v3.25.2
Finance Receivables, Net (Tables)
 3 Months Ended
Jul. 31, 2025
Receivables [Abstract]  
Summary of Components of Finance Receivables
The components of finance receivables are as follows:
(In thousands)July 31, 2025April 30, 2025
 
Gross contract amount$1,952,693 $1,946,042 
Less unearned finance charges(437,012)(436,887)
Principal balance1,515,681 1,509,155 
Less: estimated insurance receivables for accident protection plan claims(3,279)(2,910)
Less: allowance for accident protection plan claims(3,543)(3,135)
Less allowance for credit losses(326,070)(323,100)
Finance receivables, net1,182,789 1,180,010 
Loan origination costs663 663 
Finance receivables, net, including loan origination costs$1,183,452 $1,180,673 
Summary of Changes in Finance Receivables
Changes in the finance receivables, net are as follows:
 Three Months Ended
July 31,
(In thousands)20252024
   
Balance at beginning of period$1,180,010 $1,097,931 
Finance receivable originations262,746 271,756 
Finance receivable collections(118,720)(112,358)
Provision for credit losses(103,036)(95,423)
Losses on claims for accident protection plan(8,595)(9,321)
Inventory acquired in repossession and accident protection plan claims(29,616)(26,975)
   
Balance at end of period$1,182,789 $1,125,610 
Summary of Finance Receivables, Allowance for Credit Losses
Changes in the finance receivables allowance for credit losses are as follows:
 Three Months Ended
July 31,
(In thousands)20252024
   
Balance at beginning of period$323,100 $331,260 
Provision for credit losses103,036 95,423 
Charge-offs(128,876)(121,605)
Recovered collateral28,810 29,346 
   
Balance at end of period$326,070 $334,424 
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)July 31, 2025April 30, 2025July 31, 2024
 Principal
Balance		Percent of
Portfolio		Principal
Balance		Percent of
Portfolio		Principal
Balance		Percent of
Portfolio
Current$1,206,214 79.58%$1,208,330 80.06%$1,155,006 78.82 %
3 - 29 days past due247,549 16.33%249,263 16.52%259,145 17.69%
30 - 60 days past due42,080 2.78%34,407 2.28%38,035 2.60%
61 - 90 days past due12,007 0.79%11,461 0.76%7,463 0.51%
> 90 days past due7,831 0.52%5,694 0.38%5,610 0.38%
Total$1,515,681 100.00%$1,509,155 100.00%$1,465,259 100.00%
Summary of Finance Receivables, Credit Quality Indicators
Three Months Ended
July 31,
20252024
Average total collected per active customer per month$585 $562 
Principal collected as a percent of average finance receivables7.9%7.8%
Average down-payment percentage4.9%5.2%
Average originating contract term (in months)
44.944.3
As of
July 31, 2025July 31, 2024
Portfolio weighted average contract term, including modifications (in months)
48.348.1
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 July 31, 2025, segregated by customer score and year of origination.
 As of July 31, 2025
(Dollars in thousands)Fiscal Year of OriginationPrior to  
Customer Rating202620252024202320222022Total%
1-2$32,567 $24,592 $12,365 $3,742 $552 $65 $73,883 4.9%
3-4$71,617 $183,952 $102,214 $32,313 $6,218 $768 $397,082 26.2%
5-7$151,763 $510,742 $237,276 $109,996 $31,229 $3,710 $1,044,716 68.9%
Total$255,947 $719,286 $351,855 $146,051 $37,999 $4,543 $1,515,681 100.0%
         
Charge-offs$2,241 $69,568 $37,819 $15,307 $3,586 $355 $128,876  
The following table presents a summary of finance receivables by credit quality indicator, as of July 31, 2024, segregated by customer score.
 As of July 31, 2024
(Dollars in thousands)Fiscal Year of OriginationPrior to
Customer Rating202520242023202220212021Total%
1-2$18,758 $34,722 $10,548 $2,645 $245 $90 $67,008 4.6%
3-4$94,738 $251,217 $94,939 $26,565 $2,899 $396 $470,754 32.1%
5-6$148,448 $424,197 $246,371 $93,171 $14,071 $1,239 $927,497 63.3%
Total$261,944 $710,136 $351,858 $122,381 $17,215 $1,725 $1,465,259 100.0 %
Charge-offs$2,619 $70,413 $36,752 $10,578 $1,048 $195 $121,605 

The percentage of the portfolio in the highest customer ratings (5-7) continues to grow as a result of the Company’s early risk based pricing testing as well as the conversion to the new, more predictive, scorecard.
Summary of Contract Modifications
The following table presents contract modifications by type of modification at three months ended July 31, 2025 and 2024:

(Dollars in thousands)Contract Modifications by Type
July 31, 2025
July 31,2024
(Restated)
Type of ModificationPrincipal Balance% of PortfolioPrincipal Balance% of Portfolio
Term extension$192,122 12.7 %$199,667 13.6 %
Combination (1)
2,818 0.2 %2,894 0.2 %
Total$194,940 12.9 %$202,561 13.8 %

(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 period:

Type of ModificationThree Months Ended July 31, 2025
Three Months Ended July 31, 2024 (Restated)
Term extension
Added a weighted average of 1.4 months to the life of contracts, which reduced payment amounts due from borrowers.
Added a weighted average of 1.6 months to the life of contracts, which reduced payment amounts due from borrowers.
Combination
Added a weighted average of 10.2 months to the life of contracts, which reduced payment amounts due from borrowers and/or reduced the interest rate to a weighted average of 8.14%.
Added a weighted average of 12.5 months to the life of contracts, which reduced payment amounts due from borrowers and/or reduced the interest rate to a weighted average of 7.00%.

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 three months ended July 31:

Payment Status (Principal Balance)
(In thousands)TotalCurrent
3-29 Days Past Due
30-60 Days Past Due
61-90 Days Past Due
90+ Days Past Due
For Three Months Ended July 31, 2025$192,122 $143,015 $42,693 $5,745 $669 $- 
For Three Months Ended July 31, 2024 (Restated)199,667143,949 48,961 6,234 523 - 

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)TotalPayment Received in Last 30 DaysPayment Received in Last 31-60 DaysPayment Received in Last 61-90 DaysPayment Received in Last 90+ Days
For Three Months Ended July 31, 2025$2,818 $772 $753 $605 $688 
For Three Months Ended July 31, 2024 (Restated)2,894 871589844590