Copart, Inc. (NASDAQ: CPRT) today reported financial results for
the quarter ended April 30, 2023.
For the three months ended April 30, 2023, revenue, gross
profit, and net income were $1,021.8 million, $483.4 million, and
$350.4 million, respectively. These represent an increase in
revenue of $81.9 million, or 8.7%; an increase in gross profit of
$47.2 million, or 10.8%; and an increase in net income of $71.8
million, or 25.8%, respectively, from the same period last year.
Fully diluted earnings per share for the three months were $0.72
compared to $0.58 last year, an increase of 24.1%.
For the nine months ended April 30, 2023, revenue, gross profit,
and net income were $2,871.9 million, $1,279.4 million, and $890.0
million, respectively. These represent an increase in revenue of
$254.4 million, or 9.7%; an increase in gross profit of $54.8
million, or 4.5%; and an increase in net income of $63.6 million,
or 7.7%, respectively, from the same period last year. Fully
diluted earnings per share for the nine months were $1.84 compared
to $1.71 last year, an increase of 7.6%.
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 April 30, 2023 and 2022 were $0.72, and
$0.58, respectively, which was an increase of 24.1%. Excluding the
impact of certain income tax benefits related to stock-based
compensation, non-GAAP fully diluted earnings per share for the
nine months ended April 30, 2023 and 2022, were $1.83, and $1.67,
respectively, which was an increase of 9.6%. 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 Wednesday, May 17, 2023, at 5 p.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 August 2023 by visiting
www.copart.com/investorrelations.
About Copart
Copart, Inc., founded in 1982, is a global leader in online
vehicle auctions and vehicle remarketing services. Copart’s
innovative technology and online auction platform links sellers to
more than 750,000 members in over 190 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, fleet operators, dealers, vehicle rental companies,
charities, 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.
Copart, Inc.
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. These forward-looking
statements are subject to substantial risks and uncertainties.
These forward-looking statements are subject to certain risks,
trends and uncertainties that could cause actual results to differ
materially from those projected or implied by our statements and
comments. For a more complete discussion of the risks that could
affect our business, please review the “Management’s Discussion and
Analysis” and the other risks identified in Copart’s latest Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K, as filed with the Securities and Exchange
Commission. We encourage investors to review these disclosures
carefully. We do not undertake to update any forward-looking
statement that may be made from time to time on our behalf.
Copart, Inc. Consolidated
Statements of Income (In thousands, except per share amounts)
(Unaudited)
Three Months Ended
April 30,
Nine Months Ended April
30,
2023
2022
% Change
2023
2022
% Change
Service revenues and vehicle sales:
Service revenues
$
847,249
$
766,316
10.6
%
2,363,886
$
2,145,224
10.2
%
Vehicle sales
174,582
173,625
0.6
%
508,041
472,309
7.6
%
Total service revenues and vehicle
sales
1,021,831
939,941
8.7
%
2,871,927
2,617,533
9.7
%
Operating expenses:
Yard operations
343,617
313,365
9.7
%
1,020,674
878,740
16.2
%
Cost of vehicle sales
159,443
157,236
1.4
%
465,282
423,948
9.7
%
Yard depreciation and amortization
33,090
31,646
4.6
%
101,520
86,383
17.5
%
Yard stock-based compensation
2,251
1,417
58.9
%
5,038
3,813
32.1
%
Gross profit
483,430
436,277
10.8
%
1,279,413
1,224,649
4.5
%
General and administrative
52,395
50,188
4.4
%
144,772
134,057
8.0
%
General and administrative depreciation
and amortization
4,281
4,933
(13.2
) %
13,323
15,269
(12.7
) %
General and administrative stock-based
compensation
7,830
8,401
(6.8
) %
25,366
25,119
1.0
%
Total operating expenses
602,907
567,186
6.3
%
1,775,975
1,567,329
13.3
%
Operating income
418,924
372,755
12.4
%
1,095,952
1,050,204
4.4
%
Other expense:
Interest income (expense), net
17,878
(4,492
)
(498.0
) %
36,780
(14,032
)
(362.1
) %
Other income (expense), net
3,628
1,342
170.3
%
(2,096
)
1,314
(259.5
) %
Total other income (expense)
21,506
(3,150
)
(782.7
) %
34,684
(12,718
)
(372.7
) %
Income before income taxes
440,430
369,605
19.2
%
1,130,636
1,037,486
9.0
%
Income tax expense
89,999
90,985
(1.1
) %
240,680
211,091
14.0
%
Net income
$
350,431
$
278,620
25.8
%
$
889,956
$
826,395
7.7
%
Basic net income per common share
$
0.73
$
0.59
23.7
%
$
1.87
$
1.74
7.5
%
Weighted average common shares
outstanding
476,787
475,010
0.4
%
476,417
474,554
0.4
%
Diluted net income per common share
$
0.72
$
0.58
24.1
%
$
1.84
$
1.71
7.6
%
Diluted weighted average common shares
outstanding
483,690
481,448
0.5
%
482,718
482,576
—
%
Copart, Inc. Consolidated
Balance Sheets (In thousands) (Unaudited)
April 30, 2023
July 31, 2022
ASSETS
Current assets:
Cash, cash equivalents, and restricted
cash
$
2,114,183
$
1,384,236
Accounts receivable, net
693,834
578,573
Vehicle pooling costs
119,724
112,242
Inventories
44,999
58,791
Income taxes receivable
428
49,882
Prepaid expenses and other assets
27,862
18,731
Total current assets
3,001,030
2,202,455
Property and equipment, net
2,710,933
2,485,764
Operating lease right-of-use assets
105,260
116,303
Intangibles, net
49,676
54,680
Goodwill
406,640
401,954
Other assets
76,266
47,708
Total assets
$
6,349,805
$
5,308,864
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable and accrued
liabilities
$
441,466
$
399,034
Deferred revenue
25,664
20,061
Income taxes payable
18,534
—
Current portion of operating and finance
lease liabilities
20,900
21,794
Total current liabilities
506,564
440,889
Deferred income taxes
76,690
80,060
Income taxes payable
65,745
64,637
Operating and finance lease liabilities,
net of current portion
86,016
95,683
Long-term debt and other liabilities
22,368
1,996
Total liabilities
757,383
683,265
Commitments and contingencies
Stockholders' equity:
Preferred stock
—
—
Common stock
48
48
Additional paid-in capital
901,495
838,508
Accumulated other comprehensive loss
(152,459
)
(169,365
)
Retained earnings
4,843,338
3,956,408
Total stockholders' equity
5,592,422
4,625,599
Total liabilities and stockholders'
equity
$
6,349,805
$
5,308,864
Copart, Inc. Consolidated
Statements of Cash Flows (In thousands) (Unaudited)
Nine Months Ended April
30,
2023
2022
Cash flows from operating
activities:
Net income
$
889,956
$
826,395
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization, including
debt cost
115,320
102,333
Allowance for credit loss
1,480
1,456
Equity in losses of unconsolidated
affiliates
5,446
794
Stock-based compensation
30,404
28,932
Gain on sale of property and equipment
(965
)
(1,280
)
Deferred income taxes
(3,236
)
14,582
Changes in operating assets and
liabilities:
Accounts receivable
(115,098
)
(109,636
)
Vehicle pooling costs
(7,300
)
(20,029
)
Inventories
14,870
(13,367
)
Prepaid expenses, other current and
non-current assets
(33,830
)
(37,842
)
Operating lease right-of-use assets and
lease liabilities
595
436
Accounts payable, accrued liabilities and
other liabilities
30,314
45,745
Deferred revenue
5,516
388
Income taxes receivable
49,430
18,416
Income taxes payable
22,731
6,531
Net cash provided by operating
activities
1,005,633
863,854
Cash flows from investing
activities:
Purchases of property and equipment
(346,524
)
(234,810
)
Purchase of assets in connection with
acquisitions
—
(493
)
Proceeds from sale of property and
equipment
20,509
2,622
Purchase of held to maturity
securities
—
(374,866
)
Proceeds from the sale of held to maturity
securities
—
149,977
Investment in unconsolidated affiliate
(2,744
)
—
Net cash used in investing activities
(328,759
)
(457,570
)
Cash flows from financing
activities:
Proceeds from the exercise of stock
options
27,220
16,108
Proceeds from the issuance of Employee
Stock Purchase Plan shares
5,363
5,026
Payments for employee stock-based tax
withholdings
(3,026
)
(872
)
Drawdown on revolving loan facility
21,481
—
Debt offering costs
—
(1,212
)
Payments of finance lease obligations
(18
)
(472
)
Net cash provided by financing
activities
51,020
18,578
Effect of foreign currency translation
2,053
(18,304
)
Net increase in cash, cash equivalents,
and restricted cash
729,947
406,558
Cash, cash equivalents, and restricted
cash at beginning of period
1,384,236
1,048,260
Cash, cash equivalents, and restricted
cash at end of period
$
2,114,183
$
1,454,818
Supplemental disclosure of cash flow
information:
Interest paid
$
1,586
$
14,485
Income taxes paid, net of refunds
$
171,438
$
195,521
Copart, Inc. Additional
Financial Information Reconciliation of GAAP to Non-GAAP Financial
Measures (In thousands, except per share amounts)
(Unaudited)
Three Months Ended
April 30,
Nine Months Ended April
30,
2023
2022
2023
2022
GAAP net income
$
350,431
$
278,620
$
889,956
$
826,395
Effect of certain discrete income tax
items
—
—
—
(17,490
)
Effect of certain legal matters, net of
tax
—
5,092
—
5,092
Effect of recognizing tax benefit on
exercise of stock-based compensation
(4,370
)
(2,244
)
(5,110
)
(9,197
)
Non-GAAP net income
$
346,061
$
281,468
$
884,846
$
804,800
GAAP net income per diluted common
share
$
0.72
$
0.58
$
1.84
$
1.71
Non-GAAP net income per diluted common
share
$
0.72
$
0.58
$
1.83
$
1.67
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230517005777/en/
Brooke Boston, Executive Assistant, Office of the Chief
Financial Officer brooke.boston@copart.com
Copart (NASDAQ:CPRT)
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