Copart Reports Second Quarter Fiscal 2020 Financial Results

Nachrichtenquelle: Business Wire (engl.)
19.02.2020, 23:55  |  463   |   |   

Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended January 31, 2020.

For the three months ended January 31, 2020, revenue, gross profit, and net income were $575.1 million, $259.9 million, and $168.7 million, respectively. These represent an increase in revenue of $90.2 million, or 18.6%; an increase in gross profit of $51.7 million, or 24.8%; and an increase in net income of $37.3 million, or 28.4%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.71 compared to $0.55 last year, an increase of 29.1%.

For the six months ended January 31, 2020, revenue, gross profit, and net income were $1.1 billion, $514.8 million, and $386.9 million, respectively. These represent an increase in revenue of $183.3 million, or 19.4%; an increase in gross profit of $110.6 million, or 27.4%; and an increase in net income of $141.4 million, or 57.6%, respectively, from the same period last year. Fully diluted earnings per share for the six months were $1.62 compared to $1.01 last year, an increase of 60.4%.

Excluding the impact of discrete income tax items, disposal of non-operating assets, foreign currency-related gains, certain income tax benefits and payroll taxes related to accounting for stock option exercises, and the effect on common equivalent shares from ASU 2016-09, non-GAAP fully diluted earnings per share for the three and six months ended January 31, 2020 and 2019, were $0.65, $0.52, $1.30 and $0.99, 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 Thursday, February 20, 2020, 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/copart022020. A replay of the call will be available through April 20, 2020 by calling (877) 919-4059. Use confirmation code: 44749280.

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 150,000 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 discrete income tax items, disposal of non-operating assets, foreign currency-related gains, certain income tax benefits and payroll taxes related to accounting for stock option exercises, and the effect on common equivalent shares from ASU 2016-09. 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 discrete income tax items, disposal of non-operating assets, foreign currency-related gains, certain income tax benefits and payroll taxes related to accounting for stock option exercises, and the effect on common equivalent shares from ASU 2016-09.

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
January 31,

 

Six Months Ended
January 31,

 

 

2020

 

2019

 

2020

 

2019

Service revenues and vehicle sales:

 

 

 

 

 

 

 

 

Service revenues

 

$

510,034

 

 

$

416,807

 

 

$

997,890

 

 

$

811,613

 

Vehicle sales

 

65,106

 

 

68,091

 

 

131,674

 

 

134,653

 

Total service revenues and vehicle sales

 

575,140

 

 

484,898

 

 

1,129,564

 

 

946,266

 

Operating expenses:

 

 

 

 

 

 

 

 

Yard operations

 

237,683

 

 

199,383

 

 

460,562

 

 

388,860

 

Cost of vehicle sales

 

57,900

 

 

61,212

 

 

116,664

 

 

118,968

 

Yard depreciation and amortization

 

18,231

 

 

14,839

 

 

35,051

 

 

32,024

 

Yard stock-based compensation

 

1,437

 

 

1,238

 

 

2,529

 

 

2,270

 

Gross profit

 

259,889

 

 

208,226

 

 

514,758

 

 

404,144

 

General and administrative

 

39,242

 

 

33,236

 

 

78,085

 

 

68,041

 

General and administrative depreciation and amortization

 

6,051

 

 

5,560

 

 

12,245

 

 

10,244

 

General and administrative stock-based compensation

 

4,704

 

 

4,691

 

 

9,145

 

 

9,680

 

Total operating expenses

 

365,248

 

 

320,159

 

 

714,281

 

 

630,087

 

Operating income

 

209,892

 

 

164,739

 

 

415,283

 

 

316,179

 

Other (expense) income:

 

 

 

 

 

 

 

 

Interest expense, net

 

(4,464

)

 

(4,555

)

 

(8,490

)

 

(8,246

)

Other (expense) income, net

 

(354

)

 

4,782

 

 

363

 

 

5,819

 

Total other (expense) income

 

(4,818

)

 

227

 

 

(8,127

)

 

(2,427

)

Income before income taxes

 

205,074

 

 

164,966

 

 

407,156

 

 

313,752

 

Income tax expense

 

36,367

 

 

33,593

 

 

20,269

 

 

68,296

 

Net income

 

$

168,707

 

 

$

131,373

 

 

$

386,887

 

 

$

245,456

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.73

 

 

$

0.57

 

 

$

1.67

 

 

$

1.06

 

Weighted average common shares outstanding

 

232,671

 

 

230,798

 

 

231,920

 

 

232,343

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

0.71

 

 

$

0.55

 

 

$

1.62

 

 

$

1.01

 

Diluted weighted average common shares outstanding

 

238,470

 

 

240,660

 

 

238,566

 

 

242,743

 

Copart, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

January 31, 2020

 

July 31, 2019

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

93,511

 

 

$

186,319

 

Accounts receivable, net

 

445,963

 

 

367,265

 

Vehicle pooling costs

 

90,595

 

 

76,548

 

Inventories

 

18,515

 

 

20,941

 

Income taxes receivable

 

68,415

 

 

19,526

 

Prepaid expenses and other assets

 

14,964

 

 

16,568

 

Total current assets

 

731,963

 

 

687,167

 

Property and equipment, net

 

1,789,326

 

 

1,427,726

 

Operating lease right-of-use assets

 

104,360

 

 

 

Intangibles, net

 

50,291

 

 

55,156

 

Goodwill

 

338,262

 

 

333,321

 

Deferred income taxes

 

348

 

 

411

 

Other assets

 

34,055

 

 

43,836

 

Total assets

 

$

3,048,605

 

 

$

2,547,617

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued liabilities

 

$

296,977

 

 

$

270,918

 

Deferred revenue

 

7,603

 

 

6,466

 

Income taxes payable

 

728

 

 

3,482

 

Current portion of operating lease liabilities

 

23,314

 

 

 

Current portion of revolving loan facility and finance lease liabilities

 

14,215

 

 

1,138

 

Total current liabilities

 

342,837

 

 

282,004

 

Deferred income taxes

 

55,499

 

 

48,683

 

Income taxes payable

 

43,650

 

 

35,116

 

Operating lease liabilities, net of current portion

 

81,906

 

 

 

Long-term debt, revolving loan facility and finance lease liabilities, net of discount

 

399,846

 

 

400,091

 

Other liabilities

 

138

 

 

3,342

 

Total liabilities

 

923,876

 

 

769,236

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Preferred stock

 

 

 

 

Common stock

 

23

 

 

23

 

Additional paid-in capital

 

617,714

 

 

572,559

 

Accumulated other comprehensive loss

 

(119,870

)

 

(132,529

)

Retained earnings

 

1,626,862

 

 

1,338,328

 

Total stockholders' equity

 

2,124,729

 

 

1,778,381

 

Total liabilities and stockholders' equity

 

$

3,048,605

 

 

$

2,547,617

 

Copart, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Six Months Ended January 31,

 

2020

 

2019

Cash flows from operating activities:

 

 

 

 

Net income

 

$

386,887

 

 

$

245,456

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization, including debt cost

 

48,097

 

 

42,487

 

Allowance for doubtful accounts

 

1,301

 

 

96

 

Equity in losses (earnings) of unconsolidated affiliates

 

3,124

 

 

(514

)

Stock-based compensation

 

11,674

 

 

11,950

 

Gain on sale of property and equipment

 

(1,315

)

 

(3,890

)

Deferred income taxes

 

6,719

 

 

6,632

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

(78,510

)

 

(86,125

)

Vehicle pooling costs

 

(13,921

)

 

(20,218

)

Inventories

 

2,765

 

 

(11,640

)

Prepaid expenses and other current and non-current assets

 

7,184

 

 

(725

)

Operating lease right-of-use assets and lease liabilities

 

331

 

 

 

Accounts payable and accrued liabilities

 

24,862

 

 

7,338

 

Deferred revenue

 

1,021

 

 

2,843

 

Income taxes receivable

 

(48,722

)

 

15,286

 

Income taxes payable

 

5,794

 

 

6,890

 

Other liabilities

 

(371

)

 

(662

)

Net cash provided by operating activities

 

356,920

 

 

215,204

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

(400,352

)

 

(136,727

)

Proceeds from sale of property and equipment

 

1,639

 

 

17,488

 

Net cash used in investing activities

 

(398,713

)

 

(119,239

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Proceeds from the exercise of stock options

 

32,594

 

 

5,220

 

Proceeds from the issuance of Employee Stock Purchase Plan shares

 

3,955

 

 

3,501

 

Repurchases of common stock

 

 

 

(364,997

)

Payments for employee stock-based tax withholdings

 

(101,422

)

 

(27

)

Net proceeds on revolving loan facility

 

13,600

 

 

93,300

 

Net cash used in financing activities

 

(51,273

)

 

(263,003

)

Effect of foreign currency translation

 

258

 

 

692

 

Net decrease in cash and cash equivalents

 

(92,808

)

 

(166,346

)

Cash and cash equivalents at beginning of period

 

186,319

 

 

274,520

 

Cash and cash equivalents at end of period

 

$

93,511

 

 

$

108,174

 

Supplemental disclosure of cash flow information:

 

 

 

 

Interest paid

 

$

9,007

 

 

$

9,018

 

Income taxes paid, net of refunds

 

$

57,591

 

 

$

39,327

 

Copart, Inc.

Additional Financial Information

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended
January 31,

 

Six Months Ended
January 31,

 

 

2020

 

2019

 

2020

 

2019

GAAP net income

 

$

168,707

 

 

$

131,373

 

 

$

386,887

 

 

$

245,456

 

Effect of discrete income tax items

 

 

 

 

 

(3,008

)

 

 

Effect of disposal of non-operating assets, net of tax

 

 

 

(1,598

)

 

 

 

(1,598

)

Effect of foreign currency-related gains, net of tax

 

(416

)

 

(56

)

 

(679

)

 

(399

)

Effect of recognizing tax benefit on exercise of employee stock options

 

(14,829

)

 

(4,847

)

 

(77,194

)

 

(5,022

)

Effect of payroll taxes on certain executive stock compensation, net of tax

 

 

 

 

 

2,867

 

 

 

Non-GAAP net income

 

$

153,462

 

 

$

124,872

 

 

$

308,873

 

 

$

238,437

 

 

 

 

 

 

 

 

 

 

GAAP net income per diluted common share

 

$

0.71

 

 

$

0.55

 

 

$

1.62

 

 

$

1.01

 

Non-GAAP net income per diluted common share

 

$

0.65

 

 

$

0.52

 

 

$

1.30

 

 

$

0.99

 

 

 

 

 

 

 

 

 

 

GAAP diluted weighted average common shares outstanding

 

238,470

 

 

240,660

 

 

238,566

 

 

242,743

 

Effect on common equivalent shares from ASU 2016-09

 

(969

)

 

(1,675

)

 

(1,137

)

 

(2,058

)

Non-GAAP diluted weighted average common shares outstanding

 

237,501

 

 

238,985

 

 

237,429

 

 

240,685

 

 

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