Good day, and thank you for standing by. Welcome to the Q3 FY 2026 Casey's General Stores Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You'll then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised today's conference is being recorded. I would now like to turn the conference over to your speaker today, Brian Johnson, Senior Vice President, Investor Relations and Business Development. Please go ahead. Good morning, and thank you for joining us to discuss the results from our Q3 ended January 31, 2026. I am Brian Johnson, Senior Vice President, Investor Relations and Business Development. With me today are Darren Rebelez, Chairman, President, and Chief Executive Officer, and Steve Bramlage, Chief Financial Officer. Before we begin, I'll remind you that certain statements made by us during this investor call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements relating to the potential impact of the Fikes transaction, expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, the company's supply chain, business and integration strategies, plans and synergies, growth opportunities, and performance at our stores. There are a number of known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any future results expressed or implied by those forward-looking statements, including, but not limited to, the integration of the recent acquisitions, our ability to execute on our strategic plan or to realize benefits from the strategic plan, the impact and duration of conflicts in oil-producing regions and related governmental actions, as well as other risks, uncertainties, and factors which are described in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the SEC and available on our website. Any forward-looking statements made during this call reflect our current views as of today with respect to future events, and Casey's disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. A reconciliation of non-GAAP to GAAP financial measures referenced in this call, as well as a detailed breakdown of the operating expense increase for the Q3, can be found on our website at www.caseys.com under the Investor Relations link. With that said, I would now like to turn the call over to Darren to discuss our Q3 results. Darren? Thanks, Brian, and good morning, everyone. Before we go into further detail on our outstanding Q3 performance, I'd like to praise the entire Casey's team for their hard work serving our guests. The team's high level of execution across the board is reflected in the numbers I'll share with you shortly. Before I do that, I wanna highlight the positive impact Casey's is making throughout our geography. Supporting the community is core to who Casey's is, and right now we're activating our Feeding America campaign in partnership with DoorDash. The campaign will benefit over 60 local food banks in our footprint. Thank you to our guests and team members who are engaging in this campaign to combat hunger and food insecurity. Now let's discuss the results from the quarter. Diluted earnings per share finished at $3.49 per share, up 50% from the prior year. Net income was $130 million, an increase of 49% from the prior year. The company generated $309 million in EBITDA, 27.5% higher than the prior year. Inside the store, prepared food and dispensed beverages remained strong, supported by a compelling value proposition and continued innovation, such as our two new specialty pizzas, Twisted Pepperoni and Ultimate Meat. Margin expansion was driven primarily by grocery and general merchandise. As a result of our joint business planning process, our guests have early access to Monster's Ultra Red White & Blue Razz flavor, celebrating 250 years of American independence. This product will be sold almost exclusively at Casey's locations up until Memorial Day weekend. In the forecourt, our team executed well as same-store gallons grew for the fifth consecutive quarter, while fuel margin exceeded $0.40 per gallon. I'd now like to go over our results and share some of the details in each of the categories. Inside same-store sales were up 4% for the Q3, or 7.9% on a two-year stack basis with an average margin of 42.2%. Same-store prepared food and dispensed beverage led the way as sales were up 4.3% or 9.2% on two-year stack basis with an average margin of 58.3%. Continuing the momentum from the prior quarter, whole pies and hot sandwiches and all-day breakfasts performed well during the Q3. Same-store grocery and general merchandise sales were up 4% or 7.4% on a two-year stack basis with an average margin of 35.7%. Energy drinks and nicotine alternatives continued to outperform the category with double-digit growth. On the fuel side, same-store gallons sold were up 0.4% with a fuel margin of $0.41 per gallon. The Midcontinent region saw an approximate 4% decline this quarter, according to OPIS fuel gallon sold data, indicating that we continue to take market share. In the Q3, same-store operating expense excluding credit card fees increased 4.6%. Same-store labor hours were down slightly as the organization continues to prioritize efficiency while being mindful of guest satisfaction, where scores for the fiscal year are at an all-time high. I'd like to now turn the call over to Steve to discuss the financial results from the Q3. Steve? Thank you, Darren, and good morning. Before I begin, I also wanna share my appreciation for the hard work and the great results from our team members. Total revenue for the quarter was $3.91 billion. That's an increase of $12 million or 0.3% from the prior year, primarily due to higher inside sales as well as higher fuel gallons sold that was nearly offset by a lower retail fuel price. Results were also favorably impacted by operating approximately 1% more stores on a year-over-year basis. Total inside sales for the quarter were $1.48 billion, an increase of $80 million or 5.7% from the prior year. For the quarter, prepared food and dispensed beverage sales rose by $26 million- $423 million, an increase of 6.5%. In grocery and general merchandise sales increased by $54 million- $1.06 billion, an increase of 5.4%. Retail fuel sales were down $57 million in the quarter as a 2.3% increase in fuel gallons sold was offset by a 4.6% decline in the average retail price. The average retail price during the period was $2.72 a gallon, and that compares to $2.85 a year ago. We define gross profit as revenue less cost of goods sold, excluding depreciation and amortization. Casey's had gross profit of $1.01 billion in the quarter, an increase of $94 million or 10.3% from the prior year. This is driven by both higher inside gross profit of $51 million or 8.9%, as well as higher fuel gross profit of $46.2 million or 15.3%. Inside gross profit margin was 42.2%. That is up 130 basis points from a year ago. Prepared food and dispensed beverage margin was 58.3%, and that's up 50 basis points from prior year. Cheese was $2.05 per pound for the quarter compared to $2.12 per pound last year. That's a decrease of 3% or approximately a 20 basis point benefit to margin. Margin also benefited from improved waste, which was partially offset by promotional activity. The grocery and general merchandise margin was 35.7%. That's an increase of 150 basis points from the prior year. The change was impacted by strong cost of goods management as well as a favorable mix shift within the category. Fuel margin for the quarter was $0.41 per gallon. That's up $0.046 per gallon from prior year. Total operating expenses were up 4.1% or $27.4 million in the quarter. The total operating expense comparison benefited from $13 million in one-time deal and integration costs that we incurred in the prior year related to the closing of the acquisition of Fikes, which amounted to a roughly 2% year-over-year benefit. Approximately 1% of the total operating expense increase is due to unit growth, as we operated 31 more stores than the prior year. Same-store employee expense accounted for approximately 1.5% of the increase due to increases in labor rates, which were partially offset by reduced same-store labor hours. Snow removal due to unfavorable weather in the geography during the quarter contributed to approximately 1% of the increase. Finally, higher variable incentive compensation and charitable contributions contributed to approximately 1.5% of the increase. Net interest expense was $23.4 million in the quarter. That's down $6 million versus the prior year. That's primarily due to paying off debt associated with the Fikes transaction. Depreciation in the quarter was $114.1 million. That's up $8.9 million versus the prior year, primarily due to operating more stores. The effective tax rate for the quarter was 24.1%. That compares to the prior year of 19.2%. The increase this year was driven by a one-time benefit in the prior year from revaluing state deferred tax liabilities following the closing of the Fikes transaction. Our financial flexibility remains excellent. On January 31, we had a total available liquidity of $1.4 billion, and our credit facility debt to EBITDA ratio ended the quarter at 1.6x. For the quarter, net cash generated by operating activities of $260 million, less purchases of PP&E of $184 million, resulted in the company generating $76 million in free cash flow, and that compares to generating $91 million in the prior year. At the March meeting, the board of directors voted to maintain the quarterly dividend at $0.57 per share. Also, during the Q3, we repurchased approximately $76 million in shares. We are updating our previously communicated FY 2026 guidance as follows: FY 2026 EBITDA is now expected to increase 18%-20%. The company now expects inside same-store sales to increase between 3.5%-4.5% and an inside margin of between 41.5%-42.5%. Total operating expenses are expected to increase approximately 10%, and the tax rate is now expected to be between 23.5%-24.5% for the fiscal year. The remainder of our annual guidance remains unchanged. Now, our results for the month of February were as follows: Same-store volumes, both inside and outside the store were strong, and they are reflected in the updated annual guidance. Fuel CPG was in the low $0.40 per gallon. Current cheese costs are slightly favorable versus the prior year. We expect Q4 operating expense to be up mid-single digits%. That's partially attributable to higher expected variable incentive compensation. I would now like to turn the call over to Darren. Thanks, Steve. About a year ago, we began a test for chicken wings in our Des Moines market at 225 stores. I'm happy to announce that we've expanded to over 550 stores as of the end of the Q3. Our culinary team has done a great job getting the flavor profile right with five sauces and three dry rubs that have resonated with our guests. Our goal with the wings has been to complement pizza and create an incremental occasion within our prepared foods business. While we do not have financial metrics to share on the wings yet, the platform has been largely incremental as our pizza units in the stores where we sold wings were up high single-digit percentage in the quarter. Within Casey's Rewards, we crossed a major milestone as we now have over 10 million members. This is a testament to the whole team, from marketing to store operations and everyone in between, providing real value for our guests to earn and use points throughout the store and at the pump. As we continue to grow, we're excited for more guests to join the Casey's Rewards platform. On the fuel side, our fuel team continues to grow our capabilities. They prioritize business-to-business relationships, growing our self-supply capabilities, and remaining focused on increasing our capacity to haul fuel on Casey's trucks. This, coupled with our strong inside offering, gives us a strategic advantage in the forecourt. Lastly, as we are now in the final quarter of our three-year strategic plan, I'd like to announce that we have set a date, June 24, for our next Investor Day. We'll hold the event in New York City and plan to release our next three-year strategic plan at that event. I'll let you in on a little secret, we plan to serve our famous pizza at the event. We will now take your questions. Thank you. Ladies and gentlemen, if you have a question or a comment at this time, please press star one one on your telephone. If your question has been answered, or you wish to remove yourself from the queue, please press star one one again. We also ask that you limit yourself to one question and one follow-up. We'll pause for a moment while we compile our Q&A roster. Our first question comes from Corey Tarlowe with Jefferies. Your line is open. Great. Thanks, and good morning. Darren, I was wondering if you could comment on the impact of volatility on your business and any comments on the recent events and some of the impacts that might have had on either fuel sales or profitability? Yeah, sure, Corey. As you well know, you know, volatility is kind of par for the course in this business, and so these events, like what's happening with Iran right now, happen from time to time. The most recent history we have on that is a few years ago when the Russia-Ukraine war began. You know, typically what happens in a situation like this is the cost runs up on gasoline and is driven by crude oil primarily and then flows through the system. Wholesale prices move up, retail prices move up, but tend to move a little bit more slowly, and so margins get a little bit compressed on the front side of that curve. When there's an ultimate inflection point and the costs start to come down, retail prices will come down as well, but also tend to come down more slowly and the margin expands. Over the course of the cycle, it historically has ended up being a net positive from a fuel margin standpoint. But it is a little bit of tightening on the front end, a little bit of expansion on the back end. When we look at the history from the most recent event with the Ukraine war, that's exactly what played out. Margins did get a little bit compressed, but not bad. I mean, the quarter, our quarter in 2022, where we had the first initial shock from the Ukraine war, we printed a $0.36 fuel margin that quarter. The subsequent three quarters were all over $0.40 a gallon. Again, there'll be a little bit of tightening, but this is not a huge deal from a margin perspective. On the volume side of things, with absolute retail prices, we really don't start to see any level of demand destruction until we're approaching $5 a gallon at retail. We, as we sit here today, we're right around $3 a gallon in our footprint. We have quite a ways to go before we would be concerned from a volume standpoint. That's very helpful. Thank you so much. Steve, I just wanted to follow up. As you think about the inside same-store sales up 3.5%-4.5%, some of your largest vendors have called out that they're investing in price. How do you think about pricing impacts within the full-year guide? And what do you expect to have from a pricing perspective? Because I do believe you also mentioned increased promotions. Thanks so much. Yeah. Corey, hey, good morning. Thank you. You know, we don't lean heavily into price as a general matter, as a constituent part of our in-store sales bridge. As you know, we had a little under 3% pricing reflected in our current quarter, and that's primarily on the nicotine category, where we tend to just pass through the manufacturer price increases that we have. I mean, the strength of our in-store offer is very much, especially in prepared food, predicated on the value proposition that we've worked very hard to maintain. We took almost no price. I think actually with the way commodities worked in the quarter, we had negative pricing net within the prepared food category. As our QSR competitive set broadly has continued to take price in the last couple of years, you know, that's really helped the velocity of units in that prepared food category. You know, we will continue to run that play. We like to be a value proposition on that side. I would not expect us to lean into price heavily going forward in prepared food. We always have that as an insurance policy if we would need to, but we simply have not needed to do that. On the grocery side, you know, we do use pricing to preserve margin. That's a contractual business for us annually. We will continue to take price in that category, commensurate with the inflation we take from our partners. The pricing we do receive, to your point on promotion in the grocery category especially, is often largely or completely offset by promotional support from our vendor partners. Thank you. One moment for our next question. Our next question comes from Mark Carden with UBS. Your line is open. Morning. Thanks so much for taking the question. To start, I guess, this particular sales performance in grocery and gen merch, could you provide a little more color on what drove the strength in non-alcoholic beverages? I would assume that Monster is more of a benefit next quarter, but if you saw a tailwind there, definitely let us know. Then do you think there was a stocking up benefit ahead of the severe winter weather that helped the segment? Thank you. Yeah, Mark, it's Darren. On the non-alc beverages, it was driven primarily by energy. Overall energy was up about 14% in the quarter. There's also we had strong growth in our flavor enhanced waters. Both of those two categories really contributed to the non-alc beverage performance. In terms of stocking up, I don't think we saw any real change in behavior from that perspective, you know, during the quarter. I'm not sure what the impetus would have been during the Q3 to, you know, for that to happen. No, we didn't see any of that behavior in the quarter. Thank you. One moment for our next question. Our next question comes from Chuck Grom with Gordon Haskett. Your line is open. Hey, thanks very much. Good morning. Great quarter. You noted that quarter to date sales are strong, yet your implied Q4 guide has a pretty big decel on the stack. I was just wondering if we could reconcile that and maybe just double click on the overall health of your customer based across income cohorts, any changes you've seen recently. Yeah, maybe, Chuck, I'll talk about the health of the customer. I'll let Steve talk about the guidance in that bridge. You know, from a consumer standpoint, health of the customer, we're still seeing customers shop at our stores across all income cohorts. For sure the upper income cohorts are stronger, but we're growing business across the low income cohorts as well. What we're seeing in terms of behavior difference, I'd say the middle and upper income cohorts are performing about the same. They're still shopping at our stores. They're shopping across all categories. Very little change in their behavior. The lower income cohorts are still growing with us. I think that's an important thing to call out. They are growing at a slower rate than the other cohorts, except in prepared foods, where they're actually growing as strong, if not stronger than the higher income cohorts. I think that's really a reflection of the value proposition that our prepared foods category offers relative to QSRs and other of our national brand pizza competitors. They're also leaning a little bit heavier on the dispense beverage side within prepared foods because that typically represents a better value than the bottle and can beverages on the grocery and general merchandise side. On grocery and general merchandise, lower income consumers are buying at a little bit slower rate, still growing again. That kinda holds together logically as they may have opportunities to go to a grocery store and buy in bulk at a lower unit cost than what we would be able to provide. That's really what we're seeing on the consumer side. I still feel very good about the overall health of consumer and their shopping habits. Steve, you wanna talk a little bit about the guidance? Yeah, sure. Good morning, Chuck. We, you know, we normally don't give quarterly specific numbers for much at all because we're probably not that precise. Coming into the Q4, we're trying to serve up some squeeze math for people as best we can. I think on the inside number, I think year to date, we're about 3.8% or so on the inside number. You know, the inside range, the midpoint of that range is right around where we are, maybe a touch higher. Ultimately, I think that squeeze math would indicate that, you know, Q4 should look pretty close to what the year to date inside experience has been. We're not expecting it to be significantly different. Okay, great. Thanks very much. Then just on the grocery margins up really, really healthy here, right up 150 basis points. Talked about cost of goods management and mix. Maybe dive into the cost of goods management, where you are with your vendors on some of that journey versus how much of it was mixed, just so we can think about the complexion, you know, in the next few quarters. Thanks. Yeah. This is Darren. You know, on the cost of goods management side, I think it's really just a reflection of our joint business planning process. Our merchants have done a really good job of partnering with our supplier partners in creating plans that allow us to manage that cost of goods a little bit more effectively, at the same time, grow the business for all of us. I'd say that's really what you see on the cost of goods management side. The mix is really a couple of different things. The fastest growing subcategory within grocery and general merchandise is non-alcoholic beverages, and that also carries the highest margin rate and adds margin expansion in the quarter. That's favorably mixing. The other thing I would call out is the nicotine category, and that's a combination of a couple of things. You know, the combustible cigarette mix has gone down, and that's the lowest margin part of that subcategory. The nicotine alternatives, so think the pouch business, is up 31% in the quarter. Vapor was up another 12% as enforcement actions against illicit vape have improved. Those both carry more than double the margin rate of combustible cigarettes. When you throw all that into the mix, that really does favorably impact the grocery and general merchandise category margin rates. Thank you. One moment for our next question. Our next question comes from Kelly Bania with BMO Capital Markets. Your line is open. Hi. Good morning. Thanks for taking our questions. Darren, you, I think, made the comment that you typically don't see demand destruction until the retail price of fuel hits closer to $5 per gallon, and obviously we're still far away from that. I was just curious if you have seen any, you know, impact to consumer behavior, traffic, ticket, inside sales, just in the past few weeks, and if you are making any contingency plans from a promotional perspective, you know, if this fuel margin environment remains elevated or continues to increase. Yeah, Kelly, we've seen no signs at this stage of the cycle in terms of any change in guest behavior. You know, certainly people don't like seeing gas prices go up. I'll again put this in perspective. Right now, after this last week or so's events, you know, retail's up, give or take, on average about $0.30 a gallon. At that $0.30 a gallon, now we're in the low $3-a-gallon range on average. That's still $0.30 below the starting point when the Ukraine war began. You know, fuel prices had run down quite a bit over the last year or so we were actually sitting in a really low position. The fact that we moved up a little bit more recently still puts us at a very low absolute retail price relative to recent history. Again, we're still not seeing any sort of behavior change. In the event that we start to get up into that, you know, close to $5-a-gallon range, we certainly will do some things to encourage demand. But as it stands right now, our traffic to our stores has been positive, and that's a great credit to our merchandising, our food team, our store ops teams who are running great stores every day to get people to come in. That's worked across the board. That value proposition relative to other alternatives is still very strong. In a higher price environment for fuel, I think more consumers will be more discerning about where they spend their money, and they'll see the value proposition that we have every day in our stores. I think that ultimately accrues to our benefit. Thank you. Just wanted to also ask about the wings. Sounds like that's now at 550 stores. Can you talk a little bit more about the timing and cadence of additional rollout of that program to more stores? And also, can you tie in just how you think about the pricing of that item? I think what we're seeing is $7.99 for eight pieces. Just curious how you think about the value proposition of that category to, say, pizza or hot sandwiches or some of your other core prepared food offerings. Yeah. With respect to timing, we're going to have a more measured rollout over time. We'll do that essentially by distribution center to make sure the supply chain is running efficiently. Keep in mind, this just isn't selling a new product. We have equipment that we need to install in stores to enable that process. We have to do a lot of training. I would say over the next two years would be the case where we would roll out the rest of the chain. With respect to pricing, we intend to approach the pricing similar to how we've done with pizza in terms of keeping a gap relative to any sort of national brand competitor. We encourage trial and adoption and continue to grow the unit velocity on that business. You know, our ultimate goal with this platform is really to create an incremental occasion in addition to pizza. It certainly can be an add-on to the pizza, but it also has the quality and value proposition to stand alone on its own as an incremental occasion. The early indications are that we are selling the product to wing-only customers, and we're also seeing that when people are buying our wings, they are increasing their frequency of visit as a result of that. We feel very good about the progress so far. We still have a long way to go, but things are working well so far. Thank you. One moment for our next question. Our next question comes from Michael Montani with Evercore ISI. Your line is open. Yes. Hi, good morning. Thanks for taking the question and congrats on the results. Just wanted to ask if I could, I guess on two areas. One is, you know, if you could discuss a little bit, Steve, any synergies that you realized kinda in the quarter, and then what a realistic full year outlook is, for synergy from CEFCO. Just to follow up on the wings, you know, how should we think about potential CapEx investment, you know, if it's a light touch versus a heavier touch? How do you see that kind of split out over time? Similarly, on the OpEx side, you know, do you need to add kind of a full-time equivalent worker to be able to, you know, deliver the wing value prop? Yeah. Hi, good morning, Mike. This is Steve. I'll maybe start on the synergy one, turn it to Darren for the wings. You know, we are right where we expected to be as it relates to the integration of Fikes and CEFCO is probably the overarching comment I would make. You know, if you go back to the synergy capture that we expected and talked about at the time of the closing the deal, so a year ago this quarter, the early innings of those synergies were gonna be some G&A capture, which were right where we thought we'd be probably a little bit ahead of that. Certainly some fuel benefit capture, both from converging the supply agreements of the two entities together, which we just completed actually this quarter. Everybody is now on the same kinda timeline with the same volume benefit in those negotiations, as well as the pricing which we took over really on day one and centralized that pricing. Most of those synergies have all been realized. We have started to take some synergies inside the store slowly as we put some of our product into Some of the proof of concept stores that we converted a while ago, and we're also now in the process of converting another 50 stores that had previously had kitchens in them. We'll have 50 more converted by the end of the fiscal year. Those stores will also start to show prepared food synergies, which is the bulk. About 40% of the total synergies we expected to capture would ultimately be prepared food because we're putting pizza in. That will follow the conversion schedule. Long story short, you know, Fikes for sure is, as we had communicated at the beginning of the year, will be EBITDA accretive for us, this year comfortably so. The synergy capture is right where we expect. The bulk of the prepared food synergy capture will really start in the H1 of next fiscal year, and we'll ramp that up throughout the course of the year. Yeah, Michael, I'll go ahead and take the wings. You know, from a CapEx perspective, it's a pretty light lift. Really, it's just putting a commercial fryer into the stores. We have electrical, we have vent hoods already. There's a little bit of smallwares that are required to produce the product, but that's it. It's just we got, you know, thousands of stores we have to install them into, so it takes a little time. From a CapEx perspective, it's not a significant investment. On the labor side, it's not as. It's a little more scientific in terms of how we add the labor. It's not just adding an FTE. We have a pretty robust labor modeling process that we go through with time motion studies to understand what it actually takes to produce any product in our kitchens. Then the team forecasts the demand in those stores, and based on that, they'll get an incremental labor allocation to the stores. If the volume were high enough, it may warrant an incremental FTE. I would say for the most part, at this stage, it's warranting incremental hours, but not necessarily an FTE at this stage of the game. Every store has their own specific allocation based on that math, and then that ebbs and flows as the volume, the actual volume experience goes forward. That's how we approach the labor. Thank you. One moment for our next question. Our next question comes from Bonnie Herzog with Goldman Sachs. Your line is open. Thank you. Good morning. I was hoping you could touch on the durability of your new unit growth, I guess, over the long term. Curious to hear from you know, what is a sustainable pace of, you know, new unit growth and, you know, how many sites, you know, do you have in your pipeline? I guess, can you know, share with us if you're still on track to deliver on your guidance this year and to add, I guess, the 80 new stores, which implies about 60 new store openings in the Q4? Are you guys also sort of on track to add the 500 new stores by the end of this fiscal year? Thanks. Yeah. Bonnie, we are definitely on track to open 80 stores this year. I'm not sure what numbers you're looking at for the Q4, but we do not need to open up 60 stores in the Q4 to get to our 80 stores. Remember, that's a combination of new-store new-to-industry stores and M&A. On both fronts, we are well positioned to wrap up the Q4 and hit that 80 stores for this year. That 80 stores for this year will get us to 500 stores for the three-year planning horizon, which was originally 350 stores, and then we moved it up to 500 stores. Feel very good about that. On a sustainable basis, you know, we are well situated from a pipeline perspective on NTI. You know, we have stores right now. If we're buying real estate, we're really putting that in the FY 2028 or FY 2029 pipeline at this point because the pipeline's in good shape. In the M&A front, I'd say the team feels very good about the small deal M&A and the pipeline there as well. Remember, we like to have both NTI and M&A working at the same time. If multiples get a little bit too rich on the M&A side, we can lean heavier on the NTI side to keep that ratable store growth. Lastly, I'd say just in terms of the pace, you know, our algorithm, our growth algorithm at a high level is pretty straightforward. We get about 4% growth from organic, you know, running the mothership, so same store sales, fuel profitability, efficiency in our operations, and then 4% from new units. Give or take every year, we kind of approach that year with a goal of growing the units by 4% per year. We pulled back a little bit in this current fiscal year deliberately, so we had the opportunity to integrate the CEFCO acquisitions because there's a lot of work to be done there. We'll be back on that 4% unit growth rate. Thank you. One moment for our next question. Our next question comes from Jacob Aiken-Phillips with Melius Research. Your line is open. Hey, good morning. Thanks for the clarity on the unit expansion. I'm just curious, as we're approaching the new strategic plan, not gonna ask for numbers, but how should we be thinking about the biggest growth levers from here? You outlined unit expansion, and you recently talked about how maybe you're going back to adding some labor to the stores as opposed to the constant reduction in same-store hours. Just levers on top line and bottom line that we should be thinking about. Yeah, you know, Jacob, I think, first of all, I don't wanna share too much about the next three-year plan. I want you to come to New York City and have some pizza with us, and we'll tell you all about it in June. But yeah, you know, look, fundamentally, we're still gonna grow the business by growing new units, by running the business efficiently, by growing our inside sales. We'll have all kinds of details around that. But I mean, those are the things we're going to continue to do to grow our business. On the labor side, I've mentioned on the last few calls that when we entered into this three-year strategic planning cycle that we're wrapping up right now, we said we would reduce labor hours by 1% same store per year over the three-year period. We have actually exceeded that goal with great work done by our operations team and continuous improvement teams to make that happen. But that's not something that just goes on in perpetuity. As I've communicated before, I think we're close to the end of that. There'll always be efficiencies that we'll continue to work on, but you should not expect that we'll just continue on a cadence of reducing same-store labor hours. That being said, as the business grows and volumes increase, there will be a need to add some labor back to meet that need and keep the guest satisfaction scores at the all-time highs that they are currently at. That all comes with incremental sales, incremental margin, incremental gross profit. You know, we're happy to add those hours back when the business warrants those additional hours, and that also works the other way. If the business were to go backwards, we would pull back on those hours to right-size the labor allocation with the business demand. Got it. Just on cheese real quick. Can you update us on, like, what the annual amount of pounds you use in terms of cheese? You said cheese is slightly down in Q4, but can you update us on, like, how much exposure you have locked in over the next two quarters? We move about 45 million pounds. In the quarter, about 11.5 million pounds. For a full year, about 45 million pounds. We're 80% locked on cheese through this quarter and the next couple of quarters. Then, you know, that's about where we like to keep it when we can lock in favorability. It's slight favorability. It's not massive favorability. Then we have another 20% we can buy on spot when conditions are favorable. Thank you. One moment for our next question. Our next question comes from Edward Kelly with Wells Fargo. Your line is open. Hi. Good morning, guys. I wanted to first just follow up on wings. I was curious, I know you don't wanna give, you know, too many numbers, but curious as to how you think about the margin implication overall with wings. Taking a step back, you know, adding fryers, I don't wanna get ahead of ourselves, but how are you thinking about, you know, potential for other products, you know, as it pertains to this category? Yeah, on the margin, you know, we like the margin profile on wings. It is obviously a protein versus, you know, something like pizza that's a little more dough-based. So, it doesn't carry the same margin rate that, you know, that pizza would. So far there hasn't been any real margin implications because the mix hasn't been great enough to do that. Over time, if it became a big enough business, that could put a little bit of pressure on margin rate, but it would grow gross profit dollars and improve trips and everything else. So, we're okay with that. You know, our goal isn't margin rate, it's gross profit dollar growth. To the extent that that plays out, over time, we're comfortable with it. In terms of other products, you know, I guess the thing we haven't talked about, we rolled out fries in addition to wings. That was the most commonly requested side item to go with the wings. So we are selling wings or fries right now. We're cooking some of the other products that we already had in the store in the larger fryers. We'll have to see as time goes on whether we expand that. But for now, we have a long way to go in terms of growing the wing business, so we're more focused on doing that and doing that well and getting that velocity up and creating that incremental occasion per week in that business before we start tackling other products. Great. Then just a follow-up on the M&A question. I was curious as to, you know, where you feel like you are with the integration of Fikes and what that means in terms of your ability to execute on another large deal if something came about, and maybe just thoughts on what the market currently looks like there. Yeah, in terms of the integration cadence, by the end of this fiscal year, we will have 50 stores converted. We've got about 25 stores converted right now, and we're on a cadence of about three per week. By the end of the fiscal year, we'll have the first tranche of 50 stores done. The plan for next year will roughly be to wrap that up in the next fiscal year. There'll be some stragglers there, but the bulk of the work will occur next fiscal year. From a balance sheet perspective, we could do another deal right now. Obviously, our leverage ratio is low. We have ample liquidity. We have the ability to do that. Just practically speaking, with the timing it would take starting, you know, right now to do something of a similar size to a Fikes, it would take time. Yeah, we're in a position to be able to execute on a larger deal, if the opportunity were to present itself. As you can imagine, there is a finite number of chains of that size that just exist and then a smaller number than that that are actionable. We are definitely engaged with potential sellers and working through those processes all the time. You know, one of the things that kind of narrows the aperture a little bit for us is that we set a pretty high bar on asset quality. Because ultimately, the biggest synergy we bring to any acquisition is our prepared foods. The physical buildings need to be able to accommodate adding a kitchen or the real estate has to be large enough that we can bump out a building and add a kitchen. That has to be a high enough percentage of the total stores that we acquire to make it work for us. We're a little bit picky, but I think that pickiness is, you know, proven beneficial for us over time. We like how the market sets up for us. We just need to have the right combination of timing and willing sellers so that we can act on those opportunities. Thank you. One moment for our next question. Our next question comes from Brad Thomas with KeyBanc Capital Markets. Your line is open. Good morning. Thanks for taking my question, and let me add my congratulations on a nice quarter here. I wanted to ask about the competitive landscape, and I know that Casey's remains in an advantageous position relative to your rural footprint. Just curious there, and if you could comment any more on what you're seeing out of the other C-store players and restaurant competitors of yours. Yeah, you know, it's a competitive environment. I think when you look at either one. I guess I'll take restaurant first. You know, I think the restaurant industry at large and QSRs and pizza players in particular are under quite a bit of pressure. You know, the advantage that Casey's holds relative to those folks is that we're in three businesses. We're in the fuel business, the grocery business, and the prepared food business. The restaurants are in one business, and it's the food business. They have to absorb all of the increased costs that we've all experienced over the last several years, and absorb that within the prepared foods. That's translated into menu price increases. I think that's been well documented. That relative gap between restaurant pricing and our pricing has widened over the last couple of years. That value proposition for us just gets all the stronger. I feel very good about our position relative to national brand QSR chains. As a reminder, 1/2 of our stores don't even have a national brand pizza competitor. The other 1/2 that do, we have a very strong value proposition relative to them. By the same token, on the convenience store side, I think we have the same thing. We still have a lot of stores in the suburbs. We face some of the best competition in that our industry has to offer, and we perform very well there, largely because we have that differentiated food offer that really is unique and represents a great value proposition, and it's hard to execute. A bulk of the convenience store industry doesn't even have a prepared foods program, and those that do are largely in the sandwich business or fried chicken business, something not pizza, and certainly not pizza like we do it. We really have a unique niche within the industry and I think our results over the last several years would speak to the fact that that niche has really resonated with guests, and we perform very well across all environments. That's really helpful. Maybe if I could just ask a follow-up to try to tie together the question around where oil prices may be going and how that might influence your updated financial guidance in June. Is there a particular price for gas and oil where we could think about or should think about the algorithm changing? Is it that $4 gas number that you referenced earlier, Darren? Just curious about how you think about it from kind of a long-term standpoint. Yeah. Look, Brad, I would say long term, this doesn't change anything. You know, fortunately or unfortunately, I've been in this industry long enough now to go through a number of these cycles, and every one of them runs its course, like I described earlier, where margins get a little bit compressed on the front end of the curve and you know, expand on the back end. I think from a long-term algorithm, growth algorithm standpoint, you know, what's going on today is not changing anything. It'll run its course. Who knows how long that'll be? I'd say we ran a complete cycle in 24 hours yesterday, so it's kinda hard to tell how this will all shake out, but ultimately it will normalize. The long-term algorithm will be the same. In terms of the quarter, I would just go back to, you know, what Steve commented on our experience. We've had a strong start to the quarter. That's reflected in the guidance. You know, our February experience on margin was $0.40 a gallon, and we'll have to see how the rest of the quarter shakes out. I mean, I don't know how to handicap that. You know, we had a $0.30 cost swing from high to low yesterday. I haven't looked at the news in the last hour, so I'm not sure what's going on today. You know, we'll manage it appropriately and we'll see how the quarter shakes out. Thank you. One moment for our next question. Our next question comes from Jack Hardin with Stephens. Your line is open. Yes. Hi, this is Jack Hardin on for Pooran Sharma. Thanks for the question. I wanted to ask about labor. You've done a really strong job over the past several years at reducing same store labor hours. At this point, how should we think about the runway for further productivity gains? Are we closer to a state of a steady state labor model? And do you see incremental opportunity from here? Yeah, Jack, you know, I commented a few minutes ago about the fact that I think we're probably closer to steady state. Look, we have a continuous improvement team for a reason. We will always look to find ways to make the job in stores easier, and sometimes that ultimately results in less labor needed. By the same token, we're always focused on growing our business. As you sell more stuff, it requires more labor to produce that stuff, stock that stuff, sell that stuff. That will ebb and flow. I would not expect to see the types of labor decreases that we saw over the last three-year period. Again, we'll always focus on managing that expense line tightly and add where we need to and take away where we don't need it anymore. Thank you. One moment for our next question. Our next question comes from Scott Stringer with Wolfe Research. Your line is open. Hey, guys. Appreciate the time. You kept the fuel volume guidance unchanged, but performance has been nicely positive year to date as you're taking share. Is that at least fair to say that you're tracking at the high end of your range for the year? Yeah, Scott, I wouldn't say that we're tracking at the high end of the range. I'd say we're tracking in the range, and that's where we feel comfortable guiding everybody at this point. Yeah, I've been pleased with the performance so far. Okay, got it. Then there was also some positive commentary around tobacco sales. Specifically on the tobacco alternatives, is there a potential that these newer products can return the category as a whole back to positive growth? Yeah, I do think there is that potential. You know, what we've seen a little bit more recently is the decline in combustibles has slowed a bit. It's still from a unit perspective, it's still dropping, but not at the same rate as it was for the last several quarters. The combination of that decline slowing with the inflation that happens on the combustible side, in addition to the growth in alternatives and vapor, has actually netted that category out to positive. That hasn't been that case for quite a while. We'll have to see how it plays out. At this point, that is correct. It is actually starting to see some growth in the overall nicotine category. Thank you. Ladies and gentlemen, we're coming up on the end of our hour-long call. I would now like to turn the call back to Darren Rebelez for closing remarks. All right. Thank you, and thanks for taking time today to join us on the call. Before we go, I just wanna thank our team members once again for all their hard work this quarter. Have a great rest of the week. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.