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CarMax Reports Fourth Quarter and Fiscal Year 2009 Results

RICHMOND, Va.--(BUSINESS WIRE)--Apr. 2, 2009-- CarMax, Inc. (NYSE:KMX) today reported results for the fourth quarter and fiscal year ended February 28, 2009.

  • Total sales decreased 28% to $1.47 billion from $2.04 billion in the fourth quarter of fiscal 2008. For the fiscal year, total sales decreased 15% to $6.97 billion from $8.20 billion in fiscal 2008.
  • Comparable store used unit sales declined 26% for the fourth quarter and 16% for the fiscal year.
  • Total used unit sales decreased 21% in the fourth quarter and 8% for the fiscal year.
  • For the fourth quarter, the company reported net earnings of $37.5 million, or $0.17 per share, in fiscal 2009 compared with $21.8 million, or $0.10 per share, in fiscal 2008.
    • In last year’s fourth quarter, CarMax Auto Finance (CAF) income was reduced by $0.09 per share for adjustments primarily related to loans originated in previous quarters.
  • For the year, net earnings were $59.2 million, or $0.27 per share, in fiscal 2009 compared with $182.0 million, or $0.83 per share, in fiscal 2008.
    • CAF income was reduced by $0.23 per share in fiscal 2009 and $0.03 per share in fiscal 2008 for adjustments primarily related to loans originated in prior years.

Fourth Quarter Business Performance Review

Sales. “Once again, the most significant factor affecting our sales was a sharp decline in customer traffic compared with the prior year,” said Tom Folliard, president and chief executive officer. We estimate that traffic declined nearly as much as our 26% decrease in comparable store used unit sales, while our conversion rate slipped slightly. Our used vehicle average selling price decreased 7% versus the prior year’s quarter primarily reflecting our lower vehicle acquisition costs. While the weak economy was the largest factor in the comparable store sales decline, we believe that our lean inventory levels and a decrease in the percentage of sales financed by CAF were also modest contributors to the lower sales. Our data indicates that while we experienced a small decline in our share of the late-model used vehicle market for the quarter, we gained market share for the full year. We believe that our superior consumer offer will allow us to continue to gain share over the long term.

Given the unprecedented rate of decline in industry wholesale prices for virtually all vehicle classes that occurred during the third quarter and into the early portion of the fourth quarter, together with the lack of future visibility, we felt it was prudent to maintain lower-than-normal inventory levels. We believe this contributed modestly to the decline in comparable store sales.

As previously announced, beginning last fall, we chose to temporarily route more credit applications directly to our third-party finance providers in order to slow the use of capacity in the CAF warehouse facility. We also moderately tightened CAF lending standards during the fourth quarter. Together, these actions reduced the percentage of our unit sales financed by CAF by several percentage points compared with the fourth quarter of last year. The CAF origination channel has historically generated some incremental sales, and we therefore believe the decrease in the percentage of sales financed by CAF contributed modestly to our decline in comparable store sales.

Our total wholesale unit sales declined 27% compared with the fourth quarter of fiscal 2008. The decline reflected both the reduction in our customer traffic flow and a decrease in our appraisal buy rate. We believe the buy rate was adversely affected throughout the year by the lower wholesale values.

Compared with the fourth quarter of last year, other sales and revenues declined 8%. Extended service plan revenues declined 10%. Service department sales increased 9%. Third-party finance fees decreased 54% due to a combination of factors including the reduction in retail vehicle sales, a shift in mix among providers and a previously reported change in discount arrangements with certain of the providers.

Gross Profit. Total gross profit decreased by $26.8 million, or 10%, to $230.3 million primarily due to the significant decline in used and wholesale unit sales. However, our gross profit dollars per used unit increased substantially, by $325 to $2,040 per unit compared with $1,715 per unit in last year’s fourth quarter. The improvement resulted from a combination of factors. In part, it reflected the below-average gross profit per unit generated in the prior year’s fourth quarter. It also reflected a continuation of the unprecedented rate of depreciation in wholesale industry prices through the end of the calendar year, followed by a record rate of appreciation in January and February. This shift allowed us to temporarily optimize gross profit per unit during a period when we were already able to provide compelling values to consumers. Despite the reduction in sales, we were able to modestly increase our used vehicle inventory turns in the fourth quarter of fiscal 2009 compared with the prior year period.

Wholesale gross profit per unit increased $73 to $882 per unit compared with $809 per unit in the fourth quarter of fiscal 2008. We experienced a record dealer-to-car ratio at our auctions in this year’s fourth quarter, with the resulting price competition among bidders contributing to the strong wholesale profit per unit. We typically experience our strongest wholesale gross profit per unit in the fourth quarter, as this generally coincides with peak seasonal demand for older, higher mileage vehicles.

CarMax Auto Finance. CAF reported income of $28.0 million compared with a loss of $1.0 million in the fourth quarter of fiscal 2008. We made no material adjustments resulting from changes in valuation assumptions during the fourth quarter of fiscal 2009. In the fourth quarter of the prior fiscal year, CAF results were reduced by unfavorable adjustments and higher funding costs totaling $31.4 million, or $0.09 per share, primarily related to loans originated in previous fiscal periods.

The CAF gain on loans originated and sold declined to $15.8 million compared with $21.0 million in the prior year’s quarter. CAF’s loan origination volume was adversely affected by the decreases in our unit sales and average selling price, as well as the decrease in the percentage of sales financed by CAF.

SG&A. In the fourth quarter of fiscal 2009, selling, general and administrative expenses fell to $196.7 million, or 13.4% of total revenues, from $219.9 million, or 10.8% of total revenues, in the prior year quarter, despite the 12% increase in our store base during fiscal 2009. The SG&A reductions primarily reflected decreases in variable selling expenses, as well as our efforts to curb store and corporate overhead costs, including payroll and advertising. Our total number of associates declined to approximately 13,000 as of the end of fiscal 2009 from a peak of approximately 16,400 in May 2008. The fiscal 2009 fourth quarter SG&A expense also reflected reductions in growth-related costs, including pre-opening and relocation costs, resulting from our suspension of store growth. The increase in SG&A as a percent of revenues was mainly the result of the significant declines in comparable store used unit sales and average selling price.

Credit Facilities. As of February 28, 2009, we had $308.5 million outstanding under the revolving credit facility and $140.6 million in cash and cash equivalents. As of the prior year end, we had $300.2 million outstanding under the revolver and $13.0 million of cash and cash equivalents. As of February 28, 2009, based on then-current inventory levels, we had additional borrowing capacity of $227.7 million under the revolving credit facility, which expires in December 2011.

As of February 28, 2009, $1.215 billion of auto loan receivables were outstanding in the warehouse facility and unused warehouse capacity totaled $185 million.

Superstore Openings. During the fourth quarter, we expanded our presence in the Washington, D.C. market with a superstore in Potomac Mills, Virginia. Construction on this store was already underway in December when we announced our plan to temporarily suspend store growth. For the fiscal year, we opened 11 superstores, expanding our presence in 5 existing markets and opening stores in 5 new markets.

Supplemental Financial Information

Sales Components

(In millions)

  Three Months Ended

February 28 or 29 (1)

  Fiscal Year Ended

February 28 or 29 (1)

  2009     2008   Change   2009     2008   Change
Used vehicle sales $ 1,228.7 $ 1,679.5 (26.8 )% $ 5,690.7 $ 6,589.3 (13.6 )%
New vehicle sales 44.5 76.2 (41.6 )% 261.9 370.6 (29.3 )%
Wholesale vehicle sales 137.2 223.9 (38.7 )% 779.8 985.0 (20.8 )%
Other sales and revenues:
Extended service plan revenues 31.7 35.2 (10.0 )% 125.2 132.4 (5.5 )%
Service department sales 25.5 23.4 8.7 % 101.2 96.0 5.4 %
Third-party finance fees, net   2.9     6.4   (54.4 )%   15.3     26.1   (41.6 )%
Total other sales and revenues   60.1     65.0   (7.6 )%   241.6     254.6   (5.1 )%
Net sales and operating revenues $ 1,470.5   $ 2,044.6   (28.1 )% $ 6,974.0   $ 8,199.6   (14.9 )%

(1) Percent calculations and amounts shown are based on amounts presented on the attached consolidated statements of operations and may not sum due to rounding.

Retail Vehicle Sales Changes

  Three Months Ended   Fiscal Year Ended
February 28 or 29 February 28 or 29
2009   2008 2009   2008
Comparable store vehicle sales:
Used vehicle units (26 )% 3 % (16 )% 3 %
New vehicle units (41 )% (9 )% (25 )% (11 )%
Total units (27 )% 3 % (17 )% 2 %
 
Used vehicle dollars (32 )% 2 % (21 )% 3 %
New vehicle dollars (42 )% (10 )% (26 )% (11 )%
Total dollars (32 )% 1 % (21 )% 2 %
 
Total vehicle sales:
Used vehicle units (21 )% 13 % (8 )% 12 %
New vehicle units (41 )% (20 )% (28 )% (17 )%
Total units (22 )% 12 % (9 )% 10 %
 
Used vehicle dollars (27 )% 11 % (14 )% 12 %
New vehicle dollars (42 )% (20 )% (29 )% (17 )%
Total dollars (27 )% 10 % (14 )% 10 %

Retail Vehicle Sales Mix

  Three Months Ended   Fiscal Year Ended
February 28 or 29 February 28 or 29
2009   2008 2009   2008
Vehicle units:
Used vehicles 98 % 97 % 97 % 96 %
New vehicles 2     3   3     4  
Total 100 %   100 % 100 %   100 %
 
Vehicle dollars:
Used vehicles 96 % 96 % 96 % 95 %
New vehicles 4     4   4     5  
Total 100 %   100 % 100 %   100 %

Unit Sales

  Three Months Ended   Fiscal Year Ended
February 28 or 29 February 28 or 29
2009   2008 2009   2008
Used vehicles 77,628 98,403 345,465 377,244
New vehicles 1,872 3,176 11,084 15,485
Wholesale vehicles 37,489 51,256 194,081 222,406

Average Selling Prices

  Three Months Ended   Fiscal Year Ended
February 28 or 29 February 28 or 29
2009   2008 2009   2008
Used vehicles $ 15,666 $ 16,915 $ 16,291 $ 17,298
New vehicles $ 23,656 $ 23,862 $ 23,490 $ 23,795
Wholesale vehicles $ 3,548 $ 4,256 $ 3,902 $ 4,319

Selected Operating Ratios

 

  Three Months Ended   Fiscal Year Ended

(In millions)

February 28 or 29 February 28 or 29
2009   % (1)   2008   % (1) 2009   % (1)   2008   % (1)
 
Net sales and operating revenues $ 1,470.5 100.0 % $ 2,044.6 100.0 % $ 6,974.0 100.0 % $ 8,199.6 100.0 %
Gross profit $ 230.3 15.7 % $ 257.1 12.6 % $ 968.2 13.9 % $ 1,072.4 13.1 %
CarMax Auto Finance income (loss) $ 28.0 1.9 % $ (1.0 ) -- $ 15.3 0.2 % $ 85.9 1.0 %

Selling, general, and administrative expenses

$ 196.7 13.4 % $ 219.9 10.8 % $ 882.4 12.7 % $ 858.4 10.5 %
Operating profit (EBIT) (2) $ 61.5 4.2 % $ 36.3 1.8 % $ 101.1 1.4 % $ 300.7 3.7 %
Net earnings $ 37.5 2.6 % $ 21.8 1.1 % $ 59.2 0.8 % $ 182.0 2.2 %

(1) Calculated as the ratio of the applicable amount to net sales and operating revenues.

(2) Operating profit equals earnings before interest and income taxes.

Gross Profit

  Three Months Ended   Fiscal Year Ended
February 28 or 29 February 28 or 29
2009   2008 2009   2008

$/unit (1)

  % (2)

$/unit (1)

  % (2)

$/unit (1)

  % (2)

$/unit (1)

  % (2)
Used vehicle gross profit $ 2,040 12.9 % $ 1,715 10.1 % $ 1,865 11.3 % $ 1,878 10.8 %
New vehicle gross profit $ 726 3.0 % $ 813 3.4 % $ 814 3.4 % $ 994 4.2 %
Wholesale vehicle gross profit $ 882 24.1 % $ 809 18.5 % $ 837 20.8 % $ 794 17.9 %
Other gross profit $ 473 62.6 % $ 436 68.1 % $ 427 63.0 % $ 437 67.5 %
Total gross profit $ 2,897 15.7 % $ 2,531 12.6 % $ 2,715 13.9 % $ 2,731 13.1 %

(1) Calculated as category gross profit divided by its respective units sold, except the other and total categories, which are divided by total retail units sold.

(2) Calculated as a percentage of its respective sales or revenue.

CAF Income

  Three Months Ended   Fiscal Year Ended

(In millions)

February 28 or 29   February 28 or 29
2009   2008

2009 (1)

 

2008 (1)

Gain on sales of loans originated and sold $ 15.8 $ 21.0 $ 46.5 $ 58.1
Other losses   (1.0 )     (31.4 )     (81.8 )     (9.6 )
Total gain (loss) 14.9 (10.4 ) (35.3 ) 48.5
Servicing fee and interest income 23.7 18.4 89.6 70.7
Direct CAF expenses   10.6       8.9       39.1       33.3  
CarMax Auto Finance income (loss) $ 28.0     $ (1.0 )   $ 15.3     $ 85.9  
 
Loans originated and sold $ 369.8 $ 590.4 $ 1,930.2 $ 2,430.8

Gain on sales of loans originated and sold as a percentage of loans originated and sold

4.3

%

3.6

%

2.4

%

2.4

%

(1) To the extent we recognize valuation or other adjustments related to loans originated and sold during previous quarters of the same fiscal year, the sum of amounts reported for individual quarters may not equal the amounts reported for the corresponding full fiscal year.

Earnings Highlights

  Three Months Ended   Fiscal Year Ended

(In millions except per share data)

February 28 or 29 February 28 or 29
2009   2008   Change 2009   2008   Change
Net earnings $ 37.5 $ 21.8 71.9 % $ 59.2 $ 182.0 (67.5 )%
Diluted weighted average shares outstanding

220.0

220.8

(0.4

)%

220.5

220.5

--

Net earnings per share $ 0.17 $ 0.10 70.0 % $ 0.27 $ 0.83 (67.5 )%

Expectations for Fiscal Year Ending February 28, 2010

Fiscal 2010 Capital Expenditures. As previously announced, we have temporarily suspended our store growth as a result of the weak economic and sales environment. At the date we announced the suspension, we had three stores under construction in Augusta, Georgia; Cincinnati, Ohio; and Dayton, Ohio. These stores have been completed, but they will not be opened until market conditions improve. Until we resume store growth, capital spending will be incurred primarily for maintenance capital items. Based on the relatively young average age of our store base, maintenance capital has represented a very small portion of our total capital spending in recent years. We currently estimate gross capital expenditures of approximately $20 million in fiscal 2010, down from $185.7 million in fiscal 2009.

Fiscal 2010 Outlook. “As a result of the unprecedented declines in traffic and sales and the continuing volatility in the asset-backed securitization markets, we do not believe we can make a meaningful projection of fiscal 2010 sales or earnings,” said Folliard. However, assuming that sales trends do not improve from fourth quarter levels and given all of the uncertainties in the economy, we would anticipate a double-digit decline in comparable store used unit sales in fiscal 2010, particularly early in the year.

Recent credit spreads in the public asset-backed securitization market have been significantly higher than the spreads implicit in our warehouse facility. As a result, we estimate CAF income will be reduced by incremental funding costs of between $50 million and $85 million before taxes, or $0.14 to $0.24 per share, upon the refinancing of the $1.215 billion that was in the warehouse facility at the end of fiscal 2009.

Absent further substantial deterioration in sales and earnings, and given the assumptions set forth above, we believe we will remain in compliance with our financial covenants in fiscal 2010.

Conference Call Information

We will host a conference call for investors at 9:00 a.m. ET today, April 2, 2009. 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 64975877. A live webcast of the call will be available on our investor information home page at investor.carmax.com and at www.streetevents.com.

A webcast replay of the call will be available at investor.carmax.com beginning at approximately 1:00 p.m. ET on April 2, 2009 through June 18, 2009. A telephone replay also will be available through April 9, 2009, and may be accessed by dialing 1-800-642-1687 (international callers dial 1-706-645-9291). The conference I.D. for both domestic and international callers is 64975877.

First Quarter Fiscal 2010 Earnings Release Date

We currently plan to release first quarter sales and earnings on Friday, June 19, 2009, before the opening of the New York Stock Exchange. We will 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 investor.carmax.com in June 2009.

About CarMax

CarMax, a Fortune 500 company, and one of the Fortune 2009 “100 Best Companies to Work For,” is the nation’s largest retailer of used cars. Headquartered in Richmond, Va., we currently operate 100 used car superstores in 46 markets. The CarMax consumer offer is structured around four customer benefits: low, no-haggle prices; a broad selection; high quality vehicles; and customer-friendly service. During the twelve months ended February 28, 2009, we retailed 345,465 used cars and sold 194,081 wholesale vehicles at our in-store auctions. For more information, access the CarMax website at 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 or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 general U.S. or regional U.S. economy.
  • Changes in the availability or cost of capital and working capital financing, including the availability or cost of long-term financing to support our geographic growth and the availability or cost of financing auto loan receivables.
  • Changes in consumer credit availability related to our third-party financing providers.
  • Changes in the competitive landscape within our industry.
  • Significant changes in retail prices for used and new vehicles.
  • A reduction in the availability of or access to sources of inventory.
  • Factors related to the regulatory and legislative environment in which we operate.
  • The loss of key employees from our store, regional or corporate management teams.
  • The failure of key information systems.
  • The effect of new accounting requirements or changes to U.S. generally accepted accounting principles.
  • Security breaches or other events that result in the misappropriation, loss or other unauthorized disclosure of confidential customer information.
  • The effect of various litigation matters.
  • Adverse conditions affecting one or more domestic-based automotive manufacturers.
  • The occurrence of severe weather events.
  • Factors related to the seasonal fluctuations in our business.
  • Factors related to the geographic concentration of our superstores.
  • Our inability to acquire or lease suitable real estate at favorable terms.
  • The occurrence of certain other material events.

For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 29, 2008, and our quarterly or current reports as filed with or furnished to the Securities and Exchange Commission. Our filings are publicly available on our investor information home page at investor.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. 4287. We disclaim any intent or obligation to update our forward-looking statements.

 

CARMAX, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(UNAUDITED)

(In thousands except per share data)

   
 
Three Months Ended February 28 or 29   Fiscal Year Ended February 28 or 29
2009   %(1)   2008   %(1)   2009   %(1)   2008   %(1)
           
Sales and operating revenues:
Used vehicle sales $ 1,228,689 83.6 $ 1,679,507 82.1

$

5,690,658

81.6 $

6,589,342

80.4
New vehicle sales 44,544 3.0 76,210 3.7 261,940 3.8 370,603 4.5
Wholesale vehicle sales 137,233 9.3 223,875 10.9 779,785 11.2 985,048 12.0
Other sales and revenues   60,051   4.1     65,015     3.2     241,583   3.5     254,578   3.1
Net sales and operating revenues 1,470,517 100.0 2,044,607 100.0 6,973,966 100.0 8,199,571 100.0
Cost of sales   1,240,210   84.3     1,787,480     87.4     6,005,796   86.1     7,127,146   86.9
Gross profit 230,307 15.7 257,127 12.6 968,170 13.9 1,072,425 13.1
CarMax Auto Finance income (loss) 27,968 1.9 (962 ) -- 15,286 0.2 85,865 1.0

Selling, general and administrative expenses

196,744 13.4 219,854 10.8 882,358 12.7 858,372 10.5
Gain on franchise disposition -- -- -- -- -- -- 740 --
Interest expense 1,026 0.1 1,945 0.1 6,086 0.1 4,955 0.1
Interest income   433   --     458     --     1,786   --     1,366   --
Earnings before income taxes 60,938 4.1 34,824 1.7 96,798 1.4 297,069 3.6
Provision for income taxes   23,415   1.6     12,995     0.6     37,585   0.5     115,044   1.4
Net earnings $ 37,523   2.6   $ 21,829     1.1  

$

59,213

  0.8   $ 182,025   2.2
 
Weighted average common shares:
Basic 217,747 216,705 217,537 216,045
Diluted 219,980 220,830 220,513 220,522
 
Net earnings per share:
Basic $ 0.17 $ 0.10 $ 0.27 $ 0.84
Diluted $ 0.17 $ 0.10 $ 0.27 $ 0.83
 
 

(1) Percents are calculated as a percentage of net sales and operating revenues and may not equal totals due to rounding.

 
   

CARMAX, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands)

 

 
February 28 February 29
2009   2008

ASSETS

Current assets:
Cash and cash equivalents $ 140,597 $ 12,965
Accounts receivable, net 75,876 73,228
Auto loan receivables held for sale 9,748 4,984
Retained interest in securitized receivables 348,262 270,761
Inventory 703,157 975,777
Prepaid expenses and other current assets   10,112     19,210
 
Total current assets 1,287,752 1,356,925
 
Property and equipment, net 938,259 862,497
Deferred income taxes 103,163 67,066
Other assets   50,013     46,673
 
TOTAL ASSETS $ 2,379,187   $ 2,333,161
 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Accounts payable $ 237,312 $ 306,013
Accrued expenses and other current liabilities 55,793 58,054
Accrued income taxes 26,551 7,569
Deferred income taxes 12,129 17,710
Short-term debt 878 21,017
Current portion of long-term debt   158,107     79,661
 
Total current liabilities 490,770 490,024
 
Long-term debt, excluding current portion 178,062 227,153
Deferred revenue and other liabilities   117,288     127,058
 
TOTAL LIABILITIES 786,120 844,235
 
SHAREHOLDERS’ EQUITY   1,593,067     1,488,926
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,379,187   $ 2,333,161
 
   

CARMAX, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

(In thousands)

 

 
Fiscal Year Ended February 28 or 29
2009   2008
 

Operating Activities:

Net earnings $ 59,213 $ 182,025

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization 54,741 46,615
Share-based compensation expense 35,436 33,467
Loss on disposition of assets 10,728 1,404
Deferred income tax benefit (41,502 ) (24,405 )
Net (increase) decrease in:
Accounts receivable, net (2,648 ) (1,815 )
Auto loan receivables held for sale, net (4,764 ) 1,178
Retained interest in securitized receivables (77,501 ) (68,459 )
Inventory 272,620 (139,661 )
Prepaid expenses and other current assets 9,090 (4,148 )
Other assets 647 1,360
Net (decrease) increase in:

Accounts payable, accrued expenses and other current liabilities and accrued income taxes

(40,276 ) 14,561
Deferred revenue and other liabilities   (11,193 )     37,398  
Net cash provided by operating activities   264,591       79,520  
 

Investing Activities:

Capital expenditures (185,700 ) (253,106 )
Proceeds from sales of assets 34,341 1,089
Purchases of money market securities (3,987 ) (19,565 )
Sales of investments available-for-sale -- 21,665
Purchases of investments available-for-sale   --       (7,100 )
Net cash used in investing activities   (155,346 )     (257,017 )
 

Financing Activities:

(Decrease) increase in short-term debt, net (20,139 ) 17,727
Issuances of long-term debt 789,800 972,300
Payments on long-term debt (761,827 ) (841,119 )
Equity issuances, net 10,162 14,730
Excess tax benefits from share-based payment arrangements   391       7,369  
Net cash provided by financing activities   18,387       171,007  

 

Increase (decrease) in cash and cash equivalents 127,632 (6,490 )
Cash and cash equivalents at beginning of year   12,965       19,455  
Cash and cash equivalents at end of year $ 140,597     $ 12,965  
 

Source: CarMax, Inc.

CarMax, Inc.
Investors and Financial Media:
Katharine Kenny, Assistant Vice President, Investor Relations
804-935-4591
or
Celeste Gunter, Manager, Investor Relations
804-935-4597
or
General Media:
Lisa Van Riper, Assistant Vice President, Public Affairs
804-935-4594
or
Trina Lee, Director, Public Relations
804-747-0422, ext. 4197

KMX (Common Stock)
ExchangeNYSE (US Dollar)
Price$67.32
Change (%) Stock is Up 6.79 (11.22%)
Volume6,683,489
Data as of 12/19/14 4:07 p.m. ET
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Contact Information

Katharine Kenny
Vice President, Investor Relations
(804) 747.0422
katharine_kenny@carmax.com

Celeste Gunter
Manager of Investor Relations
(804) 747.0422
celeste_gunter@carmax.com