Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | Jul. 05, 2022 | Oct. 31, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000799850 | ||
Entity Registrant Name | AMERICAS CAR-MART INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 0-14939 | ||
Entity Incorporation, State or Country Code | TX | ||
Entity Tax Identification Number | 63-0851141 | ||
Entity Address, Address Line One | 1805 North 2nd Street, Suite 401 | ||
Entity Address, City or Town | Rogers | ||
Entity Address, State or Province | AR | ||
Entity Address, Postal Zip Code | 72756 | ||
City Area Code | 479 | ||
Local Phone Number | 464-9944 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | CRMT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 712,616,493 | ||
Entity Common Stock, Shares Outstanding | 6,368,788 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Tulsa, Oklahoma | ||
Auditor Firm ID | 248 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Assets: | ||
Cash and cash equivalents | $ 6,916 | $ 2,893 |
Restricted cash | 35,671 | 0 |
Accrued interest on finance receivables | 4,926 | 3,367 |
Finance receivables, net | 854,290 | 625,119 |
Inventory | 115,302 | 82,263 |
Income taxes receivable, net | 274 | 0 |
Prepaid expenses and other assets | 9,044 | 6,120 |
Right-of-use asset | 58,828 | 60,398 |
Goodwill | 8,623 | 7,280 |
Property and equipment, net | 51,438 | 34,719 |
Total Assets | 1,145,312 | 822,159 |
Liabilities: | ||
Accounts payable | 20,055 | 18,208 |
Income taxes payable, net | 0 | 150 |
Accrued liabilities | 32,630 | 31,278 |
Deferred income tax liabilities, net | 28,233 | 20,007 |
Lease liability | 61,481 | 62,886 |
Non-recourse notes payable | 395,986 | 0 |
Revolving line of credit | 44,670 | 225,924 |
Total liabilities | 675,546 | 415,263 |
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 | 0 | 0 |
Common stock, par value $.01 per share, 50,000,000 shares authorized; 13,642,185 and 13,591,889 issued at April 30, 2022 and April 30, 2021, respectively, of which 6,371,977 and 6,625,885 were outstanding at April 30, 2022 and April 30, 2021, respectively | 136 | 136 |
Additional paid-in capital | 103,113 | 98,812 |
Retained earnings | 658,242 | 564,975 |
Less: Treasury stock, at cost, 7,270,208 and 6,966,004 shares at April 30, 2022 and April 30, 2021, respectively | (292,225) | (257,527) |
Total stockholders' equity | 469,266 | 406,396 |
Non-controlling interest | 100 | 100 |
Total equity | 469,366 | 406,496 |
Total Liabilities, mezzanine equity and equity | 1,145,312 | 822,159 |
Payment Protection Plan [Member] | ||
Liabilities: | ||
Deferred revenue | 43,936 | 32,704 |
Service Contract [Member] | ||
Liabilities: | ||
Deferred revenue | $ 48,555 | $ 24,106 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 30, 2022 | Apr. 30, 2021 |
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) | 13,642,185 | 13,591,889 |
Common stock, shares outstanding (in shares) | 6,371,977 | 6,625,885 |
Treasury stock, shares (in shares) | 7,270,208 | 6,966,004 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Revenues: | |||
Sales | $ 1,060,512 | $ 808,065 | $ 652,992 |
Interest and other income | 151,853 | 110,545 | 91,619 |
Total revenues | 1,212,365 | 918,610 | 744,611 |
Costs and expenses: | |||
Cost of sales, excluding depreciation | 663,631 | 479,153 | 388,475 |
Selling, general and administrative | 156,130 | 130,855 | 117,762 |
Provision for credit losses | 257,101 | 163,662 | 162,246 |
Interest expense | 10,919 | 6,820 | 8,052 |
Depreciation and amortization | 4,033 | 3,719 | 3,839 |
Loss (gain) on disposal of property and equipment | 149 | (40) | (114) |
Total costs and expenses | 1,091,963 | 784,169 | 680,260 |
Income before income taxes | 120,402 | 134,441 | 64,351 |
Provision for income taxes | 27,095 | 30,302 | 13,008 |
Net income | 93,307 | 104,139 | 51,343 |
Less: Dividends on mandatorily redeemable preferred stock | 40 | 40 | 40 |
Net income attributable to common stockholders | $ 93,267 | $ 104,099 | $ 51,303 |
Earnings per share: | |||
Basic (in dollars per share) | $ 14.33 | $ 15.70 | $ 7.74 |
Diluted (in dollars per share) | $ 13.67 | $ 14.95 | $ 7.39 |
Weighted average number of shares outstanding: | |||
Basic (in shares) | 6,509,673 | 6,628,749 | 6,630,023 |
Diluted (in shares) | 6,823,481 | 6,961,575 | 6,945,652 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Net income | $ 93,307,000 | $ 104,139,000 | $ 51,343,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 257,101,000 | 163,662,000 | 162,246,000 |
Losses on claims for accident protection plan | 21,871,000 | 18,954,000 | 17,966,000 |
Depreciation and amortization | 4,033,000 | 3,719,000 | 3,839,000 |
Amortization of debt issuance costs | 775,000 | 391,000 | 273,000 |
Loss (gain) on disposal of property and equipment | 149,000 | (40,000) | (114,000) |
Stock-based compensation | 5,496,000 | 5,962,000 | 4,732,000 |
Deferred income taxes | 8,226,000 | 7,028,000 | (1,280,000) |
Change in operating assets and liabilities: | |||
Finance receivable originations | (1,009,859,000) | (762,716,000) | (604,497,000) |
Finance receivable collections | 417,796,000 | 370,254,000 | 322,180,000 |
Accrued interest on finance receivables | (1,559,000) | (269,000) | (750,000) |
Inventory | 50,881,000 | 5,019,000 | 53,827,000 |
Prepaid expenses and other assets | (2,924,000) | (1,679,000) | 193,000 |
Accounts payable and accrued liabilities | 5,166,000 | 14,766,000 | 1,009,000 |
Income taxes, net | (424,000) | (3,691,000) | 5,788,000 |
Net cash (used in) provided by operating activities | (114,284,000) | (53,812,000) | 20,917,000 |
Investing Activities: | |||
Purchase of investments | (1,343,000) | 0 | (4,648,000) |
Purchases of property and equipment | (20,921,000) | (8,952,000) | (5,422,000) |
Proceeds from sale of property and equipment | 20,000 | 694,000 | 184,000 |
Net cash used in investing activities | (22,244,000) | (8,258,000) | (9,886,000) |
Financing Activities: | |||
Exercise of stock options | (1,488,000) | 4,034,000 | 1,533,000 |
Issuance of common stock | 293,000 | 258,000 | 190,000 |
Purchase of common stock | (34,698,000) | (10,616,000) | (16,009,000) |
Dividend payments | (40,000) | (40,000) | (40,000) |
Debt issuance costs | (6,108,000) | (282,000) | (505,000) |
Change in cash overdrafts | (1,802,000) | 1,802,000 | (1,274,000) |
Issuances of non-recourse notes payable | 399,994,000 | 0 | 0 |
Principal payments on notes payable | 0 | (524,000) | (509,000) |
Proceeds from revolving credit facilities | 331,113,000 | 73,337,000 | 442,490,000 |
Payments on revolving credit facilities | (511,042,000) | (62,566,000) | (379,099,000) |
Net cash provided by financing activities | 176,222,000 | 5,403,000 | 46,777,000 |
Increase (decrease) in cash, cash equivalents, and restricted cash | 39,694,000 | (56,667,000) | 57,808,000 |
Cash, cash equivalents, and restricted cash beginning of period | 2,893,000 | 59,560,000 | 1,752,000 |
Cash, cash equivalents, and restricted cash end of period | 42,587,000 | 2,893,000 | 59,560,000 |
Accident Protection Plan [Member] | |||
Change in operating assets and liabilities: | |||
Increase (decrease) in deferred revenue | 11,232,000 | 8,224,000 | 3,113,000 |
Service Contract [Member] | |||
Change in operating assets and liabilities: | |||
Increase (decrease) in deferred revenue | $ 24,449,000 | $ 12,465,000 | $ 1,049,000 |
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, 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 | ||||
Issuance of restricted stock | 500 | 500 | ||||
Dividends on subsidiary preferred stock | (40) | (40) | ||||
Net income | 51,343 | 51,343 | ||||
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 |
Issuance of common stock (in shares) | 2,921 | |||||
Issuance of common stock | 258 | $ 258 | ||||
Stock options exercised (in shares) | 110,235 | 131,350 | ||||
Stock options exercised | $ 1 | 4,033 | $ 4,034 | |||
Purchase of treasury shares | (10,616) | (10,616) | ||||
Stock based compensation | 5,962 | 5,962 | ||||
Dividends on subsidiary preferred stock | (40) | (40) | ||||
Net income | 104,139 | 104,139 | ||||
Balance (in shares) at Apr. 30, 2021 | 13,591,889 | |||||
Balance at Apr. 30, 2021 | $ 136 | 98,812 | 564,975 | (257,527) | 100 | 406,496 |
Issuance of common stock (in shares) | 9,721 | |||||
Issuance of common stock | 293 | $ 293 | ||||
Stock options exercised (in shares) | 40,575 | 94,000 | ||||
Stock options exercised | (1,488) | $ (1,488) | ||||
Purchase of treasury shares | (34,698) | (34,698) | ||||
Stock based compensation | 5,496 | 5,496 | ||||
Dividends on subsidiary preferred stock | (40) | (40) | ||||
Net income | 93,307 | 93,307 | ||||
Balance (in shares) at Apr. 30, 2022 | 13,642,185 | |||||
Balance at Apr. 30, 2022 | $ 136 | $ 103,113 | $ 658,242 | $ (292,225) | $ 100 | $ 469,366 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - shares | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Purchase of treasury shares (in shares) | 304,204 | 106,590 | 182,805 |
Note A - Organization and Busin
Note A - Organization and Business | 12 Months Ended |
Apr. 30, 2022 | |
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 not April 30, 2022, |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2022 | |
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. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each individual dealership is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Illinois, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 27.4% of revenues resulting from sales to Arkansas customers. As of April 30, 2022, one September 2024. 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, 2021 not not twelve Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three Restricted Cash Restricted cash is related to the financing and securitization transaction discussed below and are held by the securitization trust. Restricted cash from collections on auto finance receivables includes collections of principal, interest, and fee payments on auto finance receivables that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements. The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable and these funds are not Restricted cash consists of the following at April 30, 2022: (In thousands) April 30, 2022 Restricted cash from collections on auto finance receivables $ 24,242 Restricted cash on deposit in reserve accounts 11,429 Restricted Cash $ 35,671 There was no April 30, 2021. Financing and Securitization Transactions The Company utilized a term securitization to provide long-term funding for a portion of the auto finance receivables initially funded through the debt facilities. In these transactions, a pool of auto finance receivables is sold to a special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust. The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables. The Company is required to evaluate term securitization trusts for consolidation. In the Company’s role as servicer, it has the power to direct the activities of the trust that most significantly impact the economic performance of the trust. In addition, the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trust, remain with the Company. Accordingly, the Company is the primary beneficiary of the trust and is required to consolidate it. The Company recognizes transfers of auto finance receivables into the term securitization as secured borrowings, which result in recording the auto finance receivables and the related non-recourse notes payable on our consolidated balance sheet. These auto finance receivables can only be used as collateral to settle obligations of the related non-recourse notes payable. The term securitization investors have no 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 16.5% using the simple effective interest method including any deferred fees. Contract origination costs are not not April 30, 2022 April 30, 2021 . An account is considered delinquent when the customer is one not may April 30, 2022, 30 April 30, 2021. 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 principal 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 one 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 The Company maintains an allowance for credit losses on an aggregate basis at an amount it considers sufficient to cover losses expected to be incurred on the portfolio at the measurement date. The Company accrues an estimated loss for the amount it believes will not 2022, 19 ● 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 11 12 12 ● The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen ● An adjustment to the previous twelve ● A forecast of expect losses for a period of one 19 A historical point loss rate is produced by this analysis which is then adjusted to reflect current conditions and the Company’s reasonable and supportable forecast of expected losses for a period of one In most states, the Company offers retail customers who finance their vehicle the option of purchasing an accident 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 accident protection plan revenues, an additional liability is recorded for such difference. No April 30, 2022 2021. 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 2022 2021. The Company had $8.6 million and $7.3 April 30, 2022 2021, April 30, 2022 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 (years) 5 to 15 Buildings and improvements (years) 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one not Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law, for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s 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. 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 2018. 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, 2022 2021, Revenue Recognition Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and an accident 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 54 78’s” Sales consist of the following for the years ended April 30, 2022, 2021 2020: Years Ended April 30, (In thousands) 2022 2021 2020 Sales – used autos $ 927,043 $ 713,925 $ 567,816 Wholesales – third party 51,641 34,286 28,966 Service contract sales 49,154 33,028 31,480 Accident protection plan revenue 32,674 26,826 24,730 Total $ 1,060,512 $ 808,065 $ 652,992 At April 30, 2022 2021, 90 2022, 2021 2020, During the years ended April 30, 2022 2021, April 30, 2021 2020, Advertising Costs Advertising costs are expensed as incurred and consist principally of television, radio, print media and digital marketing costs. Advertising costs amounted to $5.0 million, $2.9 million and $3.1 million for the years ended April 30, 2022, 2021 2020, Employee Benefit Plans The Company has 401 April 30, 2022, 2021 2020, The Company offers employees the right to purchase common shares at a 15% discount from market price under the 2006 October 2006. 15% 2022, 2021 2020 not April 30, 2022. 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 Treasury Stock The Company purchased 304,204, 106,590, and 182,805 shares of its common stock to be held as treasury stock for a total cost of $34.7 million, $10.6 million and $16.0 million during the years ended April 30, 2022, 2021 2020, may Facility Leases The Company’s leases primarily consist of operating leases related to retail stores, office space, and land. For more information on financing obligations, see Note F. The initial term for real property leases is typically 3 10 one 3 10 April 30, 2022 The ROU asset and the related lease liability are initially measured at the present value of future lease payments over the lease term. As most leases do not April 30, 2022 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 not 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 Recently Adopted Accounting Pronouncements Reference Rate Reform March 2020, 2020 04, March 12, 2020, December 31, 2022. April 2022, not |
Note C - Finance Receivables, N
Note C - Finance Receivables, Net | 12 Months Ended |
Apr. 30, 2022 | |
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 16.5% per annum (19.5% to 21.5% in Illinois), are collateralized by the vehicle sold and typically provide for payments over periods ranging from 18 54 one one one April 30, 2022 2021 (In thousands) April 30, 2022 April 30, 2021 Gross contract amount $ 1,378,803 $ 980,757 Less unearned finance charges (277,306 ) (171,220 ) Principal balance 1,101,497 809,537 Less allowance for credit losses (247,207 ) (184,418 ) Finance receivables, net $ 854,290 $ 625,119 As of April 30, 2022, 2022, Changes in the finance receivables, net for the years ended April 30, 2022, 2021 2020 Years Ended April 30, (In thousands) 2022 2021 2020 Balance at beginning of period $ 625,119 $ 466,141 $ 415,486 Finance receivable originations 1,009,859 762,716 604,497 Finance receivable collections (417,796 ) (370,254 ) (322,180 ) Provision for credit losses (257,101 ) (163,662 ) (162,246 ) Losses on claims for accident protection plan (21,871 ) (18,954 ) (17,966 ) Inventory acquired in repossession and accident protection plan claims (83,920 ) (50,868 ) (51,450 ) Balance at end of period $ 854,290 $ 625,119 $ 466,141 Changes in the finance receivables allowance for credit losses for the years ended April 30, 2022, 2021 2020 Years Ended April 30, (In thousands) 2022 2021 2020 Balance at beginning of period $ 184,418 $ 155,041 $ 127,842 Provision for credit losses 257,101 163,662 162,246 Charge-offs, net of recovered collateral (194,312 ) (134,285 ) (135,047 ) Balance at end of period $ 247,207 $ 184,418 $ 155,041 Amounts recovered from previously written-off accounts were $2.4 million, $1.9 million, and $1.7 million for the years ended April 30, 2022, 2021 2020, In the first 2020, fourth 2020, 19 2021, fourth 2021 April 30, 2022. The factors which influenced management’s judgment in determining the amount of the current period provision for credit losses are described below. The historical level of actual charge-offs, net of recovered collateral, is the most important factor in determining the provision for credit losses. This is due to the fact that once a contract becomes delinquent the account is either made current by the customer, the vehicle is repossessed, or the account is written off if the collateral cannot be recovered. Net charge-offs as a percentage of average finance receivables were 20.2% for fiscal 2022 2021. Collections and delinquency levels can have a significant effect on additions to the allowance and are reviewed frequently. Principal collections as a percentage of average finance receivables were 43.5% for the year ended April 30, 2022, April 30, 2021. 2021 30 April 30, 2022 April 30, 2021. In addition to the objective factors discussed above, the Company also considers macro-economic factors that would affect its customers non-discretionary income, such as changes in unemployment levels, gasoline prices, and prices for staple items to develop reasonable and supportable forecasts for the lifetime expected losses. These economic forecasts are utilized alongside historical loss information in order to estimate expected losses in the portfolio over the following twelve Credit quality information for finance receivables is as follows: (Dollars in thousands) April 30, 2022 April 30, 2021 Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Current $ 958,808 87.05 % $ 717,520 88.64 % 3 - 29 days past due 109,873 9.97 % 71,269 8.80 % 30 - 60 days past due 22,477 2.04 % 13,058 1.61 % 61 - 90 days past due 7,360 0.67 % 5,551 0.69 % > 90 days past due 2,979 0.27 % 2,139 0.26 % Total $ 1,101,497 100.00 % $ 809,537 100.00 % 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 customer scores, contract term length, down payment percentages, and collections for credit quality indicators. Twelve Months Ended 2022 2021 Average total collected per active customer per month $ 513 $ 478 Principal collected as a percent of average finance receivables 43.5 % 53.2 % Average down-payment percentage 6.4 % 7.1 % Average originating contract term (in months 40.2 34.6 April 30, 2022 April 30, 2021 Portfolio weighted average contract term, including modifications (in months 42.9 37.3 Collections remained strong with the reduction of principal collected in line with the expected change due to the average term increases. The prior year fiscal fourth 2021. When customers apply for financing, the Company’s proprietary scoring models rely on the customers’ credit histories and certain application information to evaluate and rank their risk. The Company obtains credit histories and other credit data that includes information such as number of different addresses, age of oldest record, high risk credit activity, job time, time at residence and other factors. The application information that is used includes income, collateral value and down payment. The scoring models yield credit grades that represent the relative likelihood of repayment. Customers with the highest probability of repayment are 6 not The Company uses a combination of the initial credit grades and historical performance to monitor the credit quality of the finance receivables on an ongoing basis, and the accuracy of the scoring model is validated periodically. Loan performance is reviewed on a recurring basis to identify whether the assigned grades adequately reflect the customers’ likelihood of repayment. The following table presents a summary of finance receivables by credit quality indicator, as of April 30, 2022 Customer Score by Fiscal Year of Origination Prior to (Dollars in thousands) 2022 2021 2020 2019 2018 2018 Total % 1-2 $ 37,916 $ 11,493 $ 2,221 $ 77 $ - $ 2 $ 51,709 4.7 % 3-4 260,298 84,118 13,537 587 14 15 358,569 32.5 % 5-6 488,257 172,843 28,193 1,803 115 8 691,219 62.8 % Total $ 786,471 $ 268,454 $ 43,951 $ 2,467 $ 129 $ 25 $ 1,101,497 100.0 % The following table presents a summary of finance receivables by credit quality indicator, as of April 30, 2021 Customer Score by Fiscal Year of Origination Prior to (Dollars in thousands) 2021 2020 2019 2018 2017 2017 Total % 1-2 $ 32,946 $ 11,967 $ 1,229 $ 63 $ 8 $ - $ 46,213 5.7 % 3-4 211,939 66,524 8,299 491 26 8 287,287 35.5 % 5-6 346,461 108,576 19,006 1,868 121 5 476,037 58.8 % Total $ 591,346 $ 187,067 $ 28,534 $ 2,422 $ 155 $ 13 $ 809,537 100.0 % |
Note D - Property and Equipment
Note D - Property and Equipment | 12 Months Ended |
Apr. 30, 2022 | |
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, 2022 April 30, 2021 Land $ 11,749 $ 7,594 Buildings and improvements 13,876 13,717 Furniture, fixtures and equipment 16,189 15,401 Leasehold improvements 36,392 33,450 Construction in progress 14,234 2,421 Accumulated depreciation and amortization (41,002 ) (37,864 ) Property and equipment, net $ 51,438 $ 34,719 |
Note E - Accrued Liabilities
Note E - Accrued Liabilities | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | E - Accrued Liabilities A summary of accrued liabilities is as follows: (In thousands) April 30, 2022 April 30, 2021 Employee compensation and benefits $ 12,865 $ 14,664 Cash overdrafts (see Note B) - 1,802 Deferred sales tax (see Note B) 7,388 5,904 Reserve for accident protection plan claims 4,761 3,737 Fair value of contingent consideration 3,544 3,175 Other 4,072 1,996 Accrued liabilities $ 32,630 $ 31,278 |
Note F - Debt
Note F - Debt | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | F Debt A summary of debt is as follows: (In thousands) 2022 2021 Revolving line of credit $ 46,674 $ 226,602 Debt issuance costs (2,004 ) (678 ) Revolving line of credit, net $ 44,670 $ 225,924 Non-recourse notes payable $ 399,994 $ - Debt issuance costs (4,008 ) - Non-recourse notes payable, net $ 395,986 $ - Total debt $ 440,656 $ 225,924 Revolving Line of Credit On September 30, 2019, September 30, 2022 On October 29, 2020, No. 1 No. 1, not 60 Amendment No. 1 No. 1 one not No. 1 one On December 31, 2020, $241 On February 10, 2021, No. 2 On September 29, 2021, No. 3 September 29, 2024 No. 3 On April 22, 2022, No. 4 No. 4 50% The revolving credit facilities are collateralized primarily by finance receivables and inventory, are cross collateralized and contain a guarantee by the Company. Interest is payable monthly under the revolving credit facilities. The credit facilities provide for four April 30, 2022 2021, The Company was in compliance with the covenants at April 30, 2022. April 30, 2022, The Company recognized $775,000, $391,000 and $273,000 of amortization for the twelve April 30, 2022, 2021 2020, During the years ended April 30, 2022 April 30, 2021, April 30, 2022 2021, Non-Recourse Notes Payable The non-recourse notes payable were issued in four April 27, 2022 not April 20, 2029, may |
Note G - Fair Value Measurement
Note G - Fair Value Measurements | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | G Fair Value Measurements April 30, 2022 April 30, 2021 (In thousands) Carrying Fair Carrying Fair Cash and cash equivalents $ 6,916 $ 6,916 $ 2,893 $ 2,893 Restricted cash 35,671 35,671 - - Finance receivables, net 854,290 677,421 625,119 497,865 Accounts payable 20,055 20,055 18,208 18,208 Revolving line of credit 44,670 44,670 225,924 225,924 Non-recourse notes payable 395,986 395,986 - - Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements ASC Topic 820 820 three may ● Level 1 Inputs ● Level 2 1 not ● Level 3 no Because no Financial Instrument Valuation Methodology Cash, cash equivalents, and restricted cash The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instruments (Level 1 Finance receivables, net The Company estimated the fair value of its receivables at what a third third third January 2019 third 2 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 (Level 2 Revolving line of credit The fair value approximates carrying value due to the variable interest rates charged on the borrowings, which reprice frequently (Level 2 Non-recourse notes payable The fair value was based upon inputs derived from prices for similar instruments at period end. The estimated fair values, and related carrying amounts, of the financial instruments included in the Company’s financial statements at April 30, 2022 2021 April 30, 2022 April 30, 2021 (In thousands) Carrying Fair Carrying Fair Cash and cash equivalents $ 6,916 $ 6,916 $ 2,893 $ 2,893 Restricted cash 35,671 35,671 - - Finance receivables, net 854,290 677,421 625,119 497,865 Accounts payable 20,055 20,055 18,208 18,208 Revolving line of credit 44,670 44,670 225,924 225,924 Non-recourse notes payable 395,986 395,986 - - |
Note H - Income Taxes
Note H - Income Taxes | 12 Months Ended |
Apr. 30, 2022 | |
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) 2022 2021 2020 Provision for income taxes Current $ 18,869 $ 23,274 $ 14,288 Deferred 8,226 7,028 (1,280 ) Total $ 27,095 $ 30,302 $ 13,008 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) 2022 2021 2020 Tax provision at statutory rate $ 25,284 $ 28,233 $ 13,514 State taxes, net of federal benefit 3,612 4,033 1,931 Tax benefit from option exercises (1,356 ) (1,401 ) (1,498 ) Other, net (445 ) (563 ) (939 ) Total $ 27,095 $ 30,302 $ 13,008 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) 2022 2021 Deferred income tax liabilities related to: Finance receivables $ 35,466 $ 26,373 Property and equipment 1,368 372 Goodwill 194 141 Total 37,028 26,886 Deferred income tax assets related to: Accrued liabilities 2,524 2,140 Inventory 316 213 Share based compensation 3,561 3,109 State net operating loss 168 42 Deferred revenue 2,226 1,375 Total 8,795 6,879 Deferred income tax liabilities, net $ 28,233 $ 20,007 |
Note I - Capital Stock
Note I - Capital Stock | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | I Capital Stock The Company is authorized to issue up to 50,000,000 shares of common stock, par value $0.01 may one not A subsidiary of the Company has issued 500,000 shares of $1.00 par value preferred stock which carries an 8% cumulative dividend. The Company’s subsidiary can redeem the preferred stock at any time at par value plus any unpaid dividends. After April 30, 2017, |
Note J - Weighted Average Share
Note J - Weighted Average Shares Outstanding | 12 Months Ended |
Apr. 30, 2022 | |
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, 2022 2021 2020 Weighted average shares outstanding-basic 6,509,673 6,628,749 6,630,023 Dilutive options and restricted stock 313,808 332,826 315,629 Weighted average shares outstanding-diluted 6,823,481 6,961,575 6,945,652 Antidilutive securities not included: Options 120,000 152,500 118,750 Restricted Stock 4,784 2,479 7,224 |
Note K - Stock-based Compensati
Note K - Stock-based Compensation Plans | 12 Months Ended |
Apr. 30, 2022 | |
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 being utilized at April 30, 2022 April 30, 2022, 2021 2020, Stock Option Plan The Company has options outstanding under a stock option plan approved by the shareholders, the Amended and Restated Stock Option Plan. The shareholders of the Company approved the Amended and Restated Stock Option Plan (the “Restated Option Plan”) on August 5, 2015, June 10, 2025 August 29, 2018, August 26, 2020, 200,000 not not ten 2022 2031. Restated Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100% Last expiration date for outstanding options May 1, 2031 Shares available for grant at April 30, 2022 215,000 The aggregate intrinsic value of outstanding options at April 30, 2022 2021 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, 2022 April 30, 2021 April 30, 2020 Expected terms (years) 5.5 5.5 5.5 Risk-free interest rate 0.86% 0.36% 1.75% Volatility 51% 50% 39% 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 30,000 options granted during each of fiscal 2022 2021. 2022, 2021 2020 three five The following is an aggregate summary of the activity in the Company’s stock option plans from April 30, 2019 April 30, 2022: Number Exercise Proceeds Weighted Average of Price on Exercise Price per Options per Share Exercise Share (in thousands) Outstanding at April 30, 2019 565,500 $ 26,087 $ 46.13 Granted 225,000 99.05 109.06 24,287 107.95 Exercised (121,250 ) 22.87 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 Granted 30,000 $ 65.95 30 65.95 Exercised (131,350 ) 24.69 99.05 (6,730 ) 51.24 Outstanding at April 30, 2021 566,400 $ 39,077 $ 72.43 Granted 30,000 $ 150.83 30 150.83 Exercised (94,000 ) 26.37 150.83 (6,276 ) 66.76 Cancelled (1,000 ) $ 41.86 (42 ) $ 41.86 Outstanding at April 30, 2022 501,400 $ 32,789 Stock option compensation expense on a pre-tax basis was $4.5 million ($3.4 million after tax effects), $3.9 million ($3.0 million after tax effects) and $3.6 million ($2.9 million after tax effects) for the years ended April 30, 2022, 2021 2020, April 30, 2022, 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) 2022 2021 2020 Options Exercised 94,000 131,350 121,250 Cash Received from Options Exercised $ 591 $ 5,120 $ 2,928 Intrinsic Value of Options Exercised $ 7,124 $ 7,894 $ 7,580 During the year ended April 30, 2022, As of April 30, 2022, Stock Incentive Plan On August 5, 2015, June 10, 2025. August 29, 2018, may The following is a summary of the activity in the Company’s Stock Incentive Plan: Number Weighted Average 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 Shares granted 7,690 98.43 Shares vested - - Shares cancelled (500 ) 35.00 Unvested shares at April 30, 2021 192,018 $ 51.70 Shares granted 11,287 121.17 Shares vested (6,500 ) 39.14 Shares cancelled (15,691 ) 59.99 Unvested shares at April 30, 2022 181,114 $ 55.76 The fair value at vesting for awards under the stock incentive plan was $10.1 million, $9.9 million, and $9.2 million in fiscal 2022, 2021 2020, During the fiscal year 2022, 2021, 2020, April 30, 2022. The Company recorded compensation cost of approximately $981,000 ($749,000 after tax effects), $1.1 million ($878,000 after tax effects) and $1.1 million ($839,000 after tax effects) related to the Restated Incentive Plan during the years ended April 30, 2022, 2021 2020, April 30, 2022, |
Note L - Commitments and Contin
Note L - Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | L - Commitments and Contingencies Letter of Credit The Company has two April 30, 2022. 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, 2022, Years Ending Amount April 30, (In thousands) 2023 $ 7,532 2024 7,025 2025 6,893 2026 6,376 2027 5,852 Thereafter 48,271 Total undiscounted operating lease payments 81,949 Less: imputed interest 20,468 Present value of operating lease liabilities $ 61,481 The $81.9 million of operating lease commitments includes $18.0 million of non-cancelable lease commitments under the lease terms, and $63.9 million of lease commitments for renewal periods at the Company’s option that are reasonably assured. For the years ended April 30, 2022, 2021 2020, 2022 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, 2022 | |
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, 2022, 2021 2020 Years Ended April 30, (in thousands) 2022 2021 2020 Supplemental disclosures: Interest paid $ 10,421 $ 7,029 $ 8,152 Income taxes paid, net 19,238 26,964 8,505 Non-cash transactions: Inventory acquired in repossession and accident protection plan claims 83,919 50,868 51,450 Loss accrued on disposal of property and equipment - - 3 Net settlement option exercises 5,685 1,610 1,589 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
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. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each individual dealership is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Illinois, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 27.4% of revenues resulting from sales to Arkansas customers. As of April 30, 2022, one September 2024. |
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, 2021 not not twelve |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash is related to the financing and securitization transaction discussed below and are held by the securitization trust. Restricted cash from collections on auto finance receivables includes collections of principal, interest, and fee payments on auto finance receivables that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements. The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable and these funds are not Restricted cash consists of the following at April 30, 2022: (In thousands) April 30, 2022 Restricted cash from collections on auto finance receivables $ 24,242 Restricted cash on deposit in reserve accounts 11,429 Restricted Cash $ 35,671 There was no April 30, 2021. |
Financing and Securitization Transactions Policy [Policy Text Block] | Financing and Securitization Transactions The Company utilized a term securitization to provide long-term funding for a portion of the auto finance receivables initially funded through the debt facilities. In these transactions, a pool of auto finance receivables is sold to a special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust. The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables. The Company is required to evaluate term securitization trusts for consolidation. In the Company’s role as servicer, it has the power to direct the activities of the trust that most significantly impact the economic performance of the trust. In addition, the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trust, remain with the Company. Accordingly, the Company is the primary beneficiary of the trust and is required to consolidate it. The Company recognizes transfers of auto finance receivables into the term securitization as secured borrowings, which result in recording the auto finance receivables and the related non-recourse notes payable on our consolidated balance sheet. These auto finance receivables can only be used as collateral to settle obligations of the related non-recourse notes payable. The term securitization investors have no |
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 16.5% using the simple effective interest method including any deferred fees. Contract origination costs are not not April 30, 2022 April 30, 2021 . An account is considered delinquent when the customer is one not may April 30, 2022, 30 April 30, 2021. 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 principal 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 one 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 The Company maintains an allowance for credit losses on an aggregate basis at an amount it considers sufficient to cover losses expected to be incurred on the portfolio at the measurement date. The Company accrues an estimated loss for the amount it believes will not 2022, 19 ● 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 11 12 12 ● The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen ● An adjustment to the previous twelve ● A forecast of expect losses for a period of one 19 A historical point loss rate is produced by this analysis which is then adjusted to reflect current conditions and the Company’s reasonable and supportable forecast of expected losses for a period of one In most states, the Company offers retail customers who finance their vehicle the option of purchasing an accident 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 accident protection plan revenues, an additional liability is recorded for such difference. No April 30, 2022 2021. |
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 2022 2021. The Company had $8.6 million and $7.3 April 30, 2022 2021, April 30, 2022 |
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 (years) 5 to 15 Buildings and improvements (years) 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not |
Cash Overdraft [Policy Text Block] | Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one not |
Deferred Sales Tax [Policy Text Block] | Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law, for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s 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. 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 2018. 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, 2022 2021, |
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 an accident 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 54 78’s” Sales consist of the following for the years ended April 30, 2022, 2021 2020: Years Ended April 30, (In thousands) 2022 2021 2020 Sales – used autos $ 927,043 $ 713,925 $ 567,816 Wholesales – third party 51,641 34,286 28,966 Service contract sales 49,154 33,028 31,480 Accident protection plan revenue 32,674 26,826 24,730 Total $ 1,060,512 $ 808,065 $ 652,992 At April 30, 2022 2021, 90 2022, 2021 2020, During the years ended April 30, 2022 2021, April 30, 2021 2020, |
Advertising Cost [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred and consist principally of television, radio, print media and digital marketing costs. Advertising costs amounted to $5.0 million, $2.9 million and $3.1 million for the years ended April 30, 2022, 2021 2020, |
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Benefit Plans The Company has 401 April 30, 2022, 2021 2020, The Company offers employees the right to purchase common shares at a 15% discount from market price under the 2006 October 2006. 15% 2022, 2021 2020 not April 30, 2022. |
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 |
Treasury Stock [Policy Text Block] | Treasury Stock The Company purchased 304,204, 106,590, and 182,805 shares of its common stock to be held as treasury stock for a total cost of $34.7 million, $10.6 million and $16.0 million during the years ended April 30, 2022, 2021 2020, may |
Lessee, Leases [Policy Text Block] | Facility Leases The Company’s leases primarily consist of operating leases related to retail stores, office space, and land. For more information on financing obligations, see Note F. The initial term for real property leases is typically 3 10 one 3 10 April 30, 2022 The ROU asset and the related lease liability are initially measured at the present value of future lease payments over the lease term. As most leases do not April 30, 2022 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 not 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 Recently Adopted Accounting Pronouncements Reference Rate Reform March 2020, 2020 04, March 12, 2020, December 31, 2022. April 2022, not |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | (In thousands) April 30, 2022 Restricted cash from collections on auto finance receivables $ 24,242 Restricted cash on deposit in reserve accounts 11,429 Restricted Cash $ 35,671 |
Property, Plant, and Equipment Useful Life [Table Text Block] | Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements (years) 5 to 15 Buildings and improvements (years) 18 to 39 |
Revenue from External Customers by Products and Services [Table Text Block] | Years Ended April 30, (In thousands) 2022 2021 2020 Sales – used autos $ 927,043 $ 713,925 $ 567,816 Wholesales – third party 51,641 34,286 28,966 Service contract sales 49,154 33,028 31,480 Accident protection plan revenue 32,674 26,826 24,730 Total $ 1,060,512 $ 808,065 $ 652,992 |
Note C - Finance Receivables,_2
Note C - Finance Receivables, Net (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) April 30, 2022 April 30, 2021 Gross contract amount $ 1,378,803 $ 980,757 Less unearned finance charges (277,306 ) (171,220 ) Principal balance 1,101,497 809,537 Less allowance for credit losses (247,207 ) (184,418 ) Finance receivables, net $ 854,290 $ 625,119 |
Change In Finance Receivables Net [Table Text Block] | Years Ended April 30, (In thousands) 2022 2021 2020 Balance at beginning of period $ 625,119 $ 466,141 $ 415,486 Finance receivable originations 1,009,859 762,716 604,497 Finance receivable collections (417,796 ) (370,254 ) (322,180 ) Provision for credit losses (257,101 ) (163,662 ) (162,246 ) Losses on claims for accident protection plan (21,871 ) (18,954 ) (17,966 ) Inventory acquired in repossession and accident protection plan claims (83,920 ) (50,868 ) (51,450 ) Balance at end of period $ 854,290 $ 625,119 $ 466,141 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended April 30, (In thousands) 2022 2021 2020 Balance at beginning of period $ 184,418 $ 155,041 $ 127,842 Provision for credit losses 257,101 163,662 162,246 Charge-offs, net of recovered collateral (194,312 ) (134,285 ) (135,047 ) Balance at end of period $ 247,207 $ 184,418 $ 155,041 |
Financing Receivable, Past Due [Table Text Block] | (Dollars in thousands) April 30, 2022 April 30, 2021 Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Current $ 958,808 87.05 % $ 717,520 88.64 % 3 - 29 days past due 109,873 9.97 % 71,269 8.80 % 30 - 60 days past due 22,477 2.04 % 13,058 1.61 % 61 - 90 days past due 7,360 0.67 % 5,551 0.69 % > 90 days past due 2,979 0.27 % 2,139 0.26 % Total $ 1,101,497 100.00 % $ 809,537 100.00 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | Twelve Months Ended 2022 2021 Average total collected per active customer per month $ 513 $ 478 Principal collected as a percent of average finance receivables 43.5 % 53.2 % Average down-payment percentage 6.4 % 7.1 % Average originating contract term (in months 40.2 34.6 April 30, 2022 April 30, 2021 Portfolio weighted average contract term, including modifications (in months 42.9 37.3 |
Schedule of Financing Receivable by Fiscal Year of Origination [Table Text Block] | Customer Score by Fiscal Year of Origination Prior to (Dollars in thousands) 2022 2021 2020 2019 2018 2018 Total % 1-2 $ 37,916 $ 11,493 $ 2,221 $ 77 $ - $ 2 $ 51,709 4.7 % 3-4 260,298 84,118 13,537 587 14 15 358,569 32.5 % 5-6 488,257 172,843 28,193 1,803 115 8 691,219 62.8 % Total $ 786,471 $ 268,454 $ 43,951 $ 2,467 $ 129 $ 25 $ 1,101,497 100.0 % Customer Score by Fiscal Year of Origination Prior to (Dollars in thousands) 2021 2020 2019 2018 2017 2017 Total % 1-2 $ 32,946 $ 11,967 $ 1,229 $ 63 $ 8 $ - $ 46,213 5.7 % 3-4 211,939 66,524 8,299 491 26 8 287,287 35.5 % 5-6 346,461 108,576 19,006 1,868 121 5 476,037 58.8 % Total $ 591,346 $ 187,067 $ 28,534 $ 2,422 $ 155 $ 13 $ 809,537 100.0 % |
Note D - Property and Equipme_2
Note D - Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) April 30, 2022 April 30, 2021 Land $ 11,749 $ 7,594 Buildings and improvements 13,876 13,717 Furniture, fixtures and equipment 16,189 15,401 Leasehold improvements 36,392 33,450 Construction in progress 14,234 2,421 Accumulated depreciation and amortization (41,002 ) (37,864 ) Property and equipment, net $ 51,438 $ 34,719 |
Note E - Accrued Liabilities (T
Note E - Accrued Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) April 30, 2022 April 30, 2021 Employee compensation and benefits $ 12,865 $ 14,664 Cash overdrafts (see Note B) - 1,802 Deferred sales tax (see Note B) 7,388 5,904 Reserve for accident protection plan claims 4,761 3,737 Fair value of contingent consideration 3,544 3,175 Other 4,072 1,996 Accrued liabilities $ 32,630 $ 31,278 |
Note F - Debt (Tables)
Note F - Debt (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | (In thousands) 2022 2021 Revolving line of credit $ 46,674 $ 226,602 Debt issuance costs (2,004 ) (678 ) Revolving line of credit, net $ 44,670 $ 225,924 Non-recourse notes payable $ 399,994 $ - Debt issuance costs (4,008 ) - Non-recourse notes payable, net $ 395,986 $ - Total debt $ 440,656 $ 225,924 |
Note G - Fair Value Measureme_2
Note G - Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | April 30, 2022 April 30, 2021 (In thousands) Carrying Fair Carrying Fair Cash and cash equivalents $ 6,916 $ 6,916 $ 2,893 $ 2,893 Restricted cash 35,671 35,671 - - Finance receivables, net 854,290 677,421 625,119 497,865 Accounts payable 20,055 20,055 18,208 18,208 Revolving line of credit 44,670 44,670 225,924 225,924 Non-recourse notes payable 395,986 395,986 - - April 30, 2022 April 30, 2021 (In thousands) Carrying Fair Carrying Fair Cash and cash equivalents $ 6,916 $ 6,916 $ 2,893 $ 2,893 Restricted cash 35,671 35,671 - - Finance receivables, net 854,290 677,421 625,119 497,865 Accounts payable 20,055 20,055 18,208 18,208 Revolving line of credit 44,670 44,670 225,924 225,924 Non-recourse notes payable 395,986 395,986 - - |
Note H - Income Taxes (Tables)
Note H - Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended April 30, (In thousands) 2022 2021 2020 Provision for income taxes Current $ 18,869 $ 23,274 $ 14,288 Deferred 8,226 7,028 (1,280 ) Total $ 27,095 $ 30,302 $ 13,008 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended April 30, (In thousands) 2022 2021 2020 Tax provision at statutory rate $ 25,284 $ 28,233 $ 13,514 State taxes, net of federal benefit 3,612 4,033 1,931 Tax benefit from option exercises (1,356 ) (1,401 ) (1,498 ) Other, net (445 ) (563 ) (939 ) Total $ 27,095 $ 30,302 $ 13,008 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years Ended April 30, (In thousands) 2022 2021 Deferred income tax liabilities related to: Finance receivables $ 35,466 $ 26,373 Property and equipment 1,368 372 Goodwill 194 141 Total 37,028 26,886 Deferred income tax assets related to: Accrued liabilities 2,524 2,140 Inventory 316 213 Share based compensation 3,561 3,109 State net operating loss 168 42 Deferred revenue 2,226 1,375 Total 8,795 6,879 Deferred income tax liabilities, net $ 28,233 $ 20,007 |
Note J - Weighted Average Sha_2
Note J - Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended April 30, 2022 2021 2020 Weighted average shares outstanding-basic 6,509,673 6,628,749 6,630,023 Dilutive options and restricted stock 313,808 332,826 315,629 Weighted average shares outstanding-diluted 6,823,481 6,961,575 6,945,652 Antidilutive securities not included: Options 120,000 152,500 118,750 Restricted Stock 4,784 2,479 7,224 |
Note K - Stock-based Compensa_2
Note K - Stock-based Compensation Plans (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Stock Option Plan Comparison [Table Text Block] | Restated Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100% Last expiration date for outstanding options May 1, 2031 Shares available for grant at April 30, 2022 215,000 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | April 30, 2022 April 30, 2021 April 30, 2020 Expected terms (years) 5.5 5.5 5.5 Risk-free interest rate 0.86% 0.36% 1.75% Volatility 51% 50% 39% 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, 2019 565,500 $ 26,087 $ 46.13 Granted 225,000 99.05 109.06 24,287 107.95 Exercised (121,250 ) 22.87 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 Granted 30,000 $ 65.95 30 65.95 Exercised (131,350 ) 24.69 99.05 (6,730 ) 51.24 Outstanding at April 30, 2021 566,400 $ 39,077 $ 72.43 Granted 30,000 $ 150.83 30 150.83 Exercised (94,000 ) 26.37 150.83 (6,276 ) 66.76 Cancelled (1,000 ) $ 41.86 (42 ) $ 41.86 Outstanding at April 30, 2022 501,400 $ 32,789 |
Schedule of Share-based Compensation, Stock Options, Exercises [Table Text Block] | Years Ended April 30, (Dollars in thousands) 2022 2021 2020 Options Exercised 94,000 131,350 121,250 Cash Received from Options Exercised $ 591 $ 5,120 $ 2,928 Intrinsic Value of Options Exercised $ 7,124 $ 7,894 $ 7,580 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number Weighted Average 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 Shares granted 7,690 98.43 Shares vested - - Shares cancelled (500 ) 35.00 Unvested shares at April 30, 2021 192,018 $ 51.70 Shares granted 11,287 121.17 Shares vested (6,500 ) 39.14 Shares cancelled (15,691 ) 59.99 Unvested shares at April 30, 2022 181,114 $ 55.76 |
Note L - Commitments and Cont_2
Note L - Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years Ending Amount April 30, (In thousands) 2023 $ 7,532 2024 7,025 2025 6,893 2026 6,376 2027 5,852 Thereafter 48,271 Total undiscounted operating lease payments 81,949 Less: imputed interest 20,468 Present value of operating lease liabilities $ 61,481 |
Note M - Supplemental Cash Fl_2
Note M - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years Ended April 30, (in thousands) 2022 2021 2020 Supplemental disclosures: Interest paid $ 10,421 $ 7,029 $ 8,152 Income taxes paid, net 19,238 26,964 8,505 Non-cash transactions: Inventory acquired in repossession and accident protection plan claims 83,919 50,868 51,450 Loss accrued on disposal of property and equipment - - 3 Net settlement option exercises 5,685 1,610 1,589 |
Note A - Organization and Bus_2
Note A - Organization and Business (Details Textual) | 12 Months Ended |
Apr. 30, 2022 | |
Number of Operating Subsidiaries | 2 |
Number of Dealerships Operated | 154 |
Note B - Summary of Significa_3
Note B - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Apr. 30, 2022 USD ($) shares | Apr. 30, 2021 USD ($) shares | Apr. 30, 2020 USD ($) shares | |
Number of Reportable Segments | 1 | ||
Average Finance Receivable Interest Rate | 16.50% | ||
Interest Receivable | $ 4,926,000 | $ 3,367,000 | |
Finance Receivables, Customer Payments Due Either Weekly or Bi-Weekly, Percentage | 78% | ||
Financing Receivable, Greater Than or Equal to 30 Days Past Due, Percent of Portfolio | 3% | 2.60% | |
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period (Year) | 75 years | ||
Percent of Chargeoffs in the First 10 to 11 Months of a Contract | 50% | ||
Average Age of Account at Charge-Off Date (Year) | 12 years | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Goodwill, Ending Balance | 8,623,000 | 7,280,000 | |
Goodwill, Period Increase (Decrease), Total | 1,300,000 | ||
Income Tax Examination, Penalties and Interest Accrued, Total | 0 | ||
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due | 3,000,000 | 2,100,000 | |
Late Fee Income Generated by Servicing Financial Assets, Amount | 3,100,000 | 2,500,000 | $ 2,300,000 |
Contract with Customer, Liability, Revenue Recognized | 16,500,000 | 10,300,000 | |
Advertising Expense | $ 5,000,000 | 2,900,000 | 3,100,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | ||
Defined Contribution Plan, Employer Contribution Amount | $ 1,200,000 | $ 908,000 | $ 769,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 215,000 | ||
Stock Repurchased During Period, Shares (in shares) | shares | 304,204 | 106,590 | 182,805 |
Stock Repurchased During Period, Value | $ 34,700,000 | $ 10,600,000 | $ 16,000,000 |
Treasury Stock Shares to Establish Reserve Account to Secure Service Contracts (in shares) | shares | 10,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 13 years 9 months 18 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.33% | ||
ACM Insurance Company [Member] | |||
Treasury Stock, Shares to Establish Reserve Account to Meet Regulatory Requirements for Insurance Company (in shares) | shares | 14,000 | ||
2006 Employee Stock Purchase Plan [Member] | |||
Common Stock Discount on Shares Percentage | 15% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | shares | 200,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 133,621 | ||
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 | ||
Lessee, Operating Lease, Renewal Term (Year) | 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 | ||
Lessee, Operating Lease, Renewal Term (Year) | 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% | ||
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income | 75% | ||
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available | 12.50% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Arkansas, USA [Member] | |||
Concentration Risk, Percentage | 27.40% |
Note B - Summary of Significa_4
Note B - Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Restricted Cash | $ 35,671 | $ 0 |
Collections On Auto Finance Receivables [Member] | ||
Restricted Cash | 24,242 | |
Deposit in Reserve Accounts [Member] | ||
Restricted Cash | $ 11,429 |
Note B - Summary of Significa_5
Note B - Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details) | 12 Months Ended |
Apr. 30, 2022 | |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Minimum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 18 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 15 years |
Maximum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 39 years |
Note B - Summary of Significa_6
Note B - Summary of Significant Accounting Policies - Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Sales | $ 1,060,512 | $ 808,065 | $ 652,992 |
Sales Used Autos [Member] | |||
Sales | 927,043 | 713,925 | 567,816 |
Wholesales Third Party [Member] | |||
Sales | 51,641 | 34,286 | 28,966 |
Service Contract Sales [Member] | |||
Sales | 49,154 | 33,028 | 31,480 |
Payment Protection Plan Revenue [Member] | |||
Sales | $ 32,674 | $ 26,826 | $ 24,730 |
Note C - Finance Receivables,_3
Note C - Finance Receivables, Net (Details Textual) | 3 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2021 USD ($) $ / shares | Apr. 30, 2020 USD ($) $ / shares | Apr. 30, 2022 USD ($) | Apr. 30, 2021 USD ($) $ / shares | Apr. 30, 2020 USD ($) $ / shares | Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2019 | Apr. 30, 2019 USD ($) | |
Finance Receivables, Number of Loan Classes | 1 | ||||||||
Finance Receivables, Number of Risk Pools | 1 | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 625,119,000 | $ 466,141,000 | $ 854,290,000 | $ 625,119,000 | $ 466,141,000 | $ 415,486,000 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 2,400,000 | $ 1,900,000 | $ 1,700,000 | ||||||
Finance Receivables, Allowance, Percent of Principle Balance | 24.50% | 26.50% | 24.50% | 24.50% | 26.50% | 26.50% | 24.50% | 24.50% | 25% |
Delinquencies Greater Than 30 Days as Percentage of Average Financing Receivables | 2.60% | 6.20% | 3% | 2.60% | 6.20% | 2.90% | |||
Financing Receivable, Credit Loss, Expense (Reversal) | $ (15,100,000) | $ 9,100,000 | $ 257,101,000 | $ 163,662,000 | $ 162,246,000 | ||||
After Tax Effect of Increase to Provision for Credit Losses | $ (11,500,000) | $ 7,000,000 | |||||||
After Tax Effect Of Change To Provision For Credit Losses, Per Diluted Share (in dollars per share) | $ / shares | $ 1.65 | $ 1.02 | $ 1.65 | $ 1.02 | |||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ (15,100,000) | $ 9,100,000 | $ 257,101,000 | $ 163,662,000 | $ 162,246,000 | ||||
Net Charge Offs as Percentage of Average Finance Receivables | 20.20% | 19.30% | |||||||
Collections as Percentage of Average Financing Receivables | 43.50% | 53.20% | |||||||
Increase (Decrease) in Average Selling Price | $ 3,028 | ||||||||
Increase (Decrease) in Average Selling Price, Percentage | 22.20% | ||||||||
Automobile Loan [Member] | Asset Pledged as Collateral [Member] | Notes Payable [Member] | |||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 550,300,000 | ||||||||
Maximum [Member] | |||||||||
Financing Receivable Interest Rate | 16.50% | ||||||||
Financing Receivable Payment Period (Month) | 54 months | ||||||||
Maximum [Member] | ILLINOIS | |||||||||
Financing Receivable Interest Rate | 21.50% | ||||||||
Minimum [Member] | |||||||||
Financing Receivable Payment Period (Month) | 18 months | ||||||||
Minimum [Member] | ILLINOIS | |||||||||
Financing Receivable Interest Rate | 19.50% |
Note C - Finance Receivables,_4
Note C - Finance Receivables, Net - Components of Finance Receivables (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 |
Gross contract amount | $ 1,378,803 | $ 980,757 | ||
Less unearned finance charges | (277,306) | (171,220) | ||
Principal balance | 1,101,497 | 809,537 | ||
Less allowance for credit losses | (247,207) | (184,418) | $ (155,041) | $ (127,842) |
Finance receivables, net | $ 854,290 | $ 625,119 | $ 466,141 | $ 415,486 |
Note C - Finance Receivables,_5
Note C - Finance Receivables, Net - Changes in Finance Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Balance | $ 625,119 | $ 466,141 | $ 415,486 |
Finance receivable originations | 1,009,859 | 762,716 | 604,497 |
Finance receivable collections | (417,796) | (370,254) | (322,180) |
Provision for credit losses | (257,101) | (163,662) | (162,246) |
Losses on claims for accident protection plan | (21,871) | (18,954) | (17,966) |
Inventory acquired in repossession and accident protection plan claims | (83,920) | (50,868) | (51,450) |
Balance | $ 854,290 | $ 625,119 | $ 466,141 |
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, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Balance | $ 184,418 | $ 155,041 | $ 127,842 |
Provision for credit losses | 257,101 | 163,662 | 162,246 |
Charge-offs, net of recovered collateral | (194,312) | (134,285) | (135,047) |
Balance | $ 247,207 | $ 184,418 | $ 155,041 |
Note C - Finance Receivables,_7
Note C - Finance Receivables, Net - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Principle Balance | $ 1,101,497 | $ 809,537 |
Percent of Portfolio | 100% | 100% |
Financial Asset, Not Past Due [Member] | ||
Principle Balance | $ 958,808 | $ 717,520 |
Percent of Portfolio | 87.05% | 88.64% |
Financial Asset, 3 to 29 Days Past Due [Member] | ||
Principle Balance | $ 109,873 | $ 71,269 |
Percent of Portfolio | 9.97% | 8.80% |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Principle Balance | $ 22,477 | $ 13,058 |
Percent of Portfolio | 2.04% | 1.61% |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Principle Balance | $ 7,360 | $ 5,551 |
Percent of Portfolio | 0.67% | 0.69% |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Principle Balance | $ 2,979 | $ 2,139 |
Percent of Portfolio | 0.27% | 0.26% |
Note C - Finance Receivables,_8
Note C - Finance Receivables, Net - Financing Receivables Analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Average total collected per active customer per month | $ 513 | $ 478 |
Principal collected as a percent of average finance receivables | 43.50% | 53.20% |
Average down-payment percentage | 6.40% | 7.10% |
Average originating contract term (in months) (Month) | 40 months 6 days | 34 months 18 days |
Portfolio weighted average contract term, including modifications (in months) (Year) | 42 years 10 months 24 days | 37 years 3 months 18 days |
Note C - Finance Receivables,_9
Note C - Finance Receivables, Net - Finance Receivable Summarized by Fiscal Year of Origination (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
2022, principal balance | $ 786,471 | $ 591,346 |
2021, principal balance | 268,454 | 187,067 |
2020, principal balance | 43,951 | 28,534 |
2019, principal balance | 2,467 | 2,422 |
2018, principal balance | 129 | 155 |
Prior to 2018, principal balance | 25 | 13 |
Principle Balance | $ 1,101,497 | $ 809,537 |
Principal balance, percentage | 100% | 100% |
2021, principal balance | $ 786,471 | $ 591,346 |
2020, principal balance | 268,454 | 187,067 |
2019, principal balance | 43,951 | 28,534 |
2018, principal balance | 2,467 | 2,422 |
2017, principal balance | 129 | 155 |
Prior to 2017, principal balance | 25 | 13 |
Customer Score 1-2 [Member] | ||
2022, principal balance | 37,916 | 32,946 |
2021, principal balance | 11,493 | 11,967 |
2020, principal balance | 2,221 | 1,229 |
2019, principal balance | 77 | 63 |
2018, principal balance | 0 | 8 |
Prior to 2018, principal balance | 2 | 0 |
Principle Balance | $ 51,709 | $ 46,213 |
Principal balance, percentage | 4.70% | 5.70% |
2021, principal balance | $ 37,916 | $ 32,946 |
2020, principal balance | 11,493 | 11,967 |
2019, principal balance | 2,221 | 1,229 |
2018, principal balance | 77 | 63 |
2017, principal balance | 0 | 8 |
Prior to 2017, principal balance | 2 | 0 |
Customer Score 3-4 [Member] | ||
2022, principal balance | 260,298 | 211,939 |
2021, principal balance | 84,118 | 66,524 |
2020, principal balance | 13,537 | 8,299 |
2019, principal balance | 587 | 491 |
2018, principal balance | 14 | 26 |
Prior to 2018, principal balance | 15 | 8 |
Principle Balance | $ 358,569 | $ 287,287 |
Principal balance, percentage | 32.50% | 35.50% |
2021, principal balance | $ 260,298 | $ 211,939 |
2020, principal balance | 84,118 | 66,524 |
2019, principal balance | 13,537 | 8,299 |
2018, principal balance | 587 | 491 |
2017, principal balance | 14 | 26 |
Prior to 2017, principal balance | 15 | 8 |
Customer Score 5-6 [Member] | ||
2022, principal balance | 488,257 | 346,461 |
2021, principal balance | 172,843 | 108,576 |
2020, principal balance | 28,193 | 19,006 |
2019, principal balance | 1,803 | 1,868 |
2018, principal balance | 115 | 121 |
Prior to 2018, principal balance | 8 | 5 |
Principle Balance | $ 691,219 | $ 476,037 |
Principal balance, percentage | 62.80% | 58.80% |
2021, principal balance | $ 488,257 | $ 346,461 |
2020, principal balance | 172,843 | 108,576 |
2019, principal balance | 28,193 | 19,006 |
2018, principal balance | 1,803 | 1,868 |
2017, principal balance | 115 | 121 |
Prior to 2017, principal balance | $ 8 | $ 5 |
Note D - Property and Equipme_3
Note D - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Accumulated depreciation and amortization | $ (41,002) | $ (37,864) |
Property and equipment, net | 51,438 | 34,719 |
Land [Member] | ||
Property and equipment | 11,749 | 7,594 |
Building and Building Improvements [Member] | ||
Property and equipment | 13,876 | 13,717 |
Furniture, Fixtures and Equipment [Member] | ||
Property and equipment | 16,189 | 15,401 |
Leasehold Improvements [Member] | ||
Property and equipment | 36,392 | 33,450 |
Construction in Progress [Member] | ||
Property and equipment | $ 14,234 | $ 2,421 |
Note E - Accrued Liabilities -
Note E - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Employee compensation and benefits | $ 12,865 | $ 14,664 |
Cash overdrafts (see Note B) | 0 | 1,802 |
Deferred sales tax (see Note B) | 7,388 | 5,904 |
Reserve for accident protection plan claims | 4,761 | 3,737 |
Fair value of contingent consideration | 3,544 | 3,175 |
Other | 4,072 | 1,996 |
Accrued liabilities | $ 32,630 | $ 31,278 |
Note F - Debt (Details Textual)
Note F - Debt (Details Textual) - USD ($) | 12 Months Ended | |||||||||||
Apr. 22, 2022 | Sep. 29, 2021 | Oct. 29, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 27, 2022 | Sep. 28, 2021 | Feb. 10, 2021 | Dec. 31, 2020 | Sep. 30, 2019 | Sep. 29, 2019 | |
Amortization of Debt Issuance Costs and Discounts, Total | $ 775,000 | $ 391,000 | $ 273,000 | |||||||||
Payments of Financing Costs, Total | 2,100,000 | 282,000 | ||||||||||
Debt Issuance Costs, Gross | $ 2,000,000 | $ 678,000 | ||||||||||
Notes Payable [Member] | ||||||||||||
Weighted Average Fixed Coupon Rate, Percent | 5.14% | |||||||||||
Minimum Percent of Pool Balance | 2% | |||||||||||
Minimum [Member] | ||||||||||||
Financing Receivable Payment Period (Month) | 18 months | |||||||||||
Minimum [Member] | Medium-term Vehicle Contracts [Member] | ||||||||||||
Financing Receivable Payment Period (Month) | 36 months | |||||||||||
Minimum [Member] | Long-term Vehicle Contracts [Member] | ||||||||||||
Financing Receivable Payment Period (Month) | 42 months | |||||||||||
Maximum [Member] | ||||||||||||
Financing Receivable Payment Period (Month) | 54 months | |||||||||||
Maximum [Member] | Medium-term Vehicle Contracts [Member] | ||||||||||||
Financing Receivable Payment Period (Month) | 42 months | |||||||||||
Maximum [Member] | Long-term Vehicle Contracts [Member] | ||||||||||||
Financing Receivable Payment Period (Month) | 60 months | |||||||||||
BMO Harris Bank [Member] | Line of Credit [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 326,000,000 | |||||||||||
Debt Instrument, Covenant, Maximum Borrowing Base, Percentage of Financing Receivables | 15% | |||||||||||
Debt Instrument, Covenant, Maximum Aggregate Consideration for Businesses Acquired in One Year | $ 20,000,000 | |||||||||||
Debt Instrument, Covenant, Maximum Disposal of Real Estate | 5,000,000 | |||||||||||
Debt Instrument, Covenant, Maximum Disposal Other Properties | $ 1,000,000 | |||||||||||
Line of Credit Facility, Total Increase in Borrowing Capacity | $ 85,000,000 | |||||||||||
Maximum Allowable Capital Expenditures By Credit Facilities Amendment | $ 10,000,000 | |||||||||||
BMO Harris Bank [Member] | Medium-term Vehicle Contracts [Member] | Line of Credit [Member] | ||||||||||||
Debt Instrument, Covenant, Maximum Borrowing Base, Percentage of Financing Receivables | 15% | |||||||||||
BMO Harris Bank [Member] | Long-term Vehicle Contracts [Member] | Line of Credit [Member] | ||||||||||||
Debt Instrument, Covenant, Maximum Borrowing Base, Percentage of Financing Receivables | 5% | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature | $ 197,800,000 | |||||||||||
Revolving Credit Facility [Member] | BMO Harris Bank [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000,000 | $ 326,000,000 | $ 241,000,000 | $ 215,000,000 | ||||||||
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature | 100,000,000 | 100,000,000 | 50,000,000 | |||||||||
Maximum Allowable Capital Expenditures By Credit Facilities Amendment | 35,000,000 | $ 25,000,000 | $ 25,000,000 | |||||||||
Line of Credit Facility, Increase In Maximum Borrowing Capacity | $ 274,000,000 | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||||||
Line of Credit, Unused Line Fee, Percent, Contingent Upon Amendment Terms | 0.375% | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.25% | |||||||||||
Revolving Credit Facility [Member] | BMO Harris Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | |||||||||||
Revolving Credit Facility [Member] | BMO Harris Bank [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.85% | 2.85% | ||||||||||
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 - Summary of Debt
Note F - Debt - Summary of Debt Facilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Revolving line of credit, net | $ 44,670 | $ 225,924 |
Non-recourse notes payable, net | 395,986 | 0 |
Total debt | 440,656 | 225,924 |
Line of Credit [Member] | ||
Debt facilities, gross | 46,674 | 226,602 |
Debt issuance costs | (2,004) | (678) |
Notes Payable [Member] | ||
Debt facilities, gross | 399,994 | 0 |
Debt issuance costs | $ (4,008) | $ 0 |
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 | 34% |
Maximum [Member] | Measurement Input, Discount Rate [Member] | |
Receivables, Measurement Input | 39% |
Note G - Fair Value Measureme_4
Note G - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 6,916 | $ 2,893 |
Restricted cash | 35,671 | 0 |
Finance receivables, net | 854,290 | 625,119 |
Accounts payable | 20,055 | 18,208 |
Revolving line of credit | 44,670 | 225,924 |
Non-recourse notes payable | 395,986 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 6,916 | 2,893 |
Restricted cash | 35,671 | 0 |
Finance receivables, net | 677,421 | 497,865 |
Accounts payable | 20,055 | 18,208 |
Revolving line of credit | 44,670 | 225,924 |
Non-recourse notes payable | $ 395,986 | $ 0 |
Note H - Income Taxes - Provisi
Note H - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Current | $ 18,869 | $ 23,274 | $ 14,288 |
Deferred | 8,226 | 7,028 | (1,280) |
Total | $ 27,095 | $ 30,302 | $ 13,008 |
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, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Tax provision at statutory rate | $ 25,284 | $ 28,233 | $ 13,514 |
State taxes, net of federal benefit | 3,612 | 4,033 | 1,931 |
Tax benefit from option exercises | (1,356) | (1,401) | (1,498) |
Other, net | (445) | (563) | (939) |
Total | $ 27,095 | $ 30,302 | $ 13,008 |
Note H - Income Taxes - Deferre
Note H - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Finance receivables | $ 35,466 | $ 26,373 |
Property and equipment | 1,368 | 372 |
Goodwill | 194 | 141 |
Total | 37,028 | 26,886 |
Deferred income tax assets related to: | ||
Accrued liabilities | 2,524 | 2,140 |
Inventory | 316 | 213 |
Share based compensation | 3,561 | 3,109 |
State net operating loss | 168 | 42 |
Deferred revenue | 2,226 | 1,375 |
Total | 8,795 | 6,879 |
Deferred income tax liabilities, net | $ 28,233 | $ 20,007 |
Note I - Capital Stock (Details
Note I - Capital Stock (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
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 |
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% | |
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, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Weighted average shares outstanding-basic (in shares) | 6,509,673 | 6,628,749 | 6,630,023 |
Dilutive options and restricted stock (in shares) | 313,808 | 332,826 | 315,629 |
Weighted average shares outstanding-diluted (in shares) | 6,823,481 | 6,961,575 | 6,945,652 |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive securities (in shares) | 120,000 | 152,500 | 118,750 |
Restricted Stock [Member] | |||
Antidilutive securities (in shares) | 4,784 | 2,479 | 7,224 |
Note K - Stock-based Compensa_3
Note K - Stock-based Compensation Plans (Details Textual) - USD ($) | 12 Months Ended | 13 Months Ended | ||||||
Aug. 26, 2020 | Aug. 29, 2018 | Aug. 05, 2015 | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2022 | Aug. 28, 2018 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 8,400,000 | $ 44,400,000 | $ 8,400,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 30,000 | 30,000 | 225,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 2,100,000 | $ 2,000,000 | $ 9,300,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercised Through Net Settlements (in shares) | 80,000 | |||||||
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) | 53,425 | |||||||
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) | 26,575 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 261,400 | 261,400 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 5,300,000 | $ 5,300,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 6 months | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 74.84 | $ 74.84 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 215,000 | 215,000 | ||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Payment Arrangement, Expense | $ 4,500,000 | 3,900,000 | 3,600,000 | |||||
Share-Based Payment Arrangement, Expense, after Tax | 3,400,000 | 3,000,000 | 2,900,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,500,000 | $ 2,500,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 10 months 24 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 Payment Arrangement, Expense | $ 5,500,000 | 6,000,000 | 4,700,000 | |||||
Share-Based Payment Arrangement, Expense, after Tax | 4,200,000 | 4,600,000 | 3,600,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 200,000 | 200,000 | 300,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,200,000 | 2,000,000 | 1,800,000 | |||||
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 | 981,000 | 1,100,000 | 1,100,000 | |||||
Share-Based Payment Arrangement, Expense, after Tax | 749,000 | 878,000 | 839,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 450,000 | 100,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,300,000 | $ 5,300,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 6 months | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 10,100,000 | $ 9,900,000 | $ 9,200,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,287 | 7,690 | 12,328 | |||||
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) | $ 121.17 | $ 98.43 | $ 102.03 | |||||
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) | 5,750 | 2,000 | 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) | $ 102.40 | $ 65.95 | $ 99.05 | |||||
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) | 4,500 | 5,690 | 4,224 | |||||
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) | $ 150.83 | $ 109.84 | $ 109.06 | |||||
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) | 1,037 | 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) | $ 96.49 | $ 97.97 | ||||||
Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 91,413 | 91,413 |
Note K - Stock-based Compensa_4
Note K - Stock-based Compensation Plans - Stock Option Plan Comparison (Details) | 12 Months Ended |
Apr. 30, 2022 shares | |
Minimum exercise price as a percentage of fair market value at date of grant | 100% |
Last expiration date for outstanding options | May 01, 2031 |
Shares available for grant at April 30, 2022 (in shares) | 215,000 |
Note K - Stock-based Compensa_5
Note K - Stock-based Compensation Plans - Options Valuation Assumptions (Details) | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Expected terms (years) (Year) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Risk-free interest rate | 0.86% | 0.36% | 1.75% |
Volatility | 51% | 50% | 39% |
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, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Number of Shares (in shares) | 566,400 | 667,750 | 565,500 | |
Proceeds on Exercise | $ 32,789 | $ 39,077 | $ 45,777 | $ 26,087 |
Weighted Average Exercise Price (in dollars per share) | $ 72.43 | $ 68.55 | $ 46.13 | |
Number of Shares, Granted (in shares) | 30,000 | 30,000 | 225,000 | |
Exercise Price, Granted (in dollars per share) | $ 150.83 | $ 65.95 | $ 107.95 | |
Proceeds on Exercise, Granted | $ 30 | $ 30 | $ 24,287 | |
Number of Shares, Exercised (in shares) | (94,000) | (131,350) | (121,250) | |
Exercise Price, Exercised (in dollars per share) | $ 66.76 | $ 51.24 | $ 37.25 | |
Proceeds on Exercise, Exercised | $ (6,276) | $ (6,730) | $ (4,517) | |
Number of Shares, Cancelled (in shares) | (1,000) | (1,500) | ||
Exercise Price, Cancelled (in dollars per share) | $ 41.86 | $ 53.02 | ||
Proceeds on Exercise, Cancelled | $ (42) | $ (80) | ||
Number of Shares (in shares) | 501,400 | 566,400 | 667,750 | 565,500 |
Weighted Average Exercise Price (in dollars per share) | $ 72.43 | $ 68.55 | $ 46.13 | |
Minimum [Member] | ||||
Exercise Price, Granted (in dollars per share) | 99.05 | |||
Exercise Price, Exercised (in dollars per share) | 26.37 | 24.69 | 22.87 | |
Maximum [Member] | ||||
Exercise Price, Granted (in dollars per share) | 109.06 | |||
Exercise Price, Exercised (in dollars per share) | $ 150.83 | $ 99.05 | $ 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, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Options Exercised (in shares) | 94,000 | 131,350 | 121,250 |
Cash Received from Options Exercised | $ 591 | $ 5,120 | $ 2,928 |
Intrinsic Value of Options Exercised | $ 7,124 | $ 7,894 | $ 7,580 |
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, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Unvested shares (in shares) | 192,018 | 184,828 | 180,500 |
Unvested shares, weighted average grant date fair value (in dollars per share) | $ 51.70 | $ 49.71 | $ 46.16 |
Shares granted (in shares) | 11,287 | 7,690 | 12,328 |
Shares granted, weighted average grant date fair value (in dollars per share) | $ 121.17 | $ 98.43 | $ 102.03 |
Shares vested (in shares) | (6,500) | 0 | (7,000) |
Shares cancelled (in shares) | (15,691) | (500) | (1,000) |
Shares cancelled, weighted average grant date fair value (in dollars per share) | $ 59.99 | $ 35 | $ 37.07 |
Shares vested, weighted average grant date fair value (in dollars per share) | $ 39.14 | $ 0 | |
Unvested shares (in shares) | 181,114 | 192,018 | 184,828 |
Unvested shares, weighted average grant date fair value (in dollars per share) | $ 55.76 | $ 51.70 | $ 49.71 |
Note L - Commitments and Cont_3
Note L - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Jan. 31, 2022 | |
Letters of Credit Outstanding, Amount | $ 750,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Total | 81,949,000 | |||
Operating Lease, Expense | 8,000,000 | $ 8,000,000 | $ 6,900,000 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 7,900,000 | |||
Non-cancelable [Member] | ||||
Lessee, Operating Lease, Liability, to be Paid, Total | 18,000,000 | |||
Reasonably Assured [Member] | ||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 63,900,000 | |||
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, 2022 | Apr. 30, 2021 |
2023 | $ 7,532 | |
2024 | 7,025 | |
2025 | 6,893 | |
2026 | 6,376 | |
2027 | 5,852 | |
Thereafter | 48,271 | |
Total undiscounted operating lease payments | 81,949 | |
Less: imputed interest | 20,468 | |
Present value of operating lease liabilities | $ 61,481 | $ 62,886 |
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, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Interest paid | $ 10,421 | $ 7,029 | $ 8,152 |
Income taxes paid, net | 19,238 | 26,964 | 8,505 |
Inventory acquired in repossession and accident protection plan claims | 83,919 | 50,868 | 51,450 |
Loss accrued on disposal of property and equipment | 0 | 0 | 3 |
Net settlement option exercises | $ 5,685 | $ 1,610 | $ 1,589 |