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May 2022
March 2022
February 2022
December 2021
December 2021
November 2021
September 2021
May 2021
Contact: | Melissa Hunter, Executive Support Manager, Office of the Chief Financial Officer | ||||
972-391-5090 or melissa.hunter@copart.com |
Three Months Ended July 31, | Twelve Months Ended July 31, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||
Service revenues and vehicle sales: | ||||||||||||||||||||||||||||||||||||||
Service revenues | $ | 620,048 | $ | 457,668 | 35.5 | % | $ | 2,291,867 | $ | 1,947,140 | 17.7 | % | ||||||||||||||||||||||||||
Vehicle sales | 128,582 | 67,991 | 89.1 | % | 400,644 | 258,443 | 55.0 | % | ||||||||||||||||||||||||||||||
Total service revenues and vehicle sales | 748,630 | 525,659 | 42.4 | % | 2,692,511 | 2,205,583 | 22.1 | % | ||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||
Yard operations | 250,396 | 197,186 | 27.0 | % | 897,086 | 889,733 | 0.8 | % | ||||||||||||||||||||||||||||||
Cost of vehicle sales | 113,641 | 54,643 | 108.0 | % | 346,128 | 225,294 | 53.6 | % | ||||||||||||||||||||||||||||||
Yard depreciation and amortization | 26,567 | 21,615 | 22.9 | % | 100,917 | 76,999 | 31.1 | % | ||||||||||||||||||||||||||||||
Yard stock-based compensation | 543 | 1,784 | (69.6) | % | 5,289 | 5,755 | (8.1) | % | ||||||||||||||||||||||||||||||
Gross profit | 357,483 | 250,431 | 42.7 | % | 1,343,091 | 1,007,802 | 33.3 | % | ||||||||||||||||||||||||||||||
General and administrative | 39,652 | 34,643 | 14.5 | % | 149,978 | 149,745 | 0.2 | % | ||||||||||||||||||||||||||||||
General and administrative depreciation and amortization | 3,097 | 5,764 | (46.3) | % | 21,054 | 24,391 | (13.7) | % | ||||||||||||||||||||||||||||||
General and administrative stock-based compensation | 13,234 | 4,309 | 207.1 | % | 35,633 | 17,567 | 102.8 | % | ||||||||||||||||||||||||||||||
Total operating expenses | 447,130 | 319,944 | 39.8 | % | 1,556,085 | 1,389,484 | 12.0 | % | ||||||||||||||||||||||||||||||
Operating income | 301,500 | 205,715 | 46.6 | % | 1,136,426 | 816,099 | 39.3 | % | ||||||||||||||||||||||||||||||
Other expense: | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | (5,020) | (4,803) | 4.5 | % | (20,247) | (18,871) | 7.3 | % | ||||||||||||||||||||||||||||||
Other income, net | 2,564 | 971 | 164.1 | % | 5,667 | 3,611 | 56.9 | % | ||||||||||||||||||||||||||||||
Total other expense | (2,456) | (3,832) | (35.9) | % | (14,580) | (15,260) | (4.5) | % | ||||||||||||||||||||||||||||||
Income before income taxes | 299,044 | 201,883 | 48.1 | % | 1,121,846 | 800,839 | 40.1 | % | ||||||||||||||||||||||||||||||
Income tax expense | 43,070 | 36,350 | 18.5 | % | 185,351 | 100,932 | 83.6 | % | ||||||||||||||||||||||||||||||
Net income | $ | 255,974 | $ | 165,533 | 54.6 | % | $ | 936,495 | $ | 699,907 | 33.8 | % | ||||||||||||||||||||||||||
Basic net income per common share | $ | 1.08 | $ | 0.70 | 54.3 | % | $ | 3.96 | $ | 3.00 | 32.0 | % | ||||||||||||||||||||||||||
Weighted average common shares outstanding | 236,679 | 234,863 | 0.8 | % | 236,252 | 233,202 | 1.3 | % | ||||||||||||||||||||||||||||||
Diluted net income per common share | $ | 1.06 | $ | 0.69 | 53.6 | % | $ | 3.90 | $ | 2.93 | 33.1 | % | ||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 240,714 | 238,927 | 0.7 | % | 240,290 | 238,656 | 0.7 | % |
July 31, 2021 | July 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash, cash equivalents, and restricted cash | $ | 1,048,260 | $ | 477,718 | ||||||||||
Accounts receivable, net | 480,628 | 350,207 | ||||||||||||
Vehicle pooling costs | 94,449 | 73,684 | ||||||||||||
Inventories | 44,968 | 20,080 | ||||||||||||
Income taxes receivable | 20,012 | 26,740 | ||||||||||||
Prepaid expenses and other assets | 14,294 | 15,330 | ||||||||||||
Total current assets | 1,702,611 | 963,759 | ||||||||||||
Property and equipment, net | 2,296,624 | 1,941,719 | ||||||||||||
Operating lease right-of-use assets | 119,487 | 118,455 | ||||||||||||
Intangibles, net | 45,873 | 47,772 | ||||||||||||
Goodwill | 355,717 | 343,622 | ||||||||||||
Other assets | 41,831 | 39,934 | ||||||||||||
Total assets | $ | 4,562,143 | $ | 3,455,261 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 369,826 | $ | 318,530 | ||||||||||
Deferred revenue | 20,973 | 8,233 | ||||||||||||
Income taxes payable | 7,760 | 3,709 | ||||||||||||
Current portion of operating and finance lease liabilities | 22,472 | 25,572 | ||||||||||||
Total current liabilities | 421,031 | 356,044 | ||||||||||||
Deferred income taxes | 63,969 | 71,686 | ||||||||||||
Income taxes payable | 52,345 | 44,965 | ||||||||||||
Operating and finance lease liabilities, net of current portion | 97,961 | 96,150 | ||||||||||||
Long-term debt and other liabilities, net of discount | 397,636 | 396,900 | ||||||||||||
Total liabilities | 1,032,942 | 965,745 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock | — | — | ||||||||||||
Common stock | 24 | 24 | ||||||||||||
Additional paid-in capital | 761,834 | 672,727 | ||||||||||||
Accumulated other comprehensive loss | (100,860) | (121,088) | ||||||||||||
Retained earnings | 2,868,203 | 1,937,853 | ||||||||||||
Total stockholders’ equity | 3,529,201 | 2,489,516 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 4,562,143 | $ | 3,455,261 |
Year Ended July 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 936,495 | $ | 699,907 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization, including debt cost | 123,084 | 104,257 | ||||||||||||
Allowance for credit loss | (1,121) | 1,670 | ||||||||||||
Equity in (earnings) losses of unconsolidated affiliates | (3,240) | 1,401 | ||||||||||||
Stock-based compensation | 40,922 | 23,322 | ||||||||||||
Gain on sale of property and equipment | (1,480) | (1,913) | ||||||||||||
Deferred income taxes | (7,951) | 23,082 | ||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | ||||||||||||||
Accounts receivable | (127,513) | 15,993 | ||||||||||||
Vehicle pooling costs | (20,476) | 2,590 | ||||||||||||
Inventories | (24,602) | 1,348 | ||||||||||||
Prepaid expenses and other current and non-current assets | 7,025 | 141 | ||||||||||||
Operating lease right-of-use assets and lease liabilities | 570 | (572) | ||||||||||||
Accounts payable and accrued liabilities | 44,613 | 41,648 | ||||||||||||
Deferred revenue | 8,781 | 1,615 | ||||||||||||
Income taxes receivable | 6,739 | (7,216) | ||||||||||||
Income taxes payable | 9,045 | 10,114 | ||||||||||||
Other liabilities | — | 498 | ||||||||||||
Net cash provided by operating activities | 990,891 | 917,885 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property and equipment | (462,996) | (591,972) | ||||||||||||
Purchases of assets and liabilities in connection with acquisitions, net of cash acquired | (5,000) | (11,702) | ||||||||||||
Proceeds from sale of property and equipment | 2,530 | 2,466 | ||||||||||||
Net cash used in investing activities | (465,466) | (601,208) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from the exercise of stock options | 39,049 | 71,640 | ||||||||||||
Proceeds from the issuance of Employee Stock Purchase Plan shares | 9,136 | 8,276 | ||||||||||||
Payments for employee stock-based tax withholdings | (6,145) | (103,451) | ||||||||||||
Debt offering costs | — | (2,814) | ||||||||||||
Payments of finance lease obligations | (1,118) | (1,065) | ||||||||||||
Net cash provided by (used in) financing activities | 40,922 | (27,414) | ||||||||||||
Effect of foreign currency translation | 4,195 | 2,136 | ||||||||||||
Net increase in cash, cash equivalents, and restricted cash | 570,542 | 291,399 | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 477,718 | 186,319 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 1,048,260 | $ | 477,718 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Interest paid | $ | 19,723 | $ | 19,728 | ||||||||||
Income taxes paid, net of refunds | $ | 178,241 | $ | 83,770 |
Three Months Ended July 31, | Twelve Months Ended July 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
GAAP net income | $ | 255,974 | $ | 165,533 | $ | 936,495 | $ | 699,907 | ||||||||||||||||||
Effect of certain discrete income tax items | — | 4,740 | (19,764) | 1,732 | ||||||||||||||||||||||
Effect of acquisition related integration charges, net of tax | 2,713 | — | 2,713 | — | ||||||||||||||||||||||
Effect of foreign currency-related losses (gains), net of tax | (422) | (268) | 73 | (1,436) | ||||||||||||||||||||||
Effect of recognizing tax benefit on exercise of stock-based compensation | (10,962) | (6,586) | (29,812) | (92,548) | ||||||||||||||||||||||
Effect of payroll taxes on certain executive stock-based compensation, net of tax | — | — | — | 2,867 | ||||||||||||||||||||||
Non-GAAP net income | $ | 247,303 | $ | 163,419 | $ | 889,705 | $ | 610,522 | ||||||||||||||||||
GAAP net income per diluted common share | $ | 1.06 | $ | 0.69 | $ | 3.90 | $ | 2.93 | ||||||||||||||||||
Non-GAAP net income per diluted common share | $ | 1.03 | $ | 0.68 | $ | 3.70 | $ | 2.56 | ||||||||||||||||||
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Copart Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Copart Inc provided additional information to their SEC Filing as exhibits
Ticker: CPRTEvents:
CIK: 900075
Form Type: 8-K Corporate News
Accession Number: 0000900075-21-000017
Submitted to the SEC: Wed Sep 08 2021 4:46:23 PM EST
Accepted by the SEC: Wed Sep 08 2021
Period: Wednesday, September 8, 2021
Industry: Retail Auto Dealers And Gasoline Stations