CarMax, Inc.
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CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As of
May 31 February 29 May 31
(In thousands except share data)
2024 2024 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 218,931 $ 574,142 $ 264,247
Restricted cash from collections on auto loans receivable 536,407 506,648 506,465
Accounts receivable, net 212,370 221,153 321,994
Inventory 3,772,885 3,678,070 4,081,220
Other current assets 229,714 246,581 189,742
TOTAL CURRENT ASSETS 4,970,307 5,226,594 5,363,668
Auto loans receivable, net 17,268,321 17,011,844 16,744,865
Property and equipment, net 3,734,736 3,665,530 3,499,384
Deferred income taxes 100,104 98,790 99,770
Operating lease assets 509,043 520,717 541,908
Goodwill 141,258 141,258 141,258
Other assets 518,325 532,064 571,503
TOTAL ASSETS $ 27,242,094 $ 27,196,797 $ 26,962,356
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 911,348 $ 933,708 $ 967,420
Accrued expenses and other current liabilities 456,277 523,971 528,596
Accrued income taxes 24,792 — 49,191
Current portion of operating lease liabilities 57,534 57,161 55,126
Current portion of long-term debt 21,550 313,282 12,305
Current portion of non-recourse notes payable 514,394 484,167 501,333
TOTAL CURRENT LIABILITIES 1,985,895 2,312,289 2,113,971
Long-term debt, excluding current portion 1,591,366 1,602,355 1,906,496
Non-recourse notes payable, excluding current portion 16,626,011 16,357,301 16,252,958
Operating lease liabilities, excluding current portion 484,632 496,210 519,184
Other liabilities 387,320 354,902 346,579
TOTAL LIABILITIES 21,075,224 21,123,057 21,139,188
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 156,352,956 and
157,611,939 shares issued and outstanding as of May 31, 2024 and February 29,
2024, respectively 78,176 78,806 79,105
Capital in excess of par value 1,834,218 1,808,746 1,731,341
Accumulated other comprehensive income 61,678 59,279 61,330
Retained earnings 4,192,798 4,126,909 3,951,392
TOTAL SHAREHOLDERS’ EQUITY 6,166,870 6,073,740 5,823,168
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 27,242,094 $ 27,196,797 $ 26,962,356
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