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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Copart Inc | NASDAQ:CPRT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 0.07% | 54.35 | 54.34 | 55.50 | 55.42 | 54.22 | 54.27 | 4,368,333 | 01:00:00 |
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.
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 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. 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. From a financial planning and analysis perspective, Copart management analyzes its operating results with and without 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.
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.
Copart, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended April 30,
Nine Months Ended April 30,
2020
2019
2020
2019
Service revenues and vehicle sales:
Service revenues
$
491,582
$
473,682
$
1,489,472
$
1,285,295
Vehicle sales
58,778
79,434
190,452
214,087
Total service revenues and vehicle sales
550,360
553,116
1,679,924
1,499,382
Operating expenses:
Yard operations
231,985
213,804
692,547
602,664
Cost of vehicle sales
53,987
70,984
170,651
189,952
Yard depreciation and amortization
20,333
15,398
55,384
47,422
Yard stock-based compensation
1,442
1,351
3,971
3,621
Gross profit
242,613
251,579
757,371
655,723
General and administrative
37,017
34,072
115,102
102,113
General and administrative depreciation and amortization
6,382
5,714
18,627
15,958
General and administrative stock-based compensation
4,113
4,299
13,258
13,979
Total operating expenses
355,259
345,622
1,069,540
975,709
Operating income
195,101
207,494
610,384
523,673
Other expense:
Interest expense, net
(5,578)
(5,084)
(14,068)
(13,330)
Other income, net
2,277
1,719
2,640
7,538
Total other expense
(3,301)
(3,365)
(11,428)
(5,792)
Income before income taxes
191,800
204,129
598,956
517,881
Income tax expense
44,313
11,388
64,582
79,684
Net income
$
147,487
$
192,741
$
534,374
$
438,197
Basic net income per common share
$
0.63
$
0.85
$
2.30
$
1.90
Weighted average common shares outstanding
234,133
227,984
232,647
230,922
Diluted net income per common share
$
0.62
$
0.81
$
2.24
$
1.82
Diluted weighted average common shares outstanding
238,591
237,892
238,564
241,158
Copart, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
April 30, 2020
July 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
306,387
$
186,319
Accounts receivable, net
346,244
367,265
Vehicle pooling costs
75,357
76,548
Inventories
19,809
20,941
Income taxes receivable
31,578
19,526
Prepaid expenses and other assets
14,777
16,568
Total current assets
794,152
687,167
Property and equipment, net
1,838,297
1,427,726
Operating lease right-of-use assets
106,634
—
Intangibles, net
48,671
55,156
Goodwill
338,039
333,321
Deferred income taxes
310
411
Other assets
35,480
43,836
Total assets
$
3,161,583
$
2,547,617
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
250,841
$
270,918
Deferred revenue
7,884
6,466
Income taxes payable
905
3,482
Current portion of operating lease liabilities
23,395
—
Current portion of finance lease liabilities
3,543
1,138
Total current liabilities
286,568
282,004
Deferred income taxes
57,724
48,683
Income taxes payable
46,795
35,116
Operating lease liabilities, net of current portion
85,698
—
Long-term debt and finance lease liabilities, net of discount
403,653
400,091
Other liabilities
134
3,342
Total liabilities
880,572
769,236
Commitments and contingencies
Stockholders' equity:
Preferred stock
—
—
Common stock
23
23
Additional paid-in capital
646,331
572,559
Accumulated other comprehensive loss
(138,923)
(132,529)
Retained earnings
1,773,580
1,338,328
Total stockholders' equity
2,281,011
1,778,381
Total liabilities and stockholders' equity
$
3,161,583
$
2,547,617
Copart, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended April 30,
2020
2019
Cash flows from operating activities:
Net income
$
534,374
$
438,197
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost
76,756
63,709
Allowance for doubtful accounts
1,332
341
Equity in losses (earnings) of unconsolidated affiliates
1,918
(1,852)
Stock-based compensation
17,229
17,600
Gain on sale of property and equipment
(1,745)
(3,753)
Deferred income taxes
9,265
14,583
Changes in operating assets and liabilities:
Accounts receivable
19,102
(69,920)
Vehicle pooling costs
661
(15,026)
Inventories
1,209
(5,721)
Prepaid expenses and other current and non-current assets
6,268
(8,605)
Operating lease right-of-use assets and lease liabilities
(221)
—
Accounts payable and accrued liabilities
(15,636)
17,747
Deferred revenue
1,365
3,512
Income taxes receivable
(12,076)
(3,578)
Income taxes payable
9,168
7,304
Other liabilities
1,999
(1,042)
Net cash provided by operating activities
650,968
453,496
Cash flows from investing activities:
Purchases of property and equipment, including acquisitions
(490,998)
(260,081)
Proceeds from sale of property and equipment
2,153
17,928
Net cash used in investing activities
(488,845)
(242,153)
Cash flows from financing activities:
Proceeds from the exercise of stock options
55,656
17,261
Proceeds from the issuance of Employee Stock Purchase Plan shares
3,955
3,501
Repurchases of common stock
—
(364,997)
Payments for employee stock-based tax withholdings
(102,191)
(45,594)
Net proceeds on revolving loan facility
—
7,000
Net cash used in financing activities
(42,580)
(382,829)
Effect of foreign currency translation
525
(208)
Net increase (decrease) in cash and cash equivalents
120,068
(171,694)
Cash and cash equivalents at beginning of period
186,319
274,520
Cash and cash equivalents at end of period
$
306,387
$
102,826
Supplemental disclosure of cash flow information:
Interest paid
$
14,514
$
14,700
Income taxes paid, net of refunds
$
59,302
$
60,926
Copart, Inc.
Additional Financial Information
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended April 30,
Nine Months Ended April 30,
2020
2019
2020
2019
GAAP net income
$
147,487
$
192,741
$
534,374
$
438,197
Effect of discrete income tax items
—
(10,170)
(3,008)
(10,170)
Effect of disposal of non-operating assets, net of tax
—
—
—
(1,598)
Effect of foreign currency-related (gains) losses, net of tax
(490)
94
(1,169)
(304)
Effect of recognizing tax benefit on exercise of employee stock options
(8,768)
(29,074)
(85,962)
(34,096)
Effect of payroll taxes on certain executive stock compensation, net of tax
—
1,295
2,867
1,295
Non-GAAP net income
$
138,229
$
154,886
$
447,102
$
393,324
GAAP net income per diluted common share
$
0.62
$
0.81
$
2.24
$
1.82
Non-GAAP net income per diluted common share
$
0.58
$
0.66
$
1.88
$
1.64
GAAP diluted weighted average common shares outstanding
238,591
237,892
238,564
241,158
Effect on common equivalent shares from ASU 2016-09
(710)
(1,731)
(995)
(1,949)
Non-GAAP diluted weighted average common shares outstanding
237,881
236,161
237,569
239,209
View source version on businesswire.com: https://www.businesswire.com/news/home/20200520005826/en/
Melissa Hunter, Executive Support Manager, Office of the Chief Financial Officer 972-391-5090 or melissa.hunter@copart.com
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