v3.26.1
Finance Receivables, Net (Tables)
 3 Months Ended
Jul. 31, 2026
Receivables [Abstract]  
Summary of Components of Finance Receivables
The components of finance receivables are as follows:
As of
(In thousands)July 31, 2026April 30, 2026
Gross contract amount$1,519,915 $1,821,480 
Less unearned finance charges(328,965)(408,421)
Principal balance1,190,950 1,413,059 
Less: estimated insurance receivables for accident protection plan claims(2,147)(2,149)
Less: allowance for accident protection plan claims(2,495)(2,420)
Less allowance for credit losses(276,952)(329,901)
Finance receivables, net909,356 1,078,589 
Loan origination costs441 578 
Finance receivables, net, including loan origination costs$909,797 $1,079,167 
Summary of Changes in Finance Receivables
Changes in the finance receivables, net are as follows:
As of July 31,
(In thousands)20262025
Balance at beginning of period$1,078,589 $1,180,010 
Finance receivable originations40,976 262,746 
Finance receivable collections(108,810)(118,720)
Provision for credit losses(71,559)(103,036)
Losses on claims for accident protection plan(7,132)(8,595)
Inventory acquired in repossession and accident protection plan claims(22,708)(29,616)
Balance at end of period$909,356 $1,182,789 
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)20262025
Balance at beginning of period$329,901 $323,100 
Provision for credit losses71,559 103,036 
Charge-offs(147,143)(128,876)
Recovered collateral22,635 28,810 
Balance at end of period$276,952 $326,070 
Summary of Finance Receivables, Current and Past Due
The following table presents the finance receivables that are current and past due:
(Dollars in thousands)July 31, 2026April 30, 2026July 31, 2025
Principal
Balance		Percent of
Portfolio		Principal
Balance		Percent of
Portfolio		Principal
Balance		Percent of
Portfolio
Current$929,249 78.02%$1,090,757 77.19%$1,206,214 79.58 %
3 - 29 days past due207,564 17.43%264,121 18.69%247,549 16.33 %
30 - 60 days past due35,956 3.02%39,541 2.80%42,080 2.78 %
61 - 90 days past due9,710 0.82%11,676 0.83%12,007 0.79 %
> 90 days past due8,471 0.71%6,964 0.49%7,831 0.52 %
Total$1,190,950 100.00%$1,413,059 100.00%$1,515,681 100.00%
Summary of Finance Receivables, Credit Quality Indicators
Three Months Ended
July 31,
20262025
Average total collected per active customer per month$594 $585 
Principal collected as a percent of average finance receivables8.3 %7.9 %
Average down-payment percentage5.4 %4.9 %
Average originating contract term (in months)
47.044.9
As of July 31,
20262025
Portfolio weighted average contract term, including modifications (in months)
49.348.3
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, 2026, segregated by customer score and year of origination.
As of July 31, 2026
(Dollars in thousands)Fiscal Year of Origination
Prior to
Customer Rating202720262025202420232023Total%
1-2$2,927 $59,511 $16,790 $3,701 $708 $78 $83,715 7.0%
3-46,049 156,079 105,197 40,730 7,559 1,552 317,166 26.7%
5-716,868 400,055 225,659 102,223 36,872 8,392 790,069 66.3%
Total$25,844 $615,645 $347,646 $146,654 $45,139 $10,022 $1,190,950 100.0%
Charge-offs$732 $76,478 $47,692 $17,045 $4,286 $910 $147,143 
The following table presents a summary of finance receivables by credit quality indicator, as of July 31, 2025, segregated by customer score.
As of July 31, 2025
(Dollars in thousands)Fiscal Year of Origination
Prior to
Customer Rating202620252024202320222022Total%
1-2$32,567 $24,592 $12,365 $3,742 $552 $65 $73,883 4.9%
3-471,617 183,952 102,214 32,313 6,218 768 397,082 26.2%
5-7151,763 510,742 237,276 109,996 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 
Summary of Contract Modifications
The following table presents contract modifications by type of modification for the three months ended July 31, 2026 and 2025:

Contract Modifications by Type
(Dollars in thousands)July 31, 2026July 31, 2025
Type of ModificationPrincipal Balance% of PortfolioPrincipal Balance% of Portfolio
Term extension$145,631 12.2 %$192,122 12.7 %
Combination (1)
3,298 0.3 %2,818 0.2 %
Total$148,929 12.5 %$194,940 12.9 %
(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, 2026		Three Months Ended
July 31, 2025
Term extension
Added a weighted average of 1.3 months to the life of contracts, which reduced monthly payment amounts to borrowers.
Added a weighted average of 1.4 months to the life of contracts, which reduced monthly payment amounts to borrowers.
Combination
Added a weighted average of 20.8 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 9.3%.
Added a weighted average of 22.9 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 8.1%.
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)TotalCurrent3-29 Days Past Due30-60 Days Past Due61-90 Days Past Due90+ Days Past Due
For Three Months Ended July 31, 2026$145,631$109,743$31,079$4,521$288$—
For Three Months Ended July 31, 2025$192,122$143,015$42,693$5,745$669$—
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, 2026$3,298 $994 $696 $810 $798 
For Three Months Ended July 31, 2025$2,818 $772 $753 $605 $688