America's Car-Mart Reports Diluted Earnings per Share of $1.55 on Revenues of $161 Million
February 19 2019 - 5:04PM
America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its
operating results for the third quarter of fiscal year 2019.
Highlights of third quarter operating
results:
- Income before taxes of $14.3
million vs. $5.8 million for prior year quarter
- Net earnings of $10.9 million, or
$1.55 per diluted share vs. net earnings of $13.4 million, or $1.82
per diluted share for prior year quarter (diluted earnings per
share for prior year quarter includes $1.32 for the effect of the
enactment of the Tax Cuts and Jobs Act (“Tax Act”) in December 2017
and $(.10) for a one-time retirement bonus paid to retiring
CEO)
- Revenues of $161 million compared
to $147 million for the prior year quarter; current quarter
includes a $2.2 million increase in interest income and same store
revenue increase of 8.5%
- Increased sales volume productivity
with 27.9 retail units sold per store per month, up from 27.2 for
the prior year quarter
- Average retail sales price
increased $484, or 4.5% from the prior year quarter to $11,146
- Gross profit margin percentage
remained consistent at 41.5%
- Collections as a percentage of
average finance receivables increased to 13.2% from 12.5% for the
prior year quarter. The weighted average contract term
decreased to 32.0 months from 32.4 months at the prior year
quarter-end and decreased from 32.1 months at the end of the second
quarter of 2019
- Net Charge-offs as a percent of
average finance receivables decreased to 6.2% from 7.4% for the
prior year quarter
- Accounts over 30 days past due
decreased to 3.2% from 4.1% at January 31, 2018
- Average percentage of finance
receivables current increased to 83.0% from 80.4% at January 31,
2018
- Provision for credit losses of
25.4% of sales vs. 29.5% for prior year quarter
- Selling, general and administrative
expenses at 18.9% of sales vs. 20.2% for prior year quarter (19.4%
excluding the one-time retirement bonus paid to retiring CEO)
- Active accounts base over 75,000,
an increase of almost 4,000 from April 30, 2018
- Debt to equity of 69.5% and debt to
finance receivables of 31.4%
- Strong cash flows supporting the
$7.1 million increase in finance receivables, $1.5 million in net
capital expenditures and $10.2 million in common stock repurchases
(141,500 shares) with a $5.9 million increase in total debt
Highlights of nine-month operating
results:
- Income before taxes of $41.5
million vs $25.2 million for prior year period
- Net income of $33.0 million or
$4.66 per diluted share vs. net income of $26.3 million or $3.48
per diluted share for prior year period (diluted earnings per share
for prior year period includes $1.28 for the effect of the
enactment of the Tax Act in December 2017 and $(.10) for a one-time
retirement bonus paid to retiring CEO)
- Income tax benefit related to
share-based compensation of $1.5 million ($.22 per diluted share)
compared to $777,000 ($.10 per diluted share) for the prior
year period
- Revenues of $492 million compared
to $443 million for the prior year period; current period includes
a $6.0 million increase in interest income and same store revenue
increase of 10.5%
- Retail unit sales increase of 5.6%
to 37,163 from 35,189 for the prior year period with improved
productivity at 29.3 retail units sold per store per month, up from
27.9 for the prior year period
- Net Charge-offs as a percent of
average finance receivables of 19.2%, down from 21.2% for prior
year period
- Provision for credit losses of
25.9% of sales vs. 28.6% of sales for prior year period
- Strong cash flows supporting the
$41.5 million increase in finance receivables, $5.2 million
increase in inventory, $3.0 million in net capital expenditures and
$24.1 million in common stock repurchases (347,155 shares) with an
$18.4 million increase in total debt
“We had a good quarter as we continue to see
across the board improvements resulting from our focus on the
Company’s Non-Negotiables related to inventory, facilities and
associates, collections practices and expense management. There is
real purpose in our work as we move forward with our efforts to be
a great company in the eyes of our associates, customers and
shareholders while improving lives in communities we serve. We
believe that communities are better when served by America's
Car-Mart. We have an obligation to grow our customer count at a
rate that is in line with our ability to support associates and
customers at the very highest levels. There is tremendous demand
for our service, and we will continue to make significant
investments in our people especially in our General Manager
Recruitment, Training and Advancement Program,” said Jeff Williams,
President and Chief Executive Officer. "Our productivity
improvements have been made possible because of the investments
we’ve made and it’s nice to see us leverage those investments so
quickly. We are very excited about our future, and we will continue
to invest in the key areas of the business. Our most important
Non-Negotiable is related to how our blocking and tackling efforts
are impacting customer relations and customer experience. Improving
the customer experience at various touch points, without
sacrificing basic daily discipline, is emerging as our top
opportunity, and we are in a unique position to really move the
needle in this important area."
“We currently have four new dealership openings
in process. These dealerships will be in Conway, Arkansas, Bryant,
Arkansas, Chattanooga, Tennessee and Tyler, Texas,” said Mr.
Williams. “Three of these dealerships will be managed by
top-performing General Managers as we expand the number of
locations and customers served to leverage their talents. Tyler,
Texas is a re-opening and will be managed individually by an
experienced General Manager. We are optimistic about these
locations and excited to get started in these communities.”
“It is nice to see all of our key financial
metrics continue to improve. Sales volume productivity is up 2.6%
with same store revenues up over 8%, net charge-offs are down 120
basis points, collections are up 70 basis points, and the
quarter-end delinquency percentage is down significantly. The
financial results follow the operational improvements that Jeff
mentioned. The fact that we were able to continue to invest in the
key areas of the business and at the same time see some leveraging
with our expenses is indicative of our commitment to grow in a
healthy manner," said Vickie Judy, Chief Financial Officer. “We are
all working very hard to make this company great and to take
advantage of the opportunities that are in front of us as we help
associates and customers succeed."
“We repurchased 141,500 shares of our common
stock during the quarter at an average price of $72.20 for a total
of $10.2 million. Since February 2010 we have repurchased 6.1
million shares at an average price of approximately $36. We plan to
continue to repurchase shares opportunistically as we move forward.
During the first nine months of the fiscal year, we have added over
$41.5 million in receivables, repurchased $24.1 million of our
common stock, funded $3.0 million in net capital expenditures, and
increased inventory by $5.2 million to support higher sales levels
with only a $18.4 million increase in debt. Our balance sheet is
very strong with a debt to finance receivables ratio of 31.4%,”
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
Wednesday, February 20, 2019 at 11:00 a.m. Eastern Time to discuss
third 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
#4196898.
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
|
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|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Three Months Ended |
|
2019 |
|
Three Months Ended |
|
|
|
|
|
|
January 31, |
|
vs. |
|
January 31, |
|
|
|
|
|
|
2019 |
|
2018 |
|
2018 |
|
2019 |
|
2018 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
11,963 |
|
11,420 |
|
4.8 |
% |
|
|
|
|
|
|
|
Average
number of stores in operation |
|
143 |
|
140 |
|
2.1 |
|
|
|
|
|
|
|
|
Average
retail units sold per store per month |
|
27.9 |
|
27.2 |
|
2.6 |
|
|
|
|
|
|
|
|
Average
retail sales price |
|
$ |
11,146 |
|
$ |
10,662 |
|
4.5 |
|
|
|
|
|
|
|
|
Same store
revenue growth |
|
8.5% |
|
7.1% |
|
|
|
|
|
|
|
|
|
|
Net
charge-offs as a percent of average finance receivables |
6.2% |
|
7.4% |
|
|
|
|
|
|
|
|
|
|
Collections
as a percent of average finance receivables |
|
13.2% |
|
12.5% |
|
|
|
|
|
|
|
|
|
|
Average
percentage of finance receivables-current (excl. 1-2 day) |
83.0% |
|
80.4% |
|
|
|
|
|
|
|
|
|
|
Average
down-payment percentage |
|
5.5% |
|
5.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores
open |
|
143 |
|
140 |
|
2.1 |
% |
|
|
|
|
|
|
|
Accounts
over 30 days past due |
|
3.2% |
|
4.1% |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
542,893 |
|
$ |
497,652 |
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
139,803 |
|
$ |
128,166 |
|
9.1 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
21,251 |
|
19,048 |
|
11.6 |
|
|
15.2 |
|
|
14.9 |
|
|
|
|
|
Total |
|
161,054 |
|
147,214 |
|
9.4 |
|
|
115.2 |
|
|
114.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
81,740 |
|
74,951 |
|
9.1 |
|
|
58.5 |
|
|
58.5 |
|
|
|
Selling,
general and administrative |
|
26,488 |
|
25,945 |
|
2.1 |
|
|
18.9 |
|
|
20.2 |
|
|
|
Provision
for credit losses |
|
35,555 |
|
37,872 |
|
(6.1) |
|
|
25.4 |
|
|
29.5 |
|
|
|
Interest
expense |
|
2,110 |
|
1,482 |
|
42.4 |
|
|
1.5 |
|
|
1.2 |
|
|
|
Depreciation and amortization |
|
985 |
|
1,057 |
|
(6.8) |
|
|
0.7 |
|
|
0.8 |
|
|
|
(Gain) loss
on disposal of property and equipment |
|
(100) |
|
84 |
|
(219.0) |
|
|
(0.1) |
|
|
0.1 |
|
|
|
|
|
Total |
|
146,778 |
|
141,391 |
|
3.8 |
|
|
105.0 |
|
|
110.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
14,276 |
|
5,823 |
|
|
|
|
10.2 |
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit)
provision for income taxes |
|
3,381 |
|
(7,556) |
|
|
|
|
2.4 |
|
|
(5.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
10,895 |
|
$ |
13,379 |
|
|
|
|
7.8 |
|
|
10.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(10) |
|
$ |
(10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
10,885 |
|
$ |
13,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
1.61 |
|
$ |
1.88 |
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
1.55 |
|
$ |
1.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,751,026 |
|
7,106,715 |
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
7,003,389 |
|
7,345,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Nine Months Ended |
|
2019 |
|
Nine Months Ended |
|
|
|
|
|
|
January 31, |
|
vs. |
|
January 31, |
|
|
|
|
|
|
2019 |
|
2018 |
|
2018 |
|
2019 |
|
2018 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
37,163 |
|
35,189 |
|
5.6 |
% |
|
|
|
|
|
|
|
Average
number of stores in operation |
|
141 |
|
140 |
|
0.7 |
|
|
|
|
|
|
|
|
Average
retail units sold per store per month |
|
29.3 |
|
27.9 |
|
5.0 |
|
|
|
|
|
|
|
|
Average
retail sales price |
|
$ |
11,062 |
|
$ |
10,487 |
|
5.5 |
|
|
|
|
|
|
|
|
Same store
revenue growth |
|
10.5% |
|
3.3% |
|
|
|
|
|
|
|
|
|
|
Net
charge-offs as a percent of average finance receivables |
19.2% |
|
21.2% |
|
|
|
|
|
|
|
|
|
|
Collections
as a percent of average finance receivables |
|
39.2% |
|
37.2% |
|
|
|
|
|
|
|
|
|
|
Average
percentage of finance receivables-current (excl. 1-2 day) |
82.0% |
|
80.5% |
|
|
|
|
|
|
|
|
|
|
Average
down-payment percentage |
|
5.8% |
|
5.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores
open |
|
143 |
|
140 |
|
2.1 |
% |
|
|
|
|
|
|
|
Accounts
over 30 days past due |
|
3.2% |
|
4.1% |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
542,893 |
|
$ |
497,652 |
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
430,315 |
|
$ |
386,867 |
|
11.2 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
61,925 |
|
55,883 |
|
10.8 |
|
|
14.4 |
|
|
14.4 |
|
|
|
|
|
Total |
|
492,240 |
|
442,750 |
|
11.2 |
|
|
114.4 |
|
|
114.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
251,274 |
|
225,780 |
|
11.3 |
|
|
58.4 |
|
|
58.4 |
|
|
|
Selling,
general and administrative |
|
79,068 |
|
73,537 |
|
7.5 |
|
|
18.4 |
|
|
19.0 |
|
|
|
Provision
for credit losses |
|
111,619 |
|
110,778 |
|
0.8 |
|
|
25.9 |
|
|
28.6 |
|
|
|
Interest
expense |
|
5,895 |
|
3,978 |
|
48.2 |
|
|
1.4 |
|
|
1.0 |
|
|
|
Depreciation and amortization |
|
2,949 |
|
3,244 |
|
(9.1) |
|
|
0.7 |
|
|
0.8 |
|
|
|
(Gain) loss
on disposal of property and equipment |
|
(88) |
|
188 |
|
(146.8) |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
450,717 |
|
417,505 |
|
8.0 |
|
|
104.7 |
|
|
107.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
41,523 |
|
25,245 |
|
|
|
|
9.6 |
|
|
6.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit)
provision for income taxes |
|
8,464 |
|
(1,095) |
|
|
|
|
2.0 |
|
|
(0.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
33,059 |
|
$ |
26,340 |
|
|
|
|
7.7 |
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(30) |
|
$ |
(30) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
33,029 |
|
$ |
26,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
4.82 |
|
$ |
3.59 |
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
4.66 |
|
$ |
3.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,846,707 |
|
7,336,687 |
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
7,087,430 |
|
7,556,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, |
|
April 30, |
|
January 31, |
|
|
|
2019 |
|
2018 |
|
2018 |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
1,624 |
|
$ |
1,022 |
|
$ |
534 |
Finance
receivables, net |
$ |
414,913 |
|
$ |
383,617 |
|
$ |
380,384 |
Inventory |
|
$ |
38,822 |
|
$ |
33,610 |
|
$ |
38,094 |
Total
assets |
$ |
493,555 |
|
$ |
455,584 |
|
$ |
455,848 |
Total
debt |
$ |
170,737 |
|
$ |
152,367 |
|
$ |
148,172 |
Treasury
stock |
$ |
228,412 |
|
$ |
204,325 |
|
$ |
188,319 |
Total
equity |
$ |
245,677 |
|
$ |
230,535 |
|
$ |
234,856 |
Shares
outstanding |
6,685,013 |
|
6,849,161 |
|
7,056,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
Principal
balance |
$ |
542,893 |
|
$ |
501,438 |
|
$ |
497,652 |
|
Deferred
revenue - payment protection plan |
(20,748) |
|
(19,823) |
|
(18,908) |
|
Deferred
revenue - service contract |
(10,224) |
|
(10,332) |
|
(9,672) |
|
Allowance
for credit losses |
(127,980) |
|
(117,821) |
|
(117,268) |
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
383,941 |
|
$ |
353,462 |
|
$ |
351,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
as % of principal balance net of deferred revenue |
25.0% |
|
25.0% |
|
25.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
January 31, |
|
|
|
|
|
2019 |
|
2018 |
|
|
|
Balance at
beginning of period |
$ |
117,821 |
|
$ |
109,693 |
|
|
|
Provision
for credit losses |
111,619 |
|
110,778 |
|
|
|
Charge-offs, net of collateral recovered |
(101,460) |
|
(103,203) |
|
|
|
|
Balance at end of
period |
$ |
127,980 |
|
$ |
117,268 |
|
|
|
|
|
|
|
|
|
|
Americas Car Mart (NASDAQ:CRMT)
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Americas Car Mart (NASDAQ:CRMT)
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From Jul 2023 to Jul 2024