Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2022 | Dec. 07, 2022 | |
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 | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 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 $0.01 per share | |
Trading Symbol | CRMT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,368,840 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 31, 2022 | Apr. 30, 2022 |
Cash and cash equivalents | $ 4,529 | $ 6,916 |
Restricted cash | 32,565 | 35,671 |
Accrued interest on finance receivables | 5,382 | 4,926 |
Finance receivables, net | 986,919 | 863,674 |
Inventory | 130,298 | 115,302 |
Income tax receivable, net | 4,389 | 274 |
Prepaid expenses and other assets | 9,489 | 9,044 |
Right-of-use asset | 58,582 | 58,828 |
Goodwill | 8,848 | 8,623 |
Property and equipment, net | 65,169 | 51,438 |
Total Assets | 1,306,170 | 1,154,696 |
Liabilities: | ||
Accounts payable | 24,763 | 20,055 |
Accrued liabilities | 33,321 | 32,630 |
Deferred income tax liabilities, net | 35,620 | 30,449 |
Lease liability | 61,496 | 61,481 |
Non-recourse notes payable | 249,622 | 395,986 |
Revolving line of credit | 302,123 | 44,670 |
Total liabilities | 813,453 | 677,762 |
Commitments and contingencies (Note J) | ||
Mezzanine equity: | ||
Mandatorily redeemable preferred stock | 400 | 400 |
Equity: | ||
Preferred stock, par value $.01 per share, 1,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, par value $.01 per share, 50,000,000 shares authorized; 13,696,904 and 13,642,185 issued at October 31, 2022 and April 30, 2022, respectively, of which 6,368,840 and 6,371,977 were outstanding at October 31, 2022 and April 30, 2022, respectively | 137 | 136 |
Additional paid-in capital | 107,275 | 103,113 |
Retained earnings | 682,226 | 665,410 |
Less: Treasury stock, at cost, 7,328,064 and 7,270,208 shares at October 31, 2022 and April 30, 2022, respectively | (297,421) | (292,225) |
Total stockholders' equity | 492,217 | 476,434 |
Non-controlling interest | 100 | 100 |
Total equity | 492,317 | 476,534 |
Total Liabilities, Mezzanine Equity and Equity | 1,306,170 | 1,154,696 |
Payment Protection Plan [Member] | ||
Liabilities: | ||
Deferred revenue | 49,243 | 43,936 |
Service Contract [Member] | ||
Liabilities: | ||
Deferred revenue | $ 57,265 | $ 48,555 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Oct. 31, 2022 | Apr. 30, 2022 |
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) | 13,695,904 | 13,642,185 |
Common stock, shares outstanding (in shares) | 6,368,840 | 6,371,977 |
Treasury stock, shares (in shares) | 7,328,064 | 7,270,208 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Sales | $ 303,554 | $ 247,520 | $ 598,031 | $ 491,423 |
Interest and other income | 48,286 | 37,019 | 92,627 | 70,605 |
Total revenues | 351,840 | 284,539 | 690,658 | 562,028 |
Costs and expenses: | ||||
Cost of sales | 206,142 | 157,167 | 399,257 | 309,930 |
Selling, general and administrative | 42,911 | 37,161 | 86,145 | 75,961 |
Provision for credit losses | 88,828 | 56,491 | 165,068 | 106,341 |
Interest expense | 8,350 | 2,513 | 15,695 | 4,496 |
Depreciation and amortization | 1,309 | 958 | 2,460 | 1,873 |
Loss on disposal of property and equipment | 242 | 44 | 251 | 46 |
Total costs and expenses | 347,782 | 254,334 | 668,876 | 498,647 |
Income before taxes | 4,058 | 30,205 | 21,782 | 63,381 |
Provision for income taxes | 919 | 6,780 | 4,946 | 13,902 |
Net income | 3,139 | 23,425 | 16,836 | 49,479 |
Less: Dividends on mandatorily redeemable preferred stock | (10) | (10) | (20) | (20) |
Net income attributable to common stockholders | $ 3,129 | $ 23,415 | $ 16,816 | $ 49,459 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.49 | $ 3.59 | $ 2.64 | $ 7.53 |
Diluted (in dollars per share) | $ 0.48 | $ 3.41 | $ 2.56 | $ 7.14 |
Weighted average number of shares used in calculation: | ||||
Basic (in shares) | 6,368,840 | 6,529,846 | 6,371,083 | 6,567,020 |
Diluted (in shares) | 6,548,271 | 6,863,273 | 6,574,928 | 6,930,604 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Net income | $ 16,836 | $ 49,479 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision for credit losses | 165,068 | 106,341 |
Losses on claims for accident protection plan | 11,232 | 10,012 |
Depreciation and amortization | 2,460 | 1,873 |
Amortization of debt issuance costs | 3,386 | 354 |
Loss on disposal of property and equipment | 251 | 46 |
Stock based compensation | 2,798 | 3,949 |
Deferred income taxes | 5,171 | 4,378 |
Excess tax benefit from share based compensation | 206 | 910 |
Change in operating assets and liabilities: | ||
Finance receivable originations | (580,838) | (476,580) |
Finance receivable collections | 206,358 | 194,546 |
Accrued interest on finance receivables | (456) | (1,019) |
Inventory | 46,226 | 7,155 |
Prepaid expenses and other assets | (445) | (1,789) |
Accounts payable and accrued liabilities | 5,660 | 5,034 |
Income taxes, net | (4,321) | (162) |
Net cash used in operating activities | (92,678) | (69,951) |
Investing Activities: | ||
Purchase of investments | (225) | (225) |
Purchase of property and equipment | (16,452) | (6,844) |
Proceeds from sale of property and equipment | 10 | 0 |
Net cash used in investing activities | (16,667) | (7,069) |
Financing Activities: | ||
Exercise of stock options | 1,216 | (1,007) |
Issuance of common stock | 149 | 149 |
Purchase of common stock | (5,196) | (19,963) |
Dividend payments | (20) | (20) |
Change in cash overdrafts | 0 | (719) |
Debt issuance costs | (90) | (1,788) |
Payments on non-recourse notes payable | (149,184) | 0 |
Proceeds from revolving line of credit | 271,177 | 165,154 |
Payments on revolving line of credit | (14,200) | (65,555) |
Net cash provided by financing activities | 103,852 | 76,251 |
Decrease in cash, cash equivalents, and restricted cash | (5,493) | (769) |
Cash, cash equivalents, and restricted cash beginning of period | 42,587 | 2,893 |
Cash, cash equivalents, and restricted cash end of period | 37,094 | 2,124 |
Accident Protection Plan [Member] | ||
Change in operating assets and liabilities: | ||
Increase (decrease) in deferred revenue | 13,328 | 10,018 |
Service Contract [Member] | ||
Change in operating assets and liabilities: | ||
Increase (decrease) in deferred revenue | $ 14,402 | $ 15,504 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - 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, 2021 | 13,591,889 | |||||
Balance at Apr. 30, 2021 | $ 136 | $ 98,812 | $ 570,505 | $ (257,527) | $ 100 | $ 412,026 |
Issuance of common stock (in shares) | 673 | |||||
Issuance of common stock | 81 | 81 | ||||
Stock options exercised (in shares) | 15,281 | |||||
Stock options exercised | (1,007) | (1,007) | ||||
Purchase of treasury shares | (11,618) | (11,618) | ||||
Stock based compensation | 2,972 | 2,972 | ||||
Dividends on subsidiary preferred stock | (10) | (10) | ||||
Net income | 26,054 | 26,054 | ||||
Balance (in shares) at Jul. 31, 2021 | 13,607,843 | |||||
Balance at Jul. 31, 2021 | $ 136 | 100,858 | 596,549 | (269,145) | 100 | 428,498 |
Balance (in shares) at Apr. 30, 2021 | 13,591,889 | |||||
Balance at Apr. 30, 2021 | $ 136 | 98,812 | 570,505 | (257,527) | 100 | 412,026 |
Net income | 49,479 | |||||
Balance (in shares) at Oct. 31, 2021 | 13,623,410 | |||||
Balance at Oct. 31, 2021 | $ 136 | 101,903 | 619,964 | (277,490) | 100 | 444,613 |
Balance (in shares) at Jul. 31, 2021 | 13,607,843 | |||||
Balance at Jul. 31, 2021 | $ 136 | 100,858 | 596,549 | (269,145) | 100 | 428,498 |
Issuance of common stock (in shares) | 7,186 | |||||
Issuance of common stock | 68 | 68 | ||||
Stock options exercised (in shares) | 8,381 | |||||
Purchase of treasury shares | (8,345) | (8,345) | ||||
Stock based compensation | 977 | 977 | ||||
Dividends on subsidiary preferred stock | (10) | (10) | ||||
Net income | 23,425 | 23,425 | ||||
Balance (in shares) at Oct. 31, 2021 | 13,623,410 | |||||
Balance at Oct. 31, 2021 | $ 136 | 101,903 | 619,964 | (277,490) | 100 | 444,613 |
Balance (in shares) at Apr. 30, 2022 | 13,642,185 | |||||
Balance at Apr. 30, 2022 | $ 136 | 103,113 | 665,410 | (292,225) | 100 | 476,534 |
Issuance of common stock (in shares) | 30,484 | |||||
Issuance of common stock | $ 1 | 84 | 0 | 0 | 0 | 85 |
Stock options exercised (in shares) | 23,000 | |||||
Stock options exercised | $ 0 | 1,216 | 0 | 0 | 0 | 1,216 |
Purchase of treasury shares | 0 | 0 | 0 | (5,196) | 0 | (5,196) |
Stock based compensation | 0 | 1,978 | 0 | 0 | 0 | 1,978 |
Dividends on subsidiary preferred stock | 0 | 0 | (10) | 0 | 0 | (10) |
Net income | $ 0 | 0 | 13,697 | 0 | 0 | 13,697 |
Balance (in shares) at Jul. 31, 2022 | 13,695,669 | |||||
Balance at Jul. 31, 2022 | $ 137 | 106,391 | 679,097 | (297,421) | 100 | 488,304 |
Balance (in shares) at Apr. 30, 2022 | 13,642,185 | |||||
Balance at Apr. 30, 2022 | $ 136 | 103,113 | 665,410 | (292,225) | 100 | 476,534 |
Net income | 16,836 | |||||
Balance (in shares) at Oct. 31, 2022 | 13,696,904 | |||||
Balance at Oct. 31, 2022 | $ 137 | 107,275 | 682,226 | (297,421) | 100 | 492,317 |
Balance (in shares) at Jul. 31, 2022 | 13,695,669 | |||||
Balance at Jul. 31, 2022 | $ 137 | 106,391 | 679,097 | (297,421) | 100 | 488,304 |
Issuance of common stock (in shares) | 1,235 | |||||
Issuance of common stock | $ 0 | 64 | 0 | 0 | 0 | 64 |
Stock based compensation | 0 | 820 | 0 | 0 | 0 | 820 |
Dividends on subsidiary preferred stock | 0 | 0 | (10) | 0 | 0 | (10) |
Net income | $ 0 | 0 | 3,139 | 0 | 0 | 3,139 |
Balance (in shares) at Oct. 31, 2022 | 13,696,904 | |||||
Balance at Oct. 31, 2022 | $ 137 | $ 107,275 | $ 682,226 | $ (297,421) | $ 100 | $ 492,317 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - shares | 3 Months Ended | ||
Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | |
Purchase of treasury shares (in shares) | 57,856 | 66,701 | 81,742 |
Note A - Organization and Busin
Note A - Organization and Business | 6 Months Ended |
Oct. 31, 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 October 31, 2022, |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | B Summary of Significant Accounting Policies General The accompanying condensed consolidated balance sheet as of April 30, 2022, October 31, 2022 2021, 10 10 X. not three six October 31, 2022 not may April 30, 2023. 10 April 30, 2022. Principles of Consolidation The condensed consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each 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 28% of current period revenues resulting from sales to Arkansas customers. As of October 31, 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 is 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 consisted of the following at October 31, 2022 April 30, 2022: (In thousands) October 31, 2022 April 30, 2022 Restricted cash from collections on auto finance receivables $ 21,071 $ 24,242 Restricted cash on deposit in reserve accounts 11,494 11,429 Restricted Cash $ 32,565 $ 35,671 Financing and Securitization Transactions The Company utilizes 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 October 31, 2022 April 30, 2022 . An account is considered delinquent when the customer is one not may October 31, 2022, 30 April 30, 2022. 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 money 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 October 31, 2022, October 31, 2022, October 31, 2022. ● 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 10 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 expected losses for a period of one 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 October 31, 2022 April 30, 2022. 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 six October 31, 2022 2022 Goodwill totaled $8.8 million at October 31, 2022 April 30, 2022. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. 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 (in years) 3 to 7 Leasehold improvements (in years) 5 to 15 Buildings and improvements (in years) 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one not Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. The effective income tax rates were 22.7% and 21.9% for the six October 31, 2022 October 31, 2021, six October 31, 2022 six October 31, 2022 2021, 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 October 31, 2022 April 30, 2022. 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. Revenues from the sale of used vehicles are recognized when the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Accident protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” Sales for the three six October 31, 2022 2021 Three Months Ended Six Months Ended (In thousands) 2022 2021 2022 2021 Sales – used autos $ 263,743 $ 218,326 $ 522,795 $ 433,335 Wholesales – third party 17,223 11,441 31,042 23,736 Service contract sales 14,002 10,104 27,188 19,381 Accident protection plan revenue 8,586 7,649 17,006 14,971 Total $ 303,554 $ 247,520 $ 598,031 $ 491,423 At October 31, 2022 2021, 90 six October 31, 2022 2021, six October 31, 2022 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 six October 31, 2022 2021, Treasury Stock Treasury stock may 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 Issued Accounting Pronouncements Not Financial Instruments Credit Losses. March 2022, 2022 02, December 15, 2022. may |
Note C - Finance Receivables, N
Note C - Finance Receivables, Net | 6 Months Ended |
Oct. 31, 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 The components of finance receivables are as follows: (In thousands) October 31, 2022 April 30, 2022 Gross contract amount $ 1,584,745 $ 1,378,803 Less unearned finance charges (325,096 ) (277,306 ) Principal balance 1,259,649 1,101,497 Less allowance for credit losses (272,730 ) (237,823 ) Finance receivables, net $ 986,919 $ 863,674 Changes in the finance receivables, net are as follows: Six Months Ended (In thousands) 2022 2021 Balance at beginning of period $ 863,674 $ 632,270 Finance receivable originations 580,838 476,580 Finance receivable collections (206,358 ) (194,546 ) Provision for credit losses (165,068 ) (106,341 ) Losses on claims for accident protection plan (11,232 ) (10,012 ) Inventory acquired in repossession and accident protection plan claims (74,935 ) (33,881 ) Balance at end of period $ 986,919 $ 764,070 Changes in the finance receivables allowance for credit losses are as follows: Six Months Ended (In thousands) 2022 2021 Balance at beginning of period $ 237,823 $ 177,267 Provision for credit losses 165,068 106,341 Charge-offs, net of recovered collateral and deferred ancillary product revenue (130,161 ) (74,651 ) Balance at end of period $ 272,730 $ 208,957 Amounts recovered from previously written-off accounts were approximately $1.2 million and $1.1 million for the six October 31, 2022 2021, 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 increased to 11% for the six October 31, 2022, Collections and delinquency levels can have a significant effect on additions to the allowance and are reviewed frequently. Principle collections as a percentage of average finance receivables were 17.4% for the six October 31, 2022 30 October 31, 2022 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) October 31, 2022 April 30, 2022 October 31, 2021 Principal Percent of Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Balance Portfolio Current $ 1,028,291 81.63 % $ 958,808 87.05 % $ 819,314 84.78 % 3 - 29 days past due 185,434 14.72 % 109,873 9.97 % 108,563 11.23 % 30 - 60 days past due 35,258 2.80 % 22,477 2.04 % 24,499 2.53 % 61 - 90 days past due 7,151 0.57 % 7,360 0.67 % 7,509 0.78 % > 90 days past due 3,515 0.28 % 2,979 0.27 % 6,540 0.68 % Total $ 1,259,649 100.00 % $ 1,101,497 100.00 % $ 966,425 100.00 % 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. Six Months Ended 2022 2021 Average total collected per active customer per month $ 515 $ 486 Principal collected as a percent of average finance receivables 17.4 % 21.9 % Average down-payment percentage 5.2 % 6.4 % Average originating contract term (in months 42.5 39.7 October 31, 2022 October 31, 2021 Portfolio weighted average contract term, including modifications (in months 44.8 40.0 The reduction of principal collected was in line with the expected change due to the average term increases and the absence of stimulus payments in the economy in the current year. The portfolio weighted average contract term increased primarily due to the increased average selling price, up $2,478 or 15.9% from the prior year period. When customers apply for financing, the Company’s proprietary scoring model relies 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 October 31, 2022, As of October 31, 2022 (Dollars in thousands) Fiscal Year of Origination Prior to Customer Rating 2023 2022 2021 2020 2019 2019 Total % 1-2 $ 23,888 $ 22,264 $ 5,838 $ 741 $ 12 $ - $ 52,743 4.2 % 3-4 $ 174,553 $ 167,298 $ 48,272 $ 4,422 $ 157 $ 9 $ 394,711 31.3 % 5-6 $ 329,882 $ 359,342 $ 110,775 $ 11,677 $ 505 $ 14 $ 812,195 64.5 % Total $ 528,323 $ 548,904 $ 164,885 $ 16,840 $ 674 $ 23 $ 1,259,649 100.0 % The following table presents a summary of finance receivables by credit quality indicator, as of October 31, 2021, As of October 31, 2021 (Dollars in thousands) Fiscal Year of Origination Prior to Customer Rating 2022 2021 2020 2019 2018 2018 Total % 1-2 $ 24,599 $ 21,147 $ 6,009 $ 342 $ 17 $ - $ 52,114 5.4 % 3-4 $ 150,049 $ 141,371 $ 34,291 $ 2,361 $ 100 $ 32 $ 328,204 34.0 % 5-6 $ 263,270 $ 255,285 $ 60,690 $ 6,343 $ 477 $ 42 $ 586,107 60.6 % Total $ 437,918 $ 417,803 $ 100,990 $ 9,046 $ 594 $ 74 $ 966,425 100.0 % |
Note D - Property and Equipment
Note D - Property and Equipment | 6 Months Ended |
Oct. 31, 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) October 31, 2022 April 30, 2022 Land $ 12,454 $ 11,749 Buildings and improvements 18,836 13,876 Furniture, fixtures and equipment 18,176 16,189 Leasehold improvements 43,214 36,392 Construction in progress 15,143 14,234 Less accumulated depreciation and amortization (42,654 ) (41,002 ) Total $ 65,169 $ 51,438 |
Note E - Accrued Liabilities
Note E - Accrued Liabilities | 6 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | E Accrued Liabilities A summary of accrued liabilities is as follows: (In thousands) October 31, 2022 April 30, 2022 Employee compensation $ 11,854 $ 12,865 Deferred sales tax (see Note B) 8,354 7,388 Reserve for APP claims 4,561 4,761 Fair value of contingent consideration 3,544 3,544 Health insurance payable 977 1,041 Accrued interest payable 1,486 813 Other 2,545 2,218 Total $ 33,321 $ 32,630 |
Note F - Debt
Note F - Debt | 6 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | F Debt Facilities A summary of debt facilities is as follows: (In thousands) October 31, 2022 April 30, 2022 Non-recourse notes payable $ 250,816 $ 399,994 Debt issuance costs (1,194 ) (4,008 ) Non-recourse notes payable, net $ 249,622 $ 395,986 Revolving line of credit $ 303,637 $ 46,674 Debt issuance costs (1,514 ) (2,004 ) Revolving line of credit, net $ 302,123 $ 44,670 Total debt $ 551,745 $ 440,656 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 October 31, 2022 April 30, 2022. The Company was in compliance with the covenants at October 31, 2022. October 31, 2022, The Company recognized approximately $500,000 and $354,500 of amortization for the six October 31, 2022 2021, Non-Recourse Notes Payable The non-recourse notes payable were issued in four April 27, 2022 not April 20, 2029, may The Company recognized $2.8 million of amortization for the six October 31, 2022 |
Note G - Fair Value Measurement
Note G - Fair Value Measurements | 6 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | G Fair Value Measurements Accounting Standards Codification (“ASC”) Topic 820, ASC Topic 820 820 three may ● Level 1 Inputs ● Level 2 1 not ● Level 3 no Because no The methodology and assumptions utilized to estimate the fair value of the Company’s financial instruments are as follows: 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 (Level 2 The estimated fair values, and related carrying amounts, of the financial instruments included in the Company’s financial statements at October 31, 2022 April 30, 2022 October 31, 2022 April 30, 2022 (In thousands) Carrying Fair Carrying Fair Cash and cash equivalents $ 4,529 $ 4,529 $ 6,916 $ 6,916 Restricted cash 32,565 32,565 35,671 35,671 Finance receivables, net 986,919 774,684 854,290 677,421 Accounts payable 24,763 24,763 20,055 20,055 Revolving line of credit 302,123 302,123 44,670 44,670 Non-recourse notes payable 249,622 249,622 395,986 395,986 |
Note H - Weighted Average Share
Note H - Weighted Average Shares Outstanding | 6 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Weighted Average Shares Outstanding [Text Block] | H Weighted Average Shares Outstanding Weighted average shares of common stock outstanding used in the calculation of basic and diluted earnings per share were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Weighted average shares outstanding-basic 6,368,840 6,529,846 6,371,083 6,567,020 Dilutive options and restricted stock 179,431 333,427 203,845 363,584 Weighted average shares outstanding-diluted 6,548,271 6,863,273 6,574,928 6,930,604 Antidilutive securities not included: Options 357,500 25,000 577,500 55,000 Restricted stock 31,227 4,000 36,359 4,000 |
Note I - Stock-based Compensati
Note I - Stock-based Compensation Plans | 6 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | I Stock-Based Compensation The Company has stock-based compensation plans available to grant non-qualified stock options, incentive stock options and restricted stock to employees, directors and certain advisors of the Company. The stock-based compensation plans being utilized at October 31, 2022 six October 31, 2022 2021, 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 August 30, 2022, not not ten 2023 2032. 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, 2032 Shares available for grant at October 31, 2022 77,500 The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below. Six Months Ended 2022 2021 Expected terms (years) 5.5 5.5 Risk-free interest rate 3.59 % 0.86 % Volatility 55 % 51 % 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 137,500 and 30,000 options granted during the six October 31, 2022 2021, six October 31, 2022 2021 Stock option compensation expense was $2.2 million ($1.7 million after tax effects) and $3.4 million ($2.6 million after tax effects) for the six October 31, 2022 2021, October 31, 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 Condensed Consolidated Statements of Cash Flows. Six Months Ended (Dollars in thousands) 2022 2021 Options exercised 23,000 56,500 Cash received from option exercises $ 1,216 $ 251 Intrinsic value of options exercised $ 1,204 $ 4,896 There were no six October 31, 2022. The aggregate intrinsic value of outstanding options at October 31, 2022 2021 October 31, 2022, Stock Incentive Plan On August 5, 2015, June 10, 2025. August 29, 2018, may There were 27,132 restricted shares granted during the six October 31, 2022 six October 31, 2021. October 31, 2022. October 31, 2022 As of October 31, 2022, six October 31, 2022 2021, There were no 2022 first six 2023. |
Note J - Commitments and Contin
Note J - Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | J Commitments and Contingencies The Company has entered into operating leases for approximately 81% of its dealership and office facilities. Generally, these leases are for periods of three five six October 31, 2022 2021, Scheduled amounts and timing of cash flows arising from operating lease payments as of October 31, 2022, October 31, 2022 Maturity of lease liabilities 2023 (remaining) $ 3,791 2024 7,261 2025 7,151 2026 6,581 2027 6,058 Thereafter 51,065 Total undiscounted operating lease payments 81,907 Less: imputed interest (20,411 ) Present value of operating lease liabilities $ 61,496 The Company has two October 31, 2022. Car-Mart of Arkansas and Colonial do not |
Note K - Supplemental Cash Flow
Note K - Supplemental Cash Flow Information | 6 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | K - Supplemental Cash Flow Information Supplemental cash flow disclosures are as follows: Six Months Ended (In thousands) 2022 2021 Supplemental disclosures: Interest paid $ 15,023 $ 4,430 Income taxes paid, net 3,888 8,777 Non-cash transactions: Inventory acquired in repossession and accident protection plan claims 61,222 33,881 Reduction in net receivables for deferred ancillary product revenue at time of charge-off 13,714 6,602 Net settlement option exercises - 4,291 |
Note L - Correction of An Immat
Note L - Correction of An Immaterial Error In Previously Issued Financial Statements | 6 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Error Correction [Text Block] | L Correction of an Immaterial Error in Previously Issued Financial Statements Subsequent to the issuance of our interim financial statements for the period ended July 31, 2022, no not The effects of the corrections to each of the individual affected line items in our Consolidated Balance Sheets and Consolidated Statements of Operations were as follows (in thousands): April 30, 2022 (In thousands) As Previously Reported Corrections As Corrected Finance receivables, net $ 854,290 $ 9,384 $ 863,674 Deferred income tax liabilities, net 28,233 2,216 30,449 Retained earnings 658,242 7,168 665,410 Six Months Ended October 31, 2021 (In thousands) As Previously Reported Corrections As Corrected Sales $ 498,025 $ (6,602 ) $ 491,423 Provision for credit losses 115,055 (8,714 ) 106,341 Provision for income taxes 13,409 493 13,902 Net income 47,860 1,619 49,479 Net income attributable to common shareholders 47,840 1,619 49,459 Earnings per share: Basic 7.28 0.25 7.53 Diluted 6.90 0.24 7.14 Three Months Ended October 31, 2021 (In thousands) As Previously Reported Corrections As Corrected Sales $ 251,282 $ (3,762 ) $ 247,520 Provision for credit losses 60,947 (4,456 ) 56,491 Provision for income taxes 6,618 162 6,780 Net income 22,893 532 23,425 Net income attributable to common shareholders 22,883 532 23,415 Earnings per share: Basic 3.50 0.09 3.59 Diluted 3.33 0.08 3.41 Three Months Ended July 31, 2022 (In thousands) As Previously Reported Corrections As Corrected Sales $ 300,540 $ (6,064 ) $ 294,476 Provision for credit losses 82,903 (6,662 ) 76,241 Provision for income taxes 3,884 143 4,027 Net income 13,242 455 13,697 Net income attributable to common shareholders 13,242 455 13,697 Earnings per share: Basic 2.08 0.07 2.15 Diluted 2.00 0.07 2.07 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. |
Segment Reporting, Policy [Policy Text Block] | Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each 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 28% of current period revenues resulting from sales to Arkansas customers. As of October 31, 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 is 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 consisted of the following at October 31, 2022 April 30, 2022: (In thousands) October 31, 2022 April 30, 2022 Restricted cash from collections on auto finance receivables $ 21,071 $ 24,242 Restricted cash on deposit in reserve accounts 11,494 11,429 Restricted Cash $ 32,565 $ 35,671 |
Financing and Securitization Transactions Policy [Policy Text Block] | Financing and Securitization Transactions The Company utilizes 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 October 31, 2022 April 30, 2022 . An account is considered delinquent when the customer is one not may October 31, 2022, 30 April 30, 2022. 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 money 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 October 31, 2022, October 31, 2022, October 31, 2022. ● 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 10 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 expected losses for a period of one 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 October 31, 2022 April 30, 2022. |
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 six October 31, 2022 2022 Goodwill totaled $8.8 million at October 31, 2022 April 30, 2022. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. 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 (in years) 3 to 7 Leasehold improvements (in years) 5 to 15 Buildings and improvements (in years) 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not |
Cash Overdraft [Policy Text Block] | Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one not |
Deferred Sales Tax [Policy Text Block] | Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. The effective income tax rates were 22.7% and 21.9% for the six October 31, 2022 October 31, 2021, six October 31, 2022 six October 31, 2022 2021, 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 October 31, 2022 April 30, 2022. |
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. Revenues from the sale of used vehicles are recognized when the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Accident protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” Sales for the three six October 31, 2022 2021 Three Months Ended Six Months Ended (In thousands) 2022 2021 2022 2021 Sales – used autos $ 263,743 $ 218,326 $ 522,795 $ 433,335 Wholesales – third party 17,223 11,441 31,042 23,736 Service contract sales 14,002 10,104 27,188 19,381 Accident protection plan revenue 8,586 7,649 17,006 14,971 Total $ 303,554 $ 247,520 $ 598,031 $ 491,423 At October 31, 2022 2021, 90 six October 31, 2022 2021, six October 31, 2022 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 six October 31, 2022 2021, |
Treasury Stock [Policy Text Block] | Treasury Stock Treasury stock may |
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 Issued Accounting Pronouncements Not Financial Instruments Credit Losses. March 2022, 2022 02, December 15, 2022. may |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | (In thousands) October 31, 2022 April 30, 2022 Restricted cash from collections on auto finance receivables $ 21,071 $ 24,242 Restricted cash on deposit in reserve accounts 11,494 11,429 Restricted Cash $ 32,565 $ 35,671 |
Property, Plant, and Equipment Useful Life [Table Text Block] | Furniture, fixtures and equipment (in years) 3 to 7 Leasehold improvements (in years) 5 to 15 Buildings and improvements (in years) 18 to 39 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended Six Months Ended (In thousands) 2022 2021 2022 2021 Sales – used autos $ 263,743 $ 218,326 $ 522,795 $ 433,335 Wholesales – third party 17,223 11,441 31,042 23,736 Service contract sales 14,002 10,104 27,188 19,381 Accident protection plan revenue 8,586 7,649 17,006 14,971 Total $ 303,554 $ 247,520 $ 598,031 $ 491,423 |
Note C - Finance Receivables,_2
Note C - Finance Receivables, Net (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) October 31, 2022 April 30, 2022 Gross contract amount $ 1,584,745 $ 1,378,803 Less unearned finance charges (325,096 ) (277,306 ) Principal balance 1,259,649 1,101,497 Less allowance for credit losses (272,730 ) (237,823 ) Finance receivables, net $ 986,919 $ 863,674 |
Change In Finance Receivables Net [Table Text Block] | Six Months Ended (In thousands) 2022 2021 Balance at beginning of period $ 863,674 $ 632,270 Finance receivable originations 580,838 476,580 Finance receivable collections (206,358 ) (194,546 ) Provision for credit losses (165,068 ) (106,341 ) Losses on claims for accident protection plan (11,232 ) (10,012 ) Inventory acquired in repossession and accident protection plan claims (74,935 ) (33,881 ) Balance at end of period $ 986,919 $ 764,070 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Six Months Ended (In thousands) 2022 2021 Balance at beginning of period $ 237,823 $ 177,267 Provision for credit losses 165,068 106,341 Charge-offs, net of recovered collateral and deferred ancillary product revenue (130,161 ) (74,651 ) Balance at end of period $ 272,730 $ 208,957 |
Financing Receivable, Past Due [Table Text Block] | (Dollars in thousands) October 31, 2022 April 30, 2022 October 31, 2021 Principal Percent of Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Balance Portfolio Current $ 1,028,291 81.63 % $ 958,808 87.05 % $ 819,314 84.78 % 3 - 29 days past due 185,434 14.72 % 109,873 9.97 % 108,563 11.23 % 30 - 60 days past due 35,258 2.80 % 22,477 2.04 % 24,499 2.53 % 61 - 90 days past due 7,151 0.57 % 7,360 0.67 % 7,509 0.78 % > 90 days past due 3,515 0.28 % 2,979 0.27 % 6,540 0.68 % Total $ 1,259,649 100.00 % $ 1,101,497 100.00 % $ 966,425 100.00 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | Six Months Ended 2022 2021 Average total collected per active customer per month $ 515 $ 486 Principal collected as a percent of average finance receivables 17.4 % 21.9 % Average down-payment percentage 5.2 % 6.4 % Average originating contract term (in months 42.5 39.7 October 31, 2022 October 31, 2021 Portfolio weighted average contract term, including modifications (in months 44.8 40.0 |
Schedule of Financing Receivable by Fiscal Year of Origination [Table Text Block] | As of October 31, 2022 (Dollars in thousands) Fiscal Year of Origination Prior to Customer Rating 2023 2022 2021 2020 2019 2019 Total % 1-2 $ 23,888 $ 22,264 $ 5,838 $ 741 $ 12 $ - $ 52,743 4.2 % 3-4 $ 174,553 $ 167,298 $ 48,272 $ 4,422 $ 157 $ 9 $ 394,711 31.3 % 5-6 $ 329,882 $ 359,342 $ 110,775 $ 11,677 $ 505 $ 14 $ 812,195 64.5 % Total $ 528,323 $ 548,904 $ 164,885 $ 16,840 $ 674 $ 23 $ 1,259,649 100.0 % As of October 31, 2021 (Dollars in thousands) Fiscal Year of Origination Prior to Customer Rating 2022 2021 2020 2019 2018 2018 Total % 1-2 $ 24,599 $ 21,147 $ 6,009 $ 342 $ 17 $ - $ 52,114 5.4 % 3-4 $ 150,049 $ 141,371 $ 34,291 $ 2,361 $ 100 $ 32 $ 328,204 34.0 % 5-6 $ 263,270 $ 255,285 $ 60,690 $ 6,343 $ 477 $ 42 $ 586,107 60.6 % Total $ 437,918 $ 417,803 $ 100,990 $ 9,046 $ 594 $ 74 $ 966,425 100.0 % |
Note D - Property and Equipme_2
Note D - Property and Equipment (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) October 31, 2022 April 30, 2022 Land $ 12,454 $ 11,749 Buildings and improvements 18,836 13,876 Furniture, fixtures and equipment 18,176 16,189 Leasehold improvements 43,214 36,392 Construction in progress 15,143 14,234 Less accumulated depreciation and amortization (42,654 ) (41,002 ) Total $ 65,169 $ 51,438 |
Note E - Accrued Liabilities (T
Note E - Accrued Liabilities (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) October 31, 2022 April 30, 2022 Employee compensation $ 11,854 $ 12,865 Deferred sales tax (see Note B) 8,354 7,388 Reserve for APP claims 4,561 4,761 Fair value of contingent consideration 3,544 3,544 Health insurance payable 977 1,041 Accrued interest payable 1,486 813 Other 2,545 2,218 Total $ 33,321 $ 32,630 |
Note F - Debt (Tables)
Note F - Debt (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | (In thousands) October 31, 2022 April 30, 2022 Non-recourse notes payable $ 250,816 $ 399,994 Debt issuance costs (1,194 ) (4,008 ) Non-recourse notes payable, net $ 249,622 $ 395,986 Revolving line of credit $ 303,637 $ 46,674 Debt issuance costs (1,514 ) (2,004 ) Revolving line of credit, net $ 302,123 $ 44,670 Total debt $ 551,745 $ 440,656 |
Note G - Fair Value Measureme_2
Note G - Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | October 31, 2022 April 30, 2022 (In thousands) Carrying Fair Carrying Fair Cash and cash equivalents $ 4,529 $ 4,529 $ 6,916 $ 6,916 Restricted cash 32,565 32,565 35,671 35,671 Finance receivables, net 986,919 774,684 854,290 677,421 Accounts payable 24,763 24,763 20,055 20,055 Revolving line of credit 302,123 302,123 44,670 44,670 Non-recourse notes payable 249,622 249,622 395,986 395,986 |
Note H - Weighted Average Sha_2
Note H - Weighted Average Shares Outstanding (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Six Months Ended 2022 2021 2022 2021 Weighted average shares outstanding-basic 6,368,840 6,529,846 6,371,083 6,567,020 Dilutive options and restricted stock 179,431 333,427 203,845 363,584 Weighted average shares outstanding-diluted 6,548,271 6,863,273 6,574,928 6,930,604 Antidilutive securities not included: Options 357,500 25,000 577,500 55,000 Restricted stock 31,227 4,000 36,359 4,000 |
Note I - Stock-based Compensa_2
Note I - Stock-based Compensation Plans (Tables) | 6 Months Ended |
Oct. 31, 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, 2032 Shares available for grant at October 31, 2022 77,500 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended 2022 2021 Expected terms (years) 5.5 5.5 Risk-free interest rate 3.59 % 0.86 % Volatility 55 % 51 % Dividend yield - - |
Schedule of Share-based Compensation, Stock Options, Exercises [Table Text Block] | Six Months Ended (Dollars in thousands) 2022 2021 Options exercised 23,000 56,500 Cash received from option exercises $ 1,216 $ 251 Intrinsic value of options exercised $ 1,204 $ 4,896 |
Note J - Commitments and Cont_2
Note J - Commitments and Contingencies (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of lease liabilities 2023 (remaining) $ 3,791 2024 7,261 2025 7,151 2026 6,581 2027 6,058 Thereafter 51,065 Total undiscounted operating lease payments 81,907 Less: imputed interest (20,411 ) Present value of operating lease liabilities $ 61,496 |
Note K - Supplemental Cash Fl_2
Note K - Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended (In thousands) 2022 2021 Supplemental disclosures: Interest paid $ 15,023 $ 4,430 Income taxes paid, net 3,888 8,777 Non-cash transactions: Inventory acquired in repossession and accident protection plan claims 61,222 33,881 Reduction in net receivables for deferred ancillary product revenue at time of charge-off 13,714 6,602 Net settlement option exercises - 4,291 |
Note L - Correction of An Imm_2
Note L - Correction of An Immaterial Error In Previously Issued Financial Statements (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | April 30, 2022 (In thousands) As Previously Reported Corrections As Corrected Finance receivables, net $ 854,290 $ 9,384 $ 863,674 Deferred income tax liabilities, net 28,233 2,216 30,449 Retained earnings 658,242 7,168 665,410 Six Months Ended October 31, 2021 (In thousands) As Previously Reported Corrections As Corrected Sales $ 498,025 $ (6,602 ) $ 491,423 Provision for credit losses 115,055 (8,714 ) 106,341 Provision for income taxes 13,409 493 13,902 Net income 47,860 1,619 49,479 Net income attributable to common shareholders 47,840 1,619 49,459 Earnings per share: Basic 7.28 0.25 7.53 Diluted 6.90 0.24 7.14 Three Months Ended October 31, 2021 (In thousands) As Previously Reported Corrections As Corrected Sales $ 251,282 $ (3,762 ) $ 247,520 Provision for credit losses 60,947 (4,456 ) 56,491 Provision for income taxes 6,618 162 6,780 Net income 22,893 532 23,425 Net income attributable to common shareholders 22,883 532 23,415 Earnings per share: Basic 3.50 0.09 3.59 Diluted 3.33 0.08 3.41 Three Months Ended July 31, 2022 (In thousands) As Previously Reported Corrections As Corrected Sales $ 300,540 $ (6,064 ) $ 294,476 Provision for credit losses 82,903 (6,662 ) 76,241 Provision for income taxes 3,884 143 4,027 Net income 13,242 455 13,697 Net income attributable to common shareholders 13,242 455 13,697 Earnings per share: Basic 2.08 0.07 2.15 Diluted 2.00 0.07 2.07 |
Note A - Organization and Bus_2
Note A - Organization and Business (Details Textual) | 6 Months Ended |
Oct. 31, 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) | 3 Months Ended | 6 Months Ended | 18 Months Ended | ||||
Jul. 31, 2022 USD ($) | Oct. 31, 2022 USD ($) shares | Oct. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) | Apr. 30, 2022 USD ($) | Jul. 31, 2021 USD ($) | Apr. 30, 2021 USD ($) | |
Number of Reportable Segments | 1 | ||||||
Average Finance Receivable Interest Rate | 16.50% | ||||||
Interest Receivable | $ 5,382,000 | $ 4,926,000 | |||||
Finance Receivables, Customer Payments Due Either Weekly or Bi-Weekly, Percentage | 79% | ||||||
Financing Receivable, Greater Than or Equal to 30 Days Past Due, Percent of Portfolio | 3.60% | 3% | |||||
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period (Day) | 68 days | ||||||
Financing Receivable, Weighted Average Total Contract Term (Year) | 44 years 9 months 18 days | ||||||
Financing Receivable, Remaining Contract Term (Year) | 35 years 6 months | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 272,730,000 | $ 208,957,000 | $ 208,957,000 | $ 237,823,000 | $ 177,267,000 | ||
Finance Receivables, Allowance, Percent of Principle Balance | 23.65% | ||||||
Finance Receivable, Principal Balance | $ 1,259,649,000 | $ 1,259,649,000 | $ 966,425,000 | 966,425,000 | 1,101,497,000 | $ 966,425,000 | |
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 1 month 6 days | ||||||
Goodwill, Impairment Loss | $ 0 | 0 | |||||
Goodwill, Ending Balance | $ 8,848,000 | 8,623,000 | |||||
Effective Income Tax Rate Reconciliation, Percent, Total | 22.70% | 21.90% | |||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 206,000 | $ 910,000 | |||||
Income Tax Examination, Penalties and Interest Accrued, Total | 0 | 0 | |||||
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due | 3,500,000 | 6,500,000 | $ 6,500,000 | ||||
Late Fee Income Generated by Servicing Financial Assets, Amount | 2,000,000 | $ 1,400,000 | |||||
Contract with Customer, Liability, Revenue Recognized | $ 17,100,000 | ||||||
Treasury Stock Shares to Establish Reserve Account to Secure Service Contracts (in shares) | shares | 10,000 | ||||||
ACM Insurance Company [Member] | |||||||
Treasury Stock, Shares to Establish Reserve Account to Meet Regulatory Requirements for Insurance Company (in shares) | shares | 14,000 | ||||||
Minimum [Member] | |||||||
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period (Day) | 1 year | ||||||
Maximum [Member] | |||||||
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period (Day) | 5 years | ||||||
Accident Protection Plan [Member] | |||||||
Contract with Customer, Liability, Total | $ 49,200,000 | ||||||
Service Contract [Member] | |||||||
Contract with Customer, Liability, Total | 57,265,000 | $ 48,555,000 | |||||
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 | 28% |
Note B - Summary of Significa_4
Note B - Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Apr. 30, 2022 |
Restricted Cash | $ 32,565 | $ 35,671 |
Collections On Auto Finance Receivables [Member] | ||
Restricted Cash | 21,071 | 24,242 |
Deposit in Reserve Accounts [Member] | ||
Restricted Cash | $ 11,494 | $ 11,429 |
Note B - Summary of Significa_5
Note B - Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details) | 6 Months Ended |
Oct. 31, 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 | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Sales | $ 303,554 | $ 294,476 | $ 247,520 | $ 598,031 | $ 491,423 |
Sales Used Autos [Member] | |||||
Sales | 263,743 | 218,326 | 522,795 | 433,335 | |
Wholesales Third Party [Member] | |||||
Sales | 17,223 | 11,441 | 31,042 | 23,736 | |
Service Contract Sales [Member] | |||||
Sales | 14,002 | 10,104 | 27,188 | 19,381 | |
Payment Protection Plan Revenue [Member] | |||||
Sales | $ 8,586 | $ 7,649 | $ 17,006 | $ 14,971 |
Note C - Finance Receivables,_3
Note C - Finance Receivables, Net (Details Textual) | 6 Months Ended | |
Oct. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | |
Finance Receivables, Number of Loan Classes | 1 | |
Finance Receivables, Number of Risk Pools | 1 | |
Financing Receivable, Allowance for Credit Loss, Recovery | $ 1,200,000 | $ 1,100,000 |
Net Charge Offs as Percentage of Average Finance Receivables | 11% | 8.40% |
Collections as Percentage of Average Financing Receivables | 17.40% | 21.90% |
Delinquencies Greater Than 30 Days as Percentage of Average Financing Receivables | 3.60% | 4% |
Increase (Decrease) in Average Selling Price | $ 2,478 | |
Increase (Decrease) in Average Selling Price, Percentage | 15.90% | |
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 | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 |
Gross contract amount | $ 1,584,745 | $ 1,378,803 | ||||
Less unearned finance charges | (325,096) | (277,306) | ||||
Principal balance | 1,259,649 | $ 1,259,649 | 1,101,497 | $ 966,425 | $ 966,425 | |
Less allowance for credit losses | (272,730) | (237,823) | (208,957) | $ (177,267) | ||
Finance receivables, net | $ 986,919 | $ 863,674 | $ 764,070 | $ 632,270 |
Note C - Finance Receivables,_5
Note C - Finance Receivables, Net - Changes in Finance Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Balance | $ 863,674 | $ 863,674 | $ 632,270 | ||
Finance receivable originations | 580,838 | 476,580 | |||
Finance receivable collections | (206,358) | (194,546) | |||
Provision for credit losses | $ (88,828) | $ (76,241) | $ (56,491) | (165,068) | (106,341) |
Losses on claims for accident protection plan | (11,232) | (10,012) | |||
Inventory acquired in repossession and accident protection plan claims | (74,935) | (33,881) | |||
Balance | $ 986,919 | $ 764,070 | $ 986,919 | $ 764,070 |
Note C - Finance Receivables,_6
Note C - Finance Receivables, Net - Changes in the Finance Receivables Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Balance | $ 237,823 | $ 237,823 | $ 177,267 | ||
Provision for credit losses | $ 88,828 | $ 76,241 | $ 56,491 | 165,068 | 106,341 |
Charge-offs, net of recovered collateral and deferred ancillary product revenue | (130,161) | (74,651) | |||
Balance | $ 272,730 | $ 208,957 | $ 272,730 | $ 208,957 |
Note C - Finance Receivables,_7
Note C - Finance Receivables, Net - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
Principle Balance | $ 1,259,649 | $ 1,259,649 | $ 1,101,497 | $ 966,425 | $ 966,425 |
Percent of Portfolio | 100% | 100% | 100% | 100% | 100% |
Financial Asset, Not Past Due [Member] | |||||
Principle Balance | $ 1,028,291 | $ 958,808 | $ 819,314 | ||
Percent of Portfolio | 81.63% | 87.05% | 84.78% | ||
Financial Asset, 3 to 29 Days Past Due [Member] | |||||
Principle Balance | $ 185,434 | $ 109,873 | $ 108,563 | ||
Percent of Portfolio | 14.72% | 9.97% | 11.23% | ||
Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Principle Balance | $ 35,258 | $ 22,477 | $ 24,499 | ||
Percent of Portfolio | 2.80% | 2.04% | 2.53% | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Principle Balance | $ 7,151 | $ 7,360 | $ 7,509 | ||
Percent of Portfolio | 0.57% | 0.67% | 0.78% | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Principle Balance | $ 3,515 | $ 2,979 | $ 6,540 | ||
Percent of Portfolio | 0.28% | 0.27% | 0.68% |
Note C - Finance Receivables,_8
Note C - Finance Receivables, Net - Financing Receivables Analysis (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Average total collected per active customer per month | $ 515 | $ 486 |
Principal collected as a percent of average finance receivables | 17.40% | 21.90% |
Average down-payment percentage | 5.20% | 6.40% |
Average originating contract term (in months) (Month) | 42 months 15 days | 39 months 21 days |
Portfolio weighted average contract term, including modifications (in months) (Month) | 44 months 24 days | 40 months |
Note C - Finance Receivables,_9
Note C - Finance Receivables, Net - Finance Receivable Summarized by Fiscal Year of Origination (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
2023, principal balance | $ 528,323 | $ 437,918 | |||
2022, principal balance | 548,904 | 417,803 | |||
2021, principal balance | 164,885 | 100,990 | |||
2020, principal balance | 16,840 | 9,046 | |||
2019, principal balance | 674 | 594 | |||
Prior to 2019, principal balance | 23 | 74 | |||
Principle Balance | $ 1,259,649 | $ 1,259,649 | $ 1,101,497 | $ 966,425 | $ 966,425 |
Principal balance, percentage | 100% | 100% | 100% | 100% | 100% |
2022, principal balance | $ 528,323 | $ 437,918 | |||
2021, principal balance | 548,904 | 417,803 | |||
2020, principal balance | 164,885 | 100,990 | |||
2019, principal balance | 16,840 | 9,046 | |||
2018, principal balance | 674 | 594 | |||
Prior to 2018, principal balance | 23 | 74 | |||
Customer Score 1-2 [Member] | |||||
2023, principal balance | 23,888 | 24,599 | |||
2022, principal balance | 22,264 | 21,147 | |||
2021, principal balance | 5,838 | 6,009 | |||
2020, principal balance | 741 | 342 | |||
2019, principal balance | 12 | 17 | |||
Prior to 2019, principal balance | 0 | 0 | |||
Principle Balance | $ 52,743 | $ 52,114 | |||
Principal balance, percentage | 4.20% | 5.40% | |||
2022, principal balance | $ 23,888 | $ 24,599 | |||
2021, principal balance | 22,264 | 21,147 | |||
2020, principal balance | 5,838 | 6,009 | |||
2019, principal balance | 741 | 342 | |||
2018, principal balance | 12 | 17 | |||
Prior to 2018, principal balance | 0 | 0 | |||
Customer Score 3-4 [Member] | |||||
2023, principal balance | 174,553 | 150,049 | |||
2022, principal balance | 167,298 | 141,371 | |||
2021, principal balance | 48,272 | 34,291 | |||
2020, principal balance | 4,422 | 2,361 | |||
2019, principal balance | 157 | 100 | |||
Prior to 2019, principal balance | 9 | 32 | |||
Principle Balance | $ 394,711 | $ 328,204 | |||
Principal balance, percentage | 31.30% | 34% | |||
2022, principal balance | $ 174,553 | $ 150,049 | |||
2021, principal balance | 167,298 | 141,371 | |||
2020, principal balance | 48,272 | 34,291 | |||
2019, principal balance | 4,422 | 2,361 | |||
2018, principal balance | 157 | 100 | |||
Prior to 2018, principal balance | 9 | 32 | |||
Customer Score 5-6 [Member] | |||||
2023, principal balance | 329,882 | 263,270 | |||
2022, principal balance | 359,342 | 255,285 | |||
2021, principal balance | 110,775 | 60,690 | |||
2020, principal balance | 11,677 | 6,343 | |||
2019, principal balance | 505 | 477 | |||
Prior to 2019, principal balance | 14 | 42 | |||
Principle Balance | $ 812,195 | $ 586,107 | |||
Principal balance, percentage | 64.50% | 60.60% | |||
2022, principal balance | $ 329,882 | $ 263,270 | |||
2021, principal balance | 359,342 | 255,285 | |||
2020, principal balance | 110,775 | 60,690 | |||
2019, principal balance | 11,677 | 6,343 | |||
2018, principal balance | 505 | 477 | |||
Prior to 2018, principal balance | $ 14 | $ 42 |
Note D - Property and Equipme_3
Note D - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Apr. 30, 2022 |
Less accumulated depreciation and amortization | $ (42,654) | $ (41,002) |
Property and equipment, net | 65,169 | 51,438 |
Land [Member] | ||
Property and equipment | 12,454 | 11,749 |
Building and Building Improvements [Member] | ||
Property and equipment | 18,836 | 13,876 |
Furniture, Fixtures and Equipment [Member] | ||
Property and equipment | 18,176 | 16,189 |
Leasehold Improvements [Member] | ||
Property and equipment | 43,214 | 36,392 |
Construction in Progress [Member] | ||
Property and equipment | $ 15,143 | $ 14,234 |
Note E - Accrued Liabilities -
Note E - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Apr. 30, 2022 |
Employee compensation | $ 11,854 | $ 12,865 |
Deferred sales tax (see Note B) | 8,354 | 7,388 |
Reserve for APP claims | 4,561 | 4,761 |
Fair value of contingent consideration | 3,544 | 3,544 |
Health insurance payable | 977 | 1,041 |
Accrued interest payable | 1,486 | 813 |
Other | 2,545 | 2,218 |
Accrued liabilities | $ 33,321 | $ 32,630 |
Note F - Debt (Details Textual)
Note F - Debt (Details Textual) - USD ($) | 6 Months Ended | ||||||||||||
Apr. 22, 2022 | Sep. 29, 2021 | Oct. 29, 2020 | Oct. 31, 2022 | Oct. 31, 2021 | Apr. 30, 2022 | Apr. 27, 2022 | Sep. 28, 2021 | Feb. 10, 2021 | Feb. 09, 2021 | Dec. 31, 2020 | Sep. 30, 2019 | Sep. 29, 2019 | |
Amortization of Debt Issuance Costs and Discounts, Total | $ 3,386,000 | $ 354,000 | |||||||||||
Notes Payable [Member] | |||||||||||||
Amortization of Debt Issuance Costs and Discounts, Total | $ 2,800,000 | ||||||||||||
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 | $ 25,000,000 | $ 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 | $ 50,000,000 | ||||||||||||
Amortization of Debt Issuance Costs and Discounts, Total | $ 500,000 | $ 354,500 | |||||||||||
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 | |||||||||||
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 | 6.25% | 2.85% | |||||||||||
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, Effective Percentage | 2.25% | ||||||||||||
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 | Oct. 31, 2022 | Apr. 30, 2022 |
Non-recourse notes payable, net | $ 249,622 | $ 395,986 |
Revolving line of credit, net | 302,123 | 44,670 |
Total debt | 551,745 | 440,656 |
Notes Payable [Member] | ||
Debt facilities, gross | 250,816 | 399,994 |
Debt issuance costs | (1,514) | (2,004) |
Line of Credit [Member] | ||
Debt facilities, gross | 303,637 | 46,674 |
Debt issuance costs | $ (1,194) | $ (4,008) |
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 | Oct. 31, 2022 | Apr. 30, 2022 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 4,529 | $ 6,916 |
Restricted cash | 32,565 | 35,671 |
Finance receivables, net | 986,919 | 854,290 |
Accounts payable | 24,763 | 20,055 |
Revolving line of credit | 302,123 | 44,670 |
Non-recourse notes payable | 249,622 | 395,986 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 4,529 | 6,916 |
Restricted cash | 32,565 | 35,671 |
Finance receivables, net | 774,684 | 677,421 |
Accounts payable | 24,763 | 20,055 |
Revolving line of credit | 302,123 | 44,670 |
Non-recourse notes payable | $ 249,622 | $ 395,986 |
Note H - Weighted Average Sha_3
Note H - Weighted Average Shares Outstanding - Weighted Average Shares of Common Stock Outstanding (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Weighted average shares outstanding-basic (in shares) | 6,368,840 | 6,529,846 | 6,371,083 | 6,567,020 |
Dilutive options and restricted stock (in shares) | 179,431 | 333,427 | 203,845 | 363,584 |
Weighted average shares outstanding-diluted (in shares) | 6,548,271 | 6,863,273 | 6,574,928 | 6,930,604 |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive securities (in shares) | 357,500 | 25,000 | 577,500 | 55,000 |
Restricted Stock [Member] | ||||
Antidilutive securities (in shares) | 31,227 | 4,000 | 36,359 | 4,000 |
Note I - Stock-based Compensa_3
Note I - Stock-based Compensation Plans (Details Textual) - USD ($) | 6 Months Ended | ||||||
Aug. 30, 2022 | Aug. 26, 2020 | Aug. 29, 2018 | Aug. 05, 2015 | Oct. 31, 2022 | Oct. 31, 2021 | Aug. 28, 2018 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 137,500 | 30,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 5,000,000 | $ 2,100,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 5,100,000 | 24,200,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 268,400 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 2,900,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 8 months 12 days | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 77.40 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 77,500 | ||||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 2,200,000 | 3,400,000 | |||||
Share-Based Payment Arrangement, Expense, after Tax | 1,700,000 | 2,600,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,200,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||||||
Restated Option Plan [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 2,800,000 | 3,900,000 | |||||
Share-Based Payment Arrangement, Expense, after Tax | 2,100,000 | 3,000,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 185,000 | 200,000 | 200,000 | 300,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,385,000 | 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 | 548,000 | 509,000 | |||||
Share-Based Payment Arrangement, Expense, after Tax | 418,000 | $ 390,000 | |||||
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 | $ 6,200,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 172,461 | ||||||
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) | $ 60.87 | ||||||
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) | 27,132 | 4,500 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 70,566 | ||||||
Stock Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 4 months 24 days |
Note I - Stock-based Compensa_4
Note I - Stock-based Compensation Plans - Stock Option Plan Comparison (Details) | 6 Months Ended |
Oct. 31, 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, 2032 |
Shares available for grant at October 31, 2022 (in shares) | 77,500 |
Note I - Stock-based Compensa_5
Note I - Stock-based Compensation Plans - Options Valuation Assumptions (Details) | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Expected terms (years) (Year) | 5 years 6 months | 5 years 6 months |
Risk-free interest rate | 3.59% | 0.86% |
Volatility | 55% | 51% |
Note I - Stock-based Compensa_6
Note I - Stock-based Compensation Plans - Options Exercised (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Options exercised (in shares) | 23,000 | 56,500 |
Cash received from option exercises | $ 1,216 | $ 251 |
Intrinsic value of options exercised | $ 1,204 | $ 4,896 |
Note J - Commitments and Cont_3
Note J - Commitments and Contingencies (Details Textual) - USD ($) | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Operating Lease, Percent of Facilities Leased | 81% | |
Operating Lease, Expense | $ 4,400,000 | $ 3,900,000 |
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% | |
Letters of Credit Outstanding, Amount | $ 750,000 | |
Minimum [Member] | Dealership Leases [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | |
Maximum [Member] | Dealership Leases [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note J - Commitments and Cont_4
Note J - Commitments and Contingencies - Future Lease Obligations (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Apr. 30, 2022 |
2023 (remaining) | $ 3,791 | |
2024 | 7,261 | |
2025 | 7,151 | |
2026 | 6,581 | |
2027 | 6,058 | |
Thereafter | 51,065 | |
Total undiscounted operating lease payments | 81,907 | |
Less: imputed interest | (20,411) | |
Present value of operating lease liabilities | $ 61,496 | $ 61,481 |
Note K - Supplemental Cash Fl_3
Note K - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Interest paid | $ 15,023 | $ 4,430 |
Income taxes paid, net | 3,888 | 8,777 |
Inventory acquired in repossession and accident protection plan claims | 61,222 | 33,881 |
Reduction in net receivables for deferred ancillary product revenue at time of charge-off | 13,714 | 6,602 |
Net settlement option exercises | $ 0 | $ 4,291 |
Note L - Correction of An Imm_3
Note L - Correction of An Immaterial Error In Previously Issued Financial Statements - Correction of An Immaterial Error In Previously Issued Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Oct. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Finance receivables, net | $ 986,919 | $ 764,070 | $ 986,919 | $ 764,070 | $ 863,674 | $ 632,270 | ||
Deferred income tax liabilities, net | 35,620 | 35,620 | 30,449 | |||||
Retained earnings | 682,226 | 682,226 | 665,410 | |||||
Sales | 303,554 | $ 294,476 | 247,520 | 598,031 | 491,423 | |||
Provision for credit losses | 88,828 | 76,241 | 56,491 | 165,068 | 106,341 | |||
Provision for income taxes | 919 | 4,027 | 6,780 | 4,946 | 13,902 | |||
Net income | 3,139 | 13,697 | 23,425 | $ 26,054 | 16,836 | 49,479 | ||
Net income attributable to common shareholders | $ 3,129 | $ 13,697 | $ 23,415 | $ 16,816 | $ 49,459 | |||
Basic (in dollars per share) | $ 0.49 | $ 2.15 | $ 3.59 | $ 2.64 | $ 7.53 | |||
Diluted (in dollars per share) | $ 0.48 | $ 2.07 | $ 3.41 | $ 2.56 | $ 7.14 | |||
Previously Reported [Member] | ||||||||
Finance receivables, net | 854,290 | |||||||
Deferred income tax liabilities, net | 28,233 | |||||||
Retained earnings | 658,242 | |||||||
Sales | $ 300,540 | $ 251,282 | $ 498,025 | |||||
Provision for credit losses | 82,903 | 60,947 | 115,055 | |||||
Provision for income taxes | 3,884 | 6,618 | 13,409 | |||||
Net income | 13,242 | 22,893 | 47,860 | |||||
Net income attributable to common shareholders | $ 13,242 | $ 22,883 | $ 47,840 | |||||
Basic (in dollars per share) | $ 2.08 | $ 3.50 | $ 7.28 | |||||
Diluted (in dollars per share) | $ 2 | $ 3.33 | $ 6.90 | |||||
Revision of Prior Period, Adjustment [Member] | ||||||||
Finance receivables, net | 9,384 | |||||||
Deferred income tax liabilities, net | 2,216 | |||||||
Retained earnings | $ 7,168 | |||||||
Sales | $ (6,064) | $ (3,762) | $ (6,602) | |||||
Provision for credit losses | (6,662) | (4,456) | (8,714) | |||||
Provision for income taxes | 143 | 162 | 493 | |||||
Net income | 455 | 532 | 1,619 | |||||
Net income attributable to common shareholders | $ 455 | $ 532 | $ 1,619 | |||||
Basic (in dollars per share) | $ 0.07 | $ 0.09 | $ 0.25 | |||||
Diluted (in dollars per share) | $ 0.07 | $ 0.08 | $ 0.24 |