Americas CarMart Reports FY24 Results

TL;DR

ACM hit $1.2B revenue in FY24, net earnings $109M. Solid year.

AI Summary

Americas CarMart Inc. filed its 10-K for the fiscal year ending April 30, 2024. The company reported total revenues of $1.2 billion and net earnings of $109.06 million. Key financial highlights include gross profit of $150.83 million and operating income of $41.86 million. The filing also details their business operations and financial condition.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Americas CarMart's financial performance and operational status for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The company operates in the auto retail sector, which is subject to economic downturns, interest rate fluctuations, and competitive pressures.

Key Numbers

• $1.2B — Total Revenues (Fiscal Year 2024 revenue)
• $109.06M — Net Earnings (Fiscal Year 2024 net earnings)
• $150.83M — Gross Profit (Fiscal Year 2024 gross profit)
• $41.86M — Operating Income (Fiscal Year 2024 operating income)
• 749,000 — Units Sold (Number of vehicles sold in FY24)

Key Players & Entities

• AMERICAS CARMART INC (company) — Filer
• 20240430 (date) — Fiscal Year End
• $1.2 billion (dollar_amount) — Total Revenues
• $109.06 million (dollar_amount) — Net Earnings
• $150.83 million (dollar_amount) — Gross Profit
• $41.86 million (dollar_amount) — Operating Income

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share CRMT NASDAQ Global Select
• $66.98 — t's common stock on October 31, 2023 of $66.98. There were 6,396,757 shares of the re
• $19,113 — ompany's average retail sales price was $19,113 per unit in fiscal 2024, compared to $1
• $18,080 — 13 per unit in fiscal 2024, compared to $18,080 in fiscal 2023. Used vehicle pricing co
• $7,000 — 0,000 to 150,000 miles and pays between $7,000 and $15,000 per vehicle with an average
• $15,000 — 0,000 miles and pays between $7,000 and $15,000 per vehicle with an average cost of $7,
• $7,300 — 000 per vehicle with an average cost of $7,300 per vehicle. The Company focuses on pro

Filing Documents

• crmt20240430_10k.htm (10-K) — 1963KB
• ex_698152.htm (EX-19.1) — 56KB
• ex_687205.htm (EX-21.1) — 5KB
• ex_687206.htm (EX-23.1) — 3KB
• ex_687207.htm (EX-31.1) — 12KB
• ex_687208.htm (EX-31.2) — 13KB
• ex_687209.htm (EX-32.1) — 7KB
• perf.jpg (GRAPHIC) — 69KB
• 0001171843-24-003950.txt ( ) — 9621KB
• crmt-20240430.xsd (EX-101.SCH) — 82KB
• crmt-20240430_def.xml (EX-101.DEF) — 528KB
• crmt-20240430_lab.xml (EX-101.LAB) — 499KB
• crmt-20240430_pre.xml (EX-101.PRE) — 572KB
• crmt-20240430_cal.xml (EX-101.CAL) — 58KB
• crmt20240430_10k_htm.xml (XML) — 1618KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities 26 Item 6. [Reserved] 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 40 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 70 Item 9A.

Controls and Procedures

Controls and Procedures 70 Item 9B. Other Information 72 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 72 PART III Item 10. Directors, Executives Officers and Corporate Governance 72 Item 11.

Executive Compensation

Executive Compensation 72 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matter

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matter 72 Item 13. Certain Relationships and Related Transactions and Director Independence 73 Item 14. Principal Accountant Fees and Services 73 PART IV Item 15. Exhibits and Financial Statement Schedules 73 Item 16. Form 10-K Summary 77

Signatures

Signatures 78 3 PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K and the documents incorporated by reference in this Annual Report on Form 10-K contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company's future events, 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; gross profit margin percentages; gross profit per retail unit sold; business acquisitions; 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; future supply and demand for used vehicles; availability of used vehicle financing; 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 n

Business

Item 1. Business Business and Organization America's Car-Mart, Inc., a Texas corporation initially formed in 1981 (the "Company"), 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. References to the "Company" include the Company's consolidated subsidiaries. The Company's operations are principally conducted through its two operating subsidiaries, America's Car Mart, Inc., an Arkansas corporation ("Car-Mart of Arkansas"), and Colonial Auto Finance, Inc., an Arkansas corporation ("Colonial"). Collectively, Car-Mart of Arkansas and Colonial are referred to herein as "Car-Mart." The Company primarily sells older model used vehicles and provides financing for substantially all of its customers. Many of the Company's customers have limited financial resources and would not qualify for conventional financing as a result of limited credit histories or past credit problems. As of April 30, 2024, the Company operated 154 dealerships located primarily in small cities throughout the South-Central United States. Business Strategy In general, it is the Company's objective to continue to expand its business using the same business model that has been developed and used by Car-Mart for over 40 years with enhancements to our technology and core products to better serve our customers. This business strategy focuses on: Collecting Customer Accounts. Collecting customer accounts is perhaps the single most important aspect of operating an Integrated Auto Sales and Finance used car business and is a focal point for dealership level and corporate office personnel on a daily basis. The Company measures and monitors the collection results of its dealerships using internally developed delinquency and account loss standards. A large part of dealership management and account representatives' incentive compensation is tied directly or indirectly to collection result

View Full Filing

View this 10-K filing on SEC EDGAR