CarMax Inc

Thank you, Amy.

Good morning. Thank you for joining our fiscal 2020 second quarter earnings conference call. I'm here today with Bill Nash, our President and CEO, and Tom Reedy, our Executive Vice President and CFO. Let me remind you that our statements today regarding the company's future business plans, prospects, and financial performance are forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on 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 annual report on Form 10-K for the fiscal year ended February 28, 2019, filed with the SEC. Lastly, let me thank you in advance for asking only one question and getting back in the queue for more follow-ups. Bill?

Great. Thank you, Stacey. Good morning, everyone. As you read in earnings release this morning, we delivered another solid performance this quarter with revenues up 9.1%, net earnings up 5.8%, and EPS up 12.9%. We achieved a 3.2% increase in used unit comps and a 6.2% increase in total used units sold. The retail performance was driven by strong conversion and continued growth in web traffic. In the second quarter, our website traffic grew 16% year over year, which was up slightly from our first quarter. On average, we saw more than 25 million visits per month. Gross profit per used unit for the quarter was consistent with prior year at 2,183. In addition, we reported higher wholesale units with volume up 4.7% versus the same quarter a year ago. This was primarily due to an increase in buy rate. Gross profit per wholesale unit was $928, a 1% increase compared with last year. As a percentage of sales, zero to four-year-old vehicles increased to 78% versus 77% a year ago. Total SUVs and trucks accounted for about 47% of our sales, up from 44% last year. This quarter, we also made significant progress on the rollout of our omnichannel experience and remain confident that this is the future of Carbine. This experience, which allows customers to move seamlessly between online channels and physical locations, is now offered to approximately one-third of our customer base, and we remain on track to reach the majority of our customers by the end of this fiscal year. In addition, during the second quarter, we opened two customer experience centers, or as we refer to them, CECs, in Atlanta and Kansas City. These centers are a key component to our new customer driven buying experience, providing help on demand as they serve customers nationwide. Currently, our Atlanta CEC is fully staffed and our Kansas City location continues to ramp as it begins to support more stores. We also continue to be relentlessly focused on the customer experience and rolling out new capabilities on a regular basis. During the second quarter, we tested and launched new customer progression offerings and enhanced selling tools for our associates. These investments are essential to our vision for the future as they focus on providing a seamless transition between online and in-store interactions, enhancing the experience for both our associates and our customers. At this point, I'll turn the call over to Tom, and he can provide some additional color on our second quarter financial performance.