Dallas-based Copart, parent company of National Powersport Auctions (NPA) today reported financial results for the quarter ended Oct. 31, 2020.
For the three months ended Oct. 31, revenue, gross profit and net income were $592.9 million, $296.8 million, and $200.3 million, respectively. These represent an increase in revenue of $38.5 million, or 6.9%; an increase in gross profit of $41.9 million, or 16.4%; and a decrease in net income of $17.9 million, or 8.2%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.83 compared to $0.91 last year, a decrease of 8.8%.
Excluding the impact of discrete income tax items, 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 months ended Oct. 31, 2020 and 2019, were $0.79 and $0.65, respectively, an increase of 21.5%.
Copart, Inc.Consolidated Statements of Income(In thousands, except per share amounts)(Unaudited)
Three Months Ended October 31,
2020
2019
Service revenues and vehicle sales:
Service revenues
$
515,372
$
487,856
Vehicle sales
77,568
66,568
Total service revenues and vehicle sales
592,940
554,424
Operating expenses:
Yard operations
206,986
222,879
Cost of vehicle sales
64,360
58,764
Yard depreciation and amortization
23,294
16,820
Yard stock-based compensation
1,531
1,092
Gross profit
296,769
254,869
General and administrative
35,138
38,843
General and administrative depreciation and amortization
5,655
6,194
General and administrative stock-based compensation
7,382
4,441
Total operating expenses
344,346
349,033
Operating income
248,594
205,391
Other expense:
Interest expense, net
(5,032
)
(4,026
)
Other income, net
3,253
717
Total other expense
(1,779
)
(3,309
)
Income before income taxes
246,815
202,082
Income tax expense (benefit)
46,530
(16,098
)
Net income
$
200,285
$
218,180
Basic net income per common share
$
0.85
$
0.94
Weighted average common shares outstanding
235,791
231,169
Diluted net income per common share
$
0.83
$
0.91
Diluted weighted average common shares outstanding