Carmax Inc (KMX) Q2 2017 10-Q Quarterly Earnings

Short answer

Carmax Inc (KMX) filed its Q2 2017 10-Q quarterly report on Jul 7, 2017 for the quarter ended May 31, 2017.

AI summary of MD&A and risk factor updates

Revenue $4.542B, up 10.1% YoY from $4.126B, net earnings up 20.7%
Gross margin 14.3% vs 13.9% YoY, used vehicle gross margin 11.2% vs 11.0%
Best segment: used vehicles, revenue $3.843B, up 12.1%; worst: wholesale revenue $553.4M, down 2.5%
Operating cash flow $191.5M vs $87.6M; stock repurchases $187.4M and revolving-credit repayments $155.0M
Outlook: fiscal 2018 capital expenditures approximately $325M; headwinds from wholesale-price pressure, interest-margin compression to 5.8% from 5.9%, and higher CAF losses

No material risk-factor changes disclosed from the February 28, 2017 10-K
Regulatory risk: ASU 2014-09 revenue-recognition adoption required for fiscal year beginning March 1, 2018
Credit risk: CAF auto-loan receivables reached $10.89 billion, exposing results to delinquencies and defaults
Funding risk: non-recourse notes payable totaled $10.98 billion, including $338.8 million current
Liquidity risk: restricted cash from loan collections totaled $385.7 million and was unavailable for general use

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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