CARMAX REPORTS RECORD FIRST QUARTER RESULTS
Richmond, Va., June 21, 2013 – CarMax, Inc. (NYSE:KMX) today reported record results for the first quarter ended May 31, 2013.
§ | Net sales and operating revenues increased 19% to $3.31 billion. |
§ | Used unit sales in comparable stores increased 17%. |
§ | Total used unit sales rose 22%. |
§ | Total wholesale unit sales increased 6%. |
§ | CarMax Auto Finance (CAF) income increased 16% to $87.0 million. |
§ | Net earnings grew 21% to $146.7 million. Net earnings per diluted share rose 23% to $0.64. |
“We are very pleased to report our strongest increase in comparable store used unit sales in several years,” said Tom Folliard, president and chief executive officer. “Strong retail sales growth, together with continued contributions from CAF and wholesale drove all-time record quarterly revenues and earnings.”
First Quarter Business Performance Review
Sales. Total used vehicle unit sales grew 22% and comparable store used units grew 17% versus the prior year’s first quarter. The comparable store used unit growth was again driven by improved conversion, which we believe reflected continued improvements in execution in our stores and an attractive consumer credit environment.
Wholesale vehicle unit sales grew 6% compared with last year’s quarter. Wholesale unit sales benefited from the growth in our store base and a stronger appraisal buy rate.
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Other sales and revenues increased 6% compared with the prior year’s first quarter. Extended service plan (ESP) revenues increased 26%, reflecting the 22% increase in used unit sales and an increase in ESP penetration. Net third-party finance fees declined $11.9 million as the third-party subprime providers (those who purchase financings at a discount) originated 21% of used vehicle unit sales in the current quarter versus 16% in the prior year’s first quarter. We believe that more attractive offers by our third-party providers and a delay in the 2013 tax refund season contributed to the increase in subprime financings.
Gross Profit. Total gross profit increased 17% to $448.1 million. Used vehicle gross profit rose 22% to $303.9 million, driven by the 22% increase in used unit sales, while wholesale vehicle gross profit increased 6% to $86.5 million on the 6% increase in wholesale unit sales. Used and wholesale vehicle gross profit per unit were consistent with last year’s first quarter. Other gross profit increased 15% to $56.6 million, as the increase in ESP profits was partially offset by the reduction in net third-party finance fees.
SG&A. Selling, general and administrative expenses increased 14% to $290.2 million. The increase reflected the 12% increase in our store base since the beginning of last year’s first quarter (representing the addition of 13 stores) and higher variable selling costs resulting from the 17% increase in comparable store used unit sales. SG&A per retail unit declined $131 to $2,086 versus $2,217 in the prior year’s quarter, as our comparable store used unit growth generated meaningful overhead leverage.
CarMax Auto Finance.(1) CAF income increased 16% to $87.0 million primarily as a result of the 21% increase in average managed receivables, which grew to $6.15 billion. The increase in managed receivables reflected the rise in CAF origination volumes in recent years resulting from an expansion of CAF’s loan penetration rate, as well as our retail unit sales growth and higher average amounts financed. The total interest margin, which reflects the spread between interest and fees charged to consumers and our funding costs, declined to 7.2% of average managed receivables in the current quarter from 7.5% in last year’s first quarter. The average contract rate on new loan originations has declined in recent quarters as we provided more competitive offers in select customer segments.
As a percent of ending managed receivables, the allowance for loan losses increased moderately to 1.0% as of May 31, 2013, compared with 0.9% as of May 31, 2012.
Superstore Openings. During the first quarter of fiscal 2014, we opened three stores, entering the Harrisonburg, Virginia, market and the Savannah and Columbus markets in Georgia. Subsequent to the end of the quarter, we opened our fifth store in the Houston, Texas, market.
Share Repurchase Program. During the first quarter of fiscal 2014, we repurchased 2.9 million shares of common stock for $124.6 million pursuant to our share repurchase program. As of May 31, 2013, we had $463.5 million remaining available for repurchase under the program.
(1) Although CAF benefits from certain indirect overhead expenditures, we have elected not to allocate indirect costs to CAF in order to avoid making arbitrary allocation decisions.
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Supplemental Financial Information
Sales Components
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| Three Months Ended May 31(1) | |||||||
(In millions) |
| 2013 | 2012 | Change | |||||
Used vehicle sales |
| $ | 2,701.8 |
| $ | 2,188.9 |
| 23.4 | % |
New vehicle sales |
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| 52.4 |
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| 55.5 |
| (5.5) | % |
Wholesale vehicle sales |
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| 490.7 |
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| 467.8 |
| 4.9 | % |
Other sales and revenues: |
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Extended service plan revenues |
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| 64.6 |
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| 51.3 |
| 26.0 | % |
Service department sales |
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| 27.4 |
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| 24.8 |
| 10.3 | % |
Third-party finance fees, net |
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| (25.8) |
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| (13.8) |
| (86.4) | % |
Total other sales and revenues |
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| 66.2 |
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| 62.3 |
| 6.4 | % |
Total net sales and operating revenues |
| $ | 3,311.1 |
| $ | 2,774.4 |
| 19.3 | % |
(1) Percent calculations and amounts shown are based on amounts presented on the attached consolidated statements of earnings and may not sum due to rounding.
Comparable Store Used Vehicle Sales Changes
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| Three Months Ended May 31 | |||||
| 2013 | 2012 | ||||
Used vehicle units |
| 17 | % |
| 0 | % |
Used vehicle dollars |
| 18 | % |
| 2 | % |
Total Used Vehicle Sales Changes
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| Three Months Ended May 31 | |||||
| 2013 | 2012 | ||||
Used vehicle units |
| 22 | % |
| 3 | % |
Used vehicle dollars |
| 23 | % |
| 6 | % |
Unit Sales
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| Three Months Ended May 31 | |||||
| 2013 | 2012 | ||||
Used vehicles |
| 137,154 |
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| 112,291 |
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New vehicles |
| 1,949 |
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| 2,107 |
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Wholesale vehicles |
| 88,356 |
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| 83,541 |
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Average Selling Prices
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| Three Months Ended May 31 | |||||
| 2013 | 2012 | ||||
Used vehicles | $ | 19,540 |
| $ | 19,285 |
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New vehicles | $ | 26,788 |
| $ | 26,174 |
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Wholesale vehicles | $ | 5,388 |
| $ | 5,449 |
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Selected Operating Ratios
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| Three Months Ended May 31 | |||||||||
(In millions) | 2013 | % (1) | 2012 | % (1) | ||||||
Net sales and operating revenues | $ | 3,311.1 |
| 100.0 |
| $ | 2,774.4 |
| 100.0 |
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Gross profit | $ | 448.1 |
| 13.5 |
| $ | 381.9 |
| 13.8 |
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CarMax Auto Finance income | $ | 87.0 |
| 2.6 |
| $ | 75.2 |
| 2.7 |
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Selling, general, and administrative |
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expenses | $ | 290.2 |
| 8.8 |
| $ | 253.6 |
| 9.1 |
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Interest expense | $ | 7.9 |
| 0.2 |
| $ | 8.1 |
| 0.3 |
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Earnings before income taxes | $ | 237.3 |
| 7.2 |
| $ | 195.6 |
| 7.1 |
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Net earnings | $ | 146.7 |
| 4.4 |
| $ | 120.7 |
| 4.4 |
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(1) Calculated as the ratio of the applicable amount to net sales and operating revenues.
Gross Profit
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| Three Months Ended May 31 | ||||||||
(In millions) | 2013 | 2012 | Change | ||||||
Used vehicle gross profit | $ | 303.9 |
| $ | 249.4 |
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| 21.9 | % |
New vehicle gross profit |
| 1.1 |
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| 1.6 |
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| (32.5) | % |
Wholesale vehicle gross profit |
| 86.5 |
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| 81.9 |
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| 5.6 | % |
Other gross profit |
| 56.6 |
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| 49.1 |
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| 15.4 | % |
Total | $ | 448.1 |
| $ | 381.9 |
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| 17.3 | % |
Gross Profit per Unit
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| Three Months Ended May 31 | |||||||||
| 2013 | 2012 | ||||||||
| $ per unit(1) | %(2) |
| $ per unit(1) | %(2) |
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Used vehicle gross profit | $ | 2,216 |
| 11.2 |
| $ | 2,221 |
| 11.4 |
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New vehicle gross profit | $ | 551 |
| 2.0 |
| $ | 755 |
| 2.9 |
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Wholesale vehicle gross profit | $ | 979 |
| 17.6 |
| $ | 980 |
| 17.5 |
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Other gross profit | $ | 407 |
| 85.5 |
| $ | 429 |
| 78.8 |
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Total gross profit | $ | 3,221 |
| 13.5 |
| $ | 3,338 |
| 13.8 |
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(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.
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SG&A Expenses
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| Three Months Ended May 31 | |||||||
(In millions) | 2013 | 2012 | Change | |||||
Compensation and benefits (1) | $ | 172.1 |
| $ | 143.4 |
| 20.0 | % |
Store occupancy costs |
| 52.5 |
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| 47.8 |
| 9.7 | % |
Advertising expense |
| 27.1 |
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| 25.7 |
| 5.6 | % |
Other overhead costs (2) |
| 38.5 |
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| 36.7 |
| 5.0 | % |
Total SG&A expenses | $ | 290.2 |
| $ | 253.6 |
| 14.4 | % |
(1) Excludes compensation and benefits related to reconditioning and vehicle repair service, which is included in cost of sales.
(2) Includes IT expenses, insurance, non-CAF bad debt, travel, preopening and relocation costs, charitable contributions and other administrative expenses.
Components of CAF Income and Other CAF Information
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| Three Months Ended May 31 | |||||||||
(In millions) |
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| 2013 |
| % (1) |
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| 2012 |
| % (1) |
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Interest margin: |
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Interest and fee income |
| $ | 133.5 |
| 8.7 |
| $ | 120.3 |
| 9.5 |
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Interest expense |
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| (22.8) |
| (1.5) |
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| (25.1) |
| (2.0) |
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Total interest margin |
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| 110.7 |
| 7.2 |
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| 95.2 |
| 7.5 |
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Provision for loan losses |
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| (11.3) |
| (0.7) |
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| (9.2) |
| (0.7) |
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Total interest margin after provision for loan losses |
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| 99.4 |
| 6.5 |
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| 86.0 |
| 6.8 |
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Total direct expenses |
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| (12.4) |
| (0.8) |
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| (10.8) |
| (0.9) |
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CarMax Auto Finance income |
| $ | 87.0 |
| 5.7 |
| $ | 75.2 |
| 5.9 |
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Total average managed receivables |
| $ | 6,152.5 |
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| $ | 5,075.2 |
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Net loans originated |
| $ | 1,120.2 |
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| $ | 786.8 |
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Net CAF penetration rate |
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| 41.5 | % |
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| 36.4 | % |
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Weighted average contract rate |
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| 7.0 | % |
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| 8.9 | % |
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Ending allowance for loan losses |
| $ | 60.9 |
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| $ | 46.6 |
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Warehouse facility information: |
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Ending funded receivables |
| $ | 941.0 |
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| $ | 1,251.0 |
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Ending unused capacity |
| $ | 759.0 |
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| $ | 349.0 |
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(1) Annualized percent of total average managed receivables.
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Earnings Highlights
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| Three Months Ended May 31 | ||||||||
(In millions except per share data) | 2013 | 2012 | Change | ||||||
Net earnings | $ | 146.7 |
| $ | 120.7 |
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| 21.5 | % |
Diluted weighted average shares outstanding |
| 228.6 |
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| 231.8 |
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| (1.4) | % |
Net earnings per diluted share | $ | 0.64 |
| $ | 0.52 |
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| 23.1 | % |
Planned Superstore Openings
We currently plan to open the following superstores within 12 months from May 31, 2013:
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Location | Television Market | Market Status | Planned Opening Date |
Katy, Texas (1) | Houston | Existing | Q2 Fiscal 2014 |
Fairfield, California | Sacramento | Existing | Q2 Fiscal 2014 |
Jackson, Tennessee | Jackson | New | Q3 Fiscal 2014 |
Brandywine, Maryland | Washington/Baltimore | Existing | Q3 Fiscal 2014 |
St. Louis, Missouri | St. Louis | New | Q3 Fiscal 2014 |
St. Peters, Missouri | St. Louis | New | Q4 Fiscal 2014 |
Newark, Delaware | Philadelphia | New | Q4 Fiscal 2014 |
King of Prussia, Pennsylvania | Philadelphia | New | Q4 Fiscal 2014 |
Frederick, Maryland | Washington/Baltimore | Existing | Q4 Fiscal 2014 |
Elk Grove, California | Sacramento | Existing | Q4 Fiscal 2014 |
Henrietta, New York | Rochester | New | Q1 Fiscal 2015 |
Dothan, Alabama | Dothan | New | Q1 Fiscal 2015 |
Mechanicsburg, Pennsylvania | Harrisburg | Existing | Q1 Fiscal 2015 |
Spokane, Washington | Spokane | New | Q1 Fiscal 2015 |
(1) Opened in June 2013.
Normal construction, permitting or other scheduling delays could shift the opening dates of any of these stores into a later period. We currently estimate capital expenditures will total approximately $300 million in fiscal 2014. We expect to open between 10 and 15 superstores in each of the following 2 fiscal years.
Conference Call Information
We will host a conference call for investors at 9:00 a.m. ET today, June 21, 2013. 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 26820891. 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 June 21, 2013, through September 23, 2013. A telephone replay also will be available through June 28, 2013, and may be accessed by dialing 1-855-859-2056 (international callers dial 1‑404‑537‑3406). The conference I.D. for both domestic and international callers is 26820891.
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Second Quarter Fiscal 2014 Earnings Release Date
We currently plan to release results for the second quarter ending August 31, 2013, on Tuesday, September 24, 2013, 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 early September 2013.
About CarMax
CarMax, a member of the Fortune 500 and the S&P 500, and one of the Fortune “100 Best Companies to Work For,” for nine consecutive years, is the nation’s largest retailer of used vehicles. Headquartered in Richmond, Va., CarMax currently operates 122 used car superstores in 61 markets. The CarMax consumer offer features low, no-haggle prices, a broad selection of CarMax Quality Certified used vehicles and superior customer service. During the twelve months ended February 28, 2013, the company retailed 447,728 used vehicles and sold 324,779 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 general or regional U.S. economic conditions. |
· | Changes in the competitive landscape within our industry. |
· | Changes in the availability or cost of capital and working capital financing, including changes related to the asset-backed securitization market. |
· | Changes in consumer credit availability related to our third-party financing providers. |
· | 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. |
· | Events that damage our reputation or harm the perception of the quality of our brand. |
· | Security breaches or other events that result in the misappropriation, loss or other unauthorized disclosure of confidential customer information. |
· | Factors related to geographic growth, including the inability to acquire or lease suitable real estate at favorable terms or to effectively manage our growth. |
· | The loss of key employees from our store, regional or corporate management teams or a significant increase in labor costs. |
· | The failure of key information systems. |
· | The effect of various litigation matters. |
· | Adverse conditions affecting one or more automotive manufacturers or manufacturer recalls. |
· | The occurrence of severe weather events. |
· | Factors related to the seasonal fluctuations in our business. |
· | Factors related to the geographic concentration of our superstores. |
· | The effect of new accounting requirements or changes to U.S. generally accepted accounting principles. |
· | Acts of terrorism, the outbreak of war, or other significant national or international events. |
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For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 28, 2013, 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. 4391. We disclaim any intent or obligation to update our forward-looking statements.
Contacts:
Investors and Financial Media:
Katharine Kenny, Vice President, Investor Relations, (804) 935-4591
Celeste Gunter, Manager, Investor Relations, (804) 935-4597
General Media:
Trina Lee, Director, Public Relations, (855) 887-2915
Catherine Gryp, Manager, Public Relations, (855) 887-2915
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CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
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| Three Months Ended May 31 | ||||
(In thousands except per share data) |
| 2013 | % (1) |
| 2012 | % (1) |
SALES AND OPERATING REVENUES: |
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Used vehicle sales | $ | 2,701,755 | 81.6 | $ | 2,188,907 | 78.9 |
New vehicle sales |
| 52,427 | 1.6 |
| 55,457 | 2.0 |
Wholesale vehicle sales |
| 490,659 | 14.8 |
| 467,795 | 16.9 |
Other sales and revenues |
| 66,216 | 2.0 |
| 62,261 | 2.2 |
NET SALES AND OPERATING REVENUES |
| 3,311,057 | 100.0 |
| 2,774,420 | 100.0 |
Cost of sales |
| 2,862,961 | 86.5 |
| 2,392,505 | 86.2 |
GROSS PROFIT |
| 448,096 | 13.5 |
| 381,915 | 13.8 |
CARMAX AUTO FINANCE INCOME |
| 87,019 | 2.6 |
| 75,179 | 2.7 |
Selling, general and administrative expenses |
| 290,189 | 8.8 |
| 253,603 | 9.1 |
Interest expense |
| 7,878 | 0.2 |
| 8,143 | 0.3 |
Other income |
| 241 | ― |
| 285 | ― |
Earnings before income taxes |
| 237,289 | 7.2 |
| 195,633 | 7.1 |
Income tax provision |
| 90,638 | 2.7 |
| 74,887 | 2.7 |
NET EARNINGS | $ | 146,651 | 4.4 | $ | 120,746 | 4.4 |
WEIGHTED AVERAGE COMMON SHARES: |
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Basic |
| 224,618 |
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| 227,773 |
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Diluted |
| 228,552 |
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| 231,802 |
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NET EARNINGS PER SHARE: |
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Basic | $ | 0.65 |
| $ | 0.53 |
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Diluted | $ | 0.64 |
| $ | 0.52 |
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(1) Calculated as a percentage of net sales and operating revenues and sums may not equal totals due to rounding.
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CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
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| (Unaudited) |
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| (Unaudited) | ||||
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| May 31 | February 28 | May 31 | ||||||
(In thousands except share data) |
| 2013 | 2013 | 2012 | |||||||
ASSETS |
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| CURRENT ASSETS: |
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| Cash and cash equivalents |
| $ | 725,267 |
| $ | 449,364 |
| $ | 456,413 |
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| Restricted cash from collections on auto loan receivables |
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| 240,715 |
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| 224,287 |
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| 182,316 |
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| Accounts receivable, net |
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| 70,452 |
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| 91,961 |
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| 65,705 |
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| Inventory |
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| 1,398,200 |
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| 1,517,813 |
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| 1,210,196 |
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| Deferred income taxes |
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| 4,737 |
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| 5,193 |
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| 6,119 |
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| Other current assets |
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| 15,402 |
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| 21,513 |
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| 10,258 |
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| TOTAL CURRENT ASSETS |
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| 2,454,773 |
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| 2,310,131 |
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| 1,931,007 |
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| Auto loan receivables, net |
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| 6,310,446 |
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| 5,895,918 |
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| 5,132,163 |
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| Property and equipment, net |
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| 1,444,128 |
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| 1,428,970 |
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| 1,305,462 |
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| Deferred income taxes |
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| 138,158 |
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| 145,875 |
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| 130,583 |
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| Other assets |
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| 102,949 |
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| 107,708 |
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| 98,948 |
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| TOTAL ASSETS |
| $ | 10,450,454 |
| $ | 9,888,602 |
| $ | 8,598,163 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| CURRENT LIABILITIES: |
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| Accounts payable |
| $ | 316,640 |
| $ | 336,721 |
| $ | 293,924 |
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| Accrued expenses and other current liabilities |
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| 109,714 |
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| 147,821 |
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| 108,733 |
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| Accrued income taxes |
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| 58,965 |
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| 222 |
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| 48,070 |
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| Short-term debt |
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| 972 |
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| 355 |
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| 791 |
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| Current portion of finance and capital lease obligations |
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| 16,830 |
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| 16,139 |
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| 14,730 |
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| Current portion of non-recourse notes payable |
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| 207,113 |
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| 182,915 |
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| 152,268 |
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| TOTAL CURRENT LIABILITIES |
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| 710,234 |
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| 684,173 |
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| 618,516 |
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| Finance and capital lease obligations, excluding current portion |
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| 332,965 |
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| 337,452 |
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| 349,648 |
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| Non-recourse notes payable, excluding current portion |
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| 6,160,242 |
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| 5,672,175 |
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| 4,672,921 |
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| Other liabilities |
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| 171,631 |
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| 175,635 |
|
| 136,730 |
|
| TOTAL LIABILITIES |
|
| 7,375,072 |
|
| 6,869,435 |
|
| 5,777,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commitments and contingent liabilities |
|
|
|
|
|
|
|
|
|
|
| SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
| Common stock, $0.50 par value; 350,000,000 shares authorized; |
|
|
|
|
|
|
|
|
|
|
| 224,145,439 and 225,906,108 shares issued and outstanding |
|
|
|
|
|
|
|
|
|
|
| as of May 31, 2013 and February 28, 2013, respectively |
|
| 112,073 |
|
| 112,953 |
|
| 114,153 |
|
| Capital in excess of par value |
|
| 990,778 |
|
| 972,250 |
|
| 901,725 |
|
| Accumulated other comprehensive loss |
|
| (57,510) |
|
| (59,808) |
|
| (60,795) |
|
| Retained earnings |
|
| 2,030,041 |
|
| 1,993,772 |
|
| 1,865,265 |
|
| TOTAL SHAREHOLDERS’ EQUITY |
|
| 3,075,382 |
|
| 3,019,167 |
|
| 2,820,348 |
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
| $ | 10,450,454 |
| $ | 9,888,602 |
| $ | 8,598,163 |
|
-more-
CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
| Three Months Ended May 31 | |||||
(In thousands) |
| 2013 |
| 2012 | |||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net earnings |
| $ | 146,651 |
| $ | 120,746 |
|
Adjustments to reconcile net earnings to net cash |
|
|
|
|
|
|
|
used in operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 24,335 |
|
| 22,982 |
|
Share-based compensation expense |
|
| 22,941 |
|
| 15,592 |
|
Provision for loan losses |
|
| 11,299 |
|
| 9,176 |
|
(Gain) loss on disposition of assets |
|
| (178) |
|
| 192 |
|
Deferred income tax provision |
|
| 6,695 |
|
| 7,511 |
|
Net decrease (increase) in: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
| 21,509 |
|
| 20,729 |
|
Inventory |
|
| 119,613 |
|
| (117,604) |
|
Other current assets |
|
| 7,293 |
|
| 7,242 |
|
Auto loan receivables, net |
|
| (425,827) |
|
| (181,492) |
|
Other assets |
|
| (2,592) |
|
| 2,225 |
|
Net increase (decrease) in: |
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current |
|
|
|
|
|
|
|
liabilities and accrued income taxes |
|
| 533 |
|
| (7,641) |
|
Other liabilities |
|
| (9,851) |
|
| (15,178) |
|
NET CASH USED IN OPERATING ACTIVITIES |
|
| (77,579) |
|
| (115,520) |
|
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
Capital expenditures |
|
| (42,045) |
|
| (47,636) |
|
Proceeds from sales of assets |
|
| 4,610 |
|
| ― |
|
(Increase) decrease in restricted cash from collections on auto loan receivables |
|
| (16,428) |
|
| 21,998 |
|
Increase in restricted cash in reserve accounts |
|
| (2,812) |
|
| (236) |
|
Release of restricted cash from reserve accounts |
|
| 10,011 |
|
| 6,382 |
|
Sales of money market securities, net |
|
| 1,313 |
|
| 169 |
|
Purchases of investments available-for-sale |
|
| (1,161) |
|
| (1,096) |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
| (46,512) |
|
| (20,419) |
|
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Increase (decrease) in short-term debt, net |
|
| 617 |
|
| (152) |
|
Payments on finance and capital lease obligations |
|
| (3,796) |
|
| (3,296) |
|
Issuances of non-recourse notes payable |
|
| 1,774,000 |
|
| 698,000 |
|
Payments on non-recourse notes payable |
|
| (1,261,735) |
|
| (556,900) |
|
Repurchase and retirement of common stock |
|
| (130,215) |
|
| ― |
|
Equity issuances, net |
|
| 11,204 |
|
| 2,529 |
|
Excess tax benefits from share-based payment arrangements |
|
| 9,919 |
|
| 9,513 |
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
|
| 399,994 |
|
| 149,694 |
|
Increase in cash and cash equivalents |
|
| 275,903 |
|
| 13,755 |
|
Cash and cash equivalents at beginning of year |
|
| 449,364 |
|
| 442,658 |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
| $ | 725,267 |
| $ | 456,413 |
|
# # #