Copart Inc 8-K, filed Nov 21, 2024

Copart Inc (CPRT)

8-K 2024-11-21 For: 2024-11-21

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Added on April 11, 2026

About this 8-K

Copart Inc filed this 8-K on November 21, 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 November 21, 2024 of Copart, Inc. announcing its financial results for the first quarter of fiscal year 2025, which ended October 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 November 21, 2024 of Copart, Inc. announcing its financial results for the first quarter of fiscal year 2025, which ended October 31, 2024.
104						Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).


	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	%


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


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


	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


	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