Copart(CPRT)2024-11-26 21:56Financial Performance - Total service revenues and vehicle sales for the three months ended October 31, 2024, reached 1,020,416 for the same period in 2023[13]. - Net income attributable to Copart, Inc. for the three months ended October 31, 2024, was 332,527 in the prior year[13]. - Basic net income per common share increased to 0.35 for the same period in 2023[13]. - Operating income for the three months ended October 31, 2024, was 395,376 in the same period last year, reflecting a growth of 2.5%[13]. - Comprehensive income attributable to Copart, Inc. for the three months ended October 31, 2024, was 296,174 for the same period in 2023, an increase of 21.6%[15]. - Net income for the three months ended October 31, 2024, was 332,532 for the same period in 2023, representing an increase of approximately 8.6%[1]. - Total service revenues increased to 859,536 in 2023, reflecting a growth of about 14.7%[30]. - Vehicle sales in the United States amounted to 78,382 in 2023, indicating an increase of approximately 11.1%[31]. Assets and Liabilities - Total current assets as of October 31, 2024, were 4,418,184 as of July 31, 2024, reflecting a growth of 7.1%[9]. - Total assets increased to 8,427,764 as of July 31, 2024, marking a rise of 5.2%[9]. - Total liabilities as of October 31, 2024, were 879,209 as of July 31, 2024, indicating a growth of 8.0%[9]. - Total stockholders' equity rose to 7,524,011 as of July 31, 2024, an increase of 4.9%[9]. - Accounts receivable, net increased to 785.9 million as of July 31, 2024[44]. - Cash, cash equivalents, and restricted cash increased significantly to 1,514,111 as of July 31, 2024[9]. Cash Flow and Investments - Cash flows from operating activities provided 375,246 in 2023, marking a rise of about 28.5%[1]. - Net cash provided by investing activities was 1,235,325 in 2023, an increase of approximately 37.8%[1]. - Cash, cash equivalents, and restricted cash at the end of the period totaled 2,581,567 at the end of the same period in 2023, reflecting a growth of about 43.4%[1]. - The company reported a deferred income tax adjustment of (988) in 2023[1]. - The company recognized excess tax benefits from stock-based compensation amounting to 105,738 for the three months ended October 31, 2024, compared to 9.5 million, compared to 3.6 million for the three months ended October 31, 2024, compared to 1.3 million in stock-based compensation expense for the three months ended October 31, 2024, compared to 1.2 million related to the acquisition of Purple Wave, Inc.[42]. - The fair value of the merger consideration paid for Purple Wave, Inc. was $112.1 million, primarily allocated to intangible assets[42]. - The company acquired a controlling interest in Purple Wave, Inc., an online offsite heavy equipment auction company, in October 2023[85]. - The company plans to expand its service offerings and increase revenues through acquisitions and developing additional vehicle storage facilities[85]. - New operational facilities opened from August 2023 to October 2024 include locations in the U.S., U.K., and Spain, enhancing global coverage[85]. Market Trends and Future Outlook - The average age of cars on the road increased from 11.1 years in 2012 to 12.6 years in 2024, impacting total loss frequency and auction returns[81]. - Total loss frequency, which affects service revenue, is driven by the relationship between repair costs and used car values, with an upward trend expected to continue[81]. - The company operates in multiple countries, including the U.S., U.K., Germany, and Brazil, providing a global platform for vehicle remarketing services[77]. - The company’s revenue is influenced by factors such as used car pricing, total loss frequency, and commodity prices, which are subject to market fluctuations[81].