America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its
operating results for the third quarter of fiscal year 2022.
“For the quarter, revenues were up almost 28% to
a record $292 million, including an $11 million increase in
interest income. Unit volumes were up slightly for the quarter, and
the average sales price was up 24.8% to just over $17,000,” said
Jeff Williams, President and CEO. “Unit sales volumes in November
were up 20% compared to the prior year, up 7% in December, but down
21% in January. We believe this was primarily the result of the
Omicron variant. While January had other challenges – weather as
well as the timing of stimulus payments in the prior year period –
we believe the Omicron variant was the primary cause of the decline
in unit volume for January. The Omicron variant hit our region of
the country later than most, but it appears to have followed the
same trajectory as it has across the rest of the United States, and
our workforce and our customer base have now returned to normal,
pre-pandemic behavior. As such, we view January’s results as
largely a one-time event. Again, the impact from the Omicron
variant now appears to be behind us, and we are operating under
more normalized conditions.”
“We operate in a difficult, but very good
business. We encourage you to view our Investor Video, which covers
important aspects of our business model and is available in the
Investor Section of our website at www.car-mart.com. We operate in
the $490 billion below-prime used auto market. We believe we are
the leading integrated auto sales and finance company, but we have
a very small percentage (less than a quarter of one percent) of the
total market. What makes our business difficult also deters larger
companies who cater to prime and near-prime customers from entering
our business. We provide a necessary product and have an obligation
to serve more customers,” said Mr. Williams.
“Once again, our industry has experienced
drastic change, accelerated significantly by the COVID-19 pandemic.
The average wholesale vehicle value is up over 45% in the last
twelve months and up over 65% in the last two years. Since fiscal
year 2018, we have been able to grow revenues from $612 million to
over $1 billion, and EPS from $4.90 to $15.87 (each on a trailing
12-month basis),” said Mr. Williams. “We grew receivables from $501
million to over $1 billion at January 31, 2022, and repurchased $80
million of our common stock during this same time period. We
accomplished this while increasing our debt from only $152 million
to $373 million over the same period. We were able to achieve these
results because we are unique in our ability to service our
customers, in any type of environment. We are also unique in our
capital structure. Our balance sheet, with an outstanding debt
balance at 36% of receivables, gives us the flexibility to continue
investing in our business, as well as repurchase shares when we
believe they are undervalued. We have produced record earnings
during this unprecedented period of disruption and change. We have
an excellent long-term record, and that’s how we manage the
business.”
“We are investing in key areas of the business
so our dealerships can support 1,000 or more active customers
(currently, our dealerships average 614 customers). We believe that
these investments will enhance our business, and thus produce above
average returns, make us a dramatically larger, more profitable
company over time, and be even better at providing our customers
with what they need. These investments are being made with a goal
of increasing productivity per dealership from the current 33 units
sold per dealership per month to 40 units and beyond over time,
which we believe is a realistic vision of our future opportunities
based on 40+ years of operating and supporting our high touch
customers in the markets we serve,” said Mr. Williams. “We believe
the potential financial impacts of leveraging our existing
dealership base are very attractive and represent the highest and
best use of our capital. Additionally, acquisitions represent a
compelling growth opportunity as we look to expand our footprint.
Areas that are receiving foundational investments include
Recruiting, Training and Retention, Inventory
Procurement/Management, Customer Experience and Digital/Information
Technology. Collectively, there is a significant amount of baseline
work that has taken place in all these critically important areas,
and we are making good progress with our efforts.”
“On past quarterly earnings calls with
investors, we have received questions about certain aspects of our
business,” continued Mr. Williams. “We would like to highlight a
few of these items and present them within the proper overall
context of our business. Specifically, here are a few areas that we
would like to mention:
“With respect to our ability to succeed in a
rising price environment, the early data looks promising for our
collections over longer contract terms. We believe that we can not
only earn more absolute dollar profits, but also potentially earn
percentage returns at historical levels, albeit over a longer
period. While our contract term lengths have increased, they are
still significantly below competitive offerings. We strive to
provide unparalleled support for our customers after the sale to
‘Keep Them on the Road.’ Customer demand is strong and would be
even stronger, but higher prices are keeping some customers out of
the market for now. We provide basic transportation, perhaps less
discretionary, than other car retailers. The overall rate of price
increases has begun to slow, and we are hopeful that wholesale
prices may decline. The higher the price, the more differentiated
we are versus competitors who are unable to match our resources and
adapt to new conditions as fast as we can. Better customers have
choices, and we must be competitive with payments and terms.
“While a potential rapid decline in used car
prices is possible, we don’t believe that there will be a collapse
in the values of cars that we purchase for our consumers. There has
been an overall shortage of good, basic, affordable vehicles for
well over a decade. In our opinion, there is solid and increasing
market demand for these vehicles. However, deflation, all things
being equal, would be good for our business and customers. We would
be in a good position to capitalize on the volume opportunities
this scenario would present. Our economics get better as prices
decline and, relative to others in the industry, our recoveries on
repossessions are a smaller percentage of our overall
profitability.
“Regarding gross margin, we manage the business
to gross margin dollars, not percentage. While increased sales
prices generally cause the gross margin percentage to go down, they
result in higher gross profit dollars and greater interest income.
All else being equal, gross margin percentage will decline as the
term gets longer and increase as the term contracts. We have been
able to achieve operating leverage within SG&A and we expect to
continue to leverage our cost structure over time.”
“As Jeff mentioned, revenues increased 28% for
the quarter driven by higher average retail prices and
significantly higher interest income. Interest income increased
$10.7 million for the quarter on average finance receivables of
$999 million. Although we saw a continued increase in the average
selling price of the vehicle, our revenue from our ancillary
products accounted for approximately 14% of the increase as our new
extended term service contracts are baked into our portfolio. As a
result, the gross margin percentage stabilized compared to
sequential quarters and the gross profit dollars per retail unit
sold increased to $6,773, compared to $5,774 from the same period
in the prior year. Our associates, who support our customers at all
levels of the organization, are the most important part of our
business. We are focused on the training, retention, and engagement
of our associates especially in the current environment. While
SG&A spend increased $5.8 million over the prior year quarter
and $2.0 million over the sequential quarter, we continued to
leverage SG&A costs at 15.5% of sales compared to 16.7% for the
comparable prior year quarter,” said Vickie Judy, CFO.
“Total collections were strong and improved 8.2%
per average customer. Our weighted average contract term for the
portfolio is at 41.2 months compared to 35.7 months for the prior
year quarter, an increase of 15.4% compared to the average retail
sales price increase of 24.8%. Our focus continues to be putting a
good customer in an affordable transaction so that they are
successful in their contract. Net charge-offs increased to 5.3%
compared to 4.9% in the prior year quarter. The stimulus money in
December 2020 and January 2021 had some positive impact on both
collections and net charge-off metrics in the prior year quarter.
The current year metrics are still much improved compared to
historical third quarter levels despite the increase in the average
retail sales price, as our customers continue to perform well.”
“Our debt to receivables is at 36% at the end of
the quarter,” added Ms. Judy, “During the first nine months of
fiscal 2022, we grew finance receivables by $220 million, increased
inventory by $37 million, repurchased $27 million of our common
stock and funded $14 million in capital expenditures. Our
investments in the increased inventory and capital expenditures
reflect our commitment to providing the necessary inventory and
facilities to support a growing customer base. We have remodeled or
relocated 21 dealerships in the last nine months with six
relocations currently in progress. Additionally, we welcomed the
associates and customers of Smart Auto in Johnson City, Tennessee
to the Car-Mart family at the beginning of the fourth quarter as we
were able to complete the purchase of the dealership assets. Smart
Auto-Johnson City brings a talented team of associates and helps to
expand our footprint in Tennessee. We are excited for this
opportunity and look forward to getting to know our customers and
the community. Looking forward, we may utilize our conservative
balance sheet to participate in the securitization market as it
would allow us to serve more customers and allow for future growth.
We have a 40-year history of managing through different
environments. We are very excited about our future and believe we
are making the investments to further enhance our business, 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, February 17, 2022, 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
#7595238. 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
#7595238.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”)
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:
- operational infrastructure
investments;
- same dealership sales and revenue
growth;
- future revenue growth;
- receivables growth as related to
revenue growth;
- customer growth;
- gross margin percentages;
- gross profit per retail unit
sold;
- new dealership openings;
- performance of new
dealerships;
- 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
Omicron 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;
- 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 and access to capital on terms acceptable to us 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Three Months Ended |
|
2022 |
|
Three Months Ended |
|
|
|
|
|
|
January 31, |
|
vs. |
|
January 31, |
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
2021 |
|
2022 |
|
2021 |
Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units sold |
|
|
14,126 |
|
|
|
14,053 |
|
|
0.5 |
|
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
153 |
|
|
|
150 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
30.8 |
|
|
|
31.2 |
|
|
(1.3 |
) |
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
17,076 |
|
|
$ |
13,688 |
|
|
24.8 |
|
|
|
|
|
|
|
|
|
Total gross profit per retail unit sold |
$ |
6,773 |
|
|
$ |
5,774 |
|
|
17.3 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
26.8 |
% |
|
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance receivables |
|
5.3 |
% |
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
Total collected (principal, interest and late fees) |
$ |
137,893 |
|
|
$ |
114,799 |
|
|
20.1 |
|
|
|
|
|
|
|
|
|
Average total collected per active customer per month |
$ |
490 |
|
|
$ |
453 |
|
|
8.2 |
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
80.8 |
% |
|
|
84.3 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
5.4 |
% |
|
|
5.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
153 |
|
|
|
151 |
|
|
1.3 |
|
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
4.0 |
% |
|
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
Active customer count |
|
|
93,982 |
|
|
|
85,807 |
|
|
9.5 |
|
|
|
|
|
|
|
|
|
Finance receivables, gross |
|
$ |
1,029,203 |
|
|
$ |
744,521 |
|
|
38.2 |
|
|
|
|
|
|
|
|
|
Weighted average total contract term |
|
41.2 |
|
|
|
35.7 |
|
|
15.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
252,918 |
|
|
$ |
199,957 |
|
|
26.5 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest income |
|
|
38,980 |
|
|
|
28,303 |
|
|
37.7 |
|
|
|
15.4 |
|
|
14.2 |
|
|
|
|
|
Total |
|
|
291,898 |
|
|
|
228,260 |
|
|
27.9 |
|
|
|
115.4 |
|
|
114.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
157,248 |
|
|
|
118,816 |
|
|
32.3 |
|
|
|
62.2 |
|
|
59.4 |
|
|
|
Selling, general and administrative |
|
39,179 |
|
|
|
33,423 |
|
|
17.2 |
|
|
|
15.5 |
|
|
16.7 |
|
|
|
Provision for credit losses |
|
|
66,741 |
|
|
|
47,639 |
|
|
40.1 |
|
|
|
26.4 |
|
|
23.8 |
|
|
|
Interest expense |
|
|
2,944 |
|
|
|
1,705 |
|
|
72.7 |
|
|
|
1.2 |
|
|
0.9 |
|
|
|
Depreciation and amortization |
|
950 |
|
|
|
906 |
|
|
4.9 |
|
|
|
0.4 |
|
|
0.5 |
|
|
|
Loss on disposal of property and equipment |
|
42 |
|
|
|
22 |
|
|
90.9 |
|
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
267,104 |
|
|
|
202,511 |
|
|
31.9 |
|
|
|
105.6 |
|
|
101.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
24,794 |
|
|
|
25,749 |
|
|
|
|
|
9.8 |
|
|
12.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
6,024 |
|
|
|
5,867 |
|
|
|
|
|
2.4 |
|
|
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
18,770 |
|
|
$ |
19,882 |
|
|
|
|
|
7.4 |
|
|
9.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on subsidiary preferred stock |
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
$ |
18,760 |
|
|
$ |
19,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.89 |
|
|
$ |
3.00 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
2.77 |
|
|
$ |
2.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,487,310 |
|
|
|
6,634,125 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
6,779,641 |
|
|
|
6,966,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Consolidated Results of Operations |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Nine Months Ended |
|
2022 |
|
Nine Months Ended |
|
|
|
|
|
|
January 31, |
|
vs. |
|
January 31, |
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
2021 |
|
2022 |
|
2021 |
Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units sold |
|
|
44,169 |
|
|
|
40,251 |
|
|
9.7 |
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
152 |
|
|
|
150 |
|
|
1.3 |
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
32.3 |
|
|
|
29.8 |
|
|
8.4 |
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
16,199 |
|
|
$ |
13,307 |
|
|
21.7 |
|
|
|
|
|
|
|
|
Total gross profit per retail unit sold |
$ |
6,424 |
|
|
$ |
5,691 |
|
|
12.9 |
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
33.2 |
% |
|
|
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance receivables |
|
14.5 |
% |
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
Total collected (principal, interest and late fees) |
$ |
403,044 |
|
|
$ |
334,936 |
|
|
20.3 |
|
|
|
|
|
|
|
|
Average total collected per active customer per month |
$ |
487 |
|
|
$ |
449 |
|
|
8.5 |
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
82.0 |
% |
|
|
84.6 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
6.1 |
% |
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
153 |
|
|
|
151 |
|
|
1.3 |
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
4.0 |
% |
|
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
Active customer count |
|
|
93,982 |
|
|
|
85,807 |
|
|
9.5 |
|
|
|
|
|
|
|
|
Finance receivables, gross |
|
$ |
1,029,203 |
|
|
$ |
744,521 |
|
|
38.2 |
|
|
|
|
|
|
|
|
Weighted average total contract term |
|
41.2 |
|
|
|
35.7 |
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
750,942 |
|
|
$ |
559,440 |
|
|
34.2 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest income |
|
|
109,586 |
|
|
|
80,091 |
|
|
36.8 |
|
|
14.6 |
|
|
14.3 |
|
|
|
|
|
Total |
|
|
860,528 |
|
|
|
639,531 |
|
|
34.6 |
|
|
114.6 |
|
|
114.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
467,179 |
|
|
|
330,380 |
|
|
41.4 |
|
|
62.2 |
|
|
59.1 |
|
|
|
Selling, general and administrative |
|
115,140 |
|
|
|
94,716 |
|
|
21.6 |
|
|
15.3 |
|
|
16.9 |
|
|
|
Provision for credit losses |
|
|
181,796 |
|
|
|
127,585 |
|
|
42.5 |
|
|
24.2 |
|
|
22.8 |
|
|
|
Interest expense |
|
|
7,439 |
|
|
|
5,082 |
|
|
46.4 |
|
|
1.0 |
|
|
0.9 |
|
|
|
Depreciation and amortization |
|
2,823 |
|
|
|
2,772 |
|
|
1.8 |
|
|
0.4 |
|
|
0.5 |
|
|
|
Loss (gain) on disposal of property and equipment |
|
88 |
|
|
|
(42 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
774,465 |
|
|
|
560,493 |
|
|
38.2 |
|
|
103.1 |
|
|
100.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
86,063 |
|
|
|
79,038 |
|
|
|
|
|
11.5 |
|
|
14.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
19,433 |
|
|
|
18,396 |
|
|
|
|
|
2.6 |
|
|
3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
66,630 |
|
|
$ |
60,642 |
|
|
|
|
|
8.9 |
|
|
10.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on subsidiary preferred stock |
$ |
(30 |
) |
|
$ |
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
$ |
66,600 |
|
|
$ |
60,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
10.18 |
|
|
$ |
9.14 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
9.68 |
|
|
$ |
8.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,540,450 |
|
|
|
6,631,450 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
6,880,283 |
|
|
|
6,939,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Condensed Consolidated Balance Sheet and Other Data |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, |
|
April 30, |
|
January 31, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,603 |
|
|
$ |
2,893 |
|
|
$ |
4,161 |
|
Finance receivables, net |
|
$ |
797,237 |
|
|
$ |
625,119 |
|
|
$ |
558,941 |
|
Inventory |
|
$ |
119,596 |
|
|
$ |
82,263 |
|
|
$ |
68,554 |
|
Total assets |
|
$ |
1,044,592 |
|
|
$ |
822,159 |
|
|
$ |
741,937 |
|
Total debt |
|
$ |
373,156 |
|
|
$ |
225,924 |
|
|
$ |
210,478 |
|
Treasury stock |
|
$ |
284,030 |
|
|
$ |
257,527 |
|
|
$ |
256,731 |
|
Total equity |
|
$ |
450,540 |
|
|
$ |
406,496 |
|
|
$ |
363,274 |
|
Shares outstanding |
|
|
6,446,574 |
|
|
|
6,625,885 |
|
|
|
6,615,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance receivables: |
|
|
|
|
|
|
|
Principal balance |
|
$ |
1,029,203 |
|
|
$ |
809,537 |
|
|
$ |
744,521 |
|
|
Deferred revenue - payment protection plan |
|
(40,242 |
) |
|
|
(32,704 |
) |
|
|
(28,786 |
) |
|
Deferred revenue - service contract |
|
(42,169 |
) |
|
|
(24,106 |
) |
|
|
(15,431 |
) |
|
Allowance for credit losses |
|
(231,966 |
) |
|
|
(184,418 |
) |
|
|
(185,580 |
) |
|
|
|
|
|
|
|
|
|
|
Finance receivables, net of allowance and deferred revenue |
$ |
714,826 |
|
|
$ |
568,309 |
|
|
$ |
514,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance as % of principal balance net of deferred revenue |
|
24.5 |
% |
|
|
24.5 |
% |
|
|
26.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in allowance for credit losses: |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
January 31, |
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Balance at beginning of period |
$ |
184,418 |
|
|
$ |
155,041 |
|
|
|
|
Provision for credit losses |
|
|
181,796 |
|
|
|
127,585 |
|
|
|
|
Charge-offs, net of collateral recovered |
|
(134,248 |
) |
|
|
(97,046 |
) |
|
|
|
|
Balance at end of period |
$ |
231,966 |
|
|
$ |
185,580 |
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
January 31, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
Net income |
|
$ |
66,630 |
|
|
$ |
60,642 |
|
|
Provision for credit losses |
|
|
181,796 |
|
|
|
127,585 |
|
|
Losses on claims for payment protection plan |
|
14,748 |
|
|
|
13,898 |
|
|
Depreciation and amortization |
|
2,823 |
|
|
|
2,772 |
|
|
Finance receivable originations |
|
(718,275 |
) |
|
|
(524,820 |
) |
|
Finance receivable collections |
|
293,458 |
|
|
|
254,845 |
|
|
Inventory |
|
|
18,823 |
|
|
|
3,552 |
|
|
Deferred payment protection plan revenue |
|
7,539 |
|
|
|
4,306 |
|
|
Deferred service contract revenue |
|
18,062 |
|
|
|
3,790 |
|
|
Income taxes, net |
|
|
5,289 |
|
|
|
(1,699 |
) |
|
Other |
|
|
6,437 |
|
|
|
15,670 |
|
|
|
Net cash used in operating activities |
|
(102,670 |
) |
|
|
(39,459 |
) |
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
Purchase of investments |
|
|
(1,319 |
) |
|
|
- |
|
|
Purchase of property and equipment and other |
|
(13,881 |
) |
|
|
(6,401 |
) |
|
|
Net cash used in investing activities |
|
(15,200 |
) |
|
|
(6,401 |
) |
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
Change in debt, net |
|
|
148,460 |
|
|
|
(5,074 |
) |
|
Change in cash overdrafts |
|
|
(1,801 |
) |
|
|
470 |
|
|
Debt issuance costs |
|
|
(1,787 |
) |
|
|
(282 |
) |
|
Purchase of common stock |
|
(26,503 |
) |
|
|
(9,820 |
) |
|
Dividend payments |
|
|
(30 |
) |
|
|
(30 |
) |
|
Exercise of stock options and issuance of common stock |
|
(759 |
) |
|
|
4,754 |
|
|
|
Net cash provided by (used in) financing activities |
|
117,580 |
|
|
|
(9,982 |
) |
|
|
|
|
|
|
|
Decrease in cash |
|
$ |
(290 |
) |
|
$ |
(55,842 |
) |
|
|
|
|
|
|
|
Americas Car Mart (NASDAQ:CRMT)
Historical Stock Chart
From May 2024 to Jun 2024
Americas Car Mart (NASDAQ:CRMT)
Historical Stock Chart
From Jun 2023 to Jun 2024