Cover
Cover - shares | 6 Months Ended | |
Jan. 31, 2023 | Feb. 23, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2023 | |
Document Transition Report | false | |
Entity Registrant Name | COPART, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 000-23255 | |
Entity Tax Identification Number | 94-2867490 | |
Entity Address, Address Line One | 14185 Dallas Parkway | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75254 | |
City Area Code | 972 | |
Local Phone Number | 391-5000 | |
Title of 12(b) Security | Common Stock, par value $0.0001 | |
Trading Symbol | CPRT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Smaller reporting company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 476,592,516 | |
Entity Central Index Key | 0000900075 | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY) | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 31, 2023 | Jul. 31, 2022 |
Current assets: | ||
Cash, cash equivalents, and restricted cash | $ 1,660,952 | $ 1,384,236 |
Accounts receivable, net | 765,192 | 578,573 |
Vehicle pooling costs | 133,598 | 112,242 |
Inventories | 52,071 | 58,791 |
Income taxes receivable | 436 | 49,882 |
Prepaid expenses and other assets | 26,532 | 18,731 |
Total current assets | 2,638,781 | 2,202,455 |
Property and equipment, net | 2,656,273 | 2,485,764 |
Operating lease right-of-use assets | 106,656 | 116,303 |
Intangibles, net | 51,186 | 54,680 |
Goodwill | 404,046 | 401,954 |
Other assets | 75,466 | 47,708 |
Total assets | 5,932,408 | 5,308,864 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 439,271 | 399,034 |
Deferred revenue | 23,796 | 20,061 |
Income taxes payable | 3,820 | 0 |
Current portion of operating and finance lease liabilities | 20,736 | 21,794 |
Total current liabilities | 487,623 | 440,889 |
Deferred income taxes | 76,471 | 80,060 |
Income taxes payable | 65,322 | 64,637 |
Operating and finance lease liabilities, net of current portion | 87,394 | 95,683 |
Long-term debt and other liabilities | 1,946 | 1,996 |
Total liabilities | 718,756 | 683,265 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock: $0.0001 par value - 5,000,000 shares authorized; none issued | 0 | 0 |
Common stock: $0.0001 par value - 1,600,000,000 shares authorized; 476,564,148 and 476,081,948 shares issued and outstanding, respectively. | 48 | 48 |
Additional paid-in capital | 875,009 | 838,508 |
Accumulated other comprehensive loss | (156,507) | (169,365) |
Retained earnings | 4,495,102 | 3,956,408 |
Total stockholders’ equity | 5,213,652 | 4,625,599 |
Total liabilities and stockholders’ equity | $ 5,932,408 | $ 5,308,864 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jan. 31, 2023 | Jul. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,600,000,000 | 1,600,000,000 |
Common stock, shares issued (in shares) | 476,564,148 | 476,081,948 |
Common stock, shares outstanding (in shares) | 476,564,148 | 476,081,948 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Service revenues and vehicle sales | $ 956,724 | $ 867,460 | $ 1,850,096 | $ 1,677,592 |
Operating expenses: | ||||
Yard operations | 375,497 | 323,814 | 748,274 | 622,508 |
Cost of vehicle sales | 154,727 | 140,304 | 305,839 | 266,712 |
General and administrative | 60,975 | 56,014 | 118,955 | 110,923 |
Total operating expenses | 591,199 | 520,132 | 1,173,068 | 1,000,143 |
Operating income | 365,525 | 347,328 | 677,028 | 677,449 |
Other expense: | ||||
Interest income (expense), net | 14,480 | (4,433) | 18,902 | (9,540) |
Other expense, net | (2,902) | (840) | (5,724) | (28) |
Total other income (expense) | 11,578 | (5,273) | 13,178 | (9,568) |
Income before income taxes | 377,103 | 342,055 | 690,206 | 667,881 |
Income tax expense | 83,426 | 54,643 | 150,681 | 120,106 |
Net income | $ 293,677 | $ 287,412 | $ 539,525 | $ 547,775 |
Basic net income per common share (in dollars per share) | $ 0.62 | $ 0.61 | $ 1.13 | $ 1.15 |
Weighted average common shares outstanding (in shares) | 476,376 | 474,372 | 476,237 | 474,334 |
Diluted net income per common share (in dollars per share) | $ 0.61 | $ 0.60 | $ 1.12 | $ 1.14 |
Diluted weighted average common shares outstanding (in shares) | 482,536 | 482,374 | 482,238 | 482,488 |
Service revenues | ||||
Service revenues and vehicle sales | $ 789,797 | $ 711,090 | $ 1,516,637 | $ 1,378,908 |
Vehicle sales | ||||
Service revenues and vehicle sales | $ 166,927 | $ 156,370 | $ 333,459 | $ 298,684 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Comprehensive income, net of tax: | ||||
Net income | $ 293,677 | $ 287,412 | $ 539,525 | $ 547,775 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 42,429 | (12,124) | 12,858 | (22,642) |
Comprehensive income | $ 336,106 | $ 275,288 | $ 552,383 | $ 525,133 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Outstanding shares, beginning balance (in shares) at Jul. 31, 2021 | 474,028,546 | ||||
Stockholders' equity, beginning balance at Jul. 31, 2021 | $ 3,529,201 | $ 48 | $ 761,810 | $ (100,860) | $ 2,868,203 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 260,363 | 260,363 | |||
Currency translation adjustment | (10,518) | (10,518) | |||
Exercise of stock options, net of repurchased shares (in shares) | 291,972 | ||||
Exercise of stock options, net of repurchased shares | 5,323 | 5,572 | (249) | ||
Stock-based compensation (in shares) | 42,182 | ||||
Stock-based compensation | 9,452 | 9,452 | |||
Outstanding shares, ending balance (in shares) at Oct. 31, 2021 | 474,362,700 | ||||
Stockholders' equity, ending balance at Oct. 31, 2021 | 3,793,821 | $ 48 | 776,834 | (111,378) | 3,128,317 |
Outstanding shares, beginning balance (in shares) at Jul. 31, 2021 | 474,028,546 | ||||
Stockholders' equity, beginning balance at Jul. 31, 2021 | 3,529,201 | $ 48 | 761,810 | (100,860) | 2,868,203 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 547,775 | ||||
Outstanding shares, ending balance (in shares) at Jan. 31, 2022 | 474,948,984 | ||||
Stockholders' equity, ending balance at Jan. 31, 2022 | 4,089,856 | $ 48 | 797,931 | (123,502) | 3,415,379 |
Outstanding shares, beginning balance (in shares) at Oct. 31, 2021 | 474,362,700 | ||||
Stockholders' equity, beginning balance at Oct. 31, 2021 | 3,793,821 | $ 48 | 776,834 | (111,378) | 3,128,317 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 287,412 | 287,412 | |||
Currency translation adjustment | (12,124) | (12,124) | |||
Exercise of stock options, net of repurchased shares (in shares) | 492,902 | ||||
Exercise of stock options, net of repurchased shares | 6,063 | 6,413 | (350) | ||
Stock-based compensation (in shares) | 5,534 | ||||
Stock-based compensation | 9,662 | 9,662 | |||
Shares issued for Employee Stock Purchase Plan (in shares) | 87,848 | ||||
Shares issued for Employee Stock Purchase Plan | 5,022 | 5,022 | |||
Outstanding shares, ending balance (in shares) at Jan. 31, 2022 | 474,948,984 | ||||
Stockholders' equity, ending balance at Jan. 31, 2022 | $ 4,089,856 | $ 48 | 797,931 | (123,502) | 3,415,379 |
Outstanding shares, beginning balance (in shares) at Jul. 31, 2022 | 476,081,948 | 476,081,948 | |||
Stockholders' equity, beginning balance at Jul. 31, 2022 | $ 4,625,599 | $ 48 | 838,508 | (169,365) | 3,956,408 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 245,848 | 245,848 | |||
Currency translation adjustment | (29,571) | (29,571) | |||
Exercise of stock options, net of repurchased shares (in shares) | 75,554 | ||||
Exercise of stock options, net of repurchased shares | 766 | 1,061 | (295) | ||
Stock-based compensation (in shares) | 38,312 | ||||
Stock-based compensation | 10,192 | 10,192 | |||
Outstanding shares, ending balance (in shares) at Oct. 31, 2022 | 476,195,814 | ||||
Stockholders' equity, ending balance at Oct. 31, 2022 | $ 4,852,834 | $ 48 | 849,761 | (198,936) | 4,201,961 |
Outstanding shares, beginning balance (in shares) at Jul. 31, 2022 | 476,081,948 | 476,081,948 | |||
Stockholders' equity, beginning balance at Jul. 31, 2022 | $ 4,625,599 | $ 48 | 838,508 | (169,365) | 3,956,408 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 539,525 | ||||
Exercise of stock options, net of repurchased shares (in shares) | 299,000 | ||||
Outstanding shares, ending balance (in shares) at Jan. 31, 2023 | 476,564,148 | 476,564,148 | |||
Stockholders' equity, ending balance at Jan. 31, 2023 | $ 5,213,652 | $ 48 | 875,009 | (156,507) | 4,495,102 |
Outstanding shares, beginning balance (in shares) at Oct. 31, 2022 | 476,195,814 | ||||
Stockholders' equity, beginning balance at Oct. 31, 2022 | 4,852,834 | $ 48 | 849,761 | (198,936) | 4,201,961 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 293,677 | 293,677 | |||
Currency translation adjustment | 42,429 | 42,429 | |||
Exercise of stock options, net of repurchased shares (in shares) | 223,426 | ||||
Exercise of stock options, net of repurchased shares | 9,218 | 9,754 | (536) | ||
Stock-based compensation (in shares) | 30,351 | ||||
Stock-based compensation | 10,131 | 10,131 | |||
Shares issued for Employee Stock Purchase Plan (in shares) | 114,557 | ||||
Shares issued for Employee Stock Purchase Plan | $ 5,363 | 5,363 | |||
Outstanding shares, ending balance (in shares) at Jan. 31, 2023 | 476,564,148 | 476,564,148 | |||
Stockholders' equity, ending balance at Jan. 31, 2023 | $ 5,213,652 | $ 48 | $ 875,009 | $ (156,507) | $ 4,495,102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 539,525 | $ 547,775 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization, including debt cost | 78,094 | 65,627 |
Allowance for credit loss | 2,133 | 1,695 |
Equity in losses of unconsolidated affiliates | 4,030 | 685 |
Stock-based compensation | 20,323 | 19,114 |
Gain on sale of property and equipment | (748) | (755) |
Deferred income taxes | (3,309) | 6,003 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (186,559) | (152,763) |
Vehicle pooling costs | (21,268) | (29,623) |
Inventories | 8,001 | (8,589) |
Prepaid expenses, other current and non-current assets | (29,176) | (19,889) |
Operating lease right-of-use assets and lease liabilities | 414 | 657 |
Accounts payable and accrued liabilities | 27,619 | 10,741 |
Deferred revenue | 3,709 | (309) |
Income taxes receivable | 49,430 | 4,577 |
Income taxes payable | 7,615 | 1,655 |
Other liabilities | 0 | (53) |
Net cash provided by operating activities | 499,833 | 446,548 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (256,719) | (156,200) |
Purchase of assets in connection with acquisitions | 0 | (469) |
Proceeds from sale of property and equipment | 16,343 | 1,252 |
Investment in unconsolidated affiliate | 1,993 | 0 |
Purchase of held to maturity securities | 0 | (374,866) |
Net cash used in investing activities | (242,369) | (530,283) |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options | 10,815 | 11,985 |
Proceeds from the issuance of Employee Stock Purchase Plan shares | 5,363 | 5,022 |
Payments for employee stock-based tax withholdings | (831) | (599) |
Payments of finance lease obligations | (13) | (314) |
Net cash provided by financing activities | 15,334 | 16,094 |
Effect of foreign currency translation | 3,918 | (8,968) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 276,716 | (76,609) |
Cash, cash equivalents, and restricted cash at beginning of period | 1,384,236 | 1,048,260 |
Cash, cash equivalents, and restricted cash at end of period | 1,660,952 | 971,651 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 706 | 9,311 |
Income taxes paid, net of refunds | $ 98,324 | $ 128,972 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Description of Business Copart, Inc. (“the Company”) provides vehicle sellers with a full range of services to process and sell vehicles over the internet through the Company’s Virtual Bidding Third Generation (“VB3”) internet auction-style sales technology. Vehicle sellers consist primarily of insurance companies, but also include banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, exporters, and directly to the general public. The majority of vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company offers vehicle sellers a full range of services that expedite each stage of the vehicle sales process, minimize administrative and processing costs and maximize the ultimate sales price through the online auction process. In the United States (“U.S.”), Canada, Brazil, the Republic of Ireland, Finland, the United Arab Emirates (“U.A.E.”), Oman, and Bahrain, the Company sells vehicles primarily as an agent and derives revenue primarily from auction and auction related sales transaction fees charged for vehicle remarketing services as well as fees for services subsequent to the auction, such as delivery and storage. In the United Kingdom (“U.K.”), Germany, and Spain, the Company operates both as an agent and on a principal basis, in some cases purchasing salvage vehicles outright and reselling the vehicles for its own account. In Germany and Spain, the Company also derives revenue from listing vehicles on behalf of insurance companies and insurance experts to determine the vehicle’s residual value and/or to facilitate a sale for the insured. Principles of Consolidation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments of a normal recurring nature considered necessary for fair presentation of the Company’s financial position as of January 31, 2023 and July 31, 2022, its consolidated statements of income, comprehensive income and stockholders’ equity for the three and six months ended January 31, 2023 and 2022, and its cash flows for the six months ended January 31, 2023 and 2022. Interim results for the three and six months ended January 31, 2023 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2023. These consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2022. Certain prior year amounts have been reclassified to conform to current year presentation. The consolidated financial statements of the Company include the accounts of the parent company and its wholly-owned subsidiaries. Significant intercompany transactions and balances have been eliminated in consolidation. On October 3, 2022, the Company’s Board of Directors approved a two-for-one common stock split effected in the form of a stock dividend subject to and contingent upon, among other things, obtaining stockholder approval of an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of common stock. On October 31, 2022, the Company’s stockholders approved such increase at a special meeting of stockholders. As such, on November 3, 2022, the Company effected the two-for-one stock dividend to stockholders of record as of October 6, 2022. The stock dividend increased the number of shares of common stock outstanding. Certain prior year amounts have been retroactively adjusted to conform to current year presentation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates include, but are not limited to, vehicle pooling costs; income taxes; stock-based compensation; and contingencies. Actual results may differ from these estimates. Revenue Recognition The Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. Service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction, excluding annual registration fees. Costs to prepare the vehicles for auction, including inbound transportation costs and titling fees, are deferred and recognized at the time of revenue recognition at auction. The Company’s disaggregation between service revenues and vehicle sales at the segment level reflects how the nature, timing, amount and uncertainty of its revenues and cash flows are impacted by economic factors. The Company reports sales taxes on relevant transactions on a net basis in the Company’s consolidated results of operations, and therefore does not include sales taxes in revenues or costs. Service revenues The Company’s service revenue consists of auction and auction related sales transaction fees charged for vehicle remarketing services. Within this revenue category, the Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. These auction and auction related services may include a combination of vehicle purchasing fees, vehicle listing fees, and vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price, tiered vehicle sales price driven fees, or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle; transportation fees for the cost of transporting the vehicle to or from the Company’s facility; title processing and preparation fees; vehicle storage fees; bidding fees; and vehicle loading fees. These services are not distinct within the context of the contract. Accordingly, revenue for these services is recognized when the single performance obligation is satisfied at the completion of the auction process. The Company does not take ownership of these consigned vehicles, which are stored at the Company’s facilities located throughout the U.S. and at its international locations. These fees are recognized as net revenue (not gross vehicle selling price) at the time of auction in the amount of such fees charged. The Company has a separate performance obligation related to providing access to its online auction platform as the Company charges members an annual registration fee for the right to participate in its online auctions and access the Company’s bidding platform. This fee is recognized ratably over the term of the arrangement, generally one year, as each day of access to the online auction platform represents the best depiction of the transfer of the service. No provision for returns has been established, as all sales are final with no right of return or warranty, although the Company provides for credit loss expense in the case of non-performance by its buyers or sellers. Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Service revenues United States $ 705,733 $ 630,707 $ 1,357,390 $ 1,221,465 International 84,064 80,383 159,247 157,443 Total service revenues $ 789,797 $ 711,090 $ 1,516,637 $ 1,378,908 Vehicle sales Certain vehicles are purchased and remarketed on the Company’s own behalf. The Company has a single performance obligation related to the sale of these vehicles, which is the completion of the online auction process. Vehicle sales revenue is recognized on the auction date. As the Company acts as a principal in vehicle sales transactions, the gross sales price at auction is recorded as revenue. Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Vehicle sales United States $ 82,196 $ 96,679 $ 179,387 $ 184,382 International 84,731 59,691 154,072 114,302 Total vehicle sales $ 166,927 $ 156,370 $ 333,459 $ 298,684 Contract assets The Company capitalizes certain contract assets related to obtaining a contract, where the amortization period for the related asset is greater than one year. These assets are amortized over the expected life of the customer relationship. Contract assets are classified as current or long-term other assets, based on the timing of when the Company expects to recognize the related revenues and are amortized as an offset to the associated revenues on a straight-line basis. The Company assesses these costs for impairment at least quarterly and as “triggering” events occur that indicate it is more likely than not that an impairment exists. The contract asset costs where the amortization period for the related asset is one year or less are expensed as incurred and recorded within general and administrative expenses in the accompanying consolidated statements of income. The change in the carrying amount of contract assets was as follows (In thousands): Balance as of July 31, 2022 $ 4,778 Capitalized contract assets during the period 25,540 Costs amortized during the period (2,545) Effect of foreign currency exchange rates 36 Balance as of January 31, 2023 $ 27,809 Vehicle Pooling Costs The Company defers costs that relate directly to the fulfillment of its contracts associated with vehicles consigned to and received by the Company, but not sold as of the end of the period. The Company quantifies the deferred costs using a calculation that includes the number of vehicles at its facilities at the beginning and end of the period, the number of vehicles sold during the period, and an allocation of certain yard operation costs of the period. The primary expenses allocated and deferred are inbound transportation costs, titling fees, certain facility costs, labor, and vehicle processing. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed into yard operations expenses as vehicles are sold in subsequent periods on an average cost basis. Foreign Currency Translation The Company records foreign currency translation adjustments from the process of translating the functional currency of the financial statements of its foreign subsidiaries into the U.S. dollar reporting currency. The British pound, Canadian dollar, Brazilian real, European Union euro, U.A.E. dirham, Omani rial, and Bahraini dinar are the functional currencies of the Company’s foreign subsidiaries as they are the primary currencies within the economic environment in which each subsidiary operates. The original equity investment in the respective subsidiaries is translated at historical rates. Assets and liabilities of the respective subsidiary’s operations are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars at average exchange rates in effect during each reporting period. Adjustments resulting from the translation of each subsidiary’s financial statements are reported in other comprehensive income. The cumulative effects of foreign currency exchange rate fluctuations were as follows (In thousands): Cumulative loss on foreign currency translation as of July 31, 2021 $ (100,860) Loss on foreign currency translation (68,505) Cumulative loss on foreign currency translation as of July 31, 2022 $ (169,365) Gain on foreign currency translation 12,858 Cumulative loss on foreign currency translation as of January 31, 2023 $ (156,507) Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value in U.S. GAAP. In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , the Company considers fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants under current market conditions. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value: 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. Level III Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate. The amounts recorded for financial instruments in the Company’s consolidated financial statements, which included cash, restricted cash, accounts receivable, accounts payable, and accrued liabilities approximated their fair values as of January 31, 2023 and July 31, 2022, due to the short-term nature of those instruments and are classified within Level II of the fair value hierarchy. Cash equivalents are classified within Level II of the fair value hierarchy because they are valued using quoted market prices of the underlying investments. Cash, Cash Equivalents, and Restricted Cash |
Acquisitions
Acquisitions | 6 Months Ended |
Jan. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Fiscal Year 2022 Transactions On July 5, 2022, the Company acquired 100% of the voting stock of ILT Project Limited which conducts business primarily as Hills Motors (“Hills”), a leading parts recycler in the United Kingdom. Hills predominantly sells recycled parts to the public. The purchase price paid for Hills was $106.6 million. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Hills (in thousands). Cash $ 8,960 Accounts receivable and prepaid expenses 5,348 Inventory 4,913 Property and equipment 22,259 Intangible assets 15,931 Goodwill 56,051 Liabilities assumed (6,858) Fair value of net assets and liabilities acquired $ 106,604 The Hills acquisition was undertaken for the strategic fit to the Company. This acquisition has been accounted for using the purchase method in accordance with ASC 805, Business Combinations, which resulted in the recognition of goodwill in the Company’s consolidated financial statements. Goodwill arose because the purchase price reflected a number of factors, including future earnings and cash flow potential; the comparable multiples of earnings, cash flow and other factors at which similar businesses have been purchased by other acquirers; and the complementary strategic fit and resulting synergies brought to existing operations. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and is not amortized for financial reporting purposes. The acquisition of Hills is currently undergoing review by the U.K. Competition and Markets Authority. Given the timing of the acquisition the Company has not completed its determination of the fair value of assets acquired and liabilities assumed and the amount shown in the table above are preliminary amounts. The estimates and assumptions used in the preliminary purchase price allocation are subject to change if additional information, which existed as of the acquisition date, becomes known to the Company. However, the Company believes any changes to the preliminary purchase price allocation will not have a material impact to the Company’s consolidated financial position and results of operations. The Hills acquisition did not result in a significant change in the Company’s consolidated results of operations; therefore, pro forma financial information has not been presented. The operating results have been included in the Company’s consolidated financial position and results of operations since the acquisition date. |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Jan. 31, 2023 | |
Accounts Receivable [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net consisted of: (In thousands) January 31, 2023 July 31, 2022 Advance charges receivable $ 580,966 $ 440,650 Trade accounts receivable 160,121 137,243 Other receivables 32,704 7,257 773,791 585,150 Less: Allowance for credit loss (8,599) (6,577) Accounts receivable, net $ 765,192 $ 578,573 Advance charges receivable represents amounts paid to third parties on behalf of insurance companies for which the Company will be reimbursed when the vehicle is sold. As advance charges are recovered within one year, the Company has not adjusted the amount of consideration received from the customer for a significant financing component. Trade accounts receivable includes fees and gross auction proceeds to be collected from insurance companies and buyers. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jan. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following: (In thousands) January 31, 2023 July 31, 2022 Land $ 1,647,906 $ 1,526,446 Buildings and improvements 1,288,499 1,209,331 Transportation and other equipment 459,597 429,405 Office furniture and equipment 86,091 84,728 Software 84,054 78,216 3,566,147 3,328,126 Less: Accumulated depreciation and amortization (909,874) (842,362) Property and equipment, net $ 2,656,273 $ 2,485,764 |
Leases
Leases | 6 Months Ended |
Jan. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company has both lessee and lessor arrangements. The Company determines whether a contract is or contains a lease at the inception of the contract or at any subsequent modification. A contract will be deemed to be or contain a lease if the contract conveys the right to control and direct the use of identified property, plant, or equipment for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from the use of the property, plant, and equipment. Depending on the terms, leases are classified as either operating or finance leases if the Company is the lessee, or as operating, sales-type, or direct financing leases if the Company is the lessor. Certain of the Company’s lessee and lessor leases have renewal options to extend the leases for additional periods at the Company’s discretion. Leases - Lessee The Company leases certain facilities and certain equipment under non-cancelable finance and operating leases, which are recorded as right-of-use assets and lease liabilities. Certain leases provide the Company with either a right of first refusal to acquire or an option to purchase a facility at fair value. Certain leases also contain escalation clauses and renewal option clauses calling for increased rents. Where a lease contains an escalation clause or a concession, such as a rent holiday or tenant improvement allowance, the Company includes these items in the determination of the right-of-use asset and the lease liabilities. The effects of these escalation clauses or concessions have been reflected in lease expense on a straight-line basis over the expected lease term and any variable lease payments subsequent to establishing the lease liability are expensed as incurred. The lease term commences on the date when the Company has the right to control the use of the leased property, which is typically before lease payments are due under the terms of the lease. Certain of the Company’s leases have renewal periods up to 40 years, exercisable at the Company’s option, and generally require the Company to pay property taxes, insurance and maintenance costs, in addition to the lease payments. At lease inception, the Company includes all renewals or option periods that are reasonably certain to exercise when determining the expected lease term, as failure to renew the lease would impose an economic penalty. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the expected lease term. To determine the present value of lease payments not yet paid, the Company estimates incremental borrowing rates based on the information available at lease commencement date, as rates are not implicitly stated in the Company’s leases. Components of lease expense were as follows: Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Operating lease expense $ 6,687 $ 6,943 $ 13,547 $ 13,997 Finance lease expense: Amortization of right-of-use assets 5 155 12 309 Interest on finance lease liabilities — 2 — 4 Short-term lease expense 1,134 1,723 2,303 3,491 Variable lease expense 314 330 553 554 Total lease expense $ 8,140 $ 9,153 $ 16,415 $ 18,355 Supplemental cash flow information related to leases as of January 31, 2023 were as follows: Six Months Ended January 31, (In thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 13,178 $ 13,344 Operating cash flows related to finance leases — 3 Financing cash flows related to finance leases 13 314 Right-of-use assets obtained in exchange for new operating lease liabilities 8,597 14,156 Right-of-use assets obtained in exchange for new finance lease liabilities — — Leases - Lessor The Company’s lessor arrangements include certain facilities and various land locations, of which each qualifies as an operating lease. Certain leases also contain escalation clauses and renewal option clauses calling for increased rents. Where a lease contains an escalation clause or a concession, such as a rent holiday or tenant improvement allowance, the Company includes these items in the determination of the straight-line rental income. The effects of these escalation clauses or concessions have been reflected in lease payments receivable on a straight-line basis over the expected lease term and any variable lease income subsequent to establishing the receivable will be recognized as earned. The cost of the leased space as of January 31, 2023 and July 31, 2022 was $51.2 million and $51.2 million, respectively. The accumulated depreciation associated with the leased assets as of January 31, 2023 and July 31, 2022 was $3.3 million and $2.8 million, respectively. Both the leased assets and accumulated depreciation are included in Property and equipment, net on the consolidated balance sheet. Rental income from these operating leases was $4.1 million and $3.7 million for the three months ended January 31, 2023 and 2022, respectively, and $8.3 million and $7.2 million for the six months ended January 31, 2023 and 2022, respectively, and is included within Service revenues on the consolidated statements of income. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jan. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table sets forth amortizable intangible assets by major asset class: (In thousands) January 31, 2023 July 31, 2022 Amortized intangibles: Supply contracts and customer relationships $ 72,196 $ 71,875 Trade names 18,915 18,896 Licenses and databases 673 633 Accumulated amortization (40,598) (36,724) Intangibles, net $ 51,186 $ 54,680 Aggregate amortization expense on amortizable intangible assets was $1.9 million and $1.8 million for the three months ended January 31, 2023 and 2022, respectively, and $3.8 million and $3.7 million for the six months ended January 31, 2023 and 2022, respectively. The change in the carrying amount of goodwill was as follows: (In thousands) Balance as of July 31, 2022 $ 401,954 Effect of foreign currency exchange rates 2,092 Balance as of January 31, 2023 $ 404,046 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jan. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Credit Agreement On December 21, 2021, the Company entered into a Second Amended and Restated Credit Agreement by and among Copart, certain subsidiaries of Copart party thereto, the lenders party thereto, and Bank of America, N.A., as administrative agent (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement amends and restates certain terms of the First Amended and Restated Credit Agreement, dated as of July 21, 2020, by and among Copart, the lenders party thereto, and Bank of America, N.A., as administrative agent (as successor in interest to Wells Fargo Bank, National Association) (the “Existing Credit Agreement”). The Second Amended and Restated Credit Agreement provides for, among other things, (a) an increase in the secured revolving credit commitments by $200.0 million, bringing the aggregate principal amount of the revolving credit commitments under the Second Amended and Restated Credit Agreement (the “Revolving Loan Facility”) to $1,250.0 million, (b) an increase in the letter of credit sublimit from $60.0 million to $100.0 million, (c) addition of Copart UK Limited, CPRT GmbH and Copart Autos España, S.L.U., each a wholly-owned direct or indirect foreign subsidiary of Copart, as borrowers, (d) addition of the ability to borrow under the Second and Amended and Restated Credit Agreement in certain foreign currencies including Pounds Sterling, Euro and Canadian Dollars, (e) extension of the maturity date of the revolving credit facility under the Existing Credit Agreement from July 21, 2023 to December 21, 2026, (f) replacing the LIBOR interest rate applicable to U.S. Dollar denominated borrowings with a SOFR-based interest rate, and (g) changing the pricing levels with respect to the revolving loans as further described below. The Second and Amended and Restated Credit Agreement provides for the Revolving Loan Facility of $1,250.0 million maturing on December 21, 2026 (including up to $550.0 million equivalent of borrowings in Pounds Sterling, Euro and Canadian Dollars) with a $150.0 million equivalent sub-facility available to CPRT GmbH, a $150.0 million equivalent sub-facility available to Copart Autos España, S.L.U. and a $250.0 million equivalent sub-facility available to Copart UK Limited. The proceeds may be used for general corporate purposes, including working capital and capital expenditures, potential share repurchases, acquisitions, or other investments relating to the Company’s expansion strategies in domestic and international markets. Borrowings under the Second Amended and Restated Credit Agreement bear interest based on, at our option, either (1) the applicable fixed rate plus 1.00% to 1.75% or (2) the daily rate plus 0.0% to 0.75%, in each case, depending on Copart’s consolidated total net leverage ratio. Additionally, the unused revolving commitments under the Second Amended and Restated Credit Agreement are subject to the payment of a customary commitment fee at a range of 0.175% to 0.275%, depending on Copart’s consolidated total net leverage ratio. The applicable fixed rates described above with respect to borrowings denominated in (1) U.S. Dollars is SOFR plus certain “spread adjustments” described in the Second Amended and Restated Credit Agreement, (2) Pounds Sterling is SONIA plus certain “spread adjustments” described in the Second Amended and Restated Credit Agreement, (3) Euro is EURIBOR, and (4) Canadian Dollars is CDOR. The Company had no outstanding borrowings under the Revolving Loan Facility as of January 31, 2023 and July 31, 2022. The Company’s obligations under the Second Amended and Restated Credit Agreement are guaranteed by certain of the Company’s domestic subsidiaries meeting materiality thresholds set forth in the Second Amended and Restated Credit Agreement. Such obligations, including the guaranties, are secured by substantially all of the assets of the Company and the assets of the subsidiary guarantors pursuant to a Security Documents Confirmation Agreement as part of the Second Amended and Restated Credit Agreement. The Second Amended and Restated Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into transactions with affiliates, pay dividends, or make distributions on and repurchase stock, in each case subject to certain exceptions. The Company is also required to maintain compliance, measured at the end of each fiscal quarter, with a consolidated total net leverage ratio and a consolidated interest coverage ratio. The Second Amended and Restated Credit Agreement contains no restrictions on the payment of dividends and other restricted payments, as defined, as long as (1) the consolidated total net leverage ratio, as defined, both before and after giving effect to any such dividend or restricted payment on a pro forma basis, is less than 3.25:1, in an unlimited amount, (2) if clause (1) is not available, so long as the consolidated total net leverage ratio both before and after giving effect to any such dividend on a pro forma basis is less than 3.50:1, in an aggregate amount not to exceed the available amount, as defined, and (3) if clauses (1) and (2) are not available, in an aggregate amount not to exceed $50.0 million; provided, that, minimum liquidity, as defined, shall be not less than $75.0 million |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share The table below reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Weighted average common shares outstanding 476,376 474,372 476,237 474,334 Effect of dilutive securities 6,160 8,002 6,001 8,154 Weighted average common and dilutive potential common shares outstanding 482,536 482,374 482,238 482,488 There were no material adjustments to net income required in calculating diluted net income per share. Excluded from the dilutive earnings per share calculation were 3,091,704 and 300,500 options to purchase the Company’s common stock for the three months ended January 31, 2023 and 2022, respectively, and 6,247,298 and 411,000 options to purchase the Company’s common stock for the six months ended January 31, 2023 and 2022, respectively, because their inclusion would have been anti-dilutive. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jan. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation The Company recognizes compensation expense for stock option awards without a market condition on a straight-line basis over the requisite service period of the award. The following is a summary of activity for the Company’s stock options for the six months ended January 31, 2023: (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, 2022 11,394 $ 29.31 5.50 $ 398,331 Grants of options 294 65.49 Exercises (299) 36.15 Forfeitures or expirations (263) 54.34 Outstanding as of January 31, 2023 11,126 $ 29.49 5.01 $ 414,798 Exercisable as of January 31, 2023 8,910 $ 24.46 4.33 $ 377,288 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. The number of options that were in-the-money was 13,689,922 at January 31, 2023. The Company grants option awards to certain executives that contain service and market conditions. The options will become exercisable over five years, subject to continued service by the executive, with 20% vesting on the first anniversary of the grant date and the balance vesting monthly over the subsequent four years. Separate and apart from the time-based vesting schedule, the options are also subject to a market condition requiring the trading price of Copart, Inc. common stock on the NASDAQ Global Select Market to be greater than or equal to 125% of the exercise price of the options, determined both (i) at the time of any exercise, and (ii) based on the closing price on each of the twenty consecutive trading days preceding the date of any exercise. The exercise price of the options is equivalent to the closing price of the Company’s common stock on the grant date. The fair value of the awards is determined at the grant date using either Lattice or Monte Carlo model, risk-free interest rates ranging from 0.71% to 3.57%, estimated volatility ranging from 25.2% to 29.3%, and no expected dividends. The total estimated compensation expense to be recognized by the Company over the five-year service period for these options is $48.4 million and will be recognized using the accelerated attribution method over each vesting tranche of the award. The Company recognized $6.5 million and $4.6 million in compensation expense related to these awards in the six months ended January 31, 2023 and 2022, respectively. The following is a summary of activity for the Company’s stock option awards subject to market conditions for the six months ended January 31, 2023: (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, 2022 2,810 $ 47.83 8.33 $ 45,590 Grants of options 150 65.70 Exercises — — Forfeitures or expirations — — Outstanding as of January 31, 2023 2,960 $ 48.73 7.92 $ 52,920 Exercisable as of January 31, 2023 1,092 $ 43.09 7.40 $ 25,682 The table below sets forth the stock-based compensation recognized by the Company for stock options, restricted stock, and restricted unit awards: Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 General and administrative $ 8,789 $ 8,247 $ 17,536 $ 16,718 Yard operations 1,342 1,415 2,787 2,396 Total stock-based compensation $ 10,131 $ 9,662 $ 20,323 $ 19,114 The Company’s restricted stock awards (“RSA”) and restricted stock unit awards (“RSU”) have generally been issued with vesting periods ranging from two years to five years and vest solely on service conditions. Accordingly, the Company recognizes compensation expense for RSA and RSU awards on a straight-line basis over the requisite service period of the award. The following is a summary of activity for the Company’s RSA and RSU for the six months ended January 31, 2023: (In thousands, except per share data) Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2022 354 $ 60.28 Grants 263 64.01 Vested (59) 57.67 Forfeitures or expirations (8) 53.99 Outstanding as of January 31, 2023 550 $ 62.44 |
Stock Repurchases
Stock Repurchases | 6 Months Ended |
Jan. 31, 2023 | |
Equity [Abstract] | |
Stock Repurchases | Stock Repurchases On September 22, 2011, the Company’s Board of Directors approved a 160 million share increase in the stock repurchase program, bringing the total current authorization to 392 million shares. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the stock repurchase program. Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as the Company deems appropriate and may be discontinued at any time. The Company did not repurchase any shares of its common stock under the program during the six months ended January 31, 2023 or 2022. As of January 31, 2023, the total number of shares repurchased under the program was 229,098,396, and 162,901,604 shares were available for repurchase under the program. |
Income Taxes
Income Taxes | 6 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective income tax rates were 21.8% and 18.0% for the six months ended January 31, 2023 and 2022, respectively, which differs from the U.S. statutory rate of 21% primarily due to state income taxes, deduction for Foreign Derived Intangible Income, and excess tax benefits associated with equity-based compensation. The effective tax rate for the year ended July 31, 2022 was also impacted by the filing of amended returns in certain jurisdictions. The Company applies the provisions of the accounting standard for uncertain tax positions to its income taxes. For benefits to be realized, a tax position must be more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jan. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Pending On October 28, 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 creates an exception to the general recognition and measurement principle for contract assets and liabilities from contracts with customers acquired in a business combination. Under this exception, an acquirer applies ASC 606, Revenue from Contracts with Customers , to recognize and measure contract assets and contract liabilities on the acquisition date instead of using fair value of the contract assets and contract liabilities as is required under ASC 805 Business combinations . The Company’s adoption of ASU 2021-08 is not expected to have a material impact on the Company’s consolidated results of operations and financial position. Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jan. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings The Company is subject to threats of litigation and is involved in actual litigation and damage claims arising in the ordinary course of business, such as actions related to injuries, property damage, contract disputes, and handling or disposal of vehicles. There are no material pending legal proceedings to which the Company is a party, or with respect to which any of the Company’s property is subject. The Company provides for costs relating to matters when a loss is probable and the amount can be reasonably estimated. The effect of the outcome of any such matters on the Company’s future consolidated results of operations and cash flows cannot be predicted because any such effect depends on future results of operations and the amount and timing of the resolution of any such matters. The Company believes that any ultimate liability regarding existing litigation and claims would not have a material effect on its consolidated results of operations, financial position, or cash flows. However, the amount of the liabilities associated with claims, if any, cannot be determined with certainty. The Company maintains insurance which may or may not provide coverage for claims made against the Company. There is no assurance that there will be insurance coverage available when and if needed. Additionally, the insurance that the Company carries requires that the Company pay for costs and/or claims exposure up to the amount of the insurance deductibles. |
Segments and Other Geographic R
Segments and Other Geographic Reporting | 6 Months Ended |
Jan. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments and Other Geographic Reporting | Segments and Other Geographic Reporting The Company’s U.S. and International regions are considered two separate operating segments and are disclosed as two reportable segments. The segments represent geographic areas and reflect how the chief operating decision maker allocates resources and measures results, including total revenues and operating income. The following table presents financial information by segment: Three Months Ended January 31, 2023 Three Months Ended January 31, 2022 (In thousands) United States International Total United States International Total Service revenues $ 705,733 $ 84,064 $ 789,797 $ 630,707 $ 80,383 $ 711,090 Vehicle sales 82,196 84,731 166,927 96,679 59,691 156,370 Total service revenues and vehicle sales 787,929 168,795 956,724 727,386 140,074 867,460 Yard operations 323,397 52,100 375,497 278,093 45,721 323,814 Cost of vehicle sales 79,040 75,687 154,727 90,263 50,041 140,304 General and administrative 49,328 11,647 60,975 46,384 9,630 56,014 Operating income $ 336,164 $ 29,361 $ 365,525 $ 312,646 $ 34,682 $ 347,328 Depreciation and amortization $ 34,121 $ 4,293 $ 38,414 $ 29,316 $ 3,987 $ 33,303 Capital expenditures and acquisitions 89,428 14,636 104,064 86,788 5,185 91,973 Six Months Ended January 31, 2023 Six Months Ended January 31, 2022 (In thousands) United States International Total United States International Total Service revenues $ 1,357,390 $ 159,247 $ 1,516,637 $ 1,221,465 $ 157,443 $ 1,378,908 Vehicle sales 179,387 154,072 333,459 184,382 114,302 298,684 Total service revenues and vehicle sales 1,536,777 313,319 1,850,096 1,405,847 271,745 1,677,592 Yard operations 649,641 98,633 748,274 534,714 87,794 622,508 Cost of vehicle sales 171,480 134,359 305,839 170,605 96,107 266,712 General and administrative 96,865 22,090 118,955 92,932 17,991 110,923 Operating income $ 618,791 $ 58,237 $ 677,028 $ 607,595 $ 69,854 $ 677,449 Depreciation and amortization $ 69,057 $ 8,415 $ 77,472 $ 57,046 $ 8,028 $ 65,074 Capital expenditures and acquisitions 225,711 31,008 256,719 141,060 15,609 156,669 January 31, 2023 July 31, 2022 (In thousands) United States International Total United States International Total Total assets $ 5,136,744 $ 795,664 $ 5,932,408 $ 4,615,788 $ 693,076 $ 5,308,864 Goodwill 270,269 133,777 404,046 270,269 131,685 401,954 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Description of Business | Basis of Presentation and Description of Business Copart, Inc. (“the Company”) provides vehicle sellers with a full range of services to process and sell vehicles over the internet through the Company’s Virtual Bidding Third Generation (“VB3”) internet auction-style sales technology. Vehicle sellers consist primarily of insurance companies, but also include banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, exporters, and directly to the general public. The majority of vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company offers vehicle sellers a full range of services that expedite each stage of the vehicle sales process, minimize administrative and processing costs and maximize the ultimate sales price through the online auction process. In the United States (“U.S.”), Canada, Brazil, the Republic of Ireland, Finland, the United Arab Emirates (“U.A.E.”), Oman, and Bahrain, the Company sells vehicles primarily as an agent and derives revenue primarily from auction and auction related sales transaction fees charged for vehicle remarketing services as well as fees for services subsequent to the auction, such as delivery and storage. In the United Kingdom (“U.K.”), Germany, and Spain, the Company operates both as an agent and on a principal basis, in some cases purchasing salvage vehicles outright and reselling the vehicles for its own account. In Germany and Spain, the Company also derives revenue from listing vehicles on behalf of insurance companies and insurance experts to determine the vehicle’s residual value and/or to facilitate a sale for the insured. |
Principles of Consolidation | Principles of Consolidation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments of a normal recurring nature considered necessary for fair presentation of the Company’s financial position as of January 31, 2023 and July 31, 2022, its consolidated statements of income, comprehensive income and stockholders’ equity for the three and six months ended January 31, 2023 and 2022, and its cash flows for the six months ended January 31, 2023 and 2022. Interim results for the three and six months ended January 31, 2023 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2023. These consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2022. Certain prior year amounts have been reclassified to conform to current year presentation. |
Use of Estimates | Use of EstimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates include, but are not limited to, vehicle pooling costs; income taxes; stock-based compensation; and contingencies. Actual results may differ from these estimates. |
Revenue Recognition | Revenue Recognition The Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. Service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction, excluding annual registration fees. Costs to prepare the vehicles for auction, including inbound transportation costs and titling fees, are deferred and recognized at the time of revenue recognition at auction. The Company’s disaggregation between service revenues and vehicle sales at the segment level reflects how the nature, timing, amount and uncertainty of its revenues and cash flows are impacted by economic factors. The Company reports sales taxes on relevant transactions on a net basis in the Company’s consolidated results of operations, and therefore does not include sales taxes in revenues or costs. Service revenues The Company’s service revenue consists of auction and auction related sales transaction fees charged for vehicle remarketing services. Within this revenue category, the Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. These auction and auction related services may include a combination of vehicle purchasing fees, vehicle listing fees, and vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price, tiered vehicle sales price driven fees, or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle; transportation fees for the cost of transporting the vehicle to or from the Company’s facility; title processing and preparation fees; vehicle storage fees; bidding fees; and vehicle loading fees. These services are not distinct within the context of the contract. Accordingly, revenue for these services is recognized when the single performance obligation is satisfied at the completion of the auction process. The Company does not take ownership of these consigned vehicles, which are stored at the Company’s facilities located throughout the U.S. and at its international locations. These fees are recognized as net revenue (not gross vehicle selling price) at the time of auction in the amount of such fees charged. The Company has a separate performance obligation related to providing access to its online auction platform as the Company charges members an annual registration fee for the right to participate in its online auctions and access the Company’s bidding platform. This fee is recognized ratably over the term of the arrangement, generally one year, as each day of access to the online auction platform represents the best depiction of the transfer of the service. No provision for returns has been established, as all sales are final with no right of return or warranty, although the Company provides for credit loss expense in the case of non-performance by its buyers or sellers. Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Service revenues United States $ 705,733 $ 630,707 $ 1,357,390 $ 1,221,465 International 84,064 80,383 159,247 157,443 Total service revenues $ 789,797 $ 711,090 $ 1,516,637 $ 1,378,908 Vehicle sales Certain vehicles are purchased and remarketed on the Company’s own behalf. The Company has a single performance obligation related to the sale of these vehicles, which is the completion of the online auction process. Vehicle sales revenue is recognized on the auction date. As the Company acts as a principal in vehicle sales transactions, the gross sales price at auction is recorded as revenue. Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Vehicle sales United States $ 82,196 $ 96,679 $ 179,387 $ 184,382 International 84,731 59,691 154,072 114,302 Total vehicle sales $ 166,927 $ 156,370 $ 333,459 $ 298,684 Contract assets |
Vehicle Pooling Costs | Vehicle Pooling CostsThe Company defers costs that relate directly to the fulfillment of its contracts associated with vehicles consigned to and received by the Company, but not sold as of the end of the period. The Company quantifies the deferred costs using a calculation that includes the number of vehicles at its facilities at the beginning and end of the period, the number of vehicles sold during the period, and an allocation of certain yard operation costs of the period. The primary expenses allocated and deferred are inbound transportation costs, titling fees, certain facility costs, labor, and vehicle processing. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed into yard operations expenses as vehicles are sold in subsequent periods on an average cost basis. |
Foreign Currency Translation | Foreign Currency Translation The Company records foreign currency translation adjustments from the process of translating the functional currency of the financial statements of its foreign subsidiaries into the U.S. dollar reporting currency. The British pound, Canadian dollar, Brazilian real, European Union euro, U.A.E. dirham, Omani rial, and Bahraini dinar are the functional currencies of the Company’s foreign subsidiaries as they are the primary currencies within the economic environment in which each subsidiary operates. The original equity investment in the respective subsidiaries is translated at historical rates. Assets and liabilities of the respective subsidiary’s operations are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars at average exchange rates in effect during each reporting period. Adjustments resulting from the translation of each subsidiary’s financial statements are reported in other comprehensive income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value in U.S. GAAP. In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , the Company considers fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants under current market conditions. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value: 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. Level III Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted CashThe Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents. Cash, cash equivalents, and restricted cash include cash held in checking, U.S. Treasury Bills, and money market accounts. The Company periodically invests its excess cash in money market funds and U.S. Treasury Bills. The Company’s cash, cash equivalents, and restricted cash are placed with high credit quality financial institutions. |
Recent Accounting Pronouncements | On October 28, 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 creates an exception to the general recognition and measurement principle for contract assets and liabilities from contracts with customers acquired in a business combination. Under this exception, an acquirer applies ASC 606, Revenue from Contracts with Customers , to recognize and measure contract assets and contract liabilities on the acquisition date instead of using fair value of the contract assets and contract liabilities as is required under ASC 805 Business combinations . The Company’s adoption of ASU 2021-08 is not expected to have a material impact on the Company’s consolidated results of operations and financial position. Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes |
Segments and Other Geographic Reporting | The Company’s U.S. and International regions are considered two separate operating segments and are disclosed as two reportable segments. The segments represent geographic areas and reflect how the chief operating decision maker allocates resources and measures results, including total revenues and operating income. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of disaggregation of revenue service revenues | Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Service revenues United States $ 705,733 $ 630,707 $ 1,357,390 $ 1,221,465 International 84,064 80,383 159,247 157,443 Total service revenues $ 789,797 $ 711,090 $ 1,516,637 $ 1,378,908 Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Vehicle sales United States $ 82,196 $ 96,679 $ 179,387 $ 184,382 International 84,731 59,691 154,072 114,302 Total vehicle sales $ 166,927 $ 156,370 $ 333,459 $ 298,684 |
Contract with customer, asset and liability | The change in the carrying amount of contract assets was as follows (In thousands): Balance as of July 31, 2022 $ 4,778 Capitalized contract assets during the period 25,540 Costs amortized during the period (2,545) Effect of foreign currency exchange rates 36 Balance as of January 31, 2023 $ 27,809 |
Schedule of foreign currency translation | The cumulative effects of foreign currency exchange rate fluctuations were as follows (In thousands): Cumulative loss on foreign currency translation as of July 31, 2021 $ (100,860) Loss on foreign currency translation (68,505) Cumulative loss on foreign currency translation as of July 31, 2022 $ (169,365) Gain on foreign currency translation 12,858 Cumulative loss on foreign currency translation as of January 31, 2023 $ (156,507) |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of assets acquired and liabilities assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Hills (in thousands). Cash $ 8,960 Accounts receivable and prepaid expenses 5,348 Inventory 4,913 Property and equipment 22,259 Intangible assets 15,931 Goodwill 56,051 Liabilities assumed (6,858) Fair value of net assets and liabilities acquired $ 106,604 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Accounts Receivable [Abstract] | |
Schedule of accounts receivable | Accounts receivable, net consisted of: (In thousands) January 31, 2023 July 31, 2022 Advance charges receivable $ 580,966 $ 440,650 Trade accounts receivable 160,121 137,243 Other receivables 32,704 7,257 773,791 585,150 Less: Allowance for credit loss (8,599) (6,577) Accounts receivable, net $ 765,192 $ 578,573 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment, net consisted of the following: (In thousands) January 31, 2023 July 31, 2022 Land $ 1,647,906 $ 1,526,446 Buildings and improvements 1,288,499 1,209,331 Transportation and other equipment 459,597 429,405 Office furniture and equipment 86,091 84,728 Software 84,054 78,216 3,566,147 3,328,126 Less: Accumulated depreciation and amortization (909,874) (842,362) Property and equipment, net $ 2,656,273 $ 2,485,764 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Leases [Abstract] | |
Lease cost | Components of lease expense were as follows: Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Operating lease expense $ 6,687 $ 6,943 $ 13,547 $ 13,997 Finance lease expense: Amortization of right-of-use assets 5 155 12 309 Interest on finance lease liabilities — 2 — 4 Short-term lease expense 1,134 1,723 2,303 3,491 Variable lease expense 314 330 553 554 Total lease expense $ 8,140 $ 9,153 $ 16,415 $ 18,355 |
Schedule of cash flow information related to leases | Supplemental cash flow information related to leases as of January 31, 2023 were as follows: Six Months Ended January 31, (In thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 13,178 $ 13,344 Operating cash flows related to finance leases — 3 Financing cash flows related to finance leases 13 314 Right-of-use assets obtained in exchange for new operating lease liabilities 8,597 14,156 Right-of-use assets obtained in exchange for new finance lease liabilities — — |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of aggregate amortization expense on intangible assets | The following table sets forth amortizable intangible assets by major asset class: (In thousands) January 31, 2023 July 31, 2022 Amortized intangibles: Supply contracts and customer relationships $ 72,196 $ 71,875 Trade names 18,915 18,896 Licenses and databases 673 633 Accumulated amortization (40,598) (36,724) Intangibles, net $ 51,186 $ 54,680 |
Schedule of change in carrying amount of goodwill | The change in the carrying amount of goodwill was as follows: (In thousands) Balance as of July 31, 2022 $ 401,954 Effect of foreign currency exchange rates 2,092 Balance as of January 31, 2023 $ 404,046 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of basic weighted shares outstanding to diluted weighted average shares outstanding | The table below reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 Weighted average common shares outstanding 476,376 474,372 476,237 474,334 Effect of dilutive securities 6,160 8,002 6,001 8,154 Weighted average common and dilutive potential common shares outstanding 482,536 482,374 482,238 482,488 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of option activity for stock options | The following is a summary of activity for the Company’s stock options for the six months ended January 31, 2023: (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, 2022 11,394 $ 29.31 5.50 $ 398,331 Grants of options 294 65.49 Exercises (299) 36.15 Forfeitures or expirations (263) 54.34 Outstanding as of January 31, 2023 11,126 $ 29.49 5.01 $ 414,798 Exercisable as of January 31, 2023 8,910 $ 24.46 4.33 $ 377,288 The following is a summary of activity for the Company’s stock option awards subject to market conditions for the six months ended January 31, 2023: (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, 2022 2,810 $ 47.83 8.33 $ 45,590 Grants of options 150 65.70 Exercises — — Forfeitures or expirations — — Outstanding as of January 31, 2023 2,960 $ 48.73 7.92 $ 52,920 Exercisable as of January 31, 2023 1,092 $ 43.09 7.40 $ 25,682 |
Recognized stock-based compensation expense | The table below sets forth the stock-based compensation recognized by the Company for stock options, restricted stock, and restricted unit awards: Three Months Ended January 31, Six Months Ended January 31, (In thousands) 2023 2022 2023 2022 General and administrative $ 8,789 $ 8,247 $ 17,536 $ 16,718 Yard operations 1,342 1,415 2,787 2,396 Total stock-based compensation $ 10,131 $ 9,662 $ 20,323 $ 19,114 |
Share based payment arrangement restricted stock and restricted stock unit activity | The following is a summary of activity for the Company’s RSA and RSU for the six months ended January 31, 2023: (In thousands, except per share data) Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2022 354 $ 60.28 Grants 263 64.01 Vested (59) 57.67 Forfeitures or expirations (8) 53.99 Outstanding as of January 31, 2023 550 $ 62.44 |
Segments and Other Geographic_2
Segments and Other Geographic Reporting (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents financial information by segment: Three Months Ended January 31, 2023 Three Months Ended January 31, 2022 (In thousands) United States International Total United States International Total Service revenues $ 705,733 $ 84,064 $ 789,797 $ 630,707 $ 80,383 $ 711,090 Vehicle sales 82,196 84,731 166,927 96,679 59,691 156,370 Total service revenues and vehicle sales 787,929 168,795 956,724 727,386 140,074 867,460 Yard operations 323,397 52,100 375,497 278,093 45,721 323,814 Cost of vehicle sales 79,040 75,687 154,727 90,263 50,041 140,304 General and administrative 49,328 11,647 60,975 46,384 9,630 56,014 Operating income $ 336,164 $ 29,361 $ 365,525 $ 312,646 $ 34,682 $ 347,328 Depreciation and amortization $ 34,121 $ 4,293 $ 38,414 $ 29,316 $ 3,987 $ 33,303 Capital expenditures and acquisitions 89,428 14,636 104,064 86,788 5,185 91,973 Six Months Ended January 31, 2023 Six Months Ended January 31, 2022 (In thousands) United States International Total United States International Total Service revenues $ 1,357,390 $ 159,247 $ 1,516,637 $ 1,221,465 $ 157,443 $ 1,378,908 Vehicle sales 179,387 154,072 333,459 184,382 114,302 298,684 Total service revenues and vehicle sales 1,536,777 313,319 1,850,096 1,405,847 271,745 1,677,592 Yard operations 649,641 98,633 748,274 534,714 87,794 622,508 Cost of vehicle sales 171,480 134,359 305,839 170,605 96,107 266,712 General and administrative 96,865 22,090 118,955 92,932 17,991 110,923 Operating income $ 618,791 $ 58,237 $ 677,028 $ 607,595 $ 69,854 $ 677,449 Depreciation and amortization $ 69,057 $ 8,415 $ 77,472 $ 57,046 $ 8,028 $ 65,074 Capital expenditures and acquisitions 225,711 31,008 256,719 141,060 15,609 156,669 January 31, 2023 July 31, 2022 (In thousands) United States International Total United States International Total Total assets $ 5,136,744 $ 795,664 $ 5,932,408 $ 4,615,788 $ 693,076 $ 5,308,864 Goodwill 270,269 133,777 404,046 270,269 131,685 401,954 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | Oct. 03, 2022 | Jan. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) |
Description Of Business and Summary Of Significant Accounting Policies [Line Items] | |||
Common stock split, conversion ratio | 2 | ||
Cash equivalents | $ 1,477.5 | $ 1,237 | |
Cash equivalents | $ 1,478.9 | $ 1,237.3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total service revenues | $ 956,724 | $ 867,460 | $ 1,850,096 | $ 1,677,592 |
Service revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total service revenues | 789,797 | 711,090 | 1,516,637 | 1,378,908 |
Vehicle sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total service revenues | 166,927 | 156,370 | 333,459 | 298,684 |
Operating Segments | United States | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total service revenues | 787,929 | 727,386 | 1,536,777 | 1,405,847 |
Operating Segments | United States | Service revenues | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total service revenues | 705,733 | 630,707 | 1,357,390 | 1,221,465 |
Operating Segments | United States | Vehicle sales | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total service revenues | 82,196 | 96,679 | 179,387 | 184,382 |
Operating Segments | International | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total service revenues | 168,795 | 140,074 | 313,319 | 271,745 |
Operating Segments | International | Service revenues | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total service revenues | 84,064 | 80,383 | 159,247 | 157,443 |
Operating Segments | International | Vehicle sales | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total service revenues | $ 84,731 | $ 59,691 | $ 154,072 | $ 114,302 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Carrying Amount of Contract Assets (Details) $ in Thousands | 6 Months Ended |
Jan. 31, 2023 USD ($) | |
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 4,778 |
Capitalized contract assets during the period | 25,540 |
Costs amortized during the period | (2,545) |
Effect of foreign currency exchange rates | 36 |
Ending balance | $ 27,809 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Jul. 31, 2022 | |
Cumulative Translation Adjustment Summary [Roll Forward] | ||
Cumulative loss on foreign currency translation, beginning balance | $ (169,365) | $ (100,860) |
Gain (Loss) on foreign currency translation | 12,858 | (68,505) |
Cumulative loss on foreign currency translation, ending balance | $ (156,507) | $ (169,365) |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - Hills Green Parts $ in Millions | Jul. 05, 2022 USD ($) |
Business Acquisition [Line Items] | |
Percentage of voting interests acquired | 100% |
Purchase price, consideration | $ 106.6 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Jul. 31, 2022 | Jul. 05, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 404,046 | $ 401,954 | |
Hills Green Parts | |||
Business Acquisition [Line Items] | |||
Cash | $ 8,960 | ||
Accounts receivable and prepaid expenses | 5,348 | ||
Inventory | 4,913 | ||
Property and equipment | 22,259 | ||
Intangible assets | 15,931 | ||
Goodwill | 56,051 | ||
Liabilities assumed | (6,858) | ||
Fair value of net assets and liabilities acquired | $ 106,604 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Jul. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | $ 773,791 | $ 585,150 |
Less: Allowance for credit loss | (8,599) | (6,577) |
Accounts receivable, net | 765,192 | 578,573 |
Advance charges receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | 580,966 | 440,650 |
Trade accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | 160,121 | 137,243 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | $ 32,704 | $ 7,257 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment | $ 3,566,147 | $ 3,566,147 | $ 3,328,126 | ||
Less: Accumulated depreciation and amortization | (909,874) | (909,874) | (842,362) | ||
Property and equipment, net | 2,656,273 | 2,656,273 | 2,485,764 | ||
Depreciation | 36,500 | $ 31,400 | 73,700 | $ 61,300 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment | 1,647,906 | 1,647,906 | 1,526,446 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment | 1,288,499 | 1,288,499 | 1,209,331 | ||
Transportation and other equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment | 459,597 | 459,597 | 429,405 | ||
Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment | 86,091 | 86,091 | 84,728 | ||
Software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment | $ 84,054 | $ 84,054 | $ 78,216 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Leases [Abstract] | ||||
Renewal term | 40 years | 40 years | ||
Operating lease expense | $ 6,687 | $ 6,943 | $ 13,547 | $ 13,997 |
Amortization of right-of-use assets | 5 | 155 | 12 | 309 |
Interest on finance lease liabilities | 0 | 2 | 0 | 4 |
Short-term lease expense | 1,134 | 1,723 | 2,303 | 3,491 |
Variable lease expense | 314 | 330 | 553 | 554 |
Total lease expense | $ 8,140 | $ 9,153 | $ 16,415 | $ 18,355 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Leases [Abstract] | ||
Operating cash flows related to operating leases | $ 13,178 | $ 13,344 |
Operating cash flows related to finance leases | 0 | 3 |
Financing cash flows related to finance leases | 13 | 314 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 8,597 | 14,156 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 0 | $ 0 |
Leases - Lessor (Details)
Leases - Lessor (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Leases [Abstract] | |||||
Property subject to or available for operating lease gross | $ 51.2 | $ 51.2 | $ 51.2 | ||
Property subject to or available for operating lease accumulated depreciation | 3.3 | 3.3 | $ 2.8 | ||
Operating lease income | $ 4.1 | $ 3.7 | $ 8.3 | $ 7.2 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Jul. 31, 2022 |
Amortized intangibles: | ||
Accumulated amortization | $ (40,598) | $ (36,724) |
Intangibles, net | 51,186 | 54,680 |
Supply contracts and customer relationships | ||
Amortized intangibles: | ||
Gross carrying amount | 72,196 | 71,875 |
Trade names | ||
Amortized intangibles: | ||
Gross carrying amount | 18,915 | 18,896 |
Licenses and databases | ||
Amortized intangibles: | ||
Gross carrying amount | $ 673 | $ 633 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Aggregate amortization expense | $ 1.9 | $ 1.8 | $ 3.8 | $ 3.7 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Change in Goodwill (Details) $ in Thousands | 6 Months Ended |
Jan. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 401,954 |
Effect of foreign currency exchange rates | 2,092 |
Ending balance | $ 404,046 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 6 Months Ended | ||
Dec. 21, 2021 | Jan. 31, 2023 | Dec. 20, 2021 | |
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Debt offering costs | $ 2,700,000 | ||
Second Amended and Restated Credit Agreement | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Maximum leverage | 50,000,000 | ||
Minimum liquidity | $ 75,000,000 | ||
Total consolidated net leverage ratio | (105.00%) | ||
Minimum liquidity | $ 3,000,000,000 | ||
Second Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, commitment fee percentage | 0.175% | ||
Second Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, commitment fee percentage | 0.275% | ||
Second Amended and Restated Credit Agreement | Revolving Credit Facility | Scenario 1 | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, covenant terms 1 | 325% | ||
Second Amended and Restated Credit Agreement | Revolving Credit Facility | Scenario 2 | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, covenant terms 1 | 350% | ||
Base Rate | Second Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, commitment fee percentage | 1% | ||
Base Rate | Second Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, commitment fee percentage | 1.75% | ||
Daily Rate | Second Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum | |||
Line of Credit Facility [Line Items] | |||
Applicable interest rate added to reference rate in order to compute variable interest rate | 0% | ||
Daily Rate | Second Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Applicable interest rate added to reference rate in order to compute variable interest rate | 0.75% | ||
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Second Amended and Restated Credit Agreement | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, increase (decrease), net | $ 200,000,000 | ||
Maximum borrowing capacity | 1,250,000,000 | ||
Outstanding borrowings | 100,000,000 | $ 60,000,000 | |
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Second Amended and Restated Credit Agreement | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 550,000,000 | ||
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Second Amended and Restated Credit Agreement | Letter of Credit | CPRT GmbH | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 150,000,000 | ||
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Second Amended and Restated Credit Agreement | Letter of Credit | Copart Autos España, S.L.U. | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 150,000,000 | ||
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Second Amended and Restated Credit Agreement | Letter of Credit | Copart UK Limited | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 250,000,000 |
Net Income Per Share (Details)
Net Income Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding (in shares) | 476,376 | 474,372 | 476,237 | 474,334 |
Effect of dilutive securities (in shares) | 6,160 | 8,002 | 6,001 | 8,154 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 482,536 | 482,374 | 482,238 | 482,488 |
Net Income Per Share - Narrativ
Net Income Per Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options excluded from the calculation of dilutive earnings (in shares) | 3,091,704 | 300,500 | 6,247,298 | 411,000 |
Stock-based Compensation - Opti
Stock-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Oct. 31, 2022 | Jan. 31, 2023 | Jul. 31, 2022 | |
Shares | |||
Outstanding, beginning balance (in shares) | 11,394 | 11,394 | |
Grants of options (in shares) | 294 | ||
Exercises (in shares) | (299) | ||
Forfeitures or expirations (in shares) | (263) | ||
Outstanding, ending balance (in shares) | 11,126 | 11,394 | |
Exercisable (in shares) | 8,910 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning balance (in dollars per share) | $ 29.31 | $ 29.31 | |
Grants of options (in dollars per share) | 65.49 | ||
Exercises (in dollars per share) | 36.15 | ||
Forfeitures (in dollars per share) | 54.34 | ||
Outstanding, ending balance (in dollars per share) | 29.49 | $ 29.31 | |
Exercisable (in dollars per share) | $ 24.46 | ||
Weighted Average Remaining Contractual Term (In years) | 5 years 6 months | 5 years 3 days | |
Weighted Average Remaining Contractual Term, exercisable (In years) | 4 years 3 months 29 days | ||
Aggregate Intrinsic Value | $ 414,798 | $ 398,331 | |
Aggregate Intrinsic Value, exercisable | $ 377,288 | ||
Option, Market Based | |||
Shares | |||
Outstanding, beginning balance (in shares) | 2,810 | 2,810 | |
Grants of options (in shares) | 150 | ||
Exercises (in shares) | 0 | ||
Forfeitures or expirations (in shares) | 0 | ||
Outstanding, ending balance (in shares) | 2,960 | 2,810 | |
Exercisable (in shares) | 1,092 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning balance (in dollars per share) | $ 47.83 | $ 47.83 | |
Grants of options (in dollars per share) | 65.70 | ||
Exercises (in dollars per share) | 0 | ||
Forfeitures (in dollars per share) | 0 | ||
Outstanding, ending balance (in dollars per share) | 48.73 | $ 47.83 | |
Exercisable (in dollars per share) | $ 43.09 | ||
Weighted Average Remaining Contractual Term (In years) | 7 years 11 months 1 day | 8 years 3 months 29 days | |
Weighted Average Remaining Contractual Term, exercisable (In years) | 7 years 4 months 24 days | ||
Aggregate Intrinsic Value | $ 52,920 | $ 45,590 | |
Aggregate Intrinsic Value, exercisable | $ 25,682 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 USD ($) | Jan. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) day shares | Jan. 31, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for calculating intrinsic value (in shares) | shares | 13,689,922 | |||
Deferred compensation arrangement with individual - requisite service period | 5 years | |||
Cost not yet recognized, period for recognition | 5 years | |||
Total stock-based compensation | $ 10,131 | $ 9,662 | $ 20,323 | $ 19,114 |
Share-based Payment Arrangement, Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 20% | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount | $ 48,400 | $ 48,400 | ||
Total stock-based compensation | $ 6,500 | $ 4,600 | ||
Employee Stock Option | Valuation Technique, Option Pricing Model | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate, minimum | 0.71% | |||
Risk free interest rate, maximum | 3.57% | |||
Expected volatility, minimum | 25.20% | |||
Expected volatility, maximum | 29.30% | |||
Expected dividend rate | 0% | |||
Employee Stock Option | Share-based Payment Arrangement, Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Option, Market Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of exercise price | 125% | |||
Consecutive trading days | day | 20 | |||
Restricted Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 2 years | |||
Restricted Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 10,131 | $ 9,662 | $ 20,323 | $ 19,114 |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 8,789 | 8,247 | 17,536 | 16,718 |
Yard Operations | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 1,342 | $ 1,415 | $ 2,787 | $ 2,396 |
Stock-based Compensation - Comp
Stock-based Compensation - Company RSA's and RSU's (Details) shares in Thousands | 6 Months Ended |
Jan. 31, 2023 $ / shares shares | |
Restricted Shares | |
Outstanding, beginning balance (in shares) | shares | 354 |
Grants of restricted stock (in shares) | shares | 263 |
Vested restricted stock (in shares) | shares | (59) |
Forfeited restricted stock (in shares) | shares | (8) |
Outstanding, ending balance (in shares) | shares | 550 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 60.28 |
Grants (in dollars per share) | $ / shares | 64.01 |
Vested (in dollars per share) | $ / shares | 57.67 |
Forfeited (in dollars per share) | $ / shares | 53.99 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 62.44 |
Stock Repurchases - Narrative (
Stock Repurchases - Narrative (Details) - Stock Repurchase Program 2011 - shares | 6 Months Ended | |
Jan. 31, 2023 | Sep. 22, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock repurchase program additional number of shares authorized approved (in shares) | 160,000,000 | |
Stock repurchased (in shares) | 229,098,396 | |
Number of shares available for repurchase under stock repurchase program (in shares) | 162,901,604 | |
Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock authorized for repurchase (in shares) | 392,000,000 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation, percent | 21.80% | 18% |
Segments and Other Geographic_3
Segments and Other Geographic Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2023 USD ($) | Jan. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) segment | Jan. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | segment | 2 | ||||
Number of reportable segments | segment | 2 | ||||
Service revenues and vehicle sales | $ 956,724 | $ 867,460 | $ 1,850,096 | $ 1,677,592 | |
Yard operations | 375,497 | 323,814 | 748,274 | 622,508 | |
Cost of vehicle sales | 154,727 | 140,304 | 305,839 | 266,712 | |
General and administrative | 60,975 | 56,014 | 118,955 | 110,923 | |
Operating income | 365,525 | 347,328 | 677,028 | 677,449 | |
Depreciation and amortization | 38,414 | 33,303 | 77,472 | 65,074 | |
Capital expenditures and acquisitions | 104,064 | 91,973 | 256,719 | 156,669 | |
Total assets | 5,932,408 | 5,932,408 | $ 5,308,864 | ||
Goodwill | 404,046 | 404,046 | 401,954 | ||
Operating Segments | US | United States | |||||
Segment Reporting Information [Line Items] | |||||
Service revenues and vehicle sales | 787,929 | 727,386 | 1,536,777 | 1,405,847 | |
Yard operations | 323,397 | 278,093 | 649,641 | 534,714 | |
Cost of vehicle sales | 79,040 | 90,263 | 171,480 | 170,605 | |
General and administrative | 49,328 | 46,384 | 96,865 | 92,932 | |
Operating income | 336,164 | 312,646 | 618,791 | 607,595 | |
Depreciation and amortization | 34,121 | 29,316 | 69,057 | 57,046 | |
Capital expenditures and acquisitions | 89,428 | 86,788 | 225,711 | 141,060 | |
Total assets | 5,136,744 | 5,136,744 | 4,615,788 | ||
Goodwill | 270,269 | 270,269 | 270,269 | ||
Operating Segments | International | International | |||||
Segment Reporting Information [Line Items] | |||||
Service revenues and vehicle sales | 168,795 | 140,074 | 313,319 | 271,745 | |
Yard operations | 52,100 | 45,721 | 98,633 | 87,794 | |
Cost of vehicle sales | 75,687 | 50,041 | 134,359 | 96,107 | |
General and administrative | 11,647 | 9,630 | 22,090 | 17,991 | |
Operating income | 29,361 | 34,682 | 58,237 | 69,854 | |
Depreciation and amortization | 4,293 | 3,987 | 8,415 | 8,028 | |
Capital expenditures and acquisitions | 14,636 | 5,185 | 31,008 | 15,609 | |
Total assets | 795,664 | 795,664 | 693,076 | ||
Goodwill | 133,777 | 133,777 | $ 131,685 | ||
Service revenues | |||||
Segment Reporting Information [Line Items] | |||||
Service revenues and vehicle sales | 789,797 | 711,090 | 1,516,637 | 1,378,908 | |
Service revenues | Operating Segments | US | United States | |||||
Segment Reporting Information [Line Items] | |||||
Service revenues and vehicle sales | 705,733 | 630,707 | 1,357,390 | 1,221,465 | |
Service revenues | Operating Segments | International | International | |||||
Segment Reporting Information [Line Items] | |||||
Service revenues and vehicle sales | 84,064 | 80,383 | 159,247 | 157,443 | |
Vehicle sales | |||||
Segment Reporting Information [Line Items] | |||||
Service revenues and vehicle sales | 166,927 | 156,370 | 333,459 | 298,684 | |
Vehicle sales | Operating Segments | US | United States | |||||
Segment Reporting Information [Line Items] | |||||
Service revenues and vehicle sales | 82,196 | 96,679 | 179,387 | 184,382 | |
Vehicle sales | Operating Segments | International | International | |||||
Segment Reporting Information [Line Items] | |||||
Service revenues and vehicle sales | $ 84,731 | $ 59,691 | $ 154,072 | $ 114,302 |