Copart Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Copart Inc. has submitted its Q2 2024 10-Q filing, detailing financial performance and position as of January 31, 2024.</b>

AI Summary

COPART INC (CPRT) filed a Quarterly Report (10-Q) with the SEC on February 27, 2024. Copart Inc. filed its quarterly report (10-Q) on February 27, 2024, for the period ending January 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on July 31. The filing includes financial data for various periods, including Q2 2024, Q2 2023, and year-to-date figures. Key financial statement components like common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed as of various dates.

Why It Matters

For investors and stakeholders tracking COPART INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Copart Inc., crucial for understanding the company's performance and financial health during the second quarter of fiscal year 2024. The detailed financial data allows for trend analysis and comparison against previous periods, aiding in investment decisions and market assessments.

Risk Assessment

Risk Level: — COPART INC shows moderate risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and segment data within the 10-Q to assess revenue trends, profitability, and any significant changes in assets or liabilities.

Key Numbers

• 2024-01-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-02-27 — Filing Date (FILED AS OF DATE)
• 0731 — Fiscal Year End (FISCAL YEAR END)
• 2024-01-31 — Balance Sheet Date (Balance Sheet Date)
• 2023-07-31 — Previous Fiscal Year End (Previous Fiscal Year End)

Key Players & Entities

• COPART INC (company) — FILER
• 10-Q (document) — FORM TYPE
• 20240131 (date) — CONFORMED PERIOD OF REPORT
• 20240227 (date) — FILED AS OF DATE
• 0000900075 (company) — CENTRAL INDEX KEY
• DE (location) — STATE OF INCORPORATION
• 0731 (date) — FISCAL YEAR END
• 1934 Act (regulation) — SEC ACT

FAQ

Industry Context

Copart Inc. operates in the automotive retail sector, specifically focusing on the sale of used vehicles through its online auction platform.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the revenue and net income trends for the reported quarters.
2. Examine the balance sheet for changes in assets, liabilities, and equity.
3. Review any disclosures related to business operations, legal proceedings, or risk factors.

Key Dates

• 2024-01-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-02-27: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2024-07-31: Fiscal Year End — End of Copart Inc.'s annual fiscal year.

Year-Over-Year Comparison

This filing represents the standard quarterly update for Copart Inc., providing financial data for the period ending January 31, 2024, following previous filings.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 CPRT The Nasdaq Global Select Market

Filing Documents

• cprt-20240131.htm (10-Q) — 1338KB
• cprt1312024-ex311.htm (EX-31.1) — 9KB
• cprt1312024-ex312.htm (EX-31.2) — 9KB
• cprt1312024-ex313.htm (EX-31.3) — 9KB
• cprt1312024-ex321.htm (EX-32.1) — 5KB
• cprt1312024-ex322.htm (EX-32.2) — 5KB
• cprt1312024-ex323.htm (EX-32.3) — 5KB
• 0000900075-24-000007.txt (&nbsp;) — 6634KB
• cprt-20240131.xsd (EX-101.SCH) — 35KB
• cprt-20240131_cal.xml (EX-101.CAL) — 66KB
• cprt-20240131_def.xml (EX-101.DEF) — 178KB
• cprt-20240131_lab.xml (EX-101.LAB) — 628KB
• cprt-20240131_pre.xml (EX-101.PRE) — 386KB
• cprt-20240131_htm.xml (XML) — 933KB

- Financial Information

PART I - Financial Information

- Financial Statements (Unaudited)

Item 1 - Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Stockholders' Equity 6 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

- Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Overview 20 Acquisitions and New Operations 22 Results of Operations 23 Liquidity and Capital Resources 27 Critical Accounting Policies and Estimates 28 Contractual Obligations and Commitments 29 Off-Balance Sheet Arrangements 29

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 29

- Controls and Procedures

Item 4 - Controls and Procedures Evaluation of Disclosure Controls and Procedures 30 Changes in Internal Control Over Financial Reporting 30

- Other Information

PART II - Other Information

- Legal Proceedings

Item 1 - Legal Proceedings 31

- Risk Factors

Item 1A - Risk Factors 31

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 44

- Defaults Upon Senior Securities

Item 3 - Defaults Upon Senior Securities 44

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 44

- Other Information

Item 5 - Other Information 44

- Exhibits

Item 6 - Exhibits 45

Signatures

Signatures 46 2 Table of Contents Copart, Inc. Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts) January 31, 2024 July 31, 2023 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 1,256,948 $ 957,395 Investment in held to maturity securities 1,411,122 1,406,589 Accounts receivable, net 846,357 702,038 Vehicle pooling costs 137,907 123,725 Inventories 42,812 39,973 Income taxes receivable 17,030 6,574 Prepaid expenses and other assets 36,310 26,310 Total current assets 3,748,486 3,262,604 Property and equipment, net 3,042,711 2,844,339 Operating lease right-of-use assets 112,838 108,139 Intangibles, net 84,049 62,702 Goodwill 510,563 394,289 Other assets 99,873 65,806 Total assets $ 7,598,520 $ 6,737,879 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 473,856 $ 440,810 Deferred revenue 26,204 26,117 Income taxes payable 4,740 4,374 Current portion of operating and finance lease liabilities 21,223 21,468 Total current liabilities 526,023 492,769 Deferred income taxes 94,140 89,492 Income taxes payable 71,314 69,193 Operating and finance lease liabilities, net of current portion 93,876 88,082 Long-term debt and other liabilities 453 10,903 Total liabilities 785,806 750,439 Commitments and contingencies Redeemable non-controlling interest 25,114 — Stockholders' equity: Preferred stock: $ 0.0001 par value - 5,000,000 shares authorized; none issued — — Common stock: $ 0.0001 par value - 1,600,000,000 shares authorized; 961,311,496 and 957,344,162 shares issued and outstanding, respectively. 96 96 Additional paid-in capital 1,087,345 938,910 Accumulated other comprehensive loss ( 145,279 ) ( 141,006 ) Retained earnings 5,845,438 5,189,440 Total stockholders' equity 6,787,600 5,987,440 Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 7,598,520 $ 6,737,879

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements January 31, 2024 (Unaudited) NOTE 1 – Summary of Significant Accounting Policies Basis of Presentation and Description of Business Copart, Inc. ("the Company") provides vehicle sellers with a full range of services to process and sell vehicles over the internet through the Company's Virtual Bidding Third Generation ("VB3") internet auction-style sales technology. Vehicle sellers consist primarily of insurance companies, but also include banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, exporters, and directly to the general public. The majority of vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company offers vehicle sellers a full range of services that expedite each stage of the vehicle sales process, minimize administrative and processing costs and maximize the ultimate sales price through the online auction process. In the United States ("U.S."), Canada, Brazil, the Republic of Ireland, Finland, the United Arab Emirates ("U.A.E."), Oman, and Bahrain, the Company sells vehicles primarily as an agent and derives revenue primarily from auction and auction related sales transaction fees charged for vehicle remarketing services as well as fees for services subsequent to the auction, such as delivery and storage. In the United Kingdom ("U.K."), Germany, and Spain, the Company operates both as an agent and on a principal basis, in some cases purchasing salvage vehicles outright and reselling the vehicles for its own account. In Germany and Spain, the Company also derives revenue from listing vehicles on behalf of insurance companies an

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View this 10-Q filing on SEC EDGAR