Core Viewpoint - Casey's General Stores (CASY) has seen a 4.5% increase in share price over the past month, outperforming the S&P 500, but there are concerns about whether this positive trend will continue leading up to the next earnings release [1] Group 1: Earnings Report and Market Reaction - The last earnings report for Casey's was about a month ago, and since then, the stock has performed well [1] - Recent estimates for the stock have trended downward over the past month, indicating potential concerns among analysts [2] Group 2: VGM Scores and Investment Strategy - Casey's currently holds a Growth Score of A, a Momentum Score of B, and a Value Score of C, placing it in the middle 20% for the value investment strategy [3] - The aggregate VGM Score for the stock is A, which is significant for investors not focused on a single strategy [3] Group 3: Outlook and Future Expectations - The downward trend in estimates suggests a cautious outlook, but the magnitude of these revisions appears promising [4] - Casey's holds a Zacks Rank of 3 (Hold), indicating expectations for an in-line return from the stock in the coming months [4]

Group 1: Market Overview - As of July 1, 2025, two stocks in the consumer staples sector are signaling potential warnings for momentum-focused investors [1] - The Relative Strength Index (RSI) is a key momentum indicator, with values above 70 indicating that a stock may be overbought [2] Group 2: Company Performance - Caseys General Stores Inc reported better-than-expected fourth-quarter financial results, with same-store sales up 2.6% and fuel gross profit increasing by 10.7% year-over-year [6] - The stock of Caseys General Stores has seen a 16% increase over the past month, reaching a 52-week high of $514.32, with an RSI value of 70.4 [6] - Estee Lauder Companies Inc also experienced a stock gain of around 21% over the past month, with a 52-week high of $108.37 and an RSI value of 74.4 [6]

Part I [Business](index=4&type=section&id=ITEM%201.%20Business) The company operates 2,904 convenience stores focused on prepared foods and fuel, recently expanding through the major acquisition of Fikes Wholesale - As of April 30, 2025, the Company operates **2,904 convenience stores** across 20 states, with approximately **71% located in areas with populations under 20,000**[13](index=13&type=chunk)[14](index=14&type=chunk) - On November 1, 2024, Casey's acquired Fikes Wholesale, adding **198 stores**, including its first locations in Alabama, Florida, and Mississippi, and its first fuel terminal in Waco, Texas[13](index=13&type=chunk) - Prepared food and grocery/general merchandise items, while representing about **34% of total revenue** over the last three fiscal years, have generated approximately **63% of the revenue less cost of goods sold**[28](index=28&type=chunk) - The Casey's Rewards loyalty program has grown to over **9 million members**, allowing customers to earn points for fuel discounts, Casey's Cash, or donations to local schools[31](index=31&type=chunk) - As of April 30, 2025, the company employed **23,338 full-time and 25,934 part-time team members**[42](index=42&type=chunk) Retail Fuel Operations Summary (FY2023-FY2025) | Fiscal Year | Gallons Sold (thousands) | Total Retail Fuel Revenue ($ thousands) | % of Total Revenue | Avg. Cents Per Gallon Margin | | :--- | :--- | :--- | :--- | :--- | | **2025** | 3,196,852 | $9,776,033 | 61.3% | 38.68¢ | | **2024** | 2,828,669 | $9,402,071 | 63.3% | 39.48¢ | | **2023** | 2,672,366 | $10,027,310 | 66.4% | 40.22¢ | [Risk Factors](index=9&type=section&id=ITEM%201A.%20Risk%20Factors) The company faces significant operational, regulatory, industry, and strategic risks, including cybersecurity, supply chain, and competition - A **cyber or data security incident** could lead to significant financial loss, litigation, and reputational damage[59](index=59&type=chunk)[60](index=60&type=chunk) - The business is exposed to **commodity price fluctuations**, particularly for cheese and proteins, which could adversely affect profitability[62](index=62&type=chunk) - Difficulties in **recruiting and retaining qualified team members**, especially drivers and hourly store staff, could materially impact operations[66](index=66&type=chunk)[67](index=67&type=chunk) - The **volatility of wholesale petroleum costs** significantly affects operating results, as fuel sales accounted for approximately 64% of total revenue[92](index=92&type=chunk) - The convenience store industry is **highly competitive**, with pressure from other convenience chains, supermarkets, and fast-food outlets[93](index=93&type=chunk) - The growth strategy faces risks related to **identifying and integrating acquisitions**, including potential difficulties with financing and operational systems[95](index=95&type=chunk) [Unresolved Staff Comments](index=16&type=section&id=ITEM%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not applicable[103](index=103&type=chunk) [Cybersecurity](index=16&type=section&id=ITEM%201C.%20Cybersecurity) The company maintains a comprehensive cybersecurity program overseen by the Board's Audit Committee and has had no material incidents to date - The Board's **Audit Committee provides oversight of cybersecurity risk**, with regular updates from the CIO and CISO[104](index=104&type=chunk) - The company's information security program is based on recognized frameworks like the **NIST CSF and PCI DSS**[105](index=105&type=chunk) - A formal **Cybersecurity Incident Response Plan** and a cross-functional team are in place to manage potential security events[107](index=107&type=chunk) - To date, **no cybersecurity incidents have resulted in a material adverse effect** on the company's business, financial condition, or operations[108](index=108&type=chunk) [Properties](index=17&type=section&id=ITEM%202.%20Properties) The company owns the majority of its real estate, including its corporate headquarters, distribution centers, and most of its store locations - The company **owns its corporate headquarters, three distribution centers, and a fuel terminal**[109](index=109&type=chunk) - As of April 30, 2025, the company **leased the land and/or building for 245** of its store locations, with the remainder being owned[110](index=110&type=chunk) [Legal Proceedings](index=17&type=section&id=ITEM%203.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from the financial statement notes - The required information is **incorporated by reference from Note 10** to the Consolidated Financial Statements[111](index=111&type=chunk) [Mine Safety Disclosures](index=17&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) The company reports that this item is not applicable - Not applicable[112](index=112&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=18&type=section&id=ITEM%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Casey's common stock (NASDAQ: CASY) features a growing dividend and an active share repurchase program - The company's common stock trades on the Nasdaq Global Select Market under the symbol **CASY**[114](index=114&type=chunk) - **Dividends declared in fiscal 2025 totaled $2.00 per share**, up from $1.72 per share in fiscal 2024[116](index=116&type=chunk) - As of April 30, 2025, **$295.1 million remained available** under the company's $400 million share repurchase program[119](index=119&type=chunk) - **No shares of common stock were repurchased** during the fourth quarter ended April 30, 2025[118](index=118&type=chunk) [[Reserved]](index=19&type=section&id=ITEM%206.%20%5BReserved%5D) This item is not applicable - Not applicable[120](index=120&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=ITEM%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2025 revenue and net income grew significantly, driven by the Fikes acquisition, despite higher operating expenses and increased debt - **Store count grew by a net 246 stores** in fiscal 2025, from 2,658 to 2,904, primarily through acquisitions and new constructions[126](index=126&type=chunk) - **Operating expenses increased by 11.5% ($263.8M)**, with approximately 10% of the increase due to operating more stores and acquisition costs[135](index=135&type=chunk) - **Net cash provided by operating activities increased by $197.9M** to $1.09 billion in FY2025, driven by improved profitability[160](index=160&type=chunk) - The company used proceeds from **$1.1 billion in new long-term debt** to partially fund the Fikes acquisition[162](index=162&type=chunk) Fiscal 2025 vs. Fiscal 2024 Performance | Metric | Fiscal 2025 | Fiscal 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $15,940.9M | $14,862.9M | +7.3% | | Net Income | $546.5M | $502.0M | +8.9% | | Diluted EPS | $14.64 | $13.43 | +9.0% | | EBITDA (Non-GAAP) | $1,200.0M | $1,059.4M | +13.3% | FY2025 Same-Store Sales Growth | Category | Same-Store Sales Growth | | :--- | :--- | | Prepared food and dispensed beverage | +3.5% | | Grocery and general merchandise | +2.3% | | Fuel gallons sold | +0.1% | [Quantitative and Qualitative Disclosures about Market Risk](index=28&type=section&id=ITEM%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are interest rate fluctuations on its variable-rate debt and volatility in fuel prices - The primary market risk exposure is from **interest rate changes on floating-rate long-term debt**[180](index=180&type=chunk) - A **100-basis-point (1%) increase in interest rates** would result in an approximate **$10.2 million annualized increase in interest expense**[180](index=180&type=chunk) - The company uses **futures contracts to economically hedge price risk** on bulk fuel stored in terminals and pipelines[181](index=181&type=chunk) [Financial Statements and Supplementary Data](index=29&type=section&id=ITEM%208.%20Financial%20Statements%20and%20Supplementary%20Data) The audited financial statements reflect significant growth due to the Fikes acquisition, with an unqualified audit opinion from KPMG LLP - The independent auditor, KPMG LLP, issued an **unqualified opinion** on the consolidated financial statements and internal controls[184](index=184&type=chunk)[201](index=201&type=chunk) - Critical audit matters identified were the **valuation of merchandise inventory** and the **fair value of real property acquired** in the Fikes business combination[189](index=189&type=chunk)[194](index=194&type=chunk) - The **Fikes acquisition on Nov 1, 2024, for a purchase price of $1.17 billion**, resulted in the recognition of **$577.7 million in goodwill**[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) - The company operates as a **single reportable segment**, with the CODM assessing performance based on consolidated profitability metrics[297](index=297&type=chunk)[298](index=298&type=chunk) Consolidated Balance Sheet Highlights (as of April 30) | Account | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Total Current Assets | $1,012,853 | $829,854 | | Net Property and Equipment | $5,413,244 | $4,669,357 | | Goodwill | $1,244,893 | $652,663 | | **Total Assets** | **$8,208,118** | **$6,347,433** | | Total Current Liabilities | $1,101,693 | $953,466 | | Long-Term Debt & Leases | $2,413,620 | $1,582,758 | | **Total Liabilities** | **$4,699,448** | **$3,332,052** | | **Total Shareholders' Equity** | **$3,508,670** | **$3,015,381** | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=52&type=section&id=ITEM%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[301](index=301&type=chunk) [Controls and Procedures](index=52&type=section&id=ITEM%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls were effective, excluding the recently acquired Fikes business from the assessment - The CEO and CFO concluded that **disclosure controls and procedures were effective** as of April 30, 2025[302](index=302&type=chunk) - Management's report on internal control over financial reporting concluded that **controls were effective** as of April 30, 2025[307](index=307&type=chunk) - The assessment of internal controls **excluded the Fikes acquisition**, which is permitted by the SEC for recent business combinations[306](index=306&type=chunk) [Other Information](index=52&type=section&id=ITEM%209B.%20Other%20Information) The company reports that this item is not applicable - Not applicable[309](index=309&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=52&type=section&id=ITEM%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) The company reports that this item is not applicable - Not applicable[310](index=310&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=53&type=section&id=ITEM%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information on directors, officers, and governance, including the Code of Ethics, is incorporated by reference from the Proxy Statement - Detailed information regarding directors, executive officers, and corporate governance is **incorporated by reference** from the company's forthcoming Proxy Statement[312](index=312&type=chunk) - The Company has adopted a **Financial Code of Ethics** and a **Code of Conduct and Ethics**, which are available on its website[313](index=313&type=chunk) [Executive Compensation](index=53&type=section&id=ITEM%2011.%20Executive%20Compensation) Details regarding executive and director compensation are incorporated by reference from the company's forthcoming Proxy Statement - All information related to executive and director compensation is **incorporated by reference** from the company's forthcoming Proxy Statement[315](index=315&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=53&type=section&id=ITEM%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership by major shareholders and management is incorporated by reference from the Proxy Statement - Information on security ownership and equity compensation plans is **incorporated by reference** from the company's forthcoming Proxy Statement[316](index=316&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=53&type=section&id=ITEM%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Disclosures on related party transactions and director independence are incorporated by reference from the Proxy Statement - Disclosures on related transactions and director independence are **incorporated by reference** from the company's forthcoming Proxy Statement[317](index=317&type=chunk) [Principal Accountant Fees and Services](index=53&type=section&id=ITEM%2014.%20Principal%20Accountant%20Fees%20and%20Services) Details on fees paid to the principal accountant are incorporated by reference from the company's Proxy Statement - Information on principal accountant fees and services is **incorporated by reference** from the company's forthcoming Proxy Statement[318](index=318&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=54&type=section&id=ITEM%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements and key exhibits filed, including acquisition and debt agreements - This section lists all **financial statements and exhibits** filed with the Form 10-K[321](index=321&type=chunk) - Key exhibits include the **Fikes acquisition agreement, various debt agreements, executive compensation plans, and Sarbanes-Oxley certifications**[320](index=320&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk) [Form 10-K Summary](index=56&type=section&id=ITEM%2016.%20Form%2010-K%20Summary) The company reports that this item is not applicable - Not applicable[323](index=323&type=chunk)

Market Overview - Wall Street experienced a strong recovery in May, regaining most losses from early April due to tariff announcements by President Trump, but volatility persists as the impact of tariffs on the economy remains unclear [1][4][9] - The Federal Reserve has not indicated plans to resume rate cuts despite recent cooling inflation, contributing to market uncertainty [2][5] Economic Indicators - U.S. job growth slowed significantly in May, with nonfarm payrolls increasing by only 139,000 and private payrolls rising by just 37,000, raising concerns about the economy's health [6] Dividend-Paying Stocks - In light of ongoing market uncertainty, investing in dividend-paying stocks is recommended as they tend to be more stable and reliable during economic fluctuations [7] - Four notable dividend-paying stocks include: - **Casey's General Stores, Inc. (CASY)**: Operates 2,893 convenience stores across 17 states, with a dividend of $0.57 per share and a yield of 0.46% [8][10] - **Utz Brands, Inc. (UTZ)**: Manufactures a variety of salty snacks, declaring a dividend of $0.06 per share with a yield of 1.75% [11][12] - **Sun Communities, Inc. (SUI)**: Focuses on manufactured housing communities, announcing a dividend of $1.04 per share and a yield of 3.01% [13][14] - **EOG Resources, Inc. (EOG)**: Engaged in oil and natural gas exploration, with a dividend of $1.02 per share and a yield of 3.41% [15][16]

Core Viewpoint - Casey's General Stores has shown significant growth, with stock prices increasing over 200% in the last four years, and has the potential for further triple-digit percentage increases in the future [1] Financial Performance - In FQ4, Casey's reported net revenue of $3.99 billion, reflecting a year-over-year increase of 10.8%, driven by a 9.2% rise in store count and a 1.7% increase in inside comparable sales [9] - Inside comparable sales increased by 7.4% over two years, while fuel gallon comps were flat at 0.1%, but operating profit increased by 21.45% due to improved margins [10][11] - EBITDA rose by 20.1%, net income increased by 13%, and GAAP earnings grew by 12.4% [11] Growth and Guidance - The company anticipates continued growth into FY2026, forecasting 11% EBITDA growth at the midpoint and inside sales comps near 3.5% [12] - The dividend yield is approximately 0.45%, with a reliable payment history and an expected annual increase, having risen for 26 consecutive years [5][6] Operational Quality and Acquisitions - Casey's halted share buybacks in F2025 to prepare for the acquisition of Fikes, which is already contributing positively to results [2][3] - The balance sheet shows increased current assets by 22% and total assets by 29%, leading to a 16% increase in shareholder equity, which stands at over $3.5 billion [8] Analyst Sentiment - Analysts maintain a Moderate Buy rating for Casey's, with a consensus price target of $434.92, indicating a potential downside of 12.6% from the current price [9][14] - The overall sentiment among analysts is positive, with expectations for continued stock price increases following the recent quarterly results and guidance updates [13]

Core Insights - Casey's General Stores ended its fiscal year positively, exceeding analyst expectations with strong fourth-quarter earnings [2][7] - The company is rapidly expanding, nearing 3,000 stores across 19 states, with significant acquisitions and new site developments [3][6] Financial Performance - Casey's reported a net income of $98.3 million for the quarter ended April 30, up from $87 million in the prior year, translating to $2.63 per share compared to $2.34 per share [7] - Revenue increased by 11% to $3.99 billion, surpassing estimates of approximately $3.93 billion [8] - Inside same-store sales rose by 1.7%, driven by strong performance in bakery and prepared food categories [8][11] Expansion Strategy - The company plans to open at least 80 new stores in fiscal 2026, aiming for a total of approximately 500 new stores over three years [6] - The acquisition of Fikes Wholesale for $1.145 billion included 198 stores and a fuel terminal, enhancing Casey's operational capacity in Texas [4][5] Market Position - Casey's operates primarily in small towns, with about two-thirds of its stores located in areas with populations of 20,000 or fewer [9] - The company has a strong balance sheet, owning nearly all its assets, which contributed to a stock value increase of over 10% following the positive results [10]

Core Insights - Casey's General Stores, Inc. (CASY) reported strong fourth-quarter fiscal 2025 results, with both revenue and earnings exceeding expectations and showing year-over-year growth [1][3]. Financial Performance - The company achieved quarterly earnings of $2.63 per share, surpassing the Zacks Consensus Estimate of $1.93, marking a 12.4% increase from $2.34 in the prior-year quarter [3]. - Total revenues reached $3,992.8 million, exceeding the Zacks Consensus Estimate of $3,969 million, and reflecting a 10.9% increase from $3,600 million in the same period last year [3]. - Inside sales increased by 12.4% year over year to $1,413.6 million, driven by strong performances in bakery, prepared foods, and beverages [4]. Margin and Expense Analysis - Gross profit rose to $926 million from $798.1 million in the same quarter last year, with gross margin expanding by 100 basis points to 23.2% [5]. - EBITDA increased by 20.1% year over year to $263 million, with an EBITDA margin of 6.6%, surpassing expectations [6]. - Operating expenses rose by 14.5% to $663 million, primarily due to the operation of 246 additional stores [7]. Segment Performance - Prepared Food & Dispensed Beverage sales increased by 9.7% year over year to $391.7 million, although same-store sales decreased by 1.5% [8]. - Grocery & General Merchandise sales grew by 13.5% to $1,021.9 million, with a margin increase of 40 basis points to 34.8% [9]. - Fuel sales rose by 7.1% year over year to $2,438.9 million, with fuel gallons sold increasing by 17.8% [10]. Financial Position - As of April 30, 2025, the company operated 2,904 stores, with cash and cash equivalents of $326.7 million and long-term debt of $2.41 billion [11]. - The company did not repurchase any shares during the fiscal quarter and has approximately $295 million available under its current buyback authorization [11]. Dividend and Future Outlook - In June, the management increased the quarterly dividend by 14% to 57 cents per share, marking the 26th consecutive year of dividend increases [12]. - For fiscal 2026, management expects EBITDA growth of 10% to 12% and anticipates total operating expenses to increase by 8% to 10% [13]. - The company projects inside same-store sales growth of 2-5% and plans to open about 80 stores in fiscal 2026 [14].

Financial Data and Key Metrics Changes - Fiscal year 2025 saw diluted earnings per share increase by 9% to $14.64, with net income reaching a record $547 million and EBITDA at $1.2 billion, up 13% from the previous year [8][19] - Total inside sales grew by 10.9%, with same-store sales up 2.6%, while prepared food and dispensed beverage sales increased by 10.3% [9][13] - Inside margin expanded by 50 basis points year-over-year to 41.5%, driven by effective vendor partnerships [9][10] Business Line Data and Key Metrics Changes - Total prepared food and dispensed beverage sales rose by 9.7% to $392 million, while grocery and general merchandise sales increased by 13.5% to $1.02 billion [13][14] - Same-store prepared food and beverage sales were up 1.5%, with an average margin of 57.8%, despite a 30 basis point decline from the previous year [14] - Same-store grocery and general merchandise sales increased by 1.8%, with an average margin of 34.8%, up 40 basis points year-over-year [15] Market Data and Key Metrics Changes - Fuel gross profit increased by 11%, with total fuel gallons sold up 13% and an average fuel margin of 38.7 cents per gallon [10][19] - Retail fuel sales rose by $162 million, primarily due to a 17.8% increase in total gallons sold, despite a 9% decline in average retail price [17] Company Strategy and Development Direction - The company emphasized a two-pronged approach of building and acquiring stores, achieving the largest store growth year in its history with 35 new builds and 235 units acquired [7][8] - The strategic plan focuses on accelerating food business, growing unit numbers, and enhancing operational efficiency, with a target of opening at least 80 stores in fiscal year 2026 [24][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's strength and durability, anticipating EBITDA growth of 10% to 12% in fiscal year 2026 [21] - The company expects same-store sales growth of 2% to 5% and operating expenses to increase by approximately 8% to 10% [21][22] Other Important Information - The effective tax rate for the quarter was 23%, compared to 22.4% in the prior year, with net interest expense rising to $27.9 million due to financing associated with acquisitions [19][18] - The company plans to allocate approximately $125 million for share repurchases in fiscal year 2026, funded entirely by operating cash flow [21][85] Q&A Session Summary Question: Fuel margins performance and synergies - Management noted that fuel margins exceeded expectations due to effective pricing management and improved procurement capabilities [31][32] Question: Same-store sales outlook for fiscal year 2026 - Management expressed comfort with the guidance range, attributing conservatism to current economic conditions and customer behavior [42][43] Question: Impact of illicit vape on sales - Management acknowledged a negative impact from illicit vape but noted strong growth in nicotine alternatives [52][53] Question: Operating expenses guidance - Management indicated that operating expenses would see mid-teen increases in the first half of fiscal year 2026, primarily due to the integration of acquired stores [60][62] Question: Share buyback strategy - Management clarified that the $125 million share buyback would be funded by operating cash flow, with no debt draw required [81][85]

Casey's General Stores (CASY) Q4 2025 Earnings Call June 10, 2025 08:30 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the Q4 Fiscal Year twenty twenty five Casey's General Stores Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising that your hand is ...

Casey's Investor Deck Use of Non-GAAP Measures This presentation includes references to "EBITDA," which we define as net income before net interest expense, depreciation and amortization, and income taxes. EBITDA is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial perfo ...