America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its
operating results for the fourth quarter and full fiscal year 2022.
“Revenue grew 26% to $352 million, including a
39% increase in interest income to $42 million, for the fourth
quarter of fiscal 2022 compared to the prior year quarter. The
average sales price increased 24% to $17,860 and unit sales volume
dropped 1%. Our sales volume productivity of 35.6 units sold per
dealership per month for the quarter was strong and, in the last
20+ years, second only to the prior year’s fourth quarter of 36.5,”
said Jeff Williams, President and CEO. “We are increasing market
share while facing challenges stemming from ongoing supply and
demand imbalances in the used car market, inflation, and declining
consumer confidence. We expect to see additional productivity
improvements as we leverage our investments and competitive
strengths.”
“Collections and credit results for both the
quarter and the full year were strong. For the quarter, net
charge-offs were 5.6%, well below the prior five-year and ten-year
averages of 6.6% and 7.2%, respectively. For the full fiscal year,
net charge-offs were 20.2% compared to five-year and ten-year
averages of 25.5% and 26.5%, respectively. Collections per account
per month for the quarter were up 5% to $586 over the prior year
quarter and up 20% sequentially. When considering the effects of
prior year stimulus payments and the current year term increase,
our collections were up significantly during the quarter,” said Mr.
Williams. “While credit results will likely continue to normalize,
we believe that net charge-off levels in the future will be closer
to the lower end of our historical ranges. We anticipate that even
with longer term contracts, our cash-on-cash returns will be
attractive when measured by our historical results.”
“As previously communicated, we are continuing
to invest in key areas of the business including Recruiting,
Training and Retention, Inventory Procurement/Management, Customer
Experience and Digital/Information Technology. Our most important
opportunity is sourcing affordable, mechanically sound vehicles at
sufficient quantities to support the high consumer demand for our
offering. Our investments should enable dealerships to support an
average of 1,000 or more active customers per dealership –
currently, our dealerships average 618 customers each. This growth
will be achieved primarily by improving sales volume productivity.
At fiscal year-end, eleven individual dealerships had more than
1,000 active customers each,” added Mr. Williams. “Over the last
five years we have grown our customer count by an average of 7.3%
per year, or 42%, while we have grown our store count by just 10%.
If we experience that same growth rate over the next five years, we
could be supporting over 135,000 customers; 150,000 customers in
less than seven years. We have an obligation to serve more
customers as we improve lives and reduce the stress of car
ownership by keeping our customers on the road. While our primary
focus is leveraging our existing dealership base, we anticipate
acquisitions and new lot openings will also likely contribute
materially to our future growth.”
“Rising interest rates and high overall
inflation levels characterize the current operating environment.
Because of its flexibility, historically, our business has
performed well through both recessions and expansions, inflation
and deflation, and when used car prices are both high and low. A
conservative financial structure and disciplined focus on cash
flows enable us to manage through a variety of environments,
including higher interest rates and inflation, and provide us with
significant competitive advantages. Our lower interest rate
relative to competitors provides a benefit to our marketing efforts
yet still affords us room to increase rates should conditions
merit,” said Mr. Williams. “We are mindful that inflation is a
headwind for all of our customers; fortunately, significant
increases in compensation for lower wage earners provide some
offset. Our best weapon against inflationary operating cost
pressures is a combination of higher volumes and greater
efficiency. We believe that we would be selling a significantly
greater number of vehicles if we had sufficient availability at
lower price points.”
“At the end of April, we completed our inaugural
$400 million non-recourse note offering and asset-backed
securitization, secured at a 70% advance rate. We used the net
proceeds of the offering to pay down our existing $600 million
revolving line of credit,” added Mr. Williams. “The asset-backed
securities market both diversifies our funding and facilitates our
growth by accessing a substantially larger pool of institutional
credit. This market has provided a level of stability and
consistency in times of economic stress which can provide us with
the additional resources to grow our business at a healthy rate,
in-line with the demand for our offering. In addition, our weighted
average cost of capital can be lower as a function of a more
efficient overall capital structure. A strong balance sheet can be
both a wall against uncertainty and a weapon – total outstanding
debt, net of cash, is 36.1% of receivables. Our financial structure
and focus on cash flows provides the flexibility to both invest in
our business and repurchase shares.” “We are pleased
with our progress and the results given the current difficult
operating environment with fourth quarter net income of $26.7
million, and diluted earnings per share of $4.01. The fourth
quarter fiscal 2021 diluted earnings per share of $6.19 included an
$11.5 million after-tax decrease to the allowance for credit losses
or $1.65 diluted earnings per share increase. We also had nice
leveraging of SG&A costs as a percentage of sales for both the
quarter (at 13.2% compared to 14.5% for the comparable prior year
quarter) and full fiscal year (at 14.7% compared to 16.2% for the
prior year). This is especially impressive considering the
increased costs in the current inflationary environment for most of
our expenses, but especially the wage pressures,” said Vickie Judy,
CFO. “We are investing in and building for our future to support a
growing number of associates and customers.”
“We repurchased 92,000 shares of our common
stock during the quarter at an average price of approximately $89
for a total of $8.2 million. Since February 2010, we have
repurchased 6.8 million shares (57.9% of our outstanding shares on
January 31, 2010) at an average price of approximately $42. During
fiscal 2022, we grew finance receivables by $292 million, increased
inventory by $33 million, repurchased $35 million of our common
stock and funded $21 million in capital expenditures, all while
holding our debt, net of cash, to 36.1% of receivables.” added Ms.
Judy. “At April 30, 2022, approximately 90% of our debt was
securitized non-recourse debt.”
Conference Call and Investor Presentation
Management will be holding a conference call on
Tuesday, May 24, 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
#6579153. 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
#6579153.
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 any future outbreak or 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 in the Company’s
Annual Report on Form 10-K for the fiscal year ended April 30,
2021, and those described from time to time in the Company’s other
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 |
|
|
|
|
|
|
April 30, |
|
vs. |
|
April
30, |
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
2021 |
|
2022 |
|
2021 |
|
Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units sold |
|
|
16,426 |
|
|
|
16,555 |
|
|
(0.8 |
) |
% |
|
|
|
|
|
|
|
|
Average number of stores in operation |
|
154 |
|
|
|
151 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
35.6 |
|
|
|
36.5 |
|
|
(2.5 |
) |
|
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
17,860 |
|
|
$ |
14,387 |
|
|
24.1 |
|
|
|
|
|
|
|
|
|
|
Total gross profit per retail unit sold |
$ |
6,887 |
|
|
$ |
6,032 |
|
|
14.2 |
|
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
24.2 |
% |
|
|
37.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance receivables |
|
5.6 |
% |
|
|
4.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Total collected (principal, interest and late fees) |
$ |
166,604 |
|
|
$ |
145,863 |
|
|
14.2 |
|
|
|
|
|
|
|
|
|
|
Average total collected per active customer per month |
$ |
586 |
|
|
$ |
560 |
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
82.7 |
% |
|
|
85.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
7.0 |
% |
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
154 |
|
|
|
151 |
|
|
2.0 |
|
% |
|
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
3.0 |
% |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Active customer count |
|
|
95,107 |
|
|
|
88,092 |
|
|
8.0 |
|
|
|
|
|
|
|
|
|
|
Finance receivables, gross |
|
$ |
1,101,497 |
|
|
$ |
809,538 |
|
|
36.1 |
|
|
|
|
|
|
|
|
|
|
Weighted average total contract term |
|
42.9 |
|
|
|
37.3 |
|
|
15.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
309,570 |
|
|
$ |
248,625 |
|
|
24.5 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest income |
|
|
42,267 |
|
|
|
30,454 |
|
|
38.8 |
|
|
|
13.7 |
|
|
12.2 |
|
|
|
|
|
|
Total |
|
|
351,837 |
|
|
|
279,079 |
|
|
26.1 |
|
|
|
113.7 |
|
|
112.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
196,452 |
|
|
|
148,773 |
|
|
32.0 |
|
|
|
63.5 |
|
|
59.8 |
|
|
|
|
Selling, general and administrative |
|
40,990 |
|
|
|
36,139 |
|
|
13.4 |
|
|
|
13.2 |
|
|
14.5 |
|
|
|
|
Provision for credit losses |
|
|
75,305 |
|
|
|
36,077 |
|
|
108.7 |
|
|
|
24.3 |
|
|
14.5 |
|
|
|
|
Interest expense |
|
|
3,480 |
|
|
|
1,738 |
|
|
100.2 |
|
|
|
1.1 |
|
|
0.7 |
|
|
|
|
Depreciation and amortization |
|
1,210 |
|
|
|
947 |
|
|
27.8 |
|
|
|
0.4 |
|
|
0.4 |
|
|
|
|
Loss on disposal of property and equipment |
|
61 |
|
|
|
2 |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
|
|
|
Total |
|
|
317,498 |
|
|
|
223,676 |
|
|
41.9 |
|
|
|
102.6 |
|
|
90.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before taxes |
|
|
34,339 |
|
|
|
55,403 |
|
|
|
|
|
11.1 |
|
|
22.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
7,662 |
|
|
|
11,906 |
|
|
|
|
|
2.5 |
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
26,677 |
|
|
$ |
43,497 |
|
|
|
|
|
8.6 |
|
|
17.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on subsidiary preferred stock |
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
$ |
26,667 |
|
|
$ |
43,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.16 |
|
|
$ |
6.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
4.01 |
|
|
$ |
6.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,414,229 |
|
|
|
6,620,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
6,649,964 |
|
|
|
7,028,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart,
Inc. |
|
|
Consolidated Results
of Operations |
|
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
|
Years
Ended |
|
2022 |
|
Years
Ended |
|
|
|
|
|
|
|
April 30, |
|
vs. |
|
April
30, |
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
2021 |
|
2022 |
|
2021 |
|
Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units sold |
|
|
60,595 |
|
|
|
56,806 |
|
|
6.7 |
% |
|
|
|
|
|
|
|
|
Average number of stores in operation |
|
152 |
|
|
|
150 |
|
|
1.3 |
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
33.2 |
|
|
|
31.6 |
|
|
5.1 |
|
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
16,649 |
|
|
$ |
13,621 |
|
|
22.2 |
|
|
|
|
|
|
|
|
|
Total gross profit per retail unit sold |
$ |
6,550 |
|
|
$ |
5,790 |
|
|
13.1 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
30.5 |
% |
|
|
18.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance receivables |
|
20.2 |
% |
|
|
19.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Total collected (principal, interest and late fees) |
$ |
569,648 |
|
|
$ |
480,799 |
|
|
18.5 |
|
|
|
|
|
|
|
|
|
Average total collected per active customer per month |
$ |
513 |
|
|
$ |
478 |
|
|
7.3 |
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
82.2 |
% |
|
|
84.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
6.4 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
154 |
|
|
|
151 |
|
|
2.0 |
% |
|
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
3.0 |
% |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Active customer count |
|
|
95,107 |
|
|
|
88,092 |
|
|
8.0 |
|
|
|
|
|
|
|
|
|
Finance receivables, gross |
|
$ |
1,101,497 |
|
|
$ |
809,538 |
|
|
36.1 |
|
|
|
|
|
|
|
|
|
Weighted average total contract term |
|
42.9 |
|
|
|
37.3 |
|
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
1,060,512 |
|
|
$ |
808,065 |
|
|
31.2 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest income |
|
|
151,853 |
|
|
|
110,545 |
|
|
37.4 |
|
|
14.3 |
|
|
13.7 |
|
|
|
|
|
|
Total |
|
|
1,212,365 |
|
|
|
918,610 |
|
|
32.0 |
|
|
114.3 |
|
|
113.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
663,631 |
|
|
|
479,153 |
|
|
38.5 |
|
|
62.6 |
|
|
59.3 |
|
|
|
|
Selling, general and administrative |
|
156,130 |
|
|
|
130,855 |
|
|
19.3 |
|
|
14.7 |
|
|
16.2 |
|
|
|
|
Provision for credit losses |
|
|
257,101 |
|
|
|
163,662 |
|
|
57.1 |
|
|
24.2 |
|
|
20.3 |
|
|
|
|
Interest expense |
|
|
10,919 |
|
|
|
6,820 |
|
|
60.1 |
|
|
1.0 |
|
|
0.8 |
|
|
|
|
Depreciation and amortization |
|
4,033 |
|
|
|
3,719 |
|
|
8.4 |
|
|
0.4 |
|
|
0.5 |
|
|
|
|
Loss (gain) on disposal of property and equipment |
|
149 |
|
|
|
(40 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
Total |
|
|
1,091,963 |
|
|
|
784,169 |
|
|
39.3 |
|
|
103.0 |
|
|
97.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before taxes |
|
|
120,402 |
|
|
|
134,441 |
|
|
|
|
|
11.4 |
|
|
16.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
27,095 |
|
|
|
30,302 |
|
|
|
|
|
2.6 |
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
93,307 |
|
|
$ |
104,139 |
|
|
|
|
|
8.8 |
|
|
12.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on subsidiary preferred stock |
$ |
(40 |
) |
|
$ |
(40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
$ |
93,267 |
|
|
$ |
104,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
14.33 |
|
|
$ |
15.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
13.67 |
|
|
$ |
14.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,509,673 |
|
|
|
6,628,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
6,823,481 |
|
|
|
6,961,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart,
Inc. |
Condensed
Consolidated Balance Sheet and Other Data |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, |
|
April 30, |
|
April 30, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,916 |
|
|
$ |
2,893 |
|
|
$ |
59,560 |
|
Restricted cash from collections on auto finance receivables |
$ |
35,671 |
|
|
$ |
- |
|
|
$ |
- |
|
Finance receivables, net |
|
$ |
854,290 |
|
|
$ |
625,119 |
|
|
$ |
466,141 |
|
Inventory |
|
$ |
115,302 |
|
|
$ |
82,263 |
|
|
$ |
36,414 |
|
Total assets |
|
$ |
1,145,312 |
|
|
$ |
822,159 |
|
|
$ |
667,324 |
|
Revolving lines of credit |
|
$ |
44,670 |
|
|
$ |
225,924 |
|
|
$ |
215,568 |
|
Non-recourse notes payable |
|
$ |
395,986 |
|
|
$ |
- |
|
|
$ |
- |
|
Treasury stock |
|
$ |
292,225 |
|
|
$ |
257,527 |
|
|
$ |
246,911 |
|
Total equity |
|
$ |
469,366 |
|
|
$ |
406,496 |
|
|
$ |
302,759 |
|
Shares outstanding |
|
|
6,371,977 |
|
|
|
6,625,885 |
|
|
|
6,619,319 |
|
Book value per outstanding share |
$ |
73.72 |
|
|
$ |
61.41 |
|
|
$ |
45.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance receivables: |
|
|
|
|
|
|
|
Principal balance |
|
$ |
1,101,497 |
|
|
$ |
809,537 |
|
|
$ |
621,182 |
|
|
Deferred revenue - accident protection plan |
|
(43,936 |
) |
|
|
(32,704 |
) |
|
|
(24,480 |
) |
|
Deferred revenue - service contract |
|
(48,555 |
) |
|
|
(24,106 |
) |
|
|
(11,641 |
) |
|
Allowance for credit losses |
|
(247,207 |
) |
|
|
(184,418 |
) |
|
|
(155,041 |
) |
|
|
|
|
|
|
|
|
|
|
Finance receivables, net of allowance and deferred revenue |
$ |
761,799 |
|
|
$ |
568,309 |
|
|
$ |
430,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance as % of principal balance net of deferred revenue |
|
24.5 |
% |
|
|
24.5 |
% |
|
|
26.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in allowance for credit losses: |
|
|
|
|
|
|
|
|
|
Years
Ended |
|
|
|
|
|
|
April 30, |
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Balance at beginning of period |
$ |
184,418 |
|
|
$ |
155,041 |
|
|
|
|
Provision for credit losses |
|
|
257,101 |
|
|
|
163,662 |
|
|
|
|
Charge-offs, net of collateral recovered |
|
(194,312 |
) |
|
|
(134,285 |
) |
|
|
|
|
Balance at end of period |
$ |
247,207 |
|
|
$ |
184,418 |
|
|
|
|
|
|
|
|
|
|
|
|
America's
Car-Mart, Inc. |
|
Condensed
Consolidated Statements of Cash Flows |
|
(Dollars in
thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Years
Ended |
|
|
|
|
|
April 30, |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
93,307 |
|
|
$ |
104,139 |
|
|
|
Provision for credit losses |
|
|
257,101 |
|
|
|
163,662 |
|
|
|
Losses on claims for accident protection plan |
|
21,871 |
|
|
|
18,954 |
|
|
|
Depreciation and amortization |
|
4,033 |
|
|
|
3,719 |
|
|
|
Finance receivable originations |
|
(1,009,859 |
) |
|
|
(762,716 |
) |
|
|
Finance receivable collections |
|
417,796 |
|
|
|
370,254 |
|
|
|
Inventory |
|
|
50,881 |
|
|
|
5,019 |
|
|
|
Deferred accident protection plan revenue |
|
11,232 |
|
|
|
8,224 |
|
|
|
Deferred service contract revenue |
|
24,449 |
|
|
|
12,465 |
|
|
|
Income taxes, net |
|
|
6,446 |
|
|
|
3,337 |
|
|
|
Other |
|
|
8,458 |
|
|
|
19,131 |
|
|
|
|
Net cash used in operating activities |
|
(114,285 |
) |
|
|
(53,812 |
) |
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
Purchase of investments |
|
|
(1,343 |
) |
|
|
- |
|
|
|
Purchase of property and equipment and other |
|
(20,900 |
) |
|
|
(8,258 |
) |
|
|
|
Net cash used in investing activities |
|
(22,243 |
) |
|
|
(8,258 |
) |
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
Change in revolving credit facility, net and notes payable |
|
(179,929 |
) |
|
|
10,247 |
|
|
|
Change in non-recourse notes payable |
|
399,994 |
|
|
|
- |
|
|
|
Change in cash overdrafts |
|
|
(1,802 |
) |
|
|
1,802 |
|
|
|
Debt issuance costs |
|
|
(6,108 |
) |
|
|
(282 |
) |
|
|
Purchase of common stock |
|
(34,698 |
) |
|
|
(10,616 |
) |
|
|
Dividend payments |
|
|
(40 |
) |
|
|
(40 |
) |
|
|
Exercise of stock options and issuance of common stock |
|
(1,195 |
) |
|
|
4,292 |
|
|
|
|
Net cash provided by financing activities |
|
176,222 |
|
|
|
5,403 |
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash |
|
$ |
39,694 |
|
|
$ |
(56,667 |
) |
|
|
|
|
|
|
|
|
|
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