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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Caseys General Stores Inc | NASDAQ:CASY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 323.20 | 308.11 | 513.88 | 0 | 09:09:37 |
|
|
|
|
|
IOWA
|
|
42-0935283
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
|
|
|
ONE SE CONVENIENCE BOULEVARD,
ANKENY, IOWA
|
|
50021
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer
x
|
|
Accelerated filer
¨
|
|
Non-accelerated filer
¨
|
Class
|
|
Outstanding at November 30, 2017
|
Common stock, no par value per share
|
|
37,547,264 shares
|
|
|
|
Page
|
|
PART I
|
|
||
|
Item 1.
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
Item 2.
|
||
|
Item 3.
|
||
|
Item 4.
|
||
PART II
|
|
||
|
Item 1.
|
||
|
Item 1A.
|
||
|
Item 2
|
||
|
Item 6.
|
||
|
October 31,
2017 |
|
April 30,
2017 |
|||
ASSETS
|
|
|
|
|||
Current assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
285,185
|
|
|
76,717
|
|
Receivables
|
42,498
|
|
|
43,244
|
|
|
Inventories
|
241,681
|
|
|
201,644
|
|
|
Prepaid expenses
|
6,767
|
|
|
9,179
|
|
|
Income tax receivable
|
97
|
|
|
19,901
|
|
|
Total current assets
|
576,228
|
|
|
350,685
|
|
|
Other assets, net of amortization
|
24,466
|
|
|
23,453
|
|
|
Goodwill
|
137,319
|
|
|
132,806
|
|
|
Property and equipment, net of accumulated depreciation of $1,542,953 at October 31, 2017 and $1,496,472 at April 30, 2017
|
2,682,169
|
|
|
2,513,158
|
|
|
Total assets
|
$
|
3,420,182
|
|
|
3,020,102
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|||
Current liabilities:
|
|
|
|
|||
Notes payable to bank
|
$
|
—
|
|
|
900
|
|
Current maturities of long-term debt
|
15,434
|
|
|
15,421
|
|
|
Accounts payable
|
307,110
|
|
|
293,903
|
|
|
Accrued expenses
|
145,085
|
|
|
136,322
|
|
|
Total current liabilities
|
467,629
|
|
|
446,546
|
|
|
Long-term debt, net of current maturities
|
1,299,626
|
|
|
907,356
|
|
|
Deferred income taxes
|
461,667
|
|
|
440,124
|
|
|
Deferred compensation
|
16,102
|
|
|
15,784
|
|
|
Other long-term liabilities
|
20,826
|
|
|
19,672
|
|
|
Total liabilities
|
2,265,850
|
|
|
1,829,482
|
|
|
Shareholders’ equity:
|
|
|
|
|||
Preferred stock, no par value
|
—
|
|
|
—
|
|
|
Common stock, no par value
|
—
|
|
|
40,074
|
|
|
Retained earnings
|
1,154,332
|
|
|
1,150,546
|
|
|
Total shareholders’ equity
|
1,154,332
|
|
|
1,190,620
|
|
|
Total liabilities and shareholders' equity
|
$
|
3,420,182
|
|
|
3,020,102
|
|
|
Three Months Ended
October 31, |
|
Six Months Ended
October 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total revenue (a)
|
$
|
2,153,745
|
|
|
$
|
1,920,055
|
|
|
$
|
4,247,484
|
|
|
$
|
3,890,134
|
|
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) (a)
|
1,686,088
|
|
|
1,476,537
|
|
|
3,303,130
|
|
|
2,996,821
|
|
||||
Operating expenses
|
322,949
|
|
|
295,289
|
|
|
644,196
|
|
|
587,417
|
|
||||
Depreciation and amortization
|
54,157
|
|
|
48,675
|
|
|
106,526
|
|
|
94,530
|
|
||||
Interest, net
|
12,976
|
|
|
10,075
|
|
|
24,351
|
|
|
20,615
|
|
||||
Income before income taxes
|
77,575
|
|
|
89,479
|
|
|
169,281
|
|
|
190,751
|
|
||||
Federal and state income taxes
|
28,657
|
|
|
32,299
|
|
|
63,605
|
|
|
66,179
|
|
||||
Net income
|
$
|
48,918
|
|
|
$
|
57,180
|
|
|
$
|
105,676
|
|
|
$
|
124,572
|
|
Net income per common share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.29
|
|
|
$
|
1.46
|
|
|
$
|
2.77
|
|
|
$
|
3.18
|
|
Diluted
|
$
|
1.28
|
|
|
$
|
1.44
|
|
|
$
|
2.75
|
|
|
$
|
3.14
|
|
Basic weighted average shares outstanding
|
37,804,649
|
|
|
39,189,804
|
|
|
38,108,105
|
|
|
39,177,746
|
|
||||
Plus effect of stock compensation
|
378,950
|
|
|
472,735
|
|
|
379,802
|
|
|
472,713
|
|
||||
Diluted weighted average shares outstanding
|
38,183,599
|
|
|
39,662,539
|
|
|
38,487,907
|
|
|
39,650,459
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.26
|
|
|
$
|
0.24
|
|
|
$
|
0.52
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
||||||||
(a) Includes excise taxes of:
|
$
|
239,070
|
|
|
$
|
222,993
|
|
|
$
|
477,628
|
|
|
$
|
448,169
|
|
|
Shares Outstanding
|
|
Common
stock
|
|
Retained
earnings
|
|
Shareholders' Equity
|
|||||||
Balance at April 30, 2017
|
38,765,821
|
|
|
$
|
40,074
|
|
|
$
|
1,150,546
|
|
|
$
|
1,190,620
|
|
Net income
|
—
|
|
|
—
|
|
|
105,676
|
|
|
105,676
|
|
|||
Dividends declared (52 cents per share)
|
—
|
|
|
—
|
|
|
(19,709
|
)
|
|
(19,709
|
)
|
|||
Exercise of stock options
|
10,225
|
|
|
298
|
|
|
—
|
|
|
298
|
|
|||
Repurchase of common stock
|
(1,228,562
|
)
|
|
(51,007
|
)
|
|
(82,181
|
)
|
|
(133,188
|
)
|
|||
Stock based compensation
|
65,337
|
|
|
10,635
|
|
|
—
|
|
|
10,635
|
|
|||
Balance at October 31, 2017
|
37,612,821
|
|
|
$
|
—
|
|
|
$
|
1,154,332
|
|
|
$
|
1,154,332
|
|
|
Six months ended October 31,
|
|||||
|
2017
|
|
2016
|
|||
Cash flows from operating activities:
|
|
|
|
|||
Net income
|
$
|
105,676
|
|
|
124,572
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|||
Depreciation and amortization
|
106,526
|
|
|
94,530
|
|
|
Stock-based compensation
|
13,700
|
|
|
4,948
|
|
|
Loss on disposal of assets and impairment charges
|
1,091
|
|
|
294
|
|
|
Deferred income taxes
|
21,543
|
|
|
19,839
|
|
|
Changes in assets and liabilities:
|
|
|
|
|||
Receivables
|
746
|
|
|
(5,229
|
)
|
|
Inventories
|
(39,035
|
)
|
|
(2,854
|
)
|
|
Prepaid expenses
|
2,412
|
|
|
(1,952
|
)
|
|
Accounts payable
|
69
|
|
|
(3,239
|
)
|
|
Accrued expenses
|
8,907
|
|
|
(1,221
|
)
|
|
Income taxes
|
20,604
|
|
|
13,238
|
|
|
Other, net
|
(676
|
)
|
|
(2,842
|
)
|
|
Net cash provided by operating activities
|
241,563
|
|
|
240,084
|
|
|
Cash flows from investing activities:
|
|
|
|
|||
Purchase of property and equipment
|
(248,797
|
)
|
|
(203,602
|
)
|
|
Payments for acquisition of businesses, net of cash acquired
|
(22,781
|
)
|
|
(5,596
|
)
|
|
Proceeds from sales of property and equipment
|
2,297
|
|
|
1,726
|
|
|
Net cash used in investing activities
|
(269,281
|
)
|
|
(207,472
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|||
Proceeds from long-term debt
|
400,000
|
|
|
100,000
|
|
|
Repayments of long-term debt
|
(7,708
|
)
|
|
(7,697
|
)
|
|
Net repayments of short-term debt
|
(900
|
)
|
|
—
|
|
|
Proceeds from exercise of stock options
|
298
|
|
|
1,719
|
|
|
Payments of cash dividends
|
(19,235
|
)
|
|
(17,988
|
)
|
|
Repurchase of common stock
|
(132,613
|
)
|
|
—
|
|
|
Tax withholdings on employee share-based awards
|
(3,656
|
)
|
|
(6,448
|
)
|
|
Net cash provided by financing activities
|
236,186
|
|
|
69,586
|
|
Net increase in cash and cash equivalents
|
208,468
|
|
|
102,198
|
|
|
Cash and cash equivalents at beginning of the period
|
76,717
|
|
|
75,775
|
|
|
Cash and cash equivalents at end of the period
|
$
|
285,185
|
|
|
177,973
|
|
|
Six months ended October 31,
|
|||||
|
2017
|
|
2016
|
|||
Cash paid during the period for:
|
|
|
|
|||
Interest, net of amount capitalized
|
$
|
21,428
|
|
|
20,065
|
|
Income taxes, net
|
21,414
|
|
|
33,038
|
|
|
|
|
|
|
|||
Noncash investing and financing activities:
|
|
|
|
|||
Purchased property and equipment in accounts payable
|
12,563
|
|
|
12,980
|
|
|
Shares repurchased in accounts payable
|
575
|
|
|
—
|
|
1.
|
Presentation of Financial Statements
|
2.
|
Basis of Presentation
|
3.
|
Revenue Recognition
|
4.
|
Long-Term Debt and Fair Value Disclosure
|
5.
|
Disclosure of Compensation Related Costs, Share Based Payments
|
|
Number of
option shares
|
|
Weighted
average option
exercise price
|
|||
Outstanding at April 30, 2017
|
222,050
|
|
|
$
|
38.51
|
|
Granted
|
—
|
|
|
—
|
|
|
Exercised
|
10,225
|
|
|
29.10
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding at October 31, 2017
|
211,825
|
|
|
$
|
38.96
|
|
Assets Acquired:
|
|
|
||
Inventories & other assets
|
|
$
|
1,028
|
|
Land, property and equipment
|
|
17,240
|
|
|
Total Assets
|
|
18,268
|
|
|
Liabilities Assumed:
|
|
|
||
Accrued expenses
|
|
—
|
|
|
Net tangible assets acquired, net of cash
|
|
18,268
|
|
|
|
|
|
||
Goodwill and other intangible assets
|
|
4,513
|
|
|
Total consideration paid, net of cash acquired
|
|
$
|
22,781
|
|
|
Six months ended
October 31, |
||||||
|
2017
|
|
2016
|
||||
Total revenues
|
$
|
4,266,959
|
|
|
$
|
3,916,012
|
|
Net earnings
|
$
|
106,209
|
|
|
$
|
125,401
|
|
Earnings per common share:
|
|
|
|
||||
Basic
|
$
|
2.79
|
|
|
$
|
3.20
|
|
Diluted
|
$
|
2.76
|
|
|
$
|
3.16
|
|
7.
|
Commitments and Contingencies
|
9.
|
Segment Reporting
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Dollars in Thousands)
.
|
Three months ended 10/31/2017
|
Fuel
|
|
Grocery &
Other
Merchandise
|
|
Prepared
Food &
Fountain
|
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
1,306,246
|
|
|
$
|
572,151
|
|
|
$
|
261,998
|
|
|
$
|
13,350
|
|
|
$
|
2,153,745
|
|
Revenue less cost of goods sold (excluding depreciation and amortization)
|
$
|
110,686
|
|
|
$
|
183,133
|
|
|
$
|
160,510
|
|
|
$
|
13,328
|
|
|
$
|
467,657
|
|
|
8.5
|
%
|
|
32.0
|
%
|
|
61.3
|
%
|
|
99.8
|
%
|
|
21.7
|
%
|
|||||
Fuel gallons
|
561,692
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended 10/31/2016
|
Fuel
|
|
Grocery &
Other
Merchandise
|
|
Prepared
Food &
Fountain
|
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
1,113,351
|
|
|
$
|
544,799
|
|
|
$
|
248,345
|
|
|
$
|
13,560
|
|
|
$
|
1,920,055
|
|
Revenue less cost of goods sold (excluding depreciation and amortization)
|
$
|
99,060
|
|
|
$
|
174,590
|
|
|
$
|
156,329
|
|
|
$
|
13,539
|
|
|
$
|
443,518
|
|
|
8.9
|
%
|
|
32.0
|
%
|
|
62.9
|
%
|
|
99.8
|
%
|
|
23.1
|
%
|
|||||
Fuel gallons
|
531,216
|
|
|
|
|
|
|
|
|
|
Six months ended 10/31/2017
|
Fuel
|
|
Grocery &
Other Merchandise |
|
Prepared
Food & Fountain |
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
2,527,231
|
|
|
$
|
1,169,565
|
|
|
$
|
523,838
|
|
|
$
|
26,850
|
|
|
$
|
4,247,484
|
|
Revenue less cost of goods sold (excluding depreciation and amortization)
|
$
|
219,898
|
|
|
$
|
373,497
|
|
|
$
|
324,155
|
|
|
$
|
26,804
|
|
|
$
|
944,354
|
|
|
8.7
|
%
|
|
31.9
|
%
|
|
61.9
|
%
|
|
99.8
|
%
|
|
22.2
|
%
|
|||||
Fuel gallons
|
1,126,739
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Six months ended 10/31/2016
|
Fuel
|
|
Grocery &
Other Merchandise |
|
Prepared
Food & Fountain |
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
2,260,395
|
|
|
$
|
1,110,973
|
|
|
$
|
492,001
|
|
|
$
|
26,765
|
|
|
$
|
3,890,134
|
|
Revenue less cost of goods sold (excluding depreciation and amortization)
|
$
|
203,489
|
|
|
$
|
353,717
|
|
|
$
|
309,381
|
|
|
$
|
26,726
|
|
|
$
|
893,313
|
|
|
9.0
|
%
|
|
31.8
|
%
|
|
62.9
|
%
|
|
99.9
|
%
|
|
23.0
|
%
|
|||||
Fuel gallons
|
1,067,180
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||
|
October 31, 2017
|
|
October 31, 2016
|
|
October 31, 2017
|
|
October 31, 2016
|
||||||
Net income
|
$
|
48,918
|
|
|
57,180
|
|
|
$
|
105,676
|
|
|
124,572
|
|
Interest, net
|
12,976
|
|
|
10,075
|
|
|
24,351
|
|
|
20,615
|
|
||
Federal and state income taxes
|
28,657
|
|
|
32,299
|
|
|
63,605
|
|
|
66,179
|
|
||
Depreciation and amortization
|
54,157
|
|
|
48,675
|
|
|
106,526
|
|
|
94,530
|
|
||
EBITDA
|
$
|
144,708
|
|
|
148,229
|
|
|
$
|
300,158
|
|
|
305,896
|
|
Loss on disposal of assets and impairment charges
|
951
|
|
|
596
|
|
|
1,091
|
|
|
294
|
|
||
Adjusted EBITDA
|
$
|
145,659
|
|
|
148,825
|
|
|
$
|
301,249
|
|
|
306,190
|
|
Period
|
Total Number of Shares Purchased
|
|
|
Average Price Paid Per Share
|
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
|
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
|
|
||
Second Quarter:
|
|
|
|
|
|
|
|
||||||
August 1-August 31, 2017
|
213,927
|
|
|
106.46
|
|
|
213,927
|
|
|
149,972,540
|
|
||
September 1-September 30, 2017
|
157,360
|
|
|
108.01
|
|
|
157,360
|
|
|
132,975,889
|
|
||
October 1-October 31, 2017
|
138,906
|
|
|
$
|
111.85
|
|
|
138,906
|
|
|
$
|
117,438,690
|
|
Total
|
510,193
|
|
|
$
|
108.41
|
|
|
510,193
|
|
|
$
|
117,438,690
|
|
|
|
CASEY’S GENERAL STORES, INC.
|
|
|
|
Date: December 11, 2017
|
By:
|
/s/ William J. Walljasper
|
|
|
William J. Walljasper
|
|
Its:
|
Senior Vice President and
Chief Financial Officer
|
|
|
(Authorized Officer and Principal
Financial and Accounting Officer)
|
1 Year Caseys General Stores Chart |
1 Month Caseys General Stores Chart |
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