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Copart Inc (CPRT) SEC Filing 10-Q Quarterly report for the period ending Thursday, April 30, 2020

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Copart Inc

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CIK: 900075 Ticker: CPRT

Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports Third Quarter Fiscal 2020 Financial Results
Dallas, Texas. (May 20, 2020) — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2020.
For the three months ended April 30, 2020, revenue, gross profit, and net income were $550.4 million, $242.6 million, and $147.5 million, respectively. These represent a decrease in revenue of $2.8 million, or 0.5%; a decrease in gross profit of $9.0 million, or 3.6%; and a decrease in net income of $45.3 million, or 23.5%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.62 compared to $0.81 last year, a decrease of 23.5%.
For the nine months ended April 30, 2020, revenue, gross profit, and net income were $1.7 billion, $757.4 million, and $534.4 million, respectively. These represent an increase in revenue of $180.5 million, or 12.0%; an increase in gross profit of $101.6 million, or 15.5%; and an increase in net income of $96.2 million, or 21.9%, respectively, from the same period last year. Fully diluted earnings per share for the nine months were $2.24 compared to $1.82 last year, an increase of 23.1%.
Excluding the impact of discrete income tax items, disposal of non-operating assets, 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 and nine months ended April 30, 2020 and 2019, were $0.58, $0.66, $1.88 and $1.64, 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, May 21, 2020, 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/copart052120. A replay of the call will be available through July 20, 2020 by calling (877) 919-4059. Use confirmation code: 48213700.
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 150,000 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 (Copart.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, May 21, 2020 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statement Of Comprehensive Income (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Accounts Receivable (Tables)
Accounts Receivable Accounts Receivable (Details)
Accounts Receivable, Net
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Details Textual)
Description Of Business And Summary Of Significant Accounting Policies (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Fair Value Measures
Fair Value Measures (Details)
Fair Value Measures (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Details 1)
Goodwill And Intangible Assets (Details Textual)
Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases Balance Sheet Presentation Of Operating And Financing Lease Assets And Liabilities (Details)
Leases Lease Cost (Details)
Leases Lessee, Operating And Financing Lease Maturity (Details)
Leases Lessor (Details)
Leases Supplemental Cash Flow Disclosures (Details)
Leases Weighted Average Term And Discount Rate (Details)
Legal Proceedings
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt Leverage Ratios (Details)
Net Income Per Share
Net Income Per Share (Details Textual)
Net Income Per Share (Details)
Net Income Per Share (Tables)
Property And Equipment, Net Property And Equipment, Net
Property And Equipment, Net Property And Equipment, Net (Details)
Property And Equipment, Net Property And Equipment, Net (Tables)
Recent Accounting Pronouncements
Segments And Other Geographic Reporting Segment Reporting
Segments And Other Geographic Reporting Segment Reporting (Details)
Segments And Other Geographic Reporting Segment Reporting (Tables)
Stock Repurchases
Stock Repurchases (Details Textual)
Stock Repurchases (Details)
Stock Repurchases (Tables)
Stock-Based Payment Compensation
Stock-Based Payment Compensation (Details 1)
Stock-Based Payment Compensation (Details Textual)
Stock-Based Payment Compensation (Details)
Stock-Based Payment Compensation (Tables)
Ticker: CPRT
CIK: 900075
Form Type: 10-Q Quarterly Report
Accession Number: 0000900075-20-000014
Submitted to the SEC: Wed May 27 2020 6:05:50 PM EST
Accepted by the SEC: Thu May 28 2020
Period: Thursday, April 30, 2020
Industry: Retail Auto Dealers And Gasoline Stations

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