ARKO Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
ARKO$4.24+1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $34,566 | $71,978 | $59,427 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 127,597 | 101,752 | 97,194 |
| Deferred income taxes | (4,680) | 22,300 | 4,848 |
| Loss on disposal of assets and impairment charges | 6,203 | 5,731 | 1,384 |
| Foreign currency loss (gain) | 29 | 227 | (1,320) |
| Amortization of deferred financing costs, debt discount and premium | 2,518 | 2,514 | 9,304 |
| Amortization of deferred income | (8,142) | (9,724) | (10,327) |
| Accretion of asset retirement obligation | 2,399 | 1,833 | 1,705 |
| Non-cash rent | 14,168 | 7,903 | 6,359 |
| Charges to allowance for credit losses | 1,265 | 659 | 601 |
| Loss (income) from equity investment | 39 | 74 | (186) |
| Share-based compensation | 15,015 | 12,161 | 5,804 |
| Fair value adjustment of financial assets and liabilities | (10,785) | (3,396) | 3,821 |
| Other operating activities, net | 2,631 | 775 | 677 |
| Changes in assets and liabilities: | |||
| Increase in trade receivables | (17,937) | (50,229) | (16,003) |
| Increase in inventory | (2,013) | (6,850) | (21,816) |
| (Increase) decrease in other assets | (29,386) | 1,476 | (5,421) |
| (Decrease) increase in accounts payable | (6,169) | 31,645 | 16,813 |
| Increase in other current liabilities | 990 | 6,884 | 7,867 |
| Decrease in asset retirement obligation | (23) | (95) | (130) |
| Increase (decrease) in non-current liabilities | 7,809 | 11,638 | (1,410) |
| Net cash provided by operating activities | $136,094 | $209,256 | $159,191 |
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from investing activities: | |||
| Purchase of property and equipment | $(111,164) | $(98,595) | $(226,205) |
| Purchase of intangible assets | (45) | (176) | (246) |
| Proceeds from sale of property and equipment | 310,240 | 287,901 | 284,854 |
| Business acquisitions, net of cash | (494,871) | (419,726) | (203,070) |
| Prepayment for acquisitions | (1,000) | (4,000) | — |
| Decrease (increase) of investments | — | 58,934 | (27,110) |
| Loans to equity investment, net | 18 | 174 | — |
| Net cash used in investing activities | (296,822) | (175,488) | (171,777) |
| Cash flows from financing activities: | |||
| Receipt of long-term debt, net | 99,643 | 70,896 | 484,089 |
| Repayment of debt | (22,157) | (45,948) | (531,834) |
| Principal payments on financing leases | (5,497) | (6,543) | (8,094) |
| Proceeds from sale-leaseback | 80,397 | 54,988 | 44,188 |
| Payment of Additional Consideration | (3,505) | (5,913) | (3,828) |
| Payment of merger transaction issuance costs | — | — | (4,773) |
| Payment of Ares Put Option | (9,808) | — | — |
| Common stock repurchased | (33,694) | (40,042) | — |
| Dividends paid on common stock | (14,272) | (10,893) | — |
| Dividends paid on redeemable preferred stock | (5,750) | (5,750) | (5,892) |
| Distributions to non-controlling interests | — | (240) | (240) |
| Net cash provided by (used in) financing activities | 85,357 | 10,555 | (26,384) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (75,371) | 44,323 | (38,970) |
| Effect of exchange rate on cash and cash equivalents and restricted cash | 23 | (97) | (1,464) |
| Cash and cash equivalents and restricted cash, beginning of year | 316,769 | 272,543 | 312,977 |
| Cash and cash equivalents and restricted cash, end of year | $241,421 | $316,769 | $272,543 |
| Reconciliation of cash and cash equivalents and restricted cash | |||
| Cash and cash equivalents, beginning of year | $298,529 | $252,141 | $293,666 |
| Restricted cash, beginning of year | 18,240 | 20,402 | 16,529 |
| Restricted cash with respect to bonds, beginning of year | — | — | 2,782 |
| Cash and cash equivalents and restricted cash, beginning of year | $316,769 | $272,543 | $312,977 |
| Cash and cash equivalents, end of year | $218,120 | $298,529 | $252,141 |
| Restricted cash, end of year | 23,301 | 18,240 | 20,402 |
| Cash and cash equivalents and restricted cash, end of year | $241,421 | $316,769 | $272,543 |
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplementary cash flow information: | |||
| Cash received for interest | $7,944 | $1,964 | $428 |
| Cash paid for interest | 82,477 | 57,653 | 51,495 |
| Cash received for taxes | 836 | 283 | 226 |
| Cash paid for taxes | 29,456 | 6,747 | 14,912 |
| Supplementary noncash activities: | |||
| Prepaid insurance premiums financed through notes payable | 10,711 | 6,668 | 8,210 |
| Purchases of equipment in accounts payable and accrued expenses | 14,888 | 9,007 | 7,569 |
| Purchase of property and equipment under leases | 7,870 | 21,534 | 23,730 |
| Disposals of leases of property and equipment | 22,986 | 19,885 | 4,465 |
| Deferred consideration related to business acquisitions | 47,100 | — | — |
| Issuance of shares | — | — | 3,000 |
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