Cover Page
Cover Page - shares | 3 Months Ended | |
Jul. 31, 2024 | Aug. 29, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2024 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 37,115,982 | |
Entity Central Index Key | 0000726958 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 304,988 | $ 206,482 |
Receivables | 164,926 | 151,793 |
Inventories | 452,017 | 428,722 |
Prepaid and other current assets | 33,071 | 25,791 |
Income taxes receivable | 0 | 17,066 |
Total current assets | 955,002 | 829,854 |
Other assets, net of amortization | 193,314 | 195,559 |
Goodwill | 652,823 | 652,663 |
Property and equipment, net of accumulated depreciation of $2,943,154 at July 31, 2024 and $2,883,925 at April 30, 2024 | 4,695,286 | 4,669,357 |
Total assets | 6,496,425 | 6,347,433 |
Current liabilities: | ||
Current maturities of long-term debt and finance lease obligations | 208,209 | 53,181 |
Accounts payable | 597,112 | 569,527 |
Accrued expenses | 294,233 | 330,758 |
Income taxes payable | 32,589 | 0 |
Total current liabilities | 1,132,143 | 953,466 |
Long-term debt and finance lease obligations, net of current maturities | 1,398,712 | 1,582,758 |
Deferred income taxes | 603,964 | 596,850 |
Insurance accruals, net of current portion | 29,724 | 30,046 |
Other long-term liabilities | 168,962 | 168,932 |
Total liabilities | 3,333,505 | 3,332,052 |
Shareholders’ equity: | ||
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 13,557 | 27,453 |
Retained earnings | 3,149,363 | 2,987,928 |
Total shareholders’ equity | 3,162,920 | 3,015,381 |
Total liabilities and shareholders' equity | $ 6,496,425 | $ 6,347,433 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 2,943,154 | $ 2,883,925 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Income Statement [Abstract] | ||
Total revenue | $ 4,097,737 | $ 3,869,251 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 3,142,481 | 2,991,497 |
Operating expenses | 609,474 | 560,855 |
Depreciation and amortization | 94,409 | 82,905 |
Interest, net | 14,067 | 12,495 |
Income before income taxes | 237,306 | 221,499 |
Federal and state income taxes | 57,108 | 52,262 |
Net income | $ 180,198 | $ 169,237 |
Net income per common share | ||
Basic (in dollars per share) | $ 4.86 | $ 4.54 |
Diluted (in dollars per share) | $ 4.83 | $ 4.52 |
Basic weighted average shares outstanding (in shares) | 37,087,231 | 37,300,952 |
Plus effect of stock compensation (in shares) | 190,463 | 155,187 |
Diluted weighted average shares outstanding (in shares) | 37,277,694 | 37,456,139 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings |
Beginning Balance (shares) at Apr. 30, 2023 | 37,263,248 | ||
Beginning Balance at Apr. 30, 2023 | $ 2,660,666 | $ 110,037 | $ 2,550,629 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 169,237 | 169,237 | |
Dividends declared | (16,214) | (16,214) | |
Repurchase of common stock | (123,569) | ||
Repurchase of common stock | (29,893) | $ (29,893) | |
Share-based compensation (net of tax withholding on employee share-based awards) (shares) | 126,774 | ||
Share-based compensation (net of tax withholding on employee share-based awards) | (7,501) | $ (7,501) | |
Ending Balance (shares) at Jul. 31, 2023 | 37,266,453 | ||
Ending Balance at Jul. 31, 2023 | 2,776,295 | $ 72,643 | 2,703,652 |
Beginning Balance (shares) at Apr. 30, 2024 | 37,008,488 | ||
Beginning Balance at Apr. 30, 2024 | 3,015,381 | $ 27,453 | 2,987,928 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 180,198 | 180,198 | |
Dividends declared | (18,763) | (18,763) | |
Share-based compensation (net of tax withholding on employee share-based awards) (shares) | 102,663 | ||
Share-based compensation (net of tax withholding on employee share-based awards) | (13,896) | $ (13,896) | |
Ending Balance (shares) at Jul. 31, 2024 | 37,111,151 | ||
Ending Balance at Jul. 31, 2024 | $ 3,162,920 | $ 13,557 | $ 3,149,363 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Jul. 31, 2024 $ / shares | |
Retained Earnings | |
Payment of dividends per share (in Dollars per share) | $ 0.50 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 180,198 | $ 169,237 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 94,409 | 82,905 |
Amortization of debt issuance costs | 278 | 278 |
Change in excess replacement cost over LIFO inventory valuation | 2,431 | 4,500 |
Share-based compensation | 11,036 | 10,468 |
Loss (gain) on disposal of assets and impairment charges | 2,475 | (1,448) |
Deferred income taxes | 7,114 | 15,895 |
Changes in assets and liabilities: | ||
Receivables | (13,133) | (13,179) |
Inventories | (25,378) | (52,756) |
Prepaid and other current assets | (7,280) | (2,518) |
Accounts payable | 17,431 | (4,344) |
Accrued expenses | (38,750) | (20,150) |
Income taxes | 49,994 | 39,139 |
Other, net | 529 | 1,104 |
Net cash provided by operating activities | 281,354 | 229,131 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (100,564) | (68,903) |
Payments for acquisition of businesses, net of cash acquired | (18,113) | (13,297) |
Proceeds from sales of assets | 6,688 | 5,784 |
Net cash used in investing activities | (111,989) | (76,416) |
Cash flows from financing activities: | ||
Payments of long-term debt and finance lease obligations | (29,316) | (29,665) |
Payments of cash dividends | (16,611) | (14,945) |
Repurchase of common stock | 0 | (29,893) |
Tax withholdings on employee share-based awards | (24,932) | (17,969) |
Net cash used in financing activities | (70,859) | (92,472) |
Net increase in cash and cash equivalents | 98,506 | 60,243 |
Cash and cash equivalents at beginning of the period | 206,482 | 378,869 |
Cash and cash equivalents at end of the period | 304,988 | 439,112 |
Cash paid during the period for: | ||
Interest, net of amount capitalized | 11,845 | 10,701 |
Income taxes, net | 0 | 0 |
Noncash investing and financing activities: | ||
Purchased property and equipment in accounts payable | 55,768 | 42,188 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 221 | 8,345 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 | $ 2,214 |
Presentation of Financial State
Presentation of Financial Statements | 3 Months Ended |
Jul. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Statements | Presentation of Financial Statements As of July 31, 2024, Casey’s General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey’s") operate 2,674 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. The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. and its direct and indirect wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jul. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The preparation of financial statements in conformity with 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. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position as of July 31, 2024 and April 30, 2024, the results of operations, for the three months ended July 31, 2024 and 2023, and shareholders' equity and cash flows for the three months ended July 31, 2024 and 2023. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. Additionally, see the Form 10-K for the year ended April 30, 2024 for our consideration of new accounting pronouncements issued prior to this fiscal year. Certain amounts in prior year have been reclassified to conform to current year presentation. |
Revenue and Cost of Goods Sold
Revenue and Cost of Goods Sold | 3 Months Ended |
Jul. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Cost of Goods Sold | Revenue and Cost of Goods Sold 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 condensed 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 July 31, 2024 and April 30, 2024, the Company recognized a contract liability of $56,124 and $52,934, respectively, related to the outstanding Casey's Rewards program, which is included in accrued expenses on the condensed consolidated balance sheets. 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 July 31, 2024 and April 30, 2024, the Company recognized a liability of $17,230 and $17,985, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. 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, vendor rebates and RINs. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income. |
Long-term Debt and Finance Leas
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure | 3 Months Ended |
Jul. 31, 2024 | |
Long-Term Debt and Fair Value Disclosure [Abstract] | |
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure | Long-Term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure 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. The fair value of the Company’s long-term debt was approximately $1,387,000 and $1,375,000 at July 31, 2024 and April 30, 2024, respectively. The fair value calculated excludes finance lease obligations of $99,847 and $101,818 outstanding at July 31, 2024 and April 30, 2024, respectively, which are included with long-term debt on the condensed consolidated balance sheets. Interest, net on the condensed consolidated statements of income is net of interest income of $2,385, for the three months ended July 31, 2024, and $3,576, for the three months ended July 31, 2023. Interest, net is also net of interest capitalized of $419, for the three months ended July 31, 2024, and $794, for the three months ended July 31, 2023, respectively. Revolving Facility The Company has a credit agreement that provides for an $850,000 unsecured revolving credit facility (“Revolving Facility”). Amounts borrowed under the Revolving Facility bear interest at variable rates based upon, at the Company’s option: (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 Company had $0 outstanding under the Revolving Facility at July 31, 2024 and April 30, 2024. Bank Line |
Compensation Related Costs and
Compensation Related Costs and Share Based Payments | 3 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Compensation Related Costs and Share Based Payments | Compensation Related Costs and Share-Based Payments 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 July 31, 2024, there were 959,492 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. Forfeitures are recognized as they occur. 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." 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 the awards with the TSR Modifier 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 condensed 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. Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table. No stock option awards have been granted under the 2018 Plan. Shares Weighted-Average Unvested at April 30, 2024 491,862 $ 229 Granted 102,312 340 Vested (169,969) 222 Forfeited (2,214) 242 Unvested at July 31, 2024 421,991 $ 259 |
Acquisitions
Acquisitions | 3 Months Ended |
Jul. 31, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On July 25, 2024, the Company entered into an Equity Purchase Agreement (the “Purchase Agreement”) with (a) Fikes Wholesale, Inc., a Texas corporation (“Fikes”), (b) Group Petroleum Services, Inc., a Texas corporation (“GPS” and together with Fikes, the “Seller Companies”), and (c) certain other parties thereto. Pursuant to the terms of the Purchase Agreement, the Company will acquire at closing 100% of the equity of the Seller Companies, for an aggregate purchase price in cash of $1,145,000, subject to customary post-closing adjustments. The Company's acquisition of the Seller Companies will include 198 retail stores and a dealer network. The acquisition will bring 148 additional stores to Texas, as well as 50 stores in Alabama, Florida, and Mississippi. In addition to the retail stores and dealer locations, the transaction includes a fuel terminal and a commissary to support the Texas stores. The closing of the acquisition is conditioned upon the satisfaction of customary closing conditions, including, among others: (1) expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (2) the accuracy of the representations and warranties of each party to the Purchase Agreement as of the closing; (3) the performance in all material respects by the parties of their respective covenants under the Purchase Agreement; and (4) in the case of the Seller Companies, the absence of any material adverse effect since the date of the Purchase Agreement. The Company intends to finance the proposed transaction with a combination of cash on hand and external financing. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 or other general business disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities; and, other claims or proceedings. 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 adverse effect 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, ap proximately 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. |
Unrecognized Tax Benefits
Unrecognized Tax Benefits | 3 Months Ended |
Jul. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits | Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $11,586 and $10,747 at July 31, 2024 and April 30, 2024, respectively. If this unrecognized tax benefit were ultimately recognized, $9,153 is the amount that would impact our effective tax rate. The total net amount of accrued interest and penalties for such unrecognized tax benefits was $412 at July 31, 2024, and $350 at April 30, 2024. Net interest and penalties included in income tax expense for the three months ended July 31, 2024 and 2023 was a net expense of $62 and $59, 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 State of Illinois is currently examining tax years 2020 and 2021. The Company has no other 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. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Jul. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment ReportingAs of July 31, 2024, we operated 2,674 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 fuel, grocery and general merchandise, and prepared food and dispensed beverage 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Jul. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The preparation of financial statements in conformity with 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. |
Reclassifications | Certain amounts in prior year have been reclassified to conform to current year presentation. |
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 condensed 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 July 31, 2024 and April 30, 2024, the Company recognized a contract liability of $56,124 and $52,934, respectively, related to the outstanding Casey's Rewards program, which is included in accrued expenses on the condensed consolidated balance sheets. 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 July 31, 2024 and April 30, 2024, the Company recognized a liability of $17,230 and $17,985, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. 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, vendor rebates and RINs. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income. |
Compensation Related Costs an_2
Compensation Related Costs and Share Based Payments (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Units Award Activity | Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table. No stock option awards have been granted under the 2018 Plan. Shares Weighted-Average Unvested at April 30, 2024 491,862 $ 229 Granted 102,312 340 Vested (169,969) 222 Forfeited (2,214) 242 Unvested at July 31, 2024 421,991 $ 259 |
Presentation of Financial Sta_2
Presentation of Financial Statements - Narrative (Details) people in Thousands | Jul. 31, 2024 store people state |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores | store | 2,674 |
Number of states in which entity operates | state | 17 |
Population of communities | people | 20 |
Revenue and Cost of Goods Sold
Revenue and Cost of Goods Sold - Narrative (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Coupons And Rewards Points | ||
Disaggregation of Revenue [Line Items] | ||
Contract liability | $ 56,124 | $ 52,934 |
Gift Cards | ||
Disaggregation of Revenue [Line Items] | ||
Contract liability | $ 17,230 | $ 17,985 |
Long-term Debt and Finance Le_2
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure - Narrative (Details) - USD ($) | 3 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2024 | |
Debt Instrument | |||
Fair value of long-term debt | $ 1,387,000,000 | $ 1,375,000,000 | |
Finance lease obligations | 99,847,000 | 101,818,000 | |
Interest income | 2,385,000 | $ 3,576,000 | |
Capitalized interest | 419,000 | $ 794,000 | |
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | |||
Debt Instrument | |||
Maximum borrowing capacity | 850,000,000 | ||
Fair value of amount outstanding | $ 0 | 0 | |
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Secured Overnight Financing Rate | |||
Debt Instrument | |||
Effective percentage | 0.10% | ||
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Federal Funds | |||
Debt Instrument | |||
Effective percentage | 0.50% | ||
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate | |||
Debt Instrument | |||
Effective percentage | 1% | ||
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility | |||
Debt Instrument | |||
Facility fee percentage | 0.15% | ||
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility | Secured Overnight Financing Rate | |||
Debt Instrument | |||
Effective percentage | 0% | ||
Basis spread on variable rate | 1.10% | ||
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate | |||
Debt Instrument | |||
Effective percentage | 1% | ||
Basis spread on variable rate | 0.10% | ||
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility | |||
Debt Instrument | |||
Facility fee percentage | 0.30% | ||
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility | Secured Overnight Financing Rate | |||
Debt Instrument | |||
Basis spread on variable rate | 1.70% | ||
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate | |||
Debt Instrument | |||
Basis spread on variable rate | 0.70% | ||
Unsecured Revolving Line of Credit | Line of Credit | |||
Debt Instrument | |||
Maximum borrowing capacity | $ 50,000,000 | ||
Fair value of amount outstanding | 0 | $ 0 | |
Unsecured Revolving Line of Credit | Letter of Credit | |||
Debt Instrument | |||
Maximum borrowing capacity | $ 308,000 |
Compensation Related Costs an_3
Compensation Related Costs and Share Based Payments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Number of shares available for grant reduction per stock option issued (in shares) | 1 | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Number of shares available for grant reduction per equity instruments other options issued (in shares) | 2 | |
Stock Incentive Plans | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Performance measurement period | 3 years | |
Downward adjustment percentage | 25% | |
Upward adjustment percentage | 25% | |
Allocated share-based compensation expense | $ 11,036 | $ 10,468 |
Unrecognized compensation costs related to plan | $ 62,104 | |
Unrecognized compensation costs, weighted average remaining term | 1 year 6 months | |
Fair value of shares vested | $ 62,295 | |
Stock Incentive Plans | Restricted Stock Units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Target percentage | 0% | |
Stock Incentive Plans | Restricted Stock Units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Target percentage | 200% | |
2018 Stock Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Number of shares available for grant (in shares) | 959,492 | |
Granted (in shares) | 0 |
Compensation Related Costs an_4
Compensation Related Costs and Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - Stock Incentive Plans - Restricted Stock Units | 3 Months Ended |
Jul. 31, 2024 $ / shares shares | |
Number of Restricted Stock Units | |
Unvested at the beginning of the period (in shares) | shares | 491,862 |
Granted (in shares) | shares | 102,312 |
Vested (in shares) | shares | (169,969) |
Forfeited (in shares) | shares | (2,214) |
Unvested at the end of the period (in shares) | shares | 421,991 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested (in dollars per share) | $ / shares | $ 229 |
Granted (in dollars per share) | $ / shares | 340 |
Vested (in dollars per share) | $ / shares | 222 |
Forfeited (in dollars per share) | $ / shares | 242 |
Unvested (in dollars per share) | $ / shares | $ 259 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | Jul. 25, 2024 USD ($) store | Jul. 31, 2024 store |
Business Acquisition [Line Items] | ||
Number of stores | 2,674 | |
Fikes, GPS And Other Parties | ||
Business Acquisition [Line Items] | ||
Percentage of voting interested acquired | 100% | |
Aggregate purchase price | $ | $ 1,145 | |
Number of stores | 198 | |
Fikes, GPS And Other Parties | Texas | ||
Business Acquisition [Line Items] | ||
Number of stores | 148 | |
Fikes, GPS And Other Parties | Alabama, Florida And Mississippi | ||
Business Acquisition [Line Items] | ||
Number of stores | 50 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - Pending Litigation - employee | 3 Months Ended | |
Oct. 13, 2023 | Jul. 31, 2024 | |
McColley V. Casey's General Stores, Inc. | ||
Other Commitments [Line Items] | ||
Number of participants | 1,400 | |
Kessler V. Casey's Marketing Company | ||
Other Commitments [Line Items] | ||
Number of participants | 550 |
Unrecognized Tax Benefits - Nar
Unrecognized Tax Benefits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 11,586 | $ 10,747 | |
Unrecognized tax benefits that would impact effective tax rate | 9,153 | ||
Accrued interest and penalties related to unrecognized tax benefits | 412 | $ 350 | |
Net interest and penalties included in income tax expense | 62 | $ 59 | |
Expected decrease in unrecognized tax benefits | $ 2,000 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 3 Months Ended |
Jul. 31, 2024 segment merchandise_category store state | |
Segment Reporting [Abstract] | |
Number of stores | store | 2,674 |
Number of states in which entity operates | state | 17 |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Number of merchandise categories | merchandise_category | 3 |