Casey's (CASY) 10-K risk factor changes: FY2022 vs FY2021

Pandemics or disease outbreaks such as COVID-19 [added: and its variants (collectively, “COVID-19”)] have had, and may continue to have, adverse impacts on the Company’s business.

These include, but are not limited to, decreased store traffic and changed guest behavior, decreased demand for our fuel, prepared food and other convenience offerings, decreased or slowed unit/store growth, issues with our [added: supply chain including difficulties delivering products to our stores and obtaining certain items sold at our stores, issues with respect to our Team Members’ health, working hours and/or ability to perform their duties, and increased costs to the Company in response to these conditions and to protect the health and safety of our Team Members and guests.]

Our business and our reputation could be adversely affected by a [added: cyber or] data security incident or the failure to protect sensitive guest, Team Member or supplier data, or the failure to comply with applicable regulations relating to data security and privacy.

While we invest significant resources in the protection of such data and information, our IT systems, and incident response programs, and maintain what we believe are adequate security controls, a compromise or a breach in our systems, or another data security or privacy incident that results in the loss, unauthorized release, disclosure or acquisition of such data or information, or other sensitive data or information, [added: or other internal or external cyber or data security threats, including but not limited to viruses, denial-of-service attacks, phishing attacks, ransomware attacks and other intentional or unintentional disruptions,] could nonetheless occur and have a material adverse effect on our [added: operations and ability to operate,] reputation, operating results and financial condition.

A data security or privacy incident of any kind could expose us to risk in terms of the loss, unauthorized release, disclosure or acquisition of sensitive guest, Team Member or supplier data, and could result in litigation or other regulatory action being brought against us and damages, monetary and other claims made by or on behalf of the payment card brands, guests, Team Members, shareholders, financial institutions and governmental [removed: agencies.][added: agencies, or monetary demands or other extortion attempts from cybercriminals.]

Such [removed: claims] [added: events] could give rise to substantial monetary damages [removed: and] [added: and/or] losses which are not covered, or in some instances fully covered, by our insurance policies and which could adversely affect our reputation, results [removed: of operations, financial condition and liquidity.]

Any instances of, or reports linking us to, food-borne illnesses or food tampering, contamination, mislabeling or other food-safety issues could damage the value of our brand and severely hurt sales of our prepared [added: or other] food products and possibly lead to product liability and personal injury claims, litigation (including class actions), government agency investigations and damages.

In addition, guest preferences and store traffic could be adversely impacted by food-safety issues, health concerns or negative publicity about the consumption of our products, which could [added: damage our reputation and] cause a decline in demand for those products and adversely impact our sales.

We rely on our distribution and transportation network, which includes our drivers and distribution center Team Members, and the networks of our [added: vendors and] direct store delivery partners, to provide products to our [added: distribution centers and] stores in a timely and cost-effective manner.

While we believe there are adequate reserve quantities and alternative suppliers available, shortages or interruptions in the receipt or supply of products caused by unanticipated [added: or changing] demand, such as [added: has] occurred [removed: during, and] as [added: a result of and during] the [removed: economy recovers from,] [added: duration of] the COVID-19 pandemic, problems in production or distribution, financial or other difficulties of suppliers, inclement weather or other [removed: economic conditions, including the availability of qualified drivers and distribution center Team Members, could adversely affect the availability, quality and cost of products, and our operating results.]

[removed: Difficulties] [added: Recent difficulties] and shortages in the general labor market for such individuals, [added: in particular hourly Team Members] and [added: drivers, and] the failure to continue to attract and retain these individuals, especially at reasonable compensation [removed: levels,] [added: levels in the current rising wage environment,] could have a material adverse effect on [added: the operation of individual stores, distribution network,] our business and results of operations.

We [removed: depend] [added: are increasingly dependent] on our information technology (IT) systems, and a [added: large] number of third-party software [removed: providers,] [added: providers and platforms,] to manage and operate numerous aspects of our business, develop our financial statements, provide analytical information to management and serve as a platform for our business continuity plan.

These systems are vulnerable to, among other things, damage and [removed: interruption from power loss or natural disasters,] [added: interruption,] computer system and network failures, loss of telecommunications services, physical and electronic loss of, or loss of access to, data and information, security breaches or other security incidents, [removed: and] computer viruses or [removed: attacks.][added: attacks and obsolescence.]

Because the interchange [added: and other] fees we pay when credit cards are used to make [removed: purchases] [added: purchases, which the Company has little control over,] are based on transaction amounts, higher fuel prices at the pump, [added: including record fuel prices that were seen at the end of our 2022 fiscal year and beyond,] higher gallon movement and other increases in price and sales [added: directly] result in higher credit card expenses.

These additional fees [added: directly] increase operating expenses.

Total credit card fees paid in fiscal [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] were approximately [removed: $147] [added: $203] million, [removed: $145] [added: $147] million, and [removed: $140] [added: $145] million, respectively.

Uninsured [added: or underinsured] losses and liabilities from operating risks could reduce the funds available to us for capital and investment spending and could have a material adverse impact on the results of operations.

The dangers inherent in the storage and transport of [removed: motor] fuel could cause disruptions and could expose to us potentially significant losses, costs or liabilities.

We store [removed: motor] fuel in storage tanks at our retail locations.

Additionally, a significant portion of [removed: motor] fuel is transported in our own trucks, instead of by third-party carriers.

[removed: These operations] [added: Retail operations, and in particular our distribution and food-related operations,] carry a higher exposure to consumer litigation risk when compared to the operations of companies operating in many other industries.

Consequently, we may become a party to personal injury, [removed: bad fuel,] [added: food safety,] product liability, accessibility, data security and privacy and other legal actions in the ordinary course of our business.

Additionally, we are occasionally exposed to industry-wide or class-action claims arising from the products we carry, industry-specific business practices or other operational [removed: matters.][added: matters, including wage-and-hour and other employment related individual and class-action claims.]

Our defense costs and any resulting damage awards or settlement amounts may [added: be significant and] not be covered, or in some instances fully covered, by our insurance policies.

A breach of any [removed: covenant] [added: covenant, even if unintentional,] could result in a default under such agreements, which could, if not timely cured, permit lenders to declare all amounts outstanding to be immediately due and payable, and to terminate such instruments, which in turn could have a material adverse effect on our business, [added: liquidity,] financial condition and results of operation.

Tax laws and regulations are dynamic and subject to change as new laws are [removed: passed] [added: passed, new administrations are elected] and new interpretations of existing laws are issued and applied.

In addition, as [added: the federal government and] certain states face economic and other pressures, they may seek revenue in the form of additional [removed: state] income, sales and other taxes and related fees.

Our business is subject to extensive governmental laws and regulations that include, but are not limited to, those relating to environmental protection and remediation; the preparation, transportation, storage, sale and labeling of food; minimum wage, overtime and other employment and labor laws and regulations; compliance with the Patient Protection and Affordable Care Act and the Americans with Disabilities Act; legal restrictions on the sale of alcohol, tobacco and nicotine products, money [removed: orders, lottery/lotto and other age-restricted products; compliance with the Payment Card Industry Data Security Standards and similar requirements; compliance with the Federal Motor Carriers Safety Administration regulations; and, securities laws and Nasdaq listing standards.]

Sales of tobacco and nicotine products have averaged approximately [removed: 12%] [added: 11%] of our total revenue over the past three fiscal years, and our tobacco and nicotine revenue less cost of goods sold excluding depreciation and amortization accounted for approximately 10% of the total revenue less cost of goods sold excluding depreciation and amortization for the same period.

General economic and political conditions, including [removed: those resulting from the COVID-19 pandemic and the unknown economic recovery and consumer behavior patterns as the pandemic subsides in the Unites States,] social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, increases or fluctuations in commodity prices such as cheese and coffee, higher levels of unemployment, unemployment benefits and related stimulus provided as a result of [removed: COVID-19,] [added: the COVID-19 pandemic,] higher consumer debt levels and lower consumer discretionary spending, higher tax rates and other changes in tax laws or other economic factors may affect the operations of our stores, input costs, consumer spending, buying habits and labor markets generally, and could adversely affect the costs of the products we sell in our stores, the consumer demand for such products and the labor costs of transporting, storing and selling those products.

[removed: Unfavorable] [added: In addition, unfavorable] economic conditions, especially those affecting the agricultural industry, higher fuel prices, and unemployment levels can affect consumer confidence, spending patterns, and miles driven, and can cause guests to “trade down” to lower priced products in certain categories when these conditions exist.

Technological advances and consumer behavior in reducing fuel [removed: use and] [added: use,] governmental mandates to improve fuel efficiency [added: and consumer desire or regulations to lower carbon emissions] could lessen the demand for our largest revenue product, petroleum-based motor fuel, which may have a material adverse effect on our business, financial condition, and results of operation.

Changes in our climate, including the effects of [removed: greenhouse gas] [added: carbon] emissions in the environment, may lessen demand [added: for fuel] or lead to additional government regulation.

In addition, a shift toward electric, hydrogen, natural gas or other alternative fuel-powered vehicles, including driverless motor vehicles, could fundamentally change the shopping and driving habits of our guests or lead to new forms of fueling destinations or new competitive [removed: pressure.][added: pressures.]

The vast majority of our stores are located in the [removed: central] [added: Midwest] region of the United States, which is susceptible to tornadoes, thunderstorms, extended periods of rain or unseasonably cold temperatures, flooding, ice storms, and heavy snow.

Over the past three fiscal years, on average our fuel revenues accounted for approximately [removed: 60%] [added: 61%] of total revenue and our fuel revenue less cost of goods sold excluding depreciation and amortization accounted for approximately [removed: 29%] [added: 32%] of the total revenue less cost of goods sold excluding depreciation and amortization.

Crude oil and domestic wholesale petroleum markets [removed: are,] [added: are currently,] and in the recent past have been, marked by significant [removed: volatility.][added: volatility, starting with the onset of the COVID-19 pandemic and its effects and more recently with the conflict in Ukraine.]

[removed: The overall economic impact of the COVID-19 pandemic, general] [added: General] political conditions, threatened or actual acts of war or terrorism, instability or other changes in oil producing regions, [removed: particularly] [added: historically] in the Middle East and South [removed: America,] [added: America but recently in Europe with the conflict in Ukraine,] and trade, economic or other disagreements between oil producing nations, can, and recently have, significantly affected crude oil supplies and wholesale petroleum costs.

Increases in the retail price of petroleum products have resulted and could in the future adversely affect consumer demand for [removed: fuel.][added: fuel and other discretionary purchases.]

We compete with many other convenience store chains, gasoline stations, supermarkets, drugstores, discount stores, club stores, fast food outlets, and mass merchants, and a variety of other retail companies, including retail gasoline companies that have more extensive retail outlets, greater brand name recognition and [added: more] established fuel supply arrangements.

In addition, similar events at vendors, third-party service providers or other market participants, whether or not we are directly impacted, could negatively affect our business and supply chain or lead to a general loss of guest confidence, which could result in reduced guest traffic and sales.

of operations, financial condition and liquidity.

In addition, we rely on our suppliers to provide quality ingredients and to comply with applicable food and food safety laws and industry standards.

A failure of one of our suppliers to comply with such laws, to meet our quality standards, or to meet food industry standards, could also disrupt our supply chain, damage our reputation and adversely impact our sales.

economic conditions, including the availability of qualified drivers and distribution center Team Members, again as had occurred as a result of the COVID-19 pandemic and has continued as a result of it and other macroeconomic factors, could adversely affect the availability, quality and cost of products, and our operating results.

For example, the current administration's desire to raise the federal tax rate for corporations, or to impose additional taxes or surcharges on companies in the oil and gas industries, each of which could directly result in higher taxes being incurred by the Company and which could impact the prices of important inputs to the products we sell.

orders, lottery/lotto and other age-restricted products; compliance with the Payment Card Industry Data Security Standards and similar requirements; compliance with the Federal Motor Carriers Safety Administration regulations; and, securities laws and Nasdaq listing standards.

For example, recent state-mandated minimum wage increases, along with general labor market shortages and wage pressures, have increased our operating expenses significantly.

For example, the recent conflict in Ukraine has resulted in historically high oil and other commodity prices, which, coupled with a recent period of high inflation, has significantly increased the cost of fuel and other products we sell.

These events and their impacts can be unpredictable, and we may not

always be able to recapture these higher input costs through pricing strategies or otherwise.

those related to electric vehicle charging stations.

supply chain including difficulties delivering products to our stores and obtaining certain items sold at our stores, issues with respect to our Team Members’ health, working hours and/or ability to perform their duties, and increased costs to the Company in response to these conditions and to protect the health and safety of our Team Members and guests.

Products are either moved from supplier locations to our distribution centers or delivered directly to our stores.

Deliveries to our stores occur from the distribution centers or directly from our suppliers.

For example, the Company has recently invested a significant amount of resources and store shelf space to its expanded private label products, which if not well received by our guests, could lead to decreased consumer sentiment, lower sales inside our stores and smaller margins on similar alternative products.

For example, in 2017, the Tax Cuts and Jobs Act (“Tax Reform”) was enacted on December 22, 2017, which resulted in lower federal income taxes for the Company.

However, the current administration has signaled a desire to roll-back certain tax rates provided by Tax Reform, which would result in higher federal income taxes for the Company.

In addition, during the COVID-19 pandemic, the Company was, and continues to be, subject to responsive actions taken by governments and others to mitigate the spread of COVID-19, which have resulted in decreased store traffic and certain changes to how we operate our stores and offer certain products for sale to our guests.

These non-traditional fuel retailers have obtained a significant share of the motor fuels market, and their market share is expected to grow.

We may experience increased costs, disruptions or other difficulties with the integration of the Buchanan Energy acquisition.

On May 13, 2021, the Company closed on the acquisition of Buchanan Energy, owner of Bucky’s convenience stores, which included over 90 stores across five states, primarily in Nebraska and Illinois, and a dealer network of additional stores where the Company will manage fuel supply agreements to these stores.

While we have invested, and continue to invest, significant resources in due diligence, planning, integration and training of these stores, their systems and team members, it is possible that significant issues and potential unknown liabilities may arise during the course of the integration or future operation of the stores and systems, which may result in anticipated synergies or financial benefits of the acquisition not being realized, including but not limited to the potential inability to maintain or increase the growth rate, levels of revenue, earnings or operating efficiencies achieved by the applicable stores prior to the acquisition, and which may lead to increased costs and other difficulties that are not presently contemplated.

For example, the Iowa Business

The Company’s exposure to market risk for changes in interest rates relates primarily to our investment portfolio and [added: floating rate] long-term debt obligations.

[removed: We attempt to mitigate] default risk by investing in only high-quality credit securities that we believe to be low risk and by positioning our portfolio to respond [added: appropriately to a significant reduction in a credit rating of any investment issuer or guarantor.]

These are not accounted for as derivatives under the normal purchase and [removed: normal] sale exclusions under the applicable accounting guidance.

We attempt to mitigate

Based upon the outstanding balance of the Company's term loan facilities as of April 30, 2022, an immediate 100-basis-point move in interest rates would have an approximate annualized impact of $2.7 million on interest expense.

appropriately to a significant reduction in a credit rating of any investment issuer or guarantor.

We believe an immediate 100-basis-point move in interest rates affecting our floating and fixed rate financial instruments as of April 30, 2021, would have no material effect on pretax earnings.

As of April 30, [removed: 2021] [added: 2022,] Casey’s General Stores, Inc. [removed: (“Casey’s”)] and its direct and indirect wholly-owned subsidiaries [removed: (Casey’s, together with its subsidiaries, are referred to herein as the “Company” or “we”)] operate convenience stores [added: primarily] under the names "Casey's" and “Casey’s General [removed: Store” (hereinafter] [added: Store" (collectively, with the stores below referenced as "GoodStop" or "Bucky's",] referred to as [removed: “Casey’s Store”] [added: "Casey's"] or [removed: “Stores”) in] [added: the "Company") throughout] 16 [removed: Midwestern] states, primarily in Iowa, Missouri, and Illinois.

The Company also operates two stores [removed: under the name "Tobacco City",] selling primarily tobacco and nicotine products, one [removed: liquor] [added: liquor-only] store, and one grocery store.

[removed: The Casey's Stores] [added: All convenience stores] carry a broad selection of food [removed: (including] [added: items (including, but not limited to,] freshly prepared foods such as [added: regular and breakfast] pizza, donuts, [added: hot breakfast items,] and [added: hot and cold] sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other nonfood items.

In addition, all but [removed: three] [added: four] offer fuel for sale on a self-service basis.

On April 30, [removed: 2021,] [added: 2022,] there were a total of [removed: 2,243] [added: 2,452] stores in operation.

There were [removed: 40] [added: 21] stores newly constructed in fiscal [removed: 2021,] [added: 2022,] and we closed [removed: 11] [added: 20] stores in fiscal [removed: 2021.][added: 2022.]

We also acquired [removed: 5] [added: 207] stores in fiscal [removed: 2021; 2] [added: 2022; 204] of those stores were opened in fiscal [removed: 2021,] [added: 2022,] and 3 will be opened during the [removed: 2022] [added: 2023] fiscal year.

Finally, we opened [removed: 5 acquisitions] [added: 4 stores] purchased in the prior year.

[removed: Three] [added: The Company operates three] distribution centers [removed: are] [added: -] in [removed: operation (in] Ankeny, Iowa [removed: adjacent] [added: adjacent,] to our corporate headquarters, which we [removed: call the] [added: refer to as our] Store Support Center, in Terre Haute, Indiana and in Joplin, [removed: Missouri)] [added: Missouri -] from which certain grocery and general merchandise items are supplied to our [removed: stores.][added: stores, primarily by our Company-operated delivery fleet.]

Approximately [removed: 55%] [added: 51%] of all [removed: our] stores [added: in the Company] were opened in areas with populations of fewer than 5,000 persons, while approximately [removed: 19%] [added: 25%] of our stores were opened in communities with populations [removed: exceeding] [added: of more than] 20,000 persons.

[removed: Each year we] [added: We] make available through our website all of our SEC filings, including current reports on Form 8-K, quarterly reports on Form 10-Q, our annual report on Form 10-K, and amendments to those reports, free of charge as soon as reasonably practicable after they have been electronically filed with the SEC.

Casey's [added: corporate] purpose is to make the lives of our guests and communities better every day.

[removed: Smaller] [added: Many of the smaller] communities [added: in which we operate] often are not served by national-chain convenience stores.

We have succeeded in operating [removed: Casey’s Stores] [added: stores] in smaller towns by offering, at competitive prices, a broader selection of products than does a typical convenience store.

We have also succeeded in meeting the needs of residents in larger communities with these [added: same] offerings.

We currently own most of our real estate, including substantially all of our stores, all three distribution [removed: centers,] [added: centers (see discussion of ownership structure of the distribution center in Joplin, Missouri in Note 7),] a construction and support services [removed: facility,] [added: facility located in Ankeny, Iowa,] and the Store Support Center facility.

In warmer weather, guests tend to purchase greater quantities of fuel and certain convenience items such as beer, [removed: isotonics,] [added: sports drinks,] water, soft drinks, and ice.

CGS Stores, LLC was organized [removed: in April 2019] as an Iowa limited liability [removed: company.][added: company in April 2019.]

Heartland Property Company, LLC was organized [removed: in September 2019] as a Delaware limited liability [removed: company.][added: company in September 2019.]

CMC, CSC, and CRC are wholly-owned subsidiaries of [removed: Casey’s.][added: Casey’s, while CGS Stores, LLC and Heartland Property Company, LLC are wholly-owned subsidiaries of CMC.]

CRC owns [removed: and] [added: and/or] operates [added: certain] stores in Illinois, Kansas, Minnesota, Nebraska, North Dakota, South Dakota and Michigan, holds the rights to the Company's trademarks, service marks, trade names, and other intellectual property, and performs most “corporate” functions of the enterprise.

CMC owns [removed: and] [added: and/or] operates stores in Arkansas, Indiana, Iowa, Kentucky, Missouri, Ohio, Oklahoma, and Wisconsin, and is responsible for all of our wholesale operations, including all three distribution [removed: centers.][added: centers and management of the wholesale fuel network.]

CGS Stores, LLC owns [removed: and] [added: and/or] operates stores in Tennessee.

[removed: Our focus at Casey’s is to design, develop] [added: The Company designs, develops] and [removed: deliver] [added: delivers] value to [added: its] guests through a differentiated product assortment where the right products are optimally placed, priced and [removed: aggressively] promoted to drive traffic, revenue and profit.

It is our practice to continually make additions to the Company’s product line, especially products with higher gross profit [removed: margins.][added: margins such as prepared food and our new private label offerings, described below.]

[removed: Although pizza is our most popular prepared food offering,] [added: In addition,] we [removed: continue to expand] [added: have expanded] our prepared food [removed: product line,] [added: offerings,] which currently includes made to order cheesy breadsticks, [removed: sandwiches/wraps,] [added: sandwiches and wraps, chicken] wings, [removed: popcorn chicken,] chicken tenders, breakfast croissants and biscuits, breakfast pizza, breakfast burritos, hash browns, [removed: quarter-pound hamburgers and cheeseburgers, potato cheese bites] [added: burgers,] and other seasonal items.

[removed: As] [added: Finally, as] of April 30, [removed: 2021,] [added: 2022,] the Company was selling donuts in [removed: 2,236 (99.7%)] [added: 2,350 (95.8%)] of our stores in addition to cookies, brownies, and other bakery items.

The growth in our prepared food program reflects [removed: management’s] [added: the Company’s] strategy to promote high-margin products that are compatible with convenience store operations.

In the last three fiscal years, retail sales of nonfuel items have generated about [removed: 41%] [added: 40%] of our total revenue, but they have resulted in approximately [removed: 72%] [added: 68%] of our revenue less cost of goods sold (excluding depreciation and amortization).

Revenue less cost of goods sold (excluding depreciation and amortization) as a percentage of revenue on prepared food items averaged approximately [removed: 61%] [added: 60%] for the three fiscal years ended April 30, [removed: 2021—substantially] [added: 2022—substantially] higher than the impact of retail sales of fuel, which averaged approximately [removed: 11%.][added: 12%.]

The selection is a blend of differentiated [removed: Casey’s Private Label products,] [added: private label products (which now includes over 250 items and] as [added: of April 30, 2022), as] well as favored national and regional brands, many of which can be found in larger format stores.

All but [removed: three Casey’s Stores] [added: four stores] offer retail motor fuel products for sale on a self-service basis.

Gasoline and diesel fuel are sold under the Casey’s [removed: name.][added: name at the majority of our locations.]

Casey’s [removed: Stores] [added: constructs stores that] are primarily freestanding and, with a few exceptions to accommodate local conditions, conform to standard construction specifications.

The current larger store design measures approximately [removed: 2,900] [added: 2,450] square feet devoted to sales area, 550 square feet to kitchen space, 400 square feet to storage, and 2 large multi-stall public restrooms.

There is also a smaller store design that is generally designated for smaller communities that measures approximately [removed: 1,700] [added: 1,350] square feet devoted to sales area with the remaining areas similar in size, and 2 single user restrooms.

[added: Store lots have sufficient frontage] and depth to permit adequate drive-in parking facilities on one or more sides of each store.

Each new store typically includes [removed: 5] [added: 4] to [removed: 10] [added: 8] islands of fuel dispensers and storage tanks with capacity for 60,000 to 70,000 gallons of fuel.

Nearly all [removed: the store] locations feature a bright sign which displays [added: the] Casey’s [added: or GoodStop] name and trade/service marks.

[removed: All Casey’s Stores] [added: Almost all stores] remain open at least sixteen hours per day, seven days a week.

As of April 30, 2022, 212 store locations offered car washes.

During the fiscal year, the Company introduced certain stores branded or rebranded as "GoodStop (by Casey’s)".

Similar to most of our store footprint, the "GoodStop" locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials.

However, these locations typically do not have a kitchen and have limited prepared food offerings.

As of April 30, 2022, 46 stores operate under the "GoodStop" brand.

The Company is also temporarily operating certain locations acquired from Buchanan Energy during the fiscal year under the name, "Bucky's." The Company is in the process of transitioning all "Bucky's" locations to either the "Casey's" or "GoodStop" brand.

These locations typically have similar offerings to the “Casey’s” branded stores.

The Company acquired a dealer network from Buchanan Energy during the 2022 fiscal year.

As of April 30, 2022, there were 76 dealer locations where Casey’s manages fuel wholesale supply agreements to these stores.

These locations are not operated by Casey's and are not included in our overall store count in the paragraph below.

The Company also self-distributes the majority of fuel to our stores.

The Company has a fleet of 365 tractors used for grocery and fuel distribution.

In addition, the acquisition of Buchanan Energy during the fiscal year (see Note 2 to the consolidated financial statement) resulted in the addition of several subsidiaries to the Company’s corporate structure, including Bucks, LLC, a Nebraska limited liability company, Buchanan Energy (N), LLC and Buchanan Energy (S), LLC, each Delaware limited liability companies, Buck’s, LLC of Collinsville, an Illinois limited liability company, and C.T. Jewell Company, Inc., a Nebraska corporation.

However, the Company is in the process of merging these subsidiaries into the applicable Company legacy entities, described above.

Bucks, LLC owns and/or operates certain of the acquired Bucky’s locations in Iowa, Illinois, Missouri and Nebraska, and Buchanan Energy (N), LLC and Buchanan Energy (S), LLC own and/or operate certain of such stores in Illinois.

To facilitate many of these items, we have installed full kitchens in almost all of our stores, other than those branded as “GoodStop”.

The Company's flagship product is its handmade pizza, which we began preparing and selling in 1984.

It was available in 2,332 stores (95.1%) as of April 30, 2022.

Of note, during the fiscal year, the Company launched a new lineup of breakfast items, including new bacon and egg croissants, new loaded breakfast burritos, and a breakfast handheld called the “Toastwich.” The rollout of the new breakfast menu was accompanied by the installation of bean-to-cup coffee machines across the bulk of the Company's footprint.

The Company offers the Casey's Rewards program to bring value to guests and improve the digital guest experience.

As part of this program, guests can earn points from online, in-store, or at the pump purchases.

Points earned can be redeemed for donations to a local school of the guest's choice, fuel discounts, or Casey's Cash, which can be used on most products.

The Rewards program is delivered through Casey’s mobile application.

In addition to earning points, guests receive other program benefits such as special offers, bonus points, as well as getting a free large pizza after purchasing 10 large pizzas.

In early May 2022, the Company surpassed 5 million members enrolled in the program.

Fuel prices have recently reached record highs due to overall supply issues, as refiners cut production levels in response to a slowing economy during the COVID-19 pandemic and Russia's invasion of Ukraine resulted in a United States ban of Russian crude oil imports.

Regardless, with the

Company's centralized fuel team and the procurement improvements implemented, we believe we are well positioned to navigate any potential future fuel price volatility.

Gallons sold were positively impacted by a growing store count as we operate 209 more stores than the prior year and increasing store traffic.

In addition to the products discussed above, CMC supplies the majority of fuel to our stores.

We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments.

Prices included in the purchase agreements are indexed to market prices.

Additionally, during the fiscal year we acquired a fuel wholesale network from Buchanan Energy.

As part of the dealer network, the Company procures and provides fuel on a wholesale basis to 76 locations.

During the 2022 fiscal year, the Company held two large-scale hiring events to support its store footprint, each of which was designed to hire up to 5,000 Team Members.

These events led to a significant addition of talent to our store Team Member base in an ever-challenging and competitive labor environment.

Core Values

During the 2022 fiscal year, the Company unveiled its new core values to its Team Members, as part of its evolution to build a culture of commitment – Casey’s CARES:

C – Commitment: We work hard to be the best and have a good time doing it.

A – Authenticity: We’re true to our roots by being high integrity and low ego.

CGS Stores, LLC and Heartland Property Company, LLC are wholly-owned subsidiaries of CMC.

As a result, we have added various prepared food items to our product line over the years, facilitated by the installation of kitchens, which now are in most stores.

We began selling handmade pizza in 1984, and it was available in 2,235 stores (99.6%) as of April 30, 2021.

During fiscal 2021, Casey’s invested heavily in it’s Private Brand product portfolio to support the corporate re-branding that was unveiled in October.

We expanded our portfolio to over 175 Casey’s Brand items, more than doubling our product count from last year, bringing even more value to our guests.

We launched over 100 new or reformulated items which included significant packaging improvements .

Store lots have sufficient frontage

All stores maintain a bright, clean interior and provide prompt checkout service.

We can operate effectively at a highway location in a community with a population of as few as 400.

Same-store gallons sold were impacted by softer demand due to the COVID-19 pandemic.

network.

COVID-19 Response: From the outset of the COVID-19 pandemic, the Company established a cross-functional task-force for the continuous monitoring of the impact of COVID-19 on our Team Members and business operations and to implement measures to manage Team Member and guest safety and other risks.

In addition, throughout the pandemic, our Team Members, who were designated as “essential workers”, safely and diligently ensured our distribution centers remained open and operational and that our guests continued to be served.

In response to COVID-19, the Company implemented a number of health, safety and other measures, in which it has invested over $38 million in fiscal 2021 ($50 million since the start of the pandemic), which at certain times throughout the past year have included the following: increased all store and distribution center Team Member pay by an additional $2 per hour; provided additional operational bonuses to key field support Team Members; provided additional paid leave for impacted Team Members; provided additional paid flextime; mandated working remotely where possible; implemented health checks intended to maintain well-being in all distribution centers; provided personal protective equipment and implemented a store mask mandate; offered a $50 vaccination bonus for fully vaccinated Team Members; established 6-foot markings in stores to encourage social distancing; installed plexiglass shields at cash registers; designated exclusive shopping times for higher-risk guests; implemented enhanced cleaning and hygiene practices throughout our stores, at our fuel dispensers, distribution centers, and the Store Support Center.

Additionally, we have several mechanisms, including an Ethics and Compliance Hotline, under which Team Members and guests can report incidents confidentially or anonymously and without fear of retaliation.

Some of the Company’s competitors have greater financial and other resources than we do.

As of April 30, 2021, approximately $24,181 has been received from such programs since inception.

For the Fiscal Year Ended April 30, [removed: 2021][added: 2022]

The aggregate market value of the registrant’s common stock held by non-affiliates as of October 31, [removed: 2020,] [added: 2021,] was approximately [removed: $6.2] [added: $7.1] billion based on the closing sales price [removed: ($168.57] [added: ($191.54] per share) as quoted on the NASDAQ Global Select Market.

| Class | | | | | | Outstanding at June [removed: 9, 2021] [added: 13, 2022] | | |

| Common Stock, no par value per share | | | | | | [removed: 37,023,738] [added: 37,188,314] shares | | |

Certain information called for by Items 10, 11, 12, 13 and 14 of Part III is hereby incorporated by reference from the definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission not later than 120 days after April 30, [removed: 2021.][added: 2022.]

| PART I | | | ITEM 1. | | | [removed: [Business](#i46ad651e80d24960962b91b50ed684be_13)] [added: [Business](#i676cbf74217a420d8b5517b49bc37877_13)] | | | [removed: [4](#i46ad651e80d24960962b91b50ed684be_13)] [added: [4](#i676cbf74217a420d8b5517b49bc37877_13)] | | |

| | | | ITEM 1A. | | | [Risk [removed: Factors](#i46ad651e80d24960962b91b50ed684be_16)] [added: Factors](#i676cbf74217a420d8b5517b49bc37877_16)] | | | [removed: [8](#i46ad651e80d24960962b91b50ed684be_16)] [added: [9](#i676cbf74217a420d8b5517b49bc37877_16)] | | |

| | | | ITEM 1B. | | | [Unresolved Staff [removed: Comments](#i46ad651e80d24960962b91b50ed684be_19)] [added: Comments](#i676cbf74217a420d8b5517b49bc37877_19)] | | | [removed: [17](#i46ad651e80d24960962b91b50ed684be_19)] [added: [17](#i676cbf74217a420d8b5517b49bc37877_19)] | | |

| | | | ITEM 2. | | | [removed: [Properties](#i46ad651e80d24960962b91b50ed684be_22)] [added: [Properties](#i676cbf74217a420d8b5517b49bc37877_22)] | | | [removed: [17](#i46ad651e80d24960962b91b50ed684be_22)] [added: [17](#i676cbf74217a420d8b5517b49bc37877_22)] | | |

| | | | ITEM 3. | | | [Legal [removed: Proceedings](#i46ad651e80d24960962b91b50ed684be_25)] [added: Proceedings](#i676cbf74217a420d8b5517b49bc37877_25)] | | | [removed: [17](#i46ad651e80d24960962b91b50ed684be_25)] [added: [17](#i676cbf74217a420d8b5517b49bc37877_25)] | | |

| | | | ITEM 4. | | | [Mine Safety [removed: Disclosures](#i46ad651e80d24960962b91b50ed684be_28)] [added: Disclosures](#i676cbf74217a420d8b5517b49bc37877_28)] | | | [removed: [17](#i46ad651e80d24960962b91b50ed684be_28)] [added: [17](#i676cbf74217a420d8b5517b49bc37877_28)] | | |

| PART II | | | ITEM 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i46ad651e80d24960962b91b50ed684be_34)] [added: Securities](#i676cbf74217a420d8b5517b49bc37877_34)] | | | [removed: [18](#i46ad651e80d24960962b91b50ed684be_34)] [added: [18](#i676cbf74217a420d8b5517b49bc37877_34)] | | |

| | | | ITEM 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i46ad651e80d24960962b91b50ed684be_40)] [added: Operations](#i676cbf74217a420d8b5517b49bc37877_40)] | | | [removed: [19](#i46ad651e80d24960962b91b50ed684be_40)] [added: [19](#i676cbf74217a420d8b5517b49bc37877_40)] | | |

| | | | ITEM 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i46ad651e80d24960962b91b50ed684be_43)] [added: Risk](#i676cbf74217a420d8b5517b49bc37877_43)] | | | [removed: [27](#i46ad651e80d24960962b91b50ed684be_43)] [added: [28](#i676cbf74217a420d8b5517b49bc37877_43)] | | |

| | | | ITEM 8. | | | [Financial Statements and Supplementary [removed: Data](#i46ad651e80d24960962b91b50ed684be_46)] [added: Data](#i676cbf74217a420d8b5517b49bc37877_46)] | | | [removed: [29](#i46ad651e80d24960962b91b50ed684be_46)] [added: [30](#i676cbf74217a420d8b5517b49bc37877_46)] | | |

| | | | ITEM 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i46ad651e80d24960962b91b50ed684be_124)] [added: Disclosure](#i676cbf74217a420d8b5517b49bc37877_112)] | | | [removed: [52](#i46ad651e80d24960962b91b50ed684be_124)] [added: [55](#i676cbf74217a420d8b5517b49bc37877_112)] | | |

| | | | ITEM 9A. | | | [Controls and [removed: Procedures](#i46ad651e80d24960962b91b50ed684be_127)] [added: Procedures](#i676cbf74217a420d8b5517b49bc37877_115)] | | | [removed: [52](#i46ad651e80d24960962b91b50ed684be_127)] [added: [55](#i676cbf74217a420d8b5517b49bc37877_115)] | | |

| | | | ITEM 9B. | | | [Other [removed: Information](#i46ad651e80d24960962b91b50ed684be_130)] [added: Information](#i676cbf74217a420d8b5517b49bc37877_118)] | | | [removed: [53](#i46ad651e80d24960962b91b50ed684be_130)] [added: [56](#i676cbf74217a420d8b5517b49bc37877_118)] | | |

| PART III | | | ITEM 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i46ad651e80d24960962b91b50ed684be_136)] [added: Governance](#i676cbf74217a420d8b5517b49bc37877_124)] | | | [removed: [54](#i46ad651e80d24960962b91b50ed684be_136)] [added: [57](#i676cbf74217a420d8b5517b49bc37877_124)] | | |

| | | | ITEM 11. | | | [Executive [removed: Compensation](#i46ad651e80d24960962b91b50ed684be_139)] [added: Compensation](#i676cbf74217a420d8b5517b49bc37877_127)] | | | [removed: [54](#i46ad651e80d24960962b91b50ed684be_139)] [added: [57](#i676cbf74217a420d8b5517b49bc37877_127)] | | |

| | | | ITEM 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i46ad651e80d24960962b91b50ed684be_142)] [added: Matters](#i676cbf74217a420d8b5517b49bc37877_130)] | | | [removed: [54](#i46ad651e80d24960962b91b50ed684be_142)] [added: [57](#i676cbf74217a420d8b5517b49bc37877_130)] | | |

| | | | ITEM 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i46ad651e80d24960962b91b50ed684be_145)] [added: Independence](#i676cbf74217a420d8b5517b49bc37877_133)] | | | [removed: [54](#i46ad651e80d24960962b91b50ed684be_145)] [added: [57](#i676cbf74217a420d8b5517b49bc37877_133)] | | |

| | | | ITEM 14. | | | [Principal Accountant Fees and [removed: Services](#i46ad651e80d24960962b91b50ed684be_148)] [added: Services](#i676cbf74217a420d8b5517b49bc37877_136)] | | | [removed: [54](#i46ad651e80d24960962b91b50ed684be_148)] [added: [57](#i676cbf74217a420d8b5517b49bc37877_136)] | | |

| PART IV | | | ITEM 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i46ad651e80d24960962b91b50ed684be_154)] [added: Schedules](#i676cbf74217a420d8b5517b49bc37877_142)] | | | [removed: [55](#i46ad651e80d24960962b91b50ed684be_154)] [added: [58](#i676cbf74217a420d8b5517b49bc37877_142)] | | |

| | | | ITEM 16. | | | [Form 10-K [removed: Summary](#i46ad651e80d24960962b91b50ed684be_157)] [added: Summary](#i676cbf74217a420d8b5517b49bc37877_145)] | | | [removed: [57](#i46ad651e80d24960962b91b50ed684be_157)] [added: [60](#i676cbf74217a420d8b5517b49bc37877_145)] | | |

| | | | ITEM 6. | | | [\[Reserved\]](#i676cbf74217a420d8b5517b49bc37877_37) | | | [19](#i676cbf74217a420d8b5517b49bc37877_37) | | |

| | | | | | | [Signatures](#i676cbf74217a420d8b5517b49bc37877_148) | | | [61](#i676cbf74217a420d8b5517b49bc37877_148) | | |

For the transition period from February 1, 2021 to April 30, 2021

| | | | ITEM 6. | | | [Selected Financial Data](#i46ad651e80d24960962b91b50ed684be_1385) | | | [19](#i46ad651e80d24960962b91b50ed684be_1385) | | |

| | | | | | | [Signatures](#i46ad651e80d24960962b91b50ed684be_160) | | | [58](#i46ad651e80d24960962b91b50ed684be_160) | | |

Located on an approximately 57-acre site in Ankeny, Iowa, the Store Support Center includes office space, our first distribution center, and our [removed: vehicle service] [added: fleet services] maintenance center.

In April 2021, we opened a third distribution center located in Joplin, [removed: Missouri.][added: Missouri (see Note 7 for discussion of ownership structure).]

The [removed: new] [added: third] distribution center provides approximately 300,000 square feet of total space.

On April 30, 2022, we leased a combination of land and/or building at 114 locations.

The Company owns the land and building at all of our other store locations.

On April 30, 2021, we also owned the land at 2,216 store locations and the buildings at 2,225 locations and leased the land at 27 locations and the buildings at 18 locations.

The [removed: 36,949,878] [added: 37,111,667] shares of common stock outstanding at April 30, [removed: 2021] [added: 2022] had a market value of approximately [removed: $8.2] [added: $7.5] billion.

On that date, there were [removed: 1,578] [added: 1,679] shareholders of record.

| Calendar [removed: 2019] [added: 2020] | | | High | | | | | | Low | | | | | | Calendar [removed: 2020] [added: 2021] | | | | | | High | | | | | | Low | | | | | | Calendar [removed: 2021] [added: 2022] | | | | | | High | | | | | | Low | | |

| Q1 | | | $ | [removed: 138.45] [added: 181.99] | | | | | $ | [removed: 122.86] [added: 114.01] | | | | | Q1 | | | | | | $ | [removed: 181.99] [added: 221.29] | | | | | $ | [removed: 114.01] [added: 175.02] | | | | | Q1 | | | | | | $ | [removed: 221.29] [added: 202.50] | | | | | $ | [removed: 175.02] [added: 170.82] | |

The dividends declared in fiscal [removed: 2020] [added: 2022] totaled [removed: $1.28] [added: $1.39] per share.

[removed: On] [added: At its] June [removed: 3, 2021,] [added: meeting,] the Board of Directors declared a quarterly dividend of [removed: $0.34] [added: $0.38] per share payable August [removed: 16, 2021,] [added: 15, 2022,] to shareholders of record on August [removed: 2, 2021.][added: 1, 2022.]

The cash dividends declared during the calendar years [removed: 2019] [added: 2020] through [removed: 2021] [added: 2022] were as follows:

| Calendar [removed: 2019] [added: 2020] | | | Cash dividend declared | | | | | | Calendar [removed: 2020] [added: 2021] | | | | | | Cash dividend declared | | | | | | Calendar [removed: 2021] [added: 2022] | | | | | | Cash dividend declared | | |

| Q1 | | | $ | [removed: 0.290] [added: 0.320] | | | | | Q1 | | | | | | $ | [removed: 0.320] [added: 0.340] | | | | | Q1 | | | | | | $ | [removed: 0.340] [added: 0.350] | |

| Q2 | | | 0.320 | | | | | | Q2 | | | | | | [removed: 0.320] [added: 0.340] | | | | | | Q2 | | | | | | [removed: 0.340] [added: 0.380] | | |

| Q3 | | | 0.320 | | | | | | Q3 | | | | | | [removed: 0.320] [added: 0.350] | | | | | | | | | | | | | | |

The following table sets forth information with respect to the Company's repurchases of common stock during the quarter ended April 30, [removed: 2021:][added: 2022:]

| February 1-28, [removed: 2021] [added: 2022] | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 300,000,000 | |

| Total | | | — | | | | | | $ | — | | | | | — | | | | | | $ | [removed: 300,000,000] [added: 400,000,000] | |

(1) [removed: In] [added: On] March [added: 7,] 2018, the Company announced a share repurchase [removed: program with] [added: program, whereby the Company was authorized to repurchase up to] an aggregate [added: of] $300 million [removed: repurchase authorization, valid for two years.][added: of the Company’s outstanding common stock (the "Prior Repurchase]

The timing and number of repurchase transactions under the [removed: program] [added: Updated Repurchase Program] depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements.

The [removed: program] [added: Updated Repurchase Program] can be suspended or discontinued at any time.

| Q2 | | | $ | 174.40 | | | | | $ | 117.25 | | | | | Q2 | | | | | | $ | 229.18 | | | | | $ | 192.33 | | | | | | | | | | | | | | | | | | | |

| Q3 | | | $ | 183.45 | | | | | $ | 145.48 | | | | | Q3 | | | | | | $ | 208.19 | | | | | $ | 185.96 | | | | | | | | | | | | | | | | | | | |

| Q4 | | | $ | 196.58 | | | | | $ | 165.38 | | | | | Q4 | | | | | | $ | 203.72 | | | | | $ | 181.25 | | | | | | | | | | | | | | | | | | | |

| Q4 | | | 0.340 | | | | | | Q4 | | | | | | 0.350 | | | | | | | | | | | | | | |

| | | | 1.300 | | | | | | | | | | | | 1.380 | | | | | | | | | | | | | | |

| March 1-31, 2022 | | | — | | | | | | — | | | | | | — | | | | | | 400,000,000 | | |

| April 1-30, 2022 | | | — | | | | | | — | | | | | | — | | | | | | 400,000,000 | | |

Program").

No repurchases were made under the Prior Repurchase Program and it was set to expire on April 30, 2022.

On, and effective as of, March 3, 2022, the Board authorized an extension and expansion of the Prior Repurchase Program by $100 million, for a total amount of up to $400 million, exclusive of fees, commissions or other expenses, under which the Company may repurchase its outstanding common stock from time-to-time (the "Updated Repurchase Program").

The Updated Repurchase Program has no set expiration date.

| Q2 | | | $ | 156.82 | | | | | $ | 127.75 | | | | | Q2 | | | | | | $ | 174.40 | | | | | $ | 117.25 | | | | | | | | | | | | | | | | | | | |

| Q3 | | | $ | 173.31 | | | | | $ | 154.58 | | | | | Q3 | | | | | | $ | 183.45 | | | | | $ | 145.48 | | | | | | | | | | | | | | | | | | | |

| Q4 | | | $ | 179.21 | | | | | $ | 152.05 | | | | | Q4 | | | | | | $ | 196.58 | | | | | $ | 165.38 | | | | | | | | | | | | | | | | | | | |

| Q4 | | | 0.320 | | | | | | Q4 | | | | | | 0.340 | | | | | | | | | | | | | | |

| | | | 1.250 | | | | | | | | | | | | 1.300 | | | | | | | | | | | | | | |

| March 1-31, 2021 | | | — | | | | | | — | | | | | | — | | | | | | 300,000,000 | | |

| April 1-30, 2021 | | | — | | | | | | — | | | | | | — | | | | | | 300,000,000 | | |

On March 6, 2020, the authorization was extended through the end of the Company’s 2022 fiscal year.

No stock was repurchased in the fourth quarter or fiscal year related to that authorization.

The Company primarily operates convenience stores under the names "Casey's" and “Casey’s General Store” [removed: in] [added: throughout] 16 [removed: Midwestern] states, primarily in Iowa, Illinois, and Missouri.

On April 30, [removed: 2021,] [added: 2022,] there were a total of [removed: 2,243] [added: 2,452] stores in operation.

All [removed: but three Casey's Stores offer fuel for sale on a self-serve basis and all] [added: convenience stores] carry a broad selection of food (including freshly prepared foods such as pizza, donuts and sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products and other non-food items.

Approximately [removed: 55%] [added: 51%] of all Casey’s [removed: Stores] were opened in areas with populations of fewer than 5,000 people, while approximately [removed: 19%] [added: 25%] of all stores were opened in communities with populations [removed: exceeding] [added: of more than] 20,000 persons.

CMC operates three distribution centers, through which certain grocery and [removed: other] [added: general] merchandise, and prepared food and [removed: fountain] [added: dispensed beverage] items, are supplied to our stores.

The other two distribution centers [removed: were opened in February 2016] [added: are located] in Terre Haute, Indiana [removed: and April 2021] [added: (opened] in [added: February 2016) and] Joplin, [removed: Missouri.][added: Missouri (opened in April 2021).]

The Company’s business is seasonal, and generally [removed: the Company] experiences higher sales and profitability during the first and second fiscal quarters (May-October), when guests tend to purchase greater quantities of fuel and certain convenience items such as beer, [removed: isotonics,] [added: sports drinks,] water, soft drinks and ice.

The following table represents the roll forward of store growth throughout fiscal [removed: 2021:][added: 2022:]

| New store construction | | | [removed: 40] [added: 21] | | |

| Acquisitions | | | [removed: 5] [added: 207] | | |

| Prior acquisitions opened | | | [removed: 5] [added: 4] | | |

| Closed | | | [removed: (11)] [added: (20)] | | |

The Company announced an updated, long-term strategic plan in January 2020 focused on four strategic objectives: [removed: reinvigorate] [added: reinvent] hospitality and the guest experience; be where the guest is by accelerating unit growth; create capacity through best-in-class efficiencies; and, invest in our people and culture.

The Company's plan is based on building on our proud heritage [added: and distinct advantages to become more contemporary through new capabilities, technology, data, and processes.]

[removed: Despite the challenges caused by the COVID-19 pandemic, the] [added: The] Company made significant progress towards its strategic plan goals during the [removed: 2021] [added: 2022] fiscal [removed: year, examples of which include the following:][added: year.]

[removed: While COVID-19 has resulted in,] and [removed: will continue to bring, significant challenges and] uncertainty to our operating environment, we believe that our resilient business model and the strength of our brand and balance sheet position us well to [removed: emerge from] [added: navigate] the [removed: pandemic.][added: pandemic and its impacts.]

Fiscal [removed: 2021] [added: 2022] Compared with Fiscal [removed: 2020][added: 2021]

Fuel gallons sold [removed: decreased 4.9%] [added: increased 18.3%] to [removed: 2.2] [added: 2.6] billion gallons, which [removed: decreased] [added: increased] fuel revenue by an additional [removed: $249,370.][added: $1,282,871.]

Total revenue less cost of goods sold (excluding depreciation and amortization) was [removed: 27.1%] [added: 21.3%] for fiscal [removed: 2021] [added: 2022] compared with [removed: 23.4%] [added: 27.1%] for the prior year.

The grocery and [removed: other] [added: general] merchandise revenue less related cost of goods sold (exclusive of depreciation and amortization) [removed: was consistent at] [added: increased to 32.7% from] 32.0% [removed: in] [added: during] fiscal [removed: 2021 and] [added: 2022 compared to] fiscal [removed: 2020.][added: 2021.]

The prepared food and [removed: fountain] [added: dispensed beverage] revenue less related cost of goods sold (exclusive of depreciation and amortization) decreased to [removed: 60.1%] [added: 59.2%] from [removed: 60.9%] [added: 60.1%] during fiscal [removed: 2021] [added: 2022] compared to the prior year, [added: primarily] due [removed: mainly] to [removed: lower volume and higher waste in the morning day part.][added: inflationary pressures.]

The increase was due primarily to [added: acquisitions and] capital expenditures made in fiscal [removed: 2021] [added: 2022] and fiscal [removed: 2020.][added: 2021.]

The effective tax rate [removed: increased] [added: decreased] to [removed: 23.2%] [added: 22.9%] in fiscal [removed: 2021] [added: 2022] from [removed: 22.9%] [added: 23.2%] in fiscal [removed: 2020.][added: 2021.]

Net income increased to [removed: $312,900] [added: $339,790] in fiscal [removed: 2021] [added: 2022] from [removed: $263,846] [added: $312,900] in fiscal [removed: 2020.][added: 2021.]

The increase was primarily due to increased fuel [removed: contribution] and [added: grocery contribution attributable to increasing store traffic,] operating [removed: 36] [added: 209] more stores than one year [removed: ago.][added: ago, offset by increased operating expenses and depreciation.]

Please refer to the Form 10-K related to the fiscal year ended April 30, [removed: 2020,] [added: 2021,] filed on June [removed: 26, 2020,] [added: 25, 2021,] for comparison of Fiscal [removed: 2020] [added: 2021] to Fiscal [removed: 2019.][added: 2020.]

COMPANY TOTAL REVENUE AND REVENUE LESS COST OF GOODS SOLD (EXCLUDING DEPRECIATION AND AMORTIZATION) BY CATEGORY [added: (1)]

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Fuel | | | $ | [removed: 4,825,466] [added: 8,312,038] | | | | | $ | [removed: 5,517,412] [added: 4,825,466] | | | | | $ | [removed: 5,848,770] [added: 5,517,412] | |

| Grocery and [removed: other] [added: general] merchandise | | | [removed: 2,724,374] [added: 3,141,527] | | | | | | [removed: 2,498,966] [added: 2,724,374] | | | | | | [removed: 2,369,521] [added: 2,498,966] | | |

| Prepared food and [removed: fountain] [added: dispensed beverage] | | | [removed: 1,087,147] [added: 1,204,100] | | | | | | [removed: 1,097,207] [added: 1,087,147] | | | | | | [removed: 1,074,294] [added: 1,097,207] | | |

| Other [added: (2)] | | | [removed: 70,202] [added: 294,929] | | | | | | [removed: 61,711] [added: 70,202] | | | | | | [removed: 60,325] [added: 61,711] | | |

| | | | $ | [removed: 8,707,189] [added: 12,952,594] | | | | | $ | [removed: 9,175,296] [added: 8,707,189] | | | | | $ | [removed: 9,352,910] [added: 9,175,296] | |

| Fuel | | | $ | [removed: 761,247] [added: 928,868] | | | | | $ | [removed: 614,847] [added: 761,247] | | | | | $ | [removed: 466,107] [added: 614,847] | |

| Grocery and [removed: other] [added: general] merchandise | | | [removed: 872,573] [added: 1,027,477] | | | | | | [removed: 800,140] [added: 872,573] | | | | | | [removed: 759,817] [added: 800,140] | | |

| Prepared food and [removed: fountain] [added: dispensed beverage] | | | [removed: 653,689] [added: 712,352] | | | | | | [removed: 668,092] [added: 653,689] | | | | | | [removed: 668,598] [added: 668,092] | | |

| Other [added: (2)] | | | [removed: 68,926] [added: 94,017] | | | | | | [removed: 61,605] [added: 68,926] | | | | | | [removed: 60,202] [added: 61,605] | | |

| | | | $ | [removed: 2,356,435] [added: 2,762,714] | | | | | $ | [removed: 2,144,684] [added: 2,356,435] | | | | | $ | [removed: 1,954,724] [added: 2,144,684] | |

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Average retail sales | | | $ | [removed: 3,894] [added: 5,206] | | | | | $ | [removed: 4,203] [added: 3,894] | | | | | $ | [removed: 4,449] [added: 4,203] | |

As of April 30, 2022, 212 store locations offered car washes.

During the fiscal year, the Company introduced certain stores branded or rebranded as "GoodStop (by Casey’s)".

Similar to most of our store footprint, the "GoodStop" locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials.

However, these locations typically do not have a kitchen and have limited prepared food offerings.

As of April 30, 2022, 46 stores operate under the "GoodStop" brand.

The Company is also temporarily operating certain locations acquired from Buchanan Energy during the fiscal year under the name, "Bucky's." The Company is in the process of transitioning all "Bucky's" locations to either the "Casey's" or "GoodStop" brand.

These locations typically have similar offerings to the “Casey’s” branded stores.

The Company also operates two stores selling primarily tobacco and nicotine products, one liquor-only store, and one grocery store.

The Company acquired a dealer network from Buchanan Energy during the 2022 fiscal year.

As of April 30, 2022, there were 76 dealer locations where Casey’s manages fuel wholesale supply agreements to these stores.

These locations are not operated by Casey's.

Approximately 2% of total revenue for the year-ended April 30, 2022 relates to this dealer network.

At April 30, 2022, the Company leased the combination of land and/or building at 114 locations.

| Stores at April 30, 2022 | | | 2,452 | | |

Acquisitions in the table above include, in part, 89 stores which were acquired from Buchanan Energy in May, 2021.

The table excludes three sites that were included in the transaction, but were divested by the Company shortly after closing as part of a consent order with the Federal Trade Commission.

Additionally, it includes 48 stores from the Circle K transaction that closed in June and 40 stores from the Pilot transaction that closed in December.

For further general descriptive information on the Company’s business and operations, see Item 1, above, which is incorporated herein by reference.

Examples include:

- Grew our store count through a number of strategic acquisitions, including 89 stores from Buchanan Energy, 48 stores from Circle K, and 40 stores from Pilot, resulting in the largest unit growth year in the Company's history

- Rolled out a successful breakfast menu relaunch with innovative new items and bean-to-cup coffee

- Expanded our private label products by over 100 items and continued to expand the program's market share, exiting the fourth quarter at 5% sales penetration of the grocery and general merchandise category

- Introduced a fuel wholesale network through the acquisition of Buchanan Energy, which is made up of 76 locations as of April 30, 2022

- Stood up new fuel technology to optimize fuel procurement efforts

- Continued to expand our digital offerings and have increased our Casey's Rewards enrollment to approximately 5 million members, an increase of 1.3 million during the fiscal year

- Improved the efficiency of our distribution network with the new distribution center in Joplin, Missouri, which opened in the prior fiscal year

*COVID-19 and Related Impacts*

Throughout fiscal year 2022, the Company continued to adapt to the challenges caused or contributed to by COVID-19 and its new and unpredictable variants.

In general, reported COVID-19 cases across our footprint were down, although we did see a slight uptick at the end of the fiscal year.

Overall, this has led to fewer staffing challenges due to illness, temporary store closures and special cleaning costs.

On the other hand, the ongoing challenges included, but were not limited to, a stressed labor market, as it became increasingly challenging to find, hire and retain store Team Members.

In response, the Company held two large-scale hiring events during the year, each of which led to the onboarding of a significant number of Team Members to support our stores.

In addition, the Company saw increasing wage pressure, as wages across the convenience store, restaurant and retail industries in general continued to rise, which directly contributes to increased operating expenses.

The Company expects to see these labor challenges continue throughout the 2023 fiscal year.

COVID-19 also continues to pressure our supply chain, and the supply chains of our suppliers.

While the Company has been successful in hiring and retaining drivers, some supplier networks have been challenged by a lack of drivers, which in some cases has led to delays in deliveries to our distribution centers and stores.

Other supply chain challenges have included the unavailability of certain products from our suppliers, which has led to these products being out of stock or not available at all.

The Company also expects these issues to continue throughout the 2023 fiscal year.

Finally, the initial onset of COVID-19 in early 2020 caused a significant decrease in store traffic across our entire footprint.

While store traffic has markedly increased as the economy has reopened over the past two or so years, the Company has not seen a full return to store traffic levels experienced prior to the pandemic.

Not applicable

| | | | | | |

At April 30, 2021, the Company owned the land at 2,216 store locations and the buildings at 2,225 locations, and leased the land at 27 locations and the buildings at 18 locations.

| Stores at April 30, 2020 | | | 2,207 | | |

On May 13, 2021, Casey’s closed on the Buchanan Energy acquisition which included 92 retail sites.

The Company also

closed on the 48-store Circle K transaction in June.

In total, Casey’s expects to add 200 more stores next fiscal year.

and distinct advantages to become more contemporary through new capabilities, technology, data, and processes.

- Introduced 100+ private label products and curbside pickup at all stores

- Updated our branding, including the introduction of a new logo

- Expanded our digital offerings and added 1.5 million Casey's Rewards members

- Developed and refined capabilities across the enterprise to drive efficiencies by launching centralized procurement and asset protection departments, opening a third distribution center in Joplin, Missouri, optimizing our transportation network, and enhancing price and product optimization

- Continued to add stores through a mixture of new store builds and acquisitions

- Added thirteen talented and diverse individuals to the extended leadership team

*COVID-19*

Since the fourth quarter of the Company’s 2020 fiscal year, the COVID-19 pandemic has generally led to decreased store traffic and lower demand for certain of our products.

Governmental and privately imposed restrictions, including those on travel, social, work and other gatherings, in-person schooling and other closures, and our guests’ behavior in response to such restrictions, have contributed to such declines, which have not fully recovered to pre-pandemic levels.

Overall, we saw a decrease in same-store fuel gallons of approximately 8.1% and same-store inside customer traffic of approximately 8.7%, compared to the prior year.

Additionally, as a result of these factors, the manner in which we served our guests required changes at many of our locations for a portion of the 2021 fiscal year, including restrictions on self-service food and beverages, reduced prepared food offerings, limiting guest traffic in our stores and social distancing measures.

Prepared food and fountain category saw a same-store sales decrease of 2.1%, compared to the prior year, due, in part, to many of these restrictions.

Despite these declines, throughout the 2021 fiscal year, due to the combination of COVID-19 fuel demand dynamics, other macroeconomic factors in the oil industry, and the efforts of our fuel team, we experienced record high fuel average revenue less cost of goods sold per gallon (excluding depreciation and amortization and credit card fees), leading to historically strong financial performance for the 2021 fiscal year, including record net income, record fuel gross profit and record diluted earnings per share.

Average revenue less cost of goods sold (excluding depreciation and amortization and credit card fees) per gallon increased by 30.2%, to 34.9 cents in fiscal 2021 from 26.8 cents in fiscal 2020.

While fuel gross profit margins continue to remain strong, and remain higher than historic averages, they are lower than the highs achieved during the pandemic, which we expect will gradually decline during the next fiscal year.

COVID-19 also resulted in increased operating expenses throughout the 2021 fiscal year, as we took significant proactive steps to protect the health and safety of our Team Members, guests and communities.

Our top priority throughout has been their health and well-being.

Examples of certain COVID-19 measures that we implemented at certain times during the 2021 fiscal year include the following:

- $50 bonus to Team Members upon their full COVID-19 vaccination

- provided additional compensation and operational bonuses for key field and support Team Members;

- provided additional paid leave for impacted Team Members;

- provided personal protective equipment for Team Members;

- installed Plexiglas shields at our cash registers;

- enhanced cleaning and hygiene practices;

- implemented health checks in all our distribution centers;

- designated exclusive shopping times for higher risk guests;

- established 6-foot markings in our stores to encourage social distancing;

- provided free meals for all store and distribution center Team Members; and

- implemented contact-less delivery.

In total, the Company spent approximately $38.4 million during the 2021 fiscal year for all COVID-19 health, safety and related measures.

As schools, businesses and the economy in general have slowly reopened, and vaccinations rates in our operating territory improve and new infections decline, we have continued to see improvements in store traffic numbers.

We have audited the accompanying consolidated balance sheets of [removed: Casey’s] [added: Casey's] General Stores, Inc. and subsidiaries (the Company) as of April 30, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the related consolidated statements of income, shareholders’ equity, and cash flows for each of the years in the [removed: three‑year] [added: three-year] period ended April 30, [removed: 2021,and] [added: 2022, and] the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of April 30, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the years in the [removed: three‑year] [added: three-year] period ended April 30, [removed: 2021,] [added: 2022,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of April 30, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated June [removed: 25, 2021] [added: 24, 2022] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

*Critical Audit [removed: Matter*][added: Matters*]

The critical audit [removed: matter] [added: matters] communicated below [removed: is a matter] [added: are matters] arising from the current period audit of the consolidated financial statements that [removed: was] [added: were] communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of [removed: the] critical audit [removed: matter] [added: matters] does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matter] [added: matters] below, providing separate opinions on the critical audit [removed: matter] [added: matters] or on the accounts or disclosures to which [removed: it relates.][added: they relate.]

As discussed in Notes 1 and 10 to the consolidated financial statements, at April 30, [removed: 2021,] [added: 2022,] the Company was primarily self-insured for workers’ compensation claims.

As discussed in Notes 1 and 10 to the consolidated financial statements, the Company reported a self-insurance claim liability of [removed: $50,526] [added: $53,752] thousand, which included the self-insurance claim liability for workers’ compensation.

Specialized skill and knowledge [removed: were] [added: was] necessary to evaluate the methods and key assumptions used to determine the liability.

We have audited [removed: Casey’s] [added: Casey's] General Stores, Inc. and [removed: subsidiaries’] [added: subsidiaries'] (the Company) internal control over financial reporting as of April 30, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of April 30, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of April 30, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the related consolidated statements of income, shareholders’ equity, and cash flows for each of the years in the three-year period ended April 30, [removed: 2021,] [added: 2022,] and the related notes (collectively, the consolidated financial statements), and our report dated June [removed: 25, 2021] [added: 24, 2022] expressed an unqualified opinion on those consolidated financial statements.

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying [removed: *Management’s] [added: Management's] Report on Internal Control over Financial [removed: Reporting*.][added: Reporting.]

| | | | [removed: 2021] [added: 2022] | | | | | | [added: 2021 | | | | | |] 2020 | | |

| Cash and cash equivalents [removed: |] [added: at beginning of year] | | [removed: $] | 336,545 | | | | | [removed: $] | 78,275 | | [added: | | | | 63,296 | | |]

| Receivables | | | [removed: 79,698] [added: 108,028] | | | | | | [removed: 48,500] [added: 79,698] | | |

| Inventories | | | [removed: 286,598] [added: 396,199] | | | | | | [removed: 236,007] [added: 286,598] | | |

| Prepaid expenses | | | [removed: 11,214] [added: 17,859] | | | | | | [removed: 9,801] [added: 11,214] | | |

| Income taxes receivable | | | [removed: 9,578] [added: 44,071] | | | | | | [removed: 14,667] [added: 9,578] | | |

| Total current assets | | | [removed: 723,633] [added: 725,035] | | | | | | [removed: 387,250] [added: 723,633] | | |

| Land | | | [removed: 938,199] [added: 1,097,985] | | | | | | [removed: 872,151] [added: 938,199] | | |

| Buildings and leasehold improvements | | | [removed: 2,162,261] [added: 2,445,509] | | | | | | [removed: 1,969,585] [added: 2,162,261] | | |

| Machinery and equipment | | | [removed: 2,478,404] [added: 2,695,366] | | | | | | [removed: 2,369,361] [added: 2,478,404] | | |

| Finance lease right-of-use assets | | | [removed: 22,413] [added: 75,060] | | | | | | [removed: 24,780] [added: 22,413] | | |

| Construction in process | | | [removed: 98,587] [added: 92,331] | | | | | | [removed: 125,632] [added: 98,587] | | |

| Less accumulated depreciation and amortization | | | [removed: 2,206,405] [added: 2,425,709] | | | | | | [removed: 2,037,708] [added: 2,206,405] | | |

| Net property and equipment | | | [removed: 3,493,459] [added: 3,980,542] | | | | | | [removed: 3,323,801] [added: 3,493,459] | | |

| Other assets, net of amortization | | | [removed: 82,147] [added: 187,219] | | | | | | [removed: 71,766] [added: 82,147] | | |

| Goodwill | | | [removed: 161,075] [added: 612,934] | | | | | | 161,075 | | |

| Total assets | | | $ | [removed: 4,460,314] [added: 5,505,730] | | | | | $ | [removed: 3,943,892] [added: 4,460,314] | |

| Current maturities of long-term debt and finance lease obligations | | | [removed: 2,354] [added: $] | [added: 24,466] | | | | | [removed: 570,280] [added: $] | [added: 2,354] | |

| Accounts payable | | | [removed: 355,471] [added: 588,783] | | | | | | [removed: 184,800] [added: 355,471] | | |

| Wages and related taxes | | | [removed: 69,226] [added: 87,022] | | | | | | [removed: 34,039] [added: 69,226] | | |

| Property taxes | | | [removed: 39,399] [added: 47,556] | | | | | | [removed: 36,348] [added: 39,399] | | |

| Insurance accruals | | | [removed: 24,287] [added: 25,795] | | | | | | [removed: 22,097] [added: 24,287] | | |

| Other | | | [removed: 122,012] [added: 131,056] | | | | | | [removed: 95,864] [added: 122,012] | | |

| Total current liabilities | | | [removed: 612,749] [added: 904,678] | | | | | | [removed: 1,063,428] [added: 612,749] | | |

| Long-term debt and finance lease obligations, net of current maturities | | | [removed: 1,361,395] [added: 1,663,403] | | | | | | [removed: 714,502] [added: 1,361,395] | | |

| Deferred income taxes | | | [removed: 439,721] [added: 520,472] | | | | | | [removed: 435,598] [added: 439,721] | | |

| Deferred compensation | | | [removed: 15,094] [added: 12,746] | | | | | | [removed: 13,604] [added: 15,094] | | |

*Evaluation of the value allocated to land in certain business combinations*

As discussed in Note 2 to the consolidated financial statements, the Company acquired Buchanan Energy and several stores from Pilot Corporation during the year ended April 30, 2022.

These acquisitions met the criteria to be recorded as business combinations.

The significant assets acquired include buildings, equipment, and land.

The Company primarily values buildings and equipment using the cost method and land using comparable land sales.

The Company assigned $306,818 thousand and $67,365 thousand to property and equipment in the Buchanan Energy and Pilot acquisitions, which includes the value allocated to land.

We identified the evaluation of the fair value of land acquired in the Buchanan Energy and Pilot business combinations as a critical audit matter.

A high degree of subjective auditor judgment was required to evaluate the relevance of comparable land sales that were used to determine the fair value of the acquired land.

This matter required the assistance of valuation professionals with specialized skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s land value estimation process in business combinations.

This included controls related to the identification and selection of the publicly available comparable land sales.

For a sample of land acquired we involved valuation professionals with specialized skills and knowledge, who assisted in developing independent ranges of fair value estimates using publicly available land sales and comparing them to the Company’s fair value estimates.

June 24, 2022

The Company acquired Buchanan Energy, Circle K Stores Inc., and Pilot Corporation during fiscal year 2022, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of April 30, 2022, Buchanan Energy, Circle K Stores Inc., and Pilot Corporation’s internal control over financial reporting associated with assets of 18% and revenues of 9% of the total assets and total revenues included in the consolidated financial statements of the Company as of and for the year ended April 30, 2022.

Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Buchanan Energy, Circle K Stores Inc., and Pilot Corporation.

June 24, 2022

| | | | 2022 | | | | | | 2021 | | |

| Cash and cash equivalents | | | $ | 158,878 | | | | | $ | 336,545 | |

| | | | 6,406,251 | | | | | | 5,699,864 | | |

| Net income | | | — | | | | | | — | | | | | | 339,790 | | | | | | 339,790 | | |

| Stock-based compensation (net of tax withholding on employee share-based awards) | | | 158,789 | | | | | | 20,328 | | | | | | — | | | | | | 20,328 | | |

| Balance at April 30, 2022 | | | 37,111,667 | | | | | | $ | 79,412 | | | | | $ | 2,161,426 | | | | | $ | 2,240,838 | |

Below is a summary of the accounts receivable values at April 30, 2022 and 2021:

| | | | 2022 | | | | | | 2021 | | |

| Credit cards | | | $ | 57,724 | | | | | $ | 28,471 | |

| Vendor rebates | | | 40,045 | | | | | | 40,222 | | |

| Other | | | 10,259 | | | | | | 11,005 | | |

| Total | | | $ | 108,028 | | | | | $ | 79,698 | |

| | | | Years ended April 30, | | | | | | | | |

| | | | 2022 | | | | | | 2021 | | |

The goodwill acquired during the year was primarily related to the acquisition of Buchanan Energy, 48 stores from Circle K, and 40 stores from Pilot (see Note 2 for additional discussion).

Contractual customer relationships: As the result of the current year acquisition of Buchanan Energy (see Note 2 for additional discussion), the Company recognized approximately $31,100 of contractual customer relationships.

These assets were valued using the multi-period excess earnings method.

The contractual customer relationships will be amortized on a straight-line basis over a useful life of 15 years and are included within other assets, net of amortization in the consolidated balance sheets as of April 30, 2022.

As of April 30, 2022 there was $29,027 of contractual customer relationships recognized, which was net of accumulated amortization of $2,073.

The Company expects to recognize $2,073 of annual amortization expense related to contractual customer relationships over the next 5-years.

As of April 30, 2022 and April 30, 2021, the Company recognized a liability of $15,509 and $13,096, respectively, related to outstanding gift cards, which is included in other accrued expenses on the consolidated balance sheets.

In November 2021, the FASB issued ASU 2022-10, *Governmental Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance*.

The standard is an effort to increase transparency of government assistance by requiring disclosures related to the type of assistance, the accounting treatment for the assistance, and the effect of the assistance on the financial statements.

June 25, 2021

June 25, 2021

| | | | | | | | | | | | |

| | | | | | | | | | | | |

| | | | 5,699,864 | | | | | | 5,361,509 | | |

| Lines of credit | | | $ | — | | | | | $ | 120,000 | |

| | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| (a) Includes excise taxes of approximately: | | | $ | 1,053,000 | | | | | $ | 1,063,000 | | | | | $ | 988,000 | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at April 30, 2018 | | | 36,874,322 | | | | | | $ | — | | | | | $ | 1,271,141 | | | | | $ | 1,271,141 | |

| Implementation of ASU 2014-09 | | | — | | | | | | — | | | | | | (4,140) | | | | | | (4,140) | | |

| Net income | | | — | | | | | | — | | | | | | 203,886 | | | | | | 203,886 | | |

| Repurchase of common stock | | | (352,592) | | | | | | — | | | | | | (35,247) | | | | | | (35,247) | | |

| Stock-based compensation | | | 71,245 | | | | | | 13,310 | | | | | | — | | | | | | 13,310 | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchase of common stock | | | — | | | | | | — | | | | | | (37,479) | | |

| Cash and cash equivalents at beginning of year | | | 78,275 | | | | | | 63,296 | | | | | | 53,679 | | |

Retail revenue in 2021 by category are as follows: 55% fuel, 31% grocery and other merchandise, 13% prepared food and fountain, and 1% other.

Vendor rebates, including billbacks, are treated as a reduction in cost of goods sold and are recognized primarily based on the purchase of product or shipment of product from the warehouse to the store, or sale of product to our guests.

All of the goodwill assigned to the individual stores is aggregated into a single reporting unit due to the similar economic characteristics of the stores.

Excise taxes: Excise taxes approximating $1,053,000, $1,063,000, and $988,000 on retail fuel sales are included in total revenue and cost of goods sold for fiscal 2021, 2020, and 2019, respectively.

the date of the grant.

In February 2016, the FASB issued ASU 2016-02, *Leases (Topic 842).* As a result of this update, we recognized a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments.

Both the right-of-use asset and lease liability are measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease.

In July 2018, the FASB issued ASU 2018-10, *Leases (Topic 842) - Codification Improvements* which contains several FASB Codification improvements for *ASC Topic 842*, including several implementation issues and ASU 2018-11, "Leases (Topic 842) - Targeted Improvements" which provides entities with an additional transition method for implementing *ASC Topic 842*.

This update provided the option to apply the new standard at the adoption date, recognizing a cumulative-effect adjustment to the opening balance of retained earnings along with the modified retrospective approach previously identified, both of which include a number of practical expedients that companies may elect to apply.

Under the cumulative-effect adjustment approach, comparative periods would not be restated.

Under the modified retrospective approach, leases are recognized and measured under the noted guidance at the beginning of the earliest period presented.

We adopted this guidance in the first quarter of fiscal 2020, using the modified retrospective approach and elected the cumulative-effect adjustment practical expedient.

As a result of the transition method selected, the Company did not restate previously reported comparable periods.

Please refer to Note 7 for additional information regarding *ASC Topic 842*.

In August 2018, the FASB issued ASU 2018-15, *Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.* This standard provides guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract.

The amendments in the update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license.

The Company is required to adopt this guidance in the first quarter of its fiscal 2022, with early adoption permitted.

The Company does not expect this standard to have a material impact on our consolidated financial statements.

using Level 3 inputs (see Note 3).

No goodwill was recognized as the result of the current year acquisitions.

Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2021 is as follows (in thousands):

Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s current disclosure controls and procedures were effective as of April 30, [removed: 2021.][added: 2022.]

The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of April 30, [removed: 2021.][added: 2022.]

On the basis of the prescribed criteria, management concluded that the Company's internal control over financial reporting was effective as of April 30, [removed: 2021.][added: 2022.]

This report appears on page [removed: 31.][added: 32.]

[removed: Further, the design of a control] system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.

The design of any system of internal control is also based in part upon certain assumptions about the likelihood of future events, and can provide only reasonable, not absolute, assurance that any design will succeed in [added: achieving its stated goals under all potential future conditions.]

The Company acquired Buchanan Energy, owner of Bucky’s Convenience Stores on May 13, 2021, 48 stores from Circle K throughout the month of June 2021, and 40 stores from Pilot on December 16, 2021.

As a result, the total assets and liabilities, and the results of its operations and cash flows of each of these acquired stores are reported in the Company's consolidated financial statements as of and for the year ended April 30, 2022.

Acquired assets and total revenues of these acquisitions constitute approximately 18% and 9% of total assets and total revenues as of and for the year ended April 30, 2022, respectively.

We excluded controls related to these stores over financial reporting from the scope of management’s annual assessment of the effectiveness of the Company's controls and procedures as of April 30, 2022.

Further, the design of a control

achieving its stated goals under all potential future conditions.

Those portions of the Company’s definitive Proxy Statement appearing under the captions “Election of Directors,” “Governance of the Company,” "Information about our Executive Officers", “Executive Compensation”, [removed: "Nominating] and [removed: Corporate Governance Committee",] [added: "The Board of Directors] and [removed: "Audit Committee",] [added: Its Committees",] as filed with the Commission pursuant to Regulation 14A within 120 days after April 30, [removed: 2021,] [added: 2022,] and used in connection with the Company’s [removed: 2021] [added: 2022] Annual Meeting of Shareholders are hereby incorporated by reference.

That portion of the Company’s definitive Proxy Statement appearing under the caption "Compensation Discussion and Analysis", [removed: "Compensation] [added: "The Board of Directors and Its Committees”, “Compensation] Committee Report", [removed: "Compensation Committee",] [added: “Compensation Committee Interlocks and Insider Participation in Compensation Decisions”,] “Executive Compensation,” [added: “CEO Pay Ratio”,] "Potential Payments Upon Termination or Change of Control", "Director Compensation", and "Certain Relationships and Related Party Transactions", as filed with the Commission pursuant to Regulation 14A within 120 days after April 30, [removed: 2021,] [added: 2022,] and used in connection with the Company’s [removed: 2021] [added: 2022] Annual Meeting of Shareholders is hereby incorporated by reference.

Those portions of the Company’s definitive Proxy Statement appearing under the captions “Beneficial Ownership of Shares of Common Stock by Directors and Executive Officers”, "Principal Shareholders" and "Equity Compensation Plan Information", as filed with the Commission pursuant to Regulation 14A within 120 days after April 30, [removed: 2021,] [added: 2022,] and used in connection with the Company’s [removed: 2021] [added: 2022] Annual Meeting of Shareholders are hereby incorporated by reference.

That portion of the Company’s definitive Proxy Statement appearing under the captions “Certain Relationships and Related Transactions”, “Governance of the Company” and "The Board of Directors and its Committees", as filed with the Commission pursuant to Regulation 14A within 120 days after April 30, [removed: 2021,] [added: 2022,] and used in connection with the Company’s [removed: 2021] [added: 2022] Annual Meeting of Shareholders is hereby incorporated by reference.

That portion of the Company’s definitive Proxy Statement appearing under the caption “Ratification of Appointment of Independent Registered Public Accounting Firm” as filed with the Commission within 120 days after April 30, [removed: 2021,] [added: 2022,] and used in connection with the Company’s [removed: 2021] [added: 2022] Annual Meeting of Shareholders is hereby incorporated by reference.

Report of Independent Registered Public Accounting Firm [added: (PCAOB ID 185)]

Consolidated Balance Sheets, April 30, [removed: 2021] [added: 2022] and [removed: 2020][added: 2021]

Consolidated Statements of Income, Three Years Ended April 30, [removed: 2021][added: 2022]

Consolidated Statements of Shareholders’ Equity, Three Years Ended April 30, [removed: 2021][added: 2022]

Consolidated Statements of Cash Flows, Three Years Ended April 30, [removed: 2021][added: 2022]

| 2.2 | | | [Amendment to Equity Purchase Agreement, dated April 21, 2021](https://www.sec.gov/Archives/edgar/data/726958/000114036121014991/brhc10023782_ex2-1.htm) [removed: [](https://www.sec.gov/Archives/edgar/data/726958/000114036121014991/brhc10023782_ex2-1.htm)] [(incorporated by reference to Exhibit 2.1 to Form 8-K as filed April 29, 2021)](https://www.sec.gov/Archives/edgar/data/726958/000114036121014991/brhc10023782_ex2-1.htm) | | |

| 2.3 | | | [Asset Purchase Agreement by and among Casey’s Marketing Company and Circle K Stores Inc., dated March 17, 2021](https://www.sec.gov/Archives/edgar/data/726958/000114036121009407/brhc10022054_ex2-1.htm) [removed: [](https://www.sec.gov/Archives/edgar/data/726958/000114036121009407/brhc10022054_ex2-1.htm)] [(incorporated by reference to Exhibit 2.1 to Form 8-K as filed March 22, 2021)](https://www.sec.gov/Archives/edgar/data/726958/000114036121009407/brhc10022054_ex2-1.htm) | | |

| 4.1 | | | [Note Purchase Agreement [removed: dated](http://www.sec.gov/Archives/edgar/data/726958/000095015710001417/ex4-1.htm) [August] [added: dated August] 9, 2010 among the Company and the purchasers of the 5.22% Senior Notes (incorporated by reference to Exhibit 4.1 to Form 8-K as filed August 10, 2010)](http://www.sec.gov/Archives/edgar/data/726958/000095015710001417/ex4-1.htm) | | |

| 4.2 | | | [Note Purchase Agreement [removed: dated](http://www.sec.gov/Archives/edgar/data/726958/000119312513262013/d555874dex410.htm) [June] [added: dated June] 17, 2013 among the Company and the purchasers of the 3.67% Series A Notes and 3.75% Series B Notes (incorporated by reference to Exhibit 4.10 to Form 8-K as filed June 18, 2013)](http://www.sec.gov/Archives/edgar/data/726958/000119312513262013/d555874dex410.htm) | | |

| 4.4 | | | [Note Purchase Agreement [removed: dated](http://www.sec.gov/Archives/edgar/data/726958/000072695816000191/secversionofnotepurchaseag.htm) [May] [added: dated May] 2, 2016 among the Company and the purchasers of the 3.65% Series C Notes and 3.72% Series D Notes (incorporated by reference to Exhibit 4.11 to Form 8-K as filed May 3, 2016)](http://www.sec.gov/Archives/edgar/data/726958/000072695816000191/secversionofnotepurchaseag.htm) | | |

| 4.6 | | | [Note Purchase Agreement [removed: dated](http://www.sec.gov/Archives/edgar/data/726958/000072695817000045/notepurchaseagreementform8.htm) [June] [added: dated June] 13, 2017 among the Company and the purchasers of the 3.51% Series E Notes and 3.77% Series F Notes (incorporated by reference to Exhibit 4.12 to Form 8-K as filed June 15, 2017)](http://www.sec.gov/Archives/edgar/data/726958/000072695817000045/notepurchaseagreementform8.htm) | | |

| 4.9 | | | [Description of Securities Registered Under Section 12 of the Exchange [removed: Act](https://www.sec.gov/Archives/edgar/data/726958/000072695821000078/descriptionofcapitalstockf.htm)] [added: Act](https://www.sec.gov/Archives/edgar/data/726958/000072695822000065/casy-ex49_2022430xq4.htm)] | | |

| 10.6 | | | [removed: [364-Day Bridge Loan Facility Commitment Letter with Goldman Sachs Bank USA,] [added: [Amendment No. 4 to Credit Agreement,] dated [removed: November 8, 2020](https://www.sec.gov/Archives/edgar/data/726958/000114036120025504/brhc10016826_ex10-1.htm) [(incorporated] [added: December 13, 2021 (incorporated] by reference to Exhibit 10.1 to Form 8-K as filed [removed: November 13, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000114036120025504/brhc10016826_ex10-1.htm)] [added: December 16, 2021)](https://www.sec.gov/Archives/edgar/data/726958/000114036121042065/brhc10031876_ex10-1.htm)] | | |

| 10.10* | | | [Executive Nonqualified Excess Plan Document and related Adoption Agreement dated September 25, 2015](https://www.sec.gov/Archives/edgar/data/726958/000072695820000085/exhibit107excessplaned.htm) [removed: [](https://www.sec.gov/Archives/edgar/data/726958/000072695820000085/exhibit107excessplaned.htm)[(incorporated] [added: [(incorporated] by reference to Exhibit 10.7 to Form 10-K as filed June 26, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000085/exhibit107excessplaned.htm) | | |

| [removed: 10.11*] [added: 10.17*] | | | [removed: [Casey’s] [added: [Casey's] General Stores, Inc. [removed: 2009] [added: 2018] Stock Incentive Plan (incorporated by reference to Exhibit [removed: 10.41] [added: 10.43] to Form 8-K as filed September [removed: 23, 2009)](http://www.sec.gov/Archives/edgar/data/726958/000072695818000097/exhibit1041-2009stockplana.htm)] [added: 10, 2018)](http://www.sec.gov/Archives/edgar/data/726958/000072695818000133/a2018stockincentiveplanfin.htm)] | | |

| [removed: 10.13*] [added: 10.21*] | | | [Form of Restricted Stock Units Agreement (Non-Officer Employees) under [removed: 2009] [added: 2018] Stock Incentive [removed: Plan (incorporated] [added: Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm) [(incorporated] by reference to Exhibit [removed: 99.2] [added: 10.33] to Form [removed: 8-K] [added: 10-Q] as filed [removed: July 19, 2017)](http://www.sec.gov/Archives/edgar/data/726958/000072695817000074/exhibit992rsuaward-nonxoff.htm)] [added: September 8, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm)] | | |

| [removed: 10.14*] [added: 10.19*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers) and Award Summary under [removed: 2009] [added: 2018] Stock Incentive Plan [added: (FY20 Awards)] (incorporated by reference to Exhibit [removed: 99.1] [added: 10.45] to Form [removed: 8-K] [added: 10-Q] as filed [removed: July 19, 2017)](http://www.sec.gov/Archives/edgar/data/726958/000072695817000074/exhibit991ltiaward-summary.htm)] [added: September 9, 2019)](http://www.sec.gov/Archives/edgar/data/726958/000072695819000111/lti-formofaward.htm)] | | |

| [removed: 10.15*] [added: 10.11*] | | | [Employment Agreement with Robert J. Myers and Amendment and Second Amendment thereto (incorporated by reference to Exhibit 10.39 to Form 10-K as filed June 29, 2018)](http://www.sec.gov/Archives/edgar/data/726958/000072695818000097/exhibit1039-myersemploymen.htm) | | |

| [removed: 10.16*] [added: 10.12*] | | | [removed: [Separation and General Release] [added: [Employment] Agreement, dated May 31, 2019, between the Company and [removed: Terry W. Handley] [added: Darren M. Rebelez (with the Change of Control Agreement attached as an exhibit thereto)] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] to Form 8-K [added: as] filed June 6, [removed: 2019)](http://www.sec.gov/Archives/edgar/data/726958/000095015719000700/ex10-2.htm)] [added: 2019)](http://www.sec.gov/Archives/edgar/data/726958/000095015719000700/ex10-1.htm)] | | |

| [removed: 10.17*] [added: 10.13*] | | | [Employment Agreement, dated May [removed: 31, 2019,] [added: 12, 2020,] between the Company and [removed: Darren M. Rebelez] [added: Stephen P. Bramlage, Jr.] (with the Change of Control [removed: Agreement](http://www.sec.gov/Archives/edgar/data/726958/000095015719000700/ex10-1.htm) [attached] [added: Agreement attached] as an exhibit thereto) (incorporated by reference to Exhibit 10.1 to Form 8-K as filed [removed: June 6, 2019)](http://www.sec.gov/Archives/edgar/data/726958/000095015719000700/ex10-1.htm)] [added: May 13, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000030/employmentagreementsb.htm)] | | |

| [removed: 10.18*] [added: 10.14*] | | | [Employment Agreement, dated May [removed: 12,] [added: 8,] 2020, between the Company and [removed: Stephen P. Bramlage, Jr.] [added: Ena Williams Koschel] (with the Change of Control Agreement attached as an exhibit thereto) (incorporated by reference to Exhibit 10.1 to Form 8-K as filed May 13, [removed: 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000030/employmentagreementsb.htm)] [added: 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000031/employmentagreementew.htm)] | | |

| [removed: 10.19*] [added: 10.15*] | | | [removed: [Employment] [added: [Separation and General Release] Agreement, dated May [removed: 8, 2020,] [added: 17, 2021,] between the Company and [removed: Ena Williams Koschel (with the Change of Control Agreement attached as an exhibit thereto)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000031/employmentagreementew.htm) [](https://www.sec.gov/Archives/edgar/data/726958/000072695820000031/employmentagreementew.htm)[(](https://www.sec.gov/Archives/edgar/data/726958/000072695820000031/employmentagreementew.htm)[incorporated] [added: Chris Jones](https://www.sec.gov/Archives/edgar/data/726958/000072695821000123/caseys-separationagreement.htm) (incorporated] by reference to Exhibit [removed: 10.1] [added: 10.5] to Form [removed: 8-K] [added: 10-Q] as filed [removed: May 13, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000031/employmentagreementew.htm)] [added: September 7, 2021)] | | |

| [removed: 10.20*] [added: 10.30*] | | | [Casey's General Stores, Inc. [removed: 2018 Stock Incentive] [added: Officer Severance] Plan (incorporated by reference to Exhibit [removed: 10.43] [added: 10.1] to Form 8-K as filed September [removed: 10, 2018)](http://www.sec.gov/Archives/edgar/data/726958/000072695818000133/a2018stockincentiveplanfin.htm)] [added: 9, 2019)](http://www.sec.gov/Archives/edgar/data/726958/000072695819000108/officerseverance.htm)] | | |

| [removed: 10.21*] [added: 10.18*] | | | [Form of Restricted Stock Units Agreement for Non-Employee Directors under 2018 Stock Incentive Plan (incorporated by reference to Exhibit 99.1 to Form 8-K as filed September 10, 2018)](http://www.sec.gov/Archives/edgar/data/726958/000072695818000133/rsuagreementnon-employeedi.htm) | | |

| 10.22* | | | [removed: [Form of Restricted] [added: [Restricted] Stock Units Agreement [removed: (LTI Awards] [added: (Make-Whole Award] to [removed: Officers)] [added: Darren M. Rebelez)] and Award Summary under 2018 Stock Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/726958/000072695819000111/lti-formofaward.htm) [(FY20 Awards)](http://www.sec.gov/Archives/edgar/data/726958/000072695819000111/lti-formofaward.htm) [(incorporated] [added: Plan (incorporated] by reference to Exhibit [removed: 10.45] [added: 10.46] to Form 10-Q as filed September 9, [removed: 2019)](http://www.sec.gov/Archives/edgar/data/726958/000072695819000111/lti-formofaward.htm)] [added: 2019)](http://www.sec.gov/Archives/edgar/data/726958/000072695819000111/make-wholersuawardagre.htm)] | | |

| [removed: 10.23*] [added: 10.20*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers) and Award Summary under 2018 Stock Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm) [(FY21 Awards)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm) [(incorporated] [added: Plan (FY21 and FY22 Awards) (incorporated] by reference to Exhibit 10.32 to Form 10-Q as filed [removed: September](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm) [8,](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm) [](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm)[2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm)] [added: September 8, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm)] | | |

| [removed: 10.24*] [added: 10.28*] | | | [removed: [Form of Restricted] [added: [Restricted] Stock Units Agreement [removed: (Non-Officer Employees)] [added: (Make-Whole Award to Adrian M. Butler)] under 2018 Stock Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm) [(FY21 Awards)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm) [(incorporated] [added: Plan (incorporated] by reference to Exhibit [removed: 10.33] [added: 10.30] to Form 10-Q as filed [removed: September](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm) [8](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm)[, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm)] [added: September 8, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholebutleredgar.htm)] | | |

| 10.25* | | | [Restricted Stock Units Agreement (Make-Whole Award to [removed: Darren M. Rebelez) and Award Summary] [added: Chad Frazell)] under 2018 Stock Incentive Plan (incorporated by reference to Exhibit [removed: 10.46] [added: 10.54] to Form 10-Q as filed [removed: September] [added: March] 9, [removed: 2019)](http://www.sec.gov/Archives/edgar/data/726958/000072695819000111/make-wholersuawardagre.htm)] [added: 2020)](http://www.sec.gov/Archives/edgar/data/726958/000072695820000017/frazelledgar.htm)] | | |

| [removed: 10.26*] [added: 10.23*] | | | [Performance-Based Restricted Stock Units Agreement (Special Strategic Grant to Darren M. Rebelez) and Award Summary under 2018 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to Form 8-K as filed December 26, 2019)](http://www.sec.gov/Archives/edgar/data/726958/000072695819000135/caseys-rsuawardagreeme.htm) | | |

| [removed: 10.27*] [added: 10.24*] | | | [Restricted Stock Units Agreement (Make-Whole Award to Thomas P. Brennan) under 2018 Stock Incentive Plan (incorporated by reference to Exhibit 10.53 to Form 10-Q as filed March 9, 2020)](http://www.sec.gov/Archives/edgar/data/726958/000072695820000017/brennanedgar.htm) | | |

| [removed: 10.28*] [added: 10.29*] | | | [Restricted Stock Units Agreement (Make-Whole Award to [removed: Chad Frazell)] [added: Katrina S. Lindsey)] under 2018 Stock Incentive Plan (incorporated by reference to Exhibit [removed: 10.54] [added: 10.2] to Form [removed: 10-Q] [added: 8-K] as filed March [removed: 9, 2020)](http://www.sec.gov/Archives/edgar/data/726958/000072695820000017/frazelledgar.htm)] [added: 8, 2021)](https://www.sec.gov/Archives/edgar/data/726958/000072695822000021/make-wholelindseyedgar.htm)] | | |

| [removed: 10.29*] [added: 10.26*] | | | [Restricted Stock Units Agreement (Sign-On Award to Stephen P. Bramlage, Jr.) and Award Summary under 2018 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/0000726958/000072695820000118/sign-onawardbramlageed.htm) (incorporated by reference to Exhibit 10.27 to Form 10-Q as filed September 8, 2020) | | |

| [removed: 10.30*] [added: 10.27*] | | | [Restricted Stock Units Agreement (Make-Whole Award to Ena Williams Koschel) under 2018 Stock Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholewilliamsedgar.htm) [](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholewilliamsedgar.htm)[(incorporated] [added: Plan (incorporated] by reference to Exhibit 10.29 to Form 10-Q as filed [removed: September](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholewilliamsedgar.htm) [8](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholewilliamsedgar.htm)[,] [added: September 8,] 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholewilliamsedgar.htm) | | |

| 21 | | | [Subsidiaries of Casey’s General Stores, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/726958/000072695821000078/casy-ex21_2021430xq4.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/726958/000072695822000065/casy-ex21_2022430xq4.htm)] | | |

| 23.1 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/726958/000072695821000078/casy-ex231_2021430xq4.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/726958/000072695822000065/casy-ex231_2022430xq4.htm)] | | |

| 31.1 | | | [Certificate of Darren M. Rebelez under Section 302 of Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695821000078/casy-ex311_2021430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695822000065/casy-ex311_2022430xq4.htm)] | | |

| 31.2 | | | [Certificate of Stephen P. Bramlage Jr. under Section 302 of Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695821000078/casy-ex312_2021430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695822000065/casy-ex312_2022430xq4.htm)] | | |

| 32.1 | | | [Certificate of Darren M. Rebelez under Section 906 of Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695821000078/casy-ex321_2021430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695822000065/casy-ex321_2022430xq4.htm)] | | |

| 32.2 | | | [Certificate of Stephen P. Bramlage Jr. under Section 906 of Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695821000078/casy-ex322_2021430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695822000065/casy-ex322_2022430xq4.htm)] | | |

| 2.4 | | | [Asset Purchase Agreement by and among CGS Stores, LLC and Pilot Corporation, dated September 27, 2021 (incorporated by reference to Exhibit 2.1 to Form 8-K as filed September 28, 2021)](https://www.sec.gov/Archives/edgar/data/726958/000114036121032680/ny20000839x1_ex2-1.htm) | | |

| 10.16* | | | [Retirement Agreement and General Release of Claims dated November 8, 2021, between the Company and Julia L. Jackowski (incorporated by reference to Exhibit 10.1 to Form 10-Q as filed December 7, 2021)](https://www.sec.gov/Archives/edgar/data/726958/000072695821000136/caseys-separationagreement.htm) | | |

| | | | | | |

| | | | | | |

| | | | | | |

| 10.12* | | | [Form of Stock Option Grant under 2009 Stock Incentive Plan (incorporated by reference to Exhibit 10.41(a) to Form 8-K filed June 27, 2011)](http://www.sec.gov/Archives/edgar/data/726958/000119312511174325/dex1041a.htm) | | |

| 10.31* | | | [Restricted Stock Units Agreement (Make-Whole Award to Adrian M. Butler) under 2018 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholebutleredgar.htm) [](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholebutleredgar.htm)[(incorporated by reference to Exhibit 10.30 to Form 10-Q as filed September](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholebutleredgar.htm) [8](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholebutleredgar.htm)[, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholebutleredgar.htm) | | |

| 10.32* | | | [Restricted Stock Units Agreement (Special Performance Award to Jay Soupene) under 2018 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/performancegrantsoupen.htm) [](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/performancegrantsoupen.htm)[(incorporated by reference to Exhibit 10.31 to Form 10-Q as filed September](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/performancegrantsoupen.htm) [8](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/performancegrantsoupen.htm)[, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/performancegrantsoupen.htm) | | |

| 10.33* | | | [Restricted Sto](https://www.sec.gov/Archives/edgar/data/726958/000072695821000026/performancegrantjohnson.htm)[ck Units Agreement (Special Performance Award to Brian Johnson)](https://www.sec.gov/Archives/edgar/data/726958/000072695821000026/performancegrantjohnson.htm) [under 2018 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695821000026/performancegrantjohnson.htm) [(incorporated by reference to Exhibit 10.36 to Form 10-Q as filed March 8, 2021)](https://www.sec.gov/Archives/edgar/data/726958/000072695821000026/performancegrantjohnson.htm) | | |

| 10.34* | | | [Casey's General Stores, Inc. Officer Severance Plan (incorporated by reference to Exhibit 10.1 to Form 8-K as filed September 9, 2019)](http://www.sec.gov/Archives/edgar/data/726958/000072695819000108/officerseverance.htm) | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Darren M. Rebelez | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Stephen P. Bramlage Jr. | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ H. Lynn Horak | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Darren M. Rebelez | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Stephen P. Bramlage Jr. | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Cara K. Heiden | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Diane C. Bridgewater | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Donald E. Frieson | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ David K. Lenhardt | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Allison M. Wing | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Larree M. Renda | | |

| Date: June [removed: 25, 2021] [added: 24, 2022] | | | By | | | /s/ Judy A. Schmeling | | |

| | | | | | | | | |

| Date: June 24, 2022 | | | By | | | /s/ Gregory A. Trojan | | |

| | | | Gregory A. Trojan | | | | | |

| | | | Director | | | | | |