Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Copart Reports First Quarter Fiscal 2022 Financial Results By: Copart, Inc. via Business Wire November 17, 2021 at 16:45 PM EST Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2021. For the three months ended October 31, 2021, revenue, gross profit, and net income were $810.1 million, $385.0 million, and $260.4 million, respectively. These represent an increase in revenue of $217.2 million, or 36.6%; an increase in gross profit of $88.3 million, or 29.7%; and an increase in net income of $60.1 million, or 30.0%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $1.08 compared to $0.83 last year, an increase of 30.1%. Excluding the impact of certain income tax benefits related to stock-based compensation, non-GAAP fully diluted earnings per share for the three months ended October 31, 2021 and 2020, were $1.07, and $0.79, respectively, which was an increase of 35.4%. 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, November 18, 2021, 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 via hyperlink at www.copart.com/investorrelations. A replay of the call will be available through February 2022 by visiting www.copart.com/investorrelations. 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 vehicles to dealers, dismantlers, rebuilders, exporters, and to the general public. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. With operations at over 200 locations in 11 countries, Copart has more than 250,000 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 certain income tax benefits related to stock-based compensation. 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. 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 October 31, 2021 2020 % Change Service revenues and vehicle sales: Service revenues $ 667,818 $ 515,372 29.6 % Vehicle sales 142,314 77,568 83.5 % Total service revenues and vehicle sales 810,132 592,940 36.6 % Operating expenses: Yard operations 271,276 206,986 31.1 % Cost of vehicle sales 126,408 64,360 96.4 % Yard depreciation and amortization 26,437 23,294 13.5 % Yard stock-based compensation 981 1,531 (35.9) % Gross profit 385,030 296,769 29.7 % General and administrative 41,115 35,138 17.0 % General and administrative depreciation and amortization 5,323 5,655 (5.9) % General and administrative stock-based compensation 8,471 7,382 14.8 % Total operating expenses 480,011 344,346 39.4 % Operating income 330,121 248,594 32.8 % Other expense: Interest expense, net (5,107) (5,032) 1.5 % Other income, net 812 3,253 (75.0) % Total other expense (4,295) (1,779) 141.4 % Income before income taxes 325,826 246,815 32.0 % Income tax expense 65,463 46,530 40.7 % Net income $ 260,363 $ 200,285 30.0 % Basic net income per common share $ 1.10 $ 0.85 29.4 % Weighted average common shares outstanding 237,068 235,791 0.5 % Diluted net income per common share $ 1.08 $ 0.83 30.1 % Diluted weighted average common shares outstanding 241,221 239,968 0.5 % Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) October 31, 2021 July 31, 2021 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 1,298,373 $ 1,048,260 Accounts receivable, net 562,637 480,628 Vehicle pooling costs 115,994 94,449 Inventories 48,194 44,968 Income taxes receivable 537 20,012 Prepaid expenses and other assets 14,045 14,294 Total current assets 2,039,780 1,702,611 Property and equipment, net 2,318,701 2,296,624 Operating lease right-of-use assets 123,254 119,487 Intangibles, net 43,914 45,873 Goodwill 354,062 355,717 Other assets 39,141 41,831 Total assets $ 4,918,852 $ 4,562,143 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 411,249 $ 369,826 Deferred revenue 19,951 20,973 Income taxes payable 37,175 7,760 Current portion of operating and finance lease liabilities 23,536 22,472 Total current liabilities 491,911 421,031 Deferred income taxes 72,166 63,969 Income taxes payable 51,094 52,345 Operating and finance lease liabilities, net of current portion 100,920 97,961 Long-term debt and other liabilities, net of discount 408,940 397,636 Total liabilities 1,125,031 1,032,942 Commitments and contingencies Stockholders' equity: Preferred stock — — Common stock 24 24 Additional paid-in capital 776,858 761,834 Accumulated other comprehensive loss (111,378) (100,860) Retained earnings 3,128,317 2,868,203 Total stockholders' equity 3,793,821 3,529,201 Total liabilities and stockholders' equity $ 4,918,852 $ 4,562,143 Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended October 31, 2021 2020 Cash flows from operating activities: Net income $ 260,363 $ 200,285 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 32,049 29,227 Allowance for credit loss 295 (157) Equity in losses (earnings) of unconsolidated affiliates 168 (1,741) Stock-based compensation 9,452 8,913 Gain on sale of property and equipment (440) (1,230) Deferred income taxes 8,319 6,239 Changes in operating assets and liabilities: Accounts receivable (82,676) (57,860) Vehicle pooling costs (21,697) (10,600) Inventories (3,463) (8,259) Prepaid expenses and other current and non-current assets 3,071 15,236 Operating lease right-of-use assets and lease liabilities 382 153 Accounts payable and accrued liabilities 62,013 42,880 Deferred revenue (979) 1,251 Income taxes receivable 19,479 25,825 Income taxes payable 26,204 8,371 Net cash provided by operating activities 312,540 258,533 Cash flows from investing activities: Purchases of property and equipment (64,696) (147,093) Proceeds from sale of property and equipment 813 271 Net cash used in investing activities (63,883) (146,822) Cash flows from financing activities: Proceeds from the exercise of stock options 5,572 20,014 Payments for employee stock-based tax withholdings (249) (489) Payments of finance lease obligations (157) (327) Net cash provided by financing activities 5,166 19,198 Effect of foreign currency translation (3,710) (2,895) Net increase in cash, cash equivalents, and restricted cash 250,113 128,014 Cash, cash equivalents, and restricted cash at beginning of period 1,048,260 477,718 Cash, cash equivalents, and restricted cash at end of period $ 1,298,373 $ 605,732 Supplemental disclosure of cash flow information: Interest paid $ 5,080 $ 4,762 Income taxes paid, net of refunds $ 10,089 $ 6,157 Copart, Inc. Additional Financial Information Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share amounts) (Unaudited) Three Months Ended October 31, 2021 2020 GAAP net income $ 260,363 $ 200,285 Effect of recognizing tax benefit on exercise of stock-based compensation (2,987) (11,773) Non-GAAP net income $ 257,376 $ 188,512 GAAP net income per diluted common share $ 1.08 $ 0.83 Non-GAAP net income per diluted common share $ 1.07 $ 0.79 View source version on businesswire.com: https://www.businesswire.com/news/home/20211117006342/en/Contacts Melissa Hunter, Executive Support Manager, Office of the Chief Financial Officer 972-391-5090 or melissa.hunter@copart.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Copart Reports First Quarter Fiscal 2022 Financial Results By: Copart, Inc. via Business Wire November 17, 2021 at 16:45 PM EST Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2021. For the three months ended October 31, 2021, revenue, gross profit, and net income were $810.1 million, $385.0 million, and $260.4 million, respectively. These represent an increase in revenue of $217.2 million, or 36.6%; an increase in gross profit of $88.3 million, or 29.7%; and an increase in net income of $60.1 million, or 30.0%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $1.08 compared to $0.83 last year, an increase of 30.1%. Excluding the impact of certain income tax benefits related to stock-based compensation, non-GAAP fully diluted earnings per share for the three months ended October 31, 2021 and 2020, were $1.07, and $0.79, respectively, which was an increase of 35.4%. 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, November 18, 2021, 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 via hyperlink at www.copart.com/investorrelations. A replay of the call will be available through February 2022 by visiting www.copart.com/investorrelations. 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 vehicles to dealers, dismantlers, rebuilders, exporters, and to the general public. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. With operations at over 200 locations in 11 countries, Copart has more than 250,000 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 certain income tax benefits related to stock-based compensation. 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. 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 October 31, 2021 2020 % Change Service revenues and vehicle sales: Service revenues $ 667,818 $ 515,372 29.6 % Vehicle sales 142,314 77,568 83.5 % Total service revenues and vehicle sales 810,132 592,940 36.6 % Operating expenses: Yard operations 271,276 206,986 31.1 % Cost of vehicle sales 126,408 64,360 96.4 % Yard depreciation and amortization 26,437 23,294 13.5 % Yard stock-based compensation 981 1,531 (35.9) % Gross profit 385,030 296,769 29.7 % General and administrative 41,115 35,138 17.0 % General and administrative depreciation and amortization 5,323 5,655 (5.9) % General and administrative stock-based compensation 8,471 7,382 14.8 % Total operating expenses 480,011 344,346 39.4 % Operating income 330,121 248,594 32.8 % Other expense: Interest expense, net (5,107) (5,032) 1.5 % Other income, net 812 3,253 (75.0) % Total other expense (4,295) (1,779) 141.4 % Income before income taxes 325,826 246,815 32.0 % Income tax expense 65,463 46,530 40.7 % Net income $ 260,363 $ 200,285 30.0 % Basic net income per common share $ 1.10 $ 0.85 29.4 % Weighted average common shares outstanding 237,068 235,791 0.5 % Diluted net income per common share $ 1.08 $ 0.83 30.1 % Diluted weighted average common shares outstanding 241,221 239,968 0.5 % Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) October 31, 2021 July 31, 2021 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 1,298,373 $ 1,048,260 Accounts receivable, net 562,637 480,628 Vehicle pooling costs 115,994 94,449 Inventories 48,194 44,968 Income taxes receivable 537 20,012 Prepaid expenses and other assets 14,045 14,294 Total current assets 2,039,780 1,702,611 Property and equipment, net 2,318,701 2,296,624 Operating lease right-of-use assets 123,254 119,487 Intangibles, net 43,914 45,873 Goodwill 354,062 355,717 Other assets 39,141 41,831 Total assets $ 4,918,852 $ 4,562,143 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 411,249 $ 369,826 Deferred revenue 19,951 20,973 Income taxes payable 37,175 7,760 Current portion of operating and finance lease liabilities 23,536 22,472 Total current liabilities 491,911 421,031 Deferred income taxes 72,166 63,969 Income taxes payable 51,094 52,345 Operating and finance lease liabilities, net of current portion 100,920 97,961 Long-term debt and other liabilities, net of discount 408,940 397,636 Total liabilities 1,125,031 1,032,942 Commitments and contingencies Stockholders' equity: Preferred stock — — Common stock 24 24 Additional paid-in capital 776,858 761,834 Accumulated other comprehensive loss (111,378) (100,860) Retained earnings 3,128,317 2,868,203 Total stockholders' equity 3,793,821 3,529,201 Total liabilities and stockholders' equity $ 4,918,852 $ 4,562,143 Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended October 31, 2021 2020 Cash flows from operating activities: Net income $ 260,363 $ 200,285 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 32,049 29,227 Allowance for credit loss 295 (157) Equity in losses (earnings) of unconsolidated affiliates 168 (1,741) Stock-based compensation 9,452 8,913 Gain on sale of property and equipment (440) (1,230) Deferred income taxes 8,319 6,239 Changes in operating assets and liabilities: Accounts receivable (82,676) (57,860) Vehicle pooling costs (21,697) (10,600) Inventories (3,463) (8,259) Prepaid expenses and other current and non-current assets 3,071 15,236 Operating lease right-of-use assets and lease liabilities 382 153 Accounts payable and accrued liabilities 62,013 42,880 Deferred revenue (979) 1,251 Income taxes receivable 19,479 25,825 Income taxes payable 26,204 8,371 Net cash provided by operating activities 312,540 258,533 Cash flows from investing activities: Purchases of property and equipment (64,696) (147,093) Proceeds from sale of property and equipment 813 271 Net cash used in investing activities (63,883) (146,822) Cash flows from financing activities: Proceeds from the exercise of stock options 5,572 20,014 Payments for employee stock-based tax withholdings (249) (489) Payments of finance lease obligations (157) (327) Net cash provided by financing activities 5,166 19,198 Effect of foreign currency translation (3,710) (2,895) Net increase in cash, cash equivalents, and restricted cash 250,113 128,014 Cash, cash equivalents, and restricted cash at beginning of period 1,048,260 477,718 Cash, cash equivalents, and restricted cash at end of period $ 1,298,373 $ 605,732 Supplemental disclosure of cash flow information: Interest paid $ 5,080 $ 4,762 Income taxes paid, net of refunds $ 10,089 $ 6,157 Copart, Inc. Additional Financial Information Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share amounts) (Unaudited) Three Months Ended October 31, 2021 2020 GAAP net income $ 260,363 $ 200,285 Effect of recognizing tax benefit on exercise of stock-based compensation (2,987) (11,773) Non-GAAP net income $ 257,376 $ 188,512 GAAP net income per diluted common share $ 1.08 $ 0.83 Non-GAAP net income per diluted common share $ 1.07 $ 0.79 View source version on businesswire.com: https://www.businesswire.com/news/home/20211117006342/en/Contacts Melissa Hunter, Executive Support Manager, Office of the Chief Financial Officer 972-391-5090 or melissa.hunter@copart.com
Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2021. For the three months ended October 31, 2021, revenue, gross profit, and net income were $810.1 million, $385.0 million, and $260.4 million, respectively. These represent an increase in revenue of $217.2 million, or 36.6%; an increase in gross profit of $88.3 million, or 29.7%; and an increase in net income of $60.1 million, or 30.0%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $1.08 compared to $0.83 last year, an increase of 30.1%. Excluding the impact of certain income tax benefits related to stock-based compensation, non-GAAP fully diluted earnings per share for the three months ended October 31, 2021 and 2020, were $1.07, and $0.79, respectively, which was an increase of 35.4%. 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, November 18, 2021, 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 via hyperlink at www.copart.com/investorrelations. A replay of the call will be available through February 2022 by visiting www.copart.com/investorrelations. 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 vehicles to dealers, dismantlers, rebuilders, exporters, and to the general public. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. With operations at over 200 locations in 11 countries, Copart has more than 250,000 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 certain income tax benefits related to stock-based compensation. 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. 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 October 31, 2021 2020 % Change Service revenues and vehicle sales: Service revenues $ 667,818 $ 515,372 29.6 % Vehicle sales 142,314 77,568 83.5 % Total service revenues and vehicle sales 810,132 592,940 36.6 % Operating expenses: Yard operations 271,276 206,986 31.1 % Cost of vehicle sales 126,408 64,360 96.4 % Yard depreciation and amortization 26,437 23,294 13.5 % Yard stock-based compensation 981 1,531 (35.9) % Gross profit 385,030 296,769 29.7 % General and administrative 41,115 35,138 17.0 % General and administrative depreciation and amortization 5,323 5,655 (5.9) % General and administrative stock-based compensation 8,471 7,382 14.8 % Total operating expenses 480,011 344,346 39.4 % Operating income 330,121 248,594 32.8 % Other expense: Interest expense, net (5,107) (5,032) 1.5 % Other income, net 812 3,253 (75.0) % Total other expense (4,295) (1,779) 141.4 % Income before income taxes 325,826 246,815 32.0 % Income tax expense 65,463 46,530 40.7 % Net income $ 260,363 $ 200,285 30.0 % Basic net income per common share $ 1.10 $ 0.85 29.4 % Weighted average common shares outstanding 237,068 235,791 0.5 % Diluted net income per common share $ 1.08 $ 0.83 30.1 % Diluted weighted average common shares outstanding 241,221 239,968 0.5 % Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) October 31, 2021 July 31, 2021 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 1,298,373 $ 1,048,260 Accounts receivable, net 562,637 480,628 Vehicle pooling costs 115,994 94,449 Inventories 48,194 44,968 Income taxes receivable 537 20,012 Prepaid expenses and other assets 14,045 14,294 Total current assets 2,039,780 1,702,611 Property and equipment, net 2,318,701 2,296,624 Operating lease right-of-use assets 123,254 119,487 Intangibles, net 43,914 45,873 Goodwill 354,062 355,717 Other assets 39,141 41,831 Total assets $ 4,918,852 $ 4,562,143 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 411,249 $ 369,826 Deferred revenue 19,951 20,973 Income taxes payable 37,175 7,760 Current portion of operating and finance lease liabilities 23,536 22,472 Total current liabilities 491,911 421,031 Deferred income taxes 72,166 63,969 Income taxes payable 51,094 52,345 Operating and finance lease liabilities, net of current portion 100,920 97,961 Long-term debt and other liabilities, net of discount 408,940 397,636 Total liabilities 1,125,031 1,032,942 Commitments and contingencies Stockholders' equity: Preferred stock — — Common stock 24 24 Additional paid-in capital 776,858 761,834 Accumulated other comprehensive loss (111,378) (100,860) Retained earnings 3,128,317 2,868,203 Total stockholders' equity 3,793,821 3,529,201 Total liabilities and stockholders' equity $ 4,918,852 $ 4,562,143 Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended October 31, 2021 2020 Cash flows from operating activities: Net income $ 260,363 $ 200,285 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 32,049 29,227 Allowance for credit loss 295 (157) Equity in losses (earnings) of unconsolidated affiliates 168 (1,741) Stock-based compensation 9,452 8,913 Gain on sale of property and equipment (440) (1,230) Deferred income taxes 8,319 6,239 Changes in operating assets and liabilities: Accounts receivable (82,676) (57,860) Vehicle pooling costs (21,697) (10,600) Inventories (3,463) (8,259) Prepaid expenses and other current and non-current assets 3,071 15,236 Operating lease right-of-use assets and lease liabilities 382 153 Accounts payable and accrued liabilities 62,013 42,880 Deferred revenue (979) 1,251 Income taxes receivable 19,479 25,825 Income taxes payable 26,204 8,371 Net cash provided by operating activities 312,540 258,533 Cash flows from investing activities: Purchases of property and equipment (64,696) (147,093) Proceeds from sale of property and equipment 813 271 Net cash used in investing activities (63,883) (146,822) Cash flows from financing activities: Proceeds from the exercise of stock options 5,572 20,014 Payments for employee stock-based tax withholdings (249) (489) Payments of finance lease obligations (157) (327) Net cash provided by financing activities 5,166 19,198 Effect of foreign currency translation (3,710) (2,895) Net increase in cash, cash equivalents, and restricted cash 250,113 128,014 Cash, cash equivalents, and restricted cash at beginning of period 1,048,260 477,718 Cash, cash equivalents, and restricted cash at end of period $ 1,298,373 $ 605,732 Supplemental disclosure of cash flow information: Interest paid $ 5,080 $ 4,762 Income taxes paid, net of refunds $ 10,089 $ 6,157 Copart, Inc. Additional Financial Information Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share amounts) (Unaudited) Three Months Ended October 31, 2021 2020 GAAP net income $ 260,363 $ 200,285 Effect of recognizing tax benefit on exercise of stock-based compensation (2,987) (11,773) Non-GAAP net income $ 257,376 $ 188,512 GAAP net income per diluted common share $ 1.08 $ 0.83 Non-GAAP net income per diluted common share $ 1.07 $ 0.79 View source version on businesswire.com: https://www.businesswire.com/news/home/20211117006342/en/
Melissa Hunter, Executive Support Manager, Office of the Chief Financial Officer 972-391-5090 or melissa.hunter@copart.com
