Post on 25-Aug-2020
1
2016 Highlights
REVENUE (in millions)
EBITDA (in millions)
NET INCOME (in millions)
DILUTED EPS (in dollars)
OPERATING INCOME (in millions)
G&A EXPENSES (in millions)
0
200
400
600
800
1,000
1,200
1,400
12 13 14 15 160
50
100
150
200
250
300
350
400
450
12 13 14 15 160
50
100
150
200
250
300
12 13 14 15 16
0
0.5
1
1.5
2
2.5
12 13 14 15 160
50
100
150
200
250
300
350
400
450
500
12 13 14 15 160
20
40
60
80
100
120
140
160
180
12 13 14 15 16
Revenue .......................................................................
Operating Income......................................................
EBITDA ..........................................................................
Income Before Taxes ................................................
Net Income ..................................................................
Basic Net Income Per Common Share ................
Basic Weighted Average Shares...........................
Diluted Net Income Per Common Share ............
Diluted Weighted Average Shares .......................
BALANCE SHEET DATA ($)Cash and Cash Equivalents ....................................
Working Capital ..........................................................
Total Assets .................................................................
Total Debt .....................................................................
Stockholders' Equity .................................................
924,191
286,353
334,520
278,056
182,119
1.42
128,120
1.39
131,428
140,112
134,908
1,155,648
442,472
561,117
1,046,386
282,922
339,720
276,872
180,025
1.44
124,912
1.39
129,781
63,631
67,893
1,333,316
371,292
762,401
1,163,489
274,934
357,764
270,035
178,687
1.42
125,693
1.36
131,230
158,668
168,007
1,506,121
302,218
1,003,499
1,146,079
344,401
393,294
332,069
219,783
1.75
125,914
1.67
131,425
456,012
521,456
1,798,660
644,514
964,464
1,268,449
406,470
455,045
395,865
270,360
2.36
114,423
2.21
122,147
155,849
220,523
1,649,820
640,492
774,456
As of July 31,(In thousands, except per share amounts)
OPERATING RESULTS ($)20132012 2014 2015 2016
2
Dear Stockholders,
We are proud of Copart’s extraordinary fiscal year, in many respects, it was the best year in company history. We provided excellent service and results to our customers in a demanding, high-growth environment, industry-leading product assortment and bidding tools to our members, career growth opportunities for Copart family members, and strong financial results for our shareholders.
We experienced significant growth in our domestic business. Despite beginning the fiscal year with headwinds from low scrap metal prices and a strong U.S. dollar (which reduces the purchasing power of our foreign members), we grew domestic revenue by 13% for the full year. We believe this volume growth has been driven primarily by industry-wide factors and growth in our market share through several key account wins throughout the year.
The key growth drivers for our industry include driving activity, accident frequency, and total loss frequency. We believe all three factors contributed to our growth in 2016. First, driving activity as measured by vehicle miles driven continues to increase with relatively low fuel prices and high employment. Long-term accident frequency has steadily declined since the arrival of anti-lock brake technologies in the late 1970s, but have consistently increased since 2011 due to a combination of road congestion and distracted driving. Finally, total loss frequency has continued its steady climb over the past 20 years, a result of the increasing average age of the vehicle fleet, rising technology complexity, correspondingly higher repair costs, combined with strong salvage auction results for our sellers. In addition to growth in our salvaged vehicle sales, we also grew our business with charities and auto dealers.
In response to these trends, we launched our 20-20-20 initiative in 2016, through which we plan to expand 20 existing locations and build 20 new locations within 20 months. We purchased or leased over 20 new real estate properties in fiscal 2016 alone. We are investing aggressively in the infrastructure needed to provide outstanding service to our customers—our capital expenditures in 2015 and 2016 were substantially higher than the annual average of the 10 years prior. Having grown our physical inventory by approximately 20% year over year, we are excited and prepared for the coming year ahead. Sufficient capacity is critical to providing high service levels to our customers, as well as the cost efficiency of our operations. For example, we opened a new yard in Wilmer, Texas and were operating at 75% capacity within 1 month.
We faced a number of severe weather events this year, including flooding and hailstorms in several major Texas cities. We deployed our people and resources to deliver the best possible outcomes to our customers and affected citizens in a time of need. We are grateful to our Copart Special Ops volunteers who sacrificed their days, nights and weekends to help these communities navigate their way through stormy times.
In 2016, we were able to attract additional buyers to Copart. We saw a 24% increase in web visits and a 41% increase in buyer registrations year over year. Additionally, there was substantial growth in our mobile app usage in 2016. We experienced a 19% increase in winning bids from mobile devices due to increased app downloads in nearly 200 countries and territories. We believe that our continued investment in mobile solutions will continue to enhance the user experience.
Dear Stockholders,
We are proud of Copart’s extraordinary fiscal year, in many respects the best year in our history. We provided excellent service and results to our customers in a demanding, high-growth environment, industry-leading product assortment and bidding tools to our members, career growth opportunities for Copart family members, and strong financial results for our shareholders.
We experienced significant growth in our domestic business. Despite beginning the fiscal year with headwinds from low scrap metal prices and a strong U.S. dollar (which reduces the purchasing power of our foreign members), we grew domestic revenue by 13% for the full year. We believe this volume growth has been driven primarily by industry-wide factors and growth in our market share through several key account wins throughout the year.
The key growth drivers for our industry include driving activity, accident frequency, and total loss frequency. We believe all three factors contributed to our growth in 2016. First, driving activity as measured by vehicle miles driven continues to increase with relatively low fuel prices and high employment. Long-term accident frequency has steadily declined since the arrival of anti-lock brake technologies in the late 1970s, but have consistently increased since 2011 due to a combination of road congestion and distracted driving. Finally, total loss frequency has continued its steady climb over the past 20 years, a result of the increasing average age of the vehicle fleet, rising technological complexity, correspondingly higher repair costs, combined with strong salvage auction results for our sellers. In addition to growth in our salvaged vehicle sales, we also grew our business with charities and auto dealers.
In response to these trends, we launched our 20-20-20 initiative in 2016, through which we plan to expand 20 existing locations and build 20 new locations within 20 months. We purchased or leased over 20 new real estate properties in fiscal 2016 alone. We are investing aggressively in the infrastructure needed to provide outstanding service to our customers—our capital expenditures in 2015 and 2016 were substantially higher than the annual average of the 10 years prior. Having grown our physical inventory by approximately 20% year over year, we are excited and prepared for the coming year ahead. Sufficient capacity is critical to providing high service levels to our customers, as well as the cost efficiency of our operations. For example, we opened a new yard in Wilmer, Texas and were operating at 75% capacity within 1 month.
We faced a number of severe weather events this year, including flooding and hailstorms in several major Texas cities. We deployed our people and resources to deliver the best possible outcomes to our customers and affected citizens in a time of need. We are grateful to our Copart Special Ops volunteers who sacrificed their days, nights and weekends to help these communities navigate their way through stormy times.
In 2016, we were able to attract additional buyers to Copart. We saw a 24% increase in web visits and a 41% increase in buyer registrations year over year. Additionally, there was substantial growth in our mobile app usage in 2016. We experienced a 19% increase in winning bids from mobile devices due to increased app downloads in nearly 200 countries and territories. We believe that our continued investment in mobile solutions will continue to enhance the user experience.
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We continue to grow our business internationally as well. Since first entering the UK in 2007—less than 10 years ago—our team has worked tirelessly to build the physical infrastructure, member base, and seller relationships to become the industry leader. We believe that parts of Western Europe will prove to be promising growth avenues for us in the years to come, as we adapt the Copart model to local business practices and regulations. This year, we completed the substantial systems development work necessary to enable us to launch live auctions in Spain and Germany. Western Europe shares many of the economic characteristics that make the U.S. a compelling salvage market: a well-aged vehicle fleet, elevated labor rates, and high regulatory hurdles for a damaged car’s return to the road. Elsewhere internationally, we made strong progress in Brazil against a backdrop of social and economic uncertainty. In particular, we have taken steps to optimize our cost structure while growing unit volumes substantially.
We celebrated a number of new milestones for Copart in 2016. Through a multi-year investment in infrastructure, people and processes, we achieved a record number of new software releases. For our sellers and members, we deployed new and better applications to enable seamless auction performance and reporting. We experienced a 44% increase in bids placed from mobile devices. We sold 12% more vehicles and received 14% more vehicles than ever before, all while reducing our cost per car year over year. We enjoyed several key account wins by competing on the strength of our service offering, as well as the robust investments we have made in our physical infrastructure.
While achieving our priorities of providing excellent service and results to our customers and investing for the future, we also delivered a strong year financially as well. Copart’s operating income grew 18% in 2016, and with the benefit of additional share buybacks, we grew our diluted earnings per share by 32% over the prior year from $1.67 to $2.21 per share. In fiscal year 2016, we bought back over 11.2 million shares, continuing our longstanding practice of returning capital to shareholders —since 2008, we have purchased 78.3 million shares.
We remain committed to driving long-term shareholder value. We take pride in consistently making decisions that will enable Copart to win for years and decades to come. We benefited in 2016 from decisions made in years prior, and we again planted seeds that will bear fruit in 2017 and in Copart’s future. With a terrific fiscal year behind us, we are more excited than ever about what the future holds.
Sincerely,
A. Jayson AdairChief Executive Officer
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1.3Billion
IN ANNUAL REVENUE
11.3Million Shares
REPURCHASED
174Million Net Cash
INVESTED IN OUR FUTURE
year in review
More Than
20Properties
ACQUIRED OR LEASED
5
8,300Acres
OF LAND
750Thousand Members
IN OVER 180 COUNTRIES & TERRITORIES
70Million Bids
Nearly
100Million Views
12Countries with
COPART OPERATIONS
ON COPART.COM
6
OVER 175 LOCATIONS IN NORTH AMERICA WITH MORE THAN 200 LOCATIONS WORLDWIDE
Anchorage
Houston
Dallas
Oklahoma CityPhoenix
New Orleans
Madison
Chicago
Indianapolis
Helena
Albany
Columbus
Sacramento
Mobile
Tanner
Birmingham
Little Rock
Fayetteville
Tucson
Vallejo
Hayward
Fresno
Bakersfield
San Jose
San BernardinoLos AngelesVan Nuys
San Diego
Martinez
Rancho Cucamonga
Colorado Springs
Hartford
Tampa South
Jacksonville West
Jacksonville East
Orlando
West Palm BeachFort Pierce
Ocala
Tallahassee
Punta Gorda
Miami South
W. Atlanta
Savannah
Columbia
Greer
Nashville
Knoxville
Cartersville
Danville
RichmondHampton
North Seattle
Graham
Pasco
Spokane
Milwaukee
Wheeling
Charleston
Lufkin
Longview
CrashedToysDallas
El Paso
Austin
Amarillo
Corpus Christi
Fort Worth
McAllen
Abilene
San Antonio
China Grove RaleighMebane
Reno
Tulsa
Glassboro East
SomervilleTrenton
ClevelandEast
ClevelandWest
Portland North
Eugene
Portland South
Newburgh
Syracuse
Long Island
Rochester
PhiladelphiaN. Pittsburgh
E. PittsburghHarrisburg
S.Pittsburgh York HavenChambersburg
Altoona
Scranton
Lincoln
Albuquerque
Fort WayneHammond
Kansas City
Wichita
Lexington West Lexington
Walton
Dayton
LouisvilleSt. Louis
Springfield
Columbia
Sikeston
Baton Rouge
Shreveport
South BostonNorth Boston
WestWarren
Washington D.C.
Baltimore
Minneapolis
St. CloudCrashedToys East Bethel
Minneapolis North
Detroit
IoniaLansing
Flint
Kincheloe
BillingsLyman
Candia
Jackson Tifton
E. Atlanta
S. Atlanta
N. Atlanta
Honolulu
Boise
Chicago NorthBartlettCrashedToys Eldridge
PeoriaDes Moines
DavenportNorth Salt Lake
Las Vegas
Memphis
Miami NorthMiami Central
Montgomery
South SacramentoSeaford
DallasSouth
Denver Central Denver
Waco
Location Legend
Existing Location
CrashedToys Location
Corporate Headquarters
UNITED STATES
CANADA UK AND IRELAND
Calgary
Edmonton
London
Toronto
Montreal
Moncton
Sandy
Chester
Peterlee
York
Whitburn
Portglenone
Castledermot
Sandtoft
Wisbech
Sandwich
Wootton
Wolverhampton
Rochford
Colchester
Westbury
Bristol
WALES
SCOTLAND
NORTHERN
IRELAND
ENGLANDIRELAND
7
MIDDLE EAST
BRAZIL
CHINA
SPAIN
INDIA
GERMANY
Dubai
Saar -Manama
Haliban -Muscat Algete
Madrid
ItaquaquecetubaEmbú das Artes
VilaJaguara
Osasco
Pirapora
Chennai
Sonepat
Gurgaon
Tianjin
Beijing
Hannover
Duren
8
Page Number
PART I ................................................................................................................................................................................ 1Item 1 Business .............................................................................................................................................. 1
Industry Overview .............................................................................................................................. 3Operating and Growth Strategy .......................................................................................................... 5Our Competitive Advantages .............................................................................................................. 6Business Segments .............................................................................................................................. 7Our Service Offerings ......................................................................................................................... 7Sales .................................................................................................................................................... 10Members ............................................................................................................................................. 11Competition ........................................................................................................................................ 11Management Information Systems ..................................................................................................... 11Employees .......................................................................................................................................... 12Environmental Matters ....................................................................................................................... 12Governmental Regulations ................................................................................................................. 12Intellectual Property and Proprietary Rights ....................................................................................... 13Seasonality .......................................................................................................................................... 13
Item 1A. Risk Factors ........................................................................................................................................ 13Item 1B. Unresolved Staff Comments ............................................................................................................... 28Item 2. Properties ............................................................................................................................................ 28Item 3. Legal Proceedings ............................................................................................................................... 28Item 4. Mine Safety Disclosures ..................................................................................................................... 29
PART II .............................................................................................................................................................................. 30
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ................................................................................................................................. 30
Item 6. Selected Financial Data ...................................................................................................................... 33Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations .............. 34Item 7A. Quantitative and Qualitative Disclosures About Market Risk ............................................................ 52Item 8. Financial Statements and Supplementary Data ................................................................................... 53Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure .............. 53Item 9A. Controls and Procedures ..................................................................................................................... 54Item 9B. Other Information ............................................................................................................................... 56
PART III ............................................................................................................................................................................. 57Item 10. Directors, Executive Officers and Corporate Governance .................................................................. 57Item 11. Executive Compensation .................................................................................................................... 57
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ................................................................................................................................................ 57
Item 13. Certain Relationships and Related Transactions, and Director Independence .................................... 57Item 14. Principal Accounting Fees and Services ............................................................................................. 57
PART IV ............................................................................................................................................................................. 58Item 15. Exhibits, Financial Statement Schedules ............................................................................................ 58Signatures ........................................................................................................................................................................... 59
This Annual Report on Form 10-K for the fiscal year ended July 31, 2016, or this Form 10-K, including the information incorporated by reference herein, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements other than statements of historical facts are statements that could be deemed forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “forecast,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms or other comparable terminology. The forward-looking statements contained in this Form 10-K involve known and unknown risks, uncertainties and situations that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. These forward-looking statements are made in reliance upon the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These factors include those listed in Part I, Item 1A under the caption entitled “Risk Factors” in this Form 10-K and those discussed elsewhere in this Form 10-K. Unless the context otherwise requires, references in this Form 10-K to “Copart,” the “Company,” “we,” “us,” or “our” refer to Copart, Inc. We encourage investors to review these factors carefully together with the other matters referred to herein, as well as in the other documents we filewith the Securities and Exchange Commission (the SEC). We may from time to time make additional written and oral forward-looking statements, including statements contained in our filings with the SEC. We do not undertake to update any forward-looking statement that may be made from time to time by or on behalf of us.
Although we believe that, based on information currently available to us and our management, the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on these forward-looking statements.
Business
www.copart.com
Acquire and Develop New Vehicle Storage Facilities in Key Markets Including Foreign Markets
Pursue Global, National and Regional Vehicle Supply Agreements
Expand Our Service Offerings to Sellers and Members
Geographic Coverage and Ability to Respond on a National Scale
Value-Added Services
7
Proven Ability to Acquire and Integrate Acquisitions
Technology to Enhance and Expand Our Business
14 — Segments and Other Geographic Reporting
Online Seller Access
Salvage Estimation Services
Estimating Services
End-of-Life Vehicle Processing
Virtual Insured Exchange (VIX)
Transportation Services
Vehicle Inspection Stations
On-Demand Reporting
9
DMV Processing
Flexible Vehicle Processing Programs
Percentage Incentive Program.
Consignment Program.
Purchase Program.
Buy It Now
Member Network
Sales Process
Copart Dealer Services
CashForCars.com
U-Pull-It
Note 14 — Segments and Other Geographic Reporting
Capitalized Software Costs Note 1 — Summary of Significant Accounting Policies.
Risk Factors
Investing in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below before making an investment decision. Our business could be harmed if any of these risks, as well as other risks not currently known to us or that we currently deem immaterial, materialize. The trading price of our common stock could decline due to the occurrence of any of these risks, and you may lose all or part of your investment. In assessing the risks described below, you should also refer to the other information contained in this Form 10-K, including our consolidated financial statements and the related notes and schedules, and other filings with the SEC.
19
Inventory,
Intangibles—Goodwill and Other
27
Unresolved Staff Comments
Properties
Legal Proceedings
29
Mine Safety Disclosure
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Note 8 — Long-Term Debt Note 11 — Stockholders’ Equity Credit Agreement Note Purchase Agreement .
Fiscal 2014
Fiscal 2015
Fiscal 2016
Notwithstanding any statement to the contrary in any of our previous or future filings with the SEC, the following information relating to the price performance of our common stock shall not be deemed “filed” with the SEC or “Soliciting Material” under the Exchange Act, or subject to Regulation 14A or 14C, or to liabilities of Section 18 of the Exchange Act except to the extent we specifically request that such information be treated as soliciting material or to the extent we specifically incorporate this information by reference.
Selected Financial Data
Improvements to Employee Share-Based Payment Accounting.
Simplifying the Presentation of Debt Issuance Costs
Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Annual Report on Form 10-K for the fiscal year ended July 31, 2016, or this Form 10-K, including the information incorporated by reference herein, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements other than statements of historical facts are statements that could be deemed forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “forecast,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms or other comparable terminology. The forward-looking statements contained in this Form 10-K involve known and unknown risks, uncertainties and situations that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. These forward-looking statements are made in reliance upon the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These factors include those listed in Part I, Item 1A under the caption entitled “Risk Factors” in this Form 10-K and those discussed elsewhere in this Form 10-K. Unless the context otherwise requires, references in this Form 10-K to “Copart,” the “Company,” “we,” “us,” or “our” refer to Copart, Inc. We encourage investors to review these factors carefully together with the other matters referred to herein, as well as in the other documents we filewith the Securities and Exchange Commission (the SEC). We may from time to time make additional written and oral forward-looking statements, including statements contained in our filings with the SEC. We do not undertake to update any forward-looking statement that may be made from time to time by or on behalf of us.
All references to numbered Notes are to specific Notes to our Consolidated Financial Statements included in this Annual Report on Form 10-K and which descriptions are incorporated into the applicable response by reference. Capitalized terms used, but not defined, in this Management’s Discussion and Analysis of Financial Condition and Results of Operation (“MD&A”) have the same meanings as in such Notes.
Service and Vehicle Sales Revenue:
Operating Costs and Expenses:
Other Income and Expense:
Note 8 — Long-Term Debt.
Liquidity and Cash Flows:
37
39
Note 8 — Long-Term Debt
Note 8 — Long-Term Debt
Improvements to Employee Share-Based Payment Accounting
Capitalized Software Costs Note 1 — Summary of Significant Accounting Policies.
Stock RepurchasesNote 8 — Long-Term Debt Note 11 — Stockholders’ Equity Note Purchase Agreement .
Stock Repurchases
Note 8 — Long-Term Debt Note 11 — Stockholders’ Equity Note Purchase Agreement .
Stock Repurchases
Contractual Obligations
Credit Facility
Credit Agreement
Note Purchase Agreement
47
Note 1 — Summary of Significant Accounting Policies
Revenue from Contracts with CustomersRevenue Recognition
Fair Value Measurements and Disclosures
49
Note 8 — Long-Term Debt
Income Taxes
Income Taxes,
Improvements to Employee Share-Based Payment Accounting
Business Combinations
14 — Segments and Other Geographic Reporting
Note 1 — Summary of Significant Accounting Policies.
Quantitative and Qualitative Disclosures About Market Risk
Financial Statements and Supplementary Data
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Controls and Procedures
Other Information
57
Directors, Executive Officers and Corporate Governance
Code of Ethics
Executive Compensation
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Certain Relationships and Related Transactions, and Director Independence
Principal Accounting Fees and Services
Exhibits, Financial Statement Schedules
(a) Financial statements:
(b) Financial statement schedules:
(c) Exhibits:
59
1 — Summary of Significant Accounting Policies
“Improvements to Employee Share-based Payment Accounting,”
67
Basis of Presentation and Description of Business
Use of Estimates
Revenue Recognition
69
Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements
Vehicle Pooling Costs
Foreign Currency Translation
70
Fair Value of Financial Instruments
Fair Value Measurements and Disclosures
Note 8 — Long-Term Debt 10 – Fair Value Measures 10 – Fair Value Measures
Cost of Vehicle Sales
Yard Operations
71
General and Administrative Expenses
Advertising
Other (Expense) Income
Net Income Per Share
Improvements to Employee Share-Based Payment Accounting
Cash and Cash Equivalents
Marketable Securities
Inventory
72
Accounts Receivable
Allowance for Doubtful Accounts
Concentration of Credit Risk
Property and Equipment
Long-Lived Asset Valuation
Property,
73
Plant, and Equipment
Goodwill and Other Identifiable Intangible Assets
Intangibles—Goodwill and Other
Capitalized Software Costs
Stock-Based Payment Compensation
Compensation—Stock Compensation
74
Improvements to Employee Share-Based Payment Accounting
75
Retained Insurance Liabilities
Comprehensive Income
Acquisitions
Business Combinations
Segments and Other Geographic Reporting
Recently Issued Accounting Pronouncements
Adopted
Improvements to Employee Share-Based Payment Accounting
76
Interest - Imputation of Interest
Pending
Leases
Balance Sheet Classification of Deferred Taxes
Consolidation
77
Revenue from Contracts with CustomersRevenue Recognition
Fiscal 2016 and Fiscal 2015 Transactions
Fiscal 2014 Transactions
78
Business Combinations
79
Credit Facility
Credit Agreement
Note Purchase Agreement
Derivatives and Hedging
Note 1 — Summary of Significant Accounting Policies, Note 2 — Acquisitions, Note 8 — Long-Term Debt Note 9 — Derivatives and Hedging
General
Stock Repurchases
Employee Stock Purchase Plan
Stock Options
87
, Compensation — Stock Compensation
89
Improvements to Employee Share-Based Payment Accounting.
90
91
Improvements to Employee Share-Based Payment Accounting
92
Improvements to Employee Share-Based Payment Accounting
93
94
Leases
Operating Leases.
Commitments
Letters of Credit
Contingencies
Legal Proceedings
95
Governmental Proceedings
96
97
Improvements to Employee Share-Based Payment Accounting 1 — Summary of Significant Accounting Policies.
Exercise of Stock Options
Drawdown Under Credit Agreement
98
99
registrantspecifically incorporates it by reference.
PRIVATE INVESTOR
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3
Copart, Inc.14185 Dallas Pkwy, Suite #300
Dallas, TX 75254Ph: 972-391-5000
Copart.com