(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of principal executive offices, including zip code) |
Not applicable | ||
(Former name or former address, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
Press release, dated November 18, 2020 of Copart, Inc. announcing its financial results for the first quarter of fiscal year 2021, which ended October 31, 2020. | ||||||||
104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL). |
By: | /s/ John North | ||||||||||
John North | |||||||||||
Chief Financial Officer |
Exhibit Number | Description | |||||||
Press release, dated November 18, 2020 of Copart, Inc. announcing its financial results for the first quarter of fiscal year 2021, which ended October 31, 2020. | ||||||||
104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL). |
Contact: | Melissa Hunter, Executive Support Manager, Office of the Chief Financial Officer | ||||
972-391-5090 or melissa.hunter@copart.com |
Three Months Ended October 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Service revenues and vehicle sales: | ||||||||||||||
Service revenues | $ | 515,372 | $ | 487,856 | ||||||||||
Vehicle sales | 77,568 | 66,568 | ||||||||||||
Total service revenues and vehicle sales | 592,940 | 554,424 | ||||||||||||
Operating expenses: | ||||||||||||||
Yard operations | 206,986 | 222,879 | ||||||||||||
Cost of vehicle sales | 64,360 | 58,764 | ||||||||||||
Yard depreciation and amortization | 23,294 | 16,820 | ||||||||||||
Yard stock-based compensation | 1,531 | 1,092 | ||||||||||||
Gross profit | 296,769 | 254,869 | ||||||||||||
General and administrative | 35,138 | 38,843 | ||||||||||||
General and administrative depreciation and amortization | 5,655 | 6,194 | ||||||||||||
General and administrative stock-based compensation | 7,382 | 4,441 | ||||||||||||
Total operating expenses | 344,346 | 349,033 | ||||||||||||
Operating income | 248,594 | 205,391 | ||||||||||||
Other expense: | ||||||||||||||
Interest expense, net | (5,032) | (4,026) | ||||||||||||
Other income, net | 3,253 | 717 | ||||||||||||
Total other expense | (1,779) | (3,309) | ||||||||||||
Income before income taxes | 246,815 | 202,082 | ||||||||||||
Income tax expense (benefit) | 46,530 | (16,098) | ||||||||||||
Net income | $ | 200,285 | $ | 218,180 | ||||||||||
Basic net income per common share | $ | 0.85 | $ | 0.94 | ||||||||||
Weighted average common shares outstanding | 235,791 | 231,169 | ||||||||||||
Diluted net income per common share | $ | 0.83 | $ | 0.91 | ||||||||||
Diluted weighted average common shares outstanding | 239,968 | 238,662 |
October 31, 2020 | July 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash, cash equivalents, and restricted cash | $ | 605,732 | $ | 477,718 | ||||||||||
Accounts receivable, net | 407,897 | 350,207 | ||||||||||||
Vehicle pooling costs | 84,128 | 73,684 | ||||||||||||
Inventories | 28,244 | 20,080 | ||||||||||||
Income taxes receivable | 915 | 26,740 | ||||||||||||
Prepaid expenses and other assets | 11,260 | 15,330 | ||||||||||||
Total current assets | 1,138,176 | 963,759 | ||||||||||||
Property and equipment, net | 2,072,059 | 1,941,719 | ||||||||||||
Operating lease right-of-use assets | 112,275 | 118,455 | ||||||||||||
Intangibles, net | 45,864 | 47,772 | ||||||||||||
Goodwill | 342,576 | 343,622 | ||||||||||||
Deferred income taxes | 212 | 213 | ||||||||||||
Other assets | 30,026 | 39,721 | ||||||||||||
Total assets | $ | 3,741,188 | $ | 3,455,261 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 359,816 | $ | 318,530 | ||||||||||
Deferred revenue | 9,476 | 8,233 | ||||||||||||
Income taxes payable | 12,640 | 3,709 | ||||||||||||
Current portion of operating lease liabilities | 24,011 | 24,821 | ||||||||||||
Current portion of finance lease liabilities | 1,593 | 751 | ||||||||||||
Total current liabilities | 407,536 | 356,044 | ||||||||||||
Deferred income taxes | 77,826 | 71,686 | ||||||||||||
Income taxes payable | 44,347 | 44,965 | ||||||||||||
Operating lease liabilities, net of current portion | 88,490 | 95,584 | ||||||||||||
Long-term debt and finance lease liabilities, net of discount | 411,845 | 397,036 | ||||||||||||
Other liabilities | 311 | 430 | ||||||||||||
Total liabilities | 1,030,355 | 965,745 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Preferred stock | — | — | ||||||||||||
Common stock | 24 | 24 | ||||||||||||
Additional paid-in capital | 701,654 | 672,727 | ||||||||||||
Accumulated other comprehensive loss | (128,494) | (121,088) | ||||||||||||
Retained earnings | 2,137,649 | 1,937,853 | ||||||||||||
Total stockholders' equity | 2,710,833 | 2,489,516 | ||||||||||||
Total liabilities and stockholders' equity | $ | 3,741,188 | $ | 3,455,261 |
Three Months Ended October 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 200,285 | $ | 218,180 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization, including debt cost | 29,227 | 23,704 | ||||||||||||
Allowance for credit loss | (157) | 382 | ||||||||||||
Equity in (earnings) losses of unconsolidated affiliates | (1,741) | 855 | ||||||||||||
Stock-based compensation | 8,913 | 5,533 | ||||||||||||
Gain on sale of property and equipment | (1,230) | (272) | ||||||||||||
Deferred income taxes | 6,239 | 4,839 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | (57,860) | (25,408) | ||||||||||||
Vehicle pooling costs | (10,600) | (9,358) | ||||||||||||
Inventories | (8,259) | 1,710 | ||||||||||||
Prepaid expenses and other current and non-current assets | 15,236 | 4,079 | ||||||||||||
Operating lease right-of-use assets and lease liabilities | 153 | 256 | ||||||||||||
Accounts payable and accrued liabilities | 42,880 | 16,587 | ||||||||||||
Deferred revenue | 1,251 | (1,437) | ||||||||||||
Income taxes receivable | 25,825 | (28,740) | ||||||||||||
Income taxes payable | 8,371 | 1,700 | ||||||||||||
Other liabilities | — | (152) | ||||||||||||
Net cash provided by operating activities | 258,533 | 212,458 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property and equipment, including acquisitions | (147,093) | (131,793) | ||||||||||||
Proceeds from sale of property and equipment | 271 | 283 | ||||||||||||
Net cash used in investing activities | (146,822) | (131,510) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from the exercise of stock options | 20,014 | 12,620 | ||||||||||||
Payments for employee stock-based tax withholdings | (489) | (101,354) | ||||||||||||
Payments of finance lease obligations | (327) | — | ||||||||||||
Net cash provided by (used in) financing activities | 19,198 | (88,734) | ||||||||||||
Effect of foreign currency translation | (2,895) | 2,569 | ||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 128,014 | (5,217) | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 477,718 | 186,319 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 605,732 | $ | 181,102 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Interest paid | $ | 4,762 | $ | 4,506 | ||||||||||
Income taxes paid, net of refunds | $ | 6,157 | $ | 7,465 |
Three Months Ended October 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
GAAP net income | $ | 200,285 | $ | 218,180 | ||||||||||
Effect of discrete income tax items | — | (3,008) | ||||||||||||
Effect of foreign currency-related gains, net of tax | (190) | (263) | ||||||||||||
Effect of recognizing tax benefit on exercise of employee stock options | (11,773) | (62,365) | ||||||||||||
Effect of payroll taxes on certain executive stock compensation, net of tax | — | 2,867 | ||||||||||||
Non-GAAP net income | $ | 188,322 | $ | 155,411 | ||||||||||
GAAP net income per diluted common share | $ | 0.83 | $ | 0.91 | ||||||||||
Non-GAAP net income per diluted common share | $ | 0.79 | $ | 0.65 | ||||||||||
GAAP diluted weighted average common shares outstanding | 239,968 | 238,662 | ||||||||||||
Effect on common equivalent shares from ASU 2016-09 | (709) | (1,306) | ||||||||||||
Non-GAAP diluted weighted average common shares outstanding | 239,259 | 237,356 | ||||||||||||
Document and Entity Information Document |
Nov. 18, 2020 |
---|---|
Entity Information [Line Items] | |
Entity Central Index Key | 0000900075 |
Title of 12(b) Security | Common Stock, par value $0.0001 |
Trading Symbol | CPRT |
Security Exchange Name | NASDAQ |
Entity Incorporation, State or Country Code | DE |
Document Type | 8-K |
Document Period End Date | Nov. 18, 2020 |
Entity Registrant Name | COPART, INC. |
Entity File Number | 000-23255 |
Entity Tax Identification Number | 94-2867490 |
Entity Address, Address Line One | 14185 Dallas Parkway |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75254 |
City Area Code | 972 |
Local Phone Number | 391-5000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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