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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 | |
|---|---|---|---|---|---|---|---|---|
| -1.40 | -1.64% | 83.77 | 85.31 | 83.27 | 84.56 | 1,306,296 | 01:00:00 |
From Nov 2024 to Dec 2024
Achieved over 50% earnings growth driven by gains across the business
CarMax, Inc. (NYSE:KMX) today reported results for the third quarter ended November 30, 2024.
Third Quarter Highlights:(1)
(1) Comparisons to the prior year’s third quarter unless otherwise stated
CEO Commentary:
“I am pleased with the positive momentum that we are driving across our diversified business model. Our solid execution and a more stable environment for vehicle valuations enabled us to deliver robust EPS growth driven by increases in unit sales and buys, solid margins, growth in CAF income, and ongoing management of SG&A,” said Bill Nash, president and chief executive officer. “Our associates and our best-in-class omni-channel experiences are key differentiators that enable our success. We are excited to leverage the capabilities we have built to drive growth as we access the largest total addressable market within our industry.”
Third Quarter Business Performance Review:
Sales. Combined retail and wholesale used vehicle unit sales were 320,256, an increase of 5.8% from the prior year’s third quarter.
Total retail used vehicle unit sales increased 5.4% to 184,243 compared to the prior year’s third quarter. Comparable store used unit sales increased 4.3% from the prior year’s third quarter. Total retail used vehicle revenues increased 1.2% compared with the prior year’s third quarter, driven by the increase in retail used units sold, partially offset by the decrease in average retail selling price, which declined approximately $1,100 per unit or 3.9%.
Total wholesale vehicle unit sales increased 6.3% to 136,013 versus the prior year’s third quarter. Total wholesale revenues increased 0.3% compared with the prior year’s third quarter, driven by the increase in wholesale units sold, partially offset by the decrease in the average wholesale selling price of approximately $500 per unit or 5.7%.
We bought 270,000 vehicles from consumers and dealers, up 7.9% compared to last year’s third quarter. Of these vehicles, 237,000 were bought from consumers and 33,000 were bought through dealers, an increase of 4.1% and 46.7%, respectively, from last year’s third quarter.
Other sales and revenues increased by 9.7% compared with the third quarter of fiscal 2024, representing an increase of $14.6 million, primarily reflecting an increase in EPP revenues resulting from stronger margins.
Online retail sales(2) accounted for 15% of retail unit sales, compared to 14% in the third quarter of last year. Revenue from online transactions(3), including retail and wholesale unit sales, was $2.0 billion, or approximately 32% of net revenues, up from 31% in last year’s third quarter.
Gross Profit. Total gross profit was $677.6 million, up 10.6% versus last year’s third quarter. Retail used vehicle gross profit increased 6.8% and retail gross profit per used unit was $2,306, in line with last year’s third quarter.
Wholesale vehicle gross profit increased 12.3% versus the prior year’s third quarter. Gross profit per unit increased $54 from the prior year’s third quarter to $1,015.
Other gross profit increased 24.6% primarily reflecting growth in EPP revenues resulting from stronger margins as well as service gross profit driven by cost coverage measures, increased efficiencies, and positive retail unit growth.
SG&A. Compared with the third quarter of fiscal 2024, SG&A expenses increased 2.8% or $15.8 million to $575.8 million, primarily driven by an increase in compensation and benefits due to year-over-year corporate bonus accrual dynamics. Partially offsetting this was a decrease in advertising spend due to timing. SG&A as a percent of gross profit decreased 640 basis points to 85.0% in the third quarter compared to 91.4% in the prior year’s third quarter, driven by the growth in gross profit and ongoing cost management efforts in the stores and customer experience centers.
CarMax Auto Finance.(4) CAF income increased 7.6% to $159.9 million driven by growth in CAF’s net interest margin percentage and average managed receivables. This quarter’s provision for loan losses was $72.6 million compared to $68.3 million in the prior year’s third quarter.
As of November 30, 2024, the allowance for loan losses of $478.9 million was 2.70% of ending managed receivables, down from 2.82% as of August 31, 2024. The allowance for loan losses was down from 2.92% 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 6.2% of average managed receivables, up from the prior year’s third quarter but consistent with this year’s second quarter. After the effect of 3-day payoffs, CAF financed 43.1% of units sold in the current quarter, down slightly from 44.0% in the prior year’s third quarter. CAF’s weighted average contract rate was 11.2% in the quarter, down from 11.3% in the third quarter last year.
Share Repurchase Activity. During the third quarter of fiscal year 2025, we repurchased 1.5 million shares of common stock for $114.8 million. As of November 30, 2024, we had $2.04 billion remaining available for repurchase under the outstanding authorization.
Location Openings. During the third quarter of fiscal 2025, we opened one new store location in Alliance, Texas.
(2)
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.
(3)
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.
(4)
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 November 30
Nine Months Ended November 30
(In millions)
2024
2023
Change
2024
2023
Change
Used vehicle sales
$
4,888.9
$
4,832.1
1.2
%
$
16,243.4
$
16,424.7
(1.1
)%
Wholesale vehicle sales
1,168.6
1,165.2
0.3
%
3,579.5
4,001.5
(10.5
)%
Other sales and revenues:
Extended protection plan revenues
105.5
90.8
16.1
%
345.7
303.8
13.8
%
Third-party finance income/(fees), net
1.0
(1.2
)
183.7
%
0.8
(2.4
)
133.5
%
Advertising & subscription revenues (1)
36.1
36.7
(1.5
)%
105.1
101.6
3.5
%
Other
23.3
25.0
(6.9
)%
75.7
80.2
(5.7
)%
Total other sales and revenues
165.9
151.3
9.7
%
527.3
483.2
9.1
%
Total net sales and operating revenues
$
6,223.4
$
6,148.5
1.2
%
$
20,350.3
$
20,909.4
(2.7
)%
(1)
Excludes intercompany revenues that have been eliminated in consolidation.
Unit Sales
Three Months Ended November 30
Nine Months Ended November 30
2024
2023
Change
2024
2023
Change
Used vehicles
184,243
174,766
5.4
%
606,395
593,515
2.2
%
Wholesale vehicles
136,013
127,900
6.3
%
425,156
430,785
(1.3
)%
Average Selling Prices
Three Months Ended November 30
Nine Months Ended November 30
2024
2023
Change
2024
2023
Change
Used vehicles
$
26,153
$
27,228
(3.9
)%
$
26,315
$
27,331
(3.7
)%
Wholesale vehicles
$
8,177
$
8,674
(5.7
)%
$
8,012
$
8,887
(9.8
)%
Vehicle Sales Changes
Three Months Ended November 30
Nine Months Ended November 30
2024
2023
2024
2023
Used vehicle units
5.4
%
(2.9
)%
2.2
%
(7.0
)%
Used vehicle revenues
1.2
%
(7.2
)%
(1.1
)%
(11.2
)%
Wholesale vehicle units
6.3
%
7.7
%
(1.3
)%
(7.3
)%
Wholesale vehicle revenues
0.3
%
1.1
%
(10.5
)%
(19.3
)%
Comparable Store Used Vehicle Sales Changes (1)
Three Months Ended November 30
Nine Months Ended November 30
2024
2023
2024
2023
Used vehicle units
4.3
%
(4.1
)%
1.3
%
(8.5
)%
Used vehicle revenues
0.5
%
(8.3
)%
(2.2
)%
(12.7
)%
(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 November 30
Nine Months Ended November 30
2024
2023
2024
2023
CAF (2)
45.7
%
46.5
%
45.2
%
46.1
%
Tier 2 (3)
17.9
%
18.0
%
18.1
%
18.9
%
Tier 3 (4)
6.5
%
6.9
%
6.9
%
6.7
%
Other (5)
29.9
%
28.6
%
29.8
%
28.3
%
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 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 November 30
Nine Months Ended November 30
(In millions)
2024
% (1)
2023
% (1)
2024
% (1)
2023
% (1)
Net sales and operating revenues
$
6,223.4
100.0
$
6,148.5
100.0
$
20,350.3
100.0
$
20,909.4
100.0
Gross profit
$
677.6
10.9
$
612.9
10.0
$
2,230.0
11.0
$
2,127.0
10.2
CarMax Auto Finance income
$
159.9
2.6
$
148.7
2.4
$
422.4
2.1
$
421.0
2.0
Selling, general, and administrative expenses
$
575.8
9.3
$
560.0
9.1
$
1,824.9
9.0
$
1,705.5
8.2
Interest expense
$
25.4
0.4
$
31.3
0.5
$
83.8
0.4
$
93.3
0.4
Earnings before income taxes
$
166.5
2.7
$
110.6
1.8
$
551.0
2.7
$
576.1
2.8
Net earnings
$
125.4
2.0
$
82.0
1.3
$
410.7
2.0
$
428.9
2.1
(1)
Calculated as a percentage of net sales and operating revenues.
Gross Profit (1)
Three Months Ended November 30
Nine Months Ended November 30
(In millions)
2024
2023
Change
2024
2023
Change
Used vehicle gross profit
$
424.8
$
397.9
6.8
%
$
1,399.1
$
1,364.6
2.5
%
Wholesale vehicle gross profit
138.1
122.9
12.3
%
433.1
427.3
1.3
%
Other gross profit
114.7
92.1
24.6
%
397.8
335.1
18.7
%
Total
$
677.6
$
612.9
10.6
%
$
2,230.0
$
2,127.0
4.8
%
(1)
Amounts are net of intercompany eliminations.
Gross Profit per Unit (1)
Three Months Ended November 30
Nine Months Ended November 30
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
$
2,306
8.7
$
2,277
8.2
$
2,307
8.6
$
2,299
8.3
Wholesale vehicle gross profit per unit
$
1,015
11.8
$
961
10.5
$
1,019
12.1
$
992
10.7
Other gross profit per unit
$
623
69.2
$
527
60.9
$
656
75.4
$
564
69.3
(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 November 30
Nine Months Ended November 30
(In millions)
2024
2023
Change
2024
2023
Change
Compensation and benefits:
Compensation and benefits, excluding share-based compensation expense
$
311.8
$
286.3
8.9
%
$
961.1
$
922.7
4.2
%
Share-based compensation expense
22.3
19.9
11.7
%
101.5
86.5
17.3
%
Total compensation and benefits (2)
$
334.1
$
306.2
9.1
%
$
1,062.6
$
1,009.2
5.3
%
Occupancy costs
73.5
70.3
4.5
%
218.8
204.2
7.1
%
Advertising expense
53.8
63.3
(15.0
)%
188.6
201.5
(6.4
)%
Other overhead costs (3)
114.4
120.2
(4.8
)%
354.9
290.6
22.2
%
Total SG&A expenses
$
575.8
$
560.0
2.8
%
$
1,824.9
$
1,705.5
7.0
%
SG&A as a % of gross profit
85.0
%
91.4
%
(6.4
)%
81.8
%
80.2
%
1.6
%
(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 November 30
Nine Months Ended November 30
(In millions)
2024
% (1)
2023
% (1)
2024
% (1)
2023
% (1)
Interest margin:
Interest and fee income
$
469.2
10.6
$
426.9
9.8
$
1,386.2
10.5
$
1,244.3
9.6
Interest expense
(193.2
)
(4.3
)
(170.2
)
(3.9
)
(569.2
)
(4.3
)
(464.8
)
(3.6
)
Total interest margin
276.0
6.2
256.7
5.9
817.0
6.2
779.5
6.0
Provision for loan losses
(72.6
)
(1.6
)
(68.3
)
(1.6
)
(266.4
)
(2.0
)
(239.0
)
(1.8
)
Total interest margin after provision for loan losses
203.4
4.6
188.4
4.3
550.6
4.2
540.5
4.2
Total direct expenses
(43.5
)
(1.0
)
(39.7
)
(0.9
)
(128.2
)
(1.0
)
(119.5
)
(0.9
)
CarMax Auto Finance income
$
159.9
3.6
$
148.7
3.4
$
422.4
3.2
$
421.0
3.2
Total average managed receivables
$
17,771.7
$
17,508.9
$
17,683.9
$
17,276.0
Net loans originated
$
1,942.8
$
1,953.4
$
6,368.3
$
6,491.0
Net penetration rate
43.1
%
44.0
%
42.8
%
43.1
%
Weighted average contract rate
11.2
%
11.3
%
11.3
%
11.1
%
Ending allowance for loan losses
$
478.9
$
511.9
$
478.9
$
511.9
Warehouse facility information:
Ending funded receivables
$
3,937.6
$
4,529.6
$
3,937.6
$
4,529.6
Ending unused capacity
$
2,162.4
$
1,070.4
$
2,162.4
$
1,070.4
(1) Annualized percentage of total average managed receivables.
Earnings Highlights
Three Months Ended November 30
Nine Months Ended November 30
(In millions except per share data)
2024
2023
Change
2024
2023
Change
Net earnings
$
125.4
$
82.0
53.0
%
$
410.7
$
428.9
(4.3
)%
Diluted weighted average shares outstanding
155.3
158.8
(2.2
)%
156.5
158.9
(1.5
)%
Net earnings per diluted share
$
0.81
$
0.52
55.8
%
$
2.62
$
2.70
(3.0
)%
Conference Call Information
We will host a conference call for investors at 9:00 a.m. ET today, December 19, 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 April 9, 2025, or via telephone (for approximately one week) by dialing 1-800-839-2456 (or 1-402-220-7216 for international access) and entering the conference ID 3171396.
Fourth Quarter Fiscal 2025 Earnings Release Date
We currently plan to release results for the fourth quarter ending February 28, 2025, on Thursday, April 10, 2025, 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 late March 2025.
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 November 30
Nine Months Ended November 30
(In thousands except per share data)
2024
%(1)
2023
%(1)
2024
%(1)
2023
%(1)
SALES AND OPERATING REVENUES:
Used vehicle sales
$
4,888,858
78.6
$
4,832,077
78.6
$
16,243,415
79.8
$
16,424,691
78.6
Wholesale vehicle sales
1,168,639
18.8
1,165,204
19.0
3,579,543
17.6
4,001,542
19.1
Other sales and revenues
165,874
2.7
151,257
2.5
527,339
2.6
483,204
2.3
NET SALES AND OPERATING REVENUES
6,223,371
100.0
6,148,538
100.0
20,350,297
100.0
20,909,437
100.0
COST OF SALES:
Used vehicle cost of sales
4,464,016
71.7
4,434,165
72.1
14,844,310
72.9
15,060,045
72.0
Wholesale vehicle cost of sales
1,030,564
16.6
1,042,303
17.0
3,146,465
15.5
3,574,200
17.1
Other cost of sales
51,145
0.8
59,207
1.0
129,514
0.6
148,174
0.7
TOTAL COST OF SALES
5,545,725
89.1
5,535,675
90.0
18,120,289
89.0
18,782,419
89.8
GROSS PROFIT
677,646
10.9
612,863
10.0
2,230,008
11.0
2,127,018
10.2
CARMAX AUTO FINANCE INCOME
159,885
2.6
148,659
2.4
422,435
2.1
421,004
2.0
Selling, general, and administrative expenses
575,764
9.3
559,962
9.1
1,824,904
9.0
1,705,493
8.2
Depreciation and amortization
64,507
1.0
60,623
1.0
190,277
0.9
177,859
0.9
Interest expense
25,418
0.4
31,265
0.5
83,801
0.4
93,316
0.4
Other expense (income)
5,370
0.1
(886
)
—
2,505
—
(4,730
)
—
Earnings before income taxes
166,472
2.7
110,558
1.8
550,956
2.7
576,084
2.8
Income tax provision
41,031
0.7
28,555
0.5
140,266
0.7
147,148
0.7
NET EARNINGS
$
125,441
2.0
$
82,003
1.3
$
410,690
2.0
$
428,936
2.1
WEIGHTED AVERAGE COMMON SHARES:
Basic
154,582
158,446
155,874
158,347
Diluted
155,265
158,799
156,504
158,866
NET EARNINGS PER SHARE:
Basic
$
0.81
$
0.52
$
2.63
$
2.71
Diluted
$
0.81
$
0.52
$
2.62
$
2.70
(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
November 30
February 29
November 30
(In thousands except share data)
2024
2024
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
271,910
$
574,142
$
605,375
Restricted cash from collections on auto loans receivable
541,153
506,648
483,570
Accounts receivable, net
213,593
221,153
212,406
Inventory
3,665,163
3,678,070
3,638,946
Other current assets
126,817
246,581
169,653
TOTAL CURRENT ASSETS
4,818,636
5,226,594
5,109,950
Auto loans receivable, net
17,412,940
17,011,844
17,081,891
Property and equipment, net
3,799,312
3,665,530
3,623,697
Deferred income taxes
133,258
98,790
121,219
Operating lease assets
504,979
520,717
533,387
Goodwill
141,258
141,258
141,258
Other assets
486,743
532,064
561,848
TOTAL ASSETS
$
27,297,126
$
27,196,797
$
27,173,250
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
985,891
$
933,708
$
762,594
Accrued expenses and other current liabilities
456,541
523,971
494,365
Accrued income taxes
69,816
—
10,581
Current portion of operating lease liabilities
60,338
57,161
56,410
Current portion of long-term debt
15,020
313,282
312,744
Current portion of non-recourse notes payable
509,686
484,167
446,544
TOTAL CURRENT LIABILITIES
2,097,292
2,312,289
2,083,238
Long-term debt, excluding current portion
1,589,454
1,602,355
1,605,638
Non-recourse notes payable, excluding current portion
16,559,771
16,357,301
16,558,053
Operating lease liabilities, excluding current portion
481,344
496,210
509,141
Other liabilities
358,055
354,902
372,815
TOTAL LIABILITIES
21,085,916
21,123,057
21,128,885
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 153,908,030 and 157,611,939 shares issued and outstanding as of November 30, 2024 and February 29, 2024, respectively
76,954
78,806
79,011
Capital in excess of par value
1,853,489
1,808,746
1,786,924
Accumulated other comprehensive income
14,827
59,279
60,667
Retained earnings
4,265,940
4,126,909
4,117,763
TOTAL SHAREHOLDERS’ EQUITY
6,211,210
6,073,740
6,044,365
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
27,297,126
$
27,196,797
$
27,173,250
CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended November 30
(In thousands)
2024
2023
OPERATING ACTIVITIES:
Net earnings
$
410,690
$
428,936
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
217,332
193,528
Share-based compensation expense
107,121
90,479
Provision for loan losses
266,406
238,952
Provision for cancellation reserves
75,007
62,587
Deferred income tax benefit
(19,961
)
(28,290
)
Other
6,186
8,534
Net decrease (increase) in:
Accounts receivable, net
19,872
86,377
Inventory
12,907
87,196
Other current assets
127,978
91,793
Auto loans receivable, net
(667,502
)
(979,052
)
Other assets
(13,936
)
(8,775
)
Net increase (decrease) in:
Accounts payable, accrued expenses and other
current liabilities and accrued income taxes
6,695
(60,365
)
Other liabilities
(70,733
)
(62,921
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
478,062
148,979
INVESTING ACTIVITIES:
Capital expenditures
(340,322
)
(355,442
)
Proceeds from disposal of property and equipment
153
1,299
Purchases of investments
(9,478
)
(4,641
)
Sales and returns of investments
1,722
1,562
NET CASH USED IN INVESTING ACTIVITIES
(347,925
)
(357,222
)
FINANCING ACTIVITIES:
Proceeds from issuances of long-term debt
34,400
134,600
Payments on long-term debt
(344,231
)
(242,989
)
Cash paid for debt issuance costs
(16,861
)
(15,576
)
Payments on finance lease obligations
(13,146
)
(12,177
)
Issuances of non-recourse notes payable
9,721,000
9,099,929
Payments on non-recourse notes payable
(9,491,659
)
(8,430,615
)
Repurchase and retirement of common stock
(329,581
)
(44,287
)
Equity issuances
35,367
28,430
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
(404,711
)
517,315
(Decrease) increase in cash, cash equivalents, and restricted cash
(274,574
)
309,072
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
$
975,836
$
1,260,076
View source version on businesswire.com: https://www.businesswire.com/news/home/20241219036663/en/
Investors: David Lowenstein, Vice President, Investor Relations investor_relations@carmax.com, (804) 747-0422 x7865 Media: pr@carmax.com, (855) 887-2915
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