Business
Copart Reports First Quarter Fiscal 2025 Financial Results
DALLAS--(BUSINESS WIRE)-- Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2024. For the three months ended
About this update from Copart, Inc.
DALLAS --(BUSINESS WIRE)-- 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/ Copart Investor Relations [email protected] Source: Copart, Inc.