Casey's General Stores Files Q1 2025 10-Q

TL;DR

Casey's Q1 2025 10-Q is in. Check financials for latest performance.

AI Summary

Casey's General Stores Inc. reported its first quarter results for the period ending July 31, 2024. The company's filing indicates a fiscal year end of April 30, 2025. Specific financial figures for this quarter were not detailed in the provided text, but the filing pertains to their ongoing operations and financial reporting.

Why It Matters

This filing provides investors with an update on Casey's financial performance and operational status for the first quarter of their fiscal year 2025.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• 0000726958 — CIK (Central Index Key for Casey's General Stores Inc.)
• 001-34700 — SEC File Number (SEC File Number for Casey's General Stores Inc.)

Key Players & Entities

• CASEYS GENERAL STORES INC (company) — Filer
• 20240731 (date) — Reporting Period End Date
• 20240904 (date) — Filing Date
• 515-965-6100 (phone_number) — Business Phone

FAQ

Filing Documents

• casy-20240731.htm (10-Q) — 454KB
• amendmenttoequitypurchasea.htm (EX-2.2) — 21KB
• casy-ex311_2024731xq1.htm (EX-31.1) — 9KB
• casy-ex312_2024731xq1.htm (EX-31.2) — 9KB
• casy-ex321_2024731xq1.htm (EX-32.1) — 5KB
• casy-ex322_2024731xq1.htm (EX-32.2) — 5KB
• 0000726958-24-000074.txt ( ) — 2500KB
• casy-20240731.xsd (EX-101.SCH) — 20KB
• casy-20240731_cal.xml (EX-101.CAL) — 36KB
• casy-20240731_def.xml (EX-101.DEF) — 81KB
• casy-20240731_lab.xml (EX-101.LAB) — 274KB
• casy-20240731_pre.xml (EX-101.PRE) — 178KB
• casy-20240731_htm.xml (XML) — 125KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements Condensed consolidated balance sheets---J uly 31, 2024 and April 30, 202 4 (unaudited) 4 Condensed consolidated statements of income---three months ended July 31, 2024 and 2023 (unaudited) 5 Condensed consolidated statement of shareholders' equity---three months ended July 31, 2024 and 2023 (unaudited) 6 Condensed consolidated statements of cash flows--- three months ended July 31, 2024 and 2023 (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 13

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 20

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 21

Exhibits

Item 6. Exhibits 22 SIGNATURE 23 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) July 31, 2024 April 30, 2024 Assets Current assets: Cash and cash equivalents $ 304,988 $ 206,482 Receivables 164,926 151,793 Inventories 452,017 428,722 Prepaid and other current assets 33,071 25,791 Income taxes receivable — 17,066 Total current assets 955,002 829,854 Other assets, net of amortization 193,314 195,559 Goodwill 652,823 652,663 Property and equipment, net of accumulated depreciation of $ 2,943,154 at July 31, 2024 and $ 2,883,925 at April 30, 2024 4,695,286 4,669,357 Total assets $ 6,496,425 $ 6,347,433 Liabilities and Shareholders' Equity Current liabilities: Current maturities of long-term debt and finance lease obligations $ 208,209 $ 53,181 Accounts payable 597,112 569,527 Accrued expenses 294,233 330,758 Income taxes payable 32,589 — Total current liabilities 1,132,143 953,466 Long-term debt and finance lease obligations, net of current maturities 1,398,712 1,582,758 Deferred income taxes 603,964 596,850 Insurance accruals, net of current portion 29,724 30,046 Other long-term liabilities 168,962 168,932 Total liabilities 3,333,505 3,332,052 Shareholders' equity: Preferred stock, no par value — — Common stock, no par value 13,557 27,453 Retained earnings 3,149,363 2,987,928 Total shareholders' equity 3,162,920 3,015,381 Total liabilities and shareholders' equity $ 6,496,425 $ 6,347,433 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 July 31, 2024 2023 Total revenue $ 4,097,737 $ 3,869,251 Cost of goods sold (exclusive of depreciation and amortization, shown separately below) 3,142,481 2,991,497 Operating

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Dollars in Thousands, Except Share and Per Share Amounts) 1. Presentation of Financial Statements As of July 31, 2024, Casey's General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey's") operate 2,674 convenience stores in 17 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 20,000 . The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. and its direct and indirect wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. 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 July 31, 2024 and April 30, 2024, the results of operations, for the three months ended July 31, 2024 and 2023, and shareholders' equity and cash flows for the three months ended July 31, 2024 and 2023. Although management believes that the disclosures are adequate to make the i

Management's Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Thousands)

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Thousands) . Overview As of July 31, 2024, Casey's General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey's General Store" (collectively, with the stores below referenced as "GoodStop", "Bucky's", "Minit Mart", or "Lone Star Food Store", referred to as "Casey's" or the "Company") throughout 17 states, ov

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