x |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2014 |
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to |
(Exact name of registrant as specified in its charter) |
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Delaware |
94-2867490 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
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14185 Dallas Parkway, Suite 300, Dallas, Texas (Address of principal executive offices) |
75254 (Zip code) |
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Registrants telephone number, including area code (972) 391-5000 Securities registered pursuant to Section 12(b) of the Act: |
Title of Each Class |
Name of each exchange on which registered |
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Common Stock, $0.0001 par value |
The NASDAQ Global Select Market |
Large Accelerated Filer x |
Accelerated Filer o |
Non-Accelerated Filer o |
Smaller Reporting Company o |
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(Do not check if a smaller reporting company) |
Page Number |
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PART I |
1 | |||||||||
Item 1 |
Business |
1 | ||||||||
Industry Overview |
4 | |||||||||
Operating and Growth Strategy |
5 | |||||||||
Our Competitive Advantages |
6 | |||||||||
Our Service Offerings. |
7 | |||||||||
Sales |
10 | |||||||||
Members |
10 | |||||||||
Competition |
11 | |||||||||
Management Information Systems |
11 | |||||||||
Employees |
11 | |||||||||
Environmental Matters |
12 | |||||||||
Governmental Regulations |
12 | |||||||||
Intellectual Property and Proprietary Rights |
12 | |||||||||
Seasonality |
12 | |||||||||
Item 1A. |
Risk Factors |
12 | ||||||||
Item 1B. |
Unresolved Staff Comments |
27 | ||||||||
Item 2. |
Properties |
27 | ||||||||
Item 3. |
Legal Proceedings |
27 | ||||||||
Item 4. |
Mine Safety Disclosures |
29 | ||||||||
PART II |
30 | |||||||||
Item 5. |
Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
30 | ||||||||
Item 6. |
Selected Financial Data |
33 | ||||||||
Item 7. |
Managements Discussion and Analysis of Financial Condition and Results of Operations |
34 | ||||||||
Item 7A. |
Quantitative and Qualitative Disclosures About Market Risk |
50 | ||||||||
Item 8. |
Financial Statements and Supplementary Data |
51 | ||||||||
Item 9. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
51 | ||||||||
Item 9A. |
Controls and Procedures |
51 | ||||||||
Item 9B. |
Other Information |
54 | ||||||||
PART III |
55 | |||||||||
Item 10. |
Directors, Executive Officers of the Registrant and Corporate Governance |
55 | ||||||||
Item 11. |
Executive Compensation |
55 | ||||||||
Item 12. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
55 | ||||||||
Item 13. |
Certain Relationships and Related Transactions, and Director Independence |
55 | ||||||||
Item 14. |
Principal Accountant Fees and Services |
55 | ||||||||
PART IV |
56 | |||||||||
Item 15. |
Exhibits and Financial Statement Schedules |
56 | ||||||||
Signatures |
57 |
Item 1. |
Business |
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providing coverage that facilitates seller access to buyers around the world, reducing towing and third-party storage expenses, offering a local presence for vehicle inspection stations, and providing prompt response to catastrophes and natural disasters by specially-trained teams; |
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providing a comprehensive range of customer services that include merchandising services, efficient title processing, timely pick-up and delivery of vehicles, and Internet sales; |
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establishing and efficiently integrating new facilities and acquisitions; |
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increasing the number of bidders that can participate at each sale through the ease and convenience of Internet bidding; |
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applying technology to enhance operating efficiency through Internet bidding, web-based order processing, salvage value quotes, electronic communication with members and sellers, vehicle imaging, and an online used vehicle parts locator service; and |
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providing the venue for insurance customers through our Virtual Insured Exchange (VIX) product to contingently sell a vehicle through the auction process to establish its true value, allowing the insurance customer to avoid dealing with estimated values when negotiating with owners who wish to retain their damaged vehicles. |
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the anticipated percentage return on salvage (i.e., gross salvage proceeds, minus vehicle handling and selling expenses, divided by the actual cash value); |
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the services provided by the company and the degree to which such services reduce administrative costs and expenses; |
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the price the company charges for its services; |
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national coverage; |
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the ability to respond to natural disasters; |
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the ability to provide analytical data to the seller; and |
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in the U.K., the actual amount paid for the vehicle. |
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a reduction in administrative time and effort; |
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a reduction in overall vehicle towing costs; |
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convenient local facilities; |
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improved access to buyers throughout the world; |
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a prompt response in the event of a natural disaster or other catastrophe; and |
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consistency in products and services. |
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Internet bidding, Internet proxy bidding, and virtual sales powered by VB3, which enhance the competitive bidding process; |
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a mobile application, which allows members to search, bid, create watch lists, join auctions and bid from anywhere; |
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online payment capabilities via our ePay product, credit cards and dealer financing programs; |
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e-mail notifications to potential buyers of vehicles that match desired characteristics; |
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sophisticated vehicle processing at storage sites, including digital imaging of each vehicle and the scanning of each vehicles title and other significant documents such as body shop invoices, all of which are available from us over the Internet; |
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specialty sales, which allow buyers the opportunity to focus on such select types of vehicles as motorcycles, heavy equipment, boats, recreational vehicles and rental cars; |
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interactive online counter-bidding, which allows sellers who have placed a minimum bid or a bid to be approved on a vehicle to directly counter-bid the current high bidder; |
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second chance bidding, which allows the second highest bidder the opportunity to purchase the vehicle for the sellers current minimum bid after the high bidder declines; and |
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Night Cap sales, which provides an additional opportunity for bidding on vehicles that did not achieve their minimum bid during the virtual sale, counter bidding, or second chance bidding. |
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expand our global presence; |
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strengthen our networks and access new markets; |
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utilize our existing corporate and technology infrastructure over a larger base of operations; and |
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introduce our comprehensive services and operational expertise. |
North America |
United Kingdom |
Other |
Total Employees |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3,250 |
724 |
205 |
4,179 |
Item 1A. |
Risk Factors |
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the difficulty of managing and staffing foreign offices and the increased travel, infrastructure and legal compliance costs associated with multiple international locations; |
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the need to localize our product offerings, particularly the need to implement our online auction platform in foreign countries; |
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tariffs and trade barriers and other regulatory or contractual limitations on our ability to operate in certain foreign markets; |
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exposure to foreign currency exchange rate risk, which may have an adverse impact on our revenues and revenue growth rates; |
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adapting to different business cultures and market structures, particularly where we seek to implement our auction model in markets where insurers have historically not played a substantial role in the disposition of salvage vehicles; and |
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repatriation of funds currently held in foreign jurisdictions to the U.S. may result in higher effective tax rates. |
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continue to acquire additional facilities on favorable terms; |
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expand existing facilities in no-growth regulatory environments; |
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increase revenues and profitability at acquired and new facilities; |
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maintain the historical revenue and earnings growth rates we have been able to obtain through facility openings and strategic acquisitions; |
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create new vehicle storage facilities that meet our current revenue and profitability requirements; or |
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obtain necessary regulatory approvals under applicable antitrust and competition laws. |
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hire, train and manage additional qualified personnel; |
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establish new relationships or expand existing relationships with vehicle sellers; |
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identify and acquire or lease suitable premises on competitive terms; |
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secure adequate capital; and |
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maintain the supply of vehicles from vehicle sellers. |
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fluctuations in the market value of salvage and used vehicles; |
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the impact of foreign exchange gain and loss as a result of international operations; |
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our ability to successfully integrate our newly acquired operations in international markets and any additional markets we may enter; |
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the availability of salvage vehicles; |
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variations in vehicle accident rates; |
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member participation in the Internet bidding process; |
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delays or changes in state title processing; |
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changes in international, state or federal laws or regulations affecting salvage vehicles; |
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changes in local laws affecting who may purchase salvage vehicles; |
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our ability to integrate and manage our acquisitions successfully; |
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the timing and size of our new facility openings; |
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the announcement of new vehicle supply agreements by us or our competitors; |
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the severity of weather and seasonality of weather patterns; |
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the amount and timing of operating costs and capital expenditures relating to the maintenance and expansion of our business, operations and infrastructure; |
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the availability and cost of general business insurance; |
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labor costs and collective bargaining; |
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changes in the current levels of out of state and foreign demand for salvage vehicles; |
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the introduction of a similar Internet product by a competitor; and |
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the ability to obtain necessary permits to operate. |
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enhance our existing services; |
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develop and license new services and technologies that address the increasingly sophisticated and varied needs of our prospective customers; and |
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respond to technological advances and emerging industry standards and practices on a cost-effective and timely basis. |
Item 1B. |
Unresolved Staff Comments |
Item 2. |
Properties |
Item 3. |
Legal Proceedings |
Item 4. |
Mine Safety Disclosure |
Item 5. |
Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
2014 |
2013 |
||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
High |
Low |
High |
Low |
||||||||||||||||
Fourth Quarter |
$ | 37.15 | $ | 33.37 | $ | 38.26 | $ | 30.11 | |||||||||||
Third Quarter |
$ | 37.54 | $ | 32.59 | $ | 36.93 | $ | 31.30 | |||||||||||
Second Quarter |
$ | 36.93 | $ | 31.08 | $ | 37.47 | $ | 28.39 | |||||||||||
First Quarter |
$ | 34.71 | $ | 30.38 | $ | 28.98 | $ | 23.28 |
Period |
Total Number of Shares |
Average Price Paid Per Share |
Total Number of Shares Purchased as Part of Publicly Announced Program |
Maximum Number of Shares That May Yet be Purchased Under the Program |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fiscal 2012 |
||||||||||||||||||
First Quarter |
2,139,796 | $ | 20.26 | 2,139,796 | 54,954,130 | |||||||||||||
Second Quarter |
3,940,912 | $ | 23.37 | 3,940,912 | 51,013,218 | |||||||||||||
Third Quarter |
| $ | | | 51,013,218 | |||||||||||||
Fourth Quarter |
2,800,000 | $ | 23.22 | 2,800,000 | 48,213,218 | |||||||||||||
Fiscal 2013 |
||||||||||||||||||
First Quarter |
500,000 | $ | 27.77 | 500,000 | 47,713,218 | |||||||||||||
Second Quarter |
| $ | | | 47,713,218 | |||||||||||||
Third Quarter |
| $ | | | 47,713,218 | |||||||||||||
Fourth Quarter |
| $ | | | 47,713,218 | |||||||||||||
Fiscal 2014 |
||||||||||||||||||
May 1, 2014 through May 31, 2014 |
| $ | | | 47,713,218 | |||||||||||||
June 1, 2014 through June 30, 2014 |
| $ | | | 47,713,218 | |||||||||||||
July 1, 2014 through July 31, 2014 |
| $ | | | 47,713,218 |
Period |
Options Exercised |
Exercise Price |
Shares Net Settled for Exercise |
Shares Withheld for Taxes(1) |
Net Shares to Employee |
Share Price for Withholding |
Tax Withholding (in 000s) |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FY 2012Q1 |
40,000 | $ | 9.00 | 16,082 | 8,974 | 14,944 | $ | 22.39 | $ | 201 | ||||||||||||||||||||
FY 2012Q2 |
20,000 | 9.00 | 7,506 | 4,584 | 7,910 | 23.98 | 110 | |||||||||||||||||||||||
FY 2012Q3 |
322,520 | 10.74 | 131,299 | 85,683 | 105,538 | 26.38 | 2,260 | |||||||||||||||||||||||
FY 2013Q2 |
73,228 | 8.89 | 18,127 | 17,461 | 37,640 | 35.91 | 627 | |||||||||||||||||||||||
FY 2014Q1 |
14,000 | 16.43 | 7,241 | 2,519 | 4,240 | 31.77 | 80 |
(1) |
Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against our stock repurchase program. |
Fiscal Year Ended July 31, |
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2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
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Copart, Inc. |
$ | 100.00 | $ | 103.20 | $ | 123.05 | $ | 134.58 | $ | 184.14 | $ | 189.07 | |||||||||||||||
NASDAQ Composite |
$ | 100.00 | $ | 115.74 | $ | 142.18 | $ | 150.64 | $ | 187.27 | $ | 230.59 | |||||||||||||||
NASDAQ Industrial |
$ | 100.00 | $ | 121.57 | $ | 163.50 | $ | 169.08 | $ | 231.92 | $ | 259.26 | |||||||||||||||
NASDAQ Q-50 (NXTQ) |
$ | 100.00 | $ | 121.12 | $ | 151.75 | $ | 144.97 | $ | 221.92 | $ | 266.02 |
* |
Assumes that $100.00 was invested on July 31, 2009 in our common stock, in the NASDAQ Composite Index, the NASDAQ Industrial Index and the NASDAQ Q-50 (NXTQ), and that all dividends were reinvested. No dividends have been declared on our common stock. Stockholder returns over the indicated period should not be considered indicative of future stockholder returns. |
Item 6. |
Selected Financial Data |
Fiscal Year Ended July 31, |
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2014 |
2013 |
2012 |
2011* |
2010 |
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(In thousands, except per share) |
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Operating Data |
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Revenues |
$ | 1,163,489 | $ | 1,046,386 | $ | 924,191 | $ | 872,246 | $ | 772,879 | |||||||||||||
Operating income |
274,934 | 282,992 | 286,353 | 265,290 | 239,070 | ||||||||||||||||||
Income from continuing operations before income taxes |
270,035 | 276,872 | 278,056 | 263,877 | 239,495 | ||||||||||||||||||
Income tax expense |
(91,348 | ) | (96,847 | ) | (95,937 | ) | (97,502 | ) | (87,868 | ) | |||||||||||||
Net income |
$ | 178,687 | $ | 180,025 | $ | 182,119 | $ | 166,375 | $ | 151,627 | |||||||||||||
Basic net income per common share |
$ | 1.42 | $ | 1.44 | $ | 1.42 | $ | 1.10 | $ | 0.90 | |||||||||||||
Weighted average shares |
125,693 | 124,912 | 128,120 | 151,298 | 168,330 | ||||||||||||||||||
Diluted net income per common share |
$ | 1.36 | $ | 1.39 | $ | 1.39 | $ | 1.08 | $ | 0.89 | |||||||||||||
Weighted average shares |
131,230 | 129,781 | 131,428 | 153,352 | 170,054 | ||||||||||||||||||
Balance Sheet Data |
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Cash and cash equivalents |
$ | 158,668 | $ | 63,631 | $ | 140,112 | $ | 74,009 | $ | 268,188 | |||||||||||||
Working capital |
168,007 | 67,893 | 134,908 | 75,242 | 330,191 | ||||||||||||||||||
Total assets |
1,506,804 | 1,334,481 | 1,154,000 | 1,084,436 | 1,228,812 | ||||||||||||||||||
Total debt |
302,901 | 372,457 | 444,120 | 375,756 | 975 | ||||||||||||||||||
Stockholders equity |
1,003,499 | 762,401 | 561,117 | 555,172 | 1,087,234 |
* |
As a result of the adoption of Accounting Standards Update 200913, Revenue Arrangements with Multiple Deliverables, for fiscal 2011, we accelerated recognition of $14.4 million in service revenue and $13.5 million in related yard operation expenses. |
Item 7. |
Managements Discussion and Analysis of Financial Condition and Results of Operations |
Locations |
Acquisition or Greenfield |
Date |
Geographic Service Area |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Atlanta, Georgia |
Greenfield |
August 2011 |
United States |
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Burlington, North Carolina |
Greenfield |
July 2012 |
United States |
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Webster New Hampshire |
Greenfield |
September 2012 |
United States |
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Gainesville, Georgia |
Acquisition |
May 2013 |
United States |
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Davison, Michigan |
Acquisition |
May 2013 |
United States |
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Ionia, Michigan |
Acquisition |
May 2013 |
United States |
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Kincheloe, Michigan |
Acquisition |
May 2013 |
United States |
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Salvage Parent, Inc.* |
Acquisition |
May 2013 |
United States |
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Seaford, Delaware |
Greenfield |
July 2014 |
United States |
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Edmonton, Canada |
Acquisition |
May 2012 |
Canada |
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Calgary, Canada |
Acquisition |
May 2012 |
Canada |
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Montreal, Canada |
Acquisition |
November 2013 |
Canada |
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Dubai, U.A.E. |
Acquisition |
August 2012 |
United Arab Emirates |
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Embu, Brazil |
Acquisition |
November 2012 |
Brazil |
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Pirapora, Brazil |
Acquisition |
November 2012 |
Brazil |
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Osasco, Brazil |
Acquisition |
November 2012 |
Brazil |
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Castelo Branco, Brazil |
Acquisition |
November 2012 |
Brazil |
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Vila Jaguara, Brazil |
Acquisition |
November 2012 |
Brazil |
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Itaquaquecetuba, Brazil |
Greenfield |
January 2014 |
Brazil |
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Ettlingen, Germany |
Acquisition |
November 2012 |
Germany |
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Cordoba, Spain |
Acquisition |
June 2013 |
Spain |
* |
Salvage Parent, Inc. conducts business primarily as Quad City Salvage Auction, Crashed Toys, and Desert View Auto Auctions. |
Year Ended July 31, |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In percentages) |
2014 |
2013 |
2012 |
||||||||||||
Service revenues and vehicle sales: |
|||||||||||||||
Service revenues |
82 | % | 81 | % | 82 | % | |||||||||
Vehicle sales |
18 | % | 19 | % | 18 | % | |||||||||
Total service revenues and vehicle sales |
100 | % | 100 | % | 100 | % | |||||||||
Operating expenses: |
|||||||||||||||
Yard operations |
45 | % | 44 | % | 41 | % | |||||||||
Cost of vehicle sales |
15 | % | 16 | % | 15 | % | |||||||||
General and administrative |
14 | % | 13 | % | 12 | % | |||||||||
Impairment of long-lived assets |
3 | % | 0 | % | 1 | % | |||||||||
Total operating expenses |
77 | % | 73 | % | 69 | % | |||||||||
Operating income |
23 | % | 27 | % | 31 | % | |||||||||
Other (expense) income: |
0 | % | 1 | % | 1 | % | |||||||||
Income before income taxes |
23 | % | 26 | % | 30 | % | |||||||||
Income taxes |
8 | % | 9 | % | 10 | % | |||||||||
Net income |
15 | % | 17 | % | 20 | % |
Year Ended July 31, |
2014 vs. 2013 |
2013 vs. 2012 |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
Change |
% Change |
Change |
% Change |
||||||||||||||||||||||||
Service revenues |
$ | 958,413 | $ | 849,667 | $ | 757,272 | $ | 108,746 | 12.8 | % | $ | 92,395 | 12.2 | % | |||||||||||||||||
Vehicle sales |
205,076 | 196,719 | 166,919 | 8,357 | 4.2 | % | 29,800 | 17.9 | % | ||||||||||||||||||||||
Total service revenues and vehicle sales |
$ | 1,163,489 | $ | 1,046,386 | $ | 924,191 | $ | 117,103 | 11.2 | % | $ | 122,195 | 13.2 | % |
Year Ended July 31, |
2014 vs. 2013 |
2013 vs. 2012 |
|||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
Change |
% Change |
Change |
% Change |
||||||||||||||||||||||||
Operating expenses: |
|||||||||||||||||||||||||||||||
Yard operations |
$ | 520,423 | $ | 458,228 | $ | 377,604 | $ | 62,195 | 13.6 | % | $ | 80,624 | 21.4 | % | |||||||||||||||||
Cost of vehicle sales |
174,493 | 167,236 | 136,971 | 7,257 | 4.3 | % | 30,265 | 22.1 | % | ||||||||||||||||||||||
General and administrative |
164,535 | 137,930 | 114,492 | 26,605 | 19.3 | % | 23,438 | 20.5 | % | ||||||||||||||||||||||
Impairment of long-lived assets |
29,104 | | 8,771 | 29,104 | 100.0 | % | (8,771 | ) | 100.0 | % | |||||||||||||||||||||
Total operating expenses |
$ | 888,555 | $ | 763,394 | $ | 637,838 | $ | 125,161 | 16.4 | % | $ | 125,556 | 19.7 | % | |||||||||||||||||
Total other expenses |
$ | (4,899 | ) | $ | (6,120 | ) | $ | (8,297 | ) | $ | 1,221 | 20.0 | % | $ | 2,177 | 26.2 | % | ||||||||||||||
Income taxes |
91,348 | 96,847 | 95,937 | (5,499 | ) | 5.7 | % | 910 | 0.9 | % |
July 31, |
2014 vs. 2013 |
2013 vs. 2012 |
|||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
Change |
% Change |
Change |
% Change |
||||||||||||||||||||||||
Cash and cash equivalents |
$ | 158,668 | $ | 63,631 | $ | 140,112 | $ | 95,037 | 149.4 | % | $ | (76,481 | ) | 54.6 | % | ||||||||||||||||
Working capital |
168,007 | 67,893 | 134,908 | 100,114 | 147.5 | % | (67,015 | ) | 49.7 | % |
Year Ended July 31, |
2014 vs. 2013 |
2013 vs. 2012 |
|||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
Change |
% Change |
Change |
% Change |
||||||||||||||||||||||||
Operating cash flows |
$ | 262,594 | $ | 199,326 | $ | 229,673 | $ | 63,268 | 31.7 | % | $ | (30,347 | ) | 13.2 | % | ||||||||||||||||
Investing cash flows |
(92,103 | ) | (208,021 | ) | (48,087 | ) | 115,918 | 55.7 | % | (159,934 | ) | 332.6 | % | ||||||||||||||||||
Financing cash flows |
(76,823 | ) | (65,891 | ) | (114,873 | ) | (10,932 | ) | 16.6 | % | 48,982 | 42.6 | % | ||||||||||||||||||
Capital expenditures, including acquisitions |
$ | (95,810 | ) | $ | (214,287 | ) | $ | (57,396 | ) | $ | 118,477 | 55.3 | % | $ | (156,891 | ) | 273.3 | % | |||||||||||||
Payments on long-term debt |
(75,000 | ) | (96,660 | ) | (56,250 | ) | 21,660 | 22.4 | % | (40,410 | ) | 71.8 | % | ||||||||||||||||||
Acquisitions |
(14,300 | ) | (84,022 | ) | (2,564 | ) | 69,722 | 83.0 | % | (81,458 | ) | 3,177.0 | % |
Period |
Options Exercised |
Exercise Price |
Shares Net Settled for Exercise |
Shares Withheld for Taxes(1) |
Net Shares to Employee |
Share Price for Withholding |
Tax Withholding (in 000s) |
|||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FY 2012Q1 |
40,000 | $ | 9.00 | 16,082 | 8,974 | 14,944 | $ | 22.39 | $ | 201 | ||||||||||||||||||||
FY 2012Q2 |
20,000 | 9.00 | 7,506 | 4,584 | 7,910 | 23.98 | 110 | |||||||||||||||||||||||
FY 2012Q3 |
322,520 | 10.74 | 131,299 | 85,683 | 105,538 | 26.38 | 2,260 | |||||||||||||||||||||||
FY 2013Q2 |
73,228 | 8.89 | 18,127 | 17,461 | 37,640 | 35.91 | 627 | |||||||||||||||||||||||
FY 2014Q1 |
14,000 | 16.43 | 7,241 | 2,519 | 4,240 | 31.77 | 80 |
(1) |
Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Companys stock repurchase program. |
Payments due by Fiscal Year |
|||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
Less than 1 year |
13 Years |
35 Years |
More than 5 Years |
Other |
Total |
|||||||||||||||||||||
Contractual Obligations |
|||||||||||||||||||||||||||
Long-term debt including current portion |
$ | 75,000 | $ | 218,750 | $ | | $ | | $ | | $ | 293,750 | |||||||||||||||
Interest payments on long-term debt including current portion |
5,881 | 1,589 | | | | 7,470 | |||||||||||||||||||||
Operating leases (1) |
23,357 | 39,052 | 28,736 | 76,189 | | 167,334 | |||||||||||||||||||||
Capital leases (1) |
1,407 | 1,350 | 2 | | | 2,759 | |||||||||||||||||||||
Tax liabilities (2) |
| | | | 23,771 | 23,771 | |||||||||||||||||||||
Total contractual obligations |
$ | 105,645 | $ | 260,741 | $ | 28,738 | $ | 76,189 | $ | 23,771 | $ | 495,084 |
Amount of Commitment Expiration Per Period |
|||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Commercial Commitments(3) |
Less than 1 year |
13 Years |
35 Years |
More than 5 Years |
Other |
Total |
|||||||||||||||||||||
Letters of Credit |
$ | 17,379 | $ | | $ | | $ | | $ | | $ | 17,379 |
(1) |
Contractual obligations consist of future non-cancelable minimum lease payments under capital and operating leases, used in the normal course of business. |
(2) |
Tax liabilities include the long-term liabilities in the consolidated balance sheet for unrecognized tax positions. At this time, we are unable to make a reasonably reliable estimate of the timing of payments in individual years beyond 12 months due to uncertainties in the timing of tax audit outcome. |
(3) |
Commercial commitments consist primarily of letters of credit provided for insurance programs and certain business transactions. |
Year Ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
General and administrative |
|||||||||||||||
Severance |
$ | 4,598 | $ | 978 | $ | 1,675 | |||||||||
Relocation |
491 | 759 | 534 | ||||||||||||
Total general and administrative |
$ | 5,089 | $ | 1,737 | $ | 2,209 | |||||||||
Yard operations |
|||||||||||||||
Relocation |
$ | (28 | ) | $ | 189 | $ | 745 | ||||||||
Impairment |
| | 1,123 | ||||||||||||
Total yard operations |
$ | (28 | ) | $ | 189 | $ | 1,868 |
Level I |
Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active
markets. |
|||||
Level II |
Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or
indirectly. Interest rate hedges are valued at exit prices obtained from the counter-party. |
|||||
Level III |
Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in
managements best estimate. |
Item 7A. |
Quantitative and Qualitative Disclosures About Market Risk |
Item 8. |
Financial Statements and Supplementary Data |
Item 9. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. |
Controls and Procedures |
Item 9B. |
Other Information |
Item 10. |
Directors, Executive Officers of the Registrant and Corporate Governance |
Item 11. |
Executive Compensation |
Item 12. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. |
Certain Relationships and Related Transactions, and Director Independence |
Item 14. |
Principal Accountant Fees and Services |
Item 15. |
Exhibits and Financial Statement Schedules |
(a) |
Financial statements: |
(b) |
Financial statement schedules: |
(c) |
Exhibits: |
Registrant |
||||||||||
COPART, INC. |
||||||||||
By: |
/s/ A. JAYSON ADAIR |
|||||||||
A. Jayson Adair Chief Executive Officer (Principal Executive Officer and Director) |
COPART, INC. |
||||||||||
By: |
/s/ WILLIAM E. FRANKLIN |
|||||||||
William E. Franklin, Executive Vice President, United States and Chief Financial Officer (Principal Financial and Accounting Officer) |
Signature |
|
Capacity in Which Signed |
|
Date |
||||||
---|---|---|---|---|---|---|---|---|---|---|
/s/ A. JAYSON ADAIR A. Jayson Adair |
Chief Executive Officer (Principal Executive Officer and Director) |
September 29, 2014 |
||||||||
/s/ WILLIAM E. FRANKLIN William E. Franklin |
Executive Vice President, United States and Chief Financial Officer (Principal Financial and Accounting Officer) |
September 29, 2014 |
||||||||
/s/ WILLIS J. JOHNSON Willis J. Johnson |
Chairman of the Board |
September 29, 2014 |
||||||||
/s/ VINCENT W. MITZ Vincent W. Mitz |
President and Director |
September 29, 2014 |
||||||||
/s/ JAMES E. MEEKS James E. Meeks |
Director |
September 29, 2014 |
||||||||
/s/ STEVEN D. COHAN Steven D. Cohan |
Director |
September 29, 2014 |
||||||||
/s/ DANIEL ENGLANDER Daniel Englander |
Director |
September 29, 2014 |
||||||||
/s/ THOMAS N. TRYFOROS Thomas N. Tryforos |
Director |
September 29, 2014 |
||||||||
/s/ MATT BLUNT Matt Blunt |
Director |
September 29, 2014 |
Consolidated Financial Statements |
Page Number |
|||||
---|---|---|---|---|---|---|
Report of Independent Registered Public Accounting Firm |
60 | |||||
Consolidated Balance Sheets as of July 31, 2014 and 2013 |
61 | |||||
Consolidated Statements of Income for the years ended July 31, 2014, 2013 and 2012 |
62 | |||||
Consolidated Statements of Comprehensive Income for the years ended July 31, 2014, 2013 and 2012 |
63 | |||||
Consolidated Statement of Stockholders Equity for the years ended July 31, 2014, 2013 and 2012 |
64 | |||||
Consolidated Statements of Cash Flows for the years ended July 31, 2014, 2013 and 2012 |
65 | |||||
Notes to Consolidated Financial Statements |
66 |
July 31, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
2014 |
2013 |
||||||||||
ASSETS |
|||||||||||
Current assets: |
|||||||||||
Cash and cash equivalents |
$ | 158,668 | $ | 63,631 | |||||||
Accounts receivable, net |
196,985 | 182,714 | |||||||||
Vehicle pooling costs |
24,438 | 20,466 | |||||||||
Inventories |
7,259 | 10,736 | |||||||||
Income taxes receivable |
2,288 | 9,416 | |||||||||
Deferred income taxes |
1,803 | 2,216 | |||||||||
Assets held for sale |
1,345 | 1,929 | |||||||||
Prepaid expenses and other assets |
19,505 | 15,344 | |||||||||
Total current assets |
412,291 | 306,452 | |||||||||
Property and equipment, net |
692,383 | 677,517 | |||||||||
Intangibles, net |
25,242 | 17,706 | |||||||||
Goodwill |
283,780 | 267,463 | |||||||||
Deferred income taxes |
36,721 | 30,117 | |||||||||
Other assets |
56,387 | 35,226 | |||||||||
Total assets |
$ | 1,506,804 | $ | 1,334,481 | |||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
|||||||||||
Current liabilities: |
|||||||||||
Accounts payable and accrued liabilities |
$ | 152,156 | $ | 136,648 | |||||||
Bank overdraft |
| 16,291 | |||||||||
Deferred revenue |
4,170 | 4,832 | |||||||||
Income taxes payable |
8,284 | 4,741 | |||||||||
Current portion of long-term debt and capital lease obligations |
79,674 | 76,047 | |||||||||
Total current liabilities |
244,284 | 238,559 | |||||||||
Deferred income taxes |
7,372 | 8,071 | |||||||||
Income taxes payable |
23,771 | 23,091 | |||||||||
Long-term debt and capital lease obligations |
223,227 | 296,410 | |||||||||
Other liabilities |
4,651 | 5,949 | |||||||||
Total liabilities |
503,305 | 572,080 | |||||||||
Commitments and contingencies |
|||||||||||
Stockholders equity: |
|||||||||||
Preferred stock: $0.0001 par value5,000,000 shares authorized; none issued |
| | |||||||||
Common stock: $0.0001 par value180,000,000 shares authorized; 126,143,366 and 125,494,995 shares issued and outstanding, respectively
|
13 | 13 | |||||||||
Additional paid-in capital |
404,542 | 368,769 | |||||||||
Accumulated other comprehensive loss |
(20,060 | ) | (47,161 | ) | |||||||
Retained earnings |
619,004 | 440,780 | |||||||||
Total stockholders equity |
1,003,499 | 762,401 | |||||||||
Total liabilities and stockholders equity |
$ | 1,506,804 | $ | 1,334,481 |
Year Ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 |
2013 |
2012 |
|||||||||||||
Service revenues and vehicle sales: |
|||||||||||||||
Service revenues |
$ | 958,413 | $ | 849,667 | $ | 757,272 | |||||||||
Vehicle sales |
205,076 | 196,719 | 166,919 | ||||||||||||
Total service revenues and vehicle sales |
1,163,489 | 1,046,386 | 924,191 | ||||||||||||
Operating expenses: |
|||||||||||||||
Yard operations |
520,423 | 458,228 | 377,604 | ||||||||||||
Cost of vehicle sales |
174,493 | 167,236 | 136,971 | ||||||||||||
General and administrative |
164,535 | 137,930 | 114,492 | ||||||||||||
Impairment of long-lived assets |
29,104 | | 8,771 | ||||||||||||
Total operating expenses |
888,555 | 763,394 | 637,838 | ||||||||||||
Operating income |
274,934 | 282,992 | 286,353 | ||||||||||||
Other (expense) income: |
|||||||||||||||
Interest expense |
(8,768 | ) | (10,267 | ) | (11,341 | ) | |||||||||
Interest income |
491 | 638 | 357 | ||||||||||||
Other income, net |
3,378 | 3,509 | 2,687 | ||||||||||||
Total other expense |
(4,899 | ) | (6,120 | ) | (8,297 | ) | |||||||||
Income before income taxes |
270,035 | 276,872 | 278,056 | ||||||||||||
Income taxes |
91,348 | 96,847 | 95,937 | ||||||||||||
Net income |
$ | 178,687 | $ | 180,025 | $ | 182,119 | |||||||||
Basic net income per common share |
$ | 1.42 | $ | 1.44 | $ | 1.42 | |||||||||
Weighted average common shares outstanding |
125,693 | 124,912 | 128,120 | ||||||||||||
Diluted net income per common share |
$ | 1.36 | $ | 1.39 | $ | 1.39 | |||||||||
Diluted weighted average common shares outstanding |
131,230 | 129,781 | 131,428 |
Year Ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 |
2013 |
2012 |
|||||||||||||
Comprehensive income, net of tax: |
|||||||||||||||
Net income |
$ | 178,687 | $ | 180,025 | $ | 182,119 | |||||||||
Other comprehensive income: |
|||||||||||||||
Unrealized gain (loss) on interest rate swaps, net (a) |
2,140 | 2,993 | (1,749 | ) | |||||||||||
Reclassification adjustment of interest rate swaps, net (b) |
(1,467 | ) | (1,624 | ) | (1,361 | ) | |||||||||
Foreign currency translation adjustments |
26,428 | (10,487 | ) | (11,708 | ) | ||||||||||
Total comprehensive income |
$ | 205,788 | $ | 170,907 | $ | 167,301 |
(a) |
Net of tax effect of $(1,125), $(1,647) and $1,045 for the years ended July 31, 2014, 2013 and 2012, respectively. |
(b) |
Net of tax effect of $744, $874 and $717 for the years ended July 31, 2014, 2013 and 2012, respectively. |
Common Stock |
||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Outstanding Shares |
Amount |
Additional Paid in Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Stockholders Equity |
|||||||||||||||||||||
Balances at July 31, 2011 |
132,011,034 | $ | 13 | $ | 313,927 | $ | (23,225 | ) | $ | 264,457 | $ | 555,172 | ||||||||||||||
Net income |
| | | | 182,119 | 182,119 | ||||||||||||||||||||
Currency translation adjustment |
| | | (11,708 | ) | | (11,708 | ) | ||||||||||||||||||
Interest rate swaps, net of tax effects |
| | | (3,110 | ) | | (3,110 | ) | ||||||||||||||||||
Exercise of stock options, net of repurchased shares |
1,165,605 | | 13,202 | | (2,777 | ) | 10,425 | |||||||||||||||||||
Employee stock-based payment compensation and related tax benefit |
| | 26,158 | | | 26,158 | ||||||||||||||||||||
Shares issued for Employee Stock Purchase Plan |
97,769 | | 1,957 | | | 1,957 | ||||||||||||||||||||
Shares repurchased |
(8,880,708 | ) | (1 | ) | (29,057 | ) | | (170,838 | ) | (199,896 | ) | |||||||||||||||
Balances at July 31, 2012 |
124,393,700 | 12 | 326,187 | (38,043 | ) | 272,961 | 561,117 | |||||||||||||||||||
Net income |
| | | | 180,025 | 180,025 | ||||||||||||||||||||
Currency translation adjustment |
| | | (10,487 | ) | | (10,487 | ) | ||||||||||||||||||
Interest rate swaps, net of tax effects |
| | | 1,369 | | 1,369 | ||||||||||||||||||||
Exercise of stock options, net of repurchased shares |
1,516,534 | 1 | 21,370 | | (943 | ) | 20,428 | |||||||||||||||||||
Employee stock-based payment compensation and related tax benefit |
| | 21,886 | | | 21,886 | ||||||||||||||||||||
Shares issued for Employee Stock Purchase Plan |
84,761 | | 1,948 | | | 1,948 | ||||||||||||||||||||
Shares repurchased |
(500,000 | ) | | (2,622 | ) | | (11,263 | ) | (13,885 | ) | ||||||||||||||||
Balances at July 31, 2013 |
125,494,995 | 13 | 368,769 | (47,161 | ) | 440,780 | 762,401 | |||||||||||||||||||
Net income |
| | | | 178,687 | 178,687 | ||||||||||||||||||||
Currency translation adjustment |
| | | 26,428 | | 26,428 | ||||||||||||||||||||
Interest rate swaps, net of tax effects |
| | | 673 | | 673 | ||||||||||||||||||||
Exercise of stock options, net of repurchased shares |
566,404 | | 10,349 | | (463 | ) | 9,886 | |||||||||||||||||||
Employee stock-based payment compensation and related tax benefit |
| | 23,085 | | | 23,085 | ||||||||||||||||||||
Shares issued for Employee Stock Purchase Plan |
81,967 | | 2,339 | | | 2,339 | ||||||||||||||||||||
Balances at July 31, 2014 |
126,143,366 | $ | 13 | $ | 404,542 | $ | (20,060 | ) | $ | 619,004 | $ | 1,003,499 |
Year Ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 |
2013 |
2012 |
|||||||||||||
Cash flows from operating activities: |
|||||||||||||||
Net Income |
$ | 178,687 | $ | 180,025 | $ | 182,119 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||||
Depreciation and amortization |
53,726 | 56,728 | 48,167 | ||||||||||||
Allowance for doubtful accounts |
1,087 | (356 | ) | (192 | ) | ||||||||||
Impairment of long-lived assets |
29,104 | | 8,771 | ||||||||||||
Stock-based compensation |
22,099 | 19,557 | 21,791 | ||||||||||||
Excess tax benefit from stock-based payment compensation |
(2,289 | ) | (6,097 | ) | (4,367 | ) | |||||||||
Gain on sale of property and equipment |
(1,461 | ) | (962 | ) | (143 | ) | |||||||||
Deferred income taxes |
(10,838 | ) | (3,605 | ) | (17,579 | ) | |||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: |
|||||||||||||||
Accounts receivable |
(12,870 | ) | (31,171 | ) | (16,004 | ) | |||||||||
Vehicle pooling costs |
(3,613 | ) | (3,626 | ) | 1,142 | ||||||||||
Inventories |
4,012 | (1,777 | ) | (218 | ) | ||||||||||
Prepaid expenses and other current assets |
(4,500 | ) | (5,971 | ) | 6,026 | ||||||||||
Other assets |
(8,900 | ) | (18,714 | ) | (1,951 | ) | |||||||||
Accounts payable and accrued liabilities |
5,425 | 14,749 | (3,805 | ) | |||||||||||
Deferred revenue |
(661 | ) | (871 | ) | (243 | ) | |||||||||
Income taxes receivable |
9,267 | (752 | ) | 7,082 | |||||||||||
Income taxes payable |
2,816 | 1,609 | (2,545 | ) | |||||||||||
Other liabilities |
1,503 | 560 | 1,622 | ||||||||||||
Net cash provided by operating activities |
262,594 | 199,326 | 229,673 | ||||||||||||
Cash flows from investing activities: |
|||||||||||||||
Purchases of property and equipment |
(81,510 | ) | (130,265 | ) | (54,832 | ) | |||||||||
Proceeds from sale of property and equipment |
2,849 | 3,077 | 1,268 | ||||||||||||
Proceeds from sale of assets held for sale |
858 | 3,189 | 8,041 | ||||||||||||
Purchases of assets and liabilities in connection with acquisition, net of cash acquired |
(14,300 | ) | (84,022 | ) | (2,564 | ) | |||||||||
Net cash used in investing activities |
(92,103 | ) | (208,021 | ) | (48,087 | ) | |||||||||
Cash flows from financing activities: |
|||||||||||||||
Proceeds from the exercise of stock options |
10,412 | 21,442 | 13,651 | ||||||||||||
Excess tax benefit from stock-based payment compensation |
2,289 | 6,097 | 4,367 | ||||||||||||
Proceeds from the issuance of Employee Stock Purchase Plan shares |
2,339 | 1,948 | 1,957 | ||||||||||||
Repurchases of common stock |
(572 | ) | (15,009 | ) | (203,285 | ) | |||||||||
Change in bank overdraft |
(16,291 | ) | 16,291 | | |||||||||||
Proceeds from the issuance of long-term debt |
| | 125,000 | ||||||||||||
Debt offering costs |
| | (313 | ) | |||||||||||
Principal payments on long-term debt |
(75,000 | ) | (96,660 | ) | (56,250 | ) | |||||||||
Net cash used in financing activities |
(76,823 | ) | (65,891 | ) | (114,873 | ) | |||||||||
Effect of foreign currency translation |
1,369 | (1,895 | ) | (610 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents |
95,037 | (76,481 | ) | 66,103 | |||||||||||
Cash and cash equivalents at beginning of period |
63,631 | 140,112 | 74,009 | ||||||||||||
Cash and cash equivalents at end of period |
$ | 158,668 | $ | 63,631 | $ | 140,112 | |||||||||
Supplemental disclosure of cash flow information: |
|||||||||||||||
Interest paid |
$ | 8,768 | $ | 10,267 | $ | 11,333 | |||||||||
Income taxes paid |
$ | 82,813 | $ | 95,182 | $ | 106,581 |
Cumulative loss on foreign currency translation as of July 31, 2012 |
$(34,933) |
|||||||||
Loss on foreign currency translation |
(10,487) |
|||||||||
Cumulative loss on foreign currency translation as of July 31, 2013 |
$(45,420) |
|||||||||
Gain on foreign currency translation |
26,428 |
|||||||||
Cumulative loss on foreign currency translation as of July 31, 2014 |
$(18,992) |
Level I |
Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active
markets. |
|||||
Level II |
Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or
indirectly. Interest rate hedges are valued at exit prices obtained from the counter-party. |
|||||
Level III |
Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in
managements best estimate. |
July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 |
2013 |
2012 |
|||||||||||||
Expected life (in years) |
5.1 7.1 | 5.2 6.9 | 5.2 6.8 | ||||||||||||
Risk-free interest rate |
1.55 2.3 | % | 0.61 1.5 | % | 0.68 1.7 | % | |||||||||
Estimated volatility |
20 25 | % | 24 26 | % | 24 26 | % | |||||||||
Expected dividends |
0 | % | 0 | % | 0 | % | |||||||||
Weighted average fair value at measurement date |
$ | 11.10 | $ | 7.87 | $ | 6.01 |
Allocation of the acquisition: |
||||||
Accounts receivable and prepaid expenses |
$ | 734 | ||||
Property and equipment |
71 | |||||
Inventory |
81 | |||||
Intangible assets |
5,153 | |||||
Goodwill |
8,472 | |||||
Liabilities assumed |
(43 | ) | ||||
Fair value of net assets and liabilities acquired |
$ | 14,468 |
Total cash paid, net of cash acquired |
$ | 83,866 | ||||
Contingent consideration |
3,092 | |||||
Total acquisition price |
$ | 86,958 | ||||
Allocation of the acquisition: |
||||||
Accounts receivable and prepaid expenses |
$ | 21,082 | ||||
Deferred income taxes |
2,845 | |||||
Vehicle pooling costs |
1,187 | |||||
Property and equipment |
21,158 | |||||
Inventory |
634 | |||||
Intangible assets |
24,186 | |||||
Goodwill |
72,666 | |||||
Liabilities assumed |
(56,800 | ) | ||||
Fair value of net assets and liabilities acquired |
$ | 86,958 |
July 31, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
|||||||||
Advance charges receivable |
$ | 126,307 | $ | 118,584 | |||||||
Trade accounts receivable |
72,170 | 65,660 | |||||||||
Other receivables |
2,092 | 1,153 | |||||||||
200,569 | 185,397 | ||||||||||
Less: allowance for doubtful accounts |
(3,584 | ) | (2,683 | ) | |||||||
Accounts receivable, net |
$ | 196,985 | $ | 182,714 |
July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
Balance at beginning of year |
$ | 2,683 | $ | 2,920 | $ | 3,122 | |||||||||
Charged to costs and expenses |
3,376 | 1,424 | 1,626 | ||||||||||||
Deductions to bad debt |
(2,475 | ) | (1,661 | ) | (1,828 | ) | |||||||||
Balance at end of year |
$ | 3,584 | $ | 2,683 | $ | 2,920 |
July 31, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
|||||||||
Transportation and other equipment |
$ | 68,956 | $ | 58,016 | |||||||
Office furniture and equipment |
41,504 | 59,936 | |||||||||
Software |
61,698 | 74,261 | |||||||||
Land |
475,564 | 443,126 | |||||||||
Buildings and leasehold improvements |
429,895 | 414,284 | |||||||||
1,077,617 | 1,049,623 | ||||||||||
Less: accumulated depreciation and amortization |
(385,234 | ) | (372,106 | ) | |||||||
Property and equipment, net |
$ | 692,383 | $ | 677,517 |
July 31, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
|||||||||
Beginning balance |
$ | 267,463 | $ | 196,438 | |||||||
Goodwill recorded during the period |
7,724 | 73,414 | |||||||||
Effect of foreign currency exchange rates |
8,593 | (2,389 | ) | ||||||||
Ending balance |
$ | 283,780 | $ | 267,463 |
Gross Carrying Amount |
Accumulated Amortization |
Net Book Value |
Weighted Average Remaining Useful Life (in years) |
||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
July 31, |
July 31, |
July 31, |
July 31, |
||||||||||||||||||||||||||||||||
(In thousands, except remaining useful life) |
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
|||||||||||||||||||||||||||
Amortized intangibles: |
|||||||||||||||||||||||||||||||||||
Covenants not to compete |
$ | 17,656 | $ | 12,515 | $ | (11,945 | ) | $ | (10,965 | ) | $ | 5,711 | $ | 1,550 | 4 | 4 | |||||||||||||||||||
Supply contracts & customer relationships |
46,761 | 33,711 | (29,193 | ) | (22,152 | ) | 17,568 | 11,559 | 4 | 6 | |||||||||||||||||||||||||
Trade name |
2,757 | 2,998 | (1,125 | ) | (402 | ) | 1,632 | 2,596 | 3 | 4 | |||||||||||||||||||||||||
Licenses and databases |
2,560 | 3,306 | (2,229 | ) | (1,305 | ) | 331 | 2,001 | 3 | 3 | |||||||||||||||||||||||||
Intangibles, net |
$ | 69,734 | $ | 52,530 | $ | (44,492 | ) | $ | (34,824 | ) | $ | 25,242 | $ | 17,706 |
(In thousands) |
||||||
---|---|---|---|---|---|---|
2015 |
$ | 6,491 | ||||
2016 |
5,976 | |||||
2017 |
5,712 | |||||
2018 |
4,501 | |||||
2019 |
1,087 | |||||
Thereafter |
1,475 | |||||
Total future intangible amortization expense |
$ | 25,242 |
July 31, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
|||||||||
Trade accounts payable |
$ | 22,108 | $ | 34,488 | |||||||
Accounts payable to sellers |
40,105 | 36,073 | |||||||||
Buyer deposits and prepayments |
28,117 | 25,384 | |||||||||
Accrued compensation and benefits |
25,721 | 21,978 | |||||||||
Accrued insurance |
5,703 | 6,048 | |||||||||
Other accrued liabilities |
30,402 | 12,677 | |||||||||
Total accounts payable and accrued expenses |
$ | 152,156 | $ | 136,648 |
(In thousands) |
July 31, |
|||||
---|---|---|---|---|---|---|
2015 |
$ | 75,000 | ||||
2016 |
218,750 | |||||
Total future Term Loan payments |
$ | 293,750 |
Period |
Options Exercised |
Exercise Price |
Shares Net Settled for Exercise |
Shares Withheld for Taxes(1) |
Net Shares to Employee |
Share Price for Withholding |
Tax Withholding (in 000s) |
|||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FY 2012Q1 |
40,000 | $ | 9.00 | 16,082 | 8,974 | 14,944 | $ | 22.39 | $ | 201 | ||||||||||||||||||||
FY 2012Q2 |
20,000 | 9.00 | 7,506 | 4,584 | 7,910 | 23.98 | 110 | |||||||||||||||||||||||
FY 2012Q3 |
322,520 | 10.74 | 131,299 | 85,683 | 105,538 | 26.38 | 2,260 | |||||||||||||||||||||||
FY 2013Q2 |
73,228 | 8.89 | 18,127 | 17,461 | 37,640 | 35.91 | 627 | |||||||||||||||||||||||
FY 2014Q1 |
14,000 | 16.43 | 7,241 | 2,519 | 4,240 | 31.77 | 80 |
(1) |
Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Companys stock repurchase program. |
Year Ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
General and administrative |
$ | 19,489 | $ | 17,238 | $ | 18,802 | |||||||||
Yard operations |
2,610 | 2,319 | 2,989 | ||||||||||||
Total stock-based payment compensation |
$ | 22,099 | $ | 19,557 | $ | 21,791 |
(In thousands, except share amounts) |
Number of Shares |
Weighted Average Grant- date Fair Value |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Non-vested shares at July 31, 2013 |
3,396 | $ | 6.55 | |||||||
Grants of non-vested shares |
4,986 | 11.10 | ||||||||
Vested |
(2,186 | ) | 6.78 | |||||||
Forfeitures or expirations |
(275 | ) | 7.05 | |||||||
Non-vested shares at July 31, 2014 |
5,921 | $ | 10.39 |
(In thousands, except per share and term data) |
Shares |
Weighted Average Exercise Price |
Weighted Average Remaining Contractual Term (In years) |
Aggregate Intrinsic Value |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Outstanding as of July 31, 2013 |
14,922 | $ | 16.75 | 5.91 | $ | 235,086 | ||||||||||||
Grants of options |
4,986 | 35.75 | | | ||||||||||||||
Exercises |
(551 | ) | 17.10 | | | |||||||||||||
Forfeitures or expirations |
(275 | ) | 21.73 | | | |||||||||||||
Outstanding as of July 31, 2014 |
19,082 | $ | 21.64 | 6.01 | $ | 235,734 | ||||||||||||
Exercisable as of July 31, 2014 |
13,161 | $ | 16.33 | 4.67 | $ | 224,434 | ||||||||||||
Vested and expected to vest as of July 31, 2014 |
18,522 | $ | 21.58 | 6.10 | $ | 218,576 |
(In thousands, except per share amount) |
Options Outstanding |
Options Exercisable |
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Range of Exercise Prices |
Number |
Weighted Average Remaining Contractual Life |
Weighted Average Exercise Price |
Number |
Weighted Average Exercise Price |
||||||||||||||||||
$9.29$14.88 |
550 | 2.32 | $ | 12.63 | 550 | $ | 12.63 | ||||||||||||||||
$15.11$15.11 |
8,000 | 4.70 | 15.11 | 8,000 | 15.11 | ||||||||||||||||||
$16.38$22.47 |
4,882 | 4.89 | 18.46 | 4,209 | 18.24 | ||||||||||||||||||
$22.4736.82 |
5,650 | 9.20 | 34.52 | 402 | 25.69 | ||||||||||||||||||
19,082 | 6.01 | $ | 21.64 | 13,161 | $ | 16.33 |
Year ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
U.S |
$ | 218,450 | $ | 236,118 | $ | 237,596 | |||||||||
Non-U.S |
51,585 | 40,754 | 40,460 | ||||||||||||
Total income before taxes |
$ | 270,035 | $ | 276,872 | $ | 278,056 |
Year ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
Federal: |
|||||||||||||||
Current |
$ | 90,207 | $ | 87,484 | $ | 102,152 | |||||||||
Deferred |
(9,589 | ) | (1,073 | ) | (14,557 | ) | |||||||||
80,618 | 86,411 | 87,595 | |||||||||||||
State: |
|||||||||||||||
Current |
1,912 | 3,871 | 3,332 | ||||||||||||
Deferred |
(279 | ) | 66 | (461 | ) | ||||||||||
1,633 | 3,937 | 2,871 | |||||||||||||
Foreign: |
|||||||||||||||
Current |
10,077 | 9,090 | 8,460 | ||||||||||||
Deferred |
(980 | ) | (2,591 | ) | (2,989 | ) | |||||||||
9,097 | 6,499 | 5,471 | |||||||||||||
Income tax expense |
$ | 91,348 | $ | 96,847 | $ | 95,937 |
Year ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
Federal statutory rate |
35.0 | % | 35.0 | % | 35.0 | % | |||||||||
State income taxes, net of federal income tax benefit |
1.1 | 1.1 | 1.2 | ||||||||||||
Foreign rate differential |
(2.1 | ) | (1.8 | ) | (1.9 | ) | |||||||||
Compensation and fringe benefits |
0.1 | 0.1 | | ||||||||||||
Other differences |
(0.3 | ) | 0.6 | 0.2 | |||||||||||
Effective tax rate |
33.8 | % | 35.0 | % | 34.5 | % |
July 31, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
|||||||||
Deferred tax assets: |
|||||||||||
Allowance for doubtful accounts |
$ | 1,209 | $ | 1,109 | |||||||
Accrued compensation and benefits |
36,780 | 29,909 | |||||||||
State taxes |
416 | 438 | |||||||||
Accrued other |
2,962 | 3,376 | |||||||||
Deferred revenue |
1,301 | 675 | |||||||||
Property and equipment |
18,627 | 11,651 | |||||||||
Losses carried forward |
4,312 | 4,494 | |||||||||
Federal tax benefit |
10,457 | 7,897 | |||||||||
Total gross deferred tax assets |
76,064 | 59,549 | |||||||||
Less valuation allowance |
(2,210 | ) | (1,597 | ) | |||||||
Net deferred tax assets |
73,854 | 57,952 | |||||||||
Deferred tax liabilities: |
|||||||||||
Vehicle pooling costs |
(7,420 | ) | (6,814 | ) | |||||||
Prepaid insurance |
(1,950 | ) | (1,039 | ) | |||||||
Intangibles and goodwill |
(33,332 | ) | (25,757 | ) | |||||||
Workers compensation |
| (81 | ) | ||||||||
Total gross deferred tax liabilities |
(42,702 | ) | (33,691 | ) | |||||||
Net deferred tax assets |
$ | 31,152 | $ | 24,261 |
July 31, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
|||||||||
North America current assets |
$ | 1,803 | $ | 2,216 | |||||||
North America non-current assets |
36,639 | 29,928 | |||||||||
Foreign non-current liabilities |
(7,290 | ) | (7,883 | ) | |||||||
Net deferred tax assets |
$ | 31,152 | $ | 24,261 |
July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
Beginning balance |
$ | 17,178 | $ | 16,946 | $ | 18,794 | |||||||||
Increases related to current year tax position |
1,805 | 1,844 | 2,036 | ||||||||||||
Prior year tax positions: |
|||||||||||||||
Prior year increase |
2,997 | 1,474 | 618 | ||||||||||||
Prior year decrease |
(523 | ) | | (952 | ) | ||||||||||
Cash settlement |
| | (452 | ) | |||||||||||
Lapse of statute of limitations |
(3,038 | ) | (3,086 | ) | (3,098 | ) | |||||||||
Ending balance |
$ | 18,419 | $ | 17,178 | $ | 16,946 |
July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
Weighted average common shares outstanding |
125,693 | 124,912 | 128,120 | ||||||||||||
Effect of dilutive securities stock options |
5,537 | 4,869 | 3,308 | ||||||||||||
Weighted average common and dilutive potential common shares outstanding |
131,230 | 129,781 | 131,428 |
Year ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
North America |
$ | 904,000 | $ | 826,030 | $ | 731,495 | |||||||||
United Kingdom |
235,245 | 209,186 | 192,696 | ||||||||||||
Other |
24,244 | 11,170 | | ||||||||||||
Total revenue |
$ | 1,163,489 | $ | 1,046,386 | $ | 924,191 | |||||||||
International total |
$ | 269,915 | $ | 228,945 | $ | 199,322 |
Year ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
North America |
$ | 551,182 | $ | 565,590 | $ | 514,527 | |||||||||
United Kingdom |
139,845 | 102,934 | 91,543 | ||||||||||||
Other |
57,743 | 44,219 | | ||||||||||||
Total long-lived assets |
$ | 748,770 | $ | 712,743 | $ | 606,070 | |||||||||
International total |
$ | 204,076 | $ | 151,179 | $ | 95,704 |
Year ended July 31, |
|||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2015 |
2016 |
2017 |
2018 |
2019 |
Thereafter |
Subtotal |
Less Amount Representing Interest |
Total |
||||||||||||||||||||||||||||||
Operating leases |
$ | 23,357 | $ | 20,718 | $ | 18,334 | $ | 16,050 | $ | 12,685 | $ | 76,190 | $ | 167,334 | $ | | $ | 167,334 | |||||||||||||||||||||
Capital leases |
1,407 | 1,312 | 37 | 3 | | | 2,759 | (92 | ) | 2,667 |
Year ended July 31, |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
2012 |
||||||||||||
General and Administrative |
|||||||||||||||
Severance |
$ | 4,598 | $ | 978 | $ | 1,675 | |||||||||
Relocation |
491 | 759 | 534 | ||||||||||||
Total general and administrative |
$ | 5,089 | $ | 1,737 | $ | 2,209 | |||||||||
Yard Operations |
|||||||||||||||
Relocation |
$ | (28 | ) | $ | 189 | $ | 745 | ||||||||
Impairment |
| | 1,123 | ||||||||||||
Total yard operations |
$ | (28 | ) | $ | 189 | $ | 1,868 |
Year ended July 31, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) |
2014 |
2013 |
|||||||||
Beginning balance |
$ | 2,224 | $ | 1,800 | |||||||
Expense |
4,598 | 978 | |||||||||
Payments |
(4,924 | ) | (554 | ) | |||||||
Ending balance |
$ | 1,898 | $ | 2,224 |
Fiscal quarter |
|||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fiscal year 2014 |
First |
Second |
Third |
Fourth |
|||||||||||||||
Total revenue |
$ | 279,883 | $ | 286,434 | $ | 309,722 | $ | 287,450 | |||||||||||
Operating income |
64,959 | 71,484 | 62,633 | 75,858 | |||||||||||||||
Gross Margin |
107,836 | 111,546 | 132,252 | 116,939 | |||||||||||||||
Income before income taxes |
64,245 | 70,588 | 61,318 | 73,884 | |||||||||||||||
Net income |
41,422 | 45,345 | 40,877 | 51,043 | |||||||||||||||
Basic net income per share |
$ | 0.33 | $ | 0.36 | $ | 0.32 | $ | 0.41 | |||||||||||
Diluted net income per share |
$ | 0.32 | $ | 0.35 | $ | 0.31 | $ | 0.39 |
Fiscal quarter |
|||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fiscal year 2013 |
First |
Second |
Third |
Fourth |
|||||||||||||||
Total revenue |
$ | 238,866 | $ | 266,185 | $ | 277,638 | $ | 263,697 | |||||||||||
Operating income |
74,357 | 62,770 | 82,813 | 63,052 | |||||||||||||||
Gross Margin |
105,436 | 96,817 | 115,597 | 103,072 | |||||||||||||||
Income before income taxes |
71,588 | 61,117 | 82,005 | 62,162 | |||||||||||||||
Net income |
45,845 | 39,640 | 53,236 | 41,304 | |||||||||||||||
Basic net income per share |
$ | 0.37 | $ | 0.32 | $ | 0.42 | $ | 0.33 | |||||||||||
Diluted net income per share |
$ | 0.36 | $ | 0.31 | $ | 0.41 | $ | 0.32 |
(1) |
Earnings per share were computed independently for each of the periods presented; therefore, the sum of the earnings per share amounts for the quarters may not equal the total for the year. |
Incorporated by reference herein |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Exhibit Number |
|
Description |
|
Form |
|
Date |
|||||||||
3.1 |
Copart, Inc. Certificate of Incorporation |
Current Report on Form 8-K, (File No. 000-23255), Exhibit No. 3.1 |
January 10, 2012 |
||||||||||||
3.2 |
Bylaws of Copart, Inc. |
Current Report on Form 8-K, (File No. 000-23255), Exhibit No. 3.2 |
January 10, 2012 |
||||||||||||
4.1 |
Preferred Stock Rights Agreement, dated as of March 6, 2003,between Copart and Equiserve Trust Company N.A., including the
Certificate of Determination, the form of Rights Certificate and the Summary of Rights attached thereto as Exhibits A, B and C,
respectively |
8/A-12/G (File No. 000-23255), Exhibit No. 4.1 |
March 11, 2003 |
||||||||||||
4.2 |
Amendment to Preferred Stock Rights Agreement, as of March 14, 2006, between the Registrant and Computershare Trust Company, N.A.
(formerly Equiserve Trust Company, N.A.) |
8/A-12G/A (File No. 000-23255), Exhibit 4.2 |
March 15, 2006 |
||||||||||||
4.3 |
Amendment to Preferred Stock Rights Agreement, as of January 10, 2013, between the Registrant and Computershare Trust Company, N.A.
(formerly Equiserve Trust Company, N.A.) |
8/A-12G/A (File No. 000-23255), Exhibit 4.3 |
January 10, 2012 |
||||||||||||
10.1 |
* | Copart Inc. 2001 Stock Option Plan |
Registration Statement on Form S-8 (File No. 333-90612), Exhibit No. 4.1 |
June 17, 2002 |
|||||||||||
10.2 |
* | Copart Inc. 2007 Equity Incentive Plan (2007 EIP) |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.1 |
December 16, 2013 |
|||||||||||
10.3 |
* | Form of Performance Share Award Agreement for use with 2007 EIP |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.1 |
December 12, 2007 |
|||||||||||
10.4 |
* | Form of Restricted Stock Unit Award Agreement for use with 2007 EIP |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.3 |
December 12, 2007 |
|||||||||||
10.5 |
* | Form of Stock Option Award Agreement for use with 2007 EIP |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.5 |
December 12, 2007 |
|||||||||||
10.6 |
* | Form of Restricted Stock Award Agreement for use with 2007 EIP |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.4 |
December 12, 2007 |
|||||||||||
10.7 |
* | Credit Agreement dated as of December 14, 2010 by and between the Registrant and Bank of America, N.A. |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.1 |
December 15, 2010 |
Incorporated by reference herein |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Exhibit Number |
|
Description |
|
Form |
|
Date | |||||||||
10.8 |
* | Amendment to Credit Agreement between the Registrant and Bank of America, N.A., dated as of September 29,
2011 |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.13b |
October 4, 2011 |
|||||||||||
10.9 |
* | Copart, Inc. Executive Bonus Plan |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.13 |
August 3, 2006 |
|||||||||||
10.10 |
* | Amended and Restated Executive Officer Employment Agreement between the Registrant and William E. Franklin, dated September 25,
2008 |
Quarterly Report on Form 10-Q (File No. 000-23255), Exhibit No. 10.1 |
December 10, 2008 |
|||||||||||
10.11 |
* | Form of Copart, Inc. Stand-Alone Stock Option Award Agreement for grant of options to purchase 2,000,000 shares of the
Registrants common stock to each of Willis J. Johnson and A. Jayson Adair |
Registration Statement on Form S-8 (File No. 333-159946), Exhibit No. 4.1 |
June 12, 2009 |
|||||||||||
10.12 |
* | Amendment dated June 9, 2010 to Option Agreements dated June 6, 2001, October 21, 2002 and August 19, 2003 between the Registrant and
Willis J. Johnson |
Annual Report on Form 10-K (File No. 000-23255), Exhibit No. 10-17 |
September 23, 2010 |
|||||||||||
10.13 |
Executive Officer Employment Agreement between the Registrant and Thomas Wylie, dated September 25, 2008 |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.2 |
December 15, 2010 |
||||||||||||
10.14 |
Executive Officer Employment Agreement between the Registrant and Vincent Philips, dated April 12, 2010 |
Current Report on Form 8-K (File No. 000-23255), Exhibit No. 10.4 |
December 15, 2010 |
||||||||||||
10.15 |
Standard Industrial/Commercial single tenant lease-net dated January 3, 2011 between Partnership Health Plan of California and the
Registrant |
Annual Report on Form 10-K (File No. 000-23255), Exhibit No. 10.21 |
September 23, 2011 |
||||||||||||
10.16 |
* | Form of Indemnification Agreement signed by executive officers and directors |
Annual Report on Form 10-K (File No. 000-23255), Exhibit No. 10.17 |
October 1, 2012 |
|||||||||||
10.17 |
Standard Industrial/Commercial single tenant lease-net dated February 3, 2013 between Garden Centura, L.P. and the
Registrant |
Annual Report on Form 10-K (File No. 000-23255), Exhibit No. 10.18 |
October 1, 2012 |
||||||||||||
10.18 |
Executive Officer Employment Agreement between the Registrant and John Lindle, dated June 1, 2013 |
Annual Report on Form 10-K (File No. 000-23255), Exhibit No. 10.18 |
September 30, 2013 |
||||||||||||
14.01 |
Code of Ethics for Principal Executive and Senior Financial Officers |
Annual Report on Form 10-K (File No. 000-23254), Exhibit No. 14-01 |
October 17, 2003 |
||||||||||||
21.1 |
List of subsidiaries of Registrant |
|
Filed herewith |
||||||||||||
23.1 |
Consent of Independent Registered Public Accounting Firm |
|
Filed herewith |
||||||||||||
24.1 |
Power of Attorney (included on signature page) |
|
Filed herewith |
||||||||||||
31.1 |
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
Filed herewith |
Incorporated by reference herein |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Exhibit Number |
|
Description |
|
Form |
|
Date | |||||||||
31.2 |
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
Filed herewith |
||||||||||||
32.1 |
(1) | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
Filed herewith |
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32.2 |
(1) | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
Filed herewith |
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101.INS |
XBRL Instance Document |
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101.SCH |
XBRL Taxonomy Extension Schema Document |
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101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document |
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101.DEF |
XBRL Extension Definition |
||||||||||||||
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document |
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101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |
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(1) |
In
accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 33-8238 and 34-47986, Final Rule: Managements Reports on Internal
Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and
32.2 hereto are deemed to accompany this Form 10-K and will not be deemed filed for purposes of Section 18 of the Exchange Act. Such
certifications will not be deemed to be incorporated by reference into any filings under the Securities Act or the Exchange Act, except to the extent
that the registrant specifically incorporates it by reference. |
* |
Management contract, plan or arrangement |
EXHIBIT 21.1
US SUBSIDIARIES:
Name of subsidiary | State of incorporation or organization |
Name(s) under which subsidiary does business |
Ace Auto Parts, Inc. | Oregon | |
California Towing & Storage, LLC | California | |
Copart Credit Acceptance Corp. | California | |
Copart-Dallas, Inc. | California | |
Copart-Houston, Inc. | California | |
Copart Investment Holdings LLC | Delaware | |
Copart Land Holdings, LLC | Connecticut | |
Copart Land Holding, L.L.C. | Maryland | |
Copart of Arizona, Inc. | Arizona | Copart, Copart Auto Auctions, Copart Salvage Auto Auctions, 57 Storage |
Copart of Arkansas, Inc. | Arkansas | Copart, Copart Auto Auctions |
Copart of Connecticut, Inc. | Connecticut | Copart, Copart Auto Auctions, Crashed Toys, Copart Auto Auctions No. 143, Copart Salvage Auto Auctions, QCSA, QCSA Direct, Salvage Direct |
Copart of Florida, Inc. | Florida | |
Copart of Houston, Inc. | Texas | |
Copart of Kansas, Inc. | Kansas | Copart |
Copart of Louisiana, Inc. | Louisiana | Copart, Copart Auto Auctions |
Copart of Missouri, Inc. | Missouri | Copart, Copart Auto Auctions |
Name of subsidiary | State of incorporation or organization |
Name(s) under which subsidiary does business |
Copart of Oklahoma, Inc. | Oklahoma | Copart, Copart Auto Auctions |
Copart of Tennessee, Inc. | Tennessee | Copart, Copart Auto Auctions |
Copart of Texas, Inc. | Texas | Copart |
Copart of Washington, Inc. | Washington | Copart, Copart Auto Auctions, Copart Salvage Auto Auctions |
CPRT Holdings LLC | Delaware | |
CPRT Land Holdings, Inc. | California | |
Crashed Toys L.L.C. | Iowa | |
CWH Services, LLC | Minnesota | |
Dallas Copart Salvage Auto Auctions Limited Partnership | Texas | Copart, Copart Auto Auctions, Copart Salvage Auto Auctions, CrashedToys |
Desert View Auto Repo, Inc. | California | |
Gulf Storage, Inc. | Louisiana | |
Houston Copart Salvage Auto Auctions Limited Partnership | Texas | Copart, Copart Auto Auctions, Copart Salvage Auto Auctions, CrashedToys |
L & S Towing and Storage, LLC | Florida | |
Motors Auction Group, Inc. | Delaware | Motors Auction Group |
QCSA Charity, LLC | Delaware | |
QCSA Equipment, Inc. | Iowa | |
QCSA/Madison LLC | Illinois | |
QCSA Minnesota, LLC | Minnesota |
2
Name of subsidiary | State of incorporation or organization |
Name(s) under which subsidiary does business |
QCSA of Hammond, LLC | Indiana | |
QCSA of Indiana LLC | Indiana | |
QCSA/Springfield, Inc. | Illinois | |
Quad City Salvage Auction, Inc. | Iowa | |
Salvage Wholesale Auction Network, L.L.C. | Iowa | |
Storage Direct, LLC | Pennsylvania | |
TDP West Palm, Inc. | Florida | Copart |
VB2, Inc. | Delaware |
NON-US SUBSIDIARIES:
Name of subsidiary | Jurisdiction of incorporation or organization |
Name(s) under which subsidiary does business |
Autoresiduos S.L.U. | Spain | |
Copart Autos España, S.L.U. | Spain | |
Copart Bahrain Auctions WLL | Bahrain | |
Copart Canada Inc. | Canada | Copart, Copart Auto Auctions |
Copart Claims Handling Services Limited | United Kingdom | |
Copart Deutschland GmbH | Germany | |
Copart do Brasil Organização de Leilões Ltda. | Brazil |
3
Name of subsidiary | Jurisdiction of incorporation or organization |
Name(s) under which subsidiary does business |
Copart Europe Limited | United Kingdom | |
Copart GCC GmbH | Switzerland | |
Copart India Private Limited | India | |
Copart Ltd | United Kingdom | |
Copart Montréal Inc. | Canada | Copart Auction, Berpa Auto Auction, GPS Secure Storage, Encan Copart, Encan D’Autos Berpa, GPS Entreposage Sécuritaire, Reseau Des Commerҫants Sécuritaire, Réseau Des Commerҫants Automobiles Accrédités Du Québec |
Copart Muscat Auctions LLC | Oman | |
Copart UAE Auctions LLC | United Arab Emirates | |
Copart UK Limited | United Kingdom | |
Copart Vehicle Auctions Ireland Limited | Ireland | |
Cornville Limited | United Kingdom | |
CPRT (Europe) Limited | United Kingdom | |
CPRT GmbH | Germany | |
CPRT Holding Company Netherlands B.V. | Netherlands | |
CPRT LLP | United Kingdom | |
D Hales Limited | United Kingdom | |
TRAPOC GmbH | Germany | |
Trapoc Limited | United Kingdom |
4
Name of subsidiary | Jurisdiction of incorporation or organization |
Name(s) under which subsidiary does business |
TRPC Limited | United Kingdom | |
Universal Salvage Auctions Ltd | United Kingdom | |
Universal Salvage Limited | United Kingdom | |
U-Pull-It Limited | United Kingdom | |
W.O.M. Service GmbH | Germany | |
WOM WreckOnlineMarket GmbH | Germany |
4828-6571-1901, v. 2
5
EXHIBIT 23.1
Consent of Independent Registered Public Accounting Firm |
We consent to the incorporation by reference in the Post Effective Amendment No. 1 to Registration Statements (Form S-8 No. 33-81238) pertaining to the Copart 1994 Employee Stock Purchase Plan, (Form S-8 No. 333-93887) pertaining to the Copart 1994 Employee Stock Purchase Plan, (Form S-8 No. 333-90612) pertaining to the Copart 2001 Stock Option Plan, (Form S-8 No. 333-112597) pertaining to the Copart 1994 Employee Stock Purchase Plan, (Form S-8 No. 333-148506) pertaining to the Copart 2007 Equity Incentive Plan, (Form S-8 No. 333-159946) pertaining to the Copart, Inc. Stand Alone Stock Option Award Agreement dated April 14, 2009 between Copart, Inc. and Willis J. Johnson and the Copart, Inc. Stand Alone Stock Option Award Agreement dated April 14, 2009 between Copart, Inc. and A. Jayson Adair, and in the Registration Statement (Form S-8 333-193244) pertaining to the 2007 Equity Incentive Plan, as amended and restated, the Copart, Inc. Stand Alone Stock Option Award Agreement dated December 16, 2013 between Copart, Inc. and Vincent W. Mitz and the Copart, Inc. Stand Alone Stock Option Award Agreement dated December 16, 2013 between Copart, Inc. and A. Jayson Adair of our reports dated September 29, 2014, with respect to the consolidated financial statements of Copart, Inc. and the effectiveness of internal control over financial reporting of Copart, Inc. included in this Annual Report (Form 10-K) for the year ended July 31, 2014.
|
/s/ Ernst & Young LLP
Dallas, Texas
September 29, 2014
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, A. Jayson Adair, certify that:
1. | I have reviewed this Annual Report on Form 10-K of Copart, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: September 29, 2014 | ||||||
/s/ A. Jayson
Adair A. Jayson Adair Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, William E. Franklin, certify that:
1. | I have reviewed this Annual Report on Form 10-K of Copart, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: September 29, 2014 | ||||||
/s/ William E.
Franklin William E. Franklin Executive Vice President, United States and Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, A. Jayson Adair, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, the Annual Report of Copart, Inc. on Form 10-K for the year ended July 31, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of Copart, Inc.
/s/ A. Jayson Adair | |
A. Jayson Adair | |
Chief Executive Officer |
Date: September 29, 2014
A signed original of this written statement required by Section 906 has been provided to Copart, Inc. and will be retained by Copart, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
The foregoing certification is being furnished to the Securities and Exchange Commission pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing except to the extent that the Company specifically incorporates it by reference.
EXHIBIT 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, William E. Franklin, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, the Annual Report of Copart, Inc. on Form 10-K for the year ended July 31, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of Copart, Inc.
/s/ William E. Franklin | |
William E. Franklin Executive Vice President, United States and Chief Financial Officer |
Date: September 29, 2014
A signed original of this written statement required by Section 906 has been provided to Copart, Inc. and will be retained by Copart, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
The foregoing certification is being furnished to the Securities and Exchange Commission pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing except to the extent that the Company specifically incorporates it by reference.
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Net Income Per Share (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2014
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of basic weighted shares outstanding to diluted weighted average shares outstanding |
|
Property and Equipment, Net (Details Textuals) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2014
|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 37.0 | $ 42.0 | $ 34.8 |
Software [Member]
|
|||
Property, Plant and Equipment [Line Items] | |||
Amortization expense | $ 9.8 | $ 9.5 | $ 8.9 |
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