Copart, Inc. (NASDAQ: CPRT) today reported financial results for
the quarter ended January 31, 2024.
For the three months ended January 31, 2024, revenue, gross
profit, and net income attributable to Copart Inc. were $1.02
billion, $464.2 million, and $325.6 million, respectively. These
represent an increase in revenue of $63.4 million, or 6.6%; an
increase in gross profit of $37.7 million, or 8.8%; and an increase
in net income attributable to Copart Inc. of $32.0 million, or
10.9%, respectively, from the same period last year. Fully diluted
earnings per share for the three months were $0.33 compared to
$0.30 last year, an increase of 10.0%.
For the six months ended January 31, 2024, revenue, gross
profit, and net income attributable to Copart Inc. were $2.04
billion, $928.2 million, and $658.2 million, respectively. These
represent an increase in revenue of $190.5 million, or 10.3%; an
increase in gross profit of $132.2 million, or 16.6%; and an
increase in net income attributable to Copart Inc. of $118.6
million, or 22.0%, respectively, from the same period last year.
Fully diluted earnings per share for the six months were $0.68
compared to $0.56 last year, an increase of 21.4%.
On Thursday, February 22, 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 May 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
platforms link sellers to more than 750,000 members in over 190
countries. Copart offers services to process and sell vehicles to
dealers, dismantlers, rebuilders, exporters, and to the general
public. Copart sells vehicles on behalf of insurance companies,
banks, finance companies, charities, fleet operators, dealers,
vehicle rental companies, and individuals. With operations at over
250 locations in 11 countries, Copart has more than 265,000
vehicles available online every day. 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,
2024
2023
% Change
2024
2023
% Change
Service revenues and vehicle sales:
Service revenues
$
861,745
$
789,797
9.1
%
1,721,281
$
1,516,637
13.5
%
Vehicle sales
158,404
166,927
(5.1
)%
319,284
333,459
(4.3
)%
Total service revenues and vehicle
sales
1,020,149
956,724
6.6
%
2,040,565
1,850,096
10.3
%
Operating expenses:
Yard operations
366,342
340,085
7.7
%
734,184
677,057
8.4
%
Cost of vehicle sales
146,819
154,727
(5.1
)%
294,715
305,839
(3.6
)%
Yard depreciation and amortization
41,208
34,070
21.0
%
80,311
68,430
17.4
%
Yard stock-based compensation
1,628
1,342
21.3
%
3,184
2,787
14.2
%
Gross profit
464,152
426,500
8.8
%
928,171
795,983
16.6
%
General and administrative
72,657
47,842
51.9
%
130,288
92,377
41.0
%
General and administrative depreciation
and amortization
4,054
4,344
(6.7
)%
8,115
9,042
(10.3
)%
General and administrative stock-based
compensation
7,541
8,789
(14.2
)%
14,492
17,536
(17.4
)%
Total operating expenses
640,249
591,199
8.3
%
1,265,289
1,173,068
7.9
%
Operating income
379,900
365,525
3.9
%
775,276
677,028
14.5
%
Other income (expense):
Interest income, net
33,956
14,480
134.5
%
65,961
18,902
249.0
%
Other expense, net
(3,103
)
(2,902
)
6.9
%
(7,175
)
(5,724
)
25.3
%
Total other income
30,853
11,578
166.5
%
58,786
13,178
346.1
%
Income before income taxes
410,753
377,103
8.9
%
834,062
690,206
20.8
%
Income tax expense
85,226
83,426
2.2
%
176,003
150,681
16.8
%
Net income
325,527
293,677
10.8
%
658,059
539,525
22.0
%
Less: Net income/(loss) attributable to
noncontrolling interest
(108
)
—
100.0
%
(103
)
—
100.0
%
Net income attributable to Copart,
Inc.
$
325,635
$
293,677
10.9
%
$
658,162
$
539,525
22.0
%
Basic net income per common share
$
0.34
$
0.31
9.7
%
$
0.69
$
0.57
21.1
%
Weighted average common shares
outstanding
960,525
952,752
0.8
%
959,326
952,474
0.7
%
Diluted net income per common share
$
0.33
$
0.30
10.0
%
$
0.68
$
0.56
21.4
%
Diluted weighted average common shares
outstanding
974,589
965,072
1.0
%
973,135
964,476
0.9
%
Copart, Inc.
Consolidated Balance
Sheets
(In thousands)
(Unaudited)
January 31, 2024
July 31, 2023
ASSETS
Current assets:
Cash, cash equivalents, and restricted
cash
$
1,256,948
$
957,395
Investment in held to maturity
securities
1,411,122
1,406,589
Accounts receivable, net
846,357
702,038
Vehicle pooling costs
137,907
123,725
Inventories
42,812
39,973
Income taxes receivable
17,030
6,574
Prepaid expenses and other assets
36,310
26,310
Total current assets
3,748,486
3,262,604
Property and equipment, net
3,042,711
2,844,339
Operating lease right-of-use assets
112,838
108,139
Intangibles, net
84,049
62,702
Goodwill
510,563
394,289
Other assets
99,873
65,806
Total assets
$
7,598,520
$
6,737,879
LIABILITIES, REDEEMABLE
NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued
liabilities
$
473,856
$
440,810
Deferred revenue
26,204
26,117
Income taxes payable
4,740
4,374
Current portion of operating and finance
lease liabilities
21,223
21,468
Total current liabilities
526,023
492,769
Deferred income taxes
94,140
89,492
Income taxes payable
71,314
69,193
Operating and finance lease liabilities,
net of current portion
93,876
88,082
Long-term debt and other liabilities
453
10,903
Total liabilities
785,806
750,439
Commitments and contingencies
Redeemable non-controlling interest
25,114
—
Stockholders' equity:
Preferred stock
—
—
Common stock
96
96
Additional paid-in capital
1,087,345
938,910
Accumulated other comprehensive loss
(145,279
)
(141,006
)
Retained earnings
5,845,438
5,189,440
Total stockholders' equity
6,787,600
5,987,440
Total liabilities, redeemable
noncontrolling interests and stockholders’ equity
$
7,598,520
$
6,737,879
Copart, Inc.
Consolidated Statements of
Cash Flows
(In thousands)
(Unaudited)
Six Months Ended January
31,
2024
2023
Cash flows from operating
activities:
Net income
$
658,059
$
539,525
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization, including
debt cost
88,485
78,094
Allowance for credit loss
3,702
2,133
Equity in (earnings) losses of
unconsolidated affiliates
(5,402
)
4,030
Stock-based compensation
17,676
20,323
Gain on sale of property and equipment
(971
)
(748
)
Deferred income taxes
(2,103
)
(3,309
)
Changes in operating assets and
liabilities:
Accounts receivable
(169,508
)
(186,559
)
Vehicle pooling costs
(14,387
)
(21,268
)
Inventories
(2,994
)
8,001
Prepaid expenses, other current and
non-current assets
(35,040
)
(29,176
)
Operating lease right-of-use assets and
lease liabilities
865
414
Accounts payable, accrued liabilities and
other liabilities
6,556
27,619
Deferred revenue
(13
)
3,709
Income taxes receivable
(10,463
)
49,430
Income taxes payable
2,577
7,615
Net cash provided by operating
activities
537,039
499,833
Cash flows from investing
activities:
Purchases of property and equipment
(285,289
)
(256,719
)
Cash acquired in connection with
acquisition
17,662
—
Proceeds from sale of property and
equipment
2,069
16,343
Investment in held to maturity
securities
(1,411,122
)
—
Proceeds from the sale of held to maturity
securities
1,430,000
—
Investment in unconsolidated affiliate
(1,000
)
(1,993
)
Net cash used in investing activities
(247,680
)
(242,369
)
Cash flows from financing
activities:
Proceeds from the exercise of stock
options
13,482
10,815
Proceeds from the issuance of Employee
Stock Purchase Plan shares
5,961
5,363
Payments for employee stock-based tax
withholdings
(2,164
)
(831
)
Principal payments on revolver
facility
(10,820
)
—
Payments of finance lease obligations
(11
)
(13
)
Net cash provided by financing
activities
6,448
15,334
Effect of foreign currency translation
3,746
3,918
Net increase in cash, cash equivalents,
and restricted cash
299,553
276,716
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
$
1,256,948
$
1,660,952
Supplemental disclosure of cash flow
information:
Interest paid
$
2,036
$
706
Income taxes paid, net of refunds
$
188,480
$
98,324
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222913683/en/
Brooke Boston, Executive Assistant, Office of the Chief
Financial Officer brooke.boston@copart.com
Grafico Azioni Copart (NASDAQ:CPRT)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Copart (NASDAQ:CPRT)
Storico
Da Gen 2024 a Gen 2025
