(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 | ||||||||
104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL). |
By: | /s/ LEAH STEARNS | ||||||||||
Leah Stearns, Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer and duly Authorized Officer) |
Exhibit Number | Description | |||||||
Press release, dated February 20, 2023 of Copart, Inc. announcing its financial results for the second quarter of fiscal year 2023, which ended January 31, 2023. | ||||||||
104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL). |
Contact: | Brooke Boston, Executive Assistant, Office of the Chief Financial Officer | ||||
brooke.boston@copart.com |
Three Months Ended January 31, | Six Months Ended January 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
Service revenues and vehicle sales: | ||||||||||||||||||||||||||||||||||||||
Service revenues | $ | 789,797 | $ | 711,090 | 11.1 | % | $ | 1,516,637 | $ | 1,378,908 | 10.0 | % | ||||||||||||||||||||||||||
Vehicle sales | 166,927 | 156,370 | 6.8 | % | 333,459 | 298,684 | 11.6 | % | ||||||||||||||||||||||||||||||
Total service revenues and vehicle sales | 956,724 | 867,460 | 10.3 | % | 1,850,096 | 1,677,592 | 10.3 | % | ||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||
Yard operations | 340,085 | 294,098 | 15.6 | % | 677,057 | 565,374 | 19.8 | % | ||||||||||||||||||||||||||||||
Cost of vehicle sales | 154,727 | 140,304 | 10.3 | % | 305,839 | 266,712 | 14.7 | % | ||||||||||||||||||||||||||||||
Yard depreciation and amortization | 34,070 | 28,301 | 20.4 | % | 68,430 | 54,738 | 25.0 | % | ||||||||||||||||||||||||||||||
Yard stock-based compensation | 1,342 | 1,415 | (5.2) | % | 2,787 | 2,396 | 16.3 | % | ||||||||||||||||||||||||||||||
Gross profit | 426,500 | 403,342 | 5.7 | % | 795,983 | 788,372 | 1.0 | % | ||||||||||||||||||||||||||||||
General and administrative | 47,842 | 42,754 | 11.9 | % | 92,377 | 83,869 | 10.1 | % | ||||||||||||||||||||||||||||||
General and administrative depreciation and amortization | 4,344 | 5,013 | (13.3) | % | 9,042 | 10,336 | (12.5) | % | ||||||||||||||||||||||||||||||
General and administrative stock-based compensation | 8,789 | 8,247 | 6.6 | % | 17,536 | 16,718 | 4.9 | % | ||||||||||||||||||||||||||||||
Total operating expenses | 591,199 | 520,132 | 13.7 | % | 1,173,068 | 1,000,143 | 17.3 | % | ||||||||||||||||||||||||||||||
Operating income | 365,525 | 347,328 | 5.2 | % | 677,028 | 677,449 | (0.1) | % | ||||||||||||||||||||||||||||||
Other expense: | ||||||||||||||||||||||||||||||||||||||
Interest income (expense), net | 14,480 | (4,433) | (426.6) | % | 18,902 | (9,540) | (298.1) | % | ||||||||||||||||||||||||||||||
Other expense, net | (2,902) | (840) | 245.5 | % | (5,724) | (28) | 20342.9 | % | ||||||||||||||||||||||||||||||
Total other income (expense) | 11,578 | (5,273) | (319.6) | % | 13,178 | (9,568) | 237.7 | % | ||||||||||||||||||||||||||||||
Income before income taxes | 377,103 | 342,055 | 10.2 | % | 690,206 | 667,881 | 3.3 | % | ||||||||||||||||||||||||||||||
Income tax expense | 83,426 | 54,643 | 52.7 | % | 150,681 | 120,106 | 25.5 | % | ||||||||||||||||||||||||||||||
Net income | $ | 293,677 | $ | 287,412 | 2.2 | % | $ | 539,525 | $ | 547,775 | (1.5) | % | ||||||||||||||||||||||||||
Basic net income per common share | $ | 0.62 | $ | 0.61 | 1.6 | % | $ | 1.13 | $ | 1.15 | (1.7) | % | ||||||||||||||||||||||||||
Weighted average common shares outstanding | 476,376 | 474,372 | 0.4 | % | 476,237 | 474,334 | 0.4 | % | ||||||||||||||||||||||||||||||
Diluted net income per common share | $ | 0.61 | $ | 0.60 | 1.7 | % | $ | 1.12 | $ | 1.14 | (1.8) | % | ||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 482,536 | 482,374 | — | % | 482,238 | 482,488 | (0.1) | % |
January 31, 2023 | July 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash, cash equivalents, and restricted cash | $ | 1,660,952 | $ | 1,384,236 | ||||||||||
Accounts receivable, net | 765,192 | 578,573 | ||||||||||||
Vehicle pooling costs | 133,598 | 112,242 | ||||||||||||
Inventories | 52,071 | 58,791 | ||||||||||||
Income taxes receivable | 436 | 49,882 | ||||||||||||
Prepaid expenses and other assets | 26,532 | 18,731 | ||||||||||||
Total current assets | 2,638,781 | 2,202,455 | ||||||||||||
Property and equipment, net | 2,656,273 | 2,485,764 | ||||||||||||
Operating lease right-of-use assets | 106,656 | 116,303 | ||||||||||||
Intangibles, net | 51,186 | 54,680 | ||||||||||||
Goodwill | 404,046 | 401,954 | ||||||||||||
Other assets | 75,466 | 47,708 | ||||||||||||
Total assets | $ | 5,932,408 | $ | 5,308,864 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 439,271 | $ | 399,034 | ||||||||||
Deferred revenue | 23,796 | 20,061 | ||||||||||||
Income taxes payable | 3,820 | — | ||||||||||||
Current portion of operating and finance lease liabilities | 20,736 | 21,794 | ||||||||||||
Total current liabilities | 487,623 | 440,889 | ||||||||||||
Deferred income taxes | 76,471 | 80,060 | ||||||||||||
Income taxes payable | 65,322 | 64,637 | ||||||||||||
Operating and finance lease liabilities, net of current portion | 87,394 | 95,683 | ||||||||||||
Long-term debt and other liabilities | 1,946 | 1,996 | ||||||||||||
Total liabilities | 718,756 | 683,265 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Preferred stock | — | — | ||||||||||||
Common stock | 48 | 48 | ||||||||||||
Additional paid-in capital | 875,009 | 838,508 | ||||||||||||
Accumulated other comprehensive loss | (156,507) | (169,365) | ||||||||||||
Retained earnings | 4,495,102 | 3,956,408 | ||||||||||||
Total stockholders' equity | 5,213,652 | 4,625,599 | ||||||||||||
Total liabilities and stockholders' equity | $ | 5,932,408 | $ | 5,308,864 |
Six Months Ended January 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 539,525 | $ | 547,775 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization, including debt cost | 78,094 | 65,627 | ||||||||||||
Allowance for credit loss | 2,133 | 1,695 | ||||||||||||
Equity in losses of unconsolidated affiliates | 4,030 | 685 | ||||||||||||
Stock-based compensation | 20,323 | 19,114 | ||||||||||||
Gain on sale of property and equipment | (748) | (755) | ||||||||||||
Deferred income taxes | (3,309) | 6,003 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | (186,559) | (152,763) | ||||||||||||
Vehicle pooling costs | (21,268) | (29,623) | ||||||||||||
Inventories | 8,001 | (8,589) | ||||||||||||
Prepaid expenses, other current and non-current assets | (29,176) | (19,889) | ||||||||||||
Operating lease right-of-use assets and lease liabilities | 414 | 657 | ||||||||||||
Accounts payable, accrued liabilities and other liabilities | 27,619 | 10,741 | ||||||||||||
Deferred revenue | 3,709 | (309) | ||||||||||||
Income taxes receivable | 49,430 | 4,577 | ||||||||||||
Income taxes payable | 7,615 | 1,655 | ||||||||||||
Other liabilities | — | (53) | ||||||||||||
Net cash provided by operating activities | 499,833 | 446,548 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property and equipment | (256,719) | (156,200) | ||||||||||||
Purchase of assets in connection with acquisitions | — | (469) | ||||||||||||
Proceeds from sale of property and equipment | 16,343 | 1,252 | ||||||||||||
Purchase of held to maturity securities | — | (374,866) | ||||||||||||
Investment in unconsolidated affiliate | (1,993) | — | ||||||||||||
Net cash used in investing activities | (242,369) | (530,283) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from the exercise of stock options | 10,815 | 11,985 | ||||||||||||
Proceeds from the issuance of Employee Stock Purchase Plan shares | 5,363 | 5,022 | ||||||||||||
Payments for employee stock-based tax withholdings | (831) | (599) | ||||||||||||
Payments of finance lease obligations | (13) | (314) | ||||||||||||
Net cash provided by financing activities | 15,334 | 16,094 | ||||||||||||
Effect of foreign currency translation | 3,918 | (8,968) | ||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 276,716 | (76,609) | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 1,384,236 | 1,048,260 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 1,660,952 | $ | 971,651 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Interest paid | $ | 706 | $ | 9,311 | ||||||||||
Income taxes paid, net of refunds | $ | 98,324 | $ | 128,972 |
Three Months Ended January 31, | Six Months Ended January 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
GAAP net income | $ | 293,677 | $ | 287,412 | $ | 539,525 | $ | 547,775 | ||||||||||||||||||
Effect of certain discrete income tax items | — | (17,490) | — | (17,490) | ||||||||||||||||||||||
Effect of recognizing tax benefit on exercise of stock-based compensation | (115) | (3,965) | (740) | (6,952) | ||||||||||||||||||||||
Non-GAAP net income | $ | 293,562 | $ | 265,957 | $ | 538,785 | $ | 523,333 | ||||||||||||||||||
GAAP net income per diluted common share | $ | 0.61 | $ | 0.60 | $ | 1.12 | $ | 1.14 | ||||||||||||||||||
Non-GAAP net income per diluted common share | $ | 0.61 | $ | 0.55 | $ | 1.12 | $ | 1.08 | ||||||||||||||||||
Document and Entity Information Document |
Feb. 20, 2023 |
---|---|
Document and Entity Information [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 20, 2023 |
Entity Registrant Name | COPART, INC. |
Entity Incorporation, State or Country Code | DE |
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 |
Title of 12(b) Security | Common Stock, par value $0.0001 |
Trading Symbol | CPRT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000900075 |
Amendment Flag | false |
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