Caseys General Stores Inc (CASY) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q4 fiscal year 2024 Casey's General Stores earnings conference call. (Operator instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的耐心等待，歡迎參加 Casey's General Stores 2024 財年第四季財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Brian Johnson, Senior Vice President of Investor Relations and Business Development. Please go ahead.

現在我想將會議交給您的發言人、投資者關係和業務發展高級副總裁布萊恩·約翰遜 (Brian Johnson)。請繼續。

Good morning, and thank you for joining us to discuss the results for our fourth quarter and fiscal year ended April 30, 2024. I am Brian Johnson, Senior Vice President, Investor Relations and Business Development. With me today are Darren Rebelez, Board Chair, President, and Chief Executive Officer; and Steve Bramlage, Chief Financial Officer.

早安，感謝您與我們一起討論截至 2024 年 4 月 30 日的第四季度和財年的業績。今天與我在一起的有董事會主席、總裁兼執行長 Darren Rebelez；和財務長史蒂夫·布拉姆拉奇(Steve Bramlage)。

Before I begin, I'll remind you that certain statements made by us during this investor call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements relating to expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity, and related sources or needs, the company's supply chain, business and integration strategies, plans and synergies, growth opportunities, and performance at our stores.

在開始之前，我要提醒您，我們在本次投資人電話會議中所做的某些陳述可能構成1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。任何相關的陳述：未來期間、可能或假定的未來營運結果、財務狀況、流動性以及相關來源或需求、公司的供應鏈、業務和整合策略、計劃和協同效應、成長機會以及我們商店的業績。

There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any future results expressed or implied by those forward-looking statements, including but not limited to the integration of the recent acquisition, our ability to execute on our strategic plan, or to realize benefits from the strategic plan, the impact and duration of the conflict in Ukraine and related governmental actions as well as other risks, uncertainties, and factors which are described in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the SEC and available on our website.

有許多已知和未知的風險、不確定性和其他因素可能導致我們的實際結果與這些前瞻性陳述明示或暗示的任何未來結果存在重大差異，包括但不限於最近收購的整合、我們執行戰略計劃或從戰略計劃中實現收益的能力、烏克蘭衝突的影響和持續時間以及相關政府行動以及我們最近的年度報告中描述的其他風險、不確定性和因素向SEC 提交並在我們的網站上提供的10 -K 表格和10-Q 表格季報。

Any forward-looking statements made during this call reflect our current views as of today with respect to future events and Casey's disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. A reconciliation of the non-GAAP to GAAP financial measures referenced in this call as well as a detailed breakdown of the operating expense increase for the fourth quarter can be found on our website at www.caseys.com under the Investor Relations link.

本次電話會議期間所做的任何前瞻性陳述均反映了我們截至今天對未來事件的當前觀點，凱西不承擔任何更新或修改前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件還是其他原因。本次電話會議中引用的非公認會計原則與公認會計原則財務指標的調節表以及第四季度營運費用增長的詳細細目可以在我們的網站 www.caseys.com 的投資者關係鏈接下找到。

With that said, I would now like to turn the call over to Darren to discuss our fourth quarter and fiscal year results. Darren?

話雖如此，我現在想將電話轉給達倫，討論我們第四季和財年的業績。達倫？

Thanks, Brian, and good morning, everyone.

謝謝布萊恩，大家早安。

We are excited to share our outstanding results, but I'd like to first begin by thanking our 45,000 Casey's team members for their commitment and effort in achieving another record fiscal year. As we look back on the first year of the three-year strategic plan that was set out in June of 2023, I have never been more confident in our team and their ability to execute the plan to deliver on our commitments we made to our shareholders.

我們很高興與大家分享我們的傑出成果，但我首先要感謝 45,000 名 Casey 團隊成員的承諾和努力，以實現另一個創紀錄的財政年度。當我們回顧 2023 年 6 月制定的三年策略計畫的第一年時，我對我們的團隊以及他們執行計畫以兌現我們對股東的承諾的能力充滿信心。

Casey's is here to make life better for our guests and communities every day. That's our purpose and it shows the positive guest feedback we receive, the delicious food we make, and the impact we have on our communities. This fiscal year, Casey's, along with its generous guests, partners, and team members, were able to donate over $5.7 million to make a positive impact in our [communities]. In addition, thanks to the strong performance this year, the company was able to direct $6 million in additional funding to charitable fund for donations in future years. Our community giving programs provide improvements for schools and sports fields, meals from those in need, disaster recovery support, and services helping veterans and their families. Thank you to our team members, our guests, and our nonprofit and supplier partners to make all this possible. We are proud to do so much good across what we call Casey's country.

Casey's 每天致力於讓我們的客人和社區生活得更美好。這就是我們的目的，它展示了我們收到的正面的客人回饋、我們製作的美味食物以及我們對社區的影響。本財年，Casey's 與其慷慨的賓客、合作夥伴和團隊成員一起捐贈了超過 570 萬美元，為我們的[社區]產生了積極影響。此外，由於今年的強勁表現，該公司能夠向慈善基金提供 600 萬美元的額外資金，用於未來幾年的捐款。我們的社區捐贈計畫為學校和運動場提供改善，為有需要的人提供膳食，災難復原支持以及幫助退伍軍人及其家人的服務。感謝我們的團隊成員、客人以及我們的非營利組織和供應商合作夥伴使這一切成為可能。我們很自豪能夠在我們稱為凱西的國家做出如此多的善事。

Now let's discuss the results of this past fiscal year. Fiscal '24 was another record year for diluted earnings per share, finishing at $13.43, a 13% increase from the prior year. The company also generated a record $502 million in net income and $1.1 billion in EBITDA, an increase of 11% from the prior year. Inside same-store sales were up 4.4% or 11.2% on two-year stack basis, with exceptionally strong results in the prepared food and dispensed beverage category, up 6.8% or 14.4% on two-year stack basis.

現在讓我們來討論一下上一財年的業績。 2024 財年稀釋每股盈餘再創歷史新高，最終達到 13.43 美元，較上年成長 13%。該公司還創造了創紀錄的 5.02 億美元淨利潤和 11 億美元 EBITDA，比上年增長 11%。同店內銷售額以兩年累計成長 4.4% 或 11.2%，預製食品及分配飲料類別的表現尤為強勁，以兩年累計成長 6.8% 或 14.4%。

We had good performance in grocery and general merchandise as well. With same-store sales up 3.5% or 10% on a two-year stack basis. Inside margin expanded 110 basis points year over year to 41%, a testament to our approach of handling commodity volatility while still maintaining a strong value proposition for our guests. We saw excellent results in pizza slices as well as both alcoholic and nonalcoholic beverages. Our food innovation team did a great job with thin crust pizza and our refreshed sandwich menu, all performing exceptionally well.

我們在雜貨和百貨商品方面也有良好的表現。同店銷售額連續兩年成長 3.5% 或 10%。內部利潤率年增 110 個基點，達到 41%，證明了我們在應對商品波動的同時仍為客人保持強大價值主張的方法。我們在披薩片以及酒精和非酒精飲料中看到了出色的效果。我們的食品創新團隊在薄皮披薩和更新的三明治菜單上做得非常出色，所有這些都表現得非常好。

Fuel gross profit was up 4%, with total fuel gallons sold up 6% and fuel margin averaging $0.395 per gallon over the course of the year. Our fuel team continues to take market share while maximizing gross profit dollars with a balance of fuel volume and margin. Our focus on operational efficiency continues to pay dividends. Same-store operating expenses, excluding credit card fees, were up only 2.7% for the year, impacted favorably by a reduction of same-store labor hours of 1.6%.

全年燃料毛利潤成長 4%，燃料加侖總量成長 6%，燃料利潤率平均為每加侖 0.395 美元。我們的燃料團隊繼續佔據市場份額，同時透過燃料量和利潤的平衡來最大化毛利。我們對營運效率的關注持續帶來回報。受同店工時減少 1.6% 的影響，同店營運費用（不包括信用卡費用）全年僅成長 2.7%。

The fourth quarter marked the eighth consecutive quarter of same-store sales late for same-store labor hours reduction. This was done while guest satisfaction scores improved and team member engagement scores hit an all-time high, showing that our store simplification efforts and operational excellence teams are driving efficiency the right way. Strong growth was also a high priority for the company because we built 42 new stores and acquired 112 more in fiscal '24. 22 of those acquired stores were in Texas as we were able to expand our footprint into our 17th state, and we're excited to bring all of our Casey's capabilities into that market.

第四季是同店銷售連續第八個季度因同店工時減少而延遲。這是在顧客滿意度得分提高、團隊成員參與度得分創下歷史新高的情況下完成的，這表明我們的商店簡化工作和卓越營運團隊正在以正確的方式提高效率。強勁成長也是公司的首要任務，因為我們在 2024 財年開設了 42 家新店並收購了 112 家新店。其中 22 家收購的商店位於德克薩斯州，因為我們能夠將我們的足跡擴展到第 17 個州，我們很高興能夠將 Casey 的所有能力帶入該市場。

We believe our two-prong approach of building and acquiring stores is a great way to ratably grow the business every year, and we are well on our way to meet or exceed our three-year goal of at least 350 new stores. The strong results in fiscal '24 during a time where the broader retail industry has been challenged illustrates uniqueness, durability, and strategic advantage of the Casey's business model.

我們相信，我們建立和收購商店的雙管齊下的方法是每年大幅增長業務的好方法，而且我們正在順利實現或超過至少 350 家新商店的三年目標。在更廣泛的零售業受到挑戰的時期，24 財年的強勁業績說明了 Casey 商業模式的獨特性、持久性和策略優勢。

I would now like to turn the call over to Steve to discuss the fourth quarter and our outlook for fiscal '25. Steve?

我現在想將電話轉給 Steve，討論第四季和我們對 25 財年的展望。史蒂夫？

Thank you, Darren, and good morning.

謝謝你，達倫，早安。

Before I get into the financials, I'd also like to take a moment and recognize the entire Casey's team. The outstanding financial results for the quarter and the full year are remarkable accomplishment for the whole organization and a phenomenal team members that we have make it possible due to their hard work and their dedication.

在介紹財務數據之前，我還想花點時間認識凱西的整個團隊。本季和全年出色的財務表現是整個組織和出色的團隊成員取得的非凡成就，他們的辛勤工作和奉獻精神使我們成為可能。

As a reminder, during the fourth quarter, Casey's had one additional operating day due to leap year. This impacted same store and total results for the quarter by approximately 100 basis points. The impact for the full year was therefore approximately 25 basis points.

提醒一下，在第四季度，由於閏年，凱西的營業日增加了一個。這對該季度的同店業績和整體業績造成了約 100 個基點的影響。因此，全年影響約為 25 個基點。

Our fourth quarter financial results were outstanding as diluted EPS was $2.34, a 57% increase from the prior year, and I'll dive further into those results. Total inside sales rose 11.9% from the prior year to nearly $1.3 billion with an average margin of 41.2%, which resulted in total inside gross profit dollars, up $72.1 million or 16% from the prior year.

我們第四季的財務表現非常出色，稀釋後每股收益為 2.34 美元，比上年增長 57%，我將進一步深入探討這些業績。內部銷售總額比上年增長 11.9%，達到近 13 億美元，平均利潤率為 41.2%，使得內部毛利總額比上年增長 7,210 萬美元，即 16%。

Total prepared food and dispensed beverage sales rose by $42.7 million to $357 million, that's an increase of 14%. And total grocery and general merchandise sales increased by $91 million to $900 million, an increase of 11%. Same-store prepared food and dispensed beverage sales were up 8.8% for the quarter. The average margin for the quarter was 58.1%, up 130 basis points from a year ago.

預製食品和分配飲料的總銷售額增加了 4,270 萬美元，達到 3.57 億美元，增幅為 14%。雜貨和百貨商品總銷售額增加了 9,100 萬美元，達到 9 億美元，增幅為 11%。本季同店預製食品及配製飲料銷售額成長 8.8%。該季度平均利潤率為 58.1%，較去年同期上升 130 個基點。

Hot sandwiches and dispensed beverages performed well in the quarter. Margin benefited from some modest resale price adjustments by approximately 90 basis points. Cheese costs were down $0.08 per pound from the prior year to $2.12, and this had an approximately 20-basis-point benefit to margin.

熱三明治和分發飲料在本季度表現良好。利潤率受益於轉售價格約 90 個基點的適度調整。每磅起司成本較前一年下降 0.08 美元，降至 2.12 美元，利潤率提高約 20 個基點。

The same-store grocery and general merchandise sales were up 4.3% and the average margin was 34.4%, that's an increase of 140 basis points from the same period a year ago. Sales were particularly strong in our nonalcoholic and alcoholic beverages, and we experienced a favorable mix shift towards smaller pack sizes in the alcohol category. Retail price adjustments, the growth of our private-label program, and cost of goods management were all positive contributors to the margin for the quarter.

雜貨及百貨同店銷售額成長4.3%，平均利潤率為34.4%，較去年同期成長140個基點。我們的非酒精和酒精飲料的銷售尤其強勁，並且我們在酒精類別中經歷了向小包裝尺寸的有利組合轉變。零售價格調整、自有品牌計劃的成長以及商品成本管理都為本季的利潤做出了積極貢獻。

During the fourth quarter, same-store fuel gallons sold were up 0.9% for the fuel margin of $0.365 per gallon. That's up approximately $0.019 per gallon compared with the same period last year. Our same-store gallon volume outperformed relevant Opus geographic data by several hundred basis points.

第四季度，同店燃油加侖銷量成長了 0.9%，燃油利潤為每加侖 0.365 美元。與去年同期相比，每加侖價格上漲約 0.019 美元。我們的同店加侖銷售量比相關 Opus 地理數據高出數百個基點。

Retail fuel sales were up $139 million in the fourth quarter, due primarily to a 9% increase in the total gallons sold to $695 million and was partially offset by a 3% decline in the average retail price of fuel from $3.36 last year to $3.28.

第四季零售燃料銷售額成長了1.39 億美元，主要是由於總加侖銷量成長了9%，達到6.95 億美元，但燃料平均零售價格從去年的3.36 美元下降到3.28 美元，下降了3%，部分抵消了這一影響。

Total operating expenses were up 11% or $57 million in the fourth quarter, approximately 6% of that increase is due to operating 137 more stores than a year ago. Another 2% of the increase was due to higher same-store employee expenses, approximately 1% of the change is related to an increase in accrued costs for incentive compensation due to strong financial performance. And finally, approximately 1% of the increase was due to the discretionary charitable giving a special team member bonus.

第四季總營運支出成長了 11%，即 5,700 萬美元，其中約 6% 的成長是由於比一年前增加了 137 家門市。另外 2% 的成長是由於同店員工費用增加，約 1% 的變化與由於強勁的財務業績而增加的激勵薪酬應計成本有關。最後，大約 1% 的成長是由於酌情慈善機構給予特別團隊成員獎金。

Depreciation in the quarter was $92.3 million, up $11.7 million versus the prior year, primarily due to operating more stores. Net income was up versus the prior year to $87 million, an increase of 55%. EBITDA for the quarter was $209 million (sic – see press release, "$219 million"), an increase of 32%. Our balance sheet remains in excellent condition, and we have ample financial flexibility.

本季折舊為 9,230 萬美元，比上年增加 1,170 萬美元，主要是因為經營更多商店。淨利潤比上年增長 55%，達到 8,700 萬美元。本季 EBITDA 為 2.09 億美元（原文如此 — 請參閱新聞稿，「2.19 億美元」），成長 32%。我們的資產負債表狀況依然良好，並且擁有充足的財務彈性。

On April 30, we had total available liquidity of $1.1 billion. Furthermore, we have no significant maturities coming due until fiscal 2026. Our leverage ratio, as calculated in accordance with our senior notes, is 1.5 times EBITDA, and we continue to have sufficient capacity to make good strategic investments as they present themselves.

截至 4 月 30 日，我們可用的流動資金總額為 11 億美元。此外，我們在 2026 財年之前沒有重大到期日。

For the quarter, net cash generated by operating activities of $288 million, less purchases of property and equipment of $196 million resulted in the company generating $92 million of free cash flow. This brought our total free cash flow for the year to $371 million. Return on invested capital for the fiscal year finished at 12.1%, that's up 30 basis points from the prior year.

本季度，經營活動產生的淨現金為 2.88 億美元，減去 1.96 億美元的財產和設備採購，公司產生了 9,200 萬美元的自由現金流。這使得我們今年的自由現金流總額達到 3.71 億美元。本財年的投資資本報酬率為 12.1%，較上年成長 30 個基點。

At the June meeting, the Board of Directors voted to increase the dividend to $0.5 per share, a 16% increase. And that marks the 25th consecutive year that the dividend has been increased. During the fourth quarter, we also repurchased approximately $15 million of stock to bring the total for the year to $105 million and we still have $295 million remaining on the existing share repurchase authorization. Our primary capital allocation priority remains investing in EBITDA and ROIC accretive growth opportunities, but we will continue to be opportunistic in regards to share repurchase.

在 6 月的會議上，董事會投票決定將股息提高至每股 0.5 美元，增幅為 16%。這標誌著股息連續第 25 年增加。第四季度，我們也回購了約 1,500 萬美元的股票，使全年總額達到 1.05 億美元，現有的股票回購授權還剩 2.95 億美元。我們的主要資本配置優先事項仍然是投資 EBITDA 和 ROIC 增值成長機會，但我們將繼續在股票回購方面保持機會主義。

The company is providing the following fiscal 2025 outlook. We expect EBITDA to increase at least 8%. We expect inside same-store sales to increase 3% to 5% and for inside margin to be comparable to fiscal 2024. The company expects same-store fuel gallons sold to be between negative 1% to positive 1%. Total operating expenses are expected to increase approximately 6% to 8%. We expect to add at least 100 stores in fiscal 2025 through a mix of M&A and new store construction. Net interest expense is expected to be approximately $56 million. Depreciation and amortization is expected to be approximately $390 million and the purchase of property and equipment is expected to be approximately $575 million. The tax rate is expected to be approximately 24% to 26% for the year. Consistent with our past practice, we're not guiding to a fuel margin CPG figure, nor are we providing EPS estimates.

該公司提供以下 2025 財年展望。我們預計 EBITDA 將成長至少 8%。我們預計同店內部銷售額將成長 3% 至 5%，內部利潤率將與 2024 財年相當。總營運費用預計將增加約 6% 至 8%。我們預計在 2025 財年透過併​​購和新店建設的方式增加至少 100 家門市。淨利息支出預計約 5,600 萬美元。折舊和攤銷預計約為 3.9 億美元，購買財產和設備預計約為 5.75 億美元。預計全年稅率約為24%至26%。與我們過去的做法一致，我們不會提供燃油利潤 CPG 數據，也不會提供 EPS 估算。

Finally, our May experience was as follows: Inside same-store sales and same-store fuel gallons sold were both consistent with our annual guidance range and expectations. Fuel CPG margin for May was in the low $0.40 per gallon. Current cheese costs are modestly unfavorable versus the prior year, and we expect first quarter operating expense to be up low-double digits and first quarter depreciation to be up mid-teens due to the timing associated with lapping the prior year acquisitions and new store builds.

最後，我們 5 月份的經驗如下：同店內部銷售額和同店燃油加侖銷售量均符合我們的年度指引範圍和預期。 5 月份燃油 CPG 利潤率低至每加侖 0.40 美元。目前的起司成本與去年相比略有不利，我們預計第一季的營運費用將增加兩位數，並且由於與上一年的收購和新店建設相關的時間安排，第一季的折舊將上升到十幾歲左右。

And I'll turn the call back over to Darren.

我會把電話轉回達倫。

Thanks, Steven.

謝謝，史蒂文。

I'd like to again say thank you and congratulate the entire Casey's team for delivering another record year. The financial performance is a result of the tireless effort of the team and the dedication to executing our three-year strategic plan. The plan we laid out in June of 2023 had three pillars: accelerate the food business, grow the number of units, and enhance operational efficiency. We were off to an excellent start on each of these objectives.

我想再次表示感謝，並祝賀整個凱西團隊再創紀錄的一年。財務表現是團隊不懈努力和致力於執行我們三年策略計畫的結果。我們在 2023 年 6 月制定的計畫有三大支柱：加速食品業務、增加單位數量和提高營運效率。我們在每個目標上都有一個好的開始。

Our prepared food business, which is Casey's most significant differentiator in the convenience store industry, proved in fiscal 2024 that we have innovated the right products at the right value for our guests. In June of 2023, we rolled out a thin crust pizza offering, has allowed us to meet the needs of the entire family for their pizza occasion.

我們的預製食品業務是凱西在便利商店行業最重要的差異化優勢，2024 財年證明，我們為客人提供了物有所值的創新產品。 2023 年 6 月，我們推出了薄皮披薩產品，使我們能夠滿足全家人對披薩的需求。

And in calendar 2024, we launched a refreshed sandwich platform that has become a staple of the lunch daypart menu. This innovation as well as being strategic on retail price to ensure that we are a relative value for our guests has shown up in our financial results. Our same-store inside sales growth has been consistent with the strategic plan and as expected, prepared food and dispensed beverage has been pacing that growth. Despite lapping a strong fiscal 2023, we were up 6.8% in same-store sales during the fiscal year.

在 2024 年，我們推出了一個煥然一新的三明治平台，該平台已成為午餐時段菜單的主食。這種創新以及對零售價格的策略性確保我們對客人的相對價值已經體現在我們的財務表現中。我們的同店內部銷售成長與策略計畫一致，正如預期的那樣，預製食品和分配飲料一直在加快這一成長。儘管 2023 財年表現強勁，但該財年的同店銷售額仍成長了 6.8%。

Our commitment to growing the number of units is also off to a great start. During the fiscal year, we built 42 new stores and acquired another 112 for a total of 154 new and acquired stores. We are ahead of our pace for adding at least 350 stores by the end of fiscal 2026. Our two-pronged approach allows us the flexibility to build or buy, and our strong balance sheet gives us the freedom to be opportunistic with acquisitions. That was the case in fiscal 2024 where we had our second most acquisitive year in the company's history.

我們對增加單位數量的承諾也有了一個好的開始。本財年，我們開設了 42 家新店，並收購了 112 家，新店和收購店總數達 154 家。我們領先於到 2026 財年底增加至少 350 家商店的步伐。 2024 財年就是這種情況，這是我們公司史上收購力度第二大的一年。

Fiscal 2024 continued a trend of operating the business more efficiently. Our operational excellence team has done a tremendous job identifying areas to improve store efficiency while simultaneously improving guest satisfaction and team member engagement. Two of the highlights from the fiscal year happened inside the kitchen with the digital production planner and our automated voice assistant or AVA. The digital production planner provides the stores with clear data on what quantities of prepared foods need to be made to certain times throughout the day. AVA answers the phone and takes the door so the team members in the kitchen can work on what they do best, which is making great food. The team's work is not done, and we're excited to continue to enhance operational efficiency in fiscal '25 and beyond.

2024 財年延續了更有效率地經營業務的趨勢。我們的卓越營運團隊在確定提高商店效率的領域方面做出了巨大的努力，同時提高了顧客滿意度和團隊成員的參與度。本財年的兩個亮點發生在廚房內，即數位生產規劃器和我們的自動語音助理（AVA）。數位生產計劃者為商店提供了關於全天特定時間需要製作預製食品數量的清晰數據。 AVA 接聽電話並開門，讓廚房裡的團隊成員可以做他們最擅長的事情，那就是製作美味的食物。團隊的工作尚未完成，我們很高興能夠在 25 財年及以後繼續提高營運效率。

Turning to the guests, Casey's Rewards now has over 8 million members. As rewards guests visit the store more frequently and spend more per trip, joining the rewards program is a win-win for both the guest and Casey's.

至於客人，Casey's Rewards 目前擁有超過 800 萬會員。由於獎勵顧客更頻繁地訪問商店並且每次旅行花費更多，加入獎勵計劃對顧客和凱西來說都是雙贏的。

I'd also like to welcome Maria Castañón Moats to the Board of Directors effective July 1. Ms. Castañón Moats is retiring from her role as a partner at PricewaterhouseCoopers on June 30, 2024, and she is a highly accomplished financial expert with over 30 years of experience. Most recently, Maria served as a leader of PwC's governance insight center, which helps Boards, investors, and management teams tackled today's toughest governance and strategic challenges. We're excited to have Maria join the Board.

我還要歡迎 Maria Castañón Moats 加入董事會，自 7 月 1 日起生效。擁有30多年經驗的專家。最近，瑪麗亞擔任普華永道治理洞察中心的領導者，該中心幫助董事會、投資者和管理團隊應對當今最棘手的治理和策略挑戰。我們很高興瑪麗亞加入董事會。

As we look forward to fiscal 2025 and beyond, I'm very excited about the future of Casey's. We have the financial resources, people, and leadership team to execute our strategic plan and drive shareholder value. We will now take your question.

當我們展望 2025 財年及以後時，我對 Casey's 的未來感到非常興奮。我們擁有財務資源、人員和領導團隊來執行我們的策略計劃並提高股東價值。我們現在將回答你的問題。

(Operator instructions)

（操作員說明）

Michael Montani, Evercore.

邁克爾·蒙塔尼，Evercore。

Hey, good morning. Congrats on the results.

嗨，早安。祝賀結果。

Just wanted to ask if I could, if you all can discuss some of the value gaps that you're seeing out there today in terms of your prepared mood -- meals versus fast food competition? And what are you doing to drive newness and innovation, whether it's with LTOs or trying to win a second night of the week like you do in pizza?

只是想問我是否可以，你們是否可以討論一下你們今天在準備好的心情方面看到的一些價值差距——正餐與快餐競爭？您正在採取哪些措施來推動新鮮感和創新，無論是透過 LTO 還是像在披薩中那樣嘗試贏得一周的第二個夜晚？

Yeah, Mike, I'll go ahead and take that. This is Darren.

是的，麥克，我會繼續接受的。這是達倫。

With respect to the value, we've seen I think it's broadly recognized in the restaurant industry that restaurants have taken a lot of price over the last couple of years, and we've probably taken a little bit more measured approach to that. And we like to say we try to price through the cycle. So as commodities at run-up, we took some price, but we didn't try to pass on all the price to consumers, and we're trying to keep that relative value gap because we know that the commodities will inflect and come back down. And as that has happened now, we see our margins start to improve a little bit on prepared foods, but more importantly, that value gap continues to widen between ourselves and our QSR competitors. And so what we're seeing is people trading into our channel and specifically the Casey's for their value proposition.

就價值而言，我們已經看到，我認為餐飲業已廣泛認識到，餐館在過去幾年中採取了很高的價格，我們可能對此採取了更加謹慎的方法。我們想說的是，我們試圖在整個週期中定價。因此，作為上漲時的商品，我們採取了一些價格，但我們並沒有試圖將所有價格轉嫁給消費者，我們正在努力保持相對價值差距，因為我們知道商品會發生變化並捲土重來向下。正如現在所發生的那樣，我們看到預製食品的利潤率開始略有提高，但更重要的是，我們與 QSR 競爭對手之間的價值差距繼續擴大。所以我們看到的是人們為了他們的價值主張而進入我們的頻道，特別是凱西頻道。

In terms of the innovation, I mentioned a couple of things in the prepared remarks. The first will be the thin crust pizza, and we launched that about this time last year, and we were targeting about a 12% mix on that product and we have achieved that mix. And that was a -- this was a different category within the pizza that consumers definitely wanted and that was giving them a veto vote before. So we've innovated around that but probably the highlight of the show has been our revamped lunch sandwich program. We've added a crispy spicy chicken sandwich and then we upgraded the quality on all of those sandwiches.

在創新方面，我在準備好的發言中提到了一些事情。第一個是薄皮披薩，我們在去年這個時候推出了該產品，我們的目標是產品的比例約為 12%，我們已經實現了這一比例。這是披薩中的一個不同類別，消費者絕對想要，這讓他們之前擁有否決權。因此，我們對此進行了創新，但該節目的亮點可能是我們改進的午餐三明治計劃。我們添加了香脆辣雞肉三明治，然後我們升級了所有這些三明治的品質。

But we were able to do is by upgrading the quality, we also passed on some price. So we raised prices for that category, that subcategory, it's been up 85% in the first quarter. And so these products have really resonated with the guests and driving performance and prepared through the dispensed beverage category.

但我們能做的就是透過提升質量，我們也轉嫁了一些價格。所以我們提高了該類別、該子類別的價格，第一季上漲了 85%。因此，這些產品確實引起了客人和駕駛性能的共鳴，並透過分配的飲料類別進行準備。

Thank you for that.

謝謝你。

I guess the follow-up, if I could, was just around the margin commentary that it could be comparable for inside store. So I'm just wondering, Darren or Steve, if you can talk about some of the puts and takes that you see there. You definitely mentioned the cheese block prices. Just how to think about that over the course of the year?

我想，如果可以的話，後續行動只是邊緣評論，它可以與店內進行比較。所以我只是想知道，達倫或史蒂夫，您是否可以談談您在那裡看到的一些看跌期權和看跌期權。您肯定提到了起司塊的價格。一年來如何思考這個問題？

Sure, Mike, this is Steve. I'll start with that one.

當然，麥克，這是史蒂夫。我將從那個開始。

We had quite a bit of margin improvement over the course of our fiscal '24 as we talked about. And so it feels like out of the gate holding line on that is probably a prudent assumption for us to make. And when I think of the puts and takes on the grocery side of the business, that is a contractual business for us. We have a pretty good sense of the inflation were likely to occur in that business in fiscal '25 and we've already adjusted retail price points where we need to, to preserve margin in that category. And so I think we feel pretty good that that will be steady as she goes on the grocery side of the business.

正如我們所說，在 24 財年期間，我們的利潤率有了相當大的提高。因此，感覺從一開始就堅持這一點可能是我們做出的謹慎假設。當我想到食品雜貨方面的買賣時，這對我們來說是一項合約業務。我們非常清楚地意識到該業務在 25 財年可能會出現通貨膨脹，並且我們已經根據需要調整了零售價格點，以保持該類別的利潤率。因此，我認為我們感覺很好，因為當她從事雜貨業務時，這將保持穩定。

And then on the prepared foods side of the business at the moment, cheese looks like a little bit of a modest headwind for us on a year-over-year basis, and it was consistently a tailwind. We've got about three quarters of our cheese buy in the first quarter lock and a couple of hundred basis points of headwinds for us in that quarter. We're looking to lock more as we go further out, but right now that's -- the curve is not that conducive.

目前，在預製食品業務方面，與去年同期相比，起司對我們來說似乎有點溫和的逆風，但它始終是順風。我們在第一季鎖定了大約四分之三的起司購買量，並在該季度遇到了幾百個基點的阻力。我們希望隨著我們走得更遠，鎖定更多，但現在——曲線並不那麼有利。

The other commodities that I would say broadly remained favorable with the exception of beef, where we certainly still see some inflation. So you put all that together, and along with our desire to maintain the value proposition that Darren referenced earlier. It feels like the best way for us to generate gross profit dollar growth in the next fiscal year would be the [try to] target comparable margin so that's what we're doing.

我想說的其他大宗商品仍然受到歡迎，但牛肉除外，我們肯定仍然會看到一些通貨膨脹。因此，您將所有這些放在一起，以及我們維護達倫之前提到的價值主張的願望。感覺我們在下一財年實現毛利美元成長的最佳方式是[嘗試]目標可比利潤率，這就是我們正在做的事情。

Bobby Griffin, Raymond James.

鮑比·格里芬、雷蒙德·詹姆斯。

Thanks for taking my questions and congrats on a great quarter.

感謝您回答我的問題，並祝賀您度過了一個美好的季度。

I guess first off I just wanted to see could you break out or give a little color on the difference between traffic and ticket inside the prepared food business or even just inside the store in general? Really strong results this quarter, so just curious how it moves throughout the quarter on a traffic and ticket basis.

我想首先我只是想看看你能否對預製食品行業內甚至商店內的流量和門票之間的差異進行一些說明？本季的業績非常強勁，所以只是好奇它在整個季度的流量和門票基礎上如何變化。

Yeah. Bobby, this is Darren.

是的。鮑比，這是達倫。

Our traffic was up about 1.5% over the course of the quarter and then the average ticket was up about 2.5%, 2.7%, so that's what gets you to our comp for the quarter, ex leap year effect.

本季我們的流量成長了約 1.5%，平均票價上漲了約 2.5%、2.7%，也就是我們本季的比較（排除閏年影響）。

Perfect. Good balance there.

完美的。那裡平衡良好。

And Darren, I guess my second question or the follow-up is just on more high level. You guys are trending pretty close to right now 8 million Reward Members. Where are you on the journey of leveraging that? Is there still a big opportunity there? Or is it more just incremental benefits over the next couple of years? Just curious in your thoughts around on that as that member profile continues to get larger?

達倫，我想我的第二個問題或後續問題只是更高層次的問題。你們目前的獎勵會員數已接近 800 萬。您在利用這一點的過程中處於什麼階段？那裡還有很大的機會嗎？還是只是未來幾年的增量收益？只是好奇隨著會員資料的不斷擴大，您對此有何想法？

Yeah, I think we -- our digital team has done a great job in building up the rewards program, as you mentioned 8 million members and we continue to activate that group. There are for sure the most profitable consumers that we have. They visit the store more frequently. They spend more when they come. Where our real opportunity lies in being able to get more sophisticated in one-to-one marketing. We do some of that today in different cohorts, but we really still have a bit of room to go in terms of being able to actually reach out to an individual through their specific buying patterns and start to influence that purchasing behaviors, so I do think there's still some meaningful runway there, but -- and our team is actively working on that as we speak.

是的，我認為我們——我們的數位團隊在建立獎勵計劃方面做得很好，正如你提到的 800 萬會員，我們將繼續激活該群體。我們肯定有最賺錢的消費者。他們更頻繁地光顧商店。他們來的時候花費更多。我們真正的機會在於能夠在一對一行銷中變得更加複雜。我們今天在不同的人群中做了一些這樣的事情，但在能夠透過特定的購買模式真正接觸到個人並開始影響購買行為方面，我們確實還有一些空間，所以我確實認為那裡仍然有一些有意義的跑道，但是——正如我們所說，我們的團隊正在積極努力。

Anthony Bonadio, Wells Fargo.

安東尼·博納迪奧，富國銀行。

Good morning, guys. Nice quarter.

早上好傢伙。不錯的季度。

So I wanted to ask about fiscal '25 guidance in the context of the three-year plan. Year one clearly finished quite a bit ahead of what all of us initially expected, so understanding that there was likely some pull forward versus plan. Can you just talk about one, why the low end of the multi-year CAGR is the right growth rate for '25 given the level of momentum in the business right now. And then two, how does your performance in year one change how you're thinking about what you can ultimately achieve by year three?

所以我想詢問三年計畫背景下的 25 財年指導。第一年的完成顯然比我們所有人最初的預期提前了很多，因此我們知道可能會有一些提前與計劃相比。您能否談談一個問題：考慮到目前業務的發展勢頭，為什麼多年複合年增長率的低​​端是 25 年的正確增長率。第二，你第一年的表現如何改變你對第三年最終能達成什麼目標的看法？

Sure, hey good morning, Anthony. This is Steve, I'll start with that.

當然，嘿早上好，安東尼。這是史蒂夫，我就從他開始吧。

Certainly had a good first year of the plan. We would buy into that statement as well feels most prudent for us to coming out of the gate to have a number that we feel highly confident in and we've got an ability to influence and get to right there is broadly speaking there's some concern, of course, around the health of the consumer and what's the consumer pocketbook look like, we feel really good about our value proposition and ability to deliver those results in light of that consumer situation but it just feels like it's the right number for us out of the gate to have.

當然，該計劃的第一年進展順利。我們也會相信這一聲明，我們認為對我們來說最謹慎的是，我們走出大門，得到一個我們感到非常有信心的數字，我們有能力影響並解決問題，從廣義上講，存在一些擔憂，當然，圍繞著消費者的健康狀況以及消費者的錢包狀況，我們對我們的價值主張以及根據消費者情況提供這些結果的能力感到非常滿意，但感覺這對我們來說是正確的數字門有。

And I think as it relates to achieving the three-year plan, we feel really strongly that we continue to control our own destiny regarding the three year plan number that strong start helps our confidence level for sure. But I think the levers that we have available to us and the momentum that we're exiting the first year against that plan, whether it's -- the things in the mothership side of the business that are driving same-store sales growth or the broader dynamics in the industry around consolidation and new unit growth opportunities. We feel really good about our ability to deliver that strategic plan over the next couple of years.

我認為，由於這與實現三年計劃有關，我們非常強烈地感覺到，我們繼續控制自己關於三年計劃數字的命運，強勁的開局肯定有助於我們的信心水平。但我認為我們可以利用的槓桿以及我們在第一年退出該計劃的動力，無論是業務母艦方面推動同店銷售增長的因素還是更廣泛的因素圍繞整合和新單位增長機會的行業動態。我們對未來幾年實現該戰略計劃的能力感到非常滿意。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

Hey, good morning and congratulations on very strong results.

嘿，早上好，恭喜您取得了非常好的成績。

I wanted to ask about grocery and general merchandise that you saw that acceleration sequentially on same-store sales. And I know, you talked about some modest retail price adjustments that you talked -- that you took last quarter. So just wanted to get your thoughts on how you see consumers' ability to continue to absorb higher prices. And I'm asking this in the context of many food retailers that have now started to announce price cuts. And then just how do you see the dynamic play out in that segment for the balance of the year, promotions have been rising.

我想問雜貨和日用品方面，您看到同店銷售連續加速成長。我知道，您談到了上個季度進行的一些適度的零售價格調整。所以只是想了解您如何看待消費者繼續承受更高價格的能力。我是在許多食品零售商現在開始宣布降價的背景下提出這個問題的。然後，您如何看待該細分市場在今年餘下時間的動態發展，促銷活動一直在增加。

Yeah, Krisztina, this is Darren. I'll go ahead and take that.

是的，克里斯蒂娜，這是達倫。我會繼續接受它。

We have taken some modest price increases this year. And again, we haven't been overly aggressive on taking price throughout this entire inflationary period. So if you look at the subcategories inside of grocery and general merchandise outside of tobacco, the inflation has been about 2% to 2.5%. So it's not significant inflation there, and we have passed on some of that price, but we're seeing pretty consistent behavior with the upper income consumers. They are continuing to buy as they normally have. The lower end consumers, which is only about a quarter of our guest base, they're still continuing to buy. They're just moving around the store a little bit.

今年我們適度提高了價格。再說一遍，在整個通膨時期，我們並沒有過於激進地定價。因此，如果你看看菸草以外的雜貨和一般商品的子類別，通貨膨脹率約為 2% 至 2.5%。因此，那裡的通貨膨脹並不嚴重，我們已經轉嫁了部分價格，但我們看到高收入消費者的行為非常一致。他們繼續像往常一樣購買。低端消費者僅占我們顧客群的四分之一左右，但他們仍在繼續購買。他們只是在商店裡走動了一下。

A simple example is our fountain soft drink business has been really strong this last year. And that's especially so low or lower income consumers and that on a price per ounce basis is a lot more affordable than buying the bottle and can version inside the store. So they're still purchasing, they're just making different decisions. And those flow back and forth between categories.

一個簡單的例子是，去年我們的噴泉軟性飲料業務非常強勁。尤其是對於低收入消費者來說，每盎司的價格比在商店內購買瓶裝和罐裝版本便宜得多。所以他們仍在購買，只是做了不同的決定。這些在類別之間來回流動。

From what we're seeing right now, the consumer is still pretty resilient and able to purchase. They're just being a little more discerning about what they buy and frankly where they buy it. And then I think that's where our reputation for being a good value for the money overall has helped us in this environment because people can rely on us for that value occasion.

從我們目前看到的情況來看，消費者仍然具有相當的彈性並且有能力購買。他們只是對自己買的東西以及坦白在哪裡買的東西更加挑剔。我認為這就是我們物有所值的聲譽在這種環境下對我們有幫助的地方，因為人們可以在這種有價值的場合信賴我們。

Got it.

知道了。

And if I could just follow up on fuel margins which came in better than what the Opus data would have suggested. Maybe can you talk about what transpired in your markets from a pricing perspective? And I'd be curious to hear the strength of your margins in the context of same-store gallon growth that you also put up, which significantly outpaced the overall industry as well?

如果我能跟進燃料利潤，結果會比 Opus 數據顯示的更好。也許您可以從定價的角度談談您的市場發生了什麼？我很想知道在你們也提出的同店加侖成長的背景下，你們的利潤率有多強，這也大大超過了整個產業？

Thank you.

謝謝。

Yeah, I guess the thing I would say is that our field team is doing a fantastic job and managing pricing and balancing the margin and volume. Throughout the quarter, we had a $0.49 increase in wholesale fuel costs through the quarter. So the first couple of months in the quarter, margins were a little bit thinner. And then as we started to exit April, we saw wholesale prices come down. And so the margins started to expand a bit.

是的，我想我想說的是，我們的現場團隊在管理定價以及平衡利潤和銷售方面做得非常出色。整個季度，我們的批發燃料成本增加了 0.49 美元。因此，本季的前幾個月，利潤率略有下降。然後，當我們開始退出四月時，我們看到批發價格下降了。因此，利潤率開始略有擴大。

But I would really just give a lot of credit to our fuel team. They've been very consistent in their approach and very nimble in terms of reacting to wholesale fuel costs and competitive dynamics that have allowed us to keep that balance. And so we've been able to maintain margins where we needed to and still drive those incremental gallons to be slightly positive over the course of the quarter.

但我真的非常感謝我們的燃料團隊。他們的方法非常一致，並且在對批發燃料成本和競爭動態做出反應方面非常靈活，這使我們能夠保持這種平衡。因此，我們能夠保持所需的利潤，並在本季度繼續推動增量加侖數略有增加。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO 資本市場。

Wanted to ask just about the low-income cohorts. I think in recent quarters, you've talked about how the fastest growth inside the store was coming from the low-income cohort's. I was just curious if you are still seeing that dynamic playing out or if that's changing? And I guess that maybe is attributed to your value positioning, but just wanted to check in on that.

想問一下低收入群體的狀況。我想最近幾個季度，您談到了商店內最快的成長來自低收入群體。我只是好奇你是否仍然看到這種動態，或者這種情況是否正在改變？我想這可能是由於你的價值定位，但只是想檢查一下。

And then also just as you think about the fiscal '25 plan, are you expecting QSR to get more competitive? Because it does seem like there's some more challenges there and maybe some more value price coming within the QSR space. So just curious what's in your plan with respect to that.

然後，正如您思考 25 財年計劃一樣，您是否期望 QSR 變得更具競爭力？因為看起來確實存在更多挑戰，而 QSR 領域可能會出現一些更有價值的價格。所以只是好奇你對此有什麼計劃。

Yeah, Kelly, I guess I'd say on the low-income consumer, we're still seeing some purchasing strength from that consumer. Like I mentioned previously, they are still buying. They're just making different purchasing decisions inside the store, but they're still coming to the store. I wouldn't say there's a difference there.

是的，凱利，我想我想說的是，對於低收入消費者，我們仍然看到該消費者的一些購買力。正如我之前提到的，他們仍在購買。他們只是在商店內做出不同的購買決定，但他們仍然會來到商店。我不會說那裡有差別。

With the higher-income consumers, we are seeing them accelerate some purchases in certain categories. So I mentioned the new hot sandwich platform that we launched we're having about 85% growth in that category. That's being driven primarily by the higher income consumers in that category. And I think they are trading down from QSR, but they're training over to us and so we're seeing some strength there.

對於收入較高的消費者，我們看到他們加速了某些類別的購買。所以我提到了我們推出的新熱三明治平台，我們在這個類別中實現了約 85% 的成長。這主要是由該類別中收入較高的消費者所推動的。我認為他們正在從 QSR 降級，但他們正在接受我們的訓練，所以我們看到了那裡的一些實力。

They're also more likely to buy the alternative nicotine products. So the pouch products like Zen and some of the others that you see in the marketplace. Those are skewing more higher income. So we're seeing strength on both sides, I guess, is the short answer to the question.

他們也更有可能購買替代尼古丁產品。 Zen 等袋裝產品以及您在市場上看到的其他一些產品。這些正在扭曲更高的收入。所以我想，我們看到雙方都有實力，這就是這個問題的簡短答案。

With respect to QSR competitiveness, it's an interesting question. Certainly, there's been a couple of the larger burger players have said that they're going to get a little sharper on value with some aggressive combo offers and that sort of thing. But I think the restaurant industry is a little bit of a trick bag because it's primarily a franchise business and a lot of those franchisees don't have places to turn to or other levers to pull to absorb a lot of the operating cost inflation that they've experienced over the last couple of years, and that's why you're seeing many prices expand as high as they have.

關於速食業的競爭力，這是一個有趣的問題。當然，有一些較大的漢堡廠商表示，他們將透過一些激進的組合優惠和諸如此類的事情來提高價值。但我認為餐飲業有點詭計多端，因為它主要是特許經營業務，許多特許經營商沒有地方可以求助，也沒有其他槓桿可以吸收他們所產生的大量運營成本通脹。你會看到許多價格上漲到如此高的水平。

So you really -- in that scenario, the franchisees have to decide that they can absorb the inflation and really take a haircut in their profitability to be able to drop their restaurant prices. So I'd really don't anticipate that happening. I think you'll see which you're starting to see now with some spurts of promotional activity for a month at a time, which is, I think what some of these guys have been doing but I don't know that that's very sustainable over the long term given the franchise dynamics.

所以，在這種情況下，特許經營者必須決定他們能夠吸收通貨膨脹，並真正削減他們的盈利能力，以便能夠降低餐廳的價格。所以我真的沒想到會發生這種事。我想你會看到你現在開始看到的，一次一個月的促銷活動，也就是說，我認為其中一些人一直在做的事情，但我不知道這是非常可持續的考慮到特許經營的動態，從長遠來看。

That's very helpful.

這非常有幫助。

I just also wanted to just ask about fuel a little bit just number one, how is diesel impacting the fuel margins or how did it in the quarter? And then just maybe an update on the fuel arbitrage strategy and the timing of getting that really into motion?

我還想問關於燃料的問題，第一，柴油對燃料利潤有何影響，或是本季的影響如何？然後也許只是燃料套利策略的更新以及真正付諸實施的時機？

On the diesel side, we've seen a little bit of softness in volume. Our margin has been pretty strong hanging in there, I don't have the exact number right in front of me, but volume was off a little bit and a lot of that has to do with softness in construction industry that's really dampened some of the demand for diesel fuel overall.

在柴油方面，我們看到銷量有些疲軟。我們的利潤率一直相當強勁，我面前沒有確切的數字，但成交量略有下降，這在很大程度上與建築業的疲軟有關，這確實抑制了一些柴油燃料的整體需求。

With respect to the upstream procurement activity on fuel, we are just about ready to begin executing on that. Frankly, we're just -- wait for paperwork now. We filed for all the permits and we just haven't -- we've received verbal approval but we need the paperwork to codify that before we can start executing some purchases so I'd say it's imminent depending on when that paperwork shows up.

關於上游燃料採購活動，我們即將開始執行。坦白說，我們現在只是等待文書工作。我們申請了所有許可證，但還沒有——我們已經收到了口頭批准，但在我們開始執行一些購買之前，我們需要文件來進行編纂，所以我想說這即將到來，具體取決於文件​​何時出現。

Yeah, I would just add our experience in the quarter in terms of specifically diesel profitability, diesel's a couple of pennies more profitable for us on a gallon basis during the quarter than gas was but I don't think that's a significant change from what our experience historically has been.

是的，我只是補充一下我們在本季度具體柴油盈利能力方面的經驗，本季度柴油對我們來說每加侖的盈利比汽油高幾美分，但我認為這與我們的盈利能力相比並沒有重大變化。

Chuck Cerankosky, Northcoast Research.

查克·塞蘭科斯基，北海岸研究中心。

Good morning, everyone. Great quarter.

大家，早安。很棒的季度。

Can you talk a little bit about logistics over the next 12 to 24 months, the company's getting bigger, store growth has been considerable. Any new need for distribution centers, what might you be doing with trucking, and maybe applying IT to your routing and so forth to further streamline costs?

能否談談未來12到24個月的物流，公司越來越大，門市成長也相當可觀。對配送中心有任何新的需求嗎？

Yeah, Chuck, at this point where our stores are located, we can supply all of our stores out of our existing three distribution centers that includes the stores we just recently added in Texas. So we can handle that out of our Joplin DC. And so we're very comfortable right now with our store footprint and our ability to scale the operation without having to add another DC at the moment, so no challenges there.

是的，查克，在我們商店所在的這一點上，我們可以從現有的​​三個配送中心向所有商店供貨，其中包括我們最近在德克薩斯州添加的商店。所以我們可以在喬普林 DC 中處理這個問題。因此，我們現在對我們的商店佔地面積和擴大營運規模的能力感到非常滿意，而無需目前添加另一個配送中心，因此不存在任何挑戰。

And we're doing a lot of work on the IT side inside of the supply chain. Primarily more of the demand planning side at this point to get a little more sophisticated on how we procure products and bring them into the warehouse as well as the outbound loads go into a store, so more to come there, but we're definitely putting a lot of energy and effort behind that demand planning side of that supply chain.

我們在供應鏈內部的 IT 方面做了很多工作。目前，主要是需求規劃方面的工作更加複雜，我們如何採購產品並將其帶入倉庫，以及如何將出庫貨物運入商店，因此還有更多工作要做，但我們肯定會投入更多精力供應鏈的需求規劃方面投入了大量的精力和精力。

Corey Tarlowe, Jefferies.

科里·塔洛，杰弗里斯。

Darren, you mentioned that I think labor hours had been reduced now for, I believe, eight straight quarters. How much more opportunity do you think there is to continue to drive efficiency in the stores in this fashion?

達倫，你提到我認為勞動時間已經連續八個季度減少。您認為還有多少機會可以繼續以這種方式提高商店的效率？

Yeah, Corey, That is correct. I said eight consecutive quarters of same-store labor hour declines. We have built into our plan this year, another 1% decrease in same-store labor hours. So we expect to make that happen over the course of the year. And I think we have line of sight to fiscal '26 being able to do the same thing.

是的，科里，這是正確的。我說的是同店勞動時間連續八個季度下降。我們今年的計畫是同店工時再減少 1%。因此，我們希望在今年內實現這一目標。我認為我們預計 26 財年能夠做同樣的事情。

And so I guess we'll say, I want to emphasize is that, this is not just cutting hours. This has been very strategic and with our continuous improvement team really analyzing the work that's being done in a store in finding either ways of eliminating that work altogether, we're moving it upstream or outsourcing it so we get it out of the store. So we've been very successful at not only taking hours out, which obviously translates into OpEx savings, but also giving ours back in the form of Slack, which makes it a little bit easier for the store team members to just deliver a great guest experience, make better food, and frankly, take a little bit of a stress out of working in the store.

所以我想我們會說，我想強調的是，這不僅僅是減少工作時間。這是非常具有戰略意義的，我們的持續改進團隊真正分析了商店中正在進行的工作，尋找完全消除該工作的方法，我們將其向上游移動或外包，以便我們將其從商店中取出。因此，我們非常成功，不僅減少了工作時間（這顯然可以節省營運支出），而且還以 Slack 的形式回饋我們的時間，這使得商店團隊成員可以更輕鬆地為顧客提供優質的服務體驗，製作更好的食物，坦白說，減輕在商店工作的壓力。

And what's been great about it is as we do that, the job is easier. Team member engagement goes up because it's easier. Our team members get better at their jobs because they stay longer, they don't turnover as much, but they own turnover as much. We don't spend as much in training and overtime, in fact, training dollars in the fourth quarter were down almost 19% year over year. Guest satisfaction scores go up so it's really a virtuous cycle. But at the root of all of that is taking complexity out of the store and make it easier for our team members to execute. So we're really happy with the progress we've made, and we still have a decent runway of more improvements to make.

這樣做的好處是，當我們這樣做時，工作就會變得更容易。團隊成員的參與度會提高，因為這樣比較容易。我們的團隊成員在工作中表現得更好，因為他們停留的時間更長，他們的流動率不那麼高，但他們擁有同樣多的流動率。我們在培訓和加班方面的支出沒有那麼多，事實上，第四季的培訓費用比去年同期下降了近 19%。客人滿意度分數上升，確實是良性循環。但這一切的根源是消除商店的複雜性，讓我們的團隊成員更容易執行。因此，我們對所取得的進展感到非常滿意，而且我們還有很長的路要進行更多改進。

Got it. That's very helpful.

知道了。這非常有幫助。

I just wanted to follow up on private label. What are some recent successes that you've seen within that segment and within your expectations for this year, how are you playing that business? Thank you.

我只是想跟進自有品牌。您最近在該領域取得了哪些成功，並且在您今年的預期之內，您的業務進展如何？謝謝。

Private label continues to be a good contributor for us and really presents a value opportunity for our guests. I'd say one of the more recent successes as we got into the liquor category with our Frost Trail Vodka, and Silk and Gold Bourbon and actually Frost Trail Vodka has become the number two selling vodka in our stores behind Tito's. So that's been a nice success story. The team continues to innovate across the categories. We have about 320 products in the assortment right now with another 20 or so under development. The team is continuing to evaluate ways of getting into different tiers of private label, whether that be a more premium offer or a more value-oriented offer. So more to come on that but team is actively working on evolving our private label portfolio to the next level.

自有品牌仍然是我們的一個很好的貢獻者，並且確實為我們的客人提供了一個有價值的機會。我想說的是，隨著我們進入酒類類別，我們最近的成功之一是我們的Frost Trail 伏特加、Silk and Gold Bourbon，實際上Frost Trail 伏特加已經成為我們商店中僅次於Tito's 的第二大銷售伏特加。這是一個很好的成功故事。該團隊不斷在各個類別上進行創新。我們目前擁有約 320 種產品，另外 20 種左右正在開發中。團隊正在繼續評估進入不同級別的自有品牌的方式，無論是更優質的報價還是更注重價值的報價。所以還有更多的事情要做，但團隊正在積極致力於將我們的自有品牌產品組合提升到一個新的水平。

John Royall, JPMorgan.

約翰‧羅亞爾，摩根大通。

The first one is, can you talk about how we should think about the mix of build versus acquisition in the 100-plus store additions in fiscal '25? Should we assume from the increase in CapEx that new store portion is accelerating? Or just any color on that would be helpful.

第一個是，您能否談談我們應該如何考慮在 25 財年新增 100 多家商店中建立與收購的組合？我們是否應該從資本支出的增加中假設新商店部分正在加速？或任何顏色都會有幫助。

Yes, good morning, John. This is Steve.

是的，早上好，約翰。這是史蒂夫。

Our assumption at the moment is it's going to be 50, 50 right in terms of units that would shade a higher proportion of total new units in FY25 towards new builds and the proportion that we have in FY24. So there's a little more PP&E spending associated with 50 new units versus the 42 that we had in FY24. But we also remember our continuing to remodel stores associated with all of the acquisition activity. And so there's a lag between closing an acquisition and actually putting capital into those stores. So there's slightly more NTIs year over year, but there's more remodel activity as well baked into that starting assumption around PP&E.

我們目前的假設是，就單位而言，這將是 50、50，這將使 25 財年新單位總數中更高的比例轉向新建築，以及我們在 24 財年擁有的比例。因此，與 2024 財年的 42 個新單位相關的 50 個新單位相關的 PP&E 支出略多一些。但我們也記得我們繼續改造與所有收購活動相關的商店。因此，完成收購和實際向這些商店投入資金之間存在著滯後。因此，NTI 逐年增加，但改造活動也更多，並融入了圍繞 PP&E 的初始假設。

Irene Nattel, RBC Capital Markets.

艾琳·納特爾，加拿大皇家銀行資本市場。

Just a couple of follow-ups. On the private label piece, can you update us on current penetration, please?

只是幾個後續行動。關於自有品牌，您能為我們介紹一下目前的滲透率嗎？

Yeah, Irene. Current penetration from a gross profit dollar perspective is right around 10% and if we exclude some categories, we don't participate in like tobacco and beer, that number goes up to about 13% of the grocery and general merchandise categories. That's our penetration is at this moment.

是的，艾琳。從毛利角度來看，目前的滲透率約為 10%，如果我們排除某些類別（例如菸草和啤酒），該數字將高達雜貨和日用商品類別的 13% 左右。這就是我們此時此刻的滲透。

That's great, thank you.

太好了，謝謝。

And then just tying together the innovation piece with the consumer spending piece. As you think about F25, '26 and the new product development pipeline, to what degree are you taking into account some of the pressure on consumer pocketbooks to -- if you will offer the right types of products for the current environment.

然後將創新部分與消費者支出部分結合在一起。當您考慮 F25、'26 和新產品開發管道時，如果您願意為當前環境提供正確類型的產品，您會在多大程度上考慮消費者錢包面臨的一些壓力。

We really spend most of our time innovating is on prepared foods and on private label. So both of those categories just naturally represent a very good value proposition to the guests, especially relative to international brand alternatives or QSR, as the case may be. So what we do is we focus on what the guest is looking for from a product perspective first. We've got to have the right product at the right level of quality and then we price it appropriately in our pricing and just as a matter of normal course, tends to be positioned as a much better value versus other alternatives. So we're certainly conscious of the value, but we're not overly -- trying to over engineer the product to be cheap. Frankly, we're trying to make it as good as we possibly can because we do believe we won with quality and then we can price accordingly for the value proposition.

我們大部分時間都花在預製食品和自有品牌的創新。因此，這兩個類別自然對客人來說代表了非常好的價值主張，特別是相對於國際品牌替代品或 QSR（視情況而定）。因此，我們首先從產品的角度關注客人的需求。我們必須擁有品質水準合適的產品，然後我們在定價中對其進行適當的定價，並且就像正常情況一樣，與其他替代品相比，我們往往會定位為具有更好的價值。所以我們當然意識到了它的價值，但我們並不過分——試圖過度設計產品以使其便宜。坦白說，我們正在努力使其盡可能好，因為我們確實相信我們以品質取勝，然後我們可以根據價值主張進行相應定價。

John Lawrence, Benchmark.

約翰‧勞倫斯，《基準》。

Great. Thanks, guys. Great quarter.

偉大的。多謝你們。很棒的季度。

Would you speak to a little bit about Casey Rewards and talk about the difference in spend for somebody that's really engaged on the rewards program versus somebody that's not and just how that has changed over the last couple of years started?

您能否談談凱西獎勵計劃，並談談真正參與獎勵計劃的人與不參與獎勵計劃的人在支出上的差異，以及在過去幾年中這種情況是如何開始變化的？

Yeah, John, with rewards I guess where it started is about 40% of our guests are using some form -- are using the rewards program, so 40% of our transactions have a rewards account tied to it. They tend -- they visit more frequently and then they spend more when they -- they spend about 15% more when they visit versus a non-rewards member. So it certainly improves our benefit to get more and more people into that rewards program.

是的，約翰，關於獎勵，我猜大約 40% 的客人正在使用某種形式——正在使用獎勵計劃，所以我們 40% 的交易都有一個與其綁定的獎勵帳戶。與非獎勵會員相比，他們訪問更頻繁，然後他們訪問時花費更多約 15%。因此，讓越來越多的人加入該獎勵計劃肯定會提高我們的利益。

And we've been on a cadence over the last really almost since the inception of about 100,000 new members per month so give or take a little over $1 million a year, they will come in on rewards program and with that engagement rate is about 40%, that's a pretty good number. We're still trying to grow that but that's where we stand as we sit here today.

幾乎從每月約 10 萬名新會員開始，我們就一直保持著這樣的節奏，因此每年給予或收取略高於 100 萬美元的資金，他們將參與獎勵計劃，參與率約為 40 %，這是一個相當不錯的數字。我們仍在努力發展這一點，但這就是我們今天坐在這裡的立場。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

I had a question on your inside margins. You saw strong expansion last year, but are guiding margins to be flat this year. And I know you touched on cheese costs, but hoping you could just highlight any other headwinds or tailwinds that we should be mindful of this next fiscal year.

我有一個關於你的內邊距的問題。去年您看到了強勁的擴張，但今年的利潤率將持平。我知道您談到了起司成本，但希望您能強調我們應該注意下一財年的任何其他不利因素或有利因素。

Sure. Hey, good morning. This is Steve.

當然。嗨，早安。這是史蒂夫。

On the grocery side of the business specifically, I think there's not a lot of pressure on that margin. Again, I think we've referenced earlier that's a contractual business for us. We know what those cost decreases are going to be. It's a couple of hundred basis points generally across that category, and we've adjusted retails accordingly. So I think we've priced to preserve margin on the grocery side.

特別是在雜貨業務方面，我認為利潤率沒有太大壓力。再說一遍，我認為我們之前已經提到過，這對我們來說是一項合約業務。我們知道成本會降低多少。該類別的價格通常有數百個基點，我們相應地調整了零售額。所以我認為我們定價是為了保留雜貨方面的利潤。

And broadly speaking on the prepared food side, cheese is a little bit of a headwind. Yes, I think the aggregation of proteins is a little bit of a tailwind. So beef is up for us, but almost all the other proteins are a modest tailwind. So I think that washes out based on what we know now and you end up with generally speaking, comparable margins year over year.

從廣義上講，在預製食品方面，起司有點不利。是的，我認為蛋白質的聚集有點順風順水。因此，牛肉對我們來說是有利的，但幾乎所有其他蛋白質都是適度的推動力。因此，我認為根據我們現在所了解的情況，這種情況會被淘汰，一般來說，您最終會獲得年同比可比的利潤率。

Okay. That's helpful. And I know a lot's been asked already, but maybe a big picture question on from me. Darren and I guess, Steve, as you guys sit here today, where do you see the biggest opportunity for upside to your guidance in FY25 and as well as maybe where you see the biggest risk to your business? Thanks.

好的。這很有幫助。我知道已經有人問了很多問題，但也許是我提出的一個大問題。達倫和我猜，史蒂夫，你們今天坐在這裡，你們認為 2025 財年指引上行的最大機會在哪裡，以及你們認為企業面臨的最大風險在哪裡？謝謝。

Yeah, Bonnie. I'd say the biggest upside do we have is on the store growth side. I mean, we feel good about the entire business and we have a lot of momentum across the board but I think as the industry continues to be challenged more operationally as we get into a more normal operating environment, those pressures are continuing to mouth on smaller operators, and we see that in terms of the velocity of potential M&A opportunities. And so I would say probably the single biggest opportunity we have is if we can transact on some larger opportunities -- gives us a step change in our [storefronts] and of course, all the benefits that come with that.

是的，邦妮。我想說我們最大的優勢是商店成長方面。我的意思是，我們對整個業務感覺良好，而且我們在各個方面都有很大的動力，但我認為，隨著我們進入更正常的營運環境，該行業在運營方面繼續面臨更多挑戰，這些壓力將繼續向較小的公司施加。所以我想說，我們擁有的最大的機會可能是如果我們能夠在一些更大的機會上進行交易——讓我們的[店面]發生一步改變，當然，還有隨之而來的所有好處。

From a risk standpoint, I would say that I feel really good about where we're at with the consumer. I think the consumer health is probably the single biggest risk and that's a risk for everyone in retail but because we've been able to maintain a strong value proposition and preserve margins at the same time, I feel really good that we stand to benefit from that risk actually. And if a consumer wants get a little bit tighter, we'll probably be more of a beneficiary of that impact than a victim of it.

從風險的角度來看，我想說，我對我們與消費者的關係感到非常滿意。我認為消費者健康可能是最大的單一風險，這對零售業的每個人來說都是一個風險，但由於我們能夠保持強大的價值主張並同時保留利潤，我感覺非常好，我們將從中受益實際上有這種風險。如果消費者希望收緊一點，我們可能更像是這種影響的受益者，而不是受害者。

And I'm showing no further questions. I would now like to turn the conference back to Darren Rebelez for closing remarks.

我沒有再提出任何問題。現在我想請達倫雷貝雷斯 (Darren Rebelez) 致閉幕詞。

Okay. Thank you all for taking the time today to join us on the call. I'd also like to thank our team members once again for their contributions in delivering another record year.

好的。感謝大家今天抽空參加我們的電話會議。我還要再次感謝我們的團隊成員為再創紀錄的一年所做的貢獻。

Have a great day, everyone.

祝大家有個美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。