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    Copart Reports Second Quarter Fiscal 2025 Financial Results

    2/20/25 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 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 January 31, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $2.31 billion, $1.0 billion, and $749.5 million, respectively. These represent an increase in revenue of $269.6 million, or 13.2%; an increase in gross profit of $109.5 million, or 11.8%; and an increase in net income attributable to Copart, Inc. of $91.3 million, or 13.9%, respectively, from the same period last year. Fully diluted earnings per share for the six months ended January 31, 2025 was $0.77 compared to $0.68 last year, an increase of 13.2%.

    On Thursday, February 20, 2025, at 5:30 p.m. Eastern Time (4:30 p.m. Central Time), Copart, Inc. 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/investorrelation. A replay of the call will be available through May 2025 by visiting www.copart.com/investorrelation.

    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 a comprehensive suite of vehicle remarketing services 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

    January 31,

     

    Six Months Ended

    January 31,

     

     

    2025

     

    2024

     

    % Change

     

    2025

     

    2024

     

    % Change

    Service revenues and vehicle sales:

     

     

     

     

     

     

     

     

     

     

     

     

    Service revenues

     

    $

    991,281

     

     

    $

    861,745

     

     

    15.0

    %

     

    $

    1,977,617

     

     

    $

    1,721,281

     

     

    14.9

    %

    Vehicle sales

     

     

    172,035

     

     

     

    158,404

     

     

    8.6

    %

     

     

    332,528

     

     

     

    319,284

     

     

    4.1

    %

    Total service revenues and vehicle sales

     

     

    1,163,316

     

     

     

    1,020,149

     

     

    14.0

    %

     

     

    2,310,145

     

     

     

    2,040,565

     

     

    13.2

    %

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

    Facility operations

     

     

    439,274

     

     

     

    366,342

     

     

    19.9

    %

     

     

    886,519

     

     

     

    734,184

     

     

    20.7

    %

    Cost of vehicle sales

     

     

    147,707

     

     

     

    146,819

     

     

    0.6

    %

     

     

    285,885

     

     

     

    294,715

     

     

    (3.0

    )%

    Facility depreciation and amortization

     

     

    48,963

     

     

     

    41,208

     

     

    18.8

    %

     

     

    96,440

     

     

     

    80,311

     

     

    20.1

    %

    Facility stock-based compensation

     

     

    1,819

     

     

     

    1,628

     

     

    11.7

    %

     

     

    3,643

     

     

     

    3,184

     

     

    14.4

    %

    Gross profit

     

     

    525,553

     

     

     

    464,152

     

     

    13.2

    %

     

     

    1,037,658

     

     

     

    928,171

     

     

    11.8

    %

    General and administrative

     

     

    86,608

     

     

     

    72,657

     

     

    19.2

    %

     

     

    177,605

     

     

     

    130,288

     

     

    36.3

    %

    General and administrative depreciation and amortization

     

     

    5,236

     

     

     

    4,054

     

     

    29.2

    %

     

     

    11,386

     

     

     

    8,115

     

     

    40.3

    %

    General and administrative stock-based compensation

     

     

    7,498

     

     

     

    7,541

     

     

    (0.6

    )%

     

     

    16,089

     

     

     

    14,492

     

     

    11.0

    %

    Total operating expenses

     

     

    737,105

     

     

     

    640,249

     

     

    15.1

    %

     

     

    1,477,567

     

     

     

    1,265,289

     

     

    16.8

    %

    Operating income

     

     

    426,211

     

     

     

    379,900

     

     

    12.2

    %

     

     

    832,578

     

     

     

    775,276

     

     

    7.4

    %

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

     

    Interest income, net

     

     

    40,747

     

     

     

    33,956

     

     

    20.0

    %

     

     

    86,294

     

     

     

    65,961

     

     

    30.8

    %

    Other (expense), net

     

     

    (3,907

    )

     

     

    (3,103

    )

     

    25.9

    %

     

     

    (4,503

    )

     

     

    (7,175

    )

     

    (37.2

    )%

    Total other income

     

     

    36,840

     

     

     

    30,853

     

     

    19.4

    %

     

     

    81,791

     

     

     

    58,786

     

     

    39.1

    %

    Income before income taxes

     

     

    463,051

     

     

     

    410,753

     

     

    12.7

    %

     

     

    914,369

     

     

     

    834,062

     

     

    9.6

    %

    Income tax expense

     

     

    76,510

     

     

     

    85,226

     

     

    (10.2

    )%

     

     

    166,652

     

     

     

    176,003

     

     

    (5.3

    )%

    Net income

     

     

    386,541

     

     

     

    325,527

     

     

    18.7

    %

     

     

    747,717

     

     

     

    658,059

     

     

    13.6

    %

    Less: Net (loss)/income attributable to noncontrolling interest

     

     

    (859

    )

     

     

    (108

    )

     

    695.4

    %

     

     

    (1,769

    )

     

     

    (103

    )

     

    1617.5

    %

    Net income attributable to Copart, Inc.

     

    $

    387,400

     

     

    $

    325,635

     

     

    19.0

    %

     

    $

    749,486

     

     

    $

    658,162

     

     

    13.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic net income per common share

     

    $

    0.40

     

     

    $

    0.34

     

     

    17.6

    %

     

    $

    0.78

     

     

    $

    0.69

     

     

    13.0

    %

    Weighted average common shares outstanding

     

     

    964,746

     

     

     

    960,525

     

     

    0.4

    %

     

     

    963,961

     

     

     

    959,326

     

     

    0.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted net income per common share

     

    $

    0.40

     

     

    $

    0.33

     

     

    21.2

    %

     

    $

    0.77

     

     

    $

    0.68

     

     

    13.2

    %

    Diluted weighted average common shares outstanding

     

     

    977,910

     

     

     

    974,589

     

     

    0.3

    %

     

     

    977,208

     

     

     

    973,135

     

     

    0.4

    %

    Copart, Inc.

    Consolidated Balance Sheets

    (In thousands)

    (Unaudited)

     

     

     

    January 31, 2025

     

    July 31, 2024

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash, cash equivalents, and restricted cash

     

    $

    3,338,909

     

     

    $

    1,514,111

     

    Investment in held to maturity securities

     

     

    458,542

     

     

     

    1,908,047

     

    Accounts receivable, net

     

     

    882,745

     

     

     

    785,877

     

    Vehicle pooling costs

     

     

    142,815

     

     

     

    132,638

     

    Inventories

     

     

    59,072

     

     

     

    43,639

     

    Income taxes receivable

     

     

    48,240

     

     

     

    —

     

    Prepaid expenses and other assets

     

     

    36,460

     

     

     

    33,872

     

    Total current assets

     

     

    4,966,783

     

     

     

    4,418,184

     

    Property and equipment, net

     

     

    3,462,768

     

     

     

    3,175,838

     

    Operating lease right-of-use assets

     

     

    114,839

     

     

     

    116,301

     

    Intangibles, net

     

     

    68,083

     

     

     

    74,088

     

    Goodwill

     

     

    509,670

     

     

     

    513,909

     

    Other assets

     

     

    65,204

     

     

     

    129,444

     

    Total assets

     

    $

    9,187,347

     

     

    $

    8,427,764

     

     

     

     

     

     

    LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY

    Current liabilities:

     

     

     

     

    Accounts payable and accrued liabilities

     

    $

    562,205

     

     

    $

    518,148

     

    Deferred revenue

     

     

    26,892

     

     

     

    28,121

     

    Income taxes payable

     

     

    17,844

     

     

     

    60,994

     

    Current portion of operating and finance lease liabilities

     

     

    22,696

     

     

     

    21,304

     

    Total current liabilities

     

     

    629,637

     

     

     

    628,567

     

    Deferred income taxes

     

     

    92,886

     

     

     

    93,653

     

    Income taxes payable

     

     

    44,091

     

     

     

    59,560

     

    Operating and finance lease liabilities, net of current portion

     

     

    96,701

     

     

     

    97,429

     

    Total liabilities

     

     

    863,315

     

     

     

    879,209

     

    Commitments and contingencies

     

     

     

     

    Redeemable non-controlling interest

     

     

    22,775

     

     

     

    24,544

     

    Stockholders' equity:

     

     

     

     

    Preferred stock

     

     

    —

     

     

     

    —

     

    Common stock

     

     

    97

     

     

     

    96

     

    Additional paid-in capital

     

     

    1,179,816

     

     

     

    1,120,985

     

    Accumulated other comprehensive loss

     

     

    (171,560

    )

     

     

    (142,972

    )

    Retained earnings

     

     

    7,292,904

     

     

     

    6,545,902

     

    Total stockholders' equity

     

     

    8,301,257

     

     

     

    7,524,011

     

    Total liabilities, redeemable noncontrolling interests and stockholders' equity

     

    $

    9,187,347

     

     

    $

    8,427,764

     

    Copart, Inc.

    Consolidated Statements of Cash Flows

    (In thousands)

    (Unaudited)

     

     

     

    Six Months Ended January 31,

     

     

    2025

     

    2024

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    747,717

     

     

    $

    658,059

     

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

     

     

     

     

    Depreciation and amortization, including debt cost

     

     

    109,122

     

     

     

    88,485

     

    Allowance for credit loss

     

     

    1,056

     

     

     

    3,702

     

    Equity in losses of unconsolidated affiliates

     

     

    (61

    )

     

     

    (5,402

    )

    Stock-based compensation

     

     

    19,732

     

     

     

    17,676

     

    Gain on sale of property and equipment

     

     

    (194

    )

     

     

    (971

    )

    Deferred income taxes

     

     

    47

     

     

     

    (2,103

    )

    Changes in operating assets and liabilities:

     

     

     

     

    Accounts receivable

     

     

    (133,024

    )

     

     

    (169,508

    )

    Vehicle pooling costs

     

     

    (10,675

    )

     

     

    (14,387

    )

    Inventories

     

     

    (16,175

    )

     

     

    (2,994

    )

    Prepaid expenses, other current and non-current assets

     

     

    4,976

     

     

     

    (35,040

    )

    Operating lease right-of-use assets and lease liabilities

     

     

    614

     

     

     

    865

     

    Accounts payable, accrued liabilities and other liabilities

     

     

    44,765

     

     

     

    6,556

     

    Deferred revenue

     

     

    (1,066

    )

     

     

    (13

    )

    Income taxes receivable

     

     

    (48,239

    )

     

     

    (10,463

    )

    Income taxes payable

     

     

    (58,194

    )

     

     

    2,577

     

    Net cash provided by operating activities

     

     

    660,401

     

     

     

    537,039

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

    Purchases of property and equipment

     

     

    (353,399

    )

     

     

    (285,289

    )

    Purchase of assets and liabilities in connection with acquisitions

     

     

    (1,213

    )

     

     

    17,662

     

    Proceeds from sale of property and equipment

     

     

    662

     

     

     

    2,069

     

    Purchases of held to maturity securities

     

     

    (458,542

    )

     

     

    (1,411,122

    )

    Proceeds from held to maturity securities

     

     

    1,940,000

     

     

     

    1,430,000

     

    Investment in unconsolidated affiliate

     

     

    —

     

     

     

    (1,000

    )

    Net cash provided by (used in) investing activities

     

     

    1,127,508

     

     

     

    (247,680

    )

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

    Proceeds from the exercise of stock options

     

     

    32,833

     

     

     

    13,482

     

    Proceeds from the issuance of Employee Stock Purchase Plan shares

     

     

    7,404

     

     

     

    5,961

     

    Payments for employee stock-based tax withholdings

     

     

    (2,484

    )

     

     

    (2,164

    )

    Principal payments on revolver facility

     

     

    —

     

     

     

    (10,820

    )

    Payments of finance lease obligations

     

     

    (40

    )

     

     

    (11

    )

    Net cash provided by financing activities

     

     

    37,713

     

     

     

    6,448

     

    Effect of foreign currency translation

     

     

    (824

    )

     

     

    3,746

     

    Net increase in cash, cash equivalents, and restricted cash

     

     

    1,824,798

     

     

     

    299,553

     

    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

     

    $

    3,338,909

     

     

    $

    1,256,948

     

    Supplemental disclosure of cash flow information:

     

     

     

     

    Interest paid

     

    $

    1,371

     

     

    $

    2,036

     

    Income taxes paid, net of refunds

     

    $

    277,051

     

     

    $

    188,480

     

    Purchase of property and equipment through settlement of deposit

     

    $

    57,453

     

     

    $

    —

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250220164482/en/

    Copart Investor Relations

    [email protected]

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      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary

    $CPRT
    Press Releases

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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

    $CPRT
    Analyst Ratings

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    • Copart downgraded by Argus

      Argus downgraded Copart from Buy to Hold

      3/14/25 7:45:30 AM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • JP Morgan resumed coverage on Copart with a new price target

      JP Morgan resumed coverage of Copart with a rating of Neutral and set a new price target of $48.00

      2/27/24 7:40:33 AM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • HSBC Securities initiated coverage on Copart with a new price target

      HSBC Securities initiated coverage of Copart with a rating of Hold and set a new price target of $51.00

      12/4/23 7:31:09 AM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary

    $CPRT
    SEC Filings

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    • SEC Form 144 filed by Copart Inc. (DE)

      144 - COPART INC (0000900075) (Subject)

      4/11/25 4:41:16 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • SEC Form 10-Q filed by Copart Inc. (DE)

      10-Q - COPART INC (0000900075) (Filer)

      2/26/25 4:41:11 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Copart Inc. (DE) filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - COPART INC (0000900075) (Filer)

      2/20/25 4:15:49 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary

    $CPRT
    Leadership Updates

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    $CPRT
    Large Ownership Changes

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    • Copart Appoints Jeff Liaw as CEO and Director and Jay Adair as Executive Chairman

      DALLAS, March 11, 2024 /PRNewswire/ -- Copart, Inc. (NASDAQ:CPRT) today announced that its Board of Directors has appointed Jeff Liaw as the company's sole Chief Executive Officer (CEO) and as a member of the Board of Directors. Mr. Liaw has been serving as Co-CEO since March 2022. In addition, Jay Adair, who served as the Company's CEO from February 2010 to February 2022 and as Co-CEO along with Mr. Liaw since March 2022 will step down from that role. In addition, the Board of Directors has appointed Mr. Adair as Executive Chairman, and he will remain an active executive officer of the company in that capacity. The above changes are effective April 1, 2024. Mr. Liaw joined Copart in 2016 a

      3/11/24 4:03:00 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Copart, Inc. Announces Senior Leadership Appointments

      DALLAS, Jan. 15, 2024 /PRNewswire/ -- Copart, Inc. (NASDAQ:CPRT) is pleased to announce the appointment of three new members to its senior executive leadership team: Chief Marketing Officer (CMO) David (Dave) Kang, Chief Product Officer (CPO) Neel Madhvani, and Chief Operating Officer (COO) Hessel Verhage. Stephen (Steve) Powers, who has served as COO since October 2020, has assumed the role of Chief Business Development Officer (CBDO). All four executives will work from Copart's global headquarters in Dallas, Texas and will report to Copart Co-CEO Jeff Liaw. Steve Powers, Chief Business Development Officer Steve leads Copart's real estate acquisition and facility development teams, as well

      1/15/24 10:31:00 AM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Copart Announces Hiring of New Chief Financial Officer and Chief Legal Officer

      DALLAS, Dec. 3, 2022 /PRNewswire/ -- Copart, inc. (NASDAQ:CPRT) announced the addition of two new members to its leadership team today: Chief Financial Officer Leah Stearns and Chief Legal Officer Paul Kirkpatrick. Leah Stearns, Chief Financial OfficerLeah will lead Copart's finance and accounting functions to help enable the company's continuing profitable growth. She is a seasoned Fortune 500 executive, serving most recently as chief financial officer of CBRE, a global leader in commercial real estate services and investments, and previously in financial and operational lead

      12/3/22 7:15:00 AM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • 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
    Insider Trading

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    • Director Cohan Steven D exercised 100,000 shares at a strike of $11.80 and sold $6,001,000 worth of shares (100,000 units at $60.01) (SEC Form 4)

      4 - COPART INC (0000900075) (Issuer)

      4/15/25 11:02:24 AM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Director Meeks James E exercised 100,000 shares at a strike of $11.80 and sold $5,400,000 worth of shares (100,000 units at $54.00) (SEC Form 4)

      4 - COPART INC (0000900075) (Issuer)

      3/21/25 5:39:30 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Director Morefield Diane M gifted 20,000 shares and received a gift of 20,000 shares, closing all direct ownership in the company (SEC Form 4)

      4 - COPART INC (0000900075) (Issuer)

      1/14/25 4:23:00 PM ET
      $CPRT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary