CarMax Reports Third Quarter Fiscal Year 2026 Results
RICHMOND, Va.--( BUSINESS WIRE)--CarMax, Inc. (NYSE:KMX) today reported results for the third quarter ended November 30, 2025.
Third Quarter Highlights: (1)
(1) Comparisons to the prior year’s third quarter unless otherwise stated
Interim CEO Commentary:
“I’m honored to serve as Interim President and CEO at this important juncture for CarMax. Our unmatched physical and digital infrastructure, beloved national brand, and award-winning culture provide us with incredible advantages. Despite these advantages, based on recent results, it is clear CarMax needs change,” said David McCreight, Interim President and Chief Executive Officer. “Tom and I are committed to positioning CarMax for success while the Board identifies the right permanent CEO to lead CarMax.”
Third Quarter Business Performance Review:
Sales. Combined retail and wholesale used vehicle unit sales were 297,160, a decrease of 7.2% from the prior year’s third quarter.
Total retail used vehicle unit sales decreased 8.0% to 169,557 compared to the prior year’s third quarter. Comparable store used unit sales decreased 9.0% from the prior year’s third quarter. Total retail used vehicle revenues decreased 7.0% compared with the prior year’s third quarter, primarily driven by the decrease in retail used units sold.
Total wholesale vehicle unit sales decreased 6.2% to 127,603 versus the prior year’s third quarter. Wholesale volume was negatively impacted by steep market depreciation. Total wholesale revenues declined 6.3% compared with the prior year’s third quarter driven by the decrease in wholesale units sold.
We bought 238,000 vehicles from consumers and dealers, down 11.7% compared to last year’s third quarter. Of these vehicles, 208,000 were bought from consumers and 30,000 were bought through dealers, a decrease of 12.1% and 8.6%, respectively, from last year’s third quarter.
Other sales and revenues decreased by 9.2%, or $15.2 million, compared with the third quarter of fiscal 2025, primarily reflecting a decrease in EPP revenues driven by a decrease in retail unit sales.
Our digital capabilities supported 81% of retail unit sales. Omni sales (2) were 69% and online retail sales (3) accounted for 12% of retail unit sales.
Gross Profit. Total gross profit was $590.0 million, down 12.9% versus last year’s third quarter. Retail used vehicle gross profit decreased 10.8% and retail gross profit per used unit was $2,235, in line with historical averages though down $71 from last year’s third quarter record.
Wholesale vehicle gross profit decreased 16.9% versus the prior year’s third quarter, reflecting lower wholesale unit volume and gross profit per unit, which declined $116 to $899 per unit. Like volume, gross profit per unit was impacted by steep market depreciation.
Other gross profit decreased 16.0% primarily reflecting a reduction in EPP revenues due to lower retail unit sales.
SG&A. Compared with the third quarter of fiscal 2025, SG&A expenses increased 1.0% or $5.6 million to $581.4 million, primarily driven by increased advertising spend to support the new brand positioning campaign and severance costs for both the leadership change and CEC workforce reduction, partially offset by a lower corporate bonus accrual. SG&A as a percent of gross profit was 98.5% in the third quarter compared to 85.0% in the prior year’s third quarter, driven by the decline in gross profit.
We are on track to achieve SG&A reductions of at least $150 million in savings in our exit rate by the end of fiscal 2027. We took our first significant step towards these savings this quarter with a reduction in our CEC workforce.
CarMax Auto Finance. (4) During the third quarter, we executed our second non-prime securitization transaction this calendar year. This transaction was upsized to $900 million in total notes and for the first time included the sale of most of the residual financial interest in the transaction to third party investors, thus resulting in off-balance sheet treatment. As a result, we recognized a gain on sale of $27.0 million in the third quarter. We also recognized an additional $5.0 million in CAF income related to servicing fees from this transaction.
CAF income increased 9.3% to $174.7 million as the gain on sale outweighed a decline in total interest margin dollars due to lower auto loans outstanding resulting from the securitization transaction noted above. This quarter’s provision for loan losses was $73.4 million compared to $72.6 million in the prior year’s third quarter.
As of November 30, 2025, the allowance for loan losses of $474.8 million was 2.87% of auto loans held for investment, down from 3.02% as of August 31, 2025.
CAF’s total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, was 6.2% of average auto loans outstanding, which includes held for investment and held for sale, in line with the prior year’s third quarter. After the effect of 3-day payoffs, CAF financed 42.6% of units sold in the current quarter, down from 43.1% in the prior year’s third quarter. CAF’s weighted average contract rate was 11.0% in the quarter, down from 11.2% in the third quarter last year.
Share Repurchase Activity. During the third quarter of fiscal year 2026, we repurchased 4.6 million shares of common stock for $201.6 million. As of November 30, 2025, we had $1.36 billion remaining available for repurchase under the outstanding authorization.
Location Openings. During the third quarter of fiscal 2026, we opened two new store locations in Tulalip, Washington and Rogers, Arkansas.
Fiscal Year 2026 Fourth Quarter Preliminary Outlook. We expect the following actions will result in improved sales performance trends:
(2)
An omni retail unit sale is defined as a sale where customers complete at least one, but not all, of the four activities listed in note (3) below online. An omni retail unit sale also includes additional steps that can be completed online, including pre-qualifying for financing, setting appointments and signing up for notifications of cars coming soon.
(3)
An online retail sale is defined as a sale where the customer completes all four of these major transactional activities online: reserving the vehicle; financing the vehicle, if needed; trading-in or opting out of a trade in; and creating an online sales order.
(4)
Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions.
Supplemental Financial Information
Amounts and percentage calculations may not total due to rounding.
Sales Components
Three Months Ended November 30
Nine Months Ended November 30
(In millions)
2025
2024
Change
2025
2024
Change
Used vehicle sales
$
4,548.2
$
4,888.9
(7.0
)%
$
15,922.3
$
16,243.4
(2.0
)%
Wholesale vehicle sales
1,095.1
1,168.6
(6.3
)%
3,497.4
3,579.5
(2.3
)%
Other sales and revenues:
Extended protection plan revenues
96.6
105.5
(8.4
)%
343.4
345.7
(0.7
)%
Third-party finance (fees)/income, net
(3.0
)
1.0
(397.2
)%
(4.5
)
0.8
(664.8
)%
Advertising & subscription revenues (1)
35.1
36.1
(2.7
)%
109.5
105.1
4.2
%
Other
21.9
23.3
(5.8
)%
67.0
75.7
(11.5
)%
Total other sales and revenues
150.6
165.9
(9.2
)%
515.4
527.3
(2.3
)%
Total net sales and operating revenues
$
5,793.9
$
6,223.4
(6.9
)%
$
19,935.2
$
20,350.3
(2.0
)%
(1) Excludes intercompany revenues that have been eliminated in consolidation.
Unit Sales
Three Months Ended November 30
Nine Months Ended November 30
2025
2024
Change
2025
2024
Change
Used vehicles
169,557
184,243
(8.0
)%
599,496
606,395
(1.1
)%
Wholesale vehicles
127,603
136,013
(6.2
)%
415,422
425,156
(2.3
)%
Average Selling Prices
Three Months Ended November 30
Nine Months Ended November 30
2025
2024
Change
2025
2024
Change
Used vehicles
$
26,383
$
26,153
0.9
%
$
26,152
$
26,315
(0.6
)%
Wholesale vehicles
$
8,137
$
8,177
(0.5
)%
$
7,991
$
8,012
(0.3
)%
Vehicle Sales Changes
Three Months Ended November 30
Nine Months Ended November 30
2025
2024
2025
2024
Used vehicle units
(8.0
)%
5.4
%
(1.1
)%
2.2
%
Used vehicle revenues
(7.0
)%
1.2
%
(2.0
)%
(1.1
)%
Wholesale vehicle units
(6.2
)%
6.3
%
(2.3
)%
(1.3
)%
Wholesale vehicle revenues
(6.3
)%
0.3
%
(2.3
)%
(10.5
)%
Comparable Store Used Vehicle Sales Changes (1)
Three Months Ended November 30
Nine Months Ended November 30
2025
2024
2025
2024
Used vehicle units
(9.0
)%
4.3
%
(2.1
)%
1.3
%
Used vehicle revenues
(8.1
)%
0.5
%
(2.6
)%
(2.2
)%
(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.
Used Vehicle Financing Penetration by Channel (Before the Impact of 3-day Payoffs) (1)
Three Months Ended November 30
Nine Months Ended November 30
CAF (2)
44.9
%
45.7
%
44.8
%
45.2
%
Tier 2 (3)
16.7
%
17.9
%
17.0
%
18.1
%
Tier 3 (4)
8.2
%
6.5
%
7.8
%
6.9
%
Other (5)
30.2
%
29.9
%
30.4
%
29.8
%
Total
100.0
%
100.0
%
100.0
%
100.0
%
(1)
Calculated as used vehicle units financed for respective channel as a percentage of total used units sold.
(2)
Includes CAF's Tier 2 and Tier 3 loan originations, which represent approximately 2% of total used units sold.
(3)
Third-party finance providers who generally pay us a fee or to whom no fee is paid.
(4)
Third-party finance providers to whom we pay a fee.
(5)
Represents customers arranging their own financing and customers that do not require financing.
Selected Operating Ratios
Three Months Ended November 30
Nine Months Ended November 30
(In millions)
2025
% (1)
2024
% (1)
2025
% (1)
2024
% (1)
Net sales and operating revenues
$
5,793.9
100.0
$
6,223.4
100.0
$
19,935.2
100.0
$
20,350.3
100.0
Gross profit
$
590.0
10.2
$
677.6
10.9
$
2,201.3
11.0
$
2,230.0
11.0
CarMax Auto Finance income
$
174.7
3.0
$
159.9
2.6
$
419.0
2.1
$
422.4
2.1
Selling, general, and administrative expenses
$
581.4
10.0
$
575.8
9.3
$
1,842.1
9.2
$
1,824.9
9.0
Interest expense
$
26.1
0.5
$
25.4
0.4
$
81.6
0.4
$
83.8
0.4
Earnings before income taxes
$
83.9
1.4
$
166.5
2.7
$
494.1
2.5
$
551.0
2.7
Net earnings
$
62.2
1.1
$
125.4
2.0
$
368.0
1.8
$
410.7
2.0
(1)
Calculated as a percentage of net sales and operating revenues.
Gross Profit (1)
Three Months Ended November 30
Nine Months Ended November 30
(In millions)
2025
2024
Change
2025
2024
Change
Used vehicle gross profit
$
378.9
$
424.8
(10.8
)%
$
1,375.7
$
1,399.1
(1.7
)%
Wholesale vehicle gross profit
114.8
138.1
(16.9
)%
408.6
433.1
(5.6
)%
Other gross profit
96.3
114.7
(16.0
)%
417.0
397.8
4.8
%
Total
$
590.0
$
677.6
(12.9
)%
$
2,201.3
$
2,230.0
(1.3
)%
(1)
Amounts are net of intercompany eliminations.
Gross Profit per Unit (1)
Three Months Ended November 30
Nine Months Ended November 30
2025
2024
2025
2024
$ per unit (2)
% (3)
$ per unit (2)
% (3)
$ per unit (2)
% (3)
$ per unit (2)
% (3)
Used vehicle gross profit per unit
$
2,235
8.3
$
2,306
8.7
$
2,295
8.6
$
2,307
8.6
Wholesale vehicle gross profit per unit
$
899
10.5
$
1,015
11.8
$
984
11.7
$
1,019
12.1
Other gross profit per unit
$
568
64.0
$
623
69.2
$
695
80.9
$
656
75.4
(1)
Amounts are net of intercompany eliminations.
(2)
Calculated as category gross profit divided by its respective units sold, except the other category, which is divided by total used units sold.
(3)
Calculated as a percentage of its respective sales or revenue.
SG&A Expenses (1)
Three Months Ended November 30
Nine Months Ended November 30
(In millions)
2025
2024
Change
2025
2024
Change
Compensation and benefits:
Compensation and benefits, excluding share-based compensation expense
$
307.3
$
311.8
(1.4
)%
$
979.7
$
961.1
1.9
%
Share-based compensation expense
14.7
22.3
(34.0
)%
82.7
101.5
(18.5
)%
Total compensation and benefits (2)
$
322.0
$
334.1
(3.6
)%
$
1,062.4
$
1,062.6
—
%
Occupancy costs
68.6
73.5
(6.5
)%
211.6
218.8
(3.3
)%
Advertising expense
73.4
53.8
36.4
%
205.1
188.6
8.8
%
Other overhead costs (3)
117.4
114.4
2.5
%
363.0
354.9
2.3
%
Total SG&A expenses
$
581.4
$
575.8
1.0
%
$
1,842.1
$
1,824.9
0.9
%
SG&A as a % of gross profit
98.5
%
85.0
%
13.5
%
83.7
%
81.8
%
1.9
%
(1)
Amounts are net of intercompany eliminations.
(2)
Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales.
(3)
Includes IT expenses, non-CAF bad debt, insurance, preopening and relocation costs, travel, charitable contributions and other administrative expenses.
Components of CAF Income and Other CAF Information
Three Months Ended November 30
Nine Months Ended November 30
(In millions)
2025
2024
2025
2024
Interest margin:
Interest and fee income
$
448.0
$
469.2
$
1,423.2
$
1,386.2
Interest expense
(188.3
)
(193.2
)
(585.0
)
(569.2
)
Total interest margin
259.7
276.0
838.2
817.0
Provision for loan losses
(73.4
)
(72.6
)
(317.3
)
(266.4
)
Total interest margin after provision for loan losses
186.3
203.4
520.9
550.6
Servicing income
5.0
—
5.0
—
Total direct expenses
(43.6
)
(43.5
)
(133.9
)
(128.2
)
Gain on sale of auto loans
27.0
—
27.0
—
CarMax Auto Finance income
$
174.7
$
159.9
$
419.0
$
422.4
Average auto loans outstanding (1)
$
16,805.2
$
17,771.7
$
17,419.9
$
17,683.9
Total interest margin as a percent of average auto loans outstanding
6.2
%
6.2
%
6.4
%
6.2
%
Net auto loans originated (1)
$
1,761.4
$
1,942.8
$
6,119.4
$
6,368.3
Net penetration rate (1)
42.6
%
43.1
%
42.3
%
42.8
%
Weighted average contract rate (1)
11.0
%
11.2
%
11.2
%
11.3
%
Ending allowance for loan losses
$
474.8
$
478.9
$
474.8
$
478.9
(1)
Includes auto loans held for investment and auto loans held for sale.
Earnings Highlights
Three Months Ended November 30
Nine Months Ended November 30
(In millions except per share data)
2025
2024
Change
2025
2024
Change
Net earnings
$
62.2
$
125.4
(50.4
)%
$
368.0
$
410.7
(10.4
)%
Diluted weighted average shares outstanding
145.9
155.3
(6.1
)%
149.4
156.5
(4.6
)%
Net earnings per diluted share
$
0.43
$
0.81
(46.9
)%
$
2.46
$
2.62
(6.1
)%
Conference Call Information
We will host a conference call for investors at 9:00 a.m. ET today, December 18, 2025. Domestic investors may access the call at 1-800-225-9448 (international callers dial 1-203-518-9708). The conference I.D. for both domestic and international callers is 3171396. A live webcast of the call will be available on our investor information home page at investors.carmax.com. An investor presentation is also available on the website.
A replay of the webcast will be available on the company’s website at investors.carmax.com through April 13, 2026, or via telephone (for approximately one week) by dialing 1-800-839-1246 (or 1-402-220-0464 for international access) and entering the conference ID 3171396.
Fourth Quarter Fiscal 2026 Earnings Release Date
We currently plan to release results for the fourth quarter ending February 28, 2026, on Tuesday, April 14, 2026, before the opening of trading on the New York Stock Exchange. We plan to host a conference call for investors at 9:00 a.m. ET on that date. Information on this conference call will be available on our investor information home page at investors.carmax.com in late March 2026.
About CarMax
CarMax, the nation’s largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year that ended February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in auto loans during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has more than 250 store locations, over 28,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2025 Responsibility Report. For more information, visit www.carmax.com.
Forward-Looking Statements
We caution readers that the statements contained in this release that are not statements of historical fact, including statements about our future business plans, operations, challenges, opportunities or prospects, including without limitation any statements or factors regarding expected succession matters, operating capacity, sales, inventory, market share, financial and operational targets and goals, revenue, margins, expenses, liquidity, loan originations, capital expenditures, share repurchase plans, debt obligations or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “could,” “enable,” “estimate,” “expect,” “focused on,” “intend,” “may,” “on track,” “outlook,” “plan,” “positioned,” “predict,” “should,” “target,” “will” and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management’s current knowledge, expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following:
For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at investors.carmax.com. Requests for information may also be made to the Investor Relations Department by email to investor_relations@carmax.com or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended November 30
Nine Months Ended November 30
(In thousands except per share data)
2025
% (1)
2024
% (1)
2025
% (1)
2024
% (1)
SALES AND OPERATING REVENUES:
Used vehicle sales
$
4,548,197
78.5
$
4,888,858
78.6
$
15,922,349
79.9
$
16,243,415
79.8
Wholesale vehicle sales
1,095,119
18.9
1,168,639
18.8
3,497,425
17.5
3,579,543
17.6
Other sales and revenues
150,630
2.6
165,874
2.7
515,397
2.6
527,339
2.6
NET SALES AND OPERATING REVENUES
5,793,946
100.0
6,223,371
100.0
19,935,171
100.0
20,350,297
100.0
COST OF SALES:
Used vehicle cost of sales
4,169,250
72.0
4,464,016
71.7
14,546,602
73.0
14,844,310
72.9
Wholesale vehicle cost of sales
980,366
16.9
1,030,564
16.6
3,088,781
15.5
3,146,465
15.5
Other cost of sales
54,282
0.9
51,145
0.8
98,451
0.5
129,514
0.6
TOTAL COST OF SALES
5,203,898
89.8
5,545,725
89.1
17,733,834
89.0
18,120,289
89.0
GROSS PROFIT
590,048
10.2
677,646
10.9
2,201,337
11.0
2,230,008
11.0
CARMAX AUTO FINANCE INCOME
174,738
3.0
159,885
2.6
419,026
2.1
422,435
2.1
Selling, general, and administrative expenses
581,368
10.0
575,764
9.3
1,842,104
9.2
1,824,904
9.0
Depreciation and amortization
68,943
1.2
64,507
1.0
201,967
1.0
190,277
0.9
Interest expense
26,120
0.5
25,418
0.4
81,643
0.4
83,801
0.4
Other expense
4,468
0.1
5,370
0.1
535
—
2,505
—
Earnings before income taxes
83,887
1.4
166,472
2.7
494,114
2.5
550,956
2.7
Income tax provision
21,672
0.4
41,031
0.7
126,140
0.6
140,266
0.7
NET EARNINGS
$
62,215
1.1
$
125,441
2.0
$
367,974
1.8
$
410,690
2.0
WEIGHTED AVERAGE COMMON SHARES:
Basic
145,548
154,582
149,004
155,874
Diluted
145,864
155,265
149,382
156,504
NET EARNINGS PER SHARE:
Basic
$
0.43
$
0.81
$
2.47
$
2.63
Diluted
$
0.43
$
0.81
$
2.46
$
2.62
(1)
Percents are calculated as a percentage of net sales and operating revenues and may not total due to rounding.
CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As of
November 30
February 28
November 30
(In thousands except share data)
2025
2025
2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
204,938
$
246,960
$
271,910
Restricted cash from collections on auto loans held for investment
567,398
559,118
541,153
Accounts receivable, net
151,102
188,733
213,593
Auto loans held for sale
—
—
—
Inventory
3,127,948
3,934,622
3,665,163
Other current assets
146,819
148,203
126,817
TOTAL CURRENT ASSETS
4,198,205
5,077,636
4,818,636
Auto loans held for investment, net
16,151,162
17,242,789
17,412,940
Property and equipment, net
4,023,465
3,841,833
3,799,312
Deferred income taxes
73,451
140,332
133,258
Operating lease assets
475,078
493,355
504,979
Goodwill
141,258
141,258
141,258
Other assets
499,736
467,003
486,743
TOTAL ASSETS
$
25,562,355
$
27,404,206
$
27,297,126
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
887,496
$
977,845
$
985,891
Accrued expenses and other current liabilities
418,021
529,926
456,541
Accrued income taxes
4,079
87,526
69,816
Current portion of operating lease liabilities
57,173
59,335
60,338
Current portion of long-term debt
216,901
16,821
15,020
Current portion of non-recourse notes payable
522,571
526,518
509,686
TOTAL CURRENT LIABILITIES
2,106,241
2,197,971
2,097,292
Long-term debt, excluding current portion
1,169,768
1,570,296
1,589,454
Non-recourse notes payable, excluding current portion
15,417,006
16,567,044
16,559,771
Operating lease liabilities, excluding current portion
462,391
481,963
481,344
Other liabilities
342,415
343,944
358,055
TOTAL LIABILITIES
19,497,821
21,161,218
21,085,916
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 143,062,439 and 153,319,678 shares issued and outstanding as of November 30, 2025 and February 28, 2025, respectively
71,531
76,660
76,954
Capital in excess of par value
1,824,142
1,891,012
1,853,489
Accumulated other comprehensive (loss) income
(27,280
)
3,080
14,827
Retained earnings
4,196,141
4,272,236
4,265,940
TOTAL SHAREHOLDERS’ EQUITY
6,064,534
6,242,988
6,211,210
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
25,562,355
$
27,404,206
$
27,297,126
CARMAX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended November 30
(In thousands)
2025
2024
OPERATING ACTIVITIES:
Net earnings
$
367,974
$
410,690
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
252,198
217,332
Share-based compensation expense
87,361
107,121
Provision for loan losses
317,335
266,406
Provision for cancellation reserves
57,157
75,007
Deferred income tax provision (benefit)
76,618
(19,961
)
Proceeds from sale of auto loans
909,016
—
Other
(18,807
)
6,186
Net decrease (increase) in:
Accounts receivable, net
37,631
19,872
Inventory
806,674
12,907
Other current assets
(2,916
)
127,978
Auto loans held for investment, net
(156,314
)
(667,502
)
Other assets
(19,646
)
(13,936
)
Net (decrease) increase in:
Accounts payable, accrued expenses and other
current liabilities and accrued income taxes
(321,017
)
6,695
Other liabilities
(55,150
)
(70,733
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
2,338,114
478,062
INVESTING ACTIVITIES:
Capital expenditures
(407,962
)
(340,322
)
Proceeds from disposal of property and equipment
385
153
Purchases of investments
(8,754
)
(9,478
)
Sales and returns of investments
1,922
1,722
Principal payments received on beneficial interests
3,132
—
NET CASH USED IN INVESTING ACTIVITIES
(411,277
)
(347,925
)
FINANCING ACTIVITIES:
Proceeds from issuances of long-term debt
87,000
34,400
Payments on long-term debt
(299,007
)
(344,231
)
Cash paid for debt issuance costs
(18,555
)
(16,861
)
Payments on finance lease obligations
(11,002
)
(13,146
)
Issuances of non-recourse notes payable
9,577,170
9,721,000
Payments on non-recourse notes payable
(10,729,859
)
(9,491,659
)
Repurchase and retirement of common stock
(588,440
)
(329,581
)
Equity issuances
8,349
35,367
NET CASH USED IN FINANCING ACTIVITIES
(1,974,344
)
(404,711
)
Decrease in cash, cash equivalents, and restricted cash
(47,507
)
(274,574
)
Cash, cash equivalents, and restricted cash at beginning of year
960,310
1,250,410
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
$
912,803
$
975,836