$CRMT

AMERICAS CARMART INC

CIK:0000799850|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Revenues:
Sales	$ 89,902	$ 276,240
Interest and other income	55,849	65,072
Total revenues	145,751	341,312
Costs and expenses:
Cost of sales, excluding depreciation	70,266	175,080
Selling, general and administrative	51,551	51,408
Provision for credit losses	71,559	103,036
Interest expense	19,226	17,042
Depreciation and amortization	1,802	2,139
Loss on disposal of property and equipment	178	9
Total costs and expenses	214,582	348,714
Loss before taxes	(68,831)	(7,402)
Provision for (benefit of) income taxes	149	(1,666)
Net loss	(68,980)	(5,736)
Less: Dividends on mandatorily redeemable preferred stock	(10)	(10)
Net loss attributable to common stockholders, basic (in shares)	(68,990)	(5,746)
Net loss attributable to common stockholders, diluted (in shares)	$ (68,990)	$ (5,746)
Loss per share:
Basic (in dollars per share)	$ (8.28)	$ (0.69)
Diluted (in dollars per share)	$ (8.28)	$ (0.69)
Weighted average number of shares used in calculation:
Basic (in shares)	8,329,512	8,274,054
Diluted (in shares)	8,329,512	8,274,054

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Operating Activities:
Net loss	$ (68,980)	$ (5,736)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	71,559	103,036
Losses on claims for accident protection plan	7,132	8,595
Depreciation and amortization	1,802	2,139
Amortization of debt issuance costs	2,956	1,269
(Gain) loss on disposal of property and equipment	178	(9)
Impairment of goodwill	0	14
Stock based compensation	(190)	1,157
Deferred income taxes	0	608
Paid-in-kind interest added to principal	1,061	0
Change in operating assets and liabilities:
Finance receivable originations	(40,976)	(262,746)
Finance receivable collections	108,810	118,720
Accrued interest on finance receivables	1,110	(713)
Inventory	41,514	28,618
Prepaid expenses and other assets	(4,050)	(787)
Accounts payable and accrued liabilities	(12,178)	3,205
Income taxes, net	(76)	(2,255)
Net cash provided by (used in) operating activities	80,069	(5,918)
Investing Activities:
Purchase of property and equipment	(90)	(459)
Proceeds from sale of property and equipment	881	20
Net cash provided by (used in) investing activities	791	(439)
Financing Activities:
Issuance of common stock	29	69
Purchase of common stock	(25)	(71)
Dividend payments	(10)	(10)
Change in cash overdrafts	0	6,162
Debt issuance costs	(662)	(1,708)
Issuances of non-recourse notes payable	0	216,000
Payments of non-recourse notes payable	(101,861)	(177,499)
Proceeds from revolving line of credit	0	158,571
Payments on revolving line of credit	0	(198,267)
Net cash provided by (used in) financing activities	(102,529)	3,247
Decrease in cash, cash equivalents, and restricted cash	(21,669)	(3,110)
Cash, cash equivalents, and restricted cash beginning of period	131,646	124,537
Cash, cash equivalents, and restricted cash end of period	109,977	121,427
Deferred accident protection plan revenue
Change in operating assets and liabilities:
Deferred revenue	(10,970)	(578)
Deferred service contract revenue
Change in operating assets and liabilities:
Deferred revenue	$ (18,633)	$ (455)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2026	Apr. 30, 2026
Assets:
Cash and cash equivalents	$ 27,532	$ 46,962
Restricted cash	82,445	84,684
Accrued interest on finance receivables	6,919	8,029
Finance receivables, net of allowance for credit losses of $276,952 and $329,901, respectively	909,797	1,079,167
Inventory	35,194	54,074
Income tax receivable, net	3,600	3,524
Prepaid expenses and other assets	35,535	31,349
Right-of-use asset	42,266	43,429
Goodwill	22,764	22,767
Property and equipment, net	40,087	42,855
Total Assets	1,206,139	1,416,840
Liabilities:
Accounts payable	22,173	32,063
Accrued liabilities	34,819	35,901
Deferred income tax liabilities, net	34,207	34,207
Lease liability	47,389	49,833
Non-recourse notes payable, net	357,655	458,685
Senior secured notes payable, net	266,205	263,681
Total liabilities	829,259	970,784
Commitments and contingencies (Note L)
Mezzanine equity:
Mandatorily redeemable preferred stock	400	400
Equity:
Preferred stock, par value $0.01 per share, 1,000,000 shares authorized; none issued or outstanding	0	0
Common stock, par value $0.01 per share, 50,000,000 shares authorized; 15,692,699 and 15,657,592 issued at July 31, 2026 and April 30, 2026, respectively, of which 8,338,478 and 8,305,520 were outstanding at July 31, 2026 and April 30, 2026, respectively	157	157
Additional paid-in capital	210,645	210,806
Retained earnings	464,120	533,110
Less: Treasury stock, at cost, 7,354,221 and 7,352,072 shares at July 31, 2026 and April 30, 2026, respectively	(298,542)	(298,517)
Total stockholders’ equity	376,380	445,556
Non-controlling interest	100	100
Total equity	376,480	445,656
Total Liabilities, Mezzanine Equity and Equity	1,206,139	1,416,840
Deferred accident protection plan revenue
Liabilities:
Deferred revenue	33,970	44,940
Deferred service contract revenue
Liabilities:
Deferred revenue	$ 32,841	$ 51,474