America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart” or the
“Company”), today reported financial results for the first quarter
ended July 31, 2024.
First Quarter Key Highlights (FY'25 vs.
FY'24 Q1, unless otherwise noted)
- Revenue was $347.8 million, down 5.2%
- Interest income increased $4.1 million, up 7.2%
- Total collections increased 4.3% to $172.9 million
- Favorable adjustment to allowance for credit loss to 25.0%,
down from 25.32%
- Net charge-offs as a % of average finance receivables were 6.4%
vs. 5.8%
- Interest expense increased $4.0 million, or 28.3%
- Loss per share of $0.15 vs. diluted earnings per share of
$0.63
President and CEO Doug Campbell commentary:
“I’m encouraged with our rebound in sales volume
from two quarters ago, despite the ongoing economic challenges
facing the customer today. During the quarter, our new loan
origination system (“LOS”) contributed to higher down payments and
improved deal structures. I’d like to recognize our operations team
for improvements on several credit metrics. Affordability remains
Car-Mart’s number one focus in putting and keeping customers on the
road. We believe that our strategic priorities, including
acquisitions like Texas Auto Center completed in June, will
strengthen our competitive position and along with cost control
initiatives, can drive better results for the remainder of the
fiscal year.”
First Quarter Fiscal Year 2025 Key Operating
Metrics |
|
Dollars in thousands, except per share data. Dollar and
percentage changes may not recalculate due to rounding. Charts may
not be to scale.
Note: Discussions in each section provide information
for the first quarter of fiscal year 2025 compared to the first
quarter of fiscal year 2024, unless otherwise noted.
First Quarter Business Review |
|
TOTAL REVENUE – A 5.2% drop in
revenue was primarily driven by the decrease in retail units sold.
A portion of the decline in revenue was offset by increases in
interest income and average retail sales price. We had a sequential
reduction in the average retail sales price, excluding ancillary
products, of approximately $100. Our initiatives in place should
allow us to see this favorability continue throughout the balance
of the calendar year.
SALES – Sales for the quarter
were 14,391 units vs. 15,912 units, down 9.6%. This is the second
quarter of sequential improvement in unit sales on a year-on-year
basis.
GROSS PROFIT – Gross profit
margin as a percentage of sales was 35%, or $6,996 per unit, an
improvement of 30 basis points, or $228 per unit. This 3.4%
increase resulted from continued execution and focus on gross
margin.
NET CHARGE-OFFS – Net
charge-offs as a percentage of average finance receivables were
6.4% compared to 5.8%. On a relative basis, we experienced
continued increases in both the frequency and severity of losses,
primarily from FY 22 and FY 23 originations. This is evident when
looking at our cash-on-cash returns table contained here. As a
reference, the quarterly performance of net charge-offs for the
five-year period preceding the pandemic period ranged from 5.9% -
8.7%, signaling a return to more normal pre-pandemic levels.
ALLOWANCE FOR CREDIT LOSSES –
The allowance for credit loss as a percentage of finance
receivables, net of deferred revenue and pending accident
protection plan claims, decreased from 25.32% at April 30, 2024, to
25.0% at July 31, 2024 providing a 32 basis points benefit to the
provision for credit losses. The primary driver of this
favorability are originations from our new LOS and their favorable
performance when compared to originations from the legacy
underwriting system. As of July 31, 2024, approximately 40% of the
outstanding portfolio balance originated from LOS. Delinquencies
(accounts over 30 days past due) improved by 90 basis points to
3.5% of finance receivables as of July 31, 2024, but increased
sequentially by 40 basis points from 3.1% of finance receivables as
of April 30, 2024. This put us ending the quarter with recency, the
average percentage of receivables current, at 82.3%. This is higher
than any quarter within the last two fiscal years.
UNDERWRITING – Average down
payments improved to 5.2%, 20 basis points over the prior year
first quarter. The average originating term was 44.3 months, down
from the prior year’s 44.7 months, despite a 2.4% higher average
sales price. These improved deal structures are expected to
strengthen the performance of the portfolio going forward. The
projected cash-on-cash returns for the quarter improved to 72.4%, a
290-basis points improvement over originations in the prior
quarter. Please see the table and supplemental material for
Cash-on-Cash returns.
SG&A EXPENSE – SG&A
expense was $46.7 million compared to $46.5 million. Although we
had favorable declines in payroll and payroll-related costs from
prior expense management actions, expenses supporting recently
implemented technology offset this favorability. When looking at
SG&A per customer, it was $453 compared to $444 the prior year.
This 2% increase is also driven by our most recent acquisitions who
are currently building a book of customers. We expect this dynamic
to improve in subsequent quarters and ultimately provide SG&A
leverage.
LEVERAGE & LIQUIDITY – Debt
to finance receivables and debt, net of cash, to finance
receivables (non-GAAP)1 were 53.4% and 46.7%, compared to 49.3% and
42.9%, respectively, at the end of the prior year’s first quarter
(sequentially 52.6% and 46.0%, respectively). During the first
quarter, we grew finance receivables by $29.9 million, increased
inventory by $7.1 million, invested $13.6 million in dealership
acquisitions, and purchased fixed assets of $986,000, with a $23.7
million increase in debt, net of cash.
ANNUAL CASH-ON-CASH RETURNS –
We continue to generate solid cash-on-cash returns. During the
quarter, the frequency of losses on originations in fiscal years
2021 through 2023 were higher than prior projections; however,
these contracts represent a smaller balance of our total portfolio.
In contrast, the originations generated during fiscal year 2024
improved cash-on-cash returns by 140 basis points, mainly due to
lower than projected loss rates. Fiscal year 2025 is off to a solid
start with projected returns of 72.4% due to the improved
underwriting.
The following table sets forth the actual and
projected cash-on-cash returns as of July 31, 2024, for the
Company’s finance receivables by origination year. The return
percentages provided for contracts originated in fiscal years 2017
through 2020 reflect the Company’s actual cash-on-cash returns.
Cash-on-Cash Returns2 |
Loan Origination Year |
Prior Quarter Projected |
Current Quarter Actual/Projected |
Variance |
% of A/R Remaining |
FY2017 |
* |
61.1% |
* |
0.0% |
FY2018 |
* |
67.6% |
* |
0.0% |
FY2019 |
* |
70.0% |
* |
0.1% |
FY2020 |
* |
73.6% |
* |
0.2% |
FY2021 |
72.8% |
72.5% |
-0.3% |
2.2% |
FY2022 |
56.6% |
54.9% |
-1.7% |
11.7% |
FY2023 |
52.5% |
49.1% |
-3.4% |
28.9% |
FY2024 |
62.9% |
64.4% |
1.4% |
62.8% |
FY2025 |
* |
72.4% |
* |
96.8% |
* 2017 - 2020 Pools' Current Projection reflects actual
cash-on-cash returns |
|
|
|
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
2“Cash-on-cash returns” represent the return on cash invested by
the Company in the vehicle finance loans the Company originates and
is calculated with respect to a pool of loans (or finance
receivables) by dividing total “cash in” less “cash out” by total
“cash out” with respect to such pool. “Cash in” represents the
total cash the Company expects to collect on the pool of finance
receivables, including credit losses. This includes down-payments,
principal and interest collected (including special and seasonal
payments) and the fair market value of repossessed vehicles, if
applicable. “Cash out” includes purchase price paid by the Company
to acquire the vehicle (including reconditioning and transportation
costs), and all other post-sale expenses as well as expenses
related to our ancillary products. The calculation assumes
estimates on expected credit losses net of fair market value of
repossessed vehicles and the related timing of such losses as well
as post sales repair expenses and special payments. The Company
evaluates and updates expected credit losses quarterly. The credit
quality of each pool is monitored and compared to prior and initial
forecasts and is reflected in our on-going internal cash-on-cash
projections.
|
|
|
Three Months
Ended |
|
|
|
|
July 31, |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
Operating Data: |
|
|
|
|
|
|
Retail units sold |
|
14,391 |
|
|
|
15,912 |
|
|
(9.6 |
)% |
|
Average
number of stores in operation |
|
155 |
|
|
|
155 |
|
|
- |
|
|
Average
retail units sold per store per month |
|
30.9 |
|
|
|
34.2 |
|
|
(9.6 |
) |
|
Average
retail sales price |
$ |
19,250 |
|
|
$ |
18,799 |
|
|
2.4 |
|
|
Total gross
profit per retail unit sold |
$ |
6,996 |
|
|
$ |
6,768 |
|
|
3.4 |
|
|
Total gross
profit percentage |
|
35.0 |
% |
|
|
34.7 |
% |
|
|
|
Same store
revenue growth |
|
(8.6 |
)% |
|
|
8.2 |
% |
|
|
|
Net
charge-offs as a percent of average finance receivables |
|
6.4 |
% |
|
|
5.8 |
% |
|
|
|
Total
collected (principal, interest and late fees) |
$ |
172,872 |
|
|
$ |
165,747 |
|
|
4.3 |
|
|
Average
total collected per active customer per month |
$ |
562 |
|
|
$ |
535 |
|
|
5.0 |
|
|
Average
percentage of finance receivables-current (excl. 1-2 day) |
|
82.3 |
% |
|
|
80.5 |
% |
|
|
|
Average
down-payment percentage |
|
5.2 |
% |
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
Period End Data: |
|
|
|
|
|
|
Stores
open |
|
156 |
|
|
|
154 |
|
|
1.3 |
% |
|
Accounts
over 30 days past due |
|
3.5 |
% |
|
|
4.4 |
% |
|
|
|
Active
customer count |
|
103,231 |
|
|
|
104,734 |
|
|
(1.4 |
) |
|
Principal
balance of finance receivables |
$ |
1,465,259 |
|
|
$ |
1,440,707 |
|
|
1.7 |
|
|
Weighted
average total contract term |
|
48.1 |
|
|
|
46.9 |
|
|
2.5 |
|
|
|
|
|
|
|
|
Conference Call and Webcast |
|
The Company will hold a conference call to
discuss its quarterly results on Wednesday, September 4, 2024, at 9
am ET. Participants may access the conference call via webcast
using this link: Webcast Link. 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 and transcript of the conference call and
webcast will be available on-demand for 12 months.
About America's Car-Mart, Inc. |
|
America’s Car-Mart, Inc. (the
“Company”) operates automotive dealerships in 12 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 news 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 news 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 and projections
regarding future operating performance and can generally be
identified by words such as “may,” “will,” “should,” “could,”
“expect,” “anticipate,” “intend,” “plan,” “project,” “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;
-
customer growth and engagement;
-
gross profit percentages;
-
gross profit per retail unit sold;
-
business acquisitions;
-
inventory acquisition, reconditioning, transportation, and
remarketing;
-
technological investments and initiatives;
-
future revenue growth;
-
receivables growth as related to revenue growth;
-
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;
-
cash-on-cash returns from the collection of contracts originated by
the Company
-
seasonality; and
- the Company’s business, operating
and growth strategies and expectations.
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 and inflationary pressure on
operating costs;
-
the availability of quality used vehicles at prices that will be
affordable to our customers, including the impacts of changes in
new vehicle production and sales;
-
the ability to leverage the Cox Automotive services agreement to
perform reconditioning and improve vehicle quality to reduce the
average vehicle cost, improve gross margins, reduce credit loss,
and enhance cash flow;
-
the availability of credit facilities and access to capital through
securitization financings or other sources on terms acceptable to
us, and any increase in the cost of capital, to support the
Company’s business;
-
the Company’s ability to underwrite and collect its contracts
effectively, including whether anticipated benefits from the
Company’s recently implemented loan origination system are achieved
as expected or at all;
-
competition;
-
dependence on existing management;
-
ability to attract, develop, and retain qualified general
managers;
-
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;
-
the ability to keep pace with technological advances and changes in
consumer behavior affecting our business;
-
security breaches, cyber-attacks, or fraudulent activity;
-
the ability to identify and obtain favorable locations for new or
relocated dealerships at reasonable cost;
-
the ability to successfully identify, complete and integrate new
acquisitions;
-
the occurrence and impact of any adverse weather events or other
natural disasters affecting the Company’s dealerships or customers;
and
- potential business and economic
disruptions and uncertainty that may result from any future public
health crises and any efforts to mitigate the financial impact and
health risks associated with such developments.
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.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on
which they are made.
Vickie Judy,
CFO479-464-9944Investor_relations@car-mart.com
America’s
Car-MartConsolidated Results of
Operations
(Amounts in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of Sales |
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Three Months
Ended |
|
|
|
|
|
|
|
July 31, |
|
|
|
July 31, |
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
2024 |
|
2023 |
|
Statements of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales(1) |
|
$ |
287,248 |
|
|
$ |
310,337 |
|
|
(7.4 |
)% |
|
|
100.0 |
|
% |
|
100.0 |
% |
|
|
Interest income |
|
|
60,515 |
|
|
|
56,456 |
|
|
7.2 |
|
|
|
21.1 |
|
|
|
18.2 |
|
|
|
|
|
Total(1) |
|
|
347,763 |
|
|
|
366,793 |
|
|
(5.2 |
) |
|
|
121.1 |
|
|
|
118.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales(1) |
|
|
186,570 |
|
|
|
202,647 |
|
|
(7.9 |
) |
|
|
65.0 |
|
|
|
65.3 |
|
|
|
Selling, general and administrative |
|
46,711 |
|
|
|
46,470 |
|
|
0.5 |
|
|
|
16.3 |
|
|
|
15.0 |
|
|
|
Provision for credit losses |
|
|
95,423 |
|
|
|
96,323 |
|
|
(0.9 |
) |
|
|
33.2 |
|
|
|
31.0 |
|
|
|
Interest expense |
|
|
18,312 |
|
|
|
14,274 |
|
|
28.3 |
|
|
|
6.4 |
|
|
|
4.6 |
|
|
|
Depreciation and amortization |
|
1,884 |
|
|
|
1,693 |
|
|
11.3 |
|
|
|
0.7 |
|
|
|
0.5 |
|
|
|
Loss on disposal of property and equipment |
|
46 |
|
|
|
166 |
|
|
(72.4 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
Total(1) |
|
|
348,946 |
|
|
|
361,573 |
|
|
(3.5 |
) |
|
|
121.5 |
|
|
|
116.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before taxes |
|
(1,183 |
) |
|
|
5,220 |
|
|
|
|
|
(0.4 |
) |
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit) provision for income taxes |
|
(219 |
) |
|
|
1,034 |
|
|
|
|
|
(0.1 |
) |
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
$ |
(964 |
) |
|
$ |
4,186 |
|
|
|
|
|
(0.3 |
) |
|
|
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on subsidiary preferred stock |
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to common shareholders |
$ |
(974 |
) |
|
$ |
4,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.15 |
) |
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
- |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,396,757 |
|
|
|
6,381,704 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
6,396,757 |
|
|
|
6,635,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Some items in the prior year financial statements were reclassified
to conform to the current presentation. Reclassification had no
effect on the prior year net income or shareholders equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America’s Car-Mart
Condensed Consolidated Balance Sheet and
Other Data
(Amounts in thousands, except per share
data)
|
|
|
|
July 31, |
|
April 30, |
|
July 31, |
|
|
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
4,748 |
|
|
$ |
5,522 |
|
|
$ |
6,314 |
|
|
Restricted cash from collections on auto finance receivables |
$ |
93,873 |
|
|
$ |
88,925 |
|
|
$ |
85,887 |
|
|
Finance receivables, net(1) |
$ |
1,126,271 |
|
|
$ |
1,098,591 |
|
|
$ |
1,115,246 |
|
(1) |
Inventory |
|
$ |
114,548 |
|
|
$ |
107,470 |
|
|
$ |
117,186 |
|
|
Total assets(1) |
|
$ |
1,531,270 |
|
|
$ |
1,477,644 |
|
|
$ |
1,498,906 |
|
(1) |
Revolving lines of credit, net |
$ |
184,846 |
|
|
$ |
200,819 |
|
|
$ |
(1,035 |
) |
|
Notes payable, net |
|
$ |
597,494 |
|
|
$ |
553,629 |
|
|
$ |
711,789 |
|
|
Treasury stock |
|
$ |
297,810 |
|
|
$ |
297,786 |
|
|
$ |
297,489 |
|
|
Total equity |
|
$ |
471,153 |
|
|
$ |
470,750 |
|
|
$ |
504,729 |
|
|
Shares outstanding |
|
|
6,396,757 |
|
|
|
6,394,675 |
|
|
|
6,381,954 |
|
|
Book value per outstanding share |
$ |
73.72 |
|
|
$ |
73.68 |
|
|
$ |
79.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance as % of principal balance net of deferred revenue |
|
25.00 |
% |
|
|
25.32 |
% |
|
|
23.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
|
|
|
July 31, |
|
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
Balance at beginning of period |
$ |
331,260 |
|
|
$ |
299,608 |
|
|
|
|
|
Provision for credit losses |
|
95,423 |
|
|
|
96,323 |
|
|
|
|
|
Charge-offs, net of collateral recovered |
|
(92,259 |
) |
|
|
(81,489 |
) |
|
|
|
|
|
Balance at end of period |
$ |
334,424 |
|
|
$ |
314,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Some items in the prior year financial statements were reclassified
to conform to the current presentation. Reclassification had no
effect on the prior year net income or shareholders equity. |
|
|
America’s
Car-MartCondensed Consolidated Statements of Cash
Flows
(Amounts in thousands)
|
|
|
Years Ended |
|
|
|
|
July 31, |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
Net income |
$ |
(964 |
) |
|
$ |
4,186 |
|
|
Provision for credit losses |
95,423 |
|
|
96,323 |
|
|
Losses on claims for accident protection plan |
9,321 |
|
|
7,769 |
|
|
Depreciation and amortization |
1,884 |
|
|
1,693 |
|
|
Finance receivable originations |
(271,756 |
) |
|
(297,732 |
) |
|
Finance receivable collections |
112,358 |
|
|
109,291 |
|
|
Inventory |
25,603 |
|
|
23,953 |
|
|
Deferred accident protection plan revenue |
205 |
|
|
1,651 |
|
|
Deferred service contract revenue |
707 |
|
|
3,479 |
|
|
Income taxes, net |
1,078 |
|
|
900 |
|
|
Other |
11,169 |
|
|
3,088 |
|
|
|
Net cash
used in operating activities |
(14,972 |
) |
|
(45,399 |
) |
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
Purchase of investments |
(7,527 |
) |
|
(1,379 |
) |
|
Purchase of property and equipment and other |
(986) |
|
|
529 |
|
|
|
Net cash
used in investing activities |
(8,513 |
) |
|
(850 |
) |
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
Change in revolving credit facility, net |
(15,798 |
) |
|
(168,516 |
) |
|
Payments on notes payable |
(106,076 |
) |
|
(116,862 |
) |
|
Change in cash overdrafts |
989 |
|
|
- |
|
|
Issuances of notes payable |
149,889 |
|
|
360,340 |
|
|
Debt issuance costs |
(1,387 |
) |
|
(4,091 |
) |
|
Purchase of common stock |
(24 |
) |
|
(68 |
) |
|
Dividend payments |
(10 |
) |
|
(10 |
) |
|
Exercise of stock options and issuance of common stock |
76 |
|
|
(377 |
) |
|
|
Net cash
provided by financing activities |
27,659 |
|
|
70,416 |
|
|
|
|
|
|
|
|
|
Increase in cash, cash equivalents, and restricted cash |
$ |
4,174 |
|
|
$ |
24,167 |
|
|
|
|
|
|
|
|
|
America’s
Car-MartReconciliation of Non-GAAP Financial
Measures
(Amounts in thousands)
Calculation of Debt, Net of Total Cash, to Finance
Receivables: |
|
|
|
|
|
|
July 31, 2024 |
|
April 30, 2024 |
|
Debt: |
|
|
|
|
|
Revolving lines of credit, net |
$ |
184,846 |
|
|
$ |
200,819 |
|
|
|
Notes
payable, net |
|
597,494 |
|
|
|
553,629 |
|
|
Total debt |
$ |
782,340 |
|
|
$ |
754,448 |
|
|
|
|
|
|
|
|
Cash: |
|
|
|
|
|
Cash and
cash equivalents |
$ |
4,748 |
|
|
$ |
5,522 |
|
|
|
Restricted
cash from collections on auto finance receivables |
|
93,873 |
|
|
|
88,925 |
|
|
Total cash, cash equivalents, and restricted cash |
$ |
98,621 |
|
|
$ |
94,447 |
|
|
|
|
|
|
|
|
Debt, net of total cash |
$ |
683,719 |
|
|
$ |
660,001 |
|
|
|
|
|
|
|
|
Principal balance of finance receivables |
$ |
1,465,259 |
|
|
$ |
1,435,388 |
|
|
|
|
|
|
|
|
Ratio of debt to finance receivables |
|
53.4 |
% |
|
|
52.6 |
% |
|
Ratio of debt, net of total cash, to finance receivables |
|
46.7 |
% |
|
|
46.0 |
% |
|
|
|
|
|
|
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b9f4d0eb-3e21-478d-9b3b-c117d6f81833
https://www.globenewswire.com/NewsRoom/AttachmentNg/29a93946-aa70-408b-a499-cd78853dff71
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