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Note L - Correction of An Immaterial Error In Previously Issued Financial Statements | 6 Months Ended
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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, certain immaterial errors were identified and have been corrected in our historical information related to the classification of deferred revenue of ancillary products at the time an account is charged off and the calculation for allowance for credit losses. The amount of deferred revenue related to ancillary products for a customer account that is charged off has historically been recognized as sales revenue at the time of charge-off because the performance obligations for the deferred revenue are no longer required to be delivered by the Company at the time of charge-off. It was determined that this amount should be recorded as a reduction to customer accounts receivable at the time of charge-off, thus reducing the amounts historically reported in sales revenue, net charge-offs, the provision for credit losses and the allowance for credit losses as well as the corresponding deferred tax liability. As a result, certain amounts for sales revenue, provision for credit losses, charge-offs, net of collateral recovered, the allowance for credit losses and other related amounts have been revised from the amounts previously reported to correct these errors. Management has evaluated the materiality of these corrections to its prior period financial statements from a quantitative and qualitative perspective and has concluded that this change was not material to any prior annual or interim period. 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 |

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 + Details
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