Revenue during the quarter grew 19.79 percent to $345.99 million from $288.84 million in the previous year period. Gross margin for the quarter expanded 15 basis points over the previous year period to 41.99 percent. Total expenses were 69.70 percent of quarterly revenues, down from 70.14 percent for the same period last year. This has led to an improvement of 44 basis points in operating margin to 30.30 percent.

Operating income for the quarter was $104.82 million, compared with $86.25 million in the previous year period.

The company has spent $39.07 million cash to meet investing activities during the quarter as against cash outgo of $40.84 million in the last year period. It has incurred capital expenditure of $38.02 million on net basis during the quarter, up 92.76 percent or $18.30 million from year ago period.

The company has spent $16.74 million cash to carry out financing activities during the quarter as against cash outgo of $18.38 million in the last year period.

Cash and cash equivalents stood at $168.42 million as on Oct. 31, 2016, down 64.39 percent or $304.50 million from $472.92 million on Oct. 31, 2015.

Working capital drops significantly
Copart has witnessed a decline in the working capital over the last year. It stood at $273.03 million as at Oct. 31, 2016, down 51.39 percent or $288.70 million from $561.73 million on Oct. 31, 2015. Current ratio was at 1.76 as on Oct. 31, 2016, down from 3.51 on Oct. 31, 2015.

Days sales outstanding went up to 83 days for the quarter compared with 72 days for the same period last year.

Debt moves up 
Copart has witnessed an increase in total debt over the last one year. It stood at $744.18 million as on Oct. 31, 2016, up 18.74 percent or $117.46 million from $626.72 million on Oct. 31, 2015. Total debt was 42.03 percent of total assets as on Oct. 31, 2016, compared with 33.77 percent on Oct. 31, 2015. Debt to equity ratio was at 0.92 as on Oct. 31, 2016, up from 0.62 as on Oct. 31, 2015.