Copart (CPRT) FY2021 results: revenue $2.7 billion, up 22.1% on the year
Copart Inc. (CPRT) reported revenue of $2.7 billion for fiscal 2021, the year ended 31 July 2021, up 22.1% on the year before. Net income was $936 million, up 33.8%, and diluted earnings per share $0.97. The figures are the company's own, from the 10-K it filed with the SEC on 27 September 2021.
Revenue
$2.7 billion
+22.1% on the year
FY2014FY2021
Operating margin
42.2%
37.0% a year earlier
FY2014FY2021
Net income
$936 million
+33.8% on the year
FY2014FY2021
Diluted EPS
$0.97
+33.1% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
2,693
2,206
2,042
+22.1%
Cost of revenue
n/a
n/a
256
Gross profit
n/a
n/a
1,786
Gross margin
n/a
n/a
87.5%
Operating income
1,136
816
716
+39.3%
Operating margin
42.2%
37.0%
35.1%
Interest expense
n/a
20.2
19.8
Pre-tax income
1,122
801
705
+40.1%
Income tax
185
101
113
+83.6%
Effective tax rate
16.5%
12.6%
16.1%
Net income
936
700
592
+33.8%
Net margin
34.8%
31.7%
29.0%
Diluted EPS
$0.97
$0.73
$0.61
+33.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
991
918
647
+8.0%
Capital expenditure
463
592
374
-21.8%
Free cash flow
528
326
273
+62.0%
Free cash flow margin
19.6%
14.8%
13.4%
Cash from investing
-465
-601
-356
Cash from financing
40.9
-27.4
-370
Depreciation and amortisation
122
101
84.9
+20.3%
Share-based compensation
40.9
23.3
23.4
+75.5%
Buybacks
0.0
0.0
365
Diluted shares, weighted
961m
955m
962m
+0.7%
Shares outstanding at period end
948m
941m
919m
+0.7%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
3,529
2,490
1,778
+41.8%
Redeemable equity
0.0
n/a
n/a
Debt
400
400
400
0.0%
Operating lease liabilities
97.9
95.6
0.0
+2.4%
Finance lease liabilities
0.0
0.6
n/a
-93.6%
Other liabilities
535
470
369
+13.9%
Total liabilities and equity
4,562
3,455
2,548
+32.0%
Fixed assets
2,297
1,942
1,428
+18.3%
Goodwill
356
344
333
+3.5%
Intangible assets
45.9
47.8
55.2
-4.0%
Securities held for sale or to maturity
0.0
n/a
n/a
Cash and equivalents
1,048
478
186
+119.4%
Receivables
481
350
367
+37.2%
Inventory
45.0
20.1
20.9
+123.9%
Other assets
290
274
157
+5.8%
Total assets
4,562
3,455
2,548
+32.0%
10-K for the year ended 31 July 2021, filed 27 September 2021: the filing.