01—Abstract
Summary
Summary of the 10-K/A filed October 2, 2013. Cited figures are marked; the original filing is the authoritative source.
Copart, Inc.'s (CPRT) fiscal year ended July 31, 2013, as detailed in their amended Form 10-K, indicates a company operating as a large accelerated filer.
The company's core business involves the online auction of used, wholesale, salvage, and insurance damaged vehicles. This filing is an amendment to correct a minor omission in the original filing, specifically regarding the electronic signature for the Consent of Independent Registered Public Accounting Firm. For investors, Copart's business model, focused on remarketing vehicles for insurance companies, auto dealers, and rental car agencies, is a key aspect.
The company leverages its proprietary internet auction technology to facilitate these sales. While this specific filing amendment does not provide updated financial performance figures, it confirms the company's robust reporting status and its adherence to SEC regulations, which is crucial for maintaining investor confidence.
02—Key points
Key Highlights
- Copart, Inc. is a large accelerated filer, indicating a substantial market capitalization and a history of regular SEC filings.
- The fiscal year under review concluded on July 31, 2013.
- The primary business of Copart is the online auction of used, wholesale, salvage, and insurance damaged vehicles.
- The company utilizes proprietary internet auction technology to conduct its operations.
- This filing (Form 10-K/A) is an amendment to the original 10-K to include a missing electronic signature on the Consent of Independent Registered Public Accounting Firm exhibit.
- The amendment does not alter the substantive financial disclosures or operational information presented in the original Form 10-K.
- Copart's common stock is listed on The NASDAQ Global Select Market.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2013, Copart Inc kept $0.17.
- Revenue$1.05B100.0%
- Cost of revenue−$167.2M16.0%
- Gross profit$879.1M84.0%
- Operating costs−$596.2M57.0%
- Operating income$283.0M27.0%
- Interest, other & tax−$103.0M9.8%
- Net income$180.0M17.2%
Where FY2013 revenue went
$1.05B- Operating costs: $596.2M, 57% of revenue
- Net income: $180.0M, 17% of revenue
- Cost of revenue: $167.2M, 16% of revenue
- Interest, other & tax: $103.0M, 9.8% of revenue
Kept 17% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2013filed October 2, 2013Financial Statements
FY2013 against FY2012
| Line item | FY2013FY2012 | Change |
|---|---|---|
| Revenue | $1.05B$924.19M | +13.2% |
| Cost of Revenue | $167.24M$136.97M | +22.1% |
| Gross Profit | $879.15M$787.22M | +11.7% |
| Operating Income | $282.99M$286.35M | −1.2% |
| Interest Expense | $10.27M$11.34M | −9.5% |
| Net Income | $180.03M$182.12M | −1.1% |
| EPS (Basic) | $0.18$0.18 | +1.4% |
| EPS (Diluted) | $0.17$0.17 | 0.0% |
| Shares Outstanding (Basic) | 999.30M1.02M | +97396.1% |
| Shares Outstanding (Diluted) | 1.04B1.05M | +98646.8% |
05—Questions
Frequently Asked Questions
What is the main business of Copart, Inc.?
Copart, Inc. is primarily engaged in the online auction of used, wholesale, salvage, and insurance damaged vehicles. They provide a platform for sellers such as insurance companies, auto dealers, and rental car agencies to remarket their vehicles.
Why is Copart filing an amended 10-K (Form 10-K/A)?
This amended filing (Amendment No. 1) is a technical correction. It was filed to include an electronic signature for the Consent of Independent Registered Public Accounting Firm in Exhibit 23.1, which was mistakenly omitted from the original Form 10-K filing.
Does this amendment change Copart's financial performance for the fiscal year ended July 31, 2013?
No, this amendment is purely administrative and relates to an exhibit filing error. It does not modify or update any of the financial performance disclosures or other substantive information provided in the original Form 10-K for the fiscal year ended July 31, 2013.
Where is Copart's stock traded?
Copart's common stock is traded on The NASDAQ Global Select Market under the ticker symbol CPRT.
06—Continue