CarMax, Inc. (NYSE:KMX), the nation’s largest retailer of used
cars, today reported record net income and earnings per share for
the first quarter ended May 31, 2019.
Highlights:
- Net sales and operating revenues increased 12.0% to $5.37
billion.
- Used unit sales in comparable stores increased 9.5%.
- Total used unit sales rose 13.0%.
- Total wholesale unit sales increased 6.6%.
- CarMax Auto Finance (CAF) income increased 0.3% to $116.0
million.
- Net earnings increased 11.8% to $266.7 million and net earnings
per diluted share increased 19.5% to $1.59.
- Omni-channel experience is on track to be available to the
majority of customers by the end of fiscal 2020.
CEO Commentary:
“CarMax had an outstanding first quarter,” said Bill Nash,
president and chief executive officer. “I’m proud of our team and
its commitment to delivering an exceptional experience to both our
retail and wholesale customers, which drove our strong growth in
sales, gross profit and earnings.
“In addition, we’re pleased with the continued strong response
to our omni-channel roll-out in Atlanta,” stated Nash. “In early
June, we successfully launched this capability in most of our
Florida markets, along with opening our first customer experience
center in Atlanta. We believe that no other company is in a better
position to deliver this omni-channel experience efficiently and
profitably. This is truly an unmatched experience that we are
confident is the future of car buying.”
First Quarter Business Performance
Review:
Sales. Total used vehicle
unit sales increased 13.0%, including a 9.5% increase in comparable
store used unit sales compared with the prior year’s first quarter.
The comparable store sales performance reflected strong conversion
and solid growth in web traffic. We believe several factors
contributed to our comparable store sales growth, including: (i)
our solid execution supported by the effect of our initiatives to
enhance the customer experience; (ii) a robust lending environment,
including increased conversion by our Tier 2 and Tier 3 third-party
finance providers; and (iii) a shift in the timing of some customer
tax refunds into the first quarter of our fiscal year.
Total wholesale vehicle unit sales increased 6.6% compared with
the first quarter of fiscal 2019, largely driven by an increase in
our appraisal buy rate and the growth in our store base.
Other sales and revenues increased 6.1% compared with the first
quarter of fiscal 2019. Extended protection plan (EPP) net revenues
rose 11.2%, reflecting the combined effects of our strong used unit
growth, increased product penetration rates and provider cost
decreases, partially offset by an increase in cancellation
reserves. In addition, last year’s first quarter EPP revenues
included $4.0 million of revenue in connection with the new revenue
recognition accounting standard adopted in that quarter. Net
third-party finance fees declined $1.0 million, reflecting shifts
in our sales mix by finance channel.
Gross Profit. Total gross
profit increased 12.3% versus last year’s first quarter to $742.4
million. Used vehicle gross profit rose 13.1%, reflecting the 13.0%
increase in total used unit sales. Used vehicle gross profit per
unit remained stable at $2,215. Wholesale vehicle gross profit
increased 9.8% versus the prior year’s quarter, driven by the 6.6%
increase in wholesale unit sales and an increase in wholesale
vehicle gross profit per unit to $1,043 compared with $1,012 in
last year’s first quarter. Other gross profit increased 11.6%,
largely reflecting the improvement in EPP revenues.
SG&A. Compared with the
first quarter of fiscal 2019, SG&A expenses increased 11.7% to
$489.7 million. Factors contributing to the year-over-year change
included the 10% increase in our store base since the beginning of
last year’s first quarter (representing the addition of 18 stores);
higher variable costs associated with our strong sales growth; a
$13.9 million increase in stock-based compensation expense; and
continued spending to advance our technology platforms and support
our core and omni-channel strategic initiatives. SG&A per used
unit was $2,183 in the current quarter, down $26 year-over-year.
The growth in stock-based compensation expense increased SG&A
per used unit by $46.
CarMax Auto
Finance.(1) Compared with last year’s first
quarter, CAF income increased 0.3% to $116.0 million, reflecting a
7.9% increase in average managed receivables, largely offset by the
effects of a higher loan loss provision. The provision for loan
losses increased to $38.2 million from $30.9 million in the prior
year quarter, reflecting both the growth in average managed
receivables and an increase in the provision as a percentage of
managed receivables. While net losses were modestly above
expectations, they remained well within our long-term targeted
performance range. The allowance for loan losses grew to 1.14% of
ending managed receivables as of May 31, 2019, compared with 1.10%
as of February 28, 2019, and 1.13% as of May 31, 2018. The total
interest margin percentage, which represents the spread between
interest and fees charged to consumers and our funding costs, was
5.6% of average managed receivables compared with 5.7% in last
year’s first quarter.
Store Openings. During the
first quarter of fiscal 2020, we opened three stores -- two in new
markets (Waco, Texas and McAllen, Texas) and one in an existing
market (Memphis, Tennessee).
Share Repurchase Activity.
We repurchased 3.0 million shares of common stock for $204.8
million pursuant to our share repurchase program during the first
quarter of fiscal 2020. As of May 31, 2019, we had $1.91 billion
remaining available for repurchase under the outstanding
authorization.
Accounting for Leases.
Effective March 1, 2019, we adopted Accounting Standards
Codification (“ASC”) 842, the new accounting standard for leases.
Assets and liabilities were increased by approximately $450 million
as a result of recording operating leases on our consolidated
balance sheet. However, this adoption did not materially change our
results of operations.
(1)
Although CAF benefits from certain
indirect overhead expenditures, we have not allocated indirect
costs to CAF to avoid making subjective allocation decisions.
Supplemental Financial
Information
Amounts and percentage calculations may not total due to
rounding.
Sales
Components
Three Months Ended May
31
(In millions)
2019
2018
Change
Used vehicle sales
$
4,540.7
$
4,021.0
12.9
%
Wholesale vehicle sales
662.4
617.7
7.3
%
Other sales and revenues:
Extended protection plan revenues
111.3
100.1
11.2
%
Third-party finance fees, net
(15.5
)
(14.5
)
(7.0
)%
Other
67.4
68.3
(1.4
)%
Total other sales and revenues
163.2
153.9
6.1
%
Total net sales and operating revenues
$
5,366.3
$
4,792.6
12.0
%
Unit
Sales
Three Months Ended May
31
2019
2018
Change
Used vehicles
224,268
198,398
13.0
%
Wholesale vehicles
120,768
113,335
6.6
%
Average Selling
Prices
Three Months Ended May
31
2019
2018
Change
Used vehicles
$
20,050
$
20,067
(0.1
)%
Wholesale vehicles
$
5,213
$
5,205
0.2
%
Vehicle Sales
Changes
Three Months Ended May
31
2019
2018
Used vehicle units
13.0
%
1.6
%
Used vehicle revenues
12.9
%
4.6
%
Wholesale vehicle units
6.6
%
9.6
%
Wholesale vehicle revenues
7.3
%
11.6
%
Comparable Store
Used Vehicle Sales Changes (1)
Three Months Ended May
31
2019
2018
Used vehicle units
9.5
%
(2.3
)%
Used vehicle revenues
9.4
%
0.6
%
(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 May
31
2019
2018
CAF (2)
46.2
%
48.3
%
Tier 2 (3)
20.3
%
17.0
%
Tier 3 (4)
11.5
%
10.9
%
Other (5)
22.0
%
23.8
%
Total
100.0
%
100.0
%
(1)
Calculated as used vehicle units financed
for respective channel as a percentage of total used units
sold.
(2)
Includes CAF's Tier 3 loan originations,
which represent less than 1% of total used units sold.
(3)
Third-party finance providers who
generally pay us a fee or to whom no fee is paid.
(4)
Third-party finance providers to whom we
pay a fee.
(5)
Represents customers arranging their own
financing and customers that do not require financing.
Selected
Operating Ratios
Three Months Ended May
31
(In millions)
2019
% (1)
2018
% (1)
Net sales and operating revenues
$
5,366.3
100.0
$
4,792.6
100.0
Gross profit
$
742.4
13.8
$
661.3
13.8
CarMax Auto Finance income
$
116.0
2.2
$
115.6
2.4
Selling, general, and administrative
expenses
$
489.7
9.1
$
438.2
9.1
Interest expense
$
17.8
0.3
$
18.1
0.4
Earnings before income taxes
$
351.3
6.5
$
319.7
6.7
Net earnings
$
266.7
5.0
$
238.7
5.0
(1)
Calculated as a percentage of net sales
and operating revenues.
Gross
Profit
Three Months Ended May
31
(In millions)
2019
2018
Change
Used vehicle gross profit
$
496.8
$
439.4
13.1
%
Wholesale vehicle gross profit
126.0
114.7
9.8
%
Other gross profit
119.6
107.2
11.6
%
Total
$
742.4
$
661.3
12.3
%
Gross Profit per
Unit
Three Months Ended May
31
2019
2018
$ per unit(1)
%(2)
$ per unit(1)
%(2)
Used vehicle gross profit
$
2,215
10.9
$
2,215
10.9
Wholesale vehicle gross profit
$
1,043
19.0
$
1,012
18.6
Other gross profit
$
533
73.3
$
540
69.7
Total gross profit
$
3,310
13.8
$
3,333
13.8
(1)
Calculated as category gross profit
divided by its respective units sold, except the other and total
categories, which are divided by total used units sold.
(2)
Calculated as a percentage of its
respective sales or revenue.
SG&A
Expenses
Three Months Ended May
31
(In millions)
2019
2018
Change
Compensation and benefits (1)
$
270.9
$
241.5
12.2
%
Store occupancy costs
96.6
87.8
10.0
%
Advertising expense
41.9
38.5
8.8
%
Other overhead costs (2)
80.3
70.4
14.0
%
Total SG&A expenses
$
489.7
$
438.2
11.7
%
SG&A per used unit
$
2,183
$
2,209
$
(26
)
(1)
Excludes compensation and benefits related
to reconditioning and vehicle repair service, which are included in
cost of sales.
(2)
Includes IT expenses, insurance,
preopening and relocation costs, non-CAF bad debt, travel,
charitable contributions and other administrative expenses.
Components of CAF
Income and Other CAF Information
Three Months Ended May
31
(In millions)
2019
% (1)
2018
% (1)
Interest margin:
Interest and fee income
$
266.2
8.4
$
232.3
7.9
Interest expense
(87.4
)
(2.8
)
(63.8
)
(2.2
)
Total interest margin
178.8
5.6
168.5
5.7
Provision for loan losses
(38.2
)
(1.2
)
(30.9
)
(1.0
)
Total interest margin after provision for
loan losses
140.6
4.4
137.6
4.7
Total direct expenses
(24.6
)
(0.8
)
(22.0
)
(0.7
)
CarMax Auto Finance income
$
116.0
3.7
$
115.6
3.9
Total average managed receivables
$
12,707.3
$
11,775.4
Net loans originated
$
1,826.3
$
1,665.5
Net penetration rate
41.4
%
42.9
%
Weighted average contract rate
8.9
%
8.4
%
Ending allowance for loan losses
$
147.0
$
134.3
Warehouse facility information:
Ending funded receivables
$
2,178.0
$
2,028.0
Ending unused capacity
$
1,322.0
$
1,112.0
(1)
Annualized percentage of total average
managed receivables.
Earnings
Highlights
Three Months Ended May
31
(In millions except per share data)
2019
2018
Change
Net earnings
$
266.7
$
238.7
11.8
%
Diluted weighted average shares
outstanding
167.6
179.4
(6.6
)%
Net earnings per diluted share
$
1.59
$
1.33
19.5
%
Planned Store Openings
We currently plan to open the following stores within 12 months
from May 31, 2019. During this period, we will be entering four new
television markets and expanding our presence in ten existing
television markets. Of the 14 stores we plan to open during the 12
months ending May 31, 2020, 5 will be in Metropolitan Statistical
Areas having populations of 600,000 or less, which we define as
small markets.
Location
Television Market
Metropolitan Statistical
Area
Planned Opening Date
Pleasant Hill, California
San Francisco/Oakland/San
Jose
San Francisco/Oakland
Q2 Fiscal 2020
Lubbock, Texas
Lubbock (1)
Lubbock
Q2 Fiscal 2020
Scottsdale, Arizona
Phoenix
Phoenix/Mesa/Scottsdale
Q2 Fiscal 2020
Denton, Texas
Dallas/Ft. Worth
Dallas/Fort Worth/Arlington
Q3 Fiscal 2020
Palm Desert, California
Palm Springs (1)
Riverside/San
Bernardino/Ontario
Q3 Fiscal 2020
Bogart, Georgia
Atlanta
Athens/Clarke County
Q3 Fiscal 2020
Gulfport, Mississippi
Biloxi/Gulfport (1)
Gulfport/Biloxi/Pascagoula
Q3 Fiscal 2020
Fort Wayne, Indiana
Fort Wayne (1)
Fort Wayne
Q4 Fiscal 2020
Salem, Oregon
Portland
Salem
Q4 Fiscal 2020
Murfreesboro, Tennessee
Nashville
Nashville/Davidson/Murfreesboro
Q4 Fiscal 2020
Easton, Pennsylvania
Philadelphia
Allentown/Bethlehem/Easton
Q1 Fiscal 2021
Bradenton, Florida
Tampa
North Port/Sarasota/Bradenton
Q1 Fiscal 2021
Canoga Park, California
Los Angeles
Los Angeles
Q1 Fiscal 2021
Covington, Louisiana
New Orleans
New Orleans
Q1 Fiscal 2021
(1)
Represents new television market as of
planned store opening date.
Normal construction, permitting or other scheduling delays could
shift the opening dates of any of these stores into a later
period.
Conference Call
Information
We will host a conference call for investors at 9:00 a.m. ET
today, June 21, 2019. Domestic investors may access the call at
1-888-298-3261 (international callers dial 1-706-679-7457). The
conference I.D. for both domestic and international callers is
9272539. A live webcast of the call will be available on our
investor information home page at investors.carmax.com.
A webcast replay of the call will be available at
investors.carmax.com through September 23, 2019. A telephone replay
also will be available through June 28, 2019, and may be accessed
by dialing 1-855-859-2056 (international callers dial
1-404-537-3406). The conference I.D. for both domestic and
international callers is 9272539.
Second Quarter Fiscal 2020 Earnings
Release Date
We currently plan to release results for the second quarter
ending August 31, 2019, on Tuesday, September 24, 2019, before the
opening of trading on the New York Stock Exchange. We plan to host
a conference call for investors at 9:00 a.m. ET on that date.
Information on this conference call will be available on our
investor information home page at investors.carmax.com in early
September 2019.
About CarMax
CarMax, the nation’s largest retailer of used cars,
revolutionized the automotive retail industry by driving integrity,
honesty and transparency in every interaction. CarMax continues to
innovate and is currently rolling out an omni-channel experience,
providing customers the option to complete transactions entirely
from home, in store, or in a seamless combination of both. CarMax
has more than 200 stores nationwide, and during the latest fiscal
year sold nearly 750,000 used cars and 450,000 wholesale vehicles
at its in-store auctions. With more than 25,000 associates, CarMax
is proud to have been recognized for 15 consecutive years as one of
the Fortune 100 Best Companies to Work For®. For more
information, visit www.carmax.com.
Forward-Looking
Statements
We caution readers that the statements contained in this release
about our future business plans, operations, opportunities or
prospects, including without limitation any statements or factors
regarding expected sales, margins, expenses, capital expenditures,
debt obligations, tax rates or earnings, are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. You can identify
these forward-looking statements by the use of words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “outlook,” “plan,” “predict,” “should,” “will” and other
similar expressions, whether in the negative or affirmative. Such
forward-looking statements are based upon management’s current
knowledge and assumptions about future events and involve risks and
uncertainties that could cause actual results to differ materially
from anticipated results. Among the factors that could cause actual
results and outcomes to differ materially from those contained in
the forward-looking statements are the following:
- Changes in the competitive landscape and/or our failure to
successfully adjust to such changes.
- Events that damage our reputation or harm the perception of the
quality of our brand.
- Changes in general or regional U.S. economic conditions.
- Our inability to realize the benefits associated with our
omni-channel initiatives.
- Changes in the availability or cost of capital and working
capital financing, including changes related to the asset-backed
securitization market.
- Our inability to recruit, develop and retain associates and
maintain positive associate relations.
- The loss of key associates from our store, regional or
corporate management teams or a significant increase in labor
costs.
- Security breaches or other events that result in the
misappropriation, loss or other unauthorized disclosure of
confidential customer, associate or corporate information.
- Significant changes in prices of new and used vehicles.
- Changes in economic conditions or other factors that result in
greater credit losses for CAF’s portfolio of auto loan receivables
than anticipated.
- A reduction in the availability of or access to sources of
inventory or a failure to expeditiously liquidate inventory.
- Changes in consumer credit availability provided by our
third-party finance providers.
- Changes in the availability of extended protection plan
products from third-party providers.
- Factors related to the regulatory and legislative environment
in which we operate.
- Factors related to geographic and sales growth, including the
inability to effectively manage our growth.
- The failure of or inability to sufficiently enhance key
information systems.
- The effect of various litigation matters.
- Adverse conditions affecting one or more automotive
manufacturers, and manufacturer recalls.
- The inaccuracy of estimates and assumptions used in the
preparation of our financial statements, or the effect of new
accounting requirements or changes to U.S. generally accepted
accounting principles.
- The volatility in the market price for our common stock.
- The performance of the third-party vendors we rely on for key
components of our business.
- Factors related to seasonal fluctuations in our business.
- The occurrence of severe weather events.
- Factors related to the geographic concentration of our
stores.
For more details on factors that could affect expectations, see
our Annual Report on Form 10-K for the fiscal year ended February
28, 2019, and our quarterly or current reports as filed with or
furnished to the U.S. Securities and Exchange Commission. Our
filings are publicly available on our investor information home
page at investors.carmax.com. Requests for information may also be
made to the Investor Relations Department by email to
investor_relations@carmax.com or by calling 1-804-747-0422 ext.
4391. 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 May
31
(In thousands except per share data)
2019
% (1)
2018
% (1)
SALES AND OPERATING REVENUES:
Used vehicle sales
$
4,540,657
84.6
$
4,021,047
83.9
Wholesale vehicle sales
662,449
12.3
617,651
12.9
Other sales and revenues
163,212
3.0
153,894
3.2
NET SALES AND OPERATING
REVENUES
5,366,318
100.0
4,792,592
100.0
COST OF SALES:
Used vehicle cost of sales
4,043,824
75.4
3,581,609
74.7
Wholesale vehicle cost of sales
536,490
10.0
502,945
10.5
Other cost of sales
43,621
0.8
46,698
1.0
TOTAL COST OF SALES
4,623,935
86.2
4,131,252
86.2
GROSS PROFIT
742,383
13.8
661,340
13.8
CARMAX AUTO FINANCE INCOME
115,959
2.2
115,593
2.4
Selling, general and administrative
expenses
489,660
9.1
438,234
9.1
Interest expense
17,784
0.3
18,052
0.4
Other (income) expense
(359
)
—
963
—
Earnings before income taxes
351,257
6.5
319,684
6.7
Income tax provision
84,513
1.6
81,028
1.7
NET EARNINGS
$
266,744
5.0
$
238,656
5.0
WEIGHTED AVERAGE COMMON SHARES:
Basic
166,324
178,139
Diluted
167,643
179,421
NET EARNINGS PER SHARE:
Basic
$
1.60
$
1.34
Diluted
$
1.59
$
1.33
(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
May 31
February 28
May 31
(In thousands except share data)
2019
2019 (1)
2018 (1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
42,197
$
46,938
$
76,348
Restricted cash from collections on auto
loan receivables
479,436
440,669
431,407
Accounts receivable, net
133,879
139,850
101,351
Inventory
2,551,143
2,519,455
2,260,029
Other current assets
77,090
67,101
88,359
TOTAL CURRENT ASSETS
3,283,745
3,214,013
2,957,494
Auto loan receivables, net
12,777,257
12,428,487
11,842,749
Property and equipment, net
2,926,592
2,828,058
2,714,495
Deferred income taxes
56,708
61,346
55,494
Operating lease assets
466,380
—
—
Other assets
203,794
185,963
185,935
TOTAL ASSETS
$
19,714,476
$
18,717,867
$
17,756,167
LIABILITIES AND SHAREHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
656,902
$
593,171
$
586,337
Accrued expenses and other current
liabilities
288,136
318,204
253,392
Accrued income taxes
78,200
3,784
55,991
Current portion of operating lease
liabilities
29,822
—
—
Short-term debt
671
1,129
365
Current portion of long-term debt
14,362
10,177
9,791
Current portion of non-recourse notes
payable
417,309
385,044
382,326
TOTAL CURRENT LIABILITIES
1,485,402
1,311,509
1,288,202
Long-term debt, excluding current
portion
1,573,866
1,649,244
1,282,361
Non-recourse notes payable, excluding
current portion
12,453,848
12,127,290
11,565,653
Operating lease liabilities, excluding
current portion
458,788
—
—
Other liabilities
289,817
272,796
236,190
TOTAL LIABILITIES
16,261,721
15,360,839
14,372,406
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000
shares authorized; 165,395,165 and 167,478,924 shares issued and
outstanding as of May 31, 2019 and February 28, 2019,
respectively
82,697
83,739
88,360
Capital in excess of par value
1,261,742
1,237,153
1,234,612
Accumulated other comprehensive loss
(81,206
)
(68,010
)
(55,045
)
Retained earnings
2,189,522
2,104,146
2,115,834
TOTAL SHAREHOLDERS’ EQUITY
3,452,755
3,357,028
3,383,761
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$
19,714,476
$
18,717,867
$
17,756,167
(1)
In connection with our adoption
of ASC 842, the new accounting standard for leases, during the
first quarter of fiscal 2020, certain prior period amounts have
been reclassified to conform to the current period’s presentation.
Financing obligations have been reclassified to Current portion of
long-term debt and Long-term debt, excluding current portion.
Capital lease obligations have been reclassified to Accrued
expenses and other current liabilities and Other liabilities.
CARMAX,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended May
31
(In thousands)
2019
2018 (1)
OPERATING ACTIVITIES:
Net Earnings
$
266,744
$
238,656
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
51,506
45,343
Share-based compensation expense
45,025
28,998
Provision for loan losses
38,152
30,872
Provision for cancellation reserves
25,465
20,089
Deferred income tax provision
9,392
3,602
Other
1,736
1,468
Net decrease (increase) in:
Accounts receivable, net
5,971
31,970
Inventory
(31,688
)
130,665
Other current assets
(10,387
)
6,806
Auto loan receivables, net
(386,922
)
(337,917
)
Other assets
(6,349
)
(3,078
)
Net increase (decrease) in:
Accounts payable, accrued expenses and
other current liabilities and accrued income taxes
81,886
81,729
Other liabilities
(47,330
)
(48,354
)
NET CASH PROVIDED BY OPERATING
ACTIVITIES
43,201
230,849
INVESTING ACTIVITIES:
Capital expenditures
(78,970
)
(79,720
)
Proceeds from disposal of property and
equipment
2
320
Purchases of investments
(7,224
)
(5,094
)
Sales of investments
81
77
NET CASH USED IN INVESTING
ACTIVITIES
(86,111
)
(84,417
)
FINANCING ACTIVITIES:
(Decrease) increase in short-term debt,
net
(458
)
238
Proceeds from issuances of long-term
debt
1,715,200
817,600
Payments on long-term debt
(1,809,179
)
(1,017,334
)
Cash paid for debt issuance costs
(3,416
)
(3,647
)
Payments on finance lease obligations
(745
)
(164
)
Issuances of non-recourse notes
payable
2,851,000
2,668,502
Payments on non-recourse notes payable
(2,492,809
)
(2,343,291
)
Repurchase and retirement of common
stock
(211,961
)
(211,050
)
Equity issuances
33,251
9,052
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES
80,883
(80,094
)
Increase in cash, cash equivalents, and
restricted cash
37,973
66,338
Cash, cash equivalents, and restricted
cash at beginning of year
595,377
554,898
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH AT END OF PERIOD
$
633,350
$
621,236
(1)
In connection with the changes to
the Consolidated Balance Sheets as a result of our adoption of ASC
842, the new accounting standard for leases, during the first
quarter of fiscal 2020, payments on financing obligations have been
reclassified to payments on long-term debt. Prior period amounts
have been reclassified to conform to the current period’s
presentation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190621005054/en/
Investors: Katharine Kenny, Vice President, Investor Relations,
(804) 935-4591 Stacy Frole, Vice President, Investor Relations,
(804) 935-4598 Celeste Gunter, Manager, Investor Relations, (804)
935-4597
Media: pr@carmax.com, (855) 887-2915
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