Debt |
3 Months Ended |
|---|---|
Jul. 31, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt: On August 24, 2020, we entered into a financing arrangement consisting of a $50.0 million revolving line of credit secured by substantially all our assets. On March 25, 2022, we amended our secured loan and security agreement, or the Amended Loan and Security Agreement, increasing the revolving line of credit to $75 million, secured by substantially all our assets, maturing in March 2027, with available borrowings determined by a borrowing base calculation. The amendment also includes an option to increase the credit commitment by an additional $15 million. The amended revolving line bears interest at a fluctuating rate equal to the Base Rate or Secured Overnight Financing Rate, or SOFR, as applicable, plus the applicable margin. The applicable margin can range from a minimum of 0.25% to a maximum of 1.75% based on certain conditions as defined in the Amended Loan and Security Agreement. The financing arrangement contains covenants relating to minimum debt service coverage. On March 10, 2026, we amended our secured loan and security agreement, or the Third Amended Loan and Security Agreement, secured by substantially all our assets. The Third Amended Loan Agreement extended the maturity date to March 2031, increased the limits on permitted acquisitions, and reduced the covenant trigger threshold. Borrowing availability under the facility is subject to a borrowing base calculation. The financing arrangement also contains financial covenants, including a minimum debt service coverage ratio. We were in compliance with all financial covenants as of July 31, 2026. As of July 31, 2026, we had no borrowings outstanding on the revolving line of credit. If we would have had borrowings at July 31, 2026, those borrowings would have borne interest at approximately 5.16%, which is equal to SOFR plus the applicable margin. As of July 31, 2026, we have irrevocable standby letters of credit totaling $5.4 million to collateralize duty drawback bonds. During the three months ended July 31, 2026, no amounts have been drawn on the letters of credit.
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