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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 | |
---|---|---|---|---|---|---|---|---|
0.67 | 0.98% | 68.71 | 70.34 | 68.65 | 69.43 | 1,860,155 | 22:03:11 |
CarMax, Inc. (NYSE:KMX), the nation’s largest retailer of used cars, today reported net income and earnings per share for the second quarter ended August 31, 2019.
Highlights:
CEO Commentary:
“CarMax posted solid second quarter results, and our double-digit increase in earnings per share reflected growth across our used, wholesale and CAF operations, along with ongoing share repurchases,” said Bill Nash, president and chief executive officer.
“In addition, we made significant progress on the roll-out of our omni-channel experience, and we remain confident that this is the future of car buying,” continued Nash. “This experience, which allows customers to move seamlessly between online channels and physical locations, is now offered to approximately one-third of our customer base. And, we remain on track to reach the majority of our customers by the end of this fiscal year.”
Second Quarter Business Performance Review:
Sales. Total used vehicle unit sales increased 6.2%, including a 3.2% increase in comparable store used unit sales compared with the prior year’s second quarter. The comparable store sales performance reflected strong conversion and solid growth in web traffic.
Total wholesale vehicle unit sales increased 4.7% compared with the second quarter of fiscal 2019, largely driven by an increase in our appraisal buy rate, partially offset by lower appraisal traffic.
Other sales and revenues increased 8.5% compared with the second quarter of fiscal 2019. Extended protection plan (EPP) net revenues rose 15.0%, reflecting the combined effects of our used unit growth, increased margin and higher product penetration rates. In addition, we recognized a $6.5 million benefit for estimated EPP profit-sharing revenues compared with a $4.4 million benefit recognized in the prior year’s quarter. Net third-party finance fees were comparable with the prior year period.
Gross Profit. Total gross profit increased 6.6% versus last year’s second quarter to $693.5 million. Used vehicle gross profit rose 6.4%, largely reflecting the increase in total used unit sales. Used vehicle gross profit per unit remained stable at $2,183. Wholesale vehicle gross profit increased 5.7% versus the prior year’s quarter, driven by the increase in wholesale unit sales and an increase in wholesale vehicle gross profit per unit to $928 compared with $919 in last year’s second quarter. Other gross profit increased 8.2%, largely reflecting the improvement in other sales and revenues.
SG&A. Compared with the second quarter of fiscal 2019, SG&A expenses increased 6.0% to $480.8 million. Factors contributing to the year-over-year change included the 9% increase in our store base since the beginning of last year’s second quarter (representing the addition of 18 stores); higher costs associated with our sales growth; and continued spending to advance our technology platforms and support our core and omni-channel strategic initiatives. Due to shifts in the timing of our spend, advertising expense remained consistent with the prior year’s quarter. SG&A per used unit was $2,300 in the current quarter, down $4 year-over-year.
CarMax Auto Finance.(1) Compared with last year’s second quarter, CAF income increased 4.1% to $114.1 million, reflecting a 7.8% increase in average managed receivables, slightly offset by a higher loan loss provision. The provision for loan losses increased to $45.5 million from $40.0 million in the prior year quarter, reflecting both the growth in average managed receivables and a small increase in the provision as a percentage of managed receivables. Net losses remained well within our long-term targeted performance range. The allowance for loan losses grew slightly to 1.15% of ending managed receivables as of August 31, 2019, compared with 1.14% as of May 31, 2019, and 1.13% as of August 31, 2018. The total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, remained constant at 5.7% of average managed receivables in both the current and the prior year’s second quarter.
Share Repurchase Activity. We repurchased 1.5 million shares of common stock for $128.3 million pursuant to our share repurchase program during the second quarter of fiscal 2020. As of August 31, 2019, we had $1.78 billion remaining available for repurchase under the outstanding authorization.
(1)
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)
2019
2018
Change
2019
2018
Change
Used vehicle sales
$
4,346.3
$
3,975.4
9.3
%
$
8,887.0
$
7,996.4
11.1
%
Wholesale vehicle sales
678.3
628.0
8.0
%
1,340.7
1,245.6
7.6
%
Other sales and revenues:
Extended protection plan revenues
113.3
98.5
15.0
%
224.6
198.6
13.1
%
Third-party finance fees, net
(10.3
)
(9.7
)
(6.6
)%
(25.8
)
(24.2
)
(6.8
)%
Other
73.6
73.9
(0.4
)%
141.0
142.2
(0.9
)%
Total other sales and revenues
176.6
162.7
8.5
%
339.8
316.6
7.3
%
Total net sales and operating revenues
$
5,201.2
$
4,766.0
9.1
%
$
10,567.5
$
9,558.6
10.6
%
Unit Sales
Three Months Ended August 31
Six Months Ended August 31
2019
2018
Change
2019
2018
Change
Used vehicles
209,091
196,880
6.2
%
433,359
395,278
9.6
%
Wholesale vehicles
126,513
120,866
4.7
%
247,281
234,201
5.6
%
Average Selling Prices
Three Months Ended August 31
Six Months Ended August 31
2019
2018
Change
2019
2018
Change
Used vehicles
$
20,581
$
20,005
2.9
%
$
20,306
$
20,036
1.3
%
Wholesale vehicles
$
5,090
$
4,955
2.7
%
$
5,150
$
5,076
1.5
%
Vehicle Sales Changes
Three Months Ended August 31
Six Months Ended August 31
2019
2018
2019
2018
Used vehicle units
6.2
%
5.8
%
9.6
%
3.7
%
Used vehicle revenues
9.3
%
7.6
%
11.1
%
6.1
%
Wholesale vehicle units
4.7
%
14.6
%
5.6
%
12.1
%
Wholesale vehicle revenues
8.0
%
14.6
%
7.6
%
13.1
%
Comparable Store Used Vehicle Sales Changes (1)
Three Months Ended August 31
Six Months Ended August 31
2019
2018
2019
2018
Used vehicle units
3.2
%
2.1
%
6.3
%
(0.2
)%
Used vehicle revenues
6.3
%
3.8
%
7.9
%
2.2
%(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
2019
2018
2019
2018
CAF (2)
46.8
%
49.3
%
46.5
%
48.8
%
Tier 2 (3)
19.7
%
17.0
%
20.0
%
17.0
%
Tier 3 (4)
9.6
%
8.8
%
10.6
%
9.9
%
Other (5)
23.9
%
24.9
%
22.9
%
24.3
%
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 3 loan originations, which represent less than 1% 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)
2019
% (1)
2018
% (1)
2019
% (1)
2018
% (1)
Net sales and operating revenues
$
5,201.2
100.0
$
4,766.0
100.0
$
10,567.5
100.0
$
9,558.6
100.0
Gross profit
$
693.5
13.3
$
650.6
13.7
$
1,435.8
13.6
$
1,312.0
13.7
CarMax Auto Finance income
$
114.1
2.2
$
109.7
2.3
$
230.1
2.2
$
225.3
2.4
Selling, general, and administrative expenses
$
480.8
9.2
$
453.6
9.5
$
970.5
9.2
$
891.8
9.3
Interest expense
$
21.1
0.4
$
18.0
0.4
$
38.9
0.4
$
36.0
0.4
Earnings before income taxes
$
305.5
5.9
$
289.5
6.1
$
656.8
6.2
$
609.2
6.4
Net earnings
$
233.6
4.5
$
220.9
4.6
$
500.3
4.7
$
459.5
4.8
(1)
Calculated as a percentage of net sales and operating revenues.
Gross Profit
Three Months Ended August 31
Six Months Ended August 31
(In millions)
2019
2018
Change
2019
2018
Change
Used vehicle gross profit
$
456.4
$
429.0
6.4
%
$
953.2
$
868.4
9.8
%
Wholesale vehicle gross profit
117.4
111.1
5.7
%
243.3
225.8
7.8
%
Other gross profit
119.7
110.5
8.2
%
239.3
217.8
9.9
%
Total
$
693.5
$
650.6
6.6
%
$
1,435.8
$
1,312.0
9.4
%
Gross Profit per Unit
Three Months Ended August 31
Six Months Ended August 31
2019
2018
2019
2018
$ per unit(1)
%(2)
$ per unit(1)
%(2)
$ per unit(1)
%(2)
$ per unit(1)
%(2)
Used vehicle gross profit
$
2,183
10.5
$
2,179
10.8
$
2,200
10.7
$
2,197
10.9
Wholesale vehicle gross profit
$
928
17.3
$
919
17.7
$
984
18.1
$
964
18.1
Other gross profit
$
572
67.8
$
562
68.0
$
552
70.4
$
551
68.8
Total gross profit
$
3,317
13.3
$
3,305
13.7
$
3,313
13.6
$
3,319
13.7
(1)
Calculated as category gross profit divided by its respective units sold, except the other and total categories, which are divided by total used units sold.
(2)
Calculated as a percentage of its respective sales or revenue.
SG&A Expenses
Three Months Ended August 31
Six Months Ended August 31
(In millions)
2019
2018
Change
2019
2018
Change
Compensation and benefits (1)
$
249.4
$
238.9
4.4
%
$
520.2
$
480.3
8.3
%
Store occupancy costs
96.7
90.8
6.5
%
193.3
178.6
8.2
%
Advertising expense
46.8
46.7
0.3
%
88.8
85.2
4.2
%
Other overhead costs (2)
87.9
77.2
13.9
%
168.2
147.7
13.9
%
Total SG&A expenses
$
480.8
$
453.6
6.0
%
$
970.5
$
891.8
8.8
%
SG&A per used unit
$
2,300
$
2,304
$
(4
)
$
2,239
$
2,256
$
(17
)
(1)
Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales.
(2)
Includes IT expenses, insurance, preopening and relocation costs, non-CAF bad debt, travel, charitable contributions and other administrative expenses.
Components of CAF Income and Other CAF Information
Three Months Ended August 31
Six Months Ended August 31
(In millions)
2019
% (1)
2018
% (1)
2019
% (1)
2018
% (1)
Interest margin:
Interest and fee income
$
275.7
8.5
$
242.2
8.0
$
541.9
8.4
$
474.5
8.0
Interest expense
(90.6
)
(2.8
)
(69.1
)
(2.3
)
(178.0
)
(2.8
)
(132.9
)
(2.2
)
Total interest margin
185.1
5.7
173.1
5.7
363.9
5.7
341.6
5.7
Provision for loan losses
(45.5
)
(1.4
)
(40.0
)
(1.3
)
(83.7
)
(1.3
)
(70.9
)
(1.2
)
Total interest margin after provision for loan losses
139.6
4.3
133.1
4.4
280.2
4.4
270.7
4.5
Total other expense
—
—
(0.3
)
—
—
—
(0.3
)
—
Total direct expenses
(25.5
)
(0.8
)
(23.1
)
(0.8
)
(50.1
)
(0.8
)
(45.1
)
(0.8
)
CarMax Auto Finance income
$
114.1
3.5
$
109.7
3.6
$
230.1
3.6
$
225.3
3.8
Total average managed receivables
$
13,012.1
$
12,067.5
$
12,859.7
$
11,921.4
Net loans originated
$
1,772.6
$
1,678.4
$
3,598.9
$
3,343.9
Net penetration rate
42.2
%
43.9
%
41.8
%
43.4
%
Weighted average contract rate
8.6
%
8.5
%
8.7
%
8.4
%
Ending allowance for loan losses
$
150.4
$
138.1
$
150.4
$
138.1
Warehouse facility information:
Ending funded receivables
$
2,265.0
$
2,106.0
$
2,265.0
$
2,106.0
Ending unused capacity
$
1,235.0
$
1,034.0
$
1,235.0
$
1,034.0
(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)
2019
2018
Change
2019
2018
Change
Net earnings
$
233.6
$
220.9
5.8
%
$
500.3
$
459.5
8.9
%
Diluted weighted average shares outstanding
167.3
178.2
(6.1
)%
167.5
178.8
(6.3
)%
Net earnings per diluted share
$
1.40
$
1.24
12.9
%
$
2.99
$
2.57
16.3
%
Store Openings
During the second quarter of fiscal 2020, we opened three stores -- two in existing markets (San Francisco, California, and Phoenix, Arizona) and one in a new market (Lubbock, Texas).
We currently plan to open the following stores during the 12 months ending August 31, 2020. During this period, we will be entering three new television markets and expanding our presence in ten existing television markets. Of the 13 stores we plan to open during this period, 5 will be in Metropolitan Statistical Areas having populations of 600,000 or less, which we define as small markets. Normal construction, permitting or other scheduling delays could shift the opening dates of any of these stores into a later period.
Location
Television Market
Metropolitan Statistical Area
Planned Opening Date
Denton, Texas (1)
Dallas/Ft. Worth
Dallas/Fort Worth/Arlington
Q3 Fiscal 2020
Palm Desert, California (1)
Palm Springs (2)
Riverside/San Bernardino/Ontario
Q3 Fiscal 2020
Bogart, Georgia
Atlanta
Athens/Clarke County
Q3 Fiscal 2020
Gulfport, Mississippi
Biloxi/Gulfport (2)
Gulfport/Biloxi/Pascagoula
Q3 Fiscal 2020
Fort Wayne, Indiana
Fort Wayne (2)
Fort Wayne
Q4 Fiscal 2020
Salem, Oregon
Portland
Salem
Q4 Fiscal 2020
Murfreesboro, Tennessee
Nashville
Nashville/Davidson/Murfreesboro
Q4 Fiscal 2020
Easton, Pennsylvania
Philadelphia
Allentown/Bethlehem/Easton
Q1 Fiscal 2021
Bradenton, Florida
Tampa
North Port/Sarasota/Bradenton
Q1 Fiscal 2021
Canoga Park, California
Los Angeles
Los Angeles
Q1 Fiscal 2021
Covington, Louisiana
New Orleans
New Orleans
Q1 Fiscal 2021
West Palm Beach, Florida
Miami/Ft. Lauderdale/W. Palm Beach
Miami/Ft. Lauderdale/W. Palm Beach
Q2 Fiscal 2021
Jacksonville, N. Carolina
Greenville/New Bern/Washington
Jacksonville
Q2 Fiscal 2021
(1)
Store opened in September 2019.
(2)
Represents new television market as of planned store opening date.
Conference Call Information
We will host a conference call for investors at 9:00 a.m. ET today, September 24, 2019. Domestic investors may access the call at 1-888-298-3261 (international callers dial 1-706-679-7457). The conference I.D. for both domestic and international callers is 7045117. A live webcast of the call will be available on our investor information home page at investors.carmax.com.
A webcast replay of the call will be available at investors.carmax.com through December 19, 2019. A telephone replay also will be available through October 1, 2019, and may be accessed by dialing 1-855-859-2056 (international callers dial 1-404-537-3406). The conference I.D. for both domestic and international callers is 7045117.
Third Quarter Fiscal 2020 Earnings Release Date
We currently plan to release results for the third quarter ending November 30, 2019, on Friday, December 20, 2019, 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 2019.
About CarMax
CarMax, the nation’s largest retailer of used cars, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. CarMax continues to innovate and is currently rolling out an omni-channel experience, providing customers the option to complete transactions entirely from home, in store, or in a seamless combination of both. CarMax has more than 200 stores nationwide, and during the latest fiscal year sold nearly 750,000 used cars and 450,000 wholesale vehicles at its in-store auctions. With more than 25,000 associates, CarMax is proud to have been recognized for 15 consecutive years as one of the Fortune 100 Best Companies to Work For®. For more information, visit www.carmax.com.
Forward-Looking Statements
We caution readers that the statements contained in this release about our future business plans, operations, opportunities or prospects, including without limitation any statements or factors regarding expected sales, margins, expenses, capital expenditures, debt obligations, tax rates 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,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “should,” “will” and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management’s current knowledge and assumptions about future events 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 28, 2019, 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)
2019
% (1)
2018
% (1)
2019
% (1)
2018
% (1)
SALES AND OPERATING REVENUES:
Used vehicle sales
$
4,346,295
83.6
$
3,975,368
83.4
$
8,886,952
84.1
$
7,996,415
83.7
Wholesale vehicle sales
678,286
13.0
627,990
13.2
1,340,735
12.7
1,245,641
13.0
Other sales and revenues
176,570
3.4
162,677
3.4
339,782
3.2
316,571
3.3
NET SALES AND OPERATING REVENUES
5,201,151
100.0
4,766,035
100.0
10,567,469
100.0
9,558,627
100.0
COST OF SALES:
Used vehicle cost of sales
3,889,917
74.8
3,546,383
74.4
7,933,741
75.1
7,127,992
74.6
Wholesale vehicle cost of sales
560,906
10.8
516,913
10.8
1,097,396
10.4
1,019,858
10.7
Other cost of sales
56,875
1.1
52,103
1.1
100,496
1.0
98,801
1.0
TOTAL COST OF SALES
4,507,698
86.7
4,115,399
86.3
9,131,633
86.4
8,246,651
86.3
GROSS PROFIT
693,453
13.3
650,636
13.7
1,435,836
13.6
1,311,976
13.7
CARMAX AUTO FINANCE INCOME
114,131
2.2
109,667
2.3
230,090
2.2
225,260
2.4
Selling, general and administrative expenses
480,831
9.2
453,554
9.5
970,491
9.2
891,788
9.3
Interest expense
21,073
0.4
17,950
0.4
38,857
0.4
36,002
0.4
Other expense (income)
143
—
(686
)
—
(216
)
—
277
—
Earnings before income taxes
305,537
5.9
289,485
6.1
656,794
6.2
609,169
6.4
Income tax provision
71,938
1.4
68,595
1.4
156,451
1.5
149,623
1.6
NET EARNINGS
$
233,599
4.5
$
220,890
4.6
$
500,343
4.7
$
459,546
4.8
WEIGHTED AVERAGE COMMON SHARES:
Basic
165,354
176,284
165,839
177,211
Diluted
167,272
178,200
167,458
178,811
NET EARNINGS PER SHARE:
Basic
$
1.41
$
1.25
$
3.02
$
2.59
Diluted
$
1.40
$
1.24
$
2.99
$
2.57
(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 28
August 31
(In thousands except share data)
2019
2019 (1)
2018 (1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
40,737
$
46,938
$
37,147
Restricted cash from collections on auto loan receivables
483,374
440,669
447,642
Accounts receivable, net
141,091
139,850
104,883
Inventory
2,604,750
2,519,455
2,357,355
Other current assets
114,987
67,101
75,060
TOTAL CURRENT ASSETS
3,384,939
3,214,013
3,022,087
Auto loan receivables, net
13,065,959
12,428,487
12,140,455
Property and equipment, net
2,981,260
2,828,058
2,766,902
Deferred income taxes
66,048
61,346
56,354
Operating lease assets
456,449
—
—
Other assets
185,599
185,963
190,707
TOTAL ASSETS
$
20,140,254
$
18,717,867
$
18,176,505
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
628,507
$
593,171
$
605,535
Accrued expenses and other current liabilities
301,503
318,204
267,075
Accrued income taxes
1,389
3,784
—
Current portion of operating lease liabilities
30,066
—
—
Short-term debt
915
1,129
3,296
Current portion of long-term debt
10,762
10,177
9,718
Current portion of non-recourse notes payable
423,562
385,044
397,837
TOTAL CURRENT LIABILITIES
1,396,704
1,311,509
1,283,461
Long-term debt, excluding current portion
1,689,079
1,649,244
1,328,995
Non-recourse notes payable, excluding current portion
12,695,050
12,127,290
11,831,967
Operating lease liabilities, excluding current portion
448,640
—
—
Other liabilities
299,224
272,796
249,964
TOTAL LIABILITIES
16,528,697
15,360,839
14,694,387
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 164,885,648 and 167,478,924 shares issued and outstanding as of August 31, 2019 and February 28, 2019, respectively
82,442
83,739
87,645
Capital in excess of par value
1,313,290
1,237,153
1,265,930
Accumulated other comprehensive loss
(91,630
)
(68,010
)
(54,435
)
Retained earnings
2,307,455
2,104,146
2,182,978
TOTAL SHAREHOLDERS’ EQUITY
3,611,557
3,357,028
3,482,118
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
20,140,254
$
18,717,867
$
18,176,505
(1)
In connection with our adoption of ASC 842, the new accounting standard for leases, during the first quarter of fiscal 2020, certain prior period amounts have been reclassified to conform to the current period’s presentation. Financing obligations have been reclassified to Current portion of long-term debt and Long-term debt, excluding current portion. Capital lease obligations have been reclassified to Accrued expenses and other current liabilities and Other liabilities.
CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended August 31
(In thousands)
2019
2018 (1)
OPERATING ACTIVITIES:
Net earnings
$
500,343
$
459,546
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization
103,468
90,311
Share-based compensation expense
68,887
54,234
Provision for loan losses
83,693
70,863
Provision for cancellation reserves
45,471
38,699
Deferred income tax provision
3,812
2,539
Other
3,718
1,358
Net (increase) decrease in:
Accounts receivable, net
(1,241
)
28,438
Inventory
(85,295
)
33,339
Other current assets
(48,452
)
22,161
Auto loan receivables, net
(721,165
)
(675,614
)
Other assets
15,421
(7,167
)
Net (decrease) increase in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes
(26,632
)
57,639
Other liabilities
(67,484
)
(65,461
)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
(125,456
)
110,885
INVESTING ACTIVITIES:
Capital expenditures
(171,347
)
(171,111
)
Proceeds from disposal of property and equipment
3
565
Purchases of investments
(8,244
)
(5,306
)
Sales of investments
720
904
NET CASH USED IN INVESTING ACTIVITIES
(178,868
)
(174,948
)
FINANCING ACTIVITIES:
(Decrease) increase in short-term debt, net
(214
)
3,169
Proceeds from issuances of long-term debt
3,293,500
1,300,600
Payments on long-term debt
(3,284,866
)
(1,460,584
)
Cash paid for debt issuance costs
(10,862
)
(8,189
)
Payments on finance lease obligations
(1,694
)
(335
)
Issuances of non-recourse notes payable
5,748,000
5,486,502
Payments on non-recourse notes payable
(5,141,901
)
(4,878,974
)
Repurchase and retirement of common stock
(341,929
)
(381,347
)
Equity issuances
86,521
47,502
NET CASH PROVIDED BY FINANCING ACTIVITIES
346,555
108,344
Increase in cash, cash equivalents, and restricted cash
42,231
44,281
Cash, cash equivalents, and restricted cash at beginning of year
595,377
554,898
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
$
637,608
$
599,179
(1)
In connection with the changes to the Consolidated Balance Sheets as a result of our adoption of ASC 842, the new accounting standard for leases, during the first quarter of fiscal 2020, payments on financing obligations have been reclassified to payments on long-term debt. Prior period amounts have been reclassified to conform to the current period’s presentation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190924005265/en/
Investors: Stacy Frole investor_relations@carmax.com, (804) 747-0422 x7865
Media: pr@carmax.com, (855) 887-2915
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