10-Q Filing

COPART INC CIK: 900075 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000900075-21-000032`
Period End Date	20211031
Filing Date	20211119
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	cprt-20211031_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 32 Cash Flow Statement 64 Stockholders Equity 17 Comprehensive Income 6

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Preferred stock par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash, cash equivalents, and restricted cash	`CashAndCashEquivalentsAtCarryingValue`	$1.30B	USD	Point-in-time
Cash, cash equivalents, and restricted cash	`CashAndCashEquivalentsAtCarryingValue`	$1.05B	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$562.64M	USD	Point-in-time
Common stock par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$480.63M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Vehicle pooling costs	`VehiclePoolingCosts`	$94.45M	USD	Point-in-time
Vehicle pooling costs	`VehiclePoolingCosts`	$115.99M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	237.18M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	237.01M	shares	Point-in-time
Inventories	`InventoryNet`	$44.97M	USD	Point-in-time
Inventories	`InventoryNet`	$48.19M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$537.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$20.01M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	237.18M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	237.01M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.29M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.04B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.70B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.30B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.32B	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$119.49M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$123.25M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$43.91M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$45.87M	USD	Point-in-time
Goodwill	`Goodwill`	$354.06M	USD	Point-in-time
Goodwill	`Goodwill`	$355.72M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$39.14M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$41.83M	USD	Point-in-time
Total assets	`Assets`	$4.92B	USD	Point-in-time
Total assets	`Assets`	$4.56B	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$369.83M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$411.25M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$19.95M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$20.97M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$7.76M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$37.17M	USD	Point-in-time
Current portion of operating and finance lease liabilities	`Cprt_OperatingAndFinanceLeaseLiabilityCurrent`	$22.47M	USD	Point-in-time
Current portion of operating and finance lease liabilities	`Cprt_OperatingAndFinanceLeaseLiabilityCurrent`	$23.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$421.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$491.91M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$72.17M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$63.97M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesNoncurrent`	$52.34M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesNoncurrent`	$51.09M	USD	Point-in-time
Operating and finance lease liabilities, net of current portion	`Cprt_OperatingAndFinanceLeaseLiabilityNoncurrent`	$97.96M	USD	Point-in-time
Operating and finance lease liabilities, net of current portion	`Cprt_OperatingAndFinanceLeaseLiabilityNoncurrent`	$100.92M	USD	Point-in-time
Long-term debt and other liabilities, net of discount	`LongTermDebtNoncurrent`	$397.64M	USD	Point-in-time
Long-term debt and other liabilities, net of discount	`LongTermDebtNoncurrent`	$408.94M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.13B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.03B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock: $0.0001 par value - 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock: $0.0001 par value - 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock: $0.0001 par value - 400,000,000 shares authorized; 237,181,350 and 237,014,273 shares issued and outstanding, respectively.	`CommonStockValue`	$24.00K	USD	Point-in-time
Common stock: $0.0001 par value - 400,000,000 shares authorized; 237,181,350 and 237,014,273 shares issued and outstanding, respectively.	`CommonStockValue`	$24.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$776.86M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$761.83M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-100.86M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-111.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.87B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.13B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.79B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.53B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$2.71B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$2.49B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$4.56B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$4.92B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Service revenues and vehicle sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$592.94M	USD	1 Quarter
Service revenues and vehicle sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$810.13M	USD	1 Quarter
Yard operations	`DirectOperatingCosts`	$298.69M	USD	1 Quarter
Yard operations	`DirectOperatingCosts`	$231.81M	USD	1 Quarter
Cost of vehicle sales	`CostDirectMaterial`	$64.36M	USD	1 Quarter
Cost of vehicle sales	`CostDirectMaterial`	$126.41M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$54.91M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$48.17M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$344.35M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$480.01M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$248.59M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$330.12M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-5.11M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-5.03M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$3.25M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$812.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-4.29M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-1.78M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$325.83M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$246.81M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$46.53M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$65.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$200.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$260.36M	USD	1 Quarter
Basic net income per common share (in dollars per share)	`EarningsPerShareBasic`	$1.10	USD	1 Quarter
Basic net income per common share (in dollars per share)	`EarningsPerShareBasic`	$0.85	USD	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	235.79M	shares	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	237.07M	shares	1 Quarter
Diluted net income per common share (in dollars per share)	`EarningsPerShareDiluted`	$0.83	USD	1 Quarter
Diluted net income per common share (in dollars per share)	`EarningsPerShareDiluted`	$1.08	USD	1 Quarter
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	239.97M	shares	1 Quarter
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	241.22M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$200.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$260.36M	USD	1 Quarter
Depreciation and amortization, including debt cost	`DepreciationAmortizationAndAccretionNet`	$32.05M	USD	1 Quarter
Depreciation and amortization, including debt cost	`DepreciationAmortizationAndAccretionNet`	$29.23M	USD	1 Quarter
Allowance for credit loss	`ProvisionForOtherCreditLosses`	$295.00K	USD	1 Quarter
Allowance for credit loss	`ProvisionForOtherCreditLosses`	$-157.00K	USD	1 Quarter
Equity in losses (earnings) of unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$1.74M	USD	1 Quarter
Equity in losses (earnings) of unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$-168.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.45M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.91M	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.23M	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$440.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.24M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$8.32M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$57.86M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$82.68M	USD	1 Quarter
Vehicle pooling costs	`IncreaseDecreaseInVehiclePoolingCosts`	$21.70M	USD	1 Quarter
Vehicle pooling costs	`IncreaseDecreaseInVehiclePoolingCosts`	$10.60M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.26M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.46M	USD	1 Quarter
Prepaid expenses and other current and non-current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-15.24M	USD	1 Quarter
Prepaid expenses and other current and non-current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.07M	USD	1 Quarter
Operating lease right-of-use assets and lease liabilities	`IncreaseDecreaseInOtherCurrentAssets`	$-153.00K	USD	1 Quarter
Operating lease right-of-use assets and lease liabilities	`IncreaseDecreaseInOtherCurrentAssets`	$-382.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$62.01M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$42.88M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-979.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.25M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-25.82M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-19.48M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$8.37M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$26.20M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$258.53M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$312.54M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$64.70M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$147.09M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$271.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$813.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-63.88M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-146.82M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$20.01M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$5.57M	USD	1 Quarter
Payments for employee stock-based tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$249.00K	USD	1 Quarter
Payments for employee stock-based tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$489.00K	USD	1 Quarter
Payments of finance lease obligations	`FinanceLeasePrincipalPayments`	$327.00K	USD	1 Quarter
Payments of finance lease obligations	`FinanceLeasePrincipalPayments`	$157.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.17M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.20M	USD	1 Quarter
Effect of foreign currency translation	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-2.90M	USD	1 Quarter
Effect of foreign currency translation	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-3.71M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$250.11M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$128.01M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.30B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$477.72M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$605.73M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.30B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$477.72M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$605.73M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$5.08M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$4.76M	USD	1 Quarter
Income taxes paid, net of refunds	`IncomeTaxesPaid`	$6.16M	USD	1 Quarter
Income taxes paid, net of refunds	`IncomeTaxesPaid`	$10.09M	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Stockholders' equity, beginning balance	`StockholdersEquity`	$3.79B	USD	Point-in-time
Stockholders' equity, beginning balance	`StockholdersEquity`	$3.53B	USD	Point-in-time
Stockholders' equity, beginning balance	`StockholdersEquity`	$2.71B	USD	Point-in-time
Stockholders' equity, beginning balance	`StockholdersEquity`	$2.49B	USD	Point-in-time
Net income	`NetIncomeLoss`	$200.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$260.36M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-10.52M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-7.41M	USD	1 Quarter
Exercise of stock options, net of repurchased shares (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	146,000.00	shares	1 Quarter
Exercise of stock options, net of repurchased shares	`StockIssuedDuringPeriodValueStockOptionsExercised`	$19.52M	USD	1 Quarter
Exercise of stock options, net of repurchased shares	`StockIssuedDuringPeriodValueStockOptionsExercised`	$5.32M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$8.91M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$9.45M	USD	1 Quarter
Stockholders' equity, ending balance	`StockholdersEquity`	$3.79B	USD	Point-in-time
Stockholders' equity, ending balance	`StockholdersEquity`	$3.53B	USD	Point-in-time
Stockholders' equity, ending balance	`StockholdersEquity`	$2.71B	USD	Point-in-time
Stockholders' equity, ending balance	`StockholdersEquity`	$2.49B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$200.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$260.36M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-7.41M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-10.52M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$192.88M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$249.84M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.