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Published: 2023-11-16 16:16:06 ET
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EX-99.1 2 cprt10312023ex99-1.htm EX-99.1 Document

Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports First Quarter Fiscal 2024 Financial Results
Dallas, Texas November 16, 2023 — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2023.
For the three months ended October 31, 2023, revenue, gross profit, and net income were $1,020.4 million, $464.0 million, and $332.5 million, respectively. These represent an increase in revenue of $127.0 million, or 14.2%; an increase in gross profit of $94.5 million, or 25.6%; and an increase in net income of $86.7 million, or 35.3%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.34 compared to $0.25 last year, an increase of 36.0%.
On Thursday, November 16, 2023, 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 February 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 platform links 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 
October 31,
20232022% Change
Service revenues and vehicle sales:
Service revenues859,536 $726,840 18.3 %
Vehicle sales160,880 166,532 (3.4)%
Total service revenues and vehicle sales1,020,416 893,372 14.2 %
Operating expenses:   
Yard operations367,842 336,972 9.2 %
Cost of vehicle sales147,896 151,112 (2.1)%
Yard depreciation and amortization39,103 34,360 13.8 %
Yard stock-based compensation1,556 1,445 7.7 %
Gross profit464,019 369,483 25.6 %
General and administrative57,631 44,535 29.4 %
General and administrative depreciation and amortization4,061 4,698 (13.6)%
General and administrative stock-based compensation6,951 8,747 (20.5)%
Total operating expenses625,040 581,869 7.4 %
Operating income395,376 311,503 26.9 %
Other income (expense):   
Interest income, net32,005 4,422 623.8 %
Other expense, net(4,072)(2,822)44.3 %
Total other income 27,933 1,600 1645.8 %
Income before income taxes423,309 313,103 35.2 %
Income tax expense90,777 67,255 35.0 %
Net income$332,532 $245,848 35.3 %
Less: Net income attributable to noncontrolling interest5 — 100.0 %
Net income attributable to Copart, Inc.$332,527 $245,848 35.3 %
Basic net income per common share$0.35 $0.26 34.6 %
Weighted average common shares outstanding958,127 952,198 0.6 %
Diluted net income per common share$0.34 $0.25 36.0 %
Diluted weighted average common shares outstanding971,682 964,336 0.8 %

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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)
October 31, 2023July 31, 2023
ASSETS
Current assets:
Cash, cash equivalents, and restricted cash$2,581,567 $957,395 
Investment in held to maturity securities 48,982 1,406,589 
Accounts receivable, net755,635 702,038 
Vehicle pooling costs127,512 123,725 
Inventories42,631 39,973 
Income taxes receivable418 6,574 
Prepaid expenses and other assets28,145 26,310 
Total current assets3,584,890 3,262,604 
Property and equipment, net2,943,537 2,844,339 
Operating lease right-of-use assets121,690 108,139 
Intangibles, net81,832 62,702 
Goodwill500,926 394,289 
Other assets100,911 65,806 
Total assets$7,333,786 $6,737,879 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$495,201 $440,810 
Deferred revenue27,174 26,117 
Income taxes payable80,106 4,374 
Current portion of operating and finance lease liabilities21,936 21,468 
Total current liabilities624,417 492,769 
Deferred income taxes91,821 89,492 
Income taxes payable69,982 69,193 
Operating and finance lease liabilities, net of current portion101,465 88,082 
Long-term debt and other liabilities9,462 10,903 
Total liabilities897,147 750,439 
Commitments and contingencies
Redeemable non-controlling interest25,222 — 
Stockholders' equity:
Preferred stock— — 
Common stock96 96 
Additional paid-in capital1,067,424 938,910 
Accumulated other comprehensive loss(177,359)(141,006)
Retained earnings5,521,256 5,189,440 
Total stockholders' equity6,411,417 5,987,440 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$7,333,786 $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)
Three Months Ended October 31,
20232022
Cash flows from operating activities:
Net income$332,532 $245,848 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost43,350 39,327 
Allowance for credit loss1,049 1,396 
Equity in (earnings) losses of unconsolidated affiliates(4,764)2,122 
Stock-based compensation8,317 10,192 
Gain on sale of property and equipment(1,050)(113)
Deferred income taxes(988)(1,780)
Changes in operating assets and liabilities:
Accounts receivable(77,086)(53,837)
Vehicle pooling costs(4,377)(4,643)
Inventories(3,669)4,020 
Prepaid expenses, other current and non-current assets(40,543)(35,303)
Operating lease right-of-use assets and lease liabilities366 52 
Accounts payable, accrued liabilities and other liabilities38,153 40,372 
Deferred revenue1,101 (588)
Income taxes receivable6,135 44,595 
Income taxes payable76,720 19,899 
Net cash provided by operating activities375,246 311,559 
Cash flows from investing activities:
Purchases of property and equipment(162,260)(152,655)
Cash acquired in connection with acquisition17,662 — 
Proceeds from sale of property and equipment924 185 
Proceeds from the sale of held to maturity securities1,380,000 — 
Investment in unconsolidated affiliate(1,001)— 
Net cash provided by (used in) investing activities1,235,325 (152,470)
Cash flows from financing activities:
Proceeds from the exercise of stock options8,123 1,061 
Payments for employee stock-based tax withholdings(711)(295)
Payments of finance lease obligations(5)(7)
Net cash provided by financing activities7,407 759 
Effect of foreign currency translation6,194 (4,693)
Net increase in cash, cash equivalents, and restricted cash1,624,172 155,155 
Cash, cash equivalents, and restricted cash at beginning of period957,395 1,384,236 
Cash, cash equivalents, and restricted cash at end of period$2,581,567 $1,539,391 
Supplemental disclosure of cash flow information:
Interest paid$96 $64 
Income taxes paid, net of refunds$9,066 $5,700 


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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000