America's Car-Mart Reports Diluted Earnings per Share of $1.58 on Revenues of $167 Million
November 15 2018 - 5:36PM
America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its
operating results for the second quarter of fiscal year 2019.
Highlights of second quarter operating
results:
- Net earnings of $11.3 million – $1.58 per diluted share vs. net
earnings of $6.0 million – $.79 per diluted share for prior year
quarter
- Income tax benefit related to share-based compensation of
$543,000 ($.08 per diluted share) compared to $612,000 ($.08 per
diluted share) for the prior year quarter
- Revenues of $167 million compared to $149 million for the prior
year quarter, current quarter includes a $2.1 million increase in
interest income and same store revenue increase of 11%
- Increased sales volume productivity with 29.7 retail units sold
per store per month, up from 28.4 for the prior year quarter
- Average retail sales price increased $612 to $11,030 or 5.9%
from the prior year quarter
- Gross profit margin percentage decreased to 41.7% from 42.0%
for the prior year quarter
- Collections as a percentage of average finance receivables
increased to 13.0% from 12.2% for the prior year quarter. The
weighted average contract term decreased to 32.1 months from 32.5
from the prior year quarter and decreased from 32.4 from the first
quarter of 2019
- Net Charge-offs as a percent of average finance receivables
decreased to 6.6% from 7.5% for the prior year quarter
- Accounts over 30 days past due decreased to 3.4% from 4.1% at
October 31, 2017
- Average percentage of finance receivables current increased to
81% from 80% at October 31, 2017
- Provision for credit losses of 26.3% of sales vs. 29.7% for
prior year quarter
- Selling, general and administrative expenses at 17.9% of sales
vs. 18.2% for prior year quarter
- Active accounts base over 74,000, an increase of over 3,000
from April 30, 2018
- Debt to equity of 67.5% and debt to finance receivables of
30.8%
- Strong cash flows supporting the $15 million increase in
finance receivables, $1.7 million increase in inventory, $852,000
in net capital expenditures and $6.5 million in common stock
repurchases (89,656 shares) with a $9.7 million increase in total
debt
Highlights of six-month operating
results:
- Net income of $22.1 million – $3.11 per
diluted share vs. net income of $13.0 million –
$1.69 per diluted share for prior year period
- Income tax benefit related to share-based compensation of $1.5
million ($.21 per diluted share) compared to $784,000 ($.10 per
diluted share) for the prior year quarter
- Revenues of $331 million compared to $296 million for the prior
year period, current period includes a $3.8 million increase in
interest income and same store revenue increase of 11.6%
- Retail unit sales increase of 6% to 25,200 from 23,769 for the
prior year period with improved productivity at 29.8 retail units
sold per store per month, up from 28.3 for the prior year
period
- Net Charge-offs as a percent of average finance receivables of
13.0%, down from 13.8% for prior year period
- Provision for credit losses of 26.2% of sales vs. 28.2% of
sales for prior year period
- Strong cash flows supporting the $34.4 million increase in
finance receivables, $5.6 million increase in inventory, $1.5
million in net capital expenditures and $13.9 million in common
stock repurchases (205,655 shares) with a $12.4 million increase in
total debt
“We are pleased to report another solid quarter
and are proud of the hard work, dedication, and commitment of our
associates as we help customers succeed. Car-Mart is a vitally
important part of the communities we serve, and we now have over
74,000 customers, up about 4,500 in the last twelve months. We will
always strive to continually improve our service levels, and we are
excited about our future and our ability to grow the business in a
healthy manner. There is real purpose in our work. The market we
serve is quite large, and it’s up to us to grow our customer count
and at the same time continue to improve operationally. We
have spent years building an infrastructure to support a much
larger business, with more recent investments directed at the
General Manager Recruitment, Training and Advancement program as
well as significant efforts to improve our inventory management
processes,” said Jeff Williams, President and Chief Executive
Officer. “We attribute the improvements in our operating
metrics to these investments, together with our total commitment to
the company’s ‘Operations Non-Negotiables’ in our daily work. Our
focus on basic blocking and tackling is allowing us to move the
business forward in a positive manner.”
“During the quarter, we opened three new
dealerships. These dealerships are in Fayetteville, Arkansas,
Bixby, Oklahoma and Montgomery, Alabama. Additionally, we have
three new lot openings in process. These dealerships will be in
Conway, Arkansas, Bryant, Arkansas and Chattanooga, Tennessee,”
said Mr. Williams. “All of these dealerships will be managed by
some of our top-performing general managers as we expand the number
of customers served by these managers to leverage their talents. We
are excited about the direction our company is moving, and we are
committed to getting better.”
“It is encouraging to see the continued
improvements in our top line revenue and credit loss results.
Our associates’ commitment to customer service is showing up in our
sales volume productivity, which was up 4.6% compared to the prior
year quarter, and charge-offs as a percentage of average
receivables was down to 6.6%. Collections as a percentage of
average receivables increased to 13% for the quarter,” said Vickie
Judy, Chief Financial Officer. “Also, it is good to see some
leveraging in our selling, general and administrative expenses as
our investments are paying off in supporting our increased
revenues.”
“We repurchased 89,656 shares of our common
stock (1.3% of our outstanding shares at July 31, 2018) during the
quarter at an average price of $72.44 for a total of $6.5 million.
Since February 2010 we have repurchased 6.0 million shares (51% of
our outstanding shares at January 31, 2010) at an average price of
approximately $35. We plan to continue to repurchase shares
opportunistically as we move forward. During the first six
months of the fiscal year, we have added over $34.4 million in
receivables, repurchased $13.9 million of our common stock, funded
$1.5 million in net capital expenditures, and increased inventory
by $5.6 million to support higher sales levels with only a $12.4
million increase in debt. Our balance sheet is very strong with a
debt to finance receivables ratio of 30.8%,” added Ms. Judy. “We
will continue to focus on strong cash-on-cash returns while being
mindful of the continuing infrastructure investment needs in the
key areas of the business.”
Conference Call
Management will be holding a conference call on
Friday, November 16, 2018 at 11:00 a.m. Eastern Time to discuss
second quarter results. A live audio of the conference call
will be accessible to the public by calling (877) 776-4031.
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
#1085829.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”)
operates 143 automotive dealerships in eleven 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 small cities throughout the South-Central
United States selling quality used vehicles and providing financing
for substantially all of its customers. For more information,
including investor presentations, on America’s Car-Mart, 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 include, but are not limited to:
- new dealership openings;
- performance of new dealerships;
- same store revenue growth;
- future overall revenue growth;
- the Company’s collection results, including but not limited to
collections during income tax refund periods;
- repurchases of the Company’s common stock; and
- the Company’s business and growth strategies and plans.
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:
- the availability of credit facilities to support the Company’s
business;
- the Company’s ability to underwrite and collect its accounts
effectively, including but not limited to collections during income
tax refund periods;
- competition;
- dependence on existing management;
- availability of quality vehicles at prices that will be
affordable to customers;
- changes in financing laws or regulations; and
- 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.
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) 418-8021 or Vickie D. Judy, CFO
(479) 418-8081
America's Car-Mart,
Inc.Consolidated Results of
Operations(Operating Statement Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
|
Three Months Ended |
|
2018 |
|
Three Months Ended |
|
|
|
|
|
|
|
October 31, |
|
vs. |
|
October 31, |
|
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
2017 |
|
2018 |
|
2017 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
12,667 |
|
|
|
11,932 |
|
|
6.2 |
|
% |
|
|
|
|
|
|
|
Average
number of stores in operation |
|
|
142 |
|
|
|
140 |
|
|
1.4 |
|
|
|
|
|
|
|
|
|
Average
retail units sold per store per month |
|
|
29.7 |
|
|
|
28.4 |
|
|
4.6 |
|
|
|
|
|
|
|
|
|
Average
retail sales price |
|
$ |
11,030 |
|
|
$ |
10,418 |
|
|
5.9 |
|
|
|
|
|
|
|
|
|
Same store
revenue growth |
|
|
11.0% |
|
|
|
0.6% |
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs as a percent of average finance receivables |
|
6.6% |
|
|
|
7.5% |
|
|
|
|
|
|
|
|
|
|
|
Collections
as a percent of average finance receivables |
|
|
13.0% |
|
|
|
12.2% |
|
|
|
|
|
|
|
|
|
|
|
Average
percentage of finance receivables-current (excl. 1-2 day) |
|
81.0% |
|
|
|
80.1% |
|
|
|
|
|
|
|
|
|
|
|
Average
down-payment percentage |
|
|
5.8% |
|
|
|
5.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores
open |
|
|
143 |
|
|
|
140 |
|
|
2.1 |
|
% |
|
|
|
|
|
|
|
Accounts
over 30 days past due |
|
|
3.4% |
|
|
|
4.1% |
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
535,842 |
|
|
$ |
492,495 |
|
|
8.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
146,411 |
|
|
$ |
130,427 |
|
|
12.3 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
20,760 |
|
|
|
18,691 |
|
|
11.1 |
|
|
|
14.2 |
|
|
14.3 |
|
|
|
|
|
Total |
|
|
167,171 |
|
|
|
149,118 |
|
|
12.1 |
|
|
|
114.2 |
|
|
114.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
85,366 |
|
|
|
75,623 |
|
|
12.9 |
|
|
|
58.3 |
|
|
58.0 |
|
|
|
Selling,
general and administrative |
|
|
26,198 |
|
|
|
23,727 |
|
|
10.4 |
|
|
|
17.9 |
|
|
18.2 |
|
|
|
Provision
for credit losses |
|
|
38,521 |
|
|
|
38,746 |
|
|
(0.6 |
) |
|
|
26.3 |
|
|
29.7 |
|
|
|
Interest
expense |
|
|
1,981 |
|
|
|
1,324 |
|
|
49.6 |
|
|
|
1.4 |
|
|
1.0 |
|
|
|
Depreciation and amortization |
|
|
979 |
|
|
|
1,108 |
|
|
(11.6 |
) |
|
|
0.7 |
|
|
0.8 |
|
|
|
Loss on
disposal of property and equipment |
|
|
12 |
|
|
|
57 |
|
|
(78.9 |
) |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
153,057 |
|
|
|
140,585 |
|
|
8.9 |
|
|
|
104.5 |
|
|
107.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
14,114 |
|
|
|
8,533 |
|
|
|
|
|
9.6 |
|
|
6.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
|
2,833 |
|
|
|
2,564 |
|
|
|
|
|
1.9 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
11,281 |
|
|
$ |
5,969 |
|
|
|
|
|
7.7 |
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
11,271 |
|
|
$ |
5,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
1.64 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
1.58 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
6,865,060 |
|
|
|
7,354,499 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
7,132,217 |
|
|
|
7,555,026 |
|
|
|
|
|
|
|
|
|
|
America's Car-Mart,
Inc.Consolidated Results of
Operations(Operating Statement Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
|
Six Months Ended |
|
2018 |
|
Six Months Ended |
|
|
|
|
|
|
|
October 31, |
|
vs. |
|
October 31, |
|
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
2017 |
|
2018 |
|
2017 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
25,200 |
|
|
|
23,769 |
|
|
6.0 |
|
% |
|
|
|
|
|
|
|
Average
number of stores in operation |
|
|
141 |
|
|
|
140 |
|
|
0.7 |
|
|
|
|
|
|
|
|
|
Average
retail units sold per store per month |
|
|
29.8 |
|
|
|
28.3 |
|
|
5.3 |
|
|
|
|
|
|
|
|
|
Average
retail sales price |
|
$ |
11,022 |
|
|
$ |
10,402 |
|
|
6.0 |
|
|
|
|
|
|
|
|
|
Same store
revenue growth |
|
|
11.6% |
|
|
|
1.3% |
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs as a percent of average finance receivables |
|
13.0% |
|
|
|
13.8% |
|
|
|
|
|
|
|
|
|
|
|
Collections
as a percent of average finance receivables |
|
|
26.0% |
|
|
|
24.6% |
|
|
|
|
|
|
|
|
|
|
|
Average
percentage of finance receivables-current (excl. 1-2 day) |
|
81.4% |
|
|
|
80.5% |
|
|
|
|
|
|
|
|
|
|
|
Average
down-payment percentage |
|
|
6.0% |
|
|
|
6.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores
open |
|
|
143 |
|
|
|
140 |
|
|
2.1 |
|
% |
|
|
|
|
|
|
|
Accounts
over 30 days past due |
|
|
3.4% |
|
|
|
4.1% |
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
535,842 |
|
|
$ |
492,495 |
|
|
8.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
290,512 |
|
|
$ |
258,701 |
|
|
12.3 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
40,674 |
|
|
|
36,835 |
|
|
10.4 |
|
|
|
14.0 |
|
|
14.2 |
|
|
|
|
|
Total |
|
|
331,186 |
|
|
|
295,536 |
|
|
12.1 |
|
|
|
114.0 |
|
|
114.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
169,534 |
|
|
|
150,829 |
|
|
12.4 |
|
|
|
58.4 |
|
|
58.3 |
|
|
|
Selling,
general and administrative |
|
|
52,580 |
|
|
|
47,592 |
|
|
10.5 |
|
|
|
18.1 |
|
|
18.4 |
|
|
|
Provision
for credit losses |
|
|
76,064 |
|
|
|
72,906 |
|
|
4.3 |
|
|
|
26.2 |
|
|
28.2 |
|
|
|
Interest
expense |
|
|
3,785 |
|
|
|
2,496 |
|
|
51.6 |
|
|
|
1.3 |
|
|
1.0 |
|
|
|
Depreciation and amortization |
|
|
1,964 |
|
|
|
2,187 |
|
|
(10.2 |
) |
|
|
0.7 |
|
|
0.8 |
|
|
|
Loss on
disposal of property and equipment |
|
|
12 |
|
|
|
104 |
|
|
(88.5 |
) |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
303,939 |
|
|
|
276,114 |
|
|
10.1 |
|
|
|
104.6 |
|
|
106.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
27,247 |
|
|
|
19,422 |
|
|
|
|
|
9.4 |
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
|
5,083 |
|
|
|
6,461 |
|
|
|
|
|
1.7 |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
22,164 |
|
|
$ |
12,961 |
|
|
|
|
|
7.6 |
|
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(20 |
) |
|
$ |
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
22,144 |
|
|
$ |
12,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
3.21 |
|
|
$ |
1.74 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
3.11 |
|
|
$ |
1.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
6,894,547 |
|
|
|
7,451,673 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
7,129,451 |
|
|
|
7,661,668 |
|
|
|
|
|
|
|
|
|
|
America's Car-Mart,
Inc.Consolidated Balance Sheet and Other
Data (Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, |
|
April 30, |
|
October 31, |
|
|
|
|
2018 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
679 |
|
|
$ |
1,022 |
|
|
$ |
358 |
|
Finance
receivables, net |
|
$ |
409,714 |
|
|
$ |
383,617 |
|
|
$ |
376,577 |
|
Inventory |
|
|
$ |
39,255 |
|
|
$ |
33,610 |
|
|
$ |
31,315 |
|
Total
assets |
|
$ |
487,396 |
|
|
$ |
455,584 |
|
|
$ |
444,007 |
|
Total
debt |
|
$ |
164,789 |
|
|
$ |
152,367 |
|
|
$ |
137,950 |
|
Treasury
stock |
|
$ |
218,197 |
|
|
$ |
204,325 |
|
|
$ |
182,112 |
|
Total
equity |
|
$ |
244,310 |
|
|
$ |
230,535 |
|
|
$ |
226,910 |
|
Shares
outstanding |
|
|
6,822,763 |
|
|
|
6,849,161 |
|
|
|
7,177,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
Principal
balance |
|
$ |
535,842 |
|
|
$ |
501,438 |
|
|
$ |
492,495 |
|
|
Deferred
revenue - payment protection plan |
|
(20,790 |
) |
|
|
(19,823 |
) |
|
|
(18,956 |
) |
|
Deferred
revenue - service contract |
|
(10,550 |
) |
|
|
(10,332 |
) |
|
|
(9,868 |
) |
|
Allowance
for credit losses |
|
(126,128 |
) |
|
|
(117,821 |
) |
|
|
(115,918 |
) |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
378,374 |
|
|
$ |
353,462 |
|
|
$ |
347,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
as % of principal balance net of deferred revenue |
|
25.0 |
% |
|
|
25.0 |
% |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
|
Six months Ended |
|
|
|
|
|
|
October 31, |
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
Balance at
beginning of period |
$ |
117,821 |
|
|
$ |
109,693 |
|
|
|
|
Provision
for credit losses |
|
76,064 |
|
|
|
72,906 |
|
|
|
|
Charge-offs, net of collateral recovered |
|
(67,757 |
) |
|
|
(66,681 |
) |
|
|
|
|
Balance at
end of period |
$ |
126,128 |
|
|
$ |
115,918 |
|
|
|
|
|
|
|
|
|
|
|
|
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