Casey General Stores : Q2 Non-GAAP Reconciliations

Earnings Webcast Non-GAAP Reconciliations

Unaudited (Dollars in Thousands)

We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets as well as impairment charges.

(in thousands)	Three Months Ended October 31,			Six Months Ended October 31,
		2021			2020			2021			2020
Net income	$	96,831	$	111,983	$	215,990	$	232,575
Interest, net		13,520			10,634			27,250			24,041
Federal and state income taxes		32,337			34,501			68,519			72,097
Depreciation and amortization		74,258			64,294			150,146			130,114
EBITDA		216,946			221,412			461,905			458,827
Loss (gain) on disposal of assets and		63						(1,707)
impairment charges				1,819					2,159
Adjusted EBITDA	$	217,009		$	223,231		$	460,198		$	460,986

We define free cash flow as net cash provided by operating activities less purchases of property plant and equipment.

(in thousands)	Three Months Ended October 31,
		2021			2020
Net cash provided by operating activities	$	213,818	$	199,907
Purchase of property and equipment		(78,473)			(113,669)
Free cash flow	$	135,345		$	86,238