Acquisitions

12 Months Ended

Apr. 30, 2020

ACQUISITIONS

During the year ended April 30, 2020, the Company acquired 18 stores through a variety of multi-store and single store transactions with several unrelated third parties. Of the 18 stores acquired, 11 were re-opened as a Casey's store during the 2020 fiscal year, and seven will be opened during the 2021 fiscal year. The majority of the acquisitions meet the criteria to be considered business combinations. The purchase price of the stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill if the acquisition is considered to be a business combination. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years.

Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2020 is as follows (in thousands):



Assets acquired:
Inventories	$	680
Property and equipment	28,384
Total assets	29,064
Liabilities assumed:
Accrued expenses	210
Total liabilities	210
Net tangible assets acquired	28,854
Goodwill	3,852
Total consideration paid	$	32,706

The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data):



	Years Ended April 30,
	2020		2019
Total revenue	$	9,217,749	$	9,421,773
Net income	$	265,233	$	205,987
Net income per common share
Basic	$	7.18	$	5.61
Diluted	$	7.13	$	5.57