Copart Reports Fourth Quarter Fiscal 2024 Financial Results

About this update from Copart, Inc.

DALLAS --(BUSINESS WIRE)-- Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter and year ended July 31, 2024 . For the three months ended July 31, 2024 , revenue, gross profit, and net income attributable to Copart, Inc. were $1.1 billion , $454 million , and $323 million , respectively. These represent an increase in revenue of $71.4 million , or 7.2%; a decrease in gross profit of $(4.0) million , or (0.9)%; and a decrease in net income attributable to Copart, Inc. of $(25.2) million , or (7.3)%, respectively, from the same period last year. Fully diluted earnings per share for the three months ended July 31, 2024 was $0.33 compared to $0.36 last year, a decrease of (8.3)%. For the year ended July 31, 2024 , revenue, gross profit, and net income attributable to Copart, Inc. were $4.2 billion , $1.9 billion , and $1.4 billion , respectively. These represent an increase in revenue of $367.3 million , or 9.5%; an increase in gross profit of $170.3 million , or 9.8%; and an increase in net income attributable to Copart, Inc. of $125.3 million , or 10.1%, respectively, from the same period last year. Fully diluted earnings per share for the year ended July 31, 2024 was $1.40 compared to $1.28 last year, an increase of 9.4%. On Wednesday, September 4, 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 at www.copart.com/investorrelations . A replay of the call will be available through November 2024 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 July 31 , Twelve Months Ended July 31 , 2024 2023 % Change 2024 2023 % Change Service revenues and vehicle sales: Service revenues $ 893,091 $ 834,242 7.1 % 3,561,002 $ 3,198,128 11.3 % Vehicle sales 175,908 163,349 7.7 % 675,821 671,390 0.7 % Total service revenues and vehicle sales 1,068,999 997,591 7.2 % 4,236,823 3,869,518 9.5 % Operating expenses: Yard operations 407,044 348,332 16.9 % 1,532,484 1,369,006 11.9 % Cost of vehicle sales 161,891 149,216 8.5 % 619,487 614,498 0.8 % Yard depreciation and amortization 44,539 40,577 9.8 % 170,650 142,097 20.1 % Yard stock-based compensation 1,949 1,888 3.2 % 6,950 6,926 0.3 % Gross profit 453,576 457,578 (0.9 )% 1,907,252 1,736,991 9.8 % General and administrative 81,377 55,522 46.6 % 287,834 200,294 43.7 % General and administrative depreciation and amortization 6,064 4,058 49.4 % 19,111 17,381 10.0 % General and administrative stock-based compensation 6,591 7,381 (10.7 )% 28,284 32,747 (13.6 )% Total operating expenses 709,455 606,974 16.9 % 2,664,800 2,382,949 11.8 % Operating income 359,544 390,617 (8.0 )% 1,572,023 1,486,569 5.7 % Other income (expense): Interest income (expense), net 43,494 29,148 49.2 % 145,673 65,928 121.0 % Other income (expense), net 5,389 3,927 37.2 % (3,095 ) 1,831 (269.0 )% Total other income 48,883 33,075 47.8 % 142,578 67,759 110.4 % Income before income taxes 408,427 423,692 (3.6 )% 1,714,601 1,554,328 10.3 % Income tax expense 86,249 75,907 13.6 % 352,254 316,587 11.3 % Net income 322,178 347,785 (7.4 )% 1,362,347 1,237,741 10.1 % Less: Net loss attributable to noncontrolling interest (389 ) — 100 % (673 ) — 100.0 % Net income attributable to Copart, Inc. $ 322,567 $ 347,785 (7.3 )% $ 1,363,020 $ 1,237,741 10.1 % Basic net income per common share $ 0.34 $ 0.36 (5.6 )% $ 1.42 $ 1.30 9.2 % Weighted average common shares outstanding 962,515 955,773 0.7 % 960,739 953,574 0.8 % Diluted net income per common share $ 0.33 $ 0.36 (8.3 )% $ 1.40 $ 1.28 9.4 % Diluted weighted average common shares outstanding 976,500 970,255 0.6 % 974,798 966,647 0.8 % Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) July 31, 2024 July 31, 2023 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 1,514,111 $ 957,395 Investment in held to maturity securities 1,908,047 1,406,589 Accounts receivable, net 785,877 702,038 Vehicle pooling costs 132,638 123,725 Inventories 43,639 39,973 Income taxes receivable — 6,574 Prepaid expenses and other assets 33,872 26,310 Total current assets 4,418,184 3,262,604 Property and equipment, net 3,175,838 2,844,339 Operating lease right-of-use assets 116,301 108,139 Intangibles, net 74,088 62,702 Goodwill 513,909 394,289 Other assets 129,444 65,806 Total assets $ 8,427,764 $ 6,737,879 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities 518,148 $ 440,810 Deferred revenue 28,121 26,117 Income taxes payable 60,994 4,374 Current portion of operating and finance lease liabilities 21,304 21,468 Total current liabilities 628,567 492,769 Deferred income taxes 93,653 89,492 Income taxes payable 59,560 69,193 Operating and finance lease liabilities, net of current portion 97,429 88,082 Long-term debt and other liabilities, net of discount — 10,903 Total liabilities 879,209 750,439 Commitments and contingencies Redeemable non-controlling interest 24,544 — Stockholders’ equity: Preferred stock — — Common stock 96 96 Additional paid-in capital 1,120,985 938,910 Accumulated other comprehensive loss (142,972 ) (141,006 ) Retained earnings 6,545,902 5,189,440 Total stockholders’ equity 7,524,011 5,987,440 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 8,427,764 $ 6,737,879 Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Year Ended July 31 , 2024 2023 Cash flows from operating activities: Net Income $ 1,362,347 $ 1,237,741 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 190,256 159,684 Allowance for credit losses 3,914 1,946 Gain on extinguishment of liabilities (4,058 ) — Equity in losses of unconsolidated affiliates 2,241 5,347 Stock-based compensation 35,234 39,673 Gain on sale of property and equipment (2,386 ) (1,846 ) Deferred income taxes (847 ) 9,946 Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable (145,385 ) (123,207 ) Vehicle pooling costs (9,542 ) (10,989 ) Inventories (3,698 ) 26,549 Prepaid expenses and other current and non-current assets (71,067 ) (59,949 ) Operating lease right-of-use assets and lease liabilities 1,064 350 Accounts payable and accrued liabilities 59,528 18,010 Deferred revenue 1,867 5,896 Income taxes receivable 6,561 33,193 Income taxes payable 46,535 21,866 Net cash provided by operating activities 1,472,564 1,364,210 Cash flows from investing activities: Purchases of property and equipment (510,990 ) (516,636 ) Cash acquired in connection with acquisition 17,662 — Proceeds from sale of property and equipment 4,166 33,919 Investment in held to maturity securities (4,087,162 ) (1,406,588 ) Proceeds from the sale of held to maturity securities 3,645,000 — Acquisition of investment in unconsolidated affiliates (8,755 ) (2,744 ) Net cash used in investing activities (940,079 ) (1,892,049 ) Cash flows from financing activities: Proceeds from the exercise of stock options 24,260 49,679 Proceeds from the issuance of Employee Stock Purchase Plan shares 12,406 11,098 Payments for employee stock-based tax withholdings (6,558 ) (4,709 ) Issuance of principal on revolver facility — 44,494 Principal payments on revolver facility (10,821 ) (33,924 ) Payments of finance lease obligations (14 ) (23 ) Net cash provided by financing activities 19,273 66,615 Effect of foreign currency translation 4,958 34,383 Net increase (decrease) in cash, cash equivalents, and restricted cash 556,716 (426,841 ) Cash, cash equivalents, and restricted cash at beginning of period 957,395 1,384,236 Cash, cash equivalents, and restricted cash at end of period $ 1,514,111 $ 957,395 Supplemental disclosure of cash flow information: Interest paid $ 3,127 $ 2,614 Income taxes paid, net of refunds $ 285,891 $ 257,514 View source version on businesswire.com : https://www.businesswire.com/news/home/20240904605993/en/ Copart Investor Relations [email protected] Source: Copart, Inc.

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