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Copart Inc (CPRT) SEC Filing 8-K Material Event for the period ending Wednesday, November 17, 2021

Copart Inc

CIK: 900075 Ticker: CPRT

Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports First Quarter Fiscal 2022 Financial Results
Dallas, Texas. (November 17, 2021) — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2021.
For the three months ended October 31, 2021, revenue, gross profit, and net income were $810.1 million, $385.0 million, and $260.4 million, respectively. These represent an increase in revenue of $217.2 million, or 36.6%; an increase in gross profit of $88.3 million, or 29.7%; and an increase in net income of $60.1 million, or 30.0%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $1.08 compared to $0.83 last year, an increase of 30.1%.
Excluding the impact of certain income tax benefits related to stock-based compensation, non-GAAP fully diluted earnings per share for the three months ended October 31, 2021 and 2020, were $1.07, and $0.79, respectively, which was an increase of 35.4%. 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, November 18, 2021, 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 via hyperlink at www.copart.com/investorrelations. A replay of the call will be available through February 2022 by visiting www.copart.com/investorrelations.
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 vehicles to dealers, dismantlers, rebuilders, exporters, and to the general public. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. With operations at over 200 locations in 11 countries, Copart has more than 250,000 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


Copart, Inc.
Use of Non-GAAP Financial Measures
Included in this release are certain non-GAAP financial measures, including non-GAAP net income per diluted share, which exclude the impact of certain income tax benefits related to stock-based compensation. These non-GAAP financial measures do not represent alternative financial measures under GAAP. In addition, these non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. Furthermore, these non-GAAP financial measures do not reflect a comprehensive view of Copart’s operations in accordance with GAAP and should only be read in conjunction with the corresponding GAAP financial measures. This information constitutes non-GAAP financial measures within the meaning of Regulation G adopted by the U.S. Securities and Exchange Commission. Accordingly, Copart has presented herein, and will present in other information it publishes that contains these non-GAAP financial measures, a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.
Copart believes the presentation of non-GAAP net income per diluted share included in this release in conjunction with the corresponding GAAP financial measures provides meaningful information for investors, analysts and management in assessing Copart’s business trends and financial performance.
Cautionary Note About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including statements concerning the potential impact of the COVID-19 pandemic on our business, operations, and operating results. These forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the “Management’s Discussion and Analysis” and the other risks identified in Copart’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.
Contact:Melissa Hunter, Executive Support Manager, Office of the Chief Financial Officer
972-391-5090 or melissa.hunter@copart.com


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


Copart, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended 
October 31,
20212020% Change
Service revenues and vehicle sales:
Service revenues$667,818 $515,372 29.6 %
Vehicle sales142,314 77,568 83.5 %
Total service revenues and vehicle sales
810,132 592,940 36.6 %
Operating expenses:   
Yard operations271,276 206,986 31.1 %
Cost of vehicle sales126,408 64,360 96.4 %
Yard depreciation and amortization26,437 23,294 13.5 %
Yard stock-based compensation981 1,531 (35.9)%
Gross profit
385,030 296,769 29.7 %
General and administrative41,115 35,138 17.0 %
General and administrative depreciation and amortization5,323 5,655 (5.9)%
General and administrative stock-based compensation8,471 7,382 14.8 %
Total operating expenses
480,011 344,346 39.4 %
Operating income
330,121 248,594 32.8 %
Other expense:   
Interest expense, net(5,107)(5,032)1.5 %
Other income, net812 3,253 (75.0)%
Total other expense(4,295)(1,779)141.4 %
Income before income taxes325,826 246,815 32.0 %
Income tax expense65,463 46,530 40.7 %
Net income$260,363 $200,285 30.0 %
Basic net income per common share$1.10 $0.85 29.4 %
Weighted average common shares outstanding237,068 235,791 0.5 %
Diluted net income per common share$1.08 $0.83 30.1 %
Diluted weighted average common shares outstanding241,221 239,968 0.5 %

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


Copart, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
October 31, 2021July 31, 2021
ASSETS
Current assets:
Cash, cash equivalents, and restricted cash$1,298,373 $1,048,260 
Accounts receivable, net562,637 480,628 
Vehicle pooling costs115,994 94,449 
Inventories48,194 44,968 
Income taxes receivable537 20,012 
Prepaid expenses and other assets14,045 14,294 
Total current assets2,039,780 1,702,611 
Property and equipment, net2,318,701 2,296,624 
Operating lease right-of-use assets123,254 119,487 
Intangibles, net43,914 45,873 
Goodwill354,062 355,717 
Other assets39,141 41,831 
Total assets$4,918,852 $4,562,143 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$411,249 $369,826 
Deferred revenue19,951 20,973 
Income taxes payable37,175 7,760 
Current portion of operating and finance lease liabilities23,536 22,472 
Total current liabilities491,911 421,031 
Deferred income taxes72,166 63,969 
Income taxes payable51,094 52,345 
Operating and finance lease liabilities, net of current portion100,920 97,961 
Long-term debt and other liabilities, net of discount408,940 397,636 
Total liabilities1,125,031 1,032,942 
Commitments and contingencies
Stockholders' equity:
Preferred stock— — 
Common stock24 24 
Additional paid-in capital776,858 761,834 
Accumulated other comprehensive loss(111,378)(100,860)
Retained earnings3,128,317 2,868,203 
Total stockholders' equity3,793,821 3,529,201 
Total liabilities and stockholders' equity$4,918,852 $4,562,143 


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


Copart, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended October 31,
20212020
Cash flows from operating activities:
Net income$260,363 $200,285 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost32,049 29,227 
Allowance for credit loss295 (157)
Equity in losses (earnings) of unconsolidated affiliates168 (1,741)
Stock-based compensation9,452 8,913 
Gain on sale of property and equipment(440)(1,230)
Deferred income taxes8,319 6,239 
Changes in operating assets and liabilities:
Accounts receivable(82,676)(57,860)
Vehicle pooling costs(21,697)(10,600)
Inventories(3,463)(8,259)
Prepaid expenses and other current and non-current assets3,071 15,236 
Operating lease right-of-use assets and lease liabilities382 153 
Accounts payable and accrued liabilities62,013 42,880 
Deferred revenue(979)1,251 
Income taxes receivable19,479 25,825 
Income taxes payable26,204 8,371 
Net cash provided by operating activities312,540 258,533 
Cash flows from investing activities:
Purchases of property and equipment(64,696)(147,093)
Proceeds from sale of property and equipment813 271 
Net cash used in investing activities(63,883)(146,822)
Cash flows from financing activities:
Proceeds from the exercise of stock options5,572 20,014 
Payments for employee stock-based tax withholdings(249)(489)
Payments of finance lease obligations(157)(327)
Net cash provided by financing activities5,166 19,198 
Effect of foreign currency translation(3,710)(2,895)
Net increase in cash, cash equivalents, and restricted cash250,113 128,014 
Cash, cash equivalents, and restricted cash at beginning of period1,048,260 477,718 
Cash, cash equivalents, and restricted cash at end of period$1,298,373 $605,732 
Supplemental disclosure of cash flow information:
Interest paid$5,080 $4,762 
Income taxes paid, net of refunds$10,089 $6,157 



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


Copart, Inc.
Additional Financial Information
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended 
October 31,
20212020
GAAP net income$260,363 $200,285 
Effect of recognizing tax benefit on exercise of stock-based compensation(2,987)(11,773)
Non-GAAP net income$257,376 $188,512 
GAAP net income per diluted common share$1.08 $0.83 
Non-GAAP net income per diluted common share$1.07 $0.79 


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

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Ticker: CPRT
CIK: 900075
Form Type: 8-K Corporate News
Accession Number: 0000900075-21-000026
Submitted to the SEC: Wed Nov 17 2021 4:48:03 PM EST
Accepted by the SEC: Wed Nov 17 2021
Period: Wednesday, November 17, 2021
Industry: Retail Auto Dealers And Gasoline Stations
Events:
  1. Earnings Release
  2. Financial Exhibit

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