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Finance Receivables, Net (Tables) | 9 Months Ended
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Jan. 31, 2025
Receivables [Abstract] |
Schedule of Components of Finance Receivables | The components of finance receivables are as follows:
(In thousands) | January 31, 2025 |  | April 30, 2024
Gross contract amount | $ | 1,901,533 |  |  | $ | 1,844,392 |
Less unearned finance charges | (415,552) |  |  | (409,004) |
Principal balance | 1,485,981 |  |  | 1,435,388 |
Less: estimated insurance receivables for APP claims | (3,416) |  |  | (3,026) |
Less: allowance for APP claims | (3,660) |  |  | (3,171) |
Less allowance for credit losses | (333,338) |  |  | (331,260) |
Finance receivables, net | 1,145,567 |  |  | 1,097,931 |
Loan origination costs | 645 |  |  | 660 |
Finance receivables, net, including loan origination costs | $ | 1,146,212 |  |  | $ | 1,098,591 |
Schedule of Changes in Finance Receivables | Changes in the finance receivables, net are as follows:
(In thousands) | Nine Months Ended January 31,
2025 |  | 2024
Balance at beginning of period | $ | 1,097,931 |  |  | $ | 1,062,760 |
Finance receivable originations | 779,013 |  |  | 794,477 |
Finance receivable collections | (338,736) |  |  | (324,703) |
Provision for credit losses | (281,597) |  |  | (321,300) |
Losses on claims for accident protection plan | (25,013) |  |  | (24,480) |
Inventory acquired in repossession and accident protection plan claims | (86,031) |  |  | (101,643) |
Balance at end of period | $ | 1,145,567 |  |  | $ | 1,085,111 |
Schedule of Finance Receivables, Allowance for Credit Losses | Changes in the finance receivables allowance for credit losses are as follows:
(In thousands) | Nine Months Ended January 31,
2025 |  | 2024
Balance at beginning of period | $ | 331,260 |  |  | $ | 299,608 |
Provision for credit losses | 281,597 |  |  | 321,300 |
Charge-offs | (367,554) |  |  | (386,349) |
Recovered collateral | 88,035 |  |  | 100,428 |
Balance at end of period | $ | 333,338 |  |  | $ | 334,987 |
Schedule 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) | January 31, 2025 |  | April 30, 2024 |  | January 31, 2024
| Principal Balance |  | Percent of Portfolio |  | Principal Balance |  | Percent of Portfolio |  | Principal Balance |  | Percent of Portfolio
Current | $ | 1,241,566 |  |  | 83.55 | % |  | $ | 1,125,945 |  |  | 78.44 | % |  | $ | 1,119,120 |  |  | 78.32 | %
3 - 29 days past due | 189,842 |  |  | 12.78 | % |  | 264,491 |  |  | 18.43 | % |  | 262,200 |  |  | 18.35 | %
30 - 60 days past due | 36,159 |  |  | 2.43 | % |  | 34,042 |  |  | 2.37 | % |  | 34,266 |  |  | 2.40 | %
61 - 90 days past due | 11,372 |  |  | 0.77 | % |  | 6,438 |  |  | 0.45 | % |  | 7,258 |  |  | 0.51 | %
> 90 days past due | 7,042 |  |  | 0.47 | % |  | 4,472 |  |  | 0.31 | % |  | 6,064 |  |  | 0.42 | %
Total | $ | 1,485,981 |  |  | 100.00 | % |  | $ | 1,435,388 |  |  | 100.00 | % |  | $ | 1,428,908 |  |  | 100.00 | %
Schedule of Finance Receivables, Credit Quality Indicators |
| Nine Months Ended January 31,
| 2025 |  | 2024
Average total collected per active customer per month | $ | 563 |  |  | $ | 536 |
Principal collected as a percent of average finance receivables | 23.1 | % |  | 22.7 | %
Average down-payment percentage | 5.2 | % |  | 5.0 | %
Average originating contract term (in months) | 44.4 |  | 44.0
| As of
| January 31, 2025 |  | January 31, 2024
Portfolio weighted average contract term, including modifications (in months) | 48.3 |  | 47.6
Schedule of Finance Receivables, Year of Origination and Customer Score | The following table presents a summary of finance receivables by credit quality indicator, as of January 31, 2025, segregated by customer score and year of origination.
(Dollars in thousands) | As of January 31, 2025
|  |  |  |  |  |  |  |  |  | Prior to 2021 |  | Total |  | %
Fiscal Year of Origination
Customer Rating | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021
1-2 | $ | 42,886 |  |  | $ | 22,136 |  |  | $ | 6,330 |  |  | $ | 1,189 |  |  | $ | 69 |  |  | $ | 50 |  |  | $ | 72,660 |  |  | 4.9 | %
3-4 | $ | 234,245 |  |  | $ | 171,447 |  |  | $ | 59,807 |  |  | $ | 13,628 |  |  | $ | 1,228 |  |  | $ | 279 |  |  | $ | 480,634 |  |  | 32.3 | %
5-7 | $ | 373,199 |  |  | $ | 322,146 |  |  | $ | 172,832 |  |  | $ | 56,862 |  |  | $ | 6,915 |  |  | $ | 733 |  |  | $ | 932,687 |  |  | 62.8 | %
Total | $ | 650,330 |  |  | $ | 515,729 |  |  | $ | 238,969 |  |  | $ | 71,679 |  |  | $ | 8,212 |  |  | $ | 1,062 |  |  | $ | 1,485,981 |  |  | 100.0 | %
Charge-offs | $ | 62,044 |  |  | $ | 188,736 |  |  | $ | 89,615 |  |  | $ | 24,130 |  |  | $ | 2,562 |  |  | $ | 467 |  |  | $ | 367,554 |  |  |
The following table presents a summary of finance receivables by credit quality indicator, as of January 31, 2024, segregated by customer score.
(Dollars in thousands) | As of January 31, 2024
|  |  |  |  |  |  |  |  |  | Prior to 2020 |  | Total |  | %
Fiscal Year of Origination
Customer Rating | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020
1-2 | $ | 32,854 |  |  | $ | 18,416 |  |  | $ | 5,298 |  |  | $ | 661 |  |  | $ | 124 |  |  | $ | 13 |  |  | $ | 57,366 |  |  | 4.0 | %
3-4 | $ | 236,351 |  |  | $ | 153,436 |  |  | $ | 50,070 |  |  | $ | 7,414 |  |  | $ | 450 |  |  | $ | 178 |  |  | $ | 447,899 |  |  | 31.4 | %
5-6 | $ | 394,600 |  |  | $ | 352,267 |  |  | $ | 147,133 |  |  | $ | 27,316 |  |  | $ | 1,797 |  |  | $ | 530 |  |  | $ | 923,643 |  |  | 64.6 | %
Total | $ | 663,805 |  |  | $ | 524,119 |  |  | $ | 202,501 |  |  | $ | 35,391 |  |  | $ | 2,371 |  |  | $ | 721 |  |  | $ | 1,428,908 |  |  | 100.0 | %
Charge-offs | $ | 87,675 |  |  | $ | 211,642 |  |  | $ | 72,511 |  |  | $ | 13,111 |  |  | $ | 957 |  |  | $ | 453 |  |  | $ | 386,349 |  |  |

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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://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: 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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