Acquisitions (Tables)

3 Months Ended

Jul. 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 are utilizing a third-party valuation specialist to assist in valuing the contractual customer relationships, leases, and property and equipment acquired. The valuation is still in process and, as a result, amounts related to goodwill, leases, contractual customer relationships, property and equipment, and deferred income taxes are provisional measurements and are subject to change. Additionally, the accounting related to contingent liabilities and the working capital adjustment is considered incomplete and is subject to change.

Assets acquired:
Cash and cash equivalents	$	5,517
Receivables	3,023
Inventories	19,414
Prepaid expenses	400
Property and equipment	298,341
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	52
Goodwill	247,671
Total assets	629,366
Liabilities assumed:
Accounts payable	19,762
Accrued expenses	8,395
Finance lease liabilities	12,369
Operating lease liabilities	15,666
Other long-term liabilities	3,717
Total liabilities	59,909
Net assets acquired and total purchase price	$	569,457

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 leases acquired. The valuation is still in process and, as a result, amounts related to goodwill and leases are provisional measurements and are subject to change.

Assets acquired:
Inventories	$	5,299
Property and equipment	6,150
Finance lease right-of-use assets	37,086
Operating lease right-of-use assets	23,920
Goodwill	31,672
Total assets	104,127
Liabilities assumed:
Accrued expenses	545
Finance lease liabilities	46,576
Operating lease liabilities	15,590
Total liabilities	62,711
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 July 31,
	2021	2020
Total revenue	3,239,699	2,332,567
Net income	127,439	120,574
Net income per common share
Basic	3.43	3.26
Diluted	3.41	3.24