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Carmax Inc (KMX) filed its fiscal 2015 10-K annual report with the SEC on Apr 24, 2015.
- Top risk flagged: CFPB supervision under the Dodd-Frank Act, proposed expansion to large nonbank auto finance companies including CarMax
Carmax Inc FY2015 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Omnichannel used-car retailer combining no-haggle sales, vehicle sourcing, wholesale auctions, related products and proprietary financing
- 144 stores across 73 metropolitan markets, with nationwide inventory exceeding 60,000 vehicles and mobile-app transfers
- CAF emphasized as integrated growth engine, financing 41.2% of retail units and servicing $8.46 billion across approximately 619,000 accounts
- Fiscal 2015 scale: 582,282 used retail vehicles, 376,186 wholesale vehicles and 22,064 associates
- Digital customer acquisition distinctive, approximately 89% of vehicle buyers visiting online before purchase
Management Discussion & Analysis
- Revenue $14.27B, up 13.5% YoY, with net earnings growth 21.3% to undisclosed amount
- Sales Operations best performer: other gross profit $248.1M, up 33.1%; CAF income $367.3M, up 9.3%
- CAF interest margin 6.5% vs 6.9%; effective tax rate 38.4% vs 38.2%
- Adjusted operating cash flow $254.1M; capex $309.8M; stock repurchases $917.0M
- Outlook: 14 new stores planned in fiscal 2016, capex approximately $360M; funding costs and competitive rate pressure key risks
Risk Factors
- CFPB supervision under the Dodd-Frank Act, proposed expansion to large nonbank auto finance companies including CarMax
- U.S. recession, unemployment or credit deterioration, with concentrated sales exposure in the Southeast, Texas, Southern California and Washington, D.C./Baltimore
- Late-model vehicle supply disruption, including closed auctions restricted to franchised new-car dealers
- Online used-vehicle marketplaces and appraisal tools, plus expanding new-car dealers offering certified pre-owned vehicles
- CAF funding concentration: securitization program finances substantially all auto-loan receivables
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