EX-99.1 2 cprt10312024ex99-1.htm EX-99.1 Document

Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports First Quarter Fiscal 2025 Financial Results
Dallas, Texas November 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.
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Copart, Inc.
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.
Contact:Copart Investor Relations
investor.relations@copart.com


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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Copart, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended 
October 31,
20242023% Change
Service revenues and vehicle sales:
Service revenues$986,336 $859,536 14.8 %
Vehicle sales160,493 160,880 (0.2)%
Total service revenues and vehicle sales1,146,829 1,020,416 12.4 %
Operating expenses:
Facility operations447,245 367,842 21.6 %
Cost of vehicle sales138,178 147,896 (6.6)%
Facility depreciation and amortization47,477 39,103 21.4 %
Facility stock-based compensation1,824 1,556 17.2 %
Gross profit512,105 464,019 10.4 %
General and administrative90,997 57,631 57.9 %
General and administrative depreciation and amortization6,150 4,061 51.4 %
General and administrative stock-based compensation8,591 6,951 23.6 %
Total operating expenses740,462 625,040 18.5 %
Operating income406,367 395,376 2.8 %
Other income (expense):
Interest income, net45,547 32,005 42.3 %
Other (expense), net(596)(4,072)(85.4)%
Total other income 44,951 27,933 60.9 %
Income before income taxes451,318 423,309 6.6 %
Income tax expense90,142 90,777 (0.7)%
Net income361,176 332,532 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 outstanding963,176 958,127 0.5 %
Diluted net income per common share$0.37 $0.34 8.8 %
Diluted weighted average common shares outstanding976,506 971,682 0.5 %

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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Copart, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
October 31, 2024July 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, net801,840 785,877 
Vehicle pooling costs147,792 132,638 
Inventories52,401 43,639 
Prepaid expenses and other assets32,966 33,872 
Total current assets4,733,117 4,418,184 
Property and equipment, net3,363,155 3,175,838 
Operating lease right-of-use assets113,557 116,301 
Intangibles, net72,512 74,088 
Goodwill514,483 513,909 
Other assets72,663 129,444 
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 revenue25,576 28,121 
Income taxes payable85,628 60,994 
Current portion of operating and finance lease liabilities21,436 21,304 
Total current liabilities714,855 628,567 
Deferred income taxes95,465 93,653 
Income taxes payable43,786 59,560 
Operating and finance lease liabilities, net of current portion95,435 97,429 
Total liabilities949,541 879,209 
Commitments and contingencies
Redeemable non-controlling interest23,634 24,544 
Stockholders' equity:
Preferred stock— — 
Common stock96 96 
Additional paid-in capital1,133,687 1,120,985 
Accumulated other comprehensive loss(144,739)(142,972)
Retained earnings6,907,268 6,545,902 
Total stockholders' equity7,896,312 7,524,011 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$8,869,487 $8,427,764 
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Copart, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended October 31,
20242023
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 cost54,862 43,350 
Allowance for credit loss1,094 1,049 
Equity in losses of unconsolidated affiliates(20)(4,764)
Stock-based compensation10,415 8,317 
Gain on sale of property and equipment(133)(1,050)
Deferred income taxes1,740 (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 assets59,026 (40,543)
Operating lease right-of-use assets and lease liabilities883 366 
Accounts payable, accrued liabilities and other liabilities59,826 38,153 
Deferred revenue(2,564)1,101 
Income taxes receivable1 6,135 
Income taxes payable8,931 76,720 
Net cash provided by operating activities482,274 375,246 
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 equipment243 924 
Proceeds from the sale of held to maturity securities1,940,000 1,380,000 
Investment in unconsolidated affiliate— (1,001)
Net cash provided by investing activities1,702,228 1,235,325 
Cash flows from financing activities:
Proceeds from the exercise of stock options2,857 8,123 
Payments for employee stock-based tax withholdings(720)(711)
Payments of finance lease obligations— (5)
Net cash provided by financing activities2,137 7,407 
Effect of foreign currency translation(2,632)6,194 
Net increase in cash, cash equivalents, and restricted cash2,184,007 1,624,172 
Cash, cash equivalents, and restricted cash at beginning of period1,514,111 957,395 
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 
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000