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Copart Inc (CPRT) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, July 31, 2019

Copart Inc

CIK: 900075 Ticker: CPRT


Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports Fourth Quarter Fiscal 2019 Financial Results
Dallas, Texas (September 4, 2019) — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter and year ended July 31, 2019.
For the three months ended July 31, 2019, revenue, gross profit, and net income were $542.6 million, $242.6 million, and $153.5 million, respectively. These represent an increase in revenue of $93.4 million, or 20.8%; an increase in gross profit of $54.2 million, or 28.8%; and an increase in net income of $43.7 million, or 39.9%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.64 compared to $0.45 last year, an increase of 42.2%.
For the year ended July 31, 2019, revenue, gross profit, and net income were $2.0 billion, $898.3 million, and $591.7 million, respectively. These represent an increase in revenue of $236.3 million, or 13.1%; an increase in gross profit of $136.0 million, or 17.8%; and an increase in net income of $173.8 million, or 41.6%, respectively, from the same period last year. Fully diluted earnings per share for the year ended July 31, 2019 were $2.46 compared to $1.73 last year, an increase of 42.2%.
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; abnormally high costs for subhaulers; increased labor costs due to 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.
Excluding the impact of income taxes on the deemed repatriation of foreign earnings, net of deferred tax changes, discrete income tax items, 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, and the effect on common equivalent shares from ASU 2016-09, non-GAAP fully diluted earnings per share for the three months ended July 31, 2019 and 2018, were $0.60 and $0.42, respectively. Non-GAAP fully diluted earnings per share for the year ended July 31, 2019 and 2018, were $2.25 and $1.73, 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 Thursday, September 5, 2019, at 11:00 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/copart090519. A replay of the call will be available through October 29, 2019 by calling (877) 919-4059. Use confirmation code: 52506215.
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 Thursday, September 5, 2019 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)
Commitments And Contingencies
Commitments And Contingencies (Details Textuals)
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
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 (Details Textuals)
Segments And Other Geographic Information Segment Reporting (Details)
Segments And Other Geographic Information Segment Reporting (Notes)
Segments And Other Geographic Information Segment Reporting (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)
Subsequent Event Subsequent Event (Details)
Subsequent Event Subsequent Event Stock Option Exercise
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)
Summary Of Significant Accounting Policies Disaggregation Of Revenue (Details)
Ticker: CPRT
CIK: 900075
Form Type: 10-K Annual Report
Accession Number: 0000900075-19-000022
Submitted to the SEC: Mon Sep 30 2019 12:54:57 PM EST
Accepted by the SEC: Mon Sep 30 2019
Period: Wednesday, July 31, 2019
Industry: Retail Auto Dealers And Gasoline Stations

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