Copart Inc. Files Q3 2024 10-Q

TL;DR

Copart's Q3 10-Q is in. Get the latest on their performance.

AI Summary

Copart Inc. filed its 10-Q for the period ending April 30, 2024. The filing covers the third quarter of their fiscal year. Key financial details and operational updates for this period are presented, though specific dollar amounts for revenue or profit are not detailed in this header information.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of Copart Inc., crucial for understanding the company's trajectory in the auto salvage and remarketing industry.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 0731 — Fiscal Year End (Indicates the end of Copart's fiscal year.)
• 2024-04-30 — Report End Date (The end date for the reporting period of this 10-Q.)
• 2024-05-23 — Filing Date (The date the 10-Q was officially filed with the SEC.)

Key Players & Entities

• COPART INC (company) — Filer
• 0000900075-24-000014.txt (document) — Filing document name
• 20240430 (date) — Period of report
• 14185 DALLAS PARKWAY (address) — Business and mailing address
• 972-391-5000 (phone_number) — Business phone number

FAQ

Key Financial Figures

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

Filing Documents

• cprt-20240430.htm (10-Q) — 1394KB
• cprt4302024-ex311.htm (EX-31.1) — 9KB
• cprt4302024-ex312.htm (EX-31.2) — 9KB
• cprt4302024-ex321.htm (EX-32.1) — 5KB
• cprt4302024-ex322.htm (EX-32.2) — 5KB
• 0000900075-24-000014.txt ( ) — 6691KB
• cprt-20240430.xsd (EX-101.SCH) — 36KB
• cprt-20240430_cal.xml (EX-101.CAL) — 67KB
• cprt-20240430_def.xml (EX-101.DEF) — 179KB
• cprt-20240430_lab.xml (EX-101.LAB) — 580KB
• cprt-20240430_pre.xml (EX-101.PRE) — 390KB
• cprt-20240430_htm.xml (XML) — 950KB

- 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 Statement of Changes in Redeemable Noncontrolling Interests and 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 21 Acquisitions and New Operations 23 Results of Operations 24 Liquidity and Capital Resources 28 Critical Accounting Policies and Estimates 29 Contractual Obligations and Commitments 30 Off-Balance Sheet Arrangements 30

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 30

- Controls and Procedures

Item 4 - Controls and Procedures Evaluation of Disclosure Controls and Procedures 31 Changes in Internal Control Over Financial Reporting 31

- Other Information

PART II - Other Information

- Legal Proceedings

Item 1 - Legal Proceedings 32

- Risk Factors

Item 1A - Risk Factors 32

- 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) April 30, 2024 July 31, 2023 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 1,089,995 $ 957,395 Investment in held to maturity securities 2,000,334 1,406,589 Accounts receivable, net 822,650 702,038 Vehicle pooling costs 125,001 123,725 Inventories 46,764 39,973 Income taxes receivable 23,402 6,574 Prepaid expenses and other assets 40,983 26,310 Total current assets 4,149,129 3,262,604 Property and equipment, net 3,073,090 2,844,339 Operating lease right-of-use assets 108,859 108,139 Intangibles, net 76,786 62,702 Goodwill 511,372 394,289 Other assets 91,396 65,806 Total assets $ 8,010,632 $ 6,737,879 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 506,795 $ 440,810 Deferred revenue 28,761 26,117 Income taxes payable 7,388 4,374 Current portion of operating and finance lease liabilities 20,475 21,468 Total current liabilities 563,419 492,769 Deferred income taxes 92,014 89,492 Income taxes payable 67,455 69,193 Operating and finance lease liabilities, net of current portion 91,131 88,082 Long-term debt and other liabilities 427 10,903 Total liabilities 814,446 750,439 Commitments and contingencies Redeemable non-controlling interest 24,933 — 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; 962,268,657 and 957,344,162 shares issued and outstanding, respectively. 96 96 Additional paid-in capital 1,102,684 938,910 Accumulated other comprehensive loss ( 156,807 ) ( 141,006 ) Retained earnings 6,225,280 5,189,440 Total stockholders' equity 7,171,253 5,987,440 Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 8,010,632 $ 6,737,879 T

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements April 30, 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 and

View Full Filing

View this 10-Q filing on SEC EDGAR