Carmax Inc (KMX) Q3 2017 10-Q Quarterly Earnings

Short answer

Carmax Inc (KMX) filed its Q3 2017 10-Q quarterly report on Oct 5, 2017 for the quarter ended Aug 31, 2017.

AI summary of MD&A and risk factor updates

Quarterly revenue $4,386.6M, up 9.7% YoY from $3,997.2M
Used vehicles best segment: revenue $3,694.2M, up 11.9%; wholesale worst, revenue $547.8M, down 2.3%
CAF income $107.9M, up 12.5%; interest margin 5.8% vs 5.9% YoY
Six-month operating cash flow $81.1M vs $(33.0)M; $344.8M share repurchases and $155.1M capital expenditures
Outlook: nine stores planned for fiscal 2018 remainder; near-term SG&A leverage at higher end of mid-single-digit comparable growth range, with rising rates and wholesale supply potential headwinds

Newly changed environmental compliance risk: California district attorney offices expanded inquiry into hazardous-waste handling, storage and disposal at stores
Legal risk: three California wage-and-hour putative class actions seek damages, penalties and attorneys’ fees
Credit risk: past-due CAF receivables increased to 3.4% from 3.1% of managed receivables
Funding risk: $1.50 billion of warehouse capacity expires February 2018, with renewal terms potentially affecting funding costs
Interest-rate risk: $300 million term loan carries variable rates, with its hedge expiring November 2017

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

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