America's Car-Mart Inc (NASDAQ:CRMT) Q2 2020 Earnings Conference Call - Final Transcript

Nov 19, 2019 • 11:00 am ET

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America's Car-Mart Inc (NASDAQ:CRMT) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, everyone. Thank you for holding, and welcome to America's Car-Mart Second Quarter Fiscal 2020 Conference Call. The topic of this call will be the earning and operating results for the company's second quarter for fiscal 2020. Before we begin, I would like to remind everyone that this call is being recorded and 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 risks 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 1 of the company's Annual Report on Form 10-K for the fiscal year ended April 30, 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, the results were expected and provide further validation that the hard work of our associates, focusing on the basics and taking care of customers gives our business model real sustainable power. The market we serve is large and fragmented and consumer demand for great service and peace of mind for local transportation needs is very high and we have an obligation to grow our customer count at a rate that's in line with our ability to serve at the highest operational levels. The customer experience starts and ends with the vehicle and we pledge to do everything we can to keep our customers on the road with quality vehicles and great customer service after the sale.

We will continue to educate consumers about the financial benefits of our offering in the market with our lower interest rates, shorter terms and our focus on putting valued customers in an equity position along with the peace of mind of knowing that we have a real sense of urgency from top to bottom to keep customers on the road. Our customers' overall quality of life is better, when they're part of the Car-Mart family. I'll now turn it over to Vickie to go over some numbers. Vickie?

Executive
Vickie D. Judy

Good morning. As Jeff mentioned, we had a solid quarter with record revenues of $190 million. This resulted from a 14.6% increase in sales and an 8.7% increase