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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 | 54.36 | 55.50 | 55.42 | 54.22 | 54.27 | 4,368,333 | 00:55:07 |
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Delaware
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94-2867490
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(State or other jurisdiction
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(IRS Employer
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of incorporation)
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Identification No.)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Table of Contents
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Page Number
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(In thousands, except share amounts)
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January 31, 2017
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July 31, 2016
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||||
ASSETS
|
|
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||||
Current assets:
|
|
|
|
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||||
Cash and cash equivalents
|
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$
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174,952
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$
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155,849
|
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Accounts receivable, net
|
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340,438
|
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266,270
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Vehicle pooling costs
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34,443
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28,599
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||
Inventories
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9,136
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10,388
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|
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Income taxes receivable
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83,524
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18,751
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Deferred income taxes
|
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—
|
|
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1,444
|
|
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Prepaid expenses and other assets
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16,759
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18,005
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Total current assets
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659,252
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499,306
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||
Property and equipment, net
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882,256
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816,791
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Intangibles, net
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8,938
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11,761
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Goodwill
|
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256,867
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260,198
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Deferred income taxes
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1,236
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23,506
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Other assets
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32,692
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38,258
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Total assets
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$
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1,841,241
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$
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1,649,820
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||
Current liabilities:
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|
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|
||||
Accounts payable and accrued liabilities
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$
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184,968
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$
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192,379
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Deferred revenue
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5,938
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|
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4,628
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||
Income taxes payable
|
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7,624
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5,625
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|
||
Deferred income taxes
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1,266
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|
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—
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|
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Current portion of revolving loan facility and capital lease obligations
|
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146,151
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76,151
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Total current liabilities
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345,947
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278,783
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Deferred income taxes
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3,446
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|
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3,816
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Income taxes payable
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27,470
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25,641
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|
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Long-term debt, revolving loan facility and capital lease obligations, net of discount
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565,926
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564,341
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Other liabilities
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2,749
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2,783
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Total liabilities
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945,538
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875,364
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Commitments and contingencies
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||||
Stockholders’ equity:
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||||
Preferred stock: $0.0001 par value - 5,000,000 shares authorized; none issued
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—
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—
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Common stock: $0.0001 par value - 400,000,000 shares authorized; 114,760,739 and 110,122,060 shares issued and outstanding, respectively.
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11
|
|
|
11
|
|
||
Additional paid-in capital
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429,957
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392,445
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Accumulated other comprehensive loss
|
|
(119,549
|
)
|
|
(109,194
|
)
|
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Retained earnings
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585,284
|
|
|
491,194
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Total stockholders’ equity
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895,703
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774,456
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Total liabilities and stockholders’ equity
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$
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1,841,241
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$
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1,649,820
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Three Months Ended January 31,
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Six Months Ended January 31,
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||||||||||||
(In thousands, except per share amounts)
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2017
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2016
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2017
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2016
|
||||||||
Service revenues and vehicle sales:
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||||||||
Service revenues
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$
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310,033
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$
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260,417
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$
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617,111
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$
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511,384
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Vehicle sales
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39,499
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39,289
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78,412
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77,160
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||||
Total service revenues and vehicle sales
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349,532
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299,706
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695,523
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588,544
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||||
Operating expenses:
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Yard operations
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169,081
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|
140,965
|
|
|
336,692
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|
|
276,874
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|
||||
Cost of vehicle sales
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33,686
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34,127
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66,773
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66,195
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|
||||
General and administrative
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37,885
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32,529
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78,354
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67,144
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|
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Total operating expenses
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240,652
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|
207,621
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|
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481,819
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410,213
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Operating income
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108,880
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|
92,085
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213,704
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178,331
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||||
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||||||||
Other (expense) income:
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Interest expense
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(6,144
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)
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(5,570
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)
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(12,103
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)
|
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(11,294
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)
|
||||
Interest income
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384
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602
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721
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|
|
813
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|
||||
Other (expense) income, net
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(3,021
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)
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4,435
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311
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|
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5,462
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|
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Total other expenses
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(8,781
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)
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(533
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)
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(11,071
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)
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(5,019
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)
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Income before income taxes
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100,099
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91,552
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202,633
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173,312
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|
||||
Income tax expense (benefit)
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34,033
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32,548
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(30,713
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)
|
|
61,698
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|
||||
Net income
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$
|
66,066
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$
|
59,004
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$
|
233,346
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|
$
|
111,614
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|
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|
|
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||||||||
Basic net income per common share
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$
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0.58
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$
|
0.50
|
|
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$
|
2.05
|
|
|
$
|
0.94
|
|
Weighted average common shares outstanding
|
|
114,571
|
|
|
117,306
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|
|
113,644
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|
|
118,731
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||||
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|
|
|
|
|
|
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|
||||||||
Diluted net income per common share
|
|
$
|
0.56
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|
|
$
|
0.47
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|
|
$
|
1.97
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|
|
$
|
0.89
|
|
Diluted weighted average common shares outstanding
|
|
117,794
|
|
|
124,612
|
|
|
118,336
|
|
|
125,878
|
|
|
|
Three Months Ended January 31,
|
|
Six Months Ended January 31,
|
||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Comprehensive income, net of tax:
|
|
|
|
|
|
|
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|
||||||||
Net income
|
|
$
|
66,066
|
|
|
$
|
59,004
|
|
|
$
|
233,346
|
|
|
$
|
111,614
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gain on interest rate swaps, net (a)
|
|
—
|
|
|
163
|
|
|
—
|
|
|
603
|
|
||||
Reclassification adjustment of interest rate swaps, net (b)
|
|
—
|
|
|
(101
|
)
|
|
—
|
|
|
(320
|
)
|
||||
Unrealized loss on available-for-sale securities, net (c)
|
|
—
|
|
|
(4,146
|
)
|
|
—
|
|
|
(3,651
|
)
|
||||
Foreign currency translation adjustments
|
|
8,420
|
|
|
(24,247
|
)
|
|
(10,355
|
)
|
|
(30,910
|
)
|
||||
Total comprehensive income
|
|
$
|
74,486
|
|
|
$
|
30,673
|
|
|
$
|
222,991
|
|
|
$
|
77,336
|
|
(a)
|
Net of tax effect of
$(151)
and
$(342)
for the three and six months ended January 31, 2016.
|
(b)
|
Net of tax effect of
$56
and
$178
for the three and six months ended January 31, 2016.
|
(c)
|
Net of tax effect of
$282
and
$3
for the three and six months ended January 31, 2016.
|
|
|
Six Months Ended January 31,
|
||||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
233,346
|
|
|
$
|
111,614
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization, including debt cost
|
|
30,146
|
|
|
23,294
|
|
||
Allowance for doubtful accounts
|
|
26
|
|
|
1,270
|
|
||
Equity in losses of unconsolidated affiliates
|
|
408
|
|
|
483
|
|
||
Stock-based payment compensation
|
|
10,605
|
|
|
10,800
|
|
||
Gain on sale of property and equipment
|
|
(79
|
)
|
|
(106
|
)
|
||
Deferred income taxes
|
|
23,466
|
|
|
(106
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
|
(74,789
|
)
|
|
(68,683
|
)
|
||
Vehicle pooling costs
|
|
(5,977
|
)
|
|
(5,139
|
)
|
||
Inventories
|
|
1,033
|
|
|
(1,310
|
)
|
||
Prepaid expenses and other current assets
|
|
894
|
|
|
(216
|
)
|
||
Other assets
|
|
(801
|
)
|
|
448
|
|
||
Accounts payable and accrued liabilities
|
|
(4,599
|
)
|
|
3,702
|
|
||
Deferred revenue
|
|
1,350
|
|
|
1,810
|
|
||
Income taxes receivable
|
|
(64,757
|
)
|
|
(1,648
|
)
|
||
Income taxes payable
|
|
5,934
|
|
|
7,897
|
|
||
Other liabilities
|
|
(678
|
)
|
|
(789
|
)
|
||
Net cash provided by operating activities
|
|
155,528
|
|
|
83,321
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of property and equipment
|
|
(92,412
|
)
|
|
(77,763
|
)
|
||
Proceeds from sale of property and equipment
|
|
281
|
|
|
296
|
|
||
Proceeds from sale of assets held for sale
|
|
105
|
|
|
100
|
|
||
Investment in unconsolidated affiliate
|
|
(1,050
|
)
|
|
—
|
|
||
Purchases of marketable securities
|
|
—
|
|
|
(21,119
|
)
|
||
Net cash used in investing activities
|
|
(93,076
|
)
|
|
(98,486
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from the exercise of stock options
|
|
20,381
|
|
|
944
|
|
||
Proceeds from the issuance of Employee Stock Purchase Plan shares
|
|
1,908
|
|
|
1,640
|
|
||
Repurchases of common stock
|
|
—
|
|
|
(325,000
|
)
|
||
Payments for employee stock-based tax withholdings
|
|
(134,638
|
)
|
|
—
|
|
||
Proceeds from the issuance of long-term debt, net of discount
|
|
—
|
|
|
68,000
|
|
||
Proceeds from revolving loan facility, net of repayments
|
|
72,000
|
|
|
—
|
|
||
Principal payments on long-term debt
|
|
—
|
|
|
(37,500
|
)
|
||
Net cash used in financing activities
|
|
(40,349
|
)
|
|
(291,916
|
)
|
||
Effect of foreign currency translation
|
|
(3,000
|
)
|
|
(7,515
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
|
19,103
|
|
|
(314,596
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
155,849
|
|
|
456,012
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
174,952
|
|
|
$
|
141,416
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
||||
Interest paid
|
|
$
|
11,810
|
|
|
$
|
11,294
|
|
Income taxes paid, net of refunds
|
|
$
|
4,616
|
|
|
$
|
55,413
|
|
Cumulative loss on foreign currency translation as of July 31, 2015
|
|
$
|
(68,510
|
)
|
Loss on foreign currency translation
|
|
(40,684
|
)
|
|
Cumulative loss on foreign currency translation as of July 31, 2016
|
|
$
|
(109,194
|
)
|
Loss on foreign currency translation
|
|
(10,355
|
)
|
|
Cumulative loss on foreign currency translation as of January 31, 2017
|
|
$
|
(119,549
|
)
|
Level I
|
Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.
|
Level II
|
Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly.
|
Level III
|
Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate.
|
(In thousands)
|
|
January 31, 2017
|
|
July 31, 2016
|
||||
Amortized intangibles:
|
|
|
|
|
||||
Covenants not to compete
|
|
$
|
1,708
|
|
|
$
|
1,702
|
|
Supply contracts & customer relationships
|
|
26,689
|
|
|
26,471
|
|
||
Trade name
|
|
5,095
|
|
|
5,163
|
|
||
Licenses and databases
|
|
2,469
|
|
|
2,488
|
|
||
Accumulated amortization
|
|
(27,023
|
)
|
|
(24,063
|
)
|
||
Net intangibles
|
|
$
|
8,938
|
|
|
$
|
11,761
|
|
Balance as of July 31, 2016
|
|
$
|
260,198
|
|
Effect of foreign currency exchange rates
|
|
(3,331
|
)
|
|
Balance as of January 31, 2017
|
|
$
|
256,867
|
|
|
|
January 31, 2017
|
|
July 31, 2016
|
||||||||||||
(In thousands)
|
|
Fair Value Total
|
|
Significant Observable Inputs (Level II)
|
|
Fair Value Total
|
|
Significant Observable Inputs (Level II)
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
|
$
|
10,449
|
|
|
$
|
10,449
|
|
|
$
|
8,422
|
|
|
$
|
8,422
|
|
Total Assets
|
|
$
|
10,449
|
|
|
$
|
10,449
|
|
|
$
|
8,422
|
|
|
$
|
8,422
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Long-term fixed rate debt, including current portion
|
|
$
|
396,093
|
|
|
$
|
396,093
|
|
|
$
|
430,375
|
|
|
$
|
430,375
|
|
Revolving loan facility
|
|
310,000
|
|
|
310,000
|
|
|
238,000
|
|
|
238,000
|
|
||||
Total Liabilities
|
|
$
|
706,093
|
|
|
$
|
706,093
|
|
|
$
|
668,375
|
|
|
$
|
668,375
|
|
|
|
Three Months Ended January 31,
|
|
Six Months Ended January 31,
|
||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Weighted average common shares outstanding
|
|
114,571
|
|
|
117,306
|
|
|
113,644
|
|
|
118,731
|
|
Effect of dilutive securities - stock options
|
|
3,223
|
|
|
7,306
|
|
|
4,692
|
|
|
7,147
|
|
Weighted average common and dilutive potential common shares outstanding
|
|
117,794
|
|
|
124,612
|
|
|
118,336
|
|
|
125,878
|
|
(In thousands, except per share and term data)
|
|
Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (In years)
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding as of July 31, 2016
|
|
19,451
|
|
|
$
|
24.30
|
|
|
4.96
|
|
$
|
508,401
|
|
Grants of options
|
|
428
|
|
|
55.02
|
|
|
|
|
|
|||
Exercises
|
|
(9,892
|
)
|
|
16.07
|
|
|
|
|
|
|||
Forfeitures or expirations
|
|
(131
|
)
|
|
36.22
|
|
|
|
|
|
|||
Outstanding as of January 31, 2017
|
|
9,856
|
|
|
$
|
33.75
|
|
|
6.85
|
|
$
|
226,630
|
|
Exercisable as of January 31, 2017
|
|
5,728
|
|
|
$
|
30.73
|
|
|
6.14
|
|
$
|
148,998
|
|
|
|
Three Months Ended January 31,
|
|
Six Months Ended January 31,
|
||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
General and administrative
|
|
$
|
4,712
|
|
|
$
|
4,710
|
|
|
$
|
8,996
|
|
|
$
|
9,438
|
|
Yard operations
|
|
808
|
|
|
676
|
|
|
1,609
|
|
|
1,362
|
|
||||
Total stock-based payment compensation
|
|
$
|
5,520
|
|
|
$
|
5,386
|
|
|
$
|
10,605
|
|
|
$
|
10,800
|
|
Period
|
|
Options Exercised
|
|
Weighted Average Exercise Price
|
|
Shares Net Settled for Exercise
|
|
Shares Withheld for Taxes
(1)
|
|
Net Shares to Employees
|
|
Weighted Average Share Price for Withholding
|
|
Tax Withholding (in 000s)
|
||||||||||
FY 2016—Q4
|
|
1,130,000
|
|
|
$
|
18.64
|
|
|
410,648
|
|
|
293,152
|
|
|
426,200
|
|
|
$
|
51.30
|
|
|
$
|
15,039
|
|
FY 2017—Q1
|
|
9,000,000
|
|
|
15.39
|
|
|
2,704,486
|
|
|
2,627,661
|
|
|
3,667,853
|
|
|
51.23
|
|
|
134,615
|
|
(1)
|
Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Company’s stock repurchase program.
|
|
|
Three Months Ended January 31, 2017
|
|
Three Months Ended January 31, 2016
|
||||||||||||||||||||
(In thousands)
|
|
United States
|
|
International
|
|
Total
|
|
United States
|
|
International
|
|
Total
|
||||||||||||
Total service revenues and vehicle sales
|
|
$
|
286,911
|
|
|
$
|
62,621
|
|
|
$
|
349,532
|
|
|
$
|
238,261
|
|
|
$
|
61,445
|
|
|
$
|
299,706
|
|
Yard operations
|
|
146,195
|
|
|
22,886
|
|
|
169,081
|
|
|
119,132
|
|
|
21,833
|
|
|
140,965
|
|
||||||
Cost of vehicle sales
|
|
14,473
|
|
|
19,213
|
|
|
33,686
|
|
|
12,833
|
|
|
21,294
|
|
|
34,127
|
|
||||||
General and administrative
|
|
32,651
|
|
|
5,234
|
|
|
37,885
|
|
|
27,243
|
|
|
5,286
|
|
|
32,529
|
|
||||||
Operating income
|
|
93,592
|
|
|
15,288
|
|
|
108,880
|
|
|
79,053
|
|
|
13,032
|
|
|
92,085
|
|
||||||
Interest (expense) income, net
|
|
(6,063
|
)
|
|
303
|
|
|
(5,760
|
)
|
|
(5,463
|
)
|
|
495
|
|
|
(4,968
|
)
|
||||||
Other income (expense), net
|
|
334
|
|
|
(3,355
|
)
|
|
(3,021
|
)
|
|
60
|
|
|
4,375
|
|
|
4,435
|
|
||||||
Intercompany income (expense)
|
|
2,947
|
|
|
(2,947
|
)
|
|
—
|
|
|
3,195
|
|
|
(3,195
|
)
|
|
—
|
|
||||||
Income before income taxes
|
|
90,810
|
|
|
9,289
|
|
|
100,099
|
|
|
76,845
|
|
|
14,707
|
|
|
91,552
|
|
||||||
Income taxes
|
|
31,677
|
|
|
2,356
|
|
|
34,033
|
|
|
29,329
|
|
|
3,219
|
|
|
32,548
|
|
||||||
Net income
|
|
$
|
59,133
|
|
|
$
|
6,933
|
|
|
$
|
66,066
|
|
|
$
|
47,516
|
|
|
$
|
11,488
|
|
|
$
|
59,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and amortization
|
|
$
|
12,667
|
|
|
$
|
2,548
|
|
|
$
|
15,215
|
|
|
$
|
9,286
|
|
|
$
|
2,405
|
|
|
$
|
11,691
|
|
Capital expenditures
|
|
51,541
|
|
|
2,662
|
|
|
54,203
|
|
|
56,997
|
|
|
599
|
|
|
57,596
|
|
|
|
Six Months Ended January 31, 2017
|
|
Six Months Ended January 31, 2016
|
||||||||||||||||||||
(In thousands)
|
|
United States
|
|
International
|
|
Total
|
|
United States
|
|
International
|
|
Total
|
||||||||||||
Total service revenues and vehicle sales
|
|
$
|
571,973
|
|
|
$
|
123,550
|
|
|
$
|
695,523
|
|
|
$
|
468,726
|
|
|
$
|
119,818
|
|
|
$
|
588,544
|
|
Yard operations
|
|
292,548
|
|
|
44,144
|
|
|
336,692
|
|
|
234,250
|
|
|
42,624
|
|
|
276,874
|
|
||||||
Cost of vehicle sales
|
|
28,722
|
|
|
38,051
|
|
|
66,773
|
|
|
25,559
|
|
|
40,636
|
|
|
66,195
|
|
||||||
General and administrative
|
|
68,129
|
|
|
10,225
|
|
|
78,354
|
|
|
56,925
|
|
|
10,219
|
|
|
67,144
|
|
||||||
Operating income
|
|
182,574
|
|
|
31,130
|
|
|
213,704
|
|
|
151,992
|
|
|
26,339
|
|
|
178,331
|
|
||||||
Interest (expense) income, net
|
|
(11,924
|
)
|
|
542
|
|
|
(11,382
|
)
|
|
(11,059
|
)
|
|
578
|
|
|
(10,481
|
)
|
||||||
Other income (expense), net
|
|
89
|
|
|
222
|
|
|
311
|
|
|
361
|
|
|
5,101
|
|
|
5,462
|
|
||||||
Intercompany income (expense)
|
|
5,655
|
|
|
(5,655
|
)
|
|
—
|
|
|
5,994
|
|
|
(5,994
|
)
|
|
—
|
|
||||||
Income before income taxes
|
|
176,394
|
|
|
26,239
|
|
|
202,633
|
|
|
147,288
|
|
|
26,024
|
|
|
173,312
|
|
||||||
Income tax (benefit) expense
|
|
(36,626
|
)
|
|
5,913
|
|
|
(30,713
|
)
|
|
56,140
|
|
|
5,558
|
|
|
61,698
|
|
||||||
Net income
|
|
$
|
213,020
|
|
|
$
|
20,326
|
|
|
$
|
233,346
|
|
|
$
|
91,148
|
|
|
$
|
20,466
|
|
|
$
|
111,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and amortization
|
|
$
|
25,053
|
|
|
$
|
4,871
|
|
|
$
|
29,924
|
|
|
$
|
18,335
|
|
|
$
|
4,877
|
|
|
$
|
23,212
|
|
Capital expenditures
|
|
88,062
|
|
|
4,350
|
|
|
92,412
|
|
|
76,318
|
|
|
1,445
|
|
|
77,763
|
|
|
|
January 31, 2017
|
|
July 31, 2016
|
||||||||||||||||||||
(In thousands)
|
|
United States
|
|
International
|
|
Total
|
|
United States
|
|
International
|
|
Total
|
||||||||||||
Total assets
|
|
$
|
1,422,145
|
|
|
$
|
419,096
|
|
|
$
|
1,841,241
|
|
|
$
|
1,249,755
|
|
|
$
|
400,065
|
|
|
$
|
1,649,820
|
|
Goodwill
|
|
179,906
|
|
|
76,961
|
|
|
256,867
|
|
|
179,906
|
|
|
80,292
|
|
|
260,198
|
|
Locations
|
|
Acquisition or Greenfield
|
|
Date
|
|
Geographic Service Area
|
Sonepat, India (New Delhi)
|
|
Greenfield
|
|
October 2015
|
|
India
|
Dallas, Texas
|
|
Greenfield
|
|
March 2016
|
|
United States
|
Wilmer, Texas (Dallas)
|
|
Greenfield
|
|
April 2016
|
|
United States
|
Temple, Texas
|
|
Greenfield
|
|
April 2016
|
|
United States
|
Colorado Springs, Colorado
|
|
Greenfield
|
|
May 2016
|
|
United States
|
Denver, Colorado
|
|
Greenfield
|
|
July 2016
|
|
United States
|
Cartersville, Georgia
|
|
Greenfield
|
|
July 2016
|
|
United States
|
Brighton, Colorado (Denver)
|
|
Greenfield
|
|
August 2016
|
|
United States
|
Sun Valley, California (Los Angeles)
|
|
Greenfield
|
|
November 2016
|
|
United States
|
Casper, Wyoming
|
|
Greenfield
|
|
January 2017
|
|
United States
|
Littleton, Colorado (Denver)
|
|
Greenfield
|
|
January 2017
|
|
United States
|
Apopka, Florida (Orlando)
|
|
Greenfield
|
|
January 2017
|
|
United States
|
Castledermot, Ireland
|
|
Greenfield
|
|
April 2016
|
|
Ireland
|
Algete, Spain (Madrid)
|
|
Greenfield
|
|
July 2016
|
|
Spain
|
Bad Fallingbostel, Germany (Hanover)
|
|
Greenfield
|
|
September 2016
|
|
Germany
|
Newbury, United Kingdom
|
|
Greenfield
|
|
September 2016
|
|
United Kingdom
|
|
|
Three Months Ended January 31,
|
|
Six Months Ended January 31,
|
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Service revenues and vehicle sales:
|
|
|
|
|
|
|
|
|
||||
Service revenues
|
|
89
|
%
|
|
87
|
%
|
|
89
|
%
|
|
87
|
%
|
Vehicle sales
|
|
11
|
%
|
|
13
|
%
|
|
11
|
%
|
|
13
|
%
|
Total service revenues and vehicle sales
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||
Yard operations
|
|
48
|
%
|
|
47
|
%
|
|
48
|
%
|
|
47
|
%
|
Cost of vehicle sales
|
|
10
|
%
|
|
11
|
%
|
|
10
|
%
|
|
11
|
%
|
General and administrative
|
|
11
|
%
|
|
11
|
%
|
|
11
|
%
|
|
12
|
%
|
Total operating expenses
|
|
69
|
%
|
|
69
|
%
|
|
69
|
%
|
|
70
|
%
|
Operating income
|
|
31
|
%
|
|
31
|
%
|
|
31
|
%
|
|
30
|
%
|
Other (expense) income
|
|
(2
|
)%
|
|
—
|
%
|
|
(2
|
)%
|
|
(1
|
)%
|
Income before income taxes
|
|
29
|
%
|
|
31
|
%
|
|
29
|
%
|
|
29
|
%
|
Income tax expense (benefit)
|
|
10
|
%
|
|
11
|
%
|
|
(4
|
)%
|
|
10
|
%
|
Net income
|
|
19
|
%
|
|
20
|
%
|
|
33
|
%
|
|
19
|
%
|
|
|
|
Three Months Ended January 31,
|
|
Six Months Ended January 31,
|
||||||||||||||||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||||||||||
Service revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
United States
|
|
$
|
271,959
|
|
|
$
|
224,916
|
|
|
$
|
47,043
|
|
|
20.9
|
%
|
|
$
|
542,230
|
|
|
$
|
442,408
|
|
|
$
|
99,822
|
|
|
22.6
|
%
|
|
International
|
|
38,074
|
|
|
35,501
|
|
|
2,573
|
|
|
7.2
|
%
|
|
74,881
|
|
|
68,976
|
|
|
5,905
|
|
|
8.6
|
%
|
||||||
|
Total service revenues
|
|
$
|
310,033
|
|
|
$
|
260,417
|
|
|
$
|
49,616
|
|
|
19.1
|
%
|
|
$
|
617,111
|
|
|
$
|
511,384
|
|
|
$
|
105,727
|
|
|
20.7
|
%
|
|
|
|
Three Months Ended January 31,
|
|
Six Months Ended January 31,
|
||||||||||||||||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||||||||||
Vehicle sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
United States
|
|
$
|
14,952
|
|
|
$
|
13,345
|
|
|
$
|
1,607
|
|
|
12.0
|
%
|
|
$
|
29,743
|
|
|
$
|
26,318
|
|
|
$
|
3,425
|
|
|
13.0
|
%
|
|
International
|
|
24,547
|
|
|
25,944
|
|
|
(1,397
|
)
|
|
(5.4
|
)%
|
|
48,669
|
|
|
50,842
|
|
|
(2,173
|
)
|
|
(4.3
|
)%
|
||||||
|
Total vehicle sales
|
|
$
|
39,499
|
|
|
$
|
39,289
|
|
|
$
|
210
|
|
|
0.5
|
%
|
|
$
|
78,412
|
|
|
$
|
77,160
|
|
|
$
|
1,252
|
|
|
1.6
|
%
|
|
|
|
Three Months Ended January 31,
|
|
Six Months Ended January 31,
|
||||||||||||||||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||||||||||
Cost of vehicle sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
United States
|
|
$
|
14,473
|
|
|
$
|
12,833
|
|
|
$
|
1,640
|
|
|
12.8
|
%
|
|
$
|
28,722
|
|
|
$
|
25,559
|
|
|
$
|
3,163
|
|
|
12.4
|
%
|
|
International
|
|
19,213
|
|
|
21,294
|
|
|
(2,081
|
)
|
|
(9.8
|
)%
|
|
38,051
|
|
|
40,636
|
|
|
(2,585
|
)
|
|
(6.4
|
)%
|
||||||
|
Total cost of vehicle sales
|
|
$
|
33,686
|
|
|
$
|
34,127
|
|
|
$
|
(441
|
)
|
|
(1.3
|
)%
|
|
$
|
66,773
|
|
|
$
|
66,195
|
|
|
$
|
578
|
|
|
0.9
|
%
|
|
|
|
Three Months Ended January 31,
|
|
Six Months Ended January 31,
|
||||||||||||||||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||||||||||
General and administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
United States
|
|
$
|
32,651
|
|
|
$
|
27,243
|
|
|
$
|
5,408
|
|
|
19.9
|
%
|
|
$
|
68,129
|
|
|
$
|
56,925
|
|
|
$
|
11,204
|
|
|
19.7
|
%
|
|
International
|
|
5,234
|
|
|
5,286
|
|
|
(52
|
)
|
|
(1.0
|
)%
|
|
10,225
|
|
|
10,219
|
|
|
6
|
|
|
0.1
|
%
|
||||||
|
Total general and administrative expenses
|
|
$
|
37,885
|
|
|
$
|
32,529
|
|
|
$
|
5,356
|
|
|
16.5
|
%
|
|
$
|
78,354
|
|
|
$
|
67,144
|
|
|
$
|
11,210
|
|
|
16.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
General and administrative expenses, excluding depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
United States
|
|
$
|
27,790
|
|
|
$
|
24,198
|
|
|
$
|
3,592
|
|
|
14.8
|
%
|
|
$
|
58,439
|
|
|
$
|
51,104
|
|
|
$
|
7,335
|
|
|
14.4
|
%
|
|
International
|
|
4,597
|
|
|
4,888
|
|
|
(291
|
)
|
|
(6.0
|
)%
|
|
9,156
|
|
|
9,421
|
|
|
(265
|
)
|
|
(2.8
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
General and administrative depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
United States
|
|
$
|
4,861
|
|
|
$
|
3,046
|
|
|
$
|
1,815
|
|
|
59.6
|
%
|
|
$
|
9,690
|
|
|
$
|
5,821
|
|
|
$
|
3,869
|
|
|
66.5
|
%
|
|
International
|
|
637
|
|
|
397
|
|
|
240
|
|
|
60.5
|
%
|
|
1,069
|
|
|
798
|
|
|
271
|
|
|
34.0
|
%
|
|
|
Three Months Ended January 31,
|
|
Six Months Ended January 31,
|
||||||||||||||||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
||||||||||||||
Total other expense
|
|
$
|
(8,781
|
)
|
|
$
|
(533
|
)
|
|
$
|
(8,248
|
)
|
|
(1,547.5
|
)%
|
|
$
|
(11,071
|
)
|
|
$
|
(5,019
|
)
|
|
$
|
(6,052
|
)
|
|
(120.6
|
)%
|
Income tax expense (benefit)
|
|
34,033
|
|
|
32,548
|
|
|
1,485
|
|
|
4.6
|
%
|
|
(30,713
|
)
|
|
61,698
|
|
|
(92,411
|
)
|
|
(149.8
|
)%
|
(In thousands)
|
|
January 31, 2017
|
|
July 31, 2016
|
|
Change
|
|
% Change
|
|||||||
Cash and cash equivalents
|
|
$
|
174,952
|
|
|
$
|
155,849
|
|
|
$
|
19,103
|
|
|
12.3
|
%
|
Working capital
|
|
313,305
|
|
|
220,523
|
|
|
92,782
|
|
|
42.1
|
%
|
|
|
Six Months Ended January 31,
|
|||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Operating cash flows
|
|
$
|
155,528
|
|
|
$
|
83,321
|
|
|
$
|
72,207
|
|
|
86.7
|
%
|
Investing cash flows
|
|
(93,076
|
)
|
|
(98,486
|
)
|
|
5,410
|
|
|
5.5
|
%
|
|||
Financing cash flows
|
|
(40,349
|
)
|
|
(291,916
|
)
|
|
251,567
|
|
|
86.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Capital expenditures
|
|
$
|
(92,412
|
)
|
|
$
|
(77,763
|
)
|
|
$
|
(14,649
|
)
|
|
(18.8
|
)%
|
Proceeds from revolving loan facility, net of repayments
|
|
72,000
|
|
|
—
|
|
|
72,000
|
|
|
100.0
|
%
|
|||
Principal payments on long-term debt
|
|
—
|
|
|
(37,500
|
)
|
|
37,500
|
|
|
100.0
|
%
|
Period
|
|
Options Exercised
|
|
Weighted Average Exercise Price
|
|
Shares Net Settled for Exercise
|
|
Shares Withheld for Taxes
(1)
|
|
Net Shares to Employees
|
|
Weighted Average Share Price for Withholding
|
|
Tax Withholding (in 000s)
|
||||||||||
FY 2016—Q4
|
|
1,130,000
|
|
|
$
|
18.64
|
|
|
410,648
|
|
|
293,152
|
|
|
426,200
|
|
|
$
|
51.30
|
|
|
$
|
15,039
|
|
FY 2017—Q1
|
|
9,000,000
|
|
|
15.39
|
|
|
2,704,486
|
|
|
2,627,661
|
|
|
3,667,853
|
|
|
51.23
|
|
|
134,615
|
|
(1)
|
Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against our stock repurchase program.
|
•
|
the difficulty of managing and staffing foreign offices and the increased travel, infrastructure and legal compliance costs associated with multiple international locations;
|
•
|
the need to localize our product offerings, particularly the need to implement our online auction platform in foreign countries;
|
•
|
the need to comply with complex foreign and U.S. laws and regulations that apply to our international operations;
|
•
|
tariffs and trade barriers and other regulatory or contractual limitations on our ability to operate in certain foreign markets;
|
•
|
exposure to foreign currency exchange rate risk, which may have an adverse impact on our revenues and revenue growth rates;
|
•
|
adapting to different business cultures and market structures, particularly where we seek to implement our auction model in markets where insurers have historically not played a substantial role in the disposition of salvage vehicles; and
|
•
|
maintain the historical revenue and earnings growth rates we have been able to obtain through facility openings and strategic acquisitions;
|
•
|
our ability to successfully integrate our newly acquired operations in international markets and any additional markets we may enter;
|
•
|
the amount and timing of operating costs and capital expenditures relating to the maintenance and expansion of our business, operations and infrastructure;
|
•
|
enhance our existing services;
|
•
|
develop and license new services and technologies that address the increasingly sophisticated and varied needs of our current and prospective customers; and
|
•
|
respond to technological advances and emerging industry standards and practices in a cost-effective and timely basis.
|
|
|
|
|
|
|
|
|
|
a)
|
Exhibits
|
|
COPART, INC.
|
|
|
|
/s/ Jeffrey Liaw
|
|
Jeffrey Liaw, Chief Financial Officer (Principal Financial
|
|
and Accounting Officer and duly Authorized Officer)
|
1 Year Copart Chart |
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