CarMax (KMX) CEO, Bill Nash on Q2 2022 Results - Earnings Call Transcript

Sep. 30, 2021 12:34 PM ETCarMax, Inc. (KMX)
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CarMax Inc. (NYSE:KMX) Q2 2022 Earnings Conference Call September 30, 2021 9:00 AM ET

Company Participants

Bill Nash - President, Chief Executive Officer

Enrique Mayor-Mora - Executive Vice President, Chief Financial Officer

Jon Daniels - Senior Vice President, CarMax Auto Finance

David Lowenstein - Assistant Vice President, Investor Relations

Conference Call Participants

Brian Nagel - Oppenheimer

Sharon Zackfia - William Blair

Rick Nelson - Stephens

Craig Kennison - Baird

Rajat Gupta - JP Morgan

Michael Montani - Evercore

Seth Basham - Wedbush Securities

Adam Jonas - Morgan Stanley

John Murphy - Bank of America

Ali Faghri - Guggenheim Securities

David Whiston - Morningstar

Chris Bottiglieri - Exane BNP Paribas

Bill Nash

Good morning and thank you for joining us.

As you read in our earnings release this morning, we delivered a record level of used sales for the second quarter and all-time record for wholesale vehicle sales, as well as robust CarMax auto finance income growth.

For the second quarter of FY22, our diversified business model delivered totaled sales of $8 billion, up 49% compared with the second quarter of FY21, driven by higher average selling prices and volume gains. Net earnings per diluted share was $1.72, down $0.07 from a year ago as we rolled over last year’s pandemic-driven expense reductions and also continued to invest in our growth.

Across our retail and wholesale channels, we sold approximately 420,000 cars in total, up 20% versus the second quarter last year. For the six months of FY22, we have sold approximately 872,000 retail and wholesale cars combined. We also bought 59% more cars from consumers in the second quarter this year versus last year and achieved record self sufficiency of approximately 70%.

Our omnichannel platform, unique customer offerings, solid execution and macro factors are driving performance across our company. In our retail business, total

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