0000900075false00009000752024-09-042024-09-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
September 4, 2024
Date of Report (date of earliest event reported)
COPART, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-23255
94-2867490
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
14185 Dallas ParkwaySuite 300
Dallas
Texas
75254
(Address of principal executive offices, including zip code)
(972) 391-5000
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001CPRTThe NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


INFORMATION INCLUDED IN THIS REPORT
Section 2 — Financial Information
Item 2.02 Results of Operations and Financial Condition
The following information and the exhibit attached hereto as Exhibit 99.1 are intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information and the exhibit attached hereto as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing, except as shall be expressly set forth by specific reference in such filing.
On September 4, 2024, Copart, Inc. issued a press release announcing its financial results for the fourth quarter of fiscal year 2024, which ended July 31, 2024. The full text of the press release is furnished herewith as Exhibit 99.1.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are furnished herewith:
Exhibit
Number		Description
Press release, dated September 4, 2024 of Copart, Inc. announcing its financial results for the fourth quarter of fiscal year 2024, which ended July 31, 2024.
104Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:     September 4, 2024                 COPART, INC.
 
By: /s/ LEAH STEARNS
Leah Stearns, Chief Financial Officer
(Principal Financial and Accounting Officer and duly Authorized Officer)



INDEX TO EXHIBITS
Exhibit
Number		Description
Press release, dated September 4, 2024 of Copart, Inc. announcing its financial results for the fourth quarter of fiscal year 2024, which ended July 31, 2024.
104Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).



Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports Fourth Quarter Fiscal 2024 Financial Results
Dallas, Texas. (September 4, 2024) — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter and year ended July 31, 2024.
For the three months ended July 31, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $1.1 billion, $454 million, and $323 million, respectively. These represent an increase in revenue of $71.4 million, or 7.2%; a decrease in gross profit of $(4.0) million, or (0.9)%; and a decrease in net income attributable to Copart, Inc. of $(25.2) million, or (7.3)%, respectively, from the same period last year. Fully diluted earnings per share for the three months ended July 31, 2024 was $0.33 compared to $0.36 last year, a decrease of (8.3)%.
For the year ended July 31, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $4.2 billion, $1.9 billion, and $1.4 billion, respectively. These represent an increase in revenue of $367.3 million, or 9.5%; an increase in gross profit of $170.3 million, or 9.8%; and an increase in net income attributable to Copart, Inc. of $125.3 million, or 10.1%, respectively, from the same period last year. Fully diluted earnings per share for the year ended July 31, 2024 was $1.40 compared to $1.28 last year, an increase of 9.4%.
On Wednesday, September 4, 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 at www.copart.com/investorrelations. A replay of the call will be available through November 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 connect vehicle consignors 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.
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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:Copart Investor Relations
investor.relations@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 
July 31,		Twelve Months Ended 
July 31,
20242023% Change20242023% Change
Service revenues and vehicle sales:
Service revenues$893,091 $834,242 7.1 %3,561,002 $3,198,128 11.3 %
Vehicle sales175,908 163,349 7.7 %675,821 671,390 0.7 %
Total service revenues and vehicle sales1,068,999 997,591 7.2 %4,236,823 3,869,518 9.5 %
Operating expenses:
Yard operations407,044 348,332 16.9 %1,532,484 1,369,006 11.9 %
Cost of vehicle sales161,891 149,216 8.5 %619,487 614,498 0.8 %
Yard depreciation and amortization44,539 40,577 9.8 %170,650 142,097 20.1 %
Yard stock-based compensation1,949 1,888 3.2 %6,950 6,926 0.3 %
Gross profit453,576 457,578 (0.9)%1,907,252 1,736,991 9.8 %
General and administrative81,377 55,522 46.6 %287,834 200,294 43.7 %
General and administrative depreciation and amortization6,064 4,058 49.4 %19,111 17,381 10.0 %
General and administrative stock-based compensation6,591 7,381 (10.7)%28,284 32,747 (13.6)%
Total operating expenses709,455 606,974 16.9 %2,664,800 2,382,949 11.8 %
Operating income359,544 390,617 (8.0)%1,572,023 1,486,569 5.7 %
Other income (expense):
Interest income (expense), net43,494 29,148 49.2 %145,673 65,928 121.0 %
Other income (expense), net5,389 3,927 37.2 %(3,095)1,831 (269.0)%
Total other income48,883 33,075 47.8 %142,578 67,759 110.4 %
Income before income taxes408,427 423,692 (3.6)%1,714,601 1,554,328 10.3 %
Income tax expense86,249 75,907 13.6 %352,254 316,587 11.3 %
Net income322,178 347,785 (7.4)%1,362,347 1,237,741 10.1 %
Less: Net loss attributable to noncontrolling interest(389)— 100 %(673)— 100.0 %
Net income attributable to Copart, Inc.$322,567 $347,785 (7.3)%$1,363,020 $1,237,741 10.1 %
Basic net income per common share$0.34 $0.36 (5.6)%$1.42 $1.30 9.2 %
Weighted average common shares outstanding962,515 955,773 0.7 %960,739 953,574 0.8 %
Diluted net income per common share$0.33 $0.36 (8.3)%$1.40 $1.28 9.4 %
Diluted weighted average common shares outstanding976,500 970,255 0.6 %974,798 966,647 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)
July 31, 2024July 31, 2023
ASSETS
Current assets:
Cash, cash equivalents, and restricted cash$1,514,111 $957,395 
Investment in held to maturity securities
1,908,047 1,406,589 
Accounts receivable, net785,877 702,038 
Vehicle pooling costs132,638 123,725 
Inventories43,639 39,973 
Income taxes receivable— 6,574 
Prepaid expenses and other assets33,872 26,310 
Total current assets4,418,184 3,262,604 
Property and equipment, net3,175,838 2,844,339 
Operating lease right-of-use assets116,301 108,139 
Intangibles, net74,088 62,702 
Goodwill513,909 394,289 
Other assets129,444 65,806 
Total assets$8,427,764 $6,737,879 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities518,148 $440,810 
Deferred revenue28,121 26,117 
Income taxes payable60,994 4,374 
Current portion of operating and finance lease liabilities21,304 21,468 
Total current liabilities628,567 492,769 
Deferred income taxes93,653 89,492 
Income taxes payable59,560 69,193 
Operating and finance lease liabilities, net of current portion97,429 88,082 
Long-term debt and other liabilities, net of discount— 10,903 
Total liabilities879,209 750,439 
Commitments and contingencies
Redeemable non-controlling interest24,544 — 
Stockholders’ equity:
Preferred stock— — 
Common stock96 96 
Additional paid-in capital1,120,985 938,910 
Accumulated other comprehensive loss(142,972)(141,006)
Retained earnings6,545,902 5,189,440 
Total stockholders’ equity7,524,011 5,987,440 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$8,427,764 $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)
Year Ended July 31,
20242023
Cash flows from operating activities:
Net Income$1,362,347 $1,237,741 
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including debt cost190,256 159,684 
Allowance for credit losses3,914 1,946 
Gain on extinguishment of liabilities(4,058)— 
Equity in losses of unconsolidated affiliates2,241 5,347 
Stock-based compensation35,234 39,673 
Gain on sale of property and equipment(2,386)(1,846)
Deferred income taxes(847)9,946 
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable(145,385)(123,207)
Vehicle pooling costs(9,542)(10,989)
Inventories(3,698)26,549 
Prepaid expenses and other current and non-current assets(71,067)(59,949)
Operating lease right-of-use assets and lease liabilities1,064 350 
Accounts payable and accrued liabilities59,528 18,010 
Deferred revenue1,867 5,896 
Income taxes receivable6,561 33,193 
Income taxes payable46,535 21,866 
Net cash provided by operating activities1,472,564 1,364,210 
Cash flows from investing activities:
Purchases of property and equipment(510,990)(516,636)
Cash acquired in connection with acquisition17,662 — 
Proceeds from sale of property and equipment4,166 33,919 
Investment in held to maturity securities(4,087,162)(1,406,588)
Proceeds from the sale of held to maturity securities3,645,000 — 
Acquisition of investment in unconsolidated affiliates(8,755)(2,744)
Net cash used in investing activities(940,079)(1,892,049)
Cash flows from financing activities:
Proceeds from the exercise of stock options24,260 49,679 
Proceeds from the issuance of Employee Stock Purchase Plan shares12,406 11,098 
Payments for employee stock-based tax withholdings(6,558)(4,709)
Issuance of principal on revolver facility— 44,494 
Principal payments on revolver facility (10,821)(33,924)
Payments of finance lease obligations(14)(23)
Net cash provided by financing activities19,273 66,615 
Effect of foreign currency translation4,958 34,383 
Net increase (decrease) in cash, cash equivalents, and restricted cash556,716 (426,841)
Cash, cash equivalents, and restricted cash at beginning of period957,395 1,384,236 
Cash, cash equivalents, and restricted cash at end of period$1,514,111 $957,395 
Supplemental disclosure of cash flow information:
Interest paid$3,127 $2,614 
Income taxes paid, net of refunds$285,891 $257,514 
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
v3.24.2.u1
Document and Entity Information Document
Sep. 04, 2024
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Sep. 04, 2024
Entity Registrant Name COPART, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 000-23255
Entity Tax Identification Number 94-2867490
Entity Address, Address Line One 14185 Dallas Parkway
Entity Address, Address Line Two Suite 300
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75254
City Area Code 972
Local Phone Number 391-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.0001
Trading Symbol CPRT
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000900075
Amendment Flag false
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