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CPRT · COPART INC

216 filings

8-K

CPRT 8-K Current Reports

COPART INC - 216 current reports

Filing record · 2016–202610-K1110-Q328-K93

CPRT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 93 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jul ’16Jul ’16
  2. Leadership change8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Sep ’21Sep ’21
  4. FY2025 annual report10-K · Sep ’25Sep ’25
Showing 1-50 of 216 filings
8-K
Leadership ChangesExhibits & Filings

COPART INC 8-K Report, Executive Changes (Oct 16, 2026)

Copart, Inc. (CPRT) announced a significant stock option grant to its CEO, A. Jayson Adair, on October 14, 2026. This grant, totaling 20,000,000 shares, is a non-statutory stock option with a 10-year term and will be subject to stockholder approval at the upcoming 2026 Annual Meeting. Notably, this option is intended to be Mr. Adair's sole substantive compensation for the next decade, with an annual salary of $1 and no expected bonuses or additional equity awards during this period, outside of certain perquisite programs.

Oct 16, 20268-K
Acquisitions & DispositionsRegulation FDExhibits & Filings

COPART INC 8-K Report, Acquisition Completed (Oct 16, 2026)

Copart, Inc. (CPRT) has announced the successful completion of its acquisition of ACV Auctions Inc. (ACVA) as of October 16, 2026. The acquisition was effectuated through a cash tender offer at $10.50 per share, which was followed by a merger. A significant majority of ACV's shares, approximately 68.43%, were tendered and accepted for payment. This strategic move combines Copart's existing remarketing services with ACV's platform, aiming to create a comprehensive industry-leading remarketing solution that spans dealer trade-ins, wholesale remarketing, salvage disposition, and international reach. This integration is expected to enhance capabilities, drive efficiency, and expand the overall footprint for both companies. ACV will now operate as an independent subsidiary of Copart, led by its existing management team. The transaction marks a significant step in Copart's growth strategy, aiming to deliver increased value to customers by leveraging the combined strengths and expansive networks of both entities. Shares of ACV common stock will cease trading on the New York Stock Exchange.

Oct 16, 20268-K
Material AgreementsRegulation FDExhibits & Filings

COPART INC 8-K Report, Material Agreement (Sep 10, 2026)

Copart (CPRT) has entered into a definitive Agreement and Plan of Merger with ACV Auctions (ACVA) under which Copart, through a wholly owned subsidiary (Apple Merger Sub, Inc.), will acquire all outstanding ACV common stock for $10.50 per share in cash, implying an equity value of approximately $1.9 billion. The offer price represents a premium of roughly 45% to ACV's unaffected closing price on August 10, 2026 and about 41% to its 30-day VWAP through September 9, 2026. The deal is structured as a cash tender offer to be commenced within 5 to 7 business days, followed by a second-step merger under DGCL Section 251(h) with no additional stockholder vote. Closing is targeted for calendar year-end 2026, and the transaction is not subject to a financing condition; Copart intends to fund it from cash on hand. Key conditions include a minimum tender of more than 50% of outstanding ACV shares (counting shares already held by Copart), expiration of the HSR waiting period, and no legal injunctions in material jurisdictions. Support agreements covering about 4.1% of ACV stock have been signed, which helps the odds of reaching the minimum condition. The merger agreement includes a no-shop with a fiduciary out, a $57.7 million termination fee payable by ACV, and a $115.3 million reverse termination fee payable by Copart under specified regulatory circumstances. Those fees, roughly 3% and 6% of equity value respectively, are the main downside protections for each side. Management frames the deal as strategically accretive: it adds a dealer-to-dealer wholesale channel and ACV's technology and data assets to Copart's whole-car and technology-services growth pillars. Copart expects the transaction to be roughly EPS-neutral in the first full year of ownership and accretive in fiscal 2028 and beyond, with near-term cost and revenue synergies. Investors should weigh the purchase price against integration risk, antitrust review in the U.S. and a potential reverse fee, and the fact that the deal is being announced alongside Copart's fiscal 2026 Q4 and full-year results.

Sep 10, 20268-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Sep 10, 2026)

Copart reported fourth-quarter fiscal 2026 results (quarter ended July 31, 2026) showing modest top-line growth but weaker profitability. Revenue rose 2.4% to $1.15 billion (the press release rounds this to $1.2 billion), but gross profit fell 5.5% to $481.4 million as facility operations costs (+7.7%), cost of vehicle sales (+11.4%), and G&A (+16.6%) grew faster than revenue. Operating income declined 10.6% to $368.9 million, and net income attributable to Copart fell 17.4% to $327.4 million. Diluted EPS was $0.35, down 14.6% from $0.41, though lower share count from buybacks cushioned the per-share decline relative to the net income decline. For the full fiscal year, revenue was essentially flat at $4.67 billion (+0.4%), gross profit declined 0.8% to $2.08 billion, and net income attributable to Copart fell 4.4% to $1.48 billion. Diluted EPS was $1.55 versus $1.59 (-2.5%). Interest income, net, rose only 1.7% for the year but fell 20.5% in the fourth quarter as cash balances declined. Capital allocation was a major theme. Copart repurchased $1.63 billion of common stock during the fiscal year, versus no repurchases in the prior year, reducing weighted average diluted shares by 2.1% for the year and 4.7% in the fourth quarter. Cash, cash equivalents, and restricted cash fell to $1.91 billion from $2.78 billion, while held-to-maturity investments rose to $2.58 billion. Operating cash flow declined about 11% to $1.60 billion, and capital expenditures dropped to $337 million from $569 million. Note that this filing furnishes the earnings release under Item 2.02 and is not deemed 'filed' for Exchange Act liability purposes.

Sep 10, 20268-K/A
Leadership Changes

COPART INC 8-K/A Report, Executive Changes (Aug 19, 2026)

Copart Inc. (CPRT) announced executive compensation details for Jane Pocock, following her appointment as President on August 1, 2026. The Compensation Committee of the Board of Directors has approved a compensation package designed to incentivize and retain Ms. Pocock, aligning her interests with those of the company and its shareholders. This package includes a significant base salary, annual bonus potential, and equity awards in the form of restricted stock units (RSUs) and stock options, with vesting tied to both time and, for a portion of the options, a performance-based stock price hurdle. The details of Ms. Pocock's compensation are significant as they reflect the company's investment in key leadership. The restricted stock units and stock options are structured with multi-year vesting schedules, encouraging long-term commitment. Notably, a substantial portion of the stock options is contingent on the company's stock price reaching a specified premium, introducing a performance-based element that directly links executive reward to shareholder value creation.

Aug 19, 20268-K
Leadership ChangesRegulation FDExhibits & Filings

COPART INC 8-K Report, Executive Changes (Aug 18, 2026)

Copart, Inc. (NASDAQ: CPRT) filed an 8-K on August 18, 2026 to report that its Board of Directors appointed David J. Berger as a director effective August 13, 2026, upon the recommendation of the Nominating, Governance, and Sustainability Committee. Mr. Berger's initial term expires at the Company's 2026 annual meeting of stockholders. The filing is governance-related and does not disclose financial results, guidance, or material operational changes. The most notable disclosure is a potential conflict of interest. Mr. Berger is a Senior Partner at Wilson Sonsini Goodrich & Rosati, which serves as Copart's outside corporate counsel. The company states there were no related party transactions requiring disclosure under Item 404(a) for the fiscal year ended July 31, 2026, but anticipates engaging Wilson Sonsini for routine legal services going forward. Management expects fees for fiscal 2027 to be immaterial. Mr. Berger will receive standard outside director compensation and has signed the company's standard indemnification agreement. The appointment was announced via press release on August 17, 2026 (Exhibit 99.1), which was furnished under Item 7.01 and is not deemed filed under the Exchange Act. Mr. Berger brings experience in corporate governance, M&A, and shareholder activism. For investors, the event is unlikely to be financially significant, but the ongoing legal-services relationship with a director's firm warrants monitoring for board independence and fee levels.

Aug 18, 20268-K
Leadership ChangesRegulation FDExhibits & Filings

COPART INC 8-K Report, Executive Changes (Jul 8, 2026)

Copart, Inc. (NASDAQ: CPRT) filed a Form 8-K on July 8, 2026 announcing that Jane Pocock, currently CEO of Copart's United Kingdom operations, has been appointed President of the Company effective August 1, 2026, filling a previously vacant position. Pocock joined Copart in January 2019 as Managing Director of Copart UK and previously served as Chief Executive of Vans Direct. The filing states there are no arrangements or understandings tied to her selection, no family relationships with any director or executive officer, and no material interest in any related-party transaction requiring disclosure under Item 404(a) of Regulation S-K. The announcement is primarily a leadership appointment rather than a financial event. The filing contains no financial results, guidance, or compensation terms for Pocock. The accompanying press release, furnished under Item 7.01 (and therefore not deemed filed under Section 18 of the Exchange Act), credits her with growing the UK and Ireland business and extending its operational footprint and customer experience. Jay Adair, Executive Chairman and incoming CEO, framed the promotion as a way to extend UK-proven leadership across Copart's global platform. For investors, the key signal is management bench strength and succession planning, as Adair transitions to the CEO role. The filing does not disclose the impact on the company's organizational structure, reporting lines, or the future role of the UK business leadership, so those details remain open questions for future disclosures or management commentary.

Jul 8, 20268-K
Leadership ChangesRegulation FDExhibits & Filings

COPART INC 8-K Report, Executive Changes (Jun 29, 2026)

Copart, Inc. (CPRT) announced a CEO transition. Executive Chairman A. Jayson (Jay) Adair will return as Chief Executive Officer effective July 31, 2026, succeeding Jeffrey Liaw, who will step down as CEO and resign from the Board on the same date. Adair previously led Copart as CEO. The filing states that Liaw's departure was not due to any disagreement with the Company over financial reporting, policies, or practices. Adair is the son-in-law of Chairman Wills J. Johnson, a related-party relationship that the Company has already disclosed in its October 2025 proxy statement. Liaw's Transition and Separation Agreement, dated June 25, 2026, gives him a transition role through July 31, 2027. Its cash and equity terms are significant. He would receive a $450,000 lump sum and $200,000 during the transition period, along with a $250,000 post-employment payment. The Company also agreed to waive the 10-year holding period on his April 2022 RSUs, remove price hurdles on certain performance options, accelerate vesting of remaining equity awards, extend option exercise windows, pay his fiscal 2026 bonus, and provide 20 hours of private aircraft use. All of these benefits are conditional on a general release and continued compliance with non-compete, non-solicitation, confidentiality, and non-disparagement covenants. The filing does not disclose any financial results, guidance changes, or operational impacts. For investors, the key points are a planned leadership change with a familiar CEO returning, a generous separation package, and the family relationship between the incoming CEO and the Chairman, which governance-focused investors may want to monitor.

Jun 29, 20268-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (May 21, 2026)

Copart, Inc. (NASDAQ: CPRT) reported third quarter fiscal 2026 results for the three months ended April 30, 2026, showing modest top-line growth. Total service revenues and vehicle sales rose 2.1% to $1.24 billion, gross profit increased 3.7% to $572.6 million, and operating income grew 2.8% to $464.3 million. However, net income attributable to Copart fell 1.0% to $402.4 million, driven by a sharp drop in other income (down $9.5 million, largely from a swing in other expense) and lower interest income, which declined 9.3% as cash deployed into buybacks and lower held-to-maturity balances reduced earnings on investments. Diluted EPS rose 2.4% to $0.43 from $0.42, helped by a 3.6% reduction in diluted weighted average shares to 942.8 million. For the nine months ended April 30, 2026, revenue was essentially flat at $3.51 billion (down 0.2%), gross profit rose 0.8% to $1.60 billion, and net income attributable to Copart was $1.16 billion, up 0.1%. Diluted EPS of $1.20 compared with $1.18 a year earlier, an increase of 1.7%. Growth was concentrated in the International segment, where operating income rose 10% to $176.8 million on revenue growth of 7.4%, while U.S. operating income declined 1.5% to $1.11 billion amid U.S. service revenue softness. Balance sheet and cash flow activity was dominated by capital return. Copart repurchased $1.63 billion of common stock in the first nine months, and common shares outstanding fell meaningfully, while operating cash flow declined to $1.25 billion from $1.36 billion. Capital expenditures dropped sharply to $258.6 million from $481.3 million, and cash and equivalents rose to $3.35 billion. Investors should weigh the EPS support from buybacks against largely stagnant underlying net income and softening U.S. trends.

May 21, 20268-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Feb 19, 2026)

Copart reported fiscal Q2 2026 results (quarter ended January 31, 2026) that show a softer quarter. Three-month revenue fell 3.6% to $1.12 billion, gross profit declined 6.2% to $492.8 million, and net income attributable to Copart dropped 9.5% to $350.7 million. Diluted EPS was $0.36 versus $0.40 a year earlier, a 10% decline. The decline was driven mainly by a 4.0% drop in service revenues to $952.1 million and a 2.7% decrease in facility operations expense, while the U.S. segment's operating income fell 9.2% year over year. International operating income also declined, from $50.3 million to $47.2 million, despite International revenue growing 6.1%. On a six-month basis, results were roughly flat. Revenue declined 1.4% to $2.28 billion, but net income attributable to Copart rose 0.7% to $754.4 million, and diluted EPS was unchanged at $0.77. Operating income for the half was $819.4 million, down 1.6%. Interest income rose 19.9% to $103.5 million, which cushioned the earnings decline and helped offset the weaker operating performance. The balance sheet strengthened considerably. Cash and equivalents rose to $5.10 billion from $2.78 billion at fiscal year-end, helped by maturing held-to-maturity securities. Shareholders' equity increased to $9.79 billion. During the six months, the company repurchased $218.2 million of common stock and spent $177.7 million on capital expenditures, down sharply from $353.4 million a year earlier. Operating cash flow was $662.8 million, essentially flat. The filing is an earnings release furnished under Item 2.02 and contains no guidance or new forward-looking commitments.

Feb 19, 20268-K
Material AgreementsFinancial EventsExhibits & Filings

COPART INC 8-K Report, Material Agreement (Jan 26, 2026)

Copart, Inc. (CPRT) has entered into a new $1.25 billion Senior Revolving Credit Agreement, replacing its previous facility. This new agreement, maturing in January 2031, provides enhanced financial flexibility with options for extensions and significant borrowing capacity in multiple currencies. The unsecured nature of the facility, backed by guarantees from certain subsidiaries, underscores Copart's financial strength.

Jan 26, 20268-K
Shareholder Matters

COPART INC 8-K Report, Shareholder Vote Results (Dec 11, 2025)

Copart, Inc. (CPRT) filed an 8-K report detailing the outcomes of its 2025 Annual Meeting of Stockholders held on December 5, 2025. The meeting saw a high turnout, with approximately 91% of outstanding shares represented, indicating strong investor engagement. Key outcomes include the election of all director nominees, the advisory approval of executive compensation, and the ratification of the independent registered public accounting firm. These results suggest continued confidence in the company's leadership and financial oversight. For investors, the overwhelming support for director elections and executive compensation provides a signal of board and management alignment with shareholder interests. The ratification of Ernst & Young LLP as the independent auditor reinforces the established financial reporting and auditing process. Overall, the filing indicates a smooth and well-supported annual meeting, with no significant shareholder dissent on the presented matters.

Dec 11, 20258-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Nov 20, 2025)

Copart reported modest first-quarter fiscal 2026 results for the three months ended October 31, 2025. Total service revenues and vehicle sales rose 0.7% to $1.155 billion, while gross profit grew 4.9% to $537.0 million and net income attributable to Copart increased 11.5% to $403.7 million. Diluted EPS was $0.41 versus $0.37 a year earlier, up 11.7%. Top-line growth was limited, but margin expansion came from a 4.5% decline in facility operations expenses, which offset higher vehicle sales costs and G&A. The balance sheet and cash flow picture changed meaningfully. Cash, cash equivalents, and restricted cash climbed to $5.23 billion from $2.78 billion at July 31, 2025, largely because $2.0 billion of held-to-maturity securities matured during the quarter and were not reinvested. Capital expenditures fell sharply to $108 million from $237 million, and operating cash flow rose to $535 million from $482 million. Income taxes payable jumped to $125 million from $41 million, which contributed to the operating cash flow result and warrants monitoring of future tax cash outflows. Segment data shows the United States generated $952.6 million of revenue and $375.0 million of operating income, up 5.6% in operating income. International revenue rose 1.6% to $202.4 million, and its operating income increased 8.6% to $55.7 million, though International vehicle sales declined 9.4%. The filing contains no updated financial guidance, so forward expectations must be inferred from the trend data rather than management commentary.

Nov 20, 20258-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Sep 4, 2025)

Copart (NASDAQ: CPRT) reported fourth-quarter and full-year fiscal 2025 results (quarter and year ended July 31, 2025) in a press release furnished under Item 2.02. For the quarter, revenue rose 5.2% to $1.13 billion, gross profit grew 12.4% to $510 million, and net income attributable to Copart increased 22.9% to $396 million. Diluted EPS was $0.41 versus $0.33 a year earlier, up 24.2%. Growth was driven primarily by service revenues (up 7.1%), while vehicle sales declined 4.0%, and profitability improved as cost of vehicle sales fell 9.0%. For the full fiscal year, revenue reached $4.6 billion (up 9.7%), gross profit was $2.1 billion (up 10.1%), and net income attributable to Copart was $1.55 billion (up 13.9%). Diluted EPS rose 13.6% to $1.59. Operating income grew 7.9% to $1.70 billion. Yard operations expense rose 13.8% and general and administrative expense rose 21.2%, indicating cost pressure below the gross profit line that partly offset top-line strength. Operating cash flow was $1.80 billion, up 22% from $1.47 billion, while capital expenditures were $569 million, up from $511 million. The balance sheet strengthened considerably. Cash, cash equivalents and restricted cash increased to $2.78 billion from $1.51 billion, held-to-maturity investments were $2.01 billion, and stockholders' equity reached $9.19 billion, up from $7.52 billion. Total liabilities are modest at $883 million. Management is scheduled to discuss results on a conference call on September 4, 2025, at 5:30 p.m. ET. The earnings release is furnished rather than filed, and the financial figures are unaudited.

Sep 4, 20258-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (May 22, 2025)

Copart (CPRT) reported third quarter fiscal 2025 results for the quarter ended April 30, 2025, showing continued top-line and earnings growth. Total service revenues and vehicle sales rose 7.5% year over year to $1.21 billion, while gross profit increased 5.1% to $552.3 million and net income attributable to Copart grew 6.4% to $406.6 million. Diluted EPS was $0.42 versus $0.39 a year earlier, up 7.7%. Growth was driven primarily by service revenues, which rose 9.3%, while vehicle sales declined 2.1%. Operating expense growth outpaced revenue, with facility operations up 12.3% and G&A up 14.8%, which compressed operating income growth to 3.3%. Below the operating line, interest income rose 18.1% and other income improved, supporting pre-tax income growth of 6.5%. For the nine months ended April 30, 2025, the picture is stronger: revenue grew 11.2% to $3.52 billion, gross profit rose 9.4% to $1.59 billion, and diluted EPS reached $1.18, up 10.3%. Operating cash flow was $1.36 billion, up from $1.03 billion, while capital expenditures rose to $481 million from $373 million, reflecting continued investment in facilities. Cash, cash equivalents and restricted cash increased to $2.37 billion, and held-to-maturity investments totaled $2.02 billion. Total stockholders' equity rose to $8.78 billion, and total liabilities remained modest at $870 million. For investors, the key takeaways are steady double-digit year-to-date growth and strong cash generation, offset by quarterly margin pressure from rising facility and G&A costs. Note that this 8-K furnishes the earnings press release under Item 2.02 and does not itself contain guidance or management commentary beyond the release text provided; the conference call and any outlook would be found in the webcast and the full release.

May 22, 20258-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Feb 20, 2025)

Copart, Inc. (CPRT) reported fiscal Q2 2025 results for the quarter ended January 31, 2025, showing continued top-line and profit growth. Total service revenues and vehicle sales rose 14.0% year over year to $1.16 billion, gross profit increased 13.2% to $525.6 million, and net income attributable to Copart grew 19.0% to $387.4 million. Fully diluted EPS was $0.40, up 21.2% from $0.33 a year earlier. For the six-month period, revenue reached $2.31 billion (up 13.2%), and diluted EPS was $0.77 versus $0.68. Operating income grew a more modest 12.2% to $426.2 million, with general and administrative expenses rising 19.2% for the quarter and 36.3% for the six months, a pace that outstripped revenue growth and is worth monitoring. Facility operations expense rose 19.9% in the quarter, faster than service revenue growth of 15.0%, suggesting some margin pressure at the facility level even as overall gross profit expanded. Income tax expense fell 10.2% in the quarter, which helped bottom-line growth outpace operating income growth. The balance sheet strengthened materially. Cash, cash equivalents and restricted cash increased to $3.34 billion from $1.51 billion at fiscal year-end July 2024, largely as held-to-maturity securities of $1.91 billion matured and were reduced to $459 million. Operating cash flow for the six months was $660.4 million, up from $537.0 million, while capital expenditures rose to $353.4 million, reflecting continued investment in property and equipment. Total stockholders' equity reached $8.30 billion. This filing is a Item 2.02 furnishing of the earnings press release and contains no new material event beyond the reported results.

Feb 20, 20258-K
Shareholder Matters

COPART INC 8-K Report, Shareholder Vote Results (Dec 12, 2024)

Copart, Inc. (CPRT) filed an 8-K on December 12, 2024, detailing the outcomes of its 2024 annual meeting of stockholders held on December 6, 2024. A significant majority of outstanding shares, approximately 91%, were represented at the meeting, indicating strong shareholder engagement. The primary matters voted on included the election of directors, an advisory vote on executive compensation, and the ratification of the company's independent registered public accounting firm. All director nominees were overwhelmingly elected, and the appointment of Ernst & Young LLP as the independent auditor for fiscal year 2025 was ratified with a substantial majority of votes. Additionally, shareholders provided an advisory vote of approval for the compensation of named executive officers for the year ended July 31, 2024.

Dec 12, 20248-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Nov 21, 2024)

Copart (CPRT) reported first quarter fiscal 2025 results for the quarter ended October 31, 2024, furnished under Item 2.02 in an 8-K dated November 21, 2024. Total service revenues and vehicle sales rose 12.4% year over year to $1.15 billion, gross profit increased 10.4% to $512.1 million, and net income attributable to Copart grew 8.9% to $362.1 million. Fully diluted EPS was $0.37, up 8.8% from $0.34. Growth was driven primarily by service revenues, which increased 14.8%, while vehicle sales were roughly flat at -0.2%. The quality of earnings is mixed. Operating income grew only 2.8% because general and administrative expenses jumped 57.9% to $91.0 million, and facility operations costs rose 21.6%, outpacing revenue growth. Growth in net income was supported by interest income, which rose 42.3% to $45.5 million, reflecting the company's large cash position. Operating margin compressed to roughly 35.4% from about 38.7% a year earlier, a point investors will want to see explained on the earnings call. The balance sheet and cash flow picture changed notably. Cash, cash equivalents, and restricted cash increased to $3.70 billion from $1.51 billion, as the company liquidated $1.94 billion of held-to-maturity securities. Operating cash flow rose to $482.3 million from $375.2 million, while capital expenditures increased to $236.8 million from $162.3 million, consistent with continued investment in facilities. Total assets reached $8.87 billion and stockholders' equity rose to $7.90 billion. The filing contains no guidance or forward-looking outlook beyond standard cautionary language.

Nov 21, 20248-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Sep 4, 2024)

Copart reported fiscal fourth-quarter 2024 results (quarter ended July 31, 2024) alongside a full-year record. Q4 revenue rose 7.2% to $1.069 billion, but gross profit fell 0.9% to $453.6 million and net income attributable to Copart declined 7.3% to $322.6 million. Diluted EPS was $0.33, down 8.3% from $0.36. Q4 margin pressure came mainly from yard operations expenses, which rose 16.9%, and general and administrative expenses, which jumped 46.6% to $81.4 million. Operating income fell 8.0% to $359.5 million in the quarter. For the full fiscal year, Copart delivered stronger results. Revenue grew 9.5% to $4.24 billion, gross profit rose 9.8% to $1.91 billion, and net income attributable to Copart increased 10.1% to $1.36 billion. Diluted EPS reached $1.40, up 9.4% from $1.28. Operating cash flow was $1.47 billion, up about 8% year over year. After $511 million of capital expenditures, free cash flow was roughly $962 million, compared with about $848 million in the prior year, an increase of roughly 13%. The balance sheet strengthened. Cash, cash equivalents and restricted cash rose to $1.51 billion from $957 million, and held-to-maturity investments reached $1.91 billion. Copart reported no long-term debt at July 31, 2024, versus $10.9 million a year earlier. Goodwill increased to $514 million from $394 million, and a $24.5 million redeemable noncontrolling interest appeared on the balance sheet. The filing is a furnished press release and does not include forward guidance, so investors will need the earnings call and the Form 10-K for outlook and detail on the Q4 cost increases.

Sep 4, 20248-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (May 16, 2024)

Copart (NASDAQ: CPRT) reported third quarter fiscal 2024 results for the three months ended April 30, 2024, with growth across the top line and profitability. Total service revenues and vehicle sales rose 10.3% year over year to $1.13 billion, driven by a 11.7% increase in service revenues to $946.6 million, partially offset by a 3.5% rise in vehicle sales. Gross profit increased 8.7% to $525.5 million, while operating income grew a more modest 4.4% to $437.2 million, as yard operations costs (+13.9%), yard depreciation (+38.4%), and general and administrative expenses (+45.4%) grew faster than revenue. Diluted EPS was $0.39 versus $0.36 a year earlier, up 8.3%, and net income attributable to Copart rose 9.1% to $382.3 million. Interest income nearly doubled to $36.2 million, which helped bolster pre-tax income growth of 7.2%. For the nine months ended April 30, 2024, the picture is stronger: revenue reached $3.17 billion (+10.3%), gross profit rose 13.6% to $1.45 billion, and net income attributable to Copart grew 16.9% to $1.04 billion, with diluted EPS of $1.07 versus $0.92 (+16.3%). Operating cash flow was $1.03 billion, essentially flat year over year, while capital expenditures increased to $373.1 million from $346.5 million. The company significantly expanded its cash and investment position, with held-to-maturity investments rising to $2.0 billion and total cash and investments reaching roughly $3.1 billion, alongside a $511 million increase in goodwill that reflects an acquisition during the period. Total assets grew to $8.0 billion and stockholders' equity to $7.2 billion, while total liabilities remained modest at $814 million. Investors should note the sharp rise in G&A expenses (up 45.4% in the quarter), which compressed operating margin to roughly 38.8% from 41.0% a year earlier, and the decline in vehicle sales revenue for the nine-month period. The filing itself is a earnings press release furnished under Item 2.02 and is not deemed filed; it does not include forward guidance, and results are unaudited.

May 16, 20248-K
Leadership ChangesCorporate ChangesRegulation FD+1

COPART INC 8-K Report, Executive Changes (Mar 12, 2024)

Copart, Inc. (NASDAQ: CPRT) filed an 8-K on March 12, 2024 disclosing a planned CEO succession, effective April 1, 2024. Jeffrey Liaw, currently Co-CEO, becomes the company's sole Chief Executive Officer and joins the Board, which expands from 11 to 12 directors. Jayson Adair steps down as Co-CEO and becomes Executive Chair while remaining on the Board. Willis J. Johnson stays as Chairman of the Board but gives up his executive chairman role. Liaw will be the sole principal executive officer and principal operating officer. For investors, this is a planned, internally managed succession rather than an unexpected departure, and the filing describes it as the product of long-standing succession planning. Liaw has been with Copart since 2016, first as CFO, then President in 2019, CEO North America in 2021 and Co-CEO in 2022, so he is not an outside hire. Adair remains active in an executive capacity, which should provide continuity. Amended and restated Bylaws, effective the same date, formalize the Executive Chair role and clarify that the Board chairman is a Board position rather than an officer position. The filing also notes that the Board, citing personal security reasons, ratified Liaw's personal use of company aircraft under the Corporate Aircraft Personal Use Policy, which requires such use where reasonably feasible. The company states there is no change to existing compensation arrangements for Johnson, Adair or Liaw. Investors may want to monitor how this perquisite is disclosed in future proxy statements, though the filing itself presents no quantified financial impact.

Mar 12, 20248-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Feb 22, 2024)

Copart reported fiscal Q2 2024 (quarter ended January 31, 2024) results that showed solid top-line and earnings growth. Total service revenues and vehicle sales rose 6.6% to $1.02 billion, driven by a 9.1% increase in service revenues to $861.7 million, which offset a 5.1% decline in vehicle sales to $158.4 million. Gross profit grew 8.8% to $464.2 million, and gross margin widened to roughly 45.5% from about 44.6% a year earlier. Net income attributable to Copart rose 10.9% to $325.6 million, and diluted EPS increased 10.0% to $0.33. For the six months, revenue grew 10.3%, net income rose 22.0%, and diluted EPS reached $0.68, up 21.4%. The quality of earnings growth warrants some scrutiny. Operating income grew only 3.9% in the quarter because general and administrative expenses jumped 51.9% to $72.7 million, and yard depreciation rose 21.0%. Net income growth was flattered by interest income, which more than doubled (up 134.5% to $34.0 million) as the company earned yield on its cash and held-to-maturity portfolio, now about $2.67 billion in combined cash and securities. Free cash flow, calculated as operating cash flow less capital expenditures, was approximately $252 million for the six months versus roughly $243 million a year earlier, an increase of about 3.6%, while capital spending continued to rise. Balance sheet and capital allocation activity were notable. Goodwill increased to $510.6 million from $394.3 million, reflecting an acquisition that contributed $17.7 million of acquired cash, and the company recorded a new $25.1 million redeemable noncontrolling interest. The filing shows no share repurchases in the period and a small $10.8 million repayment on the revolving facility. The press release contains no explicit forward guidance, so investors will need to look to the earnings call held the same day for management commentary on outlook and expense trends.

Feb 22, 20248-K
Shareholder Matters

COPART INC 8-K Report, Shareholder Vote Results (Dec 14, 2023)

This 8-K filing from Copart Inc. (CPRT) details the outcomes of its 2023 Annual Meeting of Stockholders held on December 8, 2023. A substantial majority of shares, approximately 90%, were represented, indicating strong investor engagement. The meeting's primary focus was on voting on key corporate governance matters. All director nominees were elected with significant support, reflecting shareholder confidence in the current board leadership. Additionally, shareholders provided advisory approval for the company's executive compensation practices for the fiscal year ended July 31, 2023, and favored an annual advisory vote on executive compensation going forward. The ratification of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2024 also received overwhelming support, underscoring shareholder trust in the company's financial oversight. The robust participation and approval across these critical agenda items suggest a positive alignment between management, the board, and the company's shareholders, reinforcing a stable governance environment.

Dec 14, 20238-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Nov 16, 2023)

Copart reported strong first-quarter fiscal 2024 results for the quarter ended October 31, 2023. Total service revenues and vehicle sales rose 14.2% year over year to $1,020.4 million, led by an 18.3% increase in service revenues to $859.5 million, while vehicle sales declined 3.4% to $160.9 million. Gross profit grew 25.6% to $464.0 million, lifting gross margin to roughly 45.5% from about 41.4% a year earlier. Operating income rose 26.9% to $395.4 million, and net income increased 35.3% to $332.5 million. Diluted EPS was $0.34, up 36.0% from $0.25. Net interest income jumped to $32.0 million from $4.4 million, which contributed meaningfully to pre-tax income and earnings growth. The balance sheet and cash flow profile also strengthened. Cash, cash equivalents, and restricted cash increased to $2.58 billion from $0.96 billion at fiscal year-end, primarily because Copart sold $1.38 billion of held-to-maturity securities. Operating cash flow was $375.2 million, up from $311.6 million, and capital expenditures were $162.3 million, implying free cash flow of roughly $213 million. Goodwill increased to $500.9 million from $394.3 million, reflecting an acquisition that also brought in $17.7 million of acquired cash. A new $25.2 million redeemable noncontrolling interest appeared on the balance sheet. Income taxes payable rose sharply to $80.1 million in current liabilities, which is worth monitoring as a timing item. The filing is a furnished Form 8-K (Item 2.02) containing the earnings press release and does not include management guidance, so forward-looking expectations would need to be taken from the earnings call. G&A expenses rose 29.4% to $57.6 million, a faster pace than revenue, which investors may want to track. Overall, the quarter shows solid top-line growth, notable margin expansion, and a significantly larger cash position.

Nov 16, 20238-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Sep 14, 2023)

Copart, Inc. (NASDAQ: CPRT) reported fourth quarter and full-year fiscal 2023 results for the period ended July 31, 2023, showing solid top-line and earnings growth. Q4 revenue rose 12.9% to $997.6 million, gross profit increased 19.9% to $457.6 million, and net income grew 31.9% to $347.8 million, with fully diluted EPS of $0.36 versus $0.27 a year earlier. For the full fiscal year, revenue reached $3.9 billion (up 10.5%), gross profit $1.7 billion (up 8.1%), and net income $1.2 billion (up 13.5%), with diluted EPS of $1.28 versus $1.13. Net income growth outpaced operating income growth in the quarter largely because of a swing in other income: net interest income turned to $29.1 million from an expense of $2.7 million a year earlier, and the prior-year quarter included a $16.8 million loss on debt extinguishment. Management's non-GAAP diluted EPS was $0.34 for the quarter (up 21.4%) and $1.26 for the year (up 12.5%), excluding discrete tax items and tax benefits from stock-based compensation. Investors should note that the GAAP quarterly EPS growth was flattered by lower tax-adjusted comparisons and that the quarter's tax expense rose 91% to $75.9 million, pressuring the effective tax rate comparison. Balance sheet activity was notable: cash and restricted cash fell to $957.4 million from $1.38 billion, mainly because capital expenditures rose to $516.6 million (from $337.4 million) and the company moved $1.41 billion into held-to-maturity securities. Operating cash flow remained strong at $1.36 billion for the year, up from $1.18 billion. Stockholders' equity increased to $5.99 billion, and the company carried minimal long-term debt of about $10.9 million. The filing was furnished under Item 2.02 and is not deemed filed for Exchange Act purposes.

Sep 14, 20238-K
Other EventsExhibits & Filings

COPART INC 8-K Report, Corporate Update (Aug 4, 2023)

On August 4, 2023, Copart, Inc. (NASDAQ: CPRT) filed an 8-K announcing that its Board of Directors approved a two-for-one stock split of its common stock, to be effected as a stock dividend. Each stockholder of record receives one additional share for every share owned. The additional shares will be distributed after the close of trading on August 21, 2023, to stockholders of record as of August 14, 2023. Shares outstanding are expected to rise from approximately 480.0 million to approximately 960.0 million. The split is primarily a capital-structure and accessibility event rather than a change in the company's economic value. Proportional ownership is unchanged, and the filing states that stockholders do not need to exchange existing certificates. The per-share price should be adjusted roughly in half at the split, so the split does not by itself alter the value of a holding. Investors should note that the company will also adjust shares subject to equity awards, available plan reserves, and the number of shares authorized under its existing share repurchase program. The filing contains no new financial results, guidance, or operational updates. The forward-looking statements caution references the Form 10-K and 10-Q filings for risk factors. Investors seeking fundamental assessment should look to those periodic reports. The 8-K is an administrative and market-structure disclosure, and its main significance is for investors evaluating per-share metrics and liquidity after the split.

Aug 4, 20238-K
Leadership ChangesMaterial AgreementsExhibits & Filings

COPART INC 8-K Report, Material Agreement (May 26, 2023)

Copart, Inc. (CPRT) filed an 8-K on May 26, 2023, to announce the adoption and entry into an updated form of Indemnification Agreement with its directors and executive officers, effective May 23, 2023. This agreement supersedes all prior indemnification agreements and aims to align with current legal and market practices. Investors should note that this filing primarily concerns corporate governance and executive protection. The updated agreement ensures the Company will indemnify its directors and officers to the fullest extent permitted by law, covering expenses like legal fees incurred due to their roles. While this is a standard practice for public companies, it signifies the Board's commitment to ensuring leadership is protected, which can indirectly support management stability and focus on business operations.

May 26, 20238-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (May 17, 2023)

Copart reported strong third-quarter fiscal 2023 results for the quarter ended April 30, 2023. Revenue rose 8.7% year over year to $1,021.8 million, and operating income grew 12.4% to $418.9 million. Net income climbed 25.8% to $350.4 million, and diluted EPS was $0.72 versus $0.58. The quarter benefited from a higher interest income swing ($17.9 million of income versus $4.5 million of expense a year earlier) and a lower effective tax rate of about 20.4% versus 24.6%. Gross profit grew 10.8% to $483.4 million, and gross margin improved to roughly 47.3% from 46.4%. The nine-month picture is more mixed. Revenue grew 9.7% to $2,871.9 million, but gross profit rose only 4.5% to $1,279.4 million, and gross margin compressed to about 44.6% from 46.8%. Yard operations expenses increased 16.2%, outpacing revenue growth. Net income rose 7.7% to $890.0 million, and diluted EPS was $1.84 versus $1.71. Excluding a tax benefit tied to stock-based compensation, non-GAAP EPS was $1.83 versus $1.67, an increase of 9.6%. Management did not provide forward guidance in this filing, so investors will need to look to the earnings call for outlook. Balance sheet and cash flow remained strong. Cash, cash equivalents, and restricted cash increased to $2.11 billion from $1.38 billion at fiscal year-end 2022. Nine-month operating cash flow rose about 16% to $1.01 billion. Capital expenditures increased roughly 48% to $346.5 million, leaving implied free cash flow of about $659 million. Long-term debt and other liabilities remained modest at $22.4 million, including a $21.5 million revolver drawdown, and total liabilities were $757.4 million against equity of $5.59 billion.

May 17, 20238-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Feb 21, 2023)

Copart reported fiscal Q2 2023 results (quarter ended January 31, 2023) that showed steady top-line growth but flat-to-modest profit expansion. Revenue rose 10.3% year over year to $956.7 million, driven by service revenues up 11.1% and vehicle sales up 6.8%. Gross profit grew only 5.7% to $426.5 million, and net income increased 2.2% to $293.7 million, with diluted EPS of $0.61 versus $0.60 a year earlier. Operating expense growth of 13.7% outpaced revenue, with yard operations costs up 15.6%, which compressed operating margin to roughly 38.2% from about 40.0%. On a six-month basis, the picture is weaker on profitability. Revenue grew 10.3% to $1.85 billion, but net income fell 1.5% to $539.5 million and diluted EPS declined 1.8% to $1.12. The prior-year period benefited from a $17.5 million discrete tax item, so the company also presented non-GAAP EPS excluding that and stock-based tax benefits. On that basis, non-GAAP Q2 EPS rose 10.9% to $0.61 from $0.55, and six-month non-GAAP EPS rose 3.7% to $1.12 from $1.08. Management highlights that the comparison is distorted by these tax items, so investors should weigh the GAAP and non-GAAP figures together. Balance sheet and cash flow remain strong. Cash rose to $1.66 billion from $1.38 billion, and six-month operating cash flow was $499.8 million, up from $446.6 million. Capital spending increased sharply to $256.7 million from $156.2 million, reflecting continued investment in yard property and equipment, which grew to $2.66 billion. Accounts receivable also rose substantially to $765 million, a point investors may want to monitor alongside revenue growth. The filing itself is a furnished earnings release under Item 2.02, and the company will host a conference call on February 21, 2023.

Feb 21, 20238-K
Shareholder Matters

COPART INC 8-K Report, Shareholder Vote Results (Dec 9, 2022)

Copart, Inc. (CPRT) filed an 8-K on December 9, 2022, detailing the results of its 2022 annual meeting of stockholders held on December 2, 2022. The report primarily focuses on the voting outcomes for key corporate governance matters. A significant majority of outstanding shares, approximately 92%, were represented at the meeting, indicating strong shareholder engagement. Key outcomes include the overwhelming election of all director nominees, demonstrating broad support for the company's leadership and governance structure. Additionally, shareholders provided an advisory vote approving the executive compensation for the fiscal year ended July 31, 2022, and ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the upcoming fiscal year. These results suggest shareholder confidence in the company's management, strategic direction, and financial oversight.

Dec 9, 20228-K
Leadership Changes

COPART INC 8-K Report, Executive Changes (Dec 5, 2022)

Copart, Inc. (CPRT) announced a significant leadership change with the appointment of Leah C. Stearns as Senior Vice President and Chief Financial Officer, effective December 5, 2022. Ms. Stearns brings extensive financial leadership experience from her previous roles at CBRE Group and American Tower Corporation, including significant experience as a CFO and in corporate finance. This appointment signals a strategic move by Copart to bolster its financial leadership team with seasoned expertise. The company has outlined a comprehensive compensation package for Ms. Stearns, including a competitive base salary, annual bonus potential, and substantial equity awards designed to align her interests with long-term shareholder value.

Dec 5, 20228-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Nov 17, 2022)

Copart reported fiscal Q1 2023 results (quarter ended October 31, 2022) with revenue up 10.3% year over year to $893.4 million, driven by service revenues growth of 8.8% and vehicle sales growth of 17.0%. However, profitability declined: gross profit fell 4.0% to $369.5 million, operating income fell 5.6% to $311.5 million, and net income decreased 5.6% to $245.8 million. Diluted EPS was $0.51 versus $0.54 a year earlier. Yard operations expenses rose 24.2%, outpacing revenue growth, which compressed margins. Management attributed roughly $25 million of incremental costs to Hurricane Ian, a Category 4 storm that struck Southwest Florida on September 28, 2022. These costs included subhauler premiums, overtime, and travel and lodging for employees reassigned to the affected region. Excluding certain stock-based compensation tax benefits, non-GAAP diluted EPS was $0.51 versus $0.53, a decline of 3.8%. The hurricane costs are a one-time item, so investors will want to see whether margins recover in subsequent quarters. Balance sheet and cash flow remained strong. Cash and restricted cash rose to $1.54 billion from $1.38 billion, and operating cash flow was roughly flat at $311.6 million. Capital expenditures more than doubled to $152.7 million from $64.7 million, reflecting continued investment in property and equipment. Stockholders' equity reached $4.85 billion. Total liabilities increased to $740.8 million, mainly from higher accounts payable and accrued liabilities.

Nov 17, 20228-K
Shareholder MattersCorporate Changes

COPART INC 8-K Report, Bylaw Amendment (Nov 2, 2022)

Copart, Inc. (CPRT) filed an 8-K on November 2, 2022, to report on a significant corporate action approved by its stockholders at a special meeting held on October 31, 2022. The primary purpose of this filing is to announce the approval and effectiveness of an amendment and restatement of the company's Certificate of Incorporation. This amendment substantially increases the authorized number of common stock shares from 400,000,000 to 1,600,000,000. This substantial increase in authorized shares is primarily intended to facilitate a future 2-for-1 stock split of Copart's common stock, structured as a stock dividend. The vote on this matter saw overwhelming support from stockholders, with over 198 million shares voting in favor, indicating strong shareholder confidence and alignment with the company's strategic objectives. This move is generally viewed positively as it can enhance stock liquidity and potentially make shares more accessible to a broader range of investors.

Nov 2, 20228-K
Leadership Changes

COPART INC 8-K Report, Executive Changes (Sep 27, 2022)

Copart, Inc. (CPRT) announced a key interim leadership change in its finance department via an 8-K filing on September 27, 2022. Effective September 23, 2022, the Board of Directors appointed Gavin Renfrew, the current Vice President of Global Accounting, to serve as the interim Principal Financial Officer and Principal Accounting Officer. This appointment is a temporary measure while the company actively searches for a new Chief Financial Officer.

Sep 27, 20228-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Sep 7, 2022)

Copart reported fourth quarter fiscal 2022 results (quarter ended July 31, 2022) in a press release furnished under Item 2.02. Q4 revenue rose 18.0% to $883.4 million, gross profit increased 6.7% to $381.6 million, and net income grew 3.0% to $263.7 million. Fully diluted EPS was $1.10 versus $1.06 a year earlier, up 3.8%. Non-GAAP diluted EPS, which excludes the loss on debt extinguishment and a tax benefit related to stock compensation, was $1.13, up 9.7%. Growth was driven largely by vehicle sales, which climbed 36.5%, and service revenues, which rose 14.2%. Gross profit grew more slowly than revenue because cost of vehicle sales and yard operations expenses rose faster. For full fiscal 2022, revenue reached $3.5 billion, up 30.0%, and net income reached $1.09 billion, up 16.4%. Diluted EPS was $4.52, up 15.9%, and non-GAAP diluted EPS was $4.46, up 20.5%. Net income grew more slowly than revenue largely because income tax expense rose 35.3% to $250.8 million. The balance sheet strengthened: cash rose to $1.38 billion from $1.05 billion, and long-term debt fell to about $2 million from $397.6 million after the company repaid $416.8 million of principal. The company also reported a $16.8 million loss on debt extinguishment in the quarter. Operating cash flow was $1.18 billion for the year, up from $991 million. The filing is a furnished earnings release, not a filed financial statement, and the document itself contains no forward guidance. Investors should note that the company's fiscal 2022 growth was strong, but the quarterly growth rate in net income and EPS slowed sharply compared with revenue growth. Acquisition activity (about $107 million in the year) and capital spending ($337 million) remained significant uses of cash.

Sep 7, 20228-K
Leadership Changes

COPART INC 8-K Report, Executive Changes (Jul 19, 2022)

Copart, Inc. (CPRT) has filed an 8-K report on July 19, 2022, to announce a significant change in its executive leadership. John North has formally notified the company of his intention to resign from his position as Senior Vice President and Chief Financial Officer. This resignation will be effective on August 31, 2022, providing a transition period of over a month. This change at the CFO level is a critical development for investors to monitor as it could signal shifts in financial strategy or reporting oversight. The company has released a press statement detailing this departure, which is included as an exhibit to the 8-K filing. Investors should pay close attention to the company's subsequent communications regarding the appointment of a new CFO and any potential implications for Copart's financial direction and operational management. The timing of this resignation, relative to any upcoming financial reporting or strategic announcements, will also be important for assessing its impact.

Jul 19, 20228-K/A
Earnings & ResultsExhibits & Filings

COPART INC 8-K/A Report, Financial Results (May 19, 2022)

Copart reported fiscal third-quarter 2022 results (quarter ended April 30, 2022) with strong top-line growth but lower GAAP earnings. Revenue rose 28.1% to $939.9 million, driven by service revenues up 22.8% to $766.3 million and vehicle sales up 57.7% to $173.6 million. Gross profit grew 14.4% to $436.3 million and operating income rose 13.6% to $372.8 million. GAAP net income fell 2.9% to $278.6 million, and diluted EPS declined 2.5% to $1.16 from $1.19. The decline was driven by a 147.7% increase in income tax expense to $91.0 million, because the prior-year quarter included a $19.8 million discrete tax benefit and the current quarter had no comparable item. Excluding certain income tax benefits related to stock-based compensation and legal matters, non-GAAP diluted EPS rose 7.3% to $1.17 from $1.09, and non-GAAP net income increased to $281.5 million from $262.1 million. For the nine months, revenue increased 34.7% to $2.62 billion, GAAP net income increased 21.4% to $826.4 million, and diluted EPS rose 20.8% to $3.42. Non-GAAP nine-month EPS was $3.34, up 24.6%. Operating cash flow for the nine months increased to $863.9 million from $762.2 million, while capital expenditures fell to $234.8 million from $364.4 million. Cash and restricted cash reached $1.45 billion, up from $1.05 billion at fiscal year-end July 31, 2021. This Amendment No. 1 Form 8-K supersedes the original filing dated May 18, 2022, which incorrectly referred to the second quarter instead of the third quarter. The financial information itself is furnished under Item 2.02 and is not deemed filed for Exchange Act purposes. The results point to strong operating momentum, with the quarterly GAAP earnings decline attributable mainly to tax comparisons rather than weaker operations.

May 19, 20228-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (May 19, 2022)

Copart reported fiscal third-quarter 2022 results (quarter ended April 30, 2022) that showed strong top-line growth but a year-over-year decline in quarterly profit. Total service revenues and vehicle sales rose 28.1% to $939.9 million, driven by service revenue growth of 22.8% and vehicle sales growth of 57.7%. Gross profit grew 14.4% to $436.3 million, but GAAP net income fell 2.9% to $278.6 million, and GAAP diluted EPS declined 2.5% to $1.16 from $1.19. The decline was largely tax-related: income tax expense rose 147.7% to $91.0 million, reflecting the absence of a prior-year discrete tax benefit and lower stock-compensation tax benefits. On a year-to-date basis, results were considerably stronger. Nine-month revenue rose 34.7% to $2.62 billion, gross profit rose 24.3% to $1.22 billion, and GAAP net income rose 21.4% to $826.4 million, with diluted EPS up 20.8% to $3.42. Management's non-GAAP diluted EPS, which excludes certain stock-compensation tax benefits, legal matters, and discrete tax items, was $1.17 for the quarter (up 7.3%) and $3.34 for the nine months (up 24.6%). Investors should weigh the non-GAAP adjustments, since they remove several tax-related benefits that flattered prior-period results. Balance sheet and cash flow remained solid. Cash and restricted cash rose to $1.45 billion from $1.05 billion at July 31, 2021, and nine-month operating cash flow was $863.9 million, up from $762.2 million. Capital expenditures fell sharply to $234.8 million from $364.4 million, and the company added $224.9 million in held-to-maturity securities. Total stockholders' equity increased to $4.35 billion. Filing note: the 8-K body and exhibit index refer to a February 16, 2022 press release and the second quarter, while the attached press release is dated May 18, 2022 and covers the third quarter, so the document contains internal date and period inconsistencies.

May 19, 20228-K
Leadership ChangesCorporate ChangesExhibits & Filings

COPART INC 8-K Report, Executive Changes (Mar 31, 2022)

Copart, Inc. (CPRT) disclosed in an 8-K filed March 31, 2022 that its Board unanimously appointed Jeffrey (Jeff) Liaw as co-chief executive officer, effective April 1, 2022, alongside existing CEO A. Jayson (Jay) Adair. The Board simultaneously amended and restated the Company's Bylaws to allow more than one chief executive officer. Liaw, 45, has been President and CEO North America since February 2021, and has held senior roles at Copart since 2016, including CFO. The management structure is framed as a continuity and succession measure: Adair retains oversight of strategy, business development, capital allocation, and vision, while Liaw brings operational leadership. The filing is primarily a governance and management event rather than a financial disclosure. Compensation terms are meaningful for investors. Liaw receives a $900,000 base salary and a $1.1 million annual target bonus tied to performance criteria. He was granted 50,000 restricted stock units (vesting 20% after year one and fully after five years, with net shares locked up until April 1, 2032), 175,000 time-vested stock options, and 325,000 performance-based stock options that vest on the same schedule but are exercisable only if the stock trades at or above 125% of the strike price, both at exercise and over the prior 20 consecutive trading days. Liaw is ineligible for further equity awards until April 1, 2026. His severance is limited to a lump sum of 50% of base salary on involuntary termination without cause or resignation for good reason, and the agreement contains no single-trigger change-in-control payments. From an investor standpoint, the appointment appears orderly and well-structured, with compensation weighted toward long-term equity and performance hurdles that align Liaw with shareholder value. The lock-up and price-premium conditions are notable retention and alignment features. The filing does not disclose any financial results, guidance, or operational changes, so near-term financial impact is expected to be limited.

Mar 31, 20228-K/A
Earnings & ResultsExhibits & Filings

COPART INC 8-K/A Report, Financial Results (Mar 2, 2022)

Copart, Inc. (CPRT) filed this Amendment No. 1 to its February 16, 2022 Form 8-K to correct the classification of $374.9 million in Treasury Bills. Those securities were originally shown as cash equivalents but should have been presented as held-to-maturity short-term investments on the balance sheet, with a corresponding $374.9 million investing outflow in the cash flow statement. The amendment does not change revenue, net income, or EPS. It furnishes the Q2 fiscal 2022 earnings release (quarter ended January 31, 2022) under Item 2.02 as Exhibit 99.1. The underlying quarter was strong. Revenue rose 40.6% year over year to $867.5 million, gross profit rose 31.2% to $403.3 million, and net income rose 48.6% to $287.4 million. Fully diluted EPS was $1.19 versus $0.81. Non-GAAP diluted EPS, which excludes a $17.5 million discrete income tax benefit and certain stock-compensation tax benefits, was $1.10 versus $0.80, up 37.5%. Vehicle sales grew 85% and service revenues grew 33.5%, with vehicle sales growth partly reflecting higher-margin inventory activity. For investors, the key points are the reclassification's limited economic impact and the quality of the earnings. The GAAP-to-non-GAAP gap is driven by a one-time tax item, so the underlying operating momentum is best judged from the non-GAAP figures. Cash, cash equivalents, and restricted cash declined to $971.7 million after the reclassification, and capital expenditures were high at $156.2 million for the six-month period, down from $283.2 million a year earlier. Operating cash flow of $446.5 million was up 13.6% from the prior-year period.

Mar 2, 20228-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Feb 16, 2022)

Copart, Inc. (NASDAQ: CPRT) reported strong results for its second quarter of fiscal 2022, which ended January 31, 2022. Revenue for the quarter rose 40.6% year over year to $867.5 million, gross profit increased 31.2% to $403.3 million, and net income grew 48.6% to $287.4 million. Fully diluted EPS was $1.19 versus $0.81 a year earlier, an increase of 46.9%. Management's non-GAAP diluted EPS, which excludes discrete income tax items and certain stock-compensation tax benefits, was $1.10 versus $0.80, up 37.5%. For the six months ended January 31, 2022, revenue reached $1,677.6 million (up 38.6%), gross profit was $788.4 million (up 30.5%), and net income was $547.8 million (up 39.1%). Diluted EPS for the half was $2.27 versus $1.64, and non-GAAP diluted EPS was $2.17 versus $1.59. Vehicle sales revenue grew 85.2% in the quarter, outpacing service revenue growth of 33.5%, though vehicle sales carry much lower margins, which is why gross profit grew more slowly than revenue. The balance sheet strengthened over the period, with cash, cash equivalents, and restricted cash rising to $1.35 billion from $1.05 billion at July 31, 2021, and operating cash flow of $446.5 million for the six months. Capital expenditures fell to $156.2 million from $283.2 million a year earlier, which helped free cash flow. Investors should note that GAAP results include a $17.5 million discrete tax benefit that management excluded from its non-GAAP figures, and that the company will discuss results on a conference call on February 17, 2022.

Feb 16, 20228-K
Material AgreementsFinancial EventsExhibits & Filings

COPART INC 8-K Report, Material Agreement (Dec 27, 2021)

Copart, Inc. (CPRT) has entered into a Second Amended and Restated Credit Agreement, significantly enhancing its financial flexibility. This agreement, effective December 21, 2021, increases the company's secured revolving credit facility by $200.0 million, bringing the total to $1.25 billion. The facility's maturity date has been extended to December 21, 2026, providing a longer runway for its strategic initiatives. This refinancing also incorporates foreign subsidiaries as borrowers and allows for borrowings in Pounds Sterling, Euro, and Canadian Dollars, reflecting Copart's expanding global operations. Investors should note the shift from LIBOR to SOFR-based interest rates for U.S. Dollar borrowings, a standard market transition. The increased credit capacity is earmarked for general corporate purposes, including working capital, capital expenditures, and importantly, potential share repurchases, acquisitions, or other investments related to domestic and international expansion. This move signals Copart's proactive approach to securing capital for growth and operational needs.

Dec 27, 20218-K
Shareholder Matters

COPART INC 8-K Report, Shareholder Vote Results (Dec 8, 2021)

Copart Inc. (CPRT) filed an 8-K on December 8, 2021, reporting on the outcomes of its 2021 Annual Meeting of Stockholders held on December 3, 2021. The meeting saw a strong turnout, with approximately 91% of outstanding shares represented. All director nominees were overwhelmingly elected, indicating broad shareholder confidence in the current board's leadership. The advisory vote on executive compensation also received substantial approval, reflecting shareholder satisfaction with the compensation structure for the past fiscal year. Furthermore, the company's choice of Ernst & Young LLP as its independent registered public accounting firm for the upcoming fiscal year was overwhelmingly ratified by shareholders. This high level of participation and approval across all agenda items suggests a well-aligned relationship between Copart's management, its board, and its shareholders.

Dec 8, 20218-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Nov 17, 2021)

Copart reported fiscal Q1 2022 results (quarter ended October 31, 2021) that showed strong top-line and earnings growth. Total service revenues and vehicle sales rose 36.6% year over year to $810.1 million, driven by service revenues up 29.6% to $667.8 million and vehicle sales up 83.5% to $142.3 million. Gross profit increased 29.7% to $385.0 million, operating income rose 32.8% to $330.1 million, and net income grew 30.0% to $260.4 million. Diluted EPS was $1.08 versus $0.83 a year earlier, up 30.1%. Quality of earnings is broadly sound, though GAAP EPS benefited from stock-based compensation tax benefits. Excluding those benefits, non-GAAP diluted EPS was $1.07 versus $0.79, a 35.4% increase. The tax benefit contributed roughly $0.01 to GAAP EPS this quarter, compared with about $0.04 in the prior-year period, so the year-over-year comparison is slightly flattered by the smaller benefit now being excluded. Operating cash flow was $312.5 million, up from $258.5 million, while capital expenditures fell sharply to $64.7 million from $147.1 million, lifting free cash flow to roughly $248 million from about $111 million. The balance sheet strengthened. Cash, cash equivalents, and restricted cash rose to $1.30 billion from $1.05 billion at July 31, 2021. Total assets grew to $4.92 billion and stockholders' equity to $3.79 billion. Long-term debt and other liabilities were $408.9 million, so leverage remains modest. Accounts receivable increased to $562.6 million, which is a point to monitor alongside revenue growth. The company also scheduled a conference call for November 18, 2021, where management is expected to discuss the quarter in more detail.

Nov 17, 20218-K
Leadership ChangesCorporate ChangesExhibits & Filings

COPART INC 8-K Report, Executive Changes (Sep 16, 2021)

Copart, Inc. (NASDAQ: CPRT) filed an 8-K dated September 16, 2021 reporting a board governance change rather than financial results. Effective September 10, 2021, the Board expanded its size from ten to eleven members and unanimously appointed Carl D. Sparks to fill the new seat, serving until the next stockholder meeting. Sparks has been named to the Audit Committee and the Nominating and Governance Committee. He is Managing Partner of Interlock Partners, a Dallas venture capital firm, and brings prior CEO and senior executive experience at Travelocity, Academic Partnerships, and Gilt Groupe, as well as public company board service at Avis Budget Group, Dunkin' Brands, and Vonage. From an investor standpoint, this is a routine, non-financial event. The filing contains no earnings, revenue, guidance, or balance sheet information, and the disclosed director compensation (a $70,000 annual retainer, an additional $10,000 for the audit chair, and an initial grant of 25,000 options) follows the company's existing non-employee director program. The Bylaws amendment is administrative in nature. Sparks reports no related-party transactions under Item 404(a) and no undisclosed arrangement with another person regarding his appointment. The main investor-relevant takeaway is the added board depth in technology and digital marketplace experience, which is relevant to Copart's online auction platform strategy. Sparks' addition to the Audit Committee also adds an independent director with a strong financial oversight background. Investors should view this as a positive but low-impact governance update.

Sep 16, 20218-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Sep 8, 2021)

Copart, Inc. (NASDAQ: CPRT) reported strong fourth-quarter and full-year fiscal 2021 results for the periods ended July 31, 2021, as furnished under Item 2.02 of this 8-K (Exhibit 99.1). For the three months, revenue rose 42.4% to $748.6 million, gross profit increased 42.7% to $357.5 million, and net income grew 54.6% to $256.0 million. Diluted EPS was $1.06 versus $0.69 a year earlier, up 53.6%. Non-GAAP diluted EPS was $1.03 versus $0.68, an increase of 51.5%. Vehicle sales were a notable driver, up 89.1% in the quarter, while service revenues grew 35.5%. For the full fiscal year, revenue reached $2.7 billion (up 22.1%), gross profit was $1.3 billion (up 33.3%), and net income was $936.5 million (up 33.8%). Diluted EPS was $3.90 versus $2.93, up 33.1%, and non-GAAP diluted EPS was $3.70 versus $2.56, up 44.5%. The year-over-year non-GAAP EPS gain was partly supported by a smaller effect from tax benefits, and GAAP results include a $19.8 million discrete tax benefit in fiscal 2021. Yard operations expenses were nearly flat (up 0.8%), indicating operating leverage, while cost of vehicle sales rose 53.6% in line with higher vehicle sales volume. Balance sheet and cash flow strengthened considerably. Cash, cash equivalents, and restricted cash rose to $1.05 billion from $478 million, and operating cash flow was $990.9 million for the year. Capital expenditures totaled $463.0 million, down from $592.0 million, as the company moderated property investment. Total debt-like obligations were largely stable at roughly $398 million in long-term debt. Management is scheduled to discuss results on a conference call on September 9, 2021. The release includes standard forward-looking statement cautions tied to COVID-19 and other risks described in Copart's SEC filings.

Sep 8, 20218-K
Leadership ChangesCorporate Changes

COPART INC 8-K Report, Executive Changes (May 27, 2021)

Copart, Inc. (NASDAQ: CPRT) filed this Form 8-K on May 27, 2021 to disclose a board change and a related bylaw amendment rather than any financial results or operational events. On May 25, 2021, the Board increased its authorized size from nine to ten directors and unanimously elected Cherylyn Harley LeBon to fill the new seat, effective May 26, 2021. She will serve until the next stockholder meeting or until a successor is elected or she resigns or is removed. She has not yet been assigned to any Board committee, and the filing states there was no arrangement with any other person behind her appointment. Ms. LeBon, 55, is a Partner at the Washington, D.C. law firm Dunlap, Bennett & Ludwig, in its Corporate and Government Contracts practice. She previously ran KLAR Strategies, a business strategy firm she founded, for ten years, and has substantial federal government experience, including roles at the Small Business Administration and the Department of Veterans Affairs and work with the U.S. Senate Judiciary Committee. As a non-employee director she receives Copart's standard compensation: a $70,000 annual cash retainer paid quarterly, and an initial option grant of 25,000 shares vesting monthly over twelve months. She also receives the standard indemnification agreement. The filing states she is not party to any Item 404(a) related-person transaction. For investors, this is a governance event of limited financial significance. It expands the Board from nine to ten members and adds a director with legal, business, and government-relations backgrounds, which may be relevant to a company that sells vehicles across many jurisdictions. The 8-K itself contains no earnings, guidance, or balance-sheet information, so investors should look to Copart's periodic reports for financial performance.

May 27, 20218-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (May 19, 2021)

Copart, Inc. (NASDAQ: CPRT) reported third quarter fiscal 2021 results for the quarter ended April 30, 2021, showing strong top-line and profitability growth. Total service revenues and vehicle sales rose 33.4% year over year to $733.9 million, while gross profit increased 57.2% to $381.3 million and GAAP net income nearly doubled (up 94.5%) to $286.8 million. Fully diluted EPS was $1.19 versus $0.62 a year earlier, and non-GAAP diluted EPS was $1.09 versus $0.58, an increase of 87.9%. Gross margin expanded to roughly 52% from about 44% a year earlier, and operating income rose to $328.1 million from $195.1 million. For the nine months, revenue grew 15.7% to $1.9 billion, gross profit rose 30.1% to $985.6 million, and net income increased 27.3% to $680.5 million, with diluted EPS of $2.83 versus $2.24. The nine-month figures are less dramatic than the quarter because the prior-year period was hit by COVID-19 disruption in the spring of 2020. Much of the quarter's GAAP earnings strength was helped by a $19.8 million discrete income tax benefit, which the company excluded from its non-GAAP figures, and by a sharp rise in vehicle sales, which carry much lower margins than service revenue. The balance sheet strengthened meaningfully, with cash and restricted cash rising to $911.9 million from $477.7 million at fiscal year-end July 2020, and operating cash flow of $762.2 million over nine months. Capital spending of $364.4 million over the period reflects continued investment in yard property and equipment, which grew to $2.23 billion. Investors should note that accounts receivable increased by $81.6 million, and the quarterly results were released ahead of a conference call on May 20, 2021.

May 19, 20218-K
Leadership ChangesExhibits & Filings

COPART INC 8-K Report, Executive Changes (Mar 12, 2021)

Copart, Inc. (CPRT) filed an 8-K on March 12, 2021, to announce the approval of a new Executive Incentive Compensation Plan (the "Plan") by its Compensation Committee. This new plan replaces the previous Copart, Inc. Executive Bonus Plan and is designed to better align executive cash incentive compensation with the company's strategic objectives. The Plan allows the Compensation Committee to set annual performance criteria and goals, which can include individual performance metrics, to determine bonus payouts for eligible executive officers and key employees. The Committee believes this structure will establish objective performance criteria that support Copart's strategic goals and shareholder interests.

Mar 12, 20218-K
Earnings & ResultsExhibits & Filings

COPART INC 8-K Report, Financial Results (Feb 18, 2021)

Copart reported solid second-quarter fiscal 2021 results for the quarter ended January 31, 2021. Revenue rose 7.3% to $617.0 million, and gross profit increased 18.3% to $307.5 million, lifting gross margin to about 49.8% from 45.2% a year earlier. GAAP net income grew 14.7% to $193.4 million, and GAAP diluted EPS was $0.81 versus $0.71. Non-GAAP diluted EPS, which excludes discrete tax items, FX effects, and tax benefits from stock option exercises, rose 25% to $0.80 from $0.64. Vehicle sales were a notable driver, up about 30% to $84.4 million, while service revenues grew about 4.5% to $532.6 million. Yard operations expenses fell to $208.9 million from $237.7 million, which contributed to the margin expansion. For the six months ended January 31, 2021, revenue grew 7.1% to $1.2 billion and gross profit rose 17.4% to $604.3 million. However, GAAP net income rose only 1.8% to $393.7 million, and GAAP diluted EPS was $1.64 versus $1.62. The muted GAAP growth reflects a much smaller tax benefit from stock option exercises ($13.9 million versus $77.2 million in the prior-year period), which lifted income tax expense to $105.5 million from $20.3 million. On a non-GAAP basis, six-month diluted EPS increased 22.5% to $1.58 from $1.29, so investors should focus on the underlying operating trend rather than the reported GAAP tax-affected figures. The balance sheet and cash flow remain strong. Cash, cash equivalents, and restricted cash increased to $616.4 million from $477.7 million at fiscal year-end. Operating cash flow was $393.0 million for the six months, up from $356.9 million, and capital expenditures fell to $283.2 million from $400.4 million. Long-term debt and finance lease liabilities were $402.7 million, and stockholders' equity reached $2.94 billion. The filing itself is an 8-K furnishing the earnings press release under Item 2.02, and the information is not deemed 'filed' for Exchange Act purposes. The release contains no formal guidance, and the company references COVID-19 uncertainty in its forward-looking statements.

Feb 18, 2021
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