Carmax Inc (KMX) Q3 2018 10-Q Quarterly Earnings

Short answer

Carmax Inc (KMX) filed its Q3 2018 10-Q quarterly report on Oct 5, 2018 for the quarter ended Aug 31, 2018.

AI summary of MD&A and risk factor updates

Revenue $4.766B, up 8.6% YoY from $4.387B in Q2 fiscal 2018
Net earnings up 21.8%; effective tax rate 23.7% vs 37.5% YoY
Wholesale strongest: revenue up 14.6% to $628.0M; used vehicles weakest growth, up 7.6% to $3.975B
First-half operating cash flow $110.9M vs $81.1M; adjusted cash flow $718.4M, including $607.5M non-recourse issuances
Capital deployment: $381.3M share repurchases and $171.1M capital expenditures; headwinds from high acquisition costs and interest-margin compression to 5.7% vs 5.8%

Newly issued ASU 2016-13: expected-loss model expected to materially affect allowance for loan losses beginning March 1, 2020
Lease standard adoption: $400 million to $430 million increase in assets and liabilities expected March 1, 2019
CAF credit risk: managed receivables increased to $12.21 billion, with allowance coverage at 1.13%
Funding risk: non-recourse notes payable reached $12.25 billion, secured primarily by auto loan receivables
Interest-rate risk: cash-flow-hedge swaps increased to $2.37 billion notional value

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

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