America's Car-Mart Inc (NASDAQ:CRMT) Q1 2020 Earnings Conference Call Transcript

Aug 16, 2019 • 11:00 am ET

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America's Car-Mart Inc (NASDAQ:CRMT) Q1 2020 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning, everyone. Thank you for holding, and welcome to America's Car-Mart's First Quarter Fiscal 2020 Conference Call. The topic of this call will be the earnings and operating results for the company's first quarter for fiscal 2020. Before we begin, I would like to remind everyone that this call is being recorded and it will be available for replay for the next 30 days. The dial-in number and access information are included in last night's press release, which can be found on America's Car-Mart's website at www.car-mart.com.

As you all know, some of management's comments today may include forward-looking statements, which inherently involve risk and uncertainties that could cause actual results to differ materially from management's present view. These statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cannot guarantee the accuracy of any forecast or estimate nor does it undertake any obligation to update such forward-looking statements. For more information regarding forward-looking information, please see Part one of the company's Annual Report on Form 10-K for the fiscal year ended April 30th, 2019. And its current and quarterly reports furnished to or filed with the Securities Exchange Commission on Forms 8-K and 10-Q. Participating on the call this morning are Jeff Williams, the company's President and Chief Executive Officer; and Vickie Judy, Chief Financial Officer.

And now I'd like to turn the call over to the company's Chief Executive Officer, Jeff Williams.

Executive
Jeffrey A. Williams

Okay. Well, thank you for joining us and thank you for your interest in America's Car-Mart. We are pleased to report another good solid quarter, and we're off to a great start for the fiscal year. Our top line was up almost 5% and we added 1,600 customers for the quarter. We are happy with the significant improvement in our credit results and what that says about our product and service and the value that we're adding to the lives of our customers. We believe that taking care of people will drive operational success and long-term value creation. We will continue to invest in training and development of our associates and at the same time educate consumers on the savings we provide in terms of the total cost of ownership.

With the gold to keep customers for life and move up market as their credit profiles improve over time. We will leverage the infrastructure we've built and grow our top line and customer count. As we've said, even though we're 38 years old and have a great history, in many ways we're a startup company. Many important initiatives are just getting off the ground and we're excited about our place in the world. Our team is putting everything we have and giving our customers a great experience and supporting our associates as they build their careers. As we've said, our model represents the best way to serve this high touch market and we aim to be the best company in the world at providing transportation solutions