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 investor.relations@copart.com
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