QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | Emerging growth company |
Class | Outstanding at March 1, 2022 | |||||||
Common stock, no par value per share |
Page | |||||||||||
PART I | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2 | |||||||||||
Item 6. | |||||||||||
January 31, 2022 | April 30, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables | |||||||||||
Inventories | |||||||||||
Prepaid expenses | |||||||||||
Income taxes receivable | |||||||||||
Total current assets | |||||||||||
Other assets, net of amortization | |||||||||||
Goodwill | |||||||||||
Property and equipment, net of accumulated depreciation of $ | |||||||||||
Total assets | $ | $ |
Liabilities and Shareholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term debt and finance lease obligations | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Total current liabilities | |||||||||||
Long-term debt and finance lease obligations, net of current maturities | |||||||||||
Deferred income taxes | |||||||||||
Deferred compensation | |||||||||||
Insurance accruals, net of current portion | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, no par value | |||||||||||
Common stock, no par value | |||||||||||
Retained earnings | |||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Total revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Interest, net | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Federal and state income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income per common share | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Basic weighted average shares outstanding | |||||||||||||||||||||||
Plus effect of stock compensation | |||||||||||||||||||||||
Diluted weighted average shares outstanding | |||||||||||||||||||||||
Dividends declared per share | $ | $ | $ | $ |
Shares Outstanding | Common Stock | Retained Earnings | Shareholders' Equity | ||||||||||||||||||||
Balance at April 30, 2021 | $ | $ | $ | ||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Dividends declared ( | — | — | ( | ( | |||||||||||||||||||
Exercise of stock options | — | ||||||||||||||||||||||
Share-based compensation (net of tax withholding on employee share-based awards) | ( | — | ( | ||||||||||||||||||||
Balance at July 31, 2021 | |||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Dividends declared ( | — | — | ( | ( | |||||||||||||||||||
Share-based compensation (net of tax withholding on employee share-based awards) | — | ||||||||||||||||||||||
Balance at October 31, 2021 | |||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Dividends declared ( | — | — | ( | ( | |||||||||||||||||||
Share-based compensation (net of tax withholding on employee share-based awards) | — | ||||||||||||||||||||||
Balance at January 31, 2022 | $ | $ | $ | ||||||||||||||||||||
Shares Outstanding | Common Stock | Retained Earnings | Shareholders' Equity | ||||||||||||||||||||
Balance at April 30, 2020 | $ | $ | $ | ||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Dividends declared ( | — | — | ( | ( | |||||||||||||||||||
Exercise of stock options | — | ||||||||||||||||||||||
Share-based compensation (net of tax withholding on employee share-based awards) | ( | — | ( | ||||||||||||||||||||
Balance at July 31, 2020 | |||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Dividends declared ( | — | — | ( | ( | |||||||||||||||||||
Exercise of stock options | — | ||||||||||||||||||||||
Share-based compensation (net of tax withholding on employee share-based awards) | — | ||||||||||||||||||||||
Balance at October 31, 2020 | |||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Dividends declared ( | — | — | ( | ( | |||||||||||||||||||
Exercise of stock options | — | ||||||||||||||||||||||
Share-based compensation (net of tax withholding on employee share-based awards) | — | ||||||||||||||||||||||
Balance at January 31, 2021 | $ | $ | $ |
Nine months ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of debt issuance costs | |||||||||||
Share-based compensation | |||||||||||
(Gain) loss on disposal of assets and impairment charges | ( | ||||||||||
Deferred income taxes | |||||||||||
Changes in assets and liabilities: | |||||||||||
Receivables | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued expenses | |||||||||||
Income taxes | |||||||||||
Other, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment | ( | ( | |||||||||
Payments for acquisition of businesses, net of cash acquired | ( | ( | |||||||||
Proceeds from sales of assets | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | |||||||||||
Payments of long-term debt | ( | ( | |||||||||
Payments of debt issuance costs | ( | ( | |||||||||
Net payments of short-term debt | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Payments of cash dividends | ( | ( | |||||||||
Tax withholdings on employee share-based awards | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( |
Net (decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of the period | |||||||||||
Cash and cash equivalents at end of the period | $ | $ |
Nine months ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid during the period for: | |||||||||||
Interest, net of amount capitalized | $ | $ | |||||||||
Income taxes, net | |||||||||||
Noncash investing and financing activities: | |||||||||||
Purchased property and equipment in accounts payable | |||||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | |||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | |||||||||||
Unvested at April 30, 2021 | |||||
Granted | |||||
Vested | ( | ||||
Forfeited | ( | ||||
Performance Award Adjustments | ( | ||||
Unvested at January 31, 2022 |
Assets acquired: | |||||
Cash and cash equivalents | $ | ||||
Receivables | |||||
Inventories | |||||
Prepaid expenses | |||||
Property and equipment | |||||
Contractual customer relationships | |||||
Deferred income taxes | |||||
Finance lease right-of-use assets | |||||
Operating lease right-of-use assets | |||||
Other assets | |||||
Goodwill | |||||
Total assets | |||||
Liabilities assumed: | |||||
Accounts payable | |||||
Accrued expenses | |||||
Finance lease liabilities | |||||
Operating lease liabilities | |||||
Other long-term liabilities | |||||
Total liabilities | |||||
Net assets acquired and total purchase price | $ |
Assets acquired: | |||||
Inventories | $ | ||||
Property and equipment | |||||
Finance lease right-of-use assets | |||||
Operating lease right-of-use assets | |||||
Goodwill | |||||
Total assets | |||||
Liabilities assumed: | |||||
Accrued expenses and other long-term liabilities | |||||
Finance lease liabilities | |||||
Operating lease liabilities | |||||
Total liabilities | |||||
Net assets acquired and total consideration paid | $ |
Assets acquired: | |||||
Cash and cash equivalents | $ | ||||
Inventories | |||||
Prepaid expenses | |||||
Property and equipment | |||||
Deferred income taxes | |||||
Operating lease right-of-use assets | |||||
Goodwill | |||||
Total assets | |||||
Liabilities assumed: | |||||
Accrued expenses and other long-term liabilities | |||||
Operating lease liabilities | |||||
Total liabilities | |||||
Net assets acquired and total consideration paid | $ |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income per common share | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Thousands). |
Store Count | |||||
Total stores at April 30, 2021 | 2,243 | ||||
New store construction | 11 | ||||
Acquisitions | 191 | ||||
Acquisitions not opened | (5) | ||||
Prior acquisitions opened | 4 | ||||
Closed | (13) | ||||
Total stores at January 31, 2022 | 2,431 |
Three Months Ended January 31, 2022 | Fuel | Grocery & General Merchandise | Prepared Food & Dispensed Beverage | Other | Total | ||||||||||||||||||||||||
Revenue | $ | 1,951,422 | $ | 732,514 | $ | 292,884 | $ | 71,897 | $ | 3,048,717 | |||||||||||||||||||
Revenue less cost of goods sold (excluding depreciation and amortization) | $ | 237,873 | $ | 234,064 | $ | 169,773 | $ | 22,785 | $ | 664,495 | |||||||||||||||||||
12.2 | % | 32.0 | % | 58.0 | % | 31.7 | % | 21.8 | % | ||||||||||||||||||||
Fuel gallons | 621,770 | ||||||||||||||||||||||||||||
Three Months Ended January 31, 2021 | Fuel | Grocery & General Merchandise | Prepared Food & Dispensed Beverage | Other | Total | ||||||||||||||||||||||||
Revenue | $ | 1,100,875 | $ | 624,465 | $ | 264,018 | $ | 18,670 | $ | 2,008,028 | |||||||||||||||||||
Revenue less cost of goods sold (excluding depreciation and amortization) | $ | 170,399 | $ | 191,502 | $ | 159,988 | $ | 18,292 | $ | 540,181 | |||||||||||||||||||
15.5 | % | 30.7 | % | 60.6 | % | 98.0 | % | 26.9 | % | ||||||||||||||||||||
Fuel gallons | 518,408 |
Nine Months Ended January 31, 2022 | Fuel | Grocery & General Merchandise | Prepared Food & Dispensed Beverage | Other | Total | ||||||||||||||||||||||||
Revenue | $ | 5,967,408 | 2,397,483 | 910,828 | 217,933 | 9,493,652 | |||||||||||||||||||||||
Revenue less cost of goods sold (excluding depreciation and amortization) | 704,231 | 785,412 | 545,377 | 70,952 | 2,105,972 | ||||||||||||||||||||||||
11.8 | % | 32.8 | % | 59.9 | % | 32.6 | % | 22.2 | % | ||||||||||||||||||||
Fuel gallons | 1,958,061 | ||||||||||||||||||||||||||||
Nine Months Ended January 31, 2021 | Fuel | Grocery & General Merchandise | Prepared Food & Dispensed Beverage | Other | Total | ||||||||||||||||||||||||
Revenue | $ | 3,380,348 | $ | 2,074,552 | $ | 823,605 | $ | 50,449 | $ | 6,328,954 | |||||||||||||||||||
Revenue less cost of goods sold (excluding depreciation and amortization) | $ | 584,584 | $ | 666,093 | $ | 495,297 | $ | 49,470 | $ | 1,795,444 | |||||||||||||||||||
17.3 | % | 32.1 | % | 60.1 | % | 98.1 | % | 28.4 | % | ||||||||||||||||||||
Fuel gallons | 1,645,497 |
Three months ended | Nine months ended | ||||||||||||||||||||||
January 31, 2022 | January 31, 2021 | January 31, 2022 | January 31, 2021 | ||||||||||||||||||||
Net income | $ | 64,024 | $ | 38,627 | $ | 280,014 | $ | 271,202 | |||||||||||||||
Interest, net | 14,431 | 11,469 | 41,681 | 35,510 | |||||||||||||||||||
Federal and state income taxes | 19,514 | 10,452 | 88,033 | 82,549 | |||||||||||||||||||
Depreciation and amortization | 75,529 | 65,185 | 225,675 | 195,299 | |||||||||||||||||||
EBITDA | $ | 173,498 | $ | 125,733 | $ | 635,403 | $ | 584,560 | |||||||||||||||
Loss (gain) on disposal of assets and impairment charges | 838 | 1,649 | (869) | 3,808 | |||||||||||||||||||
Adjusted EBITDA | $ | 174,336 | $ | 127,382 | $ | 634,534 | $ | 588,368 |
Finance lease liabilities | 72,176 | ||||
3.67% Senior notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 | 150,000 | ||||
3.75% Senior notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 | 50,000 | ||||
3.65% Senior notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 | 50,000 | ||||
3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 | 50,000 | ||||
3.51% Senior notes (Series E) due June 13, 2025 | 150,000 | ||||
3.77% Senior notes (Series F) due August 22, 2028 | 250,000 | ||||
2.85% Senior notes (Series G) due August 7, 2030 | 325,000 | ||||
2.96% Senior notes (Series H) due August 6, 2032 | 325,000 | ||||
Variable rate Term Loan Facilities, requiring quarterly installments ending January 6, 2026 | 438,750 | ||||
Less debt issuance costs | (3,182) | ||||
1,857,744 | |||||
Less current maturities | (91,695) | ||||
1,766,049 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||
Third Quarter | |||||||||||||||||||||||
November 1 -November 30, 2021 | — | $ | — | — | $ | 300,000,000 | |||||||||||||||||
December 1 - December 31, 2021 | — | — | — | 300,000,000 | |||||||||||||||||||
January 1 - January 31, 2022 | — | — | — | 300,000,000 | |||||||||||||||||||
Total | — | $ | — | — | $ | 300,000,000 | |||||||||||||||||
Exhibit No. | Description | ||||
3.1 | |||||
3.2a | |||||
10.1 | |||||
10.2* | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
101.INS | XBRL Instance Document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
101. DEF | XBRL Taxonomy Extension Definition Linkbase Document |
CASEY’S GENERAL STORES, INC. | ||||||||
Date: March 8, 2022 | By: | /s/ Stephen P. Bramlage Jr. | ||||||
Stephen P. Bramlage Jr. | ||||||||
Its: | Chief Financial Officer | |||||||
(Authorized Officer and Principal Financial and Accounting Officer) |
Dated: March 8, 2022 | /s/ Darren M. Rebelez | |||||||
Darren M. Rebelez | ||||||||
President and Chief Executive Officer |
Dated: March 8, 2022 | /s/ Stephen P. Bramlage Jr. | |||||||
Stephen P. Bramlage Jr. | ||||||||
Chief Financial Officer |
Dated: March 8, 2022 | /s/ Darren M. Rebelez | |||||||
Darren M. Rebelez | ||||||||
President and Chief Executive Officer |
Dated: March 8, 2022 | /s/ Stephen P. Bramlage Jr. | |||||||
Stephen P. Bramlage Jr. | ||||||||
Chief Financial Officer |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jan. 31, 2022 |
Apr. 30, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 2,367,588 | $ 2,206,405 |
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Income Statement [Abstract] | ||||
Total revenue | $ 3,048,717 | $ 2,008,028 | $ 9,493,652 | $ 6,328,954 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 2,384,222 | 1,467,847 | 7,387,680 | 4,533,510 |
Operating expenses | 490,997 | 414,448 | 1,470,569 | 1,210,884 |
Depreciation and amortization | 75,529 | 65,185 | 225,675 | 195,299 |
Interest, net | 14,431 | 11,469 | 41,681 | 35,510 |
Income before income taxes | 83,538 | 49,079 | 368,047 | 353,751 |
Federal and state income taxes | 19,514 | 10,452 | 88,033 | 82,549 |
Net income | $ 64,024 | $ 38,627 | $ 280,014 | $ 271,202 |
Net income per common share | ||||
Basic (in dollars per share) | $ 1.72 | $ 1.04 | $ 7.54 | $ 7.33 |
Diluted (in dollars per share) | $ 1.71 | $ 1.04 | $ 7.50 | $ 7.28 |
Basic weighted average shares outstanding (in shares) | 37,169,213 | 37,042,544 | 37,154,883 | 37,017,656 |
Plus effect of stock compensation (in shares) | 197,370 | 241,047 | 197,370 | 240,962 |
Diluted weighted average shares outstanding (in shares) | 37,366,583 | 37,283,591 | 37,352,253 | 37,258,618 |
Dividends declared per share (in dollars per share) | $ 0.35 | $ 0.34 | $ 1.04 | $ 0.98 |
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 31, 2022 |
Oct. 31, 2021 |
Jul. 31, 2021 |
Jan. 31, 2021 |
Oct. 31, 2020 |
Jul. 31, 2020 |
|
Retained Earnings | ||||||
Payment of dividends per share (in Dollars per share) | $ 0.35 | $ 0.35 | $ 0.34 | $ 0.34 | $ 0.32 | $ 0.32 |
Presentation of Financial Statements |
9 Months Ended |
---|---|
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Statements | Presentation of Financial Statements Casey’s General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey’s") operate 2,431 convenience stores in 17 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 5,000. 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 |
9 Months Ended |
---|---|
Jan. 31, 2022 | |
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. generally accepted accounting principles 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 revenues 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 January 31, 2022 and April 30, 2021, the results of operations for the three and nine months ended January 31, 2022 and 2021, and shareholders' equity and cash flows for the nine months ended January 31, 2022 and 2021. 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. See the Form 10-K for the year ended April 30, 2021 for our consideration of new accounting pronouncements.
|
Revenue and Cost of Goods Sold |
9 Months Ended |
---|---|
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Cost of Goods Sold | Revenue and Cost of Goods Sold The Company recognizes retail sales of fuel, grocery and general merchandise (previously referred to as “grocery and other merchandise”), prepared food and dispensed beverage (previously referred to as “prepared food and fountain”) 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 financial statements. A portion of revenue from sales that include a redeemable digital box top coupon or 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 digital box top coupon or points. The amounts related to digital box top coupons and points are deferred until their redemption or expiration. Revenue related to the digital box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of January 31, 2022 and April 30, 2021, the Company recognized a contract liability of $38,790 and $30,719, respectively, related to the outstanding digital box top coupons and Casey's Rewards points, 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. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. Vendor rebates, including billbacks, are treated as a reduction in inventory when they are based on the purchase of product or shipment of product from the warehouse to the store, and are treated as a reduction of cost of goods sold when they are based on the sale of product to our guests. These amounts are recognized in the period earned based on the applicable rebate agreement.
|
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure |
9 Months Ended |
---|---|
Jan. 31, 2022 | |
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 $1,773,000 and $1,391,000 at January 31, 2022 and April 30, 2021, respectively. The fair value calculated excludes finance lease obligations of $72,176 and $14,085 outstanding at January 31, 2022 and April 30, 2021, respectively, which are grouped with long-term debt on the condensed consolidated balance sheets. Term Loan Facilities In order to fund the acquisition of Buchanan Energy (see Note 6) the Company drew a senior unsecured term loan in the aggregate principal amount of $300 million during the first quarter of fiscal 2022. During the third quarter, the Company amended its existing credit agreement to (a) provide for a new senior unsecured term loan in the aggregate principal amount of $150 million (collectively with the $300 million term loan, the "Term Loan Facilities") and (b) decrease the minimum index for LIBOR-based loans, which includes both the Term Loan Facilities and the Revolver Facility, discussed below. The proceeds of the $150 million term loan were, in-part, utilized to fund the acquisition of 40 stores from Pilot Corporation (see Note 6). Amounts borrowed under the Term Loan Facilities bear interest at variable rates based upon, at the Company’s option, either: (i) the Adjusted LIBO Rate, plus a margin ranging from 1.55% to 2.60%; or (ii) the ABR Rate, plus a margin ranging from 0.20% to 1.60%. The Company currently has elected the Adjusted LIBO Rate, and there is an option to elect either rate in subsequent interest periods. The Term Loan Facilities also carry a facility fee of 0.20% to 0.40% per annum. The applicable margins and facility fee are dependent upon the Company's Consolidated Leverage Ratio, as defined in the credit agreement establishing the Term Loan Facilities as calculated quarterly. The outstanding principal balance 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 Term Loan Facilities due on January 6, 2026. The Company had an outstanding principal balance of $438,750 on the Term Loan Facilities at January 31, 2022. Of that outstanding balance, $67,500 has been recognized as current maturities of long-term debt on the condensed consolidated balance sheets at January 31, 2022; $22,500 related to our obligations under the credit agreement and $45,000 related to the Company’s intentions to prepay a portion of the balance within the next 12 months. Revolving Facility The Company has a committed unsecured revolving credit facility in the aggregate principal amount of $450,000 (the "Revolving Facility"). The maturity date for the revolving facility is January 11, 2024. Amounts borrowed under the Revolving Facility bear interest at variable rates based upon, at the Company’s option, either: (a) the LIBO Rate adjusted for statutory reserve requirements (but no less than 0.50%), plus a margin ranging from 1.05% to 1.85%; or (b) an alternate base rate, which is the higher of (i) the prime rate announced by the Administrative Agent, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) the one-month LIBO Rate plus 1.00%, plus a margin ranging from 0.05% to 0.85%. The Revolving Facility also carries a facility fee of 0.20% to 0.40% per annum. The applicable margins and facility fee are dependent upon the Company’s Consolidated Leverage Ratio, as noted above. The Company had $0 outstanding under the Revolving Facility at January 31, 2022 and April 30, 2021. Bank Line The Company has an additional unsecured bank line of credit (the "Bank Line") with availability up to $25,000. 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 (the “Index”). There was $0 outstanding under the Bank Line at January 31, 2022 and April 30, 2021. The Bank Line is due upon demand
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Compensation Related Costs and Share Based Payments |
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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 ("the "2018 Plan Effective Date"). 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 January 31, 2022, there were 1,975,638 shares available for grant under the 2018 Plan. We account for share-based compensation by estimating the fair value of time-based and performance-based restricted stock unit awards using the closing price of a share of our common stock on the date of grant. For market-based awards we use a "Monte Carlo" approach to estimate the value of the awards, which simulates the prices of the Company’s and each member of the performance peer groups' common stock price at the end of the relevant performance period, taking into account volatility and the specifics surrounding each total shareholder return metric under the relevant plan. 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 performance based awards. All awards have been granted at no cost to the grantee and/or non-employee member of the Board. Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table:
The above awards reflect (a) long-term incentive compensation program grants for fiscal 2020 through 2022, which include a mix of time-based restricted stock units and performance-based restricted stock units (subject to three-year cumulative net income before net interest expense, income taxes, depreciation and amortization ("EBITDA"), three-year relative total shareholder return ("TSR") and three-year average return on invested capital ("ROIC")), (b) certain “make-whole” and sign-on grants, which include a mix of time-based restricted stock units and performance-based restricted stock units subject to TSR, EBITDA, and ROIC, (c) a special strategic grant which, upon grant, included performance-based restricted stock units subject to the performance of the Company’s e-commerce and loyalty platforms (which performance period has been completed, and are now subject to time-based vesting), (d) special performance grants which include time-based restricted stock units, and (e) non-employee director equity awards, which include time-based restricted stock units. Total compensation costs recorded for employees and non-employee directors for the nine months ended January 31, 2022 and 2021, respectively, were $29,382 and $22,009, related entirely to restricted stock unit awards. As of January 31, 2022, there was $38,799 of unrecognized compensation costs related to restricted stock units which are expected to be recognized through fiscal 2025. No stock option awards have been granted under the 2018 Plan.
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Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Many of our acquisitions meet the criteria to be considered business combinations. The Company accounts for business combinations using the acquisition method of accounting. Under this method of accounting, acquired assets and assumed liabilities are included within the acquirer's accounts as of the date of acquisition, with any excess of purchase price over the fair value of the net assets acquired recognized as goodwill. Acquisition-related transaction costs are recognized as period costs as incurred. We accounted for the Buchanan Energy, Circle K, and Pilot acquisitions (discussed below) as business combinations. Buchanan Energy On May 13, 2021, the Company closed on the acquisition of 100% of the equity interest in Buchanan Energy (and certain of its related subsidiaries and affiliated entities), owner of Bucky’s Convenience Stores. The transaction included 92 retail locations (consisting of 24 stores in Nebraska, 56 in Illinois, five in Iowa, three in Missouri, and four in Texas), a dealer network of 81 stores where Casey’s will manage fuel wholesale supply agreements to these stores, as well as several parcels of real estate which may be used for new store construction. Three of the retail locations were divested shortly after closing as part of a consent order with the Federal Trade Commission. On January 25, 2022, the Company entered into a purchase agreement to sell the four stores and one parcel of property in Texas for an aggregate sale price of $41,000, subject to customary post-closing adjustments. The transaction is expected to close during the fourth quarter of the fiscal year, subject to customary closing conditions. We do not expect to record any material gain or loss related to the sale. As a result of the Buchanan Energy acquisition, we added a fuel wholesale business. The Company expects to achieve certain synergies over time, in part, through the reduction of duplicate processes, improvements in purchasing power, installing our kitchens, and expanding merchandise offerings. The aggregate purchase price for the acquisition totaled $573,420, which is net of a provisional working capital adjustment of $3,822. Upon closing, $577,242 was paid in cash using available cash on hand and proceeds from the $300 million term loan (as discussed above in Note 4) and a draw on the Revolving Facility. The draw on the Revolving Facility was repaid during the first quarter of the fiscal year. 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 contractual customer relationships, leases, and property and equipment acquired. The accounting related to certain property and equipment, goodwill, contingent liabilities, deferred taxes, and the working capital adjustment is considered provisional and is subject to change.
Acquired operating lease right-of-use assets are included within other assets, net of amortization and acquired operating lease liabilities are included within accrued expenses and other long-term liabilities in the condensed consolidated balance sheets as of January 31, 2022. The $31,100 of contractual customer relationships will be amortized over a useful life of 15 years and are included within other assets, net of amortization in the condensed consolidated balance sheets as of January 31, 2022. These assets were valued using the multi-period excess earnings method. The goodwill acquired was assigned to the retail reporting unit in the amount of $242,060 and the fuel wholesale reporting unit in the amount of $8,053. The goodwill recognized is primarily attributable to the location of the seller’s stores in relation to our footprint and expected synergies due to expanded inside store offerings and improved purchasing power. Almost all of the goodwill acquired as the result of this transaction will be deductible for income tax purposes over 15 years. The Company incurred total acquisition-related transaction costs of approximately $8.6 million. This includes approximately $6.7 million incurred during the nine months ended January 31, 2022, which are included in the condensed consolidated statements of income within operating expenses. The Company recognized approximately $215,472 and $686,063 of revenue related to the acquired Buchanan Energy locations in the condensed consolidated statements of income for the three and nine months ended January 31, 2022, respectively. The amount of net income related to the acquired Buchanan Energy locations was not material for the three and nine months ended January 31, 2022. Circle K Throughout June 2021, the Company closed on the acquisition of 48 stores located in Oklahoma from Circle K pursuant to the terms and conditions of an asset purchase agreement. The aggregate purchase price for the acquisition totaled $41,416, which was paid in cash upon closing using available cash on hand. 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 leases acquired.
The goodwill recognized from this transaction is primarily attributable to the location of the seller's stores in relation to our footprint and expected synergies due, in part, to expanded inside store and fuel offerings. All of the goodwill acquired as a result of this transaction will be deductible for income tax purposes over 15 years. The Company recognized approximately $43,259 and $114,650 of revenue related to the acquired Circle K locations in the condensed consolidated statements of income for the three and nine months ended January 31, 2022, respectively. The amount of net income related to the acquired Circle K locations was not material for the three and nine months ended January 31, 2022. Pilot On December 16, 2021, the Company closed on the acquisition of 40 stores from Pilot Corporation pursuant to the terms and conditions of an asset purchase agreement. The transaction included 39 stores located in Tennessee and 1 store located in Kentucky. The aggregate purchase price for the acquisition totaled $226,624, which was paid in cash using available cash on hand and certain incremental proceeds from the $150 million term loan, as discussed above in Note 4. As a result of this acquisition, we increased our total store count to over 2,400 stores. The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We are utilizing a third-party valuation specialist to assist in valuing the property and equipment and leases acquired. The valuation is still in process and, as a result, amounts related to goodwill, property and equipment, leases, and deferred income taxes are provisional measurements and subjected to change.
The goodwill recognized from this transaction is primarily attributable to the location of the seller's stores in relation to our footprint and expected synergies due, in part, to expanded inside store. Almost all of the goodwill acquired as a result of this transaction will be deductible for income tax purposes over 15 years. The Company recognized approximately $35,259 of revenue related to the acquired Pilot locations in the condensed consolidated statements of income for the three and nine months ended January 31, 2022, respectively. The amount of net income related to the acquired Pilot locations was not material for the three and nine months ended January 31, 2022. Pro Forma Information The following unaudited pro forma information presents a summary of our condensed consolidated statements of income as if the Buchanan Energy, Circle K, and Pilot transactions referenced above occurred on May 1, 2020 (amounts in thousands, except per share data):
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Commitments and Contingencies |
9 Months Ended |
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Jan. 31, 2022 | |
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, 1,953 current and/or former Store Managers (representing less than 1/3 of those eligible) have opted to participate in the lawsuit. The Company believes that adequate provisions have been made for probable losses related to this matter, 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 the matter. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices. While volume commitments are included in the contracts, we do not have a history of incurring material penalties related to these provisions. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting. We have entered into forward contracts for cheese in order to fix the price per pound for a portion of our expected supply. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting.
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Unrecognized Tax Benefits |
9 Months Ended |
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Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits | Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $9,316 at April 30, 2021. At January 31, 2022, gross unrecognized tax benefits were $11,584. If this unrecognized tax benefit were ultimately recognized, $9,151 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $554 at January 31, 2022, and $370 at April 30, 2021. Net interest and penalties included in income tax expense for the nine months ended January 31, 2022, was a net expense of $184 and a net expense of $176 for the same period in 2021. 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 2018 and forward. Tax years 2012 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.
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Segment Reporting |
9 Months Ended |
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Jan. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment ReportingAs of January 31, 2022, we operated 2,431 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. Our stores sell similar products and services, and use similar processes to sell those products and services directly to the general public. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery and general merchandise (previously referred to as "grocery and other merchandise"), and prepared food and dispensed beverage (previously referred to as “prepared food and fountain”) because it allows us to more effectively discuss trends and operational programs within our business and industry. Although we can separate revenues 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 categories. |
Basis of Presentation (Policies) |
9 Months Ended |
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Jan. 31, 2022 | |
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. generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Revenue Recognition | The Company recognizes retail sales of fuel, grocery and general merchandise (previously referred to as “grocery and other merchandise”), prepared food and dispensed beverage (previously referred to as “prepared food and fountain”) 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 financial statements. A portion of revenue from sales that include a redeemable digital box top coupon or 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 digital box top coupon or points. The amounts related to digital box top coupons and points are deferred until their redemption or expiration. Revenue related to the digital box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of January 31, 2022 and April 30, 2021, the Company recognized a contract liability of $38,790 and $30,719, respectively, related to the outstanding digital box top coupons and Casey's Rewards points, 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. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. Vendor rebates, including billbacks, are treated as a reduction in inventory when they are based on the purchase of product or shipment of product from the warehouse to the store, and are treated as a reduction of cost of goods sold when they are based on the sale of product to our guests. These amounts are recognized in the period earned based on the applicable rebate agreement.
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Compensation Related Costs and Share Based Payments (Tables) |
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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:
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Acquisitions (Tables) |
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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 contractual customer relationships, leases, and property and equipment acquired. The accounting related to certain property and equipment, goodwill, contingent liabilities, deferred taxes, and the working capital adjustment is considered provisional and is subject to change.
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 leases acquired.
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Pro forma information | The following unaudited pro forma information presents a summary of our condensed consolidated statements of income as if the Buchanan Energy, Circle K, and Pilot transactions referenced above occurred on May 1, 2020 (amounts in thousands, except per share data):
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Presentation of Financial Statements - Narrative (Details) people in Thousands |
Jan. 31, 2022
store
state
people
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores | store | 2,431 |
Number of states in which entity operates | state | 17 |
Population of communities | people | 5 |
Revenue and Cost of Goods Sold - Narrative (Details) - USD ($) $ in Thousands |
Jan. 31, 2022 |
Apr. 30, 2021 |
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Revenue from Contract with Customer [Abstract] | ||
Contract liability | $ 38,790 | $ 30,719 |
Compensation Related Costs and Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - Stock Incentive Plans - Restricted Stock Units |
9 Months Ended |
---|---|
Jan. 31, 2022
shares
| |
Number of Restricted Stock Units | |
Unvested at the beginning of the period (in shares) | 646,920 |
Granted (in shares) | 151,072 |
Vested (in shares) | (242,631) |
Forfeited (in shares) | (28,515) |
Performance Award Adjustments (in shares) | (1,971) |
Unvested at the end of the period (in shares) | 524,875 |
Acquisitions - Proforma Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Business Combinations [Abstract] | ||||
Total revenue | $ 3,082,346 | $ 2,251,406 | $ 9,731,049 | $ 7,197,255 |
Net income | $ 66,898 | $ 41,590 | $ 300,140 | $ 282,473 |
Net income per common share | ||||
Basic (in dollars per share) | $ 1.80 | $ 1.12 | $ 8.08 | $ 7.63 |
Diluted (in dollars per share) | $ 1.79 | $ 1.12 | $ 8.04 | $ 7.58 |
Commitments and Contingencies - Narrative (Details) |
10 Months Ended |
---|---|
Jan. 31, 2022
employee
| |
McColley V. Casey's General Stores, Inc. | Pending Litigation | |
Other Commitments [Line Items] | |
Number of participatants | 1,953 |
Unrecognized Tax Benefits - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
Apr. 30, 2021 |
|
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 11,584 | $ 9,316 | |
Unrecognized tax benefits that would impact effective tax rate | 9,151 | ||
Accrued interest and penalties related to unrecognized tax benefits | 554 | $ 370 | |
Net interest and penalties included in income tax expense | 184 | $ 176 | |
Expected decrease in unrecognized tax benefits | $ 2,000 |
Segment Reporting - Narrative (Details) |
9 Months Ended |
---|---|
Jan. 31, 2022
merchandise_category
state
segment
store
| |
Segment Reporting [Abstract] | |
Number of stores | store | 2,431 |
Number of states in which entity operates | state | 17 |
Number of operating segments | segment | 1 |
Number of merchandise categories | merchandise_category | 3 |
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