Acquisitions (Tables)

12 Months Ended

Apr. 30, 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.

Assets acquired:
Cash and cash equivalents	$	5,092
Receivables	225
Inventories	18,516
Prepaid expenses	150
Property and equipment	306,818
Contractual customer relationships	31,100
Deferred income taxes	1,343
Finance lease right-of-use assets	9,421
Operating lease right-of-use assets	11,236
Other assets	1,774
Goodwill	254,679
Total assets	640,354
Liabilities assumed:
Accounts payable	30,212
Accrued expenses	8,395
Finance lease liabilities	11,101
Operating lease liabilities	15,087
Other long-term liabilities	3,717
Total liabilities	68,512
Net assets acquired and total purchase price	$	571,842

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
Deferred income taxes	316
Goodwill	31,346
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 utilized a third-party valuation specialist to assist in valuing the property and equipment and leases acquired.

Assets acquired:
Cash and cash equivalents	$	95
Inventories	6,556
Prepaid expenses	87
Property and equipment	67,365
Deferred income taxes	311
Operating lease right-of-use assets	28,002
Goodwill	154,223
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 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):

	For the year ended April 30,
	2022	2021
Total revenue	13,189,991	9,923,287
Net income	361,373	332,532
Net income per common share
Basic	9.73	8.97
Diluted	9.67	8.90