Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2018 | Dec. 03, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | AMERICAS CARMART INC | |
Entity Central Index Key | 799,850 | |
Trading Symbol | crmt | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 6,775,863 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Assets: | ||
Cash and cash equivalents | $ 679 | $ 1,022 |
Accrued interest on finance receivables | 2,435 | 2,189 |
Finance receivables, net | 409,714 | 383,617 |
Inventory | 39,255 | 33,610 |
Income taxes receivable, net | 2,084 | 1,450 |
Prepaid expenses and other assets | 4,719 | 4,747 |
Goodwill | 355 | 355 |
Property and equipment, net | 28,155 | 28,594 |
Total Assets | 487,396 | 455,584 |
Liabilities: | ||
Accounts payable | 13,467 | 13,609 |
Accrued liabilities | 18,924 | 15,960 |
Deferred income tax liabilities, net | 14,166 | 12,558 |
Debt facilities | 164,789 | 152,367 |
Total liabilities | 242,686 | 224,649 |
Commitments and contingencies (Note J) | ||
Mezzanine equity: | ||
Mandatorily redeemable preferred stock | 400 | 400 |
Equity: | ||
Preferred stock, par value $.01 per share, 1,000,000 shares authorized; none issued or outstanding | ||
Common stock, par value $.01 per share, 50,000,000 shares authorized; 13,326,400 and 13,147,143 issued at October 31, 2018 and April 30, 2018, respectively, of which 6,822,763 and 6,849,161 were outstanding at October 31, 2018 and April 30, 2018, respectively | 133 | 131 |
Additional paid-in capital | 78,142 | 72,641 |
Retained earnings | 384,132 | 361,988 |
Less: Treasury stock, at cost, 6,503,637 and 6,297,982 shares at October 31, 2018 and April 30, 2018, respectively | (218,197) | (204,325) |
Total stockholders' equity | 244,210 | 230,435 |
Non-controlling interest | 100 | 100 |
Total equity | 244,310 | 230,535 |
Total Liabilities, Mezzanine Equity and Equity | 487,396 | 455,584 |
Payment Protection Plan [Member] | ||
Liabilities: | ||
Deferred revenue | 20,790 | 19,823 |
Service Contract [Member] | ||
Liabilities: | ||
Deferred revenue | $ 10,550 | $ 10,332 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Oct. 31, 2018 | Apr. 30, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 13,326,400 | 13,147,143 |
Common stock, shares outstanding (in shares) | 6,822,763 | 6,849,161 |
Treasury stock, shares (in shares) | 6,503,637 | 6,297,982 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenues: | ||||
Sales | $ 146,411 | $ 130,427 | $ 290,512 | $ 258,701 |
Interest and other income | 20,760 | 18,691 | 40,674 | 36,835 |
Total revenue | 167,171 | 149,118 | 331,186 | 295,536 |
Costs and expenses: | ||||
Cost of sales | 85,366 | 75,623 | 169,534 | 150,829 |
Selling, general and administrative | 26,198 | 23,727 | 52,580 | 47,592 |
Provision for credit losses | 38,521 | 38,746 | 76,064 | 72,906 |
Interest expense | 1,981 | 1,324 | 3,785 | 2,496 |
Depreciation and amortization | 979 | 1,108 | 1,964 | 2,187 |
Loss on disposal of property and equipment | 12 | 57 | 12 | 104 |
Total costs and expenses | 153,057 | 140,585 | 303,939 | 276,114 |
Income before taxes | 14,114 | 8,533 | 27,247 | 19,422 |
Provision for income taxes | 2,833 | 2,564 | 5,083 | 6,461 |
Net income | 11,281 | 5,969 | 22,164 | 12,961 |
Less: Dividends on mandatorily redeemable preferred stock | (10) | (10) | (20) | (20) |
Net income attributable to common stockholders | $ 11,271 | $ 5,959 | $ 22,144 | $ 12,941 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.64 | $ 0.82 | $ 3.21 | $ 1.74 |
Diluted (in dollars per share) | $ 1.58 | $ 0.79 | $ 3.11 | $ 1.69 |
Weighted average number of shares used in calculation: | ||||
Basic (in shares) | 6,865,060 | 7,354,499 | 6,894,547 | 7,451,673 |
Diluted (in shares) | 7,132,217 | 7,555,026 | 7,129,451 | 7,661,668 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Net income | $ 22,164,000 | $ 12,961,000 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision for credit losses | 76,064,000 | 72,906,000 |
Losses on claims for payment protection plan | 7,903,000 | 7,980,000 |
Depreciation and amortization | 1,964,000 | 2,187,000 |
Amortization of debt issuance costs | 138,000 | 125,000 |
Loss on disposal of property and equipment | 12,000 | 104,000 |
Stock based compensation | 1,688,000 | 988,000 |
Deferred income taxes | 1,608,000 | 970,000 |
Excess tax benefit from share based compensation | 1,486,000 | 784,000 |
Change in operating assets and liabilities: | ||
Finance receivable originations | (269,883,000) | (239,007,000) |
Finance receivable collections | 135,471,000 | 118,609,000 |
Accrued interest on finance receivables | (246,000) | (236,000) |
Inventory | 18,703,000 | 18,910,000 |
Prepaid expenses and other assets | 28,000 | (343,000) |
Accounts payable and accrued liabilities | 1,290,000 | 2,540,000 |
Income taxes, net | (2,120,000) | (1,373,000) |
Net cash used in operating activities | (2,545,000) | (1,154,000) |
Investing Activities: | ||
Purchase of property and equipment | (1,537,000) | (958,000) |
Proceeds from sale of property and equipment | 23,000 | |
Net cash used in investing activities | (1,537,000) | (935,000) |
Financing Activities: | ||
Exercise of stock options | 3,748,000 | 3,000 |
Issuance of common stock | 67,000 | 58,000 |
Purchase of common stock | (13,872,000) | (20,088,000) |
Dividend payments | (20,000) | (20,000) |
Change in cash overdrafts | 1,532,000 | 2,179,000 |
Debt issuance costs | (5,000) | (153,000) |
Payments on note payable and capital lease | (188,000) | (54,000) |
Proceeds from revolving credit facilities | 225,673,000 | 203,664,000 |
Payments on revolving credit facilities | (213,196,000) | (183,576,000) |
Net cash provided by financing activities | 3,739,000 | 2,013,000 |
Decrease in cash and cash equivalents | (343,000) | (76,000) |
Cash and cash equivalents, beginning of period | 1,022,000 | 434,000 |
Cash and cash equivalents, end of period | 679,000 | 358,000 |
Payment Protection Plan [Member] | ||
Change in operating assets and liabilities: | ||
Increase (decrease) in deferred revenue | 967,000 | 484,000 |
Service Contract [Member] | ||
Change in operating assets and liabilities: | ||
Increase (decrease) in deferred revenue | $ 218,000 | $ 257,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Current Period Unaudited) - 6 months ended Oct. 31, 2018 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Apr. 30, 2018 | 13,147,143 | |||||
Balance at Apr. 30, 2018 | $ 131 | $ 72,641 | $ 361,988 | $ (204,325) | $ 100 | $ 230,535 |
Issuance of common stock (in shares) | 1,124 | |||||
Issuance of common stock | 67 | 67 | ||||
Stock options exercised (in shares) | 178,133 | |||||
Stock options exercised | $ 2 | 3,746 | 3,748 | |||
Purchase of 89,656 treasury shares | (13,872) | (13,872) | ||||
Stock based compensation | 1,688 | 1,688 | ||||
Dividends on subsidiary preferred stock | (20) | (20) | ||||
Net income | 22,164 | 22,164 | ||||
Balance (in shares) at Oct. 31, 2018 | 13,326,400 | |||||
Balance at Oct. 31, 2018 | $ 133 | $ 78,142 | $ 384,132 | $ (218,197) | $ 100 | $ 244,310 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Current Period Unaudited) (Parentheticals) | 6 Months Ended |
Oct. 31, 2018shares | |
Treasury Stock [Member] | |
Purchase of treasury shares (in shares) | 89,656 |
Note A - Organization and Busin
Note A - Organization and Business | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | A – Organization and Business America’s Car-Mart, Inc., a Texas corporation (the “Company”), is one two not October 31, 2018, 143 |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | B – Summary of Significant Accounting Policies General The accompanying condensed consolidated balance sheet as of April 30, 2018, October 31, 2018 2017, 10 10 X. not six October 31, 2018 not may April 30, 2019. 10 April 30, 2018. Principles of Consolidation The condensed consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each of our individual dealerships is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 28% Periodically, the Company maintains cash in financial institutions in excess of the amounts insured by the federal government. The Company’s revolving credit facilities mature in December 2019. Restrictions on Distributions/Dividends The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the credit facilities allow the Company to repurchase shares of its common stock up to certain limits. Under the current limits, the aggregate amount of repurchases after October 25, 2017 $50 first six October 25, 2017, $40 October 25, 2017, 20% 75% twelve 12.5% Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts carry an average interest rate of approximately 16.4% May 2016, 15.0% 16.5% not not $2.4 October 31, 2018 $2.2 April 30, 2018 . An account is considered delinquent when the customer is one not may 75% October 31, 2018, 3.4% 30 4.1% October 31, 2017. Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company strives to keep its delinquency percentages low and not three not Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of monies the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the vehicle contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. No third Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not October 31, 2018, 66 The Company maintains an allowance for credit losses on an aggregate basis at a level it considers sufficient to cover estimated losses inherent in the portfolio at the balance sheet date in the collection of its finance receivables currently outstanding. At October 31, 2018, 32.1 23.1 October 31, 2018, $126.1 25% $535.8 $20.8 $10.6 The estimated reserve amount is the Company’s anticipated future net charge-offs for losses incurred through the balance sheet date. The allowance takes into account historical credit loss experience (both timing and severity of losses), with consideration given to recent credit loss trends and changes in contract characteristics (i.e., average amount financed, months outstanding at loss date, term and age of portfolio), delinquency levels, collateral values, economic conditions and underwriting and collection practices. The allowance for credit losses is reviewed at least quarterly by management with any changes reflected in current operations. The calculation of the allowance for credit losses uses the following primary factors: • The number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time from one five • The average net repossession and charge-off loss per unit during the last eighteen 50% 10 11 eighteen October 31, 2018 12 • The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen A point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a reasonable estimate of losses inherent in the portfolio at the balance sheet date that will be realized via actual charge-offs in the future. Although it is at least reasonably possible that events or circumstances could occur in the future that are not In most states, the Company offers retail customers who finance their vehicle the option of purchasing a payment protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined by the contract, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred payment protection plan revenues, an additional liability is recorded for such difference. No October 31, 2018 April 30, 2018. Inventory Inventory consists of used vehicles and is valued at the lower of cost or net realizable value on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method. Goodwill Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not no 2018, no 2019. Property and Equipment Property and equipment are stated at cost. Expenditures for additions, remodels, and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed using the straight-line method, generally over the following estimated useful lives: Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements (years) 5 to 15 Buildings and improvements (years) 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one not Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. The effective income tax rates were 18.7% 33.3% six October 31, 2018 October 31, 2017, six October 31, 2018 $1.5 $784,000 six October 31, 2018 October 31, 2017, 2016 09, May 1, 2017. On December 22, 2017, April 30, 2018, 2018. 740, December 22, 2017, 740 35% 21%, January 1, 2018. 30.4% 2018 21% third 2018, $8.1 Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no 2015. The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no October 31, 2018 April 30, 2018. Revenue Recognition Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and a payment protection plan product, interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services, and repairs. Revenues from the sale of used vehicles are recognized when the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Payment protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” Sales consist of the following: Three Months Ended Six Months Ended (In thousands) 2018 2017 2018 2017 Sales – used autos $ 126,286 $ 111,922 $ 251,510 $ 223,035 Wholesales – third party 6,693 6,115 12,745 11,452 Service contract sales 7,727 7,212 15,055 14,116 Payment protection plan revenue 5,705 5,178 11,202 10,098 Total $ 146,411 $ 130,427 $ 290,512 $ 258,701 At October 31, 2018 2017, 90 $1.5 $1.8 $933,000 $903,000 six October 31, 2018 2017, three six October 31, 2018 April 30, 2018 $3.0 $8.1 Earnings per Share Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded. Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting May 1, 2017. not not $1.5 $784,000 six October 31, 2018 October 31, 2017, Treasury Stock The Company purchased 205,655 $13.9 first six 2019 509,773 $20.1 first six 2018. may two 10,000 Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the FASB or other standard setting bodies which the Company will adopt as of the specified effective date. Unless otherwise discussed, the Company believes the implementation of recently issued standards which are not not Revenue Recognition May 2014, 2014 09, Revenue from Contracts with Customers 606 2014 09 2014 09 August 2015, 2015 14, Revenue from Contracts with Customers (Topic 606 2014 09. 2014 09 December 15, 2017, one two May 1, 2018 not not not not Statement of Cash Flows. August 2016, 2016 15 Statement of Cash Flows 230 2016 15 aims to eliminate diversity in the practice of how certain cash receipts and cash payments are presented and classified in the statement of cash flows. December 15, 2017 . May 1, 2018, not Income Taxes. October 2016, 2016 16, Income Taxes 740 2016 16 December 15, 2017 May 1, 2018, not Leases February 2016, 2016 02, Leases 12 2016 02 December 15, 2018, Credit Losses June 2016, 2016 13, Financial Instruments Credit Losses 326 2016 13 2016 13 December 15, 2019, not |
Note C - Finance Receivables, N
Note C - Finance Receivables, Net | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | C – Finance Receivables, Net The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts, which carry an interest rate of 15% 16.5% 18 42 16.4% October 31, 2018. one one one The components of finance receivables are as follows: (In thousands) October 31, 2018 April 30, 2018 Gross contract amount $ 621,498 $ 584,682 Less unearned finance charges (85,656 ) (83,244 ) Principal balance 535,842 501,438 Less allowance for credit losses (126,128 ) (117,821 ) Finance receivables, net $ 409,714 $ 383,617 Changes in the finance receivables, net are as follows: Six Months Ended (In thousands) 2018 2017 Balance at beginning of period $ 383,617 $ 357,161 Finance receivable originations 269,883 239,007 Finance receivable collections (135,471 ) (118,609 ) Provision for credit losses (76,064 ) (72,906 ) Losses on claims for payment protection plan (7,903 ) (7,980 ) Inventory acquired in repossession and payment protection plan claims (24,348 ) (20,096 ) Balance at end of period $ 409,714 $ 376,577 Changes in the finance receivables allowance for credit losses are as follows: Six Months Ended (In thousands) 2018 2017 Balance at beginning of period $ 117,821 $ 109,693 Provision for credit losses 76,064 72,906 Charge-offs, net of recovered collateral (67,757 ) (66,681 ) Balance at end of period $ 126,128 $ 115,918 The factors which influenced management’s judgment in determining the amount of the current period provision for credit losses are described below. The level of charge-offs, net of recovered collateral, is the most important factor in determining the provision for credit losses. This is due to the fact that once a contract becomes delinquent the account is either made current by the customer, the vehicle is repossessed or the account is written off if the collateral cannot be recovered. Net charge-offs as a percentage of average finance receivables decreased to 13.0% six October 31, 2018, 13.8% Macro-economic factors, the competitive environment on the funding side, and more importantly, proper execution of operational policies and procedures have a significant effect on additions to the allowance charged to the provision. Higher unemployment levels, higher gasoline prices and higher prices for staple items can potentially have a significant effect. The Company continues to focus on operational improvements within the collections area. Credit quality information for finance receivables is as follows: (Dollars in thousands) October 31, 2018 April 30, 2018 October 31, 2017 Principal Percent of Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Balance Portfolio Current $ 426,905 79.67 % $ 424,511 84.67 % $ 381,557 77.48 % 3 - 29 days past due 90,726 16.93 % 59,544 11.87 % 90,776 18.43 % 30 - 60 days past due 14,015 2.62 % 12,448 2.48 % 14,485 2.94 % 61 - 90 days past due 2,684 0.50 % 3,331 0.66 % 3,832 0.78 % > 90 days past due 1,512 0.28 % 1,604 0.32 % 1,845 0.37 % Total $ 535,842 100.00 % $ 501,438 100.00 % $ 492,495 100.00 % Accounts one two may Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders; such contracts generally entail a higher risk of delinquency, default, repossession, and losses than contracts made with buyers with better credit. The Company monitors contract term length, down payment percentages, and collections as credit quality indicators. Six Months Ended 2018 2017 Principal collected as a percent of average finance receivables 26.0 % 24.6 % Average down-payment percentage 6.0 % 6.0 % Average originating contract term (in months ) 29.5 29.6 October 31, 2018 October 31, 2017 Portfolio weighted average contract term, including modifications (in months ) 32.1 32.5 The increase in collections as a percentage of average finance receivables resulted primarily from improved efforts in the collections process. The contract term decreased slightly despite the increased average selling price, as we work to improve our underwriting and at the same time keep payments affordable and to continue to work with our customers when they experience financial difficulties. As the average selling price increases and in order to remain competitive, term lengths may |
Note D - Property and Equipment
Note D - Property and Equipment | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | D – Property and Equipment A summary of property and equipment is as follows: (In thousands) October 31, 2018 April 30, 2018 Land $ 6,402 $ 6,402 Buildings and improvements 11,889 11,569 Furniture, fixtures and equipment 13,151 12,874 Leasehold improvements 25,001 24,567 Construction in progress 1,656 1,259 Less accumulated depreciation and amortization (29,944 ) (28,077 ) Total $ 28,155 $ 28,594 |
Note E - Accrued Liabilities
Note E - Accrued Liabilities | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | E – Accrued Liabilities A summary of accrued liabilities is as follows: (In thousands) October 31, 2018 April 30, 2018 Employee compensation $ 6,156 $ 6,539 Cash overdrafts (see Note B) 2,038 506 Deferred sales tax (see Note B) 3,744 3,270 Reserve for PPP claims 2,291 2,101 Interest 664 - Other 4,031 3,544 Total $ 18,924 $ 15,960 |
Note F - Debt Facilities
Note F - Debt Facilities | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | F – Debt Facilities A summary of debt facilities is as follows: (In thousands) October 31, 2018 April 30, 2018 Revolving lines of credit $ 163,857 $ 151,380 Notes payable 251 305 Capital lease 983 1,117 Debt issuance costs (302 ) (435 ) Debt facilities $ 164,789 $ 152,367 On December 12, 2016, December 12, 2019, four $40 December 12, 2016. $172.5 $200 $50 37 42 50% 55%, 43 60 45% 50%. On October 25, 2017, No. 1 $50 six October 25, 2017, 20% 25% 0.025% second 0.125% third fourth 3.00%, 1.75:1.00 not first The revolving credit facilities are collateralized primarily by finance receivables and inventory, are cross collateralized and contain a guarantee by the Company. Interest is payable monthly under the revolving credit facilities. The credit facilities provide for four 2.35%, 4.65% October 31, 2018 4.25% April 30, 2018. The distribution limitations under the credit facilities allow the Company to repurchase shares of its common stock up to certain limits. Under the current limits, the aggregate amount of repurchases after October 25, 2017 $50 first six October 25, 2017, $40 October 25, 2017, 20% 75% twelve 12.5% The Company was in compliance with the covenants at October 31, 2018. October 31, 2018, $35 The Company recognized approximately $138,000 $125,000 six October 31, 2018 2017, During the first six 2019, $5,000 first six 2018, $153,000 $302,000 $435,000 October 31, 2018 April 30, 2018, On December 15, 2015, one $550,000. $10,005. December 2020, 3.50% $251,000 $305,000 October 31, 2018 April 30, 2018, On March 29, 2018, $983,000 October 31, 2018 $1.1 April 30, 2018, three October 31, 2018, April 30, 2018, $95,000 $14,000, |
Note G - Fair Value Measurement
Note G - Fair Value Measurements | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | G – Fair Value Measurements The table below summarizes information about the fair value of financial instruments included in the Company’s financial statements at October 31, 2018 April 30, 2018: October 31, 2018 April 30, 2018 (In thousands) Carrying Fair Carrying Fair Cash $ 679 $ 679 $ 1,022 $ 1,022 Finance receivables, net 409,714 329,543 383,617 308,384 Accounts payable 13,467 13,467 13,609 13,609 Debt facilities 164,789 164,789 152,367 152,367 Because no Financial Instrument Valuation Methodology Cash The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument. Finance receivables, net The Company estimates the fair value of its receivables at what a third third third November 2012 35% 40% third 38.5% not third October 31, 2018, third Accounts payable The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument. Debt facilities The fair value approximates carrying value due to the variable interest rates charged on the revolving credit facilities, which reprice frequently. |
Note H - Weighted Average Share
Note H - Weighted Average Shares Outstanding | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Weighted Average Shares Outstanding [Text Block] | H – Weighted Average Shares Outstanding Weighted average shares of common stock outstanding used in the calculation of basic and diluted earnings per share were as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Weighted average shares outstanding-basic 6,865,060 7,354,499 6,894,547 7,451,673 Dilutive options and restricted stock 267,157 200,527 234,904 209,995 Weighted average shares outstanding-diluted 7,132,217 7,555,026 7,129,451 7,661,668 Antidilutive securities not included: Options - 314,750 60,000 326,250 Restricted stock - - - 17,000 |
Note I - Stock-based Compensati
Note I - Stock-based Compensation | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | I – Stock-Based Compensation The Company has stock-based compensation plans available to grant non-qualified stock options, incentive stock options and restricted stock to employees, directors and certain advisors of the Company. The stock-based compensation plans being utilized at October 31, 2018 $1.7 $1.3 $988,000 $619,000 six October 31, 2018 2017, Stock Options The Company has options outstanding under a stock option plan approved by the shareholders, the Amended and Restated Stock Option Plan. The shareholders of the Company approved the Amended and Restated Stock Option Plan (the “Restated Option Plan”) on August 5, 2015, June 10, 2025 1,800,000 August 29, 2018, 200,000 2,000,000 not not ten 2019 2028. Restated Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100 % Last expiration date for outstanding options May 8, 2028 Shares available for grant at October 31, 2018 298,500 The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below. Six Months Ended 2018 2017 Expected term (years) 5.5 5.5 Risk-free interest rate 2.79 % 1.81 % Volatility 36 % 36 % Dividend yield - - The expected term of the options is based on evaluations of historical actual and future expected employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of the Company’s common stock. The Company has not not There were 145,000 six October 31, 2018 25,000 six October 31, 2017. October 31, 2018 2017 $3 $336,000, Stock option compensation expense was $1.2 $891,000 $810,000 $508,000 six October 31, 2018 2017, October 31, 2018, $3.5 2.5 In May 2015, 91,125 five April 30, 2020. 40,000 August 2015. April 30, 2015. October 31, 2018, $1 61,000 not The Company had the following options exercised for the periods indicated. The impact of these cash receipts is included in financing activities in the accompanying Condensed Consolidated Statements of Cash Flows. Six Months Ended (Dollars in thousands) 2018 2017 Options exercised 220,750 113,000 Cash received from option exercises $ 4,294 $ 822 Intrinsic value of options exercised $ 8,317 $ 2,998 The aggregate intrinsic value of outstanding options at October 31, 2018 2017 $18.5 $8.7 October 31, 2018, 182,250 $7.2 3.2 $35.36. Stock Incentive Plan On August 5, 2015, June 10, 2025. August 29, 2018, may 100,000 450,000. There were 3,000 six October 31, 2018 34,500 six October 31, 2017. 106,027 October 31, 2018. There were 181,000 October 31, 2018 $46.13. October 31, 2018, $7.2 7.7 $504,000 $383,000 $168,000 $105,000 six October 31, 2018 2017, There were no 2018 first six 2019. |
Note J - Commitments and Contin
Note J - Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | J – Commitments and Contingencies The Company has a standby letter of credit relating to an insurance policy totaling $1 October 31, 2018. Car-Mart of Arkansas and Colonial do not |
Note K - Supplemental Cash Flow
Note K - Supplemental Cash Flow Information | 6 Months Ended |
Oct. 31, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | K - Supplemental Cash Flow Information Supplemental cash flow disclosures are as follows: Six Months Ended (in thousands) 2018 2017 Supplemental disclosures: Interest paid $ 3,122 $ 2,496 Income taxes paid , net 4,109 6,080 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 24,348 20,096 Net settlement option exercises 2,359 - |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. |
Segment Reporting, Policy [Policy Text Block] | Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each of our individual dealerships is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 28% Periodically, the Company maintains cash in financial institutions in excess of the amounts insured by the federal government. The Company’s revolving credit facilities mature in December 2019. |
Line of Credit Facility, Dividend Restrictions [Policy Text Block] | Restrictions on Distributions/Dividends The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the credit facilities allow the Company to repurchase shares of its common stock up to certain limits. Under the current limits, the aggregate amount of repurchases after October 25, 2017 $50 first six October 25, 2017, $40 October 25, 2017, 20% 75% twelve 12.5% |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts carry an average interest rate of approximately 16.4% May 2016, 15.0% 16.5% not not $2.4 October 31, 2018 $2.2 April 30, 2018 . An account is considered delinquent when the customer is one not may 75% October 31, 2018, 3.4% 30 4.1% October 31, 2017. Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company strives to keep its delinquency percentages low and not three not Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of monies the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the vehicle contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. No third Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not October 31, 2018, 66 The Company maintains an allowance for credit losses on an aggregate basis at a level it considers sufficient to cover estimated losses inherent in the portfolio at the balance sheet date in the collection of its finance receivables currently outstanding. At October 31, 2018, 32.1 23.1 October 31, 2018, $126.1 25% $535.8 $20.8 $10.6 The estimated reserve amount is the Company’s anticipated future net charge-offs for losses incurred through the balance sheet date. The allowance takes into account historical credit loss experience (both timing and severity of losses), with consideration given to recent credit loss trends and changes in contract characteristics (i.e., average amount financed, months outstanding at loss date, term and age of portfolio), delinquency levels, collateral values, economic conditions and underwriting and collection practices. The allowance for credit losses is reviewed at least quarterly by management with any changes reflected in current operations. The calculation of the allowance for credit losses uses the following primary factors: • The number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time from one five • The average net repossession and charge-off loss per unit during the last eighteen 50% 10 11 eighteen October 31, 2018 12 • The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen A point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a reasonable estimate of losses inherent in the portfolio at the balance sheet date that will be realized via actual charge-offs in the future. Although it is at least reasonably possible that events or circumstances could occur in the future that are not In most states, the Company offers retail customers who finance their vehicle the option of purchasing a payment protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined by the contract, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred payment protection plan revenues, an additional liability is recorded for such difference. No October 31, 2018 April 30, 2018. |
Inventory, Policy [Policy Text Block] | Inventory Inventory consists of used vehicles and is valued at the lower of cost or net realizable value on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not no 2018, no 2019. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Expenditures for additions, remodels, and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed using the straight-line method, generally over the following estimated useful lives: Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements (years) 5 to 15 Buildings and improvements (years) 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not |
Cash Overdraft [Policy Text Block] | Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one not |
Deferred Sales Tax [Policy Text Block] | Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. The effective income tax rates were 18.7% 33.3% six October 31, 2018 October 31, 2017, six October 31, 2018 $1.5 $784,000 six October 31, 2018 October 31, 2017, 2016 09, May 1, 2017. On December 22, 2017, April 30, 2018, 2018. 740, December 22, 2017, 740 35% 21%, January 1, 2018. 30.4% 2018 21% third 2018, $8.1 Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no 2015. The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no October 31, 2018 April 30, 2018. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and a payment protection plan product, interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services, and repairs. Revenues from the sale of used vehicles are recognized when the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Payment protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” Sales consist of the following: Three Months Ended Six Months Ended (In thousands) 2018 2017 2018 2017 Sales – used autos $ 126,286 $ 111,922 $ 251,510 $ 223,035 Wholesales – third party 6,693 6,115 12,745 11,452 Service contract sales 7,727 7,212 15,055 14,116 Payment protection plan revenue 5,705 5,178 11,202 10,098 Total $ 146,411 $ 130,427 $ 290,512 $ 258,701 At October 31, 2018 2017, 90 $1.5 $1.8 $933,000 $903,000 six October 31, 2018 2017, three six October 31, 2018 April 30, 2018 $3.0 $8.1 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting May 1, 2017. not not $1.5 $784,000 six October 31, 2018 October 31, 2017, |
Treasury Stock [Policy Text Block] | Treasury Stock The Company purchased 205,655 $13.9 first six 2019 509,773 $20.1 first six 2018. may two 10,000 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the FASB or other standard setting bodies which the Company will adopt as of the specified effective date. Unless otherwise discussed, the Company believes the implementation of recently issued standards which are not not Revenue Recognition May 2014, 2014 09, Revenue from Contracts with Customers 606 2014 09 2014 09 August 2015, 2015 14, Revenue from Contracts with Customers (Topic 606 2014 09. 2014 09 December 15, 2017, one two May 1, 2018 not not not not Statement of Cash Flows. August 2016, 2016 15 Statement of Cash Flows 230 2016 15 aims to eliminate diversity in the practice of how certain cash receipts and cash payments are presented and classified in the statement of cash flows. December 15, 2017 . May 1, 2018, not Income Taxes. October 2016, 2016 16, Income Taxes 740 2016 16 December 15, 2017 May 1, 2018, not Leases February 2016, 2016 02, Leases 12 2016 02 December 15, 2018, Credit Losses June 2016, 2016 13, Financial Instruments Credit Losses 326 2016 13 2016 13 December 15, 2019, not |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Notes Tables | |
Property, Plant, and Equipment Useful Life [Table Text Block] | Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements (years) 5 to 15 Buildings and improvements (years) 18 to 39 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended Six Months Ended (In thousands) 2018 2017 2018 2017 Sales – used autos $ 126,286 $ 111,922 $ 251,510 $ 223,035 Wholesales – third party 6,693 6,115 12,745 11,452 Service contract sales 7,727 7,212 15,055 14,116 Payment protection plan revenue 5,705 5,178 11,202 10,098 Total $ 146,411 $ 130,427 $ 290,512 $ 258,701 |
Note C - Finance Receivables,_2
Note C - Finance Receivables, Net (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) October 31, 2018 April 30, 2018 Gross contract amount $ 621,498 $ 584,682 Less unearned finance charges (85,656 ) (83,244 ) Principal balance 535,842 501,438 Less allowance for credit losses (126,128 ) (117,821 ) Finance receivables, net $ 409,714 $ 383,617 |
Change In Finance Receivables Net [Table Text Block] | Six Months Ended (In thousands) 2018 2017 Balance at beginning of period $ 383,617 $ 357,161 Finance receivable originations 269,883 239,007 Finance receivable collections (135,471 ) (118,609 ) Provision for credit losses (76,064 ) (72,906 ) Losses on claims for payment protection plan (7,903 ) (7,980 ) Inventory acquired in repossession and payment protection plan claims (24,348 ) (20,096 ) Balance at end of period $ 409,714 $ 376,577 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Six Months Ended (In thousands) 2018 2017 Balance at beginning of period $ 117,821 $ 109,693 Provision for credit losses 76,064 72,906 Charge-offs, net of recovered collateral (67,757 ) (66,681 ) Balance at end of period $ 126,128 $ 115,918 |
Past Due Financing Receivables [Table Text Block] | (Dollars in thousands) October 31, 2018 April 30, 2018 October 31, 2017 Principal Percent of Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Balance Portfolio Current $ 426,905 79.67 % $ 424,511 84.67 % $ 381,557 77.48 % 3 - 29 days past due 90,726 16.93 % 59,544 11.87 % 90,776 18.43 % 30 - 60 days past due 14,015 2.62 % 12,448 2.48 % 14,485 2.94 % 61 - 90 days past due 2,684 0.50 % 3,331 0.66 % 3,832 0.78 % > 90 days past due 1,512 0.28 % 1,604 0.32 % 1,845 0.37 % Total $ 535,842 100.00 % $ 501,438 100.00 % $ 492,495 100.00 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | Six Months Ended 2018 2017 Principal collected as a percent of average finance receivables 26.0 % 24.6 % Average down-payment percentage 6.0 % 6.0 % Average originating contract term (in months ) 29.5 29.6 |
Financing Receivable Contract Terms [Table Text Block] | October 31, 2018 October 31, 2017 Portfolio weighted average contract term, including modifications (in months ) 32.1 32.5 |
Note D - Property and Equipme_2
Note D - Property and Equipment (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) October 31, 2018 April 30, 2018 Land $ 6,402 $ 6,402 Buildings and improvements 11,889 11,569 Furniture, fixtures and equipment 13,151 12,874 Leasehold improvements 25,001 24,567 Construction in progress 1,656 1,259 Less accumulated depreciation and amortization (29,944 ) (28,077 ) Total $ 28,155 $ 28,594 |
Note E - Accrued Liabilities (T
Note E - Accrued Liabilities (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) October 31, 2018 April 30, 2018 Employee compensation $ 6,156 $ 6,539 Cash overdrafts (see Note B) 2,038 506 Deferred sales tax (see Note B) 3,744 3,270 Reserve for PPP claims 2,291 2,101 Interest 664 - Other 4,031 3,544 Total $ 18,924 $ 15,960 |
Note F - Debt Facilities (Table
Note F - Debt Facilities (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) October 31, 2018 April 30, 2018 Revolving lines of credit $ 163,857 $ 151,380 Notes payable 251 305 Capital lease 983 1,117 Debt issuance costs (302 ) (435 ) Debt facilities $ 164,789 $ 152,367 |
Note G - Fair Value Measureme_2
Note G - Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | October 31, 2018 April 30, 2018 (In thousands) Carrying Fair Carrying Fair Cash $ 679 $ 679 $ 1,022 $ 1,022 Finance receivables, net 409,714 329,543 383,617 308,384 Accounts payable 13,467 13,467 13,609 13,609 Debt facilities 164,789 164,789 152,367 152,367 |
Note H - Weighted Average Sha_2
Note H - Weighted Average Shares Outstanding (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Six Months Ended 2018 2017 2018 2017 Weighted average shares outstanding-basic 6,865,060 7,354,499 6,894,547 7,451,673 Dilutive options and restricted stock 267,157 200,527 234,904 209,995 Weighted average shares outstanding-diluted 7,132,217 7,555,026 7,129,451 7,661,668 Antidilutive securities not included: Options - 314,750 60,000 326,250 Restricted stock - - - 17,000 |
Note I - Stock-based Compensa_2
Note I - Stock-based Compensation (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Notes Tables | |
Stock Option Plan Comparison [Table Text Block] | Restated Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100 % Last expiration date for outstanding options May 8, 2028 Shares available for grant at October 31, 2018 298,500 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended 2018 2017 Expected term (years) 5.5 5.5 Risk-free interest rate 2.79 % 1.81 % Volatility 36 % 36 % Dividend yield - - |
Schedule of Share-based Compensation, Stock Options, Exercises [Table Text Block] | Six Months Ended (Dollars in thousands) 2018 2017 Options exercised 220,750 113,000 Cash received from option exercises $ 4,294 $ 822 Intrinsic value of options exercised $ 8,317 $ 2,998 |
Note K - Supplemental Cash Fl_2
Note K - Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended (in thousands) 2018 2017 Supplemental disclosures: Interest paid $ 3,122 $ 2,496 Income taxes paid , net 4,109 6,080 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 24,348 20,096 Net settlement option exercises 2,359 - |
Note A - Organization and Bus_2
Note A - Organization and Business (Details Textual) | 3 Months Ended |
Jul. 31, 2018 | |
Number of Operating Subsidiaries | 2 |
Note B - Summary of Significa_3
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Oct. 25, 2017 | May 31, 2016 | May 30, 2016 | Oct. 31, 2018 | Jan. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 24, 2017 | Jul. 31, 2018 | Apr. 30, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2018 | Apr. 30, 2017 |
Number of Reportable Segments | 1 | |||||||||||||
Average Finance Receivable Interest Rate | 16.40% | |||||||||||||
Interest Receivable | $ 2,435,000 | $ 2,435,000 | $ 2,435,000 | $ 2,189,000 | $ 2,435,000 | |||||||||
Finance Receivables, Customer Payments Due Either Weekly or Bi-Weekly, Percentage | 75.00% | |||||||||||||
Financing Receivable, Greater Than or Equal to 30 Days Past Due, Percent of Portfolio | 3.40% | 3.40% | 4.10% | 3.40% | 3.40% | |||||||||
Financing Receivable, Average Days Past Due At Charge Off | 66 days | |||||||||||||
Financing Receivable, Weighted Average Total Contract Term | 2 years 243 days | |||||||||||||
Financing Receivable, Remaining Contract Term | 1 year 333 days | |||||||||||||
Financing Receivable, Allowance for Credit Losses, Ending Balance | $ 126,128,000 | $ 126,128,000 | $ 115,918,000 | $ 126,128,000 | 117,821,000 | $ 126,128,000 | $ 109,693,000 | |||||||
Finance Receivables, Allowance, Percent of Principle Balance | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||
Finance Receivable Principal Balance | $ 535,842,000 | $ 535,842,000 | $ 492,495,000 | $ 535,842,000 | 501,438,000 | $ 535,842,000 | ||||||||
Deferred Revenue | $ 20,800,000 | $ 20,800,000 | $ 20,800,000 | $ 20,800,000 | ||||||||||
Percent of Chargeoffs in the First 10 to 11 Months of a Contract | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||
Average Age of Account at Charge-Off Date | 1 year | |||||||||||||
Payment Protection Plan Liability, Anticipated Losses in Excess of Deferred Revenues | $ 0 | $ 0 | $ 0 | 0 | $ 0 | |||||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||||||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 18.70% | 33.30% | ||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ (8,100,000) | $ (1,500,000) | $ (784,000) | |||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 30.40% | |||||||||||||
Income Tax Examination, Penalties and Interest Accrued, Total | 0 | 0 | 0 | $ 0 | 0 | |||||||||
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due | 1,512,000 | 1,512,000 | 1,845,000 | 1,512,000 | $ 1,604,000 | 1,512,000 | ||||||||
Late Fee Income Generated by Servicing Financial Assets, Amount | 933,000 | $ 903,000 | ||||||||||||
Contract with Customer, Liability, Revenue Recognized from Prior Year | 3,000,000 | $ 8,100,000 | ||||||||||||
Stock Repurchased During Period, Shares | 205,655 | 509,773 | ||||||||||||
Stock Repurchased During Period, Value | $ 13,900,000 | $ 20,100,000 | ||||||||||||
Treasury Stock, Shares to Establish Reserve Account to Secure Service Contracts | 10,000 | |||||||||||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (8,100,000) | |||||||||||||
Treasury Stock, Shares to Establish Reserve Amount to Secure Insurance Liabilities | 10,000 | |||||||||||||
Scenario, Forecast [Member] | ||||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||||||||||
Service Contract [Member] | ||||||||||||||
Deferred Revenue | $ 10,600,000 | $ 10,600,000 | 10,600,000 | $ 10,600,000 | ||||||||||
Maximum [Member] | ||||||||||||||
Financing Receivable Interest Rate | 16.50% | 15.00% | 16.50% | |||||||||||
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period | 5 years | |||||||||||||
Minimum [Member] | ||||||||||||||
Financing Receivable Interest Rate | 15.00% | |||||||||||||
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period | 1 year | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility, Distribution Limitations, Maximum Aggregate Amount of Stock Repurchases | $ 40,000,000 | $ 50,000,000 | $ 50,000,000 | |||||||||||
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases | 20.00% | 25.00% | 20.00% | |||||||||||
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income | 75.00% | |||||||||||||
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available | 12.50% | |||||||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Arkansas, USA [Member] | ||||||||||||||
Concentration Risk, Percentage | 28.00% |
Note B - Summary of Significa_4
Note B - Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details) | 6 Months Ended |
Oct. 31, 2018 | |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Property, and equipment (Year) | 3 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Property, and equipment (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, and equipment (Year) | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, and equipment (Year) | 15 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, and equipment (Year) | 18 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, and equipment (Year) | 39 years |
Note B - Summary of Significa_5
Note B - Summary of Significant Accounting Policies - Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Sales | $ 146,411 | $ 130,427 | $ 290,512 | $ 258,701 |
Sales Used Autos [Member] | ||||
Sales | 126,286 | 111,922 | 251,510 | 223,035 |
Wholesales Third Party [Member] | ||||
Sales | 6,693 | 6,115 | 12,745 | 11,452 |
Service Contract Sales [Member] | ||||
Sales | 7,727 | 7,212 | 15,055 | 14,116 |
Payment Protection Plan Revenue [Member] | ||||
Sales | $ 5,705 | $ 5,178 | $ 11,202 | $ 10,098 |
Note C - Finance Receivables,_3
Note C - Finance Receivables, Net (Details Textual) | May 31, 2016 | May 30, 2016 | Oct. 31, 2018 | Oct. 31, 2017 |
Finance Receivables, Weighted Average Interest Rate | 16.40% | |||
Finance Receivables, Number of Loan Classes | 1 | |||
Finance Receivables, Number of Risk Pools | 1 | |||
Net Charge Offs as Percentage of Average Finance Receivables | 13.00% | 13.80% | ||
Minimum [Member] | ||||
Financing Receivable Interest Rate | 15.00% | |||
Financing Receivable Payment Period | 1 year 180 days | |||
Maximum [Member] | ||||
Financing Receivable Interest Rate | 16.50% | 15.00% | 16.50% | |
Financing Receivable Payment Period | 3 years 180 days |
Note C - Finance Receivables,_4
Note C - Finance Receivables, Net - Components of Finance Receivables (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2017 | Apr. 30, 2017 |
Gross contract amount | $ 621,498 | $ 584,682 | ||
Less unearned finance charges | (85,656) | (83,244) | ||
Principal balance | 535,842 | 501,438 | $ 492,495 | |
Less allowance for credit losses | (126,128) | (117,821) | (115,918) | $ (109,693) |
Finance receivables, net | $ 409,714 | $ 383,617 | $ 376,577 | $ 357,161 |
Note C - Finance Receivables,_5
Note C - Finance Receivables, Net - Changes in Finance Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Balance | $ 383,617 | $ 357,161 | ||
Finance receivable originations | 269,883 | 239,007 | ||
Finance receivable collections | (135,471) | (118,609) | ||
Provision for credit losses | $ (38,521) | $ (38,746) | (76,064) | (72,906) |
Losses on claims for payment protection plan | (7,903) | (7,980) | ||
Inventory acquired in repossession and payment protection plan claims | (24,348) | (20,096) | ||
Balance | $ 409,714 | $ 376,577 | $ 409,714 | $ 376,577 |
Note C - Finance Receivables,_6
Note C - Finance Receivables, Net - Changes in the Finance Receivables Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Balance | $ 117,821 | $ 109,693 | ||
Provision for credit losses | $ 38,521 | $ 38,746 | 76,064 | 72,906 |
Charge-offs, net of recovered collateral | (67,757) | (66,681) | ||
Balance | $ 126,128 | $ 115,918 | $ 126,128 | $ 115,918 |
Note C - Finance Receivables,_7
Note C - Finance Receivables, Net - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2017 |
Current, Principal Balance | $ 426,905 | $ 424,511 | $ 381,557 |
Current, Percent of Portfolio | 79.67% | 84.67% | 77.48% |
3 - 29 days past due, Principal Balance | $ 90,726 | $ 59,544 | $ 90,776 |
3 - 29 days past due, Percent of Portfolio | 16.93% | 11.87% | 18.43% |
30 - 60 days past due, Principal Balance | $ 14,015 | $ 12,448 | $ 14,485 |
30 - 60 days past due, Percent of Portfolio | 2.62% | 2.48% | 2.94% |
61 - 90 days past due, Principal Balance | $ 2,684 | $ 3,331 | $ 3,832 |
61 - 90 days past due, Percent of Portfolio | 0.50% | 0.66% | 0.78% |
> 90 days past due, Principal Balance | $ 1,512 | $ 1,604 | $ 1,845 |
> 90 days past due, Percent of Portfolio | 0.28% | 0.32% | 0.37% |
Total, Principal Balance | $ 535,842 | $ 501,438 | $ 492,495 |
Total, Percent of Portfolio | 100.00% | 100.00% | 100.00% |
Note C - Finance Receivables,_8
Note C - Finance Receivables, Net - Financing Receivables Analysis (Details) | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Principal collected as a percent of average finance receivables | 26.00% | 24.60% |
Average down-payment percentage | 6.00% | 6.00% |
Average originating contract term (Month) | 2 years 165 days | 2 years 168 days |
Note C - Finance Receivables,_9
Note C - Finance Receivables, Net - Average Financing Receivable Contract Terms (Details) | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Portfolio weighted average contract term, including modifications (Month) | 2 years 243 days | 2 years 255 days |
Note D - Property and Equipme_3
Note D - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Less accumulated depreciation and amortization | $ (29,944) | $ (28,077) |
Total | 28,155 | 28,594 |
Land [Member] | ||
Property and equipment | 6,402 | 6,402 |
Building and Building Improvements [Member] | ||
Property and equipment | 11,889 | 11,569 |
Furniture, Fixtures and Equipment [Member] | ||
Property and equipment | 13,151 | 12,874 |
Leasehold Improvements [Member] | ||
Property and equipment | 25,001 | 24,567 |
Construction in Progress [Member] | ||
Property and equipment | $ 1,656 | $ 1,259 |
Note E - Accrued Liabilities -
Note E - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Employee compensation | $ 6,156 | $ 6,539 |
Cash overdrafts (see Note B) | 2,038 | 506 |
Deferred sales tax (see Note B) | 3,744 | 3,270 |
Reserve for PPP claims | 2,291 | 2,101 |
Interest | 664 | |
Other | 4,031 | 3,544 |
Total | $ 18,924 | $ 15,960 |
Note F - Debt Facilities (Detai
Note F - Debt Facilities (Details Textual) | Dec. 15, 2018USD ($) | Oct. 25, 2018 | Mar. 29, 2018 | Oct. 25, 2017USD ($) | Dec. 12, 2016USD ($) | Oct. 31, 2016 | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Oct. 24, 2017USD ($) | Jul. 31, 2018USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Feb. 28, 2016USD ($) | Dec. 15, 2015USD ($) |
Amortization of Debt Issuance Costs and Discounts, Total | $ 138,000 | $ 125,000 | |||||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | 5,000 | $ 153,000 | |||||||||||||
Debt Issuance Costs, Gross | 302,000 | $ 302,000 | $ 302,000 | $ 435,000 | |||||||||||
Capital Lease Obligations, Total | 983,000 | 983,000 | 983,000 | 1,100,000 | |||||||||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 95,000 | 95,000 | 95,000 | 14,000 | |||||||||||
Assets Held under Capital Leases [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||
Note Payable Related to the Property Purchase Agreement [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 550,000 | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 10,005 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||||||||||||
Long-term Debt, Total | 251,000 | 251,000 | 251,000 | $ 305,000 | |||||||||||
Revolving Credit Facility [Member] | |||||||||||||||
Dividend Restrictions Maximum Aggregate Amount of Stock Repurchases | $ 50,000,000 | $ 40,000,000 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | $ 172,500,000 | |||||||||||||
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature | $ 50,000,000 | $ 35,000,000 | $ 35,000,000 | $ 35,000,000 | |||||||||||
Debt Agreement, Accounts Receivable Advances, Term Range One, Rate | 55.00% | 50.00% | |||||||||||||
Debt Agreement, Accounts Receivable Advances, Term Range Two, Rate | 50.00% | 45.00% | |||||||||||||
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases | 20.00% | 25.00% | 20.00% | ||||||||||||
Leverage Ratio, Maximum Threshold | 1.75 | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.65% | 4.65% | 4.65% | 4.25% | |||||||||||
Line of Credit Facility, Distribution Limitations, Maximum Aggregate Amount of Stock Repurchases | $ 40,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||||
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income | 75.00% | ||||||||||||||
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available | 12.50% | ||||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | ||||||||||||||
Revolving Credit Facility [Member] | Second Pricing Tier [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.025%) | ||||||||||||||
Revolving Credit Facility [Member] | Third Pricing Tier [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.125%) | ||||||||||||||
Revolving Credit Facility [Member] | Fourth Pricing Tier [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 3.00% | ||||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||||
Debt Agreement, Accounts Receivable Advances, Term Range One | 3 years 30 days | ||||||||||||||
Debt Agreement, Accounts Receivable Advances, Term Range Two | 3 years 210 days | ||||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||||
Debt Agreement, Accounts Receivable Advances, Term Range One | 3 years 180 days | ||||||||||||||
Debt Agreement, Accounts Receivable Advances, Term Range Two | 5 years |
Note F - Debt Facilities - Summ
Note F - Debt Facilities - Summary of Debt Facilities (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Debt issuance costs | $ (302) | $ (435) |
Debt facilities | 164,789 | 152,367 |
Line of Credit [Member] | ||
Debt facilities, gross | 163,857 | 151,380 |
Notes Payable [Member] | ||
Debt facilities, gross | 251 | 305 |
Capital Lease Obligations [Member] | ||
Debt facilities, gross | $ 983 | $ 1,117 |
Note G - Fair Value Measureme_3
Note G - Fair Value Measurements (Details Textual) | 1 Months Ended |
Nov. 30, 2012 | |
Fair Value Inputs, Discount Rate, Intercompany Transactions | 38.50% |
Minimum [Member] | Measurement Input, Discount Rate [Member] | |
Receivables, Measurement Input | 0.35 |
Maximum [Member] | Measurement Input, Discount Rate [Member] | |
Receivables, Measurement Input | 0.4 |
Note G - Fair Value Measureme_4
Note G - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Reported Value Measurement [Member] | ||
Cash | $ 679 | $ 1,022 |
Finance receivables, net | 409,714 | 383,617 |
Accounts payable | 13,467 | 13,609 |
Debt facilities | 164,789 | 152,367 |
Estimate of Fair Value Measurement [Member] | ||
Cash | 679 | 1,022 |
Finance receivables, net | 329,543 | 308,384 |
Accounts payable | 13,467 | 13,609 |
Debt facilities | $ 164,789 | $ 152,367 |
Note H - Weighted Average Sha_3
Note H - Weighted Average Shares Outstanding - Weighted Average Shares of Common Stock Outstanding (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Weighted average shares outstanding-basic (in shares) | 6,865,060 | 7,354,499 | 6,894,547 | 7,451,673 |
Dilutive options and restricted stock (in shares) | 267,157 | 200,527 | 234,904 | 209,995 |
Weighted average shares outstanding-diluted (in shares) | 7,132,217 | 7,555,026 | 7,129,451 | 7,661,668 |
Employee Stock Option [Member] | ||||
Antidilutive securities not included: | ||||
Antidilutive securities (in shares) | 314,750 | 60,000 | 326,250 | |
Restricted Stock [Member] | ||||
Antidilutive securities not included: | ||||
Antidilutive securities (in shares) | 17,000 |
Note I - Stock-based Compensa_3
Note I - Stock-based Compensation (Details Textual) - USD ($) | Aug. 29, 2018 | Aug. 05, 2015 | Aug. 31, 2015 | May 31, 2015 | Oct. 31, 2018 | Oct. 31, 2017 |
Allocated Share-based Compensation Expense, Total | $ 1,700,000 | $ 988,000 | ||||
Allocated Share-based Compensation Expense, Net of Tax | 1,300,000 | 619,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 18,500,000 | 8,700,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 182,250 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 7,200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 3 years 73 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 35.36 | |||||
Employee Stock Option [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ 1,200,000 | 810,000 | ||||
Allocated Share-based Compensation Expense, Net of Tax | $ 891,000 | $ 508,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 145,000 | 25,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 3,000,000 | $ 336,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 3,500,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 40,000 | 91,125 | ||||
Employee Service Share-based Compensation, Not Currently Expected to Vest Awards, Compensation Cost Not yet Recognized | $ 1,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Not Currently Expected to Vest, Outstanding, Number | 61,000 | |||||
Restated Option Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,800,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 298,500 | |||||
Restated Option Plan [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Stock Incentive Plan [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ 504,000 | 168,000 | ||||
Allocated Share-based Compensation Expense, Net of Tax | 383,000 | $ 105,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 100,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 450,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 7,200,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 years 255 days | |||||
Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,000 | 34,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 106,027 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 181,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 46.13 |
Note I - Stock-based Compensa_4
Note I - Stock-based Compensation - Stock Option Plan Comparison (Details) - Restated Option Plan [Member] | 6 Months Ended |
Oct. 31, 2018shares | |
Minimum exercise price as a percentage of fair market value at date of grant | 100.00% |
Last expiration date for outstanding options | May 8, 2028 |
Shares available for grant (in shares) | 298,500 |
Note I - Stock-based Compensa_5
Note I - Stock-based Compensation - Options Valuation Assumptions (Details) | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Expected term (Year) | 5 years 182 days | 5 years 182 days |
Risk-free interest rate | 2.79% | 1.81% |
Volatility | 36.00% | 36.00% |
Dividend yield |
Note I - Stock-based Compensa_6
Note I - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Options exercised (in shares) | 220,750 | 113,000 |
Cash received from option exercises | $ 4,294 | $ 822 |
Intrinsic value of options exercised | $ 8,317 | $ 2,998 |
Note J - Commitments and Cont_2
Note J - Commitments and Contingencies (Details Textual) $ in Millions | Oct. 31, 2018USD ($) |
Letters of Credit Outstanding, Amount | $ 1 |
Note K - Supplemental Cash Fl_3
Note K - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Supplemental disclosures: | ||
Interest paid | $ 3,122 | $ 2,496 |
Income taxes paid , net | 4,109 | 6,080 |
Non-cash transactions: | ||
Inventory acquired in repossession and payment protection plan claims | 24,348 | 20,096 |
Net settlement option exercises | $ 2,359 |