Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Apr. 30, 2024 | Jun. 20, 2024 | Oct. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 30, 2024 | ||
Current Fiscal Year End Date | --04-30 | ||
Document Transition Report | false | ||
Entity File Number | 001-34700 | ||
Entity Registrant Name | CASEY’S GENERAL STORES, INC. | ||
Entity Incorporation, State or Country Code | IA | ||
Entity Tax Identification Number | 42-0935283 | ||
Entity Address, Address Line One | ONE SE CONVENIENCE BLVD | ||
Entity Address, City or Town | Ankeny | ||
Entity Address, State or Province | IA | ||
Entity Address, Postal Zip Code | 50021 | ||
City Area Code | 515 | ||
Local Phone Number | 965-6100 | ||
Title of 12(b) Security | Common Stock, no par value per share | ||
Trading Symbol | CASY | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10.1 | ||
Entity Common Stock, Shares Outstanding | 37,111,457 | ||
Documents Incorporated by Reference | Certain information called for by Items 10, 11, 12, 13 and 14 of Part III is hereby incorporated by reference from the definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission not later than 120 days after April 30, 2024. | ||
Entity Central Index Key | 0000726958 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Apr. 30, 2024 | |
Auditor Information [Abstract] | |
Auditor Location | Des Moines, Iowa |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Current assets | ||
Cash and cash equivalents | $ 206,482 | $ 378,869 |
Receivables | 151,793 | 120,547 |
Inventories | 428,722 | 376,085 |
Prepaid expenses | 25,791 | 22,107 |
Income taxes receivable | 17,066 | 23,347 |
Total current assets | 829,854 | 920,955 |
Property and equipment, at cost | ||
Land | 1,281,408 | 1,151,812 |
Buildings and leasehold improvements | 3,003,191 | 2,629,795 |
Machinery and equipment | 3,052,798 | 2,783,802 |
Finance lease right-of-use assets | 106,837 | 99,764 |
Construction in process | 109,048 | 169,796 |
Property and equipment, at cost | 7,553,282 | 6,834,969 |
Less accumulated depreciation and amortization | 2,883,925 | 2,620,149 |
Net property and equipment | 4,669,357 | 4,214,820 |
Other assets, net of amortization | 195,559 | 192,153 |
Goodwill | 652,663 | 615,342 |
Total assets | 6,347,433 | 5,943,270 |
Current liabilities | ||
Current maturities of long-term debt and finance lease obligations | 53,181 | 52,861 |
Accounts payable | 569,527 | 560,546 |
Accrued expenses | ||
Wages and related taxes | 95,821 | 78,791 |
Property taxes | 54,009 | 51,109 |
Insurance accruals | $ 27,323 | $ 28,856 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Other | $ 153,605 | $ 154,962 |
Total current liabilities | 953,466 | 927,125 |
Long-term debt and finance lease obligations, net of current maturities | 1,582,758 | 1,620,513 |
Deferred income taxes | 596,850 | 543,598 |
Insurance accruals, net of current portion | 30,046 | 32,312 |
Other long-term liabilities | 168,932 | 159,056 |
Total liabilities | 3,332,052 | 3,282,604 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Preferred stock, no par value, none issued | 0 | 0 |
Common stock, no par value, 37,008,488 and 37,263,248 shares issued and outstanding at April 30, 2024 and 2023, respectively | 27,453 | 110,037 |
Retained earnings | 2,987,928 | 2,550,629 |
Total shareholders’ equity | 3,015,381 | 2,660,666 |
Total liabilities and shareholders’ equity | $ 6,347,433 | $ 5,943,270 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 30, 2024 | Apr. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value (in usd per share) | $ 0 | $ 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, no par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 37,008,488 | 37,263,248 |
Common stock, shares outstanding (in shares) | 37,008,488 | 37,263,248 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Income Statement [Abstract] | |||
Total revenue | $ 14,862,913 | $ 15,094,475 | $ 12,952,594 |
Cost of goods sold (excluding depreciation and amortization, shown separately below) | 11,515,002 | 12,022,069 | 10,189,880 |
Operating expenses | 2,288,513 | 2,119,942 | 1,961,473 |
Depreciation and amortization | 349,797 | 313,131 | 303,541 |
Interest, net | 53,441 | 51,815 | 56,972 |
Income before income taxes | 656,160 | 587,518 | 440,728 |
Federal and state income taxes | 154,188 | 140,827 | 100,938 |
Net income | $ 501,972 | $ 446,691 | $ 339,790 |
Net income per common share | |||
Basic (in Dollars per share) | $ 13.51 | $ 11.99 | $ 9.14 |
Diluted (in Dollars per share) | $ 13.43 | $ 11.91 | $ 9.10 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings |
Beginning Balance (shares) at Apr. 30, 2021 | 36,949,878 | ||
Beginning Balance at Apr. 30, 2021 | $ 1,932,679 | $ 58,951 | $ 1,873,728 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 339,790 | 339,790 | |
Dividends declared | (52,092) | (52,092) | |
Exercise of stock options (shares) | 3,000 | ||
Exercise of stock options | 133 | $ 133 | |
Stock-based compensation (shares) | 158,789 | ||
Share-based compensation (net of tax withholding on employee share-based awards) | 20,328 | $ 20,328 | |
Ending Balance (shares) at Apr. 30, 2022 | 37,111,667 | ||
Ending Balance at Apr. 30, 2022 | 2,240,838 | $ 79,412 | 2,161,426 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 446,691 | 446,691 | |
Dividends declared | (57,488) | (57,488) | |
Stock-based compensation (shares) | 151,581 | ||
Share-based compensation (net of tax withholding on employee share-based awards) | $ 30,625 | $ 30,625 | |
Ending Balance (shares) at Apr. 30, 2023 | 37,263,248 | 37,263,248 | |
Ending Balance at Apr. 30, 2023 | $ 2,660,666 | $ 110,037 | 2,550,629 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 501,972 | ||
Dividends declared | $ (64,673) | (64,673) | |
Repurchase of common stock (shares) | (392,290) | ||
Repurchase of common stock | $ (105,451) | ||
Stock-based compensation (shares) | 137,530 | ||
Share-based compensation (net of tax withholding on employee share-based awards) | $ 22,867 | $ 22,867 | |
Ending Balance (shares) at Apr. 30, 2024 | 37,008,488 | 37,008,488 | |
Ending Balance at Apr. 30, 2024 | $ 3,015,381 | $ 27,453 | $ 2,987,928 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Retained Earnings | |||
Payment of dividends per share (in Dollars per share) | $ 1.72 | $ 1.52 | $ 1.39 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Cash flows from operating activities | |||
Net income | $ 501,972 | $ 446,691 | $ 339,790 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 349,797 | 313,131 | 303,541 |
Amortization of debt issuance costs | 1,111 | 1,789 | 2,527 |
Inventory, LIFO Reserve, Effect on Income, Net | 12,499 | 24,231 | 21,573 |
Share-based compensation | 41,379 | 47,024 | 37,976 |
Loss (gain) on disposal of assets and impairment charges | 6,414 | 6,871 | (1,201) |
Deferred income taxes | 53,252 | 23,126 | 82,721 |
Changes in assets and liabilities: | |||
Receivables | (31,246) | (12,519) | (33,025) |
Inventories | (51,785) | (141) | (98,303) |
Prepaid expenses | (3,684) | (4,248) | (6,376) |
Accounts payable | (8,731) | (9,483) | 165,893 |
Accrued expenses | 14,387 | 20,292 | 23,574 |
Income taxes | 5,112 | 20,652 | (35,716) |
Other, net | 2,476 | 4,535 | (14,233) |
Net cash provided by operating activities | 892,953 | 881,951 | 788,741 |
Cash flows from investing activities | |||
Purchase of property and equipment | (522,004) | (476,568) | (326,475) |
Payments for acquisitions of businesses, net of cash acquired | (330,032) | (85,569) | (901,638) |
Proceeds from sales of property and equipment | 26,680 | 17,103 | 70,118 |
Net cash used in investing activities | (825,356) | (545,034) | (1,157,995) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 0 | 0 | 450,000 |
Payments of long-term debt and finance lease obligations | (53,656) | (40,970) | (188,537) |
Payment of debt issuance costs | 0 | (3,940) | (1,149) |
Proceeds from exercise of stock options | 0 | 0 | 133 |
Payments of cash dividends | (62,918) | (55,617) | (51,212) |
Repurchase of common stock | (104,898) | 0 | 0 |
Tax withholdings on employee share-based awards | (18,512) | (16,399) | (17,648) |
Net cash (used in) provided by financing activities | (239,984) | (116,926) | 191,587 |
Net (decrease) increase in cash and cash equivalents | (172,387) | 219,991 | (177,667) |
Cash and cash equivalents at beginning of year | 378,869 | 158,878 | 336,545 |
Cash and cash equivalents at end of year | 206,482 | 378,869 | 158,878 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION | |||
Cash paid for interest, net of amount capitalized | 63,449 | 56,799 | 54,499 |
Cash paid for income taxes, net | 105,000 | 90,398 | 49,565 |
Noncash investing and financing activities | |||
Purchased property and equipment in accounts payable | $ 45,617 | $ 27,905 | $ 46,659 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Operations: Casey’s General Stores, Inc. and its subsidiaries (collectively referred to as the "Company") operate 2,658 convenience stores in 17 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 20,000. Principles of consolidation: The consolidated financial statements include the financial statements of Casey’s General Stores, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior year have been reclassified to conform to current year presentation. Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash equivalents: We consider all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Included in cash equivalents are money market funds, treasury bills, and credit card, debit card and electronic benefits transfer transactions that process within three days. Receivables : Receivables are primarily comprised of balances outstanding from credit card companies which are not processed within three days and balances outstanding from vendor rebates. The Company records credit card receivables at the time of the related sale to the guest. Vendor rebates are recorded based upon the applicable agreements. Uncollectible accounts were immaterial during the periods presented. Below is a summary of the receivable values at April 30, 2024 and 2023: Years ended April 30, 2024 2023 Vendor rebates $ 87,423 $ 54,979 Credit cards 35,455 46,851 Other 28,915 18,717 Total receivables $ 151,793 $ 120,547 Inventories and cost of goods sold: Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For fuel inventories, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise inventories, cost is determined through the use of the last-in, first-out (LIFO) method. The excess of replacement cost over the stated LIFO value was $151,461 and $138,962 at April 30, 2024 and 2023, respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2024 and 2023: Years ended April 30, 2024 2023 Fuel $ 121,939 $ 115,095 Merchandise 306,783 260,990 Total inventories $ 428,722 $ 376,085 The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. Renewable identification numbers (“RINs”) are assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no cost to the Company. The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances and rebates and RINs. Warehousing costs are recorded within operating expenses on the consolidated statements of income. Capitalized software implementation costs: The Company capitalizes expenditures related to the implementation of software-as-a-service as incurred. These costs are expensed on a straight-line basis within operating expenses, typically over the contractual life of the related software. The useful lives utilized for capitalized software implementation costs range from 2-13 years. As of April 30, 2024 and 2023, the Company had recognized $37,619 and $42,495 of capitalized software implementation costs, respectively. The outstanding balance is recognized in other assets, net of amortization on the consolidated balance sheets. The Company has recognized amortization of $14,108 in fiscal 2024, $12,302 in fiscal 2023 and $9,449 in fiscal 2022 within operating expenses on the consolidated statements of income. Goodwill: As of April 30, 2024 and 2023, there was $652,663 and $615,342 of goodwill recognized, respectively. Goodwill is tested for impairment at least annually. The Company used a qualitative approach to assess the recoverability of goodwill at year-end. Management’s analysis of recoverability completed as of the fiscal year-end indicated no evidence of impairment for the years ended April 30, 2024, 2023, and 2022. Contractual customer relationships : As the result of a prior acquisition, the Company recognized approximately $31,100 of contractual customer relationships. These assets were valued using the multi-period excess earnings method. The contractual customer relationships are amortized on a straight-line basis over a useful life of 15 years and are included within other assets, net of amortization in the consolidated balance sheets as of April 30, 2024. As of April 30, 2024 and 2023, the Company has recognized $24,880 and $26,953 of contractual customer relationships, which was net of accumulated amortization of $6,220 and $4,147, respectively. The Company expects to recognize $2,073 of annual amortization expense related to contractual customer relationships over the next 5 years. Depreciation and amortization: Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives: Buildings 25-40 years Machinery and equipment 3-40 years Finance lease right-of-use assets Lesser of term of lease or life of asset Leasehold improvements Lesser of term of lease or life of asset The Company monitors stores and will accelerate depreciation if the expected life of the asset is reduced due to the expected remaining operation of the store or the Company’s plans. Construction in process is reported at cost and not subject to depreciation until the related asset is placed in service. Store closings and asset impairment: The Company writes down property and equipment of stores it is closing to estimated net realizable value at the time management commits to a plan to close such stores and begins actively marketing the stores. The Company bases the estimated net realizable value of property and equipment on its experience in utilizing and/or disposing of similar assets, as well as estimates provided by its own and/or third-party real estate experts. The Company monitors closed and underperforming stores for an indication that the carrying amount of assets may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recognized to the extent carrying value of the assets exceeds their estimated fair value. Fair value is typically based on management’s estimate of the price that would be received to sell an asset in an orderly transaction between market participants. The estimate is derived from offers, actual sale or disposition of assets subsequent to year-end, and other indications of fair value, which are considered Level 3 inputs (see Note 3). In determining whether an asset is impaired, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which for the Company, is generally on a store-by-store basis. 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 recognized as a component of operating expenses. Income taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of income in the period that includes the enactment date. The Company calculates its current and deferred tax provision based on estimates and assumptions that could differ from actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified. Revenue recognition: The Company recognizes retail sales of prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the consolidated statements of income. A portion of revenue from sales that include points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of April 30, 2024 and 2023, the Company recognized a contract liability of $52,934 and $55,561, respectively, related to the outstanding Casey's Rewards program, which is included in other accrued expenses on the consolidated balance sheets. During fiscal 2024, the digital box top program was discontinued and outstanding digital box tops were converted to points. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card. As of April 30, 2024 and 2023, the Company recognized a liability of $17,985 and $17,463, respectively, related to outstanding gift cards, which is included in other accrued expenses on the consolidated balance sheets. Net income per common share: Basic earnings per share have been computed by dividing net income by the weighted average shares outstanding during each of the years. Unvested shares under equity awards are treated as common shares within the basic earnings per share calculation when a recipient has met certain requirements in the award agreement. For example, if retirement provisions are satisfied which allow a recipient to avoid forfeiture of the award upon a normal retirement from the Company, it is included in the basic earnings per share calculation . The calculation of diluted earnings per share treats unvested restricted stock units with time-based restrictions as potential common shares. The diluted earnings per share calculation does not take into effect any shares that have not met performance or market conditions as of the reporting period. Asset retirement obligations: The Company recognizes the estimated future cost to remove underground storage tanks over the estimated useful life of the storage tank . The Company records a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of a long-lived asset at the time an underground storage tank is installed. The Company depreciates the amount added to property and equipment on a straight-line basis and recognizes accretion expense in connection with the discounted liability over the remaining life of the tank. The estimates of the anticipated future costs for removal of an underground storage tank are based on our prior experience with removal. Because these estimates are subjective and are currently based on historical costs with adjustments for estimated future changes in the associated costs, we expect the dollar amount of these obligations to change as more information is obtained. The discounted liability was $39,954 and $36,978 at April 30, 2024 and 2023, respectively, and is recorded in other long-term liabilities on the consolidated balance sheets. Self-insurance: The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability for workers’ compensation, general liability, and automobile claims is determined using actuarial methods at each year end based on claims filed and an estimate of claims incurred but not yet reported. Actuarial projections of the losses are employed due to the potential of variability in the liability estimates. Some factors affecting the uncertainty of the claim liability include the loss development factors, which includes the development time frame and settlement patterns, and expected loss rates, which includes litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. The balance of our self-insurance reserves was $57,369 and $61,168 as of April 30, 2024 and 2023, respectively. See additional discussion in Note 10. Environmental remediation liabilities: The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. At April 30, 2024 and 2023 we had an accrued liability of $299 and $268, respectively, which is recorded in other accrued expenses on the consolidated balance sheets. Derivative instruments: There were no options or futures contracts as of or during the years ended April 30, 2024, 2023, or 2022. From time to time, we participate in a forward buy of certain commodities. These are not accounted for as derivatives under the normal purchases and sale exclusions within the applicable accounting guidance. Share-based compensation: Share-based compensation is recorded based upon the fair value of the award on the grant date. The cost of the award is recognized ratably in the consolidated statements of income over the vesting period of the award, adjusted for certain retirement provisions. Forfeitures are recognized as they occur. Additionally, certain awards include performance and market conditions. Performance-based awards are based on either the achievement of a three-year average return on invested capital (ROIC) or three-year cumulative earnings before interest, income taxes, depreciation, and amortization (EBITDA). For these awards, share-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period. Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For the market-based portion of these awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards. Segment reporting: As of April 30, 2024, we operated 2,658 stores in 17 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of prepared food and dispensed beverage, grocery and general merchandise, and fuel because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenue and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. Recent accounting pronouncements: In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). The standard included guidance related to supplier finance programs and requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. The new standard was effective for the Company beginning May 1, 2023. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The new standard is effective for the Company's annual periods beginning May 1, 2024, and interim periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-07 to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The standard includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The new standard is effective for the Company's annual periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-09 to determine its impact on our disclosures. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 30, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | CQUISITIONS Current Period Acquisitions During the year ended April 30, 2024, the Company acquired 112 stores through a variety of transactions, pursuant to the terms and conditions of the individual asset purchase agreements. The majority of these acquisitions meet the criteria to be considered business combinations. The purchase price for each transaction was paid in cash upon closing using available cash on hand. The acquisitions were 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. Fair values were determined using Level 3 inputs, which are unobservable inputs that are not corroborated by market data. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill if the acquisition is considered to be a business combination. Goodwill of $37,321 was recognized as the result of the current period acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. Almost all of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. Acquisition-related transaction costs are recognized as period costs as incurred. The Company incurred total acquisition-related transaction costs of $8,920 for fiscal 2024 which are recorded within operating expenses on the consolidated statements of income. The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the majority of other assets, leases and property and equipment acquired. Assets acquired: Inventories $ 13,351 Property and equipment 279,396 Finance lease right-of-use assets 3,194 Operating lease right-of-use assets 7,201 Other assets 2,137 Goodwill 37,321 Total assets $ 342,600 Liabilities assumed: Accrued expenses and other long-term liabilities $ 982 Finance lease liabilities 5,004 Operating lease liabilities 7,041 Total liabilities 13,027 Net assets acquired and total consideration paid $ 329,573 Payments for acquisition of businesses, net of cash acquired, on the consolidated statements of cash flows includes payments made for acquisitions that are closing shortly after the year-end. Such payments are not included in the total consideration paid in the table above, as those acquisitions have not yet closed as of the end of the year. The Company recognized approximately $237,529 of revenue related to the acquired locations in the consolidated statements of income for the year ended April 30, 2024. The amount of net income related to the acquired locations was not material for the year ended April 30, 2024. Pro Forma Information The following unaudited pro forma information presents a summary of our consolidated statements of income as if the transactions referenced above occurred at the beginning of fiscal 2023 (amounts in thousands, except per share data): For the year ended April 30, 2024 2023 Total revenue $ 15,228,497 $ 15,799,468 Net income $ 521,630 $ 457,671 Net income per common share Basic $ 14.04 $ 12.28 Diluted $ 13.96 $ 12.20 Prior Period Acquisitions During the year ended April 30, 2023, the Company acquired 47 stores, of which 26 stores were acquired from Minit Mart LLC pursuant to the terms and conditions of an asset purchase agreement. The majority of these acquisitions meet the criteria to be considered business combinations. Goodwill of $2,408 was recognized as the result of the current year acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. The aggregate purchase price for the acquisitions totaled $85,569, which was paid in cash upon closing using available cash on hand. Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2023, was as follows (in thousands): Assets acquired: Inventories $ 3,976 Property and equipment 79,556 Goodwill 2,408 Total assets 85,940 Total liabilities 371 Net assets acquired and total purchase price $ 85,569 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Long Term Debt | 12 Months Ended |
Apr. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Long-Term Debt | FAIR VALUE OF FINANCIAL INSTRUMENTS AND LONG-TERM DEBT U.S. GAAP requires that each financial asset and liability carried at fair value be classified into one of the following of the fair value hierarchy levels, which is based upon the quality of the inputs used in the valuation. Level 1 inputs are quoted market prices in active markets for identical assets and liabilities. Level 2 inputs are observable market-based inputs or unobservable inputs that are corroborated by market data (excluding those included within Level 1). Level 3 inputs are unobservable inputs that are not corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. A summary of the fair value of the Company’s financial instruments follows. Cash and cash equivalents, receivables, and accounts payable: The carrying amount approximates fair value due to the short maturity of these instruments or the recent purchase of the instruments at current rates of interest. Long-term debt: The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances which are considered Level 2 inputs. The fair value of the Company’s long-term debt was approximately $1,375,000 and $1,437,000 at April 30, 2024 and 2023, respectively. The fair value calculated excludes finance lease obligations of $101,818 and $95,072 outstanding at April 30, 2024 and 2023, respectively, which are grouped with long-term debt Credit Agreement In the prior fiscal year, the Company entered into a credit agreement for (a) a $250 million unsecured term loan (the “Term Loan Facility”) and (b) an $850 million unsecured revolving credit facility (the “Revolving Facility” and together with the Term Loan Facility, the “Credit Facilities”). The Term Loan Facility was used to refinance the Company's previous term loan under a prior credit agreement, and to pay fees and expenses in connection therewith. The Revolving Facility is available for working capital and other general corporate purposes of the Company and its subsidiaries. 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 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%. The Revolving Facility carries a facility fee of 0.15% to 0.30% per annum. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement. The outstanding principal balance on the Term Loan Facility is required to be repaid in equal quarterly installments in an amount equal to 1.25% of the original principal amount, on the last day of each March, June, September, and December, with the balance of the Credit Facilities due on April 21, 2028. The credit agreement contains an expansion option permitting the Company to request an increase of either of the Credit Facilities from time to time not to exceed the greater of (a) $900 million and (b) 100% of Consolidated EBITDA (as defined in the credit agreement) of the Company for the four most recently completed fiscal quarters, from the lenders or other financial institutions acceptable to the Company and the administrative agent, upon the satisfaction of certain conditions, including the consent of the lenders whose commitments would increase. The Company had $0 outstanding on the Revolving Facility at April 30, 2024 and 2023, and $237,500 and $250,000 outstanding on the Term Loan Facility at April 30, 2024 and 2023, respectively. Bank Line The Company has an additional unsecured bank line of credit (the "Bank Line") with availability of up to $50,000. As of April 30, 2024, the availability under the Bank Line is encumbered by letters of credits totaling $308. The Bank Line bears interest at a variable rate subject to change from time to time based on changes in an independent index referred to in the Bank Line as the Federal Funds Offered Rate. There was $0 outstanding under the Bank Line at April 30, 2024 and 2023. The Bank Line is due upon demand. The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows: As of April 30, 2024 2023 Finance lease liabilities (Note 7) $ 101,818 $ 95,072 3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 111,000 135,000 3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 37,000 45,000 3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 50,000 50,000 3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 50,000 3.51% Senior Notes (Series E) due June 13, 2025 150,000 150,000 3.77% Senior Notes (Series F) due August 22, 2028 250,000 250,000 2.85% Senior Notes (Series G) due August 7, 2030 325,000 325,000 2.96% Senior Notes (Series H) due August 6, 2032 325,000 325,000 Variable rate term loan facility, requiring quarterly installments ending April 21, 2028 237,500 250,000 Debt issuance costs (1,379) (1,698) $ 1,635,939 $ 1,673,374 Less current maturities 53,181 52,861 $ 1,582,758 $ 1,620,513 Interest, net on the consolidated statements of income is net of interest income of $11,736, $7,823, and $48 for the years ended April 30, 2024, 2023, and 2022, respectively. Interest, net is also net of interest capitalized of $3,363, $3,631, and $2,031 during the years ended April 30, 2024, 2023, and 2022, respectively. The agreements relating to the above long-term debt contain certain operating and financial covenants. At April 30, 2024, the Company was in compliance with all such operating and financial covenants. Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2024 and thereafter: Years ended April 30, 2025 $ 44,500 2026 204,500 2027 60,500 2028 248,000 2029 286,000 Thereafter 692,000 $ 1,535,500 |
Preferred and Common Stock
Preferred and Common Stock | 12 Months Ended |
Apr. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Preferred And Common Stock | PREFERRED AND COMMON STOCK Preferred stock: The Company has 1,000,000 authorized shares of preferred stock, of which 250,000 shares have been designated as Series A Serial Preferred Stock. No shares of preferred stock have been issued. Common stock: The Company currently has 120,000,000 authorized shares of common stock. Stock incentive plans: The 2018 Stock Incentive Plan (the “2018 Plan”) was approved by the Company's shareholders on September 5, 2018. Awards under the 2018 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards. Each share issued pursuant to a stock option and each share with respect to which a stock-settled stock appreciation right is exercised (regardless of the number of shares actually delivered) is counted as one share against the maximum limit under the 2018 Plan, and each share issued pursuant to an award of restricted stock or restricted stock units is counted as two shares against the maximum limit. Restricted stock is transferred immediately upon grant (and may be subject to a holding period), whereas restricted stock units have a vesting period that must expire, and in some cases performance or market conditions that must be satisfied before the stock is transferred. At April 30, 2024, there were 1,135,976 shares available for grant under the 2018 Plan. We account for share-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. The time-based awards most commonly vest ratably over a three-year period commencing on the first anniversary of the grant date. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target." The performance-based awards are also subject to the TSR Modifier (see Note 1 for additional information). The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For market-based awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards. We recognize these amounts as an operating expense in our consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee. The following table presents a summary of our RSU activity during the three-year period ended April 30, 2024. At April 30, 2024, there were no stock options outstanding. Weighted-Average Grant Date Fair Shares Value per Share Unvested at April 30, 2021 646,920 Granted 154,278 $ 219 Vested (242,955) Forfeited (30,055) Performance Award Adjustments (1,794) Unvested at April 30, 2022 526,394 Granted 165,024 218 Vested (233,533) Forfeited (40,773) Performance Award Adjustments 133,728 Unvested at April 30, 2023 550,840 212 Granted 142,865 238 Vested (219,752) 195 Forfeited (17,534) 224 Performance Award Adjustments 35,443 246 Unvested at April 30, 2024 491,862 $ 229 Total share-based compensation costs recorded for employees and non-employee board members for the restricted stock unit awards for the years ended April 30, 2024, 2023 and 2022 were $41,379, $47,024, and $37,976, respectively. As of April 30, 2024, there was $38,910 of total unrecognized compensation costs related to the 2018 Plan for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2027, with a weighted average remaining term of 1.0 year. The fair value of restricted stock unit awards vested for the years ended April 30, 2024, 2023 and 2022 were $49,631, $46,943, and, $51,046, respectively, as of the applicable vest date. 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 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. During fiscal 2024, the Company repurchased and retired 392,290 shares of our common stock under our share repurchase program for a total of $104.9 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. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Apr. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Computations for basic and diluted earnings per common share are presented below: Years ended April 30, 2024 2023 2022 Basic Net income $ 501,972 $ 446,691 $ 339,790 Weighted average shares outstanding-basic 37,164,022 37,266,851 37,158,898 Basic earnings per common share $ 13.51 $ 11.99 $ 9.14 Diluted Net income $ 501,972 $ 446,691 $ 339,790 Weighted-average shares outstanding-basic 37,164,022 37,266,851 37,158,898 Plus effect of stock options and restricted stock units 206,284 252,844 197,800 Weighted-average shares outstanding-diluted 37,370,306 37,519,695 37,356,698 Diluted earnings per common share $ 13.43 $ 11.91 $ 9.10 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income tax expense attributable to earnings consisted of the following components: Years ended April 30, 2024 2023 2022 Current tax expense: Federal $ 78,542 $ 95,336 $ 4,382 State 22,394 22,365 13,835 100,936 117,701 18,217 Deferred tax expense 53,252 23,126 82,721 Total income tax expense $ 154,188 $ 140,827 $ 100,938 The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows: As of April 30, 2024 2023 Deferred tax assets: Accrued liabilities and reserves $ 9,075 $ 7,031 Deferred revenue 15,222 15,565 Accrued bonus compensation 10,272 9,361 Workers compensation 11,281 11,500 Operating and finance lease obligations 55,739 52,464 Asset retirement obligations 10,036 9,404 Deferred compensation 2,909 3,242 Equity compensation 8,018 8,305 State net operating losses and tax credits 2,568 1,807 Other 4,523 3,551 Total gross deferred tax assets 129,643 122,230 Less valuation allowance 550 250 Total net deferred tax assets 129,093 121,980 Deferred tax liabilities: Property and equipment depreciation (667,680) (617,154) Goodwill (52,900) (43,900) Other (5,363) (4,524) Total gross deferred tax liabilities (725,943) (665,578) Net deferred tax liability $ (596,850) $ (543,598) At April 30, 2024, the Company had net operating loss carryforwards for state income tax purposes of $126,681, which are available to offset future state taxable income. The state net operating loss carryforwards begin to expire in 2031. In addition, the Company had state tax credit carryforwards of $2,319, which begin to expire in 2027. The valuation allowance for state net operating loss and state tax credit deferred tax assets as of April 30, 2024 and 2023 was $550 and $250, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected taxable income, and tax planning strategies in making this assessment. Total reported tax expense applicable to the Company’s continuing operations varies from the tax that would have resulted from applying the statutory U.S. federal income tax rates to income before income taxes. Years ended April 30, 2024 2023 2022 Income taxes at the statutory rates 21.0 % 21.0 % 21.0 % Federal tax credits (1.0) % (1.3) % (1.8) % State income taxes, net of federal tax benefit 3.7 % 4.0 % 3.8 % Impact of phased-in state law changes, net of federal benefit (1.0) % (0.4) % (0.8) % ASU 2016-09 benefit (share-based compensation) (0.1) % (0.3) % (1.0) % Nondeductible executive compensation 0.9 % 1.1 % 1.2 % Other — % (0.1) % 0.5 % 23.5 % 24.0 % 22.9 % The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company had a total of $10,747 and $10,957 in gross unrecognized tax benefits at April 30, 2024 and 2023, respectively, which is recorded in other long-term liabilities in the consolidated balance sheets. Of this amount, $8,490 represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. Unrecognized tax benefits decreased $210 during the twelve months ended April 30, 2024, due primarily to the expiration of certain statute of limitation exceeding the increase associated with income tax filing positions for the current year. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2024 2023 Beginning balance $ 10,957 $ 10,259 Additions based on tax positions related to current year 2,570 2,867 Reductions due to lapse of applicable statute of limitations (2,780) (2,169) Ending balance $ 10,747 $ 10,957 The total net amount of accrued interest and penalties for such unrecognized tax benefits was $350 and $386 at April 30, 2024 and 2023, respectively, and is included in other long-term liabilities. Net interest and penalties included in income tax expense for the twelve month periods ended April 30, 2024 and 2023 was an decrease in tax expense of $36 and an increase in tax expense of $15, respectively. A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The Company has no ongoing federal or state income tax examinations. At this time, the Company’s best estimate of the reasonably possible change in the amount of the gross unrecognized tax benefits is a decrease of $2,000 during the next twelve months mainly due to the expiration of certain statute of limitations. The federal statute of limitations remains open for the tax years 2020 and forward. Tax years 2019 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state. |
Leases
Leases | 12 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Leases | LEASES The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC 842 - Leases . As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. The Company records operating lease liabilities in other accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842 . As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset. Lease right-of-use assets outstanding as of April 30, 2024 and 2023 consisted of the following: Years ended April 30, Classification 2024 2023 Finance lease right-of-use assets Net property and equipment $ 83,714 $ 79,344 Operating lease right-of-use assets Other assets, net of amortization 115,819 107,994 The summary of lease-related costs included on the consolidated statements of income is included below: Years ended April 30, 2024 2023 2022 Operating lease cost $ 10,174 $ 9,346 $ 6,721 Finance lease cost: Amortization of right-of-use assets $ 10,417 $ 5,882 $ 4,489 Interest on lease liabilities 4,491 2,966 2,337 The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below: Years ended April 30, 2024 2023 2022 Operating cash flows required by operating leases $ 8,693 $ 7,725 $ 5,468 Operating cash flows required by finance leases 4,491 2,966 2,337 Financing cash flows required by finance leases 9,156 5,345 4,162 Right-of-use assets obtained in exchange for new finance lease liabilities $ 17,626 $ 25,166 $ 52,525 Right-of-use assets obtained in exchange for new operating lease liabilities 14,646 14,642 87,723 Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows: April 30, 2024 2023 Weighted-average remaining lease-term - finance lease 15.4 15.1 Weighted-average remaining lease-term - operating lease 19.1 19.8 Weighted-average discount rate - finance lease 4.77 % 4.40 % Weighted-average discount rate - operating lease 4.91 % 4.33 % Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024: Years ended April 30, Finance leases Operating leases 2025 $ 12,942 $ 9,297 2026 12,964 9,194 2027 12,970 9,147 2028 11,601 9,127 2029 6,199 9,049 Thereafter 87,707 134,729 Total minimum lease payments $ 144,383 $ 180,543 Less amount representing interest 42,565 65,374 Present value of net minimum lease payments $ 101,818 $ 115,169 Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51,400 of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which has been completed and is currently being used by the Company. As the title of the development was transferred to Joplin and the Company is subsequently leasing the related asset from Joplin, we have accounted for the transaction under the sale-and-leaseback guidance included in ASC 842-40 . We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of April 30, 2024, we have recognized the full amount of bonds available as property and equipment on the consolidated balance sheets related to this agreement. |
Leases | LEASES The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC 842 - Leases . As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. The Company records operating lease liabilities in other accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842 . As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset. Lease right-of-use assets outstanding as of April 30, 2024 and 2023 consisted of the following: Years ended April 30, Classification 2024 2023 Finance lease right-of-use assets Net property and equipment $ 83,714 $ 79,344 Operating lease right-of-use assets Other assets, net of amortization 115,819 107,994 The summary of lease-related costs included on the consolidated statements of income is included below: Years ended April 30, 2024 2023 2022 Operating lease cost $ 10,174 $ 9,346 $ 6,721 Finance lease cost: Amortization of right-of-use assets $ 10,417 $ 5,882 $ 4,489 Interest on lease liabilities 4,491 2,966 2,337 The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below: Years ended April 30, 2024 2023 2022 Operating cash flows required by operating leases $ 8,693 $ 7,725 $ 5,468 Operating cash flows required by finance leases 4,491 2,966 2,337 Financing cash flows required by finance leases 9,156 5,345 4,162 Right-of-use assets obtained in exchange for new finance lease liabilities $ 17,626 $ 25,166 $ 52,525 Right-of-use assets obtained in exchange for new operating lease liabilities 14,646 14,642 87,723 Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows: April 30, 2024 2023 Weighted-average remaining lease-term - finance lease 15.4 15.1 Weighted-average remaining lease-term - operating lease 19.1 19.8 Weighted-average discount rate - finance lease 4.77 % 4.40 % Weighted-average discount rate - operating lease 4.91 % 4.33 % Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024: Years ended April 30, Finance leases Operating leases 2025 $ 12,942 $ 9,297 2026 12,964 9,194 2027 12,970 9,147 2028 11,601 9,127 2029 6,199 9,049 Thereafter 87,707 134,729 Total minimum lease payments $ 144,383 $ 180,543 Less amount representing interest 42,565 65,374 Present value of net minimum lease payments $ 101,818 $ 115,169 Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51,400 of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which has been completed and is currently being used by the Company. As the title of the development was transferred to Joplin and the Company is subsequently leasing the related asset from Joplin, we have accounted for the transaction under the sale-and-leaseback guidance included in ASC 842-40 . We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of April 30, 2024, we have recognized the full amount of bonds available as property and equipment on the consolidated balance sheets related to this agreement. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Apr. 30, 2024 | |
Retirement Benefits [Abstract] | |
Benefit Plans | BENEFIT PLAN The Company provides Team Members with a defined contribution 401(k) Plan. The 401(k) Plan is available to all Team Members who meet minimum age and service requirements. The Company contributions consist of matching amounts in Company stock and are allocated based on Team Member contributions. Contributions to the 401(k) Plan w ere $14,262, $11,765, and $10,983 for the years ended April 30, 2024, 2023, and 2022, respectively. On April 30, 2024 and 2023, 715,328 and 751,339 shares of common stock, respectively, were held by the trustee of the 401(k) Plan in trust for distribution to eligible participants upon death, disability, retirement, or termination of employment. Shares held by the 401(k) Plan are treated as outstanding in the computation of net income per common share. |
Commitments
Commitments | 12 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS The Company has entered into employment agreements with its Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, each of which require minimum annual compensation. The Company also has entered into change of control agreements with its Chief Executive Officer and 32 other officers, providing for certain payments in the event of termination in connection with a change of control of the Company, as defined therein. |
Contingencies
Contingencies | 12 Months Ended |
Apr. 30, 2024 | |
Loss Contingency [Abstract] | |
Contingencies | CONTINGENCIES Environmental compliance: The United States Environmental Protection Agency and several states have adopted laws and regulations relating to underground storage tanks used for petroleum products. The majority of the states in which the Company does business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs. Management currently believes that substantially all capital expenditures for electronic monitoring, cathodic protection, and overfill/spill protection to comply with existing regulations have been completed. The Company has an accrued liability at April 30, 2024 and 2023 of approximately $299 and $268, respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs. Management believes the Company has no material joint and several environmental liability with other parties. Additional regulations or amendments to the existing regulations could result in future revisions to such estimated expenditures. Legal matters: From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material impact on our consolidated financial position and results of operations. The Company is named as a defendant in a lawsuit filed in the United States District Court for the Northern District of Indiana, titled McColley v. Casey’s General Stores, Inc., in which the plaintiff alleges that the Company misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA). The complaint seeks unpaid wages, liquidated damages and attorneys’ fees for the plaintiff and all similarly situated Store Managers who worked at the Company from February 16, 2015, to the present. On March 31, 2021, the Court granted conditional certification, and to-date, approximately 1,400 current and/or former Store Managers remain opted-in to participate in the McColley lawsuit. The Company is also named in a related lawsuit filed in the Southern District of Illinois, titled Kessler v. Casey’s Marketing Company, et al., with substantially the same allegations and seeking the same relief, but instead for the plaintiff and all similarly situated Store Managers located in the state of Illinois from December 19, 2019, to the present. On October 13, 2023, the Court approved conditional certification, and to-date, approximately 550 current and/or former Store Managers remain opted-in to participate in the Kessler lawsuit. Discovery in both cases is currently underway. The Company believes that adequate provisions have been made for probable losses related to these matters, and that those, and the reasonably possible losses in excess of amounts accrued, where such range of loss can be estimated, are not material to the Company’s financial position, results of operations or cash flows. The Company believes that its Store Managers are properly classified as exempt employees under the FLSA and it intends to continue to vigorously defend these matters. In 2023, the Company received a $15,297 one-time payment from the resolution of a legal matter. These proceeds were recognized as a reduction to operating expenses in the consolidated statements of income. At April 30, 2024, the Company was primarily self-insured for workers’ compensation claims in all but two states of its operating territory. In North Dakota and Ohio, the Company is required to participate in an exclusive, state managed fund for all workers compensation claims. The Company was 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 general liability and workers' compensation. Additionally, the Company is self-insured for its portion of Team Member medical expenses. At April 30, 2024 and 2023, the Company had $57,369 and $61,168, respectively, accrued for estimated claims relating to self-insurance, the majority of which has been actuarially determined. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation: The consolidated financial statements include the financial statements of Casey’s General Stores, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior year have been reclassified to conform to current year presentation. |
Use of estimates | Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash equivalents | Cash equivalents: We consider all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Included in cash equivalents are money market funds, treasury bills, and credit card, debit card and electronic benefits transfer transactions that process within three days. |
Receivables | Receivables |
Inventories | Inventories and cost of goods sold: Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For fuel inventories, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise inventories, cost is determined through the use of the last-in, first-out (LIFO) method. The excess of replacement cost over the stated LIFO value was $151,461 and $138,962 at April 30, 2024 and 2023, respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2024 and 2023: Years ended April 30, 2024 2023 Fuel $ 121,939 $ 115,095 Merchandise 306,783 260,990 Total inventories $ 428,722 $ 376,085 The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. Renewable identification numbers (“RINs”) are assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no cost to the Company. |
Capitalized software implementation costs and Goodwill | Capitalized software implementation costs: The Company capitalizes expenditures related to the implementation of software-as-a-service as incurred. These costs are expensed on a straight-line basis within operating expenses, typically over the contractual life of the related software. The useful lives utilized for capitalized software implementation costs range from 2-13 years. As of April 30, 2024 and 2023, the Company had recognized $37,619 and $42,495 of capitalized software implementation costs, respectively. The outstanding balance is recognized in other assets, net of amortization on the consolidated balance sheets. The Company has recognized amortization of $14,108 in fiscal 2024, $12,302 in fiscal 2023 and $9,449 in fiscal 2022 within operating expenses on the consolidated statements of income. Goodwill: |
Contractual customer relationships | Contractual customer relationships |
Depreciation and amortization | Depreciation and amortization: Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives: Buildings 25-40 years Machinery and equipment 3-40 years Finance lease right-of-use assets Lesser of term of lease or life of asset Leasehold improvements Lesser of term of lease or life of asset The Company monitors stores and will accelerate depreciation if the expected life of the asset is reduced due to the expected remaining operation of the store or the Company’s plans. Construction in process is reported at cost and not subject to depreciation until the related asset is placed in service. |
Store closing and asset impairment | Store closings and asset impairment: The Company writes down property and equipment of stores it is closing to estimated net realizable value at the time management commits to a plan to close such stores and begins actively marketing the stores. The Company bases the estimated net realizable value of property and equipment on its experience in utilizing and/or disposing of similar assets, as well as estimates provided by its own and/or third-party real estate experts. |
Income taxes | Income taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of income in the period that includes the enactment date. The Company calculates its current and deferred tax provision based on estimates and assumptions that could differ from actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified. |
Revenue recognition | Revenue recognition: The Company recognizes retail sales of prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the consolidated statements of income. A portion of revenue from sales that include points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of April 30, 2024 and 2023, the Company recognized a contract liability of $52,934 and $55,561, respectively, related to the outstanding Casey's Rewards program, which is included in other accrued expenses on the consolidated balance sheets. During fiscal 2024, the digital box top program was discontinued and outstanding digital box tops were converted to points. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card. As of April 30, 2024 and 2023, the Company recognized a liability of $17,985 and $17,463, respectively, related to outstanding gift cards, which is included in other accrued expenses on the consolidated balance sheets. |
Net income per common share | Net income per common share: Basic earnings per share have been computed by dividing net income by the weighted average shares outstanding during each of the years. Unvested shares under equity awards are treated as common shares within the basic earnings per share calculation when a recipient has met certain requirements in the award agreement. For example, if retirement provisions are satisfied which allow a recipient to avoid forfeiture of the award upon a normal retirement from the Company, it is included in the basic earnings per share calculation . The calculation of diluted earnings per share treats unvested restricted stock units with time-based restrictions as potential common shares. The diluted earnings per share calculation does not take into effect any shares that have not met performance or market conditions as of the reporting period. |
Asset retirement obligations | Asset retirement obligations: The Company recognizes the estimated future cost to remove underground storage tanks over the estimated useful life of the storage tank . The Company records a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of a long-lived asset at the time an underground storage tank is installed. The Company depreciates the amount added to property and equipment on a straight-line basis and recognizes accretion expense in connection with the discounted liability over the remaining life of the tank. The estimates of the anticipated future costs for removal of an underground storage tank are based on our prior experience with removal. Because these estimates are subjective and are currently based on historical costs with adjustments for estimated future changes in the associated costs, we expect the dollar amount of these obligations to change as more information is obtained. |
Self-insurance | Self-insurance: |
Environmental remediation liabilities | Environmental remediation liabilities: The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. At April 30, 2024 and 2023 we had an accrued liability of $299 and $268, respectively, which is recorded in other accrued expenses on the consolidated balance sheets. |
Derivatives instruments | Derivative instruments: There were no options or futures contracts as of or during the years ended April 30, 2024, 2023, or 2022. From time to time, we participate in a forward buy of certain commodities. These are not accounted for as derivatives under the normal purchases and sale exclusions within the applicable accounting guidance. |
Stock-based compensation | Share-based compensation: |
Segment reporting | Segment reporting: As of April 30, 2024, we operated 2,658 stores in 17 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of prepared food and dispensed beverage, grocery and general merchandise, and fuel because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenue and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. |
Recent accounting pronouncements | Recent accounting pronouncements: In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). The standard included guidance related to supplier finance programs and requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. The new standard was effective for the Company beginning May 1, 2023. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The new standard is effective for the Company's annual periods beginning May 1, 2024, and interim periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-07 to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The standard includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The new standard is effective for the Company's annual periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-09 to determine its impact on our disclosures. |
Leases | The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC 842 - Leases . As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. The Company records operating lease liabilities in other accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842 |
Leases | The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC 842 - Leases . As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. The Company records operating lease liabilities in other accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable | Below is a summary of the receivable values at April 30, 2024 and 2023: Years ended April 30, 2024 2023 Vendor rebates $ 87,423 $ 54,979 Credit cards 35,455 46,851 Other 28,915 18,717 Total receivables $ 151,793 $ 120,547 |
Summary of the Inventory Values | Below is a summary of the inventory values at April 30, 2024 and 2023: Years ended April 30, 2024 2023 Fuel $ 121,939 $ 115,095 Merchandise 306,783 260,990 Total inventories $ 428,722 $ 376,085 |
Depreciation of Property and Equipment and Amortization of Capital Lease Assets | Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives: Buildings 25-40 years Machinery and equipment 3-40 years Finance lease right-of-use assets Lesser of term of lease or life of asset Leasehold improvements Lesser of term of lease or life of asset |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Business Combinations [Abstract] | |
Allocation of Purchase Price | The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the majority of other assets, leases and property and equipment acquired. Assets acquired: Inventories $ 13,351 Property and equipment 279,396 Finance lease right-of-use assets 3,194 Operating lease right-of-use assets 7,201 Other assets 2,137 Goodwill 37,321 Total assets $ 342,600 Liabilities assumed: Accrued expenses and other long-term liabilities $ 982 Finance lease liabilities 5,004 Operating lease liabilities 7,041 Total liabilities 13,027 Net assets acquired and total consideration paid $ 329,573 Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2023, was as follows (in thousands): Assets acquired: Inventories $ 3,976 Property and equipment 79,556 Goodwill 2,408 Total assets 85,940 Total liabilities 371 Net assets acquired and total purchase price $ 85,569 |
Pro forma information | The following unaudited pro forma information presents a summary of our consolidated statements of income as if the transactions referenced above occurred at the beginning of fiscal 2023 (amounts in thousands, except per share data): For the year ended April 30, 2024 2023 Total revenue $ 15,228,497 $ 15,799,468 Net income $ 521,630 $ 457,671 Net income per common share Basic $ 14.04 $ 12.28 Diluted $ 13.96 $ 12.20 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Long Term Debt (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Carrying Value of Long-Term Debt | The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows: As of April 30, 2024 2023 Finance lease liabilities (Note 7) $ 101,818 $ 95,072 3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 111,000 135,000 3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 37,000 45,000 3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 50,000 50,000 3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 50,000 3.51% Senior Notes (Series E) due June 13, 2025 150,000 150,000 3.77% Senior Notes (Series F) due August 22, 2028 250,000 250,000 2.85% Senior Notes (Series G) due August 7, 2030 325,000 325,000 2.96% Senior Notes (Series H) due August 6, 2032 325,000 325,000 Variable rate term loan facility, requiring quarterly installments ending April 21, 2028 237,500 250,000 Debt issuance costs (1,379) (1,698) $ 1,635,939 $ 1,673,374 Less current maturities 53,181 52,861 $ 1,582,758 $ 1,620,513 |
Schedule of Maturities of Long-term Debt Including Capitalized Lease Obligations | Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2024 and thereafter: Years ended April 30, 2025 $ 44,500 2026 204,500 2027 60,500 2028 248,000 2029 286,000 Thereafter 692,000 $ 1,535,500 |
Preferred and Common Stock (Tab
Preferred and Common Stock (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Units Award Activity | The following table presents a summary of our RSU activity during the three-year period ended April 30, 2024. At April 30, 2024, there were no stock options outstanding. Weighted-Average Grant Date Fair Shares Value per Share Unvested at April 30, 2021 646,920 Granted 154,278 $ 219 Vested (242,955) Forfeited (30,055) Performance Award Adjustments (1,794) Unvested at April 30, 2022 526,394 Granted 165,024 218 Vested (233,533) Forfeited (40,773) Performance Award Adjustments 133,728 Unvested at April 30, 2023 550,840 212 Granted 142,865 238 Vested (219,752) 195 Forfeited (17,534) 224 Performance Award Adjustments 35,443 246 Unvested at April 30, 2024 491,862 $ 229 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Computations for basic and diluted earnings per common share are presented below: Years ended April 30, 2024 2023 2022 Basic Net income $ 501,972 $ 446,691 $ 339,790 Weighted average shares outstanding-basic 37,164,022 37,266,851 37,158,898 Basic earnings per common share $ 13.51 $ 11.99 $ 9.14 Diluted Net income $ 501,972 $ 446,691 $ 339,790 Weighted-average shares outstanding-basic 37,164,022 37,266,851 37,158,898 Plus effect of stock options and restricted stock units 206,284 252,844 197,800 Weighted-average shares outstanding-diluted 37,370,306 37,519,695 37,356,698 Diluted earnings per common share $ 13.43 $ 11.91 $ 9.10 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to earnings consisted of the following components: Years ended April 30, 2024 2023 2022 Current tax expense: Federal $ 78,542 $ 95,336 $ 4,382 State 22,394 22,365 13,835 100,936 117,701 18,217 Deferred tax expense 53,252 23,126 82,721 Total income tax expense $ 154,188 $ 140,827 $ 100,938 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows: As of April 30, 2024 2023 Deferred tax assets: Accrued liabilities and reserves $ 9,075 $ 7,031 Deferred revenue 15,222 15,565 Accrued bonus compensation 10,272 9,361 Workers compensation 11,281 11,500 Operating and finance lease obligations 55,739 52,464 Asset retirement obligations 10,036 9,404 Deferred compensation 2,909 3,242 Equity compensation 8,018 8,305 State net operating losses and tax credits 2,568 1,807 Other 4,523 3,551 Total gross deferred tax assets 129,643 122,230 Less valuation allowance 550 250 Total net deferred tax assets 129,093 121,980 Deferred tax liabilities: Property and equipment depreciation (667,680) (617,154) Goodwill (52,900) (43,900) Other (5,363) (4,524) Total gross deferred tax liabilities (725,943) (665,578) Net deferred tax liability $ (596,850) $ (543,598) |
Schedule of Effective Income Tax Rate Reconciliation | Years ended April 30, 2024 2023 2022 Income taxes at the statutory rates 21.0 % 21.0 % 21.0 % Federal tax credits (1.0) % (1.3) % (1.8) % State income taxes, net of federal tax benefit 3.7 % 4.0 % 3.8 % Impact of phased-in state law changes, net of federal benefit (1.0) % (0.4) % (0.8) % ASU 2016-09 benefit (share-based compensation) (0.1) % (0.3) % (1.0) % Nondeductible executive compensation 0.9 % 1.1 % 1.2 % Other — % (0.1) % 0.5 % 23.5 % 24.0 % 22.9 % |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2024 2023 Beginning balance $ 10,957 $ 10,259 Additions based on tax positions related to current year 2,570 2,867 Reductions due to lapse of applicable statute of limitations (2,780) (2,169) Ending balance $ 10,747 $ 10,957 |
Leases - (Tables)
Leases - (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | Lease right-of-use assets outstanding as of April 30, 2024 and 2023 consisted of the following: Years ended April 30, Classification 2024 2023 Finance lease right-of-use assets Net property and equipment $ 83,714 $ 79,344 Operating lease right-of-use assets Other assets, net of amortization 115,819 107,994 Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows: April 30, 2024 2023 Weighted-average remaining lease-term - finance lease 15.4 15.1 Weighted-average remaining lease-term - operating lease 19.1 19.8 Weighted-average discount rate - finance lease 4.77 % 4.40 % Weighted-average discount rate - operating lease 4.91 % 4.33 % |
Lease, Cost | The summary of lease-related costs included on the consolidated statements of income is included below: Years ended April 30, 2024 2023 2022 Operating lease cost $ 10,174 $ 9,346 $ 6,721 Finance lease cost: Amortization of right-of-use assets $ 10,417 $ 5,882 $ 4,489 Interest on lease liabilities 4,491 2,966 2,337 The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below: Years ended April 30, 2024 2023 2022 Operating cash flows required by operating leases $ 8,693 $ 7,725 $ 5,468 Operating cash flows required by finance leases 4,491 2,966 2,337 Financing cash flows required by finance leases 9,156 5,345 4,162 Right-of-use assets obtained in exchange for new finance lease liabilities $ 17,626 $ 25,166 $ 52,525 Right-of-use assets obtained in exchange for new operating lease liabilities 14,646 14,642 87,723 |
Finance Lease, Liability, Maturity | Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024: Years ended April 30, Finance leases Operating leases 2025 $ 12,942 $ 9,297 2026 12,964 9,194 2027 12,970 9,147 2028 11,601 9,127 2029 6,199 9,049 Thereafter 87,707 134,729 Total minimum lease payments $ 144,383 $ 180,543 Less amount representing interest 42,565 65,374 Present value of net minimum lease payments $ 101,818 $ 115,169 |
Lessee, Operating Lease, Liability, Maturity | Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024: Years ended April 30, Finance leases Operating leases 2025 $ 12,942 $ 9,297 2026 12,964 9,194 2027 12,970 9,147 2028 11,601 9,127 2029 6,199 9,049 Thereafter 87,707 134,729 Total minimum lease payments $ 144,383 $ 180,543 Less amount representing interest 42,565 65,374 Present value of net minimum lease payments $ 101,818 $ 115,169 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |||
May 13, 2021 USD ($) | Apr. 30, 2024 USD ($) segment merchandise_category store people state | Apr. 30, 2023 USD ($) | Apr. 30, 2022 USD ($) | |
Accounting Policies [Abstract] | ||||
Number of stores | store | 2,658 | |||
Number of states in which entity operates | state | 17 | |||
Population of communities (many less than) | people | 20,000 | |||
Concentration Risk | ||||
Excess of current cost over the stated LIFO Value | $ 151,461 | $ 138,962 | ||
Amortization | 14,108 | 12,302 | $ 9,449 | |
Goodwill | 652,663 | 615,342 | ||
Asset impairment charges | 4,057 | 3,500 | $ 1,056 | |
Contract liability | 52,934 | 55,561 | ||
Discounted liability of asset retirement obligation | 39,954 | 36,978 | ||
Self insurance reserve | 57,369 | 61,168 | ||
Accrued environmental liability | $ 299 | 268 | ||
Number of operating segments | segment | 1 | |||
Number of reportable segments | segment | 1 | |||
Number of merchandise categories | merchandise_category | 3 | |||
Buchanan Energy | ||||
Concentration Risk | ||||
Intangible assets acquired | $ 31,100 | |||
Gift Cards | ||||
Concentration Risk | ||||
Contract liability | $ 17,985 | 17,463 | ||
Capitalized software costs | ||||
Concentration Risk | ||||
Finite-lived intangible assets | $ 37,619 | 42,495 | ||
Capitalized software costs | Minimum | ||||
Concentration Risk | ||||
Intangible asset useful life | 2 years | |||
Capitalized software costs | Maximum | ||||
Concentration Risk | ||||
Intangible asset useful life | 13 years | |||
Customer Relationships | ||||
Concentration Risk | ||||
Intangible assets, net | $ 24,880 | 26,953 | ||
Accumulated amortization | 6,220 | $ 4,147 | ||
Annual amortization, year one | 2,073 | |||
Annual amortization, year two | 2,073 | |||
Annual amortization, year three | 2,073 | |||
Annual amortization, year four | 2,073 | |||
Annual amortization, year five | $ 2,073 | |||
Customer Relationships | Buchanan Energy | ||||
Concentration Risk | ||||
Useful life | 15 years |
Significant Accounting Polici_5
Significant Accounting Policies - Accounts Receivables by Type (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 151,793 | $ 120,547 |
Vendor Rebates | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 87,423 | 54,979 |
Credit Card Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 35,455 | 46,851 |
Other Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 28,915 | $ 18,717 |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of the Inventory Values (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Inventory | ||
Inventory | $ 428,722 | $ 376,085 |
Fuel | ||
Inventory | ||
Inventory | 121,939 | 115,095 |
Merchandise | ||
Inventory | ||
Inventory | $ 306,783 | $ 260,990 |
Significant Accounting Polici_7
Significant Accounting Policies - Depreciation of Property and Equipment and Amortization of Capital Lease Assets (Details) | Apr. 30, 2024 |
Buildings | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 25 years |
Buildings | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 3 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 40 years |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2024 USD ($) store | Apr. 30, 2023 USD ($) store | |
Business Acquisition | ||
Number of stores | store | 2,658 | |
Goodwill | $ 652,663 | $ 615,342 |
Series of Individually Immaterial Business Acquisitions | ||
Business Acquisition | ||
Number of stores | store | 112 | 47 |
Goodwill | $ 37,321 | $ 2,408 |
Acquisition-related transaction costs | 8,920 | |
Revenue | 237,529 | |
Net assets acquired and total purchase price | $ 329,573 | $ 85,569 |
Minit Mart | ||
Business Acquisition | ||
Number of stores | store | 26 |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Assets acquired: | ||
Goodwill | $ 652,663 | $ 615,342 |
Series of Individually Immaterial Business Acquisitions | ||
Assets acquired: | ||
Inventories | 13,351 | 3,976 |
Property and equipment | 279,396 | 79,556 |
Finance lease right-of-use assets | 3,194 | |
Operating lease right-of-use assets | 7,201 | |
Other assets | 2,137 | |
Goodwill | 37,321 | 2,408 |
Total assets | 342,600 | 85,940 |
Liabilities assumed: | ||
Accrued expenses and other long-term liabilities | 982 | |
Finance lease liabilities | 5,004 | |
Operating lease liabilities | 7,041 | |
Total liabilities | 13,027 | 371 |
Net assets acquired and total purchase price | $ 329,573 | $ 85,569 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Business Combinations [Abstract] | ||
Total revenue | $ 15,228,497 | $ 15,799,468 |
Net income | $ 521,630 | $ 457,671 |
Net income per common share | ||
Basic (in Dollars per share) | $ 14.04 | $ 12.28 |
Diluted (in Dollars per share) | $ 13.96 | $ 12.20 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Long Term Debt - Narrative (Details) - USD ($) | 12 Months Ended | |||
Apr. 21, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Debt Instrument | ||||
Long-term debt and capital lease obligations | $ 1,375,000,000 | $ 1,437,000,000 | ||
Finance lease liabilities (Note 7) | $ 101,818,000 | $ 95,072,000 | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance lease obligations, net of current maturities | Long-term debt and finance lease obligations, net of current maturities | ||
Interest income | $ 11,736,000 | $ 7,823,000 | $ 48,000 | |
Capitalized interest | 3,363,000 | 3,631,000 | $ 2,031,000 | |
Line of Credit | Revolving Credit Facility | ||||
Debt Instrument | ||||
Fair value of amount outstanding | $ 50,000,000 | |||
Line of Credit | Letter of Credit | ||||
Debt Instrument | ||||
Maximum borrowing capacity | 308,000 | |||
Line of Credit | New Credit Agreement Term Loan Facility | ||||
Debt Instrument | ||||
Maximum borrowing capacity | $ 250,000,000 | |||
Quarterly principal payment as a percentage | 1.25% | |||
Line of Credit | New Credit Agreement Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument | ||||
Maximum borrowing capacity | $ 850,000,000 | |||
Fair value of amount outstanding | 0 | 0 | ||
Line of Credit | Credit Facilities | ||||
Debt Instrument | ||||
Maximum increase in borrowing capacity | $ 900,000,000 | |||
Maximum increase in borrowing capacity as a percentage of consolidated EBITDA | 100% | |||
Line of Credit | Credit Facilities | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument | ||||
Basis spread on variable rate | 0.10% | |||
Line of Credit | Credit Facilities | Adjusted Daily Simple Secured Overnight Financing Rate | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1% | |||
Line of Credit | Credit Facilities | Fed Funds Effective Rate Overnight Index Swap Rate | ||||
Debt Instrument | ||||
Basis spread on variable rate | 0.50% | |||
Line of Credit | Term Loan Facility | Line of Credit | ||||
Debt Instrument | ||||
Fair value of amount outstanding | 237,500,000 | 250,000,000 | ||
Line of Credit | Bank Line | ||||
Debt Instrument | ||||
Fair value of amount outstanding | $ 0 | $ 0 | ||
Minimum | Line of Credit | New Credit Agreement Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument | ||||
Facility fee percentage | 0.15% | |||
Minimum | Line of Credit | Credit Facilities | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument | ||||
Basis spread on variable rate | 0% | |||
Minimum | Line of Credit | Credit Facilities | Base Rate | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.10% | |||
Minimum | Line of Credit | Credit Facilities | Adjusted Daily Simple Secured Overnight Financing Rate | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1% | |||
Minimum | Line of Credit | Credit Facilities | Alternate Base Rate | ||||
Debt Instrument | ||||
Basis spread on variable rate | 0.10% | |||
Maximum | Line of Credit | New Credit Agreement Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument | ||||
Facility fee percentage | 0.30% | |||
Maximum | Line of Credit | Credit Facilities | Base Rate | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.70% | |||
Maximum | Line of Credit | Credit Facilities | Alternate Base Rate | ||||
Debt Instrument | ||||
Basis spread on variable rate | 0.70% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Long Term Debt - Carrying Value of Long-term Debt (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2024 USD ($) installment_payment | Apr. 30, 2023 USD ($) installment_payment | |
Debt Instrument | ||
Finance lease liabilities (Note 7) | $ 101,818 | $ 95,072 |
Long-term debt | 1,535,500 | |
Debt issuance costs | (1,379) | (1,698) |
Total | 1,635,939 | 1,673,374 |
Less current maturities | 53,181 | 52,861 |
Long-term debt and finance lease obligations, net of current maturities | $ 1,582,758 | $ 1,620,513 |
Senior Notes | 3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 | ||
Debt Instrument | ||
Interest rate | 3.67% | 3.67% |
Number of payments | installment_payment | 7 | 7 |
Long-term debt | $ 111,000 | $ 135,000 |
Senior Notes | 3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 | ||
Debt Instrument | ||
Interest rate | 3.75% | 3.75% |
Number of payments | installment_payment | 7 | 7 |
Long-term debt | $ 37,000 | $ 45,000 |
Senior Notes | 3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 | ||
Debt Instrument | ||
Interest rate | 3.65% | 3.65% |
Number of payments | installment_payment | 7 | 7 |
Long-term debt | $ 50,000 | $ 50,000 |
Senior Notes | 3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 | ||
Debt Instrument | ||
Interest rate | 3.72% | 3.72% |
Number of payments | installment_payment | 7 | 7 |
Long-term debt | $ 50,000 | $ 50,000 |
Senior Notes | 3.51% Senior Notes (Series E) due June 13, 2025 | ||
Debt Instrument | ||
Interest rate | 3.51% | |
Long-term debt | $ 150,000 | 150,000 |
Senior Notes | 3.77% Senior Notes (Series F) due August 22, 2028 | ||
Debt Instrument | ||
Interest rate | 3.77% | |
Long-term debt | $ 250,000 | 250,000 |
Senior Notes | 2.85% Senior Notes (Series G) due August 7, 2030 | ||
Debt Instrument | ||
Interest rate | 2.85% | |
Long-term debt | $ 325,000 | 325,000 |
Senior Notes | 2.96% Senior Notes (Series H) due August 6, 2032 | ||
Debt Instrument | ||
Interest rate | 2.96% | |
Long-term debt | $ 325,000 | 325,000 |
Line of Credit | Term Loan Facility | ||
Debt Instrument | ||
Long-term debt | $ 237,500 | $ 250,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Long Term Debt - Schedule of Maturities of Long-Term Debt Including Capitalizied Leases (Details) $ in Thousands | Apr. 30, 2024 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2025 | $ 44,500 |
2026 | 204,500 |
2027 | 60,500 |
2028 | 248,000 |
2029 | 286,000 |
Thereafter | 692,000 |
Long-term Debt, Total | $ 1,535,500 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details) - USD ($) | 12 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | Mar. 03, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Shares issued of preferred stock (shares) | 0 | 0 | ||
Share repurchase program authorized amount | $ 400,000,000 | |||
Shares repurchased and retired (in shares) | 392,290 | |||
Shares repurchased and retired | $ 104,900,000 | |||
Remaining available | $ 295,100,000 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Reduction in available shares per stock option issued (shares) | 1 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Reduction in available shares per restricted stock or restricted stock unit issued (shares) | 2 | |||
Restricted Stock Units, Time-Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Award vesting period | 3 years | |||
Restricted Stock Units, Performance-Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Award vesting period | 3 years | |||
Restricted Stock Units, Performance-Based | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Vesting percentage | 0% | |||
Restricted Stock Units, Performance-Based | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Vesting percentage | 200% | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based compensation expense | $ 41,379,000 | $ 47,024,000 | $ 37,976,000 | |
Compensation not yet recognized, period | 1 year | |||
Fair value of shares vested | $ 49,631,000 | $ 46,943,000 | $ 51,046,000 | |
Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Shares available for grant under the Plan (shares) | 1,135,976 | |||
Stock Incentive Plan | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation not yet recognized | $ 38,910,000 | |||
Preferred Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Authorized shares of preferred stock (shares) | 1,000,000 | |||
Shares issued of preferred stock (shares) | 0 | |||
Series A Preferred Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Authorized shares of preferred stock (shares) | 250,000 | |||
Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Authorized shares of common stock (shares) | 120,000,000 |
Preferred and Common Stock - Sc
Preferred and Common Stock - Schedule of Restricted Stock Units Award Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Number of restricted stock units | |||
Beginning balance (in shares) | 550,840 | 526,394 | 646,920 |
Granted (in shares) | 142,865 | 165,024 | 154,278 |
Vested (in shares) | (219,752) | (233,533) | (242,955) |
Forfeited (in shares) | (17,534) | (40,773) | (30,055) |
Performance Award Adjustments (in shares) | 35,443 | 133,728 | (1,794) |
Ending balance (in shares) | 491,862 | 550,840 | 526,394 |
Weighted-Average Grant Date Fair Value per Share | |||
Unvested, beginning balance (in Dollars per share) | $ 212 | ||
Granted (in Dollars per share) | 238 | $ 218 | $ 219 |
Vested (in Dollars per share) | 195 | ||
Forfeited (in Dollars per share) | 224 | ||
Performance Award Adjustments (in Dollars per share) | 246 | ||
Unvested, ending balance (in Dollars per share) | $ 229 | $ 212 |
Net Income Per Common Share - S
Net Income Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Basic | |||
Net income | $ 501,972 | $ 446,691 | $ 339,790 |
Weighted average shares outstanding-basic (shares) | 37,164,022 | 37,266,851 | 37,158,898 |
Basic earnings per common share (in Dollars per share) | $ 13.51 | $ 11.99 | $ 9.14 |
Diluted | |||
Net income | $ 501,972 | $ 446,691 | $ 339,790 |
Weighted average shares outstanding-basic (shares) | 37,164,022 | 37,266,851 | 37,158,898 |
Plus effect of stock options and restricted stock units (shares) | 206,284 | 252,844 | 197,800 |
Weighted-average shares outstanding-diluted (shares) | 37,370,306 | 37,519,695 | 37,356,698 |
Diluted earnings per common share (in Dollars per share) | $ 13.43 | $ 11.91 | $ 9.10 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Current tax expense: | |||
Federal | $ 78,542 | $ 95,336 | $ 4,382 |
State | 22,394 | 22,365 | 13,835 |
Current income tax expense (benefit) | 100,936 | 117,701 | 18,217 |
Deferred tax expense | 53,252 | 23,126 | 82,721 |
Total income tax expense | $ 154,188 | $ 140,827 | $ 100,938 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Deferred tax assets: | ||
Accrued liabilities and reserves | $ 9,075 | $ 7,031 |
Deferred revenue | 15,222 | 15,565 |
Accrued bonus compensation | 10,272 | 9,361 |
Workers compensation | 11,281 | 11,500 |
Operating and finance lease obligations | 55,739 | 52,464 |
Asset retirement obligations | 10,036 | 9,404 |
Deferred compensation | 2,909 | 3,242 |
Equity compensation | 8,018 | 8,305 |
State net operating losses and tax credits | 2,568 | 1,807 |
Other | 4,523 | 3,551 |
Total gross deferred tax assets | 129,643 | 122,230 |
Less valuation allowance | 550 | 250 |
Total net deferred tax assets | 129,093 | 121,980 |
Deferred tax liabilities: | ||
Property and equipment depreciation | (667,680) | (617,154) |
Goodwill | (52,900) | (43,900) |
Other | (5,363) | (4,524) |
Total gross deferred tax liabilities | (725,943) | (665,578) |
Net deferred tax liability | $ (596,850) | $ (543,598) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Operating Loss Carryforwards [Line Items] | |||
Less valuation allowance | $ 550 | $ 250 | |
Unrecognized tax benefits | 10,747 | 10,957 | $ 10,259 |
Unrecognized tax benefits that would impact effective tax rate | 8,490 | ||
Increase (decrease) in unrecognized tax benefits | (210) | ||
Accrued interest and penalties | 350 | 386 | |
Increase (decrease) in tax expense | (36) | $ 15 | |
Decrease in unrecognized tax benefits is reasonable possible | 2,000 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 126,681 | ||
Tax credit carryforward | $ 2,319 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at the statutory rates | 21% | 21% | 21% |
Federal tax credits | (1.00%) | (1.30%) | (1.80%) |
State income taxes, net of federal tax benefit | 3.70% | 4% | 3.80% |
Impact of phased-in state law changes, net of federal benefit | (1.00%) | (0.40%) | (0.80%) |
ASU 2016-09 benefit (share-based compensation) | (0.10%) | (0.30%) | (1.00%) |
Nondeductible executive compensation | 0.90% | 1.10% | 1.20% |
Other | 0% | (0.10%) | 0.50% |
Effective income tax rate | 23.50% | 24% | 22.90% |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 10,957 | $ 10,259 |
Additions based on tax positions related to current year | 2,570 | 2,867 |
Reductions due to lapse of applicable statute of limitations | (2,780) | (2,169) |
Ending balance | $ 10,747 | $ 10,957 |
Leases - Lease Assets (Details)
Leases - Lease Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Leases [Abstract] | ||
Finance lease right-of-use assets | $ 83,714 | $ 79,344 |
Operating lease right-of-use assets | $ 115,819 | $ 107,994 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net of amortization | Other assets, net of amortization |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Leases [Abstract] | |||
Operating lease cost | $ 10,174 | $ 9,346 | $ 6,721 |
Amortization of right-of-use assets | 10,417 | 5,882 | 4,489 |
Interest on lease liabilities | 4,491 | 2,966 | 2,337 |
Operating cash flows required by operating leases | 8,693 | 7,725 | 5,468 |
Operating cash flows required by finance leases | 4,491 | 2,966 | 2,337 |
Financing cash flows required by finance leases | 9,156 | 5,345 | 4,162 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 17,626 | 25,166 | 52,525 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 14,646 | $ 14,642 | $ 87,723 |
Leases - Weighted Average Lease
Leases - Weighted Average Lease Terms and Discount Rates (Details) | Apr. 30, 2024 | Apr. 30, 2023 |
Leases [Abstract] | ||
Weighted-average remaining lease-term - finance lease | 15 years 4 months 24 days | 15 years 1 month 6 days |
Weighted-average remaining lease-term - operating lease | 19 years 1 month 6 days | 19 years 9 months 18 days |
Weighted-average discount rate - finance lease | 4.77% | 4.40% |
Weighted-average discount rate - operating lease | 4.91% | 4.33% |
Leases - Lease Maturity Schedul
Leases - Lease Maturity Schedule (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Finance leases | ||
2025 | $ 12,942 | |
2026 | 12,964 | |
2027 | 12,970 | |
2028 | 11,601 | |
2029 | 6,199 | |
Thereafter | 87,707 | |
Total minimum lease payments | 144,383 | |
Less amount representing interest | 42,565 | |
Present value of net minimum lease payments | 101,818 | $ 95,072 |
Operating leases | ||
2025 | 9,297 | |
2026 | 9,194 | |
2027 | 9,147 | |
2028 | 9,127 | |
2029 | 9,049 | |
Thereafter | 134,729 | |
Total minimum lease payments | 180,543 | |
Less amount representing interest | 65,374 | |
Present value of net minimum lease payments | $ 115,169 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | Jan. 31, 2024 USD ($) |
City of Joplin Missouri | |
Other Commitments | |
Bonds issued | $ 51,400 |
Benefit Plans (Details)
Benefit Plans (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | |||
Employer discretionary contribution | $ 14,262 | $ 11,765 | $ 10,983 |
Common stock held by trustee of the 401K plan (shares) | 715,328 | 751,339 |
Commitments (Details)
Commitments (Details) | 12 Months Ended |
Apr. 30, 2024 employee | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of other key employees covered by employment agreements | 32 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 employee | Apr. 30, 2024 USD ($) | Apr. 30, 2023 USD ($) | |
Loss Contingency [Abstract] | |||
Accrued environmental liability | $ 299 | $ 268 | |
Loss Contingencies [Line Items] | |||
Payment received | 15,297 | ||
Self insurance reserve | 57,369 | $ 61,168 | |
Pending Litigation | McColley V Casey's General Stores Inc | |||
Loss Contingencies [Line Items] | |||
Number of plaintiffs | employee | 1,400 | ||
General Liability and Auto Liability Insurance | |||
Loss Contingencies [Line Items] | |||
Annual stop loss limit | 2,000 | ||
Workers' Compensation Insurance | |||
Loss Contingencies [Line Items] | |||
Annual stop loss limit | $ 1,000 |