Acquisitions (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Business Acquisition [Line Items] |
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| Summary of Pro Forma Results of Operations |
The unaudited pro forma financial information is not necessarily indicative of what the actual results of operations would have been had the acquisitions occurred at the beginning of each period presented below nor is it indicative of future results.
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For the Nine Months
Ended September 30, |
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2023 |
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2022 |
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(unaudited) |
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(in thousands) |
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Total revenue |
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$ |
7,603,426 |
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$ |
8,887,740 |
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Net income |
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27,417 |
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|
55,843 |
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| Transit Energy Group [Member] |
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| Business Acquisition [Line Items] |
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| Summary of Details of Business Combination |
The details of the TEG Acquisition were as follows:
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Amount |
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(in thousands) |
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Fair value of consideration transferred: |
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Cash |
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$ |
26,702 |
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GPMP Capital One Line of Credit |
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|
55,000 |
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Liability resulting from deferred purchase price |
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|
45,845 |
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Receivable from TEG |
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(62 |
) |
Consideration provided by Oak Street |
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|
258,019 |
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Total consideration |
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$ |
385,504 |
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Assets acquired and liabilities: |
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Cash and cash equivalents |
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$ |
379 |
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Inventory |
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20,259 |
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Other assets |
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1,304 |
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Property and equipment, net |
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|
268,660 |
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Intangible assets |
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20,000 |
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Right-of-use assets under operating leases |
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69,254 |
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Environmental receivables |
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2,664 |
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Deferred tax asset |
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19,135 |
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Total assets |
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401,655 |
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Other liabilities |
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(2,087 |
) |
Environmental liabilities |
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(2,939 |
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Asset retirement obligations |
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(10,875 |
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Operating leases |
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(57,569 |
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Total liabilities |
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(73,470 |
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Total identifiable net assets |
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328,185 |
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Goodwill |
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$ |
57,319 |
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Consideration paid in cash |
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$ |
81,702 |
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Consideration provided by Oak Street |
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258,019 |
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Less: cash and cash equivalent balances acquired |
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(379 |
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Net cash outflow |
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$ |
339,342 |
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| WTG Fuels Holdings [Member] |
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| Business Acquisition [Line Items] |
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| Summary of Details of Business Combination |
The details of the WTG Acquisition were as follows:
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Amount |
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(in thousands) |
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Fair value of consideration transferred: |
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Cash |
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$ |
11,471 |
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GPMP Capital One Line of Credit |
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19,200 |
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Consideration provided by Oak Street |
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|
115,041 |
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Total consideration |
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$ |
145,712 |
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Assets acquired and liabilities: |
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Cash and cash equivalents |
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$ |
60 |
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Inventory |
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5,694 |
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Other assets |
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|
149 |
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Property and equipment, net |
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|
128,396 |
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Intangible assets |
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|
14,800 |
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Right-of-use assets under operating leases |
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|
1,812 |
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Environmental receivables |
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4 |
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Total assets |
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150,915 |
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Other liabilities |
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(598 |
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Environmental liabilities |
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(136 |
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Asset retirement obligations |
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(2,730 |
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Operating leases |
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(1,739 |
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Total liabilities |
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(5,203 |
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Total identifiable net assets |
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145,712 |
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Goodwill |
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$ |
— |
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Consideration paid in cash |
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$ |
30,671 |
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Consideration provided by Oak Street |
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|
115,041 |
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Less: cash and cash equivalent balances acquired |
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(60 |
) |
Net cash outflow |
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$ |
145,652 |
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