Company Quick10K Filing
Copart
Price80.91 EPS3
Shares239 P/E28
MCap19,310 P/FCF43
Net Debt219 EBIT812
TEV19,529 TEV/EBIT24
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-04-30 Filed 2020-05-28
10-Q 2020-01-31 Filed 2020-02-27
10-Q 2019-10-31 Filed 2019-11-25
10-K 2019-07-31 Filed 2019-09-30
10-Q 2019-04-30 Filed 2019-05-29
10-Q 2019-01-31 Filed 2019-02-28
10-Q 2018-10-31 Filed 2018-11-29
10-K 2018-07-31 Filed 2018-10-01
10-Q 2018-04-30 Filed 2018-05-25
10-Q 2018-01-31 Filed 2018-02-27
10-Q 2017-10-31 Filed 2017-11-28
10-K 2017-07-31 Filed 2017-09-28
10-Q 2017-04-30 Filed 2017-05-25
10-Q 2017-01-31 Filed 2017-02-28
10-Q 2016-10-31 Filed 2016-11-30
10-K 2016-07-31 Filed 2016-09-28
10-Q 2016-04-30 Filed 2016-05-26
10-Q 2016-01-31 Filed 2016-02-25
10-Q 2015-10-31 Filed 2015-11-24
10-K 2015-07-31 Filed 2015-09-25
10-Q 2015-04-30 Filed 2015-05-28
10-Q 2015-01-31 Filed 2015-03-04
10-Q 2014-10-31 Filed 2014-11-26
10-K 2014-07-31 Filed 2014-09-29
10-Q 2014-04-30 Filed 2014-06-09
10-Q 2014-01-31 Filed 2014-03-05
10-Q 2013-10-31 Filed 2013-12-10
10-K 2013-07-31 Filed 2013-09-30
10-Q 2013-04-30 Filed 2013-06-05
10-Q 2013-01-31 Filed 2013-03-12
10-Q 2012-10-31 Filed 2012-12-07
10-K 2012-07-31 Filed 2012-10-01
10-Q 2012-04-30 Filed 2012-06-11
10-Q 2012-01-31 Filed 2012-03-09
10-Q 2011-10-31 Filed 2011-12-12
10-K 2011-07-31 Filed 2011-09-28
10-Q 2011-04-30 Filed 2011-06-09
10-Q 2011-01-31 Filed 2011-03-07
10-Q 2010-10-31 Filed 2010-12-03
10-K 2010-07-31 Filed 2010-09-23
10-Q 2010-04-30 Filed 2010-06-09
10-Q 2010-01-31 Filed 2010-03-12
8-K 2020-09-02 Earnings, Exhibits
8-K 2020-07-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-05-20
8-K 2020-03-17
8-K 2020-02-19
8-K 2019-12-06
8-K 2019-11-20
8-K 2019-10-28
8-K 2019-09-04
8-K 2019-09-03
8-K 2019-07-20
8-K 2019-05-22
8-K 2019-02-20
8-K 2018-12-17
8-K 2018-11-20
8-K 2018-10-10
8-K 2018-09-19
8-K 2018-05-23
8-K 2018-02-26
8-K 2018-01-04

CPRT 10Q Quarterly Report

Note 1 - Summary of Significant Accounting Policies
Note 2 - Accounts Receivable, Net
Note 3 - Property and Equipment, Net
Note 4 - Leases
Note 5 - Goodwill and Intangible Assets
Note 6 - Long - Term Debt
Note 7 - Fair Value Measures
Note 8 - Net Income per Share
Note 9 - Stock - Based Compensation
Note 10 - Stock Repurchases
Note 11 - Income Taxes
Note 12 - Recent Accounting Pronouncements
Note 13 - Legal Proceedings
Note 14 - Segments and Other Geographic Reporting
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 cprt04302020-ex311.htm
EX-31.2 cprt04302020-ex312.htm
EX-32.1 cprt04302020-ex321.htm
EX-32.2 cprt04302020-ex322.htm

Copart Earnings 2020-04-30

Balance SheetIncome StatementCash Flow
2.92.31.71.20.60.02012201420172020
Assets, Equity
0.60.50.40.20.10.02012201420172020
Rev, G Profit, Net Income
0.50.30.20.0-0.1-0.32012201420172020
Ops, Inv, Fin

cprt-20200430
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                         to                        
Commission file number: 000-23255
COPART, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-23255
94-2867490
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
14185 Dallas ParkwaySuite 300
Dallas
Texas
75254
(Address of principal executive offices, including zip code)
(972) 391-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.0001CPRTThe NASDAQ Global Select Market
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of May 26, 2020, 234,777,526 shares of the registrant’s common stock were outstanding.



Copart, Inc.
Index to the Quarterly Report
April 30, 2020
Table of ContentsPage Number
2

Table of Contents


Copart, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share amounts)April 30, 2020July 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$306,387  $186,319  
Accounts receivable, net346,244  367,265  
Vehicle pooling costs75,357  76,548  
Inventories19,809  20,941  
Income taxes receivable31,578  19,526  
Prepaid expenses and other assets14,777  16,568  
Total current assets794,152  687,167  
Property and equipment, net1,838,297  1,427,726  
Operating lease right-of-use assets106,634    
Intangibles, net48,671  55,156  
Goodwill338,039  333,321  
Deferred income taxes310  411  
Other assets35,480  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 revenue7,884  6,466  
Income taxes payable905  3,482  
Current portion of operating lease liabilities23,395    
Current portion of finance lease liabilities3,543  1,138  
Total current liabilities286,568  282,004  
Deferred income taxes57,724  48,683  
Income taxes payable46,795  35,116  
Operating lease liabilities, net of current portion85,698    
Long-term debt and finance lease liabilities, net of discount403,653  400,091  
Other liabilities134  3,342  
Total liabilities880,572  769,236  
Commitments and contingencies
Stockholders’ equity:
Preferred stock: $0.0001 par value - 5,000,000 shares authorized; none issued    
Common stock: $0.0001 par value - 400,000,000 shares authorized; 234,701,014 and 229,790,268 shares issued and outstanding, respectively.23  23  
Additional paid-in capital646,331  572,559  
Accumulated other comprehensive loss(138,923) (132,529) 
Retained earnings1,773,580  1,338,328  
Total stockholders’ equity2,281,011  1,778,381  
Total liabilities and stockholders’ equity$3,161,583  $2,547,617  
The accompanying notes are an integral part of these consolidated financial statements.
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Copart, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended April 30,Nine Months Ended April 30,
(In thousands, except per share amounts)2020201920202019
Service revenues and vehicle sales:
Service revenues$491,582  $473,682  $1,489,472  $1,285,295  
Vehicle sales58,778  79,434  190,452  214,087  
Total service revenues and vehicle sales550,360  553,116  1,679,924  1,499,382  
Operating expenses:
Yard operations253,760  230,553  751,902  653,707  
Cost of vehicle sales53,987  70,984  170,651  189,952  
General and administrative47,512  44,085  146,987  132,050  
Total operating expenses355,259  345,622  1,069,540  975,709  
Operating income195,101  207,494  610,384  523,673  
Other expense:
Interest expense(5,803) (5,324) (15,328) (15,208) 
Interest income225  240  1,260  1,878  
Other income, net2,277  1,719  2,640  7,538  
Total other expense(3,301) (3,365) (11,428) (5,792) 
Income before income taxes191,800  204,129  598,956  517,881  
Income tax expense44,313  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 outstanding234,133  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 outstanding238,591  237,892  238,564  241,158  
The accompanying notes are an integral part of these consolidated financial statements.
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Copart, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended April 30,Nine Months Ended April 30,
(In thousands)2020201920202019
Comprehensive income, net of tax:
Net income$147,487  $192,741  $534,374  $438,197  
Other comprehensive income:
Foreign currency translation adjustments(19,053) (5,968) (6,394) (5,263) 
Comprehensive income$128,434  $186,773  $527,980  $432,934  
The accompanying notes are an integral part of these consolidated financial statements.
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Copart, Inc.
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Common StockAccumulated
Other
Comprehensive
Income (Loss)
Additional
Paid-in
Capital
(In thousands, except share amounts)Outstanding
Shares
AmountRetained
Earnings
Stockholders’
Equity
Balances at July 31, 2019229,790,268  $23  $572,559  $(132,529) $1,338,328  $1,778,381  
Net income—  —  —  —  218,180  218,180  
Currency translation adjustment—  —  —  13,239  —  13,239  
Exercise of stock options, net of repurchased shares2,643,310  —  9,551  —  (98,285) (88,734) 
Stock-based compensation—  —  5,533  —  —  5,533  
Balances at October 31, 2019232,433,578  23  587,643  (119,290) 1,458,223  1,926,599  
Net income—  —  —  —  168,707  168,707  
Currency translation adjustment—  —  —  (580) —  (580) 
Exercise of stock options, net of repurchased shares1,141,040  —  19,975  —  (68) 19,907  
Stock-based compensation—  —  6,141  —  —  6,141  
Shares issued for Employee Stock Purchase Plan62,067  —  3,955  —  —  3,955  
Balances at January 31, 2020233,636,685  23  617,714  (119,870) 1,626,862  2,124,729  
Net income—  —  —  —  147,487  147,487  
Currency translation adjustment—  —  —  (19,053) —  (19,053) 
Exercise of stock options, net of repurchased shares1,064,329  —  23,062  —  (769) 22,293  
Stock-based compensation—  —  5,555  —  —  5,555  
Balances at April 30, 2020234,701,014  $23  $646,331  $(138,923) $1,773,580  $2,281,011  
The accompanying notes are an integral part of these consolidated financial statements.

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Copart, Inc.
Consolidated Statements of Stockholders’ Equity (Continued)
(Unaudited)
Common StockAccumulated
Other
Comprehensive
Income (Loss)
Additional
Paid-in
Capital
(In thousands, except share amounts)Outstanding
Shares
AmountRetained
Earnings
Stockholders’
Equity
Balances at July 31, 2018233,898,841  $23  $526,858  $(107,928) $1,162,146  $1,581,099  
Net income—  —  —  —  114,083  114,083  
Currency translation adjustment—  —  —  (7,718) —  (7,718) 
Cumulative effect of change in accounting standard—  —  —  —  (22,954) (22,954) 
Exercise of stock options, net of repurchased shares109,321  —  1,229  —  (2) 1,227  
Stock-based compensation—  —  6,021  —  —  6,021  
Balances at October 31, 2018234,008,162  23  534,108  (115,646) 1,253,273  1,671,758  
Net income—  —  —  —  131,373  131,373  
Currency translation adjustment—  —  —  8,423  —  8,423  
Exercise of stock options, net of repurchased shares241,896  —  3,991  —  (25) 3,966  
Stock-based compensation—  —  5,929  —  —  5,929  
Shares issued for Employee Stock Purchase Plan86,208  —  3,501  —  —  3,501  
Shares repurchased(7,635,596) —  (17,427) —  (347,570) (364,997) 
Balances at January 31, 2019226,700,670  23  530,102  (107,223) 1,037,051  1,459,953  
Net income—  —  —  —  192,741  192,741  
Currency translation adjustment—  —  —  (5,968) —  (5,968) 
Exercise of stock options, net of repurchased shares2,112,977  —  10,143  —  (43,667) (33,524) 
Stock-based compensation—  —  5,650  —  —  5,650  
Balances at April 30, 2019228,813,647  $23  $545,895  $(113,191) $1,186,125  $1,618,852  
The accompanying notes are an integral part of these consolidated financial statements.

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Copart, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended April 30,
(In thousands)20202019
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 cost76,756  63,709  
Allowance for doubtful accounts1,332  341  
Equity in losses (earnings) of unconsolidated affiliates1,918  (1,852) 
Stock-based compensation17,229  17,600  
Gain on sale of property and equipment(1,745) (3,753) 
Deferred income taxes9,265  14,583  
Changes in operating assets and liabilities:
Accounts receivable19,102  (69,920) 
Vehicle pooling costs661  (15,026) 
Inventories1,209  (5,721) 
Prepaid expenses and other current and non-current assets6,268  (8,605) 
Operating lease right-of-use assets and lease liabilities(221)   
Accounts payable and accrued liabilities(15,636) 17,747  
Deferred revenue1,365  3,512  
Income taxes receivable(12,076) (3,578) 
Income taxes payable9,168  7,304  
Other liabilities1,999  (1,042) 
Net cash provided by operating activities650,968  453,496  
Cash flows from investing activities:
Purchases of property and equipment(487,730) (259,336) 
Proceeds from sale of property and equipment2,153  17,928  
Purchase of assets in connection with acquisitions(3,268) (745) 
Net cash used in investing activities(488,845) (242,153) 
Cash flows from financing activities:
Proceeds from the exercise of stock options55,656  17,261  
Proceeds from the issuance of Employee Stock Purchase Plan shares3,955  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 translation525  (208) 
Net increase (decrease) in cash and cash equivalents120,068  (171,694) 
Cash and cash equivalents at beginning of period186,319  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  
The accompanying notes are an integral part of these consolidated financial statements.
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Copart, Inc.
Notes to Consolidated Financial Statements
April 30, 2020
(Unaudited)
NOTE 1 – Summary of Significant Accounting Policies
Basis of Presentation and Description of Business
Copart, Inc. (“the Company”) provides vehicle sellers with a full range of services to process and sell vehicles over the internet through the Company’s Virtual Bidding Third Generation (“VB3”) internet auction-style sales technology. Sellers are primarily insurance companies but also include banks, finance companies, charities, fleet operators, dealers and vehicles sourced directly from individual owners. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, and exporters; however, at certain locations, the Company sells directly to the general public. The majority of vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company offers vehicle sellers a full range of services that expedite each stage of the vehicle sales process, minimize administrative and processing costs and maximize the ultimate sales price through the online auction process. In the United States (“U.S.”), Canada, Brazil, the Republic of Ireland, Finland, the United Arab Emirates (“U.A.E.”), Oman, and Bahrain, the Company sells vehicles primarily as an agent and derives revenue primarily from auction and auction related sales transaction fees charged for vehicle remarketing services as well as fees for services subsequent to the auction, such as delivery and storage. In the United Kingdom (“U.K.”), Germany, and Spain, the Company operates both as an agent and on a principal basis, in some cases purchasing salvage vehicles outright and reselling the vehicles for its own account. In Germany and Spain, the Company also derives revenue from listing vehicles on behalf of insurance companies and insurance experts to determine the vehicle’s residual value and/or to facilitate a sale for the insured.
Principles of Consolidation
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments of a normal recurring nature considered necessary for fair presentation of its financial position as of April 30, 2020 and July 31, 2019, its consolidated statements of income, comprehensive income and stockholders’ equity for the three and nine months ended April 30, 2020 and 2019, and its cash flows for the nine months ended April 30, 2020 and 2019. Interim results for the three and nine months ended April 30, 2020 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2020. These consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2019. Certain prior year amounts have been reclassified to conform to current year presentation.
The consolidated financial statements of the Company include the accounts of the parent company and its wholly-owned subsidiaries. Significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates include, but are not limited to, vehicle pooling costs; income taxes; stock-based compensation; purchase price allocations; and contingencies. Actual results could differ from these estimates.
Revenue Recognition
The Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. Service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction, excluding annual registration fees. Costs to prepare the vehicles for auction, including inbound transportation costs and titling fees, are deferred and recognized at the time of revenue recognition at auction.
There were no contract liabilities on the consolidated balance sheets at April 30, 2020 and July 31, 2019. The Company’s disaggregation between service revenues and vehicle sales at the segment level reflects how the nature, timing, amount and uncertainty of its revenues and cash flows are impacted by economic factors. The Company reports sales taxes on relevant transactions on a net basis in the Company’s consolidated results of operations, and therefore does not include sales taxes in revenues or costs.
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Service revenues
The Company’s service revenue consists of auction and auction related sales transaction fees charged for vehicle remarketing services. Within this revenue category, the Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. These auction and auction related services may include a combination of vehicle purchasing fees, vehicle listing fees, and vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price, tiered vehicle sales price driven fees, or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle; transportation fees for the cost of transporting the vehicle to or from the Company’s facility; title processing and preparation fees; vehicle storage fees; bidding fees; and vehicle loading fees. These services are not distinct within the context of the contract. Accordingly, revenue for these services is recognized when the single performance obligation is satisfied at the completion of the auction process. The Company does not take ownership of these consigned vehicles, which are stored at the Company’s facilities located throughout the U.S. and at its international locations. These fees are recognized as net revenue (not gross vehicle selling price) at the time of auction in the amount of such fees charged.
The Company has a separate performance obligation related to providing access to its online auction platform as the Company charges members an annual registration fee for the right to participate in its online auctions and access the Company’s bidding platform. This fee is recognized ratably over the term of the arrangement, generally one year, as each day of access to the online auction platform represents the best depiction of the transfer of the service.
No provision for returns has been established, as all sales are final with no right of return or warranty, although the Company provides for bad debt expense in the case of non-performance by its buyers or sellers.
Three Months Ended April 30,Nine Months Ended April 30,
(In thousands)2020201920202019
Service revenues
United States$431,875  $416,874  $1,310,023  $1,122,470  
International59,707  56,808  179,449  162,825  
Total service revenues$491,582  $473,682  $1,489,472  $1,285,295  
Vehicle sales