We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| CarMax Group | NYSE:KMX | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.71 | 0.89% | 80.28 | 82.08 | 80.04 | 82.04 | 1,549,051 | 01:00:00 |
From Jul 2024 to Jan 2025
Delivers positive retail used unit growth and double-digit earnings increase
CarMax, Inc. (NYSE:KMX) today reported results for the second quarter ended August 31, 2024.
Second Quarter Highlights:
CEO Commentary:
“We are pleased with the continued improvement of the business in the second quarter, which reflects the positive impact of our durable actions to further differentiate the value and experience we offer associates and customers, continued year-over-year price declines, and improved stability in vehicle valuations,” said Bill Nash, president and chief executive officer. “We grew retail used unit sales, delivered strong margins, continued to manage SG&A, and drove double-digit earnings growth while managing through industry wide auto loan loss pressure. Our diversified business model is well-positioned to drive future increases in sales and profitability as we further leverage our omni-channel capabilities.”
Second Quarter Business Performance Review:
Sales. Combined retail and wholesale used vehicle unit sales were 352,478, an increase of 2.9% from the prior year’s second quarter.
Total retail used vehicle unit sales increased 5.1% to 211,020 compared to the prior year’s second quarter. Comparable store used unit sales increased 4.3% from the prior year’s second quarter. Total retail used vehicle revenues increased 1.5% compared with the prior year’s second quarter, driven by the increase in retail used units sold, partially offset by the decrease in average retail selling price, which declined approximately $1,250 per unit or 4.6%.
Total wholesale vehicle unit sales decreased 0.3% to 141,458 versus the prior year’s second quarter. Total wholesale revenues decreased 12.7% compared with the prior year’s second quarter primarily due to a decrease in the average wholesale selling price of approximately $1,150 per unit or 12.9%.
We bought 300,000 vehicles from consumers and dealers, up 2.9% compared to last year’s second quarter. Of these vehicles, 269,000 were bought from consumers and 31,000 were bought through dealers, a decrease of 1.2% and an increase of 61.4%, respectively, from last year’s second quarter.
Other sales and revenues increased by 13.2% compared with the second quarter of fiscal 2024, representing an increase of $21.3 million, primarily reflecting an increase in EPP revenues resulting from stronger margins.
Online retail sales(1) accounted for 15% of retail unit sales, compared to 14% in the second quarter of last year. Revenue from online transactions(2), including retail and wholesale unit sales, was $2.0 billion, or approximately 29% of net revenues, down from 31% in last year’s second quarter primarily due to the decline in the average wholesale selling price.
Gross Profit. Total gross profit was $760.5 million, up 9.1% versus last year’s second quarter. Retail used vehicle gross profit increased 5.9% and retail gross profit per used unit was $2,269, in line with last year’s second quarter.
Wholesale vehicle gross profit increased 0.9% versus the prior year’s second quarter. Gross profit per unit was $975, consistent with last year’s second quarter.
Other gross profit increased 33.1% primarily reflecting an increase in EPP revenues primarily resulting from stronger margins and a year-over-year improvement in service gross profit driven by the efficiency and cost coverage measures that we have implemented as well as by the positive retail unit growth.
SG&A. Compared with the second quarter of fiscal 2024, SG&A expenses increased 4.2% or $24.9 million to $610.6 million. Contributing factors included an increase in compensation and benefits largely reflecting a reduction in the bonus accrual in last year’s second quarter and an increase in occupancy costs this quarter driven by the timing of store maintenance spend as well as inflationary pressures on utilities. SG&A as a percent of gross profit decreased to 80.3% in the second quarter compared to 84.1% in the prior year’s second quarter, supported by continued strong cost management efforts in the stores and customer experience centers.
CarMax Auto Finance.(3) CAF income decreased 14.4% to $115.6 million driven by an increase in the provision for loan losses that outweighed growth in CAF’s average managed receivables and a stable net interest margin percentage. This quarter’s provision for loan losses increased to $112.6 million compared to $89.8 million in the prior year’s second quarter. The provision for loan losses in the second quarter of fiscal 2025 included an increase of $52.2 million in our estimate of lifetime losses on existing loans, which was nearly an 11% increase in our loss expectations. We believe the increase is largely related to the industry wide worsening in loss experience. The remaining $60.4 million reflected our estimate of lifetime losses on current quarter originations.
As of August 31, 2024, the allowance for loan losses of $500.8 million was 2.82% of ending managed receivables, consistent with 2.79% as of May 31, 2024. The allowance for loan losses was down from 3.08% a year ago, due to the effect of the previously disclosed tightening of CAF’s underwriting standards.
CAF’s total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, was 6.1% of average managed receivables, consistent with the prior year’s second quarter and this year’s first quarter. After the effect of 3-day payoffs, CAF financed 42.0% of units sold in the current quarter, down slightly from 42.8% in the prior year’s second quarter. CAF’s weighted average contract rate was 11.5% in the quarter, up from 11.1% in the second quarter last year.
Share Repurchase Activity. During the second quarter of fiscal year 2025, we repurchased 1.4 million shares of common stock for $106.1 million. As of August 31, 2024, we had $2.15 billion remaining available for repurchase under the outstanding authorization.
Location Openings. During the second quarter of fiscal 2025, we opened two new store locations in El Paso, Texas and Gainesville, Georgia. In fiscal year 2025, we plan to open a total of five new store locations, one stand-alone reconditioning center, and one stand-alone auction facility.
(1)
An online retail unit sale is defined as a sale where the customer completes all four of these major transactional activities remotely: reserving the vehicle; financing the vehicle, if needed; trading-in or opting out of a trade in; and creating a remote sales order.
(2)
Revenue from online transactions is defined as revenue from retail sales that qualify for an online retail sale, as well as any EPP and third-party finance contribution, wholesale sales where the winning bid was an online bid, and all revenue earned by Edmunds.
(3)
Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions.
Supplemental Financial Information
Amounts and percentage calculations may not total due to rounding.
Sales Components
Three Months Ended August 31
Six Months Ended August 31
(In millions)
2024
2023
Change
2024
2023
Change
Used vehicle sales
$
5,677.1
$
5,591.1
1.5
%
$
11,354.6
$
11,592.6
(2.1
)%
Wholesale vehicle sales
1,154.5
1,322.0
(12.7
)%
2,410.9
2,836.3
(15.0
)%
Other sales and revenues:
Extended protection plan revenues
121.4
101.7
19.3
%
240.2
212.9
12.8
%
Third-party finance income/(fees), net
1.4
(1.5
)
197.2
%
(0.2
)
(1.2
)
80.5
%
Advertising & subscription revenues (1)
34.3
33.5
2.5
%
69.0
64.9
6.4
%
Other
24.9
27.0
(8.0
)%
52.5
55.3
(5.2
)%
Total other sales and revenues
182.0
160.7
13.2
%
361.5
331.9
8.9
%
Total net sales and operating revenues
$
7,013.5
$
7,073.8
(0.9
)%
$
14,126.9
$
14,760.9
(4.3
)%
(1)
Excludes intercompany revenues that have been eliminated in consolidation.
Unit Sales
Three Months Ended August 31
Six Months Ended August 31
2024
2023
Change
2024
2023
Change
Used vehicles
211,020
200,825
5.1
%
422,152
418,749
0.8
%
Wholesale vehicles
141,458
141,837
(0.3
)%
289,143
302,885
(4.5
)%
Average Selling Prices
Three Months Ended August 31
Six Months Ended August 31
2024
2023
Change
2024
2023
Change
Used vehicles
$
26,245
$
27,500
(4.6
)%
$
26,386
$
27,374
(3.6
)%
Wholesale vehicles
$
7,768
$
8,923
(12.9
)%
$
7,935
$
8,977
(11.6
)%
Vehicle Sales Changes
Three Months Ended August 31
Six Months Ended August 31
2024
2023
2024
2023
Used vehicle units
5.1
%
(7.4
)%
0.8
%
(8.5
)%
Used vehicle revenues
1.5
%
(11.0
)%
(2.1
)%
(12.8
)%
Wholesale vehicle units
(0.3
)%
(11.2
)%
(4.5
)%
(12.5
)%
Wholesale vehicle revenues
(12.7
)%
(21.8
)%
(15.0
)%
(25.5
)%
Comparable Store Used Vehicle Sales Changes (1)
Three Months Ended August 31
Six Months Ended August 31
2024
2023
2024
2023
Used vehicle units
4.3
%
(9.0
)%
0.1
%
(10.3
)%
Used vehicle revenues
(0.2
)%
(12.5
)%
(3.3
)%
(14.4
)%
(1)
Stores are added to the comparable store base beginning in their fourteenth full month of operation. Comparable store calculations include results for a set of stores that were included in our comparable store base in both the current and corresponding prior year periods.
Used Vehicle Financing Penetration by Channel (Before the Impact of 3-day Payoffs) (1)
Three Months Ended August 31
Six Months Ended August 31
2024
2023
2024
2023
CAF (2)
44.6
%
46.4
%
45.0
%
45.9
%
Tier 2 (3)
17.7
%
18.1
%
18.2
%
19.3
%
Tier 3 (4)
6.7
%
6.4
%
7.1
%
6.6
%
Other (5)
31.0
%
29.1
%
29.7
%
28.2
%
Total
100.0
%
100.0
%
100.0
%
100.0
%
(1)
Calculated as used vehicle units financed for respective channel as a percentage of total used units sold.
(2)
Includes CAF's Tier 2 and Tier 3 loan originations, which represent approximately 2% of total used units sold.
(3)
Third-party finance providers who generally pay us a fee or to whom no fee is paid.
(4)
Third-party finance providers to whom we pay a fee.
(5)
Represents customers arranging their own financing and customers that do not require financing.
Selected Operating Ratios
Three Months Ended August 31
Six Months Ended August 31
(In millions)
2024
% (1)
2023
% (1)
2024
% (1)
2023
% (1)
Net sales and operating revenues
$
7,013.5
100.0
$
7,073.8
100.0
$
14,126.9
100.0
$
14,760.9
100.0
Gross profit
$
760.5
10.8
$
696.8
9.8
$
1,552.4
11.0
$
1,514.2
10.3
CarMax Auto Finance income
$
115.6
1.6
$
135.0
1.9
$
262.6
1.9
$
272.3
1.8
Selling, general, and administrative expenses
$
610.6
8.7
$
585.7
8.3
$
1,249.1
8.8
$
1,145.5
7.8
Interest expense
$
27.0
0.4
$
31.6
0.4
$
58.4
0.4
$
62.1
0.4
Earnings before income taxes
$
177.8
2.5
$
158.3
2.2
$
384.5
2.7
$
465.5
3.2
Net earnings
$
132.8
1.9
$
118.6
1.7
$
285.2
2.0
$
346.9
2.4
(1)
Calculated as a percentage of net sales and operating revenues.
Gross Profit (1)
Three Months Ended August 31
Six Months Ended August 31
(In millions)
2024
2023
Change
2024
2023
Change
Used vehicle gross profit
$
478.8
$
452.1
5.9
%
$
974.3
$
966.7
0.8
%
Wholesale vehicle gross profit
137.9
136.6
0.9
%
295.0
304.4
(3.1
)%
Other gross profit
143.8
108.1
33.1
%
283.1
243.1
16.5
%
Total
$
760.5
$
696.8
9.1
%
$
1,552.4
$
1,514.2
2.5
%
(1)
Amounts are net of intercompany eliminations.
Gross Profit per Unit (1)
Three Months Ended August 31
Six Months Ended August 31
2024
2023
2024
2023
$ per unit(2)
%(3)
$ per unit(2)
%(3)
$ per unit(2)
%(3)
$ per unit(2)
%(3)
Used vehicle gross profit per unit
$
2,269
8.4
$
2,251
8.1
$
2,308
8.6
$
2,309
8.3
Wholesale vehicle gross profit per unit
$
975
11.9
$
963
10.3
$
1,020
12.2
$
1,005
10.7
Other gross profit per unit
$
682
79.0
$
538
67.2
$
671
78.3
$
580
73.2
(1)
Amounts are net of intercompany eliminations. Those eliminations had the effect of increasing used vehicle gross profit per unit and wholesale vehicle gross profit per unit and decreasing other gross profit per unit by immaterial amounts.
(2)
Calculated as category gross profit divided by its respective units sold, except the other category, which is divided by total used units sold.
(3)
Calculated as a percentage of its respective sales or revenue.
SG&A Expenses (1)
Three Months Ended August 31
Six Months Ended August 31
(In millions)
2024
2023
Change
2024
2023
Change
Compensation and benefits:
Compensation and benefits, excluding share-based compensation expense
$
321.3
$
305.7
5.1
%
$
649.4
$
636.4
2.0
%
Share-based compensation expense
32.1
31.3
2.7
%
79.2
66.6
19.0
%
Total compensation and benefits (2)
$
353.4
$
337.0
4.9
%
$
728.6
$
703.0
3.6
%
Occupancy costs
74.7
67.8
10.3
%
145.3
133.9
8.5
%
Advertising expense
63.0
66.3
(5.0
)%
134.7
138.2
(2.5
)%
Other overhead costs (3)
119.5
114.6
4.3
%
240.5
170.4
41.2
%
Total SG&A expenses
$
610.6
$
585.7
4.2
%
$
1,249.1
$
1,145.5
9.0
%
SG&A as a % of gross profit
80.3
%
84.1
%
(3.8
)%
80.5
%
75.7
%
4.8
%
(1)
Amounts are net of intercompany eliminations.
(2)
Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales.
(3)
Includes IT expenses, non-CAF bad debt, insurance, travel, charitable contributions, preopening and relocation costs, and other administrative expenses.
Components of CAF Income and Other CAF Information
Three Months Ended August 31
Six Months Ended August 31
(In millions)
2024
% (1)
2023
% (1)
2024
% (1)
2023
% (1)
Interest margin:
Interest and fee income
$
464.5
10.5
$
416.9
9.6
$
917.0
10.4
$
817.4
9.5
Interest expense
(193.7
)
(4.4
)
(152.0
)
(3.5
)
(376.0
)
(4.3
)
(294.6
)
(3.4
)
Total interest margin
270.8
6.1
264.9
6.1
541.0
6.1
522.8
6.1
Provision for loan losses
(112.6
)
(2.5
)
(89.8
)
(2.1
)
(193.8
)
(2.2
)
(170.7
)
(2.0
)
Total interest margin after provision for loan losses
158.2
3.6
175.1
4.0
347.2
3.9
352.1
4.1
Total direct expenses
(42.6
)
(1.0
)
(40.2
)
(0.9
)
(84.6
)
(1.0
)
(79.8
)
(0.9
)
CarMax Auto Finance income
$
115.6
2.6
$
135.0
3.1
$
262.6
3.0
$
272.3
3.2
Total average managed receivables
$
17,728.8
$
17,315.6
$
17,640.0
$
17,159.5
Net loans originated
$
2,159.7
$
2,197.2
$
4,425.5
$
4,537.6
Net penetration rate
42.0
%
42.8
%
42.6
%
42.8
%
Weighted average contract rate
11.5
%
11.1
%
11.4
%
11.1
%
Ending allowance for loan losses
$
500.8
$
538.0
$
500.8
$
538.0
Warehouse facility information:
Ending funded receivables
$
3,743.6
$
4,419.6
$
3,743.6
$
4,419.6
Ending unused capacity
$
2,356.4
$
1,180.4
$
2,356.4
$
1,180.4
(1)
Annualized percentage of total average managed receivables.
Earnings Highlights
Three Months Ended August 31
Six Months Ended August 31
(In millions except per share data)
2024
2023
Change
2024
2023
Change
Net earnings
$
132.8
$
118.6
11.9
%
$
285.2
$
346.9
(17.8
)%
Diluted weighted average shares outstanding
156.5
159.2
(1.7
)%
157.1
158.9
(1.1
)%
Net earnings per diluted share
$
0.85
$
0.75
13.3
%
$
1.82
$
2.18
(16.5
)%
Conference Call Information
We will host a conference call for investors at 9:00 a.m. ET today, September 26, 2024. Domestic investors may access the call at 1-800-225-9448 (international callers dial 1-203-518-9708). The conference I.D. for both domestic and international callers is 3171396. A live webcast of the call will be available on our investor information home page at investors.carmax.com.
A replay of the webcast will be available on the company’s website at investors.carmax.com through December 18, 2024, or via telephone (for approximately one week) by dialing 1-800-839-3011 (or 1-402-220-7231 for international access) and entering the conference ID 3171396.
Third Quarter Fiscal 2025 Earnings Release Date
We currently plan to release results for the third quarter ending November 30, 2024, on Thursday, December 19, 2024, before the opening of trading on the New York Stock Exchange. We plan to host a conference call for investors at 9:00 a.m. ET on that date. Information on this conference call will be available on our investor information home page at investors.carmax.com in early December 2024.
About CarMax
CarMax, the nation’s largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year ended February 29, 2024, CarMax sold approximately 770,000 used vehicles and 550,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in receivables during fiscal 2024, adding to its more than $17 billion portfolio. CarMax has over 245 store locations, nearly 30,000 associates, and is proud to have been recognized for 20 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to making a positive impact on people, communities and the environment. Learn more in the 2024 Responsibility Report. For more information, visit www.carmax.com.
Forward-Looking Statements
We caution readers that the statements contained in this release that are not statements of historical fact, including statements about our future business plans, operations, challenges, opportunities or prospects, including without limitation any statements or factors regarding expected operating capacity, sales, inventory, market share, financial targets, revenue, margins, expenses, liquidity, loan originations, capital expenditures, share repurchase plans, debt obligations or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “could,” “enable,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “positioned,” “predict,” “should,” “target,” “will” and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management’s current knowledge, expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following:
For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at investors.carmax.com. Requests for information may also be made to the Investor Relations Department by email to investor_relations@carmax.com or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended August 31
Six Months Ended August 31
(In thousands except per share data)
2024
%(1)
2023
%(1)
2024
%(1)
2023
%(1)
SALES AND OPERATING REVENUES:
Used vehicle sales
$
5,677,081
80.9
$
5,591,143
79.0
$
11,354,557
80.4
$
11,592,614
78.5
Wholesale vehicle sales
1,154,465
16.5
1,321,975
18.7
2,410,904
17.1
2,836,338
19.2
Other sales and revenues
181,983
2.6
160,718
2.3
361,465
2.6
331,947
2.2
NET SALES AND OPERATING REVENUES
7,013,529
100.0
7,073,836
100.0
14,126,926
100.0
14,760,899
100.0
COST OF SALES:
Used vehicle cost of sales
5,198,315
74.1
5,139,034
72.6
10,380,294
73.5
10,625,880
72.0
Wholesale vehicle cost of sales
1,016,590
14.5
1,185,359
16.8
2,115,901
15.0
2,531,897
17.2
Other cost of sales
38,157
0.5
52,678
0.7
78,369
0.6
88,967
0.6
TOTAL COST OF SALES
6,253,062
89.2
6,377,071
90.2
12,574,564
89.0
13,246,744
89.7
GROSS PROFIT
760,467
10.8
696,765
9.8
1,552,362
11.0
1,514,155
10.3
CARMAX AUTO FINANCE INCOME
115,580
1.6
134,987
1.9
262,550
1.9
272,345
1.8
Selling, general, and administrative expenses
610,562
8.7
585,694
8.3
1,249,140
8.8
1,145,531
7.8
Depreciation and amortization
63,901
0.9
58,817
0.8
125,770
0.9
117,236
0.8
Interest expense
27,021
0.4
31,585
0.4
58,383
0.4
62,051
0.4
Other income
(3,281
)
—
(2,630
)
—
(2,865
)
—
(3,844
)
—
Earnings before income taxes
177,844
2.5
158,286
2.2
384,484
2.7
465,526
3.2
Income tax provision
45,035
0.6
39,651
0.6
99,235
0.7
118,593
0.8
NET EARNINGS
$
132,809
1.9
$
118,635
1.7
$
285,249
2.0
$
346,933
2.4
WEIGHTED AVERAGE COMMON SHARES:
Basic
155,866
158,479
156,513
158,298
Diluted
156,526
159,238
157,116
158,900
NET EARNINGS PER SHARE:
Basic
$
0.85
$
0.75
$
1.82
$
2.19
Diluted
$
0.85
$
0.75
$
1.82
$
2.18
(1)
Percents are calculated as a percentage of net sales and operating revenues and may not total due to rounding.
CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As of
August 31
February 29
August 31
(In thousands except share data)
2024
2024
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
524,667
$
574,142
$
521,098
Restricted cash from collections on auto loans receivable
572,630
506,648
534,792
Accounts receivable, net
228,112
221,153
271,874
Inventory
3,397,746
3,678,070
3,839,286
Other current assets
135,901
246,581
219,321
TOTAL CURRENT ASSETS
4,859,056
5,226,594
5,386,371
Auto loans receivable, net
17,413,589
17,011,844
16,999,750
Property and equipment, net
3,763,089
3,665,530
3,538,683
Deferred income taxes
126,883
98,790
111,919
Operating lease assets
495,783
520,717
540,718
Goodwill
141,258
141,258
141,258
Other assets
496,160
532,064
581,462
TOTAL ASSETS
$
27,295,818
$
27,196,797
$
27,300,161
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
1,008,044
$
933,708
$
932,068
Accrued expenses and other current liabilities
483,922
523,971
513,137
Accrued income taxes
34,063
—
103
Current portion of operating lease liabilities
57,959
57,161
55,441
Current portion of long-term debt
21,771
313,282
312,230
Current portion of non-recourse notes payable
550,045
484,167
507,409
TOTAL CURRENT LIABILITIES
2,155,804
2,312,289
2,320,388
Long-term debt, excluding current portion
1,588,260
1,602,355
1,608,724
Non-recourse notes payable, excluding current portion
16,516,943
16,357,301
16,475,698
Operating lease liabilities, excluding current portion
473,158
496,210
516,839
Other liabilities
382,044
354,902
372,853
TOTAL LIABILITIES
21,116,209
21,123,057
21,294,502
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 155,332,046 and 157,611,939 shares issued and outstanding as of August 31, 2024 and February 29, 2024, respectively
77,666
78,806
79,328
Capital in excess of par value
1,856,385
1,808,746
1,777,707
Accumulated other comprehensive income
9,057
59,279
78,597
Retained earnings
4,236,501
4,126,909
4,070,027
TOTAL SHAREHOLDERS’ EQUITY
6,179,609
6,073,740
6,005,659
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
27,295,818
$
27,196,797
$
27,300,161
CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended August 31
(In thousands)
2024
2023
OPERATING ACTIVITIES:
Net earnings
$
285,249
$
346,933
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization
141,964
126,971
Share-based compensation expense
82,703
69,445
Provision for loan losses
193,798
170,672
Provision for cancellation reserves
49,302
45,199
Deferred income tax benefit
(11,789
)
(24,845
)
Other
2,039
3,868
Net (increase) decrease in:
Accounts receivable, net
(6,959
)
26,909
Inventory
280,324
(113,144
)
Other current assets
111,438
33,431
Auto loans receivable, net
(595,543
)
(828,631
)
Other assets
(9,486
)
(6,668
)
Net increase (decrease) in:
Accounts payable, accrued expenses and other
current liabilities and accrued income taxes
23,474
132,566
Other liabilities
(45,100
)
(43,826
)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
501,414
(61,120
)
INVESTING ACTIVITIES:
Capital expenditures
(213,123
)
(210,167
)
Proceeds from disposal of property and equipment
130
1,247
Purchases of investments
(3,091
)
(3,236
)
Sales and returns of investments
621
405
NET CASH USED IN INVESTING ACTIVITIES
(215,463
)
(211,751
)
FINANCING ACTIVITIES:
Proceeds from issuances of long-term debt
—
134,600
Payments on long-term debt
(306,274
)
(240,093
)
Cash paid for debt issuance costs
(12,985
)
(10,650
)
Payments on finance lease obligations
(9,056
)
(7,810
)
Issuances of non-recourse notes payable
6,971,000
6,179,929
Payments on non-recourse notes payable
(6,742,743
)
(5,532,403
)
Repurchase and retirement of common stock
(213,305
)
(4,143
)
Equity issuances
30,296
27,534
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
(283,067
)
546,964
Increase in cash, cash equivalents, and restricted cash
2,884
274,093
Cash, cash equivalents, and restricted cash at beginning of year
1,250,410
951,004
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
$
1,253,294
$
1,225,097
View source version on businesswire.com: https://www.businesswire.com/news/home/20240926151893/en/
Investors: David Lowenstein, Vice President, Investor Relations investor_relations@carmax.com, (804) 747-0422 x7865
Media: pr@carmax.com, (855) 887-2915
1 Year CarMax Chart |
1 Month CarMax Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
