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Copart Inc

Copart Reports First Quarter Fiscal 2025 Financial Results

DALLAS--(BUSINESS WIRE)--Nov. 21, 2024-- 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

 

 

Copart Investor Relations
investor.relations@copart.com

Source: Copart, Inc.