Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Copart Reports Third Quarter Fiscal 2024 Financial Results By: Copart, Inc. via Business Wire May 16, 2024 at 16:15 PM EDT Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2024. For the three months ended April 30, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $1.13 billion, $525.5 million, and $382.3 million, respectively. These represent an increase in revenue of $105.4 million, or 10.3%; an increase in gross profit of $42.1 million, or 8.7%; and an increase in net income attributable to Copart, Inc. of $31.9 million, or 9.1%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.39 compared to $0.36 last year, an increase of 8.3%. For the nine months ended April 30, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $3.17 billion, $1.5 billion, and $1.0 billion, respectively. These represent an increase in revenue of $295.9 million, or 10.3%; an increase in gross profit of $174.3 million, or 13.6%; and an increase in net income attributable to Copart, Inc. of $150.5 million, or 16.9%, respectively, from the same period last year. Fully diluted earnings per share for the nine months were $1.07 compared to $0.92 last year, an increase of 16.3%. On Thursday, May 16, 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 September 2024 by visiting www.copart.com/investorrelations. About Copart Founded in 1982, Copart is a global leader in online vehicle auctions. Copart's innovative technology and online auction platforms connect vehicle consigners to approximately 1 million members in over 185 countries. Copart offers remarketing services to process and sell vehicles 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 April 30, Nine Months Ended April 30, 2024 2023 % Change 2024 2023 % Change Service revenues and vehicle sales: Service revenues $ 946,630 $ 847,249 11.7 % $ 2,667,911 $ 2,363,886 12.9 % Vehicle sales 180,629 174,582 3.5 % 499,913 508,041 (1.6 )% Total service revenues and vehicle sales 1,127,259 1,021,831 10.3 % 3,167,824 2,871,927 10.3 % Operating expenses: Yard operations 391,256 343,617 13.9 % 1,125,440 1,020,674 10.3 % Cost of vehicle sales 162,881 159,443 2.2 % 457,596 465,282 (1.7 )% Yard depreciation and amortization 45,800 33,090 38.4 % 126,111 101,520 24.2 % Yard stock-based compensation 1,817 2,251 (19.3 )% 5,001 5,038 (0.7 )% Gross profit 525,505 483,430 8.7 % 1,453,676 1,279,413 13.6 % General and administrative 76,169 52,395 45.4 % 206,457 144,772 42.6 % General and administrative depreciation and amortization 4,932 4,281 15.2 % 13,047 13,323 (2.1 )% General and administrative stock-based compensation 7,201 7,830 (8.0 )% 21,693 25,366 (14.5 )% Total operating expenses 690,056 602,907 14.5 % 1,955,345 1,775,975 10.1 % Operating income 437,203 418,924 4.4 % 1,212,479 1,095,952 10.6 % Other income (expense): Interest income, net 36,218 17,878 102.6 % 102,179 36,780 177.8 % Other (expense) income, net (1,309 ) 3,628 (136.1 )% (8,484 ) (2,096 ) 304.8 % Total other income 34,909 21,506 62.3 % 93,695 34,684 170.1 % Income before income taxes 472,112 440,430 7.2 % 1,306,174 1,130,636 15.5 % Income tax expense 90,002 89,999 — % 266,005 240,680 10.5 % Net income 382,110 350,431 9.0 % 1,040,169 889,956 16.9 % Less: Net loss attributable to noncontrolling interest (181 ) — 100.0 % (284 ) — 100.0 % Net income attributable to Copart, Inc. $ 382,291 $ 350,431 9.1 % $ 1,040,453 $ 889,956 16.9 % Basic net income per common share $ 0.40 $ 0.37 8.1 % $ 1.08 $ 0.93 16.1 % Weighted average common shares outstanding 961,813 953,574 0.9 % 960,143 952,834 0.8 % Diluted net income per common share $ 0.39 $ 0.36 8.3 % $ 1.07 $ 0.92 16.3 % Diluted weighted average common shares outstanding 976,445 967,380 0.9 % 974,226 965,436 0.9 % Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) April 30, 2024 July 31, 2023 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 1,089,995 $ 957,395 Investment in held to maturity securities 2,000,334 1,406,589 Accounts receivable, net 822,650 702,038 Vehicle pooling costs 125,001 123,725 Inventories 46,764 39,973 Income taxes receivable 23,402 6,574 Prepaid expenses and other assets 40,983 26,310 Total current assets 4,149,129 3,262,604 Property and equipment, net 3,073,090 2,844,339 Operating lease right-of-use assets 108,859 108,139 Intangibles, net 76,786 62,702 Goodwill 511,372 394,289 Other assets 91,396 65,806 Total assets $ 8,010,632 $ 6,737,879 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 506,795 $ 440,810 Deferred revenue 28,761 26,117 Income taxes payable 7,388 4,374 Current portion of operating and finance lease liabilities 20,475 21,468 Total current liabilities 563,419 492,769 Deferred income taxes 92,014 89,492 Income taxes payable 67,455 69,193 Operating and finance lease liabilities, net of current portion 91,131 88,082 Long-term debt and other liabilities 427 10,903 Total liabilities 814,446 750,439 Commitments and contingencies Redeemable non-controlling interest 24,933 — Stockholders' equity: Preferred stock — — Common stock 96 96 Additional paid-in capital 1,102,684 938,910 Accumulated other comprehensive loss (156,807 ) (141,006 ) Retained earnings 6,225,280 5,189,440 Total stockholders' equity 7,171,253 5,987,440 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 8,010,632 $ 6,737,879 Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Nine Months Ended April 30, 2024 2023 Cash flows from operating activities: Net income $ 1,040,169 $ 889,956 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 139,178 115,320 Allowance for credit loss 2,513 1,480 Equity in losses of unconsolidated affiliates 2,580 5,446 Stock-based compensation 26,694 30,404 Gain on sale of property and equipment (2,169 ) (965 ) Deferred income taxes (3,093 ) (3,236 ) Changes in operating assets and liabilities: Accounts receivable (152,564 ) (115,098 ) Vehicle pooling costs (1,784 ) (7,300 ) Inventories (7,316 ) 14,870 Prepaid expenses, other current and non-current assets (39,815 ) (33,830 ) Operating lease right-of-use assets and lease liabilities 1,377 595 Accounts payable, accrued liabilities and other liabilities 40,305 30,314 Deferred revenue 2,660 5,516 Income taxes receivable (16,846 ) 49,430 Income taxes payable 1,454 22,731 Net cash provided by operating activities 1,033,343 1,005,633 Cash flows from investing activities: Purchases of property and equipment (373,104 ) (346,524 ) Cash acquired in connection with acquisition 17,662 — Proceeds from sale of property and equipment 3,453 20,509 Investment in held to maturity securities (2,478,505 ) — Proceeds from the sale of held to maturity securities 1,915,000 — Investment in unconsolidated affiliate (1,000 ) (2,744 ) Net cash used in investing activities (916,494 ) (328,759 ) Cash flows from financing activities: Proceeds from the exercise of stock options 20,377 27,220 Proceeds from the issuance of Employee Stock Purchase Plan shares 5,957 5,363 Payments for employee stock-based tax withholdings (4,613 ) (3,026 ) Issuance of principal on revolver facility — 21,481 Principal payments on revolver facility (10,818 ) — Payments of finance lease obligations (14 ) (18 ) Net cash provided by financing activities 10,889 51,020 Effect of foreign currency translation 4,862 2,053 Net increase in cash, cash equivalents, and restricted cash 132,600 729,947 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 $ 1,089,995 $ 2,114,183 Supplemental disclosure of cash flow information: Interest paid $ 1,946 $ 1,586 Income taxes paid, net of refunds $ 255,268 $ 171,438 View source version on businesswire.com: https://www.businesswire.com/news/home/20240516578331/en/Contacts Copart Investor Relations investor.relations@copart.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Copart Reports Third Quarter Fiscal 2024 Financial Results By: Copart, Inc. via Business Wire May 16, 2024 at 16:15 PM EDT Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2024. For the three months ended April 30, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $1.13 billion, $525.5 million, and $382.3 million, respectively. These represent an increase in revenue of $105.4 million, or 10.3%; an increase in gross profit of $42.1 million, or 8.7%; and an increase in net income attributable to Copart, Inc. of $31.9 million, or 9.1%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.39 compared to $0.36 last year, an increase of 8.3%. For the nine months ended April 30, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $3.17 billion, $1.5 billion, and $1.0 billion, respectively. These represent an increase in revenue of $295.9 million, or 10.3%; an increase in gross profit of $174.3 million, or 13.6%; and an increase in net income attributable to Copart, Inc. of $150.5 million, or 16.9%, respectively, from the same period last year. Fully diluted earnings per share for the nine months were $1.07 compared to $0.92 last year, an increase of 16.3%. On Thursday, May 16, 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 September 2024 by visiting www.copart.com/investorrelations. About Copart Founded in 1982, Copart is a global leader in online vehicle auctions. Copart's innovative technology and online auction platforms connect vehicle consigners to approximately 1 million members in over 185 countries. Copart offers remarketing services to process and sell vehicles 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 April 30, Nine Months Ended April 30, 2024 2023 % Change 2024 2023 % Change Service revenues and vehicle sales: Service revenues $ 946,630 $ 847,249 11.7 % $ 2,667,911 $ 2,363,886 12.9 % Vehicle sales 180,629 174,582 3.5 % 499,913 508,041 (1.6 )% Total service revenues and vehicle sales 1,127,259 1,021,831 10.3 % 3,167,824 2,871,927 10.3 % Operating expenses: Yard operations 391,256 343,617 13.9 % 1,125,440 1,020,674 10.3 % Cost of vehicle sales 162,881 159,443 2.2 % 457,596 465,282 (1.7 )% Yard depreciation and amortization 45,800 33,090 38.4 % 126,111 101,520 24.2 % Yard stock-based compensation 1,817 2,251 (19.3 )% 5,001 5,038 (0.7 )% Gross profit 525,505 483,430 8.7 % 1,453,676 1,279,413 13.6 % General and administrative 76,169 52,395 45.4 % 206,457 144,772 42.6 % General and administrative depreciation and amortization 4,932 4,281 15.2 % 13,047 13,323 (2.1 )% General and administrative stock-based compensation 7,201 7,830 (8.0 )% 21,693 25,366 (14.5 )% Total operating expenses 690,056 602,907 14.5 % 1,955,345 1,775,975 10.1 % Operating income 437,203 418,924 4.4 % 1,212,479 1,095,952 10.6 % Other income (expense): Interest income, net 36,218 17,878 102.6 % 102,179 36,780 177.8 % Other (expense) income, net (1,309 ) 3,628 (136.1 )% (8,484 ) (2,096 ) 304.8 % Total other income 34,909 21,506 62.3 % 93,695 34,684 170.1 % Income before income taxes 472,112 440,430 7.2 % 1,306,174 1,130,636 15.5 % Income tax expense 90,002 89,999 — % 266,005 240,680 10.5 % Net income 382,110 350,431 9.0 % 1,040,169 889,956 16.9 % Less: Net loss attributable to noncontrolling interest (181 ) — 100.0 % (284 ) — 100.0 % Net income attributable to Copart, Inc. $ 382,291 $ 350,431 9.1 % $ 1,040,453 $ 889,956 16.9 % Basic net income per common share $ 0.40 $ 0.37 8.1 % $ 1.08 $ 0.93 16.1 % Weighted average common shares outstanding 961,813 953,574 0.9 % 960,143 952,834 0.8 % Diluted net income per common share $ 0.39 $ 0.36 8.3 % $ 1.07 $ 0.92 16.3 % Diluted weighted average common shares outstanding 976,445 967,380 0.9 % 974,226 965,436 0.9 % Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) April 30, 2024 July 31, 2023 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 1,089,995 $ 957,395 Investment in held to maturity securities 2,000,334 1,406,589 Accounts receivable, net 822,650 702,038 Vehicle pooling costs 125,001 123,725 Inventories 46,764 39,973 Income taxes receivable 23,402 6,574 Prepaid expenses and other assets 40,983 26,310 Total current assets 4,149,129 3,262,604 Property and equipment, net 3,073,090 2,844,339 Operating lease right-of-use assets 108,859 108,139 Intangibles, net 76,786 62,702 Goodwill 511,372 394,289 Other assets 91,396 65,806 Total assets $ 8,010,632 $ 6,737,879 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 506,795 $ 440,810 Deferred revenue 28,761 26,117 Income taxes payable 7,388 4,374 Current portion of operating and finance lease liabilities 20,475 21,468 Total current liabilities 563,419 492,769 Deferred income taxes 92,014 89,492 Income taxes payable 67,455 69,193 Operating and finance lease liabilities, net of current portion 91,131 88,082 Long-term debt and other liabilities 427 10,903 Total liabilities 814,446 750,439 Commitments and contingencies Redeemable non-controlling interest 24,933 — Stockholders' equity: Preferred stock — — Common stock 96 96 Additional paid-in capital 1,102,684 938,910 Accumulated other comprehensive loss (156,807 ) (141,006 ) Retained earnings 6,225,280 5,189,440 Total stockholders' equity 7,171,253 5,987,440 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 8,010,632 $ 6,737,879 Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Nine Months Ended April 30, 2024 2023 Cash flows from operating activities: Net income $ 1,040,169 $ 889,956 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 139,178 115,320 Allowance for credit loss 2,513 1,480 Equity in losses of unconsolidated affiliates 2,580 5,446 Stock-based compensation 26,694 30,404 Gain on sale of property and equipment (2,169 ) (965 ) Deferred income taxes (3,093 ) (3,236 ) Changes in operating assets and liabilities: Accounts receivable (152,564 ) (115,098 ) Vehicle pooling costs (1,784 ) (7,300 ) Inventories (7,316 ) 14,870 Prepaid expenses, other current and non-current assets (39,815 ) (33,830 ) Operating lease right-of-use assets and lease liabilities 1,377 595 Accounts payable, accrued liabilities and other liabilities 40,305 30,314 Deferred revenue 2,660 5,516 Income taxes receivable (16,846 ) 49,430 Income taxes payable 1,454 22,731 Net cash provided by operating activities 1,033,343 1,005,633 Cash flows from investing activities: Purchases of property and equipment (373,104 ) (346,524 ) Cash acquired in connection with acquisition 17,662 — Proceeds from sale of property and equipment 3,453 20,509 Investment in held to maturity securities (2,478,505 ) — Proceeds from the sale of held to maturity securities 1,915,000 — Investment in unconsolidated affiliate (1,000 ) (2,744 ) Net cash used in investing activities (916,494 ) (328,759 ) Cash flows from financing activities: Proceeds from the exercise of stock options 20,377 27,220 Proceeds from the issuance of Employee Stock Purchase Plan shares 5,957 5,363 Payments for employee stock-based tax withholdings (4,613 ) (3,026 ) Issuance of principal on revolver facility — 21,481 Principal payments on revolver facility (10,818 ) — Payments of finance lease obligations (14 ) (18 ) Net cash provided by financing activities 10,889 51,020 Effect of foreign currency translation 4,862 2,053 Net increase in cash, cash equivalents, and restricted cash 132,600 729,947 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 $ 1,089,995 $ 2,114,183 Supplemental disclosure of cash flow information: Interest paid $ 1,946 $ 1,586 Income taxes paid, net of refunds $ 255,268 $ 171,438 View source version on businesswire.com: https://www.businesswire.com/news/home/20240516578331/en/Contacts Copart Investor Relations investor.relations@copart.com
Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2024. For the three months ended April 30, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $1.13 billion, $525.5 million, and $382.3 million, respectively. These represent an increase in revenue of $105.4 million, or 10.3%; an increase in gross profit of $42.1 million, or 8.7%; and an increase in net income attributable to Copart, Inc. of $31.9 million, or 9.1%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.39 compared to $0.36 last year, an increase of 8.3%. For the nine months ended April 30, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $3.17 billion, $1.5 billion, and $1.0 billion, respectively. These represent an increase in revenue of $295.9 million, or 10.3%; an increase in gross profit of $174.3 million, or 13.6%; and an increase in net income attributable to Copart, Inc. of $150.5 million, or 16.9%, respectively, from the same period last year. Fully diluted earnings per share for the nine months were $1.07 compared to $0.92 last year, an increase of 16.3%. On Thursday, May 16, 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 September 2024 by visiting www.copart.com/investorrelations. About Copart Founded in 1982, Copart is a global leader in online vehicle auctions. Copart's innovative technology and online auction platforms connect vehicle consigners to approximately 1 million members in over 185 countries. Copart offers remarketing services to process and sell vehicles 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 April 30, Nine Months Ended April 30, 2024 2023 % Change 2024 2023 % Change Service revenues and vehicle sales: Service revenues $ 946,630 $ 847,249 11.7 % $ 2,667,911 $ 2,363,886 12.9 % Vehicle sales 180,629 174,582 3.5 % 499,913 508,041 (1.6 )% Total service revenues and vehicle sales 1,127,259 1,021,831 10.3 % 3,167,824 2,871,927 10.3 % Operating expenses: Yard operations 391,256 343,617 13.9 % 1,125,440 1,020,674 10.3 % Cost of vehicle sales 162,881 159,443 2.2 % 457,596 465,282 (1.7 )% Yard depreciation and amortization 45,800 33,090 38.4 % 126,111 101,520 24.2 % Yard stock-based compensation 1,817 2,251 (19.3 )% 5,001 5,038 (0.7 )% Gross profit 525,505 483,430 8.7 % 1,453,676 1,279,413 13.6 % General and administrative 76,169 52,395 45.4 % 206,457 144,772 42.6 % General and administrative depreciation and amortization 4,932 4,281 15.2 % 13,047 13,323 (2.1 )% General and administrative stock-based compensation 7,201 7,830 (8.0 )% 21,693 25,366 (14.5 )% Total operating expenses 690,056 602,907 14.5 % 1,955,345 1,775,975 10.1 % Operating income 437,203 418,924 4.4 % 1,212,479 1,095,952 10.6 % Other income (expense): Interest income, net 36,218 17,878 102.6 % 102,179 36,780 177.8 % Other (expense) income, net (1,309 ) 3,628 (136.1 )% (8,484 ) (2,096 ) 304.8 % Total other income 34,909 21,506 62.3 % 93,695 34,684 170.1 % Income before income taxes 472,112 440,430 7.2 % 1,306,174 1,130,636 15.5 % Income tax expense 90,002 89,999 — % 266,005 240,680 10.5 % Net income 382,110 350,431 9.0 % 1,040,169 889,956 16.9 % Less: Net loss attributable to noncontrolling interest (181 ) — 100.0 % (284 ) — 100.0 % Net income attributable to Copart, Inc. $ 382,291 $ 350,431 9.1 % $ 1,040,453 $ 889,956 16.9 % Basic net income per common share $ 0.40 $ 0.37 8.1 % $ 1.08 $ 0.93 16.1 % Weighted average common shares outstanding 961,813 953,574 0.9 % 960,143 952,834 0.8 % Diluted net income per common share $ 0.39 $ 0.36 8.3 % $ 1.07 $ 0.92 16.3 % Diluted weighted average common shares outstanding 976,445 967,380 0.9 % 974,226 965,436 0.9 % Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) April 30, 2024 July 31, 2023 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 1,089,995 $ 957,395 Investment in held to maturity securities 2,000,334 1,406,589 Accounts receivable, net 822,650 702,038 Vehicle pooling costs 125,001 123,725 Inventories 46,764 39,973 Income taxes receivable 23,402 6,574 Prepaid expenses and other assets 40,983 26,310 Total current assets 4,149,129 3,262,604 Property and equipment, net 3,073,090 2,844,339 Operating lease right-of-use assets 108,859 108,139 Intangibles, net 76,786 62,702 Goodwill 511,372 394,289 Other assets 91,396 65,806 Total assets $ 8,010,632 $ 6,737,879 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 506,795 $ 440,810 Deferred revenue 28,761 26,117 Income taxes payable 7,388 4,374 Current portion of operating and finance lease liabilities 20,475 21,468 Total current liabilities 563,419 492,769 Deferred income taxes 92,014 89,492 Income taxes payable 67,455 69,193 Operating and finance lease liabilities, net of current portion 91,131 88,082 Long-term debt and other liabilities 427 10,903 Total liabilities 814,446 750,439 Commitments and contingencies Redeemable non-controlling interest 24,933 — Stockholders' equity: Preferred stock — — Common stock 96 96 Additional paid-in capital 1,102,684 938,910 Accumulated other comprehensive loss (156,807 ) (141,006 ) Retained earnings 6,225,280 5,189,440 Total stockholders' equity 7,171,253 5,987,440 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 8,010,632 $ 6,737,879 Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Nine Months Ended April 30, 2024 2023 Cash flows from operating activities: Net income $ 1,040,169 $ 889,956 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 139,178 115,320 Allowance for credit loss 2,513 1,480 Equity in losses of unconsolidated affiliates 2,580 5,446 Stock-based compensation 26,694 30,404 Gain on sale of property and equipment (2,169 ) (965 ) Deferred income taxes (3,093 ) (3,236 ) Changes in operating assets and liabilities: Accounts receivable (152,564 ) (115,098 ) Vehicle pooling costs (1,784 ) (7,300 ) Inventories (7,316 ) 14,870 Prepaid expenses, other current and non-current assets (39,815 ) (33,830 ) Operating lease right-of-use assets and lease liabilities 1,377 595 Accounts payable, accrued liabilities and other liabilities 40,305 30,314 Deferred revenue 2,660 5,516 Income taxes receivable (16,846 ) 49,430 Income taxes payable 1,454 22,731 Net cash provided by operating activities 1,033,343 1,005,633 Cash flows from investing activities: Purchases of property and equipment (373,104 ) (346,524 ) Cash acquired in connection with acquisition 17,662 — Proceeds from sale of property and equipment 3,453 20,509 Investment in held to maturity securities (2,478,505 ) — Proceeds from the sale of held to maturity securities 1,915,000 — Investment in unconsolidated affiliate (1,000 ) (2,744 ) Net cash used in investing activities (916,494 ) (328,759 ) Cash flows from financing activities: Proceeds from the exercise of stock options 20,377 27,220 Proceeds from the issuance of Employee Stock Purchase Plan shares 5,957 5,363 Payments for employee stock-based tax withholdings (4,613 ) (3,026 ) Issuance of principal on revolver facility — 21,481 Principal payments on revolver facility (10,818 ) — Payments of finance lease obligations (14 ) (18 ) Net cash provided by financing activities 10,889 51,020 Effect of foreign currency translation 4,862 2,053 Net increase in cash, cash equivalents, and restricted cash 132,600 729,947 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 $ 1,089,995 $ 2,114,183 Supplemental disclosure of cash flow information: Interest paid $ 1,946 $ 1,586 Income taxes paid, net of refunds $ 255,268 $ 171,438 View source version on businesswire.com: https://www.businesswire.com/news/home/20240516578331/en/