(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 September 29, 2022, announcing its second 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 September 29, 2022, issued by CarMax, Inc., entitled “CarMax Reports Second Quarter Fiscal 2023 Results.” | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
CARMAX, INC. | ||||||||
(Registrant) | ||||||||
Dated: September 29, 2022 | By: /s/ Enrique N. Mayor-Mora | |||||||
Enrique N. Mayor-Mora | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||
Used vehicle sales | $ | 6,284.1 | $ | 6,104.4 | 2.9 | % | $ | 13,298.6 | $ | 12,261.7 | 8.5 | % | |||||||||||||||||||||||
Wholesale vehicle sales | 1,690.3 | 1,701.6 | (0.7) | % | 3,806.8 | 3,075.9 | 23.8 | % | |||||||||||||||||||||||||||
Other sales and revenues: | |||||||||||||||||||||||||||||||||||
Extended protection plan revenues | 109.8 | 113.0 | (2.9) | % | 226.3 | 247.3 | (8.5) | % | |||||||||||||||||||||||||||
Third-party finance income/(fees), net | 2.7 | 2.8 | (1.8) | % | 6.1 | (1.8) | 437.5 | % | |||||||||||||||||||||||||||
Advertising & subscription revenues (1) | 34.3 | 34.5 | (0.8) | % | 68.7 | 34.5 | 98.7 | % | |||||||||||||||||||||||||||
Other | 23.6 | 32.1 | (26.4) | % | 49.9 | 68.3 | (26.9) | % | |||||||||||||||||||||||||||
Total other sales and revenues | 170.4 | 182.4 | (6.6) | % | 351.0 | 348.3 | 0.8 | % | |||||||||||||||||||||||||||
Total net sales and operating revenues | $ | 8,144.8 | $ | 7,988.4 | 2.0 | % | $ | 17,456.4 | $ | 15,686.0 | 11.3 | % |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Used vehicles | 216,939 | 231,797 | (6.4) | % | 457,889 | 502,596 | (8.9) | % | |||||||||||||||||||||||||||
Wholesale vehicles | 159,677 | 188,098 | (15.1) | % | 345,984 | 369,487 | (6.4) | % |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Used vehicles | $ | 28,657 | $ | 26,141 | 9.6 | % | $ | 28,755 | $ | 24,197 | 18.8 | % | |||||||||||||||||||||||
Wholesale vehicles | $ | 10,179 | $ | 8,701 | 17.0 | % | $ | 10,619 | $ | 7,997 | 32.8 | % |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Used vehicle units | (6.4) | % | 6.7 | % | (8.9) | % | 42.6 | % | |||||||||
Used vehicle revenues | 2.9 | % | 39.1 | % | 8.5 | % | 70.9 | % | |||||||||
Wholesale vehicle units | (15.1) | % | 41.4 | % | (6.4) | % | 88.2 | % | |||||||||
Wholesale vehicle revenues | (0.7) | % | 107.7 | % | 23.8 | % | 164.7 | % |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Used vehicle units | (8.3) | % | 6.2 | % | (10.6) | % | 41.8 | % | |||||||||
Used vehicle revenues | 0.4 | % | 38.8 | % | 6.0 | % | 70.4 | % |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
CAF (2) | 44.8 | % | 47.1 | % | 44.0 | % | 46.9 | % | |||||||||||||||
Tier 2 (3) | 21.6 | % | 21.6 | % | 23.5 | % | 22.2 | % | |||||||||||||||
Tier 3 (4) | 6.0 | % | 7.2 | % | 6.6 | % | 8.7 | % | |||||||||||||||
Other (5) | 27.6 | % | 24.1 | % | 25.9 | % | 22.2 | % | |||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||||||||||||||
(In millions) | 2022 | % (1) | 2021 | % (1) | 2022 | % (1) | 2021 | % (1) | |||||||||||||||||||||||||||
Net sales and operating revenues | $ | 8,144.8 | 100.0 | $ | 7,988.4 | 100.0 | $ | 17,456.4 | 100.0 | $ | 15,686.0 | 100.0 | |||||||||||||||||||||||
Gross profit | $ | 737.1 | 9.1 | $ | 815.5 | 10.2 | $ | 1,612.5 | 9.2 | $ | 1,740.0 | 11.1 | |||||||||||||||||||||||
CarMax Auto Finance income | $ | 182.9 | 2.2 | $ | 200.0 | 2.5 | $ | 387.3 | 2.2 | $ | 441.8 | 2.8 | |||||||||||||||||||||||
Selling, general, and administrative expenses | $ | 666.0 | 8.2 | $ | 574.3 | 7.2 | $ | 1,322.8 | 7.6 | $ | 1,128.4 | 7.2 | |||||||||||||||||||||||
Interest expense | $ | 32.7 | 0.4 | $ | 22.4 | 0.3 | $ | 61.5 | 0.4 | $ | 42.9 | 0.3 | |||||||||||||||||||||||
Earnings before income taxes | $ | 167.6 | 2.1 | $ | 367.8 | 4.6 | $ | 504.2 | 2.9 | $ | 935.1 | 6.0 | |||||||||||||||||||||||
Net earnings | $ | 125.9 | 1.5 | $ | 285.3 | 3.6 | $ | 378.2 | 2.2 | $ | 722.0 | 4.6 |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||
Used vehicle gross profit | $ | 495.0 | $ | 506.5 | (2.3) | % | $ | 1,058.5 | $ | 1,103.5 | (4.1) | % | |||||||||||||||||||||||
Wholesale vehicle gross profit | 140.7 | 189.0 | (25.6) | % | 332.3 | 374.9 | (11.3) | % | |||||||||||||||||||||||||||
Other gross profit | 101.4 | 120.0 | (15.4) | % | 221.7 | 261.6 | (15.2) | % | |||||||||||||||||||||||||||
Total | $ | 737.1 | $ | 815.5 | (9.6) | % | $ | 1,612.5 | $ | 1,740.0 | (7.3) | % |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
$ per unit(2) | %(3) | $ per unit(2) | %(3) | $ per unit(2) | %(3) | $ per unit(2) | %(3) | ||||||||||||||||||||||
Used vehicle gross profit | $ | 2,282 | 7.9 | $ | 2,185 | 8.3 | $ | 2,312 | 8.0 | $ | 2,196 | 9.0 | |||||||||||||||||
Wholesale vehicle gross profit | $ | 881 | 8.3 | $ | 1,005 | 11.1 | $ | 961 | 8.7 | $ | 1,015 | 12.2 | |||||||||||||||||
Other gross profit | $ | 468 | 59.6 | $ | 517 | 65.8 | $ | 484 | 63.2 | $ | 521 | 75.1 | |||||||||||||||||
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||
Compensation and benefits: | |||||||||||||||||||||||||||||||||||
Compensation and benefits, excluding share-based compensation expense | $ | 333.8 | $ | 299.5 | 11.4 | % | $ | 679.0 | $ | 583.6 | 16.3 | % | |||||||||||||||||||||||
Share-based compensation expense | 24.5 | 28.7 | (14.5) | % | 46.8 | 67.1 | (30.3) | % | |||||||||||||||||||||||||||
Total compensation and benefits (2) | $ | 358.3 | $ | 328.2 | 9.2 | % | $ | 725.8 | $ | 650.7 | 11.5 | % | |||||||||||||||||||||||
Occupancy costs | 68.8 | 55.1 | 25.0 | % | 134.7 | 105.6 | 27.5 | % | |||||||||||||||||||||||||||
Advertising expense | 82.9 | 85.0 | (2.5) | % | 171.8 | 157.5 | 9.1 | % | |||||||||||||||||||||||||||
Other overhead costs (3) | 156.0 | 106.0 | 47.2 | % | 290.5 | 214.6 | 35.5 | % | |||||||||||||||||||||||||||
Total SG&A expenses | $ | 666.0 | $ | 574.3 | 16.0 | % | $ | 1,322.8 | $ | 1,128.4 | 17.2 | % | |||||||||||||||||||||||
SG&A as % of gross profit | 90.4 | % | 70.4 | % | 20.0 | % | 82.0 | % | 64.8 | % | 17.2 | % |
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||||||||
(In millions) | 2022 | % (1) | 2021 | % (1) | 2022 | % (1) | 2021 | % (1) | |||||||||||||||||||||
Interest margin: | |||||||||||||||||||||||||||||
Interest and fee income | $ | 357.2 | 8.8 | $ | 324.1 | 8.8 | $ | 703.9 | 8.8 | $ | 634.4 | 8.8 | |||||||||||||||||
Interest expense | (62.5) | (1.5) | (60.6) | (1.7) | (111.3) | (1.4) | (126.4) | (1.8) | |||||||||||||||||||||
Total interest margin | 294.7 | 7.3 | 263.5 | 7.2 | 592.6 | 7.4 | 508.0 | 7.0 | |||||||||||||||||||||
Provision for loan losses | (75.5) | (1.9) | (35.5) | (1.0) | (133.3) | (1.7) | (11.1) | (0.2) | |||||||||||||||||||||
Total interest margin after provision for loan losses | 219.2 | 5.4 | 228.0 | 6.2 | 459.3 | 5.7 | 496.9 | 6.9 | |||||||||||||||||||||
Total direct expenses | (36.3) | (0.9) | (27.9) | (0.8) | (71.9) | (0.9) | (55.1) | (0.8) | |||||||||||||||||||||
CarMax Auto Finance income | $ | 182.9 | 4.5 | $ | 200.0 | 5.4 | $ | 387.3 | 4.8 | $ | 441.8 | 6.1 | |||||||||||||||||
Total average managed receivables | $ | 16,176.2 | $ | 14,683.3 | $ | 15,996.6 | $ | 14,416.0 | |||||||||||||||||||||
Net loans originated | $ | 2,334.0 | $ | 2,372.4 | $ | 4,780.8 | $ | 4,855.8 | |||||||||||||||||||||
Net penetration rate | 41.2 | % | 43.0 | % | 40.2 | % | 43.4 | % | |||||||||||||||||||||
Weighted average contract rate | 9.4 | % | 8.5 | % | 9.2 | % | 8.7 | % | |||||||||||||||||||||
Ending allowance for loan losses | $ | 477.5 | $ | 398.1 | $ | 477.5 | $ | 398.1 | |||||||||||||||||||||
Warehouse facility information: | |||||||||||||||||||||||||||||
Ending funded receivables | $ | 2,997.9 | $ | 3,181.9 | $ | 2,997.9 | $ | 3,181.9 | |||||||||||||||||||||
Ending unused capacity | $ | 2,402.1 | $ | 1,643.1 | $ | 2,402.1 | $ | 1,643.1 | |||||||||||||||||||||
Three Months Ended August 31 | Six Months Ended August 31 | ||||||||||||||||||||||||||||||||||
(In millions except per share data) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||
Net earnings | $ | 125.9 | $ | 285.3 | (55.9) | % | $ | 378.2 | $ | 722.0 | (47.6) | % | |||||||||||||||||||||||
Diluted weighted average shares outstanding | 160.2 | 165.6 | (3.3) | % | 161.0 | 166.0 | (3.0) | % | |||||||||||||||||||||||||||
Net earnings per diluted share | $ | 0.79 | $ | 1.72 | (54.1) | % | $ | 2.35 | $ | 4.35 | (46.0) | % |
Three Months Ended August 31 | Six Months Ended August 31 | |||||||||||||||||||||||||||||||||||||
(In thousands except per share data) | 2022 | %(1) | 2021 | %(1) | 2022 | %(1) | 2021 | %(1) | ||||||||||||||||||||||||||||||
SALES AND OPERATING REVENUES: | ||||||||||||||||||||||||||||||||||||||
Used vehicle sales | $ | 6,284,085 | 77.2 | $ | 6,104,366 | 76.4 | $ | 13,298,575 | 76.2 | $ | 12,261,710 | 78.2 | ||||||||||||||||||||||||||
Wholesale vehicle sales | 1,690,326 | 20.8 | 1,701,572 | 21.3 | 3,806,843 | 21.8 | 3,075,929 | 19.6 | ||||||||||||||||||||||||||||||
Other sales and revenues | 170,392 | 2.1 | 182,421 | 2.3 | 351,006 | 2.0 | 348,319 | 2.2 | ||||||||||||||||||||||||||||||
NET SALES AND OPERATING REVENUES | 8,144,803 | 100.0 | 7,988,359 | 100.0 | 17,456,424 | 100.0 | 15,685,958 | 100.0 | ||||||||||||||||||||||||||||||
COST OF SALES: | ||||||||||||||||||||||||||||||||||||||
Used vehicle cost of sales | 5,789,098 | 71.1 | 5,597,842 | 70.1 | 12,240,108 | 70.1 | 11,158,179 | 71.1 | ||||||||||||||||||||||||||||||
Wholesale vehicle cost of sales | 1,549,669 | 19.0 | 1,512,559 | 18.9 | 3,474,519 | 19.9 | 2,701,072 | 17.2 | ||||||||||||||||||||||||||||||
Other cost of sales | 68,891 | 0.8 | 62,474 | 0.8 | 129,261 | 0.7 | 86,714 | 0.6 | ||||||||||||||||||||||||||||||
TOTAL COST OF SALES | 7,407,658 | 90.9 | 7,172,875 | 89.8 | 15,843,888 | 90.8 | 13,945,965 | 88.9 | ||||||||||||||||||||||||||||||
GROSS PROFIT | 737,145 | 9.1 | 815,484 | 10.2 | 1,612,536 | 9.2 | 1,739,993 | 11.1 | ||||||||||||||||||||||||||||||
CARMAX AUTO FINANCE INCOME | 182,869 | 2.2 | 200,033 | 2.5 | 387,342 | 2.2 | 441,764 | 2.8 | ||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 666,041 | 8.2 | 574,286 | 7.2 | 1,322,781 | 7.6 | 1,128,355 | 7.2 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 57,692 | 0.7 | 52,789 | 0.7 | 113,340 | 0.6 | 102,679 | 0.7 | ||||||||||||||||||||||||||||||
Interest expense | 32,745 | 0.4 | 22,410 | 0.3 | 61,520 | 0.4 | 42,944 | 0.3 | ||||||||||||||||||||||||||||||
Other income | (4,039) | — | (1,782) | — | (1,940) | — | (27,359) | (0.2) | ||||||||||||||||||||||||||||||
Earnings before income taxes | 167,575 | 2.1 | 367,814 | 4.6 | 504,177 | 2.9 | 935,138 | 6.0 | ||||||||||||||||||||||||||||||
Income tax provision | 41,670 | 0.5 | 82,547 | 1.0 | 126,007 | 0.7 | 213,115 | 1.4 | ||||||||||||||||||||||||||||||
NET EARNINGS | $ | 125,905 | 1.5 | $ | 285,267 | 3.6 | $ | 378,170 | 2.2 | $ | 722,023 | 4.6 | ||||||||||||||||||||||||||
WEIGHTED AVERAGE COMMON SHARES: | ||||||||||||||||||||||||||||||||||||||
Basic | 158,801 | 162,966 | 159,556 | 163,058 | ||||||||||||||||||||||||||||||||||
Diluted | 160,218 | 165,643 | 161,015 | 165,969 | ||||||||||||||||||||||||||||||||||
NET EARNINGS PER SHARE: | ||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.79 | $ | 1.75 | $ | 2.37 | $ | 4.43 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.79 | $ | 1.72 | $ | 2.35 | $ | 4.35 |
As of | ||||||||||||||||||||
August 31 | February 28 | August 31 | ||||||||||||||||||
(In thousands except share data) | 2022 | 2022 | 2021 | |||||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 56,772 | $ | 102,716 | $ | 58,095 | ||||||||||||||
Restricted cash from collections on auto loans receivable | 533,253 | 548,099 | 570,567 | |||||||||||||||||
Accounts receivable, net | 402,452 | 560,984 | 517,260 | |||||||||||||||||
Inventory | 4,671,685 | 5,124,569 | 4,105,458 | |||||||||||||||||
Other current assets | 208,297 | 212,922 | 119,916 | |||||||||||||||||
TOTAL CURRENT ASSETS | 5,872,459 | 6,549,290 | 5,371,296 | |||||||||||||||||
Auto loans receivable, net | 15,961,213 | 15,289,701 | 14,656,170 | |||||||||||||||||
Property and equipment, net | 3,312,605 | 3,209,068 | 3,128,896 | |||||||||||||||||
Deferred income taxes | 93,057 | 120,931 | 117,288 | |||||||||||||||||
Operating lease assets | 530,285 | 537,357 | 553,727 | |||||||||||||||||
Goodwill | 141,258 | 141,258 | 150,343 | |||||||||||||||||
Other assets | 559,666 | 490,659 | 475,602 | |||||||||||||||||
TOTAL ASSETS | $ | 26,470,543 | $ | 26,338,264 | $ | 24,453,322 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable | $ | 928,749 | $ | 937,717 | $ | 903,847 | ||||||||||||||
Accrued expenses and other current liabilities | 482,361 | 533,271 | 487,771 | |||||||||||||||||
Accrued income taxes | — | — | 422 | |||||||||||||||||
Current portion of operating lease liabilities | 48,783 | 44,197 | 43,676 | |||||||||||||||||
Short-term debt | — | — | 167 | |||||||||||||||||
Current portion of long-term debt | 112,504 | 11,203 | 10,562 | |||||||||||||||||
Current portion of non-recourse notes payable | 559,792 | 521,069 | 512,515 | |||||||||||||||||
TOTAL CURRENT LIABILITIES | 2,132,189 | 2,047,457 | 1,958,960 | |||||||||||||||||
Long-term debt, excluding current portion | 2,511,417 | 3,255,304 | 2,190,415 | |||||||||||||||||
Non-recourse notes payable, excluding current portion | 15,534,801 | 14,919,715 | 14,439,700 | |||||||||||||||||
Operating lease liabilities, excluding current portion | 512,542 | 523,269 | 538,296 | |||||||||||||||||
Other liabilities | 365,367 | 357,080 | 410,772 | |||||||||||||||||
TOTAL LIABILITIES | 21,056,316 | 21,102,825 | 19,538,143 | |||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Common stock, $0.50 par value; 350,000,000 shares authorized; 158,043,981 and 161,053,983 shares issued and outstanding as of August 31, 2022 and February 28, 2022, respectively | 79,022 | 80,527 | 81,235 | |||||||||||||||||
Capital in excess of par value | 1,684,408 | 1,677,268 | 1,653,066 | |||||||||||||||||
Accumulated other comprehensive income (loss) | 31,999 | (46,422) | (112,343) | |||||||||||||||||
Retained earnings | 3,618,798 | 3,524,066 | 3,293,221 | |||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 5,414,227 | 5,235,439 | 4,915,179 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 26,470,543 | $ | 26,338,264 | $ | 24,453,322 |
Six Months Ended August 31 | |||||||||||
(In thousands) | 2022 | 2021 | |||||||||
OPERATING ACTIVITIES: | |||||||||||
Net earnings | $ | 378,170 | $ | 722,023 | |||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 137,903 | 129,300 | |||||||||
Share-based compensation expense | 47,010 | 72,780 | |||||||||
Provision for loan losses | 133,343 | 11,107 | |||||||||
Provision for cancellation reserves | 59,208 | 62,886 | |||||||||
Deferred income tax provision | 800 | 32,502 | |||||||||
Other | 9,713 | (19,883) | |||||||||
Net decrease (increase) in: | |||||||||||
Accounts receivable, net | 158,532 | (244,471) | |||||||||
Inventory | 452,884 | (948,299) | |||||||||
Other current assets | 79,188 | (26,496) | |||||||||
Auto loans receivable, net | (804,855) | (1,177,458) | |||||||||
Other assets | (31,703) | (9,745) | |||||||||
Net (decrease) increase in: | |||||||||||
Accounts payable, accrued expenses and other | |||||||||||
current liabilities and accrued income taxes | (74,986) | 115,542 | |||||||||
Other liabilities | (65,618) | (105,109) | |||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 479,589 | (1,385,321) | |||||||||
INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | (204,463) | (137,838) | |||||||||
Proceeds from disposal of property and equipment | 84 | 260 | |||||||||
Proceeds from sale of business | — | 602 | |||||||||
Purchases of investments | (5,428) | (12,651) | |||||||||
Sales and returns of investments | 2,492 | 10,954 | |||||||||
Business acquisition, net of cash acquired | — | (241,563) | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | (207,315) | (380,236) | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Increase in short-term debt, net | — | 167 | |||||||||
Proceeds from issuances of long-term debt | 2,412,900 | 3,035,601 | |||||||||
Payments on long-term debt | (3,057,565) | (2,168,411) | |||||||||
Cash paid for debt issuance costs | (10,240) | (9,547) | |||||||||
Payments on finance lease obligations | (9,883) | (5,709) | |||||||||
Issuances of non-recourse notes payable | 8,230,501 | 7,414,283 | |||||||||
Payments on non-recourse notes payable | (7,576,056) | (6,201,801) | |||||||||
Repurchase and retirement of common stock | (325,168) | (355,495) | |||||||||
Equity issuances | 13,282 | 60,087 | |||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (322,229) | 1,769,175 | |||||||||
(Decrease) increase in cash, cash equivalents, and restricted cash | (49,955) | 3,618 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 803,618 | 771,947 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ | 753,663 | $ | 775,565 |
_
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Document and Entity Information Document |
Sep. 29, 2022 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Sep. 29, 2022 |
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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