Market Newsdesk

Celanese Announces Leadership Transition

Scott Richardson to Become Chief Executive Officer and Join the Board of Directors

Edward Galante to Become Chair of the Celanese Board

Lori Ryerkerk to Step Down from the Board and Her Roles as CEO and President at the End of the Year

DALLAS–(BUSINESS WIRE)–
Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today announced that Scott Richardson, currently Celanese’s Chief Operating Officer, has been appointed Chief Executive Officer and will join the Company’s Board of Directors, effective January 1, 2025. Richardson will succeed Lori Ryerkerk, who is stepping down as Chairman, CEO and director of Celanese at the end of the year. Celanese has elected Edward Galante, an independent director on Celanese’s Board since 2013, as Chair of the Board, effective upon Ryerkerk’s departure.

Over his two decades of service at Celanese, Scott Richardson has served in a number of key management roles, including Chief Operating Officer, Chief Financial Officer and leadership positions overseeing Celanese’s leading global Engineered Materials (EM) and Acetyl Chain (AC) businesses. Richardson was intimately involved in creating and implementing the EM and AC operating models that work together as a strategic pair to create value.

“It is an incredible honor to be named CEO-elect of Celanese, and I am grateful to our Board of Directors for entrusting me with this responsibility,” said Richardson. “Celanese is known for tenacious execution, even during difficult times, and I am confident we have all the critical components to create value for our shareholders, customers, employees and partners. I am fully committed to driving the changes needed in light of today’s challenges, including our relentless efforts to improve our cost structure and drive cash generation. By executing our action plan and controlling what we can control, we are working to position Celanese to capitalize on its significant upside potential, resilient free cash flow and long-term value creation.”

“Coming out of retirement to lead Celanese since 2019 as CEO has been the true highlight of my career, and I’m proud of what we’ve achieved together,” said Ryerkerk. “Scott is a proven executive who brings deep expertise across the Company’s business and new perspectives to the CEO role. I look forward to seeing what he accomplishes as he works with the team to build an even stronger Celanese.”

“The Board’s appointment of Scott represents the culmination of a deliberate and thoughtful succession planning process, and we are pleased to have an executive of Scott’s caliber,” said Kim Rucker, Lead Independent Director of Celanese’s Board of Directors. “The Board is looking forward to the long-term success of Celanese under Scott’s direction.”

Rucker continued, “On behalf of the Board, I also want to thank Lori for her leadership and significant contributions over the last five years. With Lori at the helm, Celanese has navigated challenging macro environments while strengthening its competitive position. We wish her all the best in her next chapter.”

About Scott A. Richardson

Richardson was named Executive Vice President and Chief Operating Officer for Celanese Corporation on November 8, 2023, after serving as EVP & Chief Financial Officer since February 2018, and prior to this was senior vice president of the Engineered Materials business since December 2015, where he had global responsibility for strategy, product and business management, planning and portfolio development, and pipeline management. Previously, Richardson served as vice president and general manager of the Acetyl Chain since 2011.

Richardson has progressed through several Celanese roles including global commercial director, Acetyls; manager of Investor Relations; business analysis manager, Acetyls; and business line controller, Polyols and Solvents. He joined Celanese in 2005.

Before joining Celanese, Richardson held various finance, operational and leadership roles at American Airlines. He earned a Bachelor of Arts degree in Accounting from Westminster College, and a Master of Business Administration from Texas Christian University.

About Edward G. Galante

Ed Galante was elected to the Celanese Board of Directors in 2012. He was previously Senior Vice President and Member of the management committee of Exxon Mobil Corporation, an international oil and gas company (2001 – 2006), and Executive Vice President of ExxonMobil Chemical Company (1999 – 2001). Prior to that, he held various management positions of increasing responsibility over more than 30 years with the company.

He serves as an Independent Director at Clean Harbors, Inc., a leading provider of environmental and industrial services; at Marathon Petroleum Corporation, a leading, integrated, downstream energy company; and former Independent Director at Linde plc, a leading industrial gas and engineering company.

Galante earned a B.S. in civil engineering from Northeastern University.

About Celanese

Celanese is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We are committed to sustainability by responsibly managing the materials we create for their entire lifecycle and are growing our portfolio of sustainable products to meet increasing customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese is a Fortune 500 company that employs approximately 12,400 employees worldwide with 2023 net sales of $10.9 billion.

Forward-Looking Statements

The information set forth in this Press Release contains certain “forward-looking statements,” which include information concerning the Company’s current beliefs, understanding and expectations regarding the Company’s plans, objectives, goals, strategies, financial performance and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained herein. Numerous factors, many of which are beyond the Company’s control could cause actual results to differ materially from those expressed as forward-looking statements, including those factors addressed in the Company’s November 4, 2024 earnings press release furnished as Exhibit 99.1 to the Company’s Items 2.02 and 9.01 Form 8-K dated November 4, 2024. Any forward-looking statement speaks only as of the date it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date the statement is made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241209362521/en/

Celanese Contacts:

Investor Relations

Bill Cunningham

Phone: +1 302 999 6410

[email protected]

Media – U.S.

Brian Bianco

Phone: +1 972 443 4400

[email protected]

Media – Europe

Petra Czugler

Phone: +49 69 45009 1206

[email protected]

KEYWORDS: Texas

INDUSTRY KEYWORDS: Chemicals/Plastics

MEDIA:

Logo

Cencora Closes $1.8 Billion Senior Notes Offering

CONSHOHOCKEN, Pa.–(BUSINESS WIRE)–
Cencora, Inc. (NYSE: COR) today announced the closing of its public offering of $500,000,000 aggregate principal amount of its 4.625% Senior Notes due December 15, 2027 (the “2027 Notes”), $600,000,000 aggregate principal amount of its 4.850% Senior Notes due December 15, 2029 (the “2029 Notes”) and $700,000,000 aggregate principal amount of its 5.150% Senior Notes due February 15, 2035 (the “2035 Notes” and, together with the 2027 Notes and the 2029 Notes, the “Notes”), in an underwritten registered public offering. The offering was made pursuant to an effective shelf registration statement Cencora filed with the Securities and Exchange Commission (the “SEC”) on November 26, 2024.

Cencora intends to use the net proceeds from the offering to finance the acquisition of the majority of Retina Consultants of America and related fees and expenses, and for general corporate purposes.

The joint book-running managers for the offering were BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC. Cencora filed a final prospectus supplement and an accompanying prospectus with the SEC in connection with the offering of the Notes. Copies of these materials can be made available by contacting: BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, email: [email protected] or telephone: 1-800-294-1322; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: [email protected] or telephone: 1-800-831-9146; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, telephone collect at 1-212-834-4533; and Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attention: WFS Customer Service, email: [email protected] or telephone: 1-800-645-3751. Electronic copies of the final prospectus supplement and accompanying prospectus are also available on the SEC’s web site at www.sec.gov.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Cencora

Cencora is a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. We partner with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies. Care providers depend on us for the secure, reliable delivery of pharmaceuticals, healthcare products, and solutions. Our 46,000+ worldwide team members contribute to positive health outcomes through the power of our purpose: We are united in our responsibility to create healthier futures. Cencora is ranked #10 on the Fortune 500 and #18 on the Global Fortune 500 with more than $290 billion in annual revenue.

Cencora’s Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”). Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,”, “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “sustain,” “synergy,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those indicated is included in the “Risk Factors” and “Management’s Discussion and Analysis” sections in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and elsewhere in that report and other reports filed by the Company pursuant to the Securities Exchange Act. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by the federal securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241209162698/en/

Bennett S. Murphy

Senior Vice President, Head of Investor Relations & Treasury

610-727-3693

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Veterinary Pharmaceutical Finance General Health Health Banking Professional Services Health Insurance

MEDIA:

Posted on December 9, 2024 4:18 pm

Liberty Broadband Corporation Declares Quarterly Cash Dividend on Series A Cumulative Redeemable Preferred Stock

Liberty Broadband Corporation Declares Quarterly Cash Dividend on Series A Cumulative Redeemable Preferred Stock

ENGLEWOOD, Colo.–(BUSINESS WIRE)–
Liberty Broadband Corporation (Nasdaq: LBRDA, LBRDK, LBRDP) today announced that its Board of Directors declared the regular quarterly cash dividend payable to holders of its Series A Cumulative Redeemable Preferred Stock (the “Preferred Stock”) (Nasdaq: LBRDP). The per share amount of the quarterly cash dividend will be $0.43750001, payable in cash on January 15, 2025 to holders of record of the Preferred Stock at the close of business on December 31, 2024 (the “Record Date”).

About Liberty Broadband Corporation

Liberty Broadband Corporation (Nasdaq: LBRDA, LBRDK, LBRDP) operates and owns interests in a broad range of communications businesses. Liberty Broadband’s principal assets consist of its interest in Charter Communications and its subsidiary GCI. GCI is Alaska’s largest communications provider, providing data, wireless, video, voice and managed services to consumer and business customers throughout Alaska and nationwide. GCI has delivered services over the past 40 years to some of the most remote communities and in some of the most challenging conditions in North America.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241209914110/en/

Liberty Broadband Corporation

Shane Kleinstein, 720-875-5432

KEYWORDS: Colorado United States North America

INDUSTRY KEYWORDS: Data Management Consumer Electronics Technology Telecommunications Mobile/Wireless Internet Carriers and Services

MEDIA:

Logo

Casey’s Announces Second Quarter Results

ANKENY, Iowa–(BUSINESS WIRE)–
Casey’s General Stores, Inc. (“Casey’s” or the “Company”) (Nasdaq: CASY) one of the leading convenience store chains in the United States, today announced financial results for the three and six months ended October 31, 2024.

Second Quarter Key Highlights

• Diluted EPS of $4.85, up 14% from the same period a year ago. Net income was $181 million, up 14%, and EBITDA¹ was $349 million, up 14%, from the same period a year ago.

• Inside same-store sales increased 4.0% compared to prior year, and 7.1% on a two-year stack basis, with an inside margin of 42.2%. Total inside gross profit increased 12.0% to $619.7 million compared to the prior year.

• Same-store fuel gallons were down 0.6% compared to prior year with a fuel margin of 40.2 cents per gallon. Total fuel gross profit increased 1.1% to $312.3 million compared to the prior year.

• Same-store operating expenses excluding credit card fees were up 2.3%, favorably impacted by a 1% reduction in same-store labor hours.

• Subsequent to quarter end, on November 1, 2024, Casey’s closed the previously announced Fikes Wholesale (“Fikes”) transaction, acquiring 198 CEFCO Convenience Stores.

“Casey’s delivered a strong second quarter highlighted by robust inside gross profit growth,” said Darren Rebelez, Board Chair, President and CEO. “Inside same-store sales were driven by the prepared food and dispensed beverage category, with hot sandwiches and cold dispensed beverage performing exceptionally well. Our fuel team continues to balance volume and margin as they achieved over 40 cents per gallon fuel margin while outpacing the relevant geographic market in same-store fuel gallons. The operations team continues to focus on efficiency while serving our guests, as we reduced same-store labor hours for the tenth consecutive quarter. Finally, we are excited to have closed on the Fikes acquisition and we want to welcome the team to the Casey’s family.”

Earnings

	Three Months Ended October 31,								Six Months Ended October 31,
	2024				2023				2024				2023
Net income (in thousands)	$	180,918			$	158,782			$	361,116			$	328,019
Diluted earnings per share	$	4.85			$	4.24			$	9.68			$	8.76
EBITDA (in thousands)	$	348,880			$	305,858			$	694,662			$	622,757

For the quarter, net income, diluted EPS, and EBITDA were up compared to the same period a year ago primarily due to higher inside and fuel gross profit, partially offset by higher operating expenses primarily due to operating 93 additional stores.

_________________

1 EBITDA is reconciled to net income below.

Inside

	Three Months Ended October 31,								Six Months Ended October 31,
	2024				2023				2024				2023
Inside sales (in thousands)	$	1,467,524			$	1,346,911			$	2,941,631			$	2,716,660
Inside same-store sales		4.0	%			2.9	%			3.1	%			4.2	%
Grocery and general merchandise same-store sales		3.6	%			1.7	%			2.5	%			3.5	%
Prepared food and dispensed beverage same-store sales		5.2	%			6.1	%			4.7	%			5.9	%
Inside gross profit (in thousands)	$	619,651			$	553,264			$	1,233,973			$	1,109,698
Inside margin		42.2	%			41.1	%			41.9	%			40.8	%
Grocery and general merchandise margin		35.6	%			34.0	%			35.5	%			34.0	%
Prepared food and dispensed beverage margin		58.7	%			59.0	%			58.5	%			58.6	%

Total inside sales were up 9.0% for the quarter driven by strong performance in the prepared food and dispensed beverage category, including hot sandwiches and dispensed beverage as well as non-alcoholic and alcoholic beverages in the grocery and general merchandise category. Inside margin was up 110 basis points compared to the same quarter a year ago, driven primarily by product mix and asset protection initiatives.

Fuel²

	Three Months Ended October 31,								Six Months Ended October 31,
	2024				2023				2024				2023
Fuel gallons sold (in thousands)		775,914				730,439				1,548,450				1,444,429
Same-store gallons sold		(0.6	)%			—	%			(0.1	)%			0.2	%
Fuel gross profit (in thousands)	$	312,252			$	308,835			$	626,800			$	605,813
Fuel margin (cents per gallon, excluding credit card fees)	40.2		¢		42.3		¢		40.5		¢		41.9		¢

For the quarter, total fuel gallons sold increased 6.2% compared to the prior year primarily due to the store count increase, while same-store gallons were down 0.6% versus the prior year. The Company’s total fuel gross profit was up 1.1% versus the prior year. The Company sold $4.9 million in renewable fuel credits (RINs) in the second quarter, a decrease of $3.5 million from the same quarter in the prior year.

Operating Expenses

	Three Months Ended October 31,								Six Months Ended October 31,
	2024				2023				2024				2023
Operating expenses (in thousands)	$	609,679			$	579,703			$	1,219,153			$	1,140,558
Credit card fees (in thousands)	$	62,275			$	62,917			$	126,084			$	123,902
Same-store operating expenses excluding credit card fees		2.3	%			2.1	%			1.5	%			2.6	%

Operating expenses increased approximately 5% during the second quarter. Operating 93 more stores than prior year accounted for approximately 4% of the increase. Same-store employee expense contributed to approximately 1% of the increase, as the increases in labor rates were partially offset by a reduction in same-store labor hours.

Expansion

	Store Count
April 30, 2024	2,658
New store construction	18
Acquisitions	18
Closed	(9	)
October 31, 2024	2,685

_________________

2 Fuel category does not include wholesale fuel activity, which is included in Other.

Liquidity

At October 31, 2024, the Company had approximately $1.25 billion in available liquidity, consisting of approximately $352 million in cash and cash equivalents on hand and approximately $900 million in available borrowing capacity on existing lines of credit. The liquidity calculation excludes the impact of the restricted cash included within long-term assets as of October 31, 2024. The restricted cash relates to cash held in a funding account for the acquisition of Fikes, which closed on November 1, 2024, subsequent to quarter end.

Share Repurchase

During the second quarter, the Company did not repurchase any shares. The Company has approximately $295 million remaining under its existing share repurchase authorization.

Dividend

At its December meeting, the Board of Directors approved a quarterly dividend of $0.50 per share. The dividend is payable February 17, 2025, to shareholders of record on February 3, 2025.

Fiscal 2025 Outlook

Casey’s is updating the 2025 outlook primarily due to the acquisition of Fikes, which closed on November 1, 2024.

For the second half of fiscal 2025 specifically related to the Fikes transaction: Casey’s expects to incur an additional $15 to $20 million in one-time deal and integration costs, primarily in the third quarter. EBITDA contribution from Fikes is expected to be modestly dilutive in the third quarter, primarily due to the transaction and integration costs previously mentioned. EBITDA contribution from Fikes is expected to be modestly accretive in the fourth quarter. Interest expense will be approximately $35 million higher than the original outlook due to the financing of the transaction.

For Casey’s total fiscal 2025 year outlook including the impact of the Fikes acquisition: EBITDA is expected to increase at least 10%. Total operating expenses are expected to increase 11% to 13% for the fiscal year, including approximately $25 to $30 million in one-time deal and integration costs, while same-store operating expense excluding credit card fees are expected to only increase 2% for the year. Net interest expense is expected to be approximately $90 million for the year. Depreciation and amortization is expected to be approximately $410 million and the purchase of property and equipment is expected to be approximately $550 million. The tax rate is expected to be approximately 23% to 25% for the fiscal year.

Casey’s is not updating its outlook for the following metrics: Casey’s expects to add approximately 270 stores for the fiscal year. The Company expects inside same-store sales to increase 3% to 5% and inside margin comparable to fiscal 2024. The Company expects same-store fuel gallons sold to be between negative 1% to positive 1%.

Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Amounts in thousands, except share and per share amounts)
(Unaudited)
	Three Months Ended October 31,						Six Months Ended October 31,
	2024			2023			2024			2023
Total revenue	$	3,946,771		$	4,064,400		$	8,044,508		$	7,933,651
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)		2,988,212			3,178,839			6,130,693			6,170,336
Operating expenses		609,679			579,703			1,219,153			1,140,558
Depreciation and amortization		96,592			85,598			191,001			168,503
Interest, net		12,553			12,306			26,620			24,801
Income before income taxes		239,735			207,954			477,041			429,453
Federal and state income taxes		58,817			49,172			115,925			101,434
Net income	$	180,918		$	158,782		$	361,116		$	328,019
Net income per common share
Basic	$	4.87		$	4.27		$	9.73		$	8.80
Diluted	$	4.85		$	4.24		$	9.68		$	8.76
Basic weighted average shares		37,124,541			37,227,932			37,105,886			37,264,442
Plus effect of stock compensation		186,938			203,143			202,392			187,811
Diluted weighted average shares		37,311,479			37,431,075			37,308,278			37,452,253

Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
	October 31, 2024			April 30, 2024
Assets
Current assets
Cash and cash equivalents	$	351,723		$	206,482
Receivables		156,407			151,793
Inventories		432,268			428,722
Prepaid and other current assets		38,296			25,791
Income taxes receivable		—			17,066
Total current assets		978,694			829,854
Restricted cash		1,160,118			—
Other assets, net of amortization		192,704			195,559
Goodwill		657,529			652,663
Property and equipment, net of accumulated depreciation of $2,981,245 at October 31, 2024 and $2,883,925 at April 30, 2024		4,736,525			4,669,357
Total assets	$	7,725,570		$	6,347,433
Liabilities and Shareholders’ Equity
Current liabilities
Current maturities of long-term debt and finance lease obligations	$	245,558		$	53,181
Accounts payable		573,320			569,527
Accrued expenses		296,374			330,758
Income taxes payable		1,284			—
Total current liabilities		1,116,536			953,466
Long-term debt and finance lease obligations, net of current maturities		2,461,922			1,582,758
Deferred income taxes		608,904			596,850
Insurance accruals, net of current portion		30,227			30,046
Other long-term liabilities		170,535			168,932
Total liabilities		4,388,124			3,332,052
Total shareholders’ equity		3,337,446			3,015,381
Total liabilities and shareholders’ equity	$	7,725,570		$	6,347,433

Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
	Six months ended October 31,
	2024				2023
Cash flows from operating activities:
Net income	$	361,116			$	328,019
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		191,001				168,503
Amortization of debt issuance costs		555				555
Change in excess replacement cost over LIFO inventory valuation		6,398				7,946
Share-based compensation		23,645				19,485
Loss (gain) on disposal of assets and impairment charges		4,422				(232	)
Deferred income taxes		12,054				39,353
Changes in assets and liabilities:
Receivables		(855	)			(21,897	)
Inventories		(8,723	)			(44,714	)
Prepaid and other current assets		(12,505	)			(10,693	)
Accounts payable		(9,902	)			(10,400	)
Accrued expenses		(36,228	)			(20,925	)
Income taxes		20,780				21,992
Other, net		299				4,788
Net cash provided by operating activities		552,057				481,780
Cash flows from investing activities:
Purchase of property and equipment		(211,226	)			(175,955	)
Payments for acquisition of businesses, net of cash acquired		(46,341	)			(139,359	)
Proceeds from sales of assets		11,720				8,291
Net cash used in investing activities		(245,847	)			(307,023	)
Cash flows from financing activities:
Proceeds from long-term debt		1,100,000				—
Payments of long-term debt and finance lease obligations		(34,637	)			(35,135	)
Payments of debt issuance costs		(5,191	)			—
Payments of cash dividends		(35,179	)			(30,988	)
Repurchase of common stock and payment of related excise taxes		(734	)			(59,491	)
Tax withholdings on employee share-based awards		(25,110	)			(18,121	)
Net cash provided by (used) in financing activities		999,149				(143,735	)
Net increase in cash, cash equivalents and restricted cash		1,305,359				31,022
Cash and cash equivalents at beginning of the period		206,482				378,869
Cash, cash equivalents and restricted cash at end of the period	$	1,511,841			$	409,891

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
	Six months ended October 31,
	2024			2023
Cash and cash equivalents	$	351,723		$	409,891
Restricted cash		1,160,118			—
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,511,841		$	409,891

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
	Six months ended October 31,
	2024			2023
Cash paid during the period for:
Interest, net of amount capitalized	$	33,516		$	31,429
Income taxes, net		82,507			36,037
Noncash investing and financing activities:
Purchased property and equipment in accounts payable		59,312			78,684
Right-of-use assets obtained in exchange for new finance lease liabilities		11,210			11,216
Right-of-use assets obtained in exchange for new operating lease liabilities		—			8,273

Summary by Category (Amounts in thousands)
Three Months Ended October 31, 2024	Prepared Food & Dispensed Beverage				Grocery & General Merchandise				Fuel				Other				Total
Revenue	$	417,827			$	1,049,697			$	2,414,632			$	64,615			$	3,946,771
Gross profit	$	245,458			$	374,193			$	312,252			$	26,656			$	958,559
		58.7	%			35.6	%			12.9	%			41.3	%			24.3	%
Fuel gallons sold										775,914
Three Months Ended October 31, 2023
Revenue	$	382,481			$	964,430			$	2,646,478			$	71,011			$	4,064,400
Gross profit	$	225,664			$	327,600			$	308,835			$	23,462			$	885,561
		59.0	%			34.0	%			11.7	%			33.0	%			21.8	%
Fuel gallons sold										730,439

Summary by Category (Amounts in thousands)
Six Months Ended October 31, 2024	Prepared Food & Dispensed Beverage				Grocery & General Merchandise				Fuel				Other				Total
Revenue	$	822,956			$	2,118,675			$	4,970,274			$	132,603			$	8,044,508
Gross profit	$	481,499			$	752,474			$	626,800			$	53,042			$	1,913,815
		58.5	%			35.5	%			12.6	%			40.0	%			23.8	%
Fuel gallons sold										1,548,450
Six Months Ended October 31, 2023
Revenue	$	755,294			$	1,961,366			$	5,073,811			$	143,180			$	7,933,651
Gross profit	$	442,525			$	667,173			$	605,813			$	47,804			$	1,763,315
		58.6	%			34.0	%			11.9	%			33.4	%			22.2	%
Fuel gallons sold										1,444,429

Prepared Food & Dispensed Beverage																Prepared Food & Dispensed Beverage
Same-store Sales																Margin
	Q1			Q2			Q3			Q4			Fiscal Year				Q1			Q2			Q3			Q4			Fiscal Year
F2025	4.4	%		5.2	%											F2025	58.3	%		58.7	%
F2024	5.9			6.1			7.5	%		8.8	%		6.8	%		F2024	58.2			59.0			59.6	%		58.1	%		58.7	%
F2023	8.4			10.5			5.0			4.9			7.1			F2023	55.6			56.7			57.3			56.8			56.6

Grocery & General Merchandise																Grocery & General Merchandise
Same-store Sales																Margin
	Q1			Q2			Q3			Q4			Fiscal Year				Q1			Q2			Q3			Q4			Fiscal Year
F2025	1.6	%		3.6	%											F2025	35.4	%		35.6	%
F2024	5.2			1.7			2.8	%		4.3	%		3.5	%		F2024	34.1			34.0			33.9	%		34.4	%		34.1	%
F2023	5.5			6.9			5.8			7.1			6.3			F2023	33.9			33.3			34.0			33.0			33.6

Fuel Gallons																Fuel Margin
Same-store Sales																(Cents per gallon, excluding credit card fees)
	Q1			Q2			Q3			Q4			Fiscal Year				Q1			Q2			Q3			Q4			Fiscal Year
F2025	0.7	%		(0.6	)%											F2025	40.7	¢		40.2	¢
F2024	0.4			—			(0.4	)%		0.9	%		0.1	%		F2024	41.6			42.3			37.3	¢		36.5	¢		39.5	¢
F2023	(2.3	)		0.3			(0.5	)		—			(0.8	)		F2023	44.7			40.5			40.7			34.6			40.2

RECONCILIATION OF NET INCOME TO EBITDA

We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. EBITDA is not considered to be a GAAP measure, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use this calculation as a measure of financial performance and debt service capabilities, and it is regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing performance, and awarding incentive compensation.

Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies.

The following table contains a reconciliation of net income to EBITDA for the three and six months ended October 31, 2024 and 2023:

(in thousands)	Three Months Ended October 31,						Six Months Ended October 31,
	2024			2023			2024			2023
Net income	$	180,918		$	158,782		$	361,116		$	328,019
Interest, net		12,553			12,306			26,620			24,801
Federal and state income taxes		58,817			49,172			115,925			101,434
Depreciation and amortization		96,592			85,598			191,001			168,503
EBITDA	$	348,880		$	305,858		$	694,662		$	622,757

NOTES:

• Gross Profit is defined as revenue less cost of goods sold (exclusive of depreciation and amortization)

• Inside is defined as the combination of grocery and general merchandise and prepared food and dispensed beverage

This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to the potential impact the Fikes transaction, expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of the conflict in Ukraine or other geopolitical disruptions, as well as other risks, uncertainties and factors which are described in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this release represent our current views as of the date of this release with respect to future events, and Casey’s disclaims any intention or obligation to update or revise any forward-looking statements in the release whether as a result of new information, future events, or otherwise.

Corporate information is available at this website: https://www.caseys.com. Earnings will be reported during a conference call on December 10, 2024. The call will be broadcast live over the Internet at 7:30 a.m. CDT. To access the call, go to the Events and Presentations section of our website at https://investor.caseys.com/events-and-presentations/default.aspx. No access code is required. A webcast replay of the call will remain available in an archived format on the Events and Presentations section of our website at https://investor.caseys.com/events-and-presentations/default.aspx for one year after the call.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241209969868/en/

Investor Relations Contact:

Brian Johnson (515) 446-6587

Media Relations Contact:

Katie Petru (515) 446-6772

KEYWORDS: Iowa United States North America

INDUSTRY KEYWORDS: Retail Restaurant/Bar Convenience Store Oil/Gas Tobacco Energy Food/Beverage

MEDIA:

Posted on December 9, 2024 4:18 pm

Healthpeak Properties Extends Its $3 Billion Revolving Credit Facility

Healthpeak Properties Extends Its $3 Billion Revolving Credit Facility

DENVER–(BUSINESS WIRE)–
Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, announced today that its operating partnership has amended and extended its $3 billion revolving credit facility (“Credit Facility”), as well as made conforming amendments to its outstanding term loans in connection with the Credit Facility.

“We appreciate the strong support of our lender group who offered to provide over $5 billion of total commitments for this transaction. This successful transaction is a testament to the strength of our balance sheet, and more importantly, supports Healthpeak’s growth initiatives and ongoing commitment to create long-term value for our shareholders,” said Peter Scott, Chief Financial Officer.

The Credit Facility will initially mature in January 2029 and can be extended pursuant to two six-month extension options, subject to certain conditions. Based on Healthpeak’s current credit ratings, the Credit Facility bears interest at a rate per annum equal to SOFR plus 77.5 basis points, and carries a facility fee on the entire revolving commitment of 15 basis points per annum.

The Credit Facility was arranged by BofA Securities, Inc., JPMorgan Chase Bank, N.A., and Wells Fargo Securities, LLC. Bank of America, N.A. is serving as the Administrative Agent, and JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association acted as Co-Syndication Agents for the Credit Facility. Bank of America, N.A. and Credit Agricole Corporate and Investment Bank are serving as Structuring Sustainability Agents.

ABOUT HEALTHPEAK PROPERTIES

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate focused on healthcare discovery and delivery. For more information regarding Healthpeak, visit www.healthpeak.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241209997989/en/

Andrew Johns, CFA

Senior Vice President – Investor Relations

720-428-5400

KEYWORDS: Colorado United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Finance Health Professional Services REIT Other Construction & Property Other Health

MEDIA:

Logo