CarMax Auto Finance (Tables)

6 Months Ended

Aug. 31, 2022

CarMax Auto Finance Income [Abstract]

Components Of CarMax Auto Finance Income

Components of CAF Income

	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
Direct expenses:
Payroll and fringe benefit expense	(15.9)		(0.4)	(12.4)		(0.3)	(30.6)		(0.4)	(25.0)		(0.3)
Depreciation and amortization	(3.8)		(0.1)	(0.2)		—	(7.6)		(0.1)	(0.4)		—
Other direct expenses	(16.6)		(0.4)	(15.3)		(0.4)	(33.7)		(0.4)	(29.7)		(0.4)
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

(1)     Annualized percentage of total average managed receivables.