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    Copart Reports First Quarter Fiscal 2025 Financial Results

    11/21/24 4:15:00 PM ET
    $CPRT
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary
    Get the next $CPRT alert in real time by email

    Copart, Inc. (NASDAQ:CPRT) today reported financial results for the quarter ended October 31, 2024.

    For the three months ended October 31, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $1.15 billion, $512.1 million, and $362.1 million, respectively. These represent an increase in revenue of $126.4 million, or 12.4%; an increase in gross profit of $48.1 million, or 10.4%; and an increase in net income attributable to Copart, Inc. of $29.6 million, or 8.9%, respectively, from the same period last year. Fully diluted earnings per share for three months ended October 31, 2024 was $0.37 compared to $0.34 last year, an increase of 8.8%.

    On Thursday, November 21, 2024, at 5:30 p.m. Eastern Time (4:30 p.m. Central 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 2025 by visiting www.copart.com/investorrelations.

    About Copart

    Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart's innovative technology and online auction platform connect vehicle consignors to approximately 1 million members in over 185 countries. Copart offers remarketing services to process and sell vehicles to insurance companies, financial institutions, dealers, rental car companies, charities, fleet operators, and individuals, and offers vehicles via auction to dealers, dismantlers, rebuilders, exporters, and the general public. With operations at over 250 locations in 11 countries, Copart sold more than 4 million units in the last year. 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 (Copartmea.com), and Spain (Copart.es). For more information, or to become a Member, visit Copart.com/register.

    Cautionary Note About Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the "Management's Discussion and Analysis" and the other risks identified in Copart's latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.

    Copart, Inc.

    Consolidated Statements of Income

    (In thousands, except per share amounts)

    (Unaudited)

     

     

     

    Three Months Ended

    October 31,

     

     

    2024

     

    2023

     

    % Change

    Service revenues and vehicle sales:

     

     

     

     

     

     

    Service revenues

     

    $

    986,336

     

     

    $

    859,536

     

     

    14.8

    %

    Vehicle sales

     

     

    160,493

     

     

     

    160,880

     

     

    (0.2

    )%

    Total service revenues and vehicle sales

     

     

    1,146,829

     

     

     

    1,020,416

     

     

    12.4

    %

    Operating expenses:

     

     

     

     

     

     

    Facility operations

     

     

    447,245

     

     

     

    367,842

     

     

    21.6

    %

    Cost of vehicle sales

     

     

    138,178

     

     

     

    147,896

     

     

    (6.6

    )%

    Facility depreciation and amortization

     

     

    47,477

     

     

     

    39,103

     

     

    21.4

    %

    Facility stock-based compensation

     

     

    1,824

     

     

     

    1,556

     

     

    17.2

    %

    Gross profit

     

     

    512,105

     

     

     

    464,019

     

     

    10.4

    %

    General and administrative

     

     

    90,997

     

     

     

    57,631

     

     

    57.9

    %

    General and administrative depreciation and amortization

     

     

    6,150

     

     

     

    4,061

     

     

    51.4

    %

    General and administrative stock-based compensation

     

     

    8,591

     

     

     

    6,951

     

     

    23.6

    %

    Total operating expenses

     

     

    740,462

     

     

     

    625,040

     

     

    18.5

    %

    Operating income

     

     

    406,367

     

     

     

    395,376

     

     

    2.8

    %

    Other income (expense):

     

     

     

     

     

     

    Interest income, net

     

     

    45,547

     

     

     

    32,005

     

     

    42.3

    %

    Other (expense), net

     

     

    (596

    )

     

     

    (4,072

    )

     

    (85.4

    )%

    Total other income

     

     

    44,951

     

     

     

    27,933

     

     

    60.9

    %

    Income before income taxes

     

     

    451,318

     

     

     

    423,309

     

     

    6.6

    %

    Income tax expense

     

     

    90,142

     

     

     

    90,777

     

     

    (0.7

    )%

    Net income

     

     

    361,176

     

     

     

    332,532

     

     

    8.6

    %

    Less: Net (loss) income attributable to noncontrolling interest

     

     

    (910

    )

     

     

    5

     

     

    (18,300.0

    )%

    Net income attributable to Copart, Inc.

     

    $

    362,086

     

     

    $

    332,527

     

     

    8.9

    %

     

     

     

     

     

     

     

    Basic net income per common share

     

    $

    0.38

     

     

    $

    0.35

     

     

    8.6

    %

    Weighted average common shares outstanding

     

     

    963,176

     

     

     

    958,127

     

     

    0.5

    %

     

     

     

     

     

     

     

    Diluted net income per common share

     

    $

    0.37

     

     

    $

    0.34

     

     

    8.8

    %

    Diluted weighted average common shares outstanding

     

     

    976,506

     

     

     

    971,682

     

     

    0.5

    %

    Copart, Inc.

    Consolidated Balance Sheets

    (In thousands)

    (Unaudited)

     

     

     

    October 31, 2024

     

    July 31, 2024

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash, cash equivalents, and restricted cash

     

    $

    3,698,118

     

     

    $

    1,514,111

     

    Investment in held to maturity securities

     

     

    —

     

     

     

    1,908,047

     

    Accounts receivable, net

     

     

    801,840

     

     

     

    785,877

     

    Vehicle pooling costs

     

     

    147,792

     

     

     

    132,638

     

    Inventories

     

     

    52,401

     

     

     

    43,639

     

    Prepaid expenses and other assets

     

     

    32,966

     

     

     

    33,872

     

    Total current assets

     

     

    4,733,117

     

     

     

    4,418,184

     

    Property and equipment, net

     

     

    3,363,155

     

     

     

    3,175,838

     

    Operating lease right-of-use assets

     

     

    113,557

     

     

     

    116,301

     

    Intangibles, net

     

     

    72,512

     

     

     

    74,088

     

    Goodwill

     

     

    514,483

     

     

     

    513,909

     

    Other assets

     

     

    72,663

     

     

     

    129,444

     

    Total assets

     

    $

    8,869,487

     

     

    $

    8,427,764

     

     

     

     

     

     

    LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY

    Current liabilities:

     

     

     

     

    Accounts payable and accrued liabilities

     

    $

    582,215

     

     

    $

    518,148

     

    Deferred revenue

     

     

    25,576

     

     

     

    28,121

     

    Income taxes payable

     

     

    85,628

     

     

     

    60,994

     

    Current portion of operating and finance lease liabilities

     

     

    21,436

     

     

     

    21,304

     

    Total current liabilities

     

     

    714,855

     

     

     

    628,567

     

    Deferred income taxes

     

     

    95,465

     

     

     

    93,653

     

    Income taxes payable

     

     

    43,786

     

     

     

    59,560

     

    Operating and finance lease liabilities, net of current portion

     

     

    95,435

     

     

     

    97,429

     

    Total liabilities

     

     

    949,541

     

     

     

    879,209

     

    Commitments and contingencies

     

     

     

     

    Redeemable non-controlling interest

     

     

    23,634

     

     

     

    24,544

     

    Stockholders' equity:

     

     

     

     

    Preferred stock

     

     

    —

     

     

     

    —

     

    Common stock

     

     

    96

     

     

     

    96

     

    Additional paid-in capital

     

     

    1,133,687

     

     

     

    1,120,985

     

    Accumulated other comprehensive loss

     

     

    (144,739

    )

     

     

    (142,972

    )

    Retained earnings

     

     

    6,907,268

     

     

     

    6,545,902

     

    Total stockholders' equity

     

     

    7,896,312

     

     

     

    7,524,011

     

    Total liabilities, redeemable noncontrolling interests and stockholders' equity

     

    $

    8,869,487

     

     

    $

    8,427,764

     

    Copart, Inc.

    Consolidated Statements of Cash Flows

    (In thousands)

    (Unaudited)

     

     

     

    Three Months Ended October 31,

     

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    361,176

     

     

    $

    332,532

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization, including debt cost

     

     

    54,862

     

     

     

    43,350

     

    Allowance for credit loss

     

     

    1,094

     

     

     

    1,049

     

    Equity in losses of unconsolidated affiliates

     

     

    (20

    )

     

     

    (4,764

    )

    Stock-based compensation

     

     

    10,415

     

     

     

    8,317

     

    Gain on sale of property and equipment

     

     

    (133

    )

     

     

    (1,050

    )

    Deferred income taxes

     

     

    1,740

     

     

     

    (988

    )

    Changes in operating assets and liabilities:

     

     

     

     

    Accounts receivable

     

     

    (49,093

    )

     

     

    (77,086

    )

    Vehicle pooling costs

     

     

    (15,218

    )

     

     

    (4,377

    )

    Inventories

     

     

    (8,652

    )

     

     

    (3,669

    )

    Prepaid expenses, other current and non-current assets

     

     

    59,026

     

     

     

    (40,543

    )

    Operating lease right-of-use assets and lease liabilities

     

     

    883

     

     

     

    366

     

    Accounts payable, accrued liabilities and other liabilities

     

     

    59,826

     

     

     

    38,153

     

    Deferred revenue

     

     

    (2,564

    )

     

     

    1,101

     

    Income taxes receivable

     

     

    1

     

     

     

    6,135

     

    Income taxes payable

     

     

    8,931

     

     

     

    76,720

     

    Net cash provided by operating activities

     

     

    482,274

     

     

     

    375,246

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

    Purchases of property and equipment

     

     

    (236,758

    )

     

     

    (162,260

    )

    Purchase of assets and liabilities in connection with acquisitions

     

     

    (1,257

    )

     

     

    17,662

     

    Proceeds from sale of property and equipment

     

     

    243

     

     

     

    924

     

    Proceeds from the sale of held to maturity securities

     

     

    1,940,000

     

     

     

    1,380,000

     

    Investment in unconsolidated affiliate

     

     

    —

     

     

     

    (1,001

    )

    Net cash provided by investing activities

     

     

    1,702,228

     

     

     

    1,235,325

     

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

    Proceeds from the exercise of stock options

     

     

    2,857

     

     

     

    8,123

     

    Payments for employee stock-based tax withholdings

     

     

    (720

    )

     

     

    (711

    )

    Payments of finance lease obligations

     

     

    —

     

     

     

    (5

    )

    Net cash provided by financing activities

     

     

    2,137

     

     

     

    7,407

     

    Effect of foreign currency translation

     

     

    (2,632

    )

     

     

    6,194

     

    Net increase in cash, cash equivalents, and restricted cash

     

     

    2,184,007

     

     

     

    1,624,172

     

    Cash, cash equivalents, and restricted cash at beginning of period

     

     

    1,514,111

     

     

     

    957,395

     

    Cash, cash equivalents, and restricted cash at end of period

     

    $

    3,698,118

     

     

    $

    2,581,567

     

    Supplemental disclosure of cash flow information:

     

     

     

     

    Interest paid

     

    $

    10

     

     

    $

    96

     

    Income taxes paid, net of refunds

     

    $

    80,826

     

     

    $

    9,066

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241121586079/en/

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    • Amendment: SEC Form SC 13G/A filed by Copart Inc. (DE)

      SC 13G/A - COPART INC (0000900075) (Subject)

      12/16/24 7:28:03 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Copart Inc. (DE) (Amendment)

      SC 13G/A - COPART INC (0000900075) (Subject)

      2/14/24 3:29:49 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Copart Inc. (DE) (Amendment)

      SC 13G/A - COPART INC (0000900075) (Subject)

      3/1/23 2:12:38 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary

    $CPRT
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    • Copart Reports Second Quarter Fiscal 2025 Financial Results

      Copart, Inc. (NASDAQ:CPRT) today reported financial results for the quarter ended January 31, 2025. For the three months ended January 31, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $1.16 billion, $525.6 million, and $387.4 million, respectively. These represent an increase in revenue of $143.2 million, or 14.0%; an increase in gross profit of $61.4 million, or 13.2%; and an increase in net income attributable to Copart, Inc. of $61.8 million, or 19.0%, respectively, from the same period last year. Fully diluted earnings per share for three months ended January 31, 2025 was $0.40 compared to $0.33 last year, an increase of 21.2%. For the six months ended

      2/20/25 4:15:00 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Copart, Inc. to Release Second Quarter Fiscal 2025 Results

      Copart, Inc. (NASDAQ:CPRT) announced today that it will release earnings for the second quarter of fiscal 2025 after 4:00 p.m. Eastern Time (3:00 p.m. Central) on Thursday, February 20, 2025. On Thursday, February 20, 2025, at 5:30 p.m. Eastern Time (4:30 p.m. Central), Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live and available for access by clicking "Listen Here" at www.copart.com/investorrelations. A replay of the call will be available through May 2025 at www.copart.com/investorrelations. About Copart Founded in 1982, Copart is a global leader in online vehicle auctions. Copart's innovative technology and online auction

      2/12/25 5:02:00 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Copart Reports First Quarter Fiscal 2025 Financial Results

      Copart, Inc. (NASDAQ:CPRT) today reported financial results for the quarter ended October 31, 2024. For the three months ended October 31, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $1.15 billion, $512.1 million, and $362.1 million, respectively. These represent an increase in revenue of $126.4 million, or 12.4%; an increase in gross profit of $48.1 million, or 10.4%; and an increase in net income attributable to Copart, Inc. of $29.6 million, or 8.9%, respectively, from the same period last year. Fully diluted earnings per share for three months ended October 31, 2024 was $0.37 compared to $0.34 last year, an increase of 8.8%. On Thursday, November 21

      11/21/24 4:15:00 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary