America's Car-Mart Reports Diluted Earnings per Share of $2.07 on Revenues of $177 Million
May 21 2019 - 6:30PM
America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its
operating results for the fourth quarter of fiscal year 2019.
Highlights of fourth quarter operating
results:
- Income before taxes of $18.3 million vs. $13.7 million for
prior year quarter
- Net earnings of $14.6 million, or $2.07 per
diluted share vs. net earnings of $10.2 million, or $1.43 per
diluted share for prior year quarter
- Additional income tax benefit of $434,000 ($0.06 per diluted
share) related to share-based compensation, vs. $944,000 ($0.13 per
diluted share) for prior year quarter
- Revenues of $177 million compared to $169 million for the prior
year quarter, current quarter includes a $1.9 million increase in
interest income and same store revenue increase of 2.9%
- Average retail sales price increased $383 to $11,305 or 3.5%
from the prior year quarter (up 1.4% sequentially)
- Gross profit margin percentage remained relatively flat at
40.7%
- Collections as a percentage of average finance receivables
increased to 16.0% from 15.8% for the prior year quarter
- The weighted average contract term decreased to 32.1 from 32.5
for the prior year quarter
- Net Charge-offs as a percentage of average finance receivables
of 6.4%, down from 7.5% for prior year quarter
- Accounts over 30 days past due decreased to 2.9% from 3.5% at
April 30, 2018
- Average percentage of finance receivables current was 80.9%,
down from 82.2% at April 30, 2018
- Provision for credit losses of 22.2% of sales vs. 25.4% for
prior year quarter
- Selling, general and administrative expenses at 18.0% of sales
vs. 16.9% for prior year quarter (current period includes $823,000
of stock compensation for performance-based stock options that are
expected to vest as a result of the improved net income
performance)
- Active accounts base approximately 75,600, an increase of
approximately 4,500 from April 30, 2018
- Debt to equity of 58.7% and debt to finance receivables of
28.1% (66.1% and 30.4% at April 30, 2018)
- Strong cash flows supporting the $435,000 increase in finance
receivables, $987,000 in net capital expenditures, and $2.5 million
in common stock repurchases (31,472 shares) with a $17.8 million
decrease in total debt
Highlights of twelve-month operating
results:
- Income before taxes of $59.9 million vs $38.9 million for prior
year
- Net income of $47.6 million or $6.73 per diluted share vs. net
income of $36.5 million or $4.90 per diluted share for prior year
(diluted earnings per share for prior year includes $1.40 for the
effect of the enactment of the Tax Act in December 2017 and $(0.10)
for a one-time retirement bonus paid to retiring CEO)
- Additional income tax benefit related to share-based
compensation of $1,961,000 ($0.28 per diluted share) compared to
$1,721,000 ($0.23 per diluted share) for the prior year period
- Revenues of $669 million compared to $612 million for the prior
year with same store revenue increase of 8.4%
- Retail unit sales increase of 4.1% to 50,257 from 48,271 for
the prior year with improved productivity at 29.5 retail units sold
per store per month, up from 28.7 for the prior year period
- Net Charge-offs as a percent of average finance receivables of
25.7%, down from 28.8% for prior year
- Provision for credit losses of 25.0% of sales vs. 27.7% of
sales for prior year
- Strong cash flows supporting the $41.9 million increase in
finance receivables, $3.9 million increase in inventory, $4.0
million in net capital expenditures and $26.6 million in common
stock repurchases (378,627 shares) with only a $0.6 million
increase in total debt
“We are proud of the progress being made and we
will push hard every day to continuously raise the bar on our own
expectations. The enthusiasm around our purpose has never been
stronger as we have an obligation to serve more customers by
growing at a solid, healthy pace. We are committed to staying laser
focused on our operational non-negotiables and bringing Customer
Experience to a level that cannot be matched in the markets we
serve. We are deeply passionate about customer and associate
success and we believe that we can be the best company in America
at providing transportation solutions to credit challenged
customers. As the result of deep reflection on where we are as a
company and where we want to go, key Car-Mart leaders have recently
developed our new Vision Statement which captures our ‘Why’, the
real purpose in our work. Our Vision- ‘To be America’s best auto
sales and finance company in the eyes of our associates and
customers while improving the communities we serve.’ I am
honored to be part of such a great team and to play a role in this
very special effort that we have committed our lives to,” said Jeff
Williams, President and Chief Executive Officer. “Our diligence is
showing up in the numbers as our return on average assets and
return on average equity for the year were 10.0% and 19.4%,
respectively. Additionally, as we think about value creation for
the year, we grew net finance receivables by $31.9 million,
re-purchased $26.6 million of our common stock, invested $3.9
million in additional inventory to support our top line growth and
funded $4.0 million in long-term capital expenditures (a total of
$66.4 million), all with basically no increase in debt. We will
stay focused on cash flows and operational efficiencies within our
model as these disciplines give us distinct advantages in our
markets.”
“We plan to open two new dealerships, in Conway,
Arkansas and Bryant, Arkansas, within the next few weeks. Our
Chattanooga, Tennessee project has run into some challenges and we
don’t have enough clarity at this point to provide an update on
when, or if, we will be able to move forward with the location we
have been working on,” said Mr. Williams. “We do plan to open a few
more new locations in fiscal 2020 and will provide more detail as
we move forward. As we have discussed, our primary focus is to
continue to grow customer count at existing dealerships, with
emphasis on our top performing general managers to leverage their
talents. At the same time, we will grow our bench to allow us
to add new dealerships in the future. Our growth will be at a pace
that matches our ability to serve customers in our communities at
the highest levels.”
“Same store revenues were up 2.9% for the
quarter and up over 8% for the year and we were pleased with the
continued improvement in our credit metrics for the quarter
compared to the prior year quarter - net charge-offs were down 110
basis points, collections were up 20 basis points, and the
quarter-end 30+ delinquency percentage was down significantly to
2.9%. These metrics contributed to a 320 basis point improvement in
the provision for credit losses as a percentage of sales for the
quarter over the prior year quarter. While we did not experience
leveraging at the SG&A line for the fourth quarter, we did
leverage these expenses for the full year. Selling, general and
administrative expenses for the fourth quarter included
approximately $823,000 of additional stock compensation for
performance-based stock options that are expected to vest as a
result of the improved net income performance. We will continue to
invest in the key areas of the business, especially on the people
side, and at the same time expect some leveraging over the long
term," said Vickie Judy, Chief Financial Officer. “We are all
working very hard to make this company great and to take advantage
of the opportunities that are in front of us as we help customers
and associates succeed.”
“We repurchased 31,472 shares of our common
stock during the quarter at an average price of $79.12 for a total
of $2.5 million. Since February 2010 we have repurchased 6.2
million shares at an average price of approximately $36.30. Our
primary focus is to be positioned to grow the business and invest
in our associates and key areas of the business by managing strong
cash-on-cash returns, while continuing to purchase shares
opportunistically” added Ms. Judy. “Our balance sheet is very
strong with a debt to finance receivables ratio of 28.1%.”
Conference Call
Management will be holding a conference call on
Wednesday, May 22, 2019 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. 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 # 4487469.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”)
operates 144 automotive dealerships in eleven states and is one of
the largest publicly held automotive retailers in the United States
focused exclusively on the “Integrated Auto Sales and Finance”
segment of the used car market. The Company emphasizes superior
customer service and the building of strong personal relationships
with its customers. The Company operates its dealerships primarily
in small cities throughout the South-Central United States selling
quality used vehicles and providing financing for substantially all
of its customers. For more information, including investor
presentations, on America’s Car-Mart, please visit our website at
www.car-mart.com.
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements address the
Company’s future objectives, plans and goals, as well as the
Company’s intent, beliefs and current expectations regarding future
operating performance and can generally be identified by words such
as “may,” “will,” “should,” “could," “believe,” “expect,”
“anticipate,” “intend,” “plan,” “foresee,” and other similar words
or phrases. Specific events addressed by these forward-looking
statements include, but are not limited to:
- new dealership openings;
- performance of new dealerships;
- same store revenue growth;
- future overall revenue growth;
- the Company’s collection results, including but not limited to
collections during income tax refund periods;
- leveraging selling, general and administrative expenses;
- repurchases of the Company’s common stock; and
- the Company’s business and growth strategies and plans.
These forward-looking statements are based on
the Company’s current estimates and assumptions and involve various
risks and uncertainties. As a result, you are cautioned that these
forward-looking statements are not guarantees of future
performance, and that actual results could differ materially from
those projected in these forward-looking statements. Factors that
may cause actual results to differ materially from the Company’s
projections include, but are not limited to:
- the availability of credit facilities to support the Company’s
business;
- the Company’s ability to underwrite and collect its accounts
effectively, including but not limited to collections during income
tax refund periods;
- competition;
- dependence on existing management;
- ability to attract, develop and retain qualified general
managers;
- availability of quality vehicles at prices that will be
affordable to customers;
- changes in financing laws or regulations; and
- general economic conditions in the markets in which the Company
operates, including but not limited to fluctuations in gas prices,
grocery prices and employment levels.
Additionally, risks and uncertainties that may
affect future results include those described from time to time in
the Company’s SEC filings. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the dates on which they are
made.
Contacts:
Jeffrey A. Williams, President and CEO or Vickie D. Judy, CFO at
(479) 464-9944
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Three Months EndedApril 30, |
|
2019 |
|
Three Months Ended April 30, |
|
|
|
|
|
|
|
vs. |
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
2018 |
|
2019 |
|
2018 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units
sold |
|
|
13,094 |
|
|
|
13,082 |
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
144 |
|
|
|
140 |
|
|
2.9 |
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
30.3 |
|
|
|
31.1 |
|
|
(2.6 |
) |
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
11,305 |
|
|
$ |
10,922 |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
2.9% |
|
|
|
10.5% |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
6.4% |
|
|
|
7.5% |
|
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
16.0% |
|
|
|
15.8% |
|
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
80.9% |
|
|
|
82.2% |
|
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
8.2% |
|
|
|
8.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
144 |
|
|
|
139 |
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
2.9% |
|
|
|
3.5% |
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
543,328 |
|
|
$ |
501,438 |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
156,193 |
|
|
$ |
150,661 |
|
|
3.7 |
% |
|
|
100.0 |
% |
|
100.0 |
% |
|
|
|
Interest
income |
|
|
20,689 |
|
|
|
18,790 |
|
|
10.1 |
|
|
|
13.2 |
|
|
12.5 |
|
|
|
|
|
|
Total |
|
|
176,882 |
|
|
|
169,451 |
|
|
4.4 |
|
|
|
113.2 |
|
|
112.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
92,624 |
|
|
|
89,493 |
|
|
3.5 |
|
|
|
59.3 |
|
|
59.4 |
|
|
|
|
Selling, general and administrative |
|
|
28,181 |
|
|
|
25,486 |
|
|
10.6 |
|
|
|
18.0 |
|
|
16.9 |
|
|
|
|
Provision for
credit losses |
|
|
34,744 |
|
|
|
38,281 |
|
|
(9.2 |
) |
|
|
22.2 |
|
|
25.4 |
|
|
|
|
Interest
expense |
|
|
1,988 |
|
|
|
1,621 |
|
|
22.6 |
|
|
|
1.3 |
|
|
1.1 |
|
|
|
|
Depreciation and amortization |
|
|
1,020 |
|
|
|
1,006 |
|
|
1.4 |
|
|
|
0.7 |
|
|
0.7 |
|
|
|
|
Gain on disposal of property and equipment |
|
|
(3 |
) |
|
|
(97 |
) |
|
(96.9 |
) |
|
|
- |
|
|
(0.1 |
) |
|
|
|
|
|
Total |
|
|
158,554 |
|
|
|
155,790 |
|
|
1.8 |
|
|
|
101.5 |
|
|
103.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
18,328 |
|
|
|
13,661 |
|
|
|
|
|
11.7 |
|
|
9.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
3,763 |
|
|
|
3,492 |
|
|
|
|
|
2.4 |
|
|
2.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,565 |
|
|
$ |
10,169 |
|
|
|
|
|
9.3 |
|
|
6.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on
subsidiary preferred stock |
|
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
common shareholders |
|
$ |
14,555 |
|
|
$ |
10,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.17 |
|
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
2.07 |
|
|
$ |
1.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,699,772 |
|
|
|
6,907,409 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
7,021,160 |
|
|
|
7,086,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Years Ended April 30, |
|
2019 |
|
Years Ended April 30, |
|
|
|
|
|
|
|
vs. |
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
2018 |
|
2019 |
|
2018 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units
sold |
|
|
50,257 |
|
|
|
48,271 |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
142 |
|
|
|
140 |
|
|
1.4 |
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
29.5 |
|
|
|
28.7 |
|
|
2.8 |
|
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
11,125 |
|
|
$ |
10,604 |
|
|
4.9 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
8.4% |
|
|
|
5.2% |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance receivables |
|
|
25.7% |
|
|
|
28.8% |
|
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
55.3% |
|
|
|
53.1% |
|
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
81.7% |
|
|
|
80.9% |
|
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
6.5% |
|
|
|
6.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
144 |
|
|
|
139 |
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
2.9% |
|
|
|
3.5% |
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
543,328 |
|
|
$ |
501,438 |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
586,508 |
|
|
$ |
537,528 |
|
|
9.1 |
% |
|
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
82,614 |
|
|
|
74,673 |
|
|
10.6 |
|
|
|
14.1 |
|
|
13.9 |
|
|
|
|
|
Total |
|
|
669,122 |
|
|
|
612,201 |
|
|
9.3 |
|
|
|
114.1 |
|
|
113.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
343,898 |
|
|
|
315,273 |
|
|
9.1 |
|
|
|
58.6 |
|
|
58.7 |
|
|
|
Selling, general and administrative |
|
|
107,249 |
|
|
|
99,023 |
|
|
8.3 |
|
|
|
18.3 |
|
|
18.4 |
|
|
|
Provision for
credit losses |
|
|
146,363 |
|
|
|
149,059 |
|
|
(1.8 |
) |
|
|
25.0 |
|
|
27.7 |
|
|
|
Interest
expense |
|
|
7,883 |
|
|
|
5,599 |
|
|
40.8 |
|
|
|
1.3 |
|
|
1.0 |
|
|
|
Depreciation and amortization |
|
|
3,969 |
|
|
|
4,250 |
|
|
(6.6 |
) |
|
|
0.7 |
|
|
0.8 |
|
|
|
Loss (gain) on disposal of property and equipment |
|
|
(91 |
) |
|
|
91 |
|
|
(200.0 |
) |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
609,271 |
|
|
|
573,295 |
|
|
6.3 |
|
|
|
103.9 |
|
|
106.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
59,851 |
|
|
|
38,906 |
|
|
|
|
|
10.2 |
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
12,226 |
|
|
|
2,397 |
|
|
|
|
|
2.1 |
|
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
47,625 |
|
|
$ |
36,509 |
|
|
|
|
|
8.1 |
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on
subsidiary preferred stock |
|
$ |
(40 |
) |
|
$ |
(40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
common shareholders |
|
$ |
47,585 |
|
|
$ |
36,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
6.99 |
|
|
$ |
5.04 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
6.73 |
|
|
$ |
4.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,810,879 |
|
|
|
7,232,014 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
7,071,768 |
|
|
|
7,441,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, |
|
April 30, |
|
April 30, |
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
1,752 |
|
|
$ |
1,022 |
|
|
$ |
434 |
|
|
|
Finance
receivables, net |
|
$ |
415,486 |
|
|
$ |
383,617 |
|
|
$ |
357,161 |
|
|
|
Inventory |
|
$ |
37,483 |
|
|
$ |
33,610 |
|
|
$ |
30,129 |
|
|
|
Total assets |
|
$ |
492,542 |
|
|
$ |
455,584 |
|
|
$ |
424,258 |
|
|
|
Total debt |
|
$ |
152,918 |
|
|
$ |
152,367 |
|
|
$ |
117,944 |
|
|
|
Treasury
stock |
|
$ |
230,902 |
|
|
$ |
204,325 |
|
|
$ |
162,024 |
|
|
|
Stockholders'
equity |
|
$ |
260,510 |
|
|
$ |
230,535 |
|
|
$ |
233,008 |
|
|
|
Shares
outstanding |
|
|
6,699,421 |
|
|
|
6,849,161 |
|
|
|
7,608,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
|
|
Principal
balance |
|
$ |
543,328 |
|
|
$ |
501,438 |
|
|
$ |
466,854 |
|
|
|
|
Deferred revenue -
payment protection plan |
|
(21,367 |
) |
|
|
(19,823 |
) |
|
|
(18,472 |
) |
|
|
|
Deferred revenue -
service contract |
|
(10,592 |
) |
|
|
(10,332 |
) |
|
|
(9,611 |
) |
|
|
|
Allowance for
credit losses |
|
(127,842 |
) |
|
|
(117,821 |
) |
|
|
(109,693 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance |
|
|
|
|
|
|
|
|
|
and deferred
revenue |
$ |
383,527 |
|
|
$ |
353,462 |
|
|
$ |
329,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance as % of
principal balance, |
|
|
|
|
|
|
|
|
|
net of deferred
revenue |
|
25.0 |
% |
|
|
25.0 |
% |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30, |
|
Years Ended April 30, |
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
Balance at
beginning of period |
$ |
127,980 |
|
|
$ |
117,268 |
|
|
$ |
117,821 |
|
|
$ |
109,693 |
|
|
Provision for
credit losses |
|
34,744 |
|
|
|
38,281 |
|
|
|
146,363 |
|
|
|
149,059 |
|
|
Charge-offs, net
of collateral recovered |
|
(34,882 |
) |
|
|
(37,728 |
) |
|
|
(136,342 |
) |
|
|
(140,931 |
) |
|
|
Balance at end of
period |
$ |
127,842 |
|
|
$ |
117,821 |
|
|
$ |
127,842 |
|
|
$ |
117,821 |
|
|
|
|
|
|
|
|
|
|
|
|
Americas Car Mart (NASDAQ:CRMT)
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From Aug 2024 to Sep 2024
Americas Car Mart (NASDAQ:CRMT)
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From Sep 2023 to Sep 2024