Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Jun. 15, 2020 | Oct. 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMERICAS CARMART INC | ||
Entity Central Index Key | 0000799850 | ||
Trading Symbol | crmt | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,632,819 | ||
Entity Public Float | $ 546,262,034 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Assets: | ||
Cash and cash equivalents | $ 59,560 | $ 1,752 |
Accrued interest on finance receivables | 3,098 | 2,348 |
Finance receivables, net | 466,141 | 415,486 |
Inventory | 36,414 | 37,483 |
Prepaid expenses and other assets | 4,441 | 4,634 |
Income taxes receivable, net | 1,947 | |
Right-of-use asset | 60,713 | |
Goodwill | 6,817 | 355 |
Property and equipment, net | 30,140 | 28,537 |
Total Assets | 667,324 | 492,542 |
Liabilities: | ||
Accounts payable | 13,117 | 13,659 |
Income taxes payable, net | 3,841 | |
Accrued liabilities | 19,729 | 18,837 |
Deferred income tax liabilities, net | 12,979 | 14,259 |
Lease liability | 62,810 | |
Debt facilities | 215,568 | 152,918 |
Total liabilities | 364,165 | 231,632 |
Commitments and contingencies (Note L) | ||
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; 13,478,733 and 13,376,030 issued at April 30, 2020 and April 30, 2019, respectively, of which 6,619,319 and 6,699,421 were outstanding at April 30, 2020 and April 30, 2019, respectively | 135 | 134 |
Additional paid-in capital | 88,559 | 81,605 |
Retained earnings | 460,876 | 409,573 |
Less: Treasury stock, at cost, 6,859,414 and 6,676,609 shares at April 30, 2020 and April 30, 2019, respectively | (246,911) | (230,902) |
Total stockholders' equity | 302,659 | 260,410 |
Non-controlling interest | 100 | 100 |
Total equity | 302,759 | 260,510 |
Total Liabilities, mezzanine equity and equity | 667,324 | 492,542 |
Payment Protection Plan [Member] | ||
Liabilities: | ||
Deferred revenue | 24,480 | 21,367 |
Service Contract [Member] | ||
Liabilities: | ||
Deferred revenue | $ 11,641 | $ 10,592 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 30, 2020 | Apr. 30, 2019 |
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) | 13,478,733 | 13,376,030 |
Common stock, shares outstanding (in shares) | 6,619,319 | 6,699,421 |
Treasury stock, shares (in shares) | 6,859,414 | 6,676,609 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenues: | |||
Sales | $ 652,992 | $ 586,508 | $ 537,528 |
Interest and other income | 91,619 | 82,614 | 74,673 |
Total revenues | 744,611 | 669,122 | 612,201 |
Costs and expenses: | |||
Cost of sales, excluding depreciation | 388,475 | 343,898 | 315,273 |
Selling, general and administrative | 117,762 | 107,249 | 99,023 |
Provision for credit losses | 162,246 | 146,363 | 149,059 |
Interest expense | 8,052 | 7,883 | 5,599 |
Depreciation and amortization | 3,839 | 3,969 | 4,250 |
Loss (gain) on disposal of property and equipment | (114) | (91) | 91 |
Total costs and expenses | 680,260 | 609,271 | 573,295 |
Income before income taxes | 64,351 | 59,851 | 38,906 |
Provision for income taxes | 13,008 | 12,226 | 2,397 |
Net income | 51,343 | 47,625 | 36,509 |
Less: Dividends on mandatorily redeemable preferred stock | 40 | 40 | 40 |
Net income attributable to common stockholders | $ 51,303 | $ 47,585 | $ 36,469 |
Earnings per share: | |||
Basic (in dollars per share) | $ 7.74 | $ 6.99 | $ 5.04 |
Diluted (in dollars per share) | $ 7.39 | $ 6.73 | $ 4.90 |
Weighted average number of shares outstanding: | |||
Basic (in shares) | 6,630,023 | 6,810,879 | 7,232,014 |
Diluted (in shares) | 6,945,652 | 7,071,768 | 7,441,358 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Net income | $ 51,343,000 | $ 47,625,000 | $ 36,509,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 162,246,000 | 146,363,000 | 149,059,000 |
Losses on claims for payment protection plan | 17,966,000 | 17,020,000 | 16,748,000 |
Depreciation and amortization | 3,839,000 | 3,969,000 | 4,250,000 |
Amortization of debt issuance costs | 273,000 | 251,000 | 260,000 |
Loss (gain) on disposal of property and equipment | (114,000) | (91,000) | 91,000 |
Stock-based compensation | 4,732,000 | 3,703,000 | 1,603,000 |
Deferred income taxes | (1,280,000) | 1,701,000 | (6,360,000) |
Change in operating assets and liabilities: | |||
Finance receivable originations | (604,497,000) | (540,505,000) | (494,641,000) |
Finance receivable collections | 322,180,000 | 293,739,000 | 260,104,000 |
Accrued interest on finance receivables | (750,000) | (159,000) | (91,000) |
Inventory | 53,827,000 | 47,641,000 | 38,793,000 |
Prepaid expenses and other assets | 193,000 | 113,000 | (780,000) |
Accounts payable and accrued liabilities | 1,009,000 | 2,226,000 | 4,712,000 |
Income taxes, net | 5,788,000 | (497,000) | (2,335,000) |
Net cash provided by operating activities | 20,917,000 | 24,902,000 | 9,994,000 |
Investing Activities: | |||
Purchase of investments | (4,648,000) | ||
Purchases of property and equipment | (5,422,000) | (4,029,000) | (2,258,000) |
Proceeds from sale of property and equipment | 184,000 | 142,000 | 554,000 |
Net cash used in investing activities | (9,886,000) | (3,887,000) | (1,704,000) |
Financing Activities: | |||
Exercise of stock options | 1,533,000 | 5,117,000 | 1,641,000 |
Issuance of common stock | 190,000 | 147,000 | 115,000 |
Purchase of common stock | (16,009,000) | (26,577,000) | (42,301,000) |
Dividend payments | (40,000) | (40,000) | (40,000) |
Debt issuance costs | (505,000) | (371,000) | (103,000) |
Change in cash overdrafts | (1,274,000) | 768,000 | (163,000) |
Principal payments on notes payable | (509,000) | (389,000) | (107,000) |
Proceeds from revolving credit facilities | 442,490,000 | 450,554,000 | 433,818,000 |
Payments on revolving credit facilities | (379,099,000) | (449,494,000) | (400,562,000) |
Net cash provided by (used in) financing activities | 46,777,000 | (20,285,000) | (7,702,000) |
Increase in cash and cash equivalents | 57,808,000 | 730,000 | 588,000 |
Cash and cash equivalents, beginning of period | 1,752,000 | 1,022,000 | 434,000 |
Cash and cash equivalents, end of period | 59,560,000 | 1,752,000 | 1,022,000 |
Payment Protection Plan [Member] | |||
Change in operating assets and liabilities: | |||
Increase (decrease) in deferred revenue | 3,113,000 | 1,544,000 | 1,351,000 |
Service Contract [Member] | |||
Change in operating assets and liabilities: | |||
Increase (decrease) in deferred revenue | $ 1,049,000 | $ 259,000 | $ 721,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity - 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, 2017 | 12,927,413 | |||||
Balance at Apr. 30, 2017 | $ 129 | $ 69,284 | $ 325,519 | $ (162,024) | $ 100 | $ 233,008 |
Issuance of common stock (in shares) | 3,096 | |||||
Issuance of common stock | 115 | $ 115 | ||||
Stock options exercised (in shares) | 216,634 | 323,000 | ||||
Stock options exercised | $ 2 | 1,639 | $ 1,641 | |||
Purchase of treasury shares | (42,301) | (42,301) | ||||
Stock based compensation | 1,603 | 1,603 | ||||
Dividends on subsidiary preferred stock | (40) | (40) | ||||
Net income | 36,509 | 36,509 | ||||
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) | 2,267 | |||||
Issuance of common stock | 147 | $ 147 | ||||
Stock options exercised (in shares) | 226,620 | 275,000 | ||||
Stock options exercised | $ 3 | 5,114 | $ 5,117 | |||
Purchase of treasury shares | (26,577) | (26,577) | ||||
Stock based compensation | 3,703 | 3,703 | ||||
Dividends on subsidiary preferred stock | (40) | (40) | ||||
Net income | 47,625 | 47,625 | ||||
Balance (in shares) at Apr. 30, 2019 | 13,376,030 | |||||
Balance at Apr. 30, 2019 | $ 134 | 81,605 | 409,573 | (230,902) | 100 | 260,510 |
Issuance of common stock (in shares) | 9,760 | |||||
Issuance of common stock | 190 | $ 190 | ||||
Stock options exercised (in shares) | 92,943 | 121,250 | ||||
Stock options exercised | $ 1 | 1,532 | $ 1,533 | |||
Purchase of treasury shares | (16,009) | (16,009) | ||||
Stock based compensation | 4,732 | 4,732 | ||||
Dividends on subsidiary preferred stock | (40) | (40) | ||||
Net income | 51,343 | 51,343 | ||||
Issuance of restricted stock | 500 | 500 | ||||
Balance (in shares) at Apr. 30, 2020 | 13,478,733 | |||||
Balance at Apr. 30, 2020 | $ 135 | $ 88,559 | $ 460,876 | $ (246,911) | $ 100 | $ 302,759 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - shares | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Purchase of treasury shares (in shares) | 182,805 | 378,627 | 979,040 |
Note A - Organization and Busin
Note A - Organization and Business | 12 Months Ended |
Apr. 30, 2020 | |
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 April 30, 2020, 148 |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | B - Summary of Significant Accounting Policies Principles of Consolidation The 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. In the Integrated Auto Sales and Finance 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 amount 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, Illinois, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 29% As of April 30, 2020, one September 2022. 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 the Company’s stock so long as either: (a) the aggregate amount of such repurchases after September 30, 2019 not $50 20% not 75% twelve 12.5% Cash Equivalents The Company considers all highly liquid 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% not not $3.1 April 30, 2020 $2.3 April 30, 2019), . one not may 76% April 30, 2020, 6.2% 30 2.9% April 30, 2019. 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. At the time of originating a finance agreement, the Company requires customers to meet certain criteria that demonstrate their intent and ability to pay for the financed principle and interest on the vehicle they are purchasing. However, the Company recognizes that their customer base is at a higher risk of default given their impaired or limited credit histories. 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 The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not not 60 The Company maintains an allowance for credit losses on an aggregate basis, as opposed to a contract-by-contract basis, at an amount 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. The Company accrues an estimated loss for the amount it believes will not 19 not · 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 13 · 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 a review of static pools coupled with 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. While challenging economic conditions can negatively impact credit losses, the effectiveness of the execution of internal policies and procedures within the collections area and the competitive environment on the lending side have historically had a more significant effect on collection results than macro-economic issues. In the first 2020, 25.0% 24.5% fourth 2020, 19 6.2% 2.9% 24.5% 26.5%. $9.1 $7.0 $1.02 19 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 product, 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 April 30, 2020 2019. 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 2020 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 principally using the straight-line method generally over the following estimated useful lives: Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements 5 to 15 Buildings and improvements 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 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 bases 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. On December 22, 2017, April 30, 2018, 2018. 740, Income Taxes, 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 2017. 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 April 30, 2020 2019, 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, as well as 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. The Company’s performance obligations are clearly identifiable, and the transaction price is explicitly stated on the customers’ contracts. The Company collects payments in accordance with the terms of the customers’ accounts, ranging between 18 48 78’s” Sales consist of the following for the years ended April 30, 2020, 2019 2018: Years Ended April 30, (In thousands) 2020 2019 2018 Sales – used autos $ 567,816 $ 506,184 $ 462,956 Wholesales – third party 28,966 27,376 25,638 Service contract sales 31,480 30,243 28,482 Payment protection plan revenue 24,730 22,705 20,452 Total $ 652,992 $ 586,508 $ 537,528 At April 30, 2020 2019, 90 $3.1 $1.2 $2.3 $1.9 $1.9 2020, 2019 2018, During the years ended April 30, 2020 2019, $9.4 $9.1 April 30, 2019 2018, Advertising Costs Advertising costs are expensed as incurred and consist principally of radio, print media and digital marketing costs. Advertising costs amounted to $3.1 $3.1 $3.8 April 30, 2020, 2019 2018, Employee Benefit Plans The Company has 401 50% 6% $769,000, $523,000, $465,000 April 30, 2020, 2019 2018, The Company offers employees the right to purchase common shares at a 15% 2006 October 2006. 15% 2020, 2019 2018 not 200,000 139,763 April 30, 2020. 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 If an award contains a performance condition, expense is recognized only for those shares for which it is considered reasonably probable as of the current period end that the performance condition will be met. In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting May 1, 2017. $1.7 2018. not not Treasury Stock The Company purchased 182,805, 378,627, 979,040 $16.0 $26.6 $42.3 April 30, 2020, 2019 2018, may 10,000 14,000 Facility Leases The Company’s leases primarily consist of operating leases related to retail stores, office space, land. For more information on financing obligations see Note . The initial term for real property leases is typically 3 to 10 years. Most leases include one 3 to 10 years or more. include options to renew (or terminate) in lease term, and as part of right-of-use asset and lease liabilit , when it is reasonably certain that . April 30, 2020 15.0 The ROU asset and the related lease liabilit are initially measured at the present value of future lease payments over the lease term. As most leases do not rate, . April 30, 2020 4.35%. The Company includes variable lease payments in the initial measurement of ROU assets and lease liabilities only to the extent they depend on an index or rate. Changes in such indices or rates are accounted for in the period the change occurs, and do not also responsible for payment of certain real estate taxes, and other expenses on leases. These amounts are generally considered to be variable and are not on-lease components generally account for separately from lease components. not Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“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 Adopted in Current Period Leases February 2016, 2016 02, Leases 12 2016 02 December 15, 2018, May 1, 2019 $34.5 not Effective in Future Periods Credit Losses. June 2016, 2016 13, Financial Instruments — Credit Losses 326 2016 13 2016 13 December 15, 2019, May 1, 2020. not Cloud Computing Arrangement. August 2018, 2018 15, Intangibles – Goodwill and Other – Internal-Use Software 350 40 2018 15 2018 15 December 15, 2019, not Reference Rate Reform. March 2020, 2020 04, March 12, 2020 December 31, 2022. not |
Note C - Finance Receivables, N
Note C - Finance Receivables, Net | 12 Months Ended |
Apr. 30, 2020 | |
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 a fixed interest rate of 15% 16.5% 19.5% 21.5% 18 48 one one one April 30, 2020 2019 (In thousands) April 30, 2020 April 30, 2019 Gross contract amount $ 728,841 $ 631,681 Less unearned finance charges (107,659 ) (88,353 ) Principal balance 621,182 543,328 Less allowance for credit losses (155,041 ) (127,842 ) Finance receivables, net $ 466,141 $ 415,486 Changes in the finance receivables, net for the years ended April 30, 2020, 2019 2018 Years Ended April 30, (In thousands) 2020 2019 2018 Balance at beginning of period $ 415,486 $ 383,617 $ 357,161 Finance receivable originations 604,497 540,505 494,641 Finance receivable collections (322,180 ) (293,739 ) (260,104 ) Provision for credit losses (162,246 ) (146,363 ) (149,059 ) Losses on claims for payment protection plan (17,966 ) (17,020 ) (16,748 ) Inventory acquired in repossession and payment protection plan claims (51,450 ) (51,514 ) (42,274 ) Balance at end of period $ 466,141 $ 415,486 $ 383,617 Changes in the finance receivables allowance for credit losses for the years ended April 30, 2020, 2019 2018 Years Ended April 30, (In thousands) 2020 2019 2018 Balance at beginning of period $ 127,842 $ 117,821 $ 109,693 Provision for credit losses 162,246 146,363 149,059 Charge-offs, net of recovered collateral (135,047 ) (136,342 ) (140,931 ) Balance at end of period $ 155,041 $ 127,842 $ 117,821 The factors which influenced management’s judgment in determining the amount of the additions to the allowance charged to provision for credit losses are described below. The level of actual charge-offs, net of recovered collateral, is the most important factor in determining the charges to 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 was 23.1% 2020 25.7% 2019. 2020 19 fourth 2020. Collections and delinquency levels can have a significant effect on additions to the allowance and are reviewed frequently. Collections as a percentage of average finance receivables were 55.1% April 30, 2020 55.3% April 30, 2019. 30 6.2% April 30, 2020 2.9% April 30, 2019. 19 Macro-economic factors, 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. As a result, the Company increased the allowance for credit losses from 25.0% 26.5% 2020. Credit quality information for finance receivables is as follows: (Dollars in thousands) April 30, 2020 April 30, 2019 Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Current $ 515,390 82.97 % $ 435,603 80.17 % 3 - 29 days past due 67,259 10.83 % 91,747 16.89 % 30 - 60 days past due 25,311 4.07 % 11,362 2.09 % 61 - 90 days past due 10,140 1.63 % 3,429 0.63 % > 90 days past due 3,082 0.50 % 1,187 0.22 % Total $ 621,182 100.00 % $ 543,328 100.00 % 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. 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 monitors contract term length, down payment percentages, and collections for credit quality indicators. Twelve Months Ended 2020 2019 Principal collected as a percent of average finance receivables 55.1 % 55.3 % Average down-payment percentage 6.4 % 6.5 % April 30, 2020 April 30, 2019 Average originating contract term (in months ) 30.7 29.5 Portfolio weighted average contract term, including modifications (in months ) 33.3 32.1 |
Note D - Property and Equipment
Note D - Property and Equipment | 12 Months Ended |
Apr. 30, 2020 | |
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) April 30, 2020 April 30, 2019 Land $ 7,799 $ 7,413 Buildings and improvements 12,678 11,815 Furniture, fixtures and equipment 14,118 13,307 Leasehold improvements 27,519 26,064 Construction in progress 3,186 1,523 Accumulated depreciation and amortization (35,160 ) (31,585 ) Property and equipment, net $ 30,140 $ 28,537 |
Note E - Accrued Liabilities
Note E - Accrued Liabilities | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | E - Accrued Liabilities A summary of accrued liabilities is as follows: (In thousands) April 30, 2020 April 30, 2019 Employee compensation $ 8,199 $ 6,321 Cash overdrafts (see Note B) - 1,274 Deferred sales tax (see Note B) 2,974 3,571 Reserve for PPP claims 2,926 2,433 Health insurance 1,187 - Fair value of contingent consideration 2,713 - Other 1,730 5,238 Accrued liabilities $ 19,729 $ 18,837 |
Note F - Debt Facilities
Note F - Debt Facilities | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | F – Debt Facilities A summary of debt facilities is as follows: (In thousands) 2020 2019 Revolving lines of credit $ 215,831 $ 152,440 Notes payable 79 194 Finance lease 445 839 Debt issuance costs (787 ) (555 ) Debt facilities $ 215,568 $ 152,918 On September 30, 2019, September 30, 2022 $215 $241 $205 $231 $10 $50 $100 The revolving credit facilities are collateralized primarily by finance receivables and inventory, are cross collateralized and contain a guarantee by the Company. The Company also granted a security interest in the equity ownership interests of its subsidiaries. Interest is payable monthly under the revolving credit facilities. The credit facilities provide for four 2.35%, 2.98% April 30, 2020 4.73% April 30, 2019. The Company was in compliance with the covenants at April 30, 2020. April 30, 2020, $23 $30 March 2020 19. $60 April 30, 2020, The Company recognized $273,000, $251,000 260,000 twelve April 30, 2020, 2019 2018, During the years ended April 30, 2020 April 30, 2019, $505,000 $371,000, $787,000 $555,000 April 30, 2020 2019, On December 15, 2015, one $550,000. $10,005. December 2020, 3.50% $79,000 April 30, 2020. On March 29, 2018, $445,000, three April 30, 2020, $340,000 |
Note G - Fair Value Measurement
Note G - Fair Value Measurements | 12 Months Ended |
Apr. 30, 2020 | |
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 April 30, 2020 2019: April 30, 2020 April 30, 2019 (In thousands) Carrying Fair Carrying Fair Cash $ 59,560 $ 59,560 $ 1,752 $ 1,752 Finance receivables, net 466,141 382,027 415,486 308,384 Accounts payable 13,117 13,117 13,659 13,659 Debt facilities 215,568 215,568 152,918 152,918 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 estimated the fair value of its receivables at what a third third third January 2019 34% 39% third 38.5% not third April 30, 2020, 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. Revolving credit facilities and notes payable The fair value approximates carrying value due to the variable interest rates charged on the borrowings, which reprice frequently. |
Note H - Income Taxes
Note H - Income Taxes | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | H - Income Taxes The provision for income taxes was as follows: Years Ended April 30, (In thousands) 2020 2019 2018 Provision for income taxes Current $ 14,288 $ 10,525 $ 8,757 Deferred (1,280 ) 1,701 (6,360 ) Total $ 13,008 $ 12,226 $ 2,397 The provision for income taxes is different from the amount computed by applying the statutory federal income tax rate to income before income taxes for the following reasons: Years Ended April 30, (In thousands) 2020 2019 2018 Tax provision at statutory rate $ 13,514 $ 12,569 $ 11,827 State taxes, net of federal benefit 1,931 1,796 1,077 Tax benefit from option exercises (1,498 ) (1,961 ) (1,721 ) Deferred tax adjustment related to Tax Act - - (8,083 ) Other, net (939 ) (178 ) (703 ) Total $ 13,008 $ 12,226 $ 2,397 Deferred income taxes reflect 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. Significant components of the Company’s deferred income tax assets and liabilities were as follows: Years Ended April 30, (In thousands) 2020 2019 Deferred income tax liabilities related to: Finance receivables $ 19,342 $ 19,254 Property and equipment 69 - Goodwill 90 76 Total 19,501 19,330 Deferred income tax assets related to: Accrued liabilities 1,565 1,638 Inventory 107 127 Disallowed interest deduction 1,365 - Share based compensation 2,490 2,186 Property and equipment - 76 State net operating loss 42 29 Deferred revenue 953 1,015 Total 6,522 5,071 Deferred income tax liabilities, net $ 12,979 $ 14,259 |
Note I - Capital Stock
Note I - Capital Stock | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | I – Capital Stock The Company is authorized to issue up to one million shares of $.01 one not A subsidiary of the Company has issued 500,000 $1.00 8% April 30, 2017, 400,000 $400,000 |
Note J - Weighted Average Share
Note J - Weighted Average Shares Outstanding | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Weighted Average Shares Outstanding [Text Block] | J – 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: Years Ended April 30, 2020 2019 2018 Weighted average shares outstanding-basic 6,630,023 6,810,879 7,232,014 Dilutive options and restricted stock 315,629 260,889 209,344 Weighted average shares outstanding-diluted 6,945,652 7,071,768 7,441,358 Antidilutive securities not included: Options 118,750 60,000 229,000 Restricted Stock 7,224 - - |
Note K - Stock-based Compensati
Note K - Stock-based Compensation Plans | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | K – Stock-Based Compensation Plans 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 current stock-based compensation plans are the Amended and Restated Stock Option Plan and the Amended and Restated Stock Incentive Plan. The Company recorded total stock-based compensation expense for all plans of $4.7 $3.6 $3.7 $2.8 $1.6 $1.1 April 30, 2020, 2019 2018, Stock Option Plan The Company has options outstanding under the Amended and Restated Stock Option Plan. The shareholders of the Company approved the Amended and Restated Stock Option Plan (the “Stock Option Plan”) on August 5, 2015, June 10, 2025 300,000 1,800,000 August 29, 2018, 200,000 2,000,000 not not ten 2022 2029. Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100% Last expiration date for outstanding options December 30, 2029 Shares available for grant at April 30, 2020 75,000 The aggregate intrinsic value of outstanding options at April 30, 2020 2019 $7.7 $29.9 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. April 30, 2020 April 30, 2019 April 30, 2018 Expected terms (years) 5.5 5.5 5.5 Risk-free interest rate 1.75 % 2.79 % 1.81 % Volatility 39 % 36 % 36 % Dividend yield - - - The expected term of the options is based on evaluations of historical and expected future 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 225,000 2020. 2020, 2019 2018 $9.3 $3.0 $336,000, three five The following is an aggregate summary of the activity in the Company’s stock option plans from April 30, 2017 April 30, 2020: Number Exercise Proceeds Weighted Average of Price on Exercise Price per Options per Share Exercise Share (in thousands) Outstanding at April 30, 2017 1,028,500 $ 34,084 $33.51 Granted 25,000 $ 37.30 933 37.30 Exercised (323,000 ) $ 11.90 to $ 37.94 (6,692 ) 20.72 Expired (15,000 ) $ 44.52 to $ 51.81 (710 ) 47.26 Cancelled (20,000 ) $ 41.86 to $ 53.02 (932 ) 46.61 Outstanding at April 30, 2018 695,500 $ 26,683 $30.50 Granted 145,000 $ 53.30 to $ 54.85 7,915 54.58 Exercised (275,000 ) $ 18.86 to $ 53.30 (8,511 ) 30.95 Outstanding at April 30, 2019 565,500 $ 26,087 $46.13 Granted 225,000 $ 99.05 to $ 109.06 24,287 107.95 Exercised (121,250 ) $ 22.87 to $ 53.02 (4,517 ) 37.25 Cancelled (1,500 ) $ 53.02 (80 ) 53.02 Outstanding at April 30, 2020 667,750 $ 45,777 $68.55 Stock option compensation expense on a pre-tax basis was $3.6 $2.9 $2.7 $2.0 $1.2 $773,000 April 30, 2020, 2019 2018, April 30, 2020, $8.7 1.9 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 Consolidated Statements of Cash Flows Years Ended April 30, (Dollars in thousands) 2020 2019 2018 Options Exercised 121,250 275,000 323,000 Cash Received from Options Exercised $ 2,928 $ 5,663 $ 2,832 Intrinsic Value of Options Exercised $ 7,580 $ 10,817 $ 8,381 During the year ended April 30, 2020, 57,500 28,307 29,193 As of April 30, 2020, 155,250 $2.6 3.7 $36.38. Stock Incentive Plan On August 5, 2015, June 10, 2025. August 29, 2018, may 350,000 450,000. The following is a summary of the activity in the Company’s Stock Incentive Plan: Number Weighted Average Unvested shares at April 30, 2017 17,000 $ 44.86 Shares granted 166,500 45.86 Shares vested - - Shares cancelled (4,500 ) 38.28 Unvested shares at April 30, 2018 179,000 $ 45.96 Shares granted 3,000 53.30 Shares vested - - Shares cancelled (1,500 ) 36.38 Unvested shares at April 30, 2019 180,500 $ 46.16 Shares granted 12,328 102.03 Shares vested (7,000 ) 52.10 Shares cancelled (1,000 ) 37.07 Unvested shares at April 30, 2020 184,828 $ 49.71 The fair value at vesting for awards under the stock incentive plan was $9.2 $8.3 $8.2 2020, 2019 2018, During the fiscal year 2020, 3,000 $99.05, 4,224 $109.06 5,104 $97.97. 2019, 3,000 $53.30 2018, 132,000 $48.70 34,500 $35.00 94,199 April 30, 2020. The Company recorded compensation cost of $1.1 $839,000 $1.0 $760,000 $430,000 $288,000 April 30, 2020, 2019 2018, April 30, 2020, $6.3 6.3 |
Note L - Commitments and Contin
Note L - Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | L - Commitments and Contingencies Letter of Credit The Company has a standby letter of credit relating to an insurance policy totaling $250,000 April 30, 2020. Facility Leases The Company leases certain dealership and office facilities under various non-cancelable operating leases. Dealership leases are generally for periods from three five April 30, 2020, Years Ending Amount April 30, (In thousands) 2021 $ 6,831 2022 6,646 2023 6,570 2024 6,043 2025 5,876 Thereafter 54,407 Total undiscounted operating lease payments 86,373 Less: imputed interest 23,563 Present value of operating lease liabilities $ 62,810 The $86.4 $26.2 $60.2 $13.2 April 30, 2020, 2019 2018, $6.9 $6.7 $6.2 Litigation In the ordinary course of business, the Company has become a defendant in various types of legal proceedings. The Company does not one Related Finance Company Car-Mart of Arkansas and Colonial do not |
Note M - Supplemental Cash Flow
Note M - Supplemental Cash Flow Information | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | M - Supplemental Cash Flow Information Supplemental cash flow disclosures for the years ended April 30, 2020, 2019 2018 Years Ended April 30, (in thousands) 2020 2019 2018 Supplemental disclosures: Interest paid $ 8,152 $ 7,259 $ 5,599 Income taxes paid, net 8,505 11,022 11,092 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 51,450 51,514 42,274 Purchase of property and equipment using the issuance of debt - - 1,151 Loss accrued on disposal of property and equipment 3 29 - Net settlement option exercises 1,589 2,848 3,859 |
Note N - Quarterly Results of O
Note N - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | N - Quarterly Results of Operations (unaudited) A summary of the Company’s quarterly results of operations for the years ended April 30, 2020 2019 Year Ended April 30, 2020 First Second Third Fourth Quarter Quarter Quarter Quarter Total Revenues $ 171,878 $ 190,310 $ 186,734 $ 195,689 $ 744,611 Gross profit 61,189 67,917 65,749 69,662 264,517 Net income 15,511 13,887 12,686 9,259 51,343 Net income attributable to common stockholders 15,501 13,877 12,676 9,249 51,303 Earnings per share: Basic 2.32 2.10 1.92 1.40 7.74 Diluted 2.21 2.00 1.83 1.35 7.39 Year Ended April 30, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Revenues $ 164,015 $ 167,171 $ 161,054 $ 176,882 $ 669,122 Gross profit 59,933 61,045 58,063 63,569 242,610 Net income 10,884 11,281 10,895 14,565 47,625 Net income attributable to common stockholders 10,874 11,271 10,885 14,555 47,585 Earnings per share: Basic 1.57 1.64 1.61 2.17 6.99 Diluted 1.53 1.58 1.55 2.07 6.73 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The 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. In the Integrated Auto Sales and Finance 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 amount 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, Illinois, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 29% As of April 30, 2020, one September 2022. |
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 the Company’s stock so long as either: (a) the aggregate amount of such repurchases after September 30, 2019 not $50 20% not 75% twelve 12.5% |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers all highly liquid instruments purchased with original maturities of three |
Financing Receivable [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% not not $3.1 April 30, 2020 $2.3 April 30, 2019), . one not may 76% April 30, 2020, 6.2% 30 2.9% April 30, 2019. 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. At the time of originating a finance agreement, the Company requires customers to meet certain criteria that demonstrate their intent and ability to pay for the financed principle and interest on the vehicle they are purchasing. However, the Company recognizes that their customer base is at a higher risk of default given their impaired or limited credit histories. 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 The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not not 60 The Company maintains an allowance for credit losses on an aggregate basis, as opposed to a contract-by-contract basis, at an amount 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. The Company accrues an estimated loss for the amount it believes will not 19 not · 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 13 · 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 a review of static pools coupled with 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. While challenging economic conditions can negatively impact credit losses, the effectiveness of the execution of internal policies and procedures within the collections area and the competitive environment on the lending side have historically had a more significant effect on collection results than macro-economic issues. In the first 2020, 25.0% 24.5% fourth 2020, 19 6.2% 2.9% 24.5% 26.5%. $9.1 $7.0 $1.02 19 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 product, 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 April 30, 2020 2019. |
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 2020 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 principally using the straight-line method generally over the following estimated useful lives: Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements 5 to 15 Buildings and improvements 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 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 bases 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. On December 22, 2017, April 30, 2018, 2018. 740, Income Taxes, 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 2017. 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 April 30, 2020 2019, |
Revenue [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, as well as 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. The Company’s performance obligations are clearly identifiable, and the transaction price is explicitly stated on the customers’ contracts. The Company collects payments in accordance with the terms of the customers’ accounts, ranging between 18 48 78’s” Sales consist of the following for the years ended April 30, 2020, 2019 2018: Years Ended April 30, (In thousands) 2020 2019 2018 Sales – used autos $ 567,816 $ 506,184 $ 462,956 Wholesales – third party 28,966 27,376 25,638 Service contract sales 31,480 30,243 28,482 Payment protection plan revenue 24,730 22,705 20,452 Total $ 652,992 $ 586,508 $ 537,528 At April 30, 2020 2019, 90 $3.1 $1.2 $2.3 $1.9 $1.9 2020, 2019 2018, During the years ended April 30, 2020 2019, $9.4 $9.1 April 30, 2019 2018, |
Advertising Cost [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred and consist principally of radio, print media and digital marketing costs. Advertising costs amounted to $3.1 $3.1 $3.8 April 30, 2020, 2019 2018, |
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Benefit Plans The Company has 401 50% 6% $769,000, $523,000, $465,000 April 30, 2020, 2019 2018, The Company offers employees the right to purchase common shares at a 15% 2006 October 2006. 15% 2020, 2019 2018 not 200,000 139,763 April 30, 2020. |
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 Payment Arrangement [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 If an award contains a performance condition, expense is recognized only for those shares for which it is considered reasonably probable as of the current period end that the performance condition will be met. In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting May 1, 2017. $1.7 2018. not not |
Treasury Stock [Policy Text Block] | Treasury Stock The Company purchased 182,805, 378,627, 979,040 $16.0 $26.6 $42.3 April 30, 2020, 2019 2018, may 10,000 14,000 |
Lessee, Leases [Policy Text Block] | Facility Leases The Company’s leases primarily consist of operating leases related to retail stores, office space, land. For more information on financing obligations see Note . The initial term for real property leases is typically 3 to 10 years. Most leases include one 3 to 10 years or more. include options to renew (or terminate) in lease term, and as part of right-of-use asset and lease liabilit , when it is reasonably certain that . April 30, 2020 15.0 The ROU asset and the related lease liabilit are initially measured at the present value of future lease payments over the lease term. As most leases do not rate, . April 30, 2020 4.35%. The Company includes variable lease payments in the initial measurement of ROU assets and lease liabilities only to the extent they depend on an index or rate. Changes in such indices or rates are accounted for in the period the change occurs, and do not also responsible for payment of certain real estate taxes, and other expenses on leases. These amounts are generally considered to be variable and are not on-lease components generally account for separately from lease components. not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“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 Adopted in Current Period Leases February 2016, 2016 02, Leases 12 2016 02 December 15, 2018, May 1, 2019 $34.5 not Effective in Future Periods Credit Losses. June 2016, 2016 13, Financial Instruments — Credit Losses 326 2016 13 2016 13 December 15, 2019, May 1, 2020. not Cloud Computing Arrangement. August 2018, 2018 15, Intangibles – Goodwill and Other – Internal-Use Software 350 40 2018 15 2018 15 December 15, 2019, not Reference Rate Reform. March 2020, 2020 04, March 12, 2020 December 31, 2022. not |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Property, Plant, and Equipment Useful Life [Table Text Block] | Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements 5 to 15 Buildings and improvements 18 to 39 |
Revenue from External Customers by Products and Services [Table Text Block] | Years Ended April 30, (In thousands) 2020 2019 2018 Sales – used autos $ 567,816 $ 506,184 $ 462,956 Wholesales – third party 28,966 27,376 25,638 Service contract sales 31,480 30,243 28,482 Payment protection plan revenue 24,730 22,705 20,452 Total $ 652,992 $ 586,508 $ 537,528 |
Note C - Finance Receivables,_2
Note C - Finance Receivables, Net (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) April 30, 2020 April 30, 2019 Gross contract amount $ 728,841 $ 631,681 Less unearned finance charges (107,659 ) (88,353 ) Principal balance 621,182 543,328 Less allowance for credit losses (155,041 ) (127,842 ) Finance receivables, net $ 466,141 $ 415,486 |
Change In Finance Receivables Net [Table Text Block] | Years Ended April 30, (In thousands) 2020 2019 2018 Balance at beginning of period $ 415,486 $ 383,617 $ 357,161 Finance receivable originations 604,497 540,505 494,641 Finance receivable collections (322,180 ) (293,739 ) (260,104 ) Provision for credit losses (162,246 ) (146,363 ) (149,059 ) Losses on claims for payment protection plan (17,966 ) (17,020 ) (16,748 ) Inventory acquired in repossession and payment protection plan claims (51,450 ) (51,514 ) (42,274 ) Balance at end of period $ 466,141 $ 415,486 $ 383,617 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended April 30, (In thousands) 2020 2019 2018 Balance at beginning of period $ 127,842 $ 117,821 $ 109,693 Provision for credit losses 162,246 146,363 149,059 Charge-offs, net of recovered collateral (135,047 ) (136,342 ) (140,931 ) Balance at end of period $ 155,041 $ 127,842 $ 117,821 |
Financing Receivable, Past Due [Table Text Block] | (Dollars in thousands) April 30, 2020 April 30, 2019 Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Current $ 515,390 82.97 % $ 435,603 80.17 % 3 - 29 days past due 67,259 10.83 % 91,747 16.89 % 30 - 60 days past due 25,311 4.07 % 11,362 2.09 % 61 - 90 days past due 10,140 1.63 % 3,429 0.63 % > 90 days past due 3,082 0.50 % 1,187 0.22 % Total $ 621,182 100.00 % $ 543,328 100.00 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | Twelve Months Ended 2020 2019 Principal collected as a percent of average finance receivables 55.1 % 55.3 % Average down-payment percentage 6.4 % 6.5 % April 30, 2020 April 30, 2019 Average originating contract term (in months ) 30.7 29.5 Portfolio weighted average contract term, including modifications (in months ) 33.3 32.1 |
Note D - Property and Equipme_2
Note D - Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) April 30, 2020 April 30, 2019 Land $ 7,799 $ 7,413 Buildings and improvements 12,678 11,815 Furniture, fixtures and equipment 14,118 13,307 Leasehold improvements 27,519 26,064 Construction in progress 3,186 1,523 Accumulated depreciation and amortization (35,160 ) (31,585 ) Property and equipment, net $ 30,140 $ 28,537 |
Note E - Accrued Liabilities (T
Note E - Accrued Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) April 30, 2020 April 30, 2019 Employee compensation $ 8,199 $ 6,321 Cash overdrafts (see Note B) - 1,274 Deferred sales tax (see Note B) 2,974 3,571 Reserve for PPP claims 2,926 2,433 Health insurance 1,187 - Fair value of contingent consideration 2,713 - Other 1,730 5,238 Accrued liabilities $ 19,729 $ 18,837 |
Note F - Debt Facilities (Table
Note F - Debt Facilities (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) 2020 2019 Revolving lines of credit $ 215,831 $ 152,440 Notes payable 79 194 Finance lease 445 839 Debt issuance costs (787 ) (555 ) Debt facilities $ 215,568 $ 152,918 |
Note G - Fair Value Measureme_2
Note G - Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | April 30, 2020 April 30, 2019 (In thousands) Carrying Fair Carrying Fair Cash $ 59,560 $ 59,560 $ 1,752 $ 1,752 Finance receivables, net 466,141 382,027 415,486 308,384 Accounts payable 13,117 13,117 13,659 13,659 Debt facilities 215,568 215,568 152,918 152,918 |
Note H - Income Taxes (Tables)
Note H - Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended April 30, (In thousands) 2020 2019 2018 Provision for income taxes Current $ 14,288 $ 10,525 $ 8,757 Deferred (1,280 ) 1,701 (6,360 ) Total $ 13,008 $ 12,226 $ 2,397 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended April 30, (In thousands) 2020 2019 2018 Tax provision at statutory rate $ 13,514 $ 12,569 $ 11,827 State taxes, net of federal benefit 1,931 1,796 1,077 Tax benefit from option exercises (1,498 ) (1,961 ) (1,721 ) Deferred tax adjustment related to Tax Act - - (8,083 ) Other, net (939 ) (178 ) (703 ) Total $ 13,008 $ 12,226 $ 2,397 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years Ended April 30, (In thousands) 2020 2019 Deferred income tax liabilities related to: Finance receivables $ 19,342 $ 19,254 Property and equipment 69 - Goodwill 90 76 Total 19,501 19,330 Deferred income tax assets related to: Accrued liabilities 1,565 1,638 Inventory 107 127 Disallowed interest deduction 1,365 - Share based compensation 2,490 2,186 Property and equipment - 76 State net operating loss 42 29 Deferred revenue 953 1,015 Total 6,522 5,071 Deferred income tax liabilities, net $ 12,979 $ 14,259 |
Note J - Weighted Average Sha_2
Note J - Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended April 30, 2020 2019 2018 Weighted average shares outstanding-basic 6,630,023 6,810,879 7,232,014 Dilutive options and restricted stock 315,629 260,889 209,344 Weighted average shares outstanding-diluted 6,945,652 7,071,768 7,441,358 Antidilutive securities not included: Options 118,750 60,000 229,000 Restricted Stock 7,224 - - |
Note K - Stock-based Compensa_2
Note K - Stock-based Compensation Plans (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Stock Option Plan Comparison [Table Text Block] | Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100% Last expiration date for outstanding options December 30, 2029 Shares available for grant at April 30, 2020 75,000 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | April 30, 2020 April 30, 2019 April 30, 2018 Expected terms (years) 5.5 5.5 5.5 Risk-free interest rate 1.75 % 2.79 % 1.81 % Volatility 39 % 36 % 36 % Dividend yield - - - |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number Exercise Proceeds Weighted Average of Price on Exercise Price per Options per Share Exercise Share (in thousands) Outstanding at April 30, 2017 1,028,500 $ 34,084 $33.51 Granted 25,000 $ 37.30 933 37.30 Exercised (323,000 ) $ 11.90 to $ 37.94 (6,692 ) 20.72 Expired (15,000 ) $ 44.52 to $ 51.81 (710 ) 47.26 Cancelled (20,000 ) $ 41.86 to $ 53.02 (932 ) 46.61 Outstanding at April 30, 2018 695,500 $ 26,683 $30.50 Granted 145,000 $ 53.30 to $ 54.85 7,915 54.58 Exercised (275,000 ) $ 18.86 to $ 53.30 (8,511 ) 30.95 Outstanding at April 30, 2019 565,500 $ 26,087 $46.13 Granted 225,000 $ 99.05 to $ 109.06 24,287 107.95 Exercised (121,250 ) $ 22.87 to $ 53.02 (4,517 ) 37.25 Cancelled (1,500 ) $ 53.02 (80 ) 53.02 Outstanding at April 30, 2020 667,750 $ 45,777 $68.55 |
Schedule of Share-based Compensation, Stock Options, Exercises [Table Text Block] | Years Ended April 30, (Dollars in thousands) 2020 2019 2018 Options Exercised 121,250 275,000 323,000 Cash Received from Options Exercised $ 2,928 $ 5,663 $ 2,832 Intrinsic Value of Options Exercised $ 7,580 $ 10,817 $ 8,381 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number Weighted Average Unvested shares at April 30, 2017 17,000 $ 44.86 Shares granted 166,500 45.86 Shares vested - - Shares cancelled (4,500 ) 38.28 Unvested shares at April 30, 2018 179,000 $ 45.96 Shares granted 3,000 53.30 Shares vested - - Shares cancelled (1,500 ) 36.38 Unvested shares at April 30, 2019 180,500 $ 46.16 Shares granted 12,328 102.03 Shares vested (7,000 ) 52.10 Shares cancelled (1,000 ) 37.07 Unvested shares at April 30, 2020 184,828 $ 49.71 |
Note L - Commitments and Cont_2
Note L - Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years Ending Amount April 30, (In thousands) 2021 $ 6,831 2022 6,646 2023 6,570 2024 6,043 2025 5,876 Thereafter 54,407 Total undiscounted operating lease payments 86,373 Less: imputed interest 23,563 Present value of operating lease liabilities $ 62,810 |
Note M - Supplemental Cash Fl_2
Note M - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years Ended April 30, (in thousands) 2020 2019 2018 Supplemental disclosures: Interest paid $ 8,152 $ 7,259 $ 5,599 Income taxes paid, net 8,505 11,022 11,092 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 51,450 51,514 42,274 Purchase of property and equipment using the issuance of debt - - 1,151 Loss accrued on disposal of property and equipment 3 29 - Net settlement option exercises 1,589 2,848 3,859 |
Note N - Quarterly Results of_2
Note N - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended April 30, 2020 First Second Third Fourth Quarter Quarter Quarter Quarter Total Revenues $ 171,878 $ 190,310 $ 186,734 $ 195,689 $ 744,611 Gross profit 61,189 67,917 65,749 69,662 264,517 Net income 15,511 13,887 12,686 9,259 51,343 Net income attributable to common stockholders 15,501 13,877 12,676 9,249 51,303 Earnings per share: Basic 2.32 2.10 1.92 1.40 7.74 Diluted 2.21 2.00 1.83 1.35 7.39 Year Ended April 30, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Revenues $ 164,015 $ 167,171 $ 161,054 $ 176,882 $ 669,122 Gross profit 59,933 61,045 58,063 63,569 242,610 Net income 10,884 11,281 10,895 14,565 47,625 Net income attributable to common stockholders 10,874 11,271 10,885 14,555 47,585 Earnings per share: Basic 1.57 1.64 1.61 2.17 6.99 Diluted 1.53 1.58 1.55 2.07 6.73 |
Note A - Organization and Bus_2
Note A - Organization and Business (Details Textual) | 12 Months Ended |
Apr. 30, 2020 | |
Number of Operating Subsidiaries | 2 |
Number of Dealerships Operated | 148 |
Note B - Summary of Significa_3
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2020 | Jan. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2020 | Jul. 31, 2019 | May 01, 2019 | |
Number of Reportable Segments | 1 | |||||||
Average Finance Receivable Interest Rate | 16.40% | |||||||
Interest Receivable | $ 3,098,000 | $ 3,098,000 | $ 2,348,000 | |||||
Finance Receivables, Customer Payments Due Either Weekly or Bi-Weekly, Percentage | 76.00% | |||||||
Financing Receivable, Greater Than or Equal to 30 Days Past Due, Percent of Portfolio | 6.20% | 6.20% | 2.90% | |||||
Percent of Chargeoffs in the First 10 to 11 Months of a Contract | 50.00% | 50.00% | ||||||
Average Age of Account at Charge-Off Date (Month) | 1 year 30 days | |||||||
Finance Receivables, Allowance, Percent of Principle Balance | 24.50% | 24.50% | 25.00% | |||||
Financing Receivable, Percent Past Due | 2.90% | |||||||
Payment Protection Plan Liability, Anticipated Losses in Excess of Deferred Revenues | $ 0 | $ 0 | $ 0 | |||||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 30.40% | |||||
Tax Adjustments, Settlements, and Unusual Provisions | $ (8,100,000) | |||||||
Open Tax Year | 2017 2018 2019 | |||||||
Income Tax Examination, Penalties and Interest Accrued, Total | 0 | $ 0 | $ 0 | |||||
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due | $ 3,082,000 | 3,082,000 | 1,187,000 | |||||
Late Fee Income Generated by Servicing Financial Assets, Amount | 2,300,000 | 1,900,000 | $ 1,900,000 | |||||
Contract with Customer, Liability, Revenue Recognized | 9,400,000 | 9,100,000 | ||||||
Advertising Expense | $ 3,100,000 | 3,100,000 | 3,800,000 | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||||||
Defined Contribution Plan, Employer Contribution Amount | $ 769,000 | 523,000 | 465,000 | |||||
Income Tax Expense (Benefit), Total | $ 13,008,000 | $ 12,226,000 | $ 2,397,000 | |||||
Stock Repurchased During Period, Shares (in shares) | 182,805 | 378,627 | 979,040 | |||||
Stock Repurchased During Period, Value | $ 16,000,000 | $ 26,600,000 | $ 42,300,000 | |||||
Treasury Stock Shares to Establish Reserve Account to Secure Service Contracts (in shares) | 10,000 | |||||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 15 years | 15 years | ||||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.35% | 4.35% | ||||||
Liabilities, Total | $ 364,165,000 | $ 364,165,000 | 231,632,000 | |||||
Assets, Total | $ 667,324,000 | $ 667,324,000 | $ 492,542,000 | |||||
ACM Insurance Company [Member] | ||||||||
Treasury Stock, Shares to Establish Reserve Account to Meet Regulatory Requirements for Insurance Company (in shares) | 14,000 | |||||||
Accounting Standards Update 2016-09 [Member] | ||||||||
Income Tax Expense (Benefit), Total | $ 1,700,000 | |||||||
Accounting Standards Update 2016-02 [Member] | ||||||||
Liabilities, Total | $ 34,500,000 | |||||||
Assets, Total | $ 34,500,000 | |||||||
2006 Employee Stock Purchase Plan [Member] | ||||||||
Common Stock Discount on Shares Percentage | 15.00% | 15.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 200,000 | 200,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 139,763 | 139,763 | ||||||
COVID-19 Pandemic [Member] | ||||||||
Finance Receivables, Allowance, Percent of Principle Balance | 26.50% | 26.50% | ||||||
Financing Receivable, Percent Past Due | 6.20% | 6.20% | ||||||
Provision for Loan, Lease, and Other Losses, Total | $ 9,100,000 | |||||||
Provision for Loan, Lease, and Other Losses, Net of Tax | $ 7,000,000 | |||||||
Provision for Loan, Lease, and Other Losses, Total (in dollars per share) | $ 1.02 | |||||||
Minimum [Member] | ||||||||
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period (Year) | 1 year | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | 3 years | ||||||
Lessee, Operating Lease, Renewal Term (Year) | 3 years | 3 years | ||||||
Maximum [Member] | ||||||||
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period (Year) | 5 years | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | 10 years | ||||||
Lessee, Operating Lease, Renewal Term (Year) | 10 years | 10 years | ||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Distribution Limitations, Maximum Aggregate Amount of Stock Repurchases | $ 50,000,000 | |||||||
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases | 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] | Revenue Benchmark [Member] | Arkansas, USA [Member] | ||||||||
Concentration Risk, Percentage | 29.00% |
Note B - Summary of Significa_4
Note B - Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details) | 12 Months Ended |
Apr. 30, 2020 | |
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 | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Sales | $ 652,992 | $ 586,508 | $ 537,528 |
Sales Used Autos [Member] | |||
Sales | 567,816 | 506,184 | 462,956 |
Wholesales Third Party [Member] | |||
Sales | 28,966 | 27,376 | 25,638 |
Service Contract Sales [Member] | |||
Sales | 31,480 | 30,243 | 28,482 |
Payment Protection Plan Revenue [Member] | |||
Sales | $ 24,730 | $ 22,705 | $ 20,452 |
Note C - Finance Receivables,_3
Note C - Finance Receivables, Net (Details Textual) | 12 Months Ended | ||||
Apr. 30, 2020 | Apr. 30, 2019 | Jan. 31, 2020 | Jul. 31, 2019 | May 01, 2019 | |
Finance Receivables, Number of Loan Classes | 1 | ||||
Finance Receivables, Number of Risk Pools | 1 | ||||
Net Charge Offs as Percentage of Average Finance Receivables | 23.10% | 25.70% | |||
Collections as Percentage of Average Financing Receivables | 55.10% | 55.30% | |||
Delinquencies Greater Than 30 Days as Percentage of Average Financing Receivables | 6.20% | 2.90% | |||
Finance Receivables, Allowance, Percent of Principle Balance | 24.50% | 24.50% | 25.00% | ||
COVID-19 Pandemic [Member] | |||||
Finance Receivables, Allowance, Percent of Principle Balance | 26.50% | ||||
Minimum [Member] | |||||
Financing Receivable Interest Rate | 15.00% | ||||
Financing Receivable Payment Period (Month) | 1 year 180 days | ||||
Minimum [Member] | ILLINOIS | |||||
Financing Receivable Interest Rate | 19.50% | ||||
Maximum [Member] | |||||
Financing Receivable Interest Rate | 16.50% | ||||
Financing Receivable Payment Period (Month) | 4 years | ||||
Maximum [Member] | ILLINOIS | |||||
Financing Receivable Interest Rate | 21.50% |
Note C - Finance Receivables,_4
Note C - Finance Receivables, Net - Components of Finance Receivables (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 |
Gross contract amount | $ 728,841 | $ 631,681 | ||
Less unearned finance charges | (107,659) | (88,353) | ||
Principal balance | 621,182 | 543,328 | ||
Less allowance for credit losses | (155,041) | (127,842) | $ (117,821) | $ (109,693) |
Finance receivables, net | $ 466,141 | $ 415,486 | $ 383,617 | $ 357,161 |
Note C - Finance Receivables,_5
Note C - Finance Receivables, Net - Changes in Finance Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Balance | $ 415,486 | $ 383,617 | $ 357,161 |
Finance receivable originations | 604,497 | 540,505 | 494,641 |
Finance receivable collections | (322,180) | (293,739) | (260,104) |
Provision for credit losses | (162,246) | (146,363) | (149,059) |
Losses on claims for payment protection plan | (17,966) | (17,020) | (16,748) |
Inventory acquired in repossession and payment protection plan claims | (51,450) | (51,514) | (42,274) |
Balance | $ 466,141 | $ 415,486 | $ 383,617 |
Note C - Finance Receivables,_6
Note C - Finance Receivables, Net - Changes in the Finance Receivables Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Balance | $ 127,842 | $ 117,821 | $ 109,693 |
Provision for credit losses | 162,246 | 146,363 | 149,059 |
Charge-offs, net of recovered collateral | (135,047) | (136,342) | (140,931) |
Balance | $ 155,041 | $ 127,842 | $ 117,821 |
Note C - Finance Receivables,_7
Note C - Finance Receivables, Net - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Current, principal balance | $ 515,390 | $ 435,603 |
Current, percent of portfolio | 82.97% | 80.17% |
3 - 29 days past due, principal balance | $ 67,259 | $ 91,747 |
3 - 29 days past due, percent of portfolio | 10.83% | 16.89% |
30 - 60 days past due, principal balance | $ 25,311 | $ 11,362 |
30 - 60 days past due, percent of portfolio | 4.07% | 2.09% |
61 - 90 days past due, principal balance | $ 10,140 | $ 3,429 |
61 - 90 days past due, percent of portfolio | 1.63% | 0.63% |
> 90 days past due, principal balance | $ 3,082 | $ 1,187 |
> 90 days past due, percent of portfolio | 0.50% | 0.22% |
Total, principal balance | $ 621,182 | $ 543,328 |
Total, percent of portfolio | 100.00% | 100.00% |
Note C - Finance Receivables,_8
Note C - Finance Receivables, Net - Financing Receivables Analysis (Details) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Principal collected as a percent of average finance receivables | 55.10% | 55.30% |
Average down-payment percentage | 6.40% | 6.50% |
Average originating contract term (in months) (Month) | 2 years 201 days | 2 years 165 days |
Portfolio weighted average contract term, including modifications (in months) (Month) | 2 years 279 days | 2 years 243 days |
Note D - Property and Equipme_3
Note D - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Accumulated depreciation and amortization | $ (35,160) | $ (31,585) |
Property and equipment, net | 30,140 | 28,537 |
Land [Member] | ||
Property and equipment | 7,799 | 7,413 |
Building and Building Improvements [Member] | ||
Property and equipment | 12,678 | 11,815 |
Furniture, Fixtures and Equipment [Member] | ||
Property and equipment | 14,118 | 13,307 |
Leasehold Improvements [Member] | ||
Property and equipment | 27,519 | 26,064 |
Construction in Progress [Member] | ||
Property and equipment | $ 3,186 | $ 1,523 |
Note E - Accrued Liabilities -
Note E - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Employee compensation | $ 8,199 | $ 6,321 |
Cash overdrafts (see Note B) | 1,274 | |
Deferred sales tax (see Note B) | 2,974 | 3,571 |
Reserve for PPP claims | 2,926 | 2,433 |
Health insurance | 1,187 | |
Fair value of contingent consideration | 2,713 | |
Other | 1,730 | 5,238 |
Accrued liabilities | $ 19,729 | $ 18,837 |
Note F - Debt Facilities (Detai
Note F - Debt Facilities (Details Textual) - USD ($) | Mar. 29, 2018 | Dec. 15, 2015 | Mar. 31, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Sep. 30, 2019 | Sep. 29, 2019 | Apr. 30, 2017 |
Proceeds from Lines of Credit, Total | $ 442,490,000 | $ 450,554,000 | $ 433,818,000 | ||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 59,560,000 | 1,752,000 | 1,022,000 | $ 434,000 | |||||
Amortization of Debt Issuance Costs and Discounts, Total | 273,000 | 251,000 | $ 260,000 | ||||||
Debt Related Commitment Fees and Debt Issuance Costs | 505,000 | 371,000 | |||||||
Debt Issuance Costs, Gross | 787,000 | 555,000 | |||||||
Finance Lease, Liability, Total | 445,000 | $ 839,000 | |||||||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 340,000 | ||||||||
Assets Under Finance Lease [Member] | |||||||||
Property, Plant and Equipment, Useful Life (Year) | 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 | 79,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature | $ 23,000,000 | ||||||||
Proceeds from Lines of Credit, Total | $ 30,000,000 | ||||||||
Revolving Credit Facility [Member] | BMO Harris Bank [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 241,000,000 | $ 215,000,000 | |||||||
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature | 100,000,000 | 50,000,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.98% | 4.73% | |||||||
Revolving Credit Facility [Member] | BMO Harris Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | ||||||||
Colonial Revolving Credit Facility [Member] | BMO Harris Bank [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 231,000,000 | $ 205,000,000 | |||||||
ACM TCM Revolving Credit Facility [Member] | BMO Harris Bank [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 |
Note F - Debt Facilities - Summ
Note F - Debt Facilities - Summary of Debt Facilities (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Finance lease | $ 445,000 | $ 839,000 |
Debt issuance costs | (787,000) | (555,000) |
Debt facilities | 215,568,000 | 152,918,000 |
Line of Credit [Member] | ||
Debt facilities, gross | 215,831,000 | 152,440,000 |
Notes Payable [Member] | ||
Debt facilities, gross | $ 79,000 | $ 194,000 |
Note G - Fair Value Measureme_3
Note G - Fair Value Measurements (Details Textual) | 1 Months Ended |
Jan. 31, 2019 | |
Fair Value Inputs, Discount Rate, Intercompany Transactions | 38.50% |
Minimum [Member] | Measurement Input, Discount Rate [Member] | |
Receivables, Measurement Input | 0.34 |
Maximum [Member] | Measurement Input, Discount Rate [Member] | |
Receivables, Measurement Input | 0.39 |
Note G - Fair Value Measureme_4
Note G - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Reported Value Measurement [Member] | ||
Cash | $ 59,560 | $ 1,752 |
Finance receivables, net | 466,141 | 415,486 |
Accounts payable | 13,117 | 13,659 |
Debt facilities | 215,568 | 152,918 |
Estimate of Fair Value Measurement [Member] | ||
Cash | 59,560 | 1,752 |
Finance receivables, net | 382,027 | 308,384 |
Accounts payable | 13,117 | 13,659 |
Debt facilities | $ 215,568 | $ 152,918 |
Note H - Income Taxes - Provisi
Note H - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Current | $ 14,288 | $ 10,525 | $ 8,757 |
Deferred | (1,280) | 1,701 | (6,360) |
Total | $ 13,008 | $ 12,226 | $ 2,397 |
Note H - Income Taxes - Reconci
Note H - Income Taxes - Reconciliation of Income Tax to Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Tax provision at statutory rate | $ 13,514 | $ 12,569 | $ 11,827 |
State taxes, net of federal benefit | 1,931 | 1,796 | 1,077 |
Tax benefit from option exercises | (1,498) | (1,961) | (1,721) |
Deferred tax adjustment related to Tax Act | (8,083) | ||
Other, net | (939) | (178) | (703) |
Provision for income taxes | $ 13,008 | $ 12,226 | $ 2,397 |
Note H - Income Taxes - Deferre
Note H - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Deferred income tax liabilities related to: | ||
Finance receivables | $ 19,342 | $ 19,254 |
Property and equipment | 69 | |
Goodwill | 90 | 76 |
Total | 19,501 | 19,330 |
Deferred income tax assets related to: | ||
Accrued liabilities | 1,565 | 1,638 |
Inventory | 107 | 127 |
Disallowed interest deduction | 1,365 | |
Share based compensation | 2,490 | 2,186 |
Property and equipment | 76 | |
State net operating loss | 42 | 29 |
Deferred revenue | 953 | 1,015 |
Total | 6,522 | 5,071 |
Deferred income tax liabilities, net | $ 12,979 | $ 14,259 |
Note I - Capital Stock (Details
Note I - Capital Stock (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
Subsidiaries [Member] | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | |
Preferred Stock, Shares Issued, Total (in shares) | 500,000 | |
Preferred Stock, Dividend Rate, Percentage | 8.00% | |
Preferred Stock Right of Shareholder, Amount of Shares (in shares) | 400,000 | |
Preferred Stock, Right to Shareholder Value of Redeemed Stock | $ 400,000 |
Note J - Weighted Average Sha_3
Note J - Weighted Average Shares Outstanding - Weighted Average Shares of Common Stock Outstanding (Details) - shares | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Weighted average shares outstanding-basic (in shares) | 6,630,023 | 6,810,879 | 7,232,014 |
Dilutive options and restricted stock (in shares) | 315,629 | 260,889 | 209,344 |
Weighted average shares outstanding-diluted (in shares) | 6,945,652 | 7,071,768 | 7,441,358 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive securities (in shares) | 118,750 | 60,000 | 229,000 |
Restricted Stock [Member] | |||
Antidilutive securities (in shares) | 7,224 |
Note K - Stock-based Compensa_3
Note K - Stock-based Compensation Plans (Details Textual) - USD ($) | Aug. 29, 2018 | Aug. 05, 2015 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Aug. 28, 2018 |
Share-based Payment Arrangement, Expense | $ 4,700,000 | $ 3,700,000 | $ 1,600,000 | |||
Share-based Payment Arrangement, Expense, after Tax | 3,600,000 | 2,800,000 | $ 1,100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 7,700,000 | $ 29,900,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 225,000 | 145,000 | 25,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercised Through Net Settlements (in shares) | 57,500 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Reduction in Shares Issued to Satisfy the Exercise Price and Applicable Withholding Taxes (in shares) | 28,307 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercised Through Net Settlements, Net of Shares to Satisfy the Exercise Price and Applicable Withholding Taxes (in shares) | 29,193 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 155,250 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 2,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Year) | 3 years 255 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 36.38 | |||||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 3,600,000 | $ 2,700,000 | $ 1,200,000 | |||
Share-based Payment Arrangement, Expense, after Tax | $ 2,900,000 | 2,000,000 | 773,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 225,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 9,300,000 | 3,000,000 | 336,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 8,700,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 328 days | |||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
Restated Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 200,000 | 300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | 1,800,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 75,000 | |||||
Restated Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Stock Incentive Plan [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 1,100,000 | 1,000,000 | 430,000 | |||
Share-based Payment Arrangement, Expense, after Tax | 839,000 | 760,000 | 288,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 450,000 | 350,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 6,300,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 years 109 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 9,200,000 | $ 8,300,000 | $ 8,200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,328 | 3,000 | 166,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 102.03 | $ 53.30 | $ 45.86 | |||
Stock Incentive Plan [Member] | First Issuance of Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 3,000 | 132,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 99.05 | $ 48.70 | ||||
Stock Incentive Plan [Member] | Second Issuance of Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,224 | 34,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 109.06 | $ 35 | ||||
Stock Incentive Plan [Member] | Third Issuance of Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,104 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 97.97 | |||||
Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 3,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 53.30 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 94,199 |
Note K - Stock-based Compensa_4
Note K - Stock-based Compensation Plans - Stock Option Plan Comparison (Details) - Restated Option Plan [Member] | 12 Months Ended |
Apr. 30, 2020shares | |
Minimum exercise price as a percentage of fair market value at date of grant | 100.00% |
Last expiration date for outstanding options | Dec. 30, 2029 |
Shares available for grant (in shares) | 75,000 |
Note K - Stock-based Compensa_5
Note K - Stock-based Compensation Plans - Options Valuation Assumptions (Details) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Expected terms (years) (Year) | 5 years 182 days | 5 years 182 days | 5 years 182 days |
Risk-free interest rate | 1.75% | 2.79% | 1.81% |
Volatility | 39.00% | 36.00% | 36.00% |
Dividend yield |
Note K - Stock-based Compensa_6
Note K - Stock-based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Number of Shares (in shares) | 565,500 | 695,500 | 1,028,500 | |
Proceeds on Exercise | $ 45,777 | $ 26,087 | $ 26,683 | $ 34,084 |
Weighted Average Exercise Price (in dollars per share) | $ 46.13 | $ 30.50 | $ 33.51 | |
Number of Shares, Granted (in shares) | 225,000 | 145,000 | 25,000 | |
Exercise Price, Granted (in dollars per share) | $ 107.95 | $ 54.58 | $ 37.30 | |
Proceeds on Exercise, Granted | $ 24,287 | $ 7,915 | $ 933 | |
Number of Shares, Exercised (in shares) | (121,250) | (275,000) | (323,000) | |
Exercise Price, Exercised (in dollars per share) | $ 37.25 | $ 30.95 | $ 20.72 | |
Proceeds on Exercise, Exercised | $ (4,517) | $ (8,511) | $ (6,692) | |
Number of Shares, Expired (in shares) | (15,000) | |||
Exercise Price, Expired (in dollars per share) | $ 47.26 | |||
Proceeds on Exercise, Expired | $ (710) | |||
Number of Shares, Cancelled (in shares) | (1,500) | (20,000) | ||
Exercise Price, Cancelled (in dollars per share) | $ 53.02 | $ 46.61 | ||
Proceeds on Exercise, Cancelled | $ (80) | $ (932) | ||
Number of Shares (in shares) | 667,750 | 565,500 | 695,500 | 1,028,500 |
Weighted Average Exercise Price (in dollars per share) | $ 68.55 | $ 46.13 | $ 30.50 | $ 33.51 |
Minimum [Member] | ||||
Exercise Price, Granted (in dollars per share) | 99.05 | 53.30 | ||
Exercise Price, Exercised (in dollars per share) | 22.87 | 18.86 | 11.90 | |
Exercise Price, Expired (in dollars per share) | 44.52 | |||
Exercise Price, Cancelled (in dollars per share) | 41.86 | |||
Maximum [Member] | ||||
Exercise Price, Granted (in dollars per share) | 109.06 | 54.85 | ||
Exercise Price, Exercised (in dollars per share) | 53.02 | $ 53.30 | 37.94 | |
Exercise Price, Expired (in dollars per share) | 51.81 | |||
Exercise Price, Cancelled (in dollars per share) | $ 53.02 |
Note K - Stock-based Compensa_7
Note K - Stock-based Compensation Plans - Options Exercised (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Options Exercised (in shares) | 121,250 | 275,000 | 323,000 |
Cash Received from Options Exercised | $ 2,928 | $ 5,663 | $ 2,832 |
Intrinsic Value of Options Exercised | $ 7,580 | $ 10,817 | $ 8,381 |
Note K - Stock-based Compensa_8
Note K - Stock-based Compensation Plans - Stock Incentive Plan (Details) - Stock Incentive Plan [Member] - $ / shares | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Unvested shares (in shares) | 180,500 | 179,000 | 17,000 |
Unvested shares, weighted average grant date fair value (in dollars per share) | $ 46.16 | $ 45.96 | $ 44.86 |
Shares granted (in shares) | 12,328 | 3,000 | 166,500 |
Shares granted, weighted average grant date fair value (in dollars per share) | $ 102.03 | $ 53.30 | $ 45.86 |
Shares vested (in shares) | (7,000) | ||
Shares cancelled (in shares) | (1,000) | (1,500) | (4,500) |
Shares cancelled, weighted average grant date fair value (in dollars per share) | $ 37.07 | $ 36.38 | $ 38.28 |
Shares vested, weighted average grant date fair value (in dollars per share) | $ 52.10 | ||
Unvested shares (in shares) | 184,828 | 180,500 | 179,000 |
Unvested shares, weighted average grant date fair value (in dollars per share) | $ 49.71 | $ 46.16 | $ 45.96 |
Note L - Commitments and Cont_3
Note L - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Letters of Credit Outstanding, Amount | $ 250,000 | ||
Lessee, Operating Lease, Liability, to be Paid, Total | 86,373,000 | ||
Operating Lease, Expense | 6,900,000 | $ 6,700,000 | $ 6,200,000 |
Non-cancelable [Member] | |||
Lessee, Operating Lease, Liability, to be Paid, Total | 26,200,000 | ||
Reasonably Assured [Member] | |||
Lessee, Operating Lease, Liability, to be Paid, Total | 60,200,000 | ||
Owned or Controlled by One Preferred Shareholder [Member] | |||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 13,200,000 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | ||
Minimum [Member] | Dealership Leases [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||
Maximum [Member] | Dealership Leases [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note L - Commitments and Cont_4
Note L - Commitments and Contingencies - Future Lease Obligations (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
2021 | $ 6,831 | |
2022 | 6,646 | |
2023 | 6,570 | |
2024 | 6,043 | |
2025 | 5,876 | |
Thereafter | 54,407 | |
Total undiscounted operating lease payments | 86,373 | |
Less: imputed interest | 23,563 | |
Lease liability | $ 62,810 |
Note M - Supplemental Cash Fl_3
Note M - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Interest paid | $ 8,152 | $ 7,259 | $ 5,599 |
Income taxes paid, net | 8,505 | 11,022 | 11,092 |
Non-cash transactions: | |||
Inventory acquired in repossession and payment protection plan claims | 51,450 | 51,514 | 42,274 |
Purchase of property and equipment using the issuance of debt | 1,151 | ||
Loss accrued on disposal of property and equipment | 3 | 29 | |
Net settlement option exercises | $ 1,589 | $ 2,848 | $ 3,859 |
Note N - Quarterly Results of_3
Note N - Quarterly Results of Operations (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenues | $ 195,689 | $ 186,734 | $ 190,310 | $ 171,878 | $ 176,882 | $ 161,054 | $ 167,171 | $ 164,015 | $ 744,611 | $ 669,122 | $ 612,201 |
Gross profit | 69,662 | 65,749 | 67,917 | 61,189 | 63,569 | 58,063 | 61,045 | 59,933 | 264,517 | 242,610 | |
Net income | 9,259 | 12,686 | 13,887 | 15,511 | 14,565 | 10,895 | 11,281 | 10,884 | 51,343 | 47,625 | |
Net income attributable to common stockholders | $ 9,249 | $ 12,676 | $ 13,877 | $ 15,501 | $ 14,555 | $ 10,885 | $ 11,271 | $ 10,874 | $ 51,303 | $ 47,585 | $ 36,469 |
Basic (in dollars per share) | $ 1.40 | $ 1.92 | $ 2.10 | $ 2.32 | $ 2.17 | $ 1.61 | $ 1.64 | $ 1.57 | $ 7.74 | $ 6.99 | $ 5.04 |
Diluted (in dollars per share) | $ 1.35 | $ 1.83 | $ 2 | $ 2.21 | $ 2.07 | $ 1.55 | $ 1.58 | $ 1.53 | $ 7.39 | $ 6.73 | $ 4.90 |