Copart Inc. Files Q1 FY2025 10-Q

TL;DR

Copart's Q1 FY25 10-Q is in. Check financials.

AI Summary

Copart Inc. filed its 10-Q for the period ending October 31, 2024. The filing covers the first quarter of fiscal year 2025. Key financial data and operational details for this period are presented, with the company's fiscal year ending on July 31st.

Why It Matters

This filing provides investors 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 financial updates, not indicating any immediate or significant new risks.

Key Players & Entities

• Copart Inc. (company) — Filer of the 10-Q
• 2024-10-31 (date) — End of the reporting period
• 2024-08-01 (date) — Start of the reporting period
• 2024-11-26 (date) — Filing date
• 0000900075-24-000030 (other) — Accession number for the filing

FAQ

Key Financial Figures

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

Filing Documents

• cprt-20241031.htm (10-Q) — 1083KB
• cprt10312024-ex311.htm (EX-31.1) — 10KB
• cprt10312024-ex312.htm (EX-31.2) — 10KB
• cprt10312024-ex321.htm (EX-32.1) — 5KB
• cprt10312024-ex322.htm (EX-32.2) — 5KB
• 0000900075-24-000030.txt ( ) — 6002KB
• cprt-20241031.xsd (EX-101.SCH) — 35KB
• cprt-20241031_cal.xml (EX-101.CAL) — 63KB
• cprt-20241031_def.xml (EX-101.DEF) — 169KB
• cprt-20241031_lab.xml (EX-101.LAB) — 582KB
• cprt-20241031_pre.xml (EX-101.PRE) — 387KB
• cprt-20241031_htm.xml (XML) — 735KB

- 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 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

- 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 26 Critical Accounting Policies and Estimates 27 Contractual Obligations and Commitments 27 Off-Balance Sheet Arrangements 1

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 27

- Controls and Procedures

Item 4 - Controls and Procedures Evaluation of Disclosure Controls and Procedures 29 Changes in Internal Control Over Financial Reporting 29

- Other Information

PART II - Other Information

- Legal Proceedings

Item 1 - Legal Proceedings 30

- Risk Factors

Item 1A - Risk Factors 30

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 42

- Defaults Upon Senior Securities

Item 3 - Defaults Upon Senior Securities 42

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 42

- Other Information

Item 5 - Other Information 42

- Exhibits

Item 6 - Exhibits 43

Signatures

Signatures 44 2 Table of Contents Copart, Inc. Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 3,698,118 $ 1,514,111 Investment in held to maturity securities — 1,908,047 Accounts receivable, net 801,840 785,877 Vehicle pooling costs 147,792 132,638 Inventories 52,401 43,639 Prepaid expenses and other assets 32,966 33,872 Total current assets 4,733,117 4,418,184 Property and equipment, net 3,363,155 3,175,838 Operating lease right-of-use assets 113,557 116,301 Intangibles, net 72,512 74,088 Goodwill 514,483 513,909 Other assets 72,663 129,444 Total assets $ 8,869,487 $ 8,427,764 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 582,215 $ 518,148 Deferred revenue 25,576 28,121 Income taxes payable 85,628 60,994 Current portion of operating and finance lease liabilities 21,436 21,304 Total current liabilities 714,855 628,567 Deferred income taxes 95,465 93,653 Income taxes payable 43,786 59,560 Operating and finance lease liabilities, net of current portion 95,435 97,429 Total liabilities 949,541 879,209 Commitments and contingencies Redeemable non-controlling interest 23,634 24,544 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; 963,524,402 and 962,967,011 shares issued and outstanding, respectively. 96 96 Additional paid-in capital 1,133,687 1,120,985 Accumulated other comprehensive loss ( 144,739 ) ( 142,972 ) Retained earnings 6,907,268 6,545,902 Total stockholders' equity 7,896,312 7,524,011 Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 8,869,487 $ 8,427,764 The accompanying notes are an integral part of these consolidated financial state

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements October 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 dealers, individuals, charities, rental car companies, banks, finance companies, and fleet operators. 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 in

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View this 10-Q filing on SEC EDGAR