Virginia (State or other jurisdiction of incorporation) | 1-31420 (Commission File Number) | 54-1821055 (I.R.S. Employer Identification No.) | |
12800 Tuckahoe Creek Parkway Richmond, Virginia (Address of principal executive offices) | 23238 (Zip Code) |
Item 2.02. | Results of Operations and Financial Condition. |
The registrant issued a press release on December 20, 2016, announcing its third quarter results. The press release is being furnished as Exhibit 99.1 hereto and is incorporated by reference into this Item 2.02. | |
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits | The following exhibit is being furnished pursuant to Item 2.02 above. |
99.1 | Press release, dated December 20, 2016, issued by CarMax, Inc., entitled “CarMax Reports Third Quarter Results.” |
Dated: December 20, 2016 | By:/s/ Thomas W. Reedy | |
Thomas W. Reedy | ||
Executive Vice President and | ||
Chief Financial Officer |
Exhibit No. | Description |
99.1 | Press release, dated December 20, 2016, issued by CarMax, Inc., entitled “CarMax Reports Third Quarter Results.” |
▪ | Net sales and operating revenues increased 4.4% to $3.70 billion. |
▪ | Used unit sales in comparable stores increased 5.4%. |
▪ | Total used unit sales rose 9.1%. |
▪ | Total wholesale unit sales declined 2.2%. |
▪ | CarMax Auto Finance (CAF) income declined 3.2% to $89.4 million. |
▪ | Net earnings increased 6.6%, to $136.6 million, while net earnings per diluted share rose 14.3% to $0.72. |
(1) | Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions. |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||
(In millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||
Used vehicle sales | $ | 3,090.6 | $ | 2,909.0 | 6.2 | % | $ | 9,820.4 | $ | 9,351.8 | 5.0 | % | |||||||||
Wholesale vehicle sales | 488.4 | 513.8 | (4.9 | )% | 1,616.5 | 1,682.2 | (3.9 | )% | |||||||||||||
Other sales and revenues: | |||||||||||||||||||||
Extended protection plan revenues | 70.2 | 61.6 | 14.0 | % | 221.5 | 197.4 | 12.2 | % | |||||||||||||
Third-party finance fees, net | (9.1 | ) | (13.6 | ) | 32.9 | % | (29.3 | ) | (45.1 | ) | 35.1 | % | |||||||||
Other (1) | 61.4 | 73.3 | (16.2 | )% | 196.0 | 257.5 | (23.9 | )% | |||||||||||||
Total other sales and revenues | 122.5 | 121.3 | 1.0 | % | 388.2 | 409.8 | (5.3 | )% | |||||||||||||
Total net sales and operating revenues | $ | 3,701.5 | $ | 3,544.1 | 4.4 | % | $ | 11,825.2 | $ | 11,443.9 | 3.3 | % |
(1) | Includes service department and new vehicle sales. In the fourth quarter of fiscal 2016, we reclassified new vehicle sales to other sales and revenues and no longer present new vehicle sales. Prior period amounts have been revised for this new presentation. |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||
Used vehicles | 156,789 | 143,673 | 9.1 | % | 495,277 | 464,699 | 6.6 | % | |||||
Wholesale vehicles | 91,973 | 94,066 | (2.2 | )% | 300,543 | 302,218 | (0.6 | )% |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Used vehicles | $ | 19,520 | $ | 20,094 | (2.9 | )% | $ | 19,640 | $ | 19,970 | (1.7 | )% | |||||||||
Wholesale vehicles | $ | 5,103 | $ | 5,243 | (2.7 | )% | $ | 5,165 | $ | 5,345 | (3.4 | )% |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||
2016 | 2015 | 2016 | 2015 | ||||||
Used vehicle units | 9.1 | % | 3.2 | % | 6.6 | % | 7.3 | % | |
Used vehicle revenues | 6.2 | % | 4.1 | % | 5.0 | % | 6.6 | % | |
Wholesale vehicle units | (2.2 | )% | 3.4 | % | (0.6 | )% | 5.6 | % | |
Wholesale vehicle revenues | (4.9 | )% | 6.7 | % | (3.9 | )% | 8.0 | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||
2016 | 2015 | 2016 | 2015 | ||||||
Used vehicle units | 5.4 | % | (0.8 | )% | 2.8 | % | 3.0 | % | |
Used vehicle revenues | 2.5 | % | 0.0 | % | 1.2 | % | 2.3 | % |
(1) | Stores are added to the comparable store base beginning in their fourteenth full month of operation. Comparable store calculations include results for a set of stores that were included in our comparable store base in both the current and corresponding prior year periods. |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||
(In millions) | 2016 | % (1) | 2015 | % (1) | 2016 | % (1) | 2015 | % (1) | |||||||||||
Net sales and operating revenues | $ | 3,701.5 | 100.0 | $ | 3,544.1 | 100.0 | $ | 11,825.2 | 100.0 | $ | 11,443.9 | 100.0 | |||||||
Gross profit | $ | 503.1 | 13.6 | $ | 464.3 | 13.1 | $ | 1,621.1 | 13.7 | $ | 1,529.5 | 13.4 | |||||||
CarMax Auto Finance income | $ | 89.4 | 2.4 | $ | 92.3 | 2.6 | $ | 286.1 | 2.4 | $ | 299.7 | 2.6 | |||||||
Selling, general, and administrative expenses | $ | 356.7 | 9.6 | $ | 337.5 | 9.5 | $ | 1,103.1 | 9.3 | $ | 1,018.1 | 8.9 | |||||||
Interest expense | $ | 15.1 | 0.4 | $ | 10.0 | 0.3 | $ | 40.1 | 0.3 | $ | 24.6 | 0.2 | |||||||
Earnings before income taxes | $ | 219.7 | 5.9 | $ | 208.0 | 5.9 | $ | 764.1 | 6.5 | $ | 783.8 | 6.8 | |||||||
Net earnings | $ | 136.6 | 3.7 | $ | 128.2 | 3.6 | $ | 474.4 | 4.0 | $ | 482.4 | 4.2 |
(1) | Calculated as a percentage of net sales and operating revenues. |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||
(In millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||
Used vehicle gross profit | $ | 337.8 | $ | 310.4 | 8.8 | % | $ | 1,076.1 | $ | 1,011.2 | 6.4 | % | |||||||||
Wholesale vehicle gross profit | 82.8 | 89.3 | (7.3 | )% | 277.1 | 295.4 | (6.2 | )% | |||||||||||||
Other gross profit | 82.5 | 64.6 | 27.7 | % | 267.9 | 222.9 | 20.2 | % | |||||||||||||
Total | $ | 503.1 | $ | 464.3 | 8.4 | % | $ | 1,621.1 | $ | 1,529.5 | 6.0 | % |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
$ per unit(1) | %(2) | $ per unit(1) | %(2) | $ per unit(1) | %(2) | $ per unit(1) | %(2) | ||||||||||
Used vehicle gross profit | $ | 2,155 | 10.9 | $ | 2,160 | 10.7 | $ | 2,173 | 11.0 | $ | 2,176 | 10.8 | |||||
Wholesale vehicle gross profit | $ | 900 | 16.9 | $ | 949 | 17.4 | $ | 922 | 17.1 | $ | 977 | 17.6 | |||||
Other gross profit | $ | 527 | 67.4 | $ | 450 | 53.3 | $ | 541 | 69.0 | $ | 480 | 54.4 | |||||
Total gross profit | $ | 3,209 | 13.6 | $ | 3,232 | 13.1 | $ | 3,273 | 13.7 | $ | 3,291 | 13.4 |
(1) | Calculated as category gross profit divided by its respective units sold, except the other and total categories, which are divided by total used units sold. |
(2) | Calculated as a percentage of its respective sales or revenue. |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||||
(In millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||
Compensation and benefits (1) | $ | 182.2 | $ | 176.9 | 2.9 | % | $ | 598.1 | $ | 559.0 | 7.0 | % | |||||||||||
Store occupancy costs | 75.8 | 70.1 | 8.1 | % | 222.6 | 204.0 | 9.1 | % | |||||||||||||||
Advertising expense | 34.8 | 37.5 | (6.9 | )% | 104.1 | 106.0 | (1.8 | )% | |||||||||||||||
Other overhead costs (2) | 63.9 | 53.0 | 20.7 | % | 178.3 | 149.1 | 19.6 | % | |||||||||||||||
Total SG&A expenses | $ | 356.7 | $ | 337.5 | 5.7 | % | $ | 1,103.1 | $ | 1,018.1 | 8.4 | % | |||||||||||
SG&A per used unit | $ | 2,275 | $ | 2,349 | $ | (74 | ) | $ | 2,227 | $ | 2,191 | $ | 36 |
(1) | Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales. |
(2) | Includes IT expenses, insurance, non-CAF bad debt, travel, preopening and relocation costs, charitable contributions and other administrative expenses. |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||
(In millions) | 2016 | % (1) | 2015 | % (1) | 2016 | % (1) | 2015 | % (1) | |||||||||||||
Interest margin: | |||||||||||||||||||||
Interest and fee income | $ | 192.7 | 7.5 | $ | 172.3 | 7.4 | $ | 567.0 | 7.5 | $ | 507.0 | 7.5 | |||||||||
Interest expense | (44.1 | ) | (1.7 | ) | (33.0 | ) | (1.4 | ) | (125.3 | ) | (1.7 | ) | (91.9 | ) | (1.4 | ) | |||||
Total interest margin | 148.6 | 5.8 | 139.3 | 6.0 | 441.7 | 5.9 | 415.1 | 6.2 | |||||||||||||
Provision for loan losses | (41.9 | ) | (1.6 | ) | (30.9 | ) | (1.3 | ) | (104.2 | ) | (1.4 | ) | (70.2 | ) | (1.0 | ) | |||||
Total interest margin after | |||||||||||||||||||||
provision for loan losses | 106.7 | 4.1 | 108.4 | 4.7 | 337.5 | 4.5 | 344.9 | 5.1 | |||||||||||||
Total other expense | — | — | (0.3 | ) | — | — | — | (0.4 | ) | — | |||||||||||
Total direct expenses | (17.3 | ) | (0.7 | ) | (15.8 | ) | (0.7 | ) | (51.4 | ) | (0.7 | ) | (44.8 | ) | (0.7 | ) | |||||
CarMax Auto Finance income | $ | 89.4 | 3.5 | $ | 92.3 | 4.0 | $ | 286.1 | 3.8 | $ | 299.7 | 4.5 | |||||||||
Total average managed receivables | $ | 10,297.8 | $ | 9,261.4 | $ | 10,030.9 | $ | 8,973.3 | |||||||||||||
Net loans originated | $ | 1,339.1 | $ | 1,224.0 | $ | 4,217.7 | $ | 3,912.1 | |||||||||||||
Net CAF penetration rate | 45.0 | % | 43.3 | % | 44.7 | % | 43.1 | % | |||||||||||||
Weighted average contract rate | 7.3 | % | 7.3 | % | 7.4 | % | 7.3 | % | |||||||||||||
Ending allowance for loan losses | $ | 114.8 | $ | 90.9 | $ | 114.8 | $ | 90.9 | |||||||||||||
Warehouse facility information: | |||||||||||||||||||||
Ending funded receivables | $ | 1,677.0 | $ | 1,391.0 | $ | 1,677.0 | $ | 1,391.0 | |||||||||||||
Ending unused capacity | $ | 1,123.0 | $ | 1,109.0 | $ | 1,123.0 | $ | 1,109.0 | |||||||||||||
(1) | Annualized percentage of total average managed receivables. |
Three Months Ended November 30 | Nine Months Ended November 30 | ||||||||||||||||||||
(In millions except per share data) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||
Net earnings | $ | 136.6 | $ | 128.2 | 6.6 | % | $ | 474.4 | $ | 482.4 | (1.7 | )% | |||||||||
Diluted weighted average shares outstanding | 190.8 | 203.4 | (6.2 | )% | 193.2 | 208.2 | (7.2 | )% | |||||||||||||
Net earnings per diluted share | $ | 0.72 | $ | 0.63 | 14.3 | % | $ | 2.45 | $ | 2.32 | 5.6 | % |
Location | Television Market | Market Status | Planned Opening Date |
Palmdale, California | Los Angeles | Existing | Q4 Fiscal 2017 |
Murrieta, California | Los Angeles | Existing | Q4 Fiscal 2017 |
Mobile, Alabama | Mobile/Pensacola | New | Q4 Fiscal 2017 |
Albany, New York | Albany | New | Q4 Fiscal 2017 |
Puyallup, Washington | Seattle/Tacoma | New | Q1 Fiscal 2018 |
Lynnwood, Washington | Seattle/Tacoma | Existing | Q1 Fiscal 2018 |
Pensacola, Florida | Mobile/Pensacola | Existing | Q1 Fiscal 2018 |
Waterbury, Connecticut | Hartford/New Haven | Existing | Q2 Fiscal 2018 |
San Jose, California | San Francisco/Oakland/San Jose | Existing | Q2 Fiscal 2018 |
Salisbury, Maryland | Salisbury | New | Q2 Fiscal 2018 |
Langhorne, Pennsylvania | Philadelphia | Existing | Q3 Fiscal 2018 |
Tyler, Texas | Tyler/Longview | New | Q3 Fiscal 2018 |
Las Vegas, Nevada | Las Vegas | Existing | Q3 Fiscal 2018 |
Colma, California | San Francisco/Oakland/San Jose | Existing | Q3 Fiscal 2018 |
Renton, Washington | Seattle/Tacoma | Existing | Q3 Fiscal 2018 |
• | 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. |
• | 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 consumer credit availability provided by our third-party financing providers. |
• | Changes in the availability of extended protection plan products from third-party providers. |
• | Our inability to recruit, develop and retain associates and maintain positive associate relations. |
• | The loss of key associates from our store, regional or corporate management teams or a significant increase in labor costs. |
• | Security breaches or other events that result in the misappropriation, loss or other unauthorized disclosure of confidential customer or associate information. |
• | Significant changes in prices of new and used vehicles. |
• | A reduction in the availability of or access to sources of inventory or a failure to expeditiously liquidate inventory. |
• | Factors related to the regulatory and legislative environment in which we operate. |
• | Factors related to geographic growth, including the inability to acquire or lease suitable real estate at favorable terms or to effectively manage our growth. |
• | The failure of key information systems. |
• | The effect of various litigation matters. |
• | Adverse conditions affecting one or more automotive manufacturers, and manufacturer recalls. |
• | The inaccuracy of estimates and assumptions used in the preparation of our financial statements, or the effect of new accounting requirements or changes to U.S. generally accepted accounting principles. |
• | Factors related to seasonal fluctuations in our business. |
• | The occurrence of severe weather events. |
• | Factors related to the geographic concentration of our stores. |
Three Months Ended November 30 | Nine Months Ended November 30 | |||||||||||||||||
(In thousands except per share data) | 2016 | % (1) | 2015 | % (1) | 2016 | % (1) | 2015 | % (1) | ||||||||||
SALES AND OPERATING REVENUES: | ||||||||||||||||||
Used vehicle sales | $ | 3,090,613 | 83.5 | $ | 2,908,963 | 82.1 | $ | 9,820,401 | 83.0 | $ | 9,351,841 | 81.7 | ||||||
Wholesale vehicle sales | 488,385 | 13.2 | 513,796 | 14.5 | 1,616,528 | 13.7 | 1,682,195 | 14.7 | ||||||||||
Other sales and revenues | 122,526 | 3.3 | 121,310 | 3.4 | 388,229 | 3.3 | 409,834 | 3.6 | ||||||||||
NET SALES AND OPERATING REVENUES | 3,701,524 | 100.0 | 3,544,069 | 100.0 | 11,825,158 | 100.0 | 11,443,870 | 100.0 | ||||||||||
Cost of sales | 3,198,389 | 86.4 | 3,079,738 | 86.9 | 10,204,024 | 86.3 | 9,914,375 | 86.6 | ||||||||||
GROSS PROFIT | 503,135 | 13.6 | 464,331 | 13.1 | 1,621,134 | 13.7 | 1,529,495 | 13.4 | ||||||||||
CARMAX AUTO FINANCE INCOME | 89,359 | 2.4 | 92,316 | 2.6 | 286,086 | 2.4 | 299,703 | 2.6 | ||||||||||
Selling, general and administrative expenses | 356,735 | 9.6 | 337,512 | 9.5 | 1,103,091 | 9.3 | 1,018,075 | 8.9 | ||||||||||
Interest expense | 15,071 | 0.4 | 10,021 | 0.3 | 40,063 | 0.3 | 24,574 | 0.2 | ||||||||||
Other expense (income) | 1,027 | — | 1,157 | — | (24 | ) | — | 2,791 | — | |||||||||
Earnings before income taxes | 219,661 | 5.9 | 207,957 | 5.9 | 764,090 | 6.5 | 783,758 | 6.8 | ||||||||||
Income tax provision | 83,016 | 2.2 | 79,758 | 2.3 | 289,723 | 2.5 | 301,357 | 2.6 | ||||||||||
NET EARNINGS | $ | 136,645 | 3.7 | $ | 128,199 | 3.6 | $ | 474,367 | 4.0 | $ | 482,401 | 4.2 | ||||||
WEIGHTED AVERAGE COMMON SHARES: | ||||||||||||||||||
Basic | 189,200 | 201,291 | 191,431 | 205,760 | ||||||||||||||
Diluted | 190,818 | 203,383 | 193,239 | 208,242 | ||||||||||||||
NET EARNINGS PER SHARE: | ||||||||||||||||||
Basic | $ | 0.72 | $ | 0.64 | $ | 2.48 | $ | 2.34 | ||||||||||
Diluted | $ | 0.72 | $ | 0.63 | $ | 2.45 | $ | 2.32 |
As of | ||||||||||||
November 30 | February 29 | November 30 | ||||||||||
(In thousands except share data) | 2016 | 2016 (1) | 2015 (1) (2) | |||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 23,713 | $ | 37,394 | $ | 33,346 | ||||||
Restricted cash from collections on auto loan receivables | 357,040 | 343,829 | 316,186 | |||||||||
Accounts receivable, net | 92,003 | 132,171 | 88,530 | |||||||||
Inventory | 2,170,175 | 1,932,029 | 2,153,270 | |||||||||
Other current assets | 41,347 | 26,358 | 32,673 | |||||||||
TOTAL CURRENT ASSETS | 2,684,278 | 2,471,781 | 2,624,005 | |||||||||
Auto loan receivables, net | 10,333,318 | 9,536,892 | 9,318,313 | |||||||||
Property and equipment, net | 2,449,343 | 2,161,698 | 2,105,807 | |||||||||
Deferred income taxes | 155,995 | 161,862 | 184,937 | |||||||||
Other assets | 137,133 | 127,678 | 126,966 | |||||||||
TOTAL ASSETS | $ | 15,760,067 | $ | 14,459,911 | $ | 14,360,028 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Accounts payable | $ | 476,757 | $ | 441,746 | $ | 420,856 | ||||||
Accrued expenses and other current liabilities | 224,585 | 245,909 | 211,833 | |||||||||
Accrued income taxes | 2,071 | 2,029 | 328 | |||||||||
Short-term debt | 880 | 428 | 36 | |||||||||
Current portion of finance and capital lease obligations | 10,566 | 14,331 | 14,673 | |||||||||
Current portion of non-recourse notes payable | 312,858 | 300,750 | 275,828 | |||||||||
TOTAL CURRENT LIABILITIES | 1,027,717 | 1,005,193 | 923,554 | |||||||||
Long-term debt, excluding current portion | 888,161 | 713,910 | 862,861 | |||||||||
Finance and capital lease obligations, excluding current portion | 466,965 | 400,323 | 391,856 | |||||||||
Non-recourse notes payable, excluding current portion | 10,129,401 | 9,206,425 | 9,040,092 | |||||||||
Other liabilities | 232,439 | 229,274 | 229,910 | |||||||||
TOTAL LIABILITIES | 12,744,683 | 11,555,125 | 11,448,273 | |||||||||
Commitments and contingent liabilities | ||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||
Common stock, $0.50 par value; 350,000,000 shares authorized; 187,351,060 and 194,712,234 shares issued and outstanding as of November 30, 2016 and February 29, 2016, respectively | 93,676 | 97,356 | 98,781 | |||||||||
Capital in excess of par value | 1,160,484 | 1,130,822 | 1,136,607 | |||||||||
Accumulated other comprehensive loss | (60,135 | ) | (70,196 | ) | (66,664 | ) | ||||||
Retained earnings | 1,821,359 | 1,746,804 | 1,743,031 | |||||||||
TOTAL SHAREHOLDERS’ EQUITY | 3,015,384 | 2,904,786 | 2,911,755 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 15,760,067 | $ | 14,459,911 | $ | 14,360,028 |
(1) | In connection with our adoption of Financial Accounting Standards Board (“FASB”) ASU 2015-3 during the first quarter of fiscal 2017, debt issuance costs, with the exception of those related to our revolving credit facility, have been reclassified from other assets to a reduction of the carrying amount of the related debt liability. Prior period amounts have been reclassified to conform to the current period’s presentation. |
(2) | In connection with our adoption of FASB ASU 2015-17 during the fourth quarter of fiscal 2016, current deferred tax assets have been reclassified to noncurrent assets. Prior period amounts have been reclassified to conform to the current period’s presentation. |
Nine Months Ended November 30 | |||||||
(In thousands) | 2016 | 2015 | |||||
OPERATING ACTIVITIES: | |||||||
Net earnings | $ | 474,367 | $ | 482,401 | |||
Adjustments to reconcile net earnings to net cash used in operating activities: | |||||||
Depreciation and amortization | 125,654 | 100,504 | |||||
Share-based compensation expense | 72,026 | 45,284 | |||||
Provision for loan losses | 104,249 | 70,165 | |||||
Provision for cancellation reserves | 51,768 | 61,048 | |||||
Deferred income tax benefit | (584 | ) | (8,322 | ) | |||
Other | 2,118 | 3,007 | |||||
Net decrease (increase) in: | |||||||
Accounts receivable, net | 40,168 | 49,160 | |||||
Inventory | (238,146 | ) | (66,396 | ) | |||
Other current assets | (5,802 | ) | 12,397 | ||||
Auto loan receivables, net | (900,675 | ) | (952,974 | ) | |||
Other assets | 1,193 | 268 | |||||
Net decrease in: | |||||||
Accounts Payable, accrued expenses and other | |||||||
current liabilities and accrued income taxes | (5,240 | ) | (109,243 | ) | |||
Other liabilities | (64,222 | ) | (68,878 | ) | |||
NET CASH USED IN OPERATING ACTIVITIES | (343,126 | ) | (381,579 | ) | |||
INVESTING ACTIVITIES: | |||||||
Capital expenditures | (315,543 | ) | (240,835 | ) | |||
Proceeds from sales of assets | 728 | 1,520 | |||||
Increase in restricted cash from collections on auto loan receivables | (13,211 | ) | (22,064 | ) | |||
Increase in restricted cash in reserve accounts | (11,663 | ) | (8,383 | ) | |||
Release of restricted cash from reserve accounts | 8,083 | 5,907 | |||||
Purchases of money market securities, net | (3,482 | ) | (6,106 | ) | |||
Purchases of trading securities | (3,442 | ) | (4,759 | ) | |||
Sales of trading securities | 318 | 101 | |||||
NET CASH USED IN INVESTING ACTIVITIES | (338,212 | ) | (274,619 | ) | |||
FINANCING ACTIVITIES: | |||||||
Increase (decrease) in short-term debt, net | 452 | (749 | ) | ||||
Proceeds from issuances of long-term debt | 1,660,600 | 1,137,300 | |||||
Payments on long-term debt | (1,484,900 | ) | (583,300 | ) | |||
Cash paid for debt issuance costs | (12,568 | ) | (3,104 | ) | |||
Payments on finance and capital lease obligations | (8,407 | ) | (13,310 | ) | |||
Issuances of non-recourse notes payable | 7,235,000 | 7,430,805 | |||||
Payments on non-recourse notes payable | (6,299,802 | ) | (6,565,516 | ) | |||
Repurchase and retirement of common stock | (464,352 | ) | (816,181 | ) | |||
Equity issuances | 34,554 | 44,855 | |||||
Excess tax benefits from share-based payment arrangements | 7,080 | 31,138 | |||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 667,657 | 661,938 | |||||
(Decrease) increase in cash and cash equivalents | (13,681 | ) | 5,740 | ||||
Cash and cash equivalents at beginning of year | 37,394 | 27,606 | |||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 23,713 | $ | 33,346 |