CARMAX, INC. KMX Cash Flow

Carmax, inc. (KMX)

CashFlow / Quarterly

Feb'20	Nov'19	Aug'19	May'19	Feb'19	Nov'18	Aug'18	May'18	Feb'18	Nov'17	Aug'17	May'17	Feb'17	Nov'16	Aug'16	May'16	Feb'16	Nov'15	Aug'15	May'15	Feb'15	Nov'14	Aug'14	May'14	Feb'14	Nov'13	Aug'13	May'13	Feb'13	Nov'12	Aug'12	May'12	Feb'12	Nov'11	Aug'11	May'11	Feb'11	Nov'10	Aug'10	May'10
OPERATING ACTIVITIES:
Net earnings
214,934	173,156	233,599	266,744	192,556	190,311	220,890	238,656	122,146	148,840	181,424	211,702	152,603	136,645	162,362	175,360	141,027	128,199	172,228	181,974	143,138	130,049	154,518	169,653	99,209	106,452	140,274	146,651	107,221	94,681	111,636	120,746	95,031	82,110	111,154	125,500	86,127	82,364	107,885	101,119
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization
57,585	54,758	51,962	51,506	46,638	45,298	44,968	45,343	46,767	45,097	44,184	43,894	43,221	42,641	42,212	40,801	36,856	35,316	33,122	32,066	30,179	29,228	28,423	27,343	27,928	24,823	24,825	24,335	24,562	24,279	23,460	22,982	22,116	21,242	19,825	19,629	32,664	14,609	14,616	14,432
Share-based compensation expense
10,684	29,290	23,862	45,025	13,608	7,169	25,236	28,998	9,516	15,778	17,859	18,726	19,569	11,465	29,124	31,437	5,793	11,778	10,097	23,409	24,688	19,414	22,390	15,388	11,532	16,946	15,061	22,941	15,515	16,391	14,614	15,592	10,941	10,845	11,293	15,010	10,006	11,643	8,496	13,461
Provision for loan losses
53,045	48,957	45,541	38,152	42,145	40,840	39,991	30,872	38,609	37,517	32,886	28,579	46,349	41,900	35,758	26,591	31,034	30,921	25,646	13,598	22,069	24,066	20,361	15,847	23,219	19,675	18,019	11,299	16,014	18,064	12,914	9,176	11,561	15,095	10,830	-1,047	9,299	8,567	9,003	880
Provision for cancellation reserves
24,106	19,695	20,006	25,465	8,985	16,253	18,610	20,089	11,899	16,362	17,375	17,113	12,352	15,875	17,201	18,692	16,070	18,589	22,129	20,330	17,223	15,301	17,345	21,118	41,499	16,923	9,201	9,123	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income tax (benefit) provision
-358	-4,556	-5,580	9,392	1,391	-1,630	-1,063	3,602	66,623	12,113	-4,511	6,782	2,908	-7,312	-646	7,374	25,559	-7,584	-11,213	10,475	9,048	-6,817	-7,301	771	-12,609	-1,376	-9,895	6,695	10,427	-6,493	-7,587	7,511	4,142	-8,622	-4,818	8,426	3,141	4,048	-4,840	15,144
Other
-3,579	3,790	-1,982	-1,736	1,279	-2,746	110	-1,468	-75	-210	-392	-621	-2,051	-1,816	-34	-268	-10,129	-1,197	-1,733	-77	-1,366	-1,569	-493	-424	-863	-914	-1,108	178	-391	-1,108	-254	-192	-3,900	136	1,004	191	-1,586	127	619	-303
Net (increase) decrease in:
Accounts receivable, net
48,353	1,646	7,212	-5,971	28,694	6,273	3,532	-31,970	37,480	-3,892	-5,012	-47,643	60,385	-2,574	-7,964	-29,630	43,641	-12,302	-2,831	-34,027	49,510	-20,679	11,049	17,887	11,896	-17,522	15,097	-21,509	29,301	-7,766	4,721	-20,729	31,912	-10,327	-20,209	-34,539	53,552	63	-18,916	5,839
Retained interest in securitized receivables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-43,746
Inventory
163,842	77,824	53,607	31,688	94,755	67,345	97,326	-130,665	-49,857	208,782	83,522	-112,316	90,388	251,372	53,812	-67,038	-221,241	241,721	67,472	-242,797	122,201	255,718	27,155	40,376	85,147	192,261	-34,184	-119,613	178,769	141,031	-12,183	117,604	79,409	-48,126	-55,032	66,864	46,495	73,812	34,505	51,532
Other current assets
-22,026	-6,583	38,065	10,387	8,062	-18,791	-15,355	-6,806	29,198	4,359	6,514	-5,451	-3,021	-11,191	12,962	4,031	-2,832	-14,320	16,346	-14,423	-5,114	10,355	12,370	-664	6,499	-4,226	8,039	-7,293	-4,084	2,731	11,847	-7,242	8,119	-12,390	-35,776	24,128	43,282	-11,177	-5,315	613
Auto loans receivable, net
328,102	259,652	334,243	386,922	171,362	199,655	337,697	337,917	197,488	242,012	312,372	325,347	309,107	243,840	313,768	343,067	249,613	232,722	329,275	390,977	319,266	318,105	316,964	415,664	278,756	246,001	373,558	425,827	359,897	254,867	195,983	181,492	163,604	123,825	550,272	-161,990	554,156	-20,549	-322,642	93,764
Other assets
5,920	5,236	-21,770	6,349	496	-433	4,089	3,078	2,013	431	726	-809	1,050	-461	-333	-399	428	103	-314	-57	-3,735	2,597	3,780	-3,467	40	-22	4,144	2,592	1,216	1,477	1,254	-2,225	1,652	3,365	-1,065	3,034	1,189	1,296	1,861	2,827
Net increase (decrease) in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes
64,838	47,236	-108,518	81,886	64,124	-35,403	-24,090	81,729	47,659	-76,312	14,266	52,673	72,739	-51,106	-16,168	69,114	86,192	-50,538	-27,662	-31,043	68,281	19,731	-76,476	40,424	115,698	15,620	-14,446	533	102,091	29,803	-124,828	-7,641	64,811	20,422	-83,015	40,920	39,800	-22,500	-50,251	24,149
Other liabilities
-22,922	-19,421	-20,154	-47,330	-16,458	-7,790	-17,107	-48,354	-14,400	-22,132	-16,149	-29,469	-13,148	-13,975	-18,248	-31,999	-18,229	-16,789	-18,430	-33,659	-17,379	-14,441	-15,974	-30,252	-45,024	-13,016	-3,523	-18,974	-22,002	1,211	747	-15,178	-16,729	-2,624	-4,635	-10,504	2,055	-4,983	6,657	-3,051
NET CASH PROVIDED BY OPERATING ACTIVITIES
-118,700	7,550	-168,657	43,201	48,341	3,745	-119,964	230,849	112,572	-274,219	-110,396	191,493	-119,265	-303,037	-120,616	87,607	264,822	-296,835	-202,298	117,554	-183,515	-347,996	-227,539	-209,080	-120,023	-229,531	-186,030	-77,579	-279,213	-213,296	-170,412	-115,520	-68,497	82,257	-100,828	24,904	15,730	-13,022	-65,074	55,608
INVESTING ACTIVITIES:
Capital expenditures
82,719	77,830	92,377	78,970	61,325	72,200	91,391	79,720	69,257	72,449	75,694	79,416	102,601	100,956	117,124	97,463	74,749	95,108	86,290	59,437	70,957	103,567	81,584	53,709	97,417	76,889	93,966	42,045	50,765	81,024	56,282	47,636	66,618	25,765	49,179	31,046	38,036	23,304	6,078	9,154
Proceeds from disposal of property and equipment
0	0	1	2	12	115	245	320	1	0	96	0	-	-	-	-	22	101	0	1,419	36	4	5,829	0	-48	427	106	4,610	0	0	0	0	-	-	-	-	-	-	-	-
Increase in restricted cash from collections on auto loan receivables
-	-	-	-	-	-	-	-	-	-	-	-	-	-23,623	16,507	20,327	27,643	-18,889	7,021	33,932	18,404	-21,350	6,415	31,354	12,504	-4,545	10,625	16,428	19,927	-371	22,415	-21,998	56,602	-19,448	15,152	-9,044	1,621	789	-19,558	15,592
Increase in restricted cash in reserve accounts
-	-	-	-	-	-	-	-	-	-	-	-	-	4,549	4,013	3,101	3,881	2,899	2,512	2,972	5,233	4,683	9,899	-3,259	18,229	-2,507	-2,507	-2,812	-6,473	-3,761	-2,915	-236	-3,791	-4,011	-1,980	-2,582	-1,321	-2,630	-2,033	-6,647
Release of restricted cash from reserve accounts
-	-	-	-	-	-	-	-	-	-	-	-	-	5,649	2,393	41	2,450	4,264	10	1,633	6	4,706	1,630	4	4,180	5	5,006	10,011	1,388	7,988	1,610	6,382	8	5,091	3,804	3,193	13	4,393	2,479	4,549
Purchases of investments
50,612	194	1,020	7,224	677	164	212	5,094	224	5,268	289	1,055	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sales of investments
554	305	639	81	474	200	827	77	1,226	96	132	238	412	74	0	244	223	0	29	72	322	27	274	32	395	38	33	0	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of money market securities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,150	289	-	-20	6,208	-82	0	-149	5,718	3,035	-172	5,170	-24	-1,313	51	-16	2,273	-169	158	229	291	0	0	-4,000	0	-1
Purchases of trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	508	2,355	-	404	413	3,942	346	361	309	2,798	183	463	244	1,161	30,231	298	131	1,096	386	88	2,164	0	-	-	-	-
NET CASH USED IN INVESTING ACTIVITIES
-132,777	-77,719	-92,757	-86,111	-61,516	-72,049	-90,531	-84,417	-68,254	-77,621	-75,755	-80,233	-81,747	-76,055	-138,907	-123,250	-104,176	-75,137	-102,405	-97,077	-94,576	-82,375	-89,674	-94,119	-107,982	-80,014	-102,173	-46,512	-76,059	-76,708	-82,088	-20,419	-100,867	-44,398	-34,658	-39,479	-34,619	-16,744	-25,190	4,341
FINANCING ACTIVITIES:
(Decrease) increase in short-term debt, net
-381	-494	244	-458	693	-2,860	2,931	238	-466	322	-422	631	-818	519	-894	827	392	-2,086	1,341	-4	-1,789	345	987	660	-705	-452	767	617	-351	-362	277	-152	184	-574	161	170	325	112	412	-730
Proceeds from issuances of long-term debt
1,570,100	1,414,000	1,578,300	1,715,200	1,556,500	1,457,400	483,000	817,600	1,206,450	1,444,700	790,000	762,000	1,314,000	349,800	217,000	1,093,800	919,800	1,117,300	0	20,000	685,000	300,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on long-term debt
1,496,986	1,417,941	1,475,687	1,809,179	1,387,299	1,307,835	443,250	1,017,334	1,262,424	1,217,700	772,000	917,000	1,249,700	259,100	17,000	1,208,800	1,068,800	553,300	0	30,000	675,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-551	152	150,628	214,671
Issuances of long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	92,000	151,300
Cash paid for debt issuance costs
5,253	3,987	7,446	3,416	4,734	4,140	4,542	3,647	4,737	3,901	4,703	2,920	4,550	3,559	4,329	4,680	0	123	2,981	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Finance Lease, Principal Payments
1,338	1,119	949	745	366	193	171	164	-6,181	2,229	2,207	2,268	2,410	2,491	2,876	3,040	3,107	3,569	5,089	4,652	4,848	4,683	4,508	4,204	4,633	4,031	7,136	3,796	3,718	3,644	3,425	3,296	3,229	3,238	3,096	2,997	-	-	-	-
Issuances of non-recourse notes payable
3,190,432	2,848,000	2,897,000	2,851,000	2,709,000	2,697,000	2,818,000	2,668,502	2,477,999	2,733,963	2,577,000	2,410,000	2,375,035	2,391,000	2,585,000	2,259,000	2,123,000	2,324,000	2,059,000	3,047,805	1,901,000	2,079,000	1,906,000	1,897,000	1,607,000	1,770,000	1,756,000	1,774,000	1,841,000	1,665,000	1,647,000	698,000	1,497,000	1,764,000	635,000	1,234,000	401,000	1,074,000	1,125,000	748,000
Payments on non-recourse notes payable
2,897,606	2,669,057	2,649,092	2,492,809	2,566,584	2,556,154	2,535,683	2,343,291	2,320,413	2,550,437	2,276,788	2,149,135	2,095,558	2,192,596	2,154,778	1,952,428	1,931,168	2,141,176	1,768,029	2,656,311	1,610,804	1,807,276	1,624,266	1,518,469	1,328,625	1,530,363	1,392,923	1,261,735	1,366,373	1,365,531	1,391,195	556,900	1,278,140	1,597,373	2,689,658	-1,105,599	5,908,459	-1,055,297	-936,352	-756,061
Repurchase and retirement of common stock
109,160	116,658	129,968	211,961	271,556	251,823	170,297	211,050	124,610	110,175	157,400	187,385	99,985	198,327	128,036	137,989	167,760	446,971	234,984	134,226	228,746	315,433	208,225	171,924	116,646	17,470	49,063	130,215	152,314	51,091	0	0	-	-	-	-	-	-	-	-
Equity issuances
28,030	9,846	53,270	33,251	3,550	7,078	38,450	9,052	6,971	42,644	17,297	6,608	25,315	1,528	28,892	4,134	2,183	7,698	2,834	34,323	35,517	10,023	44,150	120	25,179	5,214	3,549	11,204	33,910	25,277	1,680	2,529	10,538	677	6,494	-2,132	6,332	25,558	1,032	5,355
Excess tax benefits from share-based payment arrangements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,068	1,390	26,680	16,181	4,171	25,484	4,306	9,578	1,373	1,774	9,919	7,372	6,898	317	9,513	2,258	147	1,297	6,015	1,595	4,773	255	2,288
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
277,838	62,590	265,672	80,883	39,204	38,473	188,438	-80,094	-15,049	337,187	170,777	-79,469	261,329	86,774	522,979	50,824	-156,598	304,841	53,482	303,615	115,817	265,651	139,622	207,489	191,148	224,271	312,968	399,994	359,526	276,547	254,654	149,694	228,611	163,639	161,396	129,457	-14,381	48,994	131,719	-64,519
Increase in cash, cash equivalents, and restricted cash
26,361	-7,579	4,258	37,973	26,029	-29,831	-22,057	66,338	29,269	-14,653	-15,374	31,791	60,317	-292,318	263,456	15,181	4,048	-67,131	-251,221	324,092	-162,274	-164,720	-177,591	-95,710	-36,857	-85,274	24,765	275,903	4,254	-13,457	2,154	13,755	59,247	201,498	25,910	114,882	-33,270	19,228	41,455	-4,570
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,203	7,387	7,642	7,652	7,625	7,787	7,927	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	96,504	185,599	5,802	73,035	58,342	153,523	2,100	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash investing and financing activities:
Increase in accrued capital expenditures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,635	7,835	10,338	-8,601	324	18,720	1,025	-	-	-	-	-	-	-	-	-	-	-	-
Increase in finance and capital lease obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,400	0	5,297	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-