Summary
Copart, Inc. (CPRT) operates as a leading provider of online auctions and vehicle remarketing services globally. For the fiscal year ending July 31, 2019, the company reported revenues of $2.04 billion and operating income of $716.5 million. Copart's business model centers on facilitating the sale of vehicles, primarily from insurance companies, through its proprietary Virtual Bidding Third Generation (VB3) internet auction platform. The company's strategy emphasizes growth through acquiring and developing new facilities, pursuing supply agreements, and expanding its service offerings, leveraging technology to enhance operational efficiency and buyer reach. Copart's extensive geographic coverage across the U.S., Canada, U.K., Brazil, and several European and Middle Eastern countries, coupled with its robust technological infrastructure, positions it as a key player in the salvage and remarketing industry. The company highlights its role in promoting environmental sustainability through vehicle reuse and recycling, and its contribution to economic development by enabling affordable mobility. While the company demonstrates strong revenue and profit growth, investors should note potential risks related to international expansion, competition, and reliance on major vehicle sellers, as detailed in the risk factors section.
Financial Highlights
51 data points| Revenue | $2.04B |
| Cost of Revenue | $255.50M |
| Gross Profit | $1.79B |
| Operating Income | $716.48M |
| Interest Expense | $19.81M |
| Net Income | $591.69M |
| EPS (Basic) | $0.64 |
| EPS (Diluted) | $0.61 |
| Shares Outstanding (Basic) | 921.96M |
| Shares Outstanding (Diluted) | 961.81M |
Key Highlights
- 1For fiscal year 2019, Copart reported revenues of $2.04 billion and operating income of $716.5 million, indicating continued strong financial performance.
- 2The company operates a global network of facilities in the U.S., Canada, U.K., Brazil, and other international markets, with U.S. operations accounting for 81.1% of revenues in fiscal 2019.
- 3Copart's core business relies on its proprietary VB3 online auction platform, which expands the buyer pool and enhances operational efficiency compared to traditional live auctions.
- 4Growth strategy focuses on acquiring and developing new facilities, securing national and regional vehicle supply agreements, and expanding service offerings to both sellers and members.
- 5The company has a proven track record of acquiring and integrating businesses, which has been a key driver of its expansion and market position.
- 6In fiscal 2019, Copart repurchased 7,635,596 shares of its common stock under its stock repurchase program, totaling $365.0 million.
- 7No single customer accounted for more than 10% of consolidated revenues in fiscal 2019, diversifying revenue streams but highlighting potential concentration risk from major sellers.