Earnings call transcript Q3 2022

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Operator

Greetings, and welcome to the Arko Third Quarter 2022 Financial Results Call. At this time all participants are in listen only mode. A question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ross Parman, Vice President, Investor Relations and Government Affairs for Arko. you. Thank

begin. may You

Ross Parman

Don morning, call to call and President Officer; Kotler, Good Officer. XXXX are third earnings Chairman, and Executive Chief conference webcast. and Chief and you. Financial Arko's welcome quarter Arie Bassell, Thank On today's

report release, on and available filed with website at arkocorp.com. Our our quarterly the presentation earnings earnings as press are Arko's SEC

of Before information call, during meaning And of this Private is management within we make the the begin, statements please note Reform XXXX. that all Litigation unaudited. third quarter XXXX forward-looking may Act financial Securities course the of

on words results in These as could, and beliefs identified statements to described references statements these and actual may by and management's be risks and statements. involve those based as project may, the to that differ intend, current use plan, expectations only could of periods. from forward-looking cause These today speak such and expect, future materially uncertainties similar will, of estimate, are

XX-Q report or actual our to in filings SEC, refer Please report cause any and including of our for detailed differ the our could made XX, from on with materially discussion Form press statements quarter that risks other the a annual to our expressed quarterly ended today. September XX-K XXXX, Form results on those for release, forward-looking the implied

measures, that note adjusted and EBITDA EBITDA. same-store non-GAAP on including Please today's measures, call, to management refer financial will

of with measures the for substitute GAAP. be most accordance the comparable non-GAAP our of financial considered While information a information or provide information investors, for isolation press as GAAP release to financial refer the for presented presentation non-GAAP, is company believes reconciliations earnings intended in these our this Please useful directly to our measures. not in to measures

to locations. I note from respective our our we're remote today that would conducting call like also

may call. your during As, in other understanding. be patience and technical thank talk or We cross for brief this minor there delays, you such, issues advance

Arie. like over would turn the to to call now And I

Arie Kotler

Good strong of Ross. everyone, third for us. you Arko the you, strength business Thank our joining the for highlighting morning, results model. thank and quarter,

value company the stockholders. income business. The We continued year to excellent versus million third Arko to and build long-term across have quarter. performance for the $XX.X increased prior operating by execution our XX.X% has

an high for the to was $XX.X third to XX.X% all-time QX EBITDA compared Adjusted increasing quarter million. company, XXXX

comparable for have quarters XXXX, We acquisitions $XXX and had in including accretive not of important the EBITDA core in We X closed which the was portion of seven the very acquisitions end straight announced announced adjusted grown of million. X QX, growth. quarter quarter, a purchase that price since have including acquisition, the approximately second strategic yet

for forward-looking ending EBITDA In approximately measures, expect nine to adjusted million on to estimated of annual approximately run amounts September generate XX% adjusted we of rate, return, XXXX. XX, including non-GAAP EBITDA This synergies. using $XX months an the

continue We raise active our to pursuing to strategy. growth value business very by

plus a the of Transit Energy closing that stores XX holding, July. convenience add and in new-to-industry price our approximately closing, ground Upon store retail convenience will XXX stores Upon certain into our Mississippi. will territory expand Alabama and acquisition Group add acquisition broke convenience

from New our I'm businesses Transit price Both areas our assortments, all in of services very with We the believe communities. deal pace very promotions, course, about and excited our presence and, our territory England introducing business. making to of of expands It by benefit a that consumers more rewards. as excited into Energy long-term the of fast Group will performance and their significantly We're core Massachusetts. these capabilities. our

loyalty Merchandise are high In initiatives, a XX underscoring our resonating company and programs increased XX.X%. the many stores, customers. cigarettes, with to basis assortment, its market our increased company share, margins excluding points favorable marketing

since this QX by metric important grown points basis XXX have We XXXX.

compared to X.X% Third X-year cigarettes, quarter excluding basis. and QX same-store X.X% on stock a XXXX increased merchandise sales,

We also quarter fuel. a had very in strong

been Our strategy consistent. has

as strong noted enables I believe strategy prices pure we quarter, our also that Last that decline. results

quarter underscores compared profitability that third increase quarter XXXX. belief. This Total fuel of million, a grew $XXX.X the to to XX.X%

through approximately including same-store gallon, declined $X.XX September, per Notably, same-store grew. cigarettes, excluding accelerated. also as fuel cigarettes, July From prices sales, sales,

We are our very pricing. with strategic cigarette

great We believe strategy we capable is shown that our have of in price of variety a results environments.

operating is quarter. this $XX.X net We Our generated sheet in balance strong. activities very million cash from

million For net the XXXX, generated activities. Arko September operating XX, ended from in $XXX.X nine months cash

$X.XX in is dividends. to our XX% business stockholders, by record quarter for X desire and and share. this a announce Board our result As strong company's our of This confidence the returns dividend to the of quarterly per increased this result, Directors consecutive

top is M&A. stores, strategy our fuel executing in in in Our priorities and

strategy. of consistent approximately XXX Most we company's XXXX. and with our know total. is opportunities approximately growth an then, early central operated our started that we we stores The that pursue company resources allow at in acquired you X,XXX operated for to Since believe convenience company scale have results great to us stockholders. stores enable is in deliver advantage us one. This to multiple Disciplined

to and strength key chain ability and advantage. financing strategic in our Oaktree long-standing brand and Investments with to their We our to financial are well-established our use model communities ties equity and agreement performance. with

industry highly to Our continues be fragmented.

many has deal acquisitions. potential overall The pipeline today

opportunities our the walk deal, When look the due with team as part a expertise. to strategy. chain We announce through this value expect my scale executing of continue We and and I we proposition local to of for diligence. the our pursue acquisition stores

better the have consistently than fuel acquired. gotten and For example, we cost we chain merchandise

This retain of proud we as businesses I'm sophisticated pricing are chain have seasoned believe the us and excel company We efficiently in for majority highly management our who stockholders. in significant integrate assortment, acquire, to to we course, our creates and allow And successfully creates grow. compared and jobs role. we to that promotion we Our well close continue strategies employees which usually advanced of we acquire, Arko acquisition. regional the value the

performance. key our pillars of our has three marketing the and strong that through initiatives walk to like store I'd in-store driven

management beverages, destination as to first core such packaged just careful categories, pillar snacks of few. The candy, nicotine and is projects, a name key

promotions and market this our goal go-to footage and loyalty We to in-demand the of from geographic increase in allocated The share the our for invest this in store convenience be assortment category. merchandising category. square is

at Looking including maintained total in market we this market quarter, this and the excluding by share, pillar, points, cigarettes. grew cigarettes comments basis share XX

number coffee increased customers compared enrolled Coffee increased coffee quarter XX%, approximately XXXX. XX.X% initiative, unique seen to their recorded And increased and XX.X% important in an compared is made stores both quarter, while XXXX. their we to The excellent QX results. this have QX loyalty purchases customers first enrolled our spend who by this loyalty total purchase coffee customer net of

Frozen We a key XXXX. package salty food QX center performance candy, XX% versus also and great increased same-store street snacks, wine sales had in like store beer, packaged snacks, beverages. categories

is Our newly second consumer app the updated personal in further customers. loyalty app growth prior it response. designed rewards our being relationship is new to key loyalty pillar with is We're fast A The our out rolling enhance continued tested the program. by currently to pleased chain-wide.

and Our is and goal deals. personalized to total and order and frequency in-app spend delivery drive in-store relevant increased through

members. new a with to customers new great differentiation even for members great more. One is save million strong The launched point to sign enrollment is this believe app up over and rewards X.X of this that savings. feature We for we to start for encourage a the ability the key offer

to an we total our We know trip frequency that enrolls, when their have customer opportunity spend. and increase

in an basket in is data Here have we enrolled size. been using when tracking example incremental program, we see customers loyalty our month-over-month growth

is key service. pillar third food The

higher-margin this segment in We are in evolving new relatively convenience channel. the

stores. have that We long a developing high for runway color food margin program

work to expanding continuing on pizza are We offering. our

also this XX hope pizza quarter. are open to many We we've restaurants. Year-to-date, more opportunities Subaru plan soon. We that five to exploring we introduce opened

believe roller become food hot stores XXX that destination. a of pizza compete and have can with us and the even grill also believe value chicken offering by strong in hotdogs and sandwiches. XXX fried XXX our stores story can breakfast position a food food and proposition stores service. more to for more We We slice with tornadoes, I

performance. believe X leading core to to investment in store results. are great positioned is our convenience segment in-store continue We great deliver pillars these well Our to key

there accretive our historic We grow is a opportunity unique and continue with growth. scale also This of source our to that is footprint acquisitions. believe to

and will turn I term. continue And will long create strategies believe With the Don. over stockholders. for to plan our to that, we long-term it act value We for our

Donald Bassell

Good morning. our most to and the detailed business TEG Arie recently acquire pride. announced agreements

Our first on deal July closed of the year, XX. Quarles

doing value has not and be integrated. strength and we operations in overlooked. The consistent, employees and Systems, growth But new job. our example. have great stores, should Quarles in known great disciplined enhancing sites is work a done team our mentioned, Arie a initiatives. personnel rapidly that As are for been investments integrating

business. and acquisition this with pleased very are We

store important we are profit the of retail core our from It's our self-operating business. is to fleet segment our but our how segments of line, accretive our understand stores. bottom were to reportable Wholesale derived the view convenience outside bulk convenience

in segments give move with other pursue can and strategy. quickly so and our to cash us and allocation are These fuel for suppliers The stores. superior rebates. believe they also merchandise flows we leverage We capital segments our important stable, ratable opportunities us give invest more

to position. continues a Our strong, currently balance be we liquidity good and sheet have

equivalents million. XX, had cash September we $XXX XXXX, of approximately and As cash of

Our net was resulting million, million. $XXX approximately outstanding $XXX excluding in leases, capital of debt, debt

interest in rates a year, X.XXX% in increased have significantly issuance bond since million as coupon which looks $XXX Our last beneficial October then. increasingly locked of

realize continue We flow. cash free excellent to

and $XX.X approximately million XXXX. Oak the expected the TEG third million For by operating quarter, there activities $XXX will prior closings remaining quarter versus be cash for $XX.X After under agreement. million acquisitions, our the the net Street provided of of was

and are economic continue our uncertain We positioned growth strategy to an long-term outlook. well navigate

increased for fuel, and prior to Merchandise our quarter higher highest. believe into cost points for slightly increased given quarter, fees in sticky the of our margins while year to may the margin third stores. versus XX.X%, revenue credit In million Getting percentage of convenience results be $XXX XX labor. card $XXX million that basis we XXXX

key charges totaling a increase profitability, remaining XXXX growing $XXX.X grew profitability strategy We of versus managing QX to million margin million $XX.X as or a for third intercompany the fuel our is this company. Retail volume and quarter optimizing believe will quarter, XX.X% of competitive XXXX. excluding

$X.XXX increased quarter. The company gallon prior per gallon compared in fuel year to per to the retail margin $X.XXX

increase $XX.X by Handy costs XX.X% November or The closed or $X.X operating due related in increase store XX.X% offset Third expenses expenses Mart to converted the quarter expenses fees. million same increase store million incremental versus XXXX to million acquisition year including and closed retail $XX.X we expenses to an we partially underperforming of of personnel stores that a dealers. in stores, and credit or operating convenience at was in an prior or increased card independent XX.X% in in increase

approximately increased the charges, third to wholesale the to Wholesale of $X period, was approximately fuel quarter year profitability, intercompany million which for compared million acquisition. XXXX. $X.X to Moving Quarles of excluding attributable the prior

the intercompany for from of these contribution supply costs $X.X margin to to due per million, XX%. gallon Quarles increased cents quarter fuel in the of rebates. locations increased $X.XXX charges excluding prior fuel acquisition, versus greater to $X.XX fuel primarily per gallon third the prompted year, discounts Fuel to per higher XXXX, greater increase by locations Fuel and related compared gallon an

charges We was per -- reportable fueling gallon intercompany Fuel approximately for quarter the intercompany generated fuel proprietary the fuel sites fleet locations. was million, gallon, third gallon, segment XXXX lock card our charges. and new $XXX card approximately million, lock per contribution $X.XXX the cents revenues in fueling excluding from locations and margin third-party intercompany $XX of charges per excluding $X.XXX the excluding fleet for

compared of was margin high interest to retail quarter. rack and price historically average increased million, by quarter revenue other benefit quarter $XX.X from the expenses third $XX.X the Net of of million margins prior the increase fuel was to for of quarter year and or XXXX. by versus in million XX.X% an third high Adjusted XXXX. million a EBITDA positively Fuel $X.X impacted the financial $XX.X fuel to

to streamline As in work the certain conducted and executed was we provide quarter This an and during the noted direct business of primarily savings. cost was operations indirect second long-term and subsidiaries. internal third realignment company quarter, intended the

company tax non-cash the onetime quarter million result, a approximately of of third recorded in the amount XXXX. $X.X in a the As expense

tax million. $XX.X Net income. million This million were the $XX.X net quarter XXXX, the included for to recorded compared a quarter. of in the benefit quarter to which was $X.X third $XX.X prior approximately expenditures of contributed to company in $XX a the compared million Capital XX% decrease in year income million

program. are $XX the third million under stock. company repurchase quarter, minimum repurchased amount In the a of our approximately There stock $XX million previously remaining announced

outstanding. stock X, shares of XX.X November were of there million common As approximately

This another great has been quarter.

be of a the on Directors Arko's a returns dividend enhance results and stock to $X.XX As result of of our declared of common per quarterly share desire stockholders, X, strong to to in Board for paid a December Arie. call turn is XXXX, I'll to for November XXXX. as of the over of believe long-term XX, record position company We stockholders continued growth. strong back

Arie Kotler

by close confident long execution will our have the right believe in well me I performed the term. Don. as We about a that saying place believe Thanks, for growth that we in challenging long-term as make capabilities environment. that exceptionally well delivering the business has strategy we

Our model year. deliver I future about our believe We're for is the and to of this stockholders. excited very we're positioned resilient, value rest very well

your questions. will take We now

Operator

Bobby Thank with first you. your [Operator Instructions] line Raymond of Our Griffin Please comes with proceed from James. question. the question

Bobby Griffin

I Arie, Congrats question my M&A up for environment here question taking on a you first Good lot guys the our guess, in with just announced is morning. nice of acquisitions. EBITDA has performance. you XXXX picked Thank me for and

done curious can the pause could ones need have one Or about to multiple as do head guys to So, been to a integrate the into on capacity kind you or that, part have we they're additional that you to And be of at able the we if take the that second opportunities on of I'm capabilities integrate acquisitions announced? take time? that as integration a still the further just of investments business maybe you acquisitions see handle of some talk Do on available? you acquisitions to XXXX?

Arie Kotler

us, Thank Bobby. We over with closed. that in back of integrated right successful acquisition fully is we core We question mean, within basically that you I -- very, already very you already acquisition the was company. all, X report And can first QX, I'll can I our company a the the the you in morning, here. acquisitions probably and for for July. first now Good start, results Q closed is one, closed Sure. this which the QX. tell see that already.

have we the other the capacity. yes, that acquisitions two we Regarding just announced,

we We team. in opportunities integration I putting another a fact, the place have of right now that matter see you, amount an M&A of team we in given marketplace. as are can tell the

going help companies those is actually here all of on be to the over professional to create able to integrate top idea another the together. And really operating and M&A the to team team the put us team we with of that's that

in and your powder and if those is dry that taking Oak we account announced. capacity, acquisitions basically notice that in in over you question yesterday, our $X.X we Regarding cash of presentation opportunities agreement Street that And into between published after in terms signed. credit line we -- large still this have our of we two billion run already the

say on we've something probably comes of that the when -- team growth remember, eight the our key We those So, best would acquisition. there already. is question companies. through past in here this one I to no is and marketplace acquisition closed I of for years. integration mean is the it really this over that XX growing been And acquisition had

Bobby Griffin

retail. Thank trends question fuel My you. is the second volume around just for

As at we prices you down pump, bit volume little quarter? saw the see Or the the type throughout back was volume? of fairly a behavior come consistent change any on did

Arie Kotler

No.

is the -- a remember $X. saw was volume. guys in you if in decline I that June. back We in We QX, price specifically in mentioned -- fuel minute Bobby So saw double-digit

decreased July. down to of see XX.X% in that gallons of the I the tell to the have and around month below shift July, X%. XX.X%, around during our decided then a the continue towards all month that gallon We July, down the three, were towards sudden, the of And in all four when four saw can the you were we a price month gallons and of

think X%. were not including I'm cigarettes, interesting You're store during is XX.X%, really But the gallons. gallons were very over is July, the around sales, here sorry, looking of an down down when -- the I month September almost in there decline XX% that and The very, August were of September, same improvement gallons X.X%. the on story of down

Excluding cigarettes, down X.X%. were

you our And up cigarettes, However, the were same-store that tell while that excluding right prices which minutes now decline, October continue decreased were basically over us. in basically X.X% I most can over -- cigarettes, is August, sales, September, thing $X sales going store in of when story month X.X%. in the same excluding margin. And mean important below for We're the the same into November. because was that month I drive to the trend were we the of would the a see price the months of and same sales store big here X.X%, X.X%.

the which continue sales, and at basically time, continue excluding the most price are store as at to better over as cigarettes, I is same getting gallons high decline said, year. pump And So to the sky improvement. our our just categories, same important

Bobby Griffin

quarter. Best in Thank I appreciate the you, of luck here the details. fourth Arie.

Arie Kotler

you much very Bobby. Thank

Operator

[Operator the of Anthony Please Instructions] Bonadio Wells Fargo. question proceed next question. Our your with comes line from with

Anthony Bonadio

guys. morning Good

about XXX So, wanted in step Taking remarks, but margins of running added little kind talk we're just your merchandising beds I XXXX. before back, a bit and commented in to were we more. I about a this

way But at now time some is to business the You've obviously number with changes that XX% frame, a we're rate that the that forward? business in the of think about made along plus to acquisitions. right running going

continue that to over can you strategic inside think you chip efforts time go do away where then as store? And the

Arie Kotler

Sure.

are selling the way, margin, of by it's the right morning the the really Anthony, margin, now. in project we good and think I Anthony, in I increase think So, diversity that increase

the that a decline in the beginning XXXX. of see of cigarette in it margin. of is We it's see because year-over-year. I the we -- since sales initiative where we This is increase think started most

We those all increase see categories key of us, -- an important. very least key for categories that the in very, are at

on really candy, were If example, up we X.X%. for you're looking

on that you're If the beginning looking bit we pandemic of frozen is pandemic. into a little big or food. initiative a started at This the the

salty of really you goes invested remember that goes category foods. the beverages, other drive I a tobacco money, those if lot the to We And alcohol, thing mean in are frozen to categories XX%. packaged same same the This up products. is margin. snacks,

even product loyalty really that's come basket. merchandising that I think have to continued driving on reason add we in on and as continue sure see this the make to program an margin rewards concentrating to the is believe offering basically loyal right more see customers because think basically increase Based their fast I the really margin. the we shouldn't the team more the to -- why its putting have shelf, excellent don't and of we into an increase stores. into in extension trend, on And any continue food to I margin

Anthony Bonadio

Got on helpful color. wanted it. also touch the That's then very rates. to And interest I

a notes. you've to exposure know that commented debt almost I fixed put million Don the largely rates So, but you exposure rate the also floating cap on, some senior guys have your rate on leases in $XXX got stores. with via

any you're then So, about thinking about you're how how talk it can prioritization thinking rise? to have here? on impact And to as impact the from just does P&L continue capital the about of that you the

Arie Kotler

Yes.

just be jump cap to explore and let maybe rate. mentioned I more you Before clear, in Don

just the have those are rates be comes rates on rates at will I with There notes. don't very cap clear X.X%. the I over when we I variable X any position And a think notes want for I Our unsecured basically think is here. me you in next fixed. to X.XX% mean years, agree good rent, to our We fixed. on are are it

increase actually true And to fixed. anywhere which -- now basically It's the basically to especially year, the goes have just below interest X% same is rates environment, is rent much our our I between to our basically everybody CPI. in right when rent this mean, you dramatically, a is that rising X.X% to the sometimes, thing only leases. in

more. But let So, a in in very we I'll I positioned. Don actually jump and think well maybe that explore are

Donald Bassell

right. All Yes. Thanks.

know concern. I think, was and the great it So, question, I

So, X%. X up X.X% structured a things. leases it's to it's to of our Number amount, CPI and usually lot like are a one, where certain

X%, So, if up goes it go. can at we're CPI capped where

is that income, excess those our our invest much. our of us opportunity to a XX But cash debt, and has take and fixed rates So we're market only for can you us also now offset it when X.XXX%. able to of before given some really get at And the where don't great the again, basis that. of lot cash now points interest affect invest a majority it

of So, interest we nice the with don't see get especially fixed the free and real to offset big ability return flow being as that a us, expense. it a to to majority the cash issue invest and that

Anthony Bonadio

Good Great. Thanks much, guys. so luck.

Operator

Our comes Astrachan Stifel. line from with proceed Please next of Mark the question question. with your

Mark Astrachan

one. every ask to are suppliers on there's levels passing morning more about taking good same I about and just being on about talk merchandise that? subject, than of and comp wanted directionally could Maybe a lot talk then Thanks, contribution broadly elasticities the that in-store lower you pricing And through. pricing up. historical obviously going from the that the to you're

impulse driven. more But you kind is fill which your reduced of helpful. are store slightly you pricing business directionally from as kind potential Thank of of terms up think being or could categories in and and would if activity Obviously, you or in be you. benefit move pricing, talk higher more less through with how that different about about promotional the just 'XX elastic and

Arie Kotler

Sure.

continue rewards we move loyal increase. forward just create here, members. value as our fast given with vendor a very, and I'll really that no mean, to promotion we to had our try to our to to almost I carefully So, There price the -- price We prices customers. activity, try And is start to very, very very push year. be over size our to program try given every increase. loyalty our careful. push increase with try this question

of we're with, X.X customers that and millions ear. have have we talking actually ended over that We members the million

is to do what we're to think able I those provide them valuable really promotion.

increases not did those the maybe price some others. of they like So, feel

rising, I think with no moving in question recession. rates towards terms of interest moving forward, there's

There we question see mentioned proof I interest the It's the our see now. probably others. more September. I as I for continue to resilient industry sales I increase. right to continue just mark essential mean, for continue -- we amazing. earlier, we no inside is as rates some that think is And basis those much continue of to basically it's that is than what whatever hike worth, I saw all XX of stores the increase to categories in points increase mean,

basis recently just XX November. saw in We increase points

the However, the rates to cells as is to continue increase continue inside higher over store going much to the rise interest actually year.

-- getting app. XXXX, earlier, fast ready launch rewards it right We're the I upgraded right the are now it actually companywide. testing into Going to we mentioned app, and now testing as

continue increases because in hands And valuable making rates those basically the there basically need price and customers, question that of our sure we goal is mind, especially especially sure is here. to all no cards with be make very, they they're going to enjoy sensitive, with promotions over their to interest in that rising and to very and more be have grab able more my

Mark Astrachan

visitation you Got know update can lastly, on third getting partnerships strategic size. probably you're benefits it. stores in of That's then provide helpful. parties on added, capabilities. well it's that would be charging getting granular sort as if the you the even stores the And a as that with bump around in what's helpful. some But just terms or commentary relationship I you're electronic the Sparrow going could of you've on bit the like Any from

Arie Kotler

Sure.

start me foodservice. let with So,

Subaru. mentioned You

is others. out only many item of So, Subaru one

here. value is since over very, important As I said, very proposition

pizza slice. it. And this We goal to sell to is our have extend XXX continue really stores that by actually

We have a have we grill lot that hotdogs of XXX the tornadoes. sell roller and stores on that stores

price a our the we in below to be key and -- cheese trying figure are over all offer way format mean, try in one though to to actually stick what based that here to a on of how even the especially the $X price and the of happened change food must of ways find on basically of think customers -- increasing. elements this this are I elements cells to And environment, we is I to our slice, food out of must environment. basically

for about coffee. Coffee, example, spoke I

if our coffee, I for are offer looking I heading And now buy the customers. of coffee you into customers cup the that mean, versus probably XX% really are our coffee, just right you're able actually loyal of we to mean coffee can marketplace, And $X.XX. at tell cup I that price on We the higher coffee season. loyal is to cost of the

the order So again, make what's and we're in customers those to to all drive to way, loyal continue to we trying very sure prices margin. those that destination to guys by extend. of the become to very, a provide valuable And that's going to

here. is going basically than higher the example. margin food the cigarettes, knows, that's or to to drive back margin, over much what for The the everybody service margin Going is question, margin

Now this in right now. is is where our focus

Operator

back question-and-answer that for session. gentlemen, our concludes floor and Ladies any comments. final to the I'll Mr. Kotler turn

Arie Kotler

for us. joining very you, here over much, And Thank thank everyone, you Melissa.

are and you and we to holidays. your like holiday the of season, I families, one of take each wish towards every As this opportunity course, would happy heading and

Operator

concludes This today's conference.

may You at this disconnect time. for you your lines participation. your Thank

Arko (ARKO) 8 Nov 222022 Q3 Earnings call transcript