Old Market Capital (OMCC) 10-Q14 Feb 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Dec. 31, 2022	Feb. 10, 2023
Cover [Abstract]
Entity Registrant Name	NICHOLAS FINANCIAL, INC.
Entity Central Index Key	0001000045
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	0-26680
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	59-2506879
Entity Address, Address Line One	2454 McMullen Booth Road
Entity Address, Address Line Two	Building C
Entity Address, City or Town	Clearwater
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33759
City Area Code	727
Local Phone Number	726-0763
Entity Common Stock Shares Outstanding		12,700,000
Title of 12(b) Security	Common Stock
Trading Symbol	NICK
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022
Assets
Cash	$ 914		$ 4,775
Finance receivables, net	139,719		168,600
Repossessed assets	1,041		658
Operating lease right-of-use assets	1,176		4,277
Prepaid expenses and other assets	615		1,103
Income taxes receivable	945		989
Property and equipment, net	794		1,783
Deferred income taxes	0		1,385
Total assets	145,204		183,570
Liabilities and shareholders’ equity
Credit facility, net of debt issuance costs	44,624		54,813
Note payable	0		3,244
Net long-term debt	44,624		58,057
Operating lease liabilities	2,736		4,410
Accounts payable and accrued expenses	2,264		4,717
Total liabilities	49,624		67,184
Commitments and contingencies (see Note 10)
Shareholders’ equity
Preferred stock, no par: 5,000 shares authorized; none issued	0		0
Common stock, no par: 50,000 shares authorized; 12,658 and 12,673 shares issued, respectively; and 7,309 and 7,546 shares outstanding, respectively	35,197		35,292
Treasury stock: 5,349 and 5,127common shares, at cost, respectively	(76,794)		(74,405)
Retained earnings	137,177		155,499
Total shareholders’ equity	95,580	$ 109,038	116,386
Total liabilities and shareholders’ equity	$ 145,204		$ 183,570

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,658,000	12,673,000
Common stock, shares outstanding	7,290,000	7,546,000
Treasury stock, shares	5,368,000	5,127,000

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Interest and fee income on finance receivables	$ 11,268	$ 12,240	$ 35,580	$ 37,406
Net gain on equity investments	0	0	66	0
Total revenue	11,268	12,240	35,646	37,406
Expenses:
Marketing	177	389	1,086	1,338
Administrative	9,398	8,370	25,066	23,513
Provision for credit losses	10,730	1,675	23,280	3,800
Depreciation and amortization	97	104	339	276
Interest expense	1,239	2,613	2,782	4,923
Total expenses	21,641	13,151	52,553	33,850
(Loss) income before income taxes	(10,373)	(911)	(16,907)	3,556
Income tax expense (benefit)	3,000	(209)	1,415	926
Net (loss) income	$ (13,373)	$ (702)	$ (18,322)	$ 2,630
Net (loss) income per share:
Basic	$ (1.85)	$ (0.09)	$ (2.49)	$ 0.34
Diluted	$ (1.85)	$ (0.09)	$ (2.49)	$ 0.34

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Retained Earnings
Balance at Mar. 31, 2021	$ 115,222	$ 35,064	$ (72,343)	$ 152,501
Balance (in shares) at Mar. 31, 2021		7,708,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)		17,000
Exercise of stock options	28	$ 28
Exercise of stock options (in shares)		3,000
Share-based compensation	152	$ 152
Treasury stock	(1,617)		(1,617)
Treasury stock (in shares)		(143,000)
Net (loss) income	2,630			2,630
Balance at Dec. 31, 2021	116,415	$ 35,244	(73,960)	155,131
Balance (in shares) at Dec. 31, 2021		7,585,000
Balance at Sep. 30, 2021	117,089	$ 35,151	(73,895)	155,833
Balance (in shares) at Sep. 30, 2021		7,583,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)		5,000
Exercise of stock options	28	$ 28
Exercise of stock options (in shares)		3,000
Share-based compensation	65	$ 65
Treasury stock	(65)		(65)
Treasury stock (in shares)		(6,000)
Net (loss) income	(702)			(702)
Balance at Dec. 31, 2021	116,415	$ 35,244	(73,960)	155,131
Balance (in shares) at Dec. 31, 2021		7,585,000
Balance at Mar. 31, 2022	116,386	$ 35,292	(74,405)	155,499
Balance (in shares) at Mar. 31, 2022		7,546,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)		11,000
Cancellation of restricted stock awards	(175)	$ (175)
Cancellation of restricted stock awards (in shares)		(26,000)
Share-based compensation	80	$ 80
Treasury stock	(2,389)		(2,389)
Treasury stock (in shares)		(241,000)
Net (loss) income	(18,322)			(18,322)
Balance at Dec. 31, 2022	95,580	$ 35,197	(76,794)	137,177
Balance (in shares) at Dec. 31, 2022		7,290,000
Balance at Sep. 30, 2022	109,038	$ 35,172	(76,684)	150,550
Balance (in shares) at Sep. 30, 2022		7,309,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	25	$ 25
Treasury stock	(110)		(110)
Treasury stock (in shares)		(19,000)
Net (loss) income	(13,373)			(13,373)
Balance at Dec. 31, 2022	$ 95,580	$ 35,197	$ (76,794)	$ 137,177
Balance (in shares) at Dec. 31, 2022		7,290,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net (loss) income	$ (18,322)	$ 2,630
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	339	276
Amortization of debt issuance costs	124	2,158
Non-cash lease expense	1,427	(146)
Loss on sale of property and equipment	650	(3)
Realized gains on equity securities	(66)
Provision for credit losses	23,280	3,800
Amortization of dealer discounts	(4,632)	(4,771)
Amortization of insurance and fees commissions	(2,395)	(1,992)
Accretion of purchase price discount	(119)	(71)
Deferred income taxes	1,385	557
Cancellations of restricted stock awards	(175)
Share-based compensation	80	152
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(100)	220
Accounts payable and accrued expenses	(2,453)	(742)
Income taxes receivable	44	(166)
Net cash (used in) provided by operating activities	(933)	1,902
Cash flows from investing activities
Purchase and origination of finance receivables	(61,769)	(79,947)
Principal payments received on finance receivable and proceeds from repossessed assets sales	74,721	87,689
Purchase of equity investments	(7,237)
Proceeds from sale of equity investments	7,303
Purchases of property and equipment	0	(985)
Net cash provided by investing activities	13,018	6,757
Cash flows from financing activities
Repayments on credit facility	(27,800)	(33,300)
Proceeds from the credit facility	17,800
Payment of loan originations fees	(313)	(217)
Repayment of PPP Loan	(3,244)
Proceeds from Stock Options Exercised		28
Repurchases of treasury stock	(2,389)	(1,617)
Net cash (used in) financing activities	(15,946)	(35,106)
Net (decrease) increase in cash and restricted cash	(3,861)	(26,447)
Cash and restricted cash at the beginning of period	4,775	32,977
Cash and restricted cash at the end of period	914	6,530
Supplemental disclosures, including noncash activities:
Interest paid	2,532	3,005
Income taxes	24	541
Transfer of finance receivable to repossessed assets	6,446	4,682
Leased assets obtained in exchange for new operating lease liabilities	$ 0	$ 1,993

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Nicholas Financial, Inc. (“Nicholas Financial – Canada” or the Company) is a Canadian holding company incorporated under the laws of British Columbia with several wholly-owned United States subsidiaries, including Nicholas Financial, Inc., a Florida corporation (“NFI”). The accompanying condensed consolidated balance sheet as of December 31, 2022, and the accompanying unaudited interim condensed consolidated financial statements of Nicholas Financial – Canada, and its wholly-owned subsidiaries (collectively, the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information, with the instructions to Form 10-Q pursuant to the Securities Exchange Act of 1934, as amended, and with Article 8 of Regulation S-X thereunder. Accordingly, they do not include all of the information and notes to the consolidated financial statements required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2023. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2022 as filed with the Securities and Exchange Commission on June 24, 2022. The March 31, 2022 consolidated balance sheet included herein has been derived from the March 31, 2022 audited consolidated balance sheet included in the aforementioned Form 10-K. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables. Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported net income (loss).

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	2. Revenue Recognition Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 61 days or more, or the collateral is repossessed, whichever is earlier. The Company reverses the accrual of interest income when the loan is contractually delinquent 61 days or more. The Company defines a non-performing asset as one that is 61 or more days past due, a Chapter 7 bankruptcy account, or a Chapter 13 bankruptcy account that has not been confirmed by the courts, for which the accrual of interest income is suspended. Upon confirmation of a Chapter 13 bankruptcy account (BK13), the account is immediately charged-off. Upon notification of a Chapter 7 bankruptcy, an account is monitored for collectability. In the event the debtors’ balance is reduced by the bankruptcy court, the Company records a loss equal to the amount of principal balance reduction. The remaining balance is reduced as payments are received. In the event an account is dismissed from bankruptcy, the Company will decide whether to begin repossession proceedings or to allow the customer to make regularly scheduled payments. A dealer discount represents the difference between the finance receivable of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle and competition in any given market. In making decisions regarding the purchase of a particular Contract the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer, and the value of the automobile in relation to the purchase price and the term of the Contract. The dealer discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount associated with new volume for the three months ended December 31, 2022 and 2021 was 6.8 % and 6.8 %, respectively, in relation to the total amount financed. Unearned insurance and fee commissions consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance, involuntary unemployment insurance coverage, and forced placed automobile insurance. These commissions are amortized over the life of the contract using the effective interest method.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. Earnings per share is calculated using the two-class method, as such awards are more dilutive under this method than the treasury stock method. Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. The Company's participating securities are non-vested restricted shares which are not required to share losses, and accordingly, are not allocated losses in periods of net loss. Diluted earnings per share includes the dilutive effect of additional potential common shares from stock compensation awards. Earnings per share have been computed based on the following weighted average number of common shares outstanding: Three months ended Nine months ended 2022 2021 2022 2021 Numerator Net (loss) income per consolidated statements of income $ ( 13,373 ) $ ( 702 ) $ ( 18,322 ) $ 2,630 Percentage allocated to shareholders * 100 % 100 % 100 % 100 % Numerator for basic and diluted earnings per share $ ( 13,373 ) $ ( 699 ) $ ( 18,322 ) $ 2,617 Denominator Denominator for basic earnings per share - weighted-average shares outstanding 7,219 7,621 7,349 7,593 Dilutive effect of stock options — — — — Denominator for diluted earnings per share 7,219 7,621 7,349 7,593 Per share income from continuing operations Basic $ ( 1.85 ) $ ( 0.09 ) $ ( 2.49 ) $ 0.34 Diluted ( 1.85 ) ( 0.09 ) ( 2.49 ) 0.34 * Basic weighted-average shares outstanding 7,219 7,621 7,349 7,593 Basic weighted-average shares outstanding and unvested restricted stock units expected to vest 7,219 7,658 7,349 7,630 Percentage allocated to shareholders 100 % 100 % 100 % 100 %

Finance Receivables

Finance Receivables	9 Months Ended
Finance Receivables	Dec. 31, 2022
Receivables [Abstract]
Finance Receivables	4. Finance Receivables Finance Receivables Portfolio, net Finance receivables consist of Contracts and Direct Loans and are detailed as follows: (In thousands) December 31, March 31, Finance receivables $ 155,213 $ 178,786 Accrued interest receivable 2,903 2,315 Unearned dealer discounts ( 5,463 ) ( 6,894 ) Unearned insurance commissions and fees ( 1,889 ) ( 2,446 ) Purchase price discount ( 93 ) ( 212 ) Finance receivables, net of unearned 150,671 171,549 Allowance for credit losses ( 10,952 ) ( 2,949 ) Finance receivables, net $ 139,719 $ 168,600 Contracts and Direct Loans each comprise a portfolio segment. The following tables present selected information on the entire portfolio of the Company: As of December 31, Contract Portfolio 2022 2021 Average APR 22.8 % 22.8 % Average discount 6.8 % 7.4 % Average term (months) 50 50 Number of active contracts 16,364 20,013 As of December 31, Direct Loan Portfolio 2022 2021 Average APR 30.0 % 29.8 % Average term (months) 26 26 Number of active contracts 6,505 6,103 The Company purchases Contracts from automobile dealers at a negotiated price that is less than the original principal amount being financed by the purchaser of the automobile. The Contracts are predominantly for used vehicles. As of December 31, 2022, the average model year of vehicles collateralizing the portfolio was a 2012 vehicle. Direct Loans typically range from $ 500 to $ 15 thousand and generally are secured by a lien on an automobile, watercraft or other permissible tangible personal property. The majority of Direct Loans was originated with current or former customers under the Company’s automobile financing program. The typical Direct Loan represents a better credit risk than the typical Contract due to the customer’s prior payment history with the Company; however, the underlying collateral is generally less valuable. In deciding whether to make a loan, the Company considered the individual’s credit history, job stability, income, and impressions created during a personal interview with a Company loan officer. Additionally, because most of the Direct Loans made by the Company were made to current or former customers, the payment history of the borrower was a significant factor in making the loan decision. As of December 31, 2022, loans made by the Company pursuant to its Direct Loan program constituted approximately 15 % of the aggregate principal amount of the Company’s loan portfolio. Changes in the allowance for credit losses for both Contracts and Direct Loans are driven primarily by consideration of the composition of the portfolio, current economic conditions, the estimated net realizable value of the underlying collateral, historical loan loss experience, delinquency, non-performing assets, and bankrupt accounts when determining management’s estimate of probable credit losses and adequacy of the allowance for credit losses. If the allowance for credit losses is determined to be inadequate, then an additional charge to the provision would be recorded to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio. Additionally, credit loss trends over several reporting periods are utilized in estimating losses and overall portfolio performance. Conversely, the Company identifies abnormalities in the composition of the portfolio, which would indicate the calculation was overstated and management judgment may be required to determine the allowance of credit losses for both Contracts and Direct Loans. Each portfolio segment consists of smaller balance homogeneous loans which are collectively evaluated for impairment. Allowance for Credit Losses The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts and Direct Loans for the three months ended December 31, 2022 and 2021 (in thousands): Three months ended December 31, 2022 Nine months ended December 31, 2022 Contracts Direct Loans Consolidated Contracts Direct Loans Consolidated Balance at beginning of $ 5,088 $ 2,003 $ 7,091 $ 1,960 $ 989 $ 2,949 Provision for credit losses 9,132 1,598 10,730 19,747 3,533 23,280 Charge-offs ( 7,077 ) ( 1,056 ) ( 8,133 ) ( 17,266 ) ( 2,050 ) ( 19,316 ) Recoveries 1,240 24 1,264 3,942 97 4,039 Balance at December 31, $ 8,383 $ 2,569 $ 10,952 $ 8,383 $ 2,569 $ 10,952 Three months ended December 31, 2021 Nine months ended December 31, 2021 Contracts Direct Loans Consolidated Contracts Direct Loans Consolidated Balance at beginning of $ 3,716 $ 746 $ 4,462 $ 6,001 $ 153 $ 6,154 Provision for credit losses 1,325 350 1,675 2,515 1,285 3,800 Charge-offs ( 3,546 ) ( 245 ) ( 3,791 ) ( 9,447 ) ( 618 ) ( 10,065 ) Recoveries 1,271 13 1,284 3,697 44 3,741 Balance at December 31, $ 2,766 $ 864 $ 3,630 $ 2,766 $ 864 $ 3,630 The Company uses the trailing twelve-month charge-offs, and applies this calculated percentage to ending finance receivables to calculate estimated probable credit losses for purposes of determining the allowance for credit losses. The Company then takes into consideration the composition of its portfolio, current economic conditions, estimated net realizable value of the underlying collateral, historical loan loss experience, delinquency, non-performing assets, and bankrupt accounts and adjusts the above, if necessary, to determine management’s total estimate of probable credit losses and its assessment of the overall adequacy of the allowance for credit losses. By including recent trends such as delinquency, non-performing assets, and bankruptcy in its determination, management believes that the allowance for credit losses reflects the current trends of incurred losses within the portfolio and is better aligned with the portfolio’s performance indicators. The following table is an assessment of the credit quality by creditworthiness: (In thousands) December 31, 2022 December 31, 2021 Contracts Direct Loans Total Contracts Direct Loans Total Performing accounts $ 120,299 $ 22,077 $ 142,376 $ 147,589 $ 22,216 $ 169,805 Non-performing accounts 11,003 1,623 12,626 5,891 329 6,220 Total 131,302 23,700 155,002 153,480 22,545 176,025 Chapter 13 bankruptcy 163 48 211 142 6 148 Finance receivables $ 131,465 $ 23,748 $ 155,213 $ 153,622 $ 22,551 $ 176,173 A performing account is defined as an account that is less than 61 days past due. The Company defines an automobile contract as delinquent when more than 10 % of a payment contractually due by a certain date has not been paid immediately by the following due date, which date may have been extended within limits specified in the servicing agreements or as a result of a deferral. The period of delinquency is based on the number of days payments are contractually past due, as extended where applicable. In certain circumstances, the Company will grant obligors one-month payment extensions. The only modification of terms in those circumstances is to advance the obligor’s next due date by one month and extend the maturity date of the receivable. There are no other concessions, such as a reduction in interest rate, or forgiveness of principal or of accrued interest. Accordingly, the Company considers such extensions to be insignificant delays in payments rather than troubled debt restructurings. A non-performing account is defined as an account that is contractually delinquent for 61 days or more or is a Chapter 13 bankruptcy account for which the accrual interest income has been suspended. The Company’s charge-off policy is to charge off an account in the month the contract becomes 121 days contractually delinquent. In the event an account is dismissed from bankruptcy, the Company will decide whether to begin repossession proceedings or to allow the customer to make regularly scheduled payments. The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and Direct Loans, excluding Chapter 13 bankruptcy accounts: Contracts (In thousands, except percentages) Balance 30 – 59 60 – 89 90 – 119 120+ Total December 31, 2022 $ 131,302 $ 16,649 $ 7,351 $ 3,615 $ 37 $ 27,652 12.68 % 5.60 % 2.75 % 0.03 % 21.06 % March 31, 2022 $ 154,143 $ 7,097 $ 2,936 $ 1,183 $ 48 $ 11,264 4.60 % 1.90 % 0.77 % 0.03 % 7.31 % December 31, 2021 $ 153,480 $ 9,886 $ 4,176 $ 1,662 $ 53 $ 15,777 6.44 % 2.72 % 1.08 % 0.03 % 10.28 % Direct Loans Balance 30 – 59 60 – 89 90 – 119 120+ Total December 31, 2022 $ 23,700 $ 2,989 $ 1,102 $ 515 $ 6 $ 4,612 12.61 % 4.65 % 2.17 % 0.03 % 19.46 % March 31, 2022 $ 24,376 $ 607 $ 197 $ 77 $ — $ 881 2.49 % 0.81 % 0.32 % — 3.61 % December 31, 2021 $ 22,545 $ 636 $ 199 $ 130 $ — $ 965 2.82 % 0.88 % 0.58 % — 4.28 %

Credit Facility

Credit Facility	9 Months Ended
Credit Facility	Dec. 31, 2022
Line of Credit Facility [Abstract]
Credit Facility	Note 5. Credit Facility Wells Fargo Line of Credit On November 5, 2021, the Company through its subsidiaries (the "Borrowers") entered into a senior secured line of credit (the "Wells Fargo Line of Credit”) pursuant to a loan and security agreement by and among the Borrowers, Wells Fargo Bank, N.A., as agent, and the lenders that are party thereto (the “WF Credit Agreement”). The prior line of credit (the "Ares Line of Credit") pursuant to a credit agreement among the Company’s subsidiary NF Funding I, LLC, Ares Agent Services, L.P. and the lenders party thereto was paid off in connection with entering into the Wells Fargo Line of Credit. Pursuant to the WF Credit Agreement, the lenders agreed to extend to the Borrowers a line of credit of up to $ 175 million. The availability of funds under the Wells Fargo Line of Credit was generally limited to an advance rate of between 80 % and 85 % of the value of eligible receivables, and outstanding advances under the Wells Fargo Line of Credit accrued interest at a rate equal to the Secured Overnight Financing Rate (SOFR) plus 2.25 %. The commitment period for advances under the Line of Credit was three years (the expiration of that time period, the “Maturity Date”). Pursuant to the WF Credit Agreement, the Borrowers granted a security interest in substantially all of their assets as collateral for their obligations under the Wells Fargo Line of Credit. The WF Credit Agreement and the other loan documents contained customary events of default and negative covenants, including but not limited to those governing indebtedness, liens, fundamental changes, investments, and sales of assets. As of December 31, 2022, the Company had aggregate outstanding indebtedness under the Wells Fargo Line of Credit of $ 45.0 million, compared to $ 55.0 million as of March 31, 2022. Future maturities of debt as of December 31, 2022 were as follows: (in thousands) FY2023 $ — FY2024 — FY2025 45,000 FY2026 — $ 45,000 As previously announced on Form 8-K filed on October 27, 2022, the Company received a letter from the agent of its lenders, notifying the Company that it was in default and instituting the default rate of interest effective as of August 31, 2022. In the letter, the lenders expressly reserved all rights and remedies available under the credit agreement. Among those rights and remedies was the ability of the lenders to accelerate all of the Company’s obligations under the loan. The Company subsequently announced on Form 8-K filed on December 12, 2022 that it entered into an amendment to the WF Credit Agreement. Pursuant to the amendment, the lenders waived the event of default and the default rate of interest ceased being applicable as of December 6, 2022. The amendment furthermore reduced the maximum amount available under the WF Credit Facility from $ 175 million to $ 60 million, and also reduced the availability of funds under the credit facility from an advance rate of between 80 % and 85 % of the value of eligible receivables to an advance rate of 50 % of the value of eligible receivables, and changed the maturity date of the WF Credit Facility from November 5, 2024 to May 31, 2023. The Company incurred overall costs associated with the restructuring in the amount of $ 0.3 million. As described in Note 15. Subsequent Events, the Company refinanced the WF Credit Facility on January 18, 2023.

Going Concern Assessment

Going Concern Assessment	9 Months Ended
Going Concern Assessment	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern Assessment	Note 6. RESERVED

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 7. Income Taxes The Company recorded an income tax expense of approximately $ 3.0 million for the three months ended December 31, 2022 compared to an income tax benefit of approximately $ 209 thousand for the three months ended December 31, 2021. The Company’s effective tax rate decreased to - 29.1 % for the three months ended December 31, 2022 from 22.9 % for the three months ended December 31, 2021. The Company recorded an income tax expense of approximately $ 1.4 million for the nine months ended December 31, 2022 compared to an income tax expense of approximately $ 926 thousand for the nine months ended December 31, 2021. The Company’s effective tax rate decreased to - 8.42 % for the nine months ended December 31, 2022 from 26.0 % for the nine months ended December 31, 2021. The lower effective tax rate for the three months ended December 31, 2022 and the lower effective tax rate for the nine months ended December 31, 2022 were attributed to a deferred income tax valuation allowance of $ 5.7 million recorded during the three months ended December 31, 2022. The net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes are reflected in deferred income taxes. Significant components of the Company’s deferred tax assets consist of the following: (In thousands) December 31, 2022 March 31, 2022 Deferred Tax Assets: Federal and State net operating loss carryforwards $ 2,365 $ 507 Share-based compensation 14 79 Allowance for credit losses not currently deductible for tax purposes 2,998 900 Right of use liability 675 1,094 Other items 119 175 Gross deferred tax assets 6,171 2,755 Valuation allowance for deferred tax assets ( 5,723 ) - Net deferred tax assets 448 2,755 Deferred tax liabilities: Right of use asset 290 1,061 Other items 158 309 Total deferred tax liabilities 448 1,370 Net deferred income taxes $ - $ 1,385 Income tax expense reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons: (In thousands) Three months ended Nine months ended December 31, 2022 December 31, 2022 Income tax expense at Federal statutory rate $ ( 2,178 ) $ ( 3,530 ) State income taxes, net of Federal benefit ( 398 ) ( 645 ) Increase (decrease) resulting from: Change in Valuation Allowance 5,723 5,723 Other ( 147 ) ( 133 ) Income tax expense $ 3,000 $ 1,415 As of December 31, 2022 the Company has not generated sufficient positive evidence of future earnings to support a position that it will be able to realize its net deferred tax asset. The Company has significant negative evidence to overcome in the form of cumulative pre-tax losses from continuing operations as well as projected losses for the current year. Therefore, it will continue to maintain a full valuation allowance on its U.S. federal and state net deferred tax asset. The change in the valuation allowance offset the income tax benefit related to the pre-tax loss for the quarter ended December 31, 2022. The Company does no t have any material unrecognized tax benefits as of December 31, 2022. The Company experienced a net change in valuation allowance of $ 5.7 million for the three and nine months ended December 31, 2022.

Leases

Leases	9 Months Ended
Leases	Dec. 31, 2022
Leases [Abstract]
Leases	Note 8. Leases The Company maintains lease agreements related to its branch network, central business operational hub in Charlotte, NC and its corporate headquarters in Clearwater, FL. The branch lease agreements range from one to five years and generally contain options to extend from one to three years . The corporate headquarters lease agreement was renewed with a lease maturity date of January 31, 2026 . The lease agreement for the operational hub in Charlotte, NC expires in February 2029. The Company expects to terminate the lease agreement for its operational hub in Charlotte, NC in the current fiscal year. All of the Company’s lease agreements are considered operating leases. None of the Company’s lease payments are dependent on a rate or index that may change after the commencement date, other than the passage of time. The Company’s lease liability was $ 2.7 million and $ 4.4 million as of December 31, 2022 and March 31, 2022, respectively. This liability is based on the present value of the remaining minimum rental payments using a discount rate that is determined based on the Company’s incremental borrowing rate. The lease asset was $ 1.2 million and $ 4.3 million as of December 31, 2022 and March 31, 2022, respectively. As part of the restructuring plan announced in November 2022, the Board of Directors of the Company determined to close its operating branches. Consistent with this significant reduction in footprint, the Company impaired substantially all of its operating lease right-of-use assets, which resulted in approximately $ 1.4 million impairment cost. Future minimum lease payments under non-cancellable operating leases in effect as of December 31, 2022, are as follows: in thousands FY2023 (remaining three months) $ 234 FY2024 797 FY2025 738 FY2026 502 FY2027 346 Thereafter $ 521 Total future minimum lease payments 3,138 Present value adjustment ( 402 ) Operating lease liability $ 2,736

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
Fair Value Disclosures	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Note 9. Fair Value Disclosures The Company’s financial instruments consist of cash, finance receivables, repossessed assets, the line of credit, and the note payable. Each of these financial instruments are not carried at fair value. Finance receivables, net, approximates fair value based on the price paid to acquire Contracts. The price paid reflects competitive market interest rates and purchase discounts for the Company’s chosen credit grade in the economic environment. This market is highly liquid as the Company acquires individual loans on a daily basis from dealers. The initial terms of the Contracts generally range from 12 to 72 months. Beginning in December 2017, the maximum initial term of a Contract was reduced to 60 months. The initial terms of the Direct Loans generally range from 12 to 60 months. If liquidated outside of the normal course of business, the amount received may not be the carrying value. Repossessed assets are valued at the lower of the finance receivable balance prior to repossession or the estimated net realizable value of the repossessed asset. The Company estimates the net realizable value using estimated auction wholesale proceeds less costs to sell plus insurance claims outstanding, if any. Based on these market conditions, the fair value of the line of credit as of December 31, 2022 was estimated to be equal to the book value. The interest rate for the line of credit is a variable rate based on SOFR pricing options. (In thousands) Fair Value Measurement Using Description Level 1 Level 2 Level 3 Fair Carrying Cash and restricted cash: December 31, 2022 $ 914 $ - $ - $ 914 $ 914 March 31, 2022 $ 4,775 $ - $ - $ 4,775 $ 4,775 Finance receivables: December 31, 2022 $ - $ - $ 139,719 $ 139,719 $ 139,719 March 31, 2022 $ - $ - $ 168,600 $ 168,600 $ 168,600 Repossessed assets: December 31, 2022 $ - $ - $ 1,041 $ 1,041 $ 1,041 March 31, 2022 $ - $ - $ 658 $ 658 $ 658 Credit facility: December 31, 2022 $ - $ - $ 45,000 $ 45,000 $ 45,000 March 31, 2022 $ - $ - $ 55,000 $ 55,000 $ 55,000 Note Payable: December 31, 2022 $ - $ - $ - $ - $ - March 31, 2022 $ 3,244 $ - $ - $ 3,244 $ 3,244 The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. There were none at December 31, 2022 and March 31, 2022 and there were no nonrecurring fair value measurements during the three and nine months ended December 31, 2022 and 2021. Level 2 assets are financial assets and liabilities that do not have regular market pricing, but whose fair value can be determined based on other data values or market pricing. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. Management has determined that this level to be most appropriate for the line of credit.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10. Commitments and Contingencies The Company currently is not a party to any pending legal proceedings other than ordinary routine litigation incidental to its business, none of which, if decided adversely to the Company, would, in the opinion of management, have a material adverse effect on the Company’s financial condition or results of operations.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2022
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Note 11. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standard Board (FASB) issued the Accounting Standard Updates (ASU) 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Among other things, the amendments in this ASU require the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Companies will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The ASU also requires additional disclosures related to estimates and judgments used to measure all expected credit losses. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this ASU on the consolidated financial statements and is collecting and analyzing data that will be needed to produce historical inputs into any models created as a result of adopting this ASU. At this time, the Company believes the adoption of this ASU will likely have a material effect and is expected to increase the overall allowance for credit losses. In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitating of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions in which the reference London Interbank Offered Rate (LIBOR) or another reference rate is expected to be discontinued as a result of the Reference Rate Reform. This ASU was intended to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. This ASU was effective immediately and is effective through December 31, 2022. The adoption of this ASU did not have a material effect on the Company's consolidated financial statements. The Company does not believe there are any other recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s consolidated financial statements.

Stock Plans

Stock Plans	9 Months Ended
Stock Plans	Dec. 31, 2022
Equity [Abstract]
Stock Plans	Note 12. Stock Plans In May 2019, the Company’s Board of Directors (“Board”) authorized a new stock repurchase program allowing for the repurchase of up to $ 8.0 million of the Company’s outstanding shares of common stock in open market purchases, privately negotiated transactions, or through other structures in accordance with applicable federal securities laws. The authorization was effective immediately. The timing and actual number of repurchases will depend on a variety of factors, including stock price, corporate and regulatory requirements and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time. In August 2019, the Company’s Board authorized additional repurchases of up to $ 1.0 million of the Company’s outstanding shares. The following table summarizes treasury share transactions under the Company's stock repurchase program: Three months ended December 31, 2022 2021 Number of Amount Number of Amount Treasury shares at the beginning of period 5,349 $ ( 76,684 ) 5,082 $ ( 73,895 ) Treasury shares purchased 19 ( 110 ) 6 ( 65 ) Treasury shares at the end of period 5,368 $ ( 76,794 ) 5,088 $ ( 73,960 ) Nine months ended December 31, 2022 2021 Number of Shares Amount Number of Shares Amount Treasury shares at the beginning of period 5,127 $ ( 74,405 ) 4,945 $ ( 72,343 ) Treasury shares purchased 241 ( 2,389 ) 143 ( 1,617 ) Treasury shares at the end of period 5,368 $ ( 76,794 ) 5,088 $ ( 73,960 ) For the three months ended December 31, 2022, the Company repurchased approximately 19 thousand shares of common stock at an aggregate cost of $ 110 thousand and average cost per share of $ 5.79 . For the nine months ended December 31, 2022, the Company repurchased approximately 241 thousand shares of common stock at an aggregate cost of $ 2.4 million and average cost per share of $ 8.69 .

Note Payable

Note Payable	9 Months Ended
Note Payable	Dec. 31, 2022
Debt Disclosure [Abstract]
Note Payable	Note 13. Note Payable On May 27, 2020, the Company obtained a loan in the amount of approximately $ 3.2 million from a bank in connection with the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (the “PPP Loan”). Pursuant to the Paycheck Protection Program, all or a portion of the PPP Loan may be forgiven if the Company uses the proceeds of the PPP Loan for its payroll costs and other expenses in accordance with the requirements of the Paycheck Protection Program. The Company used the proceeds of the PPP Loan for payroll costs and other covered expenses and sought full forgiveness of the PPP Loan. The Company submitted a forgiveness application to Fifth Third Bank, the lender, on December 7, 2020 and submitted supplemental documentation on January 16, 2021. On December 27, 2021 SBA informed the Company that no forgiveness was granted. The Company filed an appeal with SBA on January 5, 2022. On May 6, 2022 the Office of Hearing and Appeals SBA (OHA) rendered a decision to deny the appeal. The Company subsequently repaid the outstanding principal balance of $ 3.2 million plus accrued and unpaid interest of $ 65 thousand on May 23, 2022.

Restructuring Activities

Restructuring Activities	9 Months Ended
Restructuring Activities	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring Activities	Note 14. Restructuring Activities On July 18, 2022, the Company announced its plan to close eleven branches and a consolidation of workforce impacting approximately 44 employees. The Company then announced on Form 8-K filed on November 3, 2022 a change in its operating strategy and restructuring plan with the goal of reducing operating expenses and freeing up capital. As part of this plan, the Company has shifted from a decentralized to a regionalized business model and has entered into a loan servicing agreement with Westlake Portfolio Management, LLC ("WPM"). While the Company intends to continue Contract purchase and origination activities, albeit on a much smaller scale, its servicing, collections and recovery operations will be outsourced to WPM. The Company has ceased originations of Direct Loans. As part of this restructuring plan, the Company announced the closure of its branches and will continue operating from its corporate headquarters in Clearwater, FL and central business operational hub in Charlotte, NC. Consistent with this significant reduction in footprint, the Company reduced its workforce to approximately 18 employees as of January 2023. The Company anticipates that execution of its evolving restructuring plan will free up capital and permit the Company to allocate excess capital to increase shareholder returns, whether by acquiring loan portfolios or businesses or by investing outside of the Company’s traditional business. The overall timeframe and structure of the Company’s restructuring remains uncertain. Costs related to the restructuring plan are summarized as follows: (In thousands) Total Cost Incurred to Date Remaining cost Branch Closures $ 3,088 $ 2,565 522 Severance 555 555 — Cease-use of contractual services 820 660 160 Professional fees 323 215 108 Other 26 17 9 Total restructuring cost $ 4,812 $ 4,012 $ 799 For further information refer to the disclosure under "Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Restructuring and Change in Operating Strategy."

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events On January 18 , 2023, the Company through its subsidiaries entered into a Loan and Security Agreement (the “Loan Agreement”) with Westlake Capital Finance, LLC, a California limited liability company, pursuant to which the Lender is providing the Borrowers a senior secured revolving credit facility in the principal amount of up to $ 50 million (the “Credit Facility”). The Lender is an affiliate of WPM, the servicer of substantially all of the Company's receivables under its automobile finance installment contracts and direct loans. We refer to the Lender and WPM collectively as “Westlake.” The availability of funds under the Credit Facility is generally limited to an advance rate of between 70 % and 85 % of the value of the Borrowers’ eligible receivables. Outstanding advances under the Credit Facility will accrue interest at a rate equal to the secured overnight financing rate (SOFR) plus a specified margin, subject to a specified floor interest rate. For the quarter ending March 31, 2023, the Borrowers expect to incur interest payments between $ 0.7 million and $ 0.9 million. Unused availability under the Credit Agreement will accrue interest at a low interest rate. The commitment period for advances under the Credit Facility is two years. We refer to the expiration of that time period as the “Maturity Date.” The Loan Agreement contains customary events of default and negative covenants, including but not limited to those governing indebtedness, liens, fundamental changes, and sales of assets. The Loan Agreement also requires the Borrowers to maintain (i) a minimum tangible net worth equal to the lower of $ 40 million and an amount equal to 60 % of the outstanding balance of the Credit Facility and (ii) an excess spread ratio of no less than 8.0 %. Pursuant to the Loan Agreement, the Borrowers granted a security interest in substantially all of their assets as collateral for their obligations under the Credit Facility. If an event of default occurs, Westlake could increase borrowing costs, restrict the Borrowers’ ability to obtain additional advances under the Credit Facility, accelerate all amounts outstanding under the Credit Facility, enforce their interest against collateral pledged under the Loan Agreement or enforce such other rights and remedies as they have under the loan documents or applicable law as secured lenders. If the Borrowers prepay the loan and terminate the Credit Facility prior to the Maturity Date, then the Borrowers would be obligated to pay Westlake a termination fee in an amount equal to a percentage of the average outstanding principal balance of the Credit Facility during the immediately preceding 90 days. If the Borrowers were to sell their accounts receivable to a third .party prior to the Maturity Date, then the Borrowers would be obligated to pay Westlake a fee in an amount equal to a specified percentage of the proceeds of such sale. On January 18, 2023, in connection with entering into the Loan Agreement, the Borrowers terminated the WF Credit Agreement, and the indebtedness under that agreement (consisting of a revolving line of credit in a maximum principal amount of $ 60 million (with an outstanding balance of approximately $ 43 million)) was repaid in full. The Company did not incur any termination penalties in connection with the termination of the WF Credit Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Nicholas Financial, Inc. (“Nicholas Financial – Canada” or the Company) is a Canadian holding company incorporated under the laws of British Columbia with several wholly-owned United States subsidiaries, including Nicholas Financial, Inc., a Florida corporation (“NFI”). The accompanying condensed consolidated balance sheet as of December 31, 2022, and the accompanying unaudited interim condensed consolidated financial statements of Nicholas Financial – Canada, and its wholly-owned subsidiaries (collectively, the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information, with the instructions to Form 10-Q pursuant to the Securities Exchange Act of 1934, as amended, and with Article 8 of Regulation S-X thereunder. Accordingly, they do not include all of the information and notes to the consolidated financial statements required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2023. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2022 as filed with the Securities and Exchange Commission on June 24, 2022. The March 31, 2022 consolidated balance sheet included herein has been derived from the March 31, 2022 audited consolidated balance sheet included in the aforementioned Form 10-K. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables. Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported net income (loss).
Revenue Recognition	Revenue Recognition Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 61 days or more, or the collateral is repossessed, whichever is earlier. The Company reverses the accrual of interest income when the loan is contractually delinquent 61 days or more. The Company defines a non-performing asset as one that is 61 or more days past due, a Chapter 7 bankruptcy account, or a Chapter 13 bankruptcy account that has not been confirmed by the courts, for which the accrual of interest income is suspended. Upon confirmation of a Chapter 13 bankruptcy account (BK13), the account is immediately charged-off. Upon notification of a Chapter 7 bankruptcy, an account is monitored for collectability. In the event the debtors’ balance is reduced by the bankruptcy court, the Company records a loss equal to the amount of principal balance reduction. The remaining balance is reduced as payments are received. In the event an account is dismissed from bankruptcy, the Company will decide whether to begin repossession proceedings or to allow the customer to make regularly scheduled payments. A dealer discount represents the difference between the finance receivable of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle and competition in any given market. In making decisions regarding the purchase of a particular Contract the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer, and the value of the automobile in relation to the purchase price and the term of the Contract. The dealer discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount associated with new volume for the three months ended December 31, 2022 and 2021 was 6.8 % and 6.8 %, respectively, in relation to the total amount financed. Unearned insurance and fee commissions consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance, involuntary unemployment insurance coverage, and forced placed automobile insurance. These commissions are amortized over the life of the contract using the effective interest method.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings (loss) per share	Earnings per share have been computed based on the following weighted average number of common shares outstanding: Three months ended Nine months ended 2022 2021 2022 2021 Numerator Net (loss) income per consolidated statements of income $ ( 13,373 ) $ ( 702 ) $ ( 18,322 ) $ 2,630 Percentage allocated to shareholders * 100 % 100 % 100 % 100 % Numerator for basic and diluted earnings per share $ ( 13,373 ) $ ( 699 ) $ ( 18,322 ) $ 2,617 Denominator Denominator for basic earnings per share - weighted-average shares outstanding 7,219 7,621 7,349 7,593 Dilutive effect of stock options — — — — Denominator for diluted earnings per share 7,219 7,621 7,349 7,593 Per share income from continuing operations Basic $ ( 1.85 ) $ ( 0.09 ) $ ( 2.49 ) $ 0.34 Diluted ( 1.85 ) ( 0.09 ) ( 2.49 ) 0.34 * Basic weighted-average shares outstanding 7,219 7,621 7,349 7,593 Basic weighted-average shares outstanding and unvested restricted stock units expected to vest 7,219 7,658 7,349 7,630 Percentage allocated to shareholders 100 % 100 % 100 % 100 %

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
Finance Receivables (Tables)	Dec. 31, 2022
Receivables [Abstract]
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans	Finance receivables consist of Contracts and Direct Loans and are detailed as follows: (In thousands) December 31, March 31, Finance receivables $ 155,213 $ 178,786 Accrued interest receivable 2,903 2,315 Unearned dealer discounts ( 5,463 ) ( 6,894 ) Unearned insurance commissions and fees ( 1,889 ) ( 2,446 ) Purchase price discount ( 93 ) ( 212 ) Finance receivables, net of unearned 150,671 171,549 Allowance for credit losses ( 10,952 ) ( 2,949 ) Finance receivables, net $ 139,719 $ 168,600
Schedule of selected information on entire comprise portfolio	Contracts and Direct Loans each comprise a portfolio segment. The following tables present selected information on the entire portfolio of the Company: As of December 31, Contract Portfolio 2022 2021 Average APR 22.8 % 22.8 % Average discount 6.8 % 7.4 % Average term (months) 50 50 Number of active contracts 16,364 20,013 As of December 31, Direct Loan Portfolio 2022 2021 Average APR 30.0 % 29.8 % Average term (months) 26 26 Number of active contracts 6,505 6,103
Schedule of reconciliation of the changes in the allowance for credit losses	The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts and Direct Loans for the three months ended December 31, 2022 and 2021 (in thousands): Three months ended December 31, 2022 Nine months ended December 31, 2022 Contracts Direct Loans Consolidated Contracts Direct Loans Consolidated Balance at beginning of $ 5,088 $ 2,003 $ 7,091 $ 1,960 $ 989 $ 2,949 Provision for credit losses 9,132 1,598 10,730 19,747 3,533 23,280 Charge-offs ( 7,077 ) ( 1,056 ) ( 8,133 ) ( 17,266 ) ( 2,050 ) ( 19,316 ) Recoveries 1,240 24 1,264 3,942 97 4,039 Balance at December 31, $ 8,383 $ 2,569 $ 10,952 $ 8,383 $ 2,569 $ 10,952 Three months ended December 31, 2021 Nine months ended December 31, 2021 Contracts Direct Loans Consolidated Contracts Direct Loans Consolidated Balance at beginning of $ 3,716 $ 746 $ 4,462 $ 6,001 $ 153 $ 6,154 Provision for credit losses 1,325 350 1,675 2,515 1,285 3,800 Charge-offs ( 3,546 ) ( 245 ) ( 3,791 ) ( 9,447 ) ( 618 ) ( 10,065 ) Recoveries 1,271 13 1,284 3,697 44 3,741 Balance at December 31, $ 2,766 $ 864 $ 3,630 $ 2,766 $ 864 $ 3,630
Schedule of an assessment of the credit quality by creditworthiness	The following table is an assessment of the credit quality by creditworthiness: (In thousands) December 31, 2022 December 31, 2021 Contracts Direct Loans Total Contracts Direct Loans Total Performing accounts $ 120,299 $ 22,077 $ 142,376 $ 147,589 $ 22,216 $ 169,805 Non-performing accounts 11,003 1,623 12,626 5,891 329 6,220 Total 131,302 23,700 155,002 153,480 22,545 176,025 Chapter 13 bankruptcy 163 48 211 142 6 148 Finance receivables $ 131,465 $ 23,748 $ 155,213 $ 153,622 $ 22,551 $ 176,173
Schedule of information regarding delinquency rates	The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and Direct Loans, excluding Chapter 13 bankruptcy accounts: Contracts (In thousands, except percentages) Balance 30 – 59 60 – 89 90 – 119 120+ Total December 31, 2022 $ 131,302 $ 16,649 $ 7,351 $ 3,615 $ 37 $ 27,652 12.68 % 5.60 % 2.75 % 0.03 % 21.06 % March 31, 2022 $ 154,143 $ 7,097 $ 2,936 $ 1,183 $ 48 $ 11,264 4.60 % 1.90 % 0.77 % 0.03 % 7.31 % December 31, 2021 $ 153,480 $ 9,886 $ 4,176 $ 1,662 $ 53 $ 15,777 6.44 % 2.72 % 1.08 % 0.03 % 10.28 % Direct Loans Balance 30 – 59 60 – 89 90 – 119 120+ Total December 31, 2022 $ 23,700 $ 2,989 $ 1,102 $ 515 $ 6 $ 4,612 12.61 % 4.65 % 2.17 % 0.03 % 19.46 % March 31, 2022 $ 24,376 $ 607 $ 197 $ 77 $ — $ 881 2.49 % 0.81 % 0.32 % — 3.61 % December 31, 2021 $ 22,545 $ 636 $ 199 $ 130 $ — $ 965 2.82 % 0.88 % 0.58 % — 4.28 %

Credit Facility (Tables)

Credit Facility (Tables)	9 Months Ended
Credit Facility (Tables)	Dec. 31, 2022
Line of Credit Facility [Abstract]
Schedule of Future Maturities of Debt	Future maturities of debt as of December 31, 2022 were as follows: (in thousands) FY2023 $ — FY2024 — FY2025 45,000 FY2026 — $ 45,000

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of deferred tax assets and liabilities	The net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes are reflected in deferred income taxes. Significant components of the Company’s deferred tax assets consist of the following: (In thousands) December 31, 2022 March 31, 2022 Deferred Tax Assets: Federal and State net operating loss carryforwards $ 2,365 $ 507 Share-based compensation 14 79 Allowance for credit losses not currently deductible for tax purposes 2,998 900 Right of use liability 675 1,094 Other items 119 175 Gross deferred tax assets 6,171 2,755 Valuation allowance for deferred tax assets ( 5,723 ) - Net deferred tax assets 448 2,755 Deferred tax liabilities: Right of use asset 290 1,061 Other items 158 309 Total deferred tax liabilities 448 1,370 Net deferred income taxes $ - $ 1,385
Schedule of income tax expense reflects an effective U.S tax rate	Income tax expense reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons: (In thousands) Three months ended Nine months ended December 31, 2022 December 31, 2022 Income tax expense at Federal statutory rate $ ( 2,178 ) $ ( 3,530 ) State income taxes, net of Federal benefit ( 398 ) ( 645 ) Increase (decrease) resulting from: Change in Valuation Allowance 5,723 5,723 Other ( 147 ) ( 133 ) Income tax expense $ 3,000 $ 1,415 As of December 31, 2022 the Company has not generated sufficient positive evidence of future earnings to support a position that it will be able to realize its net deferred tax asset. The Company has significant negative evidence to overcome in the form of cumulative pre-tax losses from continuing operations as well as projected losses for the current year. Therefore, it will continue to maintain a full valuation allowance on its U.S. federal and state net deferred tax asset. The change in the valuation allowance offset the income tax benefit related to the pre-tax loss for the quarter ended December 31, 2022. The Company does no t have any material unrecognized tax benefits as of December 31, 2022. The Company experienced a net change in valuation allowance of $ 5.7 million for the three and nine months ended December 31, 2022.

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Dec. 31, 2022
Leases [Abstract]
Summary of future minimum lease payments under non-cancellable operating leases	Future minimum lease payments under non-cancellable operating leases in effect as of December 31, 2022, are as follows: in thousands FY2023 (remaining three months) $ 234 FY2024 797 FY2025 738 FY2026 502 FY2027 346 Thereafter $ 521 Total future minimum lease payments 3,138 Present value adjustment ( 402 ) Operating lease liability $ 2,736

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
Fair Value Disclosures (Tables)	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of financial instruments not measured at fair value	The interest rate for the line of credit is a variable rate based on SOFR pricing options. (In thousands) Fair Value Measurement Using Description Level 1 Level 2 Level 3 Fair Carrying Cash and restricted cash: December 31, 2022 $ 914 $ - $ - $ 914 $ 914 March 31, 2022 $ 4,775 $ - $ - $ 4,775 $ 4,775 Finance receivables: December 31, 2022 $ - $ - $ 139,719 $ 139,719 $ 139,719 March 31, 2022 $ - $ - $ 168,600 $ 168,600 $ 168,600 Repossessed assets: December 31, 2022 $ - $ - $ 1,041 $ 1,041 $ 1,041 March 31, 2022 $ - $ - $ 658 $ 658 $ 658 Credit facility: December 31, 2022 $ - $ - $ 45,000 $ 45,000 $ 45,000 March 31, 2022 $ - $ - $ 55,000 $ 55,000 $ 55,000 Note Payable: December 31, 2022 $ - $ - $ - $ - $ - March 31, 2022 $ 3,244 $ - $ - $ 3,244 $ 3,244

Stock Plans (Tables)

Stock Plans (Tables)	9 Months Ended
Stock Plans (Tables)	Dec. 31, 2022
Equity [Abstract]
Summary of Treasury Share Transactions Under the Company's Stock Repurchase Program	The following table summarizes treasury share transactions under the Company's stock repurchase program: Three months ended December 31, 2022 2021 Number of Amount Number of Amount Treasury shares at the beginning of period 5,349 $ ( 76,684 ) 5,082 $ ( 73,895 ) Treasury shares purchased 19 ( 110 ) 6 ( 65 ) Treasury shares at the end of period 5,368 $ ( 76,794 ) 5,088 $ ( 73,960 ) Nine months ended December 31, 2022 2021 Number of Shares Amount Number of Shares Amount Treasury shares at the beginning of period 5,127 $ ( 74,405 ) 4,945 $ ( 72,343 ) Treasury shares purchased 241 ( 2,389 ) 143 ( 1,617 ) Treasury shares at the end of period 5,368 $ ( 76,794 ) 5,088 $ ( 73,960 )

Restructuring Activities (Table

Restructuring Activities (Tables)	9 Months Ended
Restructuring Activities (Tables)	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Costs related to the restructuring plan	Costs related to the restructuring plan are summarized as follows: (In thousands) Total Cost Incurred to Date Remaining cost Branch Closures $ 3,088 $ 2,565 522 Severance 555 555 — Cease-use of contractual services 820 660 160 Professional fees 323 215 108 Other 26 17 9 Total restructuring cost $ 4,812 $ 4,012 $ 799

Revenue Recognition (Detail Tex

Revenue Recognition (Detail Textuals)	3 Months Ended		9 Months Ended
Revenue Recognition (Detail Textuals)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Interest income accrual on finance receivables suspension condition			Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 61 days or more, or the collateral is repossessed, whichever is earlier. The Company reverses the accrual of interest income when the loan is contractually delinquent 61 days or more.
Average dealer discount associated with new volume	6.80%	6.80%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net (loss) income per consolidated statements of income	$ (13,373)	$ (702)	$ (18,322)	$ 2,630
Percentage allocated to shareholders *	100%	100%	100%	100%
Numerator for basic and diluted earnings per share	$ (13,373)	$ (699)	$ (18,322)	$ 2,617
Denominator
Denominator for basic earnings per share - weighted-average shares outstanding	7,219	7,621	7,349	7,593
Denominator for diluted earnings per share	7,219	7,621	7,349	7,593
Per share income from continuing operations
Basic	$ (1.85)	$ (0.09)	$ (2.49)	$ 0.34
Diluted	$ (1.85)	$ (0.09)	$ (2.49)	$ 0.34

Earnings Per Share (Parenthetic

Earnings Per Share (Parentheticals) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Denominator for basic earnings per share - weighted-average shares outstanding	7,219	7,621	7,349	7,593
Basic weighted-average shares outstanding and unvested restricted stock units expected to vest	7,219	7,658	7,349	7,630
Percentage allocated to shareholders *	100%	100%	100%	100%

Finance Receivables - Summary o

Finance Receivables - Summary of contracts and direct loans included in finance receivables (Details) - Finance receivables - Contracts and direct loans - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	$ 155,213	$ 178,786
Accrued interest receivable	2,903	2,315
Unearned dealer discounts	(5,463)	(6,894)
Unearned insurance commissions and fees	(1,889)	(2,446)
Purchase price discount	(93)	(212)
Finance receivables, net of unearned	150,671	171,549
Allowance for credit losses	(10,952)	(2,949)
Finance receivables, net	$ 139,719	$ 168,600

Finance Receivables - Selected

Finance Receivables - Selected information on entire portfolio of Company (Details 1) - Contract	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Average APR	22.80%	22.80%
Average discount	6.80%	7.40%
Average term (months)	50 months	50 months
Number of active contracts	16,364	20,013
Direct Loan Portfolio
Accounts Notes And Loans Receivable [Line Items]
Average APR	30%	29.80%
Average term (months)	26 months	26 months
Number of active contracts	6,505	6,103

Finance Receivables (Detail Tex

Finance Receivables (Detail Textuals) - Direct Loans	Dec. 31, 2022 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Percentage of direct loan to total loan portfolio	15%
Minimum
Accounts Notes And Loans Receivable [Line Items]
Finance receivables, net	$ 500
Maximum
Accounts Notes And Loans Receivable [Line Items]
Finance receivables, net	$ 15,000

Finance Receivables - Summary_2

Finance Receivables - Summary of reconciliation of changes in allowance for credit losses on contracts (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Provision for credit losses	$ 10,730	$ 1,675	$ 23,280	$ 3,800
Finance receivables
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of period	7,091	4,462	2,949	6,154
Provision for credit losses	10,730	1,675	23,280	3,800
Charge-offs	(8,133)	(3,791)	(19,316)	(10,065)
Recoveries	1,264	1,284	4,039	3,741
Balance at end of period	10,952	3,630	10,952	3,630
Finance receivables \| Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of period	5,088	3,716	1,960	6,001
Provision for credit losses	9,132	1,325	19,747	2,515
Charge-offs	(7,077)	(3,546)	(17,266)	(9,447)
Recoveries	1,240	1,271	3,942	3,697
Balance at end of period	8,383	2,766	8,383	2,766
Finance receivables \| Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of period	2,003	(746)	989	153
Provision for credit losses	1,598	350	3,533	1,285
Charge-offs	(1,056)	(245)	(2,050)	(618)
Recoveries	24	13	97	44
Balance at end of period	$ 2,569	$ 864	$ 2,569	$ 864

Finance Receivables - Assessmen

Finance Receivables - Assessment of credit quality by creditworthiness (Details 3) - Finance receivables - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Total	$ 155,002		$ 176,025
Finance receivables	155,213		176,173
Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	211		148
Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	23,700	$ 24,376	22,545
Finance receivables	23,748		22,551
Direct Loans \| Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	48		6
Performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	142,376		169,805
Performing accounts \| Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	22,077		22,216
Non-performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	12,626		6,220
Non-performing accounts \| Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	1,623		329
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	131,302	$ 154,143	153,480
Finance receivables	131,465		153,622
Contract Portfolio \| Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	163		142
Contract Portfolio \| Performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	120,299		147,589
Contract Portfolio \| Non-performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	$ 11,003		$ 5,891

Finance Receivables (Detail T_2

Finance Receivables (Detail Textuals 1)	9 Months Ended
Finance Receivables (Detail Textuals 1)	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Maximum criteria for receivable to be a performing account	61 days
Percentage of more than payment contractually for delinquent	10%
Minimum criteria for receivable to be a non-performing account	61 days
Minimum
Accounts Notes And Loans Receivable [Line Items]
Criteria for receivable to be delinquent account	121 days

Finance Receivables - Informati

Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 4) - Finance receivables - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	$ 155,002		$ 176,025
Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	23,700	$ 24,376	22,545
Total	$ 4,612	$ 881	$ 965
Total (in percentage)	19.46%	3.61%	4.28%
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	$ 131,302	$ 154,143	$ 153,480
Total	$ 27,652	$ 11,264	$ 15,777
Total (in percentage)	21.06%	7.31%	10.28%
30 - 59 days \| Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 2,989	$ 607	$ 636
Total (in percentage)	12.61%	2.49%	2.82%
30 - 59 days \| Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 16,649	$ 7,097	$ 9,886
Total (in percentage)	12.68%	4.60%	6.44%
60 - 89 days \| Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 1,102	$ 197	$ 199
Total (in percentage)	4.65%	0.81%	0.88%
60 - 89 days \| Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 7,351	$ 2,936	$ 4,176
Total (in percentage)	5.60%	1.90%	2.72%
90 - 119 days \| Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 515	$ 77	$ 130
Total (in percentage)	2.17%	0.32%	0.58%
90 - 119 days \| Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 3,615	$ 1,183	$ 1,662
Total (in percentage)	2.75%	0.77%	1.08%
Over 120 days \| Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 6
Total (in percentage)	0.03%
Over 120 days \| Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 37	$ 48	$ 53
Total (in percentage)	0.03%	0.03%	0.03%

Credit Facility (Detail Textual

Credit Facility (Detail Textuals) - USD ($) $ in Thousands		9 Months Ended
Credit Facility (Detail Textuals) - USD ($) $ in Thousands	Nov. 05, 2021	Dec. 31, 2022	Mar. 31, 2022
Line Of Credit Facility [Line Items]
Credit Facility Receivables Funds, Percentage		50%
Aggregate outstanding indebtedness		$ 45,000
Minimum
Line Of Credit Facility [Line Items]
Credit facility, available funds, percentage		80%
Maximum
Line Of Credit Facility [Line Items]
Credit facility, available funds, percentage		85%
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Non - Refundable Restructuring Amount		$ 300
Credit Agreement [Member] \| Minimum
Line Of Credit Facility [Line Items]
Line Of Credit Reduced Amount		175,000
Credit Agreement [Member] \| Maximum
Line Of Credit Facility [Line Items]
Line Of Credit Reduced Amount		60,000
Ares Credit Facility
Line Of Credit Facility [Line Items]
Aggregate outstanding indebtedness		$ 45,000	$ 55,000
Wells Fargo Credit Facility
Line Of Credit Facility [Line Items]
Commitment period for advances under Credit Facility	3 years
Wells Fargo Credit Facility \| Secured Overnight Financing Rate
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.25%
Wells Fargo Credit Facility \| Minimum
Line Of Credit Facility [Line Items]
Credit facility, available funds, percentage	80%
Wells Fargo Credit Facility \| Maximum
Line Of Credit Facility [Line Items]
Credit facility, available funds, percentage	85%
Wells Fargo Credit Facility \| Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of credit facility amount	$ 175,000

Credit Facility - Schedule of F

Credit Facility - Schedule of Future Maturities of Debt (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
FY2023	$ 0
FY2024	0
FY2025	45,000
FY2026	0
Future maturities of debt	$ 45,000

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
Income Taxes (Detail Textuals) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 3,000	$ 3,000	$ (209)	$ 1,415	$ 926
Increase (decrease) in effective tax rate	(29.10%)		22.90%	(8.42%)	26%
Dferred income tax valuation allowance	$ 5,723	$ 0		$ 5,723
Change in valuation allowance	$ 5,700			5,700
Unrecognized tax benefits				$ 0

Income Taxes - Significant comp

Income Taxes - Significant components of the company's deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Deferred Tax Assets, Tax Deferred Expense [Abstract]
Federal and State net operating loss carryforwards	$ 2,365	$ 507
Share-based compensation	14	79
Allowance for credit losses not currently deductible for tax purposes	2,998	900
Right of use liability	675	1,094
Other items	119	175
Gross deferred tax assets	6,171	2,755
Valuation allowance for deferred tax assets	5,723	0
Net deferred tax assets	448	2,755
Deferred Tax Liabilities, Gross [Abstract]
Right of use asset	290	1,061
Other items	158	309
Total deferred tax liabilities	448	1,370
Net deferred income taxes	$ 0	$ 1,385

Income Taxes - Income tax expen

Income Taxes - Income tax expense reflects an effective U.S tax rate (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Income Taxes [Line Items]
Income tax expense at Federal statutory rate		$ (2,178)		$ (3,530)
State income taxes, net of Federal benefit		(398)		(645)
Increase (decrease) resulting from:
Change in Valuation Allowance		5,723		5,723
Other		(147)		(133)
Income Tax Expense (Benefit), Total	$ 3,000	$ 3,000	$ (209)	$ 1,415	$ 926

Leases (Detail Textuals)

Leases (Detail Textuals) - USD ($) $ in Thousands	9 Months Ended
Leases (Detail Textuals) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Lessee Lease Description [Line Items]
Operating lease, liability	$ 2,736	$ 4,410
Operating lease, right-of-use asset	$ 1,176	$ 4,277
Lease Agreement Of Operatinal Hub	The lease agreement for the operational hub in Charlotte, NC expires in February 2029. The Company expects to terminate the lease agreement for its operational hub in Charlotte, NC in the current fiscal year.
Operating Lease, Impairment Loss	$ 1,400
Branch network lease agreement
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend	true
Operating lease minimum term to extend	1 year
Operating lease maximum term to extend	3 years
Corporate headquarters lease agreement
Lessee Lease Description [Line Items]
Lease Expiration Date	Jan. 31, 2026
Minimum \| Branch network lease agreement
Lessee Lease Description [Line Items]
Operating lease, term of contract	1 year
Maximum \| Branch network lease agreement
Lessee Lease Description [Line Items]
Operating lease, term of contract	5 years

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Leases [Abstract]
FY2023 (remaining three months)	$ 234
FY2024	797
FY2025	738
FY2026	502
FY2027	346
Thereafter	521
Total future minimum lease payments	3,138
Present value adjustment	(402)
Operating lease liabilities	$ 2,736	$ 4,410

Fair Value Disclosures (Detail

Fair Value Disclosures (Detail Textuals)	1 Months Ended	9 Months Ended
Fair Value Disclosures (Detail Textuals)	Dec. 31, 2017	Dec. 31, 2022
Contract Portfolio \| Minimum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables		12 months
Contract Portfolio \| Maximum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables	60 months	72 months
Direct Loans \| Minimum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables		12 months
Direct Loans \| Maximum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables		60 months

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details 1) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	$ 914	$ 4,775
Finance receivables	139,719	168,600
Repossessed assets	1,041	658
Note Payable	0	3,244
Credit facility	45,000	55,000
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	914	4,775
Finance receivables	139,719	168,600
Repossessed assets	1,041	658
Note Payable	0	3,244
Credit facility	45,000	55,000
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	914	4,775
Finance receivables	0	0
Repossessed assets	0	0
Note Payable	0	3,244
Credit facility	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	0	0
Finance receivables	0	0
Repossessed assets	0	0
Note Payable	0	0
Credit facility	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	0	0
Finance receivables	139,719	168,600
Repossessed assets	1,041	658
Note Payable	0	0
Credit facility	$ 45,000	$ 55,000

Variable Interest Entity - Summ

Variable Interest Entity - Summary of Assets and Liabilities Held by VIE (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Assets
Finance receivables, net	$ 139,719	$ 168,600
Repossessed assets	1,041	658
Total assets	145,204	183,570
Liabilities
Credit facility	44,624	54,813
Accounts payable and accrued expenses	2,264	4,717
Total liabilities	$ 49,624	$ 67,184

Stock Plans (Detail Textuals)

Stock Plans (Detail Textuals) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2019	May 31, 2019
Equity Class Of Treasury Stock [Line Items]
Number of shares repurchased	19	6	241	143
Aggregate cost of shares repurchased	$ 110,000	$ 65,000	$ 2,389,000	$ 1,617,000
New Stock Repurchase Program \| Common Stock
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 1,000,000	$ 8,000,000
Number of shares repurchased	19		241
Aggregate cost of shares repurchased	$ 110,000		$ 2,400,000
Shares repurchased, average cost per share	$ 5.79		$ 8.69

Stock Plans - Summary of Treasu

Stock Plans - Summary of Treasury Share Transactions Under the Company's Stock Repurchase Program (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Treasury shares at the beginning of period, Number of Shares	5,349	5,082	5,127	4,945
Treasury shares purchased, Number of Shares	19	6	241	143
Treasury shares at the end of period, Number of Shares	5,368	5,088	5,368	5,088
Treasury shares at the beginning of period, Amount	$ (76,684)	$ (73,895)	$ (74,405)	$ (72,343)
Treasury shares purchased, Amount	(110)	(65)	(2,389)	(1,617)
Treasury shares at the end of period, Amount	$ (76,794)	$ (73,960)	$ (76,794)	$ (73,960)

Notes Payable (Detail Textuals)

Notes Payable (Detail Textuals) - USD ($) $ in Thousands	May 27, 2020	May 23, 2022
Debt Instrument [Line Items]
Principal amount outstanding		$ 3,200
Accrued and unpaid interest		$ 65
Paycheck Protection Program \| Fifth Third Bank
Debt Instrument [Line Items]
Loan obtained	$ 3,200

Restructuring Activities (Detai

Restructuring Activities (Detail Textuals)	3 Months Ended
Restructuring Activities (Detail Textuals)	Mar. 31, 2023	Jul. 18, 2022 Employees Branch
Restructuring and Related Activities [Abstract]
Number of employees		44
Number of branches close \| Branch		11
Workforce Reduced	18
Defined Contribution Plan, Number of Employees		44

Restructuring Activities - Sche

Restructuring Activities - Schedule of costs related to the restructuring plan (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2022 USD ($)
Total Expected Costs [Member]
Restructuring Cost and Reserve [Line Items]
Lease Abandonment	$ 3,088
Severance Costs	555
Cease Use of Other Contractual Obligations	820
Professional fees	323
Other	26
Total restructuring cost	4,812
Total Cost Incurred to Date [Member]
Restructuring Cost and Reserve [Line Items]
Lease Abandonment	2,565
Severance Costs	555
Cease Use of Other Contractual Obligations	660
Professional fees	215
Other	17
Total restructuring cost	4,012
Total Remaining (Underestimated) Costs [Member]
Restructuring Cost and Reserve [Line Items]
Lease Abandonment
Severance Costs	0
Cease Use of Other Contractual Obligations	160
Professional fees	108
Other	9
Total restructuring cost	$ 799

Subsequent Events (Detail Textu

Subsequent Events (Detail Textuals) $ in Thousands		3 Months Ended	9 Months Ended
Subsequent Events (Detail Textuals) $ in Thousands	Jan. 18, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022	Jul. 18, 2022 Employees
Subsequent Event [Line Items]
Number of employees \| Employees				44
Minimum
Subsequent Event [Line Items]
Credit facility, available funds, percentage			80%
Maximum
Subsequent Event [Line Items]
Credit facility, available funds, percentage			85%
Subsequent Event \| WF Credit Agreement [Member]
Subsequent Event [Line Items]
Line of credit facility amount	$ 60,000
Credit facility outstanding balance	43
Subsequent Event \| Senior Secured Credit Facility \| Westlake Capital Finance, LLC [Member]
Subsequent Event [Line Items]
Line of credit facility amount	50,000
Minimum tangible net worth	$ 40,000
Amount of outstanding balance of credit facility	60%
Excess spread ratio	8%
Termination Fee Term	90 days
Subsequent Event \| Senior Secured Credit Facility \| Westlake Capital Finance, LLC [Member] \| Minimum
Subsequent Event [Line Items]
Credit facility, available funds, percentage	70%
Credit facility interest payment		$ 700
Subsequent Event \| Senior Secured Credit Facility \| Westlake Capital Finance, LLC [Member] \| Maximum
Subsequent Event [Line Items]
Credit facility, available funds, percentage	85%
Credit facility interest payment		$ 900