Cover Page
Cover Page - shares | 3 Months Ended | |
Jul. 31, 2023 | Sep. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34700 | |
Entity Registrant Name | CASEY’S GENERAL STORES, INC. | |
Entity Incorporation, State or Country Code | IA | |
Entity Tax Identification Number | 42-0935283 | |
Entity Address, Address Line One | One SE Convenience Blvd | |
Entity Address, City or Town | Ankeny | |
Entity Address, State or Province | IA | |
Entity Address, Postal Zip Code | 50021 | |
City Area Code | 515 | |
Local Phone Number | 965-6100 | |
Title of 12(b) Security | Common Stock, no par value per share | |
Trading Symbol | CASY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 37,266,636 | |
Entity Central Index Key | 0000726958 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 439,112 | $ 378,869 |
Receivables | 133,726 | 120,547 |
Inventories | 424,728 | 376,085 |
Prepaid expenses | 24,625 | 22,107 |
Income taxes receivable | 0 | 23,347 |
Total current assets | 1,022,191 | 920,955 |
Other assets, net of amortization | 191,900 | 192,153 |
Goodwill | 618,477 | 615,342 |
Property and equipment, net of accumulated depreciation of $2,694,571 at July 31, 2023 and $2,620,149 at April 30, 2023 | 4,229,784 | 4,214,820 |
Total assets | 6,062,352 | 5,943,270 |
Current liabilities: | ||
Current maturities of long-term debt and finance lease obligations | 53,640 | 52,861 |
Accounts payable | 570,485 | 560,546 |
Accrued expenses | 294,873 | 313,718 |
Income taxes payable | 15,001 | 0 |
Total current liabilities | 933,999 | 927,125 |
Long-term debt and finance lease obligations, net of current maturities | 1,598,524 | 1,620,513 |
Deferred income taxes | 559,493 | 543,598 |
Insurance accruals, net of current portion | 32,070 | 32,312 |
Other long-term liabilities | 161,971 | 159,056 |
Total liabilities | 3,286,057 | 3,282,604 |
Shareholders’ equity: | ||
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 72,643 | 110,037 |
Retained earnings | 2,703,652 | 2,550,629 |
Total shareholders’ equity | 2,776,295 | 2,660,666 |
Total liabilities and shareholders' equity | $ 6,062,352 | $ 5,943,270 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 2,694,571 | $ 2,620,149 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Statement [Abstract] | ||
Total revenue | $ 3,869,251 | $ 4,454,644 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 2,991,497 | 3,618,394 |
Operating expenses | 560,855 | 543,271 |
Depreciation and amortization | 82,905 | 76,295 |
Interest, net | 12,495 | 13,816 |
Income before income taxes | 221,499 | 202,868 |
Federal and state income taxes | 52,262 | 49,936 |
Net income | $ 169,237 | $ 152,932 |
Net income per common share | ||
Basic (in dollars per share) | $ 4.54 | $ 4.11 |
Diluted (in dollars per share) | $ 4.52 | $ 4.09 |
Basic weighted average shares outstanding (in shares) | 37,300,952 | 37,222,943 |
Plus effect of stock compensation (in shares) | 155,187 | 186,762 |
Diluted weighted average shares outstanding (in shares) | 37,456,139 | 37,409,705 |
Dividends declared per share (in dollars per share) | $ 0.43 | $ 0.38 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings |
Beginning Balance (shares) at Apr. 30, 2022 | 37,111,667,000 | ||
Beginning Balance at Apr. 30, 2022 | $ 2,240,838 | $ 79,412 | $ 2,161,426 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 152,932 | 152,932 | |
Dividends declared | (14,431) | (14,431) | |
Share-based compensation (net of tax withholding on employee share-based awards) (shares) | 138,132,000 | ||
Share-based compensation (net of tax withholding on employee share-based awards) | 707 | $ 707 | |
Ending Balance (shares) at Jul. 31, 2022 | 37,249,799,000 | ||
Ending Balance at Jul. 31, 2022 | 2,380,046 | $ 80,119 | 2,299,927 |
Beginning Balance (shares) at Apr. 30, 2023 | 37,263,248,000 | ||
Beginning Balance at Apr. 30, 2023 | 2,660,666 | $ 110,037 | 2,550,629 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 169,237 | 169,237 | |
Dividends declared | (16,214) | (16,214) | |
Repurchase of common stock | (123,569,000) | ||
Repurchase of common stock | (29,893) | $ (29,893) | |
Share-based compensation (net of tax withholding on employee share-based awards) (shares) | 126,774,000 | ||
Share-based compensation (net of tax withholding on employee share-based awards) | (7,501) | $ (7,501) | |
Ending Balance (shares) at Jul. 31, 2023 | 37,266,453,000 | ||
Ending Balance at Jul. 31, 2023 | $ 2,776,295 | $ 72,643 | $ 2,703,652 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Retained Earnings | ||
Payment of dividends per share (in Dollars per share) | $ 0.43 | $ 0.38 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 169,237 | $ 152,932 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 82,905 | 76,295 |
Amortization of debt issuance costs | 278 | 345 |
Share-based compensation | 10,468 | 16,185 |
(Gain) loss on disposal of assets and impairment charges | (1,448) | 230 |
Deferred income taxes | 15,895 | 24,727 |
Changes in assets and liabilities: | ||
Receivables | (13,179) | (37,859) |
Inventories | (48,256) | (2,899) |
Prepaid expenses | (2,518) | (6,504) |
Accounts payable | (4,344) | 34,799 |
Accrued expenses | (20,150) | (7,865) |
Income taxes | 39,139 | 23,953 |
Other, net | 1,104 | 1,867 |
Net cash provided by operating activities | 229,131 | 276,206 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (68,903) | (82,070) |
Payments for acquisition of businesses, net of cash acquired | (13,297) | (1,065) |
Proceeds from sales of assets | 5,784 | 5,019 |
Net cash used in investing activities | (76,416) | (78,116) |
Cash flows from financing activities: | ||
Payments of long-term debt | (29,665) | (15,998) |
Payments of cash dividends | (14,945) | (13,128) |
Repurchase of common stock | (29,893) | 0 |
Tax withholdings on employee share-based awards | (17,969) | (15,478) |
Net cash used in financing activities | (92,472) | (44,604) |
Net increase in cash and cash equivalents | 60,243 | 153,486 |
Cash and cash equivalents at beginning of the period | 378,869 | 158,878 |
Cash and cash equivalents at end of the period | 439,112 | 312,364 |
Cash paid during the period for: | ||
Interest, net of amount capitalized | 10,701 | 8,689 |
Income taxes, net | 0 | 0 |
Noncash investing and financing activities: | ||
Purchased property and equipment in accounts payable | 42,188 | 42,008 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 8,345 | 736 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,214 | $ 0 |
Presentation of Financial State
Presentation of Financial Statements | 3 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Statements | Presentation of Financial Statements Casey’s General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey’s") operate 2,536 convenience stores in 16 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 5,000. 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. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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. generally accepted accounting principles 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 revenues 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, 2023 and April 30, 2023, the results of operations, for the three months ended July 31, 2023 and 2022, and shareholders' equity and cash flows for the three months ended July 31, 2023 and 2022. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. Additionally, see the Form 10-K for the year ended April 30, 2023 for our consideration of new accounting pronouncements. |
Revenue and Cost of Goods Sold
Revenue and Cost of Goods Sold | 3 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Cost of Goods Sold | Revenue and Cost of Goods Sold The Company recognizes retail sales of fuel, grocery and general merchandise, prepared food and dispensed beverage and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated statements of income. A portion of revenue from sales that include a redeemable digital box top coupon or points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the digital box top coupon or points. The amounts related to digital box top coupons and points are deferred until their redemption or expiration. Revenue related to the digital box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of July 31, 2023 and April 30, 2023, the Company recognized a contract liability of $52,935 and $55,561, respectively, related to the outstanding digital box top coupons and Casey's Rewards points, which is included in accrued expenses on the condensed consolidated balance sheets. During the quarter ended July 31, 2023, the Company recorded a reduction of the liability of $4,800 due to planned changes in the digital box top program. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card. As of July 31, 2023 and April 30, 2023, the Company recognized a liability of $16,563 and $17,463, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. |
Long-term Debt and Finance Leas
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure | 3 Months Ended |
Jul. 31, 2023 | |
Long-Term Debt and Fair Value Disclosure [Abstract] | |
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure | Long-Term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances. The fair value of the Company’s long-term debt was approximately $1,396,000 and $1,437,000 at July 31, 2023 and April 30, 2023, respectively. The fair value calculated excludes finance lease obligations of $100,908 and $95,072 outstanding at July 31, 2023 and April 30, 2023, respectively, which are grouped with long-term debt on the condensed consolidated balance sheets. Interest, net on the condensed consolidated statements of income is net of interest income of $3,576, and $0 for the three months ended July 31, 2023 and 2022, respectively. Interest, net is also net of interest capitalized of $794, and $581 for the three months ended July 31, 2023 and 2022, respectively. Revolving Facility The Company has a credit agreement that provides for an $850,000 unsecured revolving credit facility (“Revolving Facility”). Amounts borrowed under the Revolving Facility bear interest at variable rates based upon, at the Company’s option: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%. The Revolving Facility carries a facility fee of 0.15% to 0.30% per annum. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement. The Company had $0 outstanding under the Revolving Facility at July 31, 2023 and April 30, 2023. Bank Line |
Compensation Related Costs and
Compensation Related Costs and Share Based Payments | 3 Months Ended |
Jul. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Compensation Related Costs and Share Based Payments | Compensation Related Costs and Share Based Payments The 2018 Stock Incentive Plan (the “2018 Plan”) was approved by the Company's shareholders on September 5, 2018. Awards under the 2018 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards. Each share issued pursuant to a stock option and each share with respect to which a stock-settled stock appreciation right is exercised (regardless of the number of shares actually delivered) is counted as one share against the maximum limit under the 2018 Plan, and each share issued pursuant to an award of restricted stock or restricted stock units is counted as two shares against the maximum limit. Restricted stock is transferred immediately upon grant (and may be subject to a holding period), whereas restricted stock units have a vesting period that must expire, and in some cases performance or market conditions that must be satisfied before the stock is transferred. At July 31, 2023, there were 1,143,924 shares available for grant under the 2018 Plan. We account for stock-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. Forfeitures are recognized as they occur. The time-based awards most commonly vest ratably over a three-year period commencing on the first anniversary of the grant date. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target." Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively. The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For market-based awards, the stock-based compensation expense will not be adjusted should the target awards vary from actual awards. We recognize these amounts as an operating expense in our condensed consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee. Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table: Weighted-Average Grant Date Fair Shares Value per Share Unvested at April 30, 2023 550,840 $ 212 Granted 129,879 236 Vested (207,043) 194 Forfeited (6,044) 224 Unvested at July 31, 2023 467,632 $ 227 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual or other general business disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities; and, other claims or proceedings. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operations. The Company is named as a defendant in a lawsuit filed in the United States District Court for the Northern District of Indiana, titled McColley v. Casey’s General Stores, Inc. , in which the plaintiff alleges that the Company misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA). The complaint seeks unpaid wages, liquidated damages and attorneys’ fees for the plaintiff and all similarly situated Store Managers who worked at the Company from February 16, 2015 to the present. On March 31, 2021, the Court granted conditional certification, and to-date, approximately 1,400 current and/or former Store Managers (representing less than 1/4 of those eligible) remain opted-in to participate in the lawsuit. The Company believes that adequate provisions have been made for probable losses related to this matter, and that those, and the reasonably possible losses in excess of amounts accrued, where such range of loss can be estimated, are not material to the Company’s financial position, results of operations or cash flows. The Company believes that its Store Managers are properly classified as exempt employees under the FLSA and it intends to continue to vigorously defend the matter. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices. While volume commitments are included in the contracts, we do not have a history of incurring material penalties related to these provisions. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting. |
Unrecognized Tax Benefits
Unrecognized Tax Benefits | 3 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits | Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $11,980 and $10,957 at July 31, 2023 and April 30, 2023, respectively. If this unrecognized tax benefit were ultimately recognized, $9,465 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $445 at July 31, 2023, and $386 at April 30, 2023. Net interest and penalties included in income tax expense for the three months ended July 31, 2023 and 2022, was a net expense of $59 and $53, respectively. A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The Company has no ongoing federal or state income tax examinations. At this time, the Company’s best estimate of the reasonably possible change in the amount of the gross unrecognized tax benefits is a decrease of $2,500 during the next twelve months mainly due to the expiration of certain statute of limitations. The federal statute of limitations remains open for the tax years 2019 and forward. Tax years 2016 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Jul. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment ReportingAs of July 31, 2023, we operated 2,536 stores in 16 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of fuel, grocery and general merchandise, and prepared food and dispensed beverage because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenues and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jul. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventsSubsequent to the end of the quarter, we entered into purchase agreements for the acquisition of 92 stores, for a total aggregate purchase price of $221.5 million, subject to customary post-closing adjustments. The Company expects to fund the acquisitions with cash on hand. The transactions are expected to close later this fiscal year, subject to customary regulatory approvals. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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. generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | The Company recognizes retail sales of fuel, grocery and general merchandise, prepared food and dispensed beverage and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated statements of income. A portion of revenue from sales that include a redeemable digital box top coupon or points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the digital box top coupon or points. The amounts related to digital box top coupons and points are deferred until their redemption or expiration. Revenue related to the digital box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of July 31, 2023 and April 30, 2023, the Company recognized a contract liability of $52,935 and $55,561, respectively, related to the outstanding digital box top coupons and Casey's Rewards points, which is included in accrued expenses on the condensed consolidated balance sheets. During the quarter ended July 31, 2023, the Company recorded a reduction of the liability of $4,800 due to planned changes in the digital box top program. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card. As of July 31, 2023 and April 30, 2023, the Company recognized a liability of $16,563 and $17,463, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. |
Compensation Related Costs an_2
Compensation Related Costs and Share Based Payments (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Units Award Activity | Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table: Weighted-Average Grant Date Fair Shares Value per Share Unvested at April 30, 2023 550,840 $ 212 Granted 129,879 236 Vested (207,043) 194 Forfeited (6,044) 224 Unvested at July 31, 2023 467,632 $ 227 |
Presentation of Financial Sta_2
Presentation of Financial Statements - Narrative (Details) people in Thousands | Jul. 31, 2023 state store people |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores | store | 2,536 |
Number of states in which entity operates | state | 16 |
Population of communities | people | 5 |
Revenue and Cost of Goods Sold
Revenue and Cost of Goods Sold - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Apr. 30, 2023 | |
Coupons And Rewards Points | ||
Disaggregation of Revenue [Line Items] | ||
Contract liability | $ 52,935 | $ 55,561 |
Decrease in liability | 4,800 | |
Gift Cards | ||
Disaggregation of Revenue [Line Items] | ||
Contract liability | $ 16,563 | $ 17,463 |
Long-term Debt and Finance Le_2
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure - Narrative (Details) - USD ($) | 3 Months Ended | ||||
Jul. 31, 2023 | Jul. 31, 2022 | Jun. 01, 2023 | May 31, 2023 | Apr. 30, 2023 | |
Debt Instrument | |||||
Fair value of long-term debt | $ 1,396,000,000 | $ 1,437,000,000 | |||
Finance lease obligations | 100,908,000 | 95,072,000 | |||
Interest income | 3,576,000 | $ 0 | |||
Capitalized interest | 794,000 | $ 581,000 | |||
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | |||||
Debt Instrument | |||||
Maximum borrowing capacity | 850,000,000 | ||||
Fair value of amount outstanding | $ 0 | 0 | |||
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Federal Funds | |||||
Debt Instrument | |||||
Effective percentage | 0.50% | ||||
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Secured Overnight Financing Rate | |||||
Debt Instrument | |||||
Effective percentage | 0.10% | ||||
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate | |||||
Debt Instrument | |||||
Effective percentage | 1% | ||||
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility | |||||
Debt Instrument | |||||
Facility fee percentage | 0.15% | ||||
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility | Secured Overnight Financing Rate | |||||
Debt Instrument | |||||
Effective percentage | 0% | ||||
Basis spread on variable rate | 1.10% | ||||
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate | |||||
Debt Instrument | |||||
Effective percentage | 1% | ||||
Basis spread on variable rate | 0.10% | ||||
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility | |||||
Debt Instrument | |||||
Facility fee percentage | 0.30% | ||||
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility | Secured Overnight Financing Rate | |||||
Debt Instrument | |||||
Basis spread on variable rate | 1.70% | ||||
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate | |||||
Debt Instrument | |||||
Basis spread on variable rate | 0.70% | ||||
Unsecured Revolving Line of Credit | Line of Credit | |||||
Debt Instrument | |||||
Maximum borrowing capacity | $ 50,000,000 | $ 25,000,000 | |||
Fair value of amount outstanding | $ 0 | $ 0 | |||
Unsecured Revolving Line of Credit | Letter of Credit | |||||
Debt Instrument | |||||
Maximum borrowing capacity | $ 432,000 |
Compensation Related Costs an_3
Compensation Related Costs and Share Based Payments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Number of shares available for grant reduction per stock option issued (in shares) | 1 | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Number of shares available for grant reduction per equity instruments other options issued (in shares) | 2 | |
Stock Incentive Plans | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Performance measurement period | 3 years | |
Downward adjustment percentage | 25% | |
Upward adjustment percentage | 25% | |
Allocated share-based compensation expense | $ 10,468 | $ 16,185 |
Unrecognized compensation costs related to plan | $ 60,290 | |
Unrecognized compensation costs, weighted average remaining term | 1 year 7 months 6 days | |
Fair value of shares vested | $ 46,369 | |
Stock Incentive Plans | Restricted Stock Units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Target percentage | 0% | |
Stock Incentive Plans | Restricted Stock Units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Target percentage | 200% | |
2018 Stock Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Number of shares available for grant (in shares) | 1,143,924 | |
2018 Stock Plan | Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Granted (in shares) | 0 |
Compensation Related Costs an_4
Compensation Related Costs and Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - Stock Incentive Plans - Restricted Stock Units | 3 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Number of Restricted Stock Units | |
Unvested at the beginning of the period (in shares) | shares | 550,840 |
Granted (in shares) | shares | 129,879 |
Vested (in shares) | shares | (207,043) |
Forfeited (in shares) | shares | (6,044) |
Unvested at the end of the period (in shares) | shares | 467,632 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested (in dollars per share) | $ / shares | $ 212 |
Granted (in dollars per share) | $ / shares | 236 |
Vested (in dollars per share) | $ / shares | 194 |
Forfeited (in dollars per share) | $ / shares | 224 |
Unvested (in dollars per share) | $ / shares | $ 227 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 3 Months Ended |
Jul. 31, 2023 USD ($) employee | |
Other Commitments [Line Items] | |
Contract commitment | $ | $ 55,623 |
McColley V. Casey's General Stores, Inc. | Pending Litigation | |
Other Commitments [Line Items] | |
Number of participants | employee | 1,400 |
Unrecognized Tax Benefits - Nar
Unrecognized Tax Benefits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 11,980 | $ 10,957 | |
Unrecognized tax benefits that would impact effective tax rate | 9,465 | ||
Accrued interest and penalties related to unrecognized tax benefits | 445 | $ 386 | |
Net interest and penalties included in income tax expense | 59 | $ 53 | |
Expected decrease in unrecognized tax benefits | $ 2,500 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 3 Months Ended |
Jul. 31, 2023 merchandise_category store state segment | |
Segment Reporting [Abstract] | |
Number of stores | store | 2,536 |
Number of states in which entity operates | state | 16 |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Number of merchandise categories | merchandise_category | 3 |
Subsequent Event - Narrative (D
Subsequent Event - Narrative (Details) $ in Millions | 1 Months Ended | |
Sep. 11, 2023 USD ($) store | Jul. 31, 2023 store | |
Subsequent Event [Line Items] | ||
Number of stores | 2,536 | |
Subsequent Event | Stores Acquired | ||
Subsequent Event [Line Items] | ||
Number of stores | 92 | |
Consideration transferred | $ | $ 221.5 |