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Copart Reports First Quarter Fiscal 2019 Financial Results

Nachrichtenquelle: Business Wire (engl.)
20.11.2018, 23:14  |  395   |   |   

Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2018.

For the three months ended October 31, 2018, revenue, gross profit, and net income were $461.4 million, $195.9 million, and $114.1 million, respectively. These represent an increase in revenue of $42.2 million, or 10.1%; an increase in gross profit of $32.7 million, or 20.0%; and an increase in net income of $36.6 million, or 47.2%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.47 compared to $0.32 last year, an increase of 46.9%.

The operating results for the three months ended October 31, 2017 were adversely affected by abnormal costs of $35.8 million, incurred as a result of Hurricane Harvey. These costs included temporary storage facilities; premiums for subhaulers; labor costs incurred from overtime; travel and lodging due to the reassignment of employees to the affected region; and equipment lease expenses to handle the increased volume, as well as cost of vehicle sales. These costs, net of the associated revenues of $18.6 million, generated pre-tax loss for the three months ended October 31, 2017 of $17.2 million.

Excluding the impact of disposals of non-operating assets, foreign currency-related gains and losses, and certain income tax benefits related to accounting for stock option exercises, non-GAAP fully diluted earnings per share for the three months ended October 31, 2018 and 2017, were $0.47 and $0.33, respectively. 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, November 21, 2018, 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 at http://stream.conferenceamerica.com/copart112118. A replay of the call will be available through January 20, 2019 by calling (877) 919-4059. Use confirmation code # 37753341.

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 salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters, and in some cases, to end users. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers and also sells vehicles sourced from individual owners. With operations at over 200 locations in 11 countries, Copart has more than 125,000 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 (avk.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 disposals of non-operating assets, foreign currency-related gains and losses, and certain income tax benefits related to accounting for stock option exercises. 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. From a financial planning and analysis perspective, Copart management analyzes its operating results with and without the impact of disposals of non-operating assets, foreign currency-related gains and losses, and certain income tax benefits related to accounting for stock option exercises.

Cautionary Note About Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws, and 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,
2018   2017
Service revenues and vehicle sales:
Service revenues $ 394,806 $ 374,125
Vehicle sales 66,562   45,043  

Total service revenues and vehicle sales

461,368 419,168
Operating expenses:
Yard operations 189,477 206,219
Cost of vehicle sales 57,756 38,297
Yard depreciation and amortization 17,185 10,536
Yard stock-based payment compensation 1,032   852  
Gross profit 195,918 163,264
General and administrative 34,805 29,502
General and administrative depreciation and amortization 4,684 5,366
General and administrative stock-based payment compensation 4,989   4,454  
Total operating expenses 309,928   295,226  
Operating income 151,440 123,942
Other (expense) income:
Interest expense, net (3,691 ) (5,398 )
Other income (expense), net 1,037   (4,416 )
Total other expenses (2,654 ) (9,814 )
Income before income taxes 148,786 114,128
Income tax expense 34,703   36,568  
Net income 114,083 77,560
Net income attributable to noncontrolling interest   45  
Net income attributable to Copart, Inc. $ 114,083   $ 77,515  
 
Basic net income per common share $ 0.49   $ 0.34  
Weighted average common shares outstanding 233,888   230,694  
 
Diluted net income per common share $ 0.47   $ 0.32  
Diluted weighted average common shares outstanding 244,826   238,791  
 
Copart, Inc.
 
Consolidated Balance Sheets

(In thousands)

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