DALLAS--(BUSINESS WIRE)--Copart, Inc. (NASDAQ: CPRT) announced today that it will release earnings for the second quarter of fiscal 2024 after 4:00 p.m. Eastern Time (3:00 p.m. Central) on Thursday, February 22, 2024. On Thursday, February 22, 2024, at 5:30 p.m. Eastern Time (4:30 p.m. Central), Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live and available for access by clicking “Listen Here” at www.copart.com/investorrelations. A replay of the ca ...

Copart, Inc. (CPRT) ended the recent trading session at $50.48, demonstrating a -0.84% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.1%. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 0.3%.Shares of the company have appreciated by 7.02% over the course of the past month, underperforming the Business Services sector's gain of 7.93% and outperforming the S&P 500's gain of 5.78%.Analysts and investors alike will be keeping a c ...

Copart, Inc. (CPRT) closed the latest trading day at $48.99, indicating a +0.7% change from the previous session's end. This move outpaced the S&P 500's daily gain of 0.53%. Elsewhere, the Dow saw an upswing of 0.64%, while the tech-heavy Nasdaq appreciated by 0.19%.Prior to today's trading, shares of the company had lost 0.47% over the past month. This has lagged the Business Services sector's gain of 0.84% and the S&P 500's gain of 2.48% in that time.Analysts and investors alike will be keeping a close ey ...

Some investors may hesitate to invest in the industrial sector due to the economic uncertainty of 2024. Certain industrial companies will inevitably face challenges in the coming year. However, the right industrial stocks can deliver strong returns over the long run.Quality industrial stocks have wide economic moats, efficient operations and shareholder-friendly management teams. These stocks will prosper, regardless of market environments. Industrial companies, in particular, are poised to outperform. This ...

Copart, Inc. (CPRT) closed the most recent trading day at $46.83, moving -1.43% from the previous trading session. This move lagged the S&P 500's daily loss of 0.8%. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 1.18%.Prior to today's trading, shares of the company had lost 2.62% over the past month. This has lagged the Business Services sector's gain of 2.64% and the S&P 500's gain of 3.4% in that time.The upcoming earnings release of Copart, Inc. will be of great interest to investo ...

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Financial Performance - Total service revenues and vehicle sales for the three months ended October 31, 2023, reached $1,020,416, an increase of 14.3% compared to $893,372 for the same period in 2022[10]. - Net income attributable to Copart, Inc. for the three months ended October 31, 2023, was $332,527, representing a 35.2% increase from $245,848 in the same period last year[10]. - Operating income for the three months ended October 31, 2023, was $395,376, up 26.9% from $311,503 for the same period in 2022[10]. - Comprehensive income attributable to Copart, Inc. for the three months ended October 31, 2023, was $296,174, compared to $216,277 for the same period in 2022[12]. - Net income for the three months ended October 31, 2023, was $332,532, an increase of 35% compared to $245,848 for the same period in 2022[19]. - Operating income increased to 39% of total revenues for the three months ended October 31, 2023, up from 35% in the same period last year[85]. - Net income rose to 33% of total revenues for the three months ended October 31, 2023, compared to 27% in the same period last year[85]. Revenue Breakdown - Total service revenues reached $859,536, up 18% from $726,840 in the prior year, with U.S. service revenues at $762,524 and international service revenues at $97,012[28]. - Vehicle sales totaled $160,880, a decrease of 3% from $166,532 in the same quarter last year, with U.S. vehicle sales at $78,382 and international vehicle sales at $82,498[29]. - Service revenues in the U.S. increased by $110.9 million, or 17.0%, while international service revenues increased by $21.8 million, or 29.0%[87]. Cash and Liquidity - Cash, cash equivalents, and restricted cash increased to $2,581,567 as of October 31, 2023, compared to $957,395 as of July 31, 2023[6]. - Cash and cash equivalents at the end of the period were $2,581,567, compared to $1,539,391 at the end of the same period last year, reflecting a significant increase[19]. - Cash, cash equivalents, and restricted cash increased by $1,624.2 million (169.6%) to $2,581.6 million as of October 31, 2023, compared to July 31, 2023[98]. - Working capital rose by $190.6 million (6.9%) to $2,960.5 million as of October 31, 2023, driven by cash generated from operations[98]. - Operating cash flows increased by $63.7 million (20.4%) to $375.2 million for the three months ended October 31, 2023, compared to the same period in 2022[98]. Assets and Liabilities - Total assets grew to $7,333,786 as of October 31, 2023, up from $6,737,879 as of July 31, 2023[7]. - Total stockholders' equity increased to $6,411,417 as of October 31, 2023, compared to $5,987,440 as of July 31, 2023[7]. - The company’s total liabilities as of October 31, 2023, were $897,147, an increase from $750,439 as of July 31, 2023[7]. - Total current assets increased to $3,584,890 as of October 31, 2023, up from $3,262,604 as of July 31, 2023, reflecting a growth of 9.9%[6]. Expenses - Operating expenses for the three months ended October 31, 2023, totaled $625,040, an increase of 7.4% from $581,869 in the same period last year[10]. - General and administrative expenses rose by $10.7 million, or 18.4%, for the three months ended October 31, 2023, primarily due to a $9.5 million increase in the U.S. and a $1.2 million increase internationally[94]. - Yard operations expenses increased by $35.7 million, or 9.6%, for the three months ended October 31, 2023, compared to the same period last year, driven by a $23.4 million increase in the U.S. and a $12.4 million increase internationally[91]. - Total operating expenses decreased to 61% of total revenues for the three months ended October 31, 2023, down from 65% in the same period last year[85]. Acquisitions and Investments - The Company acquired an 80% controlling ownership in Purple Wave, Inc. for $108.0 million, issuing 2.5 million shares of common stock, with a fair value of the merger consideration at $112.1 million[41]. - The company opened new operational facilities in various locations, including Corby, England, in October 2023, as part of its expansion strategy[82]. - The company plans to pursue global, national, and regional vehicle seller agreements to increase revenues and profitability[82]. Taxation - The effective income tax rates were 21.4% for the three months ended October 31, 2023, slightly down from 21.5% in the same period of 2022[71]. - Income taxes for the three months ended October 31, 2023, were $90.8 million, reflecting an increase of $23.5 million, or 35.0%, compared to the same period last year[96]. Stock and Dividends - As of October 31, 2023, the total number of shares repurchased under the stock repurchase program was 458 million, with 326 million shares still available for repurchase[70]. - The Company has not paid a cash dividend since becoming public in 1994, maintaining compliance with all covenants related to its credit agreement[56]. Other Notable Points - The company is currently under investigation by the U.S. Department of Justice regarding potential violations of money laundering laws, which may impact future operations[74]. - The average age of cars on the road increased from 9.7 years in 2003 to 12.5 years in 2023, impacting total loss frequency and vehicle auction selling prices[1].

Copart, Inc. (NASDAQ:CPRT) Q1 2024 Earnings Conference Call November 16, 2023 5:30 PM ET Company Participants Jeff Liaw - Co-Chief Executive Officer Leah Stearns - Chief Financial Officer Conference Call Participants Bob Labick - CJS Securities Craig Kennison - Baird Daniel Imbro - Stephens Bret Jordan - Jefferies John Healy - Northcoast Research Chris Bottiglieri - BNP Paribas Ryan Brinkman - JP Morgan Operator Good day, everyone, and welcome to the Copart Incorporated First Quarter Fiscal 2024 Earnings Ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-23255 COPART, INC. (Exact name of registrant as specified in its charter) Delaware 000-23255 94-2867490 (State or other jurisdiction of (Co ...

Financial Data and Key Metrics Changes - Global revenue increased by $114 million or nearly 13% in Q4 2023, with a 1% or $6 million tailwind from currency effects [16] - For fiscal year 2023, global revenue rose by $369 million or over 10%, including a 1% or $44 million headwind from currency [16] - GAAP net income for Q4 increased by about 32% to almost $348 million or $0.36 per diluted share, while for the year, it increased 13.5% to over $1.2 billion or $1.28 per diluted share [21] Business Line Data and Key Metrics Changes - Global unit sales increased nearly 10% year-over-year in Q4, with an 8% increase in the US and over 22% internationally [14] - US insurance business grew by 9% year-over-year in Q4 and 7% for the fiscal year, driven by recovery in driving activity and total loss frequency [15] - The Blue Car division saw year-over-year growth of 13.8% in Q4, indicating strong performance in the auction platform [12] Market Data and Key Metrics Changes - Total loss frequency rebounded to 18.8% in Q2 2023 from 17.1% in Q2 2022, reflecting seasonal trends [8] - Average retail transaction values for new vehicles were below MSRP for the first time in nearly two years, indicating a shift in the market [9] - International service revenue grew over 36% in Q4, highlighting strong performance in global markets [17] Company Strategy and Development Direction - The company emphasizes its role in the circular automotive economy and sustainability, focusing on environmental and operational sustainability [4][5] - Investments in catastrophic readiness and infrastructure are prioritized to enhance service capabilities and prepare for severe weather events [7][8] - The merger with Hills Motor Company aims to meet customer preferences for vertical integration in the UK market [13] Management's Comments on Operating Environment and Future Outlook - Management noted the ongoing inflationary environment and its impact on hiring and retention challenges for insurance clients [11] - The company expects new and used vehicle prices to stabilize or decrease, which may lead to a recovery in total loss frequency surpassing pre-COVID levels [9] - Management remains optimistic about the long-term demand for US quality vehicles in developing economies [36] Other Important Information - The company generated operating cash flow of nearly $1.4 billion, an increase of almost 16% from the prior year [22] - Liquidity stood at $3.6 billion at year-end, providing a strong financial position for future investments [22] - The company invested nearly $517 million in capital expenditures, with over 80% allocated to capacity expansion [23] Q&A Session Summary Question: Can you discuss the partnership with Hi Marley? - The partnership aims to improve workflow efficiency and streamline processes for insurance customers, enhancing overall insurance outcomes [26] Question: Are you interested in AI-based programs for vehicle inspections? - The company is likely to pursue a mix of developing its own tools and partnering with other service providers to enhance efficiency [28] Question: How is the capacity and efficiency of your yards? - The company is in a good position regarding capacity but continues to forecast future needs and invest accordingly [31] Question: What is the outlook for the whole car market? - The company competes in the whole car market and sees potential for growth, particularly in online-only auctions [64] Question: Will you consider divesting the dismantling business in the UK? - There are no current plans to divest; the company aims to meet customer preferences for vertical integration in the UK market [68]