Income Taxes (Tables)

12 Months Ended

Apr. 30, 2026

The components of net income (loss) before income tax expense are as follows:

The components of the provision for income taxes are as follows:


	Years Ended April 30,
(In thousands)	2026		2025		2024
Current expense (benefit):
Federal	$	3,985	$	12,408	$	9,453
State	84		3,123		3,312
Total	$	4,069	$	15,531	$	12,765

Deferred expense (benefit):
Federal	$	21,636	$	(7,325)	$	(18,916)
State	5,425		(3,337)		(2,591)
Total	$	27,061	$	(10,662)	$	(21,507)

Total income tax expense (benefit)	$	31,130	$	4,869	$	(8,742)

A reconciliation of the Company’s statutory income tax rate and effective tax rate is as follows:


	Years Ended April 30,
	2026				2025				2024
(In thousands, except for percentages of income before tax)	Amount		Percent		Amount		Percent		Amount		Percent

Pretax Income (Loss)	$	(107,981)			$	22,801			$	(40,135)

US Federal Statutory Tax Rate	(22,676)		21.0	%	4,788		21.0	%	(8,428)		21.0	%
State and Local Income Taxes, net of Federal benefit (1)	5,508		(5.1)	%	(966)		(4.2)	%	(1,204)		3.0	%
Tax Credits:
Federal Employment Credits	(246)		0.2	%	173		0.8	%	(63)		0.2	%
Change in valuation allowance	47,227		(43.7)	%	—		—	%	—		—	%
Nontaxable or Nondeductible Items:
Section 162(m) limitation	205		(0.2)	%	288		1.3	%	405		(1.0)	%
Related Finance Provision/(Benefit)	(841)		0.8	%	1,083		4.8	%	—		—	%
Other	(85)		0.1	%	47		0.2	%	(184)		0.5	%
Other Adjustments:
True Ups	2,038		(1.9)	%	(571)		(2.5)	%	—		—	%
Other, net	—		—	%	26		0.1	%	732		(1.8)	%

Total	$	31,130	(28.8)	%	$	4,869	21.4	%	$	(8,742)	21.8	%

(1) State taxes in Arkansas, Alabama, and Oklahoma make up the majority (greater than 50%) of the tax effect in this category.

The components of the Company's deferred tax assets and liabilities are as follows:


	As of April 30,
(In thousands)	2026		2025		2024
Deferred tax assets:
Accrued liabilities	$	2,042	$	2,188	$	2,218
Inventory	172		183		152
Share based compensation	6,626		5,859		4,803
Net operating loss carryforwards	57,028		38,033		20,700
Deferred revenue	8,360		9,536		4,030
Other	94		91		—
Total deferred tax assets before valuation allowance	$	74,322	$	55,890	$	31,903
Valuation Allowance	(52,987)		—		—
Total deferred tax assets after valuation allowance	$	21,335	$	55,890	$	31,903

Deferred tax liabilities:
Finance Receivables	(52,950)		(59,714)		(46,056)
Property and equipment	(1,820)		(2,760)		(3,222)
Goodwill	(772)		(562)		(426)
Interest expense limitation	—		—		(7)
Total deferred tax liabilities	$	(55,542)	$	(63,036)	$	(49,711)

Net deferred tax assets (liabilities)	$	(34,207)	$	(7,146)	$	(17,808)

The following summarizes the Company's income taxes paid (net of refunds received) for the years presented below:

The following summarizes the jurisdictions that exceeded 5% of the Company's total income taxes paid (net of refunds) for the years presented below:


	Years Ended April 30,
(In thousands)	2026	2025		2024
State:
Arkansas	*	$	586	*

* Jurisdiction below the threshold for the period presented.

Supplemental cash flow disclosures for the years ended April 30, 2026, 2025, and 2024 are as follows:


	Years Ended April 30,
(In thousands)	2026		2025		2024
Supplemental disclosures:
Interest paid	$	78,570	$	70,650	$	65,647
Income taxes paid, net	9,174		11,132		6,459

Non-cash transactions:
Inventory acquired in repossession and accident protection plan claims	120,636		114,538		137,366
Issuance of warrants	11,642		—		—
Reduction in net receivables for deferred ancillary product revenue at time of charge-off	33,454		33,257		37,877
Net settlement option exercises	—		—		1,828
Right-of-use assets obtained in exchange for operating lease liabilities	—		384		2,134
Right-of-use assets obtained in exchange for operating lease liabilities through acquisitions	—		7,433		1,822