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What changed in CASEYS GENERAL STORES INC's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of CASEYS GENERAL STORES INC's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+186 added−202 removedSource: 10-K (2024-06-24) vs 10-K (2023-06-23)

Top changes in CASEYS GENERAL STORES INC's 2024 10-K

186 paragraphs added · 202 removed · 153 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

57 edited+10 added−12 removed21 unchanged
Biggest changeCasey’s, with its principal business office, and Store Support Center, located at One SE Convenience Blvd., Ankeny, Iowa 50021-8045 (telephone 515-965-6100), was incorporated in Iowa in 1967. Our fiscal year runs from May 1 through April 30 of each year. General Casey's corporate purpose is to make the lives of our guests and communities better every day.
Biggest changeIn the event of a waiver from, or updates to, the Code of Conduct and Ethics, any required disclosure will be posted to our website. Casey’s, with its principal business office, and Store Support Center, located at One SE Convenience Blvd., Ankeny, Iowa 50021-8045 (telephone 515-965-6100), was incorporated in Iowa in 1967.
Government Regulation (dollars in thousands) Underground Storage Tanks The United States Environmental Protection Agency and several states, including Iowa, have established requirements for owners and operators of underground fuel storage tanks (USTs) with regard to (i) maintenance of leak detection, corrosion protection, and overfill/spill protection systems; (ii) upgrade of existing tanks; (iii) actions required in the event of a detected 8 leak; (iv) prevention of leakage through tank closings; and (v) required fuel inventory record keeping.
Government Regulation (dollars in thousands) Underground Storage Tanks The United States Environmental Protection Agency and several states, including Iowa, have established requirements for owners and operators of underground fuel storage tanks (USTs) with regard to (i) maintenance of leak detection, corrosion protection, and overfill/spill protection systems; (ii) upgrade of existing tanks; (iii) actions required in the event of a detected leak; (iv) prevention of leakage through tank closings; and (v) required fuel inventory record keeping.
CMC owns and/or operates stores in Arkansas, Indiana, Iowa, Kentucky, Missouri, Ohio, Oklahoma, and Wisconsin, and is responsible for all of our wholesale operations, including all three distribution centers and management of the wholesale fuel network. CGS Stores, LLC owns and/or operates stores in Tennessee. CSC provides a variety of construction, maintenance and transportation services for all stores.
CMC owns and/or operates stores in Arkansas, Indiana, Iowa, Kentucky, Missouri, Ohio, Oklahoma, Wisconsin, and Texas, and is responsible for all of our wholesale operations, including all three distribution centers and management of the wholesale fuel network. CGS Stores, LLC owns and/or operates stores in Tennessee. CSC provides a variety of construction, maintenance and transportation services for all stores.
Examples of convenience store chains competing in the larger towns served by Casey’s include Quik Trip, Kwik Trip/Star, Kum & Go, and other regional chains. These competitive factors are discussed further in Item 7 of this Form 10-K.
Examples of convenience store chains competing in the larger towns served by Casey’s include Quik Trip, Kwik Trip/Star, Maverik/Kum & Go, and other regional chains. These competitive factors are discussed further in Item 7 of this Form 10-K.
Our assortment includes product across the following categories: • non-alcoholic beverages (soft drinks, energy, water, sports drinks, juices, coffee, tea and dairy) • alcoholic beverages (beer, wine and spirits) • packaged foods (snacks, candy, packaged bakery and other food items) • tobacco and nicotine products • frozen foods (ice, ice cream, meals and appetizers) • non-foods (health and beauty aids, automotive, electronic accessories, housewares and pet supplies) • services (ATM, lotto/lottery and prepaid cards) 5 All but seven stores offer retail motor fuel products for sale on a self-service basis.
Our assortment includes product across the following categories: • non-alcoholic beverages (soft drinks, energy, water, sports drinks, juices, coffee, tea and dairy) • alcoholic beverages (beer, wine and spirits) • packaged foods (snacks, candy, packaged bakery and other food items) • tobacco and nicotine products • frozen foods (ice, ice cream, meals and appetizers) • non-foods (health and beauty aids, automotive, electronic accessories, housewares and pet supplies) • services (ATM, lotto/lottery and prepaid cards) All but eight stores offer retail motor fuel products for sale on a self-service basis.
Most of our existing and proposed stores are within the three distribution centers' optimum efficiency range—a radius of approximately 500 miles around each distribution center. In fiscal 2023, a majority of the food and nonfood items supplied to stores through the distribution centers were purchased directly from manufacturers.
Most of our existing and proposed stores are within the three distribution centers' optimum efficiency range—a radius of approximately 500 miles around each distribution center. In fiscal 2024, a majority of the food and nonfood items supplied to stores through the distribution centers were purchased directly from manufacturers.
The Company derives its revenue primarily from the retail sale of fuel and the products offered in our stores. Our sales historically have been strongest during the first and second fiscal quarters (May through October) relative to the third and fourth 4 fiscal quarters (November through April).
The Company derives its revenue primarily from the retail sale of fuel and the products offered in our stores. Our sales historically have been strongest during the first and second fiscal quarters (May through October) relative to the third and fourth 4 Table of Contents fiscal quarters (November through April).
CRC owns and/or operates certain stores in Illinois, Kansas, Michigan, Minnesota, Nebraska, North Dakota, and South Dakota, holds the rights to the Company's trademarks, service marks, trade names, and other intellectual property, and performs most “corporate” functions of the enterprise.
CRC owns and/or operates certain stores in Illinois, Kansas, Michigan, Minnesota, Nebraska, North Dakota, and South Dakota, holds the rights to the Company's trademarks, service marks, trade names, and other intellectual property, and performs most strategic functions of the enterprise.
In the last three fiscal years, retail sales of nonfuel items have generated about 37% of our total revenue, but they have resulted in approximately 66% of our revenue less cost of goods sold (excluding depreciation and amortization).
In the last three fiscal years, retail sales of nonfuel items have generated about 35% of our total revenue, but they have resulted in approximately 66% of our revenue less cost of goods sold (excluding depreciation and amortization).
Nearly all locations feature a bright sign which displays the Casey’s or GoodStop name and trade/service marks. Almost all stores remain open at least sixteen hours per day, seven days a week. Hours of operation may be adjusted on a store-by-store basis to accommodate guest traffic patterns.
Nearly all locations feature a bright sign which displays the Casey’s, GoodStop or Lone Star Food Store name and trade/service marks. Almost all stores remain open at least sixteen hours per day, seven days a week. Hours of operation may be adjusted on a store-by-store basis to accommodate guest traffic patterns.
In addition, we have expanded our prepared food offerings, which currently includes made to order cheesy breadsticks, sandwiches and wraps, chicken wings, chicken tenders, breakfast croissants and biscuits, breakfast pizza, breakfast burritos, hash browns, burgers, and bakery items which includes include donuts, cookies and brownies as well as other seasonal items.
We have also expanded our prepared food offerings, which currently includes made to order cheesy breadsticks, sandwiches and wraps, chicken wings, chicken tenders, breakfast croissants and biscuits, breakfast pizza, breakfast burritos, hash browns, burgers, and bakery items which includes include donuts, cookies and brownies as well as other seasonal items.
In addition, the Company has a formal leadership development program with core curriculum consisting of Development programs for Kitchen Managers, Store Managers, District Managers, a Leadership Excellence Certification, and an Individualized Development Program for all Officers based on their review. Competition Our business is highly competitive.
In addition, the Company has a formal leadership development program with core curriculum consisting of Development programs for Kitchen Managers, Store Managers, District Managers, a Leadership Excellence Certification, a Finance for Non-Financial Managers program, and an Individualized Development Program for all Officers based on their review. Competition Our business is highly competitive.
Additional regulations or amendments to the existing UST regulations could result in future expenditures. The majority of states in which we do business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs incurred by UST owners, including the Company.
Additional regulations or amendments to the existing UST regulations could result in future expenditures. 8 Table of Contents The majority of states in which we do business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs incurred by UST owners, including the Company.
In addition, the Company has a number of other registered and unregistered trademarks and service marks that are significant to the Company from an operational and branding perspective (e.g. "Casey’s Pizza", "Casey's Here for Good", “Casey’s Rewards”, “Casey’s Cash”, etc.).
In addition, the Company has a number of other registered and unregistered trademarks and service marks that are significant to the Company from an operational and branding perspective (e.g. "Casey’s Pizza", "The Official Pizza and Beer Headquarters", "Casey's Here for Good", “Casey’s Rewards”, “Casey’s Cash”, etc.).
All convenience stores carry a broad selection of food items (including, but not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other nonfood items. As of April 30, 2023, 217 store locations offered car washes.
All convenience stores carry a broad selection of food items (including, but not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other nonfood items. As of April 30, 2024, 233 store locations offered car washes.
None of the reimbursements received are currently expected to be repaid by the Company to the trust fund programs. At April 30, 2023 and 2022 we had an accrued liability of $268 and $274, respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs.
None of the reimbursements received are currently expected to be repaid by the Company to the trust fund programs. At April 30, 2024 and 2023 we had an accrued liability of $299 and $268, respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs.
In addition to the products discussed above, CMC supplies all fuel to our stores, and supplies fuel on a wholesale basis as part of a dealer network to 76 locations. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices.
In addition to the products discussed above, CMC supplies the majority of fuel to our stores, and supplies fuel on a wholesale basis as part of a dealer network to 73 locations. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices.
It is our practice to continually make additions to the Company’s product line, especially products with higher gross profit margins such as prepared food and our new private label offerings, described below. To facilitate many of these items, we have installed full kitchens in almost all of our stores, other than those branded as “GoodStop”.
It is our practice to continually make additions to the Company’s product line, especially products with higher margins such as prepared food and our new private label offerings, described below. To facilitate many of these items, we have installed full kitchens in almost all of our stores, other than those branded as “GoodStop” and "Lone Star Food Store".
As such, we are committed to providing market-competitive pay and benefits for all positions and offer performance-based compensation opportunities to certain of our full-time Team Member base.
As such, we are committed to providing market-competitive pay and benefits for all positions and offer performance-based compensation opportunities to certain of our full-time Team Members.
In addition, the Company offers a 401(k) plan to eligible Team Members, with a generous 6% match made in the form of Company stock, and all full-time and part-time associates are eligible for competitive health and welfare benefits, including medical, dental, vision, disability, life insurance and other benefits.
In addition, the Company offers a 401(k) plan to eligible Team Members, with a 6% match made in Company stock, and all full-time Team Members are eligible for competitive health and welfare benefits, including medical, dental, vision, disability, life insurance and other benefits.
For the years ended April 30, 2023, 2022, and 2021, we spent approximately $653, $577, and $849 respectively, for assessments and remediation. Substantially all of these expenditures were submitted for reimbursement from state-sponsored trust fund programs. The payments are typically subject to statutory provisions requiring repayment of the reimbursed funds for noncompliance with upgrade provisions or other applicable laws.
For the years ended April 30, 2024, 2023, and 2022, we spent approximately $966, $653, and $577, respectively, for assessments and remediation. The majority of these expenditures were submitted for reimbursement from state-sponsored trust fund programs. The payments are typically subject to statutory provisions requiring repayment of the reimbursed funds for noncompliance with upgrade provisions or other applicable laws.
The selection is a blend of differentiated private label products (which now includes over 300 items as of April 30, 2023), as well as favored national and regional brands, many of which can be found in larger format stores.
The selection is a blend of differentiated private label products (which includes over 350 items as of April 30, 2024), as well as favored national and regional brands, many of which can be found in larger format stores.
The Company is also temporarily operating certain locations acquired from Buchanan Energy during the prior fiscal year under the name "Bucky's" and certain locations acquired from Minit Mart LLC during the current fiscal year under the name "Minit Mart." The Company is in the process of transitioning all "Bucky's" and "Minit Mart" locations to either the "Casey's" or "GoodStop" brand.
The Company is also temporarily operating certain locations acquired from Buchanan Energy under the name "Bucky's" and certain locations acquired from Minit Mart LLC under the name "Minit Mart." The Company is in the process of transitioning all "Bucky's" and "Minit Mart" locations to either the "Casey's" or "GoodStop" brand.
Finally, as of April 30, 2023, the Company was selling donuts in 2,449 (97%) of our stores in addition to cookies, brownies, and other bakery items. The growth in our prepared food program reflects the Company’s strategy to promote high-margin products that are compatible with convenience store operations.
As of April 30, 2024, the Company was selling bakery items such as donuts, cookies and brownies in 2,570 (97%) of our stores. The growth in our prepared food program reflects the Company’s strategy to promote high-margin products that are compatible with convenience store operations.
Each new store typically includes 4 to 6 islands of fuel dispensers and storage tanks with capacity for 44,000 to 70,000 gallons of fuel. The merchandising display follows a standard layout designed to encourage a flow of guest traffic through all sections of every store. All stores are air-conditioned and have modern refrigeration equipment.
Each new store typically includes 4 to 6 islands of fuel dispensers and storage tanks with capacity for 44,000 to 70,000 gallons of fuel. The merchandising display follows a standard layout designed to encourage a flow of guest traffic through all sections of every store.
These opportunities are provided through a mix of formal onboarding training, safety training, in-person classes, virtual modules and “on-the-job” learning. For example, through its virtual modules, the Company offers over 500 hours of educational opportunities through over 600 classes, for which there were almost 1 million enrollments during the 2023 fiscal year.
These opportunities are provided through a mix of formal onboarding training, safety training, in-person classes, virtual modules and “on-the-job” learning. For example, through its virtual modules, the Company offers over 700 hours of educational opportunities through over 350 classes, for which there were almost 340,000 enrollments during the 2024 fiscal year.
Many of the smaller communities in which we operate often are not served by national-chain convenience stores. We have succeeded in operating stores in smaller towns by offering, at competitive prices, a broader selection of products than does a typical convenience store. We have also succeeded in meeting the needs of residents in larger communities with these same offerings.
We have succeeded in operating stores in smaller towns by offering, at competitive prices, a broader selection of products than does a typical convenience store. We have also succeeded in meeting the needs of residents in larger communities with these same offerings.
The following table summarizes (dollars and gallons in thousands) retail fuel sales for the last three fiscal years ended April 30: Year ended April 30, 2023 2022 2021 Number of gallons sold 2,672,366 2,579,179 2,180,772 Total retail fuel sales $ 10,027,310 $ 8,312,038 $ 4,825,466 Percentage of total revenue 66.4 % 64.2 % 55.4 % Percentage of revenue less cost of goods sold (excluding depreciation and amortization) 10.7 % 11.2 % 15.8 % Average retail price per gallon $ 3.75 $ 3.22 $ 2.21 Average revenue less cost of goods sold per gallon (excluding depreciation and amortization) 40.22 ¢ 36.01 ¢ 34.91 ¢ Average number of gallons sold per store* 1,092 1,047 981 * Includes only those stores in operation at least one full year on April 30 of the fiscal year indicated.
The following table summarizes (dollars and gallons in thousands) retail fuel sales for the last three fiscal years ended April 30: Year ended April 30, 2024 2023 2022 Number of gallons sold 2,828,669 2,672,366 2,579,179 Total retail fuel sales $ 9,402,071 $ 10,027,310 $ 8,312,038 Percentage of total revenue 63.3 % 66.4 % 64.2 % Percentage of revenue less cost of goods sold (excluding depreciation and amortization) 11.9 % 10.7 % 11.2 % Average retail price per gallon $ 3.32 $ 3.75 $ 3.22 Average revenue less cost of goods sold per gallon (excluding depreciation and amortization) 39.48 ¢ 40.22 ¢ 36.01 ¢ Average number of gallons sold per store* 1,102 1,092 1,047 * Includes only those stores in operation at least one full year on April 30 of the fiscal year indicated.
BUSINESS The Company As of April 30, 2023, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "Bucky's" or "Minit Mart", referred to as "Casey's" or the "Company") throughout 16 states, primarily in Iowa, Missouri, and Illinois.
BUSINESS The Company As of April 30, 2024, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "Bucky's", "Minit Mart", or "Lone Star Food Store" referred to as "Casey's" or the "Company") throughout 17 states, over half of which are located in Iowa, Missouri, and Illinois.
Human Capital Our employees, who we refer to as Team Members, are critical to our business operations and the success of the Company. As of April 30, 2023, we had 20,292 full-time, and 22,690 part-time, Team Members.
Human Capital Our employees, who we refer to as Team Members, are critical to our business operations and the success of the Company. As of April 30, 2024, we had 20,935 full-time, and 24,424 part-time, Team Members.
Similar to most of our store footprint, the "GoodStop" locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials. However, these locations typically do not have a kitchen and have limited prepared food offerings. As of April 30, 2023, 43 stores operate under the "GoodStop" brand.
Similar to most of our store footprint, the "GoodStop" and "Lone Star Food Store" locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials. However, some of these locations do not have a kitchen and have limited prepared food offerings.
Revenue less cost of goods sold (excluding depreciation and amortization) as a percentage of revenue on prepared food items averaged approximately 59% for the three fiscal years ended April 30, 2023—substantially higher than the impact of retail sales of fuel, which averaged approximately 12%. Each Casey’s store typically carries over 3,000 packaged food, beverage and non-food items.
Revenue less cost of goods sold (excluding depreciation and amortization) as a percentage of revenue on prepared food items averaged approximately 58% for the three fiscal years ended April 30, 2024. Each Casey’s store typically carries over 3,000 packaged food, beverage and non-food items.
Points earned can be redeemed for donations to a local school of the guest's choice, fuel discounts, or Casey's Cash, which can be used on many products sold in our stores. The Rewards program is delivered through Casey’s mobile application. In addition to earning points, guests may receive other program benefits such as special offers and bonus points.
Points earned can be redeemed for donations to a local school of the guest's choice, fuel discounts, or Casey's Cash, which can be used on many products sold in our stores. The Rewards program is delivered through Casey’s mobile application.
Distribution and Wholesale Arrangements CMC supplies all stores with groceries, food, health and beauty aids, and general merchandise from our three distribution centers. The stores place orders for merchandise electronically to the Store Support Center, and the orders are filled with shipments in Company-operated delivery trucks from one of the distribution centers, based on route optimization for the fleet network.
The stores place orders for merchandise electronically to the Store Support Center, and the orders are filled with shipments in Company-operated delivery trucks from one of the distribution centers, based on route optimization for the 6 Table of Contents fleet network.
S – Service: We put service first and take pride in caring for our guests, our communities, and each other. We believe these core values serve as a solid foundation for how we treat our Team Members, how they treat one another and how we operate our business as a whole.
We believe these core values serve as a solid foundation for how we treat our Team Members, how they treat one another and how we operate our business as a whole.
On April 30, 2023, there were a total of 2,521 stores in operation.
As of April 30, 2024, there were a total of 2,658 stores in operation.
We are not a party to any collective bargaining agreements with our Team Members and believe the working relationship with our Team Members is good.
We are not a party to any collective bargaining agreements with our Team Members and believe the working relationship with our Team Members is good. Core Values Casey’s CARES about our communities and guests. We believe our people and culture are our foundation for success.
Fuel prices increased at the end of the prior fiscal year due to overall supply issues, as refiners cut production levels in response to a slowing economy during the COVID-19 pandemic and as Russia's invasion of Ukraine resulted in a United States ban of Russian crude oil imports.
Average retail prices of fuel during the year decreased 11.5% from prior year. Fuel prices increased at the end of the 2022 fiscal year due to overall supply issues, as Russia's invasion of Ukraine resulted in a United States ban of Russian crude oil imports.
We believe that a Casey’s store provides a service generally not otherwise available in smaller towns and that a convenience store in an area with limited population can be profitable if it stresses sales volume and competitive prices. Our store-site selection criteria emphasize the population of the immediate area and daily highway traffic volume.
Store Locations The Company historically has located many of its stores in smaller towns not served by national-chain convenience stores. We believe that a Casey’s store provides a service generally not otherwise available in smaller towns and that a convenience store in an area with limited population can be profitable if it stresses sales volume and competitive prices.
Additionally, you can go to our website to read our Financial Code of Ethics for the CEO and Senior Financial Officers, Corporate Governance Guidelines, Code of Business Conduct and Ethics, and committee charters. In the event of a waiver from, or updates to, the Code of Business Conduct and Ethics, any required disclosure will be posted to our website.
Additionally, you can go to our website to read our Financial Code of Ethics for the CEO and Senior Financial Officers, Corporate Governance Guidelines, Code of Conduct and Ethics, Supplier Code of Conduct, and Committee Charters.
Our centralized fuel team, coupled with fuel procurement improvements, has grown fuel profitability and has been instrumental in sustaining higher than historically typical average revenue less cost of goods sold per gallon (excluding depreciation and amortization). Percentage of revenue less cost of goods sold (excluding depreciation and amortization) represents the fuel gross profit divided by the gross fuel sales dollars.
Average revenue less cost of goods sold (excluding depreciation and amortization) per gallon decreased by 1.8%. Our centralized fuel team has been instrumental in sustaining higher than historically typical average revenue less cost of goods sold per gallon (excluding depreciation and amortization).
The Company competes on the basis of price, as well as on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, and quality of service.
Approximately 72% of all stores were opened in areas with populations of fewer than 20,000 persons. The Company competes on the basis of price, as well as on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, and quality of service.
We also increased participation and 7 utilization of Casey's Team Member Support Fund, which is designed to help team members facing financial hardships due to catastrophic circumstances. Diversity and Inclusion The Company is committed to building a diverse and inclusive workforce across the organization, which it believes is set by example with its Board of Directors and extended leadership team.
Diversity and Inclusion The Company is committed to building a diverse and inclusive workforce across the organization, which it believes is set by example with its Board of Directors and extended leadership team.
The Board consists of twelve members, five (or 42%) of which are diverse as to gender, and three (or 25%) of which are diverse to race and/or ethnicity. The extended leadership team, which includes all of our Vice-President level executives and above, consists of thirty-two members, almost 60% of which are diverse as to gender, race and/or ethnicity.
The extended leadership team, which includes all of our Vice-President level executives and above, consists of thirty-three members, 39% of which are diverse as to gender, race and/or ethnicity. Across our entire Team Member base, 57% of our 7 Table of Contents Team Members are female and 17% are diverse as to race and/or ethnicity.
A – Authenticity: We’re true to our roots by being high integrity and low ego. R – Respect: We treat people the way they want to be treated. E – Evolving: We’re driven to build a better future for ourselves and for our business.
R – Respect: We treat people the way they want to be treated. E – Evolving: We’re driven to build a better future for ourselves and for our business. S – Service: We put service first and take pride in caring for our guests, our communities, and each other.
The Company's flagship product is its handmade pizza, which we began preparing and selling in 1984. It was available in 2,465 stores (98%) as of April 30, 2023.
The Company's flagship product is its handmade pizza, which we began preparing and selling in 1984. Pizza is available in almost all of our stores as of April 30, 2024. Additional stores selling pizza will come on line as newly acquired stores are remodeled and kitchens are added.
These locations typically have similar offerings to the "Casey’s" or "GoodStop" branded stores. The Company also operates two stores selling primarily tobacco and nicotine products, one liquor-only store, and one grocery store. The Company has 76 dealer locations, where Casey’s manages fuel wholesale supply agreements to these stores.
These locations typically have similar offerings to the "Casey’s" or "GoodStop" branded stores. The Company has 73 dealer locations, where Casey’s manages fuel wholesale supply agreements to these stores. These locations are not operated by Casey's and are not included in our overall store count.
Core Values During the prior fiscal year, the Company unveiled its new core values to its Team Members, as part of its evolution to build a culture of commitment – Casey’s CARES: C – Commitment: We work hard to be the best and have a good time doing it.
Our core values are part of our evolution to build a culture of commitment – Casey’s CARES: C – Commitment: We work hard to be the best and have a good time doing it. A – Authenticity: We’re true to our roots by having high integrity and being low ego.
The Company also self-distributes the majority of fuel to our stores. The Company has a fleet of 397 tractors used for distribution. The Company’s internet address is www.caseys.com.
The Company had a fleet of 421 tractors used for distribution as of April 30, 2024. The Company’s internet address is www.caseys.com.
CMC, CSC, and CRC are wholly-owned subsidiaries of Casey’s, while CGS Stores, LLC and Heartland Property Company, LLC are wholly-owned subsidiaries of CMC.
CGS Stores, LLC was organized as an Iowa limited liability company in April 2019. CMC, CSC, and CRC are wholly-owned subsidiaries of Casey’s, while CGS Stores, LLC is a wholly-owned subsidiary of CMC.
As retail fuel prices fluctuate in a period of consistent gross margin per gallon, the percentage will also fluctuate in an inverse relationship to fuel price. For additional information concerning the Company’s fuel operations, see Item 7, below.
Percentage of revenue less cost of goods sold (excluding depreciation and amortization) represents the fuel revenue less cost of goods sold (excluding depreciation and amortization) divided by the gross fuel sales dollars. As retail fuel prices fluctuate in a period of consistent gross margin per gallon, the percentage will also fluctuate in an inverse relationship to fuel price.
The Company operates three distribution centers - in Ankeny, Iowa adjacent to our corporate headquarters, which we refer to as our Store Support Center, in Terre Haute, Indiana and in Joplin, Missouri - from which certain grocery and general merchandise and prepared food and dispensed beverage items are supplied to our stores by our Company-operated delivery fleet.
One distribution center is adjacent to our corporate headquarters, which we refer to as the Store Support Center facility in Ankeny, Iowa. The other two distribution centers are located in Terre Haute, Indiana and Joplin, Missouri. The Company also self-distributes the majority of fuel to our stores.
In the 2023 fiscal year, Casey’s became “Great Places to Work” certified. This certification is administered by an independent third party and is based largely on team member survey results. Total Rewards We believe that the future success of the Company depends in large part on our ability to attract, train, retain, and motivate qualified Team Members.
Team Member Value Proposition ("TMVP") We believe that the future success of the Company depends in large part on our ability to attract, train, retain, and motivate qualified Team Members.
In addition, all but seven store locations offer fuel for sale on a self-service basis. During the prior fiscal year, the Company introduced certain stores branded or rebranded as "GoodStop (by Casey’s)".
In addition, all but eight store locations offer fuel for sale on a self-service basis. The Company had 62 stores operating under the "GoodStop (by Casey’s)" brand and 10 stores operating under the "Lone Star Food Store" brand as of April 30, 2024.
At the end of the fiscal year, the Company had surpassed 6.4 million members enrolled in the program. Store Design Casey’s constructs stores that are primarily freestanding and, with a few exceptions to accommodate local conditions, conform to standard construction specifications.
Store Design Casey’s constructs stores that are primarily freestanding and, with a few exceptions to accommodate local conditions, conform to standard construction specifications. We have a range of store designs differing in size and offerings. Store lots have sufficient frontage and depth to permit adequate drive-in parking facilities on one or more sides of each store.
The total number of gallons sold during this period increased by 3.6%. Gallons sold were positively impacted by a growing store count as we operated 69 more stores than the prior year. Average revenue less cost of goods sold (excluding 6 depreciation and amortization) per gallon increased by 11.7%.
Regardless, we believe our centralized fuel team is well positioned to navigate any potential future fuel price volatility, as they work to maximize total profitability. The total number of gallons sold during this period increased by 5.8%. Gallons sold were positively impacted by a growing store count as we operated 137 more stores than the prior year.
Retail Fuel Operations Retail fuel sales are an important part of our revenue and earnings. Approximately 66% of total revenue for the year ended April 30, 2023 was derived from the retail sale of fuel.
Our store-site selection criteria emphasize the population of the immediate area and daily highway traffic volume. Retail Fuel Operations Retail fuel sales are an important part of our revenue and earnings.
Removed
These locations are not operated by Casey's and are not included in our overall store count. Approximately 50% of all stores in the Company were opened in areas with populations of fewer than 5,000 persons, while approximately 26% of our stores were opened in communities with populations of more than 20,000 persons.
Added
Approximately 1% of total revenue for the year-ended April 30, 2024 relates to this dealer network. The Company operates three distribution centers, through which certain grocery and general merchandise and prepared food and dispensed beverage items are supplied to our stores.
Removed
CGS Stores, LLC was organized as an Iowa limited liability company in April 2019. Heartland Property Company, LLC was organized as a Delaware limited liability company in September 2019, for the purposes of acquiring land and real estate.
Added
Our fiscal year runs from May 1 through April 30 of each year. General Casey's corporate purpose is to make life better for communities and guests every day. Many of the smaller communities in which we operate often are not served by national-chain convenience stores.
Removed
In addition, the acquisition of Buchanan Energy during the prior fiscal year resulted in the addition of several subsidiaries to the Company’s corporate structure, including Bucks, LLC, a Nebraska limited liability company, Buchanan Energy (N), LLC and Buchanan Energy (S), LLC, each Delaware limited liability companies, Buck’s, LLC of Collinsville, an Illinois limited liability company, and C.T.
Added
During the fiscal year, the Company launched a new thin crust pizza line. In addition to the new platform in pizza, the company also relaunched our lunch offering by upgrading the quality of our entire hot sandwich line, including adding a spicy chicken sandwich.
Removed
Jewell Company, Inc., a Nebraska corporation. T he Company is in the process of merging these subsidiaries into the applicable Company legacy entities, described above.
Added
In addition to earning points, guests may 5 Table of Contents receive other program benefits such as special offers and bonus points. At the end of the fiscal year, the Company had surpassed 7.9 million members enrolled in the program.
Removed
During the fiscal year, the Company launched new limited time offers to include our “Ultimate Beer Cheese Breakfast Pizza” as well as our “BBQ Brisket Pizza.” Additional stores selling pizza will come on line as newly acquired stores are remodeled and kitchens are added.
Added
While prices have moderated since the highs seen at the end of the 2022 fiscal year, and start of the fiscal 2023 year, the higher costs have continued into fiscal 2024 due to the ongoing conflict between Russia and Ukraine, unrest in the Middle East and economic uncertainty in Western nations.
Removed
The current larger store design measures approximately 2,550 square feet devoted to sales area, 550 square feet to kitchen space, 400 square feet to storage, and 2 large multi-stall public restrooms.
Added
For additional information concerning the Company’s fuel operations, see Item 7, below. Distribution and Wholesale Arrangements CMC supplies all stores with various groceries, food, health and beauty aids, and general merchandise from our three distribution centers.
Removed
There is also a smaller store design that is generally designated for smaller communities that measures approximately 1,350 square feet devoted to sales area with the remaining areas similar in size, and 2 single user restrooms. Store lots have sufficient frontage and depth to permit adequate drive-in parking facilities on one or more sides of each store.
Added
We have a defined TMVP that is grounded in four pillars that support what Team Members value in their employment at Casey's. • Career Growth – providing development, coaching and ultimately pathways for career growth. • Engaging Work – simplifying work, providing skill training, transparent communications and goal alignment. • Living Casey’s CARES Culture – clarity and alignment to mission and vision of the company, making work fun, supportive & caring leaders, and a welcoming culture. • Well-being – fair and competitive pay, meaningful benefits & recognition, support for work-life balance.
Removed
As of April 30, 2023, we operated 526 stores on a 24-hour basis, and another 1,843 have expanded hours. Store Locations The Company historically has located many of its stores in smaller towns not served by national-chain convenience stores.
Added
In addition, during the 2024 fiscal year, the Company enhanced coverages for dental and vision, introduced company paid short-term disability for all full-time Team Members, and long-term disability for certain full-time Team Members, as well as increased the coverages and access for mental health services.
Removed
Average retail prices of fuel during the year increased 16.5% from prior year.
Added
We also increased participation (including a Company donation of $1.0 million during the 2024 fiscal year) and utilization of Casey's Team Member Support Fund, which is designed to help Team Members facing financial hardships due to catastrophic circumstances.
Removed
While prices have moderated since the highs seen at the end of the prior fiscal year and the first quarter of fiscal 2023, the higher costs have continued into 2023. Regardless, with the Company's centralized fuel team and the procurement improvements implemented, we believe we are well positioned to navigate any potential future fuel price volatility.
Added
As of the end of the 2024 fiscal year, the Board consisted of ten members, four (or 40%) of which are diverse as to gender, and three (or 30%) of which are diverse to race and/or ethnicity.
Removed
In addition, during the 2023 fiscal year, we enhanced our offerings to include a military pay differential benefit for team members in the armed forces during periods of military service, introduced a free care management service for those suffering from back and joint pain/injury to expedite improved pain management and/or healing, and increased the contributions to, and number of visits allowed, in our Employee Assistance Program (EAP), which allows our team members and their families additional support for mental health at no cost.
Removed
Across our entire Team Member base, 60% of our Team Members are female and 15% are diverse as to race and/or ethnicity.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

40 edited+3 added−2 removed79 unchanged
Biggest changeTax laws and regulations are dynamic and subject to change as new laws are passed, new administrations are elected and new interpretations of existing laws are issued and applied. In addition, as the federal government and certain states face economic and other pressures, they may seek revenue in the form of additional income, sales and other taxes and related fees.
Biggest changeIn addition, as the federal government and certain states face economic and other pressures, they may seek revenue in the form of additional income, sales and other taxes and related fees. These activities could result in increased expenditures for tax liabilities in the future or a decrease in the disposable income of our guests.
Our business is subject to extensive governmental laws and regulations that include, but are not limited to, those relating to environmental protection and remediation; the preparation, transportation, storage, sale and labeling of food; minimum wage, overtime and other employment and labor laws and regulations; the Americans with Disabilities Act; legal restrictions on the sale of alcohol, tobacco and nicotine products, money orders, lottery/lotto and other age-restricted products; compliance with the Payment Card Industry Data Security Standards and similar requirements; compliance with the Federal Motor Carriers Safety Administration regulations; and, securities laws and Nasdaq listing standards.
Our business is subject to extensive governmental laws and regulations that include, but are not limited to, those relating to environmental protection and remediation; the preparation, transportation, storage, sale and labeling of food and other products; minimum wage, overtime and other employment and labor laws and regulations; the Americans with Disabilities Act; legal restrictions on the sale of alcohol, tobacco and nicotine products, money orders, lottery/lotto and other age-restricted products; compliance with the Payment Card Industry Data Security Standards and similar requirements; compliance with the Federal Motor Carriers Safety Administration regulations; and, securities laws and Nasdaq listing standards.
These governmental actions, as well as national, state and local campaigns and regulations to discourage tobacco and nicotine use and limit the sale of such products, including but not limited to tax increases related to such products and certain actions taken to increase the minimum age in order to purchase such products, have resulted or may in the future result in, reduced industry volume and consumption levels, and could materially affect the retail price of cigarettes, unit volume and revenues, gross profit, and overall guest traffic, which in turn could have a material adverse effect on our business, financial condition and results of operations.
These governmental actions, as well as national, state and local campaigns and regulations to discourage tobacco and nicotine use and limit the sale of such products, including but not limited to tax increases related to such products and certain actions taken to increase the minimum age in order to purchase such products, have resulted or may in the future result in, reduced industry volume and consumption levels, and could materially affect the retail price of cigarettes or other nicotine products, unit volume and revenues, gross profit, and overall guest traffic, which in turn could have a material adverse effect on our business, financial condition and results of operations.
Further, although the Company’s business was deemed an “essential service” by many public authorities throughout the COVID-19 pandemic, allowing our operations to continue (in some cases in a modified manner), there are no guarantees the designation will continue, or be applied during a future pandemic or COVID-19 outbreak, which would require us to reduce our operations and potentially close stores for an undetermined period of time.
Further, although the Company’s business was deemed an “essential service” by many public authorities throughout the COVID-19 pandemic, allowing our operations to continue (in some cases in a modified manner), there are no guarantees the designation will continue, or be applied during a future pandemic or disease outbreak, which would require us to reduce our operations and potentially close stores for an undetermined period of time.
These additional fees directly increase operating expenses. Higher operating expenses that result from higher credit card fees may decrease our overall profit and have a material adverse effect on our business, financial condition and results of operations. Total credit card fees paid in fiscal 2023 and 2022 exceeded $200 million.
These additional fees directly increase operating expenses. Higher operating expenses that result from higher credit card fees may decrease our overall profit and have a material adverse effect on our business, financial condition and results of operations. Total credit card fees paid in fiscal 2024, 2023 and 2022 exceeded $200 million.
This intense competition could adversely affect our revenues and profitability and have a material adverse impact on our business and results of operations. 14 Risks Related to Our Growth Strategies We may not be able to identify, acquire, and integrate new properties and stores, which could adversely affect our ability to grow our business.
This intense competition could adversely affect our revenues and profitability and have a material adverse impact on our business and results of operations. Risks Related to Our Growth Strategies We may not be able to identify, acquire, and integrate new properties and stores, which could adversely affect our ability to grow our business.
For example, the Iowa Business Corporation Act (the “Act”) prohibits publicly held Iowa corporations to which it applies from engaging in a business combination with an interested shareholder for a period of three years after the date of the transaction in which the person 15 became an interested shareholder unless the business combination is approved in a prescribed manner.
For example, the Iowa Business Corporation Act (the “Act”) prohibits publicly held Iowa corporations to which it applies from engaging in a business combination with an interested shareholder for a period of three years after the date of the transaction in which the person became an interested shareholder unless the business combination is approved in a prescribed manner.
In addition, unfavorable economic conditions, especially those affecting the agricultural industry, higher fuel prices, and unemployment levels can affect consumer confidence, spending patterns, and miles driven, and 13 can cause guests to “trade down” to lower priced products in certain categories when these conditions exist.
In addition, unfavorable economic conditions, especially those affecting the agricultural industry, higher fuel prices, and unemployment levels can affect consumer confidence, spending patterns, and miles driven, and can cause guests to “trade down” to lower priced products in certain categories when these conditions exist.
In addition, a shift toward electric, hydrogen, natural gas or other alternative fuel-powered vehicles, including driverless motor vehicles, could fundamentally change the shopping and driving habits of our guests or lead to new forms of fueling destinations or new competitive pressures.
In addition, a shift toward electric, hybrid, hydrogen, natural gas or other alternative fuel-powered vehicles, including driverless motor vehicles, could fundamentally change the shopping and driving habits of our guests or lead to new forms of fueling destinations or new competitive pressures.
These risks include, but are not limited to, the inability to identify and acquire suitable sites at advantageous prices; competition in targeted market areas; difficulties in obtaining favorable financing for larger acquisitions or construction projects; difficulties during the acquisition process in discovering some of the liabilities of the businesses that we acquire; difficulties associated with our existing financial controls, information systems, management resources and human resources needed to support our future growth; difficulties with hiring, training and retaining skilled personnel; difficulties in adapting distribution and other operational and management systems to an expanded network of stores; difficulties in adopting, adapting to or changing the business practices, models or processes of stores or chains we acquire; difficulties in obtaining governmental and other third-party consents, permits and licenses needed to operate additional stores; difficulties in obtaining the cost savings and financial improvements we anticipate from future acquired stores; the potential diversion of our management’s attention from focusing on our core business due to an increased focus on acquisitions; and, challenges associated with the consummation and integration of any future acquisition.
These risks include, but are not limited to, the inability to identify and acquire suitable sites at advantageous prices; competition in targeted market 14 Table of Contents areas; difficulties in obtaining favorable financing for larger acquisitions or construction projects; difficulties during the acquisition process in discovering some of the liabilities of the businesses that we acquire; difficulties associated with our existing financial controls, information systems, management resources and human resources needed to support our future growth; difficulties with hiring, training and retaining skilled personnel; difficulties in adapting distribution and other operational and management systems to an expanded network of stores; difficulties in adopting, adapting to or changing the business practices, models or processes of stores or chains we acquire; difficulties in obtaining governmental and other third-party consents, permits and licenses needed to operate additional stores; difficulties in obtaining the cost savings and financial improvements we anticipate from future acquired stores; the potential diversion of our management’s attention from focusing on our core business due to an increased focus on acquisitions; and, challenges associated with the consummation and integration of any future acquisition.
While these actions are generally routine in nature, 11 incidental to the operation of our business and immaterial in scope, if our assessment of any action or actions should prove inaccurate, our financial condition and results of operations could be adversely affected.
While these actions are generally routine in nature, incidental to the operation of our business and immaterial in scope, if our assessment of any action or actions should prove inaccurate, our financial condition and results of operations could be adversely affected.
Sales of tobacco and nicotine products have averaged approximately 10% of our total revenue over the past three fiscal years, and our tobacco and nicotine revenue less cost of goods sold (excluding depreciation and amortization) accounted for approximately 9% of the total revenue less cost of goods sold (excluding depreciation and amortization) for the same period.
Sales of tobacco and nicotine products have averaged approximately 9% of our total revenue over the past three fiscal years, and our tobacco and nicotine revenue less cost of goods sold (excluding depreciation and amortization) accounted for approximately 9% of the total revenue less cost of goods sold (excluding depreciation and amortization) for the same period.
These, and other laws and regulations, are dynamic and subject to change as new laws are passed, new interpretations of existing laws are issued and applied and as 12 political administrations and majorities change over time.
These, and other laws and regulations, are dynamic and subject to change as new laws are passed, new interpretations of existing laws are issued and applied and as political administrations and majorities change over time.
Instances or reports of food-safety issues, such as foodborne illnesses, food tampering, food contamination or mislabeling, either during growing, manufacturing, packaging, transportation, storage, preparation or service, have in the past 9 significantly damaged the reputations and impacted the sales of companies in the food processing, grocery, quick service and “fast casual” restaurant sectors, and could affect us as well.
Instances or reports of food-safety issues, such as foodborne illnesses, food tampering, food contamination or mislabeling, either during growing, manufacturing, packaging, transportation, storage, preparation or service, have in the past significantly damaged the reputations and impacted the sales of companies in the food processing, grocery, convenience, quick service and “fast casual” restaurant sectors, and could affect us as well.
These hazards and risks include, but are not limited to, fires, explosions, traffic accidents, spills, discharges and other releases, any of which could result in distribution difficulties and disruptions, environmental pollution, governmentally-imposed fines or clean-up obligations, personal injury or wrongful death claims and other damage to our properties and the properties of others.
These hazards and risks include, but are not limited to, fires, explosions, traffic accidents, spills, discharges and other releases, any of which could result in distribution difficulties and disruptions, environmental pollution, government imposed fines or clean-up obligations, personal injury or wrongful death claims and other damage to our properties and the properties of others.
In addition, we rely on our suppliers to provide quality ingredients and to comply with applicable food and food safety laws and industry standards.
In addition, we rely on our suppliers to provide quality ingredients and products and to comply with applicable food and food safety laws and industry standards.
Our continued success depends on our ability to remain relevant with respect to consumer needs and wants, attitudes toward our industry, and our guests’ preferences for ways of doing business with us, particularly with respect to digital engagement, contactless delivery, curbside pick-up and other non-traditional ordering and delivery platforms.
Our continued success depends on our ability to remain relevant with respect to consumer needs and wants, attitudes toward our industry, and our guests’ preferences for ways of doing business with us, particularly with respect to digital engagement, contactless delivery, third-party delivery, curbside pick-up and other non-traditional ordering and delivery platforms.
In addition, the general economic and other impacts related to responsive actions taken by governments and others to mitigate the spread of COVID-19, or in the future other pandemics or disease outbreaks, including but not limited to stay-at-home, shelter-in-place and other travel restrictions, social distancing requirements, mask mandates, limitations on certain businesses’ hours and operations, limits on public gatherings and other events, and restrictions on what, and in certain cases how, certain products can be sold and offered to our guests, have, and may continue to, result in similar declines in store traffic and overall demand, increased operating costs, and decreased or slower unit/store growth.
In addition, the general economic and other impacts related to responsive actions taken by governments and others to mitigate the spread of pandemics or disease outbreaks, including but not limited to stay-at-home, shelter-in-place and other travel restrictions, social distancing requirements, mask mandates, limitations on certain businesses’ hours and operations, limits on public gatherings and other events, and restrictions on what, and in certain cases how, certain products can be sold and offered to our guests, have, and may continue to, result in declines in store traffic and overall demand, increased operating costs, and decreased or slower unit/store growth.
Technological advances and consumer behavior in reducing fuel use, governmental mandates to improve fuel efficiency and consumer desire or regulations to lower carbon emissions could lessen the demand for our largest revenue product, petroleum-based motor fuel, which may have a material adverse effect on our business, financial condition, and results of operation.
Technological advances and consumer behavior in reducing fuel use, governmental mandates to improve fuel efficiency and consumer desire or regulations to lower carbon emissions could lessen the demand for our largest revenue product, petroleum-based motor fuel, which may have a material adverse effect on our business, financial condition, and results of 13 Table of Contents operation.
A violation or change of these laws could adversely affect our business, financial condition, and results of operations because state and local regulatory agencies have the power to approve, revoke, suspend, or deny applications for and renewals of permits and licenses relating to the sale of certain of these products or to seek other remedies.
A violation or change of these laws could adversely affect our business, financial condition, and results of operations 12 Table of Contents because state and local regulatory agencies have the power to approve, revoke, suspend, or deny applications for and renewals of permits and licenses relating to the sale of certain of these products or to seek other remedies.
Over the past three fiscal years, on average our fuel revenues accounted for approximately 63% of total revenue and our fuel revenue less cost of goods sold (excluding depreciation and amortization) accounted for approximately 34% of the total revenue less cost of goods sold (excluding depreciation and amortization).
Over the past three fiscal years, on average our fuel revenues accounted for approximately 65% of total revenue and our fuel revenue less cost of goods sold (excluding depreciation and amortization) accounted for approximately 34% of the total revenue less cost of goods sold (excluding depreciation and amortization).
We compete with many other convenience store chains, gasoline stations, supermarkets, drugstores, discount stores, club stores, fast food outlets, and mass merchants, and a variety of other retail companies, including retail gasoline companies that have more extensive retail outlets, greater brand name recognition and more established fuel supply arrangements.
We compete with many other convenience store chains, gasoline stations, supermarkets, drugstores, discount stores, club stores, fast food outlets, restaurants, coffee shops, mass merchants, and a variety of other retail companies, including retail gasoline companies that have more extensive retail outlets, greater brand name recognition and more established fuel supply arrangements.
These measures may be adopted without any further vote or action by our shareholders. 16 Table of Contents ITEM 1B. UNRESOLVED STAFF COMMENTS Not applicable.
These measures may be adopted without any further vote or action by our shareholders. 15 Table of Contents ITEM 1B. UNRESOLVED STAFF COMMENTS Not applicable.
A breach of any covenant, even if unintentional, could result in a default under such agreements, which could, if not timely cured, permit lenders to declare all amounts outstanding to be immediately due and payable, and to terminate such instruments, which in turn could have a material adverse effect on our business, liquidity, financial condition and results of operation.
A breach of any covenant, even if unintentional, could result in a default or other negative consequences under such agreements, which could, if not timely cured, permit lenders to secure outstanding amounts, declare all amounts outstanding to be immediately due and payable, and/or to terminate such instruments, which in turn could have a material adverse effect on our business, liquidity, financial condition and results of operation.
The vast majority of our stores are located in the Midwest region of the United States, which is susceptible to tornadoes, thunderstorms, extended periods of rain or unseasonably cold temperatures, flooding, ice storms, and heavy snow.
The vast majority of our stores, our distribution centers, and our corporate offices, are located in the Midwest region of the United States, which is susceptible to tornadoes, thunderstorms, extended periods of rain or unseasonably cold temperatures, flooding, ice storms, and heavy snow.
If we are unable to anticipate and respond to sudden challenges that we may face in the marketplace, trends in the market for our products and changing consumer demands and sentiment, it could have a material adverse effect on our business, financial condition and results of operations.
If we are unable to anticipate and respond to sudden challenges or changes that we may face in the marketplace, trends in the market for our products and changing 10 Table of Contents consumer demands and sentiment, it could have a material adverse effect on our business, financial condition and results of operations.
Any increase in the cost or sustained high levels of the cost of cheese, proteins or other commodities could adversely affect the profitability of stores, particularly if we are unable to increase the retail price of our products to offset such costs.
Our business is exposed to fluctuations in prices of commodities. Any increase in the cost or sustained high levels of the cost of cheese, proteins or other commodities could adversely affect the profitability of stores, particularly if we are unable to increase the retail price of our products to offset such costs.
Additionally, we are occasionally exposed to industry-wide or class-action claims arising from the products we carry, industry-specific business practices or other operational matters, including wage-and-hour and other employment related individual and class-action claims.
Additionally, we are occasionally exposed to industry-wide or class-action claims arising from the products we carry, industry-specific business practices or other operational matters, including accessibility, wage-and-hour and other employment 11 Table of Contents related individual and class-action claims.
In addition, guest preferences and store traffic could be adversely impacted by food-safety issues, health concerns or negative publicity about the consumption of our products, which could damage our reputation and cause a decline in demand for those products and adversely impact our sales.
In addition, guest preferences and store traffic could be adversely impacted by food-safety issues, health concerns or negative publicity about the consumption of our 9 Table of Contents products or products we sell at our stores, which could damage our reputation and cause a decline in demand for those products and adversely impact our sales.
These activities could result in increased expenditures for tax liabilities in the future. Many of these liabilities are subject to periodic audits by the respective taxing authorities. Subsequent changes to our tax liabilities as a result of these audits may subject us to interest and penalties. We are subject to extensive governmental regulations.
Many of these liabilities are subject to periodic audits by the respective taxing authorities. Subsequent changes to our tax liabilities as a result of these audits may subject us to interest and penalties. We are subject to extensive governmental regulations.
For fiscal 2021, total credit card fees paid were approximately $150 million. In addition, credit card providers now mandate that any fraudulent activity and related losses at fuel dispensers that do not accept certain chip technology (referred to as EMV) be borne by the retailers accepting those cards.
In addition, credit card providers now mandate that any fraudulent activity and related losses at fuel dispensers that do not accept certain chip technology (referred to as EMV) be borne by the retailers accepting those cards.
Pandemics or disease outbreaks, such as COVID-19, responsive actions taken by governments and others to mitigate their spread, and guest behavior in response to these events, have, and may in the future, adversely affect our business operations, supply chain and financial results.
Pandemics or disease outbreaks, responsive actions taken by governments and others to mitigate their spread, and guest behavior in response to these events, have, and may in the future, adversely affect our business operations, supply chain and financial results. Pandemics or disease outbreaks have had, and may continue to have, adverse impacts on the Company’s business.
General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, increases or fluctuations in commodity prices such as cheese and coffee, higher levels of unemployment, unemployment benefits and related stimulus provided as a result of the COVID-19 pandemic (including the rollback of certain payment relief programs introduced during the pandemic such as delayed or deferred rent, student loan payments, etc.), higher consumer debt levels and lower consumer discretionary spending, higher tax rates and other changes in tax laws or other economic factors may affect the operations of our stores, input costs, consumer spending, buying habits and labor markets generally, and could adversely affect the discretionary income and spending levels of our guests, the costs of the products we sell in our stores, the consumer demand for such products and the labor costs of transporting, storing and selling those products.
General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, increases or fluctuations in commodity prices such as cheese, proteins and coffee, higher levels of unemployment, higher consumer debt levels and lower consumer discretionary spending, higher tax rates and other changes in tax laws or other economic factors may affect the operations of our stores, input costs, consumer spending, buying habits and labor markets generally, and could adversely affect the discretionary income and spending levels of our guests, the costs of the products we sell in our stores, the consumer demand for such products and the labor costs of transporting, storing and selling those products.
Additionally, increases in labor, mileage, insurance, fuel, and other costs could adversely affect the profitability of our stores. Many of these factors are beyond our control, and we may not be able to adequately mitigate these costs or pass along these costs to our customers, given the significant competitive pricing in our industry.
Many of these factors are beyond our control, and we may not be able to adequately mitigate these costs or pass along these costs to our customers, given the significant competitive pricing in our industry.
This risk is compounded by the increasing use of digital media by consumers and the speed by which information and opinions are shared. 10 Further, changes in consumer preferences, trends or perceptions of certain items we sell, or the ingredients therein, could cause consumers to avoid such items in favor of those that are or are perceived as healthier, lower-calorie, or lower in carbohydrates or otherwise based on their ingredients or nutritional content.
Further, changes in consumer preferences, trends or perceptions of certain items we sell, or the ingredients therein, could cause consumers to avoid such items in favor of those that are or are perceived as healthier, lower-calorie, or lower in carbohydrates or otherwise based on their ingredients or nutritional content.
A failure of one of our suppliers to comply with such laws, to meet our quality standards, or to meet food industry standards, could also disrupt our supply chain, damage our reputation and adversely impact our sales.
A failure of one of our suppliers to comply with such laws, to meet our quality standards, or to meet food industry standards, could also disrupt our supply chain, damage our reputation and adversely impact our sales. We may be adversely impacted by increases in the cost of food ingredients and other related costs.
Crude oil and domestic wholesale petroleum markets are currently, and in the recent past have been, marked by significant volatility, starting with the onset of the COVID-19 pandemic and its effects and more recently with the conflict in Ukraine.
Crude oil and domestic wholesale petroleum markets are currently, and in the recent past have been, marked by significant volatility.
When weather conditions are not favorable during a particular period, our operating results and cash flow from operations could be adversely affected. The volatility of wholesale petroleum costs could adversely affect our operating results. Our net income is significantly affected by changes in the margins we receive on our retail fuel sales.
In addition, we typically generate higher revenues and gross margins during warmer weather months, which fall within our first and second fiscal quarters. When weather conditions are not favorable during a particular period, our operating results and cash flow from operations could be adversely affected. The volatility of wholesale petroleum costs could adversely affect our operating results.
Inclement weather conditions could damage our facilities or could have a significant impact on consumer behavior, travel, and convenience store traffic patterns as well as our ability to operate our locations. In addition, we typically generate higher revenues and gross margins during warmer weather months, which fall within our first and second fiscal quarters.
Inclement weather conditions could damage our facilities, impact our supply chain and the supply chain of our vendors, or could have a significant impact on consumer behavior, travel, and convenience store traffic patterns as well as our ability to operate our stores, distribution centers or corporate offices.
We may be adversely impacted by increases in the cost of food ingredients and other related costs Our business is exposed to fluctuations in prices of commodities.
Additionally, increases in labor, mileage, insurance, fuel, and other costs related to the supply and transportation of food ingredients could adversely affect the profitability of our stores.
Removed
Pandemics or disease outbreaks such as COVID-19 and its variants (collectively, “COVID-19”) have had, and may continue to have, adverse impacts on the Company’s business.
Added
This risk is compounded by the use of digital media by consumers and the speed by which information and opinions are shared.
Removed
For example, the recent conflict in Ukraine has resulted in historically high oil and other commodity prices, which, coupled with a recent period of high inflation, has significantly increased the cost of fuel and other products we sell.
Added
Tax laws and regulations are dynamic and subject to change as new laws are passed, new administrations are elected and new interpretations of existing laws are issued, applied and/or enforced.
Added
Our net income is significantly affected by changes in the margins we receive on our retail fuel sales.

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed4 unchanged
Biggest changeIn April 2021, we opened a third distribution center located in Joplin, Missouri (see Note 7 for discussion of ownership structure). The third distribution center provides approximately 300,000 square feet of total space. All three distribution centers have a fleet services maintenance center. On April 30, 2023, we leased a combination of land and/or building at 121 locations.
Biggest changeIn April 2021, we opened a third distribution center located in Joplin, Missouri (see Note 7 for discussion of ownership structure). The third distribution center provides approximately 300,000 square feet of total space. All three distribution centers have a fleet services maintenance center. On April 30, 2024, we leased a combination of land and/or building at 140 locations.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+1 added−0 removed0 unchanged
Biggest changeThe cash dividends declared during the calendar years 2021 through 2023 were as follows: Calendar 2021 Cash dividend declared Calendar 2022 Cash dividend declared Calendar 2023 Cash dividend declared Q1 $ 0.340 Q1 $ 0.350 Q1 $ 0.380 Q2 0.340 Q2 0.380 Q2 0.430 Q3 0.350 Q3 0.380 Q4 0.350 Q4 0.380 $ 1.380 $ 1.490 Issuer Purchases of Equity Securities The following table sets forth information with respect to the Company's repurchases of common stock during the quarter ended April 30, 2023: Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) Fourth Quarter: February 1-28, 2023 — $ — — $ 400,000,000 March 1-31, 2023 — — — 400,000,000 April 1-30, 2023 — — — 400,000,000 Total — $ — — $ 400,000,000 (1) On, and effective as of, March 3, 2022, the Board authorized a share repurchase program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400 18 Table of Contents million, exclusive of fees, commissions or other expenses (the "Repurchase Program").
Biggest changeThe cash dividends declared during the calendar years 2022 through 2024 were as follows: Calendar 2022 Cash dividend declared Calendar 2023 Cash dividend declared Calendar 2024 Cash dividend declared Q1 $ 0.35 Q1 $ 0.38 Q1 $ 0.43 Q2 0.38 Q2 0.43 Q2 0.50 Q3 0.38 Q3 0.43 Q4 0.38 Q4 0.43 $ 1.49 $ 1.67 Issuer Purchases of Equity Securities The following table sets forth information with respect to the Company's repurchases of common stock during the quarter ended April 30, 2024: Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) Fourth Quarter: February 1-29, 2024 36,341 $ 286.76 36,341 $ 299,295,981 March 1-31, 2024 13,772 303.97 13,772 295,109,710 April 1-30, 2024 — — — 295,109,710 Total 50,113 $ 291.49 50,113 $ 295,109,710 (1) On, and effective as of, March 3, 2022, the Board authorized a share repurchase program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400 million, exclusive of fees, commissions or other costs (the "Repurchase Program").
The Repurchase Program has no set expiration date. The timing and number of repurchase transactions under the Repurchase Program depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Repurchase Program can be suspended or discontinued at any time. ITEM 6. [Reserved]
The Repurchase Program has no 18 Table of Contents set expiration date. The timing and number of repurchase transactions under the Repurchase Program depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Repurchase Program can be suspended or discontinued at any time.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES Common Stock Casey’s common stock trades on the Nasdaq Global Select Market under the symbol CASY. The 37,263,248 shares of common stock outstanding at April 30, 2023 had a market value of approximately $8.5 billion. On that date, there were 1,620 shareholders of record.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES Common Stock Casey’s common stock trades on the Nasdaq Global Select Market under the symbol CASY. The 37,008,488 shares of common stock outstanding at April 30, 2024 had a market value of approximately $11.8 billion. On that date, there were 1,441 shareholders of record.
The dividends declared in fiscal 2023 totaled $1.52 per share. The dividends declared in fiscal 2022 totaled $1.39 per share. At its June meeting, the Board of Directors declared a quarterly dividend of $0.43 per share payable August 15, 2023, to shareholders of record on August 1, 2023.
The dividends declared in fiscal 2024 totaled $1.72 per share. The dividends declared in fiscal 2023 totaled $1.52 per share. At its June meeting, the Board of Directors declared a quarterly dividend of $0.50 per share payable August 15, 2024, to shareholders of record on August 1, 2024.
Common Stock Market Prices Calendar 2021 High Low Calendar 2022 High Low Calendar 2023 High Low Q1 $ 221.29 $ 175.02 Q1 $ 202.50 $ 170.82 Q1 $ 236.45 $ 202.13 Q2 229.18 192.33 Q2 216.40 181.40 Q3 208.19 185.96 Q3 223.90 183.23 Q4 203.72 181.25 Q4 249.90 197.61 Dividends We began paying cash dividends during fiscal 1991.
Common Stock Market Prices Calendar 2022 High Low Calendar 2023 High Low Calendar 2024 High Low Q1 $ 202.50 $ 170.82 Q1 $ 236.45 $ 202.13 Q1 $ 324.40 $ 268.07 Q2 216.40 181.40 Q2 245.72 212.50 Q3 223.90 183.23 Q3 284.18 238.44 Q4 249.90 197.61 Q4 286.62 260.13 Dividends We began paying cash dividends during fiscal 1991.
Added
During the fourth quarter of 2024, we repurchased and retired 50,113 shares of our common stock under our share repurchase program for a total of $14.6 million, excluding fees, commissions and other costs. As of April 30, 2024, $295.1 million remained available for future purchases under this share repurchase program. ITEM 6. [Reserved] Not applicable.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

49 edited+19 added−35 removed39 unchanged
Biggest changePlease refer to the Form 10-K related to the fiscal year ended April 30, 2022, filed on June 24, 2022, for comparison of Fiscal 2022 to Fiscal 2021. 21 Table of Contents COMPANY TOTAL REVENUE AND REVENUE LESS COST OF GOODS SOLD (EXCLUDING DEPRECIATION AND AMORTIZATION) BY CATEGORY Years ended April 30, 2023 2022 2021 Total revenue by category Fuel $ 10,027,310 $ 8,312,038 $ 4,825,466 Grocery and general merchandise 3,445,777 3,141,527 2,724,374 Prepared food and dispensed beverage 1,322,560 1,204,100 1,087,147 Other (1) 298,828 294,929 70,202 $ 15,094,475 $ 12,952,594 $ 8,707,189 Revenue less cost of goods sold (excluding depreciation and amortization) by category Fuel $ 1,074,913 $ 928,868 $ 761,247 Grocery and general merchandise 1,156,451 1,027,477 872,573 Prepared food and dispensed beverage 748,405 712,352 653,689 Other (1) 92,637 94,017 68,926 $ 3,072,406 $ 2,762,714 $ 2,356,435 (1) The 'Other' category historically has primarily consisted of lottery, which is presented net of applicable costs, and car wash.
Biggest changePlease refer to the Form 10-K related to the fiscal year ended April 30, 2023, filed on June 23, 2023, for comparison of Fiscal 2023 to Fiscal 2022. 21 Table of Contents COMPANY TOTAL REVENUE AND REVENUE LESS COST OF GOODS SOLD (EXCLUDING DEPRECIATION AND AMORTIZATION) BY CATEGORY Years ended April 30, 2024 2023 2022 Total revenue by category Prepared food and dispensed beverage $ 1,461,600 $ 1,322,560 $ 1,204,100 Grocery and general merchandise 3,727,394 3,445,777 3,141,527 Fuel 9,402,071 10,027,310 8,312,038 Other (1) 271,848 298,828 294,929 $ 14,862,913 $ 15,094,475 $ 12,952,594 Revenue less cost of goods sold (excluding depreciation and amortization) by category Prepared food and dispensed beverage $ 858,295 $ 748,405 $ 712,352 Grocery and general merchandise 1,270,527 1,156,451 1,027,477 Fuel 1,116,671 1,074,913 928,868 Other (1) 102,418 92,637 94,017 $ 3,347,911 $ 3,072,406 $ 2,762,714 (1) The 'Other' category primarily consists of activity related to wholesale fuel revenue from the dealer network and car wash revenue, which are both presented gross of applicable costs, as well as lottery, which is presented net of applicable costs.
The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following risk factors described more completely above in Item 1A entitled “Risk Factors”: Business Operations; Our business and our reputation could be adversely affected by a cyber or data security incident or the failure to protect sensitive guest, Team Member or supplier data, or the failure to comply with applicable regulations relating to data security and privacy; food-safety issues and foodborne illnesses, whether actual or reported, or the failure to comply with applicable regulations relating to the transportation, storage, preparation or service of food, could adversely affect our business and reputation; we may be adversely impacted by increases in the cost of food ingredients and other related costs; a significant disruption to our distribution network, to the capacity of the distribution centers, or timely receipt of inventory could adversely impact our sales or increase our transaction costs, which could have a material adverse effect on our business; we could be adversely affected if we experience difficulties in, or are unable to recruit, hire or retain, members of our leadership team and other distribution, field and store Team Members; any failure to anticipate and respond to changes in consumer preferences, or to introduce and promote innovative technology for guest interaction, could adversely affect our financial results; we rely on our information technology systems, and a number of third-party software providers, to manage numerous aspects of our business, and a disruption of these systems could adversely affect our business; increased credit card expenses could lead to higher operating expenses and other costs for the Company; our operations present hazards and risks which may not be fully covered by insurance, if insured; the dangers inherent in the storage and transport of fuel could cause disruptions and could expose to us potentially significant losses, costs or liabilities; consumer or other litigation could adversely affect our financial condition and results of operations; pandemics or disease outbreaks, such as COVID-19, responsive actions taken by governments and others to mitigate their spread, and guest behavior in response to these events, have, and may in the future, adversely affect our business operations, supply chain and financial results; and, covenants in our Senior Notes and credit facility agreements require us to comply with certain covenants and meet financial maintenance tests and the failure to comply with these requirements could have a material impact to us.
The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following risk factors described more completely above in Item 1A entitled “Risk Factors”: Business Operations; Our business and our reputation could be adversely affected by a cyber or data security incident or the failure to protect sensitive guest, Team Member or supplier data, or the failure to comply with applicable regulations relating to data security and privacy; food-safety issues and foodborne illnesses, whether actual or reported, or the failure to comply with applicable regulations relating to the transportation, storage, preparation or service of food, could adversely affect our business and reputation; we may be adversely impacted by increases in the cost of food ingredients and other related costs; a significant disruption to our distribution network, to the capacity of the distribution centers, or timely receipt of inventory could adversely impact our sales or increase our transaction costs, which could have a material adverse effect on our business; we could be adversely affected if we experience difficulties in, or are unable to recruit, hire or retain, members of our leadership team and other distribution, field and store Team Members; any failure to anticipate and respond to changes in consumer preferences, or to introduce and promote innovative technology for guest interaction, could adversely affect our financial results; we rely on our information technology systems, and a number of third-party software providers, to manage numerous aspects of our business, and a disruption of these systems could adversely affect our business; increased credit card expenses could lead to higher operating expenses and other costs for the Company; our operations present hazards and risks which may not be fully covered by insurance, if insured; the dangers inherent in the storage and transport of fuel could cause disruptions and could expose to us potentially significant losses, costs or liabilities; consumer or other litigation could adversely affect our financial condition and results of operations; pandemics or disease outbreaks, responsive actions taken by governments and others to mitigate their spread, and guest behavior in response to these events, have, and may in the future, adversely affect our business operations, supply chain and financial results; and, covenants in our Senior Notes and credit facility agreements require us to comply with certain covenants and meet financial maintenance tests and the failure to comply with these requirements could have a material impact to us.
The acquisitions are recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets, and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. The more significant assets acquired include buildings, equipment, and land.
The acquisitions are recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets, and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. The significant assets acquired include buildings, equipment, and land.
Forward-looking statements represent the Company’s current expectations or beliefs concerning future events and trends that we believe may affect our financial condition, liquidity and related sources and needs, supply chain, results of operations and performance at our stores, business strategy, strategic plans, growth opportunities, integration of acquisitions, acquisition synergies, short-term and long-term business operations and objectives including our long-term strategic plan, wholesale fuel, inventory and ingredient costs and the potential effects of the conflict in Ukraine and COVID-19 on our business.
Forward-looking statements represent the Company’s current expectations or beliefs concerning future events and trends that we believe may affect our financial condition, liquidity and related sources and needs, supply chain, results of operations and performance at our stores, business strategy, strategic plans, growth opportunities, integration of acquisitions, acquisition synergies, short-term and long-term business operations and objectives including our long-term strategic plan, wholesale fuel, inventory and ingredient costs and the potential effects of the conflict in Ukraine on our business.
While the Company believes that its average revenue less cost of goods sold per gallon (excluding depreciation and amortization) will remain elevated from historical levels for the foreseeable future, it is possible that increased oil and fuel prices, rising interest rates, macroeconomic conditions and/or continuing conflicts or disruptions involving oil producing countries may materially impact the performance of this metric.
While the Company believes that its average revenue less cost of goods sold per gallon (excluding depreciation and amortization) will remain elevated from historical levels for the foreseeable future, it is possible that increased oil and fuel prices, higher interest rates, macroeconomic conditions and/or continuing conflicts or disruptions involving oil producing countries may materially impact the performance of this metric.
If a store is replaced, either at the same location (razed and rebuilt) or relocated to a new location, it is removed from the comparison until the new store has been open for each entire period being compared. Newly constructed and acquired stores do not enter the calculation until they are open for each entire period being compared as well.
If a store is replaced, either at the same location (razed and rebuilt) or relocated to a new location, it is removed from the comparison until the new store has been open for each entire period being compared. Newly constructed and acquired stores do not enter the calculation until they are open for each entire period being compared.
Our installation strategy is currently designed to selectively increase our charging stations at locations within our region where we see higher levels of consumer EV buying trends and demand for EV charging. To date, consumer EV demand within our Midwest footprint has been comparatively lower than the levels along the coasts.
Our EV growth strategy is currently designed to selectively increase our charging stations at locations within our region where we see higher levels of consumer EV buying trends and demand for EV charging. To date, consumer EV demand within our Midwest footprint has been comparatively lower than the levels along the coasts.
Subsequent adjustments recorded to provisional balances within the measurement period are recorded in the period in which the adjustment is identified. Acquisition-related transaction costs are recognized as period costs as incurred. Inventory Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market.
Subsequent adjustments recorded to provisional balances within the measurement period are recorded in the period in which the adjustment is identified. Acquisition-related transaction costs are recognized in operating expenses as incurred. Inventory Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market.
(3) Average operating income represents retail sales less cost of goods sold, operating expenses and depreciation and amortization attributable to a particular store; it excludes interest, federal and state income taxes, and Company operating expenses not attributable to a particular store. 22 Table of Contents SAME STORE SALES BY CATEGORY (1) Years ended April 30, 2023 2022 2021 Fuel gallons (0.8) % 4.4 % (8.1) % Grocery and general merchandise (2) 6.3 % 6.3 % 6.6 % Prepared food and dispensed beverage (2) 7.1 % 7.4 % (2.1) % (1) Same-store sales is a common metric used in the convenience store industry.
(3) Average operating income represents retail sales less cost of goods sold, operating expenses and depreciation and amortization attributable to a particular store; it excludes interest, federal and state income taxes, and Company operating expenses not attributable to a particular store. 22 Table of Contents SAME STORE SALES BY CATEGORY (1) Years ended April 30, 2024 2023 2022 Prepared food and dispensed beverage 6.8 % 7.1 % 7.4 % Grocery and general merchandise 3.5 % 6.3 % 6.3 % Fuel gallons 0.1 % (0.8) % 4.4 % (1) Same-store sales is a common metric used in the convenience store industry.
In addition, during the past three calendar years, the Company, and the retail fuel industry as a whole, has experienced historically high average revenue less cost of goods sold per gallon (excluding depreciation and amortization). Although this has remained relatively consistent since that time, on a longer-term basis, this metric can fluctuate significantly, and sometimes unpredictably, in the short-term.
In addition, during the past four calendar years, the Company, and the retail fuel industry, has experienced historically high average revenue less cost of goods sold per gallon (excluding depreciation and amortization). Although this has remained relatively consistent since that time, on a longer-term basis, this metric can fluctuate significantly, and sometimes unpredictably, in the short-term.
All convenience stores carry a broad selection of food items (including, but not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other nonfood items. As of April 30, 2023, 217 store locations offered car washes.
All convenience stores carry a broad selection of food items (including, but not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other nonfood items. As of April 30, 2024, 233 store locations offered car washes.
Future capital required to finance operations, improvements, and the anticipated growth in the number of stores is expected to come from cash generated by operations, its $850,000 committed unsecured revolving credit facility, its additional $25,000 unsecured bank line of credit, and additional long-term debt or other securities as circumstances may dictate.
Future capital required to finance operations, improvements, and the anticipated growth in the number of stores is expected to come from cash generated by operations, our $850,000 committed unsecured revolving credit facility, our additional $50,000 unsecured bank line of credit, and additional long-term debt or other securities as circumstances may dictate.
The Company finances our inventory purchases primarily from normal trade credit aided by relatively rapid inventory turnover. This turnover allows us to conduct operations without large amounts of cash and working capital. As of April 30, 2023, the Company’s ratio of current assets to current liabilities was 0.99 to 1.
The Company finances our inventory purchases primarily from normal trade credit aided by relatively rapid inventory turnover. This turnover allows us to conduct operations without large amounts of cash and working capital. As of April 30, 2024, the Company’s ratio of current assets to current liabilities was 0.87 to 1.
Amounts borrowed under the Credit Facilities bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime 26 Table of Contents commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%.
Amounts borrowed under the term loan facility bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%.
Electric Vehicles and Renewable Fuels Casey's continues its process of developing a robust electric vehicle ("EV") strategy and our management team remains committed to understanding if and how the increased demand for, and usage of, EVs impacts consumer behavior across our store footprint and beyond.
Electric Vehicles and Renewable Fuels Casey's continues its process of implementing an electric vehicle ("EV") strategy and our management team remains committed to understanding if and how the increased demand for, and usage of, EVs impacts consumer behavior across our store footprint and beyond.
The Company incurred impairment charges of $3,500 in fiscal 2023, $1,056 in fiscal 2022, and $3,846 in fiscal 2021. Impairment charges are a component of operating expenses. Self-insurance The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims.
The Company incurred impairment charges of $4,057 in fiscal 2024, $3,500 in fiscal 2023, and $1,056 in fiscal 2022. Impairment charges are a component of operating expenses. Self-insurance The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims.
Some factors affecting the uncertainty of claims include the development time frame, settlement patterns, litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. The balances of our self-insurance reserves were $61,168 and $53,752 for the years ended April 30, 2023 and 2022, respectively.
Some factors affecting the uncertainty of claims include the development time frame, settlement patterns, litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. The balances of our self-insurance reserves were $57,369 and $61,168 for the years ended April 30, 2024 and 2023, respectively.
INDIVIDUAL STORE COMPARISONS (1) Years ended April 30, 2023 2022 2021 Average retail sales $ 6,064 $ 5,206 $ 3,894 Average retail inside sales (2) 1,956 1,840 1,720 Average revenue less cost of goods sold (excluding depreciation and amortization) on inside sales (2) 752 723 655 Average retail sales of fuel 4,110 3,366 2,174 Average revenue less cost of goods sold (excluding depreciation and amortization) on fuel 450 363 338 Average operating income (3) 445 367 338 Average number of gallons sold 1,092 1,047 981 (1) Individual store comparisons include only those stores that had been in operation for at least one full year and remained open on April 30 of the fiscal year indicated.
INDIVIDUAL STORE COMPARISONS (1) Years ended April 30, 2024 2023 2022 Average retail sales $ 5,710 $ 6,064 $ 5,206 Average retail inside sales (2) 2,037 1,956 1,840 Average revenue less cost of goods sold (excluding depreciation and amortization) on inside sales (2) 801 752 723 Average retail sales of fuel 3,673 4,110 3,366 Average revenue less cost of goods sold (excluding depreciation and amortization) on fuel 445 450 363 Average operating income (3) 473 445 367 Average number of gallons sold 1,102 1,092 1,047 (1) Individual store comparisons include only those stores that had been in operation for at least one full year and remained open on April 30 of the fiscal year indicated.
The Company's plan was based on building on our proud heritage and distinct advantages to become more contemporary through new capabilities, technology, data, and processes. We believe this will best position the Company to address rapidly evolving shifts in consumer habits and other macro retail trends. The Company closed out its strategic plan at the end of the fiscal year.
The Company's plan was based on building on our proud heritage and distinct advantages, to become more 19 Table of Contents contemporary through new capabilities, technology, data, and processes. We believe this will best position the Company to address rapidly evolving shifts in consumer habits and other macro retail trends.
The following table contains a reconciliation of net income to EBITDA and Adjusted EBITDA for the years ended April 30, 2023 and 2022, respectively: Years ended April 30, 2023 April 30, 2022 Net income $ 446,691 $ 339,790 Interest, net 51,815 56,972 Depreciation and amortization 313,131 303,541 Federal and state income taxes 140,827 100,938 EBITDA $ 952,464 $ 801,241 Loss (gain) on disposal of assets and impairment charges 6,871 (1,201) Adjusted EBITDA $ 959,335 $ 800,040 For the year ended April 30, 2023, EBITDA and Adjusted EBITDA increased 18.9% and 19.9%, respectively.
The following table contains a reconciliation of net income to EBITDA and Adjusted EBITDA for the years ended April 30, 2024, 2023, and 2022, respectively: Years ended April 30, 2024 2023 2022 Net income $ 501,972 $ 446,691 $ 339,790 Interest, net 53,441 51,815 56,972 Depreciation and amortization 349,797 313,131 303,541 Federal and state income taxes 154,188 140,827 100,938 EBITDA $ 1,059,398 $ 952,464 $ 801,241 Loss (gain) on disposal of assets and impairment charges 6,414 6,871 (1,201) Adjusted EBITDA $ 1,065,812 $ 959,335 $ 800,040 For the year ended April 30, 2024, EBITDA and Adjusted EBITDA increased 11.2% and 11.1%, respectively.
This increase was partially offset by higher operating expenses, depreciation and amortization, and income tax expense. See discussion in the paragraphs above for the primary drivers for each of these increases.
The increase was primarily attributable to higher profitability both inside the store and in fuel. This increase was partially offset by higher operating expenses, depreciation and amortization, and income tax expense. See discussion in the paragraphs above for the primary drivers for each of these increases.
Overview As of April 30, 2023, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "Bucky's" or "Minit Mart", referred to as "Casey's" or the "Company") throughout 16 states, primarily in Iowa, Missouri, and Illinois.
Overview As of April 30, 2024, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "Bucky's", "Minit Mart", or "Lone Star Food Store" referred to as "Casey's" or the "Company") throughout 17 states, over half of which are located in Iowa, Missouri, and Illinois.
As the specific payment dates for a portion of the deferred compensation outstanding are unknown due to the unknown retirement dates of many of the participants, the related timing of the payment of the balances have not been reflected in the above “Payments due by period” table. However, known payments of $8,777 will be due during the next 5 years.
As the specific payment dates for a portion of the deferred compensation outstanding are unknown due to the unknown retirement dates of many of the participants, the related timing of the payment of the balances have not been reflected in the above “Payments due by period” table.
We believe our current $850,000 unsecured revolving credit facility, our $25,000 unsecured bank line of credit (subsequent to year-end this increased to $50,000, see discussion in Note 3), current cash and cash equivalents, and the future cash flow from operations will be sufficient to satisfy the working capital needs of our business.
We believe our current $850,000 committed unsecured revolving credit facility, our $50,000 unsecured bank line of credit, current cash and cash equivalents, and the future cash flow from operations will be sufficient to satisfy the working capital needs of our business.
Purchases of property and equipment and payments for acquisitions of businesses typically represent the single largest use of Company funds. Management believes that by acquiring, building, and reinvesting in stores, the Company will be better able to respond to competitive challenges and increase operating efficiencies.
Purchases of property and equipment and payments for acquisitions of businesses typically represent the single largest use of excess Company funds. Management believes that by acquiring, building, and reinvesting in stores, the Company will be better able to drive long-term shareholder value.
At April 30, 2023, the Company leased the combination of land and/or building at 121 locations. The Company’s business is seasonal, and generally experiences higher sales and profitability during the first and second fiscal quarters (May-October), when guests tend to purchase greater quantities of fuel and certain convenience items such as beer, sports drinks, water, soft drinks and ice.
The Company’s business is seasonal, and generally experiences higher sales and profitability during the first and second fiscal quarters (May-October), when the weather is warmer across our footprint and guests tend to purchase greater quantities of fuel and certain convenience items such as beer, sports drinks, water, soft drinks and ice.
As consumer demand for alternative fuel options continues to grow, Casey’s has continued to add EV charging stations across our 16-state footprint. The Company has installed 138 charging stations at 29 stores, across 10 states.
As consumer demand for alternative fuel options continues to grow, Casey’s has continued to add EV charging stations across our 17-state footprint. As of April 30, 2024, the Company has 170 charging stations at 37 stores, across 12 states.
On April 30, 2023, there were a total of 2,521 stores in operation.
As of April 30, 2024, there were a total of 2,658 stores in operation.
Fuel Volatility Since early calendar 2020, the price of crude oil, and in turn the wholesale cost of fuel, has been volatile compared to historical averages. Initially, at the outset of the pandemic, oil and fuel prices fell dramatically; however, as the economy in general began to emerge from the COVID-19 pandemic, prices began to modestly increase over time.
Initially, at the outset of the pandemic, oil and fuel prices fell dramatically; however, as the economy in general began to emerge from the COVID-19 pandemic, prices began to modestly increase over time.
Cash provided by financing decreased $308,513, primarily due to $450,000 in draws on the Company's term loan facility to finance acquisitions in the prior year, offset by prior year prepayments of $167,500 on the Company's term loan facility due to strong free cash flow. 25 Table of Contents As of April 30, 2023, we had long-term debt and finance lease obligations consisting of: Finance lease liabilities (Note 7) $ 95,072 3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 135,000 3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 45,000 3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 50,000 3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 3.51% Senior Notes (Series E) due June 13, 2025 150,000 3.77% Senior Notes (Series F) due August 22, 2028 250,000 2.85% Senior Notes (Series G) due August 7, 2030 325,000 2.96% Senior Notes (Series H) due August 6, 2032 325,000 Variable rate term loan facility, requiring quarterly installments ending April 21, 2028 250,000 Debt issuance costs (1,698) $ 1,673,374 Less current maturities 52,861 $ 1,620,513 Interest on the 3.67% Senior Notes Series A and 3.75% Senior Notes Series B is payable on the 17th day of each June and December.
Cash used in financing increased $123,058, primarily due to the repurchase and retirement of common stock under our share repurchase program for a total of $104,898 in fiscal 2024. 25 Table of Contents As of April 30, 2024, we had long-term debt and finance lease obligations consisting of: Finance lease liabilities (Note 7) $ 101,818 3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 111,000 3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 37,000 3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 50,000 3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 3.51% Senior Notes (Series E) due June 13, 2025 150,000 3.77% Senior Notes (Series F) due August 22, 2028 250,000 2.85% Senior Notes (Series G) due August 7, 2030 325,000 2.96% Senior Notes (Series H) due August 6, 2032 325,000 Variable rate term loan facility, requiring quarterly installments ending April 21, 2028 237,500 Debt issuance costs (1,379) $ 1,635,939 Less current maturities 53,181 $ 1,582,758 Interest on the 3.67% Senior Notes Series A and 3.75% Senior Notes Series B is payable on the 17th day of each June and December.
A one-time payment of $15,297 was received from the resolution of a legal matter, which reduced operating expenses by approximately 1%. Approximately 3% of the increase is due to operating 69 more stores than a year ago. Approximately 2% of the increase was related to same-store operations.
In the prior fiscal year, a one-time benefit from the resolution of a legal matter of $15,297 reduced operating expenses by approximately 1%. Approximately 4.5% of the increase is due to operating 137 more stores than the comparable period in the prior year.
These locations typically have similar offerings to the "Casey’s" or "GoodStop" branded stores. The Company has 76 dealer locations, where Casey’s manages fuel wholesale supply agreements to these stores. These locations are not operated by Casey's and are not included in our overall store count in the paragraph below.
In addition, all but eight store locations offer fuel for sale on a self-service basis. The Company has 73 dealer locations, where Casey’s manages fuel wholesale supply agreements to these stores. These locations are not operated by Casey's and are not included in our overall store count.
The prepared food and dispensed beverage revenue less related cost of goods sold (exclusive of depreciation and amortization) decreased to 56.6% from 59.2% during fiscal 2023 compared to the prior year, primarily due to higher ingredient costs, notably cheese, and higher levels of stales, which were partially offset by retail price adjustments. Operating expenses increased 8.1% ($158,469) in fiscal 2023.
Prepared food and dispensed beverage revenue less related cost of goods sold (excluding depreciation and amortization) increased to 58.7% of revenue from 56.6% during fiscal 2024 compared to the prior year, an increase of 2.1%, primarily due to softening ingredient costs.
To date, we have funded capital expenditures primarily through funds generated from operations, the proceeds of the sale of common stock, issuance of debt or other bank financing, and existing cash.
We have the right at any time to prepay all or a portion of the outstanding balance without premium or penalty, other than customary “breakage” costs with respect to Term SOFR-based borrowings, with prior notice given. 26 Table of Contents To date, we have funded capital expenditures primarily through funds generated from operations, the proceeds of the sale of common stock, issuance of debt or other bank financing, and existing cash.
Fuel cents per gallon increased to 40.2 cents in fiscal 2023 from 36.0 cents in fiscal 2022. The grocery and general merchandise revenue less related cost of goods sold (exclusive of depreciation and amortization) increased to 33.6% from 32.7% during fiscal 2023 compared to fiscal 2022.
Fuel revenue less related cost of goods sold (excluding of depreciation and amortization) was 11.9% of revenue for fiscal 2024 compared with 10.7% for the prior year. Fuel cents per gallon decreased to 39.5 cents in fiscal 2024 from 40.2 cents in fiscal 2023.
We were also partially self-insured for general liability and auto liability under an agreement that provides for annual stop-loss limits equal to or exceeding $2,000 for auto liability and $1,000 for workers' compensation and general liability. 27 Table of Contents Forward-Looking Statements This Form 10-K, including but not limited to the Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.
However, known payments of $6,669 are scheduled over the next 5 years, which includes $757 recognized in current liabilities as of April 30, 2024. 27 Table of Contents Forward-Looking Statements This Form 10-K, including but not limited to the Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.
Prepared food and dispensed beverage revenue increased 9.8% to $1,322,560 due to increased sales of pizza slices, whole pies, and donuts. Total revenue less cost of goods sold (excluding depreciation and amortization) was 20.4% for fiscal 2023 compared with 21.3% for the prior year.
Total revenue less cost of goods sold (excluding depreciation and amortization) was 22.5% of revenue for fiscal 2024 compared with 20.4% for the prior year.
Net cash provided by operating activities was $881,951 for the year ended April 30, 2023, compared to $788,741 for the year ended April 30, 2022.
Net cash provided by operating activities was $892,953 for the year ended April 30, 2024, compared to $881,951 for the year ended April 30, 2023, an increase of $11,002. Our primary source of operating cash flows is from sales to guests at our stores.
During fiscal 2023, we expended $562,137 for property and equipment, primarily for construction, acquisition, and remodeling of stores compared with $1,228,113 in the prior year. The decrease was primarily due to significant acquisition activity occurring in the prior year (see Note 2 for further discussion).
During fiscal 2024, the Company expended $852,036 for purchases of property and equipment and payments for acquisitions compared to $562,137 for fiscal 2023 related to these activities. The increase in cash used in investing activities was largely attributable to an increase in acquisition related activity compared to the prior year (see Note 2 for further discussion).
The ratio at April 30, 2022 and at April 30, 2021 was 0.80 to 1 and 1.18 to 1, respectively. The increase in the ratio from the prior year is partially attributable to an increase in cash and cash equivalents due to strong free cash flows, and a decrease in payments for acquisitions.
The ratio at April 30, 2023 and 2022 was 0.99 to 1 and 0.80 to 1, respectively. The decrease in the ratio from the prior year is primarily attributable to a decrease in cash and cash equivalents as a result of increased acquisition related activity, as well as share repurchases during fiscal 2024.
Currently, 20 Table of Contents almost all of our stores offer fuel with at least 10% of blended ethanol and 43% of our stores offer biodiesel.
Currently, almost all of our stores offer fuel with at least 10% of blended ethanol and 43% of our stores offer biodiesel. Every newly built store has the capability to sell renewable fuels, and we aim to continue growing sales of renewable fuels throughout our footprint.
The increase was primarily attributable to higher profitability both inside the store and in fuel, which was partially offset by higher operating expenses due to operating 69 more stores than one year ago, an increase in store operations cost, as well as increased credit card fees resulting from increased revenue. 23 Table of Contents Critical Accounting Policies and Estimates Critical accounting policies are those accounting policies that management believes are important to the portrayal of our financial condition and results of operations and require management’s most difficult, subjective judgments, often because of the need to estimate the effects of inherently uncertain factors.
Please refer to the Form 10-K related to the fiscal year ended April 30, 2023, filed on June 23, 2023, for comparison of Fiscal 2023 to Fiscal 2022. 23 Table of Contents Critical Accounting Policies and Estimates Critical accounting policies are those accounting policies that management believes are important to the portrayal of our financial condition and results of operations and require management’s most difficult, subjective judgments, often because of the need to estimate the effects of inherently uncertain factors.
Approximately 1% of total revenue for the year-ended April 30, 2023 relates to this dealer network Approximately 50% of all Casey’s were opened in areas with populations of fewer than 5,000 people, while approximately 26% of all stores were opened in communities with populations of more than 20,000 persons.
Approximately 1% of total revenue for the year-ended April 30, 2024 relates to this dealer network.
The table below presents our significant contractual obligations, including interest, at April 30, 2023: Contractual obligations Payments due by period Total Less than 1 year 1-3 years 3-5 years More than 5 years Long-term debt (1) $ 1,845,788 $ 87,959 $ 329,559 $ 374,706 $ 1,053,564 Finance lease obligations 130,897 12,398 21,502 20,240 76,757 Operating lease obligations 164,321 8,140 16,322 16,086 123,773 Unrecognized tax benefits 10,957 — — — — Deferred compensation 12,585 — — — — Total $ 2,164,548 $ 108,497 $ 367,383 $ 411,032 $ 1,254,094 (1) The long-term debt portion of the table above excludes interest payments related to the Company's term loan facility, due to the variable nature of the required interest payments.
The table below presents our significant contractual obligations, including interest, at April 30, 2024: Contractual obligations Payments due by period Total Less than 1 year 1-3 years 3-5 years More than 5 years Long-term debt (1) $ 1,757,829 $ 86,778 $ 337,269 $ 592,118 $ 741,664 Finance lease obligations 144,383 12,942 25,934 17,800 87,707 Operating lease obligations 180,543 9,297 18,341 18,176 134,729 Deferred compensation 11,652 — — — — Total $ 2,094,407 $ 109,017 $ 381,544 $ 628,094 $ 964,100 (1) The long-term debt portion of the table above excludes interest payments related to the Company's term loan facility, due to the variable nature of the required interest payments.
The following table represents the roll forward of store growth throughout fiscal 2023: Store Count Stores at April 30, 2022 2,452 New store construction 34 Acquisitions 47 Acquisitions not opened (4) Prior acquisitions opened 2 Closed (10) Stores at April 30, 2023 2,521 19 Table of Contents Acquisitions in the table above include, in part, 26 stores which were acquired from Minit Mart LLC in April 2023.
The following table represents the roll forward of store growth throughout fiscal 2024: Store Count Stores at April 30, 2023 2,521 New store construction 42 Acquisitions 112 Acquisitions not opened (1) Prior acquisitions opened 6 Closed (22) Stores at April 30, 2024 2,658 For further general descriptive information on the Company’s business and operations, see Item 1, above, which is incorporated herein by reference.
The decrease was primarily attributable to an increase in interest income due to the increase in cash and cash equivalents and interest rates. The effective tax rate increased to 24.0% in fiscal 2023 from 22.9% in fiscal 2022.
Interest, net increased $1,626 (3.1%) to $53,441 in fiscal 2024, primarily due to an increase in finance lease obligations from the prior fiscal year. The effective tax rate decreased to 23.5% in fiscal 2024 from 24.0% in fiscal 2023.
This expected decrease is due to the expiration of statute of limitations related to certain federal and state income tax filing positions. Included in other long-term liabilities on our consolidated balance sheet at April 30, 2023, was a $11,534 obligation for deferred compensation. Additionally, $756 was recognized in current liabilities as of April 30, 2023 related to deferred compensation.
Included in other long-term liabilities on our consolidated balance sheet at April 30, 2024, was a $10,895 obligation for deferred compensation.
Refer to “Fiscal 2023 Compared with Fiscal 2022” on page 21 for further details on the primary driver for these changes. This increase was partially offset by the changes in deferred income taxes and changes in components of assets and liabilities.
Refer to “Fiscal 2024 Compared with Fiscal 2023” starting on page 20 for further details on the primary drivers for the changes in revenue, cost of goods sold, and operating expenses.
Total revenue was impacted favorably by operating 69 more stores than a year ago, elevated retail fuel prices, and strategic retail price adjustments. Retail fuel sales for the fiscal year were $10,027,310, an increase of 20.6% primarily due to a 16.5% increase in the average price of fuel.
Fiscal 2024 Compared with Fiscal 2023 Total revenue for fiscal 2024 decreased by $231,562 (1.5%) since the prior fiscal year. Prepared food and dispensed beverage revenue increased by $139,040 (10.5%), due to an increase in same-store sales of 6.8% and an increase of approximately 3.7% due to operating 137 more stores than a year ago.
Removed
In addition, all but seven store locations offer fuel for sale on a self-service basis. During the prior fiscal year, the Company introduced certain stores branded or rebranded as "GoodStop (by Casey’s)".
Added
Approximately 72% of all stores were opened in areas with populations of fewer than 20,000 persons. The Company competes on the basis of price, as well as on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, and quality of service.
Removed
Similar to most of our store footprint, the "GoodStop" locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials. However, these locations typically do not have a kitchen and have limited prepared food offerings. As of April 30, 2023, 43 stores operate under the "GoodStop" brand.
Added
Long-Term Strategic Plan The Company announced a three-year strategic plan in June 2023 focused on three enterprise objectives: grow store count, accelerate the food business, and enhance operational efficiency, which are enabled by a strong foundation and Team Member experience.
Removed
The Company is also temporarily operating certain locations acquired from Buchanan Energy during the prior fiscal year under the name "Bucky's" and certain locations acquired from Minit Mart LLC during the current fiscal year under the name "Minit Mart." The Company is in the process of transitioning all "Bucky's" and "Minit Mart" locations to either the "Casey's" or "GoodStop" brand.
Added
The Company made significant progress towards its strategic plan goals during the 2024 fiscal year.
Removed
CMC operates three distribution centers, through which certain grocery and general merchandise, and prepared food and dispensed beverage items, are supplied to our stores. One is adjacent to the Store Support Center facility in Ankeny, Iowa. The other two distribution centers are located in Terre Haute, Indiana (opened in February 2016) and Joplin, Missouri (opened in April 2021).
Added
Some of the key highlights include: • Grew store count by 154 stores through new store construction and a number of strategic acquisitions • Entered into our 17 th state of Texas • Diluted earnings per share of $13.43, up 12.8% over the prior year • Recorded strong prepared food and dispensed beverage growth driven by innovation including thin crust pizza and a refreshed lunch sandwich menu • Casey's Rewards members grew to 7.9 million at year-end Fuel Volatility Since early calendar 2020, the price of crude oil, and in turn the wholesale cost of fuel, has been volatile compared to historical averages.
Removed
For additional discussion, refer to Note 2 in the consolidated financial statements. For further general descriptive information on the Company’s business and operations, see Item 1, above, which is incorporated herein by reference.
Added
Oil and fuel prices continued to be impacted throughout fiscal 2024 as a result of the ongoing conflict in Ukraine, unrest in the Middle East and economic uncertainty in Western nations. The Company expects similar market volatility to remain throughout the 2025 fiscal year.
Removed
Long-Term Strategic Plan The Company announced a three-year strategic plan in January 2020 focused on four strategic objectives: reinvent hospitality and the guest experience; be where the guest is by accelerating unit growth; create capacity through best-in- class efficiencies; and, invest in our people and culture.
Added
The increase in same-store sales was driven by improved sales of hot sandwiches, whole pies, bakery, and dispensed beverages. Grocery and general merchandise revenue increased by $281,617 (8.2%), due to an increase in same-store sales of 3.5% and an increase of approximately 4.7% due to operating 137 more stores than a year ago.
Removed
Some of the key highlights from this past fiscal year include: • Grew our store count through new store construction and a number of strategic acquisitions • Diluted EPS of $11.91, up 30.8% over the prior year • Private label penetration in the grocery and general merchandise category was over 9% on both units and gross profit for the year • Casey's Rewards members grew to 6.4 million at year-end COVID-19 and Related Impacts The onset of COVID-19 caused a significant decrease in store traffic across our entire footprint.
Added
The increase in same-store sales was driven by strong sales of non-alcoholic and alcoholic beverages, snacks, and candy.
Removed
While store traffic has markedly increased as the economy reopened over the past two or so years, the Company has not seen a full return to store traffic levels experienced prior to the pandemic.
Added
Retail fuel revenue decreased by $625,239 (6.2%) as the average retail price per gallon decreased 11.5%, partially offset by an increase in the number of gallons sold by 156,303 (5.8%) Other revenue decreased $26,980 (9.0%) compared to the prior year, driven primarily by a decrease in total revenue related to the dealer network.
Removed
The Company believes this is largely contributed to by the increased prevalence and acceptance across all industries of working from home, a trend which the Company expects to continue into the foreseeable future.
Added
Grocery and general merchandise revenue less related cost of goods sold (excluding depreciation and amortization) increased to 34.1% of revenue from 33.6% during fiscal 2024 20 Table of Contents compared to the prior year, an increase of 0.5%. The current year percentage was positively impacted by increased sales of private label products.
Removed
While the ongoing impacts of COVID-19, in particular those related to governmental actions in response thereto, and those mentioned immediately above, will continue to bring challenges to our operating environment, we believe that our resilient business model and the strength of our brand and balance sheet position us well to navigate the impacts.
Added
The Company sold 25.9 million RINs (renewable identification numbers) for $33,023 during fiscal 2024, compared to the sale of 18.6 million RINs fiscal 2023, which generated $31,656 (see Note 1, below, for a further description of RINs and how they are generated). Operating expenses increased $168,571 (8.0%) to $2,288,513 in fiscal 2024.
Removed
More recently, during the end of the Company’s 2022 fiscal year, oil and fuel prices saw a quick and dramatic increase, in part, as a result of the conflict in Ukraine, as well as other macroeconomic conditions, which also directly impacts the retail price of fuel that we sell at our stores.
Added
Total same-store employee expense contributed to approximately 1% of the increase, as the increases in labor rates were partially offset by a reduction in same-store labor hours. Depreciation and amortization expense increased $36,666 (11.7%) to $349,797 in fiscal 2024, primarily due to operating 137 more stores than a year ago.
Removed
Generally, oil and fuel prices have decreased from levels seen throughout the past two years, but they remain elevated compared to historical levels. The Company expects these comparatively higher prices to remain into the 2024 fiscal year.
Added
The decrease in the effective tax rate was primarily due to one-time benefits from adjusting the Company’s deferred tax assets and liabilities for state law changes enacted during the year. Net income increased by $55,281 (12.4%) to $501,972 in fiscal 2024 from $446,691 in fiscal 2023.
Removed
Every new store has the capability to sell higher blended ethanol, and we aim to continue growing sales of renewable fuels throughout our footprint Fiscal 2023 Compared with Fiscal 2022 Total revenue for fiscal 2023 increased 16.5% ($2,141,881) to $15,094,475.
Added
The increase was primarily attributable to higher profitability both inside the store and in fuel, which was partially offset by higher operating expenses. See discussion in the preceding sections for the primary drivers for each of these individual changes.
Removed
Fuel gallons sold increased 3.6% to 2.7 billion gallons, which increased fuel revenue by an additional $349,451. Grocery and general merchandise revenue for the fiscal year was $3,445,777, an increase of 9.7% due to strong sales of packaged beverages, snacks, and candy.
Added
The primary uses of operating cash flows are payments to our team members and suppliers, as well as payments for taxes and interest.
Removed
Grocery and general merchandise revenue less related cost of goods sold (exclusive of depreciation and amortization) was positively impacted by mix shift to higher margin items like energy drinks, candy, and private label products, as well as retail price adjustments, offset by inflationary pressures.
Added
Cash flow from operations was favorably impacted by improved revenue less cost of goods sold (excluding depreciation and amortization) of $275,505, offset by an increase in operating expenses of approximately $168,571 and an increase in cash paid for taxes of approximately $14,602.
Removed
One percent of the increase was related to same-store credit card fees driven by higher retail fuel prices, retail price adjustments and strong inside sales. Approximately 1% of the change is related to an increase in variable incentive compensation due to strong financial performance.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

1 edited+0 added−0 removed4 unchanged
Biggest changeBased upon the outstanding balance of the Company's term loan facilities as of April 30, 2023, an immediate 100-basis-point move in interest rates would have an approximate annualized impact of $2.5 million on interest expense. We do, from time to time, participate in a forward buy of certain commodities.
Biggest changeBased upon the outstanding balance of the Company's term loan facilities as of April 30, 2024, an immediate 100-basis-point move in interest rates would have an approximate annualized impact of $2.3 million on interest expense. We do, from time to time, participate in a forward buy of certain commodities.

Other CASY 10-K year-over-year comparisons