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Copart Inc (CPRT) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, July 31, 2018

Copart Inc

CIK: 900075 Ticker: CPRT


Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports Fourth Quarter Fiscal 2018 Financial Results
Dallas, Texas. (September 19, 2018) — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter and year ended July 31, 2018.
For the three months ended July 31, 2018, revenue, gross profit, and net income were $449.2 million, $188.4 million, and $109.7 million, respectively. These represent an increase in revenue of $70.6 million, or 18.7%; an increase in gross profit of $21.0 million, or 12.5%; and an increase in net income of $39.4 million, or 56.0%, respectively, from the same quarter last year. Fully diluted earnings per share for the three months were $0.45 compared to $0.30 last year, an increase of 50.0%.
For the year ended July 31, 2018, revenue, gross profit, and net income were $1.8 billion, $762.4 million, and $417.9 million, respectively. These represent an increase in revenue of $357.7 million, or 24.7%; an increase in gross profit of $130.3 million, or 20.6%; and an increase in net income of $23.6 million, or 6.0%, respectively, from the same period last year. Fully diluted earnings per share for the year ended July 31, 2018 were $1.73 compared to $1.66 last year, an increase of 4.2%.
The operating results for the year ended July 31, 2018 were adversely affected by abnormal costs of $79.7 million incurred as a result of Hurricane Harvey. These costs included temporary storage facilities; premiums for subhaulers; labor costs incurred from overtime; travel and lodging due to the reassignment of employees to the affected region; and equipment lease expenses to handle the increased volume, as well as cost of vehicle sales. These costs, net of the associated revenues of $66.9 million generated a pre-tax loss of $12.8 million for the year ended July 31, 2018. The operating results for the year ended July 31, 2018 were also adversely impacted by the recording of a provisional tax liability for the Transition Tax of $13.8 million for the deemed repatriation of foreign earnings and profits under the Tax Cuts and Jobs Act of 2017 and by non-recurring depreciation and amortization charges of $10.5 million, in the fourth quarter. Certain foreign tax credits of $1.4 million were made available by incurring the Transition Tax of $13.8 million, resulting in a net expense of $12.4 million for the year ended July 31, 2018. This expense was offset by the Act’s reduction of the federal corporate income tax rate. Because Copart’s fiscal year includes periods before and after December 22, 2017, the effective date of the Act, during which the U.S. federal corporate tax rate was 35% and 21%, respectively, our U.S. federal corporate tax rate for fiscal year 2018 was 26.9%. The operating results for the year ended July 31, 2018, include the benefit of this rate reduction. In addition, the non-recurring depreciation and amortization charges of $10.5 million result from depreciation related to a combination of construction in progress placed in service in the fourth quarter of fiscal 2018 and a change in our estimate of the useful lives for certain fixed assets. The effect of the non-recurring depreciation, net of income tax benefit of $11.4 million, is an increase to net income of $0.9 million, as a result of bonus tax depreciation provided for in the Tax Cuts and Jobs Act of 2017.
Excluding the impact of income taxes on the deemed repatriation of foreign earnings, net of deferred tax changes, disposals of non-operating assets, impairment of long-lived assets, acquisition related fees and integration charges, reserve for legacy sales tax liabilities; foreign currency-related gains and losses, certain income tax benefits and payroll taxes related to accounting for stock option exercises, non-GAAP fully diluted earnings per share for the three months ended July 31, 2018 and 2017, were $0.42 and $0.35, respectively. Non-GAAP fully diluted earnings per share for the year ended July 31, 2018 and 2017, were $1.73 and $1.29, respectively. A reconciliation of non-GAAP financial measures to the most directly comparable financial measures computed in accordance with U.S. generally accepted accounting principles (GAAP) can be found in the tables attached to this press release.
On Wednesday, September 19, 2018, at 11 a.m. Eastern time, Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live and can be accessed at http://stream.conferenceamerica.com/copart091918. A replay of the call will be available through November 18, 2018 by calling (877) 919-4059. Use confirmation code # 18189145.
About Copart
Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform links sellers to more than 750,000 Members in over 170 countries. Copart offers services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters, and in some cases, to end users. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers and also sells vehicles sourced from individual owners. With operations at over 200 locations in 11 countries, Copart has more than 125,000 vehicles available online every day. Copart currently operates in the United States (Copart.com), Canada (Copart.ca), the United Kingdom (Copart.co.uk), Brazil (Copart.com.br), the Republic of Ireland (Copart.ie), Germany (Copart.de), Finland (AVK.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For more information, or to become a Member, visit Copart.com/Register.

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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

The following information was filed by Copart Inc (CPRT) on Wednesday, September 19, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Copart Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flow
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Details)
Accounts Payable And Accrued Liabilities (Tables)
Accounts Receivable, Net
Accounts Receivable, Net (Details 1)
Accounts Receivable, Net (Details)
Accounts Receivable, Net (Tables)
Acquisitions
Acquisitions (Details Textuals)
Acquisitions (Details)
Acquisitions (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details Textuals)
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies Gain Contingency (Details)
Commitments And Contingencies Loss Contingency (Details)
Derivatives And Hedging
Derivatives And Hedging (Details Textuals)
Employee Benefit Plan
Employee Benefit Plan (Details Textuals)
Fair Value Measures Fair Value Measures (Details)
Fair Value Measures Fair Value Measures (Notes)
Fair Value Measures Fair Value Measures (Tables)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Guarantees - Indemnifications To Officers And Directors
Income Taxes
Income Taxes (Details 1)
Income Taxes (Details 2)
Income Taxes (Details 3)
Income Taxes (Details 4)
Income Taxes (Details 5)
Income Taxes (Details Textuals)
Income Taxes (Details)
Income Taxes (Tables)
Intangibles, Net
Intangibles, Net (Details 1)
Intangibles, Net (Details Textuals)
Intangibles, Net (Details)
Intangibles, Net (Tables)
Long-Term Debt
Long-Term Debt (Details Textuals)
Long-Term Debt (Details)
Long-Term Debt (Tables)
Net Income Per Share
Net Income Per Share (Details Textuals)
Net Income Per Share (Details)
Net Income Per Share (Tables)
Property And Equipment, Net
Property And Equipment, Net (Details Textuals)
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Quarterly Information
Quarterly Information (Tables)
Quarterly Information (Unaudited) (Details)
Related Party Transactions
Related Party Transactions (Details Textuals)
Segments And Other Geographic Information
Segments And Other Geographic Information (Details 1)
Segments And Other Geographic Information (Details Textuals)
Segments And Other Geographic Information (Tables)
Stockholder's Equity (Details 1)
Stockholder's Equity (Details 2)
Stockholder's Equity (Details 3)
Stockholder's Equity (Details 4)
Stockholder's Equity (Details Textuals 1)
Stockholder's Equity (Details Textuals 2)
Stockholder's Equity (Details Textuals 3)
Stockholder's Equity (Details Textuals 4)
Stockholder's Equity (Details Textuals)
Stockholder's Equity (Tables)
Stockholders' Equity
Stockholders' Equity (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details 1)
Summary Of Significant Accounting Policies (Details Textuals 1)
Summary Of Significant Accounting Policies (Details Textuals 2)
Summary Of Significant Accounting Policies (Details Textuals)
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Ticker: CPRT
CIK: 900075
Form Type: 10-K Annual Report
Accession Number: 0000900075-18-000048
Submitted to the SEC: Mon Oct 01 2018 4:48:26 PM EST
Accepted by the SEC: Mon Oct 01 2018
Period: Tuesday, July 31, 2018
Industry: Retail Auto Dealers And Gasoline Stations

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