EX-99.1 2 cprt1312024ex99-1.htm EX-99.1 Document

Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports Second Quarter Fiscal 2024 Financial Results
Dallas, Texas February 22, 2024 — 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.
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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:Brooke Boston, Executive Assistant, Office of the Chief Financial Officer
brooke.boston@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 
January 31,		Six Months Ended 
January 31,
20242023% Change20242023% Change
Service revenues and vehicle sales:
Service revenues$861,745 $789,797 9.1 %1,721,281 $1,516,637 13.5 %
Vehicle sales158,404 166,927 (5.1)%319,284 333,459 (4.3)%
Total service revenues and vehicle sales1,020,149 956,724 6.6 %2,040,565 1,850,096 10.3 %
Operating expenses:   
Yard operations366,342 340,085 7.7 %734,184 677,057 8.4 %
Cost of vehicle sales146,819 154,727 (5.1)%294,715 305,839 (3.6)%
Yard depreciation and amortization41,208 34,070 21.0 %80,311 68,430 17.4 %
Yard stock-based compensation1,628 1,342 21.3 %3,184 2,787 14.2 %
Gross profit464,152 426,500 8.8 %928,171 795,983 16.6 %
General and administrative72,657 47,842 51.9 %130,288 92,377 41.0 %
General and administrative depreciation and amortization4,054 4,344 (6.7)%8,115 9,042 (10.3)%
General and administrative stock-based compensation7,541 8,789 (14.2)%14,492 17,536 (17.4)%
Total operating expenses640,249 591,199 8.3 %1,265,289 1,173,068 7.9 %
Operating income379,900 365,525 3.9 %775,276 677,028 14.5 %
Other income (expense):   
Interest income, net33,956 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 taxes410,753 377,103 8.9 %834,062 690,206 20.8 %
Income tax expense85,226 83,426 2.2 %176,003 150,681 16.8 %
Net income325,527 293,677 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 outstanding960,525 952,752 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 outstanding974,589 965,072 1.0 %973,135 964,476 0.9 %

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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)
January 31, 2024July 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, net846,357 702,038 
Vehicle pooling costs137,907 123,725 
Inventories42,812 39,973 
Income taxes receivable17,030 6,574 
Prepaid expenses and other assets36,310 26,310 
Total current assets3,748,486 3,262,604 
Property and equipment, net3,042,711 2,844,339 
Operating lease right-of-use assets112,838 108,139 
Intangibles, net84,049 62,702 
Goodwill510,563 394,289 
Other assets99,873 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 revenue26,204 26,117 
Income taxes payable4,740 4,374 
Current portion of operating and finance lease liabilities21,223 21,468 
Total current liabilities526,023 492,769 
Deferred income taxes94,140 89,492 
Income taxes payable71,314 69,193 
Operating and finance lease liabilities, net of current portion93,876 88,082 
Long-term debt and other liabilities453 10,903 
Total liabilities785,806 750,439 
Commitments and contingencies
Redeemable non-controlling interest25,114 — 
Stockholders' equity:
Preferred stock— — 
Common stock96 96 
Additional paid-in capital1,087,345 938,910 
Accumulated other comprehensive loss(145,279)(141,006)
Retained earnings5,845,438 5,189,440 
Total stockholders' equity6,787,600 5,987,440 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$7,598,520 $6,737,879 
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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)
Six Months Ended January 31,
20242023
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 cost88,485 78,094 
Allowance for credit loss3,702 2,133 
Equity in (earnings) losses of unconsolidated affiliates(5,402)4,030 
Stock-based compensation17,676 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 liabilities865 414 
Accounts payable, accrued liabilities and other liabilities6,556 27,619 
Deferred revenue(13)3,709 
Income taxes receivable(10,463)49,430 
Income taxes payable2,577 7,615 
Net cash provided by operating activities537,039 499,833 
Cash flows from investing activities:
Purchases of property and equipment(285,289)(256,719)
Cash acquired in connection with acquisition17,662 — 
Proceeds from sale of property and equipment2,069 16,343 
Investment in held to maturity securities(1,411,122)— 
Proceeds from the sale of held to maturity securities1,430,000 — 
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 options13,482 10,815 
Proceeds from the issuance of Employee Stock Purchase Plan shares5,961 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 activities6,448 15,334 
Effect of foreign currency translation3,746 3,918 
Net increase in cash, cash equivalents, and restricted cash299,553 276,716 
Cash, cash equivalents, and restricted cash at beginning of period957,395 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 
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000