America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its
operating results for the first quarter of fiscal year 2023.
“For the quarter, unit sales volumes were up
2.1% to 15,536 with productivity (retail units sold per dealership
per month) flat at 33.6, versus the first quarter of fiscal 2022.
Even with significant industry headwinds, namely higher vehicles
prices resulting from supply/demand imbalances, especially at lower
price points, we saw unit volumes increase. We believe that when
supply in our market eventually returns to more normal levels, our
productivity will increase as affordability is most certainly
keeping many good customers out of the market. We continue to place
top priority on efficiently supplying good, mechanically sound
vehicles at reasonable prices to our valued customers. When
headwinds turn to tailwinds, which will eventually happen, we will
be in a great position to take advantage,” said Jeff Williams,
Chief Executive Officer. “Revenues were up 23% to $345 million, our
second highest revenue quarter in history, with the fourth quarter
of fiscal 2022 being first. We are seeing car prices level off and
we expect a gradual flattening as we move forward - better news for
consumers.”
“Overall industry credit results are
normalizing, and we are seeing customers coming into our market as
lending standards tighten above us. Net charge-offs as a percentage
of average receivables, were 5.6% for the quarter, flat
sequentially and up from 4.3% for the prior year quarter. The prior
year quarter was positively affected by stimulus payments and the
current quarter was negatively affected by inflationary factors,”
said Mr. Williams. “Net charge-off results for the quarter were in
line with our prior 5-year average and below the prior 10-year
average. Once again, inflation is presenting challenges; however,
our customers are benefiting from a robust job market, helping to
somewhat offset these pressures. As vehicle prices level off,
affordability and resulting sales volume opportunities should
improve.”
“We are ever more convinced of our strong,
unique place in the used vehicle market and have never been more
optimistic about our future. Consumer demand for our offering is
high and expected to continue increasing, and we are
well-positioned relative to competition. Currently, over half of
our sales are to repeat customers who value our service and their
peace of mind, at least as much as price,” added Mr. Williams. “In
most cases, competitors in the prime and near-prime auto sales and
lending markets do not have the infrastructure to serve our
high-touch/high-friction customer base, and competitors in our
markets have capital constraints that limit full participation.
Historically, our strong cash flows, and the availability and cost
of debt financing, have been important competitive advantages for
us, and we believe they are even more important advantages in the
current environment.”
“As we have discussed, growing our customer
base, and increasing the productivity of our stores is the best use
of our capital. We believe most of our stores should be selling
40-50 vehicles per month and supporting 1,000 or more active
customers (we are currently selling 34 vehicles per month and
serving 629 customers per dealership). Our capital allocation plan
is prioritized to move us in that direction. We now have almost
97,000 active customers, up over 15,000 in the last two years,”
added Mr. Williams. “In our shift from a collections company to a
sales company good at collections, we are centralizing certain
functions of the business, while remaining mindful of the power of
the decentralized model. Our model allows general managers to be
entrepreneurial, making decisions face-to-face with customers while
physically looking at collateral. Additionally, we continue to
expect that acquisitions will contribute to our growth as we
increase our footprint, and we remain active in looking for
acquisition opportunities and are eager to speak with strong
operators.”
“We continue to prioritize our investments in
areas that will allow us to improve our product and service and
operate more efficiently supporting a much larger, more profitable
business over time. These initiatives take time and patience but
are necessary for us to maximize our powerful position over the
longer-term. It is difficult to perfectly time all our investments,
but we are certain that investments in our people,
digital/technology with emphasis on the utilization of data,
procurement/inventory management, and customer experience are
critical as we move forward to serve an ever-increasing customer
base,” said Mr. Williams. “We currently have only twelve
dealerships serving 1,000 or more customers. We have several
capital projects in process which are needed so that our physical
facilities can support growth. By increasing the ‘funnel’ of
potential customers via our new Loan Origination System, we can
continue to accelerate our 41-year history of serving more
customers at a higher level.”
“We are operating in a challenging environment
in terms of availability and price of used vehicles, availability
of shops, parts and logistics, a normalizing credit loss
environment and record inflation in goods and wages. With that
said, our gross profit dollars per retail unit increased 12% over
the prior year and are up slightly from the sequential quarter. The
increasing sales price (3% sequentially and 20% over prior year
quarter) and inflation will continue to put pressure on the gross
margin percentage; however, this is beginning to flatten and we
will continue to look for ways to improve our efficiencies as we
move forward. We continued to leverage our SG&A costs at 14.4%
of sales compared to 15.7% for the prior year quarter. The
investments we are making in our associates, our technology and
other strategic initiatives are essential as we prepare for
continued growth and supporting our customers with a great
experience in one of the most important aspects of their lives. We
believe there will continue to be wage pressures and strong demand
for talent moving forward, and our associates are essential to our
success,” said Vickie Judy, CFO.
“Interest expense increased $5.3 million over
the prior year quarter. This increase is due to higher average
borrowings, resulting from our growth, and higher interest rates.
As a reminder we completed our inaugural securitization at the end
of our fourth quarter. We anticipate that non-recourse debt through
securitizations will be a vital piece of funding growth as we move
forward. Our total debt to finance receivables was 43.2% at July
31, 2022, and our total debt, net of total cash, to finance
receivables was 39.7%1. During the first quarter, we grew finance
receivables by $84 million, increased inventory by $30 million,
repurchased $5 million of our common stock and funded $8 million in
capital expenditures. Our inventory investment at the end of July
was higher than normal as we work through reconditioning, parts and
shop delays while continuing to provide the dealerships with the
proper mix and quantity of retail-ready units. We will continue to
look for efficiencies in our inventory processes and improving
inventory turns as we move forward. Our operating profitability
continues to be solid and we will continue to focus on our
cash-on-cash returns and improving operating efficiencies.
“We repurchased 57,856 shares of our common
stock during the quarter at an average price of approximately $90
per share for a total of $5.2 million. Since February 2010, we have
repurchased 6.8 million shares (58.4% of our outstanding shares on
January 31, 2010) at an average price of approximately $43 per
share,” added Ms. Judy.
Conference Call and Investor Presentation
Management will be holding a conference call on
Thursday, August 18, 2022, at 11:00 a.m. Eastern Time to discuss
quarterly results. Participants may access the conference call via
webcast using this link: Webcast Link Here. To participate via
telephone, please register in advance using this Registration Link.
Upon registration, all telephone participants will receive a
one-time confirmation email detailing how to join the conference
call, including the dial-in number along with a unique PIN that can
be used to access the call. All participants are encouraged to
dial-in 10 minutes prior to the start time.
A replay of the conference call and webcast will
be available on-demand which will be available for 12 months.
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.
Non-GAAP Financial Measures
This press release contains financial
information determined by methods other than in accordance with
generally accepted accounting principles (GAAP). We present
total debt, net of total cash, to finance receivables, a non-GAAP
measure, as a supplemental measure of our performance. We believe
total debt, net of total cash, to finance receivables is a useful
measure to monitor leverage and evaluate balance sheet risk. This
measure should not be considered in isolation or as a substitute
for reported GAAP results because it may include or exclude certain
items as compared to similar GAAP-based measures, and such measures
may not be comparable to similarly-titled measures reported by
other companies. We strongly encourage investors to review our
consolidated financial statements included in publicly filed
reports in their entirety and not rely solely on any one, single
financial measure or communication. The most directly comparable
GAAP financial measure, as well as a reconciliation to the
comparable GAAP financial measure, for non-GAAP financial measures
are presented in the tables of this release.
Forward-Looking Statements
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 ongoing outbreak of the Omicron sub-variants 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 availability of credit
facilities and access to capital through securitization financings
or other sources 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.
1 Calculation of this non-GAAP financial measure
and a reconciliation to the most directly comparable GAAP measure
are included in the tables accompanying this release.
____________________________
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 |
|
|
|
|
|
|
July 31, |
|
vs. |
|
July 31, |
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
2021 |
|
2022 |
|
2021 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units
sold |
|
|
15,536 |
|
|
|
15,219 |
|
|
2.1 |
% |
|
|
|
|
|
|
|
Average number of
stores in operation |
|
154 |
|
|
|
151 |
|
|
2.0 |
|
|
|
|
|
|
|
|
Average retail
units sold per store per month |
|
33.6 |
|
|
|
33.6 |
|
|
- |
|
|
|
|
|
|
|
|
Average retail
sales price |
|
$ |
18,455 |
|
|
$ |
15,405 |
|
|
19.8 |
|
|
|
|
|
|
|
|
Total gross profit
per retail unit sold |
$ |
6,915 |
|
|
$ |
6,175 |
|
|
12.0 |
|
|
|
|
|
|
|
|
Same store revenue
growth |
|
|
21.5 |
% |
|
|
46.7 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as
a percent of average finance receivables |
|
5.6 |
% |
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
Total collected
(principal, interest and late fees) |
$ |
148,221 |
|
|
$ |
130,929 |
|
|
13.2 |
|
|
|
|
|
|
|
|
Average total
collected per active customer per month |
$ |
516 |
|
|
$ |
487 |
|
|
6.0 |
|
|
|
|
|
|
|
|
Average percentage
of finance receivables-current (excl. 1-2 day) |
|
80.4 |
% |
|
|
84.0 |
% |
|
|
|
|
|
|
|
|
|
|
Average
down-payment percentage |
|
5.4 |
% |
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
154 |
|
|
|
151 |
|
|
2.0 |
% |
|
|
|
|
|
|
|
Accounts over 30
days past due |
|
3.6 |
% |
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
Active customer
count |
|
|
96,899 |
|
|
|
91,158 |
|
|
6.3 |
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
1,185,276 |
|
|
$ |
890,467 |
|
|
33.1 |
|
|
|
|
|
|
|
|
Weighted average
total contract term |
|
44.0 |
|
|
|
38.7 |
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements
of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
300,540 |
|
|
$ |
246,742 |
|
|
21.8 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
44,342 |
|
|
|
33,587 |
|
|
32.0 |
|
|
14.8 |
|
|
13.6 |
|
|
|
|
|
Total |
|
|
344,882 |
|
|
|
280,329 |
|
|
23.0 |
|
|
114.8 |
|
|
113.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
193,115 |
|
|
|
152,764 |
|
|
26.4 |
|
|
64.3 |
|
|
61.9 |
|
|
|
Selling, general
and administrative |
|
43,234 |
|
|
|
38,800 |
|
|
11.4 |
|
|
14.4 |
|
|
15.7 |
|
|
|
Provision for
credit losses |
|
|
82,903 |
|
|
|
54,108 |
|
|
53.2 |
|
|
27.6 |
|
|
21.9 |
|
|
|
Interest
expense |
|
|
7,345 |
|
|
|
1,982 |
|
|
270.6 |
|
|
2.4 |
|
|
0.8 |
|
|
|
Depreciation and
amortization |
|
1,151 |
|
|
|
915 |
|
|
25.8 |
|
|
0.4 |
|
|
0.4 |
|
|
|
Loss on disposal
of property and equipment |
|
8 |
|
|
|
2 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
327,756 |
|
|
|
248,571 |
|
|
31.9 |
|
|
109.1 |
|
|
100.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
17,126 |
|
|
|
31,758 |
|
|
|
|
|
5.7 |
|
|
12.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
|
3,884 |
|
|
|
6,791 |
|
|
|
|
|
1.3 |
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,242 |
|
|
$ |
24,967 |
|
|
|
|
|
4.4 |
|
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on
subsidiary preferred stock |
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shareholders |
$ |
13,232 |
|
|
$ |
24,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.08 |
|
|
$ |
3.78 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
2.00 |
|
|
$ |
3.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,373,326 |
|
|
|
6,604,194 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
6,601,586 |
|
|
|
6,997,935 |
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Condensed Consolidated Balance Sheet and Other Data |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31, |
|
April 30, |
|
July 31, |
|
|
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
4,362 |
|
|
$ |
6,916 |
|
|
$ |
2,719 |
|
Restricted cash
from collections on auto finance receivables |
$ |
37,521 |
|
|
$ |
35,671 |
|
|
$ |
- |
|
Finance
receivables, net |
|
$ |
919,458 |
|
|
$ |
854,290 |
|
|
$ |
688,593 |
|
Inventory |
|
$ |
145,181 |
|
|
$ |
115,302 |
|
|
$ |
97,031 |
|
Total assets |
|
$ |
1,248,273 |
|
|
$ |
1,145,312 |
|
|
$ |
900,750 |
|
Revolving lines of
credit, net |
|
$ |
188,921 |
|
|
$ |
44,670 |
|
|
$ |
271,824 |
|
Non-recourse notes
payable, net |
|
$ |
323,105 |
|
|
$ |
395,986 |
|
|
$ |
- |
|
Treasury
stock |
|
$ |
297,421 |
|
|
$ |
292,225 |
|
|
$ |
269,145 |
|
Total equity |
|
$ |
480,681 |
|
|
$ |
469,366 |
|
|
$ |
421,881 |
|
Shares
outstanding |
|
|
6,367,605 |
|
|
|
6,371,977 |
|
|
|
6,560,097 |
|
Book value per
outstanding share |
$ |
75.55 |
|
|
$ |
73.72 |
|
|
$ |
64.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
Principal
balance |
|
$ |
1,185,276 |
|
|
$ |
1,101,497 |
|
|
$ |
890,467 |
|
|
Deferred revenue -
accident protection plan |
|
(46,896 |
) |
|
|
(43,936 |
) |
|
|
(35,788 |
) |
|
Deferred revenue -
service contract |
|
(53,459 |
) |
|
|
(48,555 |
) |
|
|
(30,706 |
) |
|
Allowance for
credit losses |
|
(265,818 |
) |
|
|
(247,207 |
) |
|
|
(201,874 |
) |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
819,103 |
|
|
$ |
761,799 |
|
|
$ |
622,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance as % of
principal balance net of deferred revenue |
|
24.5 |
% |
|
|
24.5 |
% |
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
July 31, |
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Balance at
beginning of period |
$ |
247,207 |
|
|
$ |
184,418 |
|
|
|
|
Provision for
credit losses |
|
|
82,903 |
|
|
|
54,108 |
|
|
|
|
Charge-offs, net
of collateral recovered |
|
(64,292 |
) |
|
|
(36,652 |
) |
|
|
|
|
Balance at end of
period |
$ |
265,818 |
|
|
$ |
201,874 |
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
July 31, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
Operating
activities: |
|
|
|
|
|
Net income |
|
$ |
13,242 |
|
|
$ |
24,967 |
|
|
Provision for
credit losses |
|
|
82,903 |
|
|
|
54,108 |
|
|
Losses on claims
for accident protection plan |
|
6,108 |
|
|
|
4,518 |
|
|
Depreciation and
amortization |
|
1,151 |
|
|
|
915 |
|
|
Finance receivable
originations |
|
(287,416 |
) |
|
|
(234,893 |
) |
|
Finance receivable
collections |
|
103,879 |
|
|
|
97,342 |
|
|
Inventory |
|
|
(521 |
) |
|
|
683 |
|
|
Deferred accident
protection plan revenue |
|
2,960 |
|
|
|
3,084 |
|
|
Deferred service
contract revenue |
|
4,904 |
|
|
|
6,600 |
|
|
Income taxes,
net |
|
|
3,478 |
|
|
|
6,147 |
|
|
Other |
|
|
10,238 |
|
|
|
5,134 |
|
|
|
Net cash used in
operating activities |
|
(59,074 |
) |
|
|
(31,395 |
) |
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
Purchase of
property and equipment and other |
|
(8,248 |
) |
|
|
(1,689 |
) |
|
|
Net cash used in
investing activities |
|
(8,248 |
) |
|
|
(1,689 |
) |
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
Change in
revolving credit facility, net |
|
144,037 |
|
|
|
45,780 |
|
|
Payments on
non-recourse notes payable |
|
(74,532 |
) |
|
|
- |
|
|
Change in cash
overdrafts |
|
|
1,108 |
|
|
|
(316 |
) |
|
Debt issuance
costs |
|
|
(90 |
) |
|
|
- |
|
|
Purchase of common
stock |
|
|
(5,195 |
) |
|
|
(11,618 |
) |
|
Dividend
payments |
|
|
(10 |
) |
|
|
(10 |
) |
|
Exercise of stock
options and issuance of common stock |
|
1,300 |
|
|
|
(926 |
) |
|
|
Net cash provided
by financing activities |
|
66,618 |
|
|
|
32,910 |
|
|
|
|
|
|
|
|
Decrease in cash,
cash equivalents, and restricted cash |
$ |
(704 |
) |
|
$ |
(174 |
) |
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Reconciliation of Non-GAAP Financial Measures |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
Calculation of
Debt, Net of Total Cash, to Finance Receivables: |
|
|
|
|
July 31, 2022 |
|
April 30, 2022 |
|
Debt: |
|
|
|
|
|
Revolving lines of credit, net |
$ |
188,921 |
|
|
$ |
44,670 |
|
|
|
Non-recourse notes payable,
net |
|
323,105 |
|
|
|
395,986 |
|
|
Total debt |
$ |
512,026 |
|
|
$ |
440,656 |
|
|
|
|
|
|
|
|
Cash: |
|
|
|
|
|
Cash and cash equivalents |
$ |
4,362 |
|
|
$ |
6,916 |
|
|
|
Restricted cash from
collections on auto finance receivables |
|
37,521 |
|
|
|
35,671 |
|
|
Total cash, cash
equivalents, and restricted cash |
$ |
41,883 |
|
|
$ |
42,587 |
|
|
|
|
|
|
|
|
Debt, net of total
cash |
$ |
470,143 |
|
|
$ |
398,069 |
|
|
|
|
|
|
|
|
Principal balance
of finance receivables |
$ |
1,185,276 |
|
|
$ |
1,101,497 |
|
|
|
|
|
|
|
|
Ratio of debt to
finance receivables |
|
43.2 |
% |
|
|
40.0 |
% |
|
Ratio of debt, net
of total cash, to finance receivables |
|
39.7 |
% |
|
|
36.1 |
% |
|
|
|
|
|
|
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