America’s Car-Mart Reports Third Quarter Fiscal 2024 Results
- Completion of updated loan origination system.
- Total revenue decreased by 7.9% to $299.6 million.
- Total collections increased by 9.3%.
- Allowance for credit loss adjusted to 25.74%.
- Net charge-offs decreased to 6.8% from 5.9%.
- Loss per share at $1.34 compared to $0.23 diluted earnings per share.
- Strategic partnership with Cox Automotive.
- Efforts to improve sales in the fourth quarter.
- Focus on long-term profitability and shareholder value.
- Sales volumes fell short of expectations.
- Loss per share increased significantly.
- Decrease in total revenue.
- Net charge-offs increased sequentially.
- Sales units decreased by 19.6% compared to the prior year quarter.
- Total credit application volume down by 8.3% year over year.
Insights
The reported financial results by America's Car-Mart indicate a revenue decline of 7.9% and a loss per share of $1.34, which contrasts with the diluted earnings per share from the same quarter last year. This performance could signal underlying challenges in the automotive retail sector, potentially due to economic pressures on consumers or increased competition. The decrease in retail units sold is a critical metric, as it directly impacts the company's top-line growth. Investors should consider the company's strategy to improve sales and whether it can effectively manage costs and navigate the macroeconomic environment.
Moreover, the increase in total collections by 9.3% and the adjustment of the allowance for credit loss are positive signs of the company's ability to manage its credit risk. However, the rise in net charge-offs could be a concern, indicating that a higher percentage of finance receivables are being written off as uncollectible. This could affect future profitability and cash flow. The strategic partnership with Cox Automotive could offer new avenues for growth or operational efficiencies, which may be beneficial in the long term.
The automotive retail industry is sensitive to economic cycles and America's Car-Mart's performance may reflect broader consumer sentiment and purchasing power. The decline in sales volume and reduced credit application volume suggest that consumers may be more cautious in their spending, possibly due to economic uncertainty or tighter credit conditions. The increase in the average retail sales price could also imply that the company is attempting to offset lower unit sales with higher margins per unit.
It is also worth noting the implementation of an updated loan origination system (LOS), which could improve the efficiency and risk assessment of the company's financing operations. The initial results from the LOS could provide insights into its potential impact on future financial performance. The strategic partnership with Cox Automotive may also reflect an industry trend towards consolidation and collaboration to leverage shared resources and technology.
The financial results from America's Car-Mart can be interpreted within the context of the current economic landscape. A reduction in consumer spending on durable goods such as cars often precedes or accompanies broader economic slowdowns. The reported decline in unit sales and revenue, along with an increase in the allowance for credit losses, may suggest that consumers are facing financial constraints, potentially from rising interest rates or inflationary pressures.
Furthermore, the strategic partnership with Cox Automotive could be seen as a strategic move to strengthen the company's competitive position in a challenging market. This partnership may enable Car-Mart to access more advanced technology and data analytics, which could lead to improved operational efficiency and better customer targeting. However, the success of such partnerships and technology implementations often depends on the execution and integration within the company's existing operations.
ROGERS, Ark., March 08, 2024 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart” or the “Company”), today reported financial results for the third quarter ended January 31, 2024.
Third Quarter Key Highlights (Q3 FY24 vs. Q3 FY23, unless otherwise noted)
- Completed implementation of updated loan origination system (LOS)
- Q3 revenue was
$299.6 million , down7.9% - Total collections increased
9.3% - Allowance for credit loss adjusted to
25.74% , down sequentially 30 bps - Net charge-offs as a % of average finance receivables were
6.8% vs.5.9% , down sequentially 40 bps - Loss per share
$1.34 vs.$0.23 diluted earnings per share - Entered into a strategic partnership with Cox Automotive in February
“We continue to navigate a challenging macro environment facing our customers and remain focused on their success. While sales volumes fell short of our expectations during the quarter, they are not reflective of the efforts put forth by the team. I am encouraged by our continued progress during the quarter in gross profit, credit losses, and initial results generated by our loan origination system. We have implemented several initiatives to improve sales during the fourth quarter. Our priority is to be agile with our cost structure and investments to deliver long-term profitability and shareholder value.”
Doug Campbell
President and CEO
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.
An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bdaee810-0330-4474-aefa-099ec1f6e9b4
Note: Discussions in each section provide third quarter comparisons from fiscal year 2023 to fiscal year 2024.
TOTAL REVENUE – A
SALES – Sales for the quarter were 11,664 units vs. 14,508 units, down
GROSS PROFIT – Gross profit per unit was
NET CHARGE-OFFS – Net charge-offs as a percentage of average finance receivables were
ALLOWANCE FOR CREDIT LOSSES – The Company decreased the allowance for credit loss as a percentage of finance receivables, net of deferred revenue and pending accident protection plan claims, from
UNDERWRITING – A majority of sales originated during the quarter were through our new LOS. The Company continued to enhance and update processes within the system to attract higher down-payments, shorter terms, and a stronger consumer profile relative to its legacy system. The average originating term for the quarter was 43.3 months, down from the sequential quarter at 44.1 months. This was up from an average term of 42.5 months for the prior year's third quarter.
SG&A EXPENSE – SG&A expense was
ACQUISITIONS – The Company completed the purchase of Central Auto Sales in Hot Springs, Arkansas, which was announced in December. We are actively working on other opportunities we expect to materialize during the calendar year.
TRANSACTION – In February, the Company entered into a strategic partnership with Cox Automotive which is expected to drive better outcomes regarding vehicle acquisition, reconditioning, transportation, and remarketing activities. Cox Automotive is recognized as the world’s largest automotive services and technology provider.
FINANCING – The Company paid off its April 2022 asset-backed non-recourse notes during the quarter. During the quarter, Kroll Bond Rating Agency upgraded the rating on all notes from our 2023-1 issuance. Lastly, we completed our fourth asset-backed non-recourse term securitization on January 31, 2024, issuing
Subsequent to quarter end, the Company renewed and extended its revolving credit agreement to September 2025 with a total commitment of
CASH-ON-CASH RETURNS – The Company continues to originate finance receivable pools with attractive cash-on-cash returns. The following table provides details regarding the cash-on-cash returns for our existing loan pools:
| Cash-on-Cash Returns1 | |||||
| Loan Origination Year | Prior Projected | Current Projected/Actual | Variance | Projected IRR2 | % of A/R Remaining |
| FY2017 | * | * | |||
| FY2018 | * | * | |||
| FY2019 | * | * | |||
| FY2020 | * | * | |||
| FY2021 | - | ||||
| FY2022 | - | ||||
| FY2023 | - | ||||
| FY2024 | |||||
| * 2017 -2020 Pools' Current Projection reflects actual cash-on-cash returns | |||||
1 "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.
Key Operating Results
| Three Months Ended | ||||||||||||||
| January 31, | ||||||||||||||
| 2024 | 2023 | % Change | ||||||||||||
| Operating Data: | ||||||||||||||
| Retail units sold | 11,664 | 14,508 | (19.6 | )% | ||||||||||
| Average number of stores in operation | 154 | 155 | (0.6 | ) | ||||||||||
| Average retail units sold per store per month | 25.2 | 31.2 | (19.2 | ) | ||||||||||
| Average retail sales price | $ | 19,455 | $ | 18,091 | 7.5 | |||||||||
| Total gross profit per retail unit sold | $ | 7,043 | $ | 6,373 | 10.5 | |||||||||
| Total gross profit percentage | ||||||||||||||
| Same store revenue growth | (9.3) | |||||||||||||
| Net charge-offs as a percent of average finance receivables | ||||||||||||||
| Total collected (principal, interest and late fees) | $ | 167,664 | $ | 153,376 | 9.3 | |||||||||
| Average total collected per active customer per month | $ | 540 | $ | 519 | 4.0 | |||||||||
| Average percentage of finance receivables-current (excl. 1-2 day) | ||||||||||||||
| Average down-payment percentage | ||||||||||||||
| Nine Months Ended | ||||||||||||||
| January 31, | ||||||||||||||
| 2024 | 2023 | % Change | ||||||||||||
| Operating Data: | ||||||||||||||
| Retail units sold | 42,738 | 45,929 | (6.9 | )% | ||||||||||
| Average number of stores in operation | 154 | 154 | - | |||||||||||
| Average retail units sold per store per month | 30.8 | 33.1 | (6.9 | ) | ||||||||||
| Average retail sales price | $ | 19,062 | $ | 18,059 | 5.6 | |||||||||
| Total gross profit per retail unit sold | $ | 6,867 | $ | 6,341 | 8.3 | |||||||||
| Total gross profit percentage | ||||||||||||||
| Same store revenue growth | ||||||||||||||
| Net charge-offs as a percent of average finance receivables | ||||||||||||||
| Total collected (principal, interest and late fees) | $ | 501,692 | $ | 452,362 | 10.9 | |||||||||
| Average total collected per active customer per month | $ | 536 | $ | 516 | 3.9 | |||||||||
| Average percentage of finance receivables-current (excl. 1-2 day) | ||||||||||||||
| Average down-payment percentage | ||||||||||||||
| Period End Data: | |||||||||||
| Stores open | 154 | 157 | (1.9 | )% | |||||||
| Accounts over 30 days past due | |||||||||||
| Active customer count | 102,175 | 99,577 | 2.6 | ||||||||
| Principal balance of finance receivable | $ | 1,428,908 | $ | 1,305,956 | 9.4 | ||||||
| Weighted average total contract term | 47.6 | 45.4 | 4.8 | ||||||||
Conference Call and Webcast
The Company will hold a conference call to discuss its quarterly results on Friday, March 8, 2024, at 11 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.
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 regarding future operating performance and can generally be identified by words such as “may,” “will,” “should,” “could,” “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;
- 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;
- 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 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;
- 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; 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.
Contacts
Vickie Judy, CFO
479-464-9944
Investor_relations@car-mart.com
| America’s Car-Mart | |||||||||||||||||||||||
| Consolidated Results of Operations | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| (Amounts in thousands, except per share data) | |||||||||||||||||||||||
| As a % of Sales | |||||||||||||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| January 31, | January 31, | ||||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | |||||||||||||||||||
| Statements of Operations: | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Sales | $ | 240,401 | $ | 274,276 | (12.4 | )% | 100.0 | % | 100.0 | % | |||||||||||||
| Interest income | 59,213 | 51,063 | 16.0 | 24.6 | 18.6 | ||||||||||||||||||
| Total | 299,614 | 325,339 | (7.9 | ) | 124.6 | 118.6 | |||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of sales | 158,250 | 181,823 | (13.0 | ) | 65.8 | 66.3 | |||||||||||||||||
| Selling, general and administrative | 43,562 | 44,737 | (2.6 | ) | 18.1 | 16.3 | |||||||||||||||||
| Provision for credit losses | 89,582 | 85,650 | 4.6 | 37.3 | 31.2 | ||||||||||||||||||
| Interest expense | 16,731 | 9,765 | 71.3 | 7.0 | 3.6 | ||||||||||||||||||
| Depreciation and amortization | 1,712 | 1,537 | 11.4 | 0.7 | 0.6 | ||||||||||||||||||
| Loss on disposal of property and equipment | 119 | 68 | 75.0 | - | - | ||||||||||||||||||
| Total | 309,956 | 323,580 | (4.2 | ) | 128.9 | 118.0 | |||||||||||||||||
| Income (Loss) before taxes | (10,342 | ) | 1,759 | (4.3 | ) | 0.6 | |||||||||||||||||
| Provision for income taxes | (1,800 | ) | 251 | (0.7 | ) | 0.1 | |||||||||||||||||
| Net income (loss) | $ | (8,542 | ) | $ | 1,508 | (3.6 | ) | 0.5 | |||||||||||||||
| Dividends on subsidiary preferred stock | $ | (10 | ) | $ | (10 | ) | |||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | (8,552 | ) | $ | 1,498 | ||||||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | (1.34 | ) | $ | 0.24 | ||||||||||||||||||
| Diluted | $ | (1.34 | ) | $ | 0.23 | ||||||||||||||||||
| Weighted average number of shares used in calculation: | |||||||||||||||||||||||
| Basic | 6,393,080 | 6,370,031 | |||||||||||||||||||||
| Diluted | 6,393,080 | 6,536,785 | |||||||||||||||||||||
| America’s Car-Mart | ||||||||||||||||||||||
| Consolidated Results of Operations | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| (Amounts in thousands, except per share data) | ||||||||||||||||||||||
| As a % of Sales | ||||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | |||||||||||||||||||||
| January 31, | January 31, | |||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | ||||||||||||||||||
| Statements of Operations: | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||
| Sales | $ | 854,170 | $ | 869,775 | (1.8 | )% | 100.0 | % | 100.0 | % | ||||||||||||
| Interest income | 175,051 | 143,690 | 21.8 | 20.5 | 16.5 | |||||||||||||||||
| Total | 1,029,221 | 1,013,465 | 1.6 | 120.5 | 116.5 | |||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||
| Cost of sales | 560,692 | 578,547 | (3.1 | ) | 65.6 | 66.5 | ||||||||||||||||
| Selling, general and administrative | 134,895 | 130,881 | 3.1 | 15.8 | 15.0 | |||||||||||||||||
| Provision for credit losses | 321,300 | 250,719 | 28.2 | 37.6 | 28.8 | |||||||||||||||||
| Interest expense | 47,587 | 25,460 | 86.9 | 5.6 | 2.9 | |||||||||||||||||
| Depreciation and amortization | 5,101 | 3,997 | 27.6 | 0.6 | 0.5 | |||||||||||||||||
| Loss on disposal of property and equipment | 359 | 320 | 12.2 | - | - | |||||||||||||||||
| Total | 1,069,934 | 989,924 | 8.1 | 125.3 | 113.8 | |||||||||||||||||
| Income (Loss) before taxes | (40,713 | ) | 23,541 | (4.8 | ) | 2.7 | ||||||||||||||||
| Provision for income taxes | (8,894 | ) | 5,197 | (1.0 | ) | 0.6 | ||||||||||||||||
| Net income (loss) | $ | (31,819 | ) | $ | 18,344 | (3.7 | ) | 2.1 | ||||||||||||||
| Dividends on subsidiary preferred stock | $ | (30 | ) | $ | (30 | ) | ||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | (31,849 | ) | $ | 18,314 | |||||||||||||||||
| Earnings per share: | ||||||||||||||||||||||
| Basic | $ | (4.99 | ) | $ | 2.87 | |||||||||||||||||
| Diluted | $ | (4.99 | ) | $ | 2.79 | |||||||||||||||||
| Weighted average number of shares used in calculation: | ||||||||||||||||||||||
| Basic | 6,386,997 | 6,370,732 | ||||||||||||||||||||
| Diluted | 6,386,997 | 6,562,214 | ||||||||||||||||||||
| America's Car-Mart, Inc. | ||||||||||||||
| Condensed Consolidated Balance Sheet and Other Data | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (Amounts in thousands, except per share data) | ||||||||||||||
| January 31, | April 30, | January 31, | ||||||||||||
| 2024 | 2023 | 2023 | ||||||||||||
| Cash and cash equivalents | $ | 4,239 | $ | 9,796 | $ | 4,322 | ||||||||
| Restricted cash from collections on auto finance receivables | $ | 90,350 | $ | 58,238 | $ | 61,148 | ||||||||
| Finance receivables, net (1) | $ | 1,085,772 | $ | 1,063,460 | $ | 1,012,580 | ||||||||
| Inventory | $ | 109,313 | $ | 109,290 | $ | 131,616 | ||||||||
| Total assets (1) | $ | 1,466,947 | $ | 1,414,737 | $ | 1,379,519 | ||||||||
| Revolving lines of credit, net | $ | 55,374 | $ | 167,231 | $ | 27,782 | ||||||||
| Non-recourse notes payable, net | $ | 684,688 | $ | 471,367 | $ | 588,310 | ||||||||
| Treasury stock | $ | 297,757 | $ | 297,421 | $ | 297,421 | ||||||||
| Total equity | $ | 469,007 | $ | 498,547 | $ | 495,244 | ||||||||
| Shares outstanding | 6,391,061 | 6,373,404 | 6,370,031 | |||||||||||
| Book value per outstanding share | $ | 73.45 | $ | 78.29 | $ | 77.81 | ||||||||
| Allowance as % of principal balance net of deferred revenue | ||||||||||||||
| Changes in allowance for credit losses: | ||||||||||||||
| Nine months ended | ||||||||||||||
| January 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Balance at beginning of period | $ | 299,608 | $ | 237,823 | ||||||||||
| Provision for credit losses | 321,300 | 250,719 | ||||||||||||
| Charge-offs, net of collateral recovered | (285,921 | ) | (205,767 | ) | ||||||||||
| Balance at end of period | $ | 334,987 | $ | 282,775 | ||||||||||
| (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 shareholder’s equity | ||||||||||||||
| America's Car-Mart, Inc. | |||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||
| (Unaudited) | |||||||||
| (Amounts in thousands) | |||||||||
| Nine months ended | |||||||||
| January 31, | |||||||||
| 2024 | 2023 | ||||||||
| Operating activities: | |||||||||
| Net income (loss) | $ | (31,819 | ) | $ | 18,344 | ||||
| Provision for credit losses | 321,300 | 250,719 | |||||||
| Losses on claims for accident protection plan | 24,480 | 17,717 | |||||||
| Depreciation and amortization | 5,101 | 3,997 | |||||||
| Finance receivable originations | (794,477 | ) | (841,445 | ) | |||||
| Finance receivable collections | 324,703 | 308,671 | |||||||
| Inventory | 103,451 | 76,933 | |||||||
| Deferred accident protection plan revenue | (1,926 | ) | 13,987 | ||||||
| Deferred service contract revenue | (130 | ) | 17,565 | ||||||
| Income taxes, net | (10,735 | ) | 252 | ||||||
| Other(1) | (3,120 | ) | 9,304 | ||||||
| Net cash used in operating activities | (63,172 | ) | (123,956 | ) | |||||
| Investing activities: | |||||||||
| Purchase of investments | (4,815 | ) | (5,499 | ) | |||||
| Purchase of property and equipment and other(1) | (4,514 | ) | (18,918 | ) | |||||
| Net cash used in investing activities | (9,329 | ) | (24,417 | ) | |||||
| Financing activities: | |||||||||
| Change in revolving credit facility, net | (112,522 | ) | (17,599 | ) | |||||
| Payments on non-recourse notes payable | (394,450 | ) | (209,327 | ) | |||||
| Change in cash overdrafts | 2,183 | 3,795 | |||||||
| Issuances of non-recourse notes payable | 610,340 | 400,176 | |||||||
| Debt issuance costs | (5,892 | ) | (2,001 | ) | |||||
| Purchase of common stock | (336 | ) | (5,196 | ) | |||||
| Dividend payments | (30 | ) | (30 | ) | |||||
| Exercise of stock options and issuance of common stock | (237 | ) | 1,438 | ||||||
| Net cash provided by financing activities | 99,056 | 171,256 | |||||||
| Increase in cash, cash equivalents, and restricted cash | $ | 26,555 | $ | 22,883 | |||||
| (1) | Prepaid expenses and other assets at January 31, 2023, reflects an immaterial reclassification of approximately | ||||||||
FAQ
What was America’s Car-Mart, Inc.'s (CRMT) Q3 FY24 revenue?
What was the percentage change in total collections for America’s Car-Mart, Inc. in Q3 FY24?
What was the key financial metric adjusted to 25.74% in Q3 FY24 for America’s Car-Mart, Inc.?
What was the net charge-offs percentage for America’s Car-Mart, Inc. in Q3 FY24?
What was the loss per share in Q3 FY24 for America’s Car-Mart, Inc.?
What strategic partnership did America’s Car-Mart, Inc. enter into in February?
What was the key focus for America’s Car-Mart, Inc. in improving sales during the fourth quarter?
