Arko (ARKO) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		115,743,761
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
ARKO 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	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 184,480	$ 218,120
Restricted cash	21,234	23,301
Short-term investments	4,588	3,892
Trade receivables, net	158,712	134,735
Inventory	250,405	250,593
Other current assets	116,144	118,472
Total current assets	735,563	749,113
Non-current assets:
Property and equipment, net	743,394	742,610
Right-of-use assets under operating leases	1,365,200	1,384,693
Right-of-use assets under financing leases, net	160,357	162,668
Goodwill	292,173	292,173
Intangible assets, net	207,416	214,552
Equity investment	2,907	2,885
Deferred tax asset	62,368	52,293
Other non-current assets	51,505	49,377
Total assets	3,620,883	3,650,364
Current liabilities:
Long-term debt, current portion	17,297	16,792
Accounts payable	233,960	213,657
Other current liabilities	150,569	179,536
Operating leases, current portion	68,403	67,053
Financing leases, current portion	9,392	9,186
Total current liabilities	479,621	486,224
Non-current liabilities:
Long-term debt, net	867,661	828,647
Asset retirement obligation	85,063	84,710
Operating leases	1,378,302	1,395,032
Financing leases	212,174	213,032
Other non-current liabilities	236,822	266,602
Total liabilities	3,259,643	3,274,247
Commitments and contingencies - see Note 13
Series A redeemable preferred stock (no par value) - authorized: 1,000,000 shares; issued and outstanding: 1,000,000 and 1,000,000 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: 400,000,000 shares; issued: 130,114,413 and 125,268,525 shares, respectively; outstanding: 115,743,761 and 116,171,208 shares, respectively	12	12
Treasury stock, at cost - 14,370,652 and 9,097,317 shares, respectively	(106,055)	(74,134)
Additional paid-in capital	267,671	245,007
Accumulated other comprehensive income	9,119	9,119
Retained earnings	90,493	96,097
Total shareholders' equity	261,240	276,101
Non-controlling interest	0	16
Total equity	261,240	276,117
Total liabilities, redeemable preferred stock and equity	$ 3,620,883	$ 3,650,364

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	400,000,000	400,000,000
Common stock shares issued	130,114,413	125,268,525
Common stock shares outstanding	115,743,761	116,171,208
Treasury stock common shares	14,370,652	9,097,317
Series A Redeemable Temporary Equity [Member]
Temporary equity, par value	$ 0	$ 0
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
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 2,072,454	$ 2,088,496
Operating expenses:
Fuel costs	1,502,302	1,537,882
Merchandise costs	279,737	277,443
Site operating expenses	218,931	192,683
General and administrative expenses	42,158	40,416
Depreciation and amortization	31,716	28,399
Total operating expenses	2,074,844	2,076,823
Other expenses, net	2,476	2,720
Operating (loss) income	(4,866)	8,953
Interest and other financial income	22,014	7,210
Interest and other financial expenses	(24,471)	(20,812)
Loss before income taxes	(7,323)	(4,649)
Income tax benefit	6,707	2,158
Income (loss) from equity investment	22	(36)
Net loss	(594)	(2,527)
Less: Net income attributable to non-controlling interests	0	53
Net loss attributable to ARKO Corp.	(594)	(2,580)
Series A redeemable preferred stock dividends	(1,414)	(1,418)
Net loss attributable to common shareholders	$ (2,008)	$ (3,998)
Net loss per share attributable to common shareholders - basic	$ (0.02)	$ (0.03)
Net loss per share attributable to common shareholders - diluted	$ (0.02)	$ (0.03)
Weighted average shares outstanding:
Basic	117,275	120,253
Diluted	117,275	120,253
Fuel Revenue [Member]
Revenues:
Total revenues	$ 1,631,332	$ 1,661,664
Merchandise Revenue [Member]
Revenues:
Total revenues	414,655	400,408
Other Revenue [Member]
Revenues:
Total revenues	$ 26,467	$ 26,424

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Total Shareholders' Equity [Member]	Non-controlling Interest [Member]
Balance at Dec. 31, 2022	$ 280,890	$ 12	$ (40,042)	$ 229,995	$ 9,119	$ 81,750	$ 280,834	$ 56
Balance, shares at Dec. 31, 2022		120,074,542
Share-based compensation	4,069	$ 0	0	4,069	0	0	4,069	0
Transactions with non-controlling interests	0	0	0	94	0	0	94	(94)
Distributions to non-controlling interests	(60)	0	0	0	0	0	0	(60)
Dividends on redeemable preferred stock	(1,418)	0	0	0	0	(1,418)	(1,418)	0
Dividends declared	(3,609)	0	0	0	0	(3,609)	(3,609)	0
Common stock repurchased	(2,310)	$ 0	(2,310)	0	0	0	(2,310)	0
Common stock repurchased, Shares		(274,479)
Vesting and settlement of restricted share units	0	$ 0	0	0	0	0	0	0
Vesting and settlement of restricted share units, Shares		504,945
Net (loss) income	(2,527)	$ 0	0	0	0	(2,580)	(2,580)	53
Balance at Mar. 31, 2023	275,035	$ 12	(42,352)	234,158	9,119	74,143	275,080	(45)
Balance, shares at Mar. 31, 2023		120,305,008
Balance at Dec. 31, 2023	276,117	$ 12	(74,134)	245,007	9,119	96,097	276,101	16
Balance, shares at Dec. 31, 2023		116,171,208
Share-based compensation	3,329	$ 0	0	3,329	0	0	3,329	0
Transactions with non-controlling interests	(3,000)	0	0	(2,984)	0	0	(2,984)	(16)
Dividends on redeemable preferred stock	(1,414)	0	0	0	0	(1,414)	(1,414)	0
Dividends declared	(3,596)	0	0	0	0	(3,596)	(3,596)	0
Common stock repurchased	(31,921)	$ 0	(31,921)	0	0	0	(31,921)	0
Common stock repurchased, Shares		(5,273,335)
Vesting and settlement of restricted share units	0	$ 0	0	0	0	0	0	0
Vesting and settlement of restricted share units, Shares		1,427,973
Issuance of shares	22,319	$ 0	0	22,319	0	0	22,319	0
Issuance of shares, shares		3,417,915
Net (loss) income	(594)	$ 0	0	0	0	(594)	(594)	0
Balance at Mar. 31, 2024	$ 261,240	$ 12	$ (106,055)	$ 267,671	$ 9,119	$ 90,493	$ 261,240	$ 0
Balance, shares at Mar. 31, 2024		115,743,761

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (594)	$ (2,527)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	31,716	28,399
Deferred income taxes	(10,075)	(10,230)
Loss on disposal of assets and impairment charges	2,664	287
Foreign currency loss	27	34
Gain from issuance of shares as payment of deferred consideration related to business acquisition (see Note 4)	(2,681)	0
Gain from settlement related to business acquisition (see Note 4)	(6,356)	0
Amortization of deferred financing costs and debt discount	664	592
Amortization of deferred income	(1,946)	(1,860)
Accretion of asset retirement obligation	616	491
Non-cash rent	3,484	2,798
Charges to allowance for credit losses	327	283
(Income) loss from equity investment	(22)	36
Share-based compensation	3,329	4,069
Fair value adjustment of financial assets and liabilities	(10,772)	(4,228)
Other operating activities, net	624	329
Changes in assets and liabilities:
Increase in trade receivables	(24,304)	(11,182)
Decrease (increase) in inventory	188	(2,845)
Decrease in other assets	5,095	3,545
Increase in accounts payable	21,347	5,940
Decrease in other current liabilities	(4,152)	(127)
(Decrease) increase in asset retirement obligation	(55)	67
Increase in non-current liabilities	3,631	2,012
Net cash provided by operating activities	12,755	15,883
Cash flows from investing activities:
Purchase of property and equipment	(29,228)	(23,380)
Proceeds from sale of property and equipment	2,039	208,436
Business acquisitions, net of cash	0	(338,342)
Prepayment for acquisition	(1,000)	0
Loans to equity investment, net	14	0
Net cash used in investing activities	(28,175)	(153,286)
Cash flows from financing activities:
Receipt of long-term debt, net	41,588	55,000
Repayment of debt	(6,635)	(5,592)
Principal payments on financing leases	(1,135)	(1,418)
Early settlement of deferred consideration related to business acquisition	(17,155)	0
Proceeds from sale-leaseback	0	51,604
Common stock repurchased	(31,921)	(2,310)
Dividends paid on common stock	(3,596)	(3,609)
Dividends paid on redeemable preferred stock	(1,414)	(1,418)
Net cash (used in ) provided by financing activities	(20,268)	92,257
Net decrease in cash and cash equivalents and restricted cash	(35,688)	(45,146)
Effect of exchange rate on cash and cash equivalents and restricted cash	(19)	(21)
Cash and cash equivalents and restricted cash, beginning of period	241,421	316,769
Cash and cash equivalents and restricted cash, end of period	205,714	271,602
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents, beginning of period	218,120	298,529
Restricted cash, beginning of period	23,301	18,240
Cash and cash equivalents, end of period	184,480	255,852
Restricted cash, end of period	21,234	15,750
Cash and cash equivalents and restricted cash, end of period	205,714	271,602
Supplementary cash flow information:
Cash received for interest	1,650	2,197
Cash paid for interest	16,724	12,174
Cash received for taxes	268	212
Cash paid for taxes	648	125
Supplementary noncash activities:
Prepaid insurance premiums financed through notes payable	3,073	6,224
Purchases of equipment in accounts payable and accrued expenses	11,775	11,577
Purchase of property and equipment under leases	10,586	826
Disposals of leases of property and equipment	9,100	2,476
Issuance of shares as payment of deferred consideration related to business acquisition	22,319	0
Deferred consideration related to business acquisition	$ 0	$ 45,845

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (594)	$ (2,580)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General

General	3 Months Ended
	Mar. 31, 2024
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 are listed on the Nasdaq Stock Market (“Nasdaq”) under the symbols “ARKO” and “ARKOW,” respectively. The Company’s operations are primarily performed by its wholly owned subsidiary, GPM Investments, LLC, a Delaware limited liability company (“GPM”). Formed in 2002, GPM is primarily engaged directly and through fully owned and controlled subsidiaries in retail activity, which includes the operations of a chain of convenience stores, most of which include adjacent gas stations. GPM is also engaged in wholesale activity, which includes the supply of fuel to gas stations operated by third-parties and, in fleet fueling, which includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations) and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites. As of March 31, 2024, GPM’s activity included the operation of 1,540 retail convenience stores, the supply of fuel to 1,816 gas stations operated by dealers and the operation of 296 cardlock locations, in the District of Columbia and throughout more than 30 states in the Mid-Atlantic, Midwestern, Northeastern, Southeastern and Southwestern United States (“U.S.”). The Company has four reportable segments: retail, wholesale, fleet fueling, and GPMP. Refer to Note 12 below for further information with respect to the segments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 (“interim financial statements”) as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 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 (the “SEC”) 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, 2023 (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 on which a 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; environmental assets and liabilities; deferred tax assets; and asset retirement obligations. Cash and Cash Equivalents The Company considers all unrestricted highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents are maintained at several financial institutions, and in order to have sufficient working capital on hand, the Company maintains concentrations of cash at several financial institutions in amounts that are above the FDIC standard deposit insurance limit of $ 250,000 . 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 (e.g. 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 cost of revenue included fuel taxes of $ 272.2 million and $ 264.3 million for the three months ended March 31, 2024 and 2023, respectively. Refer to Note 12 for disclosure of the revenue disaggregated by segment and product line, as well as a description of the reportable segment operations.

Limited Partnership

Limited Partnership	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Limited Partnership	3. Limited Partnership As of December 31, 2023 , GPM, directly and through certain of its wholly owned subsidiaries, held approximately 99.8 % of the limited partnership interests in the Company’s subsidiary, GPM Petroleum LP (“GPMP”) and all of the rights in the general partner of GPMP. A non-controlling interest had been recorded for the interests owned in GPMP by the seller in the Company’s 2019 acquisition of 64 sites from a third-party (the “Riiser Seller”) and was classified in the consolidated statements of changes in equity as “Non-controlling interests.” At December 31, 2023, the Riiser Seller owed GPM approximately $ 3.375 million with respect to a post-closing adjustment, in addition to other amounts, including interest and expenses. The Riiser Seller satisfied $ 3.0 million of such adjustment by tendering all of its limited partnership units in GPMP to GPM in January 2024. As a result, as of March 31, 2024, GPM, directly and through certain of its wholly owned subsidiaries, held 100 % of the limited partnership interests in GPMP.

Transit Energy Group, LLC Acqui

Transit Energy Group, LLC Acquisition	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Transit Energy Group, LLC Acquisition	4. Transit Energy Group, LLC Acquisition On March 1, 2023 , the Company completed the acquisition of certain assets from Transit Energy Group, LLC and certain of its affiliated entities (collectively, “TEG”) pursuant to a purchase agreement entered on September 9, 2022, as amended (the “TEG Purchase Agreement”), including (i) 135 convenience stores and gas stations, (ii) fuel supply rights to 181 dealer locations, (iii) a commercial, government, and industrial business, including certain bulk plants, and (iv) certain distribution and transportation assets, all in the southeastern United States (the “TEG Acquisition”). The purchase price for the TEG Acquisition was, as of closing, approximately $ 370 million, plus the value of inventory at the closing, of which $ 50 million was to be deferred and payable in two annual payments of $ 25 million (the “Installment Payments”), which the Company was entitled to elect to pay in either cash or, subject to the satisfaction of certain conditions, shares of common stock (the “Installment Shares”), on the first and second anniversaries of the closing. Pursuant to the TEG Purchase Agreement, at closing, ARKO and TEG entered into a registration rights agreement, pursuant to which ARKO agreed to prepare and file a registration statement with the SEC, registering the Installment Shares, if any, for resale by TEG. Pursuant to the TEG Purchase Agreement, on March 1, 2024, the Company issued 3,417,915 Installment Shares to TEG in respect of the first installment payment (the “First Installment Shares”) at a price per share of $ 7.31 , which was based on the 10-day volume weighted average price calculation contained in the TEG Purchase Agreement. As a result, the Company recorded a gain of approximately $ 2.7 million as a component of interest and other financial income in the condensed consolidated statement of operations for the three months ended March 31, 2024. On March 26, 2024, the Company and TEG entered into a second amendment to the TEG Purchase Agreement (the “Purchase Agreement Amendment”), pursuant to which, in full satisfaction of all Installment Payments, (i) the Company repurchased the First Installment Shares from TEG for an aggregate purchase price of approximately $ 19.3 million in cash, or $ 5.66 per share, and (ii) the Company paid to TEG an additional amount in cash equal to approximately $ 17.2 million in satisfaction of the second Installment Payment, which would have otherwise been due on March 1, 2025. The $ 36.5 million was financed with the Capital One Line of Credit (refer to Note 5 below). The Purchase Agreement Amendment additionally terminated the registration rights agreement, terminated TEG’s indemnity obligations under the TEG Purchase Agreement and extended the transition services agreement entered into between the Company and TEG. As a result of this transaction, the Company recorded a net gain of approximately $ 6.4 million, out of which approximately $ 6.5 million was recorded as a component of interest and other financial income in the condensed consolidated statement of operations for the three months ended March 31, 2024.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	5. Debt The components of debt were as follows: March 31, December 31, (in thousands) Senior Notes $ 444,634 $ 444,432 M&T debt 67,164 65,228 Capital One Line of Credit 368,889 332,027 Insurance premium notes 4,271 3,752 Total debt, net $ 884,958 $ 845,439 Less current portion ( 17,297 ) ( 16,792 ) Total long-term debt, net $ 867,661 $ 828,647 Financing agreement with a syndicate of banks led by Capital One, National Association GPMP has a revolving credit facility with a syndicate of banks led by Capital One, National Association with an aggregate principal amount of availability of $ 800 million (the “Capital One Line of Credit”). At GPMP's request, availability under the Capital One Line of Credit can be increased up to $ 1.0 billion, subject to obtaining additional financing commitments from current lenders or from other banks, subject to certain other terms as detailed in the Capital One Line of Credit. On March 26, 2024, GPMP, Capital One and the guarantors and lenders party thereto entered into an amendment to the Capital One Line of Credit, which facilitated the borrowing and use of up to $ 36.5 million of the Capital One Line of Credit for the settlement of the Installment Payments as provided for in the TEG Purchase Agreement Amendment as defined in Note 4. The other material terms of the Capital One Line of Credit remain unchanged. M&T Bank Credit Agreement On January 31, 2024, GPM entered into an additional term loan under the credit agreement with M&T Bank for the purchase of real estate for $ 5.1 million, resulting in an aggregate original principal amount of real estate loans of $ 49.5 million as of March 31, 2024 (the “M&T Term Loans”). The Company has granted a mortgage in the real estate of 50 sites and certain fixtures at these and other sites as collat eral to support the M&T Term Loans.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	6. Leases As of March 31, 2024 , the Company leased 1,266 of the convenience stores that it operates, 207 dealer locations, 155 cardlock locations and certain office and storage spaces, 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 and fuel dispensers. The components of lease cost recorded on the condensed consolidated statements of operations were as follows: For the Three Months 2024 2023 (in thousands) Finance lease cost: Depreciation of right-of-use assets $ 2,452 $ 2,853 Interest on lease liabilities 4,300 4,162 Operating lease costs included in site operating expenses 46,675 41,584 Operating lease costs included in general and administrative 538 534 Lease cost related to variable lease payments, short-term 628 690 Right-of-use asset impairment charges and loss (gain) on 1,536 ( 540 ) Total lease costs $ 56,129 $ 49,283

Financial Derivative Instrument

Financial Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Financial Derivative Instruments [Abstract]
Financial Derivative Instruments	7. Financial Derivative Instruments The Company makes limited use of derivative instruments (futures contracts) to manage certain risks related to diesel fuel prices. The Company does not hold any derivatives for speculative purposes, and it does not use derivatives with leveraged or complex features. The Company currently uses derivative instruments that are traded primarily over national exchanges such as the New York Mercantile Exchange (“NYMEX”). For accounting purposes, the Company has designated its derivative contracts as fair value hedges of firm commitments. As of March 31, 2024 and December 31, 2023 , the Company had fuel futures contracts to hedge approximately 1.3 million gallons and 1.2 million gallons, respectively, of diesel fuel for which the Company had a firm commitment to purchase. As of March 31, 2024 and December 31, 2023, the Company had an asset derivative with a fair value of approximately $ 0.1 million and $ 0.1 million , respectively, recorded in other current assets and a firm commitment with a fair value of approximately $ 0.1 million and $ 0.1 million , respectively, recorded in other current liabilities on the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, there was $ 3.0 thousand and $ 0 , respectively, of cash collateral provided to counterparties that was classified as restricted cash on the condensed consolidated balance sheet. All cash flows associated with purchasing and selling fuel derivative instruments are classified as other operating activities, net in the condensed consolidated statements of cash flows.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	8. Equity The Company’s board of directors (the “Board”) declared, and the Company paid, dividends of $ 0.03 per share of common stock on March 21, 2024, totaling approxim ately $ 3.6 million . The amount and timing of dividends payable on the common stock are within the sole discretion of the Board, which will evaluate dividend payments within the context of the Company’s overall capital allocation strategy on an ongoing basis, giving consideration to its current and forecasted earnings, financial condition, cash requirements and other factors. As a result of the aggregate amount of dividends paid on the common stock through March 31, 2024, the conversion price of the Company’ s Series A convertible preferred stock has been adjusted from $ 12.00 to $ 11.76 per share, as were the threshold share prices in the Deferred Shares agreement (as defined in Note 17 to the annual financial statements). T he Board declared a quarterly dividend of $ 0.03 per share of common stock, to be paid on May 31, 2024 to stockholders of record as of May 20, 2024. In February 2 022, the Board authorized a share repurchase program, which was later increased in May 2023, for up to an aggregate of $ 100.0 million of outstanding shares of common stock. In May 2024, the Board increased the size of the share repurchase program to $ 125.0 million. The share repurchase program does not have an expiration date. During the three months ended March 31, 2024 , inclusive of the repurchase of the First Installment Shares from TEG, the Company repurchased approximately 4.8 million shares of common stock under the share repurchase program for approximately $ 28.3 million , or an average share price of $ 5.89 . As of March 31, 2024, there was $ 0.7 million remaining under the share repurchase program.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	9. Share-Based Compensation The Compensation Committee of the Board has approved the grant of non-qualified stock options, restricted stock units (“RSUs”), and shares of common stock 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 underlying shares on the date of grant. Vesting periods are assigned to stock options and RSUs 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 receive RSUs in lieu of up to 100 % of his or her cash fees, which are vested immediately and which RSUs will be settled in common stock upon the director’s departure from the Board or an earlier change in control of the Company. Stock Options During the three months ended March 31, 2024 , 447 thousand stock options vested. There was no other activity related to stock options during the three months ended March 31, 2024. As of March 31, 2024, total unrecognized compensation cost related to unvested stock options was approximately $ 1.3 million , which is expected to be recognized over a weighted average period of approximately 1.6 years. Restricted Stock Units The following table summarizes share activity related to RSUs: Restricted Stock Units Weighted Average Grant Date Fair Value (in thousands) Nonvested RSUs, December 31, 2023 3,869 $ 8.65 Granted 2,621 6.48 Released ( 1,426 ) 9.16 Forfeited ( 79 ) 4.80 Nonvested RSUs, March 31, 2024 4,985 $ 7.42 During the three months ended March 31, 2024, 48,406 RSUs were issued to non-employee directors. These awards are included in the table above under both Granted and Released units. In addition to the Nonvested RSUs shown in the table above, there were 301,956 and 303,850 RSUs issued to non-employee directors outstanding as of March 31, 2024 and December 31, 2023, respectively. The fair value of RSUs released during the three months ended March 31, 2024 was approximately $ 11.0 million . During the three months ended March 31, 2024, the Company granted 1,505,244 performance-based RSUs (“PSUs”), which, subject to achieving certain performance criteria, could result in the issuance of up to 2,257,866 shares of common stock (i.e., 150 % of the number of PSUs granted). The PSUs were awarded to certain members of senior management and cliff vest at the end of a three-year period, subject to the achievement of specific performance criteria measured over such period. The number of PSUs which will ultimately vest is contingent upon the recipient continuing to be in the continuous service of the Company and related entities through the last day of the performance period and that the Compensation Committee of the Board determines the performance criteria has been met and certifies the extent to which they have been met. The Company assesses the probability of achieving the performance criteria on a quarterly basis. I n the first quarter of 2024, the Compensation Committee of the Board approved the performance criteria for the performance period ended December 31, 2023 such that the percentage of PSUs that vested with respect to the target amount for the 2021 PSU grants was 100 %. As of March 31, 2024, total unrecognized compensation cost related to RSUs and PSUs was approximately $ 27.4 million , which is expected to be recognized over a weighted average period of approximately 2.3 years. Share-Based Compensation Cost Total share-based compensation cost recorded for employees, non-employees and members of the Board for the three months ended March 31, 2024 and 2023 was $ 3.3 million and $ 4.1 million , respectively, and included in general and administrative expenses on the condensed consolidated statements of operations.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	10. Earnings per Share The following table sets forth the computation of basic and diluted net loss per share of common stock: For the Three Months 2024 2023 (in thousands) Net loss available to common stockholders $ ( 2,008 ) $ ( 3,998 ) Weighted average common shares outstanding — Basic and Diluted 117,275 120,253 Net loss per share available to common stockholders — Basic and Diluted $ ( 0.02 ) $ ( 0.03 ) The following potential shares of common stock have been excluded from the computation of diluted net loss per share because their effect would have been antidilutive: As of March 31, 2024 2023 (in thousands) Stock options 1,306 1,306 Ares warrants 1,100 1,100 Public and Private warrants 17,333 17,333 Series A redeemable preferred stock 8,503 8,418 RSUs and PSUs 5,287 4,582 Ares Put Option — * * See Note 10 to the annual financial statements.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	11. Fair Value Measurements and Financial Instruments The fair value of cash and cash equivalents, restricted cash, short-term investments, trade receivables, accounts payable and other current liabilities approximated their carrying values as of March 31, 2024 and December 31, 2023 primarily due to the short-term maturity of these instruments. On October 21, 2021, the Company completed a private offering of $ 450 million aggregate principal amount of 5.125 % Senior Notes due 2029 (the “Senior Notes”). Based on market trades of the Senior Notes close to March 31, 2024 and December 31, 2023 (Level 1 fair value measurement), the fair value of the Senior Notes was estimated at approximately $ 373.9 million and $ 391.8 million , respectively, compared to a gross carrying value of $ 450 million at both March 31, 2024 and December 31, 2023. The fair values of the other long-term debt approximated their respective carrying values as of March 31, 2024 and December 31, 2023 due to the frequency with which interest rates are reset based on changes in prevailing interest rates. The fair value of fuel futures contracts was determined using NYMEX quoted values. The contingent consideration from the acquisition of the business of Empire Petroleum Partners, LLC is measured at fair value at the end of each reporting period and amounted to $ 3.5 million and $ 3.4 million as of March 31, 2024 and December 31, 2023, 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 $ 0.1 million was recorded as components 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 each of the three months ended March 31, 2024 and 2023, and approximately $ 0.02 million and $( 0.7 ) million of expenses (income) were recorded as components of other expenses, net in the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023, respectively. The public warrants to purchase the Company’s common stock (the “Public Warrants”), of which approximately 14.8 million were outstanding as of March 31, 2024, are measured at fair value at the end of each reporting period and amounted to $ 7.4 million and $ 16.3 million as of March 31, 2024 and December 31, 2023, respectively. The fair value methodology for the Public Warrants is categorized as Level 1. Approximately $ 9.0 million and $ 3.8 million were recorded as components of interest and other financial income in the condensed consolidated statements of operations for the change in the fair value of the Public Warrants for the three months ended March 31, 2024 and 2023, respectively. The private warrants to purchase the Company’s common stock (the “Private Warrants”), of which approximately 2.5 million were outstanding as of March 31, 2024, are measured at fair value at the end of each reporting period and amounted to $ 0.9 million and $ 2.5 million as of March 31, 2024 and December 31, 2023 , 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: March 31, Expected term (in years) 1.7 Expected dividend rate 2.1 % Volatility 48.3 % Risk-free interest rate 4.7 % Strike price $ 11.50 For the change in the fair value of the Private Warrants, approximately $ 1.5 million and $ 1.0 million were recorded as components of interest and other financial income in the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023, respectively. The founders of Haymaker (as defined in Note 11 to the annual financial statements) 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 “Additional Deferred Shares”). The Additional Deferred Shares are measured at fair value at the end of each reporting period and amounted to $ 0.9 million and $ 1.3 million as of March 31, 2024 and December 31, 2023 , respectively. The fair value methodology for the Additional Deferred Shares is categorized as Level 3 because inputs to the valuation methodology are unobservable and significant to the fair value adjustment. The Additional 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: March 31, Expected term (in years) 3.2 Volatility 34.6 % Risk-free interest rate 4.4 % Stock price $ 5.70 For the change in the fair value of the Additional Deferred Shares, a pproximately $ 0.4 million and $ 0.1 million were recorded as components of interest and other financial income in the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 , respectively.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	12. 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 the Company’s chief operating decision maker reviews such financial information. The Company’s reportable segments are retail, wholesale, fleet fueling and GPMP. 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 retail convenience stores, the Company owns the merchandise and fuel inventory and employs personnel to manage the store. The wholesale segment supplies fuel to dealers, sub-wholesalers and bulk and spot 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 dealers. The fleet fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations), and commissions from the sales of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites. The GPMP segment includes GPMP and includes its sale and supply of fuel to substantially all of GPM’s sites that sell fuel in the retail and wholesale segments, at GPMP’s cost of fuel (including taxes and transportation) plus a fixed margin (currently 5.0 cents per gallon), and charges a fixed fee primarily to sites in the fleet fueling segment which are not supplied by GPMP (currently 5.0 cents per gallon sold). GPMP also supplies fuel to a limited number of dealers and bulk purchasers. The “All Other” segment includes the results of non-reportable segments which do not meet both quantitative and qualitative 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, income taxes and minor other income items including intercompany operating leases are not allocated to the segments. 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 reportable segment revenues were generated from sites within the U.S. and substantially all of the Company’s assets were within the U.S. Inter-segment transactions primarily included the distribution of fuel by GPMP to substantially all of GPM’s sites that sell fuel (both in the retail and wholesale segments) and charges by GPMP primarily to sites that sell fuel in the fleet fueling segment which are not supplied by GPMP. The effect of these inter-segment transactions was eliminated in the condensed consolidated financial statements. Retail Wholesale Fleet Fueling GPMP All Other Total For the Three Months Ended March 31, 2024 (in thousands) Revenues Fuel revenue $ 824,428 $ 664,514 $ 132,193 $ 1,205 $ 8,992 $ 1,631,332 Merchandise revenue 414,655 — — — — 414,655 Other revenues, net 16,679 6,858 2,385 207 338 26,467 Total revenues from external customers 1,255,762 671,372 134,578 1,412 9,330 2,072,454 Inter-segment — — — 1,102,541 5,253 1,107,794 Total revenues from segments 1,255,762 671,372 134,578 1,103,953 14,583 3,180,248 Operating income (loss) 33,767 6,960 7,977 23,327 ( 2 ) 72,029 Interest and financial expenses, net ( 6,528 ) — ( 6,528 ) Income from equity investment 22 22 Net income from segments $ 65,523 Retail Wholesale Fleet Fueling GPMP All Other Total For the Three Months Ended March 31, 2023 (in thousands) Revenues Fuel revenue $ 843,473 $ 684,848 $ 127,494 $ 741 $ 5,108 $ 1,661,664 Merchandise revenue 400,408 — — — — 400,408 Other revenues, net 18,555 6,491 951 170 257 26,424 Total revenues from external 1,262,436 691,339 128,445 911 5,365 2,088,496 Inter-segment — — — 1,142,622 3,058 1,145,680 Total revenues from segments 1,262,436 691,339 128,445 1,143,533 8,423 3,234,176 Operating income 41,631 7,550 8,424 22,622 324 80,551 Interest and financial expenses, net ( 5,250 ) — ( 5,250 ) Loss from equity investment ( 36 ) ( 36 ) Net income from segments $ 75,265 A reconciliation of total revenues from reportable segments to total revenues on the condensed consolidated statements of operations was as follows: For the Three Months 2024 2023 (in thousands) Total revenues from segments $ 3,180,248 $ 3,234,176 Elimination of inter-segment revenues ( 1,107,794 ) ( 1,145,680 ) Total revenues $ 2,072,454 $ 2,088,496 A reconciliation of net income from reportable segments to net income on the condensed consolidated statements of operations was as follows: For the Three Months 2024 2023 (in thousands) Net income from segments $ 65,523 $ 75,265 Amounts not allocated to segments: Site operating expenses ( 3,350 ) ( 2,677 ) General and administrative expenses ( 41,197 ) ( 39,644 ) Depreciation and amortization ( 29,872 ) ( 26,557 ) Other expenses, net ( 2,476 ) ( 2,720 ) Interest and other financial income (expenses), net 4,071 ( 8,352 ) Income tax benefit 6,707 2,158 Net loss $ ( 594 ) $ ( 2,527 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Environmental Liabilities and Contingencies The Company is subject to certain federal and state environmental laws and regulations associated with sites at which it stores and sells fuel and other fuel products, as well as at owned and leased locations leased or subleased to dealers. As of March 31, 2024 and December 31, 2023, environmental obligations totaled $ 12.7 million and $ 13.4 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 changes in federal and/or state environmental regulations. 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 $ 7.1 million and $ 7.5 million as of March 31, 2024 and December 31, 2023, respectively, and were recorded as other current and non-current assets in the condensed consolidated balance sheets. Asset Retirement Obligation As part of the fuel operations at its retail convenience stores, at most of the other owned and leased locations leased to dealers, certain other dealer locations and proprietary cardlock locations, there are aboveground and underground storage tanks for which the Company is responsible. The future cost to remove a storage tank is recognized over the estimated remaining useful life of the storage tank or the termination of the 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 a storage tank is installed. The estimated liability is based upon historical experience in removing 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 $ 85.7 million and $ 85.4 million at March 31, 2024 and December 31, 2023, respectively. The current portion of the asset retirement obligation is included in other current liabilities in the condensed consolidated balance sheets. 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	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions There have been no material changes to the description of related party transactions as set forth in the annual financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events SpeedyQ Acquisition On April 9, 2024, the Company acquired certain assets from a third-party, including 21 SpeedyQ Markets convenience stores and eight additional landbank sites located in Michigan, pursuant to a purchase agreement entered into on November 21, 2023 (the “Purchase Agreement”). The consideration at closing was approximately $ 52.7 million as adjusted in accordance with terms of the Purchase Agreement, plus the value of cash and inventory in the stores on the closing date, of which $ 6.0 million was financed with the Capital One Line of Credit and approximately $ 45.0 million was paid for fee simple ownership in 19 of the properties by an affiliate of Oak Street Real Estate Capital Net Lease Property Fund, LP (including its affiliates, “Oak Street”) under the standby real estate purchase, designation and lease program agreement (the “Program Agreement”) (as further described in Note 8 to the annual financial statements). At the closing, pursuant to the Program Agreement, the Company entered into a master lease with Oak Street for the sites Oak Street acquired under customary lease terms. The Company leases one site from the seller, for which the seller received a put right to require the Company to purchase the site and the Company received a call right to require the seller to sell the site, both for a purchase price of $ 7.0 million, subject to terms set forth in the Purchase Agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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”). Interim Financial Statements The accompanying condensed consolidated financial statements (“interim financial statements”) as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 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 (the “SEC”) 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, 2023 (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	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 on which a 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; environmental assets and liabilities; deferred tax assets; and asset retirement obligations.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all unrestricted highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents are maintained at several financial institutions, and in order to have sufficient working capital on hand, the Company maintains concentrations of cash at several financial institutions in amounts that are above the FDIC standard deposit insurance limit of $ 250,000 .
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 (e.g. 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 cost of revenue included fuel taxes of $ 272.2 million and $ 264.3 million for the three months ended March 31, 2024 and 2023, respectively. Refer to Note 12 for disclosure of the revenue disaggregated by segment and product line, as well as a description of the reportable segment operations.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The components of debt were as follows: March 31, December 31, (in thousands) Senior Notes $ 444,634 $ 444,432 M&T debt 67,164 65,228 Capital One Line of Credit 368,889 332,027 Insurance premium notes 4,271 3,752 Total debt, net $ 884,958 $ 845,439 Less current portion ( 17,297 ) ( 16,792 ) Total long-term debt, net $ 867,661 $ 828,647

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Summary of components of lease cost recorded on the consolidated statements of operations	The components of lease cost recorded on the condensed consolidated statements of operations were as follows: For the Three Months 2024 2023 (in thousands) Finance lease cost: Depreciation of right-of-use assets $ 2,452 $ 2,853 Interest on lease liabilities 4,300 4,162 Operating lease costs included in site operating expenses 46,675 41,584 Operating lease costs included in general and administrative 538 534 Lease cost related to variable lease payments, short-term 628 690 Right-of-use asset impairment charges and loss (gain) on 1,536 ( 540 ) Total lease costs $ 56,129 $ 49,283

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units Activity	The following table summarizes share activity related to RSUs: Restricted Stock Units Weighted Average Grant Date Fair Value (in thousands) Nonvested RSUs, December 31, 2023 3,869 $ 8.65 Granted 2,621 6.48 Released ( 1,426 ) 9.16 Forfeited ( 79 ) 4.80 Nonvested RSUs, March 31, 2024 4,985 $ 7.42 During

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share of Common Stock	The following table sets forth the computation of basic and diluted net loss per share of common stock: For the Three Months 2024 2023 (in thousands) Net loss available to common stockholders $ ( 2,008 ) $ ( 3,998 ) Weighted average common shares outstanding — Basic and Diluted 117,275 120,253 Net loss per share available to common stockholders — Basic and Diluted $ ( 0.02 ) $ ( 0.03 )
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 net loss per share because their effect would have been antidilutive: As of March 31, 2024 2023 (in thousands) Stock options 1,306 1,306 Ares warrants 1,100 1,100 Public and Private warrants 17,333 17,333 Series A redeemable preferred stock 8,503 8,418 RSUs and PSUs 5,287 4,582 Ares Put Option — *

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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: March 31, Expected term (in years) 1.7 Expected dividend rate 2.1 % Volatility 48.3 % Risk-free interest rate 4.7 % 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 Additional 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: March 31, Expected term (in years) 3.2 Volatility 34.6 % Risk-free interest rate 4.4 % Stock price $ 5.70 For the change in the fair value of the Additional Deferred Shares, a

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Reportable Segments	Inter-segment transactions primarily included the distribution of fuel by GPMP to substantially all of GPM’s sites that sell fuel (both in the retail and wholesale segments) and charges by GPMP primarily to sites that sell fuel in the fleet fueling segment which are not supplied by GPMP. The effect of these inter-segment transactions was eliminated in the condensed consolidated financial statements. Retail Wholesale Fleet Fueling GPMP All Other Total For the Three Months Ended March 31, 2024 (in thousands) Revenues Fuel revenue $ 824,428 $ 664,514 $ 132,193 $ 1,205 $ 8,992 $ 1,631,332 Merchandise revenue 414,655 — — — — 414,655 Other revenues, net 16,679 6,858 2,385 207 338 26,467 Total revenues from external customers 1,255,762 671,372 134,578 1,412 9,330 2,072,454 Inter-segment — — — 1,102,541 5,253 1,107,794 Total revenues from segments 1,255,762 671,372 134,578 1,103,953 14,583 3,180,248 Operating income (loss) 33,767 6,960 7,977 23,327 ( 2 ) 72,029 Interest and financial expenses, net ( 6,528 ) — ( 6,528 ) Income from equity investment 22 22 Net income from segments $ 65,523 Retail Wholesale Fleet Fueling GPMP All Other Total For the Three Months Ended March 31, 2023 (in thousands) Revenues Fuel revenue $ 843,473 $ 684,848 $ 127,494 $ 741 $ 5,108 $ 1,661,664 Merchandise revenue 400,408 — — — — 400,408 Other revenues, net 18,555 6,491 951 170 257 26,424 Total revenues from external 1,262,436 691,339 128,445 911 5,365 2,088,496 Inter-segment — — — 1,142,622 3,058 1,145,680 Total revenues from segments 1,262,436 691,339 128,445 1,143,533 8,423 3,234,176 Operating income 41,631 7,550 8,424 22,622 324 80,551 Interest and financial expenses, net ( 5,250 ) — ( 5,250 ) Loss from equity investment ( 36 ) ( 36 ) Net income from segments $ 75,265
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 was as follows: For the Three Months 2024 2023 (in thousands) Total revenues from segments $ 3,180,248 $ 3,234,176 Elimination of inter-segment revenues ( 1,107,794 ) ( 1,145,680 ) Total revenues $ 2,072,454 $ 2,088,496
Schedule of Reconciliation of Net Income from Reportable Segments to Net Income (Loss)	A reconciliation of net income from reportable segments to net income on the condensed consolidated statements of operations was as follows: For the Three Months 2024 2023 (in thousands) Net income from segments $ 65,523 $ 75,265 Amounts not allocated to segments: Site operating expenses ( 3,350 ) ( 2,677 ) General and administrative expenses ( 41,197 ) ( 39,644 ) Depreciation and amortization ( 29,872 ) ( 26,557 ) Other expenses, net ( 2,476 ) ( 2,720 ) Interest and other financial income (expenses), net 4,071 ( 8,352 ) Income tax benefit 6,707 2,158 Net loss $ ( 594 ) $ ( 2,527 )

General - Additional Informatio

General - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Sites States $ / shares	Dec. 31, 2023 $ / shares
General [Abstract]
Number of self operated sites	1,540
Number of Sites Operated By External Operators (dealers)	1,816
Number of cardlock sites	296
Number of states | States	30
Common stock par value | $ / shares	$ 0.0001	$ 0.0001

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2024
Accounting Policies [Abstract]
FDIC amount	$ 250,000
Contract cost, amortization period	1 year
Fuel revenue and fuel costs included fuel taxes	$ 272,200	$ 264,300
Payment to purchase of units			$ 3,000

Limited Partnership Additional

Limited Partnership Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Jan. 31, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Payment to purchase of units			$ 3,000
Amount of GPM with respect to post closing adjustment and other amounts including interest and expenses	$ 3,375
Ownership [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Minority interest ownership percentage				99.80%
GPM [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Minority interest ownership percentage		100%

Transit Energy Group, LLC Acq_2

Transit Energy Group, LLC Acquisition - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended
	Mar. 26, 2024 USD ($) $ / shares	Mar. 01, 2024 $ / shares shares	Mar. 01, 2023 USD ($)	Mar. 31, 2024 USD ($) Store Dealer	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Interest and other financial income				$ 22,014	$ 7,210
Transit Energy Group [Member]
Business Acquisition [Line Items]
Date of acquisition agreement			Mar. 01, 2023
Number of convenience stores | Store				135
Number of dealer locations to be acquired | Dealer				181
Business combination purchase price			$ 370,000
Deferred consideration			50,000
Deferred consideration annual installment amount			$ 25,000
Shares issued for acquisition | shares		3,417,915
Price per share of deferred consideration annual installment | $ / shares		$ 7.31
Gain loss from issuance of shares related to business acquisition				$ 2,700
TEG Purchase Agreement [Member]
Business Acquisition [Line Items]
Stock repurchased during period from TEG	$ 19,300
Common stock value per share repurchased during period from TEG | $ / shares	$ 5.66
Gain loss from early settlement of deferred consideration				6,400
Interest and other financial income				$ 6,500
Capital One Line of credit [Member] | TEG Purchase Agreement [Member]
Business Acquisition [Line Items]
Line of credit	$ 36,500
Second Installment [Member] | TEG Purchase Agreement [Member]
Business Acquisition [Line Items]
Business combination deferred consideration annual installment 2 amount	$ 17,200

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Capital One Line of Credit	$ 368,889	$ 332,027
Insurance premium notes	4,271	3,752
Total debt, net	884,958	845,439
Less current portion	(17,297)	(16,792)
Total long-term debt, net	867,661	828,647
Senior Notes [Member]
Debt Instrument [Line Items]
Total debt, net	444,634	444,432
M&T Debt [Member]
Debt Instrument [Line Items]
Total debt, net	$ 67,164	$ 65,228

Debt - Additional Information (

Debt - Additional Information (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 26, 2024 USD ($)	Jan. 31, 2024 USD ($) Sites	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Capital One Line of Credit	$ 368,889			$ 332,027
Agreement With M&T Bank [Member]
Line of Credit Facility [Line Items]
Debt instrument face amount			$ 5,100
Number of real estate | Sites			50
GPM [Member] | Real Estate Loan [Member] | Agreement With M&T Bank [Member]
Line of Credit Facility [Line Items]
Debt instrument face amount	49,500
Revolving Credit Facility [Member] | Gpmp
Line of Credit Facility [Line Items]
Capital One Line of Credit	800,000
Line of Credit	$ 1,000,000
Line of credit		$ 36,500

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Dealer Cardlock Store
Lessee, Lease, Description [Line Items]
Leases description	the Company leased 1,266 of the convenience stores that it operates, 207 dealer locations, 155 cardlock locations and certain office and storage spaces, including land and buildings in certain cases
Number of leased convenience stores | Store	1,266
Number of leased dealer locations | Dealer	207
Number of leased cardlock locations | Cardlock	155
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
	Mar. 31, 2024	Mar. 31, 2023
Finance lease cost:
Depreciation of right-of-use assets	$ 2,452	$ 2,853
Interest on lease liabilities	4,300	4,162
Operating lease costs included in site operating expenses	46,675	41,584
Operating lease costs included in general and administrative expenses	538	534
Lease cost related to variable lease payments, short-term leases and leases of low value assets	628	690
Right-of-use asset impairment charges and loss (gain) on disposals of leases	1,536	(540)
Total lease costs	$ 56,129	$ 49,283

Financial Derivative Instrume_2

Financial Derivative Instruments (Additional Information) (Details) Gallons in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Gallons	Dec. 31, 2023 USD ($) Gallons
Financial Derivative Instruments [Abstract]
Fuel gallons hedged | Gallons	1.3	1.2
Assets derivative fair value	$ 100,000	$ 100,000
Firm commitment fair value	100,000	100,000
Cash collateral provided to counter parties	$ 3,000	$ 0

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions		3 Months Ended
	Feb. 21, 2022	Mar. 31, 2024	May 31, 2024	Mar. 21, 2024	May 31, 2023
Class of Stock [Line Items]
Dividend payable nature		quarterly
Declared dividend per share		$ 0.03		$ 0.03
Dividend		$ 3,600,000
Authorized amount of share repurchase program					$ 100,000,000
Treasury stock shares, acquired		4.8
Treasury stock value acquired cost method		$ 28,300,000
Average price per share		5.89
Remaining share repurchase amount		$ 700,000
Subsequent Event [Member]
Class of Stock [Line Items]
Authorized amount of share repurchase program			$ 125,000,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Conversion price previously reported	$ 12
Conversion price	$ 11.76

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum Defer Cash Fee Invested In Restricted Stock Units Percentage	100%
Stock options vested	447,000
Terms of Agreement	3 years
Share-based compensation	$ 3,329	$ 4,069
Unrecognized compensation cost	$ 1,300
Unrecognized compensation cost, weighted average period	1 year 7 months 6 days
RSU released	$ 11,000
Common stock shares issued	130,114,413		125,268,525
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	4,985,000		3,869,000
Granted	2,621,000
Restricted Stock Units (RSUs) | Non-employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	301,956		303,850
Granted	48,406
Performance based Restricted Stock Units (PSU's)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	1,505,244
Percentage of units granted out of the target amount	100%
Proportion of performance shares on common stock issue	150%
Performance based Restricted Stock Units (PSU's) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued	2,257,866
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost	$ 27,400
Unrecognized compensation cost, weighted average period	2 years 3 months 18 days
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	$ 3,300	$ 4,100

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested RSUs, December 31, 2023 | shares	3,869
Granted | shares	2,621
Released | shares	(1,426)
Forfeited | shares	(79)
Nonvested RSUs, March 31, 2024 | shares	4,985
Weighted Average Grant Date Fair Value, December 31, 2023 | $ / shares	$ 8.65
Weighted Average, Granted | $ / shares	6.48
Weighted Average, Released | $ / shares	9.16
Weighted Average, Forfeited | $ / shares	4.8
Weighted Average Grant Date Fair Value, March 31, 2024 | $ / shares	$ 7.42

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss available to common stockholders	$ (2,008)	$ (3,998)
Weighted average common shares outstanding — Basic	117,275	120,253
Weighted average common shares outstanding — Diluted	117,275	120,253
Net loss per share available to common stockholders - Basic	$ (0.02)	$ (0.03)
Net loss per share available to common stockholders - diluted	$ (0.02)	$ (0.03)

Earnings per Share - Schedule o

Earnings per Share - Schedule of Securities with Antidilutive Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	1,306,000	1,306,000
Ares 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)	1,100,000	1,100,000
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	17,333,000
Series A redeemable preferred stock [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)	8,503,000	8,418,000
RSUs and PSUs [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)	5,287,000	4,582,000
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)	0

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Oct. 21, 2021
Fair Value Measurements [Line Items]
Change in fair value of Contingent Consideration	$ 20	$ (700)
Fair value adjustment of Deferred shares		100
Fair Value Adjustment of Additional Deferred Shares	400
Fair value adjustment of contingent consideration	100
Senior Notes [Member]
Fair Value Measurements [Line Items]
Senior Notes, Noncurrent				$ 450,000
Debt instrument, interest rate, stated percentage				5.125%
Fair value of bonds	373,900		$ 391,800
Long-Term Debt, Gross	450,000		450,000
Level 3 [Member]
Fair Value Measurements [Line Items]
Contingent payments related to acquisitions	$ 3,500		3,400
Public Warrants [Member]
Fair Value Measurements [Line Items]
Warrants to purchase common stock	14,800
Public warrants liability fair value adjustment	$ 9,000	3,800
Public Warrants [Member] | Level 1 [Member]
Fair Value Measurements [Line Items]
Fair value of warrants	7,400		16,300
Private Warrants [Member]
Fair Value Measurements [Line Items]
Private warrants liability fair value adjustment	$ 1,500	$ 1,000
Warrants to purchase common stock	2,500
Private Warrants [Member] | Level 2 [Member]
Fair Value Measurements [Line Items]
Fair value of warrants	$ 900		2,500
Deferred Shares [Member]
Fair Value Measurements [Line Items]
Warrants to purchase common stock	200
Additional Deferred Shares [Member]
Fair Value Measurements [Line Items]
Fair Value of Deferred Shares classified as liabilities, value	$ 900		$ 1,300

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Fair Value Material Assumptions Based on Observable and Unobservable Inputs (Details)	3 Months Ended
	Mar. 31, 2024 yr $ / shares
Expected Dividend Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	2.1
Private Warrants [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Strike price | $ / shares	$ 11.5
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	1.7
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	48.3
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	4.7
Additional Deferred Stock [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	3.2
Additional Deferred Stock [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	34.6
Additional Deferred Stock [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	4.4
Additional Deferred Stock [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	$ 5.7

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 $ / gal
Segment Reporting [Abstract]
Fixed margin	5

Segment Reporting - Schedule of

Segment Reporting - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Operating income (loss)	$ 72,029	$ 80,551
Interest and financial expenses, net	(6,528)	(5,250)
Income from equity investment	22	(36)
Net income from segments	65,523	75,265
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	2,072,454	2,088,496
Net income from segments	65,523	75,265
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	1,107,794	1,145,680
Reportable Legal Entities
Segment Reporting Information [Line Items]
Total revenues	3,180,248	3,234,176
Retail
Segment Reporting Information [Line Items]
Operating income (loss)	33,767	41,631
Retail | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,255,762	1,262,436
Retail | Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	0	0
Retail | Reportable Legal Entities
Segment Reporting Information [Line Items]
Total revenues	1,255,762	1,262,436
Wholesale
Segment Reporting Information [Line Items]
Operating income (loss)	6,960	7,550
Wholesale | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	671,372	691,339
Wholesale | Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	0	0
Wholesale | Reportable Legal Entities
Segment Reporting Information [Line Items]
Total revenues	671,372	691,339
Fleet Fueling
Segment Reporting Information [Line Items]
Operating income (loss)	7,977	8,424
Fleet Fueling | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	134,578	128,445
Fleet Fueling | Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	0	0
Fleet Fueling | Reportable Legal Entities
Segment Reporting Information [Line Items]
Total revenues	134,578	128,445
Gpmp
Segment Reporting Information [Line Items]
Operating income (loss)	23,327	22,622
Interest and financial expenses, net	(6,528)	(5,250)
Gpmp | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,412	911
Gpmp | Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	1,102,541	1,142,622
Gpmp | Reportable Legal Entities
Segment Reporting Information [Line Items]
Total revenues	1,103,953	1,143,533
Other Segments
Segment Reporting Information [Line Items]
Operating income (loss)	(2)	324
Interest and financial expenses, net	0	0
Income from equity investment	22	(36)
Other Segments | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	9,330	5,365
Other Segments | Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	5,253	3,058
Other Segments | Reportable Legal Entities
Segment Reporting Information [Line Items]
Total revenues	14,583	8,423
Fuel Revenue [Member]
Segment Reporting Information [Line Items]
Total revenues	1,631,332	1,661,664
Fuel Revenue [Member] | Retail
Segment Reporting Information [Line Items]
Total revenues	824,428	843,473
Fuel Revenue [Member] | Wholesale
Segment Reporting Information [Line Items]
Total revenues	664,514	684,848
Fuel Revenue [Member] | Fleet Fueling
Segment Reporting Information [Line Items]
Total revenues	132,193	127,494
Fuel Revenue [Member] | Gpmp
Segment Reporting Information [Line Items]
Total revenues	1,205	741
Fuel Revenue [Member] | Other Segments
Segment Reporting Information [Line Items]
Total revenues	8,992	5,108
Merchandise Revenue [Member]
Segment Reporting Information [Line Items]
Total revenues	414,655	400,408
Merchandise Revenue [Member] | Retail
Segment Reporting Information [Line Items]
Total revenues	414,655	400,408
Merchandise Revenue [Member] | Wholesale
Segment Reporting Information [Line Items]
Total revenues	0	0
Merchandise Revenue [Member] | Fleet Fueling
Segment Reporting Information [Line Items]
Total revenues	0	0
Merchandise Revenue [Member] | Gpmp
Segment Reporting Information [Line Items]
Total revenues	0	0
Merchandise Revenue [Member] | Other Segments
Segment Reporting Information [Line Items]
Total revenues	0	0
Other Revenues, Net
Segment Reporting Information [Line Items]
Total revenues	26,467	26,424
Other Revenues, Net | Retail
Segment Reporting Information [Line Items]
Total revenues	16,679	18,555
Other Revenues, Net | Wholesale
Segment Reporting Information [Line Items]
Total revenues	6,858	6,491
Other Revenues, Net | Fleet Fueling
Segment Reporting Information [Line Items]
Total revenues	2,385	951
Other Revenues, Net | Gpmp
Segment Reporting Information [Line Items]
Total revenues	207	170
Other Revenues, Net | Other Segments
Segment Reporting Information [Line Items]
Total revenues	$ 338	$ 257

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reportable Legal Entities
Segment Information [Line Items]
Total revenues	$ 3,180,248	$ 3,234,176
Intersegment Eliminations
Segment Information [Line Items]
Total revenues	1,107,794	1,145,680
Operating Segments
Segment Information [Line Items]
Total revenues	$ 2,072,454	$ 2,088,496

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of net income from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Information [Line Items]
Net income from segments	$ 65,523	$ 75,265
Site operating expenses	218,931	192,683
General and administrative expenses	42,158	40,416
Depreciation and amortization	31,716	28,399
Other expenses, net	(2,476)	(2,720)
Income tax benefit	(6,707)	(2,158)
Net loss	(594)	(2,580)
Operating Segments
Segment Information [Line Items]
Net income from segments	65,523	75,265
Amounts not allocated to segments [Member]
Segment Information [Line Items]
Site operating expenses	(3,350)	(2,677)
General and administrative expenses	(41,197)	(39,644)
Depreciation and amortization	(29,872)	(26,557)
Other expenses, net	(2,476)	(2,720)
Interest and other financial income (expenses), net	4,071	(8,352)
Income tax benefit	6,707	2,158
Net loss	$ (594)	$ (2,527)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Environmental obligations	$ 12.7	$ 13.4
Estimated amount recoverable	7.1	7.5
Asset retirement obligation	$ 85.7	$ 85.4

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	Apr. 09, 2024 USD ($) Store	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Amount financed with capital one line of credit		$ 368,889	$ 332,027
SpeedyQ Acquisition [Member] | Subsequent Event [Member] | Capital One Line of credit [Member]
Subsequent Event [Line Items]
Amount financed with capital one line of credit	$ 6,000
SpeedyQ Acquisition [Member] | Subsequent Event [Member] | Third Party [Member]
Subsequent Event [Line Items]
Number of operating sites | Store	21
Date of acquisition agreement	Nov. 21, 2023
Business combination purchase price	$ 52,700
Oak Street [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of sites leased | Store	19
Site put/call purchase price	$ 7,000
Oak Street [Member] | Subsequent Event [Member] | Third Party [Member]
Subsequent Event [Line Items]
Business combination purchase price	$ 45,000
Additional landbank sites [Member] | Subsequent Event [Member] | Third Party [Member]
Subsequent Event [Line Items]
Number of operating sites | Store	8