We maintain a revolving securitization program composed of two warehouse facilities (“warehouse facilities”) that we use to fund auto loan receivables originated by CAF until they are funded through a term securitization or alternative funding arrangement. November 30, 2012, and $204.3 million as of February 29, 2012, consisted of collections of principal and interest payments on securitized auto loan receivables that are restricted for payment to the securitization investors pursuant to the applicable securitization agreements. Cash accounts totaling $204.4 million as of Restricted Cash from Collections on Auto Loan Receivables. Cash equivalents of $ 397.1 million as of November 30, 2012, and $ 429.3 million as of February 29, 2012, consisted of highly liquid investments with original maturities of three months or less. ![]() Amounts and percentages may not total due to rounding.Ĭash and Cash Equivalents. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Actual results could differ from those estimates. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. The preparation of financial statements in conformity with U.S. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for interim financial information. These consolidated financial statements have been prepared in conformity with U.S. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. īasis of Presentation and Use of Estimates. At select locations we also sell new vehicles under various franchise agreements. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site wholesale auctions. We provide customers with a full range of related products and services, including the appraisal and purchase of vehicles directly from consumers the financing of vehicle purchases through our own finance operation, CarMax Auto Finance (“CAF”), and third-party financing providers the sale of extended service plans (“ESP”), guaranteed asset protection (“GAP”) and accessories and vehicle repair service. ![]() ![]() We were the first used vehicle retailer to offer a large selection of high quality used vehicles at competitively low, no-haggle prices using a customer-friendly sales process in an attractive, modern sales facility. (“we, ” “our, ” “us, ” “CarMax” and “the company”), including its wholly owned subsidiaries, is the largest retailer of used vehicles in the United States. Notes to Consolidated Financial StatementsĬarMax, Inc.
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