Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 79

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 7
Chunk 79
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 offset by the change in inventory, as discussed above, as well as the net impact of volume and timing-related changes in accounts receivable and accounts payable.

Investing Activities.  Net cash used in investing activities totaled $461.0 million in fiscal 2025 compared with $467.0 million in fiscal 2024.  Capital expenditures were $467.9 million in fiscal 2025 versus $465.3 million in fiscal 2024.  Capital expenditures primarily included land purchases and construction costs to support our growth capacity initiatives and new store openings.  We maintain a multi-year pipeline of sites to support our store and capacity growth, so portions of capital spending in one year may relate to locations that we open in subsequent fiscal years.

Financing Activities.  Net cash used in financing activities was $453.5 million in fiscal 2025, compared with net cash provided by financing activities of $307.8 million in fiscal 2024.  Included in these amounts were net issuances of non-recourse notes payable of $252.8 million in fiscal 2025 compared with $506.9 million in the prior year.  Non-recourse notes payable are typically used to fund changes in auto loans receivable (see “Operating Activities”).  

During fiscal 2025, cash used in financing activities was impacted by net payments on our long-term debt of $313.8 million as well as stock repurchases of $428.5 million.  During fiscal 2024, cash provided by financing activities was impacted by net payments on our long-term debt of $111.5 million as well as stock repurchases of $94.1 million.

40

TOTAL DEBT AND CASH AND CASH EQUIVALENTS(In thousands)As of February 28 or 29Debt Description (1)Maturity Date20252024Revolving credit facility (2)June 2028$— $— Term loan (2)June 2024— 300,000 Term loan (2)October 2026699,773 699,633 4.17% Senior notesApril 2026200,000 200,000 4.27% Senior notesApril 2028200,000 200,000 Financing obligationsVarious dates through February 2059487,676 516,544 Non-recourse notes payableVarious dates through June 203217,119,758