Annual 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 June 20, 2024 | |||||||
Common Stock, no par value per share |
PART I | ITEM 1. | ||||||||||
ITEM 1A. | |||||||||||
ITEM 1B. | |||||||||||
ITEM 1C. | |||||||||||
ITEM 2. | |||||||||||
ITEM 3. | |||||||||||
ITEM 4. | |||||||||||
PART II | ITEM 5. | ||||||||||
ITEM 6. | |||||||||||
ITEM 7. | |||||||||||
ITEM 7A. | |||||||||||
ITEM 8. | |||||||||||
ITEM 9. | |||||||||||
ITEM 9A. | |||||||||||
ITEM 9B. | |||||||||||
ITEM 9C. | |||||||||||
PART III | ITEM 10. | ||||||||||
ITEM 11. | |||||||||||
ITEM 12. | |||||||||||
ITEM 13. | |||||||||||
ITEM 14. | |||||||||||
PART IV | ITEM 15. | ||||||||||
ITEM 16. | |||||||||||
ITEM 1. | BUSINESS |
Year ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
Number of gallons sold | 2,828,669 | 2,672,366 | 2,579,179 | ||||||||||||||
Total retail fuel sales | $ | 9,402,071 | $ | 10,027,310 | $ | 8,312,038 | |||||||||||
Percentage of total revenue | 63.3 | % | 66.4 | % | 64.2 | % | |||||||||||
Percentage of revenue less cost of goods sold (excluding depreciation and amortization) | 11.9 | % | 10.7 | % | 11.2 | % | |||||||||||
Average retail price per gallon | $ | 3.32 | $ | 3.75 | $ | 3.22 | |||||||||||
Average revenue less cost of goods sold per gallon (excluding depreciation and amortization) | 39.48 | ¢ | 40.22 | ¢ | 36.01 | ¢ | |||||||||||
Average number of gallons sold per store* | 1,102 | 1,092 | 1,047 |
* | Includes only those stores in operation at least one full year on April 30 of the fiscal year indicated. |
ITEM 1A. | RISK FACTORS |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 1C. | CYBERSECURITY |
ITEM 2. | PROPERTIES |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES |
Calendar 2022 | High | Low | Calendar 2023 | High | Low | Calendar 2024 | High | Low | |||||||||||||||||||||||||||||||||||||||
Q1 | $ | 202.50 | $ | 170.82 | Q1 | $ | 236.45 | $ | 202.13 | Q1 | $ | 324.40 | $ | 268.07 | |||||||||||||||||||||||||||||||||
Q2 | 216.40 | 181.40 | Q2 | 245.72 | 212.50 | ||||||||||||||||||||||||||||||||||||||||||
Q3 | 223.90 | 183.23 | Q3 | 284.18 | 238.44 | ||||||||||||||||||||||||||||||||||||||||||
Q4 | 249.90 | 197.61 | Q4 | 286.62 | 260.13 |
Calendar 2022 | Cash dividend declared | Calendar 2023 | Cash dividend declared | Calendar 2024 | Cash dividend declared | ||||||||||||||||||||||||
Q1 | $ | 0.35 | Q1 | $ | 0.38 | Q1 | $ | 0.43 | |||||||||||||||||||||
Q2 | 0.38 | Q2 | 0.43 | Q2 | 0.50 | ||||||||||||||||||||||||
Q3 | 0.38 | Q3 | 0.43 | ||||||||||||||||||||||||||
Q4 | 0.38 | Q4 | 0.43 | ||||||||||||||||||||||||||
$ | 1.49 | $ | 1.67 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) | |||||||||||||||||||
Fourth Quarter: | |||||||||||||||||||||||
February 1-29, 2024 | 36,341 | $ | 286.76 | 36,341 | $ | 299,295,981 | |||||||||||||||||
March 1-31, 2024 | 13,772 | 303.97 | 13,772 | 295,109,710 | |||||||||||||||||||
April 1-30, 2024 | — | — | — | 295,109,710 | |||||||||||||||||||
Total | 50,113 | $ | 291.49 | 50,113 | $ | 295,109,710 |
ITEM 6. | [Reserved] |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars and gallons in thousands, except per share amounts) |
Store Count | |||||
Stores at April 30, 2023 | 2,521 | ||||
New store construction | 42 | ||||
Acquisitions | 112 | ||||
Acquisitions not opened | (1) | ||||
Prior acquisitions opened | 6 | ||||
Closed | (22) | ||||
Stores at April 30, 2024 | 2,658 |
Years ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
Total revenue by category | |||||||||||||||||
Prepared food and dispensed beverage | $ | 1,461,600 | $ | 1,322,560 | $ | 1,204,100 | |||||||||||
Grocery and general merchandise | 3,727,394 | 3,445,777 | 3,141,527 | ||||||||||||||
Fuel | 9,402,071 | 10,027,310 | 8,312,038 | ||||||||||||||
Other (1) | 271,848 | 298,828 | 294,929 | ||||||||||||||
$ | 14,862,913 | $ | 15,094,475 | $ | 12,952,594 | ||||||||||||
Revenue less cost of goods sold (excluding depreciation and amortization) by category | |||||||||||||||||
Prepared food and dispensed beverage | $ | 858,295 | $ | 748,405 | $ | 712,352 | |||||||||||
Grocery and general merchandise | 1,270,527 | 1,156,451 | 1,027,477 | ||||||||||||||
Fuel | 1,116,671 | 1,074,913 | 928,868 | ||||||||||||||
Other (1) | 102,418 | 92,637 | 94,017 | ||||||||||||||
$ | 3,347,911 | $ | 3,072,406 | $ | 2,762,714 |
Years ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
Average retail sales | $ | 5,710 | $ | 6,064 | $ | 5,206 | |||||||||||
Average retail inside sales (2) | 2,037 | 1,956 | 1,840 | ||||||||||||||
Average revenue less cost of goods sold (excluding depreciation and amortization) on inside sales (2) | 801 | 752 | 723 | ||||||||||||||
Average retail sales of fuel | 3,673 | 4,110 | 3,366 | ||||||||||||||
Average revenue less cost of goods sold (excluding depreciation and amortization) on fuel | 445 | 450 | 363 | ||||||||||||||
Average operating income (3) | 473 | 445 | 367 | ||||||||||||||
Average number of gallons sold | 1,102 | 1,092 | 1,047 |
Years ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
Prepared food and dispensed beverage | 6.8 | % | 7.1 | % | 7.4 | % | |||||||||||
Grocery and general merchandise | 3.5 | % | 6.3 | % | 6.3 | % | |||||||||||
Fuel gallons | 0.1 | % | (0.8) | % | 4.4 | % |
Years ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
Net income | $ | 501,972 | $ | 446,691 | $ | 339,790 | |||||||||||
Interest, net | 53,441 | 51,815 | 56,972 | ||||||||||||||
Depreciation and amortization | 349,797 | 313,131 | 303,541 | ||||||||||||||
Federal and state income taxes | 154,188 | 140,827 | 100,938 | ||||||||||||||
EBITDA | $ | 1,059,398 | $ | 952,464 | $ | 801,241 | |||||||||||
Loss (gain) on disposal of assets and impairment charges | 6,414 | 6,871 | (1,201) | ||||||||||||||
Adjusted EBITDA | $ | 1,065,812 | $ | 959,335 | $ | 800,040 |
Finance lease liabilities (Note 7) | $ | 101,818 | |||
3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 | 111,000 | ||||
3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 | 37,000 | ||||
3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 | 50,000 | ||||
3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 | 50,000 | ||||
3.51% Senior Notes (Series E) due June 13, 2025 | 150,000 | ||||
3.77% Senior Notes (Series F) due August 22, 2028 | 250,000 | ||||
2.85% Senior Notes (Series G) due August 7, 2030 | 325,000 | ||||
2.96% Senior Notes (Series H) due August 6, 2032 | 325,000 | ||||
Variable rate term loan facility, requiring quarterly installments ending April 21, 2028 | 237,500 | ||||
Debt issuance costs | (1,379) | ||||
$ | 1,635,939 | ||||
Less current maturities | 53,181 | ||||
$ | 1,582,758 |
Contractual obligations | Payments due by period | ||||||||||||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||
Long-term debt (1) | $ | 1,757,829 | $ | 86,778 | $ | 337,269 | $ | 592,118 | $ | 741,664 | |||||||||||||||||||
Finance lease obligations | 144,383 | 12,942 | 25,934 | 17,800 | 87,707 | ||||||||||||||||||||||||
Operating lease obligations | 180,543 | 9,297 | 18,341 | 18,176 | 134,729 | ||||||||||||||||||||||||
Deferred compensation | 11,652 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 2,094,407 | $ | 109,017 | $ | 381,544 | $ | 628,094 | $ | 964,100 |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
April 30, | |||||||||||
2024 | 2023 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables | |||||||||||
Inventories | |||||||||||
Prepaid expenses | |||||||||||
Income taxes receivable | |||||||||||
Total current assets | |||||||||||
Property and equipment, at cost | |||||||||||
Land | |||||||||||
Buildings and leasehold improvements | |||||||||||
Machinery and equipment | |||||||||||
Finance lease right-of-use assets | |||||||||||
Construction in process | |||||||||||
Less accumulated depreciation and amortization | |||||||||||
Net property and equipment | |||||||||||
Other assets, net of amortization | |||||||||||
Goodwill | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Current maturities of long-term debt and finance lease obligations | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Wages and related taxes | |||||||||||
Property taxes | |||||||||||
Insurance accruals | |||||||||||
Total current liabilities | |||||||||||
Long-term debt and finance lease obligations, net of current maturities | |||||||||||
Deferred income taxes | |||||||||||
Insurance accruals, net of current portion | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity | |||||||||||
Preferred stock, | |||||||||||
Common stock, | |||||||||||
Retained earnings | |||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Years ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
Total revenue | $ | $ | $ | ||||||||||||||
Cost of goods sold (excluding 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 | $ | $ | $ | ||||||||||||||
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 April 30, 2022 | |||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Dividends declared ($ | — | — | ( | ( | |||||||||||||||||||
Share-based compensation (net of tax withholding on employee share-based awards) | — | ||||||||||||||||||||||
Balance at April 30, 2023 | |||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Dividends declared ($ | — | — | ( | ( | |||||||||||||||||||
Repurchase of common stock | ( | ( | — | ( | |||||||||||||||||||
Share-based compensation (net of tax withholding on employee share-based awards) | — | ||||||||||||||||||||||
Balance at April 30, 2024 | $ | $ | $ |
Years ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
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 | |||||||||||||||||
Change in excess replacement cost over LIFO inventory valuation | |||||||||||||||||
Share-based compensation | |||||||||||||||||
Loss (gain) 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 acquisitions of businesses, net of cash acquired | ( | ( | ( | ||||||||||||||
Proceeds from sales of property and equipment | |||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Proceeds from long-term debt | |||||||||||||||||
Payments of long-term debt and finance lease obligations | ( | ( | ( | ||||||||||||||
Payment of debt issuance costs | ( | ( | |||||||||||||||
Proceeds from exercise of stock options | |||||||||||||||||
Payments of cash dividends | ( | ( | ( | ||||||||||||||
Repurchase of common stock | ( | ||||||||||||||||
Tax withholdings on employee share-based awards | ( | ( | ( | ||||||||||||||
Net cash (used in) provided by financing activities | ( | ( | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | ( | ( | |||||||||||||||
Cash and cash equivalents at beginning of year | |||||||||||||||||
Cash and cash equivalents at end of year | $ | $ | $ | ||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION | |||||||||||||||||
Cash paid for interest, net of amount capitalized | $ | $ | $ | ||||||||||||||
Cash paid for income taxes, net | |||||||||||||||||
Noncash investing and financing activities | |||||||||||||||||
Purchased property and equipment in accounts payable |
Years ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Vendor rebates | $ | $ | |||||||||
Credit cards | |||||||||||
Other | |||||||||||
Total receivables | $ | $ |
Years ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Fuel | $ | $ | |||||||||
Merchandise | |||||||||||
Total inventories | $ | $ |
Buildings | |||||
Machinery and equipment | |||||
Finance lease right-of-use assets | Lesser of term of lease or life of asset | ||||
Leasehold improvements | Lesser of term of lease or life of asset |
Assets acquired: | |||||
Inventories | $ | ||||
Property and equipment | |||||
Finance lease right-of-use assets | |||||
Operating lease right-of-use assets | |||||
Other 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 | $ |
For the year ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Total revenue | $ | $ | |||||||||
Net income | $ | $ | |||||||||
Net income per common share | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
Assets acquired: | |||||
Inventories | $ | ||||
Property and equipment | |||||
Goodwill | |||||
Total assets | |||||
Total liabilities | |||||
Net assets acquired and total purchase price | $ |
As of April 30, | |||||||||||
2024 | 2023 | ||||||||||
Finance lease liabilities (Note 7) | $ | $ | |||||||||
Variable rate term loan facility, requiring quarterly installments ending April 21, 2028 | |||||||||||
Debt issuance costs | ( | ( | |||||||||
$ | $ | ||||||||||
Less current maturities | |||||||||||
$ | $ |
Years ended April 30, | ||||||||
2025 | $ | |||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
2029 | ||||||||
Thereafter | ||||||||
$ |
Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||
Shares | Value per Share | ||||||||||
Unvested at April 30, 2021 | |||||||||||
Granted | $ | ||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Performance Award Adjustments | ( | ||||||||||
Unvested at April 30, 2022 | |||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Performance Award Adjustments | |||||||||||
Unvested at April 30, 2023 | |||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Performance Award Adjustments | |||||||||||
Unvested at April 30, 2024 | $ |
Years ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
Basic | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Weighted average shares outstanding-basic | |||||||||||||||||
Basic earnings per common share | $ | $ | $ | ||||||||||||||
Diluted | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Weighted-average shares outstanding-basic | |||||||||||||||||
Plus effect of stock options and restricted stock units | |||||||||||||||||
Weighted-average shares outstanding-diluted | |||||||||||||||||
Diluted earnings per common share | $ | $ | $ |
Years ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
Current tax expense: | |||||||||||||||||
Federal | $ | $ | $ | ||||||||||||||
State | |||||||||||||||||
Deferred tax expense | |||||||||||||||||
Total income tax expense | $ | $ | $ |
As of April 30, | |||||||||||
2024 | 2023 | ||||||||||
Deferred tax assets: | |||||||||||
Accrued liabilities and reserves | $ | $ | |||||||||
Deferred revenue | |||||||||||
Accrued bonus compensation | |||||||||||
Workers compensation | |||||||||||
Operating and finance lease obligations | |||||||||||
Asset retirement obligations | |||||||||||
Deferred compensation | |||||||||||
Equity compensation | |||||||||||
State net operating losses and tax credits | |||||||||||
Other | |||||||||||
Total gross deferred tax assets | |||||||||||
Less valuation allowance | |||||||||||
Total net deferred tax assets | |||||||||||
Deferred tax liabilities: | |||||||||||
Property and equipment depreciation | ( | ( | |||||||||
Goodwill | ( | ( | |||||||||
Other | ( | ( | |||||||||
Total gross deferred tax liabilities | ( | ( | |||||||||
Net deferred tax liability | $ | ( | $ | ( |
Years ended April 30, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
Income taxes at the statutory rates | % | % | % | ||||||||||||||
Federal tax credits | ( | % | ( | % | ( | % | |||||||||||
State income taxes, net of federal tax benefit | % | % | % | ||||||||||||||
Impact of phased-in state law changes, net of federal benefit | ( | % | ( | % | ( | % | |||||||||||
ASU 2016-09 benefit (share-based compensation) | ( | % | ( | % | ( | % | |||||||||||
Nondeductible executive compensation | % | % | % | ||||||||||||||
Other | % | ( | % | % | |||||||||||||
% | % | % |
2024 | 2023 | ||||||||||
Beginning balance | $ | $ | |||||||||
Additions based on tax positions related to current year | |||||||||||
Reductions due to lapse of applicable statute of limitations | ( | ( | |||||||||
Ending balance | $ | $ |
Years ended April 30, | |||||||||||||||||
Classification | 2024 | 2023 | |||||||||||||||
Finance lease right-of-use assets | Net property and equipment | $ | $ | ||||||||||||||
Operating lease right-of-use assets | |||||||||||||||||
Years ended April 30, | ||||||||||||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||
Operating lease cost | $ | $ | $ | |||||||||||||||||
Finance lease cost: | ||||||||||||||||||||
Amortization of right-of-use assets | $ | $ | $ | |||||||||||||||||
Interest on lease liabilities |
Years ended April 30, | ||||||||||||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||
Operating cash flows required by operating leases | $ | $ | $ | |||||||||||||||||
Operating cash flows required by finance leases | ||||||||||||||||||||
Financing cash flows required by finance leases | ||||||||||||||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | $ | $ | |||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities |
April 30, | |||||||||||
2024 | 2023 | ||||||||||
Weighted-average remaining lease-term - finance lease | |||||||||||
Weighted-average remaining lease-term - operating lease | |||||||||||
Weighted-average discount rate - finance lease | % | % | |||||||||
Weighted-average discount rate - operating lease | % | % |
Years ended April 30, | Finance leases | Operating leases | |||||||||
2025 | $ | $ | |||||||||
2026 | |||||||||||
2027 | |||||||||||
2028 | |||||||||||
2029 | |||||||||||
Thereafter | |||||||||||
Total minimum lease payments | $ | $ | |||||||||
Less amount representing interest | |||||||||||
Present value of net minimum lease payments | $ | $ |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
Exhibit Number | Description of Exhibits | ||||
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
4.7 | |||||
4.8 | |||||
4.9 | |||||
10.1 | |||||
10.2 | |||||
10.3* | |||||
10.4* | |||||
10.5* | |||||
10.6* | |||||
10.7* | |||||
10.8* | |||||
10.9* | |||||
10.10* | |||||
10.11* | |||||
10.12* | |||||
10.13* | |||||
10.14* | |||||
10.15* | |||||
10.16* | |||||
10.17* | |||||
10.18* | |||||
10.19* | |||||
10.20* | Restricted Stock Units Agreement (Sign-On Award to Stephen P. Bramlage, Jr.) and Award Summary under 2018 Stock Incentive Plan (incorporated by reference to Exhibit 10.27 to Form 10-Q as filed September 8, 2020) | ||||
10.21* | |||||
10.22* | |||||
10.23* | |||||
21.1 | |||||
23.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
97.1 | |||||
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 |
* | Indicates management contract or compensatory plan or arrangement. |
ITEM 16. | FORM 10-K SUMMARY |
CASEY’S GENERAL STORES, INC. (Registrant) | ||||||||
Date: June 24, 2024 | By | /s/ Darren M. Rebelez | ||||||
Darren M. Rebelez | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer and Director) | ||||||||
Date: June 24, 2024 | By | /s/ Stephen P. Bramlage Jr. | ||||||
Stephen P. Bramlage Jr. | ||||||||
Chief Financial Officer | ||||||||
(Authorized Officer and Principal Financial and Accounting Officer) |
Date: June 24, 2024 | By | /s/ Darren M. Rebelez | ||||||
Darren M. Rebelez | ||||||||
President, Chief Executive Officer and | ||||||||
Board Chair | ||||||||
Date: June 24, 2024 | By | /s/ Stephen P. Bramlage Jr. | ||||||
Stephen P. Bramlage Jr. | ||||||||
Chief Financial Officer | ||||||||
Date: June 24, 2024 | By | /s/ Judy A. Schmeling | ||||||
Judy A. Schmeling | ||||||||
Lead Independent Director | ||||||||
Date: June 24, 2024 | By | /s/ Cara K. Heiden | ||||||
Cara K. Heiden | ||||||||
Director | ||||||||
Date: June 24, 2024 | By | /s/ Donald E. Frieson | ||||||
Donald E. Frieson | ||||||||
Director |
Date: June 24, 2024 | By | /s/ David K. Lenhardt | ||||||
David K. Lenhardt | ||||||||
Director | ||||||||
Date: June 24, 2024 | By | /s/ Allison M. Wing | ||||||
Allison M. Wing | ||||||||
Director | ||||||||
Date: June 24, 2024 | By | /s/ Larree M. Renda | ||||||
Larree M. Renda | ||||||||
Director | ||||||||
Date: June 24, 2024 | By | /s/ Gregory A. Trojan | ||||||
Gregory A. Trojan | ||||||||
Director | ||||||||
Date: June 24, 2024 | By | /s/ Michael Spanos | ||||||
Michael Spanos | ||||||||
Director | ||||||||
Date: June 24, 2024 | By | /s/ Sri Donthi | ||||||
Sri Donthi | ||||||||
Director |
Threshold EBITDA Goal | Target EBITDA Goal | Maximum EBITDA Goal | |||||||||
[●]M | [●]M | [●]M | |||||||||
Final EBITDA Units Awarded | 50% of Target | 100% of Target [●] shares | 200% of Target |
Company TSR Performance | 0-25th Percentile | 25th-75th Percentile | 75th-100th Percentile | ||||||||
TSR Modifier | 25% Reduction | No Change | 25% Increase |
Threshold ROIC* Goal | Target ROIC* Goal | Maximum ROIC* Goal | |||||||||
[●]% | [●]% | [●]% | |||||||||
Final ROIC Units Awarded | 50% of Target | 100% of Target [●] shares | 200% of Target | ||||||||
*Three-year average, based on actual ROIC during the Performance Period |
Company TSR Performance | 0-25th Percentile | 25th-75th Percentile | 75th-100th Percentile | ||||||||
TSR Modifier | 25% Reduction | No Change | 25% Increase |
1 | I have reviewed this annual report on Form 10-K of Casey’s General Stores, Inc.; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5 | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
Dated June 24, 2024 | /s/ Darren M. Rebelez | ||||
Darren M. Rebelez, President and | |||||
Chief Executive Officer |
1 | I have reviewed this annual report on Form 10-K of Casey’s General Stores, Inc.; |
2 | Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5 | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
Dated June 24, 2024 | /s/ Stephen P. Bramlage Jr. | ||||
Stephen P. Bramlage Jr. | |||||
Chief Financial Officer |
/s/ Darren M. Rebelez | |||||
Darren M. Rebelez, President and | |||||
Chief Executive Officer |
/s/ Stephen P. Bramlage Jr. | |||||
Stephen P. Bramlage Jr. | |||||
Chief Financial Officer |
Audit Information |
12 Months Ended |
---|---|
Apr. 30, 2024 | |
Auditor Information [Abstract] | |
Auditor Location | Des Moines, Iowa |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Apr. 30, 2024 |
Apr. 30, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value (in usd per share) | $ 0 | $ 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, no par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 37,008,488 | 37,263,248 |
Common stock, shares outstanding (in shares) | 37,008,488 | 37,263,248 |
Consolidated Statements of Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Income Statement [Abstract] | |||
Total revenue | $ 14,862,913 | $ 15,094,475 | $ 12,952,594 |
Cost of goods sold (excluding depreciation and amortization, shown separately below) | 11,515,002 | 12,022,069 | 10,189,880 |
Operating expenses | 2,288,513 | 2,119,942 | 1,961,473 |
Depreciation and amortization | 349,797 | 313,131 | 303,541 |
Interest, net | 53,441 | 51,815 | 56,972 |
Income before income taxes | 656,160 | 587,518 | 440,728 |
Federal and state income taxes | 154,188 | 140,827 | 100,938 |
Net income | $ 501,972 | $ 446,691 | $ 339,790 |
Net income per common share | |||
Basic (in Dollars per share) | $ 13.51 | $ 11.99 | $ 9.14 |
Diluted (in Dollars per share) | $ 13.43 | $ 11.91 | $ 9.10 |
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Retained Earnings | |||
Payment of dividends per share (in Dollars per share) | $ 1.72 | $ 1.52 | $ 1.39 |
Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Operations: Casey’s General Stores, Inc. and its subsidiaries (collectively referred to as the "Company") operate 2,658 convenience stores in 17 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 20,000. Principles of consolidation: The consolidated financial statements include the financial statements of Casey’s General Stores, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior year have been reclassified to conform to current year presentation. Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash equivalents: We consider all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Included in cash equivalents are money market funds, treasury bills, and credit card, debit card and electronic benefits transfer transactions that process within three days. Receivables: Receivables are primarily comprised of balances outstanding from credit card companies which are not processed within three days and balances outstanding from vendor rebates. The Company records credit card receivables at the time of the related sale to the guest. Vendor rebates are recorded based upon the applicable agreements. Uncollectible accounts were immaterial during the periods presented. Below is a summary of the receivable values at April 30, 2024 and 2023:
Inventories and cost of goods sold: Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For fuel inventories, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise inventories, cost is determined through the use of the last-in, first-out (LIFO) method. The excess of replacement cost over the stated LIFO value was $151,461 and $138,962 at April 30, 2024 and 2023, respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2024 and 2023:
The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. Renewable identification numbers (“RINs”) are assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no cost to the Company. The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances and rebates and RINs. Warehousing costs are recorded within operating expenses on the consolidated statements of income. Capitalized software implementation costs: The Company capitalizes expenditures related to the implementation of software-as-a-service as incurred. These costs are expensed on a straight-line basis within operating expenses, typically over the contractual life of the related software. The useful lives utilized for capitalized software implementation costs range from 2-13 years. As of April 30, 2024 and 2023, the Company had recognized $37,619 and $42,495 of capitalized software implementation costs, respectively. The outstanding balance is recognized in other assets, net of amortization on the consolidated balance sheets. The Company has recognized amortization of $14,108 in fiscal 2024, $12,302 in fiscal 2023 and $9,449 in fiscal 2022 within operating expenses on the consolidated statements of income. Goodwill: As of April 30, 2024 and 2023, there was $652,663 and $615,342 of goodwill recognized, respectively. Goodwill is tested for impairment at least annually. The Company used a qualitative approach to assess the recoverability of goodwill at year-end. Management’s analysis of recoverability completed as of the fiscal year-end indicated no evidence of impairment for the years ended April 30, 2024, 2023, and 2022. Contractual customer relationships: As the result of a prior acquisition, the Company recognized approximately $31,100 of contractual customer relationships. These assets were valued using the multi-period excess earnings method. The contractual customer relationships are amortized on a straight-line basis over a useful life of 15 years and are included within other assets, net of amortization in the consolidated balance sheets as of April 30, 2024. As of April 30, 2024 and 2023, the Company has recognized $24,880 and $26,953 of contractual customer relationships, which was net of accumulated amortization of $6,220 and $4,147, respectively. The Company expects to recognize $2,073 of annual amortization expense related to contractual customer relationships over the next 5 years. Depreciation and amortization: Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives:
The Company monitors stores and will accelerate depreciation if the expected life of the asset is reduced due to the expected remaining operation of the store or the Company’s plans. Construction in process is reported at cost and not subject to depreciation until the related asset is placed in service. Store closings and asset impairment: The Company writes down property and equipment of stores it is closing to estimated net realizable value at the time management commits to a plan to close such stores and begins actively marketing the stores. The Company bases the estimated net realizable value of property and equipment on its experience in utilizing and/or disposing of similar assets, as well as estimates provided by its own and/or third-party real estate experts. The Company monitors closed and underperforming stores for an indication that the carrying amount of assets may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recognized to the extent carrying value of the assets exceeds their estimated fair value. Fair value is typically based on management’s estimate of the price that would be received to sell an asset in an orderly transaction between market participants. The estimate is derived from offers, actual sale or disposition of assets subsequent to year-end, and other indications of fair value, which are considered Level 3 inputs (see Note 3). In determining whether an asset is impaired, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which for the Company, is generally on a store-by-store basis. The Company incurred impairment charges of $4,057 in fiscal 2024, $3,500 in fiscal 2023, and $1,056 in fiscal 2022. Impairment charges are recognized as a component of operating expenses. Income taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of income in the period that includes the enactment date. The Company calculates its current and deferred tax provision based on estimates and assumptions that could differ from actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified. Revenue recognition: The Company recognizes retail sales of prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the consolidated statements of income. A portion of revenue from sales that include points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of April 30, 2024 and 2023, the Company recognized a contract liability of $52,934 and $55,561, respectively, related to the outstanding Casey's Rewards program, which is included in other accrued expenses on the consolidated balance sheets. During fiscal 2024, the digital box top program was discontinued and outstanding digital box tops were converted to points. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card. As of April 30, 2024 and 2023, the Company recognized a liability of $17,985 and $17,463, respectively, related to outstanding gift cards, which is included in other accrued expenses on the consolidated balance sheets. Net income per common share: Basic earnings per share have been computed by dividing net income by the weighted average shares outstanding during each of the years. Unvested shares under equity awards are treated as common shares within the basic earnings per share calculation when a recipient has met certain requirements in the award agreement. For example, if retirement provisions are satisfied which allow a recipient to avoid forfeiture of the award upon a normal retirement from the Company, it is included in the basic earnings per share calculation. The calculation of diluted earnings per share treats unvested restricted stock units with time-based restrictions as potential common shares. The diluted earnings per share calculation does not take into effect any shares that have not met performance or market conditions as of the reporting period. Asset retirement obligations: The Company recognizes the estimated future cost to remove underground storage tanks over the estimated useful life of the storage tank. The Company records a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of a long-lived asset at the time an underground storage tank is installed. The Company depreciates the amount added to property and equipment on a straight-line basis and recognizes accretion expense in connection with the discounted liability over the remaining life of the tank. The estimates of the anticipated future costs for removal of an underground storage tank are based on our prior experience with removal. Because these estimates are subjective and are currently based on historical costs with adjustments for estimated future changes in the associated costs, we expect the dollar amount of these obligations to change as more information is obtained. The discounted liability was $39,954 and $36,978 at April 30, 2024 and 2023, respectively, and is recorded in other long-term liabilities on the consolidated balance sheets. Self-insurance: The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability for workers’ compensation, general liability, and automobile claims is determined using actuarial methods at each year end based on claims filed and an estimate of claims incurred but not yet reported. Actuarial projections of the losses are employed due to the potential of variability in the liability estimates. Some factors affecting the uncertainty of the claim liability include the loss development factors, which includes the development time frame and settlement patterns, and expected loss rates, which includes litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. The balance of our self-insurance reserves was $57,369 and $61,168 as of April 30, 2024 and 2023, respectively. See additional discussion in Note 10. Environmental remediation liabilities: The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. At April 30, 2024 and 2023 we had an accrued liability of $299 and $268, respectively, which is recorded in other accrued expenses on the consolidated balance sheets. Derivative instruments: There were no options or futures contracts as of or during the years ended April 30, 2024, 2023, or 2022. From time to time, we participate in a forward buy of certain commodities. These are not accounted for as derivatives under the normal purchases and sale exclusions within the applicable accounting guidance. Share-based compensation: Share-based compensation is recorded based upon the fair value of the award on the grant date. The cost of the award is recognized ratably in the consolidated statements of income over the vesting period of the award, adjusted for certain retirement provisions. Forfeitures are recognized as they occur. Additionally, certain awards include performance and market conditions. Performance-based awards are based on either the achievement of a three-year average return on invested capital (ROIC) or three-year cumulative earnings before interest, income taxes, depreciation, and amortization (EBITDA). For these awards, share-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period. Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For the market-based portion of these awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards. Segment reporting: As of April 30, 2024, we operated 2,658 stores in 17 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of prepared food and dispensed beverage, grocery and general merchandise, and fuel because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenue and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. Recent accounting pronouncements: In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). The standard included guidance related to supplier finance programs and requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. The new standard was effective for the Company beginning May 1, 2023. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The new standard is effective for the Company's annual periods beginning May 1, 2024, and interim periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-07 to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The standard includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The new standard is effective for the Company's annual periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-09 to determine its impact on our disclosures.
|
Acquisitions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | CQUISITIONS Current Period Acquisitions During the year ended April 30, 2024, the Company acquired 112 stores through a variety of transactions, pursuant to the terms and conditions of the individual asset purchase agreements. The majority of these acquisitions meet the criteria to be considered business combinations. The purchase price for each transaction was paid in cash upon closing using available cash on hand. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets, and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. Fair values were determined using Level 3 inputs, which are unobservable inputs that are not corroborated by market data. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill if the acquisition is considered to be a business combination. Goodwill of $37,321 was recognized as the result of the current period acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. Almost all of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. Acquisition-related transaction costs are recognized as period costs as incurred. The Company incurred total acquisition-related transaction costs of $8,920 for fiscal 2024 which are recorded within operating expenses on the consolidated statements of income. The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the majority of other assets, leases and property and equipment acquired.
Payments for acquisition of businesses, net of cash acquired, on the consolidated statements of cash flows includes payments made for acquisitions that are closing shortly after the year-end. Such payments are not included in the total consideration paid in the table above, as those acquisitions have not yet closed as of the end of the year. The Company recognized approximately $237,529 of revenue related to the acquired locations in the consolidated statements of income for the year ended April 30, 2024. The amount of net income related to the acquired locations was not material for the year ended April 30, 2024. Pro Forma Information The following unaudited pro forma information presents a summary of our consolidated statements of income as if the transactions referenced above occurred at the beginning of fiscal 2023 (amounts in thousands, except per share data):
Prior Period Acquisitions During the year ended April 30, 2023, the Company acquired 47 stores, of which 26 stores were acquired from Minit Mart LLC pursuant to the terms and conditions of an asset purchase agreement. The majority of these acquisitions meet the criteria to be considered business combinations. Goodwill of $2,408 was recognized as the result of the current year acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. The aggregate purchase price for the acquisitions totaled $85,569, which was paid in cash upon closing using available cash on hand. Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2023, was as follows (in thousands):
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Fair Value of Financial Instruments and Long Term Debt |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments and Long-Term Debt | FAIR VALUE OF FINANCIAL INSTRUMENTS AND LONG-TERM DEBT U.S. GAAP requires that each financial asset and liability carried at fair value be classified into one of the following of the fair value hierarchy levels, which is based upon the quality of the inputs used in the valuation. Level 1 inputs are quoted market prices in active markets for identical assets and liabilities. Level 2 inputs are observable market-based inputs or unobservable inputs that are corroborated by market data (excluding those included within Level 1). Level 3 inputs are unobservable inputs that are not corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. A summary of the fair value of the Company’s financial instruments follows. Cash and cash equivalents, receivables, and accounts payable: The carrying amount approximates fair value due to the short maturity of these instruments or the recent purchase of the instruments at current rates of interest. Long-term debt: The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances which are considered Level 2 inputs. The fair value of the Company’s long-term debt was approximately $1,375,000 and $1,437,000 at April 30, 2024 and 2023, respectively. The fair value calculated excludes finance lease obligations of $101,818 and $95,072 outstanding at April 30, 2024 and 2023, respectively, which are grouped with on the consolidated balance sheets. Credit Agreement In the prior fiscal year, the Company entered into a credit agreement for (a) a $250 million unsecured term loan (the “Term Loan Facility”) and (b) an $850 million unsecured revolving credit facility (the “Revolving Facility” and together with the Term Loan Facility, the “Credit Facilities”). The Term Loan Facility was used to refinance the Company's previous term loan under a prior credit agreement, and to pay fees and expenses in connection therewith. The Revolving Facility is available for working capital and other general corporate purposes of the Company and its subsidiaries. Amounts borrowed under the Credit Facilities bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%. The Revolving Facility carries a facility fee of 0.15% to 0.30% per annum. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement. The outstanding principal balance on the Term Loan Facility is required to be repaid in equal quarterly installments in an amount equal to 1.25% of the original principal amount, on the last day of each March, June, September, and December, with the balance of the Credit Facilities due on April 21, 2028. The credit agreement contains an expansion option permitting the Company to request an increase of either of the Credit Facilities from time to time not to exceed the greater of (a) $900 million and (b) 100% of Consolidated EBITDA (as defined in the credit agreement) of the Company for the four most recently completed fiscal quarters, from the lenders or other financial institutions acceptable to the Company and the administrative agent, upon the satisfaction of certain conditions, including the consent of the lenders whose commitments would increase. The Company had $0 outstanding on the Revolving Facility at April 30, 2024 and 2023, and $237,500 and $250,000 outstanding on the Term Loan Facility at April 30, 2024 and 2023, respectively. Bank Line The Company has an additional unsecured bank line of credit (the "Bank Line") with availability of up to $50,000. As of April 30, 2024, the availability under the Bank Line is encumbered by letters of credits totaling $308. The Bank Line bears interest at a variable rate subject to change from time to time based on changes in an independent index referred to in the Bank Line as the Federal Funds Offered Rate. There was $0 outstanding under the Bank Line at April 30, 2024 and 2023. The Bank Line is due upon demand. The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows:
Interest, net on the consolidated statements of income is net of interest income of $11,736, $7,823, and $48 for the years ended April 30, 2024, 2023, and 2022, respectively. Interest, net is also net of interest capitalized of $3,363, $3,631, and $2,031 during the years ended April 30, 2024, 2023, and 2022, respectively. The agreements relating to the above long-term debt contain certain operating and financial covenants. At April 30, 2024, the Company was in compliance with all such operating and financial covenants. Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2024 and thereafter:
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Preferred and Common Stock |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred And Common Stock | PREFERRED AND COMMON STOCK Preferred stock: The Company has 1,000,000 authorized shares of preferred stock, of which 250,000 shares have been designated as Series A Serial Preferred Stock. No shares of preferred stock have been issued. Common stock: The Company currently has 120,000,000 authorized shares of common stock. Stock incentive plans: The 2018 Stock Incentive Plan (the “2018 Plan”) was approved by the Company's shareholders on September 5, 2018. Awards under the 2018 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards. Each share issued pursuant to a stock option and each share with respect to which a stock-settled stock appreciation right is exercised (regardless of the number of shares actually delivered) is counted as one share against the maximum limit under the 2018 Plan, and each share issued pursuant to an award of restricted stock or restricted stock units is counted as two shares against the maximum limit. Restricted stock is transferred immediately upon grant (and may be subject to a holding period), whereas restricted stock units have a vesting period that must expire, and in some cases performance or market conditions that must be satisfied before the stock is transferred. At April 30, 2024, there were 1,135,976 shares available for grant under the 2018 Plan. We account for share-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. The time-based awards most commonly vest ratably over a three-year period commencing on the first anniversary of the grant date. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target." The performance-based awards are also subject to the TSR Modifier (see Note 1 for additional information). The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For market-based awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards. We recognize these amounts as an operating expense in our consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee. The following table presents a summary of our RSU activity during the three-year period ended April 30, 2024. At April 30, 2024, there were no stock options outstanding.
Total share-based compensation costs recorded for employees and non-employee board members for the restricted stock unit awards for the years ended April 30, 2024, 2023 and 2022 were $41,379, $47,024, and $37,976, respectively. As of April 30, 2024, there was $38,910 of total unrecognized compensation costs related to the 2018 Plan for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2027, with a weighted average remaining term of 1.0 year. The fair value of restricted stock unit awards vested for the years ended April 30, 2024, 2023 and 2022 were $49,631, $46,943, and, $51,046, respectively, as of the applicable vest date. On, and effective as of, March 3, 2022, the Board authorized a share repurchase program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400 million, exclusive of fees, commissions or other costs (the "Repurchase Program"). The Repurchase Program has no set expiration date. The timing and number of repurchase transactions depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Repurchase Program can be suspended or discontinued at any time. During fiscal 2024, the Company repurchased and retired 392,290 shares of our common stock under our share repurchase program for a total of $104.9 million, excluding fees, commissions and other costs. As of April 30, 2024, $295.1 million remained available for future purchases under this share repurchase program.
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Net Income Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | NET INCOME PER COMMON SHARE Computations for basic and diluted earnings per common share are presented below:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES Income tax expense attributable to earnings consisted of the following components:
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:
At April 30, 2024, the Company had net operating loss carryforwards for state income tax purposes of $126,681, which are available to offset future state taxable income. The state net operating loss carryforwards begin to expire in 2031. In addition, the Company had state tax credit carryforwards of $2,319, which begin to expire in 2027. The valuation allowance for state net operating loss and state tax credit deferred tax assets as of April 30, 2024 and 2023 was $550 and $250, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected taxable income, and tax planning strategies in making this assessment. Total reported tax expense applicable to the Company’s continuing operations varies from the tax that would have resulted from applying the statutory U.S. federal income tax rates to income before income taxes.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company had a total of $10,747 and $10,957 in gross unrecognized tax benefits at April 30, 2024 and 2023, respectively, which is recorded in other long-term liabilities in the consolidated balance sheets. Of this amount, $8,490 represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. Unrecognized tax benefits decreased $210 during the twelve months ended April 30, 2024, due primarily to the expiration of certain statute of limitation exceeding the increase associated with income tax filing positions for the current year. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
The total net amount of accrued interest and penalties for such unrecognized tax benefits was $350 and $386 at April 30, 2024 and 2023, respectively, and is included in other long-term liabilities. Net interest and penalties included in income tax expense for the twelve month periods ended April 30, 2024 and 2023 was an decrease in tax expense of $36 and an increase in tax expense of $15, respectively. A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The Company has no ongoing federal or state income tax examinations. At this time, the Company’s best estimate of the reasonably possible change in the amount of the gross unrecognized tax benefits is a decrease of $2,000 during the next twelve months mainly due to the expiration of certain statute of limitations. The federal statute of limitations remains open for the tax years 2020 and forward. Tax years 2019 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC 842 - Leases. As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. The Company records operating lease liabilities in other accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842. As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset. Lease right-of-use assets outstanding as of April 30, 2024 and 2023 consisted of the following:
The summary of lease-related costs included on the consolidated statements of income is included below:
The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below:
Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows:
Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024:
Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51,400 of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which has been completed and is currently being used by the Company. As the title of the development was transferred to Joplin and the Company is subsequently leasing the related asset from Joplin, we have accounted for the transaction under the sale-and-leaseback guidance included in ASC 842-40. We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of April 30, 2024, we have recognized the full amount of bonds available as property and equipment on the consolidated balance sheets related to this agreement.
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Leases | LEASES The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC 842 - Leases. As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. The Company records operating lease liabilities in other accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842. As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset. Lease right-of-use assets outstanding as of April 30, 2024 and 2023 consisted of the following:
The summary of lease-related costs included on the consolidated statements of income is included below:
The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below:
Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows:
Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024:
Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51,400 of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which has been completed and is currently being used by the Company. As the title of the development was transferred to Joplin and the Company is subsequently leasing the related asset from Joplin, we have accounted for the transaction under the sale-and-leaseback guidance included in ASC 842-40. We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of April 30, 2024, we have recognized the full amount of bonds available as property and equipment on the consolidated balance sheets related to this agreement.
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Benefit Plans |
12 Months Ended |
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Apr. 30, 2024 | |
Retirement Benefits [Abstract] | |
Benefit Plans | BENEFIT PLAN The Company provides Team Members with a defined contribution 401(k) Plan. The 401(k) Plan is available to all Team Members who meet minimum age and service requirements. The Company contributions consist of matching amounts in Company stock and are allocated based on Team Member contributions. Contributions to the 401(k) Plan were $14,262, $11,765, and $10,983 for the years ended April 30, 2024, 2023, and 2022, respectively. On April 30, 2024 and 2023, 715,328 and 751,339 shares of common stock, respectively, were held by the trustee of the 401(k) Plan in trust for distribution to eligible participants upon death, disability, retirement, or termination of employment. Shares held by the 401(k) Plan are treated as outstanding in the computation of net income per common share.
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Commitments |
12 Months Ended |
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Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS The Company has entered into employment agreements with its Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, each of which require minimum annual compensation. The Company also has entered into change of control agreements with its Chief Executive Officer and 32 other officers, providing for certain payments in the event of termination in connection with a change of control of the Company, as defined therein.
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Contingencies |
12 Months Ended |
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Apr. 30, 2024 | |
Loss Contingency [Abstract] | |
Contingencies | CONTINGENCIES Environmental compliance: The United States Environmental Protection Agency and several states have adopted laws and regulations relating to underground storage tanks used for petroleum products. The majority of the states in which the Company does business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs. Management currently believes that substantially all capital expenditures for electronic monitoring, cathodic protection, and overfill/spill protection to comply with existing regulations have been completed. The Company has an accrued liability at April 30, 2024 and 2023 of approximately $299 and $268, respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs. Management believes the Company has no material joint and several environmental liability with other parties. Additional regulations or amendments to the existing regulations could result in future revisions to such estimated expenditures. Legal matters: From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material impact on our consolidated financial position and results of operations. The Company is named as a defendant in a lawsuit filed in the United States District Court for the Northern District of Indiana, titled McColley v. Casey’s General Stores, Inc., in which the plaintiff alleges that the Company misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA). The complaint seeks unpaid wages, liquidated damages and attorneys’ fees for the plaintiff and all similarly situated Store Managers who worked at the Company from February 16, 2015, to the present. On March 31, 2021, the Court granted conditional certification, and to-date, approximately 1,400 current and/or former Store Managers remain opted-in to participate in the McColley lawsuit. The Company is also named in a related lawsuit filed in the Southern District of Illinois, titled Kessler v. Casey’s Marketing Company, et al., with substantially the same allegations and seeking the same relief, but instead for the plaintiff and all similarly situated Store Managers located in the state of Illinois from December 19, 2019, to the present. On October 13, 2023, the Court approved conditional certification, and to-date, approximately 550 current and/or former Store Managers remain opted-in to participate in the Kessler lawsuit. Discovery in both cases is currently underway. The Company believes that adequate provisions have been made for probable losses related to these matters, and that those, and the reasonably possible losses in excess of amounts accrued, where such range of loss can be estimated, are not material to the Company’s financial position, results of operations or cash flows. The Company believes that its Store Managers are properly classified as exempt employees under the FLSA and it intends to continue to vigorously defend these matters. In 2023, the Company received a $15,297 one-time payment from the resolution of a legal matter. These proceeds were recognized as a reduction to operating expenses in the consolidated statements of income. At April 30, 2024, the Company was primarily self-insured for workers’ compensation claims in all but two states of its operating territory. In North Dakota and Ohio, the Company is required to participate in an exclusive, state managed fund for all workers compensation claims. The Company was also partially self-insured for general liability and auto liability under an agreement that provides for annual stop-loss limits equal to or exceeding $2,000 for auto liability and $1,000 for general liability and workers' compensation. Additionally, the Company is self-insured for its portion of Team Member medical expenses. At April 30, 2024 and 2023, the Company had $57,369 and $61,168, respectively, accrued for estimated claims relating to self-insurance, the majority of which has been actuarially determined.
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of consolidation | Principles of consolidation: The consolidated financial statements include the financial statements of Casey’s General Stores, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior year have been reclassified to conform to current year presentation.
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Use of estimates | Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
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Cash equivalents | Cash equivalents: We consider all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Included in cash equivalents are money market funds, treasury bills, and credit card, debit card and electronic benefits transfer transactions that process within three days.
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Receivables | Receivables: Receivables are primarily comprised of balances outstanding from credit card companies which are not processed within three days and balances outstanding from vendor rebates. The Company records credit card receivables at the time of the related sale to the guest. Vendor rebates are recorded based upon the applicable agreements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories and cost of goods sold: Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For fuel inventories, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise inventories, cost is determined through the use of the last-in, first-out (LIFO) method. The excess of replacement cost over the stated LIFO value was $151,461 and $138,962 at April 30, 2024 and 2023, respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2024 and 2023:
The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. Renewable identification numbers (“RINs”) are assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no cost to the Company. The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances and rebates and RINs. Warehousing costs are recorded within operating expenses on the consolidated statements of income.
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Capitalized software implementation costs and Goodwill | Capitalized software implementation costs: The Company capitalizes expenditures related to the implementation of software-as-a-service as incurred. These costs are expensed on a straight-line basis within operating expenses, typically over the contractual life of the related software. The useful lives utilized for capitalized software implementation costs range from 2-13 years. As of April 30, 2024 and 2023, the Company had recognized $37,619 and $42,495 of capitalized software implementation costs, respectively. The outstanding balance is recognized in other assets, net of amortization on the consolidated balance sheets. The Company has recognized amortization of $14,108 in fiscal 2024, $12,302 in fiscal 2023 and $9,449 in fiscal 2022 within operating expenses on the consolidated statements of income. Goodwill: As of April 30, 2024 and 2023, there was $652,663 and $615,342 of goodwill recognized, respectively. Goodwill is tested for impairment at least annually. The Company used a qualitative approach to assess the recoverability of goodwill at year-end. Management’s analysis of recoverability completed as of the fiscal year-end indicated no evidence of impairment for the years ended April 30, 2024, 2023, and 2022.
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Contractual customer relationships | Contractual customer relationships: As the result of a prior acquisition, the Company recognized approximately $31,100 of contractual customer relationships. These assets were valued using the multi-period excess earnings method. The contractual customer relationships are amortized on a straight-line basis over a useful life of 15 years and are included within other assets, net of amortization in the consolidated balance sheets as of April 30, 2024. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization: Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives:
The Company monitors stores and will accelerate depreciation if the expected life of the asset is reduced due to the expected remaining operation of the store or the Company’s plans. Construction in process is reported at cost and not subject to depreciation until the related asset is placed in service.
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Store closing and asset impairment | Store closings and asset impairment: The Company writes down property and equipment of stores it is closing to estimated net realizable value at the time management commits to a plan to close such stores and begins actively marketing the stores. The Company bases the estimated net realizable value of property and equipment on its experience in utilizing and/or disposing of similar assets, as well as estimates provided by its own and/or third-party real estate experts. The Company monitors closed and underperforming stores for an indication that the carrying amount of assets may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recognized to the extent carrying value of the assets exceeds their estimated fair value. Fair value is typically based on management’s estimate of the price that would be received to sell an asset in an orderly transaction between market participants. The estimate is derived from offers, actual sale or disposition of assets subsequent to year-end, and other indications of fair value, which are considered Level 3 inputs (see Note 3). In determining whether an asset is impaired, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which for the Company, is generally on a store-by-store basis.
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Income taxes | Income taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of income in the period that includes the enactment date. The Company calculates its current and deferred tax provision based on estimates and assumptions that could differ from actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified.
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Revenue recognition | Revenue recognition: The Company recognizes retail sales of prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the consolidated statements of income. A portion of revenue from sales that include points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of April 30, 2024 and 2023, the Company recognized a contract liability of $52,934 and $55,561, respectively, related to the outstanding Casey's Rewards program, which is included in other accrued expenses on the consolidated balance sheets. During fiscal 2024, the digital box top program was discontinued and outstanding digital box tops were converted to points. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card. As of April 30, 2024 and 2023, the Company recognized a liability of $17,985 and $17,463, respectively, related to outstanding gift cards, which is included in other accrued expenses on the consolidated balance sheets.
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Net income per common share | Net income per common share: Basic earnings per share have been computed by dividing net income by the weighted average shares outstanding during each of the years. Unvested shares under equity awards are treated as common shares within the basic earnings per share calculation when a recipient has met certain requirements in the award agreement. For example, if retirement provisions are satisfied which allow a recipient to avoid forfeiture of the award upon a normal retirement from the Company, it is included in the basic earnings per share calculation. The calculation of diluted earnings per share treats unvested restricted stock units with time-based restrictions as potential common shares. The diluted earnings per share calculation does not take into effect any shares that have not met performance or market conditions as of the reporting period.
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Asset retirement obligations | Asset retirement obligations: The Company recognizes the estimated future cost to remove underground storage tanks over the estimated useful life of the storage tank. The Company records a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of a long-lived asset at the time an underground storage tank is installed. The Company depreciates the amount added to property and equipment on a straight-line basis and recognizes accretion expense in connection with the discounted liability over the remaining life of the tank. The estimates of the anticipated future costs for removal of an underground storage tank are based on our prior experience with removal. Because these estimates are subjective and are currently based on historical costs with adjustments for estimated future changes in the associated costs, we expect the dollar amount of these obligations to change as more information is obtained.
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Self-insurance | Self-insurance: The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability for workers’ compensation, general liability, and automobile claims is determined using actuarial methods at each year end based on claims filed and an estimate of claims incurred but not yet reported. Actuarial projections of the losses are employed due to the potential of variability in the liability estimates. Some factors affecting the uncertainty of the claim liability include the loss development factors, which includes the development time frame and settlement patterns, and expected loss rates, which includes litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental remediation liabilities | Environmental remediation liabilities: The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. At April 30, 2024 and 2023 we had an accrued liability of $299 and $268, respectively, which is recorded in other accrued expenses on the consolidated balance sheets.
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Derivatives instruments | Derivative instruments: There were no options or futures contracts as of or during the years ended April 30, 2024, 2023, or 2022. From time to time, we participate in a forward buy of certain commodities. These are not accounted for as derivatives under the normal purchases and sale exclusions within the applicable accounting guidance.
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Stock-based compensation | Share-based compensation: Share-based compensation is recorded based upon the fair value of the award on the grant date. The cost of the award is recognized ratably in the consolidated statements of income over the vesting period of the award, adjusted for certain retirement provisions. Forfeitures are recognized as they occur. Additionally, certain awards include performance and market conditions. Performance-based awards are based on either the achievement of a three-year average return on invested capital (ROIC) or three-year cumulative earnings before interest, income taxes, depreciation, and amortization (EBITDA). For these awards, share-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period. Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For the market-based portion of these awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting | Segment reporting: As of April 30, 2024, we operated 2,658 stores in 17 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of prepared food and dispensed beverage, grocery and general merchandise, and fuel because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenue and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories.
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Recent accounting pronouncements | Recent accounting pronouncements: In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). The standard included guidance related to supplier finance programs and requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. The new standard was effective for the Company beginning May 1, 2023. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The new standard is effective for the Company's annual periods beginning May 1, 2024, and interim periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-07 to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The standard includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The new standard is effective for the Company's annual periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-09 to determine its impact on our disclosures.
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Leases | The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC 842 - Leases. As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. The Company records operating lease liabilities in other accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842. As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset.
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Leases | The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC 842 - Leases. As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. The Company records operating lease liabilities in other accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842. As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset.
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Significant Accounting Policies (Tables) |
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Below is a summary of the receivable values at April 30, 2024 and 2023:
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Summary of the Inventory Values | Below is a summary of the inventory values at April 30, 2024 and 2023:
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Depreciation of Property and Equipment and Amortization of Capital Lease Assets | Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives:
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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 majority of other assets, leases and property and equipment acquired.
Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2023, was as follows (in thousands):
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Pro forma information | The following unaudited pro forma information presents a summary of our consolidated statements of income as if the transactions referenced above occurred at the beginning of fiscal 2023 (amounts in thousands, except per share data):
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Fair Value of Financial Instruments and Long Term Debt (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value of Long-Term Debt | The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows:
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Schedule of Maturities of Long-term Debt Including Capitalized Lease Obligations | Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2024 and thereafter:
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Preferred and Common Stock (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Units Award Activity | The following table presents a summary of our RSU activity during the three-year period ended April 30, 2024. At April 30, 2024, there were no stock options outstanding.
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Net Income Per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings Per Share | Computations for basic and diluted earnings per common share are presented below:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to earnings consisted of the following components:
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Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:
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Schedule of Effective Income Tax Rate Reconciliation |
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Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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Leases - (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities, Lessee | Lease right-of-use assets outstanding as of April 30, 2024 and 2023 consisted of the following:
Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows:
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Lease, Cost | The summary of lease-related costs included on the consolidated statements of income is included below:
The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below:
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Finance Lease, Liability, Maturity | Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024:
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Lessee, Operating Lease, Liability, Maturity | Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024:
|
Significant Accounting Policies - Accounts Receivables by Type (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Apr. 30, 2023 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 151,793 | $ 120,547 |
Vendor Rebates | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 87,423 | 54,979 |
Credit Card Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 35,455 | 46,851 |
Other Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 28,915 | $ 18,717 |
Significant Accounting Policies - Summary of the Inventory Values (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Apr. 30, 2023 |
---|---|---|
Inventory | ||
Inventory | $ 428,722 | $ 376,085 |
Fuel | ||
Inventory | ||
Inventory | 121,939 | 115,095 |
Merchandise | ||
Inventory | ||
Inventory | $ 306,783 | $ 260,990 |
Significant Accounting Policies - Depreciation of Property and Equipment and Amortization of Capital Lease Assets (Details) |
Apr. 30, 2024 |
---|---|
Buildings | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 25 years |
Buildings | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 3 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 40 years |
Acquisitions - Narrative (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Apr. 30, 2024
USD ($)
store
|
Apr. 30, 2023
USD ($)
store
|
|
Business Acquisition | ||
Number of stores | store | 2,658 | |
Goodwill | $ 652,663 | $ 615,342 |
Series of Individually Immaterial Business Acquisitions | ||
Business Acquisition | ||
Number of stores | store | 112 | 47 |
Goodwill | $ 37,321 | $ 2,408 |
Acquisition-related transaction costs | 8,920 | |
Revenue | 237,529 | |
Net assets acquired and total purchase price | $ 329,573 | $ 85,569 |
Minit Mart | ||
Business Acquisition | ||
Number of stores | store | 26 |
Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Apr. 30, 2023 |
---|---|---|
Assets acquired: | ||
Goodwill | $ 652,663 | $ 615,342 |
Series of Individually Immaterial Business Acquisitions | ||
Assets acquired: | ||
Inventories | 13,351 | 3,976 |
Property and equipment | 279,396 | 79,556 |
Finance lease right-of-use assets | 3,194 | |
Operating lease right-of-use assets | 7,201 | |
Other assets | 2,137 | |
Goodwill | 37,321 | 2,408 |
Total assets | 342,600 | 85,940 |
Liabilities assumed: | ||
Accrued expenses and other long-term liabilities | 982 | |
Finance lease liabilities | 5,004 | |
Operating lease liabilities | 7,041 | |
Total liabilities | 13,027 | 371 |
Net assets acquired and total purchase price | $ 329,573 | $ 85,569 |
Acquisitions - Summary of Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Business Combinations [Abstract] | ||
Total revenue | $ 15,228,497 | $ 15,799,468 |
Net income | $ 521,630 | $ 457,671 |
Net income per common share | ||
Basic (in Dollars per share) | $ 14.04 | $ 12.28 |
Diluted (in Dollars per share) | $ 13.96 | $ 12.20 |
Fair Value of Financial Instruments and Long Term Debt - Schedule of Maturities of Long-Term Debt Including Capitalizied Leases (Details) $ in Thousands |
Apr. 30, 2024
USD ($)
|
---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2025 | $ 44,500 |
2026 | 204,500 |
2027 | 60,500 |
2028 | 248,000 |
2029 | 286,000 |
Thereafter | 692,000 |
Long-term Debt, Total | $ 1,535,500 |
Preferred and Common Stock - Schedule of Restricted Stock Units Award Activity (Details) - Restricted Stock Units (RSUs) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Number of restricted stock units | |||
Beginning balance (in shares) | 550,840 | 526,394 | 646,920 |
Granted (in shares) | 142,865 | 165,024 | 154,278 |
Vested (in shares) | (219,752) | (233,533) | (242,955) |
Forfeited (in shares) | (17,534) | (40,773) | (30,055) |
Performance Award Adjustments (in shares) | 35,443 | 133,728 | (1,794) |
Ending balance (in shares) | 491,862 | 550,840 | 526,394 |
Weighted-Average Grant Date Fair Value per Share | |||
Unvested, beginning balance (in Dollars per share) | $ 212 | ||
Granted (in Dollars per share) | 238 | $ 218 | $ 219 |
Vested (in Dollars per share) | 195 | ||
Forfeited (in Dollars per share) | 224 | ||
Performance Award Adjustments (in Dollars per share) | 246 | ||
Unvested, ending balance (in Dollars per share) | $ 229 | $ 212 |
Net Income Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Basic | |||
Net income | $ 501,972 | $ 446,691 | $ 339,790 |
Weighted average shares outstanding-basic (shares) | 37,164,022 | 37,266,851 | 37,158,898 |
Basic earnings per common share (in Dollars per share) | $ 13.51 | $ 11.99 | $ 9.14 |
Diluted | |||
Net income | $ 501,972 | $ 446,691 | $ 339,790 |
Weighted average shares outstanding-basic (shares) | 37,164,022 | 37,266,851 | 37,158,898 |
Plus effect of stock options and restricted stock units (shares) | 206,284 | 252,844 | 197,800 |
Weighted-average shares outstanding-diluted (shares) | 37,370,306 | 37,519,695 | 37,356,698 |
Diluted earnings per common share (in Dollars per share) | $ 13.43 | $ 11.91 | $ 9.10 |
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Current tax expense: | |||
Federal | $ 78,542 | $ 95,336 | $ 4,382 |
State | 22,394 | 22,365 | 13,835 |
Current income tax expense (benefit) | 100,936 | 117,701 | 18,217 |
Deferred tax expense | 53,252 | 23,126 | 82,721 |
Total income tax expense | $ 154,188 | $ 140,827 | $ 100,938 |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Apr. 30, 2023 |
---|---|---|
Deferred tax assets: | ||
Accrued liabilities and reserves | $ 9,075 | $ 7,031 |
Deferred revenue | 15,222 | 15,565 |
Accrued bonus compensation | 10,272 | 9,361 |
Workers compensation | 11,281 | 11,500 |
Operating and finance lease obligations | 55,739 | 52,464 |
Asset retirement obligations | 10,036 | 9,404 |
Deferred compensation | 2,909 | 3,242 |
Equity compensation | 8,018 | 8,305 |
State net operating losses and tax credits | 2,568 | 1,807 |
Other | 4,523 | 3,551 |
Total gross deferred tax assets | 129,643 | 122,230 |
Less valuation allowance | 550 | 250 |
Total net deferred tax assets | 129,093 | 121,980 |
Deferred tax liabilities: | ||
Property and equipment depreciation | (667,680) | (617,154) |
Goodwill | (52,900) | (43,900) |
Other | (5,363) | (4,524) |
Total gross deferred tax liabilities | (725,943) | (665,578) |
Net deferred tax liability | $ (596,850) | $ (543,598) |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Operating Loss Carryforwards [Line Items] | |||
Less valuation allowance | $ 550 | $ 250 | |
Unrecognized tax benefits | 10,747 | 10,957 | $ 10,259 |
Unrecognized tax benefits that would impact effective tax rate | 8,490 | ||
Increase (decrease) in unrecognized tax benefits | (210) | ||
Accrued interest and penalties | 350 | 386 | |
Increase (decrease) in tax expense | (36) | $ 15 | |
Decrease in unrecognized tax benefits is reasonable possible | 2,000 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 126,681 | ||
Tax credit carryforward | $ 2,319 |
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Income Tax Disclosure [Abstract] | |||
Income taxes at the statutory rates | 21.00% | 21.00% | 21.00% |
Federal tax credits | (1.00%) | (1.30%) | (1.80%) |
State income taxes, net of federal tax benefit | 3.70% | 4.00% | 3.80% |
Impact of phased-in state law changes, net of federal benefit | (1.00%) | (0.40%) | (0.80%) |
ASU 2016-09 benefit (share-based compensation) | (0.10%) | (0.30%) | (1.00%) |
Nondeductible executive compensation | 0.90% | 1.10% | 1.20% |
Other | 0.00% | (0.10%) | 0.50% |
Effective income tax rate | 23.50% | 24.00% | 22.90% |
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 10,957 | $ 10,259 |
Additions based on tax positions related to current year | 2,570 | 2,867 |
Reductions due to lapse of applicable statute of limitations | (2,780) | (2,169) |
Ending balance | $ 10,747 | $ 10,957 |
Leases - Lease Assets (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Apr. 30, 2023 |
---|---|---|
Leases [Abstract] | ||
Finance lease right-of-use assets | $ 83,714 | $ 79,344 |
Operating lease right-of-use assets | $ 115,819 | $ 107,994 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net of amortization | Other assets, net of amortization |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Leases [Abstract] | |||
Operating lease cost | $ 10,174 | $ 9,346 | $ 6,721 |
Amortization of right-of-use assets | 10,417 | 5,882 | 4,489 |
Interest on lease liabilities | 4,491 | 2,966 | 2,337 |
Operating cash flows required by operating leases | 8,693 | 7,725 | 5,468 |
Operating cash flows required by finance leases | 4,491 | 2,966 | 2,337 |
Financing cash flows required by finance leases | 9,156 | 5,345 | 4,162 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 17,626 | 25,166 | 52,525 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 14,646 | $ 14,642 | $ 87,723 |
Leases - Weighted Average Lease Terms and Discount Rates (Details) |
Apr. 30, 2024 |
Apr. 30, 2023 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease-term - finance lease | 15 years 4 months 24 days | 15 years 1 month 6 days |
Weighted-average remaining lease-term - operating lease | 19 years 1 month 6 days | 19 years 9 months 18 days |
Weighted-average discount rate - finance lease | 4.77% | 4.40% |
Weighted-average discount rate - operating lease | 4.91% | 4.33% |
Leases - Lease Maturity Schedule (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Apr. 30, 2023 |
---|---|---|
Finance leases | ||
2025 | $ 12,942 | |
2026 | 12,964 | |
2027 | 12,970 | |
2028 | 11,601 | |
2029 | 6,199 | |
Thereafter | 87,707 | |
Total minimum lease payments | 144,383 | |
Less amount representing interest | 42,565 | |
Present value of net minimum lease payments | 101,818 | $ 95,072 |
Operating leases | ||
2025 | 9,297 | |
2026 | 9,194 | |
2027 | 9,147 | |
2028 | 9,127 | |
2029 | 9,049 | |
Thereafter | 134,729 | |
Total minimum lease payments | 180,543 | |
Less amount representing interest | 65,374 | |
Present value of net minimum lease payments | $ 115,169 |
Leases - Narrative (Details) $ in Thousands |
Jan. 31, 2024
USD ($)
|
---|---|
City of Joplin Missouri | |
Other Commitments | |
Bonds issued | $ 51,400 |
Benefit Plans (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | |||
Employer discretionary contribution | $ 14,262 | $ 11,765 | $ 10,983 |
Common stock held by trustee of the 401K plan (shares) | 715,328 | 751,339 |
Commitments (Details) |
12 Months Ended |
---|---|
Apr. 30, 2024
employee
| |
Commitments and Contingencies Disclosure [Abstract] | |
Number of other key employees covered by employment agreements | 32 |
Contingencies (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
employee
|
Apr. 30, 2024
USD ($)
|
Apr. 30, 2023
USD ($)
|
|
Loss Contingency [Abstract] | |||
Accrued environmental liability | $ 299 | $ 268 | |
Loss Contingencies [Line Items] | |||
Payment received | 15,297 | ||
Self insurance reserve | 57,369 | $ 61,168 | |
Pending Litigation | McColley V Casey's General Stores Inc | |||
Loss Contingencies [Line Items] | |||
Number of plaintiffs | employee | 1,400 | ||
General Liability and Auto Liability Insurance | |||
Loss Contingencies [Line Items] | |||
Annual stop loss limit | 2,000 | ||
Workers' Compensation Insurance | |||
Loss Contingencies [Line Items] | |||
Annual stop loss limit | $ 1,000 |
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