Casey's General Stores Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Casey's General Stores Inc. filed its quarterly report (10-Q) on March 11, 2024, detailing financial performance for the period ending January 31, 2024.</b>

AI Summary

CASEYS GENERAL STORES INC (CASY) filed a Quarterly Report (10-Q) with the SEC on March 11, 2024. Casey's General Stores Inc. filed a 10-Q report for the period ending January 31, 2024. The company's fiscal year ends on April 30. The filing was made on March 11, 2024. The company is incorporated in Iowa. The SIC code for Casey's General Stores Inc. is 5500 (Retail - Auto Dealers & Gasoline Stations).

Why It Matters

For investors and stakeholders tracking CASEYS GENERAL STORES INC, this filing contains several important signals. This filing provides investors with an update on Casey's financial health and operational performance during the third quarter of their fiscal year. Understanding the details within this 10-Q is crucial for assessing the company's current financial standing and future prospects in the retail and gasoline station sector.

Risk Assessment

Risk Level: low — CASEYS GENERAL STORES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on performance trends.

Key Numbers

• 2024-01-31 — Period End Date (Quarterly report period)
• 2024-03-11 — Filing Date (Date the report was filed)
• 04-30 — Fiscal Year End (Company's fiscal year end date)
• 5500 — SIC Code (Standard Industrial Classification code)
• IA — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• CASEYS GENERAL STORES INC (company) — Filer name
• CASY (company) — Ticker symbol
• 10-Q (filing) — Form type
• 2024-01-31 (date) — Period of report
• 2024-03-11 (date) — Filing date
• IA (location) — State of incorporation
• 5500 (industry_code) — Standard Industrial Classification
• ANKENY (location) — Business address city

FAQ

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-11: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and condition during the quarter.)

SIC Code

Standard Industrial Classification code, used to classify industries. (Helps categorize Casey's General Stores within the retail and gasoline station sector.)

Filing Documents

• casy-20240131.htm (10-Q) — 625KB
• casy-ex311_2024131xq3.htm (EX-31.1) — 9KB
• casy-ex312_2024131xq3.htm (EX-31.2) — 9KB
• casy-ex321_2024131xq3.htm (EX-32.1) — 5KB
• casy-ex322_2024131xq3.htm (EX-32.2) — 5KB
• 0000726958-24-000010.txt (&nbsp;) — 2984KB
• casy-20240131.xsd (EX-101.SCH) — 22KB
• casy-20240131_cal.xml (EX-101.CAL) — 45KB
• casy-20240131_def.xml (EX-101.DEF) — 93KB
• casy-20240131_lab.xml (EX-101.LAB) — 302KB
• casy-20240131_pre.xml (EX-101.PRE) — 198KB
• casy-20240131_htm.xml (XML) — 212KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements Condensed consolidated balance sheets--- January 31, 20 24 and April 30, 2023 (unaudited) 4 Condensed consolidated statements of income---three and nine months ended January 31, 2024 and 202 3 (unaudited) 5 Condensed consolidated statement of shareholders' equity--- nine months ended January 31, 2024 and 202 3 (unaudited) 6 Condensed consolidated statements of cash flows--- nine months ended January 31, 2024 and 202 3 (unaudited) 7 Notes to unaudited condensed consolidated financial statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 23

Exhibits

Item 6. Exhibits 24 SIGNATURE 25 3 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (DOLLARS IN THOUSANDS) January 31, 2024 April 30, 2023 Assets Current assets: Cash and cash equivalents $ 177,881 $ 378,869 Receivables 136,691 120,547 Inventories 414,721 376,085 Prepaid expenses 29,946 22,107 Income taxes receivable 21,765 23,347 Total current assets 781,004 920,955 Other assets, net of amortization 197,780 192,153 Goodwill 647,125 615,342 Property and equipment, net of accumulated depreciation of $ 2,836,219 at January 31, 2024 and $ 2,620,149 at April 30, 2023 4,581,105 4,214,820 Total assets $ 6,207,014 $ 5,943,270 Liabilities and Shareholders' Equity Current liabilities: Current maturities of long-term debt and finance lease obligations $ 53,250 $ 52,861 Accounts payable 521,948 560,546 Accrued expenses 305,708 313,718 Total current liabilities 880,906 927,125 Long-term debt and finance lease obligations, net of current maturities 1,583,613 1,620,513 Deferred income taxes 591,811 543,598 Insurance accruals, net of current portion 33,114 32,312 Other long-term liabilities 170,109 159,056 Total liabilities 3,259,553 3,282,604 Shareholders' equity: Preferred stock, no par value — — Common stock, no par value 30,386 110,037 Retained earnings 2,917,075 2,550,629 Total shareholders' equity 2,947,461 2,660,666 Total liabilities and shareholders' equity $ 6,207,014 $ 5,943,270 See notes to unaudited condensed consolidated financial statements. 4 Table of Contents CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended January 31, Nine Months Ended January 31, 2024 2023 2024 2023 Total revenue $ 3,329,247 $ 3,332,555 $ 11,262,898 $ 11,765,774 Cost of goods sold (exclusive of depreciation and amortization, shown separately below)

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Dollars in Thousands, Except Share and Per Share Amounts) 1. Presentation of Financial Statements As of January 31, 2024, Casey's General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey's") operate 2,639 convenience stores in 17 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 5,000 . The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. and its direct and indirect wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. 2. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position as of January 31, 2024 and April 30, 2023, the results of operations, for the three and nine months ended January 31, 2024 and 2023, and shareholders' equity and cash flows for the nine months ended January 31, 2024 and 2023. Although management believes that the disclosures are ade

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