America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its
operating results for the fourth quarter and the full fiscal year
2020. The fourth quarter results include an $11.7 million pretax
charge to increase the allowance for credit losses due to the
COVID-19 pandemic.
“As we push through the COVID-19 pandemic, our
financial position and operating results reflect the quality and
power of our Car-Mart business model. We are a ground-level
operator and were able to turn on a dime to keep our dealerships
open in accordance with all state and local orders so that we could
continue serving the essential needs of our communities throughout
the crisis,” said Jeff Williams, President and CEO.
“To better serve our customers, as well as for
their health and safety, we quickly launched curbside and home
delivery processes. We also increased our digital efforts, which
included expanding communications channels with our customers to
ensure they know how much we care about them individually.
“In our nearly 40 years of business, we have
weathered many storms, but through them all, we were steadfast in
our focus on the customer experience – ‘Keeping our Customers on
the Road and giving them Peace of Mind.’ Our commitment to our
customers has never been stronger, and during these challenging
times, we moved even closer to our customers and united together as
a family. We are a small-town character lender and really stepped
up and walked the walk by truly living out our company’s mission,
vision, and values in our daily work.
“Our company has most certainly prioritized the
safety and well-being of our associates and customers during the
pandemic. We will continue to be diligent and aggressive in
educating ourselves and our team members on ways to help prevent or
reduce the risk of exposure to the virus,” added Mr. Williams.
“Words can’t express how proud I am of our
associates, and how our team continues to rise to the occasion in
the face of maybe the greatest healthcare crisis and most certainly
the largest financial disruption in the history of our country. The
fact that we deeply understand our company’s purpose is carrying us
through this crisis and will set a firm foundation for us to
continue our path of serving more customers with great vehicles and
excellent customer service. Thank you to our Car-Mart
associates for taking care of each other and our customers, and for
improving the communities in which we do business. I am grateful
for the hard work, dedication, and compassion of our associates.
Their caring and compassion is making a real difference in the
lives of so many good people facing increased financial and
personal challenges in these trying times. I am in awe of the great
people we have in this company and I am humbled to be part of the
team,” said Mr. Williams.
“We will keep investing in our business,
including recruiting, training, and retention of quality
associates. We will be diligent in improving our operations, with
significant emphasis on our vehicle inventory. And we will put a
laser focus on delivering an exceptional customer experience. That
is why we believe our company’s future is very bright. We expect
disruptions in the consumer credit markets and in vehicle supply
channels to present positive opportunities for our business and we
intend to be ready to leverage our position moving forward.
As we have said, we believe that most of our dealerships can serve
1,000 or more customers over time and we have significant
opportunities to gain market share from our existing locations,”
added Mr. Williams. “In addition, new lot openings and strategic
acquisitions are expected to be part of our plan as we move
forward. The market we serve is large and our growth will be at a
rate that aligns with our ability to serve our customers after the
sale at the highest level of service.”
“We have taken several steps to ensure financial
flexibility during this unprecedented time,” said Vickie Judy,
Chief Financial Officer. “We took a $30 million draw on our
revolving credit facility and significantly reduced expenses during
the last half of the quarter, including part-time and hourly
payroll as well as other non-associate related expenses. As a
result of these efforts, our cash balance is at $59.6 million and
our debt, net of cash, to finance receivables is 25.1%, compared to
27.8% for the prior year-end. We have also taken advantage of
deferring the employer share of social security payroll taxes as
permitted under the CARES Act. Although we reduced hours for
certain associates, we are happy to say these measures have allowed
us to maintain workforce engagement with no disruption to associate
benefits. Total SG&A spend increased $2.3 million
compared to the prior year quarter, primarily due to payroll costs
for additional associate count as well as continued investments in
pay, benefits and training.”
“For the safety of our customers and associates,
we suspended certain collection activities, including personal
visits and repossession efforts, for a period of time during the
pandemic. This resulted in a lower amount of net charge-offs
as a percent of average finance receivables for the quarter.
However, COVID-19 has impacted our customers and resulted in
increased past-due amounts as a percentage of receivables,
resulting in uncertainty of how customers pay and react in this new
environment. As a result, we have increased our allowance for
credit losses from 24.5% to 26.5% resulting in an $11.7 million
pre-tax charge to the provision in the fourth quarter,” added Ms.
Judy. “As Jeff mentioned, we are very focused on working with our
customers to keep them in their vehicle and on the road.”
“Our strong balance sheet and the agility and
determination that our associates demonstrated during these
unprecedented times position us to provide a great customer
experience and capture market share as we move forward. For
the year ended April 30, 2020, we added $77.9 million in
receivables, repurchased $16.0 million of our common stock, and
funded $5.5 million in net capital expenditures, a total of $99.4
million, with only a $4.8 million increase in debt net of cash. We
will continue to remain focused on cash-on-cash returns and
maintaining a strong balance sheet.” added Ms. Judy.
Conference Call
Management will be holding a conference call on
Friday, May 22, 2020 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
#4983797.
About America's Car-Mart
America’s Car-Mart, Inc. 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.
America’s Car-Mart, Inc. was named to the Forbes
America’s Best Mid-Size Employers list in 2019 for the second
consecutive year and has sold over 690,000 vehicles since fiscal
year 2000.
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 dealership revenue growth;
- future revenue growth;
- receivables growth as related to revenue growth;
- gross profit per retail unit sold;
- interest rates;
- future credit losses;
- the Company’s collection results, including but not limited to
collections during income tax refund periods;
- seasonality; and
- the Company’s business 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:
- business and economic disruptions and uncertainty resulting
from the COVID-19 pandemic and efforts to mitigate the financial
impact and health risks associated with the pandemic;
- 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;
- the availability of credit facilities 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;
- security breaches, cyber-attacks, or fraudulent activity;
and
- the ability to successfully identify, complete and integrate
new acquisitions.
Additionally, risks and uncertainties that may
affect future results include those described from time to time in
the Company’s SEC filings. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the dates on which they are
made.
____________________________Contacts: Jeffrey A.
Williams, President and CEO (479) 464-9944 or Vickie D. Judy, CFO
(479) 464-9944
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Three Months Ended |
|
2020 |
|
Three Months Ended |
|
|
|
|
|
|
April 30, |
|
vs. |
|
April 30, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
2019 |
|
2020 |
|
2019 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units
sold |
|
|
13,314 |
|
|
|
13,094 |
|
|
1.7 |
|
% |
|
|
|
|
|
|
|
Average number of
stores in operation |
|
|
147 |
|
|
|
144 |
|
|
2.1 |
|
|
|
|
|
|
|
|
|
Average retail
units sold per store per month |
|
|
30.2 |
|
|
|
30.3 |
|
|
(0.3 |
) |
|
|
|
|
|
|
|
|
Average retail
sales price |
|
$ |
12,408 |
|
|
$ |
11,305 |
|
|
9.8 |
|
|
|
|
|
|
|
|
|
Gross profit per
retail unit |
|
$ |
5,232 |
|
|
$ |
4,855 |
|
|
7.8 |
|
|
|
|
|
|
|
|
|
Same store revenue
growth |
|
|
8.6 |
% |
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as
a percent of average finance receivables |
|
5.6 |
% |
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a
percent of average finance receivables |
|
15.0 |
% |
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage
of finance receivables-current (excl. 1-2 day) |
|
79.6 |
% |
|
|
80.9 |
% |
|
|
|
|
|
|
|
|
|
|
Average
down-payment percentage |
|
|
7.8 |
% |
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
148 |
|
|
|
144 |
|
|
2.8 |
|
% |
|
|
|
|
|
|
|
Accounts over 30
days past due |
|
|
6.2 |
% |
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
Active customer
count |
|
|
80,669 |
|
|
|
75,609 |
|
|
6.7 |
|
% |
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
621,182 |
|
|
$ |
543,328 |
|
|
14.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
171,922 |
|
|
$ |
156,193 |
|
|
10.1 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
23,767 |
|
|
|
20,689 |
|
|
14.9 |
|
|
|
13.8 |
|
|
13.2 |
|
|
|
|
|
Total |
|
|
195,689 |
|
|
|
176,882 |
|
|
10.6 |
|
|
|
113.8 |
|
|
113.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
102,260 |
|
|
|
92,624 |
|
|
10.4 |
|
|
|
59.5 |
|
|
59.3 |
|
|
|
Selling, general
and administrative |
|
|
30,464 |
|
|
|
28,181 |
|
|
8.1 |
|
|
|
17.7 |
|
|
18.0 |
|
|
|
Provision for
credit losses |
|
|
49,361 |
|
|
|
34,744 |
|
|
42.1 |
|
|
|
28.7 |
|
|
22.2 |
|
|
|
Interest
expense |
|
|
1,943 |
|
|
|
1,988 |
|
|
(2.3 |
) |
|
|
1.1 |
|
|
1.3 |
|
|
|
Depreciation and
amortization |
|
|
926 |
|
|
|
1,020 |
|
|
(9.2 |
) |
|
|
0.5 |
|
|
0.7 |
|
|
|
Gain on disposal
of property and equipment |
|
|
(153 |
) |
|
|
(3 |
) |
|
5,000.0 |
|
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
184,801 |
|
|
|
158,554 |
|
|
16.6 |
|
|
|
107.5 |
|
|
101.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
10,888 |
|
|
|
18,328 |
|
|
|
|
|
6.3 |
|
|
11.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
|
1,629 |
|
|
|
3,763 |
|
|
|
|
|
0.9 |
|
|
2.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
9,259 |
|
|
$ |
14,565 |
|
|
|
|
|
5.4 |
|
|
9.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on
subsidiary preferred stock |
|
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shareholders |
$ |
9,249 |
|
|
$ |
14,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
1.40 |
|
|
$ |
2.17 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
1.35 |
|
|
$ |
2.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
6,616,305 |
|
|
|
6,699,772 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
6,872,769 |
|
|
|
7,021,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Years Ended |
|
2020 |
|
Years Ended |
|
|
|
|
|
|
April 30, |
|
vs. |
|
April 30, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
2019 |
|
2020 |
|
2019 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units
sold |
|
|
52,914 |
|
|
|
50,257 |
|
|
5.3 |
|
% |
|
|
|
|
|
|
|
Average number of
stores in operation |
|
|
146 |
|
|
|
142 |
|
|
2.8 |
|
|
|
|
|
|
|
|
|
Average retail
units sold per store per month |
|
|
30.2 |
|
|
|
29.5 |
|
|
2.4 |
|
|
|
|
|
|
|
|
|
Average retail
sales price |
|
$ |
11,793 |
|
|
$ |
11,125 |
|
|
6.0 |
|
|
|
|
|
|
|
|
|
Gross profit per
retail unit |
|
$ |
4,999 |
|
|
$ |
4,827 |
|
|
3.6 |
|
|
|
|
|
|
|
|
|
Same store revenue
growth |
|
|
9.3 |
% |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as
a percent of average finance receivables |
|
23.1 |
% |
|
|
25.7 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a
percent of average finance receivables |
|
55.1 |
% |
|
|
55.3 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage
of finance receivables-current (excl. 1-2 day) |
|
82.2 |
% |
|
|
81.7 |
% |
|
|
|
|
|
|
|
|
|
|
Average
down-payment percentage |
|
|
6.4 |
% |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
148 |
|
|
|
144 |
|
|
2.8 |
|
% |
|
|
|
|
|
|
|
Accounts over 30
days past due |
|
|
6.2 |
% |
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
Active customer
count |
|
|
80,669 |
|
|
|
75,609 |
|
|
6.7 |
|
% |
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
621,182 |
|
|
$ |
543,328 |
|
|
14.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
652,992 |
|
|
$ |
586,508 |
|
|
11.3 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
91,619 |
|
|
|
82,614 |
|
|
10.9 |
|
|
|
14.0 |
|
|
14.1 |
|
|
|
|
|
Total |
|
|
744,611 |
|
|
|
669,122 |
|
|
11.3 |
|
|
|
114.0 |
|
|
114.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
388,475 |
|
|
|
343,898 |
|
|
13.0 |
|
|
|
59.5 |
|
|
58.6 |
|
|
|
Selling, general
and administrative |
|
|
117,762 |
|
|
|
107,249 |
|
|
9.8 |
|
|
|
18.0 |
|
|
18.3 |
|
|
|
Provision for
credit losses |
|
|
162,246 |
|
|
|
146,363 |
|
|
10.9 |
|
|
|
24.8 |
|
|
25.0 |
|
|
|
Interest
expense |
|
|
8,052 |
|
|
|
7,883 |
|
|
2.1 |
|
|
|
1.2 |
|
|
1.3 |
|
|
|
Depreciation and
amortization |
|
|
3,839 |
|
|
|
3,969 |
|
|
(3.3 |
) |
|
|
0.6 |
|
|
0.7 |
|
|
|
Gain on disposal
of property and equipment |
|
|
(114 |
) |
|
|
(91 |
) |
|
25.3 |
|
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
680,260 |
|
|
|
609,271 |
|
|
11.7 |
|
|
|
104.2 |
|
|
103.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
64,351 |
|
|
|
59,851 |
|
|
|
|
|
9.9 |
|
|
10.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
|
13,008 |
|
|
|
12,226 |
|
|
|
|
|
2.0 |
|
|
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
51,343 |
|
|
$ |
47,625 |
|
|
|
|
|
7.9 |
|
|
8.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on
subsidiary preferred stock |
|
$ |
(40 |
) |
|
$ |
(40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shareholders |
$ |
51,303 |
|
|
$ |
47,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
7.74 |
|
|
$ |
6.99 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
7.39 |
|
|
$ |
6.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
6,630,023 |
|
|
|
6,810,879 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
6,945,652 |
|
|
|
7,071,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, |
|
April 30, |
|
April 30, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
59,560 |
|
|
$ |
1,752 |
|
|
$ |
1,022 |
|
|
|
Finance
receivables, net |
$ |
466,141 |
|
|
$ |
415,486 |
|
|
$ |
383,617 |
|
|
|
Inventory |
|
$ |
36,414 |
|
|
$ |
37,483 |
|
|
$ |
33,610 |
|
|
|
Total assets |
|
$ |
667,324 |
|
|
$ |
492,542 |
|
|
$ |
455,584 |
|
|
|
Total debt |
|
$ |
215,568 |
|
|
$ |
152,918 |
|
|
$ |
152,367 |
|
|
|
Treasury
stock |
|
$ |
246,911 |
|
|
$ |
230,902 |
|
|
$ |
204,325 |
|
|
|
Total equity |
|
$ |
302,759 |
|
|
$ |
260,510 |
|
|
$ |
230,535 |
|
|
|
Shares
outstanding |
|
|
6,619,319 |
|
|
|
6,699,421 |
|
|
|
6,849,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
|
|
Principal
balance |
|
$ |
621,182 |
|
|
$ |
543,328 |
|
|
$ |
501,438 |
|
|
|
|
Deferred revenue -
payment protection plan |
|
(24,480 |
) |
|
|
(21,367 |
) |
|
|
(19,823 |
) |
|
|
|
Deferred revenue -
service contract |
|
(11,641 |
) |
|
|
(10,592 |
) |
|
|
(10,332 |
) |
|
|
|
Allowance for
credit losses |
|
(155,041 |
) |
|
|
(127,842 |
) |
|
|
(117,821 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
430,020 |
|
|
$ |
383,527 |
|
|
$ |
353,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance as % of
principal balance net of deferred revenue |
|
26.5 |
% |
|
|
25.0 |
% |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
|
|
|
|
April 30, |
|
April 30, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Balance at
beginning of period |
$ |
140,282 |
|
|
$ |
127,980 |
|
|
$ |
127,842 |
|
|
$ |
117,821 |
|
|
Provision for
credit losses |
|
49,361 |
|
|
|
34,744 |
|
|
|
162,246 |
|
|
|
146,363 |
|
|
Charge-offs, net
of collateral recovered |
|
(34,602 |
) |
|
|
(34,882 |
) |
|
|
(135,047 |
) |
|
|
(136,342 |
) |
|
|
Balance at end of
period |
$ |
155,041 |
|
|
$ |
127,842 |
|
|
$ |
155,041 |
|
|
$ |
127,842 |
|
|
|
|
|
|
|
|
|
|
|
|
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