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Acquisitions | 12 Months Ended
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Apr. 30, 2024
Business Combinations [Abstract] |
Acquisitions | CQUISITIONS Current Period Acquisitions During the year ended April 30, 2024, the Company acquired 112 stores through a variety of transactions, pursuant to the terms and conditions of the individual asset purchase agreements. The majority of these acquisitions meet the criteria to be considered business combinations. The purchase price for each transaction was paid in cash upon closing using available cash on hand. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets, and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. Fair values were determined using Level 3 inputs, which are unobservable inputs that are not corroborated by market data. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill if the acquisition is considered to be a business combination. Goodwill of $37,321 was recognized as the result of the current period acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. Almost all of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. Acquisition-related transaction costs are recognized as period costs as incurred. The Company incurred total acquisition-related transaction costs of $8,920 for fiscal 2024 which are recorded within operating expenses on the consolidated statements of income. 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 majority of other assets, leases and property and equipment acquired.
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 |
Payments for acquisition of businesses, net of cash acquired, on the consolidated statements of cash flows includes payments made for acquisitions that are closing shortly after the year-end. Such payments are not included in the total consideration paid in the table above, as those acquisitions have not yet closed as of the end of the year. The Company recognized approximately $237,529 of revenue related to the acquired locations in the consolidated statements of income for the year ended April 30, 2024. The amount of net income related to the acquired locations was not material for the year ended April 30, 2024. Pro Forma Information The following unaudited pro forma information presents a summary of our consolidated statements of income as if the transactions referenced above occurred at the beginning of fiscal 2023 (amounts in thousands, except per share data):
| For the year ended April 30,
| 2024 |  | 2023
Total revenue | $ | 15,228,497 |  |  | $ | 15,799,468 |
Net income | $ | 521,630 |  |  | $ | 457,671 |
Net income per common share |  |  |
Basic | $ | 14.04 |  |  | $ | 12.28 |
Diluted | $ | 13.96 |  |  | $ | 12.20 |
Prior Period Acquisitions During the year ended April 30, 2023, the Company acquired 47 stores, of which 26 stores were acquired from Minit Mart LLC pursuant to the terms and conditions of an asset purchase agreement. The majority of these acquisitions meet the criteria to be considered business combinations. Goodwill of $2,408 was recognized as the result of the current year acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. The aggregate purchase price for the acquisitions totaled $85,569, which was paid in cash upon closing using available cash on hand. Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2023, was as follows (in thousands):
Assets acquired: |
Inventories | $ | 3,976 |
Property and equipment | 79,556 |
Goodwill | 2,408 |
Total assets | 85,940 |
Total liabilities | 371 |
Net assets acquired and total purchase price | $ | 85,569 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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- References No definition available. + Details
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