– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
DALLAS--(BUSINESS WIRE)--Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2022.
For the three months ended April 30, 2022, revenue, gross profit, and net income were $939.9 million, $436.3 million, and $278.6 million, respectively. These represent an increase in revenue of $206.0 million, or 28.1%; an increase in gross profit of $54.9 million, or 14.4%; and a decrease in net income of $(8.2) million, or (2.9)%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $1.16 compared to $1.19 last year, a decrease of (2.5)%.
For the nine months ended April 30, 2022, revenue, gross profit, and net income were $2,617.5 million, $1,224.6 million, and $826.4 million, respectively. These represent an increase in revenue of $673.7 million, or 34.7%; an increase in gross profit of $239.0 million, or 24.3%; and an increase in net income of $145.9 million, or 21.4%, respectively, from the same period last year. Fully diluted earnings per share for the nine months were $3.42 compared to $2.83 last year, an increase of 20.8%.
Excluding the impact of certain income tax benefits related to stock-based compensation and certain legal matters, non-GAAP fully diluted earnings per share for the three months ended April 30, 2022 and 2021 were $1.17, and $1.09, respectively, which was an increase of 7.3%. Excluding the impact of certain income tax benefits related to stock-based compensation, certain legal matters and discrete income tax items, non-GAAP fully diluted earnings per share for the nine months ended April 30, 2022 and 2021, were $3.34, and $2.68, respectively, which was an increase of 24.6%. 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 Thursday, May 19, 2022, 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 August 2022 by visiting www.copart.com/investorrelations.
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, certain legal matters and discrete income tax items. 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. |
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Consolidated Statements of Income |
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(In thousands, except per share amounts) |
||||||||||||||||||||||
(Unaudited) |
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|
|
|
|
|
|
|
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
|
2022 |
|
2021 |
|
% Change |
|
2022 |
|
2021 |
|
% Change |
||||||||||
Service revenues and vehicle sales: |
|
|
|
|
|
|
||||||||||||||||
Service revenues |
$ |
766,316 |
|
$ |
623,846 |
|
22.8 |
% |
$ |
2,145,224 |
|
$ |
1,671,819 |
|
28.3 |
% |
||||||
Vehicle sales |
|
173,625 |
|
|
110,064 |
|
57.7 |
% |
|
472,309 |
|
|
272,062 |
|
73.6 |
% |
||||||
Total service revenues and vehicle sales |
|
939,941 |
|
|
733,910 |
|
28.1 |
% |
|
2,617,533 |
|
|
1,943,881 |
|
34.7 |
% |
||||||
Operating expenses: |
|
|
|
|
|
|
||||||||||||||||
Yard operations |
|
313,365 |
|
|
230,794 |
|
35.8 |
% |
|
878,740 |
|
|
646,690 |
|
35.9 |
% |
||||||
Cost of vehicle sales |
|
157,236 |
|
|
94,498 |
|
66.4 |
% |
|
423,948 |
|
|
232,487 |
|
82.4 |
% |
||||||
Yard depreciation and amortization |
|
31,646 |
|
|
25,876 |
|
22.3 |
% |
|
86,383 |
|
|
74,350 |
|
16.2 |
% |
||||||
Yard stock-based compensation |
|
1,417 |
|
|
1,401 |
|
1.1 |
% |
|
3,813 |
|
|
4,746 |
|
(19.7 |
)% |
||||||
Gross profit |
|
436,277 |
|
|
381,341 |
|
14.4 |
% |
|
1,224,649 |
|
|
985,608 |
|
24.3 |
% |
||||||
General and administrative |
|
50,188 |
|
|
39,174 |
|
28.1 |
% |
|
134,057 |
|
|
110,326 |
|
21.5 |
% |
||||||
General and administrative depreciation and amortization |
|
4,933 |
|
|
6,090 |
|
(19.0 |
)% |
|
15,269 |
|
|
17,957 |
|
(15.0 |
)% |
||||||
General and administrative stock-based compensation |
|
8,401 |
|
|
7,966 |
|
5.5 |
% |
|
25,119 |
|
|
22,399 |
|
12.1 |
% |
||||||
Total operating expenses |
|
567,186 |
|
|
405,799 |
|
39.8 |
% |
|
1,567,329 |
|
|
1,108,955 |
|
41.3 |
% |
||||||
Operating income |
|
372,755 |
|
|
328,111 |
|
13.6 |
% |
|
1,050,204 |
|
|
834,926 |
|
25.8 |
% |
||||||
Other expense: |
|
|
|
|
|
|
||||||||||||||||
Interest expense, net |
|
(4,492 |
) |
|
(5,346 |
) |
(16.0 |
)% |
|
(14,032 |
) |
|
(15,227 |
) |
(7.8 |
)% |
||||||
Other income, net |
|
1,342 |
|
|
770 |
|
74.3 |
% |
|
1,314 |
|
|
3,103 |
|
(57.7 |
)% |
||||||
Total other expense |
|
(3,150 |
) |
|
(4,576 |
) |
(31.2 |
)% |
|
(12,718 |
) |
|
(12,124 |
) |
4.9 |
% |
||||||
Income before income taxes |
|
369,605 |
|
|
323,535 |
|
14.2 |
% |
|
1,037,486 |
|
|
822,802 |
|
26.1 |
% |
||||||
Income tax expense |
|
90,985 |
|
|
36,739 |
|
147.7 |
% |
|
211,091 |
|
|
142,281 |
|
48.4 |
% |
||||||
Net income |
$ |
278,620 |
|
$ |
286,796 |
|
(2.9 |
)% |
$ |
826,395 |
|
$ |
680,521 |
|
21.4 |
% |
||||||
|
|
|
|
|
|
|
||||||||||||||||
Basic net income per common share |
$ |
1.17 |
|
$ |
1.21 |
|
(3.3 |
)% |
$ |
3.48 |
|
$ |
2.88 |
|
20.8 |
% |
||||||
Weighted average common shares outstanding |
|
237,505 |
|
|
236,396 |
|
0.5 |
% |
|
237,277 |
|
|
236,110 |
|
0.5 |
% |
||||||
|
|
|
|
|
|
|
||||||||||||||||
Diluted net income per common share |
$ |
1.16 |
|
$ |
1.19 |
|
(2.5 |
)% |
$ |
3.42 |
|
$ |
2.83 |
|
20.8 |
% |
||||||
Diluted weighted average common shares outstanding |
|
240,724 |
|
|
240,208 |
|
0.2 |
% |
|
241,288 |
|
|
240,149 |
|
0.5 |
% |
||||||
Copart, Inc. |
||||||||
Consolidated Balance Sheets |
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(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
||||
|
|
April 30, 2022 |
|
July 31, 2021 |
||||
ASSETS |
|
|
||||||
Current assets: |
|
|
||||||
Cash, cash equivalents, and restricted cash |
$ |
1,454,818 |
|
$ |
1,048,260 |
|
||
Investment in held to maturity securities |
|
224,889 |
|
|
— |
|
||
Accounts receivable, net |
|
585,914 |
|
|
480,628 |
|
||
Vehicle pooling costs |
|
114,028 |
|
|
94,449 |
|
||
Inventories |
|
56,988 |
|
|
44,968 |
|
||
Income taxes receivable |
|
1,581 |
|
|
20,012 |
|
||
Prepaid expenses and other assets |
|
19,208 |
|
|
14,294 |
|
||
Total current assets |
|
2,457,426 |
|
|
1,702,611 |
|
||
Property and equipment, net |
|
2,402,809 |
|
|
2,296,624 |
|
||
Operating lease right-of-use assets |
|
121,006 |
|
|
119,487 |
|
||
Intangibles, net |
|
40,854 |
|
|
45,873 |
|
||
Goodwill |
|
348,000 |
|
|
355,717 |
|
||
Other assets |
|
73,779 |
|
|
41,831 |
|
||
Total assets |
$ |
5,443,874 |
|
$ |
4,562,143 |
|
||
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
||||||
Current liabilities: |
|
|
||||||
Accounts payable and accrued liabilities |
$ |
398,414 |
|
$ |
369,826 |
|
||
Deferred revenue |
|
21,087 |
|
|
20,973 |
|
||
Income taxes payable |
|
6,907 |
|
|
7,760 |
|
||
Current portion of operating and finance lease liabilities |
|
22,687 |
|
|
22,472 |
|
||
Total current liabilities |
|
449,095 |
|
|
421,031 |
|
||
Deferred income taxes |
|
78,023 |
|
|
63,969 |
|
||
Income taxes payable |
|
61,359 |
|
|
52,345 |
|
||
Operating and finance lease liabilities, net of current portion |
|
99,610 |
|
|
97,961 |
|
||
Long-term debt and other liabilities, net of discount |
|
402,733 |
|
|
397,636 |
|
||
Total liabilities |
|
1,090,820 |
|
|
1,032,942 |
|
||
Commitments and contingencies |
|
|
||||||
Stockholders' equity: |
|
|
||||||
Preferred stock |
|
— |
|
|
— |
|
||
Common stock |
|
24 |
|
|
24 |
|
||
Additional paid-in capital |
|
811,900 |
|
|
761,834 |
|
||
Accumulated other comprehensive loss |
|
(152,596 |
) |
|
(100,860 |
) |
||
Retained earnings |
|
3,693,726 |
|
|
2,868,203 |
|
||
Total stockholders' equity |
|
4,353,054 |
|
|
3,529,201 |
|
||
Total liabilities and stockholders' equity |
$ |
5,443,874 |
|
$ |
4,562,143 |
|
||
Copart, Inc. |
||||||||
Consolidated Statements of Cash Flows |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|
||||||
|
|
Nine Months Ended April 30, |
||||||
|
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
826,395 |
|
|
$ |
680,521 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization, including debt cost |
|
|
102,333 |
|
|
|
93,141 |
|
Allowance for credit loss |
|
|
1,456 |
|
|
|
(1,429 |
) |
Equity in losses (earnings) of unconsolidated affiliates |
|
|
794 |
|
|
|
(2,121 |
) |
Stock-based compensation |
|
|
28,932 |
|
|
|
27,145 |
|
Gain on sale of property and equipment |
|
|
(1,280 |
) |
|
|
(1,257 |
) |
Deferred income taxes |
|
|
14,582 |
|
|
|
(14,130 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(109,636 |
) |
|
|
(81,593 |
) |
Vehicle pooling costs |
|
|
(20,029 |
) |
|
|
(12,777 |
) |
Inventories |
|
|
(13,367 |
) |
|
|
(18,788 |
) |
Prepaid expenses, other current and non-current assets |
|
|
(37,842 |
) |
|
|
6,879 |
|
Operating lease right-of-use assets and lease liabilities |
|
|
436 |
|
|
|
389 |
|
Accounts payable, accrued liabilities and other liabilities |
|
|
45,745 |
|
|
|
47,914 |
|
Deferred revenue |
|
|
388 |
|
|
|
8,467 |
|
Income taxes receivable |
|
|
18,416 |
|
|
|
16,152 |
|
Income taxes payable |
|
|
6,531 |
|
|
|
13,692 |
|
Net cash provided by operating activities |
|
|
863,854 |
|
|
|
762,205 |
|
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of property and equipment |
|
|
(234,810 |
) |
|
|
(364,395 |
) |
Purchase of assets in connection with acquisitions |
|
|
(493 |
) |
|
|
— |
|
Proceeds from sale of property and equipment |
|
|
2,622 |
|
|
|
599 |
|
Purchase of held to maturity securities |
|
|
(374,866 |
) |
|
|
— |
|
Proceeds from the sale of held to maturity securities |
|
|
149,977 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(457,570 |
) |
|
|
(363,796 |
) |
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from the exercise of stock options |
|
|
16,108 |
|
|
|
28,829 |
|
Proceeds from the issuance of Employee Stock Purchase Plan shares |
|
|
5,026 |
|
|
|
4,880 |
|
Payments for employee stock-based tax withholdings |
|
|
(872 |
) |
|
|
(938 |
) |
Debt offering costs |
|
|
(1,212 |
) |
|
|
— |
|
Payments of finance lease obligations |
|
|
(472 |
) |
|
|
(962 |
) |
Net cash provided by financing activities |
|
|
18,578 |
|
|
|
31,809 |
|
Effect of foreign currency translation |
|
|
(18,304 |
) |
|
|
3,954 |
|
Net increase in cash, cash equivalents, and restricted cash |
|
|
406,558 |
|
|
|
434,172 |
|
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 |
|
$ |
1,454,818 |
|
|
$ |
911,890 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Interest paid |
|
$ |
14,485 |
|
|
$ |
14,736 |
|
Income taxes paid, net of refunds |
|
$ |
195,521 |
|
|
$ |
126,303 |
|
Copart, Inc. |
||||||||||||||||
Additional Financial Information |
||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
GAAP net income |
|
$ |
278,620 |
|
|
$ |
286,796 |
|
|
$ |
826,395 |
|
|
$ |
680,521 |
|
Effect of certain discrete income tax items |
|
|
— |
|
|
|
(19,764 |
) |
|
|
(17,490 |
) |
|
|
(19,764 |
) |
Effect of certain legal matters, net of tax |
|
|
5,092 |
|
|
|
— |
|
|
|
5,092 |
|
|
|
— |
|
Effect of recognizing tax benefit on exercise of stock-based compensation |
|
|
(2,244 |
) |
|
|
(4,910 |
) |
|
|
(9,197 |
) |
|
|
(18,850 |
) |
Non-GAAP net income |
|
$ |
281,468 |
|
|
$ |
262,122 |
|
|
$ |
804,800 |
|
|
$ |
641,907 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP net income per diluted common share |
|
$ |
1.16 |
|
|
$ |
1.19 |
|
|
$ |
3.42 |
|
|
$ |
2.83 |
|
Non-GAAP net income per diluted common share |
|
$ |
1.17 |
|
|
$ |
1.09 |
|
|
$ |
3.34 |
|
|
$ |
2.68 |
|
ДАЛЛАС - (ДЕЛОВАЯ ПЕРЕПИСКА) -Copart, Inc. (NASDAQ: CPRT) сегодня сообщила о финансовых результатах за квартал, закончившийся 30 апреля 2022 года.
За три месяца, закончившихся 30 апреля 2022 года, выручка, валовая прибыль и чистая прибыль составили 939,9 млн долларов, 436,3 млн долларов и 278,6 млн долларов соответственно. Это означает увеличение выручки на 206,0 млн долларов, или на 28,1%; увеличение валовой прибыли на 54,9 млн долларов, или на 14,4%; и снижение чистой прибыли на 8,2 млн долларов, или на 2,9%, соответственно, по сравнению с аналогичным периодом прошлого года. Полностью разводненная прибыль на акцию за три месяца составила $1,16 по сравнению с $1,19 в прошлом году, снизившись на (2,5)%.
За девять месяцев, закончившихся 30 апреля 2022 года, выручка, валовая прибыль и чистая прибыль составили 2 617,5 млн долларов, 1 224,6 млн долларов и 826,4 млн долларов соответственно. Это означает увеличение выручки на 673,7 млн долларов, или на 34,7%; увеличение валовой прибыли на 239,0 млн долларов, или на 24,3%; и увеличение чистой прибыли на 145,9 млн долларов, или на 21,4%, соответственно, по сравнению с аналогичным периодом прошлого года. Полностью разводненная прибыль на акцию за девять месяцев составила 3,42 доллара по сравнению с 2,83 доллара в прошлом году, увеличившись на 20,8%.
Без учета влияния определенных льгот по налогу на прибыль, связанных с компенсацией на основе акций, и некоторых юридических вопросов, полностью разводненная прибыль на акцию без учета GAAP за три месяца, закончившихся 30 апреля 2022 и 2021 годов, составила 1,17 доллара США и 1,09 доллара США соответственно, что на 7,3% больше. Без учета влияния определенных льгот по налогу на прибыль, связанных с компенсацией, основанной на акциях, определенных юридических вопросов и отдельных статей подоходного налога, полностью разводненная прибыль на акцию без учета GAAP за девять месяцев, закончившихся 30 апреля 2022 и 2021 годов, составила 3,34 и 2,68 доллара США соответственно, что на 24,6 больше%. Сверку финансовых показателей, не относящихся к GAAP, с наиболее непосредственно сопоставимыми финансовыми показателями, рассчитанными в соответствии с общепринятыми принципами бухгалтерского учета США (GAAP), можно найти в таблицах, прилагаемых к настоящему пресс-релизу.
В четверг, 19 мая 2022 года, в 11 часов утра по восточному времени Copart проведет телефонную конференцию, чтобы обсудить результаты за квартал. Звонок будет транслироваться в прямом эфире, и доступ к нему можно получить по гиперссылке на www.Copart.com/investorrelations . Повтор звонка будет доступен до августа 2022 года на сайте www.Copart.com/investorrelations .
Copart, Inc., основанная в 1982 году, является мировым лидером в области онлайн-аукционов автомобилей. Инновационная технология Copart и платформа онлайн-аукционов связывают продавцов с более чем 750 000 участниками в более чем 170 странах. Copart предлагает услуги по обработке и продаже транспортных средств дилерам, демонтажникам, восстановителям, экспортерам и широкой публике. Copart продает транспортные средства от имени страховых компаний, банков, финансовых компаний, благотворительных организаций, операторов автопарка, дилеров, компаний по прокату транспортных средств и частных лиц. Компания Copart работает в более чем 200 филиалах в 11 странах и ежедневно располагает более чем 250 000 транспортных средств, доступных онлайн. Copart в настоящее время работает в Соединенных Штатах (Copart.com ), Канада (Copart.ca ), Соединенное Королевство (Copart.co.uk ), Бразилия (Copart.com.br ), Республика Ирландия (Copart.ie ), Германия (Copart.de ), Финляндия (Copart.fi ), Объединенные Арабские Эмираты, Оман и Бахрейн (Copartmea.com ) и Испания (Copart.es ). Для получения дополнительной информации или для того, чтобы стать участником, посетите Copart.com/Register .
Использование финансовых показателей, не относящихся к ОПБУ
В этот выпуск включены некоторые финансовые показатели, не относящиеся к GAAP, включая чистую прибыль на разводненную акцию, не относящуюся к GAAP, которые исключают влияние определенных льгот по налогу на прибыль, связанных с компенсацией на основе акций, определенными юридическими вопросами и отдельными статьями подоходного налога. Эти финансовые показатели, не относящиеся к ОПБУ, не представляют собой альтернативные финансовые показатели в соответствии с ОПБУ. Кроме того, эти финансовые показатели, не относящиеся к GAAP, могут отличаться от финансовых показателей, не относящихся к GAAP, используемых другими компаниями. Кроме того, эти финансовые показатели, не относящиеся к GAAP, не отражают всеобъемлющего представления о деятельности Copart в соответствии с GAAP и должны рассматриваться только в сочетании с соответствующими финансовыми показателями GAAP. Эта информация представляет собой финансовые показатели, не относящиеся к GAAP, по смыслу Положения G, принятого Комиссией по ценным бумагам и биржам США. Соответственно, Copart представил здесь и представит в другой публикуемой им информации, содержащей эти финансовые показатели, не относящиеся к GAAP, сверку этих финансовых показателей, не относящихся к GAAP, с наиболее непосредственно сопоставимыми финансовыми показателями GAAP.
Copart считает, что представление чистой прибыли на разводненную акцию, не относящейся к GAAP, включенное в этот выпуск, в сочетании с соответствующими финансовыми показателями GAAP предоставляет инвесторам, аналитикам и руководству значимую информацию при оценке бизнес-тенденций и финансовых показателей Copart.
Предостерегающее Замечание О Прогнозных Заявлениях
Настоящий пресс-релиз содержит прогнозные заявления по смыслу федеральных законов о ценных бумагах, в том числе заявления, касающиеся потенциального влияния пандемии COVID-19 на наш бизнес, операции и операционные результаты. Эти прогнозные заявления сопряжены со значительными рисками и неопределенностями. Эти прогнозные заявления подвержены определенным рискам, тенденциям и неопределенностям, которые могут привести к тому, что фактические результаты будут существенно отличаться от прогнозируемых или подразумеваемых в наших заявлениях и комментариях. Для более полного обсуждения рисков, которые могут повлиять на наш бизнес, пожалуйста, ознакомьтесь с “Обсуждением и анализом руководства” и другими рисками, указанными в последнем Годовом отчете Copart по форме 10-K, Квартальных отчетах по форме 10-Q и Текущих отчетах по Форме 8-K, в том виде, в каком они представлены с Комиссией по ценным бумагам и биржам. Мы призываем инвесторов внимательно ознакомиться с этой информацией. Мы не берем на себя обязательство обновлять какие-либо прогнозные заявления, которые могут время от времени делаться от нашего имени.
Copart, Inc. |
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Consolidated Statements of Income |
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(In thousands, except per share amounts) |
||||||||||||||||||||||
(Unaudited) |
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|
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|
|
|
|
|
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
|
2022 |
|
2021 |
|
% Change |
|
2022 |
|
2021 |
|
% Change |
||||||||||
Service revenues and vehicle sales: |
|
|
|
|
|
|
||||||||||||||||
Service revenues |
$ |
766,316 |
|
$ |
623,846 |
|
22.8 |
% |
$ |
2,145,224 |
|
$ |
1,671,819 |
|
28.3 |
% |
||||||
Vehicle sales |
|
173,625 |
|
|
110,064 |
|
57.7 |
% |
|
472,309 |
|
|
272,062 |
|
73.6 |
% |
||||||
Total service revenues and vehicle sales |
|
939,941 |
|
|
733,910 |
|
28.1 |
% |
|
2,617,533 |
|
|
1,943,881 |
|
34.7 |
% |
||||||
Operating expenses: |
|
|
|
|
|
|
||||||||||||||||
Yard operations |
|
313,365 |
|
|
230,794 |
|
35.8 |
% |
|
878,740 |
|
|
646,690 |
|
35.9 |
% |
||||||
Cost of vehicle sales |
|
157,236 |
|
|
94,498 |
|
66.4 |
% |
|
423,948 |
|
|
232,487 |
|
82.4 |
% |
||||||
Yard depreciation and amortization |
|
31,646 |
|
|
25,876 |
|
22.3 |
% |
|
86,383 |
|
|
74,350 |
|
16.2 |
% |
||||||
Yard stock-based compensation |
|
1,417 |
|
|
1,401 |
|
1.1 |
% |
|
3,813 |
|
|
4,746 |
|
(19.7 |
)% |
||||||
Gross profit |
|
436,277 |
|
|
381,341 |
|
14.4 |
% |
|
1,224,649 |
|
|
985,608 |
|
24.3 |
% |
||||||
General and administrative |
|
50,188 |
|
|
39,174 |
|
28.1 |
% |
|
134,057 |
|
|
110,326 |
|
21.5 |
% |
||||||
General and administrative depreciation and amortization |
|
4,933 |
|
|
6,090 |
|
(19.0 |
)% |
|
15,269 |
|
|
17,957 |
|
(15.0 |
)% |
||||||
General and administrative stock-based compensation |
|
8,401 |
|
|
7,966 |
|
5.5 |
% |
|
25,119 |
|
|
22,399 |
|
12.1 |
% |
||||||
Total operating expenses |
|
567,186 |
|
|
405,799 |
|
39.8 |
% |
|
1,567,329 |
|
|
1,108,955 |
|
41.3 |
% |
||||||
Operating income |
|
372,755 |
|
|
328,111 |
|
13.6 |
% |
|
1,050,204 |
|
|
834,926 |
|
25.8 |
% |
||||||
Other expense: |
|
|
|
|
|
|
||||||||||||||||
Interest expense, net |
|
(4,492 |
) |
|
(5,346 |
) |
(16.0 |
)% |
|
(14,032 |
) |
|
(15,227 |
) |
(7.8 |
)% |
||||||
Other income, net |
|
1,342 |
|
|
770 |
|
74.3 |
% |
|
1,314 |
|
|
3,103 |
|
(57.7 |
)% |
||||||
Total other expense |
|
(3,150 |
) |
|
(4,576 |
) |
(31.2 |
)% |
|
(12,718 |
) |
|
(12,124 |
) |
4.9 |
% |
||||||
Income before income taxes |
|
369,605 |
|
|
323,535 |
|
14.2 |
% |
|
1,037,486 |
|
|
822,802 |
|
26.1 |
% |
||||||
Income tax expense |
|
90,985 |
|
|
36,739 |
|
147.7 |
% |
|
211,091 |
|
|
142,281 |
|
48.4 |
% |
||||||
Net income |
$ |
278,620 |
|
$ |
286,796 |
|
(2.9 |
)% |
$ |
826,395 |
|
$ |
680,521 |
|
21.4 |
% |
||||||
|
|
|
|
|
|
|
||||||||||||||||
Basic net income per common share |
$ |
1.17 |
|
$ |
1.21 |
|
(3.3 |
)% |
$ |
3.48 |
|
$ |
2.88 |
|
20.8 |
% |
||||||
Weighted average common shares outstanding |
|
237,505 |
|
|
236,396 |
|
0.5 |
% |
|
237,277 |
|
|
236,110 |
|
0.5 |
% |
||||||
|
|
|
|
|
|
|
||||||||||||||||
Diluted net income per common share |
$ |
1.16 |
|
$ |
1.19 |
|
(2.5 |
)% |
$ |
3.42 |
|
$ |
2.83 |
|
20.8 |
% |
||||||
Diluted weighted average common shares outstanding |
|
240,724 |
|
|
240,208 |
|
0.2 |
% |
|
241,288 |
|
|
240,149 |
|
0.5 |
% |
||||||
Copart, Inc. |
||||||||
Consolidated Balance Sheets |
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(In thousands) |
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(Unaudited) |
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|
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|
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|
||||
|
|
April 30, 2022 |
|
July 31, 2021 |
||||
ASSETS |
|
|
||||||
Current assets: |
|
|
||||||
Cash, cash equivalents, and restricted cash |
$ |
1,454,818 |
|
$ |
1,048,260 |
|
||
Investment in held to maturity securities |
|
224,889 |
|
|
— |
|
||
Accounts receivable, net |
|
585,914 |
|
|
480,628 |
|
||
Vehicle pooling costs |
|
114,028 |
|
|
94,449 |
|
||
Inventories |
|
56,988 |
|
|
44,968 |
|
||
Income taxes receivable |
|
1,581 |
|
|
20,012 |
|
||
Prepaid expenses and other assets |
|
19,208 |
|
|
14,294 |
|
||
Total current assets |
|
2,457,426 |
|
|
1,702,611 |
|
||
Property and equipment, net |
|
2,402,809 |
|
|
2,296,624 |
|
||
Operating lease right-of-use assets |
|
121,006 |
|
|
119,487 |
|
||
Intangibles, net |
|
40,854 |
|
|
45,873 |
|
||
Goodwill |
|
348,000 |
|
|
355,717 |
|
||
Other assets |
|
73,779 |
|
|
41,831 |
|
||
Total assets |
$ |
5,443,874 |
|
$ |
4,562,143 |
|
||
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
||||||
Current liabilities: |
|
|
||||||
Accounts payable and accrued liabilities |
$ |
398,414 |
|
$ |
369,826 |
|
||
Deferred revenue |
|
21,087 |
|
|
20,973 |
|
||
Income taxes payable |
|
6,907 |
|
|
7,760 |
|
||
Current portion of operating and finance lease liabilities |
|
22,687 |
|
|
22,472 |
|
||
Total current liabilities |
|
449,095 |
|
|
421,031 |
|
||
Deferred income taxes |
|
78,023 |
|
|
63,969 |
|
||
Income taxes payable |
|
61,359 |
|
|
52,345 |
|
||
Operating and finance lease liabilities, net of current portion |
|
99,610 |
|
|
97,961 |
|
||
Long-term debt and other liabilities, net of discount |
|
402,733 |
|
|
397,636 |
|
||
Total liabilities |
|
1,090,820 |
|
|
1,032,942 |
|
||
Commitments and contingencies |
|
|
||||||
Stockholders' equity: |
|
|
||||||
Preferred stock |
|
— |
|
|
— |
|
||
Common stock |
|
24 |
|
|
24 |
|
||
Additional paid-in capital |
|
811,900 |
|
|
761,834 |
|
||
Accumulated other comprehensive loss |
|
(152,596 |
) |
|
(100,860 |
) |
||
Retained earnings |
|
3,693,726 |
|
|
2,868,203 |
|
||
Total stockholders' equity |
|
4,353,054 |
|
|
3,529,201 |
|
||
Total liabilities and stockholders' equity |
$ |
5,443,874 |
|
$ |
4,562,143 |
|
||
Copart, Inc. |
||||||||
Consolidated Statements of Cash Flows |
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(In thousands) |
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(Unaudited) |
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|
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|
|
Nine Months Ended April 30, |
||||||
|
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
826,395 |
|
|
$ |
680,521 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization, including debt cost |
|
|
102,333 |
|
|
|
93,141 |
|
Allowance for credit loss |
|
|
1,456 |
|
|
|
(1,429 |
) |
Equity in losses (earnings) of unconsolidated affiliates |
|
|
794 |
|
|
|
(2,121 |
) |
Stock-based compensation |
|
|
28,932 |
|
|
|
27,145 |
|
Gain on sale of property and equipment |
|
|
(1,280 |
) |
|
|
(1,257 |
) |
Deferred income taxes |
|
|
14,582 |
|
|
|
(14,130 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(109,636 |
) |
|
|
(81,593 |
) |
Vehicle pooling costs |
|
|
(20,029 |
) |
|
|
(12,777 |
) |
Inventories |
|
|
(13,367 |
) |
|
|
(18,788 |
) |
Prepaid expenses, other current and non-current assets |
|
|
(37,842 |
) |
|
|
6,879 |
|
Operating lease right-of-use assets and lease liabilities |
|
|
436 |
|
|
|
389 |
|
Accounts payable, accrued liabilities and other liabilities |
|
|
45,745 |
|
|
|
47,914 |
|
Deferred revenue |
|
|
388 |
|
|
|
8,467 |
|
Income taxes receivable |
|
|
18,416 |
|
|
|
16,152 |
|
Income taxes payable |
|
|
6,531 |
|
|
|
13,692 |
|
Net cash provided by operating activities |
|
|
863,854 |
|
|
|
762,205 |
|
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of property and equipment |
|
|
(234,810 |
) |
|
|
(364,395 |
) |
Purchase of assets in connection with acquisitions |
|
|
(493 |
) |
|
|
— |
|
Proceeds from sale of property and equipment |
|
|
2,622 |
|
|
|
599 |
|
Purchase of held to maturity securities |
|
|
(374,866 |
) |
|
|
— |
|
Proceeds from the sale of held to maturity securities |
|
|
149,977 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(457,570 |
) |
|
|
(363,796 |
) |
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from the exercise of stock options |
|
|
16,108 |
|
|
|
28,829 |
|
Proceeds from the issuance of Employee Stock Purchase Plan shares |
|
|
5,026 |
|
|
|
4,880 |
|
Payments for employee stock-based tax withholdings |
|
|
(872 |
) |
|
|
(938 |
) |
Debt offering costs |
|
|
(1,212 |
) |
|
|
— |
|
Payments of finance lease obligations |
|
|
(472 |
) |
|
|
(962 |
) |
Net cash provided by financing activities |
|
|
18,578 |
|
|
|
31,809 |
|
Effect of foreign currency translation |
|
|
(18,304 |
) |
|
|
3,954 |
|
Net increase in cash, cash equivalents, and restricted cash |
|
|
406,558 |
|
|
|
434,172 |
|
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 |
|
$ |
1,454,818 |
|
|
$ |
911,890 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Interest paid |
|
$ |
14,485 |
|
|
$ |
14,736 |
|
Income taxes paid, net of refunds |
|
$ |
195,521 |
|
|
$ |
126,303 |
|
Copart, Inc. |
||||||||||||||||
Additional Financial Information |
||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
GAAP net income |
|
$ |
278,620 |
|
|
$ |
286,796 |
|
|
$ |
826,395 |
|
|
$ |
680,521 |
|
Effect of certain discrete income tax items |
|
|
— |
|
|
|
(19,764 |
) |
|
|
(17,490 |
) |
|
|
(19,764 |
) |
Effect of certain legal matters, net of tax |
|
|
5,092 |
|
|
|
— |
|
|
|
5,092 |
|
|
|
— |
|
Effect of recognizing tax benefit on exercise of stock-based compensation |
|
|
(2,244 |
) |
|
|
(4,910 |
) |
|
|
(9,197 |
) |
|
|
(18,850 |
) |
Non-GAAP net income |
|
$ |
281,468 |
|
|
$ |
262,122 |
|
|
$ |
804,800 |
|
|
$ |
641,907 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP net income per diluted common share |
|
$ |
1.16 |
|
|
$ |
1.19 |
|
|
$ |
3.42 |
|
|
$ |
2.83 |
|
Non-GAAP net income per diluted common share |
|
$ |
1.17 |
|
|
$ |
1.09 |
|
|
$ |
3.34 |
|
|
$ |
2.68 |
|
