Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 56

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 7
Chunk 56
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544,312 (0.4)%Per unit information  Used gross profit per unit$2,311 1.0 %  Wholesale gross profit per unit$1,024 0.5 %  SG&A as a % of gross profit84.0 %(0.3)%Per share information  Net earnings per diluted share$3.21 6.3 %Online sales metrics  Online retail sales (2)15 %1 %  Omni sales (3)(5)57 %2 %  Revenue from online transactions (4)30 %(1)%

(1)    Where applicable, amounts are net of intercompany eliminations.

(2)    An online retail sale is defined as a sale where the customer completes all four of the following 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.

(3)    An omni sale is defined as a sale where customers complete at least one, but not all, of the four activities listed above online.

(4)    Revenue from online transactions is defined as revenue from retail sales that qualify as an online retail sale, as well as any related EPP and third-party finance contribution, wholesale sales where the winning bid was taken from an online bid and all revenue earned by Edmunds.

(5)    The definition of an omni sale has been updated to include additional steps that can be completed online, including pre-qualifying for financing, setting appointments and signing up for notifications of cars coming soon.  See discussion below for fiscal 2025 results by quarter under this new definition.

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SG&A during fiscal 2024 included a $67.2 million benefit in connection with the receipt of settlement proceeds in a class action lawsuit related to the economic loss associated with vehicles containing Takata airbags.  Excluding these proceeds, SG&A leveraged by 270 basis points, driven by the growth in gross profit and continued expense efficiency actions.

Net earnings per diluted share during fiscal 2025 included a negative impact of $0.06 resulting from an Edmunds lease impairment charge.  Net earnings per diluted share during fiscal 2024 included a benefit of $0.32 in connection with the Takata proceeds.  Net earnings per diluted share excluding both of these impacts increased 21.1% in fiscal 2025.

As noted