Subsequent Events

9 Months Ended

Jan. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On February 28, 2025, the Company entered into Amendment No. 9 to its revolving credit agreement that, among other things, extends the maturity date of the credit facility to March 31, 2027 and increases the total permitted borrowings by $30 million to $350 million. Under the amendment, the Company will be required to maintain a minimum amount available to be drawn under the credit facilities, based on eligible finance receivables and inventory, of $20 million when the outstanding principal balance under the line of credit is less than or equal to $325 million. If the outstanding principal balance under the line of credit is greater than $325 million, the Company will be required to maintain a minimum availability of $50 million. The amendment makes further adjustments to the required fixed charge coverage ratio, including incremental increases in the required ratio through July 31, 2026. The amendment also decreases the Company’s permissible capital expenditure limit from $35.0 million to $25.0 million in the aggregate during any fiscal year.