01—Abstract
Summary
Summary of the 10-K/A filed October 28, 2011. Cited figures are marked; the original filing is the authoritative source.
Copart, Inc. (CPRT) filed an amendment to its 2011 10-K report primarily to include XBRL-formatted financial data.
This filing pertains to the fiscal year ended July 31, 2011. As a well-known seasoned issuer and a large accelerated filer, Copart's core business remains the online auction of used, salvaged, and wholesale vehicles. The amendment itself does not introduce new business or financial information but rather makes the previously filed financial statements (Statements of Earnings, Balance Sheets, Statements of Shareholders' Equity, and Statements of Cash Flows) available in an electronic, machine-readable format as required by the SEC.
Investors reviewing this filing should focus on the underlying financial performance reported in the original 10-K, which this amendment supports. The inclusion of XBRL data aims to enhance transparency and ease of analysis for financial data users.
Copart's operations, focused on salvaging and reselling vehicles, position it within the automotive aftermarket and insurance services sectors. The company's continued emphasis on its online auction platform is a key operational driver to monitor.
02—Key points
Key Highlights
- Amendment No. 1 to Form 10-K for the fiscal year ended July 31, 2011, filed on October 28, 2011.
- The primary purpose of the amendment is to include XBRL (eXtensible Business Reporting Language) formatted financial data.
- No new business or financial information is introduced; this is a data formatting update.
- Includes financial statements such as Consolidated Statements of Earnings, Balance Sheets, Shareholders' Equity, and Cash Flows in XBRL format.
- Copart, Inc. is classified as a large accelerated filer and a well-known seasoned issuer.
- The company's common stock is registered and traded on the NASDAQ Global Select Market.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2011, Copart Inc kept $0.19.
- Revenue$872.2M100.0%
- Cost of revenue−$125.2M14.4%
- Gross profit$747.0M85.6%
- Operating costs−$481.8M55.2%
- Operating income$265.3M30.4%
- Interest, other & tax−$98.9M11.3%
- Net income$166.4M19.1%
Where FY2011 revenue went
$872.2M- Operating costs: $481.8M, 55% of revenue
- Net income: $166.4M, 19% of revenue
- Cost of revenue: $125.2M, 14% of revenue
- Interest, other & tax: $98.9M, 11% of revenue
Kept 19% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2011filed October 28, 2011Financial Statements
FY2011 against FY2010
| Line item | FY2011FY2010 | Change |
|---|---|---|
| Revenue | $872.25M$772.88M | +12.9% |
| Cost of Revenue | $125.20M$104.67M | +19.6% |
| Gross Profit | $747.04M$668.21M | +11.8% |
| Operating Expenses | $606.96M$533.81M | +13.7% |
| Operating Income | $265.29M$239.07M | +11.0% |
| Interest Expense | $4.08M$216K | +1788.0% |
| Net Income | $166.38M$151.63M | +9.7% |
| EPS (Basic) | $0.14$0.11 | +22.2% |
| EPS (Diluted) | $0.14$0.11 | +21.3% |
| Shares Outstanding (Basic) | 1.21B1.35B | −10.1% |
| Shares Outstanding (Diluted) | 1.23B1.36B | −9.8% |
05—Questions
Frequently Asked Questions
What is the main reason for this amended 10-K filing?
This amended 10-K filing (Amendment No. 1) is primarily to provide the financial information for the fiscal year ended July 31, 2011, in XBRL format, which was not included in the original timely filing. It ensures compliance with SEC e-filing requirements for interactive data.
Does this amendment change Copart's financial results from the original 10-K filing?
No, this amendment does not alter the actual financial results or operational information previously reported in the original 10-K filing. It is purely a technical filing to provide the same data in a machine-readable XBRL format.
What is XBRL and why is it important for investors?
XBRL (eXtensible Business Reporting Language) is a global standard for digital business reporting. For investors, it makes financial data more accessible, searchable, and analyzable, allowing for easier comparison across companies and periods, and facilitating automated data processing.
What are the key financial statements included in the XBRL data?
The XBRL data includes the Consolidated Statements of Earnings, Consolidated Balance Sheets, Consolidated Statements of Shareholders' Equity, and Consolidated Statements of Cash Flows for the relevant fiscal periods.
06—Continue