Acquisitions (Tables)

9 Months Ended

Jan. 31, 2022

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, 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	2,836
Inventories	18,516
Prepaid expenses	150
Property and equipment	306,851
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	1,774
Goodwill	250,113
Total assets	640,705
Liabilities assumed:
Accounts payable	27,138
Accrued expenses	8,395
Finance lease liabilities	12,369
Operating lease liabilities	15,666
Other long-term liabilities	3,717
Total liabilities	67,285
Net assets acquired and total purchase price	$	573,420

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	24,113
Goodwill	31,662
Total assets	104,310
Liabilities assumed:
Accrued expenses and other long-term liabilities	545
Finance lease liabilities	46,576
Operating lease liabilities	15,773
Total liabilities	62,894
Net assets acquired and total consideration paid	$	41,416

The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We are utilizing a third-party valuation specialist to assist in valuing the property and equipment and leases acquired. The valuation is still in process and, as a result, amounts related to goodwill, property and equipment, leases, and deferred income taxes are provisional measurements and subjected to change.

Assets acquired:
Cash and cash equivalents	$	95
Inventories	6,556
Prepaid expenses	87
Property and equipment	68,065
Deferred income taxes	468
Operating lease right-of-use assets	27,432
Goodwill	153,936
Total assets	256,639
Liabilities assumed:
Accrued expenses and other long-term liabilities	883
Operating lease liabilities	29,132
Total liabilities	30,015
Net assets acquired and total consideration paid	$	226,624

Pro forma information

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

	Three Months Ended January 31,		Nine Months Ended January 31,
	2022	2021	2022	2021
Total revenue	3,082,346	2,251,406	9,731,049	7,197,255
Net income	66,898	41,590	300,140	282,473
Net income per common share
Basic	1.80	1.12	8.08	7.63
Diluted	1.79	1.12	8.04	7.58