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Carmax Inc (KMX) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, February 28, 2018

Carmax Inc

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CIK: 1170010 Ticker: KMX










CARMAX REPORTS FOURTH QUARTER RESULTS

Richmond, Va., April 4, 2018 – CarMax, Inc. (NYSE:KMX) today reported results for the fourth quarter and fiscal year ended February 28, 2018. Year-over-year highlights include:

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Net sales and operating revenues increased 0.8% to $4.08 billion in the fourth quarter. For the fiscal year, net sales and operating revenues increased 7.8% to $17.12 billion.

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Used unit sales in comparable stores declined 8.0% in the fourth quarter, while they increased 2.0% for the fiscal year.

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Total used unit sales fell 3.1% in the fourth quarter, while they rose 7.5% for the fiscal year.

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Total wholesale unit sales increased 8.9% in the fourth quarter and 4.3% for the fiscal year.

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CarMax Auto Finance (CAF) income increased 21.9% to $101.1 million in the fourth quarter. For the fiscal year, CAF income increased 14.1% to $421.2 million.

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In the fourth quarter, net earnings declined 20.0% to $122.1 million and net earnings per diluted share declined 17.3% to $0.67.

*
In connection with the Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”), net earnings for the current year’s fourth quarter were reduced by $32.7 million, or $0.18 per diluted share, for the revaluation of our net deferred tax asset. Net earnings were also increased by $20.8 million, or $0.11 per diluted share, primarily due to the reduction in the statutory federal tax rate.

*
Net earnings for the current year’s quarter were reduced by a one-time discretionary bonus of $8.0 million, or $0.03 per diluted share net of taxes, paid to eligible associates.

▪
For the fiscal year, net earnings increased 5.9% to $664.1 million and net earnings per diluted share increased 10.4% to $3.60. Net earnings for the full fiscal year were reduced by the fourth quarter items noted above.

Fourth Quarter Business Performance Review

Sales. Total used vehicle unit sales declined 3.1% and comparable store used unit sales fell 8.0% versus the prior year’s fourth quarter. The comparable store sales performance primarily reflected lower store traffic and relatively flat conversion, as well as a tough comparison as we lapped our strongest prior year performance. “We’re disappointed in our fourth quarter comparable store unit sales performance, which we believe was partly affected by macro pricing factors resulting in a softer sales environment,” said Bill Nash, president and chief executive officer.

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The following information was filed by Carmax Inc (KMX) on Wednesday, April 4, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Carmax Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Shareholders??? Equity
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (accumulated Other Comprehensive Loss) (details)
Accumulated Other Comprehensive Loss (changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss) (details)
Accumulated Other Comprehensive Loss (narrative) (details)
Accumulated Other Comprehensive Loss (tables)
Auto Loan Receivables
Auto Loan Receivables (allowance For Loan Losses) (details)
Auto Loan Receivables (auto Loan Receivables, Net) (details)
Auto Loan Receivables (ending Managed Receivables By Major Credit Grade) (details)
Auto Loan Receivables (past Due Receivables) (details)
Auto Loan Receivables (tables)
Benefit Plans
Benefit Plans (assumptions Used To Determine Benefit Obligations) (details)
Benefit Plans (assumptions Used To Determine Net Pension Expense) (details)
Benefit Plans (benefit Plan Information) (details)
Benefit Plans (components Of Net Pension Expense) (details)
Benefit Plans (narrative) (details)
Benefit Plans (schedule Of Fair Value Of Plan Assets) (details)
Benefit Plans (tables)
Business And Background
Business And Background (details)
Cancellation Reserves
Cancellation Reserves (narrative) (details)
Cancellation Reserves (schedule Of Cancellation Reserves Accrual) (details)
Cancellation Reserves (tables)
Carmax Auto Finance
Carmax Auto Finance (components Of Carmax Auto Finance Income) (details)
Carmax Auto Finance (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Debt
Debt (narrative) (details)
Debt (schedule Of Debt) (details)
Debt (tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (narrative) (details)
Fair Value Measurements
Fair Value Measurements (schedule Of Items Measured At Fair Value On A Recurring Basis) (details)
Fair Value Measurements (tables)
Fair Value Measurements Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments (details)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Income Tax Provision) (details)
Income Taxes (schedule Of Reconciliation Of Unrecognized Tax Benefits) (details)
Income Taxes (schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities) (details)
Income Taxes (tables)
Lease Commitments
Lease Commitments (narrative) (details)
Lease Commitments (schedule Of Future Minimum Lease Obligations) (details)
Lease Commitments (tables)
Net Earnings Per Share
Net Earnings Per Share (basic And Dilutive Net Earnings Per Share Reconciliations) (details)
Net Earnings Per Share (narrative) (details)
Net Earnings Per Share (tables)
Property And Equipment
Property And Equipment (schedule Of Property And Equipment) (details)
Property And Equipment (tables)
Selected Quarterly Financial Data (schedule Of Selected Quarterly Financial Data) (details)
Selected Quarterly Financial Data (tables)
Selected Quarterly Financial Data (unaudited)
Stock And Stock-based Incentive Plans
Stock And Stock-based Incentive Plans (assumptions Used To Estimate Option Values) (details)
Stock And Stock-based Incentive Plans (cash-settled Restricted Stock Unit Activity) (details)
Stock And Stock-based Incentive Plans (composition Of Share-based Compensation Expense - By Grant Type) (details)
Stock And Stock-based Incentive Plans (composition Of Share-based Compensation Expense) (details)
Stock And Stock-based Incentive Plans (expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (details)
Stock And Stock-based Incentive Plans (narrative) (details)
Stock And Stock-based Incentive Plans (schedule Of Common Stoc Repurchases) (details)
Stock And Stock-based Incentive Plans (stock Option Activity) (details)
Stock And Stock-based Incentive Plans (stock-settled Activity) (details)
Stock And Stock-based Incentive Plans (tables)
Stock And Stock-based Incentive Plans Stock And Stock-based Incentive Plans (settled) (details)
Stock And Stock-based Incentive Plans Stock And Stock-based Incentive Plans (unrecognized Compensation Expense) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Estimated Useful Lives) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Cash Flow Information Supplemental Cash Flow (details)
Supplemental Cash Flow Information Supplemental Cash Flow (notes)
Supplemental Cash Flow Information Supplemental Cash Flow Information (tables)
Ticker: KMX
CIK: 1170010
Form Type: 10-K Annual Report
Accession Number: 0001170010-18-000054
Submitted to the SEC: Tue Apr 24 2018 12:09:40 PM EST
Accepted by the SEC: Tue Apr 24 2018
Period: Wednesday, February 28, 2018
Industry: Retail Auto Dealers And Gasoline Stations

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