Components of CAF Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Years Ended February 29 or 28 | | (In millions) | 2024 | | % (1) | | 2023 | | % (1) | | 2022 | | % (1) | | Interest margin: | | | | | | | | | | | | | Interest and fee income | $ | 1,677.4 | | | 9.7 | | | $ | 1,441.5 | | | 8.8 | | | $ | 1,296.8 | | | 8.7 | | | Interest expense | (638.7) | | | (3.7) | | | (310.3) | | | (1.9) | | | (228.8) | | | (1.5) | | | Total interest margin | 1,038.7 | | | 6.0 | | | 1,131.2 | | | 6.9 | | | 1,068.0 | | | 7.2 | | | Provision for loan losses | (310.5) | | | (1.8) | | | (317.0) | | | (1.9) | | | (141.7) | | | (0.9) | | | Total interest margin after provision for loan losses | 728.2 | | | 4.2 | | | 814.2 | | | 5.0 | | | 926.3 | | | 6.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Direct expenses: | | | | | | | | | | | | | Payroll and fringe benefit expense | (66.5) | | | (0.4) | | | (62.8) | | | (0.4) | | | (50.5) | | | (0.3) | | | Depreciation and amortization | (16.5) | | | (0.1) | | | (15.5) | | | (0.1) | | | (6.6) | | | — | | | Other direct expenses | (76.9) | | | (0.4) | | | (72.4) | | | (0.4) | | | (67.7) | | | (0.5) | | | Total direct expenses | (159.9) | | | (0.9) | | | (150.8) | | | (0.9) | | | (124.8) | | | (0.8) | | | CarMax Auto Finance income | $ | 568.3 | | | 3.3 | | | $ | 663.4 | | | 4.1 | | | $ | 801.5 | | | 5.4 | | | | | | | | | | | | | | | Total average managed receivables | $ | 17,313.2 | | | | | $ | 16,304.3 | | | | | $ | 14,934.0 | | | |
(1) Percent of total average managed receivables.
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