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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.54 | 0.98% | 55.74 | 55.27 | 55.97 | 55.76 | 55.03 | 55.27 | 3,209,621 | 00:25:19 |
September 22, 2015 |
Date of Report (date of earliest event reported) |
Copart, Inc. |
(Exact name of Registrant as specified in its charter) |
Delaware | 0-23255 | 94-2867490 |
(State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer |
incorporation or organization) | Identification Number) |
14185 Dallas Parkway, Suite 300 |
Dallas, Texas 75254 |
(Address of principal executive offices) |
(972) 391-5000 |
(Registrant’s telephone number, including area code) |
Not applicable |
(Former name or former address, if changed since last report) |
Exhibit Number | Description |
99.1 | Press release, dated September 22, 2015 of Copart, Inc. announcing its financial results for the fourth quarter of fiscal year 2015, which ended July 31, 2015. |
By: | /s/ William E. Franklin | ||
William E. Franklin | |||
Executive Vice President and | |||
Chief Financial Officer |
Exhibit | ||
Number | Description | |
99.1 | Press release, dated September 22, 2015 of Copart, Inc. announcing its financial results for the fourth quarter of fiscal year 2015, which ended July 31, 2015. |
Contact: | Christopher M. Smith, Senior Analyst, Office of the Chief Financial Officer |
972-391-5021 or christopher.smith3@copart.com |
Three Months Ended July 31, | Twelve Months Ended July 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Service revenues and vehicle sales: | |||||||||||||||
Service revenues | $ | 243,671 | $ | 241,273 | $ | 985,363 | $ | 958,413 | |||||||
Vehicle sales | 38,622 | 46,177 | 160,716 | 205,076 | |||||||||||
Total service revenues and vehicle sales | 282,293 | 287,450 | 1,146,079 | 1,163,489 | |||||||||||
Operating expenses: | |||||||||||||||
Yard operations | 122,034 | 122,709 | 489,158 | 481,597 | |||||||||||
Cost of vehicle sales | 32,718 | 38,497 | 136,412 | 174,493 | |||||||||||
Yard depreciation and amortization | 8,262 | 8,551 | 34,917 | 36,216 | |||||||||||
Yard stock-based payment compensation | 495 | 754 | 2,216 | 2,610 | |||||||||||
Gross margin | 118,784 | 116,939 | 483,376 | 468,573 | |||||||||||
General and administrative | 24,640 | 32,173 | 111,381 | 127,536 | |||||||||||
General and administrative depreciation and amortization | 3,010 | 4,825 | 11,656 | 17,510 | |||||||||||
General and administrative stock-based payment compensation | 4,369 | 4,083 | 15,938 | 19,489 | |||||||||||
Impairment of long-lived assets | — | — | — | 29,104 | |||||||||||
Total operating expenses | 195,528 | 211,592 | 801,678 | 888,555 | |||||||||||
Operating income | 86,765 | 75,858 | 344,401 | 274,934 | |||||||||||
Other (expense) income: | |||||||||||||||
Interest expense, net | (5,372 | ) | (2,051 | ) | (17,304 | ) | (8,277 | ) | |||||||
Other income, net | 53 | 77 | 4,972 | 3,378 | |||||||||||
Total other expense | (5,319 | ) | (1,974 | ) | (12,332 | ) | (4,899 | ) | |||||||
Income before income taxes | 81,446 | 73,884 | 332,069 | 270,035 | |||||||||||
Income taxes | 24,034 | 22,841 | 112,286 | 91,348 | |||||||||||
Net income | $ | 57,412 | $ | 51,043 | $ | 219,783 | $ | 178,687 | |||||||
Basic net income per common share | $ | 0.46 | $ | 0.41 | $ | 1.75 | $ | 1.42 | |||||||
Weighted average common shares outstanding | 124,743 | 125,959 | 125,914 | 125,693 | |||||||||||
Diluted net income per common share | $ | 0.44 | $ | 0.39 | $ | 1.67 | $ | 1.36 | |||||||
Diluted weighted average common shares outstanding | 130,205 | 131,629 | 131,425 | 131,230 |
July 31, 2015 | July 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 456,012 | $ | 158,668 | |||
Accounts receivable, net | 215,696 | 196,985 | |||||
Vehicle pooling costs and inventories | 33,562 | 31,697 | |||||
Income taxes receivable | 6,092 | 2,288 | |||||
Deferred income taxes | 3,396 | 1,803 | |||||
Prepaid expenses and other assets | 19,824 | 20,850 | |||||
Total current assets | 734,582 | 412,291 | |||||
Property and equipment, net | 700,402 | 692,383 | |||||
Intangibles, net | 17,857 | 25,242 | |||||
Goodwill | 271,850 | 283,780 | |||||
Deferred income taxes | 28,840 | 36,721 | |||||
Other assets | 46,421 | 56,387 | |||||
Total assets | $ | 1,799,952 | $ | 1,506,804 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 147,452 | $ | 152,156 | |||
Deferred revenue | 3,724 | 4,170 | |||||
Income taxes payable | 8,279 | 8,284 | |||||
Current portion of long-term debt and capital lease obligations | 53,671 | 79,674 | |||||
Total current liabilities | 213,126 | 244,284 | |||||
Deferred income taxes | 5,322 | 7,372 | |||||
Income taxes payable | 21,157 | 23,771 | |||||
Long-term debt and capital lease obligations, net of discount | 592,135 | 223,227 | |||||
Other liabilities | 3,748 | 4,651 | |||||
Total liabilities | 835,488 | 503,305 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Common stock | 12 | 13 | |||||
Additional paid-in capital | 407,808 | 404,542 | |||||
Accumulated other comprehensive loss | (68,793 | ) | (20,060 | ) | |||
Retained earnings | 625,437 | 619,004 | |||||
Total stockholders’ equity | 964,464 | 1,003,499 | |||||
Total liabilities and stockholders’ equity | $ | 1,799,952 | $ | 1,506,804 |
Twelve Months Ended July 31, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 219,783 | $ | 178,687 | |||
Adjustments to reconcile net income to net cash provided by operating | |||||||
activities: | |||||||
Depreciation and amortization | 48,893 | 53,726 | |||||
Allowance for doubtful accounts | (578 | ) | 1,087 | ||||
Impairment of long-lived assets | — | 29,104 | |||||
Stock-based payment compensation | 18,154 | 22,099 | |||||
Excess tax benefits from stock-based payment compensation | (2,971 | ) | (2,289 | ) | |||
Gain on sale of property and equipment | (918 | ) | (1,461 | ) | |||
Deferred income taxes | 4,365 | (10,838 | ) | ||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||
Accounts receivable | (20,417 | ) | (12,870 | ) | |||
Vehicle pooling costs and inventories | (2,622 | ) | 399 | ||||
Prepaid expenses and other current assets | 69 | (4,500 | ) | ||||
Other assets | 10,125 | (8,900 | ) | ||||
Accounts payable and accrued liabilities | (3,926 | ) | 5,425 | ||||
Deferred revenue | (438 | ) | (661 | ) | |||
Income taxes receivable | (806 | ) | 9,267 | ||||
Income taxes payable | (1,971 | ) | 2,816 | ||||
Other liabilities | (1,666 | ) | 1,503 | ||||
Net cash provided by operating activities | 265,076 | 262,594 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment including acquisitions, net of cash acquired | (79,153 | ) | (95,810 | ) | |||
Investment in unconsolidated affiliate | (4,500 | ) | — | ||||
Proceeds from sale of property and equipment | 1,738 | 3,707 | |||||
Net cash used in investing activities | (81,915 | ) | (92,103 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from the exercise of stock options | 3,634 | 10,412 | |||||
Excess tax benefit from stock-based payment compensation | 2,971 | 2,289 | |||||
Proceeds from the issuance of Employee Stock Purchase Plan shares | 3,079 | 2,339 | |||||
Repurchases of common stock | (237,306 | ) | (572 | ) | |||
Change in bank overdraft | — | (16,291 | ) | ||||
Proceeds from the issuance of long-term debt, net of discount | 698,939 | — | |||||
Debt offering costs | (955 | ) | — | ||||
Principal payments on long-term debt | (350,000 | ) | (75,000 | ) | |||
Net cash provided by (used in) financing activities | 120,362 | (76,823 | ) | ||||
Effect of foreign currency translation | (6,179 | ) | 1,369 | ||||
Net increase in cash and cash equivalents | 297,344 | 95,037 | |||||
Cash and cash equivalents at beginning of period | 158,668 | 63,631 | |||||
Cash and cash equivalents at end of period | $ | 456,012 | $ | 158,668 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | $ | 18,121 | $ | 8,768 | |||
Income taxes paid, net of refunds | $ | 109,925 | $ | 82,813 |
1 Year Copart Chart |
1 Month Copart Chart |
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