CarMax Inc. (KMX)

Jeffrey Smith · 2026-03

arc beats above · slides in the middle · loops below · scroll → 2 LOOPS

Deck intelligence map

coverage by narrative range · generated from this deck JSON

Narrative range 6 total

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Situation & Context 1 slides 100% 1/1 slides 100% 1/1 slides · 8 hits

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100% 1/1 slides 100% 1/1 slides 100% 1/1 slides Problem & Complication 3 slides 100% 3/3 slides 100% 3/3 slides · 21 hits

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33.3% 1/3 slides 100% 3/3 slides 100% 3/3 slides · 6 hits Solution & Approach 1 slides 100% 1/1 slides 100% 1/1 slides · 5 hits

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100% 1/1 slides 100% 1/1 slides · 2 hits Impact & Next Steps 1 slides 100% 1/1 slides 100% 1/1 slides · 6 hits

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100% 1/1 slides 100% 1/1 slides 100% 1/1 slides 100% 1/1 slides

every slide · same image gating as the playbook

This is the first page of a shareholder letter from Starboard Value to CarMax's incoming CEO.front_matter

Open slide detailBeat · Situation & ContextLoop · Cost Of Inaction

This is a text-heavy page from a shareholder letter, likely part of a larger activist investor document.diagnose_problem

Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction

This is a page from a shareholder letter (likely Starboard Value) identifying specific areas for improvement at CarMax.diagnose_problem

Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction

The text explicitly references a 'flywheel' concept and advocates for a specific SG&A target of 70-75% of gross profit.summarize

Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction

This page serves as the conclusion of a shareholder letter, summarizing the investment thesis and providing necessary data disclosures.summarize

Open slide detailBeat · Solution & ApproachLoop · Cost Of Inaction

This is a formal letter from an activist investor to a newly appointed CEO.closing_ask

Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction