Business
Copart Reports First Quarter Fiscal 2022 Financial Results
DALLAS--(BUSINESS WIRE)-- Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2021. For the three months ended
About this update from Copart, Inc.
[{"type":"text","content":" DALLAS--(BUSINESS WIRE)--\nCopart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2021.\n\nFor the three months ended October 31, 2021, revenue, gross profit, and net income were $810.1 million, $385.0 million, and $260.4 million, respectively. These represent an increase in revenue of $217.2 million, or 36.6%; an increase in gross profit of $88.3 million, or 29.7%; and an increase in net income of $60.1 million, or 30.0%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $1.08 compared to $0.83 last year, an increase of 30.1%.\n\nExcluding the impact of certain income tax benefits related to stock-based compensation, non-GAAP fully diluted earnings per share for the three months ended October 31, 2021 and 2020, were $1.07, and $0.79, respectively, which was an increase of 35.4%. A reconciliation of non-GAAP financial measures to the most directly comparable financial measures computed in accordance with U.S. generally accepted accounting principles (GAAP) can be found in the tables attached to this press release.\n\nOn Thursday, November 18, 2021, at 11 a.m. Eastern Time, Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live and can be accessed via hyperlink at www.copart.com/investorrelations. A replay of the call will be available through February 2022 by visiting www.copart.com/investorrelations.\n\nAbout Copart\n\nCopart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform links sellers to more than 750,000 Members in over 170 countries. Copart offers services to process and sell vehicles to dealers, dismantlers, rebuilders, exporters, and to the general public. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. With operations at over 200 locations in 11 countries, Copart has more than 250,000 vehicles available online every day. Copart currently operates in the United States (Copart.com), Canada (Copart.ca), the United Kingdom (Copart.co.uk), Brazil (Copart.com.br), the Republic of Ireland (Copart.ie), Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Cop...