Copart(US:CPRT)2025-02-26 21:41Financial Performance - Service revenues for the three months ended January 31, 2025, reached $991,281 thousand, a 15% increase from $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 $749,486 thousand, compared to $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 $426,211 thousand, up 12% from $379,900 thousand in the prior year[13] - Comprehensive income attributable to Copart, Inc. for the six months ended January 31, 2025, was $720,898 thousand, compared to $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 $747,717, compared to $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 $1,977,617, up from $1,721,281 in 2024, reflecting a growth of about 14.9%[37] - Operating income for the six months ended January 31, 2025, was $832,578, compared to $775,276 for the same period last year, marking a 7% increase[13] Assets and Liabilities - Total assets increased to $9,187,347 thousand as of January 31, 2025, up from $8,427,764 thousand on July 31, 2024, representing a growth of 9%[11] - The company’s total stockholders' equity increased to $8,301,257 thousand as of January 31, 2025, up from $7,524,011 thousand on July 31, 2024, indicating a growth of 10%[11] - Total current assets rose to $4,966,783 thousand, an increase of 12% from $4,418,184 thousand[11] - Total liabilities decreased slightly to $863,315 thousand from $879,209 thousand, a reduction of approximately 2%[11] Cash and Cash Equivalents - Cash and cash equivalents increased significantly to $3,338,909 thousand as of January 31, 2025, compared 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 $660,401 thousand, compared to $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 $1,824,798 thousand for the six months ended January 31, 2025, compared to $299,553 thousand in 2024[24] - The company’s cash, cash equivalents, and restricted cash at the end of the period was $3,338,909 thousand, compared to $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 $1,728,120 thousand, up from $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 $249,497 thousand, compared to $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 $332,528 thousand, compared 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 $1,477,567 thousand, a 17% increase from $1,265,289 thousand in the prior year[13] - The total lease expense for the three months ended January 31, 2025, was $9.99 million, compared to $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 $52.2 million, or 34.1%[127] Stock and Equity - The company reported a basic net income per common share of $0.40 for the three months ended January 31, 2025, compared to $0.34 in the same period of 2024, an increase of 18%[13] - As of January 31, 2025, the total number of shares repurchased under the stock repurchase program was 458 million, with 326 million shares still available for repurchase[77] - The total intrinsic value of stock options outstanding as of January 31, 2025, was $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 $112.1 million, with acquisition costs reflected in general administrative expenses amounting to $1.2 million[50] - The company acquired noncontrolling interest for $112,075 thousand during the reporting period, with a corresponding increase in redeemable noncontrolling interest of $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 $8.7 million, or 10.2%, to $76.5 million from $85.2 million in the same period last year[129] Foreign Currency and Other Adjustments - The cumulative loss on foreign currency translation increased to $171.6 million as of January 31, 2025, up from $142.9 million as of July 31, 2024, indicating a loss of $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]