RICHMOND, Va.--(BUSINESS WIRE)--Jun. 21, 2013--
CarMax, Inc. (NYSE:KMX) today reported record results for the first
quarter ended May 31, 2013.
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Net sales and operating revenues increased 19% to $3.31 billion.
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Used unit sales in comparable stores increased 17%.
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Total used unit sales rose 22%.
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Total wholesale unit sales increased 6%.
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CarMax Auto Finance (CAF) income increased 16% to $87.0 million.
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Net earnings grew 21% to $146.7 million. Net earnings per diluted
share rose 23% to $0.64.
“We are very pleased to report our strongest increase in comparable
store used unit sales in several years,” said
Tom Folliard
, president
and chief executive officer. “Strong retail sales growth, together with
continued contributions from CAF and wholesale drove all-time record
quarterly revenues and earnings.”
First Quarter Business Performance Review
Sales. Total used vehicle unit sales
grew 22% and comparable store used units grew 17% versus the prior
year’s first quarter. The comparable store used unit growth was again
driven by improved conversion, which we believe reflected continued
improvements in execution in our stores and an attractive consumer
credit environment.
Wholesale vehicle unit sales grew 6% compared with last year’s quarter.
Wholesale unit sales benefited from the growth in our store base and a
stronger appraisal buy rate.
Other sales and revenues increased 6% compared with the prior year’s
first quarter. Extended service plan (ESP) revenues increased 26%,
reflecting the 22% increase in used unit sales and an increase in ESP
penetration. Net third-party finance fees declined $11.9 million as the
third-party subprime providers (those who purchase financings at a
discount) originated 21% of used vehicle unit sales in the current
quarter versus 16% in the prior year’s first quarter. We believe that
more attractive offers by our third-party providers and a delay in the
2013 tax refund season contributed to the increase in subprime
financings.
Gross Profit. Total gross profit
increased 17% to $448.1 million. Used vehicle gross profit rose 22% to
$303.9 million, driven by the 22% increase in used unit sales, while
wholesale vehicle gross profit increased 6% to $86.5 million on the 6%
increase in wholesale unit sales. Used and wholesale vehicle gross
profit per unit were consistent with last year’s first quarter. Other
gross profit increased 15% to $56.6 million, as the increase in ESP
profits was partially offset by the reduction in net third-party finance
fees.
SG&A. Selling, general and
administrative expenses increased 14% to $290.2 million. The increase
reflected the 12% increase in our store base since the beginning of last
year’s first quarter (representing the addition of 13 stores) and higher
variable selling costs resulting from the 17% increase in comparable
store used unit sales. SG&A per retail unit declined $131 to $2,086
versus $2,217 in the prior year’s quarter, as our comparable store used
unit growth generated meaningful overhead leverage.
CarMax Auto Finance.(1)
CAF income increased 16% to $87.0 million primarily as a result of the
21% increase in average managed receivables, which grew to
$6.15 billion. The increase in managed receivables reflected the rise in
CAF origination volumes in recent years resulting from an expansion of
CAF’s loan penetration rate, as well as our retail unit sales growth and
higher average amounts financed. The total interest margin, which
reflects the spread between interest and fees charged to consumers and
our funding costs, declined to 7.2% of average managed receivables in
the current quarter from 7.5% in last year’s first quarter. The average
contract rate on new loan originations has declined in recent quarters
as we provided more competitive offers in select customer segments.
As a percent of ending managed receivables, the allowance for loan
losses increased moderately to 1.0% as of May 31, 2013, compared with
0.9% as of May 31, 2012.
Superstore Openings. During the
first quarter of fiscal 2014, we opened three stores, entering the
Harrisonburg, Virginia, market and the Savannah and Columbus markets in
Georgia. Subsequent to the end of the quarter, we opened our fifth store
in the Houston, Texas, market.
Share Repurchase Program. During the
first quarter of fiscal 2014, we repurchased 2.9 million shares of
common stock for $124.6 million pursuant to our share repurchase
program. As of May 31, 2013, we had $463.5 million remaining available
for repurchase under the program.
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(1)
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Although CAF benefits from certain indirect overhead
expenditures, we have elected not to allocate indirect costs to
CAF in order to avoid making arbitrary allocation decisions.
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Supplemental Financial Information
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Sales Components
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Three Months Ended May 31(1)
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(In millions)
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2013
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2012
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Change
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Used vehicle sales
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$
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2,701.8
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$
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2,188.9
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23.4
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%
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New vehicle sales
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52.4
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55.5
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(5.5)
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%
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Wholesale vehicle sales
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490.7
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467.8
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4.9
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%
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Other sales and revenues:
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Extended service plan revenues
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64.6
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51.3
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26.0
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%
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Service department sales
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27.4
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24.8
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10.3
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%
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Third-party finance fees, net
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(25.8)
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(13.8)
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(86.4)
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%
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Total other sales and revenues
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66.2
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62.3
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6.4
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%
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Total net sales and operating revenues
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$
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3,311.1
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$
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2,774.4
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19.3
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%
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(1)
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Percent calculations and amounts shown are based on amounts
presented on the attached consolidated statements of earnings and
may not sum due to rounding.
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Comparable Store Used Vehicle Sales
Changes
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Three Months Ended May 31
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2013
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2012
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Used vehicle units
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17
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%
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0
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%
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Used vehicle dollars
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18
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%
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2
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%
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Total Used Vehicle Sales Changes
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Three Months Ended May 31
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2013
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2012
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Used vehicle units
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22
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%
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3
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%
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Used vehicle dollars
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23
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%
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6
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%
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Unit Sales
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Three Months Ended May 31
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2013
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2012
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Used vehicles
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137,154
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112,291
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New vehicles
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1,949
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2,107
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Wholesale vehicles
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88,356
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83,541
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Average Selling Prices
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Three Months Ended May 31
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2013
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2012
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Used vehicles
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$
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19,540
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$
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19,285
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New vehicles
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$
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26,788
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$
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26,174
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Wholesale vehicles
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$
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5,388
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$
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5,449
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Selected Operating Ratios
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Three Months Ended May 31
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(In millions)
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2013
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% (1)
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2012
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% (1)
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Net sales and operating revenues
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$
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3,311.1
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100.0
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$
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2,774.4
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100.0
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Gross profit
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$
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448.1
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13.5
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$
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381.9
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13.8
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CarMax Auto Finance income
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$
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87.0
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2.6
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$
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75.2
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2.7
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Selling, general, and administrative
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expenses
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$
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290.2
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8.8
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$
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253.6
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9.1
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Interest expense
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$
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7.9
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0.2
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$
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8.1
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0.3
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Earnings before income taxes
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$
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237.3
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7.2
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$
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195.6
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7.1
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Net earnings
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$
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146.7
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4.4
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$
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120.7
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4.4
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(1)
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Calculated as the ratio of the applicable amount to net sales
and operating revenues.
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Gross Profit
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Three Months Ended May 31
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(In millions)
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2013
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2012
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Change
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Used vehicle gross profit
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$
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303.9
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$
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249.4
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21.9
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%
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New vehicle gross profit
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1.1
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1.6
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(32.5)
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%
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Wholesale vehicle gross profit
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86.5
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81.9
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5.6
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%
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Other gross profit
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56.6
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49.1
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15.4
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%
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Total
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$
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448.1
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$
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381.9
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17.3
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%
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Gross Profit per Unit
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Three Months Ended May 31
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2013
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2012
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$ per unit(1)
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%(2)
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$ per unit(1)
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%(2)
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Used vehicle gross profit
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$
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2,216
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11.2
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$
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2,221
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11.4
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New vehicle gross profit
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$
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551
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2.0
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$
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755
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2.9
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Wholesale vehicle gross profit
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$
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979
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17.6
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$
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980
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17.5
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Other gross profit
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$
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407
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85.5
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$
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429
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78.8
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Total gross profit
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$
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3,221
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13.5
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$
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3,338
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13.8
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(1)
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Calculated as category gross profit divided by its respective
units sold, except the other and total categories, which are
divided by total retail units sold.
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(2)
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Calculated as a percentage of its respective sales or revenue.
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SG&A Expenses
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Three Months Ended May 31
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(In millions)
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2013
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2012
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Change
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Compensation and benefits (1)
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$
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172.1
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$
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143.4
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20.0
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%
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Store occupancy costs
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52.5
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47.8
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9.7
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%
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Advertising expense
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27.1
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25.7
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5.6
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%
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Other overhead costs (2)
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38.5
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36.7
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5.0
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%
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Total SG&A expenses
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$
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290.2
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$
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253.6
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14.4
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%
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(1)
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Excludes compensation and benefits related to reconditioning
and vehicle repair service, which is included in cost of sales.
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(2)
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Includes IT expenses, insurance, non-CAF bad debt, travel,
preopening and relocation costs, charitable contributions and
other administrative expenses.
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Components of CAF Income and Other CAF
Information
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Three Months Ended May 31
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(In millions)
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2013
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% (1)
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2012
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% (1)
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Interest margin:
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Interest and fee income
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$
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133.5
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8.7
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$
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120.3
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9.5
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Interest expense
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(22.8
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(1.5
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(25.1
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(2.0
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)
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Total interest margin
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110.7
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7.2
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95.2
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7.5
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Provision for loan losses
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(11.3
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(0.7
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(9.2
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(0.7
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Total interest margin after provision for loan losses
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99.4
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6.5
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86.0
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6.8
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Total direct expenses
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(12.4
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(0.8
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(10.8
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(0.9
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CarMax Auto Finance income
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$
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87.0
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5.7
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$
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75.2
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5.9
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Total average managed receivables
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$
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6,152.5
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$
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5,075.2
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Net loans originated
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$
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1,120.2
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$
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786.8
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Net CAF penetration rate
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41.5
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%
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36.4
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%
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Weighted average contract rate
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7.0
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%
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8.9
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%
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Ending allowance for loan losses
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$
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60.9
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$
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46.6
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Warehouse facility information:
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Ending funded receivables
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$
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941.0
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$
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1,251.0
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Ending unused capacity
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$
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759.0
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$
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349.0
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(1)
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Annualized percent of total average managed receivables.
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Earnings Highlights
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Three Months Ended May 31
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(In millions except per share data)
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2013
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2012
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Change
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Net earnings
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$
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146.7
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$
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120.7
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21.5
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%
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Diluted weighted average shares outstanding
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228.6
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231.8
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(1.4)
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%
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Net earnings per diluted share
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$
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0.64
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$
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0.52
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23.1
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%
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Planned Superstore Openings
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We currently plan to open the following superstores within 12
months from May 31, 2013:
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Location
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Television Market
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Market Status
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Planned Opening Date
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Katy, Texas (1)
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Houston
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Existing
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Q2 Fiscal 2014
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Fairfield, California
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Sacramento
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Existing
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Q2 Fiscal 2014
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Jackson, Tennessee
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Jackson
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New
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Q3 Fiscal 2014
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Brandywine, Maryland
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Washington/Baltimore
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Existing
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Q3 Fiscal 2014
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St. Louis, Missouri
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St. Louis
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New
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Q3 Fiscal 2014
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St. Peters, Missouri
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St. Louis
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New
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Q4 Fiscal 2014
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Newark, Delaware
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Philadelphia
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New
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Q4 Fiscal 2014
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King of Prussia, Pennsylvania
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Philadelphia
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New
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Q4 Fiscal 2014
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Frederick, Maryland
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Washington/Baltimore
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Existing
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Q4 Fiscal 2014
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Elk Grove, California
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Sacramento
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Existing
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Q4 Fiscal 2014
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Henrietta, New York
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Rochester
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New
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Q1 Fiscal 2015
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Dothan, Alabama
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Dothan
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New
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Q1 Fiscal 2015
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Mechanicsburg, Pennsylvania
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Harrisburg
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Existing
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Q1 Fiscal 2015
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Spokane, Washington
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Spokane
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New
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Q1 Fiscal 2015
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Normal construction, permitting or other scheduling delays could shift
the opening dates of any of these stores into a later period. We
currently estimate capital expenditures will total approximately
$300 million in fiscal 2014. We expect to open between 10 and 15
superstores in each of the following 2 fiscal years.
Conference Call Information
We will host a conference call for investors at 9:00 a.m. ET today, June
21, 2013. 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 26820891. A live webcast of
the call will be available on our investor information home page at
investor.carmax.com and at www.streetevents.com.
A webcast replay of the call will be available at investor.carmax.com
beginning at approximately 1:00 p.m. ET on June 21, 2013, through
September 23, 2013. A telephone replay also will be available through
June 28, 2013, 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 26820891.
Second Quarter Fiscal 2014 Earnings Release Date
We currently plan to release results for the second quarter ending
August 31, 2013, on Tuesday, September 24, 2013, before the opening of
the New York Stock Exchange. We will 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
investor.carmax.com in early September 2013.
About CarMax
CarMax, a member of the Fortune 500 and the S&P 500,
and one of the Fortune “100 Best Companies to Work For,”
for nine consecutive years, is the nation’s largest retailer of used
vehicles. Headquartered in Richmond, Va., CarMax currently operates 122
used car superstores in 61 markets. The CarMax consumer offer features
low, no-haggle prices, a broad selection of CarMax Quality Certified
used vehicles and superior customer service. During the twelve months
ended February 28, 2013, the company retailed 447,728 used vehicles and
sold 324,779 wholesale vehicles at our in-store auctions. For more
information, access the CarMax website at 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 or earnings, are forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. 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:
-
Changes in general or regional U.S. economic conditions.
-
Changes in the competitive landscape within our industry.
-
Changes in the availability or cost of capital and working capital
financing, including changes related to the asset-backed
securitization market.
-
Changes in consumer credit availability related to our third-party
financing providers.
-
Significant changes in retail prices for used and new vehicles.
-
A reduction in the availability of or access to sources of inventory.
-
Factors related to the regulatory and legislative environment in which
we operate.
-
Events that damage our reputation or harm the perception of the
quality of our brand.
-
Security breaches or other events that result in the misappropriation,
loss or other unauthorized disclosure of confidential customer
information.
-
Factors related to geographic growth, including the inability to
acquire or lease suitable real estate at favorable terms or to
effectively manage our growth.
-
The loss of key employees from our store, regional or corporate
management teams or a significant increase in labor costs.
-
The failure of key information systems.
-
The effect of various litigation matters.
-
Adverse conditions affecting one or more automotive manufacturers or
manufacturer recalls.
-
The occurrence of severe weather events.
-
Factors related to the seasonal fluctuations in our business.
-
Factors related to the geographic concentration of our superstores.
-
The effect of new accounting requirements or changes to U.S. generally
accepted accounting principles.
-
Acts of terrorism, the outbreak of war, or other significant national
or international events.
For more details on factors that could affect expectations, see our
Annual Report on Form 10-K for the fiscal year ended February 28, 2013,
and our quarterly or current reports as filed with or furnished to the
Securities and Exchange Commission. Our filings are publicly available
on our investor information home page at investor.carmax.com. Requests
for information may also be made to the Investor Relations Department by
email to investor_relations@carmax.com
or by calling 1-804-747-0422 ext. 4391. We disclaim any intent or
obligation to update our forward-looking statements.
|
|
|
CARMAX, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF EARNINGS
|
|
(UNAUDITED)
|
|
|
|
|
|
Three Months Ended May 31
|
|
(In thousands except per share data)
|
|
2013
|
|
% (1)
|
|
2012
|
|
% (1)
|
|
SALES AND OPERATING REVENUES:
|
|
|
|
|
|
|
|
|
|
Used vehicle sales
|
|
$
|
2,701,755
|
|
81.6
|
|
$
|
2,188,907
|
|
78.9
|
|
New vehicle sales
|
|
|
52,427
|
|
1.6
|
|
|
55,457
|
|
2.0
|
|
Wholesale vehicle sales
|
|
|
490,659
|
|
14.8
|
|
|
467,795
|
|
16.9
|
|
Other sales and revenues
|
|
|
66,216
|
|
2.0
|
|
|
62,261
|
|
2.2
|
|
NET SALES AND OPERATING REVENUES
|
|
|
3,311,057
|
|
100.0
|
|
|
2,774,420
|
|
100.0
|
|
Cost of sales
|
|
|
2,862,961
|
|
86.5
|
|
|
2,392,505
|
|
86.2
|
|
GROSS PROFIT
|
|
|
448,096
|
|
13.5
|
|
|
381,915
|
|
13.8
|
|
CARMAX AUTO FINANCE INCOME
|
|
|
87,019
|
|
2.6
|
|
|
75,179
|
|
2.7
|
|
Selling, general and administrative expenses
|
|
|
290,189
|
|
8.8
|
|
|
253,603
|
|
9.1
|
|
Interest expense
|
|
|
7,878
|
|
0.2
|
|
|
8,143
|
|
0.3
|
|
Other income
|
|
|
241
|
|
―
|
|
|
285
|
|
―
|
|
Earnings before income taxes
|
|
|
237,289
|
|
7.2
|
|
|
195,633
|
|
7.1
|
|
Income tax provision
|
|
|
90,638
|
|
2.7
|
|
|
74,887
|
|
2.7
|
|
NET EARNINGS
|
|
$
|
146,651
|
|
4.4
|
|
$
|
120,746
|
|
4.4
|
|
WEIGHTED AVERAGE COMMON SHARES:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
224,618
|
|
|
|
|
227,773
|
|
|
|
Diluted
|
|
|
228,552
|
|
|
|
|
231,802
|
|
|
|
NET EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.65
|
|
|
|
$
|
0.53
|
|
|
|
Diluted
|
|
$
|
0.64
|
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Calculated as a percentage of net sales and operating revenues
and sums may not equal totals due to rounding.
|
|
|
|
|
|
|
|
CARMAX, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
May 31
|
|
February 28
|
|
May 31
|
|
(In thousands except share data)
|
|
2013
|
|
2013
|
|
2012
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
725,267
|
|
|
$
|
449,364
|
|
|
$
|
456,413
|
|
|
Restricted cash from collections on auto loan receivables
|
|
|
240,715
|
|
|
|
224,287
|
|
|
|
182,316
|
|
|
Accounts receivable, net
|
|
|
70,452
|
|
|
|
91,961
|
|
|
|
65,705
|
|
|
Inventory
|
|
|
1,398,200
|
|
|
|
1,517,813
|
|
|
|
1,210,196
|
|
|
Deferred income taxes
|
|
|
4,737
|
|
|
|
5,193
|
|
|
|
6,119
|
|
|
Other current assets
|
|
|
15,402
|
|
|
|
21,513
|
|
|
|
10,258
|
|
|
TOTAL CURRENT ASSETS
|
|
|
2,454,773
|
|
|
|
2,310,131
|
|
|
|
1,931,007
|
|
|
Auto loan receivables, net
|
|
|
6,310,446
|
|
|
|
5,895,918
|
|
|
|
5,132,163
|
|
|
Property and equipment, net
|
|
|
1,444,128
|
|
|
|
1,428,970
|
|
|
|
1,305,462
|
|
|
Deferred income taxes
|
|
|
138,158
|
|
|
|
145,875
|
|
|
|
130,583
|
|
|
Other assets
|
|
|
102,949
|
|
|
|
107,708
|
|
|
|
98,948
|
|
|
TOTAL ASSETS
|
|
$
|
10,450,454
|
|
|
$
|
9,888,602
|
|
|
$
|
8,598,163
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
316,640
|
|
|
$
|
336,721
|
|
|
$
|
293,924
|
|
|
Accrued expenses and other current liabilities
|
|
|
109,714
|
|
|
|
147,821
|
|
|
|
108,733
|
|
|
Accrued income taxes
|
|
|
58,965
|
|
|
|
222
|
|
|
|
48,070
|
|
|
Short-term debt
|
|
|
972
|
|
|
|
355
|
|
|
|
791
|
|
|
Current portion of finance and capital lease obligations
|
|
|
16,830
|
|
|
|
16,139
|
|
|
|
14,730
|
|
|
Current portion of non-recourse notes payable
|
|
|
207,113
|
|
|
|
182,915
|
|
|
|
152,268
|
|
|
TOTAL CURRENT LIABILITIES
|
|
|
710,234
|
|
|
|
684,173
|
|
|
|
618,516
|
|
|
Finance and capital lease obligations, excluding current portion
|
|
|
332,965
|
|
|
|
337,452
|
|
|
|
349,648
|
|
|
Non-recourse notes payable, excluding current portion
|
|
|
6,160,242
|
|
|
|
5,672,175
|
|
|
|
4,672,921
|
|
|
Other liabilities
|
|
|
171,631
|
|
|
|
175,635
|
|
|
|
136,730
|
|
|
TOTAL LIABILITIES
|
|
|
7,375,072
|
|
|
|
6,869,435
|
|
|
|
5,777,815
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
Common stock, $0.50 par value; 350,000,000 shares authorized;
|
|
|
|
|
|
|
|
224,145,439 and 225,906,108 shares issued and outstanding
|
|
|
|
|
|
|
|
as of May 31, 2013 and February 28, 2013, respectively
|
|
|
112,073
|
|
|
|
112,953
|
|
|
|
114,153
|
|
|
Capital in excess of par value
|
|
|
990,778
|
|
|
|
972,250
|
|
|
|
901,725
|
|
|
Accumulated other comprehensive loss
|
|
|
(57,510
|
)
|
|
|
(59,808
|
)
|
|
|
(60,795
|
)
|
|
Retained earnings
|
|
|
2,030,041
|
|
|
|
1,993,772
|
|
|
|
1,865,265
|
|
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
|
3,075,382
|
|
|
|
3,019,167
|
|
|
|
2,820,348
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
$
|
10,450,454
|
|
|
$
|
9,888,602
|
|
|
$
|
8,598,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CARMAX, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(UNAUDITED)
|
|
|
|
|
|
Three Months Ended May 31
|
|
(In thousands)
|
|
2013
|
|
2012
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net earnings
|
|
$
|
146,651
|
|
|
$
|
120,746
|
|
|
Adjustments to reconcile net earnings to net cash
|
|
|
|
|
|
|
used in operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
24,335
|
|
|
|
22,982
|
|
|
Share-based compensation expense
|
|
|
22,941
|
|
|
|
15,592
|
|
|
Provision for loan losses
|
|
|
11,299
|
|
|
|
9,176
|
|
|
(Gain) loss on disposition of assets
|
|
|
(178
|
)
|
|
|
192
|
|
|
Deferred income tax provision
|
|
|
6,695
|
|
|
|
7,511
|
|
|
Net decrease (increase) in:
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
21,509
|
|
|
|
20,729
|
|
|
Inventory
|
|
|
119,613
|
|
|
|
(117,604
|
)
|
|
Other current assets
|
|
|
7,293
|
|
|
|
7,242
|
|
|
Auto loan receivables, net
|
|
|
(425,827
|
)
|
|
|
(181,492
|
)
|
|
Other assets
|
|
|
(2,592
|
)
|
|
|
2,225
|
|
|
Net increase (decrease) in:
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
|
|
|
|
|
|
|
liabilities and accrued income taxes
|
|
|
533
|
|
|
|
(7,641
|
)
|
|
Other liabilities
|
|
|
(9,851
|
)
|
|
|
(15,178
|
)
|
|
NET CASH USED IN OPERATING ACTIVITIES
|
|
|
(77,579
|
)
|
|
|
(115,520
|
)
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(42,045
|
)
|
|
|
(47,636
|
)
|
|
Proceeds from sales of assets
|
|
|
4,610
|
|
|
―
|
|
|
(Increase) decrease in restricted cash from collections on auto loan
receivables
|
|
|
(16,428
|
)
|
|
|
21,998
|
|
|
Increase in restricted cash in reserve accounts
|
|
|
(2,812
|
)
|
|
|
(236
|
)
|
|
Release of restricted cash from reserve accounts
|
|
|
10,011
|
|
|
|
6,382
|
|
|
Sales of money market securities, net
|
|
|
1,313
|
|
|
|
169
|
|
|
Purchases of investments available-for-sale
|
|
|
(1,161
|
)
|
|
|
(1,096
|
)
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
(46,512
|
)
|
|
|
(20,419
|
)
|
|
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Increase (decrease) in short-term debt, net
|
|
|
617
|
|
|
|
(152
|
)
|
|
Payments on finance and capital lease obligations
|
|
|
(3,796
|
)
|
|
|
(3,296
|
)
|
|
Issuances of non-recourse notes payable
|
|
|
1,774,000
|
|
|
|
698,000
|
|
|
Payments on non-recourse notes payable
|
|
|
(1,261,735
|
)
|
|
|
(556,900
|
)
|
|
Repurchase and retirement of common stock
|
|
|
(130,215
|
)
|
|
―
|
|
|
Equity issuances, net
|
|
|
11,204
|
|
|
|
2,529
|
|
|
Excess tax benefits from share-based payment arrangements
|
|
|
9,919
|
|
|
|
9,513
|
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
399,994
|
|
|
|
149,694
|
|
|
Increase in cash and cash equivalents
|
|
|
275,903
|
|
|
|
13,755
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
449,364
|
|
|
|
442,658
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
725,267
|
|
|
$
|
456,413
|
|
|
|
|
|
|
|
|
|
|
|
Source: CarMax, Inc.
CarMax, Inc.
Investors and Financial Media:
Katharine Kenny,
Vice President, Investor Relations, (804) 935-4591
Celeste Gunter,
Manager, Investor Relations, (804) 935-4597
or
General Media:
Trina
Lee, Director, Public Relations, (855) 887-2915
Catherine Gryp,
Manager, Public Relations, (855) 887-2915