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8-K 1 a8-kq1fy23pressrelease.htm 8-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 7, 2022

CASEY'S GENERAL STORES, INC.
(Exact name of registrant as specified in its charter)

Iowa
(State or other jurisdiction of incorporation)
001-34700   42-0935283
(Commission File Number)   (I.R.S. Employer Identification Number)
One SE Convenience Blvd., Ankeny, Iowa
(Address of principal executive offices)

50021
(Zip Code)

515/965-6100
(Registrant's telephone number, including area code)

NONE
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value per share CASY The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐




Item 2.02.    Results of Operations and Financial Condition.

    On September 7, 2022, Casey's General Stores, Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended July 31, 2022 (the "Press Release"). A copy of the Company's Press Release is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

CASEY'S GENERAL STORES, INC.
Dated: September 7, 2022 By: /s/ Stephen P. Bramlage Jr.
Stephen P. Bramlage Jr.
Chief Financial Officer








EX-99.1 2 q1fy2023earningspressrelea.htm EX-99.1 Document

Exhibit 99.1
logo.jpg
FOR IMMEDIATE RELEASE
Casey’s General Stores, Inc.
One SE Convenience Blvd
Ankeny, IA 50021
Casey's Announces First Quarter Results
Ankeny, IA, September 7, 2022 - Casey’s General Stores, Inc. ("Casey's" or the "Company") (Nasdaq: CASY) a leading convenience store chain in the United States, today announced financial results for the three months ended July 31, 2022.

First Quarter Key Highlights

•Diluted EPS of $4.09, up 28% from the same period a year ago.
•Inside same-store sales increased 6.3% compared to prior year with a margin of 39.8%. Total inside gross profit increased 8.8% to $504.3 million compared to the prior year.
•Fuel gallons decreased 2.3% on a same-store basis compared to prior year with a fuel margin of 44.7 cents per gallon. Total fuel gross profit increased 31.4% to $308.2 million compared to the prior year.
•Same-store operating expense excluding credit card fees were up 2.6%, favorably impacted by a 2% reduction in same-store labor hours.

“Casey's delivered another strong quarter to its shareholders due to strong inside sales and robust fuel margin,” said Darren Rebelez, President and CEO. “Inside same-store sales were driven by prepared food and dispensed beverages, most notably pizza slices, our refreshed breakfast menu, as well as cold dispensed beverages. Alcoholic beverage sales remain strong as our team continues to leverage our approximately 1,500 liquor licenses throughout our store base. The fuel margin environment was especially favorable in the second half of the quarter as wholesale costs declined from record highs. Our differentiated business model enables us to perform well in a variety of economic conditions, and we are confident in our ability to execute on our long-term strategic plan.”

Earnings
Three Months Ended July 31,
2022 2021
Net income (in thousands) $ 152,932  $ 119,159 
Diluted earnings per share $ 4.09  $ 3.19 
Adjusted EBITDA (in thousands) $ 293,209  $ 243,189 

Net income, diluted EPS, and Adjusted EBITDA (reconciled later in the document), were up compared to the same period a year ago as higher profitability both inside the store and in fuel was partially offset by higher operating expenses due to operating 74 additional stores as well as increased credit card fees resulting from the record high retail price of fuel.




Inside
Three Months Ended July 31,
2022 2021
Inside sales (in thousands) $ 1,266,617  $ 1,143,925 
Inside same-store sales 6.3  % 8.0  %
Grocery and general merchandise same-store sales 5.5  % 7.0  %
Prepared food and dispensed beverage same-store sales 8.4  % 10.8  %
Inside gross profit (in thousands) $ 504,260  $ 463,514 
Inside margin 39.8  % 40.5  %
Grocery and general merchandise margin 33.9  % 33.0  %
Prepared food and dispensed beverage margin 55.6  % 61.0  %

Total inside sales were up 10.7% for the quarter driven by strong performance in prepared food items including pizza slices, hot breakfast sandwiches and burritos, as well as non-alcoholic and alcoholic beverages, salty snacks and candy from the grocery and general merchandise category. Inside margin was down 70 basis points compared to the same quarter a year ago. Grocery and general merchandise margin was positively impacted by joint business planning with our vendor partners and strategic retail price adjustments, offset by higher prepared food and dispensed beverage ingredient costs, notably cheese.

Fuel1
Three Months Ended July 31,
2022 2021
Fuel gallons sold (in thousands) 689,467  667,534 
Same-store gallons sold (2.3) % 9.0  %
Fuel gross profit (in thousands) $ 308,188  $ 234,474 
Fuel margin (cents per gallon, excluding credit card fees) 44.7  ¢ 35.1  ¢

Total gallons increased 3.3% compared to the prior year due to the store count increase while same-store gallons sold were down 2.3% versus the prior year, as volumes were impacted by high retail fuel prices. The Company’s total fuel gross profit was up 31.4% versus the prior first quarter given the favorable environment due to falling wholesale costs. The Company sold $17.7 million in renewable fuel credits (RINs) in the first quarter, a decrease of $1.0 million from the same quarter in the prior year.

Operating Expenses
Three Months Ended July 31,
2022 2021
Operating expenses (in thousands) $ 543,271  $ 478,928 
Credit card fees (in thousands) $ 67,277  $ 49,443 
Same-store operating expense excluding credit card fees 2.6  % 17.6  %

Operating expenses increased 13.4% during the first quarter. Approximately 4% of the increase is due to operating 74 more stores than prior year. Approximately 3% of the change is due to an increase in same-store credit card fees from higher retail fuel prices and 2% is due to higher long-term incentive compensation. Same-store operating expense excluding credit card fees was up 2.6% aided in part by a 2% reduction in same-store labor hours.
1 Fuel category does not include wholesale fuel activity, which is included in Other.



Expansion
Store Count
Stores at 4/30/2022 2,452
New store construction 2
Acquisitions 1
Acquisitions not opened (1)
Prior acquisitions opened 1
Closed (1)
Stores at 7/31/2022 2,454

Liquidity
At July 31, 2022, the Company had approximately $781 million in available liquidity, consisting of approximately $312 million in cash and cash equivalents on hand and $469 million in undrawn borrowing capacity on existing lines of credit.

Share Repurchase
The Company has $400 million remaining under its existing share repurchase authorization. There were no repurchases made against that authorization in the first quarter.

Dividend
At its August meeting, the Board of Directors voted to pay a quarterly dividend of $0.38 per share. The dividend is payable November 15, 2022 to shareholders of record on November 1, 2022.

Fiscal 2023 Outlook
The Company's fiscal 2023 outlook previously disclosed remains unchanged. The Company expects same-store inside sales to increase 4% to 6% and maintain an inside margin of approximately 40%. The Company expects same-store fuel gallons to be flat to 2% higher. Total operating expenses are expected to increase approximately 9% to 10%. The Company expects to add approximately 80 stores in fiscal 2023, and expects to exceed our stated three year commitment of 345 units. Interest expense is expected to be approximately $55 million. Depreciation and amortization is expected to be approximately $320 million and the purchase of property plant and equipment is expected to be approximately $450 to $500 million, including approximately $135 million in one-time store remodel costs for recently acquired stores. The tax rate is expected to be approximately 24% to 26% for the year.



Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars in thousands, except share and per share amounts)
(Unaudited)
  Three Months Ended July 31,
  2022 2021
Total revenue $ 4,454,644  $ 3,181,994 
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) 3,618,394  2,458,107 
Operating expenses 543,271  478,928 
Depreciation and amortization 76,295  75,888 
Interest, net 13,816  13,730 
Income before income taxes 202,868  155,341 
Federal and state income taxes 49,936  36,182 
Net income $ 152,932  $ 119,159 
Net income per common share
Basic $ 4.11  $ 3.21 
Diluted $ 4.09  $ 3.19 
Basic weighted average shares 37,222,943  37,126,060 
Plus effect of stock compensation 186,762  209,377 
Diluted weighted average shares 37,409,705  37,335,437 


Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
 
July 31, 2022 April 30, 2022
Assets
Current assets
Cash and cash equivalents $ 312,364  $ 158,878 
Receivables 145,887  108,028 
Inventories 399,138  396,199 
Prepaid expenses 24,363  17,859 
Income taxes receivable 21,102  44,071 
Total current assets 902,854  725,035 
Other assets, net of amortization 184,606  187,219 
Goodwill 612,934  612,934 
Property and equipment, net of accumulated depreciation of $2,497,846 at July 31, 2022 and $2,425,709 at April 30, 2022 3,978,747  3,980,542 
Total assets $ 5,679,141  $ 5,505,730 
Liabilities and Shareholders’ Equity
Current liabilities
Current maturities of long-term debt and finance lease obligations $ 33,562  $ 24,466 
Accounts payable 618,931  588,783 
Accrued expenses 284,890  291,429 
Total current liabilities 937,383  904,678 
Long-term debt and finance lease obligations, net of current maturities 1,639,177  1,663,403 
Deferred income taxes 545,199  520,472 
Deferred compensation 12,674  12,746 
       Insurance accruals, net of current portion 28,475  27,957 
Other long-term liabilities 136,187  135,636 
Total liabilities 3,299,095  3,264,892 
Total shareholders’ equity 2,380,046  2,240,838 
Total liabilities and shareholders’ equity $ 5,679,141  $ 5,505,730 


Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
  Three months ended July 31,
  2022 2021
Cash flows from operating activities:
Net income $ 152,932  $ 119,159 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 76,295  75,888 
Amortization of debt issuance costs 345  359 
Share-based compensation 16,185  8,623 
Loss (gain) on disposal of assets and impairment charges 230  (1,770)
Deferred income taxes 24,727  33,460 
Changes in assets and liabilities:
Receivables (37,859) (18,511)
Inventories (2,899) (26,624)
Prepaid expenses (6,504) (5,264)
Accounts payable 34,799  65,727 
Accrued expenses (7,865) (12,035)
Income taxes 23,953  1,531 
Other, net 1,867  1,016 
Net cash provided by operating activities 276,206  241,559 
Cash flows from investing activities:
Purchase of property and equipment (82,070) (45,045)
Payments for acquisition of businesses, net of cash acquired (1,065) (617,291)
Proceeds from sales of assets 5,019  18,001 
Net cash used in investing activities (78,116) (644,335)
Cash flows from financing activities:
Proceeds from long-term debt —  300,000 
Payments of long-term debt (15,998) (4,867)
Payments of debt issuance costs —  (249)
Proceeds from exercise of stock options —  133 
Payments of cash dividends (13,128) (12,609)
Tax withholdings on employee share-based awards (15,478) (17,249)
Net cash (used in) provided by financing activities (44,604) 265,159 
Net increase (decrease) in cash and cash equivalents 153,486  (137,617)
Cash and cash equivalents at beginning of the period 158,878  336,545 
Cash and cash equivalents at end of the period $ 312,364  $ 198,928 
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
  Three months ended July 31,
  2022 2021
Cash paid during the period for:
Interest, net of amount capitalized $ 8,689  $ 7,914 
Income taxes, net —  — 
Noncash investing and financing activities:
       Purchased property and equipment in accounts payable 42,008  22,007 
       Right-of-use assets obtained in exchange for new finance lease liabilities 736  47,775 
       Right-of-use assets obtained in exchange for new operating lease liabilities —  39,021 


Summary by Category (Amounts in thousands)
Three months ended July 31, 2022 Fuel Grocery & General
Merchandise		 Prepared Food & Dispensed Beverage Other Total
Revenue $ 3,096,342  $ 923,064  $ 343,553  $ 91,685  $ 4,454,644 
Gross profit $ 308,188  $ 313,307  $ 190,953  $ 23,802  $ 836,250 
10.0  % 33.9  % 55.6  % 26.0  % 18.8  %
Fuel gallons sold 689,467 
Three months ended July 31, 2021
Revenue $ 1,967,155  $ 835,485  $ 308,440  $ 70,914  $ 3,181,994 
Gross profit $ 234,474  $ 275,408  $ 188,106  $ 25,899  $ 723,887 
11.9  % 33.0  % 61.0  % 36.5  % 22.7  %
Fuel gallons sold 667,534 
 


Fuel Gallons Fuel Margin
Same-store Sales (Cents per gallon, excluding credit card fees)
  Q1 Q2 Q3 Q4 Fiscal
Year		   Q1 Q2 Q3 Q4 Fiscal
Year
F2023 (2.3) % —  —  —  —  F2023 44.7  ¢ —  —  —  — 
F2022 9.0  2.5  % 5.7  % 1.5  % 4.4  % F2022 35.1  34.7  ¢ 38.3  ¢ 36.2  ¢ 36.0  ¢
F2021 (14.6) (8.6) (12.1) 6.4  (8.1) F2021 38.2  35.3  32.9  33.0  34.9 
Grocery & General Merchandise Grocery & General Merchandise
Same-store Sales Margin
  Q1 Q2 Q3 Q4 Fiscal
Year		   Q1 Q2 Q3 Q4 Fiscal
Year
F2023 5.5  % —  —  —  —  F2023 33.9  % —  —  —  — 
F2022 7.0  6.8  % 7.7  % 4.3  % 6.3  % F2022 33.0  33.3  % 32.0  % 32.5  % 32.7  %
F2021 3.6  6.6  5.4  12.5  6.6  F2021 32.2  33.3  30.7  31.8  32.0 
Prepared Food & Dispensed Beverage Prepared Food & Dispensed Beverage
Same-store Sales Margin
  Q1 Q2 Q3 Q4 Fiscal
Year		   Q1 Q2 Q3 Q4 Fiscal
Year
F2023 8.4  % —  —  —  —  F2023 55.6  % —  —  —  — 
F2022 10.8  4.1  % 7.4  % 7.6  % 7.4  % F2022 61.0  60.6  % 58.0  % 56.9  % 59.2  %
F2021 (9.8) (3.6) (5.0) 13.4  (2.1) F2021 59.7  60.1  60.6  60.1  60.1 




RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA
We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets as well as impairment charges. Neither EBITDA nor Adjusted EBITDA are considered GAAP measures, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. These measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
We believe EBITDA and Adjusted EBITDA are useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and they are regularly used by the Company for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing performance, and awarding incentive compensation.
Because non-GAAP financial measures are not standardized, EBITDA and Adjusted EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of these non-GAAP financial measures with those used by other companies.
The following table contains a reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended July 31, 2022 and 2021:
(in thousands) Three Months Ended July 31,
2022 2021
Net income $ 152,932  $ 119,159 
Interest, net 13,816  13,730 
Federal and state income taxes 49,936  36,182 
Depreciation and amortization 76,295  75,888 
EBITDA 292,979  244,959 
Loss (gain) on disposal of assets and impairment charges 230  (1,770)
Adjusted EBITDA $ 293,209  $ 243,189 
NOTES:
•Gross Profit is defined as revenue less cost of goods sold (exclusive of depreciation and amortization)
•Inside is defined as the combination of Grocery and General Merchandise and Prepared Food and Dispensed Beverage

This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of COVID-19 and related governmental actions, the impact and duration of the conflict in Ukraine or other geopolitical disruptions, as well as other risks, uncertainties and factors which are described in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this release represent our current views as of the date of this release with respect to future events, and Casey’s disclaims any intention or obligation to update or revise any forward-looking statements in the release whether as a result of new information, future events, or otherwise.

Corporate information is available at this website: https://www.caseys.com. Earnings will be reported during a conference call on September 8, 2022. The call will be broadcast live over the Internet at 7:30 a.m. CST. To access the call, go to the Events and Presentations section of our website at https://investor.caseys.com/events-and-presentations/default.aspx.  No access code is required. A webcast replay of the call will remain available in an archived format on the Events and Presentations section of our website at https://investor.caseys.com/events-and-presentations/default.aspx for one year after the call.


Investor Relations Contact: Media Relations Contact:
Brian Johnson (515) 965-6587 Katie Petru (515) 446-6772