$KMX
CARMAX INC

2021 Q4 Form 10-Q Financial Statement

#000117001022000004 Filed on January 06, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $8.528B $7.988B $5.185B
YoY Change 64.47% 48.7% 8.24%
Cost Of Revenue $7.691B $7.173B $4.554B
YoY Change 68.91% 55.26% 9.03%
Gross Profit $836.6M $815.5M $631.4M
YoY Change 32.49% 8.42% 2.9%
Gross Profit Margin 9.81% 10.21% 12.18%
Selling, General & Admin $575.9M $574.3M $430.8M
YoY Change 33.69% 29.95% -11.15%
% of Gross Profit 68.85% 70.42% 68.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.52M $66.94M $61.50M
YoY Change 16.29% 10.29% 12.43%
% of Gross Profit 8.55% 8.21% 9.74%
Operating Expenses $575.9M $574.3M $430.8M
YoY Change 33.69% 29.95% -11.15%
Operating Profit $260.6M $241.2M $200.6M
YoY Change 29.89% -22.25% 55.78%
Interest Expense $24.30M $22.41M $19.46M
YoY Change 24.87% -0.26% -10.9%
% of Operating Profit 9.32% 9.29% 9.7%
Other Income/Expense, Net $8.094M $1.782M $887.0K
YoY Change 812.51% 6.07% -86.5%
Pretax Income $356.0M $367.8M $310.5M
YoY Change 14.64% -5.29% 36.45%
Income Tax $86.52M $82.55M $75.20M
% Of Pretax Income 24.31% 22.44% 24.22%
Net Earnings $269.4M $285.3M $235.3M
YoY Change 14.51% -3.85% 35.89%
Net Earnings / Revenue 3.16% 3.57% 4.54%
Basic Earnings Per Share $1.66 $1.75 $1.44
Diluted Earnings Per Share $1.63 $1.72 $1.42
COMMON SHARES
Basic Shares Outstanding 162.0M shares 163.0M shares 163.7M shares
Diluted Shares Outstanding 164.9M shares 165.6M shares 165.8M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.60M $58.10M $237.0M
YoY Change -73.59% -91.84% 315.79%
Cash & Equivalents $62.60M $58.10M $236.6M
Short-Term Investments
Other Short-Term Assets $117.4M $119.9M $58.66M
YoY Change 100.12% 78.16% -46.6%
Inventory $4.659B $4.105B $2.780B
Prepaid Expenses
Receivables $563.1M $517.3M $169.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.955B $5.371B $3.737B
YoY Change 59.35% 24.11% 8.31%
LONG-TERM ASSETS
Property, Plant & Equipment $3.176B $3.129B $3.043B
YoY Change 4.34% 2.76% 0.22%
Goodwill $141.3M $150.3M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $458.1M $475.6M $286.8M
YoY Change 59.76% 68.26% 42.1%
Total Long-Term Assets $19.62B $19.08B $17.20B
YoY Change 14.1% 12.79% 0.93%
TOTAL ASSETS
Total Short-Term Assets $5.955B $5.371B $3.737B
Total Long-Term Assets $19.62B $19.08B $17.20B
Total Assets $25.58B $24.45B $20.93B
YoY Change 22.18% 15.09% 2.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $936.6M $903.8M $570.2M
YoY Change 64.26% 32.2% -11.11%
Accrued Expenses $530.6M $487.8M $372.4M
YoY Change 42.47% 39.29% 9.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $167.0K $1.000M
YoY Change -100.0% -83.3%
Long-Term Debt Due $10.89M $10.56M $10.23M
YoY Change 6.46% 5.57% 19.75%
Total Short-Term Liabilities $2.057B $1.959B $1.438B
YoY Change 43.06% 22.52% 1.18%
LONG-TERM LIABILITIES
Long-Term Debt $17.60B $16.76B $14.58B
YoY Change 20.68% 12.56% -0.69%
Other Long-Term Liabilities $419.9M $410.8M $454.5M
YoY Change -7.62% -4.9% 43.12%
Total Long-Term Liabilities $419.9M $410.8M $454.5M
YoY Change -7.62% -4.9% 43.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.057B $1.959B $1.438B
Total Long-Term Liabilities $419.9M $410.8M $454.5M
Total Liabilities $20.47B $19.54B $16.80B
YoY Change 21.79% 13.17% 0.09%
SHAREHOLDERS EQUITY
Retained Earnings $3.456B $3.293B $2.738B
YoY Change 26.25% 26.63% 15.2%
Common Stock $80.94M $81.24M $81.52M
YoY Change -0.71% -1.03% -0.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.110B $4.915B $4.128B
YoY Change
Total Liabilities & Shareholders Equity $25.58B $24.45B $20.93B
YoY Change 22.18% 15.09% 2.18%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $269.4M $285.3M $235.3M
YoY Change 14.51% -3.85% 35.89%
Depreciation, Depletion And Amortization $71.52M $66.94M $61.50M
YoY Change 16.29% 10.29% 12.43%
Cash From Operating Activities -$697.3M -$1.273B -$21.40M
YoY Change 3158.52% 253.93% -381.58%
INVESTING ACTIVITIES
Capital Expenditures -$89.07M -$78.69M -$32.00M
YoY Change 178.33% 170.42% -58.92%
Acquisitions
YoY Change
Other Investing Activities $36.62M -$238.4M $2.300M
YoY Change 1492.09% -13344.44% 2200.0%
Cash From Investing Activities -$52.45M -$317.1M -$29.70M
YoY Change 76.59% 1061.51% -61.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 738.8M 1.294B -448.3M
YoY Change -264.79% 162.12% -817.28%
NET CHANGE
Cash From Operating Activities -697.3M -1.273B -21.40M
Cash From Investing Activities -52.45M -317.1M -29.70M
Cash From Financing Activities 738.8M 1.294B -448.3M
Net Change In Cash -11.01M -296.5M -499.4M
YoY Change -97.8% -378.11% 6471.05%
FREE CASH FLOW
Cash From Operating Activities -$697.3M -$1.273B -$21.40M
Capital Expenditures -$89.07M -$78.69M -$32.00M
Free Cash Flow -$608.3M -$1.195B $10.60M
YoY Change -5838.29% 261.28% -87.6%

Facts In Submission

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%">Business. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest and most profitable retailer of used vehicles. We operate in two reportable segments:  CarMax Sales Operations and CarMax Auto Finance (“CAF”).  Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF.  Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”), which does not meet the quantitative thresholds to be considered a reportable segment.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">See Note 17 for additional information on our reportable segments and Note 2 for additional information regarding our acquisition of Edmunds.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process.  Our omni-channel platform, which gives us the largest addressable market in the used car industry, empowers our retail customers to buy a car on their terms – online, in-store or a seamless combination of both. Customers can choose to complete the car-buying experience in-person at one of our stores; or buy the car online and receive delivery through express pickup, available nationwide, or home delivery, available to most customers. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); and vehicle repair service.  Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site or virtual wholesale auctions.</span></div>
us-gaap Number Of Reportable Segments
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us-gaap Basis Of Accounting
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation and Use of Estimates. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.  These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented.  The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year.  </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting policies followed in the presentation of our interim financial results are consistent with those included in the company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2021 (the “2021 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2021 Annual Report.</span></div>
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The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities.  Actual results could differ from those estimates.  In particular, the novel coronavirus (“COVID-19”) pandemic continues to have an adverse impact on global economic conditions and may impact future estimates including, but not limited to, our allowance for loan losses, inventory valuations, fair value measurements, downward adjustments to investments in equity securities, asset impairment charges, the effectiveness of the company’s hedging instruments, deferred tax valuation allowances, cancellation reserves, actuarial losses on our retirement benefit plans and discount rate assumptions. Depreciation and amortization previously included in selling, general, and administrative expenses is now separately presented on the consolidated statements of earnings. Prior period amounts have been reclassified to conform to the current period’s presentation. Depreciation and amortization related to other areas of our business, including cost of sales and CAF, is included in its respective line item on the consolidated statements of earnings. Certain other prior year amounts have been reclassified to conform to the current year’s presentation.  Amounts and percentages may not total due to rounding.
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us-gaap Other Nonoperating Expense
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us-gaap Other Nonoperating Expense
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CY2020Q4 us-gaap Labor And Related Expense
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11600000 USD
us-gaap Labor And Related Expense
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37700000 USD
us-gaap Labor And Related Expense
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CY2020Q4 us-gaap Other Depreciation And Amortization
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us-gaap Other Depreciation And Amortization
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2800000 USD
us-gaap Other Depreciation And Amortization
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CY2020Q4 us-gaap Direct Operating Costs
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us-gaap Direct Operating Costs
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CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q1 us-gaap Financing Receivable Originated Three Years Before Latest Fiscal Year
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CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses
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CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses Recovery
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CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses Recovery
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us-gaap Financing Receivable Allowance For Credit Losses Recovery
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81800000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
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CY2021Q4 us-gaap Provision For Loan Lease And Other Losses
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CY2020Q4 us-gaap Provision For Loan Lease And Other Losses
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us-gaap Provision For Loan Lease And Other Losses
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us-gaap Provision For Loan Lease And Other Losses
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156100000 USD
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CashAndCashEquivalentsFairValueDisclosure
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CY2021Q4 us-gaap Trading Securities
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CY2021Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2021Q1 us-gaap Trading Securities
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CY2021Q1 us-gaap Assets Fair Value Disclosure
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CY2021Q1 us-gaap Liabilities Fair Value Disclosure
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6024000 USD
CY2021Q1 kmx Item As Percentage Of Total Liabilities
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CY2021Q4 us-gaap Senior Notes
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CY2021Q1 us-gaap Senior Notes
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CY2021Q1 us-gaap Debt Instrument Fair Value
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CY2021Q3 us-gaap Valuation Allowances And Reserves Balance
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144300000 USD
CY2020Q3 us-gaap Valuation Allowances And Reserves Balance
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122600000 USD
CY2021Q1 us-gaap Valuation Allowances And Reserves Balance
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124500000 USD
CY2020Q1 us-gaap Valuation Allowances And Reserves Balance
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117900000 USD
CY2021Q4 us-gaap Valuation Allowances And Reserves Deductions
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CY2020Q4 us-gaap Valuation Allowances And Reserves Deductions
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us-gaap Valuation Allowances And Reserves Deductions
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us-gaap Valuation Allowances And Reserves Deductions
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us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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53500000 USD
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147800000 USD
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
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123100000 USD
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
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147800000 USD
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
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123100000 USD
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CY2021Q1 kmx Financing Obligations
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CY2021Q1 us-gaap Unamortized Debt Issuance Expense
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CY2021Q1 us-gaap Long Term Debt
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us-gaap Interest Paid Capitalized
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2021Q4 us-gaap Allocated Share Based Compensation Expense
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36784000 USD
CY2020Q4 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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54400000 USD
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2020Q4 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2020Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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CY2021Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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CY2020Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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CY2021Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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CY2020Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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CY2021Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
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CY2020Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2021Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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11339000 USD
CY2020Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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2877000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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8668000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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CY2021Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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