Company Model

Copart, Inc. (CPRT)

Rimmi Singhi Parna Chakraborty Monotosh Mukherjee

Research Analyst Data Analyst QC Analyst

Contact: Billy Huh @ 312-265-9285 or mailto: [email protected] and Scott Brockman @ mailto: [email protected]

Source: Company Data and Zacks Investment Research

______________________________________________

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 Zacks Investment Research
March 15,2023

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Copart, Inc. (CPRT)
In $MM, except per share data

2017A 2018A 2019A 2020A

FY FY FY FY
FY Ends July 31st Jul-17 Jul-18 Jul-19 Jul-20

Income Statement

Total Service Revenue $1,286.3 $1,578.5 $1,755.7 $1,947.1

YoY % Chng 22.7% 11.2% 10.9%
Total Vehicle Sales $161.7 $227.2 $286.3 $258.4
YoY % Chng 40.5% 26.0% (9.7%)
Total Service Revenues and Vehicle Sales $1,448.0 $1,805.7 $2,042.0 $2,205.6
YoY % Chng 24.7% 13.1% 8.0%
Yard Operations $635.2 $785.8 $819.8 $889.7
YoY % Chng 23.7% 4.3% 8.5%
Cost of Vehicle Sales $137.6 $196.5 $255.5 $225.3
YoY % Chng 42.8% 30.1% (11.8%)
Yard Depreciation and Amortization $40.0 $57.2 $63.2 $77.0
YoY % Chng 43.2% 10.4% 21.9%
Yard Stock-Based Compensation $3.3 $3.9 $5.2 $5.8
YoY % Chng 17.8% 34.1% 10.9%
Gross Profit $632.0 $762.4 $898.3 $1,007.8
YoY % Chng 20.6% 17.8% 12.2%
General and Administrative $116.7 $136.2 $141.9 $149.7
YoY % Chng 16.7% 4.2% 5.5%
G&A Depreciation and Amortization $17.0 $21.4 $21.7 $24.4
YoY % Chng 25.4% 1.7% 12.3%
G&A Stock-Based Compensation $17.6 $19.4 $18.3 $17.6
YoY % Chng 9.8% (5.7%) (3.8%)
Total Operating Expenses $986.7 $1,221.4 $1,325.5 $1,389.5
YoY % Chng 23.8% 8.5% 4.8%
EBITDA $518.7 $663.4 $801.8 $920.4
YoY % Chng 27.9% 20.9% 14.8%
Depreciation & Amortization $57.4 $79.0 $85.3 $104.3
YoY % Chng 37.6% 8.0% 22.2%
Operating Income $461.3 $584.3 $716.5 $816.1
YoY % Chng 26.7% 22.6% 13.9%
Interest Expense, net $22.4 $19.1 $17.6 $18.9
YoY % Chng (14.7%) (7.8%) 7.3%
Other Income, net $1.2 ($2.8) $6.1 $3.6
YoY % Chng 335.0% (319.7%) 40.4%
Loss on Extinguishment of Debt
 YoY % Chng
Total Other Expense $21.2 $21.8 $11.5 $15.3
YoY % Chng 3.0% (47.2%) 32.4%
Pre-Tax Income $440.1 $562.5 $705.0 $800.8
YoY % Chng 27.8% 25.3% 13.6%
Income Tax $45.8 $144.5 $113.3 $100.9
YoY % Chng 215.2% (21.6%) (10.9%)
Tax Rate 16.1% 12.6%
Net Income, Adjusted $302.6 $416.1 $535.8 $610.5
YoY % Chng 37.5% 28.8% 13.9%
Net Income, GAAP $394.2 $417.9 $591.7 $699.9
YoY % Chng 6.0% 41.6% 18.3%
Basic Shares Outstanding 457.4 463.6 461.0 466.4
YoY % Chng 1.4% (0.6%) 1.2%
Diluted Shares Outstanding 474.0 483.8 480.9 477.3
YoY % Chng 2.0% (0.6%) (0.7%)
Basic EPS $0.86 $0.90 $1.29 $1.50
YoY % Chng 4.7% 42.8% 16.7%
EPS, Adjusted $0.65 $0.87 $1.13 $1.28
YoY % Chng 34.1% 30.1% 13.8%
EPS, GAAP $0.83 $0.87 $1.23 $1.47
YoY % Chng 4.2% 42.2% 19.1%

Segment Details

United States

Service Revenues $1,129.0 $1,385.2 $1,537.4 $1,714.7

YoY % Chng 22.7% 11.0% 11.5%
Vehicle Sales $64.2 $105.8 $119.1 $146.0
YoY % Chng 64.8% 12.6% 22.5%
Total United States Revenue $1,193.2 $1,491.0 $1,656.6 $1,860.7
YoY % Chng 25.0% 11.1% 12.3%
Operating Income $396.4 $514.9 $640.8 $743.2
YoY % Chng 29.9% 24.5% 16.0%

International

Service Revenues $157.3 $193.3 $218.3 $232.4

YoY % Chng 22.9% 12.9% 6.5%
Vehicle Sales $97.5 $121.4 $167.1 $112.5
YoY % Chng 24.5% 37.7% (32.7%)
Total International Revenue $254.8 $314.7 $385.4 $344.9
YoY % Chng 23.5% 22.5% (10.5%)
Operating Income $64.9 $69.5 $75.7 $72.9
 YoY % Chng 7.0% 9.0% (3.6%)
Total Service Revenues $1,286.3 $1,578.5 $1,755.7 $1,947.1
Total Vehicle Sales $161.7 $227.2 $286.3 $258.4
Total Operating Income $461.3 $584.3 $716.5 $816.1

Key Margins

Gross Margin 43.6% 42.2% 44.0% 45.7%

EBITDA Margin 35.8% 36.7% 39.3% 41.7%
Operating Margin 31.9% 32.4% 35.1% 37.0%
Pre-Tax Margin 30.4% 31.2% 34.5% 36.3%
Net Margin, Adjusted 20.9% 23.0% 26.2% 27.7%
Net Margin, GAAP 27.2% 23.1% 29.0% 31.7%

Key Balance Sheet Metrics

Cash and Cash Equivalents $210.1 $274.5 $186.3 $477.7

Current Assets $587.3 $709.1 $687.2 $963.8
Current Liabilities $302.2 $277.3 $282.0 $356.0

Key Cash Flow Metrics

Net Cash from Operating Activities $492.1 $535.1 $646.6 $917.9

Capital Expenditure $172.2 $296.7 $374.6 $603.7
Free Cash Flow $319.9 $238.4 $272.0 $314.2
Free Cash Flow per Share $0.67 $0.49 $0.57 $0.66

Notes
As on October 3, 2022, the Company approved the two-for-one stock split effected in theform of a stock dividend .
2021A 2022A 2023E 2024E
FY FY 1QA 2QA 3QE 4QE FY FY
Jul-21 Jul-22 31-Oct-22 31-Jan-23 30-Apr-23 31-Jul-23 Jul-23 Jul-24

$2,291.9 $2,853.0 $726.8 $789.8 $807.6 $766.4 $3,090.7 $3,328.0

17.7% 24.5% 8.8% 11.1% 5.4% 8.3% 8.3% 7.7%
$400.6 $647.9 $166.5 $166.9 $186.0 $153.2 $672.6 $708.0
55.0% 61.7% 17.0% 6.8% 7.1% (12.7%) 3.8% 5.3%
$2,692.5 $3,500.9 $893.4 $956.7 $993.6 $919.6 $3,763.3 $4,036.0
22.1% 30.0% 10.3% 10.3% 5.7% 4.1% 7.5% 7.2%
$897.1 $1,186.5 $337.0 $340.1 $351.3 $328.0 $1,356.4 $1,482.4
0.8% 32.3% 24.2% 15.6% 12.1% 6.6% 14.3% 9.3%
$346.1 $585.2 $151.1 $154.7 $164.1 $151.4 $621.4 $664.8
53.6% 69.1% 19.5% 10.3% 4.4% (6.1%) 6.2% 7.0%
$100.9 $117.9 $34.4 $34.1 $35.6 $33.5 $137.5 $146.6
31.1% 16.8% 30.0% 20.4% 12.6% 6.2% 16.6% 6.6%
$5.3 $5.1 $1.4 $1.3 $1.5 $1.4 $5.7 $6.0
(8.1%) (3.1%) 47.3% (5.2%) 5.4% 5.2% 10.5% 6.5%
$1,343.1 $1,606.2 $369.5 $426.5 $441.0 $405.4 $1,642.4 $1,736.2
33.3% 19.6% (4.0%) 5.7% 1.1% 6.2% 2.3% 5.7%
$150.0 $177.3 $44.5 $47.8 $50.2 $45.8 $188.4 $202.2
0.2% 18.2% 8.3% 11.9% 0.1% 6.0% 6.3% 7.3%
$21.1 $20.1 $4.7 $4.3 $5.1 $4.7 $18.8 $20.2
(13.7%) (4.7%) (11.7%) (13.3%) 3.1% (2.6%) (6.3%) 7.3%
$35.6 $33.8 $8.7 $8.8 $9.4 $8.8 $35.7 $38.3
102.8% (5.0%) 3.3% 6.6% 11.7% 1.0% 5.6% 7.1%
$1,556.1 $2,125.9 $581.9 $591.2 $617.3 $573.6 $2,363.9 $2,560.4
12.0% 36.6% 21.2% 13.7% 8.8% 2.7% 11.2% 8.3%
$1,259.5 $1,513.6 $350.8 $404.3 $417.0 $384.2 $1,556.4 $1,642.4
36.9% 20.2% (3.1%) 6.1% 1.9% 6.4% 2.8% 5.5%
$123.1 $138.6 $39.3 $38.8 $40.7 $38.2 $157.0 $166.7
18.1% 12.6% 22.7% 15.5% 10.9% 5.2% 13.2% 6.2%
$1,136.4 $1,375.0 $311.5 $365.5 $376.3 $346.0 $1,399.4 $1,475.6
39.3% 21.0% (5.6%) 5.2% 1.0% 6.5% 1.8% 5.4%
$20.2 $16.7 $4.4 $14.5 $6.9 $6.9 $32.7 $35.1
7.3% (17.6%) (13.4%) 226.6% 54.1% 160.2% 96.2% 7.3%
$5.7 ($0.6) ($2.8) ($2.9) ($1.7) ($2.3) ($9.8) ($10.0)
(56.9%) (110.5%) (447.5%) (245.5%) (228.2%) (21.4%) (1,538.1%) (2.3%)
($16.8) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
 $14.6 $34.0 $1.6 $11.6 $5.2 $4.6 $23.0 $25.2
(4.5%) 133.5% (62.7%) 119.6% 65.2% (78.5%) (32.5%) 9.5%
$1,121.8 $1,341.0 $313.1 $377.1 $371.1 $341.4 $1,402.8 $1,450.5
40.1% 19.5% (3.9%) 10.2% 0.4% 12.5% 4.6% 3.4%
$185.4 $250.8 $67.3 $83.4 $82.0 $75.5 $308.2 $320.6
83.6% 35.3% 2.7% 52.7% (9.9%) 89.9% 22.9% 4.0%
16.5% 18.7% 21.5% 22.1% 22.1% 22.1% 22.0% 22.1%
$889.7 $1,076.4 $245.2 $293.6 $289.0 $265.9 $1,093.6 $1,129.5
45.7% 21.0% (4.7%) 10.4% 2.7% (2.1%) 1.6% 3.3%
$936.5 $1,090.1 $245.8 $293.7 $289.1 $266.0 $1,094.6 $1,129.9
33.8% 16.4% (5.6%) 2.2% 3.8% 0.9% 0.4% 3.2%
472.5 474.8 476.1 476.4 476.4 476.4 476.3 476.4
1.3% 0.5% 0.4% 0.4% 0.3% 0.1% 0.3% 0.0%
480.6 482.3 482.2 482.5 482.5 482.5 482.4 482.5
0.7% 0.4% (0.1%) 0.0% 0.2% 0.2% 0.0% 0.0%
$1.98 $2.30 $0.52 $0.62 $0.61 $0.56 $2.31 $2.37
32.0% 15.9% (5.5%) 2.5% 3.7% 0.6% 0.4% 2.9%
$1.85 $2.23 $0.51 $0.61 $0.60 $0.55 $2.27 $2.34
44.5% 20.5% (3.8%) 10.9% 2.4% (2.5%) 1.8% 3.1%
$1.95 $2.26 $0.51 $0.61 $0.60 $0.55 $2.27 $2.34
33.1% 15.9% (5.6%) 2.5% 3.3% 0.2% 0.5% 3.1%

$2,017.5 $2,533.2 $651.7 $705.7 $712.5 $681.5 $2,751.4 $2,948.8

17.7% 25.6% 10.3% 11.9% 5.0% 7.7% 8.6% 7.2%
$254.6 $412.0 $97.2 $82.2 $117.4 $98.4 $395.2 $438.4
74.4% 61.8% 10.8% (15.0%) 5.4% (15.3%) (4.1%) 10.9%
$2,272.1 $2,945.2 $748.8 $787.9 $829.8 $779.9 $3,146.6 $3,387.2
22.1% 29.6% 10.4% 8.3% 5.0% 4.1% 6.8% 7.6%
$1,023.6 $1,247.6 $282.6 $336.2 $343.0 $316.4 $1,278.1 $1,338.3
37.7% 21.9% (4.2%) 7.5% 0.7% 5.6% 2.4% 4.7%

$274.4 $319.9 $75.2 $84.1 $95.1 $84.9 $339.3 $379.2

18.0% 16.6% (2.4%) 4.6% 8.8% 13.2% 6.1% 11.8%
$146.1 $235.9 $69.3 $84.7 $68.6 $54.8 $277.5 $269.6
29.9% 61.5% 27.0% 41.9% 10.2% (7.7%) 17.6% (2.8%)
$420.4 $555.8 $144.5 $168.8 $163.8 $139.7 $616.7 $648.8
21.9% 32.2% 9.8% 20.5% 9.4% 4.0% 11.0% 5.2%
$112.9 $127.4 $28.9 $29.4 $33.3 $29.7 $121.3 $137.3
 54.8% 12.9% (17.9%) (15.3%) 3.2% 17.5% (4.8%) 13.2%
$2,291.9 $2,853.0 $726.8 $789.8 $807.6 $766.4 $3,090.7 $3,328.0
$400.6 $647.9 $166.5 $166.9 $186.0 $153.2 $672.6 $708.0
$1,136.4 $1,375.0 $311.5 $365.5 $376.3 $346.0 $1,399.4 $1,475.6

49.9% 45.9% 41.4% 44.6% 44.4% 44.1% 43.6% 43.0%

46.8% 43.2% 39.3% 42.3% 42.0% 41.8% 41.4% 40.7%
42.2% 39.3% 34.9% 38.2% 37.9% 37.6% 37.2% 36.6%
41.7% 38.3% 35.0% 39.4% 37.4% 37.1% 37.3% 35.9%
33.0% 30.7% 27.4% 30.7% 29.1% 28.9% 29.1% 28.0%
34.8% 31.1% 27.5% 30.7% 29.1% 28.9% 29.1% 28.0%

$1,048.3 $1,384.2 $1,539.4 $1,661.0 $1,633.0 $1,478.2 $1,478.2 $1,581.1

$1,702.6 $2,202.5 $2,364.6 $2,638.8 $2,661.0 $2,477.5 $2,477.5 $2,889.3
$421.0 $440.9 $504.5 $487.6 $509.5 $479.6 $479.6 $499.9

$990.9 $1,176.7 $311.6 $188.3 $317.8 $318.6 $1,136.2 $1,079.8

$468.0 $444.1 $152.7 $104.1 $99.3 $86.4 $442.4 $427.0
$522.9 $732.6 $158.9 $84.2 $218.5 $232.2 $693.8 $652.8
$1.09 $1.52 $0.33 $0.17 $0.45 $0.48 $1.44 $1.35
2025E
FY
Jul-25

$3,626.6
9.0%
$814.7
15.1%
$4,441.3
10.0%
$1,633.7
10.2%
$780.8
17.4%
$161.2
10.0%
$6.6
10.0%
$1,859.1
7.1%
$222.5
10.0%
$22.2
10.1%
$42.1
10.1%
$2,869.1
12.1%
$1,755.7
6.9%
$183.4
10.0%
$1,572.3
6.5%
$38.4
9.2%
($10.9)
(9.1%)
$0.0
 $27.5
9.3%
$1,544.8
6.5%
$341.4
6.5%
22.1%
$1,202.9
6.5%
$1,203.4
6.5%
476.4
0.0%
482.5
0.0%
$2.53
6.5%
$2.49
6.5%
$2.49
6.5%

$3,221.0
9.2%
$500.4
14.1%
$3,721.4
9.9%
$1,429.8
6.8%

$405.6
7.0%
$314.3
16.6%
$719.9
11.0%
$142.5
 3.8%
$3,626.6
$814.7
$1,572.3

41.9%
39.5%
35.4%
34.8%
27.1%
27.1%

$1,663.9
$3,263.4
$559.2

$1,233.3
$464.6
$768.8
$1.59
Copart, Inc. (CPRT)
In $MM, except per share data

Actuals
Actuals & Projections 2017A 2018A 2019A 2020A
FY Ends July 31st FY FY FY FY
Jul-17 Jul-18 Jul-19 Jul-20
Segment Details

United States

Service Revenues $1,129.0 $1,385.2 $1,537.4 $1,714.7

YoY % Chng 22.7% 11.0% 11.5%
As % of Total Service Revenue 87.8% 87.8% 87.6% 88.1%
Projection Basis
Vehicle Sales $64.2 $105.8 $119.1 $146.0
YoY % Chng 64.8% 12.6% 22.5%
As % of Total Vehicle Sales 39.7% 46.6% 41.6% 56.5%
Projection Basis
Total United States Revenue $1,193.2 $1,491.0 $1,656.6 $1,860.7
YoY % Chng 25.0% 11.1% 12.3%
As % of Total Service Revenues and Vehicle Sales 82.4% 82.6% 81.1% 84.4%
Operating Income $396.4 $514.9 $640.8 $743.2
YoY % Chng 29.9% 24.5% 16.0%
Segment Operating Margin 33.2% 34.5% 38.7% 39.9%
As % of Total Operating Income 85.9% 88.1% 89.4% 91.1%
Projection Basis

International

Service Revenues $157.3 $193.3 $218.3 $232.4

YoY % Chng 22.9% 12.9% 6.5%
As % of Total Service Revenue 12.2% 12.2% 12.4% 11.9%
Vehicle Sales $97.5 $121.4 $167.1 $112.5
YoY % Chng 24.5% 37.7% (32.7%)
As % of Total Vehicle Sales 60.3% 53.4% 58.4% 43.5%
Total International Revenue $254.8 $314.7 $385.4 $344.9
YoY % Chng 23.5% 22.5% (10.5%)
As % of Total Service Revenues and Vehicle Sales 17.6% 17.4% 18.9% 15.6%
Operating Income $64.9 $69.5 $75.7 $72.9
YoY % Chng 7.0% 9.0% (3.6%)
Segment Operating Margin 25.5% 22.1% 19.6% 21.1%
As % of Total Operating Income 14.1% 11.9% 10.6% 8.9%
Income Statement

Total Service Revenue $1,286.3 $1,578.5 $1,755.7 $1,947.1

YoY % Chng 22.7% 11.2% 10.9%
As % of Total Service Revenues and Vehicle Sales 88.8% 87.4% 86.0% 88.3%
Projection Basis
Total Vehicle Sales $161.7 $227.2 $286.3 $258.4
YoY % Chng 40.5% 26.0% (9.7%)
As % of Total Service Revenues and Vehicle Sales 11.2% 12.6% 14.0% 11.7%
Total Service Revenues and Vehicle Sales $1,448.0 $1,805.7 $2,042.0 $2,205.6
YoY % Chng 24.7% 13.1% 8.0%
Projection Basis
Yard Operations $635.2 $785.8 $819.8 $889.7
YoY % Chng 23.7% 4.3% 8.5%
As % of Total Service Revenues and Vehicle Sales 43.9% 43.5% 40.1% 40.3%
Projection Basis
Cost of Vehicle Sales $137.6 $196.5 $255.5 $225.3
YoY % Chng 42.8% 30.1% (11.8%)
As % of Total Service Revenues and Vehicle Sales 9.5% 10.9% 12.5% 10.2%
Projection Basis
Yard Depreciation and Amortization $40.0 $57.2 $63.2 $77.0
YoY % Chng 43.2% 10.4% 21.9%
As % of Total Service Revenues and Vehicle Sales 2.8% 3.2% 3.1% 3.5%
Projection Basis
Yard Stock-Based Compensation $3.3 $3.9 $5.2 $5.8
YoY % Chng 17.8% 34.1% 10.9%
As % of Total Service Revenues and Vehicle Sales 0.2% 0.2% 0.3% 0.3%
Projection Basis
Gross Profit $632.0 $762.4 $898.3 $1,007.8
YoY % Chng 20.6% 17.8% 12.2%
Gross Margin 43.6% 42.2% 44.0% 45.7%
General and Administrative $116.7 $136.2 $141.9 $149.7
YoY % Chng 16.7% 4.2% 5.5%
As % of Total Service Revenues and Vehicle Sales 8.1% 7.5% 6.9% 6.8%
Projection Basis
G&A Depreciation and Amortization $17.0 $21.4 $21.7 $24.4
YoY % Chng 25.4% 1.7% 12.3%
As % of Total Service Revenues and Vehicle Sales 1.2% 1.2% 1.1% 1.1%
Projection Basis
G&A Stock-Based Compensation $17.6 $19.4 $18.3 $17.6
YoY % Chng 9.8% (5.7%) (3.8%)
As % of Total Service Revenues and Vehicle Sales 1.2% 1.1% 0.9% 0.8%
Projection Basis
Total Operating Expenses $986.7 $1,221.4 $1,325.5 $1,389.5
YoY % Chng 23.8% 8.5% 4.8%
 As % of Total Service Revenues and Vehicle Sales 68.1% 67.6% 64.9% 63.0%
EBITDA $518.7 $663.4 $801.8 $920.4
YoY % Chng 27.9% 20.9% 14.8%
EBITDA Margin 35.8% 36.7% 39.3% 41.7%
Depreciation & Amortization $57.4 $79.0 $85.3 $104.3
YoY % Chng 37.6% 8.0% 22.2%
As % of Total Service Revenues and Vehicle Sales 4.0% 4.4% 4.2% 4.7%
Operating Income $461.3 $584.3 $716.5 $816.1
YoY % Chng 26.7% 22.6% 13.9%
Operating Margin 31.9% 32.4% 35.1% 37.0%
Interest Expense, net $22.4 $19.1 $17.6 $18.9
YoY % Chng (14.7%) (7.8%) 7.3%
As % of Total Service Revenues and Vehicle Sales 1.5% 1.1% 0.9% 0.9%
Projection Basis
Other Income, net $1.2 ($2.8) $6.1 $3.6
YoY % Chng 335.0% (319.7%) 40.4%
As % of Total Service Revenues and Vehicle Sales 0.1% (0.2%) 0.3% 0.2%
Projection Basis
Loss on Extinguishment of Debt
YoY % Chng
As % of Total Service Revenues and Vehicle Sales
Total Other Expense $21.2 $21.8 $11.5 $15.3
YoY % Chng 3.0% (47.2%) 32.4%
As % of Total Service Revenues and Vehicle Sales 1.5% 1.2% 0.6% 0.7%
Pre-Tax Income $440.1 $562.5 $705.0 $800.8
YoY % Chng 27.8% 25.3% 13.6%
Pre-Tax Margin 30.4% 31.2% 34.5% 36.3%
Income Tax $45.8 $144.5 $113.3 $100.9
YoY % Chng 215.2% (21.6%) (10.9%)
Tax Rate 16.1% 12.6%
Net Income, Adjusted $302.6 $416.1 $535.8 $610.5
YoY % Chng 37.5% 28.8% 13.9%
Net Margin, Adjusted 20.9% 23.0% 26.2% 27.7%
Reconciliation ($91.6) ($1.7) ($55.9) ($89.4)
Net Income, GAAP $394.2 $417.9 $591.7 $699.9
YoY % Chng 6.0% 41.6% 18.3%
Net Margin, GAAP 27.2% 23.1% 29.0% 31.7%
Basic Shares Outstanding 457.4 463.6 461.0 466.4
YoY % Chng 1.4% (0.6%) 1.2%
Diluted Shares Outstanding 474.0 483.8 480.9 477.3
YoY % Chng 2.0% (0.6%) (0.7%)
Basic EPS $0.86 $0.90 $1.29 $1.50
YoY % Chng 4.7% 42.8% 16.7%
EPS, Adjusted $0.65 $0.87 $1.13 $1.28
YoY % Chng 34.1% 30.1% 13.8%
EPS, GAAP $0.83 $0.87 $1.23 $1.47
YoY % Chng 4.2% 42.2% 19.1%
Share Repurchase 0.0 0.0 7.6 0.0

Key Balance Sheet Metrics

Cash and Cash Equivalents $210.1 $274.5 $186.3 $477.7

Current Assets $587.3 $709.1 $687.2 $963.8
Current Assets (Non-Cash) $377.2 $434.6 $500.8 $486.0
Current Liabilities $302.2 $277.3 $282.0 $356.0
Current Liabilities (Non-Debt) $302.2 $277.3 $282.0 $356.0

Key Cash Flow Metrics

Total Stock-Based Compensation $20.9 $23.2 $23.4 $23.3

Change in Working Capital $82.3 $61.5 ($88.8)
Net Cash from Operating Activities $492.1 $535.1 $646.6 $917.9
Capital Expenditure $172.2 $296.7 $374.6 $603.7
Free Cash Flow $319.9 $238.4 $272.0 $314.2
Free Cash Flow per Share $0.67 $0.49 $0.57 $0.66

Notes
As on October 3, 2022, the Company approved the two-for-one stock split effected in theform of a stock dividend .
Actuals Projections
2021A 2022A 2023E 2024E
FY FY 1QA 2QA 3QE 4QE FY FY
Jul-21 Jul-22 31-Oct-22 31-Jan-23 30-Apr-23 31-Jul-23 Jul-23 Jul-24

$2,017.5 $2,533.2 $651.7 $705.7 $712.5 $681.5 $2,751.4 $2,948.8

17.7% 25.6% 10.3% 11.9% 5.0% 7.7% 8.6% 7.2%
88.0% 88.8% 89.7% 89.4% 88.2% 88.9% 89.0% 88.6%
88.2% 88.9%
$254.6 $412.0 $97.2 $82.2 $117.4 $98.4 $395.2 $438.4
74.4% 61.8% 10.8% (15.0%) 5.4% (15.3%) (4.1%) 10.9%
63.5% 63.6% 58.4% 49.2% 63.1% 64.2% 58.7% 61.9%
63.1% 64.2%
$2,272.1 $2,945.2 $748.8 $787.9 $829.8 $779.9 $3,146.6 $3,387.2
22.1% 29.6% 10.4% 8.3% 5.0% 4.1% 6.8% 7.6%
84.4% 84.1% 83.8% 82.4% 83.5% 84.8% 83.6% 83.9%
$1,023.6 $1,247.6 $282.6 $336.2 $343.0 $316.4 $1,278.1 $1,338.3
37.7% 21.9% (4.2%) 7.5% 0.7% 5.6% 2.4% 4.7%
45.0% 42.4% 37.7% 42.7% 41.3% 40.6% 40.6% 39.5%
90.1% 90.7% 90.7% 92.0% 91.1% 91.4% 91.3% 90.7%
91.1% 91.4%

$274.4 $319.9 $75.2 $84.1 $95.1 $84.9 $339.3 $379.2

18.0% 16.6% (2.4%) 4.6% 8.8% 13.2% 6.1% 11.8%
12.0% 11.2% 10.3% 10.6% 11.8% 11.1% 11.0% 11.4%
$146.1 $235.9 $69.3 $84.7 $68.6 $54.8 $277.5 $269.6
29.9% 61.5% 27.0% 41.9% 10.2% (7.7%) 17.6% (2.8%)
36.5% 36.4% 41.6% 50.8% 36.9% 35.8% 41.3% 38.1%
$420.4 $555.8 $144.5 $168.8 $163.8 $139.7 $616.7 $648.8
21.9% 32.2% 9.8% 20.5% 9.4% 4.0% 11.0% 5.2%
15.6% 15.9% 16.2% 17.6% 16.5% 15.2% 16.4% 16.1%
$112.9 $127.4 $28.9 $29.4 $33.3 $29.7 $121.3 $137.3
54.8% 12.9% (17.9%) (15.3%) 3.2% 17.5% (4.8%) 13.2%
26.8% 22.9% 20.0% 17.4% 20.4% 21.3% 19.7% 21.2%
9.9% 9.3% 9.3% 8.0% 8.9% 8.6% 8.7% 9.3%
$2,291.9 $2,853.0 $726.8 $789.8 $807.6 $766.4 $3,090.7 $3,328.0
17.7% 24.5% 8.8% 11.1% 5.4% 8.3% 8.3% 7.7%
85.1% 81.5% 81.4% 82.6% 81.3% 83.3% 82.1% 82.5%
81.3% 83.3%
$400.6 $647.9 $166.5 $166.9 $186.0 $153.2 $672.6 $708.0
55.0% 61.7% 17.0% 6.8% 7.1% (12.7%) 3.8% 5.3%
14.9% 18.5% 18.6% 17.4% 18.7% 16.7% 17.9% 17.5%
$2,692.5 $3,500.9 $893.4 $956.7 $993.6 $919.6 $3,763.3 $4,036.0
22.1% 30.0% 10.3% 10.3% 5.7% 4.1% 7.5% 7.2%
5.7% 4.1%
$897.1 $1,186.5 $337.0 $340.1 $351.3 $328.0 $1,356.4 $1,482.4
0.8% 32.3% 24.2% 15.6% 12.1% 6.6% 14.3% 9.3%
33.3% 33.9% 37.7% 35.5% 35.4% 35.7% 36.0% 36.7%
35.4% 35.7%
$346.1 $585.2 $151.1 $154.7 $164.1 $151.4 $621.4 $664.8
53.6% 69.1% 19.5% 10.3% 4.4% (6.1%) 6.2% 7.0%
12.9% 16.7% 16.9% 16.2% 16.5% 16.5% 16.5% 16.5%
16.5% 16.5%
$100.9 $117.9 $34.4 $34.1 $35.6 $33.5 $137.5 $146.6
31.1% 16.8% 30.0% 20.4% 12.6% 6.2% 16.6% 6.6%
3.7% 3.4% 3.8% 3.6% 3.6% 3.6% 3.7% 3.6%
3.6% 3.6%
$5.3 $5.1 $1.4 $1.3 $1.5 $1.4 $5.7 $6.0
(8.1%) (3.1%) 47.3% (5.2%) 5.4% 5.2% 10.5% 6.5%
0.2% 0.1% 0.2% 0.1% 0.2% 0.2% 0.2% 0.1%
0.2% 0.2%
$1,343.1 $1,606.2 $369.5 $426.5 $441.0 $405.4 $1,642.4 $1,736.2
33.3% 19.6% (4.0%) 5.7% 1.1% 6.2% 2.3% 5.7%
49.9% 45.9% 41.4% 44.6% 44.4% 44.1% 43.6% 43.0%
$150.0 $177.3 $44.5 $47.8 $50.2 $45.8 $188.4 $202.2
0.2% 18.2% 8.3% 11.9% 0.1% 6.0% 6.3% 7.3%
5.6% 5.1% 5.0% 5.0% 5.1% 5.0% 5.0% 5.0%
5.1% 5.0%
$21.1 $20.1 $4.7 $4.3 $5.1 $4.7 $18.8 $20.2
(13.7%) (4.7%) (11.7%) (13.3%) 3.1% (2.6%) (6.3%) 7.3%
0.8% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.5% 0.5%
$35.6 $33.8 $8.7 $8.8 $9.4 $8.8 $35.7 $38.3
102.8% (5.0%) 3.3% 6.6% 11.7% 1.0% 5.6% 7.1%
1.3% 1.0% 1.0% 0.9% 0.9% 1.0% 0.9% 0.9%
0.9% 1.0%
$1,556.1 $2,125.9 $581.9 $591.2 $617.3 $573.6 $2,363.9 $2,560.4
12.0% 36.6% 21.2% 13.7% 8.8% 2.7% 11.2% 8.3%
 57.8% 60.7% 65.1% 61.8% 62.1% 62.4% 62.8% 63.4%
$1,259.5 $1,513.6 $350.8 $404.3 $417.0 $384.2 $1,556.4 $1,642.4
36.9% 20.2% (3.1%) 6.1% 1.9% 6.4% 2.8% 5.5%
46.8% 43.2% 39.3% 42.3% 42.0% 41.8% 41.4% 40.7%
$123.1 $138.6 $39.3 $38.8 $40.7 $38.2 $157.0 $166.7
18.1% 12.6% 22.7% 15.5% 10.9% 5.2% 13.2% 6.2%
4.6% 4.0% 4.4% 4.1% 4.1% 4.1% 4.2% 4.1%
$1,136.4 $1,375.0 $311.5 $365.5 $376.3 $346.0 $1,399.4 $1,475.6
39.3% 21.0% (5.6%) 5.2% 1.0% 6.5% 1.8% 5.4%
42.2% 39.3% 34.9% 38.2% 37.9% 37.6% 37.2% 36.6%
$20.2 $16.7 $4.4 $14.5 $6.9 $6.9 $32.7 $35.1
7.3% (17.6%) (13.4%) 226.6% 54.1% 160.2% 96.2% 7.3%
0.8% 0.5% 0.5% 1.5% 0.7% 0.8% 0.9% 0.9%
0.7% 0.8%
$5.7 ($0.6) ($2.8) ($2.9) ($1.7) ($2.3) ($9.8) ($10.0)
(56.9%) (110.5%) (447.5%) (245.5%) (228.2%) (21.4%) (1,538.1%) (2.3%)
0.2% (0.0%) (0.3%) (0.3%) (0.2%) (0.3%) (0.3%) (0.2%)
(0.2%) (0.3%)
($16.8) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

(0.5%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

$14.6 $34.0 $1.6 $11.6 $5.2 $4.6 $23.0 $25.2
(4.5%) 133.5% (62.7%) 119.6% 65.2% (78.5%) (32.5%) 9.5%
0.5% 1.0% 0.2% 1.2% 0.5% 0.5% 0.6% 0.6%
$1,121.8 $1,341.0 $313.1 $377.1 $371.1 $341.4 $1,402.8 $1,450.5
40.1% 19.5% (3.9%) 10.2% 0.4% 12.5% 4.6% 3.4%
41.7% 38.3% 35.0% 39.4% 37.4% 37.1% 37.3% 35.9%
$185.4 $250.8 $67.3 $83.4 $82.0 $75.5 $308.2 $320.6
83.6% 35.3% 2.7% 52.7% (9.9%) 89.9% 22.9% 4.0%
16.5% 18.7% 21.5% 22.1% 22.1% 22.1% 22.0% 22.1%
$889.7 $1,076.4 $245.2 $293.6 $289.0 $265.9 $1,093.6 $1,129.5
45.7% 21.0% (4.7%) 10.4% 2.7% (2.1%) 1.6% 3.3%
33.0% 30.7% 27.4% 30.7% 29.1% 28.9% 29.1% 28.0%
($46.8) ($13.7) ($0.6) ($0.1) ($0.1) ($0.1) ($1.0) ($0.5)
$936.5 $1,090.1 $245.8 $293.7 $289.1 $266.0 $1,094.6 $1,129.9
33.8% 16.4% (5.6%) 2.2% 3.8% 0.9% 0.4% 3.2%
34.8% 31.1% 27.5% 30.7% 29.1% 28.9% 29.1% 28.0%
472.5 474.8 476.1 476.4 476.4 476.4 476.3 476.4
1.3% 0.5% 0.4% 0.4% 0.3% 0.1% 0.3% 0.0%
480.6 482.3 482.2 482.5 482.5 482.5 482.4 482.5
0.7% 0.4% (0.1%) 0.0% 0.2% 0.2% 0.0% 0.0%
$1.98 $2.30 $0.52 $0.62 $0.61 $0.56 $2.31 $2.37
32.0% 15.9% (5.5%) 2.5% 3.7% 0.6% 0.4% 2.9%
$1.85 $2.23 $0.51 $0.61 $0.60 $0.55 $2.27 $2.34
44.5% 20.5% (3.8%) 10.9% 2.4% (2.5%) 1.8% 3.1%
 $1.95 $2.26 $0.51 $0.61 $0.60 $0.55 $2.27 $2.34
33.1% 15.9% (5.6%) 2.5% 3.3% 0.2% 0.5% 3.1%
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$1,048.3 $1,384.2 $1,539.4 $1,661.0 $1,633.0 $1,478.2 $1,478.2 $1,581.1

$1,702.6 $2,202.5 $2,364.6 $2,638.8 $2,661.0 $2,477.5 $2,477.5 $2,889.3
$654.4 $818.2 $825.2 $977.8 $1,028.0 $999.3 $999.3 $1,308.2
$421.0 $440.9 $504.5 $487.6 $509.5 $479.6 $479.6 $499.9
$421.0 $440.9 $504.5 $487.6 $509.5 $479.6 $479.6 $499.9

$40.9 $39.0 $10.2 $10.1 $10.9 $10.2 $41.4 $44.3

$103.3 $144.0 ($56.6) $169.5 $28.3 $1.2 $142.3 $288.6
$990.9 $1,176.7 $311.6 $188.3 $317.8 $318.6 $1,136.2 $1,079.8
$468.0 $444.1 $152.7 $104.1 $99.3 $86.4 $442.4 $427.0
$522.9 $732.6 $158.9 $84.2 $218.5 $232.2 $693.8 $652.8
$1.09 $1.52 $0.33 $0.17 $0.45 $0.48 $1.44 $1.35
2025E
FY
Jul-25

$3,221.0
9.2%
88.8%

$500.4
14.1%
61.4%

$3,721.4
9.9%
83.8%
$1,429.8
6.8%
38.4%
90.9%

$405.6
7.0%
11.2%
$314.3
16.6%
38.6%
$719.9
11.0%
16.2%
$142.5
3.8%
19.8%
9.1%
$3,626.6
9.0%
81.7%

$814.7
15.1%
18.3%
$4,441.3
10.0%

$1,633.7
10.2%
36.8%

$780.8
17.4%
17.6%

$161.2
10.0%
3.6%

$6.6
10.0%
0.1%

$1,859.1
7.1%
41.9%
$222.5
10.0%
5.0%

$22.2
10.1%
0.5%

$42.1
10.1%
0.9%

$2,869.1
12.1%
 64.6%
$1,755.7
6.9%
39.5%
$183.4
10.0%
4.1%
$1,572.3
6.5%
35.4%
$38.4
9.2%
0.9%

($10.9)
(9.1%)
(0.2%)

$0.0

0.0%
$27.5
9.3%
0.6%
$1,544.8
6.5%
34.8%
$341.4
6.5%
22.1%
$1,202.9
6.5%
27.1%
($0.5)
$1,203.4
6.5%
27.1%
476.4
0.0%
482.5
0.0%
$2.53
6.5%
$2.49
6.5%
 $2.49
6.5%
0.0

$1,663.9
$3,263.4
$1,599.6
$559.2
$559.2

$48.7
$232.1
$1,233.3
$464.6
$768.8
$1.59