Acquisitions (Tables)

12 Months Ended

Apr. 30, 2025

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 customer relationships, trade name, leases, and property and equipment acquired.

Assets acquired:
Cash and cash equivalents	$	60,212
Receivables	25,368
Inventories	50,928
Prepaid and other current assets	2,509
Deferred income taxes	9,903
Property and equipment	529,719
Operating lease right-of-use assets	313,867
Other assets	940
Customer relationships and trade name	38,000
Goodwill	577,652
Total assets	1,609,098
Liabilities assumed:
Accounts payable	70,892
Accrued expenses and other long-term liabilities	21,972
Operating lease liabilities	350,482
Total liabilities	443,346
Net assets acquired and total purchase price	$	1,165,752

Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2024, was as follows:

Assets acquired:
Inventories	$	13,351
Property and equipment	279,396
Finance lease right-of-use assets	3,194
Operating lease right-of-use assets	7,201
Other assets	2,137
Goodwill	37,321
Total assets	$	342,600
Liabilities assumed:
Accrued expenses and other long-term liabilities	$	982
Finance lease liabilities	5,004
Operating lease liabilities	7,041
Total liabilities	13,027
Net assets acquired and total consideration paid	$	329,573

Pro forma information

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

	For the year ended April 30,
	2025		2024
Total revenue	$	17,011,273	$	17,079,181
Net income	$	549,676	$	447,093
Net income per common share
Basic	$	14.81	$	12.03
Diluted	$	14.72	$	11.96