CarMax Inc. (NYSE:KMX) Q4 2020 Earnings Conference Call - Final Transcript

Apr 02, 2020 • 09:00 am ET


CarMax Inc. (NYSE:KMX) Q4 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Carol, and I will be your conference operator today. At this time, I would like to welcome everyone to the CarMax Fiscal 2020 Fourth Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Stacy Frole, Vice President, Investor Relations.

Stacy Frole

Thank you, Carol. Good morning. Thank you for joining our fiscal 2020 fourth quarter and year-end earnings conference call. I'm here today with Bill Nash, our President and CEO; Tom Reedy, our Executive Vice President of Finance; and Enrique Mayor-Mora, our Senior Vice President and CFO.

Let me remind you, our statements today regarding the Company's future business plans, prospects and financial performance are forward-looking statements we make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the management's current knowledge and assumptions about future events that involve risks and uncertainties that could cause actual results to differ materially from our expectations. In providing projections and other forward-looking statements, the Company disclaims any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see the Company's Form 8-K issued this morning and its annual report on Form 10-K for the fiscal year ended February 28, 2019 filed with the SEC.

Should you have any follow-up questions after the call, please feel free to contact our Investor Relations department at 804-747-0422, extension 7865. Lastly, let me thank you in advance for asking only one question and getting back in the queue for more follow-ups. Bill?

Bill Nash

Thank you, Stacy. Good morning, everyone, and thanks for joining us. As you read in the earnings release this morning, we delivered record used vehicle sales and EPS for both our fourth quarter and full year results, and we did this while maintaining attractive GPUs and undergoing the largest transformation in our company's history. For calendar 2019, we also grew our comp market share of 0 to 10-year old vehicles to 4.7%, which was an increase of 4.2%.

While we are extremely proud of this performance, given the rapidly evolving and unprecedented time that we currency are in, we're not going to repeat the earnings commentary included within this morning's release. Instead, we would like to take this time to focus on the current environment and answer any questions you may have.

First and foremost, our thoughts are with our communities, all of which have been affected by the coronavirus. I also want to thank those who are battling this pandemic on a day-to-day basis. Over the past few weeks, we put significant measures in place to reduce the risk of exposure and further spread of the virus in our communities. The health and safety of our associates, customers and our communities are very important to us. We are following the mandates of public health officials and government agencies, including the implementation of enhanced cleaning measures, social distancing guidelines, and in many localities, closing our stores.