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ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC, and stands as one of the largest operators of convenience stores and fuel wholesalers in the United States. Based in Richmond, VA, ARKO Corp. operates under a family of recognizable community brands, offering a wide range of products including prepared foods, snacks, candy, beverages, and popular quick-serve restaurant brands. The company also features the high-value fas REWARDS® loyalty program, which provides exclusive savings on merchandise and fuel.
ARKO Corp. operates in four primary segments: Retail, which includes convenience stores selling merchandise and fuel; Wholesale, which supplies fuel to independent dealers and consignment agents; GPM Petroleum, responsible for selling and supplying fuel while charging a fixed fee, mainly to fleet fueling sites; and Fleet Fueling, which includes the operation of proprietary and third-party cardlock locations and issues proprietary fuel cards that offer access to a network of fueling sites.
Recently, ARKO announced its financial results for the fourth quarter and full year of 2023. Over the past three years, the company has significantly expanded its geographic footprint through acquisitions, delivering approximately $166 million in net income and about $850 million in cumulative adjusted EBITDA. For the full year of 2023, ARKO reported $290.4 million in adjusted EBITDA, holding the performance within 3.5% of 2022 levels despite a 3.4% decline in national fuel gallon demand.
Notable highlights from the year include a 2.5% increase in same store merchandise sales excluding cigarettes and an overall increase of 16.7% in total merchandise contribution. The company's focus on improving customer experience and store productivity remains central to its growth strategy. ARKO also announced a new investor day planned for later in the year to reveal its multi-year roadmap for enhancing organic performance and driving shareholder value.
Furthermore, ARKO continues to invest in its loyalty program and its core destination categories. The company’s fas REWARDS® loyalty program has been a pivotal part of its strategy, offering customers significant savings and exceptional value.
As of the end of 2023, ARKO had a total liquidity of approximately $831 million. The company's capital expenditures for the year were around $111.2 million, which include purchases of properties, upgrades to fuel dispensers, and other store investments. Additionally, ARKO has amended its program agreement with Oak Street, extending the term and increasing the capacity to $1.5 billion, allowing for further strategic investments.
Looking ahead, ARKO aims to focus more on organic growth and will continue leveraging its significant acquisitions to enhance its market presence and operational efficiency.
ARKO Corp. (Nasdaq: ARKO) announced it will report its Q3 2021 results on November 10, 2021, before market open. The company will hold a conference call at 10:00 a.m. ET to discuss these results. Interested investors can participate by calling 877-605-1792 or 201-689-8728. A replay will be available until November 24, 2021. ARKO owns GPM Investments, the 6th largest convenience store chain in the U.S., with approximately 3,000 locations across 33 states and D.C. The company operates in retail, wholesale, and GPM Petroleum segments.
ARKO Corp. (Nasdaq: ARKO) announced the pricing of a private offering for $450 million in 5.125% Senior Unsecured Notes due 2029. The funds will be utilized to fully repay its credit facility with Ares Capital, other existing senior secured debts, and for general corporate purposes. The closing of this offering is expected around October 21, 2021. The Notes are being offered only to qualified institutional buyers and certain non-U.S. entities. This offering is not registered under the Securities Act and does not constitute an offer to sell or solicit any securities.
ARKO Corp. (Nasdaq: ARKO) has initiated a private offering of $450 million in Senior Unsecured Notes due 2029. The funds will primarily be used to repay the outstanding balance under its credit facility with Ares Capital Corporation and other senior secured debts. The notes will not be registered under the Securities Act and are offered only to qualified institutional buyers. ARKO operates the GPM convenience store chain, which has expanded to about 3,000 locations across 33 states.
GPM Investments, a subsidiary of ARKO Corp., has announced its inaugural Open Buying Day in collaboration with RangeMe, inviting emerging suppliers to showcase products for approximately 1,400 company-operated stores. Suppliers can apply until September 5, 2021, and those selected will present virtually on October 26-27, 2021. This initiative aims to enhance product offerings and sales potential while building supplier relationships to capture innovative products.
ARKO Corp. (Nasdaq: ARKO) announced its Q2 2021 financial results, reporting a net income of $25.6 million and adjusted EBITDA of $75.7 million, a 10.5% increase year-over-year. Operating income decreased to $45.8 million from $47.7 million in Q2 2020. Same-store merchandise sales rose by 2.4%, with a 4.3% increase excluding cigarettes. The fuel margin decreased by 19% to 34.3 cents per gallon. The company successfully completed its 19th acquisition, adding 60 convenience stores from ExpressStop, and expanded wholesale agreements significantly.
ARKO Corp. has completed the remodel of its second convenience store in Mechanicsville, VA as part of its plan to upgrade 360 stores by 2025, investing approximately $360 million. This store features enhanced customer experiences with new designs and products, including a deli, expanded beverage options, and improved loyalty programs. A grand opening celebration will run from July 30 to August 13, offering promotions and a sweepstakes. ARKO aims to unify store designs while maintaining local brand recognition.
ARKO Corp. (Nasdaq: ARKO) will announce its second-quarter results for the period ending June 30, 2021, on August 12, 2021, prior to U.S. market opening. A conference call for investors is scheduled at 10:00 a.m. ET on the same day. Participants can join via telephone or through a live webcast, which will also be archived for 30 days. ARKO operates GPM Investments, the 6th largest convenience store chain in the U.S., with approximately 3,000 locations across 33 states and D.C. The company comprises three segments: retail, wholesale, and GPM Petroleum.
ARKO Corp. (Nasdaq: ARKO) announced its inclusion in the Russell 2000 Index, effective June 28, 2021, reflecting its growth in the U.S. convenience store market. This recognition comes following the annual reconstitution of the Russell indexes, which ranks the largest U.S. stocks by market capitalization. ARKO's CEO, Arie Kotler, emphasized this milestone as a testament to the company’s aggressive growth strategy through regional brand acquisitions, aiming to provide long-term value to stakeholders. The Russell indexes are widely utilized for investment benchmarks, encompassing $10.6 trillion in assets.
ARKO Corp. (Nasdaq: ARKO) announced its participation in the Stifel 2021 Virtual Cross Sector Insight Conference on June 9, 2021, at 2:00 pm Eastern Time. The event will be webcast live, with a 90-day replay available. ARKO owns GPM Investments, LLC, which operates the 6th largest convenience store chain in the U.S., with around 3,000 locations across 33 states and D.C. Their business segments include retail, wholesale, and GPM Petroleum, with a strong emphasis on customer loyalty through the fas REWARDS® program.
ARKO Corp. and Core-Mark have entered a 32-month supply agreement, expanding service locations from 865 to 1,055. This move is part of GPM's growth strategy and consolidation of wholesalers. Core-Mark will remain GPM's largest supplier, distributing across 29 categories to approximately 1,400 stores. The agreement underscores a commitment to operational efficiency, with Core-Mark facilitating service transitions from previous wholesalers and offering continued support for imports and specialty products. This partnership is expected to enhance synergies and bolster growth.
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