Copart(CPRT)2025-02-26 21:41Financial Performance - Service revenues for the three months ended January 31, 2025, reached 861,745 thousand in the same period of 2024[13] - Net income attributable to Copart, Inc. for the six months ended January 31, 2025, was 658,162 thousand for the same period in 2024, reflecting an increase of 14%[13] - Operating income for the three months ended January 31, 2025, was 379,900 thousand in the prior year[13] - Comprehensive income attributable to Copart, Inc. for the six months ended January 31, 2025, was 653,889 thousand in the same period of 2024, reflecting a growth of 10%[16] - Net income for the six months ended January 31, 2025, was 658,059 for the same period in 2024, representing an increase of approximately 13.6%[24] - Total service revenues for the six months ended January 31, 2025, reached 1,721,281 in 2024, reflecting a growth of about 14.9%[37] - Operating income for the six months ended January 31, 2025, was 775,276 for the same period last year, marking a 7% increase[13] Assets and Liabilities - Total assets increased to 8,427,764 thousand on July 31, 2024, representing a growth of 9%[11] - The company’s total stockholders' equity increased to 7,524,011 thousand on July 31, 2024, indicating a growth of 10%[11] - Total current assets rose to 4,418,184 thousand[11] - Total liabilities decreased slightly to 879,209 thousand, a reduction of approximately 2%[11] Cash and Cash Equivalents - Cash and cash equivalents increased significantly to 1,514,111 thousand on July 31, 2024, marking a growth of 120%[11] - Cash provided by operating activities for the six months ended January 31, 2025, was 537,039 thousand in 2024, marking a rise of about 22.9%[24] - The company reported a net increase in cash, cash equivalents, and restricted cash of 299,553 thousand in 2024[24] - The company’s cash, cash equivalents, and restricted cash at the end of the period was 1,256,948 thousand at the end of the previous period[24] Revenue Breakdown - Total service revenues in the United States for the six months ended January 31, 2025, were 1,518,561 thousand in 2024, representing an increase of approximately 13.8%[37] - International service revenues for the six months ended January 31, 2025, were 202,720 thousand in 2024, reflecting a growth of about 23.0%[37] - Vehicle sales for the six months ended January 31, 2025, amounted to 319,284 thousand in 2024, indicating an increase of approximately 4.1%[39] Expenses - Total operating expenses for the six months ended January 31, 2025, were 1,265,289 thousand in the prior year[13] - The total lease expense for the three months ended January 31, 2025, was 8.20 million for the same period in 2024, reflecting an increase of approximately 21.8%[55] - General and administrative expenses for the six months ended January 31, 2025, increased by 0.40 for the three months ended January 31, 2025, compared to 513.7 million, with 19,574,145 options in-the-money[71] Acquisitions and Investments - The company acquired an 80% controlling ownership in Purple Wave, Inc. for a total fair value of 1.2 million[50] - The company acquired noncontrolling interest for 25,217 thousand[21] Taxation - The effective income tax rates were 18.2% for the six months ended January 31, 2025, down from 21.1% in 2024, primarily due to state income taxes and deductions for Foreign Derived Intangible Income[78] - Income taxes for the three months ended January 31, 2025, decreased by 76.5 million from 171.6 million as of January 31, 2025, up from 28.6 million during this period[44] - The company reported a foreign currency translation adjustment loss of $26,821 thousand for the three months ended January 31, 2025[16] Operational Developments - New operational facilities opened from August 2023 to January 2025 include locations in the U.S., U.K., Spain, and Canada, enhancing the company's service coverage[111] - The company plans to expand its service offerings and pursue global agreements to increase revenues and profitability[113]