(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. | ||||
CarMax, Inc. (the “Company”) issued a press release on December 22, 2021, announcing its third 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 December 22, 2021, issued by CarMax, Inc., entitled “CarMax Reports Third Quarter Fiscal 2022 Results.” | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
CARMAX, INC. | ||||||||
(Registrant) | ||||||||
Dated: December 22, 2021 | By:/s/ Enrique N. Mayor-Mora | |||||||
Enrique N. Mayor-Mora | ||||||||
Senior Vice President and | ||||||||
Chief Financial Officer |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Used vehicle sales | $ | 6,435.6 | $ | 4,209.7 | 52.9 | % | $ | 18,697.3 | $ | 11,385.2 | 64.2 | % | |||||||||||||||||||||||
Wholesale vehicle sales | 1,922.3 | 828.4 | 132.1 | % | 4,998.2 | 1,990.3 | 151.1 | % | |||||||||||||||||||||||||||
Other sales and revenues: | |||||||||||||||||||||||||||||||||||
Extended protection plan revenues | 106.6 | 101.7 | 4.8 | % | 353.8 | 294.5 | 20.2 | % | |||||||||||||||||||||||||||
Third-party finance fees, net | 1.6 | (10.6) | 114.7 | % | (0.3) | (36.7) | 99.3 | % | |||||||||||||||||||||||||||
Advertising & subscription revenues (1) | 33.3 | — | 100.0 | % | 67.9 | — | 100.0 | % | |||||||||||||||||||||||||||
Other | 28.4 | 55.7 | (49.0) | % | 96.8 | 152.6 | (36.6) | % | |||||||||||||||||||||||||||
Total other sales and revenues | 169.9 | 146.8 | 15.7 | % | 518.2 | 410.4 | 26.3 | % | |||||||||||||||||||||||||||
Total net sales and operating revenues | $ | 8,527.8 | $ | 5,184.9 | 64.5 | % | $ | 24,213.7 | $ | 13,785.9 | 75.6 | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Used vehicles | 227,424 | 194,576 | 16.9 | % | 730,020 | 546,934 | 33.5 | % | |||||||||||||||||||||||||||
Wholesale vehicles | 187,630 | 126,317 | 48.5 | % | 557,117 | 322,592 | 72.7 | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Used vehicles | $ | 27,995 | $ | 21,402 | 30.8 | % | $ | 25,380 | $ | 20,581 | 23.3 | % | |||||||||||||||||||||||
Wholesale vehicles | $ | 9,890 | $ | 6,245 | 58.4 | % | $ | 8,634 | $ | 5,877 | 46.9 | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Used vehicle units | 16.9 | % | 1.0 | % | 33.5 | % | (12.6) | % | |||||||||
Used vehicle revenues | 52.9 | % | 4.5 | % | 64.2 | % | (11.9) | % | |||||||||
Wholesale vehicle units | 48.5 | % | 10.8 | % | 72.7 | % | (10.7) | % | |||||||||
Wholesale vehicle revenues | 132.1 | % | 35.6 | % | 151.1 | % | 2.0 | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Used vehicle units | 15.8 | % | (0.8) | % | 32.5 | % | (14.8) | % | |||||||||
Used vehicle revenues | 51.4 | % | 2.5 | % | 63.4 | % | (14.1) | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
CAF (2) | 46.1 | % | 48.9 | % | 46.6 | % | 45.0 | % | |||||||||||||||
Tier 2 (3) | 22.2 | % | 19.5 | % | 22.2 | % | 22.8 | % | |||||||||||||||
Tier 3 (4) | 6.5 | % | 9.7 | % | 8.0 | % | 11.5 | % | |||||||||||||||
Other (5) | 25.2 | % | 21.9 | % | 23.2 | % | 20.7 | % | |||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | % (1) | 2020 | % (1) | 2021 | % (1) | 2020 | % (1) | |||||||||||||||||||||||||||
Net sales and operating revenues | $ | 8,527.8 | 100.0 | $ | 5,184.9 | 100.0 | $ | 24,213.7 | 100.0 | $ | 13,785.9 | 100.0 | |||||||||||||||||||||||
Gross profit | $ | 836.6 | 9.8 | $ | 631.4 | 12.2 | $ | 2,576.6 | 10.6 | $ | 1,737.8 | 12.6 | |||||||||||||||||||||||
CarMax Auto Finance income | $ | 166.0 | 1.9 | $ | 176.4 | 3.4 | $ | 607.7 | 2.5 | $ | 374.6 | 2.7 | |||||||||||||||||||||||
Selling, general, and administrative expenses | $ | 575.9 | 6.8 | $ | 430.8 | 8.3 | $ | 1,704.3 | 7.0 | $ | 1,197.6 | 8.7 | |||||||||||||||||||||||
Interest expense | $ | 24.3 | 0.3 | $ | 19.5 | 0.4 | $ | 67.2 | 0.3 | $ | 65.9 | 0.5 | |||||||||||||||||||||||
Earnings before income taxes | $ | 356.0 | 4.2 | $ | 310.5 | 6.0 | $ | 1,291.1 | 5.3 | $ | 703.0 | 5.1 | |||||||||||||||||||||||
Net earnings | $ | 269.4 | 3.2 | $ | 235.3 | 4.5 | $ | 991.5 | 4.1 | $ | 537.0 | 3.9 |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Used vehicle gross profit | $ | 508.4 | $ | 418.6 | 21.4 | % | $ | 1,611.9 | $ | 1,161.3 | 38.8 | % | |||||||||||||||||||||||
Wholesale vehicle gross profit | 212.2 | 114.4 | 85.5 | % | 587.0 | 320.7 | 83.0 | % | |||||||||||||||||||||||||||
Other gross profit | 116.0 | 98.4 | 17.9 | % | 377.7 | 255.8 | 47.7 | % | |||||||||||||||||||||||||||
Total | $ | 836.6 | $ | 631.4 | 32.5 | % | $ | 2,576.6 | $ | 1,737.8 | 48.3 | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
$ per unit(2) | %(3) | $ per unit(2) | %(3) | $ per unit(2) | %(3) | $ per unit(2) | %(3) | ||||||||||||||||||||||
Used vehicle gross profit | $ | 2,235 | 7.9 | $ | 2,151 | 9.9 | $ | 2,208 | 8.6 | $ | 2,123 | 10.2 | |||||||||||||||||
Wholesale vehicle gross profit | $ | 1,131 | 11.0 | $ | 906 | 13.8 | $ | 1,054 | 11.7 | $ | 994 | 16.1 | |||||||||||||||||
Other gross profit | $ | 510 | 68.3 | $ | 506 | 67.0 | $ | 517 | 72.9 | $ | 468 | 62.3 | |||||||||||||||||
Total gross profit | $ | 3,678 | 9.8 | $ | 3,245 | 12.2 | $ | 3,529 | 10.6 | $ | 3,177 | 12.6 |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Compensation and benefits: | |||||||||||||||||||||||||||||||||||
Compensation and benefits, excluding share-based compensation expense | $ | 308.3 | $ | 230.8 | 33.6 | % | $ | 891.8 | $ | 661.3 | 34.9 | % | |||||||||||||||||||||||
Share-based compensation expense | 33.3 | 10.7 | 210.7 | % | 100.5 | 68.7 | 46.3 | % | |||||||||||||||||||||||||||
Total compensation and benefits (3) | $ | 341.6 | $ | 241.5 | 41.4 | % | $ | 992.3 | $ | 730.0 | 35.9 | % | |||||||||||||||||||||||
Occupancy costs | 59.3 | 53.8 | 10.3 | % | 165.0 | 152.4 | 8.3 | % | |||||||||||||||||||||||||||
Advertising expense | 76.1 | 58.8 | 29.4 | % | 233.6 | 143.8 | 62.5 | % | |||||||||||||||||||||||||||
Other overhead costs (4) | 98.9 | 76.7 | 29.1 | % | 313.4 | 171.4 | 82.8 | % | |||||||||||||||||||||||||||
Total SG&A expenses | $ | 575.9 | $ | 430.8 | 33.7 | % | $ | 1,704.3 | $ | 1,197.6 | 42.3 | % | |||||||||||||||||||||||
SG&A as % of gross profit | 68.8 | % | 68.2 | % | 0.6 | % | 66.1 | % | 68.9 | % | (2.8) | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||
(In millions) | 2021 | % (1) | 2020 | % (1) | 2021 | % (1) | 2020 | % (1) | |||||||||||||||||||||
Interest margin: | |||||||||||||||||||||||||||||
Interest and fee income | $ | 330.0 | 8.6 | $ | 288.5 | 8.5 | $ | 964.4 | 8.7 | $ | 851.1 | 8.5 | |||||||||||||||||
Interest expense | (53.6) | (1.4) | (77.1) | (2.3) | (180.0) | (1.6) | (243.0) | (2.4) | |||||||||||||||||||||
Total interest margin | 276.4 | 7.2 | 211.4 | 6.3 | 784.4 | 7.1 | 608.1 | 6.1 | |||||||||||||||||||||
Provision for loan losses | (76.2) | (2.0) | (8.2) | (0.2) | (87.3) | (0.8) | (156.1) | (1.6) | |||||||||||||||||||||
Total interest margin after provision for loan losses | 200.2 | 5.2 | 203.2 | 6.0 | 697.1 | 6.3 | 452.0 | 4.5 | |||||||||||||||||||||
Total other expense | — | — | — | — | — | — | (2.2) | — | |||||||||||||||||||||
Total direct expenses | (34.3) | (0.9) | (26.8) | (0.8) | (89.4) | (0.8) | (75.2) | (0.7) | |||||||||||||||||||||
CarMax Auto Finance income | $ | 166.0 | 4.3 | $ | 176.4 | 5.2 | $ | 607.7 | 5.5 | $ | 374.6 | 3.7 | |||||||||||||||||
Total average managed receivables | $ | 15,288.8 | $ | 13,517.5 | $ | 14,706.9 | $ | 13,381.6 | |||||||||||||||||||||
Net loans originated | $ | 2,420.3 | $ | 1,824.9 | $ | 7,276.1 | $ | 4,607.8 | |||||||||||||||||||||
Net penetration rate | 42.2 | % | 45.7 | % | 43.0 | % | 42.1 | % | |||||||||||||||||||||
Weighted average contract rate | 8.3 | % | 8.6 | % | 8.6 | % | 8.4 | % | |||||||||||||||||||||
Ending allowance for loan losses | $ | 426.5 | $ | 431.6 | $ | 426.5 | $ | 431.6 | |||||||||||||||||||||
Warehouse facility information: | |||||||||||||||||||||||||||||
Ending funded receivables | $ | 3,155.9 | $ | 2,308.0 | $ | 3,155.9 | $ | 2,308.0 | |||||||||||||||||||||
Ending unused capacity | $ | 1,669.1 | $ | 1,217.0 | $ | 1,669.1 | $ | 1,217.0 | |||||||||||||||||||||
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||||||||
(In millions except per share data) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Net earnings | $ | 269.4 | $ | 235.3 | 14.5 | % | $ | 991.5 | $ | 537.0 | 84.6 | % | |||||||||||||||||||||||
Diluted weighted average shares outstanding | 164.9 | 165.8 | (0.5) | % | 165.6 | 165.0 | 0.4 | % | |||||||||||||||||||||||||||
Net earnings per diluted share | $ | 1.63 | $ | 1.42 | 14.8 | % | $ | 5.99 | $ | 3.25 | 84.3 | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||||||||
(In thousands except per share data) | 2021 | % (1) | 2020 | % (1) | 2021 | % (1) | 2020 | % (1) | |||||||||||||||||||||
SALES AND OPERATING REVENUES: | |||||||||||||||||||||||||||||
Used vehicle sales | $ | 6,435,590 | 75.5 | $ | 4,209,748 | 81.2 | $ | 18,697,300 | 77.2 | $ | 11,385,183 | 82.6 | |||||||||||||||||
Wholesale vehicle sales | 1,922,283 | 22.5 | 828,362 | 16.0 | 4,998,212 | 20.6 | 1,990,296 | 14.4 | |||||||||||||||||||||
Other sales and revenues | 169,886 | 2.0 | 146,834 | 2.8 | 518,205 | 2.1 | 410,413 | 3.0 | |||||||||||||||||||||
NET SALES AND OPERATING REVENUES | 8,527,759 | 100.0 | 5,184,944 | 100.0 | 24,213,717 | 100.0 | 13,785,892 | 100.0 | |||||||||||||||||||||
COST OF SALES: | |||||||||||||||||||||||||||||
Used vehicle cost of sales | 5,927,237 | 69.5 | 3,791,134 | 73.1 | 17,085,416 | 70.6 | 10,223,875 | 74.2 | |||||||||||||||||||||
Wholesale vehicle cost of sales | 1,710,103 | 20.1 | 713,961 | 13.8 | 4,411,175 | 18.2 | 1,669,595 | 12.1 | |||||||||||||||||||||
Other cost of sales | 53,859 | 0.6 | 48,419 | 0.9 | 140,573 | 0.6 | 154,666 | 1.1 | |||||||||||||||||||||
TOTAL COST OF SALES | 7,691,199 | 90.2 | 4,553,514 | 87.8 | 21,637,164 | 89.4 | 12,048,136 | 87.4 | |||||||||||||||||||||
GROSS PROFIT | 836,560 | 9.8 | 631,430 | 12.2 | 2,576,553 | 10.6 | 1,737,756 | 12.6 | |||||||||||||||||||||
CARMAX AUTO FINANCE INCOME | 165,968 | 1.9 | 176,445 | 3.4 | 607,732 | 2.5 | 374,590 | 2.7 | |||||||||||||||||||||
Selling, general, and administrative expenses | 575,930 | 6.8 | 430,781 | 8.3 | 1,704,285 | 7.0 | 1,197,595 | 8.7 | |||||||||||||||||||||
Depreciation and amortization (2) | 54,428 | 0.6 | 48,016 | 0.9 | 157,107 | 0.6 | 145,126 | 1.1 | |||||||||||||||||||||
Interest expense | 24,303 | 0.3 | 19,462 | 0.4 | 67,247 | 0.3 | 65,889 | 0.5 | |||||||||||||||||||||
Other (income) expense | (8,094) | (0.1) | (887) | — | (35,453) | (0.1) | 728 | — | |||||||||||||||||||||
Earnings before income taxes | 355,961 | 4.2 | 310,503 | 6.0 | 1,291,099 | 5.3 | 703,008 | 5.1 | |||||||||||||||||||||
Income tax provision | 86,523 | 1.0 | 75,203 | 1.5 | 299,638 | 1.2 | 166,034 | 1.2 | |||||||||||||||||||||
NET EARNINGS | $ | 269,438 | 3.2 | $ | 235,300 | 4.5 | $ | 991,461 | 4.1 | $ | 536,974 | 3.9 | |||||||||||||||||
WEIGHTED AVERAGE COMMON SHARES: | |||||||||||||||||||||||||||||
Basic | 162,006 | 163,732 | 162,710 | 163,278 | |||||||||||||||||||||||||
Diluted | 164,873 | 165,773 | 165,606 | 164,976 | |||||||||||||||||||||||||
NET EARNINGS PER SHARE: | |||||||||||||||||||||||||||||
Basic | $ | 1.66 | $ | 1.44 | $ | 6.09 | $ | 3.29 | |||||||||||||||||||||
Diluted | $ | 1.63 | $ | 1.42 | $ | 5.99 | $ | 3.25 |
As of | ||||||||||||||||||||
November 30 | February 28 | November 30 | ||||||||||||||||||
(In thousands except share data) | 2021 | 2021 | 2020 | |||||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 62,598 | $ | 132,319 | $ | 236,643 | ||||||||||||||
Restricted cash from collections on auto loans receivable | 552,487 | 496,415 | 492,610 | |||||||||||||||||
Accounts receivable, net | 563,135 | 239,070 | 168,979 | |||||||||||||||||
Inventory | 4,659,460 | 3,157,159 | 2,780,205 | |||||||||||||||||
Other current assets | 117,390 | 91,833 | 58,660 | |||||||||||||||||
TOTAL CURRENT ASSETS | 5,955,070 | 4,116,796 | 3,737,097 | |||||||||||||||||
Auto loans receivable, net | 15,167,170 | 13,489,819 | 13,267,364 | |||||||||||||||||
Property and equipment, net | 3,175,577 | 3,055,563 | 3,043,345 | |||||||||||||||||
Deferred income taxes | 134,382 | 164,261 | 159,209 | |||||||||||||||||
Operating lease assets | 543,645 | 431,652 | 439,074 | |||||||||||||||||
Goodwill | 141,258 | 653 | 8,676 | |||||||||||||||||
Other assets | 458,117 | 282,797 | 278,083 | |||||||||||||||||
TOTAL ASSETS | $ | 25,575,219 | $ | 21,541,541 | $ | 20,932,848 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable | $ | 936,556 | $ | 799,333 | $ | 570,174 | ||||||||||||||
Accrued expenses and other current liabilities | 530,592 | 415,465 | 372,429 | |||||||||||||||||
Accrued income taxes | 518 | 218 | 18,322 | |||||||||||||||||
Current portion of operating lease liabilities | 43,151 | 30,953 | 30,726 | |||||||||||||||||
Short-term debt | — | — | 1,008 | |||||||||||||||||
Current portion of long-term debt | 10,889 | 9,927 | 10,228 | |||||||||||||||||
Current portion of non-recourse notes payable | 535,146 | 442,652 | 434,900 | |||||||||||||||||
TOTAL CURRENT LIABILITIES | 2,056,852 | 1,698,548 | 1,437,787 | |||||||||||||||||
Long-term debt, excluding current portion | 2,602,598 | 1,322,415 | 1,319,496 | |||||||||||||||||
Non-recourse notes payable, excluding current portion | 14,856,266 | 13,297,504 | 13,161,504 | |||||||||||||||||
Operating lease liabilities, excluding current portion | 529,821 | 423,618 | 431,068 | |||||||||||||||||
Other liabilities | 419,886 | 434,843 | 454,517 | |||||||||||||||||
TOTAL LIABILITIES | 20,465,423 | 17,176,928 | 16,804,372 | |||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Common stock, $0.50 par value; 350,000,000 shares authorized; 161,871,923 and 163,172,333 shares issued and outstanding as of November 30, 2021 and February 28, 2021, respectively | 80,936 | 81,586 | 81,517 | |||||||||||||||||
Capital in excess of par value | 1,672,728 | 1,513,821 | 1,462,130 | |||||||||||||||||
Accumulated other comprehensive loss | (100,301) | (118,691) | (152,924) | |||||||||||||||||
Retained earnings | 3,456,433 | 2,887,897 | 2,737,753 | |||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 5,109,796 | 4,364,613 | 4,128,476 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 25,575,219 | $ | 21,541,541 | $ | 20,932,848 |
Nine Months Ended November 30 | |||||||||||
(In thousands) | 2021 | 2020 | |||||||||
OPERATING ACTIVITIES: | |||||||||||
Net earnings | $ | 991,461 | $ | 536,974 | |||||||
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 200,819 | 180,495 | |||||||||
Share-based compensation expense | 108,962 | 73,946 | |||||||||
Provision for loan losses | 87,342 | 156,147 | |||||||||
Provision for cancellation reserves | 91,607 | 53,511 | |||||||||
Deferred income tax provision (benefit) | 19,564 | (19,529) | |||||||||
Other | (26,808) | 5,966 | |||||||||
Net (increase) decrease in: | |||||||||||
Accounts receivable, net | (290,346) | 22,111 | |||||||||
Inventory | (1,502,323) | 66,211 | |||||||||
Other current assets | (13,615) | 29,478 | |||||||||
Auto loans receivable, net | (1,764,693) | (73,827) | |||||||||
Other assets | (18,309) | (8,151) | |||||||||
Net increase (decrease) in: | |||||||||||
Accounts payable, accrued expenses and other | |||||||||||
current liabilities and accrued income taxes | 170,474 | (124,092) | |||||||||
Other liabilities | (136,780) | (30,854) | |||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (2,082,645) | 868,386 | |||||||||
INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | (226,903) | (123,952) | |||||||||
Proceeds from disposal of property and equipment | 260 | 1,846 | |||||||||
Proceeds from sale of business | 12,284 | — | |||||||||
Purchases of investments | (13,676) | (2,709) | |||||||||
Sales and returns of investments | 36,915 | 2,739 | |||||||||
Business acquisition, net of cash acquired | (241,563) | — | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | (432,683) | (122,076) | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Increase in short-term debt, net | — | 968 | |||||||||
Proceeds from issuances of long-term debt | 5,804,200 | 1,562,300 | |||||||||
Payments on long-term debt | (4,524,973) | (2,022,586) | |||||||||
Cash paid for debt issuance costs | (14,473) | (12,797) | |||||||||
Payments on finance lease obligations | (8,822) | (4,871) | |||||||||
Issuances of non-recourse notes payable | 11,217,298 | 7,947,313 | |||||||||
Payments on non-recourse notes payable | (9,565,649) | (7,940,254) | |||||||||
Repurchase and retirement of common stock | (475,950) | (158,625) | |||||||||
Equity issuances | 76,310 | 94,295 | |||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 2,507,941 | (534,257) | |||||||||
(Decrease) increase in cash, cash equivalents, and restricted cash | (7,387) | 212,053 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 771,947 | 656,390 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ | 764,560 | $ | 868,443 |
_
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Document and Entity Information Document |
Dec. 22, 2021 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Dec. 22, 2021 |
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 |
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