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Finance Receivables, Net (Tables) | 12 Months Ended
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Apr. 30, 2025
Receivables [Abstract] |
Summary of Components of Finance Receivables | The components of finance receivables as of April 30, 2025 and 2024 are as follows:
(In thousands) | April 30, 2025 |  | April 30, 2024
Gross contract amount | $ | 1,946,042 |  |  | $ | 1,844,392 |
Less: unearned finance charges | (436,887) |  |  | (409,004) |
Principal balance | 1,509,155 |  |  | 1,435,388 |
Less: estimated insurance receivables for APP claims | (2,910) |  |  | (3,026) |
Less: allowance for APP claims | (3,135) |  |  | (3,171) |
Less: allowance for credit losses | (323,100) |  |  | (331,260) |
Finance receivables, net | 1,180,010 |  |  | 1,097,931 |
Loan origination costs | 663 |  |  | 660 |
Finance receivables, net, including loan origination costs | $ | 1,180,673 |  |  | $ | 1,098,591 |
Summary of Changes in Finance Receivables | Changes in the finance receivables, net, for the years ended April 30, 2025, 2024 and 2023 are as follows:
| Years Ended April 30,
(In thousands) | 2025 |  | 2024 |  | 2023
Balance at beginning of period | $ | 1,097,931 |  |  | $ | 1,062,760 |  |  | $ | 855,424 |
Finance receivable originations | 1,075,080 |  |  | 1,079,946 |  |  | 1,161,132 |
Finance receivable collections | (469,379) |  |  | (455,828) |  |  | (434,458) |
Provision for credit losses | (374,559) |  |  | (423,406) |  |  | (352,860) |
Losses on claims for accident protection plan | (34,525) |  |  | (34,504) |  |  | (25,107) |
Inventory acquired in repossession and accident protection plan claims | (114,538) |  |  | (131,037) |  |  | (141,371) |
Balance at end of period | $ | 1,180,010 |  |  | $ | 1,097,931 |  |  | $ | 1,062,760 |
Summary of Finance Receivables, Allowance for Credit Losses | Changes in the finance receivables allowance for credit losses for the years ended April 30, 2025, 2024 and 2023 are as follows:
| Years Ended April 30,
(In thousands) | 2025 |  | 2024 |  | 2023
Balance at beginning of period | $ | 331,260 |  |  | $ | 299,608 |  |  | $ | 237,823 |
Provision for credit losses | 374,559 |  |  | 423,406 |  |  | 352,860 |
Charge-offs | (499,887) |  |  | (525,634) |  |  | (414,397) |
Recovered collateral | 117,168 |  |  | 133,880 |  |  | 123,322 |
Balance at end of period | $ | 323,100 |  |  | $ | 331,260 |  |  | $ | 299,608 |
Summary of Finance Receivables, Current and Past Due | The following table presents the finance receivables that are current and past due as follows:
(Dollars in thousands) | April 30, 2025 |  | April 30, 2024
| Principal Balance |  | Percent of Portfolio |  | Principal Balance |  | Percent of Portfolio
Current | $ | 1,208,330 |  |  | 80.06 | % |  | $ | 1,125,945 |  |  | 78.44 | %
3 - 29 days past due | 249,263 |  |  | 16.52 | % |  | 264,491 |  |  | 18.43 | %
30 - 60 days past due | 34,407 |  |  | 2.28 | % |  | 34,042 |  |  | 2.37 | %
61 - 90 days past due | 11,461 |  |  | 0.76 | % |  | 6,438 |  |  | 0.45 | %
> 90 days past due | 5,694 |  |  | 0.38 | % |  | 4,472 |  |  | 0.31 | %
Total | $ | 1,509,155 |  |  | 100.00 | % |  | $ | 1,435,388 |  |  | 100.00 | %
Summary of Finance Receivables, Credit Quality Indicators |
| Twelve Months Ended April 30,
| 2025 |  | 2024
Average total collected per active customer per month | $ | 575 |  |  | $ | 554 |
Principal collected as a percent of average finance receivables | 31.8 | % |  | 31.7 | %
Average down-payment percentage | 5.5 | % |  | 5.4 | %
Average originating contract term (in months) | 44.4 |  | 44.0
| April 30, 2025 |  | April 30, 2024
Portfolio weighted average contract term, including modifications (in months) | 48.3 |  | 47.9
Summary of Finance Receivables, Year of Origination and Customer Score | The following table presents a summary of finance receivables by credit quality indicator, as of April 30, 2025, segregated by customer score and year of origination.
|  | Customer Score by Fiscal Year of Origination |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Prior to |  |  |  |
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2021 |  | Total |  | %
1-2 |  | $ | 46,422 |  |  | $ | 13,367 |  |  | $ | 4,584 |  |  | $ | 743 |  |  | $ | 45 |  |  | $ | 45 |  |  | $ | 65,206 |  |  | 4.3 | %
3-4 |  | 284,265 |  |  | 131,084 |  |  | 44,141 |  |  | 9,241 |  |  | 826 |  |  | 219 |  |  | 469,776 |  |  | 31.1 | %
5-7 |  | 509,740 |  |  | 277,865 |  |  | 138,342 |  |  | 42,843 |  |  | 4,856 |  |  | 527 |  |  | 974,173 |  |  | 64.6 | %
Total |  | $ | 840,427 |  |  | $ | 422,316 |  |  | $ | 187,067 |  |  | $ | 52,827 |  |  | $ | 5,727 |  |  | $ | 791 |  |  | $ | 1,509,155 |  |  | 100.0 | %
Gross charge-offs |  | $ | 120,995 |  |  | $ | 237,829 |  |  | $ | 109,105 |  |  | $ | 28,518 |  |  | $ | 2,842 |  |  | $ | 598 |  |  | $ | 499,887 |  |  |
The following table presents a summary of finance receivables by credit quality indicator, as of April 30, 2024, segregated by customer score and year of origination.
|  | Customer Score by Fiscal Year of Origination |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Prior to |  |  |  |
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2020 |  | Total |  | %
1-2 |  | $ | 43,445 |  |  | $ | 13,757 |  |  | $ | 3,668 |  |  | $ | 375 |  |  | $ | 95 |  |  | $ | 6 |  |  | $ | 61,346 |  |  | 4.3 | %
3-4 |  | 300,323 |  |  | 117,904 |  |  | 36,349 |  |  | 4,552 |  |  | 325 |  |  | 158 |  |  | 459,611 |  |  | 32.0 | %
5-6 |  | 485,535 |  |  | 291,198 |  |  | 116,611 |  |  | 19,452 |  |  | 1,216 |  |  | 419 |  |  | 914,431 |  |  | 63.7 | %
Total |  | $ | 829,303 |  |  | $ | 422,859 |  |  | $ | 156,628 |  |  | $ | 24,379 |  |  | $ | 1,636 |  |  | $ | 583 |  |  | $ | 1,435,388 |  |  | 100.0 | %
Gross charge-offs |  | $ | 155,385 |  |  | $ | 265,609 |  |  | $ | 88,160 |  |  | $ | 14,835 |  |  | $ | 1,081 |  |  | $ | 564 |  |  | $ | 525,634 |  |  |
Summary of Contract Modifications | The following table presents contract modifications by type of modification at April 30, 2025, 2024 and 2023:
(Dollars in thousands) |  | Contract Modifications by Type
|  | April 30, 2025 |  | April 30, 2024 (Restated) |  | April 30, 2023
Type of Modification |  | Principal Balance |  | % of Portfolio |  | Principal Balance |  | % of Portfolio |  | Principal Balance |  | % of Portfolio
Term extension |  | $ | 425,791 |  |  | 28.2 | % |  | $ | 462,992 |  |  | 32.2 | % |  | $ | 445,288 |  |  | 32.4 | %
Combination (1) |  | 10,350 |  |  | 0.7 | % |  | 10,929 |  |  | 0.8 | % |  | 8,764 |  |  | 0.6 | %
Total |  | $ | 436,141 |  |  | 28.9 | % |  | $ | 473,921 |  |  | 33.0 | % |  | $ | 454,052 |  |  | 33.0 | %
(1)These modifications result from customer bankruptcy filings and have been made in accordance with bankruptcy court requirements. They generally consist of a reduction in the contractual interest rate and/or an extension of the contract term as part of the customer’s court-approved payment restructuring plan. The following table describes the financial effect of the modifications for each fiscal year:
Type of Modification |  | Fiscal Year 2025 |  | Fiscal Year 2024 (Restated) |  | Fiscal Year 2023
Term extension |  | Added a weighted average of 2.2 months to the life of contracts, which reduced payment amounts due from borrowers. |  | Added a weighted average of 2.3 months to the life of contracts, which reduced payment amounts due from borrowers. |  | Added a weighted average of 2.6 months to the life of contracts, which reduced payment amounts due from borrowers.
Combination |  | Added a weighted average of 10.5 months to the life of contracts, which reduced payment amounts due from borrowers and/or reduced interest rates to rates ranging from 4.25% to 10.5%. |  | Added a weighted average of 11.6 months to the life of contracts, which reduced payment amounts due from borrowers and/or reduced interest rates to rates ranging from 4.25% to 18%. |  | Added a weighted average of 13.9 months to the life of contracts, which reduced payment amounts due from borrowers and/or reduced interest rates to rates ranging from 5% to 16.9%.
The Company closely monitors the performance of the contracts that are modified to understand the effectiveness of its modification efforts. The following table depicts the status of contracts that have term modifications in the last 12 months of the applicable fiscal year:
|  | Payment Status (Principal Balance)
(In thousands) |  | Total |  | Current |  | 3-29 Days Past Due |  | 30-60 Days Past Due |  | 61-90 Days Past Due |  | 90+ Days Past Due
For Fiscal Year 2025 |  | $ | 425,791 |  |  | $ | 304,859 |  |  | $ | 100,554 |  |  | $ | 14,149 |  |  | $ | 3,900 |  |  | $ | 2,329 |
For Fiscal Year 2024 (Restated) |  | 462,992 |  |  | 326,937 |  |  | 117,390 |  |  | 13,890 |  |  | 2,724 |  |  | 2,051 |
For Fiscal Year 2023 |  | 445,288 |  |  | 352,013 |  |  | 72,146 |  |  | 15,397 |  |  | 3,583 |  |  | 2,149 |
The following table depicts the status of contracts that have term modifications due to the combination of modifications due to bankruptcies for the periods presented:
|  | Payment Status (Principal Balance) |  |
(In thousands) |  | Total |  | Payment Received in Last 30 Days |  | Payment Received in Last 31-60 Days |  | Payment Received in Last 61-90 Days |  | Payment Received in Last 90+ Days |  |
For Fiscal Year 2025 |  | $ | 10,350 |  |  | $ | 5,864 |  |  | $ | 1,596 |  |  | $ | 843 |  |  | $ | 2,047 |  |  |
For Fiscal Year 2024 (Restated) |  | 10,929 |  |  | 5,528 |  |  | 1,808 |  |  | 1,366 |  |  | 2,227 |  |  |
For Fiscal Year 2023 |  | 8,764 |  |  | 4,957 |  |  | 1,213 |  |  | 828 |  |  | 1,766 |  |  |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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