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Copart Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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If actual results are not consistent with our assumptions and judgments used in estimating the key assumptions, we may be required to record additional compensation or income tax expense, which could have a material impact on our consolidated results of operations and financial position.
Net cash used in operating activities increased for fiscal 2019 as compared to fiscal 2018 due to improved cash operating results from an increase in service and vehicle sales revenues and lower asset impairments, partially offset by an increase in yard operations and general and administrative expenses, and changes in operating assets and liabilities.
ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.
Nonetheless, our future effective tax rate could still be adversely affected by several factors, including (i) the geographical allocation of our future earnings; (ii) the change in tax laws or our interpretation of tax laws; (iii) the changes in governing regulations and accounting principles; (iv) the changes in the valuation of our deferred tax assets and liabilities; and (v) the outcome of the income tax examinations.
To the extent we establish a valuation allowance or change the amount of valuation allowance in a period, we reflect the change with a corresponding increase or decrease in our income tax provision in the consolidated statements of income.
The Canadian dollar, British pound,...Read more
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ASU 2014-09 is based on...Read more
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During fiscal 2018, we recognized...Read more
(3) Tax liabilities include the...Read more
ASC740 further requires that a...Read more
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Vehicle auction selling prices are...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
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Copart Inc provided additional information to their SEC Filing as exhibits
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