Short answer
Carmax Inc (KMX) filed its fiscal 2018 10-K annual report with the SEC on Apr 24, 2018. It reported revenue of $17.1B (+7.8% year over year) and net income of $664M.
- Top risk flagged: Consumer-finance compliance exposure: CFPB and state scrutiny of vehicle financing could trigger penalties, litigation or license restrictions
FY2018 key financial metrics · XBRL
- Revenue
- $17.1B
- +7.8% YoY
- Net income
- $664M
- +5.9% YoY
- Gross margin
- 13.6%
- −0.1 pp YoY
- EPS (diluted)
- $3.60
- +10.4% YoY
- ROE
- 20.0%
- −0.1 pp YoY
- Operating cash flow
- −$81M
- +82.8% YoY
Source: XBRL data from the Carmax Inc (KMX) FY2018 10-K on SEC EDGAR. USD.
Carmax Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- National used-car retailer combining no-haggle vehicle sales, consumer sourcing, wholesale auctions and integrated financing
- Digital emphasis: carmax.com and mobile apps supported transfers, financing preapproval and partial online purchasing
- Retail used-vehicle sales reached 721,512, with approximately 70,000 vehicles available nationwide
- CAF financed 43.1% of retail used-unit sales and serviced approximately 895,000 accounts in an $11.62 billion portfolio
- Estimated 0-to-10-year used-vehicle market share reached 4.6% in operating television markets, up almost 7% from 2016
Management Discussion & Analysis
- Revenue $17.12B, up 7.8% YoY, with used-vehicle revenue $14.39B, up 8.5%
- CAF income $421.2M, up 14.1%, with interest margin 5.7% vs 5.8%
- Best segment CAF: $421.2M income, up 14.1%; wholesale gross profit $392.5M, up 8.2%
- Adjusted operating cash flow $821.6M, capex $296.8M, and share repurchases $579.6M
- Outlook: fiscal 2019 capex approximately $340M; risks include wholesale-price declines, lower CAF recovery rates, and funding costs્રીય
Risk Factors
- Consumer-finance compliance exposure: CFPB and state scrutiny of vehicle financing could trigger penalties, litigation or license restrictions
- U.S. recession, rising interest rates or weaker credit availability: CAF loan losses and used-vehicle acquisition costs could increase
- Inventory sourcing vulnerability: online appraisal sites and dealer competition could divert trade-ins toward less-profitable third-party auctions
- Online disruption from emerging direct-sales and consumer-to-consumer platforms: reduced website traffic, pricing differentiation and retail margins
- CAF funding concentration: securitization-market disruption could force temporary curtailment of auto-loan originations
Generated from the filing text; verify against the original. How to read a 10-K
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