America's Car-mart, Inc. · NASDAQ:CRMT
America's Car-mart — Q2 2026 Earnings Presentation
11 slides from America's Car-mart's earnings presentation, Dec 4, 2025
Slide 1: America's Car-Mart Fiscal 2026 Q2 Earnings Supplement
America’s Car-Mart Fiscal 2026 Q2 Earnings Supplement December 4, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking” statements that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this presentation are forward-looking statements within the meaning of Section 27A of the United S
Slide 3: Second Quarter Key Highlights
Second Quarter Key Highlights AMERICA’S CAR-MART REPORTS SECOND QUARTER FISCAL YEAR 2026 RESULTS Second Quarter Key Highlights (FY’26 Q2 vs. FY’25 Q2, unless otherwise noted) • Closed $300.0 million term loan and repaid revolving line of credit balance, enhancing capital structure and expanding flex
Slide 4: Q2 FY26 Non-Cash & One-Time Charges
Q2 FY26 Non-Cash & One-Time Charges Q2 FY26 Net Income (in thousands) Q2 FY26 Non-Cash and One-Time Charges • CECL Adjustment $11.8M GAAP EPS loss • Portfolio Maturation $7.0M per share of • Increase in Frequency of Losses $3.9M $2.71 • Portfolio Growth $0.9M • Loss on Debt Retirement $4.5M Adjusted
Slide 5: Term Loan: Positioned for Flexibility and Growth
Term Loan: Positioned for Flexibility and Growth Strategic Debt Structure Evolution Over the past 12 months, we evaluated multiple financing options with one goal: enhance flexibility across operations and originations while addressing legacy constraints. The new term loan positions us to execute on
Slide 6: Balance Sheet Improvements
Balance Sheet Improvements Ratio of debt to Recent Actions/Updates to Capital Structure finance receivables1 • On October 30, 2025, the company closed a new $300 million term Term Loan loan, enhancing our capital structure and increasing flexibility to support originations and operations. -60 bps •
Slide 7: SG&A Cost Control
SG&A Cost Control Within Fiscal Year Annualized (in millions $) (in millions $) We have initiated a structured, multi-phase plan to Phase 1.0 – Reorganization $2.4 $4.8 reduce SG&A as a percentage of sales, targeting (HQ & Field Roles) approximately 16.5% over time. This plan is supported by the fle
Slide 8: Monthly Vintage Loss Curves Comparison
Monthly Vintage Loss Curves Comparison Underwriting Changes Are Bending the Loss Curve; LOS Vintages Tracking Below Legacy ALIS at Same Months on Book Newer originations show stronger credit performance, with cumulative net loss curves outperforming historical pools. Seasoning trends and early delin
Slide 9: Cash on Cash Returns Q2 FY2026
Cash on Cash Returns Q2 FY2026 Our pools have consistently produced positive cash-on-cash returns and attractive IRRs. 1“Cash-on-cash returns represents the return on cash invested on originated loans and calculated by total cash -in less cash-out divided by total cash-out. 9 2“Internal Rate of Retu
Slide 10: Booked Application Mix Shifts Toward Higher Quality Customers
Booked Application Mix Shifts Toward Higher Quality Customers There were no underwriting changes during the quarter since LOS V2’s launch and the results through Q2 were consistent with what we saw in Q1. Booked Applications By Rank for Q2 FY26, Q1 FY26 and FY25 Avg 20.00% Underwriting Period Versio
Slide 11: Credit Application Volume Trend by Quarter
Credit Application Volume Trend by Quarter Credit Application Volume (All Channels) Application volume is a good leading indicator for demand. We measure this by the application volumes we see across our three application channels, OCA, ICA, ACA. (See below for definitions) Historically application