the Merger Closing Date, Haymaker’s founders will be entitled to up to 200 thousand shares of common stock to be issued subject to the number of incremental shares of common stock issued to the holders of the Series A redeemable preferred stock not being higher than certain thresholds (the “Deferred Shares”). 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 evaluated the materiality of this adjustment and concluded it was not material to any of the prior periods presented and has elected to revise the previously issued financial statements contained within these interim financial statements for the periods impacted to correct the effect of this immaterial adjustment. As a result, the condensed consolidated balance sheet as of December 31, 2020 included as comparative figures within these interim financial statements was revised as follows: As of December 31, 2020 As Previously Reported Adjustment As Revised (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 |
Significant Events
Significant Events | 6 Months Ended |
Jun. 30, 2021 | |
Significant Events [Abstract] | |
Significant Events | 14. Significant Events Standby Real Estate Program On May 3, 2021 , GPM entered into a standby real estate purchase, designation and lease program agreement (the “Program Agreement”) with Oak Street Real Estate Capital Net Lease Property Fund, LP (“Oak Street”). Pursuant to the Program Agreement, Oak Street has agreed to purchase, subject to the conditions contained in the Program Agreement, up to $ 1.0 billion of convenience store and gas station real property, including in connection with purchase agreements that GPM or an affiliate thereof, may from time to time enter into to acquire convenience stores and gas stations from third parties (each, a “Property”). Pursuant to the Program Agreement, upon any acquisition of a Property by Oak Street, or an affiliate thereof, GPM, or an affiliate thereof, would enter into a triple-net lease agreement with Oak Street or such affiliate pursuant to which GPM or such affiliate would lease such Property from Oak Street or such affiliate based upon commercial terms contained in the Program Agreement. The purchase price for any Property would similarly be subject to commercial terms agreed upon by GPM and Oak Street in the Program Agreement and if in connection with the acquisition of convenience stores and gas stations from third parties, consistent with the agreed upon purchase price or designation rights with the seller of the real estate. The Program Agreement has a one-year term, during which GPM may not sell or designate any Property pursuant to a sale-leaseback or similar transaction without first offering such Property to Oak Street in accordance with the terms and conditions of the Program Agreement. Certain Properties specified by GPM are not subject to the foregoing right of first offer, and the Program Agreement does not obligate GPM to sell any Property, or acquire any property from a third party for purposes of its sale, to Oak Street or assign the right to acquire the third party's real estate to Oak Street, unless GPM elects, in its sole discretion, to enter into a sale-leaseback, designation or similar transaction governed by the Program Agreement. COVID-19 – Coronavirus An outbreak of coronavirus (“COVID-19”) began in China in December 2019 and subsequently spread throughout the world. On March 11, 2020, the World Health Organization declared COVID-19 as a pandemic. Throughout the pandemic, the convenience stores and independent outside operations have continued to operate and have remained open to the public because convenience store operations and gas stations have been deemed an essential business by numerous federal and state authorities, including the U.S. Department of Homeland Security, and therefore are exempt from many of the closure orders that were, or are currently, imposed on U.S. businesses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis for Presentation | Basis of Presentation All significant intercompany balances and transactions have been eliminated in the accompanying condensed consolidated financial statements, which are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). |
Accounting Periods | Accounting Periods The Company’s fiscal periods end on the last day of the month, and its fiscal year ends on December 31. This results in the Company experiencing fluctuations in current assets and current liabilities due to purchasing and payment patterns which change based upon the day of the week. As a result, working capital can change from period to period not only due to changing business operations, but also due to a change in the day of the week in which each period ends. The Company earns a disproportionate amount of its annual operating income in the second and third quarters as a result of the climate and seasonal buying patterns of its customers. Inclement weather, especially in the Midwest and Northeast regions of the U.S. during the winter months, can negatively impact financial results. |
Use of Estimates | Use of Estimates In the preparation of interim condensed consolidated financial statements, management may make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include right-of-use assets and lease liabilities; impairment of goodwill, intangible, right-of-use and fixed assets; useful lives of fixed assets; environmental assets and liabilities; deferred tax assets; and asset retirement obligations. |
Revenue Recognition | Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to the customers. This requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a single point in time or over time, based on when control of goods and services transfers to a customer. Control is transferred to the customer over time if the customer simultaneously receives and consumes the benefits provided by the Company’s performance. If a performance obligation is not satisfied over time, the Company satisfies the performance obligation at a single point in time. Revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services. When the Company satisfies a performance obligation by transferring control of goods or services to the customer, revenue is recognized against contract assets in the amount of consideration to which the Company is entitled. When the consideration amount received from the customer exceeds the amounts recognized as revenue, the Company recognizes a contract liability for the excess. An asset is recognized related to the costs incurred to obtain a contract (i.e. sales commissions) if the costs are specifically identifiable to a contract, the costs will result in enhancing resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. These capitalized costs are recorded as a part of other current assets and other non-current assets and are amortized on a systematic basis consistent with the pattern of transfer of the goods or services to which such costs relate. The Company expenses the costs to obtain a contract, as and when they are incurred, in cases where the expected amortization period is one year or less. The Company evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis. In performing this analysis, the Company considers first whether it controls the goods before they are transferred to the customers and if it has the ability to direct the use of the goods or obtain benefits from them. The Company also considers the following indicators: (1) the primary obligor, (2) the latitude in establishing prices and selecting suppliers, and (3) the inventory risk borne by the Company before and after the goods have been transferred to the customer. When the Company acts as principal, revenue is recorded on a gross basis. When the Company acts as agent, revenue is recorded on a net basis. Fuel revenue and fuel costs included fuel taxes of $ 262.7 million, $ 102.0 million, $ 485.2 million, and $ 217.1 million for the three and six months ended June 30, 2021 and 2020, respectively. Refer to Note 10 for disclosure of the revenue disaggregated by segment and product line, as well as a description of the reportable segment operations. |
New Accounting Pronouncements | New Accounting Pronouncements Adopted During 2021 Simplifying the Accounting for Income Taxes – In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify GAAP for other areas of ASC 740 by clarifying and amending existing guidance, such as the accounting for a franchise tax (or similar tax) that is partially based on income. This standard is effective January 1, 2021 for the Company. The adoption of this guidance had no material impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Reference Rate Reform – In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard included optional guidance for a limited period of time to help ease the burden in accounting for the effects of reference rate reform. The new standard is effective for all entities through December 31, 2022. The Company is examining the impact of this standard on its consolidated financial statements. |
ExpressStop Acquisition (Tables
ExpressStop Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Summary of Details of Business Combination | The details of the business combination were as follows: Amount Fair value of consideration transferred: (in thousands) Cash $ 15,911 Consideration provided by the Real Estate Funds 77,877 Total consideration $ 93,788 Assets acquired and liabilities assumed at the date of acquisition: Cash and cash equivalents 261 Inventory 7,695 Other assets 362 Property and equipment, net 85,081 Deferred tax asset 39 Intangible assets 2,965 Total assets 96,403 Other liabilities ( 283 ) Asset retirement obligations ( 2,448 ) Total liabilities ( 2,731 ) Total identifiable net assets 93,672 Goodwill $ 116 Consideration paid in cash $ 15,911 Consideration provided by the Real Estate Funds 77,877 Less: cash and cash equivalent balances acquired ( 261 ) Net cash outflow on acquisition closing date $ 93,527 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The components of debt were as follows: June 30, December 31, (in thousands) Bonds (Series C) $ — $ 76,582 PNC term loans 32,369 32,354 M&T debt 38,665 27,898 Ares term loan 214,995 215,433 Insurance premium notes 5,044 3,488 Capital One line of credit 394,634 394,035 Total debt, net $ 685,707 $ 749,790 Less current portion ( 10,119 ) ( 40,988 ) Total long-term debt, net $ 675,588 $ 708,802 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Summary of components of lease cost recorded on the consolidated statements of operations | Under ASC 842, the components of lease cost recorded on the condensed consolidated statements of operations were as follows: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands) Finance lease cost: Depreciation of right-of-use assets $ 3,410 $ 3,156 $ 6,727 $ 6,348 Interest on lease liabilities 4,374 4,359 8,820 8,685 Operating lease costs included in store operating expenses 32,491 27,138 64,825 54,382 Operating lease costs included in general and administrative 458 320 854 647 Lease cost related to variable lease payments, short-term 458 170 833 320 Right-of-use asset impairment charges 412 290 523 929 Total lease costs $ 41,603 $ 35,433 $ 82,582 $ 71,311 |
Summary of supplemental data related to leases | Supplemental data related to leases was as follows: June 30, December 31, (in thousands) Operating leases Weighted average remaining lease term (in years) 13.2 13.4 Weighted average discount rate 7.7 % 7.7 % Financing leases Weighted average remaining lease term (in years) 23.9 23.7 Weighted average discount rate 7.3 % 7.7 % |
Operating & Finance Leases, Liability, Maturity | The minimum lease payments presented below include periods where an option is reasonably certain to be exercised and do not take into consideration any future consumer price index adjustments for these agreements. Operating Financing (in thousands) 2021 $ 63,498 $ 12,719 2022 125,538 23,331 2023 126,011 21,777 2024 126,682 20,722 2025 126,874 20,840 Thereafter 1,100,536 468,299 Gross lease payments $ 1,669,139 $ 567,688 Less: imputed interest ( 638,136 ) ( 328,257 ) Total lease liabilities $ 1,031,003 $ 239,431 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Options and Restricted Stock Units Activity | The following table summarizes share activity related to stock options and restricted stock units: Stock Restricted (in thousands) Options Outstanding/Nonvested RSUs, December 31, 2020 — — Granted 126 1,589 Options Exercised/RSUs released — ( 79 ) Forfeited — — Options Outstanding/Nonvested RSUs, June 30, 2021 126 1,510 |
Summary of Stock Option Granted | The following table summarizes the stock options granted in 2021: Weighted average fair value $ 9.60 Weighted average exercise price $ 10.00 Remaining average contractual term (years) 9.7 |
Summary of Assumptions Utilized in Valuation of Stock Option Awards | The following table summarizes the assumptions utilized in the valuation of the stock option awards granted in 2021: Expected dividend rate 0.0 % Expected stock price volatility 28.8 % Risk-free interest rate 1.6 % Expected term of options (years) 10.0 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income Per Share of Common Stock | The following table sets forth the computation of basic and diluted net income per share of common stock: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands) Net income available to common stockholders $ 24,085 $ 21,895 $ 7,947 $ 11,439 Dividends on redeemable preferred stock 1,434 — — — Net income available to common stockholders after assumed conversions $ 25,519 $ 21,895 $ 7,947 $ 11,439 Weighted average common shares outstanding — Basic 124,428 69,490 124,395 68,118 Effect of dilutive securities: Restricted share units 252 — 138 — Ares warrants 19 — 10 — Redeemable preferred stock 8,333 — — — Weighted average common shares outstanding — Diluted 133,032 69,490 124,543 68,118 Net income per share available to common stockholders $ 0.19 $ 0.32 $ 0.06 $ 0.17 Net income per share available to common stockholders $ 0.19 $ 0.32 $ 0.06 $ 0.17 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | The following potential shares of common stock have been excluded from the computation of diluted earnings per share because their effect would have been antidilutive: As of June 30, 2021 2020 (in thousands) Public and Private warrants 17,333 — Stock options 126 — Restricted share units — 96 Convertible bonds (par value) — 51 Ares Put Option * — * Refer to description of this instrument in Note 9 below. |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Ares Put Option [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Fair Value Measurement Inputs and Valuation Techniques | The Ares Put Option has been recorded at its fair value based on a Monte Carlo pricing model with the following material assumptions based on observable and unobservable inputs: June 30, Expected term (in years) 1.66 Volatility 39.4 % Risk-free interest rate 0.19 % Strike price $ 12.935 |
Private Warrants [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Fair Value Measurement Inputs and Valuation Techniques | The Private Warrants have been recorded at fair value based on a Black-Scholes option pricing model with the following material assumptions based on observable and unobservable inputs: June 30, Expected term (in years) 4.48 Volatility 34.3 % Risk-free interest rate 0.76 % Strike price $ 11.50 |
Deferred Shares [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Fair Value Measurement Inputs and Valuation Techniques | The Deferred Shares have been recorded at fair value based on a Monte Carlo pricing model with the following material assumptions based on observable and unobservable inputs: June 30, Expected term (in years) 5.92 Volatility 40.2 % Risk-free interest rate 0.96 % Stock price $ 9.19 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments | Inter-segment transactions primarily included the distribution of fuel by GPMP to GPM and its subsidiaries selling fuel (both in the Retail and Wholesale segments). The effect of these inter-segment transactions was eliminated in the condensed consolidated financial statements. Retail Wholesale GPMP All Other Total For the Three Months Ended June 30, 2021 (in thousands) Revenues Fuel revenue $ 768,716 $ 690,521 $ 1,526 $ — $ 1,460,763 Merchandise revenue 426,365 — — — 426,365 Other revenues, net 17,252 5,212 264 — 22,728 Total revenues from external customers 1,212,333 695,733 1,790 — 1,909,856 Inter-segment — — 1,092,926 317 1,093,243 Total revenues from reportable segments 1,212,333 695,733 1,094,716 317 3,003,099 Operating income 71,215 5,992 23,610 317 101,134 Interest and financial expenses, net ( 3,859 ) — ( 3,859 ) Income tax expense ( 55 ) ( 55 ) Income from equity investment 26 26 Net income from reportable segments $ 97,246 For the Three Months Ended June 30, 2020 Revenues Fuel revenue $ 385,519 $ 21,281 $ 712 $ — $ 407,512 Merchandise revenue 391,697 — — — 391,697 Other revenues, net 13,615 1,307 179 — 15,101 Total revenues from external customers 790,831 22,588 891 — 814,310 Inter-segment — — 230,178 — 230,178 Total revenues from reportable segments 790,831 22,588 231,069 — 1,044,488 Operating income 76,767 780 7,284 — 84,831 Interest and financial expenses, net ( 921 ) — ( 921 ) Income tax expense ( 43 ) ( 43 ) Loss from equity investment ( 178 ) ( 178 ) Net income from reportable segments $ 83,689 Retail Wholesale GPMP All Other Total For the Six Months Ended June 30, 2021 (in thousands) Revenues Fuel revenue $ 1,345,020 $ 1,216,009 $ 2,681 $ — $ 2,563,710 Merchandise revenue 785,646 — — — 785,646 Other revenues, net 34,229 10,151 519 — 44,899 Total revenues from external customers 2,164,895 1,226,160 3,200 — 3,394,255 Inter-segment — — 1,912,393 634 1,913,027 Total revenues from reportable segments 2,164,895 1,226,160 1,915,593 634 5,307,282 Operating income 111,562 8,300 43,733 634 164,229 Interest and financial expenses, net ( 7,700 ) — ( 7,700 ) Income tax expense ( 111 ) ( 111 ) Income from equity investment 20 20 Net income from reportable segments $ 156,438 For the Six Months Ended June 30, 2020 Revenues Fuel revenue $ 918,405 $ 50,219 $ 1,929 $ — $ 970,553 Merchandise revenue 715,376 — — — 715,376 Other revenues, net 25,315 2,590 394 — 28,299 Total revenues from external customers 1,659,096 52,809 2,323 — 1,714,228 Inter-segment — — 609,303 2,378 611,681 Total revenues from reportable segments 1,659,096 52,809 611,626 2,378 2,325,909 Operating income 98,178 1,058 16,070 2,378 117,684 Interest and financial (expenses) income, net ( 1,768 ) 23 ( 1,745 ) Income tax expense ( 205 ) ( 205 ) Loss from equity investment ( 411 ) ( 411 ) Net income from reportable segments $ 115,323 |
Schedule of Reconciliation of Total Revenues from Reportable Segments to Total Revenues | A reconciliation of total revenues from reportable segments to total revenues on the condensed consolidated statements of operations is as follows: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands) Total revenues from reportable segments $ 3,003,099 $ 1,044,488 $ 5,307,282 $ 2,325,909 Other revenues, net ( 42 ) ( 35 ) ( 85 ) ( 73 ) Elimination of inter-segment revenues ( 1,093,243 ) ( 230,178 ) ( 1,913,027 ) ( 611,681 ) Total revenues $ 1,909,814 $ 814,275 $ 3,394,170 $ 1,714,155 |
Schedule of Reconciliation of Net Income from Reportable Segments to Net (Loss) Income | A reconciliation of net income from reportable segments to net income on the condensed consolidated statements of operations is as follows: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands) Net income from reportable segments $ 97,246 $ 83,689 $ 156,438 $ 115,323 Amounts not allocated to segments: Other revenues, net ( 42 ) ( 35 ) ( 85 ) ( 73 ) Store operating expenses 675 ( 801 ) 1,252 ( 1,693 ) General and administrative expenses ( 31,068 ) ( 19,582 ) ( 57,070 ) ( 37,707 ) Depreciation and amortization ( 23,431 ) ( 14,970 ) ( 45,830 ) ( 30,198 ) Other expenses, net ( 1,195 ) ( 1,733 ) ( 2,867 ) ( 5,909 ) Interest and other financial expenses, net ( 8,455 ) ( 11,592 ) ( 33,548 ) ( 19,797 ) Income tax expense ( 8,157 ) ( 2,467 ) ( 7,379 ) ( 294 ) Net income $ 25,573 $ 32,509 $ 10,911 $ 19,652 |
Revision of Previously Issued_2
Revision of Previously Issued Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Adjusted Consolidated Balance Sheet | As a result, the condensed consolidated balance sheet as of December 31, 2020 included as comparative figures within these interim financial statements was revised as follows: As of December 31, 2020 As Previously Reported Adjustment As Revised (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 |
General - Additional Informatio
General - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($)SitesStates$ / shares | Dec. 31, 2020$ / shares | |
General [Abstract] | ||
Number of self operated sites | 1,381 | |
Number of Sites Operated By External Operators (dealers) | 1,647 | |
Number of states | States | 33 | |
Common stock par value | $ / shares | $ 0.0001 | $ 0.0001 |
Goodwill or intangible assets | $ | $ 0 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Contract cost, amortization period | 1 year | 1 year | ||
Fuel revenue and fuel costs included fuel taxes | $ 262.7 | $ 102 | $ 485.2 | $ 217.1 |
ExpressStop Acquisition - Addit
ExpressStop Acquisition - Additional Information (Details) $ in Thousands | May 18, 2021USD ($)StoresAndGasStation | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||||
Date of acquisition agreement | May 18, 2021 | |||||
Number of stores and gas stations acquired | StoresAndGasStation | 60 | |||||
Payments to acquire businesses | $ 86,000 | |||||
Right-of-use assets under operating leases | $ 963,503 | $ 963,503 | $ 961,561 | |||
Operating lease liabilities | 50,730 | 50,730 | 48,878 | |||
Goodwill | 174,053 | 174,053 | $ 173,937 | |||
Ownership [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to acquire businesses | 78,000 | |||||
ExpressStop [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Financial liability | 43,600 | 43,600 | ||||
Right-of-use assets under operating leases | 28,100 | 28,100 | ||||
Operating lease liabilities | 30,000 | 30,000 | ||||
Goodwill | 116 | 100 | 100 | |||
Goodwill recognized for tax deductible for US income tax purpose | 0 | 0 | ||||
Acquisition related cost | $ 93,788 | $ 1,600 | $ 0 | 1,700 | $ 0 | |
Revenue through closing date of acquisition till period end date | 26,200 | |||||
Other Payments to Acquire Businesses | 15,600 | |||||
Net income through acquisition date till period end date | $ 800 | |||||
ExpressStop [Member] | Trade Names [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Useful life of assets acquired | 5 years |
ExpressStop Acquisition - Summa
ExpressStop Acquisition - Summary of Details of Business Combination (Details) - USD ($) $ in Thousands | May 18, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 261 | |||||
Goodwill | $ 174,053 | $ 174,053 | $ 173,937 | |||
Less: cash and cash equivalent balance acquired | 261 | |||||
ExpressStop [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Consideration paid in cash | 15,911 | |||||
Consideration provided by the Real Estate Funds | 77,877 | |||||
Total consideration | 93,788 | 1,600 | $ 0 | 1,700 | $ 0 | |
Cash and cash equivalents | 261 | |||||
Inventory | 7,695 | |||||
Other assets | 362 | |||||
Property and equipment, net | 85,081 | |||||
Deferred tax assets | 39 | |||||
Intangible assets | 2,965 | |||||
Total assets | 96,403 | |||||
Other current liabilities | 283 | |||||
Asset retirement obligations | (2,448) | |||||
Total liabilities | 2,731 | |||||
Total identifiable net assets | 93,672 | |||||
Goodwill | 116 | $ 100 | $ 100 | |||
Less: cash and cash equivalent balance acquired | 261 | |||||
Net cash outflow on acquisition closing date | $ 93,527 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Total debt, net | $ 685,707 | $ 749,790 |
Insurance premium notes | 5,044 | 3,488 |
Capital One line of credit | 394,634 | 394,035 |
Less current portion | (10,119) | (40,988) |
Total long-term debt, net | 675,588 | 708,802 |
PNC Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total debt, net | 32,369 | 32,354 |
Ares Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt, net | 214,995 | 215,433 |
Bonds Series C [Member] | ||
Debt Instrument [Line Items] | ||
Total debt, net | 0 | 76,582 |
M&T Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 38,665 | $ 27,898 |
Debt - Additional Information (
Debt - Additional Information (Details) ₪ / shares in Units, $ / shares in Units, ₪ in Millions, $ in Millions | Jun. 24, 2021USD ($) | Jun. 30, 2021ILS (₪)₪ / shares | Jun. 30, 2021USD ($) | Jun. 30, 2021$ / shares | Apr. 30, 2021 | Dec. 21, 2016USD ($) |
Bonds (Series C) [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Debt Instrument, Redemption, Description | Arko Holdings redeemed the Bonds (Series C) at a redemption price equal to approximately NIS 1.084 for every NIS 1 par value (approximately $0.325 as of March 30, 2021 per NIS 1 par value) of Bonds (Series C) outstanding (including additional interest for the early redemption and accrued and unpaid interest thereon to the redemption date for the Bonds (Series C)). | Arko Holdings redeemed the Bonds (Series C) at a redemption price equal to approximately NIS 1.084 for every NIS 1 par value (approximately $0.325 as of March 30, 2021 per NIS 1 par value) of Bonds (Series C) outstanding (including additional interest for the early redemption and accrued and unpaid interest thereon to the redemption date for the Bonds (Series C)). | ||||
Debt Instrument Redemption Amount Paid | ₪ 264 | $ 79 | ||||
Bond Redemption Price Per Share | (per share) | ₪ 1.084 | $ 0.325 | ||||
Ares Credit Agreement [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Credit Agreement Amendment Description | On March 30, 2021, GPM entered into an amendment to its credit agreement (the “Ares Credit Agreement”) with Ares Capital Corporation (“Ares”) which amended the credit agreement to adjust the interest rate effective from and after March 1, 2021, by (A) reducing the applicable margin for the term loan facility by 0.125% and (B) reducing the LIBOR Rate (as defined in the credit agreement) to be not less than 1.0%, such that following these changes, effective March 1, 2021, the term loan facility bears interest, as elected by GPM, at (a) a rate per annum equal to the Ares alternative base rate (“ABR”) plus a margin of 3.50%, or (b) the LIBOR Rate (not less than 1.0%) plus a margin of 4.50%. On April 30, 2021, GPM entered into a sixth amendment (the “Sixth Amendment”) to the Ares Credit Agreement. The Sixth Amendment amended the Ares Credit Agreement as follows: the definition of Consolidated EBITDA was amended to increase the amount of fees, expenses and other charges related to Permitted Acquisitions (as defined in the Ares Credit Agreement) that can be added back when calculating Consolidated EBITDA; the definition of Consolidated Total Debt was amended to increase the amount of GPM’s cash and cash equivalents on hand deducted from GPM’s indebtedness when calculating Consolidated Total Debt; various changes were made to facilitate potential new equipment and real estate financings from M&T Bank; certain permitted debt baskets were increased to allow GPM to have more flexibility in its operations and the financial statement and budget delivery requirements were updated primarily to reflect that GPM currently owns 99.71% of GPMP. | On March 30, 2021, GPM entered into an amendment to its credit agreement (the “Ares Credit Agreement”) with Ares Capital Corporation (“Ares”) which amended the credit agreement to adjust the interest rate effective from and after March 1, 2021, by (A) reducing the applicable margin for the term loan facility by 0.125% and (B) reducing the LIBOR Rate (as defined in the credit agreement) to be not less than 1.0%, such that following these changes, effective March 1, 2021, the term loan facility bears interest, as elected by GPM, at (a) a rate per annum equal to the Ares alternative base rate (“ABR”) plus a margin of 3.50%, or (b) the LIBOR Rate (not less than 1.0%) plus a margin of 4.50%. On April 30, 2021, GPM entered into a sixth amendment (the “Sixth Amendment”) to the Ares Credit Agreement. The Sixth Amendment amended the Ares Credit Agreement as follows: the definition of Consolidated EBITDA was amended to increase the amount of fees, expenses and other charges related to Permitted Acquisitions (as defined in the Ares Credit Agreement) that can be added back when calculating Consolidated EBITDA; the definition of Consolidated Total Debt was amended to increase the amount of GPM’s cash and cash equivalents on hand deducted from GPM’s indebtedness when calculating Consolidated Total Debt; various changes were made to facilitate potential new equipment and real estate financings from M&T Bank; certain permitted debt baskets were increased to allow GPM to have more flexibility in its operations and the financial statement and budget delivery requirements were updated primarily to reflect that GPM currently owns 99.71% of GPMP. | ||||
Ares Credit Agreement [Member] | GPM [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Ownership percentage | 99.71% | |||||
PNC Credit Agreement [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Credit Agreement Amendment Description | On April 30, 2021, GPM entered into a fourth amendment to its credit agreement, dated February 28, 2020, by and among GPM, and certain of its subsidiaries as borrowers and guarantors, the lenders from time to time party thereto and PNC Bank, National Association, as lender and as agent (the “PNC Credit Agreement”). This amendment effected substantially similar changes to the PNC Credit Agreement as those made by the Sixth Amendment to the Ares Credit Agreement described above. | On April 30, 2021, GPM entered into a fourth amendment to its credit agreement, dated February 28, 2020, by and among GPM, and certain of its subsidiaries as borrowers and guarantors, the lenders from time to time party thereto and PNC Bank, National Association, as lender and as agent (the “PNC Credit Agreement”). This amendment effected substantially similar changes to the PNC Credit Agreement as those made by the Sixth Amendment to the Ares Credit Agreement described above. | ||||
M&T Bank Credit Agreement [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Credit Agreement Amendment Description | On June 24, 2021 (the “M&T Closing Date”), GPM entered into (i) a Second Amended, Restated and Consolidated Credit Agreement, by and among GPM, certain of its subsidiaries as co-borrowers and M&T Bank (the “M&T Credit Agreement Amendment”) and (ii) a Second Amended and Restated Master Covenant Agreement, by and between GPM and M&T Bank (the “M&T Master Covenant Agreement Amendment”.The M&T Credit Agreement Amendment amended and restated in its entirety that certain Amended and Restated Consolidated Credit Agreement, dated December 21, 2016, as amended, by and among GPM, M&T Bank and the other parties thereto and (i) added a three-year $20.0 million line of credit for purchases of equipment, which line may be borrowed in tranches, as described below, and (ii) increased the aggregate principal amount of real estate loans thereunder to $35.0 million (the “New Term Loan”) from approximately $23.2 million outstanding as of the M&T Closing Date. On the M&T Closing Date, GPM refinanced the entirety of the existing $23.2 million of real estate loans, of which $20.0 million was due to mature in December 2021, using the proceeds from the New Term Loan, which GPM drew in its entirety, resulting in approximately $10.7 million in net proceeds to GPM after paying costs and expenses. On the M&T Closing Date, approximately $2.5 million of outstanding equipment loans from M&T Bank were converted to become a part of the $20.0 million line of credit, of which approximately $17.5 million remained available as of both the M&T Closing Date and June 30, 2021.Additionally, the real estate loans, which were originally at fixed interest rates ranging from 3.06% to 5.06% were converted to floating rate loans at LIBOR plus 3.00%, and the fixed interest rate on the currently outstanding equipment loan increased from 3.55% to 3.58%. The real estate loans mature in June 2026 and are payable in monthly installments based on a fifteen-year amortization schedule, with the balance of the loans payable at maturity. The M&T Credit Agreement Amendment provides that each additional equipment loan tranche will have a three-year term, payable in level monthly payments of principal plus interest, and will accrue a fixed rate of interest equal to M&T Bank’s three-year cost of funds as of the applicable date of such tranche, plus 3.00%. The real estate loans and equipment loans are both secured by the real property and equipment acquired with the proceeds of such loans. The M&T Credit Agreement Amendment contains customary affirmative and negative covenants, including that the borrowers do not encumber the collateral subject to the applicable loans under the M&T Credit Agreement Amendment. The M&T Master Covenant Agreement Amendment amended and restated the covenants contained in the Amended and Restated M&T Master Covenant Agreement dated November 5, 2020, as amended, in each case in respect of the loans under the M&T Credit Agreement Amendment. | On June 24, 2021 (the “M&T Closing Date”), GPM entered into (i) a Second Amended, Restated and Consolidated Credit Agreement, by and among GPM, certain of its subsidiaries as co-borrowers and M&T Bank (the “M&T Credit Agreement Amendment”) and (ii) a Second Amended and Restated Master Covenant Agreement, by and between GPM and M&T Bank (the “M&T Master Covenant Agreement Amendment”.The M&T Credit Agreement Amendment amended and restated in its entirety that certain Amended and Restated Consolidated Credit Agreement, dated December 21, 2016, as amended, by and among GPM, M&T Bank and the other parties thereto and (i) added a three-year $20.0 million line of credit for purchases of equipment, which line may be borrowed in tranches, as described below, and (ii) increased the aggregate principal amount of real estate loans thereunder to $35.0 million (the “New Term Loan”) from approximately $23.2 million outstanding as of the M&T Closing Date. On the M&T Closing Date, GPM refinanced the entirety of the existing $23.2 million of real estate loans, of which $20.0 million was due to mature in December 2021, using the proceeds from the New Term Loan, which GPM drew in its entirety, resulting in approximately $10.7 million in net proceeds to GPM after paying costs and expenses. On the M&T Closing Date, approximately $2.5 million of outstanding equipment loans from M&T Bank were converted to become a part of the $20.0 million line of credit, of which approximately $17.5 million remained available as of both the M&T Closing Date and June 30, 2021.Additionally, the real estate loans, which were originally at fixed interest rates ranging from 3.06% to 5.06% were converted to floating rate loans at LIBOR plus 3.00%, and the fixed interest rate on the currently outstanding equipment loan increased from 3.55% to 3.58%. The real estate loans mature in June 2026 and are payable in monthly installments based on a fifteen-year amortization schedule, with the balance of the loans payable at maturity. The M&T Credit Agreement Amendment provides that each additional equipment loan tranche will have a three-year term, payable in level monthly payments of principal plus interest, and will accrue a fixed rate of interest equal to M&T Bank’s three-year cost of funds as of the applicable date of such tranche, plus 3.00%. The real estate loans and equipment loans are both secured by the real property and equipment acquired with the proceeds of such loans. The M&T Credit Agreement Amendment contains customary affirmative and negative covenants, including that the borrowers do not encumber the collateral subject to the applicable loans under the M&T Credit Agreement Amendment. The M&T Master Covenant Agreement Amendment amended and restated the covenants contained in the Amended and Restated M&T Master Covenant Agreement dated November 5, 2020, as amended, in each case in respect of the loans under the M&T Credit Agreement Amendment. | ||||
M&T Bank Credit Agreement [Member] | Maximum [Member] | Real Estate Loan [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Fixed interest rate | 5.06% | |||||
M&T Bank Credit Agreement [Member] | Maximum [Member] | Equipment Loan [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Fixed interest rate | 3.58% | |||||
M&T Bank Credit Agreement [Member] | Minimum [Member] | Real Estate Loan [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Fixed interest rate | 3.06% | |||||
M&T Bank Credit Agreement [Member] | Minimum [Member] | Equipment Loan [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Fixed interest rate | 3.55% | |||||
M&T Bank Credit Agreement [Member] | LIBOR [Member] | Real Estate Loan [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Debt floating rate | 3.00% | |||||
M&T Bank Credit Agreement [Member] | GPM [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Line of Credit Facility, Capacity Available for Trade Purchases | $ 20 | |||||
M&T Bank Credit Agreement [Member] | GPM [Member] | Real Estate Loan [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Aggregate principal amount of debt issued | $ 35 | |||||
Aggregate principal amount of debt outstanding | $ 23.2 | |||||
Refinancement of loan | 23.2 | |||||
Line of credit facility | $ 20 | |||||
Line of credit facility maturity date | Dec. 31, 2021 | |||||
Proceeds from term loan | $ 10.7 | |||||
M&T Bank Credit Agreement [Member] | GPM [Member] | Equipment Loan [Member] | ||||||
Debt And Financial Instruments [Line Items] | ||||||
Line of credit facility | 20 | |||||
Long-term line of credit facility | 2.5 | |||||
Line of credit facility remaining borrowing capacity | $ 17.5 |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021StoreDealer | |
Lessee, Lease, Description [Line Items] | |
Leases description | the Company leased 1,172 of the convenience stores that it operates, 159 dealer locations and certain office spaces in the U.S., including land and buildings in certain cases |
Number of leased convenience stores | Store | 1,172 |
Number of dealer locations | Dealer | 159 |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease agreements period | 20 years |
Lease renewal terms | 25 years |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease agreements period | 15 years |
Lease renewal terms | 5 years |
Leases - Summary of components
Leases - Summary of components of lease cost recorded on the consolidated statements of operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finance lease cost: | ||||
Depreciation of right-of-use assets | $ 3,410 | $ 3,156 | $ 6,727 | $ 6,348 |
Interest on lease liabilities | 4,374 | 4,359 | 8,820 | 8,685 |
Operating lease costs included in store operating expenses | 32,491 | 27,138 | 64,825 | 54,382 |
Operating lease costs included in general and administrative expenses | 458 | 320 | 854 | 647 |
Lease cost related to variable lease payments, short-term leases and leases of low value assets | 458 | 170 | 833 | 320 |
Right-of-use asset impairment charges | 412 | 290 | 523 | 929 |
Total lease costs | $ 41,603 | $ 35,433 | $ 82,582 | $ 71,311 |
Leases - Lessee Supplemental In
Leases - Lessee Supplemental Information (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Weighted average remaining lease term (in years) | 13 years 2 months 12 days | 13 years 4 months 24 days |
Weighted average discount rate | 7.70% | 7.70% |
Financing Leases | ||
Weighted average remaining lease term (in years) | 23 years 10 months 24 days | 23 years 8 months 12 days |
Weighted average discount rate | 7.30% | 7.70% |
Leases - Schedule of Operating
Leases - Schedule of Operating and Finance Leases Liability Maturity (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Operating | |
2021 | $ 63,498 |
2022 | 125,538 |
2023 | 126,011 |
2024 | 126,682 |
2025 | 126,874 |
Thereafter | 1,100,536 |
Gross lease payments | 1,669,139 |
Less: imputed interest | 638,136 |
Total lease liabilities | 1,031,003 |
Financing | |
2021 | 12,719 |
2022 | 23,331 |
2023 | 21,777 |
2024 | 20,722 |
2025 | 20,840 |
Thereafter | 468,299 |
Gross lease payments | 567,688 |
Less: imputed interest | 328,257 |
Total lease liabilities | $ 239,431 |
Equity - Additional Information
Equity - Additional Information (Details) - shares | Jan. 21, 2021 | Jan. 19, 2021 |
Nomura Securities International Inc [Member] | ||
Class of Stock [Line Items] | ||
Common stock shares issued for transaction fee and placement Fee | 296,150 | |
Haymaker and Nomura Securities International, Inc. [Member] | ||
Class of Stock [Line Items] | ||
Common stock shares issued for transaction fee and placement Fee | 296,150 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum Defer Cash Fee Invested In Restricted Stock Units Percentage | 100.00% | ||||
Share-based compensation | $ 2,514 | $ 255 | |||
Total Unrecognized compensation cost related to unvested shares, stock options and RSUs granted | $ 13,800 | $ 13,800 | $ 600 | ||
Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Outstanding, Shares | 0 | 0 | |||
Granted | 0 | ||||
Restricted Stock Units (RSUs) | Non-employee Directors | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Outstanding, Shares | 78,682 | 78,682 | |||
Performance based Restricted Stock Units (RSU's) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Grant date fair value | $ 6,200 | ||||
Granted | 644,867 | ||||
Terms of Agreement | 3 years | ||||
Vesting Period | 3 years | ||||
Employees, Non-employees And Board of Directors | General and Administrative Expense | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation | $ 1,500 | $ 200 | $ 2,500 | $ 300 | |
Time-vested RSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average grant date fair value | $ 9.60 | ||||
Grant date fair value | $ 8,300 | ||||
Grant date vested period | 2 years 7 months 6 days |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Options and Restricted Stock Units Activity (Details) | 6 Months Ended |
Jun. 30, 2021shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Granted | 0 |
Options Exercised | (126) |
Forfeited | 0 |
Options Outstanding, Ending Balance | 0 |
Restricted Stock Units (RSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Granted | 0 |
RSUs released | (1,589) |
Forfeited | (79) |
Nonvested RSUs, Ending Balance | 0 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Stock Option Granted (Details) | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Share Based Compensation [Abstract] | |
Weighted average fair value | $ 9.60 |
Weighted average exercise price | $ 10 |
Remaining average contractual team (years) | 9 years 8 months 12 days |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of the Assumptions Utilized in the Valuation of the Stock Option Awards (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Share Based Compensation [Abstract] | |
Expected dividend rate | 0.00% |
Expected stock price volatility | 28.80% |
Risk-free interest rate | 1.60% |
Expected term of options (years) | 10 years |
Earnings per Share - Calculatio
Earnings per Share - Calculation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to common shareholders | $ 24,085 | $ 21,895 | $ 7,947 | $ 11,439 |
Dividends on redeemable preferred stock | 1,434 | 0 | 0 | 0 |
Net income available to common stockholders after assumed conversions | $ 25,519 | $ 21,895 | $ 7,947 | $ 11,439 |
Weighted average common shares outstanding — Basic | 124,428 | 69,490 | 124,395 | 68,118 |
Effect of dilutive securities: | ||||
Stock options and restricted share units | $ 252 | $ 0 | $ 138 | $ 0 |
Ares warrants | 19 | 0 | 10 | 0 |
Redeemable preferred stock | $ 8,333 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding — Diluted | 133,032 | 69,490 | 124,543 | 68,118 |
Net income per share available to common stockholders - Basic | $ 0.19 | $ 0.32 | $ 0.06 | $ 0.17 |
Net income per share available to common stockholders - Diluted | $ 0.19 | $ 0.32 | $ 0.06 | $ 0.17 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Securities with Antidilutive Earnings Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Public and Private warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 17,333,000 | 0 |
Restricted shares units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 126,000 | 0 |
Convertible bonds (par value) [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 0 | 96,000 |
Ares Put Option [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 51,000 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value Measurements [Line Items] | ||||
Change in fair value of Contingent Consideration | $ 200 | $ 400 | ||
Fair value adjustment of Deferred shares | 200 | 0 | ||
Fair value adjustment of put option | (900) | 300 | ||
Fair value adjustment of warrants, expenses | 9,833 | $ 0 | ||
Level 3 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Contingent payments related to acquisitions | 7,700 | 7,700 | $ 7,400 | |
Public Warrants [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Fair value adjustment of warrants, expenses | 800 | (8,400) | ||
Public Warrants [Member] | Level 1 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Fair value of warrants | 26,500 | 26,500 | 18,100 | |
Private Warrants [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Fair value adjustment of warrants, expenses | 1,400 | (1,400) | ||
Private Warrants [Member] | Level 2 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Fair value of warrants | 8,000 | 8,000 | 6,700 | |
Deferred Shares [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Fair Value of Deferred Shares classified as liabilities, value | 1,700 | 1,700 | 1,600 | |
Ares Put Option [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Put Option Contract Fair Value | 27,300 | |||
Fair value of put option | $ 9,500 | $ 9,500 | 9,800 | |
Bonds (Series C) [Member] | Level 1 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Fair value of bonds | $ 80,600 |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Fair Value Material Assumptions Based on Observable and Unobservable Inputs (Details) | 6 Months Ended |
Jun. 30, 2021yr$ / shares | |
Level 3 [Member] | Ares Put Option [Member] | Expected term (in years) [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | yr | 1.66 |
Level 3 [Member] | Ares Put Option [Member] | Volatility [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 39.4 |
Level 3 [Member] | Ares Put Option [Member] | Risk-free interest rate [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.19 |
Level 3 [Member] | Ares Put Option [Member] | Stock price [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Strike price | $ / shares | $ 12.935 |
Private Warrants [Member] | Level 2 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Strike price | $ / shares | $ 11.50 |
Private Warrants [Member] | Level 2 [Member] | Expected term (in years) [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | yr | 4.48 |
Private Warrants [Member] | Level 2 [Member] | Volatility [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 34.3 |
Private Warrants [Member] | Level 2 [Member] | Risk-free interest rate [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.76 |
Deferred Shares [Member] | Level 3 [Member] | Expected term (in years) [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | yr | 5.92 |
Deferred Shares [Member] | Level 3 [Member] | Volatility [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 40.2 |
Deferred Shares [Member] | Level 3 [Member] | Risk-free interest rate [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.96 |
Deferred Shares [Member] | Level 3 [Member] | Stock price [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Strike price | $ / shares | $ 9.19 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) - $ / gal | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||
Fixed margin | 5 | 4.5 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 1,909,814 | $ 814,275 | $ 3,394,170 | $ 1,714,155 |
Operating Income | 101,134 | 84,831 | 164,229 | 117,684 |
Interest and financial (expenses) income, net | (3,859) | (921) | (7,700) | (1,745) |
Income tax (expense) benefit | (55) | (43) | (111) | (205) |
Income (loss) from equity investment | 26 | (178) | 20 | (411) |
Net income from reportable segments | 97,246 | 83,689 | 156,438 | 115,323 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,909,856 | 814,310 | 3,394,255 | 1,714,228 |
Net income from reportable segments | 97,246 | 83,689 | 156,438 | 115,323 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,093,243 | 230,178 | 1,913,027 | 611,681 |
Reportable Legal Entities | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,003,099 | 1,044,488 | 5,307,282 | 2,325,909 |
Retail | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | 71,215 | 76,767 | 111,562 | 98,178 |
Retail | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,212,333 | 790,831 | 2,164,895 | 1,659,096 |
Retail | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Retail | Reportable Legal Entities | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,212,333 | 790,831 | 2,164,895 | 1,659,096 |
Wholesale | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | 5,992 | 780 | 8,300 | 1,058 |
Wholesale | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 695,733 | 22,588 | 1,226,160 | 52,809 |
Wholesale | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Wholesale | Reportable Legal Entities | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 695,733 | 22,588 | 1,226,160 | 52,809 |
Gpmp | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | 23,610 | 7,284 | 43,733 | 16,070 |
Interest and financial (expenses) income, net | (3,859) | (921) | (7,700) | (1,768) |
Gpmp | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,790 | 891 | 3,200 | 2,323 |
Gpmp | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,092,926 | 230,178 | 1,912,393 | 609,303 |
Gpmp | Reportable Legal Entities | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,094,716 | 231,069 | 1,915,593 | 611,626 |
Other Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | 317 | 0 | 634 | 2,378 |
Interest and financial (expenses) income, net | 0 | 0 | 0 | (23) |
Income tax (expense) benefit | (55) | (43) | (111) | (205) |
Income (loss) from equity investment | 26 | (178) | 20 | (411) |
Other Segments | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Other Segments | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 317 | 0 | 634 | 2,378 |
Other Segments | Reportable Legal Entities | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 317 | 0 | 634 | 2,378 |
Fuel Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,460,763 | 407,512 | 2,563,710 | 970,553 |
Fuel Revenue [Member] | Retail | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 768,716 | 385,519 | 1,345,020 | 918,405 |
Fuel Revenue [Member] | Wholesale | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 690,521 | 21,281 | 1,216,009 | 50,219 |
Fuel Revenue [Member] | Gpmp | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,526 | 712 | 2,681 | 1,929 |
Fuel Revenue [Member] | Other Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Merchandise Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 426,365 | 391,697 | 785,646 | 715,376 |
Merchandise Revenue [Member] | Retail | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 426,365 | 391,697 | 785,646 | 715,376 |
Merchandise Revenue [Member] | Wholesale | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Merchandise Revenue [Member] | Gpmp | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Merchandise Revenue [Member] | Other Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Other Revenues, Net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 22,728 | 15,101 | 44,899 | 28,299 |
Other Revenues, Net | Retail | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 17,252 | 13,615 | 34,229 | 25,315 |
Other Revenues, Net | Wholesale | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 5,212 | 1,307 | 10,151 | 2,590 |
Other Revenues, Net | Gpmp | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 264 | 179 | 519 | 394 |
Other Revenues, Net | Other Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Information [Line Items] | ||||
Total revenues | $ 1,909,814 | $ 814,275 | $ 3,394,170 | $ 1,714,155 |
Reportable Legal Entities | ||||
Segment Information [Line Items] | ||||
Total revenues | 3,003,099 | 1,044,488 | 5,307,282 | 2,325,909 |
Intersegment Eliminations | ||||
Segment Information [Line Items] | ||||
Total revenues | 1,093,243 | 230,178 | 1,913,027 | 611,681 |
Other Revenue [Member] | ||||
Segment Information [Line Items] | ||||
Total revenues | $ (42) | $ (35) | $ (85) | $ (73) |
Segment Reporting - Reconcili_2
Segment Reporting - Reconciliation of net income from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Information [Line Items] | ||||
Net income from reportable segments | $ 97,246 | $ 83,689 | $ 156,438 | $ 115,323 |
Total revenues | 1,909,814 | 814,275 | 3,394,170 | 1,714,155 |
Store operating expenses | 154,668 | 126,023 | 299,606 | 254,853 |
General and administrative expenses | 31,861 | 20,527 | 58,574 | 39,420 |
Depreciation and amortization | 25,273 | 16,814 | 49,515 | 33,885 |
Other expenses, net | (1,195) | (1,733) | (2,867) | (5,909) |
Interest and other financial income | 2,601 | 412 | 1,695 | 1,000 |
Income tax benefit | 8,212 | 2,510 | 7,490 | 499 |
Net loss | 25,519 | 21,895 | 10,783 | 11,439 |
Other Revenue [Member] | ||||
Segment Information [Line Items] | ||||
Total revenues | (42) | (35) | (85) | (73) |
Operating Segments | ||||
Segment Information [Line Items] | ||||
Net income from reportable segments | 97,246 | 83,689 | 156,438 | 115,323 |
Total revenues | 1,909,856 | 814,310 | 3,394,255 | 1,714,228 |
Amounts not allocated to segments [Member] | ||||
Segment Information [Line Items] | ||||
Store operating expenses | 675 | (801) | 1,252 | (1,693) |
General and administrative expenses | 31,068 | (19,582) | 57,070 | (37,707) |
Depreciation and amortization | 23,431 | (14,970) | 45,830 | (30,198) |
Other expenses, net | 1,195 | (1,733) | 2,867 | (5,909) |
Interest and other financial expenses | (8,455) | (11,592) | (33,548) | (19,797) |
Income tax benefit | 8,157 | (2,467) | 7,379 | (294) |
Net loss | 25,573 | 32,509 | 10,911 | 19,652 |
Amounts not allocated to segments [Member] | Other Revenue [Member] | ||||
Segment Information [Line Items] | ||||
Total revenues | $ 42 | $ (35) | $ 85 | $ (73) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Environmental obligations | $ 13 | $ 13.5 |
Estimated amount recoverable | 5.3 | 5.6 |
Asset retirement obligation | $ 56.3 | $ 53.2 |
Revision of Previously Issued_3
Revision of Previously Issued Financial Statements - Additional Information (Details) shares in Thousands | Jun. 30, 2021shares |
Deferred Shares [Member] | |
Fair Value of Deferred Shares classified as liabilities | 200 |
Haymaker [Member] | |
Warrant to purchase common stock outstanding | 17,300 |
Haymaker [Member] | Private Placement [Member] | |
Warrant to purchase common stock outstanding | 4,000 |
Haymaker [Member] | Public Warrants [Member] | |
Warrant to purchase common stock outstanding | 13,300 |
Revision of Previously Issued_4
Revision of Previously Issued Financial Statements - Schedule of Adjusted Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Other non-current liabilities | $ 148,680 | $ 96,621 | ||||
Total liabilities | 2,464,496 | 2,448,389 | ||||
Additional paid in capital | 212,103 | |||||
Accumulated deficit | (18,870) | (29,653) | ||||
Total equity | $ 204,889 | $ 179,322 | 191,420 | $ 240,826 | $ 197,519 | $ 194,890 |
As Previously Reported [Member] | ||||||
Other non-current liabilities | 70,166 | |||||
Total liabilities | 2,421,934 | |||||
Additional paid in capital | 239,081 | |||||
Accumulated deficit | (30,176) | |||||
Total equity | 217,875 | |||||
Adjustment [Member] | ||||||
Other non-current liabilities | 26,455 | |||||
Total liabilities | 26,455 | |||||
Additional paid in capital | (26,978) | |||||
Accumulated deficit | 523 | |||||
Total equity | $ (26,455) |
Significant Events - Additional
Significant Events - Additional Information (Details) - Oak Street [Member] $ in Billions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Real Estate Properties [Line Items] | |
Real Estate Funding | $ 1 |
Date Of Real Estate Funding Agreement | May 3, 2021 |