Acquisitions (Tables)

6 Months Ended

Oct. 31, 2021

Business Combinations [Abstract]

Allocation of purchase price

The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the contractual customer relationships, leases, and property and equipment acquired. The accounting related to certain property and equipment, intangible assets, goodwill, contingent liabilities, deferred taxes, and the working capital adjustment is considered provisional and is subject to change.

Assets acquired:
Cash and cash equivalents	$	5,517
Receivables	3,023
Inventories	18,516
Prepaid expenses	400
Property and equipment	293,176
Contractual customer relationships	31,100
Deferred income taxes	1,343
Finance lease right-of-use assets	10,689
Operating lease right-of-use assets	11,816
Other assets	24
Goodwill	261,811
Total assets	637,415
Liabilities assumed:
Accounts payable	24,736
Accrued expenses	8,395
Finance lease liabilities	12,369
Operating lease liabilities	15,666
Other long-term liabilities	3,717
Total liabilities	64,883
Net assets acquired and total purchase price	$	572,532

The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the leases acquired.

Assets acquired:
Inventories	$	5,299
Property and equipment	6,150
Finance lease right-of-use assets	37,086
Operating lease right-of-use assets	24,164
Goodwill	31,662
Total assets	104,361
Liabilities assumed:
Accrued expenses	545
Finance lease liabilities	46,576
Operating lease liabilities	15,824
Total liabilities	62,945
Net assets acquired and total consideration paid	$	41,416

Pro forma information

The following unaudited pro forma information presents a summary of our condensed consolidated statements of income as if the Buchanan Energy and Circle K transactions referenced above occurred on May 1, 2020 (amounts in thousands, except per share data):

	Three Months Ended October 31,		Six Months Ended October 31,
	2021	2020	2021	2020
Total revenue	3,262,942	2,456,322	6,502,640	4,788,888
Net income	98,378	114,439	225,741	234,694
Net income per common share
Basic	2.65	3.09	6.08	6.34
Diluted	2.63	3.07	6.04	6.30