America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its
operating results for the second quarter of fiscal year 2022.
“We continue to see solid productivity
improvement and market share gains in an operating environment with
historic supply and demand imbalances. Unit sales were up almost
6%, the average retail sales price was up 21% and interest income
was up 39%, resulting in top line growth of 29% for the quarter. We
believe productivity would have been even better had availability
of vehicles at lower price points been at more normal levels,” said
Jeff Williams, President and CEO. “The investments we are making in
our inventory procurement area have allowed us to consistently
offer better quality vehicles to our customers and keep our
dealerships sufficiently stocked during this difficult supply
period. We anticipate ongoing and continuous improvements in this
crucial area of our business with the ultimate goal being to
increase the amount of field time allocated to operational
efficiencies, unit volume productivity and growing customer
counts.”
“We ended the quarter with over 93,000 active
customers, up almost 9,300 or 11% from this time last year. We are
making good progress with our online loan origination system which
will streamline the consumer application process allowing us to
increase the funnel of potential Car-Mart customers,” said Mr.
Williams. “Our investments in digital customer experience are
resulting in higher traffic to our website and improving our sales
to repeat customers, which, at the end of the second quarter, were
over 50%. We aim to continue to increase sales potential by
reaching more consumers and then earn their repeat business by
delivering a unique and superior customer experience.”
“Our new service contracts, which include longer
terms, oil changes and roadside assistance, have been well received
by the market. These new products were designed to keep our
customers on the road while centralizing administrative activities
to increase efficiencies and productivity at the dealership level,”
added Mr. Williams. “We have many opportunities for positive
interactions with our customers after the sale and the initiatives
we have in place are directed at providing legendary service in
this high touch business.”
“Once again, we believe that most of our
dealerships can support 1,000 or more active customers at some
point in the future. We ended the quarter with an average of 613
active customers per dealership, up 5% in the first six months of
fiscal 2022. In recent years, we have shifted to focusing on the
total cost of ownership for our offering which is, in most cases,
significantly lower than competitive offerings, with our lower
interest rates and shorter terms,” said Mr. Williams.
“Additionally, when considering the work we do and the
relationships we form through various touchpoints after the sale,
we believe we have an obligation to keep customers in the Car-Mart
family for life. The demand for our offering is high and we can
deliver a level of service that we believe cannot be matched.”
“We believe our highest and best use of capital
is to grow market share from the existing dealership base. We will
continue to open new dealerships as we move forward, and we are
very excited to be opening our Norman, Oklahoma, dealership in the
next couple of weeks. We opened our El Reno, Oklahoma, location
during the second quarter and are very excited about extending our
reach in the Oklahoma market,” said Mr. Williams. “We will also
continue to look for acquisition opportunities and believe there
are several excellent operators who would like to join our Car-Mart
family. The cost of operating in our industry continues to increase
at a very high rate, and we believe we can provide an owner an
attractive exit strategy. In addition, we believe our conservative
balance sheet will allow us to increase our available financing for
future growth through accessing the securitization market, which
will facilitate our ability to serve more customers. We anticipate
participating in that market at some point as we move forward.”
“As Jeff mentioned, revenues increased 29% for the quarter driven
by higher sales volumes, higher average retail prices and
significantly higher interest income. Interest income increased
over $10 million for the quarter as our average finance receivables
increased to $929 million. Gross profit per retail unit sold
increased to $6,349 compared to $5,705 from the same period in the
prior year. Even with the significant investments we are making in
the areas of associate recruiting, training and retention,
inventory procurement management, customer experience and
information technology, we saw significant leveraging of our cost
structure with SG&A costs at 14.8% of sales compared to 16.5%
for the same prior year quarter,” said Vickie Judy, CFO. “Total
collections were strong and improved 6.8% per average customer.
Principal collections were in line with expectations and reflect an
increase in the weighted average contract term of 40 months
compared to 35 months for the prior year quarter. Net charge offs
remained relatively stable compared to last year, despite the
increase in the average retail sales price, as our customers
continue to perform well and our service levels and the investments
we have made to keep customers on the road provide a higher level
of service and are most certainly showing up in the numbers.”
“Our balance sheet is extremely healthy, with
debt, net of cash, to receivables of 33% at the end of the quarter.
Our cash flows and the significant availability of debt financing
to the automobile finance market will allow us to continue to grow
at a rate that we can support our customers at a very high level,”
said Vickie Judy. “During the first six months of fiscal 2022, we
grew finance receivables by $157 million, increased inventory by
$27 million, repurchased $20 million of our common stock and funded
$7 million in capital expenditures. We are very excited about our
future, and we have the balance sheet to grow and take advantage of
market opportunities.”
Conference Call and Investor Presentation
Management will be holding a conference call on
Thursday, November 18, 2021 at 11:00 a.m. Eastern Time to discuss
quarterly results. A live audio of the conference call will be
accessible to the public by calling (877) 776-4031, conference ID
#1075918. International callers dial (631) 291-4132. Callers should
dial in approximately 10 minutes before the call begins. A
conference call replay will be available two hours following the
call for thirty days and can be accessed by calling (855) 859-2056
(domestic) or (404) 537-3406 (international), conference call ID
#1075918.
In addition, on Friday, November 19, 2021, the
Company intends to publish to our corporate website an updated
investor presentation and video that will cover topics including
overviews of our business model and industry, our operating
activities and initiatives, management’s business outlook and
growth strategies, and related matters. The presentation will be
available for viewing at https://www.car-mart.com under the Company
and Investors tabs. The Company undertakes no obligation to update
or revise any information provided in the presentation, whether as
a result of new information, future events or otherwise.
About America’s Car-Mart
America’s Car-Mart, Inc. operates automotive
dealerships in twelve states and is one of the largest publicly
held automotive retailers in the United States focused exclusively
on the “Integrated Auto Sales and Finance” segment of the used car
market. The Company emphasizes superior customer service and the
building of strong personal relationships with its customers. The
Company operates its dealerships primarily in smaller cities
throughout the South-Central United States selling quality used
vehicles and providing financing for substantially all of its
customers. For more information about America’s Car-Mart, including
investor presentations, please visit our website at
www.car-mart.com.
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements address the
Company’s future objectives, plans and goals, as well as the
Company’s intent, beliefs and current expectations regarding future
operating performance and can generally be identified by words such
as “may,” “will,” “should,” “could,” “believe,” “expect,”
“anticipate,” “intend,” “plan,” “foresee,” and other similar words
or phrases. Specific events addressed by these forward-looking
statements may include, but are not limited to:
- new dealership
openings;
- performance of new dealerships;
- same dealership revenue growth;
- future revenue growth;
- receivables growth as related to revenue growth;
- customer growth;
- gross profit per retail unit sold;
- interest rates;
- future credit losses;
- the Company’s collection results, including but not limited to
collections during income tax refund periods;
- seasonality;
- technological investments and initiatives; and
- the Company’s business, operating and growth strategies.
These forward-looking statements are based on
the Company’s current estimates and assumptions and involve various
risks and uncertainties. As a result, you are cautioned that these
forward-looking statements are not guarantees of future
performance, and that actual results could differ materially from
those projected in these forward-looking statements. Factors that
may cause actual results to differ materially from the Company’s
projections include, but are not limited to:
- general economic conditions in the markets in which the Company
operates, including but not limited to fluctuations in gas prices,
grocery prices and employment levels;
- business and economic disruptions and uncertainty that may
result from the current outbreak of the Delta variant or any future
adverse developments with the COVID-19 pandemic and any efforts to
mitigate the financial impact and health risks associated with such
developments, including the recently proposed federal vaccine and
testing mandate for employers of 100 or more employees;
- the expiration of existing economic stimulus measures or other
government assistance programs implemented in response to the
COVID-19 pandemic or the adoption of further such stimulus measures
or assistance programs;
- the availability of credit facilities to support the Company’s
business;
- the Company’s ability to underwrite and collect its contracts
effectively;
- competition;
- dependence on existing management;
- ability to attract, develop and retain qualified general
managers;
- availability of quality vehicles at prices that will be
affordable to customers;
- changes in consumer finance laws or regulations, including but
not limited to rules and regulations that have recently been
enacted or could be enacted by federal and state governments;
- ability to keep pace with technological advances and changes in
consumer behavior affecting our
business;
- security breaches, cyber-attacks, or fraudulent activity;
and
- the ability to successfully identify, complete and integrate
new acquisitions.
Additionally, risks and uncertainties that may
affect future results include those described from time to time in
the Company’s SEC filings. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the dates on which they are
made.
____________________________
Contacts: Jeffrey A.
Williams, President and CEO (479) 464-9944 or Vickie D. Judy, CFO
(479) 464-9944
America’s Car-Mart, Inc. |
|
Consolidated Results of Operations |
|
(Dollars in thousands) |
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% Change |
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As a % of Sales |
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|
Three Months Ended |
|
2021 |
|
Three Months Ended |
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|
October 31, |
|
vs. |
|
October 31, |
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|
2021 |
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|
2020 |
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|
2020 |
|
2021 |
|
2020 |
Operating
Data: |
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|
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|
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|
|
|
|
|
|
|
Retail units
sold |
|
|
14,824 |
|
|
|
14,022 |
|
|
5.7 |
% |
|
|
|
|
|
|
|
Average number of
stores in operation |
|
|
151 |
|
|
|
150 |
|
|
0.7 |
|
|
|
|
|
|
|
|
Average retail
units sold per store per month |
|
|
32.7 |
|
|
|
31.2 |
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|
4.8 |
|
|
|
|
|
|
|
|
Average retail
sales price |
|
$ |
16,179 |
|
|
$ |
13,365 |
|
|
21.1 |
|
|
|
|
|
|
|
|
Total gross profit
per retail unit sold |
|
$ |
6,349 |
|
|
$ |
5,705 |
|
|
11.3 |
|
|
|
|
|
|
|
|
Same store revenue
growth |
|
|
28.2 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as
a percent of average finance receivables |
|
4.8 |
% |
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
Total collected
(principal, interest and late fees) |
$ |
134,222 |
|
|
$ |
112,891 |
|
|
18.9 |
|
|
|
|
|
|
|
|
Average total
collected per active customer per month |
$ |
485 |
|
|
$ |
454 |
|
|
6.8 |
|
|
|
|
|
|
|
|
Principal
collected as a percent of average finance receivables |
|
10.5 |
% |
|
|
12.9 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage
of finance receivables-current (excl. 1-2 day) |
|
81.4 |
% |
|
|
84.8 |
% |
|
|
|
|
|
|
|
|
|
|
Average
down-payment percentage |
|
|
6.0 |
% |
|
|
6.4 |
% |
|
|
|
|
|
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|
|
|
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|
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|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
152 |
|
|
|
150 |
|
|
1.3 |
% |
|
|
|
|
|
|
|
Accounts over 30
days past due |
|
|
4.0 |
% |
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
|
|
Active customer
count |
|
|
93,231 |
|
|
|
83,945 |
|
|
11.1 |
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
966,425 |
|
|
$ |
692,775 |
|
|
39.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Statements
of Operations: |
|
|
|
|
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|
|
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|
|
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|
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Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
251,282 |
|
|
$ |
196,684 |
|
|
27.8 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
37,019 |
|
|
|
26,676 |
|
|
38.8 |
|
|
14.7 |
|
|
13.6 |
|
|
|
|
|
Total |
|
|
288,301 |
|
|
|
223,360 |
|
|
29.1 |
|
|
114.7 |
|
|
113.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
157,167 |
|
|
|
116,690 |
|
|
34.7 |
|
|
62.5 |
|
|
59.3 |
|
|
|
Selling, general
and administrative |
|
|
37,161 |
|
|
|
32,536 |
|
|
14.2 |
|
|
14.8 |
|
|
16.5 |
|
|
|
Provision for
credit losses |
|
|
60,947 |
|
|
|
43,862 |
|
|
39.0 |
|
|
24.3 |
|
|
22.3 |
|
|
|
Interest
expense |
|
|
2,513 |
|
|
|
1,658 |
|
|
51.6 |
|
|
1.0 |
|
|
0.8 |
|
|
|
Depreciation and
amortization |
|
|
958 |
|
|
|
928 |
|
|
3.2 |
|
|
0.4 |
|
|
0.5 |
|
|
|
Gain (loss) on
disposal of property and equipment |
|
44 |
|
|
|
(64 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
258,790 |
|
|
|
195,610 |
|
|
32.3 |
|
|
103.0 |
|
|
99.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
29,511 |
|
|
|
27,750 |
|
|
|
|
|
11.7 |
|
|
14.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
|
6,618 |
|
|
|
6,554 |
|
|
|
|
|
2.6 |
|
|
3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
22,893 |
|
|
$ |
21,196 |
|
|
|
|
|
9.1 |
|
|
10.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on
subsidiary preferred stock |
|
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shareholders |
$ |
22,883 |
|
|
$ |
21,186 |
|
|
|
|
|
|
|
|
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|
|
|
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|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
3.50 |
|
|
$ |
3.20 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
3.33 |
|
|
$ |
3.05 |
|
|
|
|
|
|
|
|
|
|
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|
Weighted average
number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
6,529,846 |
|
|
|
6,627,780 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
6,863,273 |
|
|
|
6,935,707 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
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|
|
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|
|
|
America’s Car-Mart, Inc. |
|
Consolidated Results of Operations |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Six Months Ended |
|
2021 |
|
Six Months Ended |
|
|
|
|
|
|
October 31, |
|
vs. |
|
October 31, |
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
2020 |
|
2021 |
|
2020 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units
sold |
|
|
30,043 |
|
|
|
26,198 |
|
|
14.7 |
% |
|
|
|
|
|
|
|
Average number of
stores in operation |
|
|
151 |
|
|
|
150 |
|
|
0.7 |
|
|
|
|
|
|
|
|
Average retail
units sold per store per month |
|
|
33.2 |
|
|
|
29.1 |
|
|
14.1 |
|
|
|
|
|
|
|
|
Average retail
sales price |
|
$ |
15,787 |
|
|
$ |
13,102 |
|
|
20.5 |
|
|
|
|
|
|
|
|
Total gross profit
per retail unit sold |
|
$ |
6,261 |
|
|
$ |
5,646 |
|
|
10.9 |
|
|
|
|
|
|
|
|
Same store revenue
growth |
|
|
36.7 |
% |
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as
a percent of average finance receivables |
|
9.1 |
% |
|
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
Total collected
(principal, interest and late fees) |
$ |
265,151 |
|
|
$ |
220,137 |
|
|
20.4 |
|
|
|
|
|
|
|
|
Average total
collected per active customer per month |
$ |
486 |
|
|
$ |
447 |
|
|
8.6 |
|
|
|
|
|
|
|
|
Principal
collected as a percent of average finance receivables |
|
21.9 |
% |
|
|
25.9 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage
of finance receivables-current (excl. 1-2 day) |
|
82.7 |
% |
|
|
84.8 |
% |
|
|
|
|
|
|
|
|
|
|
Average
down-payment percentage |
|
|
6.4 |
% |
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
152 |
|
|
|
150 |
|
|
1.3 |
% |
|
|
|
|
|
|
|
Accounts over 30
days past due |
|
|
4.0 |
% |
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
|
|
Active customer
count |
|
|
93,231 |
|
|
|
83,945 |
|
|
11.1 |
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
966,425 |
|
|
$ |
692,775 |
|
|
39.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements
of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
498,025 |
|
|
$ |
359,483 |
|
|
38.5 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
70,605 |
|
|
|
51,788 |
|
|
36.3 |
|
|
14.2 |
|
|
14.4 |
|
|
|
|
|
Total |
|
|
568,630 |
|
|
|
411,271 |
|
|
38.3 |
|
|
114.2 |
|
|
114.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
309,930 |
|
|
|
211,564 |
|
|
46.5 |
|
|
62.2 |
|
|
58.9 |
|
|
|
Selling, general
and administrative |
|
|
75,961 |
|
|
|
61,293 |
|
|
23.9 |
|
|
15.3 |
|
|
17.1 |
|
|
|
Provision for
credit losses |
|
|
115,055 |
|
|
|
79,946 |
|
|
43.9 |
|
|
23.1 |
|
|
22.2 |
|
|
|
Interest
expense |
|
|
4,496 |
|
|
|
3,377 |
|
|
33.1 |
|
|
0.9 |
|
|
0.9 |
|
|
|
Depreciation and
amortization |
|
|
1,873 |
|
|
|
1,866 |
|
|
0.4 |
|
|
0.4 |
|
|
0.5 |
|
|
|
Gain (loss) on
disposal of property and equipment |
|
46 |
|
|
|
(64 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
507,361 |
|
|
|
357,982 |
|
|
41.7 |
|
|
101.9 |
|
|
99.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
61,269 |
|
|
|
53,289 |
|
|
|
|
|
12.3 |
|
|
14.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
|
13,409 |
|
|
|
12,529 |
|
|
|
|
|
2.7 |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
47,860 |
|
|
$ |
40,760 |
|
|
|
|
|
9.6 |
|
|
11.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on
subsidiary preferred stock |
|
$ |
(20 |
) |
|
$ |
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shareholders |
$ |
47,840 |
|
|
$ |
40,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
7.28 |
|
|
$ |
6.14 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
6.90 |
|
|
$ |
5.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
6,567,020 |
|
|
|
6,630,112 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
6,930,604 |
|
|
|
6,925,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America’s Car-Mart, Inc. |
Condensed Consolidated Balance Sheet and Other Data |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, |
|
April 30, |
|
October 31, |
|
|
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
2,124 |
|
|
$ |
2,893 |
|
|
$ |
19,533 |
|
Finance
receivables, net |
|
$ |
748,205 |
|
|
$ |
625,119 |
|
|
$ |
519,810 |
|
Inventory |
|
|
$ |
108,989 |
|
|
$ |
82,263 |
|
|
$ |
67,428 |
|
Total assets |
|
$ |
976,852 |
|
|
$ |
822,159 |
|
|
$ |
716,344 |
|
Total debt |
|
$ |
324,089 |
|
|
$ |
225,924 |
|
|
$ |
213,523 |
|
Treasury
stock |
|
$ |
277,491 |
|
|
$ |
257,527 |
|
|
$ |
252,991 |
|
Total equity |
|
$ |
437,464 |
|
|
$ |
406,496 |
|
|
$ |
343,631 |
|
Shares
outstanding |
|
|
6,508,963 |
|
|
|
6,625,885 |
|
|
|
6,602,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
Principal
balance |
|
$ |
966,425 |
|
|
$ |
809,537 |
|
|
$ |
692,775 |
|
|
Deferred revenue -
payment protection plan |
|
(38,355 |
) |
|
|
(32,704 |
) |
|
|
(26,840 |
) |
|
Deferred revenue -
service contract |
|
|
(37,375 |
) |
|
|
(24,106 |
) |
|
|
(13,236 |
) |
|
Allowance for
credit losses |
|
|
(218,220 |
) |
|
|
(184,418 |
) |
|
|
(172,965 |
) |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
672,475 |
|
|
$ |
568,309 |
|
|
$ |
479,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance as % of
principal balance net of deferred revenue |
|
24.5 |
% |
|
|
24.5 |
% |
|
|
26.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
October 31, |
|
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Balance at
beginning of period |
|
$ |
201,874 |
|
|
$ |
155,041 |
|
|
|
|
Provision for
credit losses |
|
|
115,055 |
|
|
|
79,946 |
|
|
|
|
Charge-offs, net
of collateral recovered |
|
|
(98,709 |
) |
|
|
(62,022 |
) |
|
|
|
|
Balance at end of period |
|
$ |
218,220 |
|
|
$ |
172,965 |
|
|
|
|
|
|
|
|
|
|
|
|
Americas Car Mart (NASDAQ:CRMT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Americas Car Mart (NASDAQ:CRMT)
Historical Stock Chart
From Apr 2023 to Apr 2024