Financial Data and Key Metrics Changes - Total revenue for the quarter was $3.3 billion, a decrease of $3 million or 0.1% from the prior year, primarily due to lower retail fuel prices [5] - Net income was $86.9 million, a decrease of 13.2% from the prior year, and EBITDA for the quarter was $217.6 million, a decrease of 1.9% [91] - Diluted EPS finished at $2.33 per share, a 13% decrease from the prior year [16] - Operating expenses were up 10.3% versus the prior year, but only 2.5% on a same-store basis excluding credit card fees [4] Business Line Data and Key Metrics Changes - Inside same-store sales were up 4.1% for the third quarter or 9.9% on a two-year stack basis, with an average margin of 41.3% [3] - Prepared food and dispensed beverage sales rose by $36 million to $349 million, an increase of 11.4% [89] - Same store grocery and general merchandise sales were up 2.8% or 8.8% on a two-year stack basis, with an average margin of 33.9%, a decrease of approximately 10 basis points from the prior year [17] Market Data and Key Metrics Changes - Retail fuel sales were down $106 million in the third quarter, as an 11% decline in the average retail price of fuel was partially offset by a 6.9% increase in fuel gallons sold [19] - Fuel margin for the quarter was 37.3 cents per gallon, down 3.4 cents per gallon from the prior year [20] - Same store gallons sold were nearly flat, with a fuel margin of 37.3 cents per gallon, marking the 11th consecutive quarter with fuel margins above 34.5 cents per gallon [103] Company Strategy and Development Direction - The company is committed to adding 350 stores by the end of fiscal 2026, utilizing both new store construction and M&A strategies [43] - The prepared food program continues to drive strong results, providing a unique competitive advantage in the industry [10] - The company is focused on operational efficiency, with a continuous improvement team working to reduce same-store labor hours for seven consecutive quarters [94] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its strategic plan, highlighting abundant growth opportunities [95] - The company noted that the consumer has proven to be resilient, with no significant changes in spending behavior observed [145] - Management expects to finish the year at the high end of their annual outlook range, driven by discretionary fourth-quarter contributions and strong performance [9] Other Important Information - The company repurchased approximately $30 million of stock during the quarter, with $310 million remaining on its existing share repurchase authorization [8] - The balance sheet remains strong, with total available liquidity of $1.1 billion and no significant maturities until fiscal 2026 [21] Q&A Session Summary Question: Can you discuss the integration of recent acquisitions? - The integration team has developed an efficient process for integrating smaller acquisitions, allowing for quicker implementation of prepared foods [36] Question: What is the outlook for fuel margins? - Fuel margins have been slightly lower than the prior year, but the company maintains a balanced approach between volume and margin [31][56] Question: How is the company addressing input costs and pricing? - The company is focused on forward buying cheese to lock in favorable pricing, expecting modest benefits in the upcoming quarters [28][50] Question: What are the expectations for prepared food sales growth? - Recent innovations in the prepared food segment have driven strong sales, with a focus on maintaining competitive pricing compared to QSRs [124] Question: How is the company managing operating expenses? - The company has successfully reduced unproductive labor hours, contributing to lower operating expenses while maintaining high guest satisfaction [51][117]

Casey's General Stores, Inc. (CASY) reported mixed third-quarter fiscal 2024 results, wherein the top line missed the Zacks Consensus Estimate, while the bottom line beat the same. The company demonstrated strength in inside same-store sales, underscoring its ability to engage customers effectively.A Closer Look at ResultsCasey's, one of the leading convenience store chains in the United States, posted quarterly earnings of $2.33 per share, which surpassed the Zacks Consensus Estimate of $2.20 per share. Th ...

| --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|-------|-----------|-------|-----------|-------|-----------| | | | FY21 | | FY22 | | FY23 | | Operating cash flows Purchase of property and equipment (441,252) (326,475) (476,568) | | $ 804,088 | | $ 788,741 | | $ 881,951 | | Free cash flow 362,836 462,266 405,383 | | | | | | | Safe Harbor Statements This presentation contains statements that may constitute forward-looking s ...

ANKENY, Iowa--(BUSINESS WIRE)--With springtime here, Casey’s is ramping up its store-level hiring and invites applicants to visit www.caseys.com/careers to apply for full-time and part-time roles in its stores for summer 2024. “We encourage our team members and community members to spread the word to consider a career at Casey’s. We are a growing retailer with a competitive offering to job seekers and the summer season is a great time to join us because there’s so much activity and energy in our stores,” ...

Casey's General Stores (CASY) reported $3.33 billion in revenue for the quarter ended January 2024, representing a year-over-year decline of 0.1%. EPS of $2.33 for the same period compares to $2.36 a year ago.The reported revenue represents a surprise of -4.52% over the Zacks Consensus Estimate of $3.49 billion. With the consensus EPS estimate being $2.20, the EPS surprise was +5.91%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to ...

Casey's General Stores (CASY) came out with quarterly earnings of $2.33 per share, beating the Zacks Consensus Estimate of $2.20 per share. This compares to earnings of $2.36 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.91%. A quarter ago, it was expected that this convenience store chain would post earnings of $3.74 per share when it actually produced earnings of $4.24, delivering a surprise of 13.37%.Over the last four ...

ANKENY, Iowa--(BUSINESS WIRE)--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 nine months ended January 31, 2024. Third Quarter Key Highlights Diluted EPS of $2.33, down 13% from the same period a year ago. Net income was $87 million, down 13%, and EBITDA1 was $218 million, down 2%, from the same period a year ago. In the prior year, net income, EBITDA and dilu ...

Exhibit 99.1 1 • Diluted EPS of $2.33, down 13% from the same period a year ago. Net income was $87 million, down 13%, and EBITDA was $218 million, down 2%, from the same period a year ago. In the prior year, net income, EBITDA and diluted EPS benefited from a one-time operating expense reduction of approximately $15 million, or $0.31 a share, from the resolution of a legal matter. • Inside same-store sales increased 4.1% compared to prior year, and 9.9% on a two-year stack basis, with an inside margin of 4 ...

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents Casey's unaudited condensed consolidated financial statements, including balance sheets, income, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20consolidated%20balance%20sheets) Balance Sheet Summary (as of Jan 31, 2024 vs Apr 30, 2023) | Metric | Jan 31, 2024 ($ in thousands) | Apr 30, 2023 ($ in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | 781,004 | 920,955 | | **Total Assets** | 6,207,014 | 5,943,270 | | **Total Current Liabilities** | 880,906 | 927,125 | | **Total Liabilities** | 3,259,553 | 3,282,604 | | **Total Shareholders' Equity** | 2,947,461 | 2,660,666 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20consolidated%20statements%20of%20income) Income Statement Highlights (Three Months Ended Jan 31) | Metric | 2024 ($ in thousands) | 2023 ($ in thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 3,329,247 | 3,332,555 | -0.1% | | Net Income | 86,933 | 100,112 | -13.2% | | Diluted EPS | $2.33 | $2.67 | -12.7% | Income Statement Highlights (Nine Months Ended Jan 31) | Metric | 2024 ($ in thousands) | 2023 ($ in thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 11,262,898 | 11,765,774 | -4.3% | | Net Income | 414,952 | 390,599 | +6.2% | | Diluted EPS | $11.09 | $10.42 | +6.4% | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20consolidated%20statements%20of%20cash%20flows) Cash Flow Summary (Nine Months Ended Jan 31, 2024 vs 2023) | Cash Flow Activity | 2024 ($ in thousands) | 2023 ($ in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | 604,600 | 636,593 | | Net cash used in investing activities | (602,184) | (300,949) | | Net cash used in financing activities | (203,404) | (81,323) | | **Net (decrease) increase in cash** | **(200,988)** | **254,321** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20unaudited%20condensed%20consolidated%20financial%20statements) - During the nine months ended January 31, 2024, the Company acquired 105 stores, recognizing **$31.8 million in goodwill**, with these acquisitions contributing approximately **$106.4 million in revenue** for the period[83](index=83&type=chunk)[86](index=86&type=chunk) - The company is involved in a lawsuit (McColley v. Casey's General Stores, Inc.) regarding the classification of Store Managers under the FLSA, with management believing adequate provisions have been made and the outcome will not be materially adverse[88](index=88&type=chunk) - As of January 31, 2024, the company had forward contracts for cheese running through July 2024, with a total commitment of approximately **$35.4 million**[88](index=88&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 and nine-month fiscal 2024 financial performance, covering sales, fuel revenue, operating expenses, liquidity, and capital resources [Overview](index=15&type=section&id=Overview) - As of January 31, 2024, the company operated **2,639 convenience stores** across 17 states, with a net increase of **118 stores** since April 30, 2023, primarily through acquisitions and new constructions[105](index=105&type=chunk) - The company's business is seasonal, with higher sales and profitability typically occurring in the first and second fiscal quarters (May-October)[105](index=105&type=chunk) [Electric Vehicles and Renewable Fuels](index=16&type=section&id=Electric%20Vehicles%20and%20Renewable%20Fuels) - The company is developing its electric vehicle (EV) strategy, having installed **170 charging stations at 37 stores** across 12 states as of January 31, 2024, focusing on areas with higher consumer EV demand[17](index=17&type=chunk) - Casey's remains committed to renewable fuels, with nearly all stores offering at least **10% blended ethanol** and **43% of stores offering biodiesel**[17](index=17&type=chunk) [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Q3 FY2024 Same-Store Sales vs Q3 FY2023 | Category | Same-Store Sales Growth | | :--- | :--- | | Prepared Food & Dispensed Beverage | +7.5% | | Grocery & General Merchandise | +2.8% | | Fuel Gallons Sold | -0.4% | [Three Months Ended January 31, 2024 Compared to Three Months Ended January 31, 2023](index=17&type=section&id=Three%20Months%20Ended%20January%2031,%202024%20Compared%20to%20Three%20Months%20Ended%20January%2031,%202023) - Total revenue for Q3 FY2024 **decreased by 0.1% YoY**, as a **4.9% decrease in retail fuel revenue** (due to an **11.0% drop in average price per gallon**) was nearly offset by strong growth in inside-store sales[1](index=1&type=chunk) Q3 FY2024 Revenue by Category (in thousands) | Category | Q3 2024 Revenue | Q3 2023 Revenue | % Change | | :--- | :--- | :--- | :--- | | Prepared Food & Dispensed Beverage | $349,411 | $313,524 | +11.4% | | Grocery & General Merchandise | $865,548 | $795,699 | +8.8% | | Fuel | $2,051,674 | $2,157,233 | -4.9% | | **Total** | **$3,329,247** | **$3,332,555** | **-0.1%** | - Operating expenses increased by **10.3%** in Q3 FY2024, primarily due to operating **167 more stores** and the absence of a one-time legal benefit recorded in the prior year[1](index=1&type=chunk) - Net income for Q3 FY2024 **decreased by 13.2% to $86.9 million**, attributed to a strong fuel margin comparison in the prior year and increased operating and depreciation expenses, partially offset by higher inside-store profitability[27](index=27&type=chunk) [Nine Months Ended January 31, 2024 Compared to Nine Months Ended January 31, 2023](index=18&type=section&id=Nine%20Months%20Ended%20January%2031,%202024%20Compared%20to%20Nine%20Months%20Ended%20January%2031,%202023) - Total revenue for the first nine months of FY2024 **decreased by 4.3% YoY**, driven by a **9.7% decline in retail fuel revenue** as the average retail price per gallon fell **13.8%**[28](index=28&type=chunk) Nine Months FY2024 Revenue by Category (in thousands) | Category | Nine Months 2024 Revenue | Nine Months 2023 Revenue | % Change | | :--- | :--- | :--- | :--- | | Prepared Food & Dispensed Beverage | $1,104,705 | $1,008,338 | +9.6% | | Grocery & General Merchandise | $2,826,914 | $2,635,939 | +7.2% | | Fuel | $7,125,485 | $7,889,495 | -9.7% | | **Total** | **$11,262,898** | **$11,765,774** | **-4.3%** | - Net income for the first nine months of FY2024 **increased by 6.2% to $415.0 million**, primarily due to higher profitability inside the store, which offset increases in operating and depreciation expenses[30](index=30&type=chunk) [Use of Non-GAAP Measures](index=19&type=section&id=Use%20of%20Non-GAAP%20Measures) - The company uses EBITDA and Adjusted EBITDA as non-GAAP measures to evaluate operating performance, believing them useful for investors and analysts in assessing financial performance and debt service capabilities[3](index=3&type=chunk) Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands) | Metric | Three Months Ended Jan 31, 2024 | Three Months Ended Jan 31, 2023 | Nine Months Ended Jan 31, 2024 | Nine Months Ended Jan 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $86,933 | $100,112 | $414,952 | $390,599 | | EBITDA | $217,615 | $221,727 | $840,372 | $786,441 | | Adjusted EBITDA | $218,739 | $222,913 | $841,264 | $792,418 | - For Q3 FY2024, Adjusted EBITDA **decreased 1.9% YoY**, while for the nine-month period, Adjusted EBITDA **increased 6.2% YoY**[4](index=4&type=chunk)[6](index=6&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's primary source of liquidity is cash provided by operations, with the current ratio decreasing to **0.89 to 1** as of January 31, 2024, from **1.10 to 1** a year prior, mainly due to increased acquisition activity and share repurchases[10](index=10&type=chunk) - Cash used in investing activities increased significantly to **$602.2 million** in the first nine months of FY2024 from **$300.9 million** in the prior year, largely due to a substantial increase in acquisition-related activity[10](index=10&type=chunk)[57](index=57&type=chunk) - Cash used in financing activities increased to **$203.4 million** from **$81.3 million** in the prior year, primarily due to **$89.8 million in common stock repurchases** and higher debt payments[10](index=10&type=chunk)[57](index=57&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate changes on floating-rate debt, mitigated by investing in high-quality credit securities and limiting single-issuer exposure - The company's primary market risk is related to interest rate changes on its floating-rate debt, where a hypothetical **100-basis-point (1%) increase** would have an approximate annualized impact of **$2.4 million** on interest expense[32](index=32&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of January 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures are effective[97](index=97&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[107](index=107&type=chunk) [PART II OTHER INFORMATION](index=23&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=23&type=section&id=Item%201.%20Legal%20Proceedings) This section details the McColley v. Casey's General Stores, Inc. lawsuit, alleging misclassification of Store Managers under FLSA, which the company believes will not be materially adverse - The company is a defendant in a lawsuit (McColley v. Casey's General Stores, Inc.) alleging misclassification of Store Managers as exempt employees under the FLSA, believing its classification is proper and potential losses are not material to its financial position[88](index=88&type=chunk)[115](index=115&type=chunk) [Item 1A. Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes in its risk factors from those disclosed in its 2023 Annual Report on Form 10-K - There have been no material changes in the company's risk factors from those previously disclosed in the 2023 Annual Report on Form 10-K[109](index=109&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 FY2024, the company repurchased **108,127 shares** for **$30.1 million**, with **$309.7 million** remaining available under the repurchase program as of January 31, 2024 Share Repurchase Activity (Q3 FY2024) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Nov 2023 | 51,370 | $277.62 | | Dec 2023 | 19,923 | $274.37 | | Jan 2024 | 36,834 | $282.14 | | **Total** | **108,127** | **$278.56** | - As of January 31, 2024, **$309.7 million** remained available for future purchases under the company's share repurchase program, which has no set expiration date[110](index=110&type=chunk)

With its fiscal third quarter results approaching on Monday, March 11, investors will certainly want to watch Casey’s General Stores (CASY)  stock. Casey's General Stores' locations have continued to pop up throughout the Midwestern United States which has correlated with its stock outperforming the broader market for much of the last decade. Highly profitable in its convenience store and gas station combinations, Casey's General Stores is planning to open at least 150 new locations this year.As illustrated ...