Caseys General Stores Inc (CASY) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Second Quarter FY 2025 Casey's General Stores Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Brian Johnson, Senior Vice President of Investor Relations, and Business Development. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 2025 財年第二季凱西雜貨店財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在，我想將會議交給今天的演講者、投資者關係和業務開發高級副總裁布萊恩·約翰遜 (Brian Johnson)。請繼續。

Good morning, and thank you for joining us to discuss the results from our second quarter ended October 31, 2024. I'm Brian Johnson, Senior Vice President, Investor Relations, and Business Development. With me today are Darren Rebelez, Board Chair, President, and Chief Executive Officer; as well as Steve Bramlage, Chief Financial Officer.

早安，感謝您與我們一起討論截至 2024 年 10 月 31 日的第二季業績。今天與我在一起的有董事會主席、總裁兼執行長 Darren Rebelez；以及財務長 Steve Bramlage。

Before we 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 the potential impact of the Fikes transaction, 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.

在我們開始之前，我要提醒您，我們在本次投資者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。的潛在風險相關的任何陳述。綜效、我們商店的成長機會和業績。

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 acquisitions, 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其他風險、不確定性和因素，這些都在我們最近的年度報告中進行了描述向SEC 提交並在我們的網站上提供的10-K 表格和10-Q 表格季度報告。

Any forward-looking statements made during this call relet 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 non-GAAP to GAAP financial measures referenced in this call as well as a detailed breakdown of the operating expense increase for the second quarter can be found on our website at www.caseys.com under the Investor Relations link. With that said, I would now like to turn the call over to Darren to discuss our second quarter results. Darren?

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二季度營運費用增長的詳細細目可在我們網站 www.caseys.com 的投資者關係鏈接下找到。話雖如此，我現在想將電話轉給達倫，討論我們第二季的業績。達倫？

Thanks, Brian, and good morning, everyone. We're excited to discuss the strong second quarter results in a moment. First, however, I want to thank the Casey's team for delivering another outstanding quarter in addition to officially welcoming the Fikes team to the Casey's family. Each November, we raised funds for two organizations to support veterans and their families, children to follow Patriots and hope for the Warriors. This year, we raised over $1 million, thanks to our team members, generous guests, and partners at PepsiCo.

謝謝布萊恩，大家早安。我們很高興稍後討論第二季的強勁業績。不過，首先我要感謝 Casey 的團隊，除了正式歡迎 Fikes 團隊加入 Casey 的大家庭之外，他們還提供了一個出色的季度業績。每年 11 月，我們都會為兩個組織籌集資金，以支持退伍軍人及其家人、兒童追隨愛國者隊並為勇士隊帶來希望。今年，我們籌集了超過 100 萬美元，感謝我們的團隊成員、慷慨的嘉賓和百事公司的合作夥伴。

As a veteran myself, I'm personally grateful for the engagement and response this campaign draws each year. Thank you for helping veterans when you shop at Casey's. Now let's discuss the results from the quarter. Diluted earnings per share finished at $4.85 per share, net income was $181 million and EBITDA was $349 million. All of these metrics were up 14% from the prior year.

身為一名退伍軍人，我個人非常感謝每年這項活動所吸引的參與和回應。感謝您在凱西購物時為退伍軍人提供的幫助。現在讓我們討論本季的結果。稀釋後每股收益為 4.85 美元，淨利潤為 1.81 億美元，EBITDA 為 3.49 億美元。所有這些指標均較上年增長 14%。

Our second quarter results were an excellent example of the strength of Casey's differentiated business model. We were again able to expand gross profit dollars while simultaneously controlling operating expenses. Inside the store, innovation in prepared food continued to drive strong performance, while the grocery and general merchandise category was the primary driver of margin expansion.

我們第二季的業績是凱西差異化業務模式實力的一個很好的例子。我們再次能夠擴大毛利，同時控制營運費用。在店內，預製食品的創新繼續推動強勁的業績，而雜貨和百貨商品類別是利潤擴張的主要驅動力。

On the fuel side, the team is doing an excellent job balancing volume and margin with fuel margins over $0.40 per gallon, while outperforming the geographic market in same-store fuel gallons. As we discussed at our Analyst Day in October, we are very confident in our ability to execute on our three-year strategic plan and is showing up in the results both inside and outside the store.

在燃料方面，該團隊在平衡銷售和利潤方面做得非常出色，燃料利潤超過每加侖 0.40 美元，同時在同店燃料加侖方面優於地理市場。正如我們在 10 月的分析師日所討論的那樣，我們對執行三年戰略計劃的能力非常有信心，並且這一點體現在店內和店外的業績中。

I'd now like to go over our results and share some of the details in each of the categories. Inside same-store sales were up 4% for the second quarter or 7.1% on a two-year stack basis, with an average margin of 42.2%. Same-store prepared food and dispensed beverage led the way as sales were up 5.2% or 11.6% on a two-year stack basis with an average margin of 58.7%. Hot Sandwiches continued their strong performance, up over 60% and coal Dispensed Beverages also performed well, up nearly 10%. Margin was down approximately 30 basis points from the prior year due to a modest cheese headwind.

現在我想回顧一下我們的結果並分享每個類別的一些細節。第二季同店內部銷售額成長 4%，以兩年計算成長 7.1%，平均利潤率為 42.2%。同店預製食品和分配飲料處於領先地位，銷售額按兩年累計增長 5.2% 或 11.6%，平均利潤率為 58.7%。熱三明治持續保持強勁表現，上漲超過 60%，煤炭配製飲料也表現出色，上漲近 10%。由於起司逆風不大，利潤率較前一年下降約 30 個基點。

Same-store grocery and general merchandise sales were up 3.6% or 5.4% on a two-year stack basis, with an average margin of 35.6%, an increase of approximately 160 basis points from the prior year due to product mix and the excellent work of our asset protection and strategic sourcing teams. We saw positive momentum in the category. Notably, in both non-alcoholic and alcoholic beverages, specifically in the energy and liquor categories. Our merchandising team is doing an excellent job optimizing our assortment to meet our guest needs. For fuel, same-store gallons sold were down 0.6%, with a fuel margin of $0.402 per gallon.

由於產品組合和出色的工作，雜貨和百貨同店銷售額兩年累計增長 3.6% 或 5.4%，平均利潤率為 35.6%，較上年增長約 160 個基點我們的資產保護和戰略採購團隊。我們看到了該類別的正面動力。值得注意的是，在非酒精和酒精飲料中，特別是在能量和酒類中。我們的銷售團隊在優化我們的產品組合以滿足客人的需求方面做得非常出色。燃油方面，同店加侖銷量下降 0.6%，燃油利潤為每加侖 0.402 美元。

We continue to outperform our geographic region on volume as OPIS fuel gallons sold data shows the Mid-Continent region down approximately 5% in the quarter, indicating that we are taking market share. Our field team is doing a tremendous [shot] on volume and margin and the results continue to show it. Operating expense management remains a focus. In the second quarter, saw an increase of just 2.3% on a same-store, excluding credit card fee basis. Our continuous improvement team is identifying areas to be more efficient and our store operations team is executing on those opportunities at a high level.

我們在銷售方面繼續優於我們的地理區域，因為 OPIS 燃料加侖銷售數據顯示中大陸地區本季下降了約 5%，這表明我們正在搶佔市場份額。我們的現場團隊在數量和利潤方面做了巨大的努力，結果繼續證明了這一點。營運費用管理仍然是一個焦點。第二季度，不包括信用卡費用的同店銷售額僅成長 2.3%。我們的持續改進團隊正在確定需要提高效率的領域，我們的商店營運團隊正在高水準地執行這些機會。

The results speak for themselves. The same-store labour hours were down 1% once again. I'd now like to turn the call over to Steve to discuss the financial results from the second quarter. Steve?

結果不言而喻。同店工時再次下降 1%。我現在想將電話轉給史蒂夫，討論第二季的財務表現。史蒂夫？

Thanks, Darren. Good morning. I'm very proud of the hard work of our team during the quarter. We're now halfway through our three-year strategic plan, and we are carrying tremendous momentum into the second half of it. Total revenue for the quarter was $3.9 billion, a decrease of $118 million or 2.9% from the prior year and that's due primarily to a 14.1% decline in the retail price of fuel, which was nearly offset by higher inside sales as well as higher fuel gallons sold.

謝謝，達倫。早安.我對我們團隊在本季的辛勤工作感到非常自豪。我們的三年策略計畫現已完成一半，我們正以巨大的勢頭進入下半年。本季總收入為 39 億美元，比上年減少 1.18 億美元，或 2.9%，這主要是由於燃料零售價格下降 14.1%，但幾乎被內部銷售增加和燃料價格上漲所抵消加侖已售出。

Results were also favourably impacted by operating approximately 4% more stores on a year-over-year basis. Total inside sales for the quarter were $1.47 billion, an increase of $121 million or 9% from the prior year. For the quarter, prepared food and Dispensed Beverage sales rose by $35 million to $418 million, an increase of 9.2% and Grocery and General Merchandise sales increased by $85 million to $1.05 billion, which is an increase of 8.8%.

門市營運量年增約 4%，也對業績產生了正面影響。該季度內部銷售總額為 14.7 億美元，比上年增加 1.21 億美元，即 9%。本季，預製食品和配製飲料銷售額增加 3,500 萬美元，達到 4.18 億美元，成長 9.2%；雜貨和日用品銷售額增加 8,500 萬美元，達到 10.5 億美元，成長 8.8%。

Retail fuel sales were down $232 million in the quarter, driven primarily by a $0.51 decline in the retail price of fuel from $3.62 per gallon in the prior year to $3.11 per gallon in the second quarter. This was partially offset by a 6% increase in total fuel gallons sold as our newer units tend to sell more fuel than a chain average.

本季零售燃料銷售額下降了 2.32 億美元，主要是由於燃料零售價格從上一年的每加侖 3.62 美元下降到第二季的每加侖 3.11 美元，下降了 0.51 美元。這被銷售的總燃油加侖數增加 6% 所部分抵消，因為我們的新裝置銷售的燃油往往高於環比平均水平。

We define gross profit as revenue less cost of goods sold, but excluding depreciation and amortization. Casey's had gross profit of $959 million in the quarter. That's an increase of $73 million or 8.2% from the prior year. This is driven primarily by higher Insight gross profit of $66.4 million or 12%, while fuel gross profit was higher by $3.4 million or 1.1%. Insight gross profit margin was 42.2% and that's up 110 basis points from the prior year.

我們將毛利定義為收入減去銷售成本，但不包括折舊和攤提。 Casey’s 本季毛利為 9.59 億美元。比上年增加 7,300 萬美元，或 8.2%。這主要是由於 Insight 毛利增加了 6,640 萬美元，即 12%，而燃料毛利潤增加了 340 萬美元，即 1.1%。 Insight毛利率為42.2%，較上年增加110個基點。

Prepared food and Dispensed Beverage margin was 58.7%, down 30 basis points from prior year. The primary driver of the slight decrease was a modest headwind on cheese which was $2.25 per pound in the quarter compared to $2.12 per pound in the prior year. It's an increase of 6% or approximately 35 basis points. The Grocery and General Merchandise margin was 35.6%, an increase of 160 basis points from prior year. The change was primarily due to favourable mix and good asset protection performance.

預製食品和配製飲料利潤率為 58.7%，較上年下降 30 個基點。造成小幅下降的主要原因是起司的小幅逆風，本季起司價格為每磅 2.25 美元，而去年同期為每磅 2.12 美元。增幅為 6%，約 35 個基點。雜貨和百貨商品利潤率為 35.6%，比前一年增加 160 個基點。這項變更主要是由於有利的組合和良好的資產保護表現。

Fuel margin for the quarter was $0.402 per gallon. That's down $0.21 from the prior year. Fuel gross profit includes almost $5 million from the sale of RINs and that's down $3.5 million from the same quarter in the prior year. Total operating expenses were up 5.2% or $30 million. Approximately 4% of the total operating expense increase is due to unit growth as we operated 93 additional stores versus prior year.

本季度的燃油利潤為每加侖 0.402 美元。比前一年下降了 0.21 美元。燃料毛利潤包括來自 RIN 銷售的近 500 萬美元，比去年同期減少了 350 萬美元。總營運支出成長 5.2%，即 3,000 萬美元。總營業費用增加的約 4% 是由於單位成長所致，因為我們比去年增加了 93 家商店。

Same-store employee expense accounted for approximately 1% of the increase as modest increases in wages were partially offset by the reduction in same-store hours. Depreciation in the quarter was $96.6 million. That's up $11 million versus the prior year, primarily due to more stores. The effective tax rate for the quarter was 24.5%, and that's compared to 23.6% in the prior year. That increase was driven by a onetime benefit in the prior year that did not repeat.

同店員工費用約佔成長的 1%，因為薪資的小幅成長被同店工作時間的減少部分抵消。本季折舊為 9660 萬美元。與前一年相比增加了 1100 萬美元，主要是由於商店數量增加。本季的有效稅率為 24.5%，而去年同期為 23.6%。這一增長是由前一年的一次性福利推動的，但該福利並未重複。

Net income was up versus the prior year to $180.9 million, an increase of 13.9%. EBITDA for the quarter was $348.9 million compared to $305.9 million a year ago, an increase of 14.1%. Our balance sheet is in excellent condition. And on October 31, we had total available liquidity of $1.25 billion. Please note the liquidity calculation excludes the impact of the restricted cash balance, which is included within long-term assets as of October 31.

淨利潤較上年增長 13.9%，達到 1.809 億美元。本季 EBITDA 為 3.489 億美元，較去年同期的 3.059 億美元成長 14.1%。我們的資產負債表狀況良好。截至 10 月 31 日，我們可用的流動資金總額為 12.5 億美元。請注意，流動性計算不包括受限現金餘額的影響，該餘額已包含在截至 10 月 31 日的長期資產中。

The restricted cash relates to cash held in an escrow account for the acquisition of fights, which closed the next day on November 1, and that is subsequent to the quarter end. On October 31, the leverage ratio of debt-to-EBITDA was 2.3 times per the covenants in the company's recently amended credit facilities. We still plan to deliver to 2 times within the first year of closing, and we will do spending as originally planned on property, plant, and equipment.

受限制的現金涉及用於收購比賽的託管帳戶中的現金，該帳戶於次日（即 11 月 1 日）即季度末結束後關閉。 10 月 31 日，根據公司最近修訂的信貸安排中的約定，債務與 EBITDA 的槓桿率為 2.3 倍。我們仍計劃在成交後的第一年內交付兩次，並且我們將按原計劃進行不動產、廠房和設備方面的支出。

We likely will not repurchase shares until we achieve the targeted leverage ratio. For the quarter, net cash generated by operating activities of $271 million, less purchases of property and equipment, of $111 million resulted in the company generating $160 million in free cash flow compared to $145 million in the prior year. At the December meeting, the Board of Directors voted to maintain the quarterly dividend of $0.50 per share.

在達到目標槓桿率之前，我們可能不會回購股票。本季度，經營活動產生的淨現金為 2.71 億美元，減去財產和設備採購 1.11 億美元，使公司產生 1.6 億美元的自由現金流，而前一年為 1.45 億美元。在 12 月的會議上，董事會投票決定維持每股 0.50 美元的季度股息。

Primarily due to the closing of the Fikes transaction, we are updating our previously communicated fiscal year guidance. For the second half of fiscal 2025, specifically related to the Fikes transaction, Casey's expects to incur an additional $15 million to $20 million in onetime deal and integration costs primarily in the third quarter.

主要由於 Fikes 交易的完成，我們正在更新先前傳達的財政年度指導。對於 2025 財年下半年，特別是與 Fikes 交易相關的情況，Casey's 預計將主要在第三季度額外產生 1500 萬至 2000 萬美元的一次性交易和整合成本。

EBITDA contribution from Fikes is expected, therefore, to be modestly dilutive in the third quarter, again, primarily due to the previously mentioned costs. EBITDA contribution from Fikes is expected to be modestly accretive in the fourth quarter. Interest expense will be $35 million higher than the original outlook due to the financing of the transaction.

因此，Fikes 的 EBITDA 貢獻預計將在第三季適度稀釋，這主要是由於前面提到的成本。 Fikes 的 EBITDA 貢獻預計將在第四季度小幅成長。由於交易融資，利息支出將比最初預期高出 3500 萬美元。

For Casey's total fiscal year 2025 outlook, including the impact of the Fikes acquisitions, EBITDA is now expected to increase at least 10%. Total operating expenses are expected to increase between 11% to 13% for the fiscal year, and that includes approximately $25 million to $30 million in onetime deal and integration costs.

對於 Casey 2025 財年的整體展望，包括 Fikes 收購的影響，目前預計 EBITDA 將成長至少 10%。本財年的總營運費用預計將增加 11% 至 13%，其中包括約 2,500 萬至 3,000 萬美元的一次性交易和整合成本。

While same-store operating expenses, excluding credit card fees, are expected to only increase approximately 2% for the year. Net interest expense is expected to be approximately $90 million for the year. Depreciation and amortization is expected to be approximately $410 million and purchases of PP&E are expected to be approximately $550 million.

而不包括信用卡費用的同店營運費用預計今年僅成長約2%。預計今年淨利息支出約 9,000 萬美元。折舊和攤銷預計約 4.1 億美元，固定資產、廠房和設備採購預計約 5.5 億美元。

The tax rate is expected to be approximately 23% to 25% for the fiscal year. Note that Casey's is not updating its outlook for the following metrics. We still expect to add approximately 270 stores for the fiscal year. We expect inside same-store sales to increase between 3% to 5% and inside margins to be comparable to the prior year. The company expects same-store fuel gallons sold to be between negative 1% to positive 1%.

預計本財年稅率約為23%至25%。請注意，Casey's 不會更新以下指標的前景。我們仍預計本財年將新增約 270 家門市。我們預計同店內部銷售額將成長 3% 至 5%，內部利潤率將與去年持平。該公司預計同店燃油加侖銷量將在負 1% 至正 1% 之間。

Overall, Fikes is expected to contribute over $200 million of inside sales and approximately 200 million gallons of fuel for the second half of fiscal 25. Of the expected total operating expense increase of 11% to 13%, approximately 5% to 7% of the increase is due to the existing Casey's business, and that's a decrease from our previously communicated 6% to 8% expected increase.

總體而言，Fikes 預計將在 25 財年下半年貢獻超過 2 億美元的內部銷售額和約 2 億加侖的燃料。凱西現有的業務，這比我們之前傳達的6% 至8% 的預期成長有所下降。

The Fikes acquisition is expected, therefore, to contribute approximately 6% of the total increase, over 1% of which is related to the onetime yield and integration costs. Our results for November were as follows. Inside same-store sales were near the midpoint of the annual outlook range. As we enter the seasonally lower time of year for both fuel margin and fuel volume, same-store fuel gallons are near the low end of the annual outlook range and CPG is between the mid- to high 30s.

因此，預計對 Fikes 的收購將貢獻總成長的約 6%，其中超過 1% 與一次性良率和整合成本有關。我們 11 月份的結果如下。同店內部銷售接近年度展望範圍的中點。隨著我們進入一年中燃油利潤率和燃油量的季節性較低時期，同店燃油加侖數接近年度展望範圍的低端，而 CPG 則在 30 多加侖之間。

Currencies costs have improved but are still modestly unfavourable versus the prior year by several hundred basis points. Our third quarter total operating expense expectation is an increase of approximately 20% and that's primarily due to the Fikes acquisition and the $15 million to $20 million of onetime deal and integration costs. As a result of these closing costs and the incremental interest expense, Fikes will be dilutive to our earnings in the third and fourth quarters as we expected. I'll now turn the call back over to Darren.

貨幣成本有所改善，但與前一年相比仍略微不利數百個基點。我們預計第三季總營運費用將成長約 20%，這主要是由於 Fikes 收購以及 1,500 萬至 2,000 萬美元的一次性交易和整合成本。由於這些結帳成本和增量利息支出，Fikes 將稀釋我們第三和第四季的收益，正如我們預期的那樣。我現在將把電話轉回達倫。

Thanks, Steve. I'd like to thank the entire Casey's team for another outstanding quarter, and again, I want to welcome the Fikes team to the Casey's family. We're excited to have you on board and are looking forward to integrating these stores into our network. Our team has done an incredible job executing on the first half of the three-year strategic plan and is looking forward to finishing out the second half strong. Growth is a key pillar of the strategic plan, and we're executing on it.

謝謝，史蒂夫。我要感謝整個 Casey 團隊在另一個出色的季度表現，並再次歡迎 Fikes 團隊加入 Casey 的大家庭。我們很高興您的加入，並期待將這些商店整合到我們的網路中。我們的團隊在執行上半年的三年策略計畫方面取得了令人難以置信的成績，並期待下半年的出色完成。成長是策略計劃的關鍵支柱，我們正在執行它。

Announcing the closing of the largest transaction in the company's history is extremely exciting and right in line with the plan we laid out in June of 2023. We are also committed to maintaining a strong balance sheet and we'll work to deliver toward targeted 2 times leverage ratio quickly. We believe our ability to execute and integrate acquisitions like these will continue to build shareholder value. Inside the store, we continue to produce excellent results. On the prepared food and Dispensed Beverage side of the business, guests are flocking to our refreshed sandwich lineup as we offer high-quality products at a great value.

宣布完成公司歷史上最大的交易非常令人興奮，這符合我們在 2023 年 6 月制定的計劃。我們相信，我們執行和整合此類收購的能力將繼續創造股東價值。在店內，我們繼續創造出色的業績。在預製食品和配製飲料業務方面，由於我們提供物超所值的高品質產品，客人紛紛湧向我們新鮮的三明治系列。

With respect to Grocery and General Merchandise, our merchandising team is doing an excellent job identifying the right products and working with our supplier partners to develop effective promotions for our guests. One shining star within the non-alcoholic beverage category remains energy trains where we had another quarter of over double-digit same-store growth.

在雜貨和日用百貨方面，我們的銷售團隊在識別合適的產品方面做得非常出色，並與我們的供應商合作夥伴合作，為我們的客人制定有效的促銷活動。非酒精飲料類別中的一顆耀眼明星仍然是能量列車，我們在該領域又實現了超過兩位數的同店增長。

Overall, we believe our inside offering is a meaningful differentiator in the industry. Enhancing operational efficiencies is the third pillar of the strategic plan. Our continuous improvement team is doing a great job collaborating with store operations to make the organization more efficient.

總的來說，我們相信我們的內部產品是產業中有意義的差異化因素。提高營運效率是策略計畫的第三個支柱。我們的持續改善團隊與商店營運部門出色地合作，使組織更有效率。

The results are compelling as the second quarter marked the tenth consecutive quarter with a reduction in same-store labour hours. The team has done this with a rigorous process to simplify store operations and get rid of non-value-added work. Sum things up, we've never felt more confident in our team's ability to execute our plan and deliver differentiated results to our shareholders. We'll now take your questions.

這結果引人注目，因為第二季是同店工作時間連續第十個季度減少。該團隊透過嚴格的流程來做到這一點，以簡化商店運作並擺脫非增值工作。總而言之，我們對團隊執行計劃並為股東提供差異化成果的能力充滿信心。我們現在將回答您的問題。

(Operator Instructions) Bobby Griffin, Raymond James.

（操作員說明）鮑比·格里芬、雷蒙德·詹姆斯。

Congrats on getting the Fikes deal over the finish line. So I guess first from me, I just wanted to kind of dive in a little bit to the Grocery and General Merchandise margin. Another great quarter, second quarter in a row over 35%. So can you maybe talk a little bit more about the puts and takes there? And is this a more structural step up in your view of where the margins in this business -- this side of the business could be at, especially with some of the opportunities like we saw out there with the back bar changes coming and some things like that?

恭喜您完成了與 Fikes 的交易。所以我想首先我只是想稍微深入一下雜貨和日用百貨的利潤。另一個出色的季度，連續第二個季度超過 35%。那麼您能多談談看跌期權和看跌期權嗎？從您的角度來看，這是否是一個更具結構性的步驟，以了解該業務的利潤率- 這方面的業務可能處於何處，特別是像我們看到的一些機會，隨著後欄的改變即將到來，以及諸如此類的事情？

Yes. Bobby, this is Darren. What I'd tell you is I think there's a few things going on in Grocery and General Merchandise, obviously, we've done a great job in just working with supplier partners on joint business planning, and that ultimately translates into some impact there. But really, the biggest driver is in mix. And what we're seeing kind of across the board is a mix shift to some of the higher-margin items that we have in the categories.

是的。鮑比，這是達倫。我想告訴你的是，我認為雜貨和百貨領域正在發生一些事情，顯然，我們在與供應商合作夥伴共同製定聯合業務規劃方面做得很好，這最終會轉化為一些影響。但實際上，最大的推動因素是混合。我們看到的情況是全面轉向我們在該類別中擁有的一些利潤率較高的產品。

I'll give you a couple of examples. If you take a look at alcohol as an example, the lowest-margin subcategory within alcohol is premium beer, and that's been probably the softest of the subcategories within alcohol. Inside of beer, though, the fastest-growing part of that is imports and super premiums, which tend to come with higher margin. If you go to the other subcategories, liquor, and wine, those are both growing at about a 10% clip and those have higher margin as well. So as we continue to accelerate growth in the higher-margin areas and the lower margins are kind of hanging in there, you're just seeing that margin shift.

我給你舉幾個例子。如果以酒精為例，酒精中利潤最低的子類別是優質啤酒，這可能是酒精中最軟的子類別。不過，在啤酒領域，成長最快的部分是進口和超級溢價，它們往往具有更高的利潤。如果你看看其他子類別，例如烈酒和葡萄酒，它們的成長率都在 10% 左右，而且利潤率也更高。因此，當我們繼續加速高利潤領域的成長而低利潤領域卻持續存在時，你會看到利潤率的變化。

And so that was a 200 basis point improvement year-over-year, primarily driven on mix. You go to the other example would be tobacco. And again, you have a similar dynamic where cigarettes, combustible cigarettes are the lowest margin subcategory within that category, and they're declining and have been declining for a number of years. On the flip side, nicotine alternatives in vapor, which are growing at the fastest pace. In fact, nicotine alternatives are almost triple-digit increases and those tend to come with a much higher margin rate.

因此，同比增長了 200 個基點，這主要是由組合推動的。你再舉另一個例子，那就是菸草。同樣，你也有類似的動態，香菸、可燃香菸是該類別中利潤率最低的子類別，而且它們正在下降，而且多年來一直在下降。另一方面，蒸氣尼古丁替代品的成長速度最快。事實上，尼古丁替代品幾乎呈現三位數成長，而且往往具有更高的利潤率。

So we're actually seeing margin rate expansion in tobacco overall, even though you're seeing that decline on combustible cigarettes. And then lastly, our asset protection team has done a really nice job on shrink. And we've done a lot of work over the last year or so with exception-based reporting and some other technology to really identify sources of shrink and route those out. So when you put all that together, that's where you end up with 160 basis point improvement in margin. And so I would say to your other question on is this structural?

因此，我們實際上看到菸草整體的利潤率正在擴張，儘管可燃捲菸的利潤率有所下降。最後，我們的資產保護團隊在損失方面做得非常好。在過去一年左右的時間裡，我們在基於異常的報告和其他一些技術方面做了很多工作，以真正識別收縮來源並將其排除。因此，當您將所有這些加在一起時，最終的利潤率將提高 160 個基點。所以我想問你的另一個問題，這是結構性的嗎？

I say, to a large extent, it is because that mix shift is continuing to go.

我說，在很大程度上，這是因為混合轉變正在繼續進行。

That's very helpful. And I guess just my final one for me is just on the Fikes deal itself, is there a seasonality aspect to their EBITDA that we should be aware of? I think some of the investors that were doing some quick math on the $89 million that was given when you announced the deal and then kind of back into what's implied for the guidance change. So I just want to make sure, is there any seasonality aspect we should be aware of? Is that business still trending around $90-ish million in EBITDA as it was when you guys announced the deal?

這非常有幫助。我想我的最後一個問題是關於 Fikes 交易本身，我們應該注意他們的 EBITDA 是否有季節性因素？我認為一些投資者對宣布交易時提供的 8900 萬美元進行了快速計算，然後又回到了指導變更的含義。所以我只是想確定一下，我們是否應該注意任何季節性因素？該業務的 EBITDA 是否仍像你們宣布這項交易時那樣保持在 9000 萬美元左右？

Bobby, this is Steve. There is some seasonality with Fikes. Yes, it's probably not quite as significant as what we would call the Casey's mothership just because they're not as far -- not as far north as we are, but there's still some seasonality. So the second half of the year for them is not going to be quite as big as the first half of the year, and that would be consistent with our business on a general rule and yeah the LTM $89 million that we had talked about previously, which included some contributions from ramping stores, right, that had not been open. They had about 20 stores or so that were either under construction or had not been open a full year.

鮑比，這是史蒂夫。 Fikes 有一定的季節性。是的，它可能不像我們所說的凱西母艦那麼重要，因為它們不像我們那麼遠——不像我們那麼遠，但仍然有一些季節性。因此，下半年對他們來說不會像上半年那麼大，這與我們的業務一般規則是一致的，是的，我們之前討論過的 LTM 8900 萬美元，其中包括一些尚未開業的商店的捐款，對吧。他們大約有 20 家左右的商店，要么正在建設中，要么還沒有開業一整年。

That's a good number to start with. That's the number we're basing all of our plans, et cetera, on. But just remember that there's some ramping store dynamics in that number.

這是一個很好的開始。這是我們所有計劃等的基礎數字。但請記住，這個數字中存在一些不斷增長的商店動態。

Absolutely. I appreciate the details, and congrats again on a great quarter.

絕對地。我很欣賞這些細節，並再次祝賀這個季度的出色表現。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

All right. For same-store inside sales guidance of 3% to 5% for the year, which you maintained, I guess at the midpoint, this does imply a bit of an acceleration in the second half versus the first half. So just curious what will be the drivers of this? And then along those lines, could you maybe touch on how your traffic levels trended in the quarter versus last quarter? And then maybe any color on November and so far in December.

好的。對於今年同店內部銷售指引為 3% 到 5% 的情況，我猜想在中點，這確實意味著下半年相對於上半年會有所加速。所以只是好奇這的驅動因素是什麼？然後，您能否談談本季與上季相比的流量水準趨勢？然後也許是 11 月和 12 月到目前為止的任何顏色。

And again, outlook for traffic for the -- or heading into next year or the rest of your fiscal year?

再說一遍，明年或本財年剩餘時間的流量前景如何？

Steve. I'll start with that. Traffic was positive in the quarter for us. Our November experience, we were right at literally right at 4% inside same-store sales for November, so right in the middle of the range. So certainly, we were obviously below the low end of the range in the first quarter on inside same-store sales.

史蒂夫.我將從那開始。本季的流量對我們來說是正面的。根據 11 月的經驗，我們 11 月的同店銷售額確實達到了 4%，因此處於該範圍的中間。因此，當然，我們第一季的同店內部銷售額明顯低於該範圍的低端。

So we're aware of that, obviously. But our current thought is the second quarter was kind of right on the nose in the middle of the range, November, which is the biggest month of the third quarter is right on the nose in the middle of the range. We feel pretty good about comparability from some of the exogenous [stuff] on weather and a lot of initiatives that the team has to launch various programs, et cetera, as we kind of get into the new part of the calendar year.

顯然，我們意識到了這一點。但我們目前的想法是，第二季正好位於該範圍的中間，11 月是第三季最大的月份，正好位於該範圍的中間。當我們進入日曆年的新部分時，我們對天氣方面的一些外生[東西]的可比性以及團隊必須推出的各種計劃等的許多舉措感到非常滿意。

So it just felt like that range still felt good to us within the range. We are certainly aware of in the fourth quarter that there's the dynamic, obviously, of lapping the prior year's leap day, but we know that that's in there already. So it felt like there was no need really to change that range. It feels pretty safe based on what we know kind of year-to-date through November and what we have going forward.

所以感覺這個範圍在這個範圍內對我們來說仍然感覺很好。我們當然意識到，在第四季度，顯然存在著超越前一年閏日的動態，但我們知道這已經存在了。所以感覺沒有必要真正改變這個範圍。根據我們從今年至今到 11 月的情況以及我們未來的情況，感覺相當安全。

Okay. And can I just clarify something then I'll pass it on. Just in the context of what you just talked about, then are you seeing any change, behaviour, consumer behaviour. Are you seeing any strengthening with the consumer in the context of all of this?

好的。我可以澄清一些事情然後我會傳遞它。就您剛才談到的情況而言，您是否看到任何變化、行為、消費者行為。在這一切的背景下，您是否看到消費者的力量有所增強？

Bonnie, it's Darren. With respect to the consumer, we're -- directionally, the consumer is hanging in there about the same as what we would have talked about last quarter. We're still seeing a little bit of softness on that lower income consumer. But again, we don't have a disproportionate exposure to that consumer for the balance of the consumers, which are about three quarters of them. They're continuing to shop.

邦妮，是達倫。就消費者而言，從方向來看，消費者的堅持與我們上季討論的情況大致相同。我們仍然看到低收入消費者的態度有些疲軟。但同樣，對於其餘消費者（約佔四分之三）來說，我們對該消費者的接觸並沒有不成比例。他們繼續購物。

They're continuing to visit the store at the same frequency continuing to buy as normal. So I think getting back to Steve's point, we've -- this quarter, we're at the midpoint of the guidance this past month in November at the midpoint. We think that three to five is the appropriate range that ultimately, we will land on for the year.

他們繼續以相同的頻率訪問商店，並繼續正常購買。因此，我認為回到 Steve 的觀點，我們本季正處於上個月 11 月指導方針的中點。我們認為三到五是我們今年最終確定的適當範圍。

Jacob Aiken-Phillips, Melius Research.

雅各布·艾肯·菲利普斯，Melius 研究中心。

I just wanted to go a bit into prepared food and the competitive dynamic there. Just wondering what you're seeing in terms of competition with Pizza, other QSR's and if you may feel the need to increase like the promotional or invest some of the gross margin there?

我只是想稍微了解一下預製食品和那裡的競爭動態。只是想知道您在與披薩和其他快餐店的競爭方面看到了什麼，以及您是否覺得有必要增加促銷活動或在那裡投資一些毛利率？

Yes, Jacob, this is Darren. We're keeping an eye on the competition pretty closely. And I guess I'd break it into two segments. There's the pizza segment and then there's the rest of the QSRs. With the rest of the QSR, obviously, it's become a much more value-oriented environment.

是的，雅各布，這是達倫。我們正在密切關注競爭情況。我想我會把它分成兩個部分。這是披薩部分，然後是其餘的快餐。顯然，對於 QSR 的其餘部分來說，它已經成為一個更以價值為導向的環境。

But as we've discussed previously, our value proposition just on a line pricing basis is pretty compelling relative to what a lot of the others are doing. And so if you think of the sandwich QSR players that have really invested heavily in extreme value. I mean those are typically sandwiches and that sort of thing, and that's where we're seeing the most strength. And so that's more reflective of the innovation and our line pricing value proposition. So we don't feel the need to have to get any more aggressive than we already are.

但正如我們之前所討論的，相對於許多其他公司正在做的事情，我們僅以線路定價為基礎的價值主張就相當引人注目。因此，如果您想到那些確實在極端價值方面投入巨資的三明治快餐業者。我的意思是這些通常是三明治之類的東西，這就是我們看到的最強的地方。因此，這更能反映創新和我們的產品線定價價值主張。因此，我們認為沒有必要變得比現在更激進。

And those products carry a pretty healthy margin. On the pizza side, I wouldn't say that it's gotten any more competitive than it always is. And we look at our pricing across our geography and I'd probably remind you that in about half of our stores, we don't even have one of the major pizza competitors. So we're not under any real pressure at all from a pricing perspective in about half of our stores. And the other half, we tend to be $1 to $2 below their standard menu pricing just every day.

這些產品的利潤率相當可觀。在披薩方面，我不會說它比以往更具競爭力。我們查看了整個地理區域的定價，我可能會提醒您，在我們大約一半的商店中，我們甚至沒有主要的披薩競爭對手之一。因此，從大約一半的商店的定價角度來看，我們根本沒有面臨任何真正的壓力。而另一半，我們每天的價格往往比他們的標準菜單價格低 1 到 2 美元。

And then, of course, we layer in a variety of promotional offers via our rewards platform. And so what you see right now in terms of margin and value proposition is pretty reflective of our normal operating mode. And as long as our sales volume continues to perform like an [aspen] we don't see the need to get any more aggressive from a value standpoint.

當然，我們也會透過我們的獎勵平台提供各種促銷優惠。因此，您現在所看到的利潤率和價值主張非常反映了我們的正常營運模式。只要我們的銷售量繼續像白楊一樣表現，從價值的角度來看，我們認為沒有必要變得更加激進。

I appreciate that. And then just wondering if you had any updates on the time line for rebannering the Fikes stores or for incorporating some of their fuel assets into your upstream capabilities?

我很欣賞這一點。然後只是想知道您是否有關於重新命名 Fikes 商店或將其一些燃料資產納入您的上游能力的時間表的任何更新？

Yes. With respect to the remodelling of stores, that's going to -- that's probably the longest pole in the tent in terms of the overall integration. That will take a few years. And First, as we discussed before, they had a pretty successful food program. And obviously, we have one as well.

是的。至於商店的改造，就整體整合而言，這可能是帳篷中最長的桿子。這需要幾年的時間。首先，正如我們之前討論的，他們有一個非常成功的食品計劃。顯然，我們也有一個。

And so we're going to quickly remodel a few stores integrating those two platforms and really understand how they perform together so we can really have an informed scope of work to apply to the rest of the chain. And so a little bit of work to do there. And then permitting process can take anywhere from 12 to 24 months depending on the jurisdiction. So there's a pretty long time line there. On the fuel side, that integration will happen a little more quickly as we take over pricing and procurement activities and that sort of thing.

因此，我們將快速改造一些整合這兩個平台的商店，並真正了解它們如何協同工作，以便我們能夠真正掌握明智的工作範圍，並將其應用於鏈條的其餘部分。還有一些工作要做。然後，許可流程可能需要 12 到 24 個月不等，具體取決於司法管轄區。所以那裡有很長的時間線。在燃料方面，隨著我們接管定價和採購活動等，這種整合將會更快一些。

So I would anticipate a little more benefit sooner in the time line than on the remodel side. But really, you should be thinking three to four years from where we sit here today to the end of that integration process.

因此，我預計在時間線上比改造方面會得到更多的好處。但實際上，您應該考慮從我們今天坐在這裡到整合過程結束需要三到四年的時間。

Anthony Bonadio, Wells Fargo.

安東尼·博納迪奧，富國銀行。

Nice quarter. So just wanted to talk a little bit more about guidance. It looks like the back half now implies 8% EBITDA growth, which includes, call it, a 4% headwind from onetime cost in that $15 million to $20 million. So as you guys work through your revision to guidance, I guess, has anything fundamentally changed about how you're thinking about the existing Casey's business in the back half? And then any initial thoughts on the fiscal 25 contribution from synergy capture from Fikes, just trying to better bridge the back half of the year.

不錯的季度。所以只是想多談談指導。現在看來，下半年意味著 EBITDA 成長 8%，其中包括 1500 萬美元至 2000 萬美元的一次性成本 4% 的逆風。因此，當你們對指導進行修訂時，我想，你們對後半部分現有凱西業務的看法是否發生了根本性的改變？然後是對 Fikes 協同效應捕獲對 25 財年貢獻的任何初步想法，只是為了更好地彌補今年下半年的不足。

This is Steve. I'll start on that. related to kind of mothership assumptions for the second half of the year, I think, no, nothing has fundamentally changed. I mean I -- we tried to acknowledge our performance is better than we originally guided to. So the OpEx growth and the Casey's legacy operations is going to be lower than we had originally guided to by 100 basis points or so, and that's even with some incremental incentive compensation.

這是史蒂夫。我將從那開始。與下半年的母艦假設相關，我認為，不，沒有任何根本改變。我的意思是，我們試圖承認我們的表現比我們最初指導的更好。因此，營運支出成長和 Casey 的遺留業務將比我們最初指導的低 100 個基點左右，即使有一些增量激勵補償也是如此。

So I think we feel really good about that. We certainly -- to Darren's earlier comment have seen really good margin performance in the legacy business inside the stores. And so we would have no reason to think that that's not going to continue as a general rule.

所以我認為我們對此感覺很好。根據達倫先前的評論，我們當然已經看到商店內傳統業務的利潤率表現非常好。因此，我們沒有理由認為這種情況不會繼續作為一般規則。

And so I would say it's largely steady as she goes in the mothership. From an income statement perspective, we are we're making some consciously different decisions on some items that will impact cash flow just to contribute to the speed of deleveraging, and so we're sequencing some capital spending on new units that we otherwise would have been building.

所以我想說，當她進入母艦時，情況基本上是穩定的。從損益表的角度來看，我們正在對某些會影響現金流的項目做出一些有意識的不同決定，只是為了加快去槓桿化的速度，因此我們正在對新單位的一些資本支出進行排序，否則我們將有一直在建設。

We'll have a little bit lower so tax payments because of some of the benefits of the deal. So cash flow, I think, is going to be a little higher than we had initially thought it was going to be, and that will directly get applied to paying off debt associated with the transaction. And as it relates to Fikes, we don't have any specific commentary out on the next fiscal year yet at this point in time, but generally on synergies from the transaction, if I bucket them kind of what comes first, et cetera, we would expect to get some fuel synergies very quickly in the game.

由於交易的一些好處，我們的納稅額會稍微低一些。因此，我認為現金流將比我們最初想像的要高一些，這將直接用於償還與交易相關的債務。由於它與 Fikes 相關，我們目前還沒有對下一財年的任何具體評論，但一般來說是關於交易的協同效應，如果我把它們放在第一位，等等，我們希望在遊戲中很快獲得一些燃料協同效應。

That's really a function of us taking over and centralizing the pricing and the procurement of fuel that's already underway as we sit here today. A little bit further out, will be some SG&A related synergies as some of that work gets consolidated.

這實際上是我們接管並集中定價和採購燃料的功能，正如我們今天坐在這裡時已經在進行的那樣。再遠一點，隨著其中一些工作得到鞏固，將會產生一些與銷售、一般行政費用相關的綜效。

As -- and procurement synergies will come kind of in line with the G&A as we get the advantage of greater scale on a lot of the sourcing side of the business. Ultimately, the real most significant savings will be on the inside of the store as we introduce the pizza into the stores. That is more dependent on the remodel schedule. So that will certainly not be in the next 12 months realistically. But in the second half of this fiscal year, it's not going to be a significant number and it is reflected in the guidance that we've given.

隨著我們在業務的許多採購方面獲得更大規模的優勢，採購綜效將與一般管理費用保持一致。最終，當我們將披薩引入商店時，真正最顯著的節省將是在商店內部。這更取決於改造時間表。因此，實際上這肯定不會在未來 12 個月內發生。但在本財年下半年，這個數字不會很大，這已經反映在我們給予的指引中。

But just in the next six months, other than a little bit of fuel, I don't think there'll be synergies per se that would move any of the numbers we've given.

但在接下來的六個月裡，除了一點燃料之外，我認為協同效應本身不會改變我們給出的任何數字。

Got it. That's super helpful. And then just a follow-up on fuel. I guess just any additional thoughts on how you're thinking about fuel margins in the context of that 10% EBITDA growth. And just to clarify that, I believe mid- to high 30s, you said Q-to-date includes the new sales growth stores. And just any thoughts on how those margins blend in.

知道了。這非常有幫助。然後是燃料方面的後續行動。我想只是關於您在 10% EBITDA 成長的背景下如何考慮燃油利潤率的任何其他想法。只是為了澄清這一點，我相信 30 歲左右，你說的 Q-to-date 包括新的銷售成長商店。以及關於這些利潤如何融合的任何想法。

Yes, listen, we consciously -- we don't guide to fuel margins. Our crystal ball is not any better than anybody else's necessarily. And so our obviously experienced in the quarter is kind of that between the mid and the high 30s. I would expect just the mixing in of the Fikes business, those geographies tend to be a little bit lower. Margin fuel geographies than what we have.

是的，聽著，我們有意識地——我們不以燃料利潤為導向。我們的水晶球不一定比其他人的水晶球好。因此，我們本季的經驗顯然是在 30 多歲左右。我預計只要 Fikes 業務的混合，這些地區的銷售往往會低一些。利潤燃料地域比我們現有的還要多。

There's probably about $0.01 or maybe a little bit more than $0.01 per gallon. Headwind, just on the math of mixing in that fuel profitability from Fikes that would be reflected, obviously, in our EBITDA expectations for the second half of the year. But we don't have a specific number. We're going to guide to for CPG in the second half of the year, just consistent with how we manage the full year expectations.

每加侖的價格可能約為 0.01 美元，或可能略高於 0.01 美元。逆風，只要算上 Fikes 的燃油盈利能力，這顯然就會反映在我們今年下半年的 EBITDA 預期中。但我們沒有具體數字。我們將在下半年為 CPG 提供指導，這與我們管理全年預期的方式一致。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Congrats on the quarter and getting the Fikes deal completed. I just wanted to ask on the inside margins. First off, if there's anything to be aware of in terms of timing or headwinds, et cetera, that could kind of impact improvement that we've seen in grocery and gen merch into the back half of the year? And then secondly, other than cheese spot, any headwinds you'd call out to the prepared foods side of the gross margins as well?

恭喜本季完成 Fikes 交易。我只是想問一下內邊距。首先，如果在時間或逆風等方面有什麼需要注意的，這可能會影響我們在下半年看到的雜貨和商品的改善？其次，除了起司現貨之外，您還會對預製食品的毛利提出任何不利因素嗎？

Yes. Michael, this is Darren. On the Grocery and General Merchant side, I wouldn't anticipate any real headwinds. We're not seeing that. We'll -- as we roll over the calendar year, there'll be some cost increases in some categories, and we should be able to offset that largely through pricing actions.

是的。邁克爾，這是達倫。在雜貨店和百貨公司方面，我預計不會有任何真正的阻力。我們沒有看到這一點。當我們滾動日曆年時，某些類別的成本將會增加，我們應該能夠透過定價行動很大程度上抵消這一成本。

So I wouldn't anticipate any big shifts there. The mix evolution is something that I do think will stick. And so I think that's probably to our benefit. On the cheese side, Steve, maybe you can comment on the cheese side?

所以我預計不會有任何重大轉變。我確實認為混合演變將會持續下去。所以我認為這可能對我們有利。在起司方面，史蒂夫，也許你可以對起司方面發表評論？

Just one thing to buttress Darren's comment, there's a little bit of seasonality in our home of course, product mix on the grocery side, right? In the coldest part of the year, we don't sell as much ice and things that are kind of higher-margin products for us. So I think the third quarter natural mix is probably going to be a little bit dilutive relative to the summer periods of time. And outside of cheese and prepared food, no, I don't think there's anything significant to note. Again, cheese at the moment is a little bit more.

有一點可以支持達倫的評論，當然，我們家裡有一點季節性，雜貨店方面的產品組合，對吧？在一年中最冷的時候，我們銷售的冰塊和其他對我們來說利潤率較高的產品並不多。因此，我認為第三季的自然混合相對於夏季可能會有點稀釋。除了起司和預製食品之外，不，我認為沒有什麼值得注意的地方。再說一次，現在的起司有點多了。

It's less of a headwind as we sit here today than it was in the second quarter.

今天我們坐在這裡的逆風比第二季的逆風小。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

Congrats on nice results. So I wanted to ask on OpEx, but as it relates to the Fikes stores. And now that you've owned them for almost a month and a half. I was wondering if you could just discuss your initial assessment on some of the opportunities at these acquired stores. Just how do you see opportunity to implement many of the same labour hour saving initiatives that were so successful at Casey's? And then what could that general time line look like over the next 18 to 24 months?

恭喜取得好成績。所以我想問 OpEx，但因為它與 Fikes 商店有關。現在您已經擁有它們近一個半月了。我想知道您是否可以討論一下您對這些被收購商店的一些機會的初步評估。您如何看待實施許多在 Casey's 取得如此成功的節省工時舉措的機會？那麼接下來 18 到 24 個月的整體時間線會是什麼樣子呢？

Yes, Krisztina, this is Darren. Yes, we feel pretty good about that. Fikes has done a great job operating their stores. So I would say they have a good operation generally, but we've learned a lot ourselves over the last couple of years, employing a lot of these different techniques and tactics and technologies to impact our OpEx. So we feel we still have that opportunity to do that in the Fikes stores.

是的，克里斯蒂娜，這是達倫。是的，我們對此感覺很好。 Fikes 在經營其商店方面做得非常出色。所以我想說他們總體上運作良好，但在過去幾年裡我們自己學到了很多東西，採用了很多不同的技術、策略和技術來影響我們的營運支出。所以我們覺得我們仍然有機會在 Fikes 商店做到這一點。

That's going to take some time. I wouldn't anticipate a lot of that for the balance of this fiscal year, we're still pulling together that operation overall. But we'll have some more detailed plans as we go into the next fiscal year in terms of how we might approach that and when we might expect to see some of those benefits. But we definitely have the opportunity there. So we feel really good about that.

這需要一些時間。我預計本財年的剩餘時間不會有太多這樣的事情，我們仍在整體上整合該業務。但當我們進入下一個財政年度時，我們將製定一些更詳細的計劃，包括我們如何實現這一目標以及何時預計會看到其中一些好處。但我們絕對有機會。所以我們對此感覺非常好。

Got it. That's helpful. And then just a follow-up. I was hoping you could talk a little bit more about your about your joint planning process on the prepared food side of things, which I think is a relatively newer development for you. And then just if you could discuss on the type of benefits you and your vendors look to achieve in the upcoming calendar year.

知道了。這很有幫助。然後只是後續行動。我希望你能多談談你們在預製食品方面的共同規劃過程，我認為這對你們來說是一個相對較新的發展。然後，您是否可以討論您和您的供應商希望在即將到來的日曆年中實現的收益類型。

Yes. You're right. The joint planning process on prepared foods is a little bit newer than it is on the Grocery and General Merchandise side. But I think what we're seeing more broadly is that we're -- the suppliers that we've used historically are pretty large companies have a lot of capabilities. And I don't think we were truly tapping into all the capabilities that they can bring to bear to help us improve our business.

是的。你說得對。預製食品的共同規劃流程比雜貨和日用百貨的共同規劃流程要新一些。但我認為我們更廣泛地看到的是，我們歷史上使用的供應商都是相當大的公司，並且擁有很多能力。我認為我們並沒有真正利用他們可以發揮的所有能力來幫助我們改善業務。

And so we're doing a much better job of that, and I think that's starting to yield some results, I would say, primarily in the innovation side of the equation. So most of these ingredient suppliers have pretty sophisticated culinary teams in their own right and when we partner them with our culinary team, we can really get some great innovation, get some great improvements in quality, and get some improvements in costs at the same time.

因此，我們在這方面做得更好，我認為這已經開始產生一些成果，我想說，主要是在等式的創新方面。因此，大多數這些原料供應商本身都擁有相當成熟的烹飪團隊，當我們與他們與我們的烹飪團隊合作時，我們確實可以得到一些偉大的創新，在質量上得到一些很大的改進，同時在成本上得到一些改進。

And so I think the chicken sandwich platform and really the Hot Sandwich platform overall is a great example of that. All of the ingredients and components in those sandwiches are new, and those were jointly developed with our culinary team and the culinary team of the ingredient manufacturers to produce a higher-quality product at a better cost that allowed us to get the kind of performance we're getting. So we're going to continue that process with all of our suppliers.

所以我認為雞肉三明治平台和熱三明治平台整體就是一個很好的例子。這些三明治中的所有成分和成分都是新的，並且是與我們的烹飪團隊和成分製造商的烹飪團隊共同開發的，旨在以更優惠的成本生產更高品質的產品，使我們能夠獲得我們想要的性能。因此，我們將與所有供應商一起繼續這項流程。

And this will be a year or two of that process that we're wrapping up right now, and so we're pretty optimistic about what's lying ahead for us.

我們現在正在完成這個過程，這將是一兩年的時間，因此我們對未來的發展非常樂觀。

(Operator Instructions) Corey Tarlowe, Jefferies.

（操作員說明）Corey Tarlowe，Jefferies。

Darren, I had two for you and then one for Steve. On -- for Darren, I had -- so you mentioned, I think it was energy drinks, where you had seen some nice momentum. I was just curious if you could talk a little bit about what's driving that momentum?

達倫，我為你準備了兩份，然後給史蒂夫一份。對於達倫來說，我有——所以你提到，我認為這是能量飲料，你在那裡看到了一些不錯的動力。我只是好奇你能否談談是什麼推動了這種勢頭？

And then I was also curious about the effectiveness of the promotions that you've been doing recently and how that's helped support inside sales? And then for Steve, could you just remind us about what the traditional ramp to maturity is for a new Casey's store? And maybe if you could contrast that with Fikes as well?

然後我也很好奇你們最近所做的促銷活動的有效性以及這如何幫助支持內部銷售？那麼史蒂夫，您能否提醒我們新凱西商店的傳統成熟之路是什麼？也許您也可以將其與 Fikes 進行對比？

Yes. Corey, this is Darren. Yes, on the energy drinks, that category is up essentially 13% year-over-year. And I would say that, that is a combination of assortment optimization, assortment management and promotional activity. So we've got some new products in the assortment, a lot of new [ghost] and C4 are all performing very well, and those are newer entrants into the assortment.

是的。科里，這是達倫。是的，就能量飲料而言，該類別年增了 13%。我想說的是，這是品類優化、品類管理和促銷活動的結合。因此，我們在該品種中加入了一些新產品，許多新的 [ghost] 和 C4 都表現得非常好，這些都是該品種中的新產品。

Red Bull and Monster on the flip side have been stalwarts in the category and continue to grow and accelerate a pace. So I'd say the growth is really being driven in part by the new items coming into the assortment. And then on the Red Bull and Monster side, less of that and more of some different promotional activities and really execution at the stores and as a reminder, we self-distribute Monster, which is unique in the industry.

另一方面，紅牛和怪獸一直是該類別的中堅力量，並繼續發展和加快步伐。所以我想說，這種增長實際上在某種程度上是由新品種的加入所推動的。然後在紅牛和怪物方面，更少的是這些，更多的是一些不同的促銷活動和商店的真正執行，作為提醒，我們自行分銷怪物，這在行業中是獨一無二的。

And I feel like our execution at store level and our in-stock position as a result of that. is a differentiator versus others in the industry. And so I think that really accrues our benefit, and that's part of the equation behind the growth in energy drinks.

我覺得我們在商店層面的執行力以及我們的庫存狀況都是因此而產生的。與業內其他公司相比，這是一個差異化因素。所以我認為這確實為我們帶來了好處，這是能量飲料成長背後的方程式的一部分。

On the question on ramping. So we really don't have a significantly different expectation for ramping a new to industry build versus an acquisition model. But in terms of returns, of how quickly they generate returns on NTI, we would expect that to be certainly a positive return in the very first year right out of the gate. It should be a double-digit after-tax returns by the second year, and it should be mature in terms of kind of mid-teens after-tax returns on invested capital by the third or fourth year. Our -- literally decades of history with NTIs would be very supportive of that as a consistent pattern.

關於爬坡的問題。因此，我們對於新的產業建構與收購模式的期望並沒有顯著不同。但就回報而言，就他們在 NTI 上產生回報的速度而言，我們預計第一年肯定會獲得正回報。到第二年，它的稅後報酬率應該達到兩位數，到第三年或第四年，投資資本的稅後報酬率應該會達到十幾歲左右。我們的——實際上數十年的 NTI 歷史將非常支持這種一致的模式。

In a newer geography where the brand is a little bit less recognized and people aren't as familiar with the quality of the pizza specifically, you probably had an extra year to that ramp as a general rule, and that's all about just adoption of prepared foods. For Fikes stores specifically, they're a little bit different in that. We're obviously buying an existing business. They've got some very, very busy, high-returning stores already. The returns there, they're not going to be starting at zero because you're buying that existing business.

在一個較新的地區，該品牌的知名度稍低，人們對披薩的品質也不太熟悉，作為一般規則，您可能需要額外一年的時間才能達到這個目標，而這一切都與採用準備好的披薩有關。特別是對於 Fikes 商店來說，它們在這方面有點不同。顯然我們正在購買現有的企業。他們已經擁有一些非常非常繁忙、高回報的商店。那裡的回報不會從零開始，因為你正在購買現有的業務。

So you get more of a step change as we remodel those stores because you're putting in that the pizza business kind of all at once, and you're introducing a prepared food business that they just don't have something comparable. So that will be a little bit different pattern.

因此，當我們改造這些商店時，你會得到更多的改變，因為你同時投入了披薩業務，並且引入了預製食品業務，而他們只是沒有可比的業務。所以這會是一個有點不同的模式。

But back to the return expectations on those stores, right? We'll finish the remodelling of those stores over a three to four year period of time based on permitting time lines. But in the meantime, above unit of the stores, right, the fuel benefits, the procurement benefits, the SG&A benefits, those are going to accrue to kind of Casey's consolidated even if they don't show up on an individual store's P&L necessarily.

但回到那些商店的回報預期，對嗎？我們將根據許可的時間線，在三到四年內完成這些商店的改造。但同時，在商店單位之上，對，燃油效益、採購效益、SG&A 效益，這些都將計入凱西的合併報表中，即使它們不一定出現在單一商店的損益表中。

I'm not showing any further questions at this time. I would like to turn it back to Darren Rebelez for closing remarks.

我目前不會提出任何進一步的問題。我想請達倫雷貝雷斯 (Darren Rebelez) 發表結束語。

Okay. Thank you for taking the time today to join us on the call. And before we sign off, I want to once again thank our team members and wish them and everyone on the call a happy holiday season.

好的。感謝您今天抽空參加我們的電話會議。在我們結束之前，我想再次感謝我們的團隊成員，並祝他們和通話中的每個人節日快樂。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。