– Segment Reporting
The Company conducts its operations through a single reportable segment representing the consolidated entity selling and financing used vehicles. Management has determined the Company consists of a single operating and reportable segment. The chief operating decision maker (“CODM”), who is the Chief Executive Officer, manages the Company on a consolidated basis and utilizes sales, provision for credit losses, and net income (loss) as presented on the Consolidated Statements of Operations as the primary financial measures used in assessing the performance of the Company.
The CODM is provided with the following significant segment expenses within selling, general and administrative expenses on the consolidated statement of operations. Other segment items within consolidated net income (loss) are all separately disclosed on the Consolidated Statement of Operations.
Segment reporting for the years ended April 30, 2026, 2025, and 2024 are as follows:
Years Ended April 30,
(Dollars in thousands)2026Change2025Change2024
Compensation and benefits:
Compensation and benefits, excluding share-based compensation expense$120,988 5.0 %$115,173 0.8 %$114,266 
Share-based compensation expense3,727 (20.8)4,708 12.84,174 
Total compensation and benefits$124,715 4.0$119,881 1.2118,440 
Store occupancy costs30,263 43.021,161 9.619,309 
Advertising costs4,691 (7.2)5,057 18.04,284 
Other overhead costs48,415 13.142,822 14.537,388 
Total selling, general and administrative expenses$208,084 10.1$188,921 5.3$179,421 
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Historical Timeline

Fiscal YearFiled
2026Jul 14, 2026Showing above
2025Aug 8, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.