Americas Car Mart Inc. Files 10-Q for Q3 2024

TL;DR

<b>Americas Car Mart Inc. filed its Q3 2024 10-Q report on March 11, 2024.</b>

AI Summary

AMERICAS CARMART INC (CRMT) filed a Quarterly Report (10-Q) with the SEC on March 11, 2024. Americas Car Mart Inc. filed a 10-Q for the period ending January 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on April 30. The filing was made on March 11, 2024. The company's principal business address is in Rogers, Arkansas.

Why It Matters

For investors and stakeholders tracking AMERICAS CARMART INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details for Americas Car Mart Inc. for the third quarter of fiscal year 2024. Understanding the company's financial health and strategic updates in this report is crucial for assessing its current market position and future prospects.

Risk Assessment

Risk Level: low — AMERICAS CARMART INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance drivers and outlook.

Key Numbers

• 2024-01-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-03-11 — Filed As Of Date (FILED AS OF DATE)
• 0430 — Fiscal Year End (FISCAL YEAR END)
• 77 — Public Document Count (PUBLIC DOCUMENT COUNT)

Key Players & Entities

• AMERICAS CAR MART INC (company) — FILER
• 0000799850 (company) — CENTRAL INDEX KEY
• ROGERS (company) — CITY
• AR (company) — STATE
• TX (company) — STATE OF INCORPORATION
• CROWN GROUP INC /TX/ (company) — FORMER COMPANY
• CROWN CASINO CORP (company) — FORMER COMPANY
• SKYLINK AMERICA INC (company) — FORMER COMPANY

FAQ

Industry Context

Americas Car Mart Inc. operates in the automotive retail sector, specifically focusing on used car sales.

Regulatory Implications

The filing is a standard Form 10-Q, which is a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the revenue and profitability trends for the reported quarter.
2. Examine any disclosed changes in debt or equity structure.
3. Review management's discussion and analysis for insights into business strategy and outlook.

Key Dates

• 2024-01-31: End of Reporting Period — Third quarter of fiscal year 2024 financial data.
• 2024-03-11: Filing Date — Official submission date of the 10-Q report.

Year-Over-Year Comparison

This is the initial filing analyzed for the specified period.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share CRMT NASDAQ Global Select

Filing Documents

• crmt20240131_10q.htm (10-Q) — 1580KB
• ex_630438.htm (EX-31.1) — 12KB
• ex_630439.htm (EX-31.2) — 12KB
• ex_630440.htm (EX-32.1) — 5KB
• 0001171843-24-001273.txt (&nbsp;) — 7762KB
• crmt-20240131.xsd (EX-101.SCH) — 73KB
• crmt-20240131_def.xml (EX-101.DEF) — 443KB
• crmt-20240131_lab.xml (EX-101.LAB) — 421KB
• crmt-20240131_pre.xml (EX-101.PRE) — 479KB
• crmt-20240131_cal.xml (EX-101.CAL) — 49KB
• crmt20240131_10q_htm.xml (XML) — 1341KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (Unaudited) – January 31, 2024 and April 30, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) – Three and Nine Months Ended January 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) – Nine Months Ended January 31, 2024 and 2023 5 Condensed Consolidated Statements of Equity (Unaudited) – Three and Nine Months Ended January 31, 2024 6 Condensed Consolidated Statements of Equity (Unaudited) – Three and Nine Months Ended January 31, 2023 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosure 38 Item 5. Other Information 38 Item 6. Exhibits 39

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements America ' s Car-Mart, Inc. Condensed Consolidated Balance Sheets (Unaudited) January 31, 2024 and April 30, 2023 (Dollars in thousands except share and per share amounts) January 31, 2024 April 30, 2023 Assets: (Unaudited) Cash and cash equivalents $ 4,239 $ 9,796 Restricted cash 90,350 58,238 Accrued interest on finance receivables 7,370 6,115 Finance receivables, net 1,085,772 1,063,460 Inventory 109,313 109,290 Income tax receivable, net 814 9,259 Prepaid expenses and other assets 30,786 26,039 Right-of-use asset 62,906 59,142 Goodwill 14,504 11,716 Property and equipment, net 60,893 61,682 Total Assets $ 1,466,947 $ 1,414,737 Liabilities, mezzanine equity and equity: Liabilities: Accounts payable $ 25,868 $ 27,196 Deferred accident protection plan revenue 51,139 53,065 Deferred service contract revenue 67,274 67,404 Accrued liabilities 26,985 27,912 Deferred income tax liabilities, net 20,348 39,315 Lease liability 65,864 62,300 Non-recourse notes payable, net 684,688 471,367 Revolving line of credit, net 55,374 167,231 Total liabilities 997,540 915,790 Commitments and contingencies (Note J) Mezzanine equity: Mandatorily redeemable preferred stock 400 400 Equity: Preferred stock, par value $ .01 per share, 1,000,000 shares authorized; none issued or outstanding - - Common stock, par value $ .01 per share, 50,000,000 shares authorized; 13,722,938 and 13,701,468 issued at January 31, 2024 and April 30, 2023, respectively, of which 6,391,061 and 6,373,404 were outstanding at January 31, 2024 and April 30, 2023, respectively 137 137 Additional paid-in capital 112,574 109,929 Retained earnings 653,953 685,802 Less: Treasury stock, at cost, 7,331,877 and 7,328,064 shares at January 31, 2024 and April 30, 2023, respectively ( 297,757 ) ( 297,421 ) Total stockholders' equity 468,907 49

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) America ' s Car-Mart, Inc . A – Organization and Business America's Car-Mart, Inc., a Texas corporation (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 typically 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"). 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 difficulties. As of January 31, 2024, the Company operated 154 dealerships located primarily in small cities throughout the South-Central United States. B – Summary of Significant Accounting Policies General The accompanying condensed consolidated balance sheet as of April 30, 2023, which has been derived from audited financial statements, and the unaudited interim condensed financial statements as of January 31, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended Jan

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View this 10-Q filing on SEC EDGAR