(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Item 2.02. | Results of Operations and Financial Condition. |
The registrant issued a press release on June 19, 2020, announcing its first quarter results. The press release is being furnished as Exhibit 99.1 hereto and is incorporated by reference into this Item 2.02. | |
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits | The following exhibit is being furnished pursuant to Item 2.02 above. |
Press release, dated June 19, 2020, issued by CarMax, Inc., entitled “CarMax Reports First Quarter Fiscal 2021 Results.” | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
CARMAX, INC. | ||
(Registrant) | ||
Dated: June 19, 2020 | By:/s/ Enrique N. Mayor-Mora | |
Enrique N. Mayor-Mora | ||
Senior Vice President and | ||
Chief Financial Officer |
• | First quarter performance significantly impacted by the Coronavirus pandemic. More than 80% of the days in the quarter were negatively impacted by a mix of store closures and limited operations(1). In addition, open stores were also impacted by occupancy restrictions. For the quarter, comparable store used unit sales declined 42%. |
• | Sales have progressively improved since hitting a trough in early April; comparable store used unit sales for the two weeks ended June 14 were within 10% of last year’s sales, with many stores generating positive comparable stores sales. |
• | Strong margin management execution during a period of unprecedented depreciation; used and wholesale gross profit per unit for the first quarter were $1,937 and $978, respectively. |
• | Grew our liquidity position during the quarter by selling through inventory and quickly aligning costs to lower sales volumes. |
• | Omni-channel rollout almost complete; in addition, customers can now buy a car via curbside pickup at 200 stores nationwide. |
(1) | Limited operations means the stores could sell cars but were limited to appointment-only, curbside pickup, home delivery or some combination of all three. |
(2) | Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions. |
Three Months Ended May 31 | ||||||||||
(In millions) | 2020 | 2019 | Change | |||||||
Used vehicle sales | $ | 2,786.2 | $ | 4,540.7 | (38.6 | )% | ||||
Wholesale vehicle sales | 342.9 | 662.4 | (48.2 | )% | ||||||
Other sales and revenues: | ||||||||||
Extended protection plan revenues | 73.4 | 111.3 | (34.1 | )% | ||||||
Third-party finance fees, net | (10.7 | ) | (15.5 | ) | 30.7 | % | ||||
Other | 37.0 | 67.4 | (45.0 | )% | ||||||
Total other sales and revenues | 99.7 | 163.2 | (38.9 | )% | ||||||
Total net sales and operating revenues | $ | 3,228.8 | $ | 5,366.3 | (39.8 | )% |
Three Months Ended May 31 | ||||||
2020 | 2019 | Change | ||||
Used vehicles | 135,028 | 224,268 | (39.8 | )% | ||
Wholesale vehicles | 63,295 | 120,768 | (47.6 | )% |
Three Months Ended May 31 | ||||||||||
2020 | 2019 | Change | ||||||||
Used vehicles | $ | 20,346 | $ | 20,050 | 1.5 | % | ||||
Wholesale vehicles | $ | 5,110 | $ | 5,213 | (2.0 | )% |
Three Months Ended May 31 | ||||
2020 | 2019 | |||
Used vehicle units | (39.8 | )% | 13.0 | % |
Used vehicle revenues | (38.6 | )% | 12.9 | % |
Wholesale vehicle units | (47.6 | )% | 6.6 | % |
Wholesale vehicle revenues | (48.2 | )% | 7.3 | % |
Three Months Ended May 31 | ||||
2020 | 2019 | |||
Used vehicle units | (41.8 | )% | 9.5 | % |
Used vehicle revenues | (40.8 | )% | 9.4 | % |
(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. |
Three Months Ended May 31 | |||||
2020 | 2019 | ||||
CAF (2) | 38.2 | % | 46.2 | % | |
Tier 2 (3) | 28.5 | % | 20.3 | % | |
Tier 3 (4) | 14.5 | % | 11.5 | % | |
Other (5) | 18.8 | % | 22.0 | % | |
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. |
Three Months Ended May 31 | |||||||||
(In millions) | 2020 | % (1) | 2019 | % (1) | |||||
Net sales and operating revenues | $ | 3,228.8 | 100.0 | $ | 5,366.3 | 100.0 | |||
Gross profit | $ | 354.2 | 11.0 | $ | 742.4 | 13.8 | |||
CarMax Auto Finance income | $ | 51.0 | 1.6 | $ | 116.0 | 2.2 | |||
Selling, general, and administrative expenses | $ | 373.7 | 11.6 | $ | 489.7 | 9.1 | |||
Interest expense | $ | 24.0 | 0.7 | $ | 17.8 | 0.3 | |||
Earnings before income taxes | $ | 4.2 | 0.1 | $ | 351.3 | 6.5 | |||
Net earnings | $ | 5.0 | 0.2 | $ | 266.7 | 5.0 |
(1) | Calculated as a percentage of net sales and operating revenues. |
Three Months Ended May 31 | ||||||||||
(In millions) | 2020 | 2019 | Change | |||||||
Used vehicle gross profit | $ | 261.5 | $ | 496.8 | (47.4 | )% | ||||
Wholesale vehicle gross profit | 61.9 | 126.0 | (50.8 | )% | ||||||
Other gross profit | 30.8 | 119.6 | (74.3 | )% | ||||||
Total | $ | 354.2 | $ | 742.4 | (52.3 | )% |
Three Months Ended May 31 | ||||||||
2020 | 2019 | |||||||
$ per unit(1) | %(2) | $ per unit(1) | %(2) | |||||
Used vehicle gross profit | $ | 1,937 | 9.4 | $ | 2,215 | 10.9 | ||
Wholesale vehicle gross profit | $ | 978 | 18.1 | $ | 1,043 | 19.0 | ||
Other gross profit | $ | 228 | 30.8 | $ | 533 | 73.3 | ||
Total gross profit | $ | 2,623 | 11.0 | $ | 3,310 | 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. |
Three Months Ended May 31 | |||||||||||
(In millions) | 2020 | 2019 | Change | ||||||||
Compensation and benefits: | |||||||||||
Compensation and benefits, excluding share-based compensation expense | $ | 191.2 | $ | 230.0 | (16.8 | )% | |||||
Share-based compensation expense | 23.7 | 40.9 | (42.2 | )% | |||||||
Total compensation and benefits (1) | $ | 214.9 | $ | 270.9 | (20.7 | )% | |||||
Store occupancy costs | 94.6 | 96.6 | (2.1 | )% | |||||||
Advertising expense | 34.5 | 41.9 | (17.6 | )% | |||||||
Other overhead costs (2) | 29.7 | 80.3 | (63.0 | )% | |||||||
Total SG&A expenses | $ | 373.7 | $ | 489.7 | (23.7 | )% | |||||
SG&A per used unit | $ | 2,768 | $ | 2,183 | $ | 585 |
(1) | Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales. |
(2) | Includes IT expenses, preopening and relocation costs, insurance, non-CAF bad debt, travel, charitable contributions and other administrative expenses. |
Three Months Ended May 31 | ||||||||||
(In millions) | 2020 | % (1) | 2019 | % (1) | ||||||
Interest margin: | ||||||||||
Interest and fee income | $ | 282.5 | 8.4 | $ | 266.2 | 8.4 | ||||
Interest expense | (84.6 | ) | (2.5 | ) | (87.4 | ) | (2.8 | ) | ||
Total interest margin | 197.9 | 5.9 | 178.8 | 5.6 | ||||||
Provision for loan losses | (122.0 | ) | (3.6 | ) | (38.2 | ) | (1.2 | ) | ||
Total interest margin after provision for loan losses | 75.9 | 2.3 | 140.6 | 4.4 | ||||||
Total other expense | (1.9 | ) | (0.1 | ) | — | — | ||||
Total direct expenses | (23.0 | ) | (0.7 | ) | (24.6 | ) | (0.8 | ) | ||
CarMax Auto Finance income | $ | 51.0 | 1.5 | $ | 116.0 | 3.7 | ||||
Total average managed receivables | $ | 13,408.5 | $ | 12,707.3 | ||||||
Net loans originated | $ | 992.3 | $ | 1,826.3 | ||||||
Net penetration rate | 36.1 | % | 41.4 | % | ||||||
Weighted average contract rate | 8.4 | % | 8.9 | % | ||||||
Ending allowance for loan losses | $ | 437.2 | $ | 147.0 | ||||||
Warehouse facility information: | ||||||||||
Ending funded receivables | $ | 1,949.7 | $ | 2,178.0 | ||||||
Ending unused capacity | $ | 1,550.3 | $ | 1,322.0 | ||||||
(1) | Annualized percentage of total average managed receivables. |
Three Months Ended May 31 | ||||||||||
(In millions except per share data) | 2020 | 2019 | Change | |||||||
Net earnings | $ | 5.0 | $ | 266.7 | (98.1 | )% | ||||
Diluted weighted average shares outstanding | 163.5 | 167.6 | (2.4 | )% | ||||||
Net earnings per diluted share | $ | 0.03 | $ | 1.59 | (98.1 | )% |
(In thousands) | As of May 31 | As of February 29 | ||||||
Debt Description | Maturity Date | 2020 | 2020 | |||||
Revolving credit facility | June 2024 | $ | 370,086 | $ | 452,740 | |||
Term loan | June 2024 | 300,000 | 300,000 | |||||
3.86% Senior notes | April 2023 | 100,000 | 100,000 | |||||
4.17% Senior notes | April 2026 | 200,000 | 200,000 | |||||
4.27% Senior notes | April 2028 | 200,000 | 200,000 | |||||
Financing obligations | Various dates through February 2059 | 535,078 | 536,739 | |||||
Total debt, excluding non-recourse notes (1) (2) | $ | 1,705,164 | $ | 1,789,479 |
(1) | Debt balances exclude unamortized debt issuance costs. |
(2) | As of May 31, 2020, $13.17 billion of non-recourse notes payable were outstanding related to non-recourse funding vehicles. |
As of May 31, 2020 | |||
(in billions) | Capacity | ||
Warehouse facilities: (1) | |||
August 2020 expiration | $ | 1.40 | |
September 2020 expiration | 0.15 | ||
February 2021 expiration | 1.95 | ||
Combined warehouse facility limit | $ | 3.50 | |
Unused capacity | $ | 1.55 |
(1) | Warehouse facility agreements have one-year terms and are generally renewed annually. |
• | The effect and consequences of the Coronavirus public health crisis on matters including U.S. and local economies; our business operations and continuity; the availability of corporate and consumer financing; the health and productivity of our associates; the ability of third-party providers to continue uninterrupted service; and the regulatory environment in which we operate. |
• | Changes in general or regional U.S. economic conditions. |
• | Changes in the availability or cost of capital and working capital financing, including changes related to the asset-backed securitization market. |
• | 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. |
• | Our inability to realize the benefits associated with our omni-channel initiatives. |
• | 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 loans receivable 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 performance of the third-party vendors we rely on for key components of our business. |
• | The effect of various litigation matters. |
• | Adverse conditions affecting one or more automotive manufacturers, and manufacturer recalls. |
• | The failure or inability to realize the benefits associated with our strategic investments. |
• | 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 failure or inability to adequately protect our intellectual property. |
• | The occurrence of severe weather events. |
• | Factors related to the geographic concentration of our stores. |
Three Months Ended May 31 | ||||||||||
(In thousands except per share data) | 2020 | % (1) | 2019 | % (1) | ||||||
SALES AND OPERATING REVENUES: | ||||||||||
Used vehicle sales | $ | 2,786,202 | 86.3 | $ | 4,540,657 | 84.6 | ||||
Wholesale vehicle sales | 342,852 | 10.6 | 662,449 | 12.3 | ||||||
Other sales and revenues | 99,728 | 3.1 | 163,212 | 3.0 | ||||||
NET SALES AND OPERATING REVENUES | 3,228,782 | 100.0 | 5,366,318 | 100.0 | ||||||
COST OF SALES: | ||||||||||
Used vehicle cost of sales | 2,524,676 | 78.2 | 4,043,824 | 75.4 | ||||||
Wholesale vehicle cost of sales | 280,922 | 8.7 | 536,490 | 10.0 | ||||||
Other cost of sales | 69,001 | 2.1 | 43,621 | 0.8 | ||||||
TOTAL COST OF SALES | 2,874,599 | 89.0 | 4,623,935 | 86.2 | ||||||
GROSS PROFIT | 354,183 | 11.0 | 742,383 | 13.8 | ||||||
CARMAX AUTO FINANCE INCOME | 50,950 | 1.6 | 115,959 | 2.2 | ||||||
Selling, general and administrative expenses | 373,716 | 11.6 | 489,660 | 9.1 | ||||||
Interest expense | 23,958 | 0.7 | 17,784 | 0.3 | ||||||
Other expense (income) | 3,295 | 0.1 | (359 | ) | — | |||||
Earnings before income taxes | 4,164 | 0.1 | 351,257 | 6.5 | ||||||
Income tax provision | (814 | ) | — | 84,513 | 1.6 | |||||
NET EARNINGS | $ | 4,978 | 0.2 | $ | 266,744 | 5.0 | ||||
WEIGHTED AVERAGE COMMON SHARES: | ||||||||||
Basic | 162,673 | 166,324 | ||||||||
Diluted | 163,537 | 167,643 | ||||||||
NET EARNINGS PER SHARE: | ||||||||||
Basic | $ | 0.03 | $ | 1.60 | ||||||
Diluted | $ | 0.03 | $ | 1.59 |
As of | ||||||||||||
May 31 | February 29 | May 31 | ||||||||||
(In thousands except share data) | 2020 | 2020 | 2019 | |||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 658,022 | $ | 58,211 | $ | 42,197 | ||||||
Restricted cash from collections on auto loans receivable | 480,565 | 481,043 | 479,436 | |||||||||
Accounts receivable, net | 145,018 | 191,090 | 133,879 | |||||||||
Inventory | 1,899,430 | 2,846,416 | 2,551,143 | |||||||||
Other current assets | 100,696 | 86,927 | 77,090 | |||||||||
TOTAL CURRENT ASSETS | 3,283,731 | 3,663,687 | 3,283,745 | |||||||||
Auto loans receivable, net | 12,794,622 | 13,551,711 | 12,777,257 | |||||||||
Property and equipment, net | 3,064,738 | 3,069,102 | 2,926,592 | |||||||||
Deferred income taxes | 119,066 | 89,842 | 56,708 | |||||||||
Operating lease assets | 443,678 | 449,094 | 466,380 | |||||||||
Other assets | 266,697 | 258,746 | 203,794 | |||||||||
TOTAL ASSETS | $ | 19,972,532 | $ | 21,082,182 | $ | 19,714,476 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Accounts payable | $ | 390,160 | $ | 737,144 | $ | 656,902 | ||||||
Accrued expenses and other current liabilities | 290,080 | 331,738 | 288,136 | |||||||||
Accrued income taxes | — | 1,389 | 78,200 | |||||||||
Current portion of operating lease liabilities | 30,881 | 30,980 | 29,822 | |||||||||
Short-term debt | 86 | 40 | 671 | |||||||||
Current portion of long-term debt | 9,744 | 9,251 | 14,362 | |||||||||
Current portion of non-recourse notes payable | 430,055 | 424,165 | 417,309 | |||||||||
TOTAL CURRENT LIABILITIES | 1,151,006 | 1,534,707 | 1,485,402 | |||||||||
Long-term debt, excluding current portion | 1,693,888 | 1,778,672 | 1,573,866 | |||||||||
Non-recourse notes payable, excluding current portion | 12,722,292 | 13,165,384 | 12,453,848 | |||||||||
Operating lease liabilities, excluding current portion | 435,325 | 440,671 | 458,788 | |||||||||
Other liabilities | 391,711 | 393,873 | 289,817 | |||||||||
TOTAL LIABILITIES | 16,394,222 | 17,313,307 | 16,261,721 | |||||||||
Commitments and contingent liabilities | ||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||
Common stock, $0.50 par value; 350,000,000 shares authorized; 162,755,339 and 163,081,376 shares issued and outstanding as of May 31, 2020 and February 29, 2020, respectively | 81,378 | 81,541 | 82,697 | |||||||||
Capital in excess of par value | 1,358,428 | 1,348,988 | 1,261,742 | |||||||||
Accumulated other comprehensive loss | (165,405 | ) | (150,071 | ) | (81,206 | ) | ||||||
Retained earnings | 2,303,909 | 2,488,417 | 2,189,522 | |||||||||
TOTAL SHAREHOLDERS’ EQUITY | 3,578,310 | 3,768,875 | 3,452,755 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 19,972,532 | $ | 21,082,182 | $ | 19,714,476 |
Three Months Ended May 31 | |||||||
(In thousands) | 2020 | 2019 | |||||
OPERATING ACTIVITIES: | |||||||
Net earnings | $ | 4,978 | $ | 266,744 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 58,340 | 51,506 | |||||
Share-based compensation expense | 25,057 | 45,025 | |||||
Provision for loan losses | 122,018 | 38,152 | |||||
Provision for cancellation reserves | 13,552 | 25,465 | |||||
Deferred income tax provision | 25,041 | 9,392 | |||||
Other | 5,386 | 1,736 | |||||
Net decrease (increase) in: | |||||||
Accounts receivable, net | 46,072 | 5,971 | |||||
Inventory | 946,986 | (31,688 | ) | ||||
Other current assets | (13,769 | ) | (10,387 | ) | |||
Auto loans receivable, net | 433,044 | (386,922 | ) | ||||
Other assets | (3,247 | ) | (6,349 | ) | |||
Net (decrease) increase in: | |||||||
Accounts Payable, accrued expenses and other | |||||||
current liabilities and accrued income taxes | (382,102 | ) | 81,886 | ||||
Other liabilities | (31,797 | ) | (47,330 | ) | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,249,559 | 43,201 | |||||
INVESTING ACTIVITIES: | |||||||
Capital expenditures | (62,871 | ) | (78,970 | ) | |||
Proceeds from disposal of property and equipment | — | 2 | |||||
Purchases of investments | (2,369 | ) | (7,224 | ) | |||
Sales of investments | 168 | 81 | |||||
NET CASH USED IN INVESTING ACTIVITIES | (65,072 | ) | (86,111 | ) | |||
FINANCING ACTIVITIES: | |||||||
Increase (decrease) in short-term debt, net | 46 | (458 | ) | ||||
Proceeds from issuances of long-term debt | 977,500 | 1,715,200 | |||||
Payments on long-term debt | (1,062,578 | ) | (1,809,179 | ) | |||
Cash paid for debt issuance costs | (2,610 | ) | (3,416 | ) | |||
Payments on finance lease obligations | (1,370 | ) | (745 | ) | |||
Issuances of non-recourse notes payable | 1,982,000 | 2,851,000 | |||||
Payments on non-recourse notes payable | (2,420,291 | ) | (2,492,809 | ) | |||
Repurchase and retirement of common stock | (54,140 | ) | (211,961 | ) | |||
Equity issuances | 1,706 | 33,251 | |||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (579,737 | ) | 80,883 | ||||
Increase in cash, cash equivalents, and restricted cash | 604,750 | 37,973 | |||||
Cash, cash equivalents, and restricted cash at beginning of year | 656,390 | 595,377 | |||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ | 1,261,140 | $ | 633,350 |
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Document and Entity Information Document |
Jun. 19, 2020 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Jun. 19, 2020 |
Entity Registrant Name | CARMAX, INC. |
Entity Central Index Key | 0001170010 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | VA |
Entity File Number | 1-31420 |
Entity Tax Identification Number | 54-1821055 |
Entity Address, Address Line One | 12800 Tuckahoe Creek Parkway |
Entity Address, City or Town | Richmond, |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23238 |
City Area Code | 804 |
Local Phone Number | 747-0422 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | KMX |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |