America's Car-Mart, Inc.

I'm Vicki Judy, the company's chief accounting officer. Welcome to America's Car Mart's fourth quarter fiscal year 2025 earnings call for the period ending April 30, 2025. Joining me on the call today is Doug Campbell, our company's president and CEO, Jonathan Collins, our CFO, and Jamie Fisher, our COO. We issued our earnings release earlier this morning, and the supplemental materials are on our website. We will post the transcript of our prepared remarks following this call, and the Q&A session will be available through the webcast. During today's call, certain statements we make may be considered forward-looking and 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 provision 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, including important cautionary notes, please see Part 1 of the company's annual report on Form 10-K for the fiscal year ended April 30, 2024, and our current and quarterly reports furnished to or filed with the Securities Exchange Commission on Forms 8-K and 10-Q. As a note, the comparisons that we will cover will be the fourth quarter of fiscal 2025 versus the fourth quarter of fiscal 2024, unless otherwise stated. Doug, I'll turn it over to you now.

Thank you, Vicki. And thank you, everyone, for your interest in America's Car Mart and for joining us to hear more about our fourth quarter and full year results. Before we get into the fourth quarter and full year performance, I want to take a moment to address a leadership transition that's important to the future of America's Car Mart. After more than 15 years of dedicated service to our company, half of that time as our Chief Financial Officer, Vicki Judy has transitioned into a newly created Chief Accounting Officer role. Vicki has played an integral part of CarMart's growth, helping us navigate through multiple market cycles, improve financial discipline, and build the foundation of a resilient and scalable finance organization. Her deep institutional knowledge, operational grounding, and unwavering commitment to our mission have earned her the trust and respect of our board, leadership team, and investor community. We're fortunate that Vicki will remain with Carmarine, working closely with our new CFO. This move reflects not only her commitment to a smooth and thoughtful transition, but also our intent to further strengthen our financial leadership. With that, I'm pleased to formally welcome Jonathan Collins as our new Chief Financial Officer. Jonathan brings over two decades of global finance experience across large public companies, high-growth digital platforms, and emerging markets. He's a strategic and results-driven leader who has served in senior roles at Walmart, Flipkart Group, and KPMG. His background in operational transformation, capital efficiency, and long-term value creation will be critical as we sharpen our focus on disciplined execution and financial performance. With that, I'd like to turn it over to Jonathan Collins, our new CFO, to briefly introduce himself and share a bit about why he chose America's Car Mart and what he sees in our future. Jonathan? Thank you, Doug.

Today marks my official one-month anniversary with the company, and I'm looking forward to spending more time with each of you in the investment community in the weeks and months ahead. I, too, want to acknowledge Vicki for her many years of dedicated service and the strong partnership we've quickly established. Doug and I both recognize that CarMart operates in a unique corner of the market, one where deep experience in subprime consumer finance and automotive lending is critical. To that end, I'm excited to announce a new addition to my team, Marie Perchetti, our new Senior Vice President of Capital Markets. Marie is a seasoned finance executive with over 20 years of leadership in consumer auto finance. Marie will lead our capital markets activity, helping to diversify and improve our funding platforms. What originally drew me to America's Car Mart continues to energize me every day. We are a mission-driven company dedicated to keeping our customers on the road. Since my arrival, I've developed an even deeper appreciation for our mission, our unique business model, and our exceptional associates. We recently held a company-wide field leadership meeting where I had the opportunity to connect with our dealership and field-level management. It was energizing and inspiring to see the commitment and passion that our associates have for our customers. I also want to recognize our talented finance team who provide critical support to our shareholders, board, leadership team, and dealership associates. In fact, I got to engage with many of them within my first week as we successfully closed our seventh term securitization, issuing $216 million in asset-backed notes. The transaction was well-received by the market, and we achieved a weighted average coupon of 6.27%. a 22 basis point improvement versus our January issuance, and 117 basis points tighter than our October 2024 issuance. I was pleased with the depth of demand we saw and the favorable structure we achieved. This continued improvement and execution is a direct reflection of our growing investor confidence in the quality of our portfolio and the underlying credit performance. My enthusiasm for the company grows daily as I consider the opportunities ahead of us. I'm particularly excited about how we'll leverage our current investments, capitalize on the strength of our balance sheet, maximize our unique integrated sales and financing business model to capture additional market share, and continue building on our remarkable depth of talent. We are establishing the foundation for significant future growth, and it is an exciting time to be at America's Car Mart. Doug, back to you.