CarMax Q2 2022 Earnings Report
Key Takeaways
CarMax reported record net revenues of $8.0 billion, a 48.7% increase compared to the prior year. Combined retail and wholesale used vehicle unit sales increased by 19.9%. Net earnings per diluted share decreased to $1.72, down from $1.79 per diluted share a year ago.
Net revenues reached a record $8.0 billion, up 48.7% year-over-year.
Combined retail and wholesale used vehicle unit sales increased 19.9% to 419,895 units.
Online retail sales accounted for 9% of retail unit sales, compared to 3% in the prior year.
CarMax Auto Finance (CAF) income increased 35.9% to $200.0 million.
CarMax
CarMax
CarMax Revenue by Segment
Forward Guidance
CarMax is focused on growth and innovation, aiming to provide a fully self-service online experience to all retail consumers by the end of the fiscal year.
Positive Outlook
- Continue to make investments in growth and innovation for our customers’ benefit
- Remain on track to bring our fully self-service online experience to all of our retail consumers by the end of the fiscal year
- Built our omni-channel platform to give every customer the ability to progress to a sale or buy regardless of how they shop with us
- Enable sustainable growth
- Create meaningful long-term shareholder value
Challenges Ahead
- The effect and consequences of the Coronavirus public health crisis on matters including U.S. and local economies
- Changes in general or regional U.S. economic conditions.
- Changes in the availability or cost of capital and working capital financing, including changes related to the asset-backed securitization market.
- Changes in the competitive landscape and/or our failure to successfully adjust to such changes.
- Events that damage our reputation or harm the perception of the quality of our brand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income