RICHMOND, Va.--(BUSINESS WIRE)--
CarMax, Inc. (KMX) today reported results for the fourth quarter and fiscal year ended February 29, 2024.
弗吉尼亚州里士满--（美国商业资讯）--CarMax， Inc. （KMX）今天公布了截至 2024 年 2 月 29 日的第四季度和财年业绩。
Fourth Quarter Highlights:
第四季度亮点：
-
Net revenues were $5.6 billion, down 1.7% compared with the prior year fourth quarter.
净收入为 56 亿美元，与去年同期相比下降 1.7%。 -
Retail used unit sales increased 1.3% and comparable store used unit sales increased 0.1% from the prior year’s fourth quarter; wholesale units declined 4.0% from the prior year’s fourth quarter.
与去年第四季度相比，零售二手销量增长 1.3%，可比商店二手销量增长 0.1%;批发销量较去年第四季度下降 4.0%。 -
Delivered solid margins in retail and wholesale; gross profit per retail used unit of $2,251 and gross profit per wholesale unit of $1,120, both down slightly from last year’s historically strong fourth quarter.
在零售和批发方面实现了可观的利润率;每零售二手单位的毛利润为 2,251 美元，每批发单位的毛利润为 1,120 美元，均比去年第四季度的历史强劲略有下降。 -
Bought 234,000 vehicles from consumers and dealers, down 10.8% versus last year’s fourth quarter, which benefited from strong appreciation.
从消费者和经销商处购买了 234,000 辆汽车，与去年第四季度相比下降了 10.8%，这得益于强劲的升值。-
213,000 of these vehicles were purchased from consumers, down 14.1% over last year’s fourth quarter.
其中 213,000 辆汽车是从消费者那里购买的，比去年第四季度下降了 14.1%。 -
21,000 of these vehicles were purchased through dealers, up 44.8% from last year’s fourth quarter.
其中 21,000 辆是通过经销商购买的，比去年第四季度增长 44.8%。
-
213,000 of these vehicles were purchased from consumers, down 14.1% over last year’s fourth quarter.
-
SG&A of $580.9 million increased 1.4% or $8.0 million from last year’s fourth quarter as continued cost management efforts were pressured by an increase in share-based compensation and the timing of marketing spend.
SG&A 为 5.809 亿美元，比去年第四季度增长 1.4% 或 800 万美元，原因是持续的成本管理工作受到股票薪酬增加和营销支出时间安排的压力。 -
CarMax Auto Finance (CAF) income of $147.3 million, grew 18.9% from the prior year fourth quarter due to a lower provision for loan losses, reflecting tightened lending standards, and an increase in average managed receivables, partially offset by compression in the net interest margin percentage (NIM). NIM of 5.9% was consistent with this year’s third quarter.
CarMax Auto Finance （CAF） 收入为 1.473 亿美元，比去年第四季度增长 18.9%，原因是贷款损失准备金减少，反映出贷款标准收紧，以及平均管理应收账款的增加，部分被净息差百分比 （NIM） 的压缩所抵消。5.9% 的 NIM 与今年第三季度持平。 -
Net earnings per diluted share of $0.32 versus $0.44 a year ago; last year’s quarter benefited by $0.08 or $16.0 million due to the receipt of extended protection plan (EPP) profit sharing revenues as well as $0.04 from a 16.5% tax rate compared to a more normalized 23.3% tax rate this year.
摊薄每股净收益为 0.32 美元，去年同期为 0.44 美元;去年季度受益于 0.08 美元或 1600 万美元，这得益于延长保护计划 （EPP） 的利润分享收入，以及 16.5% 的税率带来的 0.04 美元，而今年的税率为 23.3%。
CEO Commentary: CEO 评论：
“We are encouraged by the performance of our business during the fourth quarter. We reported growth in total used unit sales and comps, delivered strong retail and wholesale gross profit per unit, continued to actively manage SG&A and grew CAF income significantly year-over-year,” said Bill Nash, president and chief executive officer. “During fiscal 2024, we enhanced our omni-channel experience and capabilities by making it even easier for consumers and dealers to transact, and we leveraged data science, automation and AI to drive operating efficiencies across our stores, CECs and corporate office. Our focus and progress have made our foundation stronger than ever and we are positioned well for the future.”
“我们对第四季度的业务表现感到鼓舞。我们报告了二手单位总销售额和组合的增长，实现了强劲的每单位零售和批发毛利润，继续积极管理 SG&A，并实现了 CAF 收入的同比增长，“总裁兼首席执行官 Bill Nash 说。“在 2024 财年，我们通过让消费者和经销商更轻松地进行交易来增强我们的全渠道体验和能力，并利用数据科学、自动化和人工智能来提高我们商店、CEC 和公司办公室的运营效率。我们的专注和进步使我们的基础比以往任何时候都更强大，我们为未来做好了准备。
Fourth Quarter Business Performance Review:
第四季度经营业绩回顾：
Sales. Combined retail and wholesale used vehicle unit sales were 287,603, a decline of 0.9% from the prior year’s fourth quarter.
销售。二手车零售和批发总销量为 287,603 辆，比去年第四季度下降 0.9%。
Total retail used vehicle unit sales increased 1.3% to 172,057 compared to the prior year’s fourth quarter. Comparable store used unit sales increased 0.1% from the prior year’s fourth quarter. We believe vehicle affordability challenges continued to impact our fourth quarter unit sales performance, with ongoing headwinds due to widespread inflationary pressures, higher interest rates, tightened lending standards and low consumer confidence. Total retail used vehicle revenues decreased 0.7% compared with the prior year’s fourth quarter, driven by the decrease in average retail selling price, which declined approximately $600 per unit, or 2.3%, partially offset by the increase in retail used units sold.
与去年第四季度相比，二手车零售总销量增长 1.3% 至 172,057 辆。可比商店二手销量比去年第四季度增长 0.1%。我们认为，汽车负担能力挑战继续影响我们第四季度的销量表现，由于广泛的通胀压力、更高的利率、收紧的贷款标准和消费者信心低迷，阻力持续存在。与去年第四季度相比，二手车零售总收入下降了 0.7%，原因是平均零售价格下降了约 600 美元/辆，即 2.3%，部分被零售二手车销量的增长所抵消。
Total wholesale vehicle unit sales declined 4.0% to 115,546 versus the prior year’s fourth quarter. Total wholesale revenues decreased 5.5% compared with the prior year’s fourth quarter due to the decrease in wholesale units sold, as well as a decrease in the average wholesale selling price of approximately $250 per unit or 3.2%.
与去年第四季度相比，批发汽车总销量下降 4.0% 至 115,546 辆。与去年第四季度相比，批发总收入下降了 5.5%，原因是批发销量减少，以及平均批发销售价格下降了约 250 美元或每单位 3.2%。
We bought 234,000 vehicles from consumers and dealers, down 10.8% versus last year’s fourth quarter, which benefited from strong appreciation. Of these vehicles, 213,000 were bought from consumers and 21,000 were bought through dealers, a decrease of 14.1% and an increase of 44.8%, respectively, from last year’s results.
我们从消费者和经销商那里购买了 234,000 辆汽车，与去年第四季度相比下降了 10.8%，这得益于强劲的升值。其中，213,000 辆是从消费者那里购买的，21,000 辆是通过经销商购买的，与去年相比分别下降 14.1% 和增长 44.8%。
Other sales and revenues declined by 3.7% compared with the fourth quarter of fiscal 2023, representing a decrease of $5.9 million. The decrease was primarily driven by a $6.2 million decline in extended protection plan (EPP) revenues reflecting the combined effects of a $16.0 million year-over-year reduction in profit sharing revenues, partially offset by stronger margins.
与 2023 财年第四季度相比，其他销售额和收入下降了 3.7%，减少了 590 万美元。这一下降主要是由于延长保护计划 （EPP） 收入下降了 620 万美元，反映了利润分享收入同比减少 1600 万美元的综合影响，部分被更高的利润率所抵消。
Online retail sales(1) accounted for 14% of retail unit sales, in line with the fourth quarter of last year. Revenue from online transactions(2), including retail and wholesale unit sales, was $1.7 billion, or approximately 30% of net revenues, consistent with last year’s fourth quarter.
在线零售额（1）占零售单位销售额的 14%，与去年第四季度持平。在线交易收入（2）为 17 亿美元，包括零售和批发单位销售额，约占净收入的 30%，与去年第四季度持平。
Gross Profit. Total gross profit was $586.2 million, down 4.1% versus last year’s fourth quarter. Retail used vehicle gross profit increased 0.1% and retail gross profit per used unit was $2,251, in line with last year’s fourth quarter.
毛利。总毛利润为 5.862 亿美元，与去年第四季度相比下降 4.1%。零售二手车毛利润增长 0.1%，每辆二手车零售毛利润为 2,251 美元，与去年第四季度持平。
Wholesale vehicle gross profit decreased 9.4% versus the prior year’s fourth quarter, reflecting lower wholesale unit volume and gross profit per unit, which declined $67 to $1,120.
与去年第四季度相比，批发汽车毛利下降了 9.4%，反映了批发销量和每单位毛利润的下降，后者下降了 67 美元至 1,120 美元。
Other gross profit declined 14.5% primarily reflecting a decrease in EPP revenues resulting from the combined effects of a $16.0 million year-over-year reduction in profit sharing revenues, partially offset by stronger margins, as well as a $4.0 million reduction in service gross profit.
其他毛利润下降 14.5%，主要是由于利润分享收入同比减少 1600 万美元的综合影响导致 EPP 收入下降，部分被更高的利润率以及服务毛利润减少 400 万美元所抵消。
SG&A. Compared with the fourth quarter of fiscal 2023, SG&A expenses increased 1.4% or $8.0 million to $580.9 million. Share-based compensation, which largely reflected changes in the company’s share price, increased $8.0 million as compared to the prior year’s fourth quarter. The increase was also driven by an increase in advertising due to timing, a higher corporate bonus accrual, and an increase in occupancy costs. Reflecting the continuation of our cost and efficiency efforts, and partially offsetting these items, was a reduced level of spend for our technology platforms and a decrease in costs related to non-CAF uncollectable receivables.
与 2023 财年第四季度相比，SG&A 费用增长了 1.4%，即 800 万美元，达到 5.809 亿美元。与去年第四季度相比，基于股票的薪酬在很大程度上反映了公司股价的变化，增加了 800 万美元。这一增长还受到时间安排导致的广告增加、更高的公司奖金累积以及入住成本的增加。反映我们继续努力提高成本和效率，并部分抵消这些项目，是我们的技术平台支出水平降低，以及与非 CAF 无法收回的应收账款相关的成本降低。
For fiscal year 2024, SG&A as a percent of gross profit levered by 4.5 percentage points to 84.3%. Excluding the benefit from the Takata legal settlement, SG&A as a percent of gross profit would have been 86.7% for fiscal year 2024, a leverage of 210 basis points despite a gross profit decrease of 3.1% versus fiscal year 2023. In fiscal year 2025, we expect to require low-single-digit gross profit growth to lever SG&A.
对于 2024 财年，SG&A 占毛利润的百分比上升了 4.5 个百分点，达到 84.3%。如果不考虑高田法律和解的好处，2024 财年的 SG&A 占毛利润的百分比将为 86.7%，尽管毛利润与 2023 财年相比下降了 3.1%，但杠杆率为 210 个基点。在 2025 财年，我们预计需要低个位数的毛利润增长才能撬动 SG&A。
CarMax Auto Finance.(3) CAF income increased 18.9% to $147.3 million, driven by a $26.4 million year-over-year decrease in the provision for loan losses and growth in CAF’s average managed receivables, which were partially offset by the decline in CAF’s net interest margin percentage. This quarter’s provision was $71.6 million compared to $98.0 million in the prior year’s fourth quarter.
CarMax 汽车金融。（3） CAF 收入增长 18.9%，达到 1.473 亿美元，这得益于贷款损失准备金同比减少 2640 万美元和 CAF 平均管理应收账款的增长，这部分被 CAF 净息差百分比的下降所抵消。本季度的拨备为 7160 万美元，而去年第四季度为 9800 万美元。
As of February 29, 2024, the allowance for loan losses was 2.78% of ending managed receivables, down from 2.92% as of November 30, 2023. The decrease in the allowance percentage reflected the significant impact that originations under CAF’s tightened credit policy had on the reserve as they continued to become a larger percent of the portfolio. In addition, observed performance within the portfolio aligned closely to our reserve expectations at the end of the third quarter of fiscal year 2024 and contributed to the reduction in the reserve.
截至 2024 年 2 月 29 日，贷款损失准备金为期末管理应收账款的 2.78%，低于 2023 年 11 月 30 日的 2.92%。准备金百分比的下降反映了 CAF 收紧信贷政策下的发放对储备的重大影响，因为它们继续成为投资组合中较大百分比。此外，在投资组合中观察到的表现与我们在 2024 财年第三季度末的准备金预期密切相关，并促成了准备金的减少。
CAF’s total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, was 5.9% of average managed receivables, consistent with this year’s third quarter and down from 6.3% in the prior year’s fourth quarter, as increases in our customer rates were more than offset by the rising cost of funds. After the effect of 3-day payoffs, CAF financed 42.3% of units sold in the current quarter, down from 44.7% in the prior year’s fourth quarter. CAF’s weighted average contract rate was 11.5% in the quarter, up from 10.9% in the fourth quarter last year.
CAF 的总息差百分比（即向消费者收取的利息和费用与我们的融资成本之间的利差）为平均管理应收账款的 5.9%，与今年第三季度持平，低于去年第四季度的 6.3%，因为客户费率的增加被不断上涨的资金成本所抵消。在 3 天回报的影响之后，CAF 为本季度售出的 42.3% 的单位提供了资金，低于去年第四季度的 44.7%。CAF 的加权平均合同率在本季度为 11.5%，高于去年第四季度的 10.9%。
Share Repurchase Activity. During the fourth quarter of fiscal year 2024, we repurchased 685,600 shares of common stock for $49.3 million. As of February 29, 2024, we had $2.36 billion remaining available for repurchase under the outstanding authorization. In fiscal year 2025, we intend to modestly accelerate the pace of our share repurchases above the pace that we implemented in the third quarter of fiscal year 2024.
股票回购活动。在 2024 财年第四季度，我们以 4,930 万美元的价格回购了 685,600 股普通股。截至 2024 年 2 月 29 日，根据未完成的授权，我们仍有 23.6 亿美元可供回购。在 2025 财年，我们打算适度加快股票回购的步伐，高于我们在 2024 财年第三季度实施的步伐。
Location Openings. During the fourth quarter of fiscal year 2024, we opened four stores including two in the New York metro market and one in each of the Los Angeles and Chicago metro markets. We had a total of 245 used car stores as of February 29, 2024. We also opened our first stand-alone reconditioning center in the Atlanta metro market during the fourth quarter of fiscal year 2024.
位置空缺。在 2024 财年第四季度，我们开设了 4 家门店，其中 2 家位于纽约地铁市场，1 家位于洛杉矶和芝加哥地铁市场。截至 2024 年 2 月 29 日，我们共有 245 家二手车店。我们还在 2024 财年第四季度在亚特兰大都会区市场开设了第一家独立的翻新中心。
Fiscal 2025 Capital Spending Plan. For fiscal 2025, we are planning new store growth of five locations, as well as our second stand-alone reconditioning center and one stand-alone auction facility. We expect capital expenditures between $500 million and $550 million in fiscal year 2025 largely reflecting spending to support our future long-term growth in offsite-reconditioning and auction facilities, as well as our new stores.
2025 财年资本支出计划。2025 财年，我们计划增加 5 个门店，以及第二个独立的翻新中心和一个独立的拍卖设施。我们预计 2025 财年的资本支出在 5 亿美元至 5.5 亿美元之间，这在很大程度上反映了支持我们未来场外翻新和拍卖设施以及新店长期增长的支出。
Long-Term Targets. In regard to our long-term financial targets: (i) We are maintaining our goal to sell more than 2 million combined retail and wholesale units annually. However, we are extending the timeframe to between fiscal year 2026 and fiscal year 2030 due to uncertainty in the timing of market recovery and as we continue to focus on profitable market share growth. We intend to update the timeframe to achieve this goal when we have greater visibility into the industry’s pace of recovery; (ii) Given higher average selling prices, we expect to achieve the $33 billion annual revenue target sooner than units; and (iii) Similarly, we also expect to achieve more than 5% nationwide market share of age 0-10 used vehicles sooner than units, but given the recent volatility in vehicle values, we will provide an updated timeframe for our expected achievement at the end of fiscal year 2025.
长期目标。关于我们的长期财务目标：（i） 我们保持每年销售超过 200 万件零售和批发商品的目标。但是，由于市场复苏时间的不确定性，以及我们继续专注于盈利性市场份额增长，我们将时间框架延长至 2026 财年至 2030 财年之间。当我们对行业的复苏速度有更深入的了解时，我们打算更新实现这一目标的时间框架;（ii） 鉴于平均售价较高，我们预计比单位更早实现 330 亿美元的年收入目标;以及 （iii） 同样，我们也预计 0-10 岁车龄的二手车在全国市场份额将比销量更快达到 5% 以上，但鉴于近期车辆价值的波动，我们将在 2025 财年末为预期实现提供更新的时间框架。
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(1) |
An online retail unit sale is defined as a sale where the customer completes all four of these major transactional activities remotely: reserving the vehicle; financing the vehicle, if needed; trading-in or opting out of a trade in; and creating a remote sales order.
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(2) |
Revenue from online transactions is defined as revenue from retail sales that qualify for an online retail sale, as well as any EPP and third-party finance contribution, wholesale sales where the winning bid was an online bid, and all revenue earned by Edmunds.
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(3) |
Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions.
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Supplemental Financial Information
补充财务信息
Amounts and percentage calculations may not total due to rounding.
由于四舍五入，金额和百分比计算可能不合计。
Sales Components 销售组件
|
|
Three Months Ended 截至 3 个月 February 29 or 28 2 月 29 日或 28 日 |
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Years Ended 已结束的年份 February 29 or 28 2 月 29 日或 28 日 |
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(In millions) （以百万计） |
|
2024 |
|
|
|
2023 |
|
|
Change 改变 |
|
|
2024 |
|
|
|
2023 |
|
Change |
||
|
Used vehicle sales 二手车销量 |
$ |
4,497.6 |
|
|
$ |
4,531.1 |
|
|
(0.7 |
)% |
|
$ |
20,922.3 |
|
|
$ |
23,034.3 |
|
(9.2 |
)% |
|
Wholesale vehicle sales 汽车批发销售 |
|
974.3 |
|
|
|
1,030.7 |
|
|
(5.5 |
)% |
|
|
4,975.8 |
|
|
|
5,989.8 |
|
(16.9 |
)% |
|
Other sales and revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
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Extended protection plan revenues
|
|
98.0 |
|
|
|
104.2 |
|
|
(5.9 |
)% |
|
|
401.8 |
|
|
|
422.3 |
|
(4.9 |
)% |
|
Third-party finance (fees)/income, net
|
|
(3.5 |
) |
|
|
(0.1 |
) |
|
(3,255.3 |
)% |
|
|
(5.8 |
) |
|
|
7.0 |
|
(183.6 |
)% |
|
Advertising & subscription revenues (1) |
|
34.2 |
|
|
|
31.3 |
|
|
9.1 |
% |
|
|
135.8 |
|
|
|
133.3 |
|
1.9 |
% |
|
Other 其他 |
|
26.1 |
|
|
|
25.2 |
|
|
3.3 |
% |
|
|
106.2 |
|
|
|
98.2 |
|
8.1 |
% |
|
Total other sales and revenues
|
|
154.8 |
|
|
|
160.6 |
|
|
(3.7 |
)% |
|
|
638.0 |
|
|
|
660.8 |
|
(3.5 |
)% |
|
Total net sales and operating revenues
|
$ |
5,626.6 |
|
|
$ |
5,722.5 |
|
|
(1.7 |
)% |
|
$ |
26,536.0 |
|
|
$ |
29,684.9 |
|
(10.6 |
)% |
|
(1) Excludes intersegment revenues that have been eliminated in consolidation.
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Unit Sales 单位销售
|
|
Three Months Ended February 29 or 28
|
|
Years Ended February 29 or 28
|
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|
|
2024 |
|
2023 |
|
Change 改变 |
|
2024 |
|
2023 |
|
Change 改变 |
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|
Used vehicles 二手车 |
172,057 |
|
169,884 |
|
1.3 |
% |
|
765,572 |
|
807,823 |
|
(5.2 |
)% |
|
Wholesale vehicles 批发车辆 |
115,546 |
|
120,330 |
|
(4.0 |
)% |
|
546,331 |
|
585,071 |
|
(6.6 |
)% |
Average Selling Prices 平均售价
|
|
Three Months Ended February 29 or 28
|
|
Years Ended February 29 or 28
|
||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
Change 改变 |
|
|
2024 |
|
|
2023 |
|
Change 改变 |
||
|
Used vehicles 二手车 |
$ |
25,985 |
|
$ |
26,598 |
|
(2.3 |
)% |
|
$ |
27,028 |
|
$ |
28,251 |
|
(4.3 |
)% |
|
Wholesale vehicles 批发车辆 |
$ |
8,034 |
|
$ |
8,297 |
|
(3.2 |
)% |
|
$ |
8,707 |
|
$ |
9,872 |
|
(11.8 |
)% |
Vehicle Sales Changes 车辆销量变化
|
|
Three Months Ended 截至 3 个月 February 29 or 28 2 月 29 日或 28 日 |
|
Years Ended 已结束的年份 February 29 or 28 2 月 29 日或 28 日 |
||||||
|
|
2024 |
2023 |
|
2024 |
2023 |
||||
|
Used vehicle units 二手车单元 |
1.3 |
% |
(12.6 |
)% |
|
(5.2 |
)% |
(12.6 |
)% |
|
Used vehicle revenues 二手车收入 |
(0.7 |
)% |
(21.1 |
)% |
|
(9.2 |
)% |
(5.7 |
)% |
|
|
|
|
|
|
|
||||
|
Wholesale vehicle units 批发车辆单位 |
(4.0 |
)% |
(19.3 |
)% |
|
(6.6 |
)% |
(17.2 |
)% |
|
Wholesale vehicle revenues
|
(5.5 |
)% |
(41.6 |
)% |
|
(16.9 |
)% |
(11.4 |
)% |
Comparable Store Used Vehicle Sales Changes (1)
可比商店二手车销量变化 （1）
|
|
Three Months Ended 截至 3 个月 February 29 or 28 2 月 29 日或 28 日 |
|
Years Ended 已结束的年份 February 29 or 28 2 月 29 日或 28 日 |
||||||
|
|
2024 |
2023 |
|
2024 |
2023 |
||||
|
Used vehicle units 二手车单元 |
0.1 |
% |
(14.1 |
)% |
|
(6.7 |
)% |
(14.3 |
)% |
|
Used vehicle revenues 二手车收入 |
(2.0 |
)% |
(22.0 |
)% |
|
(10.6 |
)% |
(7.6 |
)% |
|
(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.
|
Used Vehicle Financing Penetration by Channel (Before the Impact of 3-day Payoffs) (1)
按渠道划分的二手车融资渗透率（3 天还款影响前） （1）
|
|
Three Months Ended 截至 3 个月 February 29 or 28 2 月 29 日或 28 日 |
|
Years Ended 已结束的年份 February 29 or 28 2 月 29 日或 28 日 |
||||||
|
|
2024 |
2023 |
|
2024 |
2023 |
||||
|
CAF (2) CAF （2） |
44.8 |
% |
47.4 |
% |
|
45.8 |
% |
45.4 |
% |
|
Tier 2 (3) 第 2 级别酒店 （3） |
18.7 |
% |
19.4 |
% |
|
18.9 |
% |
22.0 |
% |
|
Tier 3 (4) 第 3 级别酒店 （4） |
8.2 |
% |
6.9 |
% |
|
7.0 |
% |
6.5 |
% |
|
Other (5) 其他 （5） |
28.3 |
% |
26.3 |
% |
|
28.3 |
% |
26.1 |
% |
|
Total 总 |
100.0 |
% |
100.0 |
% |
|
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 2 and Tier 3 loan originations, which represent less than 2% 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.
|
|||||||||
Selected Operating Ratios
选定的工作比率
|
|
Three Months Ended 截至 3 个月 February 29 or 28 2 月 29 日或 28 日 |
|
Years Ended 已结束的年份 February 29 or 28 2 月 29 日或 28 日 |
||||||||||||
|
(In millions) （以百万计） |
|
2024 |
% (1) % （1） |
|
|
2023 |
% (1) % （1） |
|
|
2024 |
% (1) % （1） |
|
|
2023 |
% (1) |
|
Net sales and operating revenues
|
$ |
5,626.6 |
100.0 |
|
$ |
5,722.5 |
100.0 |
|
$ |
26,536.0 |
100.0 |
|
$ |
29,684.9 |
100.0 |
|
Gross profit 毛利 |
$ |
586.2 |
10.4 |
|
$ |
611.0 |
10.7 |
|
$ |
2,713.2 |
10.2 |
|
$ |
2,800.2 |
9.4 |
|
CarMax Auto Finance income
|
$ |
147.3 |
2.6 |
|
$ |
123.9 |
2.2 |
|
$ |
568.3 |
2.1 |
|
$ |
663.4 |
2.2 |
|
Selling, general, and administrative expenses
|
$ |
580.9 |
10.3 |
|
$ |
572.8 |
10.0 |
|
$ |
2,286.4 |
8.6 |
|
$ |
2,487.4 |
8.4 |
|
Interest expense 利息支出 |
$ |
31.4 |
0.6 |
|
$ |
28.7 |
0.5 |
|
$ |
124.8 |
0.5 |
|
$ |
120.4 |
0.4 |
|
Earnings before income taxes
|
$ |
65.5 |
1.2 |
|
$ |
82.6 |
1.4 |
|
$ |
641.6 |
2.4 |
|
$ |
636.8 |
2.1 |
|
Net earnings 净收益 |
$ |
50.3 |
0.9 |
|
$ |
69.0 |
1.2 |
|
$ |
479.2 |
1.8 |
|
$ |
484.8 |
1.6 |
|
(1) Calculated as a percentage of net sales and operating revenues.
|
|||||||||||||||
Gross Profit (1)
毛利 （1）
|
|
Three Months Ended February 29 or 28
|
|
Years Ended February 29 or 28
|
||||||||||||||
|
(In millions) （以百万计） |
|
2024 |
|
|
2023 |
|
Change 改变 |
|
|
2024 |
|
|
2023 |
|
Change 改变 |
||
|
Used vehicle gross profit
|
$ |
387.3 |
|
$ |
386.9 |
|
0.1 |
% |
|
$ |
1,752.0 |
|
$ |
1,848.2 |
|
(5.2 |
)% |
|
Wholesale vehicle gross profit
|
|
129.4 |
|
|
142.8 |
|
(9.4 |
)% |
|
|
556.8 |
|
|
589.8 |
|
(5.6 |
)% |
|
Other gross profit 其他毛利 |
|
69.5 |
|
|
81.3 |
|
(14.5 |
)% |
|
|
404.4 |
|
|
362.2 |
|
11.7 |
% |
|
Total 总 |
$ |
586.2 |
|
$ |
611.0 |
|
(4.1 |
)% |
|
$ |
2,713.2 |
|
$ |
2,800.2 |
|
(3.1 |
)% |
|
(1) Amounts are net of intercompany eliminations.
|
|||||||||||||||||
Gross Profit per Unit (1)
每单位毛利 （1）
|
|
Three Months Ended 截至 3 个月 February 29 or 28 2 月 29 日或 28 日 |
|
Years Ended 已结束的年份 February 29 or 28 2 月 29 日或 28 日 |
||||||||||
|
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
|
|
$ per unit(2) $ 每单位（2） |
%(3) %（3） |
$ per unit(2) $ 每单位（2） |
%(3) %（3） |
|
$ per unit(2) $ 每单位（2） |
%(3) %（3） |
$ per unit(2) $ 每单位（2） |
%(3) %（3） |
||||
|
Used vehicle gross profit per unit
|
$ |
2,251 |
8.6 |
$ |
2,277 |
8.5 |
|
$ |
2,288 |
8.4 |
$ |
2,288 |
8.0 |
|
Wholesale vehicle gross profit per unit
|
$ |
1,120 |
13.3 |
$ |
1,187 |
13.9 |
|
$ |
1,019 |
11.2 |
$ |
1,008 |
9.8 |
|
Other gross profit per unit
|
$ |
404 |
44.9 |
$ |
478 |
50.6 |
|
$ |
528 |
63.4 |
$ |
448 |
54.8 |
|
(1) |
Amounts are net of intercompany eliminations. Those eliminations had the effect of increasing used vehicle gross profit per unit and wholesale vehicle gross profit per unit and decreasing other gross profit per unit by immaterial amounts.
|
|
|
(2) |
Calculated as category gross profit divided by its respective units sold, except the other category, which is divided by total used units sold.
|
|
|
(3) |
Calculated as a percentage of its respective sales or revenue.
|
SG&A Expenses (1)
SG&A 费用 （1）
|
|
Three Months Ended 截至 3 个月 February 29 or 28 2 月 29 日或 28 日 |
|
Years Ended 已结束的年份 February 29 or 28 2 月 29 日或 28 日 |
||||||||||||||||||
|
(In millions) （以百万计） |
|
2024 |
|
|
|
2023 |
|
|
Change 改变 |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
|
Compensation and benefits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and benefits, excluding share-based compensation expense
|
$ |
304.1 |
|
|
$ |
297.3 |
|
|
2.3 |
% |
|
$ |
1,226.8 |
|
|
$ |
1,282.4 |
|
|
(4.3 |
)% |
|
Share-based compensation expense
|
|
27.6 |
|
|
|
19.6 |
|
|
40.4 |
% |
|
|
114.1 |
|
|
|
83.6 |
|
|
36.4 |
% |
|
Total compensation and benefits (2) |
$ |
331.7 |
|
|
$ |
316.9 |
|
|
4.7 |
% |
|
$ |
1,340.9 |
|
|
$ |
1,366.0 |
|
|
(1.8 |
)% |
|
Occupancy costs 占用成本 |
|
67.3 |
|
|
|
62.5 |
|
|
7.5 |
% |
|
|
271.4 |
|
|
|
267.3 |
|
|
1.5 |
% |
|
Advertising expense 广告费用 |
|
62.8 |
|
|
|
58.0 |
|
|
8.3 |
% |
|
|
264.4 |
|
|
|
288.5 |
|
|
(8.4 |
)% |
|
Other overhead costs (3) |
|
119.1 |
|
|
|
135.4 |
|
|
(12.0 |
)% |
|
|
409.7 |
|
|
|
565.6 |
|
|
(27.6 |
)% |
|
Total SG&A expenses SG&A 总费用 |
$ |
580.9 |
|
|
$ |
572.8 |
|
|
1.4 |
% |
|
$ |
2,286.4 |
|
|
$ |
2,487.4 |
|
|
(8.1 |
)% |
|
SG&A as a % of gross profit
|
|
99.1 |
% |
|
|
93.8 |
% |
|
5.3 |
% |
|
|
84.3 |
% |
|
|
88.8 |
% |
|
(4.5 |
)% |
|
(1) |
Amounts are net of intercompany eliminations.
|
|
|
(2) |
Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales.
|
|
|
(3) |
Includes IT expenses, non-CAF bad debt, insurance, travel, charitable contributions, preopening and relocation costs, and other administrative expenses.
|
Components of CAF Income and Other CAF Information
CAF 收入的组成部分和其他 CAF 信息
|
|
Three Months Ended
截至 3 个月 |
|
Years Ended 已结束的年份 February 29 or 28 2 月 29 日或 28 日 |
||||||||||||||||||
|
(In millions) （以百万计） |
|
2024 |
|
% (1) % （1） |
|
2023 |
|
% (1) % （1） |
|
|
2024 |
|
% (1) |
|
2023 |
|
% (1) |
||||
|
Interest margin: 息差： |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest and fee income 利息和费用收入 |
$ |
433.1 |
|
9.9 |
|
$ |
372.2 |
|
8.9 |
|
|
$ |
1,677.4 |
|
9.7 |
|
$ |
1,441.5 |
|
8.8 |
|
|
Interest expense 利息支出 |
|
(173.9 |
) |
(4.0 |
) |
|
(110.2 |
) |
(2.6 |
) |
|
|
(638.7 |
) |
(3.7 |
) |
|
(310.3 |
) |
(1.9 |
) |
|
Total interest margin 总息差 |
|
259.2 |
|
5.9 |
|
|
262.0 |
|
6.3 |
|
|
|
1,038.7 |
|
6.0 |
|
|
1,131.2 |
|
6.9 |
|
|
Provision for loan losses
|
|
(71.6 |
) |
(1.6 |
) |
|
(98.0 |
) |
(2.4 |
) |
|
|
(310.5 |
) |
(1.8 |
) |
|
(317.0 |
) |
(1.9 |
) |
|
Total interest margin after provision for loan losses
|
|
187.6 |
|
4.3 |
|
|
164.0 |
|
3.9 |
|
|
|
728.2 |
|
4.2 |
|
|
814.2 |
|
5.0 |
|
|
Total direct expenses 直接费用总额 |
|
(40.3 |
) |
(0.9 |
) |
|
(40.1 |
) |
(1.0 |
) |
|
|
(159.9 |
) |
(0.9 |
) |
|
(150.8 |
) |
(0.9 |
) |
|
CarMax Auto Finance income
|
$ |
147.3 |
|
3.4 |
|
$ |
123.9 |
|
3.0 |
|
|
$ |
568.3 |
|
3.3 |
|
$ |
663.4 |
|
4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total average managed receivables
|
$ |
17,424.9 |
|
|
$ |
16,683.5 |
|
|
|
$ |
17,313.2 |
|
|
$ |
16,304.3 |
|
|
||||
|
Net loans originated 贷款发放净额 |
$ |
1,779.0 |
|
|
$ |
1,904.7 |
|
|
|
$ |
8,270.0 |
|
|
$ |
8,832.7 |
|
|
||||
|
Net penetration rate 净渗透率 |
|
42.3 |
% |
|
|
44.7 |
% |
|
|
|
42.9 |
% |
|
|
42.1 |
% |
|
||||
|
Weighted average contract rate
|
|
11.5 |
% |
|
|
10.9 |
% |
|
|
|
11.2 |
% |
|
|
9.7 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Ending allowance for loan losses
|
$ |
482.8 |
|
|
$ |
507.2 |
|
|
|
$ |
482.8 |
|
|
$ |
507.2 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Warehouse facility information:
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Ending funded receivables
|
$ |
3,744.6 |
|
|
$ |
3,649.9 |
|
|
|
$ |
3,744.6 |
|
|
$ |
3,649.9 |
|
|
||||
|
Ending unused capacity 结束未使用的容量 |
$ |
2,055.4 |
|
|
$ |
1,950.1 |
|
|
|
$ |
2,055.4 |
|
|
$ |
1,950.1 |
|
|
||||
|
|
|||||||||||||||||||||
|
(1) Annualized percentage of total average managed receivables.
|
|||||||||||||||||||||
Earnings Highlights 收益亮点
|
|
Three Months Ended 截至 3 个月 February 29 or 28 2 月 29 日或 28 日 |
|
Years Ended 已结束的年份 February 29 or 28 2 月 29 日或 28 日 |
||||||||||||||
|
(In millions except per share data)
|
|
2024 |
|
|
2023 |
|
Change 改变 |
|
|
2024 |
|
|
2023 |
|
Change 改变 |
||
|
Net earnings 净收益 |
$ |
50.3 |
|
$ |
69.0 |
|
(27.2 |
)% |
|
$ |
479.2 |
|
$ |
484.8 |
|
(1.1 |
)% |
|
Diluted weighted average shares outstanding
|
|
158.2 |
|
|
158.5 |
|
(0.1 |
)% |
|
|
158.7 |
|
|
159.8 |
|
(0.7 |
)% |
|
Net earnings per diluted share
|
$ |
0.32 |
|
$ |
0.44 |
|
(27.3 |
)% |
|
$ |
3.02 |
|
$ |
3.03 |
|
(0.3 |
)% |
Conference Call Information
电话会议信息
We will host a conference call for investors at 9:00 a.m. ET today, April 11, 2024. Domestic investors may access the call at 1-800-225-9448 (international callers dial 1-203-518-9708). The conference I.D. for both domestic and international callers is 3171396. A live webcast of the call will be available on our investor information home page at investors.carmax.com.
我们将于美国东部时间今天（2024 年 4 月 11 日）上午 9：00 为投资者举行电话会议。国内投资者可拨打 1-800-225-9448（国际投资者拨打 1-203-518-9708）。国内和国际呼叫者的会议 ID 为 3171396。电话会议的网络直播将在我们的投资者信息主页上提供，网址为 investors.carmax.com。
A replay of the webcast will be available on the company’s website at investors.carmax.com through June 20, 2024, or via telephone (for approximately one week) by dialing 1-800-925-9348 (or 1-402-220-5381 for international access) and entering the conference ID 3171396.
First Quarter Fiscal 2025 Earnings Release Date
We currently plan to release results for the first quarter ending May 31, 2024, on Friday, June 21, 2024, before the opening of trading on the New York Stock Exchange. We plan to 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 investors.carmax.com in early June 2024.
我们目前计划在 2024 年 6 月 21 日星期五纽约证券交易所开市前发布截至 2024 年 5 月 31 日的第一季度业绩。我们计划在美国东部时间当天上午 9：00 为投资者举行电话会议。有关本次电话会议的信息将于 2024 年 6 月初在我们的投资者信息主页 investors.carmax.com 上提供。
About CarMax
CarMax, the nation’s largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year ended February 29, 2024, CarMax sold approximately 770,000 used vehicles and 550,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in receivables during fiscal 2024, adding to its more than $17 billion portfolio. CarMax has 245 store locations, nearly 30,000 associates, and is proud to have been recognized for 20 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to making a positive impact on people, communities and the environment. Learn more in the 2023 Responsibility Report. For more information, visit www.carmax.com.
CarMax 是美国最大的二手车零售商，通过在每一次互动中推动诚信、诚实和透明，彻底改变了汽车零售行业。该公司提供真正个性化的体验，客户可以根据自己的意愿在线和店内做或多或少的事情。在截至 2024 年 2 月 29 日的财年中，CarMax 在其拍卖会上售出了约 770,000 辆二手车和 550,000 辆批发车。此外，CarMax Auto Finance 在 2024 财年产生了超过 80 亿美元的应收账款，增加了其超过 170 亿美元的投资组合。CarMax 拥有 245 家门店、近 30,000 名员工，并自豪地连续 20 年被评为财富 100 家最适合工作的公司®之一。CarMax 致力于对人类、社区和环境产生积极影响。在 2023 年责任报告中了解更多信息。有关更多信息，请访问 www.carmax.com。
Forward-Looking Statements
前瞻性陈述
We caution readers that the statements contained in this release that are not statements of historical fact, including statements about our future business plans, operations, challenges, opportunities or prospects, including without limitation any statements or factors regarding expected operating capacity, sales, inventory, market share, financial targets, revenue, margins, expenses, liquidity, loan originations, capital expenditures, share repurchase plans, debt obligations or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “positioned,” “predict,” “should,” “target,” “will” and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management’s current knowledge, expectations and assumptions 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:
我们提醒读者，本新闻稿中包含的陈述不是历史事实的陈述，包括关于我们未来业务计划、运营、挑战、机遇或前景的陈述，包括但不限于有关预期运营能力、销售额、库存、市场份额、财务目标、收入、利润率、费用、流动性、贷款发放、资本支出、股票回购计划的任何陈述或因素。 债务义务或收益是根据 1995 年《私人证券诉讼改革法案》的安全港条款做出的前瞻性陈述。您可以通过使用“预期”、“相信”、“可能”、“估计”、“期望”、“打算”、“可能”、“展望”、“计划”、“定位”、“预测”、“应该”、“目标”、“将”等词语和其他类似表达来识别这些前瞻性陈述，无论是否定的还是肯定的。此类前瞻性陈述基于管理层的当前知识、预期和假设，涉及可能导致实际结果与预期结果存在重大差异的风险和不确定性。可能导致实际结果和结果与前瞻性陈述中包含的结果存在重大差异的因素如下：
-
Changes in the competitive landscape and/or our failure to successfully adjust to such changes.
竞争格局的变化和/或我们未能成功适应此类变化。 -
Changes in general or regional U.S. economic conditions, including inflationary pressures, climbing interest rates and the potential impact of international events.
美国总体或区域经济状况的变化，包括通胀压力、不断攀升的利率和国际事件的潜在影响。 -
Changes in the availability or cost of capital and working capital financing, including changes related to the asset-backed securitization market.
资本和营运资金融资的可用性或成本的变化，包括与资产证券化市场相关的变化。 -
Events that damage our reputation or harm the perception of the quality of our brand.
损害我们声誉或损害我们品牌质量认知的事件。 -
Significant changes in prices of new and used vehicles.
新车和二手车的价格发生重大变化。 - A reduction in the availability of or access to sources of inventory or a failure to expeditiously liquidate inventory.
- Our inability to realize the benefits associated with our omni-channel platform.
- Factors related to geographic and sales growth, including the inability to effectively manage our growth.
- 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.
- Changes in economic conditions or other factors that result in greater credit losses for CAF’s portfolio of auto loans receivable than anticipated.
- The failure or inability to realize the benefits associated with our strategic investments.
- 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.
- The performance of the third-party vendors we rely on for key components of our business.
- Adverse conditions affecting one or more automotive manufacturers, and manufacturer recalls.
- 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 failure or inability to adequately protect our intellectual property.
- The occurrence of severe weather events.
- The failure or inability to meet our environmental goals or satisfy related disclosure requirements.
- Factors related to the geographic concentration of our stores.
- Security breaches or other events that result in the misappropriation, loss or other unauthorized disclosure of confidential customer, associate or corporate information.
- The failure of or inability to sufficiently enhance key information systems.
- Factors related to the regulatory and legislative environment in which we operate.
- The effect of various litigation matters.
- The volatility in the market price for our common stock.
For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 28, 2023, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at investors.carmax.com. Requests for information may also be made to the Investor Relations Department by email to investor_relations@carmax.com or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
|
CARMAX, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) |
||||||||||||||||||||||
|
|
Three Months Ended February 29 or 28 |
|
Years Ended February 29 or 28 |
|||||||||||||||||||
|
(In thousands except per share data) |
|
2024 |
|
%(1) |
|
2023 |
|
%(1) |
|
|
2024 |
|
|
%(1) |
|
|
2023 |
|
|
%(1) |
||
|
SALES AND OPERATING REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Used vehicle sales |
$ |
4,497,588 |
|
79.9 |
|
$ |
4,531,127 |
|
79.2 |
|
|
$ |
20,922,279 |
|
|
78.8 |
|
$ |
23,034,286 |
|
|
77.6 |
|
Wholesale vehicle sales |
|
974,260 |
|
17.3 |
|
|
1,030,746 |
|
18.0 |
|
|
|
4,975,802 |
|
|
18.8 |
|
|
5,989,796 |
|
|
20.2 |
|
Other sales and revenues |
|
154,755 |
|
2.8 |
|
|
160,620 |
|
2.8 |
|
|
|
637,959 |
|
|
2.4 |
|
|
660,791 |
|
|
2.2 |
|
NET SALES AND OPERATING REVENUES |
|
5,626,603 |
|
100.0 |
|
|
5,722,493 |
|
100.0 |
|
|
|
26,536,040 |
|
|
100.0 |
|
|
29,684,873 |
|
|
100.0 |
|
COST OF SALES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Used vehicle cost of sales |
|
4,110,275 |
|
73.1 |
|
|
4,144,237 |
|
72.4 |
|
|
|
19,170,320 |
|
|
72.2 |
|
|
21,186,135 |
|
|
71.4 |
|
Wholesale vehicle cost of sales |
|
844,844 |
|
15.0 |
|
|
887,916 |
|
15.5 |
|
|
|
4,419,044 |
|
|
16.7 |
|
|
5,399,969 |
|
|
18.2 |
|
Other cost of sales |
|
85,293 |
|
1.5 |
|
|
79,361 |
|
1.4 |
|
|
|
233,467 |
|
|
0.9 |
|
|
298,566 |
|
|
1.0 |
|
TOTAL COST OF SALES |
|
5,040,412 |
|
89.6 |
|
|
5,111,514 |
|
89.3 |
|
|
|
23,822,831 |
|
|
89.8 |
|
|
26,884,670 |
|
|
90.6 |
|
GROSS PROFIT |
|
586,191 |
|
10.4 |
|
|
610,979 |
|
10.7 |
|
|
|
2,713,209 |
|
|
10.2 |
|
|
2,800,203 |
|
|
9.4 |
|
CARMAX AUTO FINANCE INCOME |
|
147,267 |
|
2.6 |
|
|
123,866 |
|
2.2 |
|
|
|
568,271 |
|
|
2.1 |
|
|
663,404 |
|
|
2.2 |
|
Selling, general, and administrative expenses |
|
580,885 |
|
10.3 |
|
|
572,849 |
|
10.0 |
|
|
|
2,286,378 |
|
|
8.6 |
|
|
2,487,357 |
|
|
8.4 |
|
Depreciation and amortization |
|
61,169 |
|
1.1 |
|
|
57,732 |
|
1.0 |
|
|
|
239,028 |
|
|
0.9 |
|
|
228,449 |
|
|
0.8 |
|
Interest expense |
|
31,434 |
|
0.6 |
|
|
28,728 |
|
0.5 |
|
|
|
124,750 |
|
|
0.5 |
|
|
120,398 |
|
|
0.4 |
|
Other income |
|
(5,541 |
) |
(0.1 |
) |
|
(7,098 |
) |
(0.1 |
) |
|
|
(10,271 |
) |
|
— |
|
|
(9,401 |
) |
|
— |
|
Earnings before income taxes |
|
65,511 |
|
1.2 |
|
|
82,634 |
|
1.4 |
|
|
|
641,595 |
|
|
2.4 |
|
|
636,804 |
|
|
2.1 |
|
Income tax provision |
|
15,243 |
|
0.3 |
|
|
13,622 |
|
0.2 |
|
|
|
162,391 |
|
|
0.6 |
|
|
152,042 |
|
|
0.5 |
|
NET EARNINGS |
$ |
50,268 |
|
0.9 |
|
$ |
69,012 |
|
1.2 |
|
|
$ |
479,204 |
|
|
1.8 |
|
$ |
484,762 |
|
|
1.6 |
|
WEIGHTED AVERAGE COMMON SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic |
|
157,821 |
|
|
|
158,032 |
|
|
|
|
158,216 |
|
|
|
|
|
158,800 |
|
|
|
||
|
Diluted |
|
158,228 |
|
|
|
158,465 |
|
|
|
|
158,707 |
|
|
|
|
|
159,771 |
|
|
|
||
|
NET EARNINGS PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic |
$ |
0.32 |
|
|
$ |
0.44 |
|
|
|
$ |
3.03 |
|
|
|
|
$ |
3.05 |
|
|
|
||
|
Diluted |
$ |
0.32 |
|
|
$ |
0.44 |
|
|
|
$ |
3.02 |
|
|
|
|
$ |
3.03 |
|
|
|
||
|
(1) Percents are calculated as a percentage of net sales and operating revenues and may not total due to rounding. |
||||||||||||||||||||||
|
CARMAX, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||
|
|
|
As of |
||||
|
|
|
February 29 |
|
February 28 |
||
|
(In thousands except share data) |
2024 |
|
2023 |
|||
|
ASSETS |
|
|
|
|||
|
|
CURRENT ASSETS: |
|
|
|
||
|
|
Cash and cash equivalents |
$ |
574,142 |
|
$ |
314,758 |
|
|
Restricted cash from collections on auto loans receivable |
|
506,648 |
|
|
470,889 |
|
|
Accounts receivable, net |
|
221,153 |
|
|
298,783 |
|
|
Inventory |
|
3,678,070 |
|
|
3,726,142 |
|
|
Other current assets |
|
246,581 |
|
|
230,795 |
|
|
TOTAL CURRENT ASSETS |
|
5,226,594 |
|
|
5,041,367 |
|
|
Auto loans receivable, net |
|
17,011,844 |
|
|
16,341,791 |
|
|
Property and equipment, net |
|
3,665,530 |
|
|
3,430,914 |
|
|
Deferred income taxes |
|
98,790 |
|
|
80,740 |
|
|
Operating lease assets |
|
520,717 |
|
|
545,677 |
|
|
Goodwill |
|
141,258 |
|
|
141,258 |
|
|
Other assets |
|
532,064 |
|
|
600,989 |
|
|
TOTAL ASSETS |
$ |
27,196,797 |
|
$ |
26,182,736 |
|
|
|
|
|
|
||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|||
|
|
CURRENT LIABILITIES: |
|
|
|
||
|
|
Accounts payable |
$ |
933,708 |
|
$ |
826,592 |
|
|
Accrued expenses and other current liabilities |
|
523,971 |
|
|
478,964 |
|
|
Current portion of operating lease liabilities |
|
57,161 |
|
|
53,287 |
|
|
Current portion of long-term debt |
|
313,282 |
|
|
111,859 |
|
|
Current portion of non-recourse notes payable |
|
484,167 |
|
|
467,609 |
|
|
TOTAL CURRENT LIABILITIES |
|
2,312,289 |
|
|
1,938,311 |
|
|
Long-term debt, excluding current portion |
|
1,602,355 |
|
|
1,909,361 |
|
|
Non-recourse notes payable, excluding current portion |
|
16,357,301 |
|
|
15,865,776 |
|
|
Operating lease liabilities, excluding current portion |
|
496,210 |
|
|
523,828 |
|
|
Other liabilities |
|
354,902 |
|
|
332,383 |
|
|
TOTAL LIABILITIES |
|
21,123,057 |
|
|
20,569,659 |
|
|
|
|
|
|
||
|
|
Commitments and contingent liabilities |
|
|
|
||
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
||
|
|
Common stock, $0.50 par value; 350,000,000 shares authorized; 157,611,939 and 158,079,033 shares issued and outstanding as of February 29, 2024 and February 28, 2023, respectively |
|
78,806 |
|
|
79,040 |
|
|
Capital in excess of par value |
|
1,808,746 |
|
|
1,713,074 |
|
|
Accumulated other comprehensive income |
|
59,279 |
|
|
97,869 |
|
|
Retained earnings |
|
4,126,909 |
|
|
3,723,094 |
|
|
TOTAL SHAREHOLDERS’ EQUITY |
|
6,073,740 |
|
|
5,613,077 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
27,196,797 |
|
$ |
26,182,736 |
|
|
|
|
|
|
||
|
CARMAX, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||
|
|
Years Ended February 29 or 28 |
||||||
|
(In thousands) |
|
2024 |
|
|
|
2023 |
|
|
OPERATING ACTIVITIES: |
|
|
|
||||
|
Net earnings |
$ |
479,204 |
|
|
$ |
484,762 |
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
260,414 |
|
|
|
265,224 |
|
|
Share-based compensation expense |
|
119,720 |
|
|
|
85,592 |
|
|
Provision for loan losses |
|
310,516 |
|
|
|
317,013 |
|
|
Provision for cancellation reserves |
|
80,311 |
|
|
|
98,137 |
|
|
Deferred income tax benefit |
|
(4,800 |
) |
|
|
(6,550 |
) |
|
Other |
|
9,252 |
|
|
|
4,773 |
|
|
Net decrease (increase) in: |
|
|
|
||||
|
Accounts receivable, net |
|
77,630 |
|
|
|
262,201 |
|
|
Inventory |
|
48,072 |
|
|
|
1,398,427 |
|
|
Other current assets |
|
39,939 |
|
|
|
103,222 |
|
|
Auto loans receivable, net |
|
(980,569 |
) |
|
|
(1,369,103 |
) |
|
Other assets |
|
(13,902 |
) |
|
|
(52,286 |
) |
|
Net increase (decrease) in: |
|
|
|
||||
|
Accounts payable, accrued expenses and other |
|
|
|
||||
|
current liabilities and accrued income taxes |
|
118,511 |
|
|
|
(197,687 |
) |
|
Other liabilities |
|
(85,681 |
) |
|
|
(110,393 |
) |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
458,617 |
|
|
|
1,283,332 |
|
|
INVESTING ACTIVITIES: |
|
|
|
||||
|
Capital expenditures |
|
(465,307 |
) |
|
|
(422,710 |
) |
|
Proceeds from disposal of property and equipment |
|
1,351 |
|
|
|
5,190 |
|
|
Purchases of investments |
|
(6,193 |
) |
|
|
(12,526 |
) |
|
Sales and returns of investments |
|
3,151 |
|
|
|
4,280 |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(466,998 |
) |
|
|
(425,766 |
) |
|
FINANCING ACTIVITIES: |
|
|
|
||||
|
Proceeds from issuances of long-term debt |
|
134,600 |
|
|
|
3,020,700 |
|
|
Payments on long-term debt |
|
(246,067 |
) |
|
|
(4,275,353 |
) |
|
Cash paid for debt issuance costs |
|
(21,633 |
) |
|
|
(19,781 |
) |
|
Payments on finance lease obligations |
|
(16,674 |
) |
|
|
(12,200 |
) |
|
Issuances of non-recourse notes payable |
|
12,380,050 |
|
|
|
14,333,896 |
|
|
Payments on non-recourse notes payable |
|
(11,873,169 |
) |
|
|
(13,440,603 |
) |
|
Repurchase and retirement of common stock |
|
(94,086 |
) |
|
|
(333,932 |
) |
|
Equity issuances |
|
44,766 |
|
|
|
17,093 |
|
|
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|
307,787 |
|
|
|
(710,180 |
) |
|
Increase in cash, cash equivalents, and restricted cash |
|
299,406 |
|
|
|
147,386 |
|
|
Cash, cash equivalents, and restricted cash at beginning of year |
|
951,004 |
|
|
|
803,618 |
|
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR |
$ |
1,250,410 |
|
|
$ |
951,004 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240411798800/en/
Investors:
David Lowenstein, Vice President, Investor Relations
investor_relations@carmax.com, (804) 747-0422 x7865
Media:
pr@carmax.com, (855) 887-2915
Source: CarMax, Inc.
Copyright Business Wire 2024
