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CarMax Reports Record Second Quarter Results

Sep 24, 2013

RICHMOND, Va.--(BUSINESS WIRE)--Sep. 24, 2013-- CarMax, Inc. (NYSE:KMX) today reported record second quarter results for the quarter ended August 31, 2013.

  • Net sales and operating revenues increased 18% to $3.25 billion.
  • Used unit sales in comparable stores increased 16%.
  • Total used unit sales rose 21%.
  • Total wholesale unit sales increased 10%.
  • CarMax Auto Finance (CAF) income increased 12% to $84.4 million.
  • Net earnings grew 26% to $140.3 million. Net earnings per diluted share rose 29% to $0.62.

“We are very pleased with our continued strong sales and earnings growth,” said Tom Folliard , president and chief executive officer. “The improvement was driven by several contributors, including double-digit growth in used and wholesale unit sales and CAF income.”

Second Quarter Business Performance Review

Sales. Total used vehicle unit sales grew 21% and comparable store used units grew 16% versus the prior year’s second quarter. Comparable store used unit sales benefited from improved execution in our stores and an attractive consumer credit environment, as well as a modest increase in store traffic.

Wholesale vehicle unit sales grew 10% compared with last year’s quarter. Wholesale unit sales benefited from an increase in the appraisal buy rate and the growth in our store base.

Other sales and revenues increased 5% year-over-year, as an increase in extended service plan (ESP) revenues was largely offset by a reduction in net third-party finance fees. ESP revenues climbed 23%, reflecting both the increase in used unit sales and higher ESP penetration. Net third-party finance fees declined $9.2 million as the third-party subprime providers (those who purchase financings at a discount) originated 18% of used vehicle unit sales in the current quarter versus 15% in the prior year’s second quarter. We believe that attractive offers by our third-party providers continued to support the increase in subprime financings.

Gross Profit. Total gross profit increased 18% to $434.7 million. Used vehicle gross profit rose 21%, consistent with the increase in used unit sales, and used vehicle gross profit per unit remained comparable to the prior year at $2,174. Wholesale vehicle gross profit increased 3%, as the 10% increase in wholesale unit sales was partially offset by a decrease in wholesale vehicle gross profit per unit, which declined $58 to $849. Other gross profit increased 27%, driven by stronger ESP and service department profits, partially offset by the reduction in net third-party finance fees.

SG&A. Selling, general and administrative expenses increased 11% to $283.2 million. The increase reflected both higher variable selling costs resulting from the 16% increase in comparable store used unit sales and the 12% increase in our store base since the beginning of last year’s second quarter (representing the addition of 13 stores.) SG&A per retail unit declined $174 to $2,067, as our comparable store used unit growth generated significant overhead leverage.

CarMax Auto Finance.(1) CAF income increased 12% to $84.4 million. Average managed receivables grew 24% to $6.52 billion, reflecting 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 effect of the increase in managed receivables on CAF income was partially offset by a lower total interest margin rate, which declined to 7.0% of average managed receivables in the current quarter from 7.6% in last year’s second quarter. The interest margin reflects the spread between interest and fees charged to consumers and our funding costs.

As a percent of ending managed receivables, the allowance for loan losses increased modestly to 1.0% as of August 31, 2013, compared with 0.9% as of August 31, 2012.

Superstore Openings. During the second quarter of fiscal 2014, we opened two stores, including one in Katy, Texas (our fifth store in the Houston market), and one in Fairfield, California (our third store in the Sacramento market.)

Share Repurchase Program. During the second quarter, we repurchased 1.0 million shares of common stock for $48.7 million pursuant to our share repurchase program. As of August 31, 2013, we had $414.8 million remaining available for repurchase under the program.

(1)

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.

Supplemental Financial Information

Sales Components

Three Months Ended August 31(1)

Six Months Ended August 31(1)
(In millions) 2013

2012

Change 2013 2012 Change
Used vehicle sales $ 2,639 .5 $ 2,192 .0 20 .4 % $ 5,341 .3 $ 4,380 .9 21 .9 %
New vehicle sales 60 .0 61 .4 (2 .3) % 112 .4 116 .9 (3 .8) %
Wholesale vehicle sales 474 .9 437 .1 8 .7 % 965 .6 904 .8 6 .7 %
Other sales and revenues:
Extended service plan revenues 65 .0 52 .9 22 .9 % 129 .6 104 .2 24 .5 %
Service department sales 27 .3 26 .8 2 .0 % 54 .7 51 .6 6 .0 %
Third-party finance fees, net (21 .2) (12 .1) (76 .0) % (47 .0) (25 .9) (81 .5) %
Total other sales and revenues 71 .1 67 .6 5 .2 % 137 .3 129 .9 5 .8 %
Total net sales and operating revenues $ 3,245 .6 $ 2,758 .0 17 .7 % $ 6,556 .6 $ 5,532 .4 18 .5 %

(1)

Percent calculations and amounts shown are based on amounts presented on the attached consolidated statements of earnings and may not sum due to rounding.

Comparable Store Used Vehicle Sales Changes (1)

Three Months Ended Six Months Ended
August 31 August 31
2013 2012 2013 2012
Used vehicle units 16 % 5 % 16 % 2 %
Used vehicle dollars 15 % 5 % 17 % 4 %

(1)

As of August 31, 2013 and August 31, 2012, the number of stores included in the comparable store base were 112 and 105, respectively.

Total Used Vehicle Sales Changes

Three Months Ended Six Months Ended

August 31 August 31
2013 2012 2013 2012
Used vehicle units 21 % 8 % 22 % 6 %
Used vehicle dollars 20 % 9 % 22 % 7 %

Unit Sales

Three Months Ended Six Months Ended
August 31 August 31
2013 2012 2013 2012
Used vehicles 134,854 111,316 272,008 223,607
New vehicles 2,187 2,352 4,136 4,459
Wholesale vehicles 91,243 82,771 179,599 166,312

Average Selling Prices

Three Months Ended Six Months Ended
August 31 August 31
2013 2012 2013 2012
Used vehicles $ 19,428 $ 19,494 $ 19,485 $ 19,389
New vehicles $ 27,313 $ 25,982 $ 27,066 $ 26,073
Wholesale vehicles $ 5,044 $ 5,133 $ 5,213 $ 5,292

Selected Operating Ratios

Three Months Ended Six Months Ended
August 31 August 31
(In millions) 2013

% (1)

2012 % (1) 2013 % (1) 2012 % (1)
Net sales and operating revenues $ 3,245 .6 100 .0 $ 2,758 .0 100 .0 $ 6,556 .6 100 .0 $ 5,532 .4 100 .0
Gross profit $ 434 .7 13 .4 $ 368 .0 13 .3 $ 882 .8 13 .5 $ 749 .9 13 .6
CarMax Auto Finance income $ 84 .4 2 .6 $ 75 .7 2 .7 $ 171 .4 2 .6 $ 150 .9 2 .7

Selling, general, and administrative expenses

$ 283 .2 8 .7 $ 254 .7 9 .2 $ 573 .4 8 .7 $ 508 .3 9 .2
Interest expense $ 7 .8 0 .2 $ 8 .2 0 .3 $ 15 .6 0 .2 $ 16 .3 0 .3
Earnings before income taxes $ 227 .1 7 .0 $ 181 .1 6 .6 $ 464 .4 7 .1 $ 376 .7 6 .8
Net earnings $ 140 .3 4 .3 $ 111 .6 4 .0 $ 286 .9 4 .4 $ 232 .4 4 .2

(1)

Calculated as the ratio of the applicable amount to net sales and operating revenues.

Gross Profit

Three Months Ended Six Months Ended
August 31 August 31

(In millions)

2013 2012 Change 2013 2012 Change
Used vehicle gross profit $ 293 .2 $ 241 .8 21 .2 % $ 597 .1 $ 491 .2 21 .6 %
New vehicle gross profit 1 .2 1 .6 (23 .8) % 2 .3 3 .2 (28 .1) %
Wholesale vehicle gross profit 77 .5 75 .1 3 .3 % 164 .0 157 .0 4 .5 %
Other gross profit 62 .9 49 .5 27 .0 % 119 .5 98 .6 21 .2 %
Total $ 434 .7 $ 368 .0 18 .1 % $ 882 .8 $ 749 .9 17 .7 %

Gross Profit per Unit

Three Months Ended Six Months Ended
August 31 August 31
2013 2012 2013 2012
$ per unit(1) %(2) $ per unit(1) %(2) $ per unit(1) %(2) $ per unit(1) %(2)
Used vehicle gross profit $ 2,174 11.1 $ 2,172 11.0 $ 2,195 11.2 $ 2,197 11.2
New vehicle gross profit $ 554 2.0 $ 676 2.6 $ 553 2.0 $ 713 2.7
Wholesale vehicle gross profit $ 849 16.3 $ 907 17.2 $ 913 17.0 $ 944 17.3
Other gross profit $ 459 88.4 $ 436 73.3 $ 433 87.0 $ 432 75.9
Total gross profit $ 3,172 13.4 $ 3,237 13.3 $ 3,197 13.5 $ 3,288 13.6

(1)

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.

(2)

Calculated as a percentage of its respective sales or revenue.

SG&A Expenses

Three Months Ended Six Months Ended
August 31 August 31
(In millions) 2013 2012 Change 2013 2012 Change
Compensation and benefits (1) $ 160 .9 $ 139 .7 15 .2 % $ 333 .0 $ 283 .1 17 .6 %
Store occupancy costs 54 .5 50 .9 7 .1 % 107 .0 98 .7 8 .4 %
Advertising expense 26 .5 28 .5 (7 .2) % 53 .6 54 .2 (1 .1) %

Other overhead costs (2)

41 .3 35 .6 16 .3 % 79 .8 72 .3 10 .5 %
Total SG&A expenses $ 283 .2 $ 254 .7 11 .2 % $ 573 .4 $ 508 .3 12 .8 %

(1)

Excludes compensation and benefits related to reconditioning and vehicle repair service, which is included in cost of sales.

(2)

Includes IT expenses, insurance, non-CAF bad debt, travel, preopening and relocation costs, 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) 2013 % (1) 2012 % (1) 2013 % (1) 2012 % (1)
Interest margin:
Interest and fee income $ 137 .2 8 .4 $ 123 .5 9 .4 $ 270 .7 8 .5 $ 243 .8 9 .4
Interest expense (22 .6) (1 .4) (23 .9) (1 .8) (45 .4) (1 .4) (49 .0) (1 .9)
Total interest margin 114 .6 7 .0 99 .6 7 .6 225 .3 7 .1 194 .8 7 .5
Provision for loan losses (18 .0) (1 .1) (12 .9) (1 .0) (29 .3) (0 .9) (22 .1) (0 .9)

Total interest margin after provision for loan losses

96 .6 5 .9 86 .7 6 .6 196 .0 6 .2 172 .7 6 .7
Other income (loss) 0 .1 ― (0 .2) ― 0 .1 ― (0 .2) ―
Total direct expenses (12 .3) (0 .7) (10 .8) (0 .8) (24 .7) (0 .8) (21 .6) (0 .8)
CarMax Auto Finance income $ 84 .4 5 .2 $ 75 .7 5 .8 $ 171 .4 5 .4 $ 150 .9 5 .8
Total average managed receivables $ 6,516 .3 $ 5,245 .4 $ 6,334 .4 $ 5,160 .3
Net loans originated $ 1,088 .0 $ 822 .4 $ 2,208 .2 $ 1,609 .2
Net CAF penetration rate 41 .4 % 37 .3 % 41 .4 % 36 .9 %
Weighted average contract rate 6 .8 % 8 .1 % 6 .9 % 8 .5 %
Ending allowance for loan losses $ 65 .9 $ 49 .5 $ 65 .9 $ 49 .5
Warehouse facility information:
Ending funded receivables $ 947 .0 $ 1,066 .0 $ 947 .0 $ 1,066 .0
Ending unused capacity $ 753 .0 $ 534 .0 $ 753 .0 $ 534 .0

(1)

Annualized percent of total average managed receivables.

Earnings Highlights

Three Months Ended Six Months Ended
August 31 August 31
(In millions except per share data) 2013 2012 Change 2013 2012 Change
Net earnings $ 140.3 $ 111.6 25.7 % $ 286.9 $ 232.4 23.5 %
Diluted weighted average shares outstanding 227.6 231.7 (1.8 ) % 228.1 231.7 (1.6 ) %
Net earnings per diluted share $ 0.62 $ 0.48 29.2 % $ 1.26 $ 1.00 26.0 %

Planned Superstore Openings

We currently plan to open the following superstores within 12 months from August 31, 2013:

Location Television Market Market Status Planned Opening Date
Jackson, Tennessee Jackson New Q3 Fiscal 2014
Brandywine, Maryland Washington/Baltimore Existing Q3 Fiscal 2014
St. Louis, Missouri St. Louis New Q3 Fiscal 2014
St. Peters, Missouri St. Louis New Q4 Fiscal 2014
Newark, Delaware Philadelphia New Q4 Fiscal 2014
King of Prussia, Pennsylvania Philadelphia New Q4 Fiscal 2014
Frederick, Maryland Washington/Baltimore Existing Q4 Fiscal 2014
Elk Grove, California Sacramento Existing Q4 Fiscal 2014
Rochester, New York Rochester New Q1 Fiscal 2015
Dothan, Alabama Dothan New Q1 Fiscal 2015
Mechanicsburg, Pennsylvania Mechanicsburg Existing Q1 Fiscal 2015
Spokane, Washington Spokane New Q1 Fiscal 2015
Madison, Wisconsin Madison New Q2 Fiscal 2015
Fort Worth, Texas Dallas Existing Q2 Fiscal 2015
Reno, Nevada Reno New Q2 Fiscal 2015
Lynchburg, Virginia Roanoke/Lynchburg New Q2 Fiscal 2015
Milwaukie, Oregon Portland New Q2 Fiscal 2015

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, September 24, 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 26825963. 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 through December 19, 2013. A telephone replay also will be available through October 1, 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 26825963.

Third Quarter Fiscal 2014 Earnings Release Date

We currently plan to release results for the third quarter ending November 30, 2013, on Friday, December 20, 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 December 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 123 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 or associate 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 August 31 Six Months Ended August 31
(In thousands except per share data) 2013 % (1) 2012 % (1) 2013 % (1) 2012 % (1)
SALES AND OPERATING REVENUES:
Used vehicle sales $ 2,639,523 81.3 $ 2,191,964 79.5 $ 5,341,278 81.5 $ 4,380,871 79.2
New vehicle sales 60,002 1.8 61,393 2.2 112,429 1.7 116,850 2.1
Wholesale vehicle sales 474,907 14.6 437,050 15.8 965,566 14.7 904,845 16.4
Other sales and revenues 71,120 2.2 67,597 2.5 137,336 2.1 129,858 2.3
NET SALES AND OPERATING REVENUES 3,245,552 100.0 2,758,004 100.0 6,556,609 100.0 5,532,424 100.0
Cost of sales 2,810,809 86.6 2,390,011 86.7 5,673,770 86.5 4,782,516 86.4
GROSS PROFIT 434,743 13.4 367,993 13.3 882,839 13.5 749,908 13.6
CARMAX AUTO FINANCE INCOME 84,422 2.6 75,676 2.7 171,441 2.6 150,855 2.7
Selling, general and administrative expenses 283,206 8.7 254,674 9.2 573,395 8.7 508,277 9.2
Interest expense 7,761 0.2 8,152 0.3 15,639 0.2 16,295 0.3
Other income (loss) (1,073 ) ― 259 ― (832 ) ― 544 ―
Earnings before income taxes 227,125 7.0 181,102 6.6 464,414 7.1 376,735 6.8
Income tax provision 86,851 2.7 69,466 2.5 177,489 2.7 144,353 2.6
NET EARNINGS $ 140,274 4.3 $ 111,636 4.0 $ 286,925 4.4 $ 232,382 4.2
WEIGHTED AVERAGE COMMON SHARES:
Basic 223,610 228,366 224,114 228,069
Diluted 227,634 231,696 228,093 231,749
NET EARNINGS PER SHARE:
Basic $ 0.63 $ 0.49 $ 1.28 $ 1.02
Diluted $ 0.62 $ 0.48 $ 1.26 $ 1.00

(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)

August 31

February 28

August 31

(In thousands except share data) 2013 2013 2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 750,032 $ 449,364 $ 458,567
Restricted cash from collections on auto loan receivables 251,340 224,287 204,731
Accounts receivable, net 85,549 91,961 70,426
Inventory 1,364,016 1,517,813 1,198,013
Deferred income taxes 4,300 5,193 7,705
Other current assets 26,173 21,513 22,106
TOTAL CURRENT ASSETS 2,481,410 2,310,131 1,961,548
Auto loan receivables, net 6,665,985 5,895,918 5,315,232
Property and equipment, net 1,535,431 1,428,970 1,347,313
Deferred income taxes 146,167 145,875 143,754
Other assets 104,781 107,708 103,593
TOTAL ASSETS $ 10,933,774 $ 9,888,602 $ 8,871,440
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 346,152 $ 336,721 $ 221,430
Accrued expenses and other current liabilities 144,949 147,821 116,167
Accrued income taxes 1,808 222 557
Short-term debt 1,739 355 1,068
Current portion of finance and capital lease obligations 17,167 16,139 15,325
Current portion of non-recourse notes payable 218,104 182,915 171,292
TOTAL CURRENT LIABILITIES 729,919 684,173 525,839
Finance and capital lease obligations, excluding current portion 325,492 337,452 345,628
Non-recourse notes payable, excluding current portion 6,512,328 5,672,175 4,909,702
Other liabilities 181,256 175,635 140,684
TOTAL LIABILITIES 7,748,995 6,869,435 5,921,853
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:

Common stock, $0.50 par value; 350,000,000 shares authorized; 223,329,344 and 225,906,108 shares issued and outstanding as of August 31, 2013 and February 28, 2013, respectively

111,665 112,953 114,222
Capital in excess of par value 1,000,258 972,250 911,875
Accumulated other comprehensive loss (53,909 ) (59,808 ) (53,411 )
Retained earnings 2,126,765 1,993,772 1,976,901
TOTAL SHAREHOLDERS’ EQUITY 3,184,779 3,019,167 2,949,587
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 10,933,774 $ 9,888,602 $ 8,871,440

CARMAX, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended August 31
(In thousands) 2013 2012
OPERATING ACTIVITIES:
Net earnings $ 286,925 $ 232,382

Adjustments to reconcile net earnings to net cash used in operating activities:

Depreciation and amortization 49,160 46,442
Share-based compensation expense 38,002 30,206
Provision for loan losses 29,318 22,090
Loss on disposition of assets 930 446
Deferred income tax benefit (3,200 ) (76 )
Net decrease (increase) in:
Accounts receivable, net 6,412 16,008
Inventory 153,797 (105,421 )
Other current assets (746 ) (4,605 )
Auto loan receivables, net (799,385 ) (377,475 )
Other assets (6,736 ) 971
Net decrease in:

Accounts payable, accrued expenses and other current liabilities and accrued income taxes

(13,913 ) (132,469 )
Other liabilities (4,173 ) (14,431 )
NET CASH USED IN OPERATING ACTIVITIES (263,609 ) (285,932 )
INVESTING ACTIVITIES:
Capital expenditures (136,011 ) (103,918 )
Proceeds from sales of assets 4,716 ―
Increase in restricted cash from collections on auto loan receivables (27,053 ) (417 )
Increase in restricted cash in reserve accounts (5,319 ) (3,151 )
Release of restricted cash from reserve accounts 15,017 7,992
Sales (purchases) of money market securities, net 1,337 (2,104 )
Purchases of investments available-for-sale (1,405 ) (1,227 )
Sales of investments available-for-sale 33 318
NET CASH USED IN INVESTING ACTIVITIES (148,685 ) (102,507 )
FINANCING ACTIVITIES:
Increase in short-term debt, net 1,384 125
Payments on finance and capital lease obligations (10,932 ) (6,721 )
Issuances of non-recourse notes payable 3,530,000 2,345,000
Payments on non-recourse notes payable (2,654,658 ) (1,948,095 )
Repurchase and retirement of common stock (179,278 )

―

Equity issuances, net 14,753 4,209
Excess tax benefits from share-based payment arrangements 11,693 9,830
NET CASH PROVIDED BY FINANCING ACTIVITIES 712,962 404,348
Increase in cash and cash equivalents 300,668 15,909
Cash and cash equivalents at beginning of year 449,364 442,658
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 750,032 $ 458,567

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

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