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    Casey's Announces Second Quarter Results

    12/9/24 4:15:00 PM ET
    $CASY
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary
    Get the next $CASY alert in real time by email

    Casey's General Stores, Inc. ("Casey's" or the "Company") (NASDAQ:CASY) one of the leading convenience store chains in the United States, today announced financial results for the three and six months ended October 31, 2024.

    Second Quarter Key Highlights

    • Diluted EPS of $4.85, up 14% from the same period a year ago. Net income was $181 million, up 14%, and EBITDA1 was $349 million, up 14%, from the same period a year ago.
    • Inside same-store sales increased 4.0% compared to prior year, and 7.1% on a two-year stack basis, with an inside margin of 42.2%. Total inside gross profit increased 12.0% to $619.7 million compared to the prior year.
    • Same-store fuel gallons were down 0.6% compared to prior year with a fuel margin of 40.2 cents per gallon. Total fuel gross profit increased 1.1% to $312.3 million compared to the prior year.
    • Same-store operating expenses excluding credit card fees were up 2.3%, favorably impacted by a 1% reduction in same-store labor hours.
    • Subsequent to quarter end, on November 1, 2024, Casey's closed the previously announced Fikes Wholesale ("Fikes") transaction, acquiring 198 CEFCO Convenience Stores.

    "Casey's delivered a strong second quarter highlighted by robust inside gross profit growth," said Darren Rebelez, Board Chair, President and CEO. "Inside same-store sales were driven by the prepared food and dispensed beverage category, with hot sandwiches and cold dispensed beverage performing exceptionally well. Our fuel team continues to balance volume and margin as they achieved over 40 cents per gallon fuel margin while outpacing the relevant geographic market in same-store fuel gallons. The operations team continues to focus on efficiency while serving our guests, as we reduced same-store labor hours for the tenth consecutive quarter. Finally, we are excited to have closed on the Fikes acquisition and we want to welcome the team to the Casey's family."

    Earnings

     

    Three Months Ended October 31,

     

    Six Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Net income (in thousands)

    $

    180,918

     

    $

    158,782

     

    $

    361,116

     

    $

    328,019

    Diluted earnings per share

    $

    4.85

     

    $

    4.24

     

    $

    9.68

     

    $

    8.76

    EBITDA (in thousands)

    $

    348,880

     

    $

    305,858

     

    $

    694,662

     

    $

    622,757

    For the quarter, net income, diluted EPS, and EBITDA were up compared to the same period a year ago primarily due to higher inside and fuel gross profit, partially offset by higher operating expenses primarily due to operating 93 additional stores.

    _________________

    1 EBITDA is reconciled to net income below.

    Inside

     

    Three Months Ended October 31,

     

    Six Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Inside sales (in thousands)

    $

    1,467,524

     

     

    $

    1,346,911

     

     

    $

    2,941,631

     

     

    $

    2,716,660

     

    Inside same-store sales

     

    4.0

    %

     

     

    2.9

    %

     

     

    3.1

    %

     

     

    4.2

    %

    Grocery and general merchandise same-store sales

     

    3.6

    %

     

     

    1.7

    %

     

     

    2.5

    %

     

     

    3.5

    %

    Prepared food and dispensed beverage same-store sales

     

    5.2

    %

     

     

    6.1

    %

     

     

    4.7

    %

     

     

    5.9

    %

    Inside gross profit (in thousands)

    $

    619,651

     

     

    $

    553,264

     

     

    $

    1,233,973

     

     

    $

    1,109,698

     

    Inside margin

     

    42.2

    %

     

     

    41.1

    %

     

     

    41.9

    %

     

     

    40.8

    %

    Grocery and general merchandise margin

     

    35.6

    %

     

     

    34.0

    %

     

     

    35.5

    %

     

     

    34.0

    %

    Prepared food and dispensed beverage margin

     

    58.7

    %

     

     

    59.0

    %

     

     

    58.5

    %

     

     

    58.6

    %

    Total inside sales were up 9.0% for the quarter driven by strong performance in the prepared food and dispensed beverage category, including hot sandwiches and dispensed beverage as well as non-alcoholic and alcoholic beverages in the grocery and general merchandise category. Inside margin was up 110 basis points compared to the same quarter a year ago, driven primarily by product mix and asset protection initiatives.

    Fuel2

     

    Three Months Ended October 31,

     

    Six Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Fuel gallons sold (in thousands)

     

    775,914

     

     

     

    730,439

     

     

     

    1,548,450

     

     

     

    1,444,429

     

    Same-store gallons sold

     

    (0.6

    )%

     

     

    —

    %

     

     

    (0.1

    )%

     

     

    0.2

    %

    Fuel gross profit (in thousands)

    $

    312,252

     

     

    $

    308,835

     

     

    $

    626,800

     

     

    $

    605,813

     

    Fuel margin (cents per gallon, excluding credit card fees)

    40.2

     ¢

     

    42.3

     ¢

     

    40.5

     ¢

     

    41.9

     ¢

    For the quarter, total fuel gallons sold increased 6.2% compared to the prior year primarily due to the store count increase, while same-store gallons were down 0.6% versus the prior year. The Company's total fuel gross profit was up 1.1% versus the prior year. The Company sold $4.9 million in renewable fuel credits (RINs) in the second quarter, a decrease of $3.5 million from the same quarter in the prior year.

    Operating Expenses

     

    Three Months Ended October 31,

     

    Six Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Operating expenses (in thousands)

    $

    609,679

     

     

    $

    579,703

     

     

    $

    1,219,153

     

     

    $

    1,140,558

     

    Credit card fees (in thousands)

    $

    62,275

     

     

    $

    62,917

     

     

    $

    126,084

     

     

    $

    123,902

     

    Same-store operating expenses excluding credit card fees

     

    2.3

    %

     

     

    2.1

    %

     

     

    1.5

    %

     

     

    2.6

    %

    Operating expenses increased approximately 5% during the second quarter. Operating 93 more stores than prior year accounted for approximately 4% of the increase. Same-store employee expense contributed to approximately 1% of the increase, as the increases in labor rates were partially offset by a reduction in same-store labor hours.

    Expansion

     

    Store Count

    April 30, 2024

    2,658

     

    New store construction

    18

     

    Acquisitions

    18

     

    Closed

    (9

    )

    October 31, 2024

    2,685

     

    _________________

    2 Fuel category does not include wholesale fuel activity, which is included in Other.

    Liquidity

    At October 31, 2024, the Company had approximately $1.25 billion in available liquidity, consisting of approximately $352 million in cash and cash equivalents on hand and approximately $900 million in available borrowing capacity on existing lines of credit. The liquidity calculation excludes the impact of the restricted cash included within long-term assets as of October 31, 2024. The restricted cash relates to cash held in a funding account for the acquisition of Fikes, which closed on November 1, 2024, subsequent to quarter end.

    Share Repurchase

    During the second quarter, the Company did not repurchase any shares. The Company has approximately $295 million remaining under its existing share repurchase authorization.

    Dividend

    At its December meeting, the Board of Directors approved a quarterly dividend of $0.50 per share. The dividend is payable February 17, 2025, to shareholders of record on February 3, 2025.

    Fiscal 2025 Outlook

    Casey's is updating the 2025 outlook primarily due to the acquisition of Fikes, which closed on November 1, 2024.

    For the second half of fiscal 2025 specifically related to the Fikes transaction: Casey's expects to incur an additional $15 to $20 million in one-time deal and integration costs, primarily in the third quarter. EBITDA contribution from Fikes is expected to be modestly dilutive in the third quarter, primarily due to the transaction and integration costs previously mentioned. EBITDA contribution from Fikes is expected to be modestly accretive in the fourth quarter. Interest expense will be approximately $35 million higher than the original outlook due to the financing of the transaction.

    For Casey's total fiscal 2025 year outlook including the impact of the Fikes acquisition: EBITDA is expected to increase at least 10%. Total operating expenses are expected to increase 11% to 13% for the fiscal year, including approximately $25 to $30 million in one-time deal and integration costs, while same-store operating expense excluding credit card fees are expected to only increase 2% for the year. Net interest expense is expected to be approximately $90 million for the year. Depreciation and amortization is expected to be approximately $410 million and the purchase of property and equipment is expected to be approximately $550 million. The tax rate is expected to be approximately 23% to 25% for the fiscal year.

    Casey's is not updating its outlook for the following metrics: Casey's expects to add approximately 270 stores for the fiscal year. The Company expects inside same-store sales to increase 3% to 5% and inside margin comparable to fiscal 2024. The Company expects same-store fuel gallons sold to be between negative 1% to positive 1%.

    Casey's General Stores, Inc. and Subsidiaries

    Condensed Consolidated Statements of Income

    (Amounts in thousands, except share and per share amounts)

    (Unaudited)

     

     

    Three Months Ended October 31,

     

    Six Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Total revenue

    $

    3,946,771

     

    $

    4,064,400

     

    $

    8,044,508

     

    $

    7,933,651

    Cost of goods sold (exclusive of depreciation and amortization, shown separately below)

     

    2,988,212

     

     

    3,178,839

     

     

    6,130,693

     

     

    6,170,336

    Operating expenses

     

    609,679

     

     

    579,703

     

     

    1,219,153

     

     

    1,140,558

    Depreciation and amortization

     

    96,592

     

     

    85,598

     

     

    191,001

     

     

    168,503

    Interest, net

     

    12,553

     

     

    12,306

     

     

    26,620

     

     

    24,801

    Income before income taxes

     

    239,735

     

     

    207,954

     

     

    477,041

     

     

    429,453

    Federal and state income taxes

     

    58,817

     

     

    49,172

     

     

    115,925

     

     

    101,434

    Net income

    $

    180,918

     

    $

    158,782

     

    $

    361,116

     

    $

    328,019

    Net income per common share

     

     

     

     

     

     

     

    Basic

    $

    4.87

     

    $

    4.27

     

    $

    9.73

     

    $

    8.80

    Diluted

    $

    4.85

     

    $

    4.24

     

    $

    9.68

     

    $

    8.76

    Basic weighted average shares

     

    37,124,541

     

     

    37,227,932

     

     

    37,105,886

     

     

    37,264,442

    Plus effect of stock compensation

     

    186,938

     

     

    203,143

     

     

    202,392

     

     

    187,811

    Diluted weighted average shares

     

    37,311,479

     

     

    37,431,075

     

     

    37,308,278

     

     

    37,452,253

    Casey's General Stores, Inc. and Subsidiaries

    Condensed Consolidated Balance Sheets

    (Dollars in thousands)

    (Unaudited)

     

     

    October 31, 2024

     

    April 30, 2024

    Assets

     

     

     

    Current assets

     

     

     

    Cash and cash equivalents

    $

    351,723

     

    $

    206,482

    Receivables

     

    156,407

     

     

    151,793

    Inventories

     

    432,268

     

     

    428,722

    Prepaid and other current assets

     

    38,296

     

     

    25,791

    Income taxes receivable

     

    —

     

     

    17,066

    Total current assets

     

    978,694

     

     

    829,854

    Restricted cash

     

    1,160,118

     

     

    —

    Other assets, net of amortization

     

    192,704

     

     

    195,559

    Goodwill

     

    657,529

     

     

    652,663

    Property and equipment, net of accumulated depreciation of $2,981,245 at October 31, 2024 and $2,883,925 at April 30, 2024

     

    4,736,525

     

     

    4,669,357

    Total assets

    $

    7,725,570

     

    $

    6,347,433

    Liabilities and Shareholders' Equity

     

     

     

    Current liabilities

     

     

     

    Current maturities of long-term debt and finance lease obligations

    $

    245,558

     

    $

    53,181

    Accounts payable

     

    573,320

     

     

    569,527

    Accrued expenses

     

    296,374

     

     

    330,758

    Income taxes payable

     

    1,284

     

     

    —

    Total current liabilities

     

    1,116,536

     

     

    953,466

    Long-term debt and finance lease obligations, net of current maturities

     

    2,461,922

     

     

    1,582,758

    Deferred income taxes

     

    608,904

     

     

    596,850

    Insurance accruals, net of current portion

     

    30,227

     

     

    30,046

    Other long-term liabilities

     

    170,535

     

     

    168,932

    Total liabilities

     

    4,388,124

     

     

    3,332,052

    Total shareholders' equity

     

    3,337,446

     

     

    3,015,381

    Total liabilities and shareholders' equity

    $

    7,725,570

     

    $

    6,347,433

    Casey's General Stores, Inc. and Subsidiaries

    Condensed Consolidated Statements of Cash Flows

    (Dollars in thousands)

    (Unaudited)

     

     

    Six months ended October 31,

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

    Net income

    $

    361,116

     

     

    $

    328,019

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    191,001

     

     

     

    168,503

     

    Amortization of debt issuance costs

     

    555

     

     

     

    555

     

    Change in excess replacement cost over LIFO inventory valuation

     

    6,398

     

     

     

    7,946

     

    Share-based compensation

     

    23,645

     

     

     

    19,485

     

    Loss (gain) on disposal of assets and impairment charges

     

    4,422

     

     

     

    (232

    )

    Deferred income taxes

     

    12,054

     

     

     

    39,353

     

    Changes in assets and liabilities:

     

     

     

    Receivables

     

    (855

    )

     

     

    (21,897

    )

    Inventories

     

    (8,723

    )

     

     

    (44,714

    )

    Prepaid and other current assets

     

    (12,505

    )

     

     

    (10,693

    )

    Accounts payable

     

    (9,902

    )

     

     

    (10,400

    )

    Accrued expenses

     

    (36,228

    )

     

     

    (20,925

    )

    Income taxes

     

    20,780

     

     

     

    21,992

     

    Other, net

     

    299

     

     

     

    4,788

     

    Net cash provided by operating activities

     

    552,057

     

     

     

    481,780

     

    Cash flows from investing activities:

     

     

     

    Purchase of property and equipment

     

    (211,226

    )

     

     

    (175,955

    )

    Payments for acquisition of businesses, net of cash acquired

     

    (46,341

    )

     

     

    (139,359

    )

    Proceeds from sales of assets

     

    11,720

     

     

     

    8,291

     

    Net cash used in investing activities

     

    (245,847

    )

     

     

    (307,023

    )

    Cash flows from financing activities:

     

     

     

    Proceeds from long-term debt

     

    1,100,000

     

     

     

    —

     

    Payments of long-term debt and finance lease obligations

     

    (34,637

    )

     

     

    (35,135

    )

    Payments of debt issuance costs

     

    (5,191

    )

     

     

    —

     

    Payments of cash dividends

     

    (35,179

    )

     

     

    (30,988

    )

    Repurchase of common stock and payment of related excise taxes

     

    (734

    )

     

     

    (59,491

    )

    Tax withholdings on employee share-based awards

     

    (25,110

    )

     

     

    (18,121

    )

    Net cash provided by (used) in financing activities

     

    999,149

     

     

     

    (143,735

    )

     

    Net increase in cash, cash equivalents and restricted cash

     

    1,305,359

     

     

     

    31,022

     

    Cash and cash equivalents at beginning of the period

     

    206,482

     

     

     

    378,869

     

    Cash, cash equivalents and restricted cash at end of the period

    $

    1,511,841

     

     

    $

    409,891

     

    RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH

     

     

    Six months ended October 31,

     

    2024

     

    2023

    Cash and cash equivalents

    $

    351,723

     

    $

    409,891

    Restricted cash

     

    1,160,118

     

     

    —

    Total cash, cash equivalents and restricted cash shown in the statement of cash flows

    $

    1,511,841

     

    $

    409,891

    SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

     

     

    Six months ended October 31,

     

    2024

     

    2023

    Cash paid during the period for:

     

     

     

    Interest, net of amount capitalized

    $

    33,516

     

    $

    31,429

    Income taxes, net

     

    82,507

     

     

    36,037

    Noncash investing and financing activities:

     

     

     

    Purchased property and equipment in accounts payable

     

    59,312

     

     

    78,684

    Right-of-use assets obtained in exchange for new finance lease liabilities

     

    11,210

     

     

    11,216

    Right-of-use assets obtained in exchange for new operating lease liabilities

     

    —

    8,273

    Summary by Category (Amounts in thousands)

    Three Months Ended October 31, 2024

    Prepared Food

    & Dispensed

    Beverage

     

    Grocery &

    General

    Merchandise

     

    Fuel

     

    Other

     

    Total

    Revenue

    $

    417,827

     

     

    $

    1,049,697

     

     

    $

    2,414,632

     

     

    $

    64,615

     

     

    $

    3,946,771

     

    Gross profit

    $

    245,458

     

     

    $

    374,193

     

     

    $

    312,252

     

     

    $

    26,656

     

     

    $

    958,559

     

     

     

    58.7

    %

     

     

    35.6

    %

     

     

    12.9

    %

     

     

    41.3

    %

     

     

    24.3

    %

    Fuel gallons sold

     

     

     

     

     

    775,914

     

     

     

     

     

    Three Months Ended October 31, 2023

     

     

     

     

     

     

     

     

     

    Revenue

    $

    382,481

     

     

    $

    964,430

     

     

    $

    2,646,478

     

     

    $

    71,011

     

     

    $

    4,064,400

     

    Gross profit

    $

    225,664

     

     

    $

    327,600

     

     

    $

    308,835

     

     

    $

    23,462

     

     

    $

    885,561

     

     

     

    59.0

    %

     

     

    34.0

    %

     

     

    11.7

    %

     

     

    33.0

    %

     

     

    21.8

    %

    Fuel gallons sold

     

     

     

     

     

    730,439

     

     

     

     

     

    Summary by Category (Amounts in thousands)

    Six Months Ended October 31, 2024

    Prepared Food

    & Dispensed

    Beverage

     

    Grocery &

    General

    Merchandise

     

    Fuel

     

    Other

     

    Total

    Revenue

    $

    822,956

     

     

    $

    2,118,675

     

     

    $

    4,970,274

     

     

    $

    132,603

     

     

    $

    8,044,508

     

    Gross profit

    $

    481,499

     

     

    $

    752,474

     

     

    $

    626,800

     

     

    $

    53,042

     

     

    $

    1,913,815

     

     

     

    58.5

    %

     

     

    35.5

    %

     

     

    12.6

    %

     

     

    40.0

    %

     

     

    23.8

    %

    Fuel gallons sold

     

     

     

     

     

    1,548,450

     

     

     

     

     

    Six Months Ended October 31, 2023

     

     

     

     

     

     

     

     

     

    Revenue

    $

    755,294

     

     

    $

    1,961,366

     

     

    $

    5,073,811

     

     

    $

    143,180

     

     

    $

    7,933,651

     

    Gross profit

    $

    442,525

     

     

    $

    667,173

     

     

    $

    605,813

     

     

    $

    47,804

     

     

    $

    1,763,315

     

     

     

    58.6

    %

     

     

    34.0

    %

     

     

    11.9

    %

     

     

    33.4

    %

     

     

    22.2

    %

    Fuel gallons sold

     

     

     

     

     

    1,444,429

     

     

     

     

     

    Prepared Food & Dispensed Beverage

     

    Prepared Food & Dispensed Beverage

    Same-store Sales

    Margin

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    Fiscal

    Year

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    Fiscal

    Year

    F2025

    4.4

    %

     

    5.2

    %

     

     

     

     

     

     

    F2025

    58.3

    %

     

    58.7

    %

     

     

     

     

     

     

    F2024

    5.9

     

     

    6.1

     

     

    7.5

    %

     

    8.8

    %

     

    6.8

    %

    F2024

    58.2

     

     

    59.0

     

     

    59.6

    %

     

    58.1

    %

     

    58.7

    %

    F2023

    8.4

     

     

    10.5

     

     

    5.0

     

     

    4.9

     

     

    7.1

     

    F2023

    55.6

     

     

    56.7

     

     

    57.3

     

     

    56.8

     

     

    56.6

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Grocery & General Merchandise

     

    Grocery & General Merchandise

    Same-store Sales

    Margin

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    Fiscal

    Year

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    Fiscal

    Year

    F2025

    1.6

    %

     

    3.6

    %

     

     

     

     

     

     

    F2025

    35.4

    %

     

    35.6

    %

     

     

     

     

     

     

    F2024

    5.2

     

     

    1.7

     

     

    2.8

    %

     

    4.3

    %

     

    3.5

    %

    F2024

    34.1

     

     

    34.0

     

     

    33.9

    %

     

    34.4

    %

     

    34.1

    %

    F2023

    5.5

     

     

    6.9

     

     

    5.8

     

     

    7.1

     

     

    6.3

     

    F2023

    33.9

     

     

    33.3

     

     

    34.0

     

     

    33.0

     

     

    33.6

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    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

    F2025

    0.7

    %

     

    (0.6

    )%

     

     

     

     

     

     

     

     

     

    F2025

    40.7

    ¢

     

    40.2

    ¢

     

     

     

     

     

     

    F2024

    0.4

     

     

    —

     

     

    (0.4

    )%

     

    0.9

    %

     

    0.1

    %

    F2024

    41.6

     

    42.3

     

    37.3

    ¢

     

    36.5

    ¢

     

    39.5

    ¢

    F2023

    (2.3

    )

     

    0.3

     

     

    (0.5

    )

     

    —

     

     

    (0.8

    )

    F2023

    44.7

     

    40.5

     

    40.7

     

    34.6

     

    40.2

    RECONCILIATION OF NET INCOME TO EBITDA

    We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. EBITDA is not considered to be a GAAP measure, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute 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 is useful to investors in evaluating our operating performance because securities analysts and other interested parties use this calculation as a measure of financial performance and debt service capabilities, and it is regularly used by management 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, 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 this non-GAAP financial measure with those used by other companies.

    The following table contains a reconciliation of net income to EBITDA for the three and six months ended October 31, 2024 and 2023:

    (in thousands)

    Three Months Ended October 31,

     

    Six Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Net income

    $

    180,918

     

    $

    158,782

     

    $

    361,116

     

    $

    328,019

    Interest, net

     

    12,553

     

     

    12,306

     

     

    26,620

     

     

    24,801

    Federal and state income taxes

     

    58,817

     

     

    49,172

     

     

    115,925

     

     

    101,434

    Depreciation and amortization

     

    96,592

     

     

    85,598

     

     

    191,001

     

     

    168,503

    EBITDA

    $

    348,880

     

    $

    305,858

     

    $

    694,662

     

    $

    622,757

    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 the potential impact the Fikes transaction, 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 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 December 10, 2024. The call will be broadcast live over the Internet at 7:30 a.m. CDT. 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.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241209969868/en/

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