Copart Inc 8-K, filed Feb 22, 2024

Copart Inc (CPRT)

8-K 2024-02-22 For: 2024-02-22

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Added on April 11, 2026

About this 8-K

Copart Inc filed this 8-K on February 22, 2024.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001	CPRT	The NASDAQ Global Select Market


Exhibit Number						Description
99.1						Press release, dated February 22, 2024 of Copart, Inc. announcing its financial results for the second quarter of fiscal year 2024, which ended January 31, 2024.
104						Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).



						By:			/s/ LEAH STEARNS
									Leah Stearns, Chief Financial Officer
									(Principal Financial and Accounting Officer and duly Authorized Officer)


Exhibit Number						Description
99.1						Press release, dated February 22, 2024 of Copart, Inc. announcing its financial results for the second quarter of fiscal year 2024, which ended January 31, 2024.
104						Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).


	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	%


Not applicable
(Former name or former address, if changed since last report)


Contact:			Brooke Boston, Executive Assistant, Office of the Chief Financial Officer
			brooke.boston@copart.com


	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


	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