UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-14939 AMERICA'S CAR-MART, INC. (Exact name of registrant as specified in its charter) Texas 63-0851141 (State or other jurisdiction of inc ...

America's Car-Mart, Inc. (NASDAQ:CRMT) Q4 2022 Earnings Conference Call May 24, 2022 11:00 AM ET CompanyParticipants Jeff Williams - President & CEO Vickie Judy - CFO Conference Call Participants John Murphy - Bank of America John Rowan - Janney Montgomery Scott Operator Good morning, everyone. Thank you for holding, and welcome to America’s Car-Mart Fourth Fiscal Quarter 2022 Conference Call. The topic of this call will be the earnings and operation results for the company’s fourth quarter and full fiscal ...

[Part I. FINANCIAL INFORMATION](index=3&type=section&id=Part%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited consolidated financial statements for Q3 and nine months ended January 31, 2022, covering balance sheets, operations, and cash flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$1.04 billion** driven by finance receivables, with liabilities and equity also growing due to increased debt facilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Jan 31, 2022 (Unaudited) | Apr 30, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Finance receivables, net | $797,237 | $625,119 | | Inventory | $119,596 | $82,263 | | **Total Assets** | **$1,044,631** | **$822,159** | | **Liabilities & Equity** | | | | Debt facilities | $373,156 | $225,924 | | **Total Liabilities** | **$593,691** | **$415,263** | | **Total Equity** | **$450,540** | **$406,496** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues increased for both Q3 and nine-month periods, reaching **$291.9 million** and **$860.5 million** respectively, with mixed net income results Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2022 (Unaudited) | Q3 2021 | 9 Months 2022 (Unaudited) | 9 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $291,898 | $228,260 | $860,528 | $639,531 | | Provision for credit losses | $66,741 | $47,639 | $181,796 | $127,585 | | Net Income | $18,770 | $19,882 | $66,630 | $60,642 | | Diluted EPS | $2.77 | $2.85 | $9.68 | $8.73 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to **$(102.7) million** due to receivable originations, offset by **$117.6 million** from financing activities Cash Flow Summary - Nine Months Ended Jan 31 (in thousands) | Activity | 2022 (Unaudited) | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(102,671) | $(39,459) | | Net cash used in investing activities | $(15,199) | $(6,401) | | Net cash provided by (used in) financing activities | $117,580 | $(9,539) | | **Decrease in cash and cash equivalents** | **$(290)** | **$(55,399)** | [Notes to Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) Notes detail the company's auto sales and finance business, key accounting policies, allowance for credit losses, and expanded debt facilities - The company operates **153 dealerships** focused on selling older used vehicles and providing financing to customers with limited credit histories[20](index=20&type=chunk) - The allowance for credit losses, a significant management estimate, was **$232 million**, or **24.5%** of the principal balance in finance receivables (net of certain deferred revenues) at January 31, 2022[37](index=37&type=chunk) - Delinquencies for finance receivables over 30 days past due increased to **4.0%** at January 31, 2022, from **2.6%** at April 30, 2021, with the Omicron variant cited as a negative impact[31](index=31&type=chunk)[70](index=70&type=chunk) - In September 2021, the company amended its credit agreement, increasing total permitted borrowings to **$600 million** and extending the maturity to September 2024. As of January 31, 2022, the company had additional availability of approximately **$84.4 million**[90](index=90&type=chunk)[92](index=92&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong revenue growth driven by higher selling prices, impacting gross margins, with increased credit loss provisions and solid liquidity [Overview](index=24&type=section&id=Overview) Revenue grew **34.6%** for the first nine months of fiscal 2022, driven by higher selling prices and units sold, despite compressed gross margins - For the first nine months of fiscal 2022, revenue grew **34.6% YoY**, driven by a **21.7% increase** in average retail sales price and a **9.7% increase** in retail units sold[129](index=129&type=chunk) - The gross margin percentage for the first nine months of 2022 decreased to **37.8%** from 40.9% YoY due to higher vehicle costs, but gross margin dollars per retail unit sold increased by **$733**, or **12.9%**[133](index=133&type=chunk) - Strategic initiatives include offering new service contracts and investing in digital customer experience with the goal for each dealership to support **1,000 or more active customers** in the future[138](index=138&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q3 revenues grew **27.9%** and nine-month revenues **34.6%**, with declining gross margins and increased credit loss provisions Q3 FY2022 vs. Q3 FY2021 Performance | Metric | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $291.9M | $228.3M | +27.9% | | Average Retail Sales Price | $17,076 | $13,688 | +24.8% | | Gross Margin % | 37.8% | 40.6% | -2.8 p.p. | Nine Months FY2022 vs. Nine Months FY2021 Performance | Metric | 9M 2022 | 9M 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $860.5M | $639.5M | +34.6% | | Retail Units Sold | 44,169 | 40,251 | +9.7% | | Gross Margin % | 37.8% | 40.9% | -3.1 p.p. | - The provision for credit losses as a percentage of sales increased to **26.4%** for Q3 and **24.2%** for the nine-month period, primarily due to the growth in the principal balance of finance receivables[147](index=147&type=chunk)[155](index=155&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=30&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) Financial condition strengthened with **27.5%** growth in net finance receivables, funded by operations and increased debt, maintaining adequate liquidity - Finance receivables, net, increased by **27.5%** to **$797.2 million** since April 30, 2021, while inventory grew by **$37.3 million**[157](index=157&type=chunk)[158](index=158&type=chunk) - During the first nine months of fiscal 2022, growth was funded by income from operations and a **$147.5 million** net increase in debt, which also covered **$26.5 million** in stock repurchases and **$14 million** in capital expenditures[165](index=165&type=chunk) - As of January 31, 2022, the company had **$2.6 million** in cash and an additional **$84.4 million** of availability under its revolving credit facilities[175](index=175&type=chunk) [Critical Accounting Policies](index=33&type=section&id=Critical%20Accounting%20Policies) The allowance for credit losses is the most critical accounting estimate, totaling **$232 million** or **24.5%** of receivables, with a **1%** change impacting pre-tax income by **$9.5 million** - The allowance for credit losses is the company's most critical accounting estimate, based on historical loss experience, recent trends, and economic forecasts[182](index=182&type=chunk)[185](index=185&type=chunk) - The reserve amount was **$232 million** at January 31, 2022, representing **24.5%** of the principal balance in finance receivables (net of unearned accident protection plan and service contract revenue)[184](index=184&type=chunk) - A **1%** change in the allowance for credit losses as a percentage of finance receivables would equate to an approximate pre-tax adjustment of **$9.5 million**[188](index=188&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Primary market risk is interest rate exposure on **$375.1 million** in variable-rate debt, where a **1%** increase would raise annual interest expense by **$3.8 million** - The company's main market risk is interest rate risk from its variable-rate debt obligations[196](index=196&type=chunk) - As of January 31, 2022, the company had **$375.1 million** in debt outstanding under its revolving credit facilities. A **1%** increase in interest rates would increase annual interest expense by approximately **$3.8 million**[197](index=197&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective by management as of January 31, 2022, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of January 31, 2022[200](index=200&type=chunk) - There were no changes during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[201](index=201&type=chunk) [Part II. OTHER INFORMATION](index=37&type=section&id=Part%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, but their outcomes are not expected to materially affect financial position or operations - The company does not expect the outcome of any current legal proceedings to have a material adverse effect on its financial position, results of operations or cash flows[204](index=204&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported since the last Annual Report on Form 10-K - No material changes to the Company's risk factors were reported since the last Form 10-K filing[205](index=205&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **63,761 shares** during Q3, with **806,315 shares** remaining available under the board-authorized program Issuer Purchases of Equity Securities (Q3 FY2022) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Nov 2021 | - | $- | | Dec 2021 | 34,261 | $105.29 | | Jan 2022 | 29,500 | $99.39 | - As of January 31, 2022, a maximum of **806,315 shares** may still be purchased under the company's publicly announced stock repurchase program[208](index=208&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, CEO/CFO certifications, and XBRL data - The report lists filed exhibits, including CEO and CFO certifications pursuant to Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act, as well as Inline XBRL documents[214](index=214&type=chunk)

America's Car-Mart, Inc. (NASDAQ:CRMT) Q3 2022 Earnings Conference Call February 17, 2022 11:00 AM ET Company Participants Jeff Williams - President and Chief Executive Officer Vickie Judy - Chief Financial Officer Conference Call Participants John Rowan - Janney John Murphy - Bank of America Kyle Joseph - Jefferies Quinton Mathews - QKM Jean Neustadt - U.S. Capital Advisors Operator Good day and thank you for standing by. Welcome to the America’s Car-Mart Third Quarter 2022 Results Conference Call. [Operat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 0-14939 AMERICA'S CAR-MART, INC. (Exact name of registrant as specified in its charter) Texas 63-0851141 (State or other j ...

America’s Car-Mart, Inc. (NASDAQ:CRMT) Q2 2022 Earnings Conference Call November 18, 2021 11:00 AM ET Company Participants Jeff Williams - President and Chief Executive Officer Vickie Judy - Chief Financial Officer Conference Call Participants Kyle Joseph - Jefferies Vincent Caintic - Stephens John Rowan - Janney Operator Good morning, everyone. Thank you for holding and welcome to America’s Car-Mart Second Quarter Fiscal 2022 Conference Call. The topic of this call will be the earnings and operating result ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 0-14939 AMERICA'S CAR-MART, INC. (Exact name of registrant as specified in its charter) Texas 63-0851141 (State or other juri ...

America's Car-Mart, Inc. (NASDAQ:CRMT) Q1 2022 Results Conference Call August 18, 2021 11:00 AM ET Company Participants Jeff Williams - President & Chief Executive Officer Vickie Judy - Chief Financial Officer Conference Call Participants Kyle Joseph - Jefferies Vincent Caintic - Stephens John Rowan - Janney Montgomery Scott Operator Good morning, everyone. Thank you for holding, and welcome to America's Car-Mart First Quarter Fiscal 2022 Conference Call. The topic of this call will be the earnings and ope ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) The company is an integrated auto sales and finance retailer, selling used vehicles and providing financing to sub-prime customers - The company operates as an "Integrated Auto Sales and Finance" business, selling older used vehicles and providing financing to sub-prime customers through **151 dealerships** as of April 30, 2021[14](index=14&type=chunk) Dealership Growth (FY2019-2021) | Fiscal Year | Beginning Dealerships | Opened/Acquired | Closed | Ending Dealerships | | :--- | :--- | :--- | :--- | :--- | | **2021** | 148 | 3 | 0 | 151 | | **2020** | 144 | 5 | (1) | 148 | | **2019** | 139 | 5 | 0 | 144 | - The business strategy emphasizes collecting customer accounts, maintaining decentralized operations, expanding through controlled organic growth and strategic acquisitions, and operating primarily in smaller communities with populations under 50,000[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) Key Operational Metrics (FY2020 vs. FY2021) | Metric | Fiscal 2021 | Fiscal 2020 | | :--- | :--- | :--- | | Average Retail Sales Price ($) | $13,621 | $11,794 | | Portfolio Weighted Avg. Term (months) | 37.3 | - | | Credit Losses as % of Sales (%) | 20.3% | - | - As of April 30, 2021, the company employed approximately **1,850 full-time associates**, with **49% being women** and **32% being racially or ethnically diverse**[70](index=70&type=chunk)[71](index=71&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from COVID-19 impacts, credit-impaired borrowers, credit loss allowance, competition, regulation, and geographic concentration - The COVID-19 pandemic poses significant risks to the business, potentially impacting sales, finance collections, inventory acquisition, and associate productivity[84](index=84&type=chunk)[85](index=85&type=chunk) - Financing sales to credit-impaired borrowers creates a higher risk of delinquency, default, and repossession compared to traditional lenders[88](index=88&type=chunk)[89](index=89&type=chunk) - The allowance for credit losses may be insufficient to cover actual losses. In Q4 FY2021, the allowance was decreased from **26.5% to 24.5% of finance receivables principal**, reflecting improved credit performance[91](index=91&type=chunk)[92](index=92&type=chunk) - The business is geographically concentrated in twelve states, with approximately **27% of revenues from Arkansas customers**, making it vulnerable to local economic downturns[103](index=103&type=chunk)[104](index=104&type=chunk) - The company's growth strategy is dependent on favorable operating performance, availability of suitable dealership sites, ability to attract and retain management, and successful integration of acquisitions[118](index=118&type=chunk)[120](index=120&type=chunk)[124](index=124&type=chunk) [Properties](index=22&type=section&id=Item%202.%20Properties) The company leases approximately 82% of its facilities, including most dealerships and its 34,000 sq ft corporate office in Rogers, Arkansas - The company leases approximately **82% of its facilities**, including most dealerships and its corporate office in Rogers, Arkansas[132](index=132&type=chunk) [Legal Proceedings](index=22&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings but does not anticipate a material adverse effect on its financial position or operations - The company is a defendant in various legal proceedings but does not anticipate a material adverse effect from their outcomes[133](index=133&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=22&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NASDAQ (CRMT), retains earnings for growth, and conducts share repurchases without paying cash dividends - The company's common stock is traded on the NASDAQ under the symbol **CRMT**[136](index=136&type=chunk) - The company has a policy of retaining earnings for growth and has not paid cash dividends. Its ability to pay dividends is also restricted by its credit facilities[141](index=141&type=chunk) Issuer Purchases of Equity Securities (Q4 FY2021) | Period | Total Shares Purchased (shares) | Average Price Paid per Share ($) | | :--- | :--- | :--- | | Feb 1 - Feb 28, 2021 | 6,521 | $122.13 | | Mar 1 - Mar 31, 2021 | 0 | - | | Apr 1 - Apr 30, 2021 | 0 | - | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2021 saw strong revenue and net income growth, improved credit loss performance, strengthened financial condition, and solid liquidity despite increased investments [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Total revenues increased 23.4% in fiscal 2021, driven by higher sales prices and units, with gross margin stable and credit loss provision significantly reduced Consolidated Operations Summary (FY2019-2021) | (In Thousands) | FY 2021 | FY 2020 | FY 2019 | | :--- | :--- | :--- | :--- | | **Total Revenues** | **$918,610** | **$744,611** | **$669,122** | | Sales | $808,065 | $652,992 | $586,508 | | Interest & other income | $110,545 | $91,619 | $82,614 | | **Income before taxes** | **$134,441** | **$64,351** | **$59,851** | | Retail units sold (units) | 56,806 | 52,914 | 50,257 | | Average retail sales price ($) | $13,621 | $11,793 | $11,125 | - The provision for credit losses as a percentage of sales decreased to **20.3% in FY2021 from 24.8% in FY2020**. This was driven by lower net charge-offs and a **$15.1 million pretax decrease** to the provision from reducing the allowance for credit losses from **26.5% to 24.5%**[167](index=167&type=chunk) - Gross margin per retail unit sold increased by **$791** in fiscal 2021 compared to fiscal 2020, despite pressure from rising vehicle purchase costs[163](index=163&type=chunk) [Financial Condition](index=30&type=section&id=Financial%20Condition) Total assets increased to $822.2 million, with net finance receivables growing 34.1% and inventory surging 125.9% to support business expansion Key Balance Sheet Items (As of April 30, In Thousands) | (In Thousands) | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Finance receivables, net | $625,119 | $466,141 | $415,486 | | Inventory | $82,263 | $36,414 | $37,483 | | Debt facilities | $225,924 | $215,568 | $152,918 | - For fiscal year 2021, the growth in finance receivables (net of deferred revenue) was **28.7%**, exceeding the revenue growth of **23.4%**, primarily due to an increase in the average contract term to **37.3 months from 33.3 months** in the prior year[175](index=175&type=chunk)[176](index=176&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is primarily from operations and credit facilities, with net cash used in operations due to funding a $159.0 million increase in net finance receivables Cash Flow Summary (FY2019-2021, In Thousands) | (In Thousands) | FY 2021 | FY 2020 | FY 2019 | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | ($53,812) | $20,917 | $24,902 | | Net cash used in investing activities | ($8,258) | ($9,886) | ($3,887) | | Net cash provided by (used in) financing activities | $5,403 | $46,777 | ($20,285) | - At April 30, 2021, the company had **$99.1 million of availability** under its revolving credit facilities, which mature in September 2022[197](index=197&type=chunk) - The company plans to use cash for growing its finance portfolio, purchasing approximately **$25 million in fixed assets** over the next 12 months, and repurchasing common stock[198](index=198&type=chunk) [Critical Accounting Estimates](index=36&type=section&id=Critical%20Accounting%20Estimates) The allowance for credit losses is the most significant estimate, adjusted in Q4 FY2021 to 24.5% of finance receivables due to improved credit performance - The allowance for credit losses is the most significant estimate, amounting to **$184.4 million**, or **24.5% of the principal balance** in finance receivables, at April 30, 2021[207](index=207&type=chunk) - A **1% change** in the allowance for credit losses as a percentage of finance receivables would result in an approximate pre-tax change of **$7.5 million**[211](index=211&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk from variable-rate debt, with a 1% rate increase impacting annual interest expense by $2.3 million - The company is exposed to interest rate risk from its variable-rate revolving credit facilities. A **1% increase in interest rates** would increase annual interest expense by about **$2.3 million**[222](index=222&type=chunk) [Financial Statements and Supplementary Data](index=39&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited financial statements and the auditor's report, identifying the allowance for credit losses as a critical audit matter - The independent auditor, Grant Thornton LLP, issued an unqualified opinion on the financial statements and identified the allowance for credit losses as a critical audit matter due to significant management judgments[227](index=227&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk) [Consolidated Financial Statements](index=42&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for fiscal 2021 show significant growth in total assets, revenues, net income, and equity Key Financial Statement Data (FY2021 vs FY2020, In Thousands) | (In Thousands) | April 30, 2021 | April 30, 2020 | | :--- | :--- | :--- | | **Balance Sheet** | | | | Total Assets | $822,159 | $667,324 | | Total Liabilities | $415,263 | $364,165 | | Total Equity | $406,496 | $302,759 | | **Income Statement** | | | | Total Revenues | $918,610 | $744,611 | | Net Income | $104,139 | $51,343 | | Diluted EPS ($) | $14.95 | $7.39 | [Notes to Consolidated Financial Statements](index=46&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, finance receivables, credit loss allowance, debt facilities, and stock-based compensation, highlighting improved delinquency rates - The allowance for credit losses decreased to **24.5% of finance receivables in Q4 FY2021 from 26.5%**, resulting in a **$15.1 million pre-tax decrease** in the provision for credit losses[268](index=268&type=chunk) - Net charge-offs as a percentage of average finance receivables decreased to **19.3% for fiscal 2021 from 23.1% for fiscal 2020**, due to lower loss frequency and severity[307](index=307&type=chunk) - The company increased its total revolving credit facilities to **$326 million**, which mature on September 30, 2022. The interest rate at April 30, 2021 was **2.85%**[325](index=325&type=chunk)[327](index=327&type=chunk) [Controls and Procedures](index=66&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and the independent auditor concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that the company's disclosure controls and procedures are effective as of April 30, 2021[368](index=368&type=chunk) - Management assessed the company's internal control over financial reporting as effective, and the independent registered public accounting firm issued an unqualified opinion on its effectiveness[372](index=372&type=chunk)[376](index=376&type=chunk) Part III [Directors, Executive Compensation, Security Ownership, and Principal Accountant Fees](index=70&type=section&id=Items%2010-14) Information for Items 10-14 is incorporated by reference from the company's forthcoming definitive proxy statement for its 2021 Annual Meeting - Information for Part III (Items 10-14) is incorporated by reference from the company's forthcoming proxy statement[387](index=387&type=chunk) Equity Compensation Plan Information (as of April 30, 2021) | Plan Category | Securities to be Issued Upon Exercise (shares) | Weighted-Average Exercise Price ($) | Securities Remaining Available for Future Issuance (shares) | | :--- | :--- | :--- | :--- | | Approved by stockholders | 566,400 | $72.43 | 468,851 | Part IV [Exhibits, Financial Statement Schedules](index=72&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists financial statements from Item 8 and all exhibits filed with the Form 10-K, with financial statement schedules omitted - This section lists all financial statements, which are located in Item 8, and notes that financial statement schedules are omitted[397](index=397&type=chunk)[398](index=398&type=chunk) - A list of exhibits filed with the report is provided, including articles of incorporation, bylaws, loan agreements, and executive compensation plans[399](index=399&type=chunk)[403](index=403&type=chunk)

America's Car-Mart, Inc. (NASDAQ:CRMT) Q4 2021 Earnings Conference Call May 25, 2021 11:00 AM ET Company Participants Jeff Williams - President & Chief Executive Officer Vickie Judy - Chief Financial Officer Conference Call Participants John Murphy - Bank of America Kyle Joseph - Jefferies Vincent Caintic - Stephens John Rowan - Janney Operator Good morning, everyone. Thank you for holding, and welcome to America's Car-Mart Fourth Quarter Fiscal 2021 Conference Call. Topic of this call will be the earnings ...