CPRT · COPART INC

339 filings

CPRT SEC Filings

COPART INC - 339 total filings

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

Showing 1–50 of 339 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, 2026 8-K

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, 2026 10-K

COPART INC Annual Report, Year Ended Jul 31, 2026

Copart's fiscal 2026 (year ended July 31, 2026) showed a modest top-line picture with margin compression and heavier capital return. Total service revenues and vehicle sales were $4.67 billion, up roughly 0.4% from $4.65 billion in fiscal 2025, while operating income fell to $1.65 billion from $1.70 billion and the operating margin slipped to about 35.4% from 36.5%. Net income attributable to Copart was $1.48 billion, down about 4.4%, and diluted EPS was $1.55 versus $1.59. Growth was concentrated internationally: International service revenues rose 12.4%, while U.S. service revenues declined 1.8%, largely because fiscal 2025 included one-time hurricane Helene and Milton revenue. Operating costs rose faster than revenue, with facility operations up 1.1%, G&A up 7.0%, and International facility costs up 11.2%. Cash generation and capital allocation were the major stories. Operating cash flow fell 10.8% to $1.60 billion. Copart repurchased 43.4 million shares for $1.6 billion, its first buybacks in several years, and cash, equivalents and restricted cash fell $872.6 million to $1.91 billion. Cash held in held-to-maturity Treasury bills rose to $2.58 billion, so total liquidity remains substantial. The company also refinanced into a $1.25 billion unsecured revolver maturing in 2031, with $1.23 billion unused. The most significant forward-looking item is the September 10, 2026 agreement to acquire ACV Auctions for $10.50 per share in cash, an implied equity value of about $1.9 billion, expected to close by calendar year-end 2026 subject to a tender of a majority of shares and HSR clearance. This would be a meaningful strategic move into whole-car remarketing and will consume most of the company's cash. Investors should also weigh the disclosed U.S. Department of Justice money-laundering investigation, which the company says it cannot yet size, along with ongoing tariff and cross-border trade risks.

Sep 29, 2026 8-K

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, 2026 8-K

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, 2026 8-K

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, 2026 8-K

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, 2026 8-K

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, 2026 8-K

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, 2026 10-Q

COPART INC Quarterly Report for Q3 Ended Apr 30, 2026

Copart's 10-Q for the third quarter of fiscal 2026 (ended April 30, 2026) shows a business that is still generating strong profits, but with flat top-line results and a sharp shift in how cash is being deployed. Total service revenues and vehicle sales were $1,237.1 million in the quarter, up 2.1% year over year, while nine-month revenue slipped 0.2% to $3,513.8 million. Net income attributable to Copart was $402.4 million for the quarter ($0.43 diluted EPS, versus $0.42 a year ago) and $1,156.8 million for nine months ($1.20 diluted EPS, versus $1.18). Operating margin held near 37-38%. The U.S. segment's service revenue fell 2.1% over nine months, largely because of one-time hurricane Helene and Milton revenue in fiscal 2025, while International grew 11.4% for the period, helped partly by currency tailwinds. The most notable development is capital allocation. Copart repurchased 43.4 million shares for $1,632.5 million during the nine months, versus no buybacks a year earlier. Shares outstanding fell from 967.5 million at July 31, 2025 to 925.8 million at April 30, 2026, and 282 million shares remain under the authorization. Cash, cash equivalents and restricted cash rose to $3.35 billion, but held-to-maturity Treasury investments fell to $0.85 billion from $2.01 billion, and working capital declined 10.6%. Operating cash flow was $1.25 billion, down 8.4%, mainly due to working capital changes. Capital expenditures fell to about $259 million from $481 million, reflecting a slowdown in facility spending after the prior year's heavy investment. The company also replaced its secured credit facility with a new unsecured $1.25 billion revolver maturing in 2031, with $1.228 billion currently available. The filing discloses an ongoing U.S. Department of Justice investigation into anti-money-laundering practices, for which Copart cannot estimate a possible loss, which remains the most significant open legal risk for investors.

May 29, 2026 8-K

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, 2026 10-Q

COPART INC Quarterly Report for Q2 Ended Jan 31, 2026

Copart's 10-Q for the quarter ended January 31, 2026 shows a company that remains highly profitable but with flat-to-slightly-down top-line trends. Total service revenues and vehicle sales for the three months were $1,121.7 million, down 3.6% from $1,163.3 million a year earlier, driven by a $48.7 million decline in U.S. service revenue that management attributes mainly to one-time revenue from Hurricanes Helene and Milton recognized in fiscal 2025. Operating income fell 8.8% to $388.7 million and the operating margin contracted to 35% from 37%, while net income attributable to Copart fell to $350.7 million ($0.36 per diluted share) from $387.4 million. Interest income rose to $50.0 million, cushioning the decline in earnings, as management shifted cash into U.S. Treasury Bills and cash equivalents. The balance sheet strengthened considerably. Cash, cash equivalents and restricted cash reached $5.10 billion, up from $2.78 billion at July 31, 2025, after the held-to-maturity Treasury bills matured and were not reinvested in that category. Working capital rose to $5.56 billion. Operating cash flow was $662.8 million for the six months, roughly flat year over year. Capital expenditures fell sharply to $177.7 million from $353.4 million, and the company repurchased 5.48 million shares for $218.2 million at a weighted average price of $39.82. Management also entered a new unsecured $1.25 billion revolving credit facility maturing in January 2031, replacing the prior facility that was due December 2026. The main investor watch items are the continued U.S. revenue softness, the pending U.S. Department of Justice money-laundering investigation for which the company cannot estimate a loss range, and the shift toward consignment models in international markets that is reducing volumes there. Given the strong liquidity position, investors may focus on how management deploys its cash between buybacks, acquisitions, capacity expansion and possible dividends.

Mar 3, 2026 8-K

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, 2026 8-K

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, 2026 8-K

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, 2025 10-Q

COPART INC Quarterly Report for Q1 Ended Oct 31, 2025

Copart's first-quarter fiscal 2026 results (three months ended October 31, 2025) show a business that continued to grow profitably while building a very large cash position. Total service revenues and vehicle sales rose 0.7% to $1,155.0 million, with service revenues up 0.6% to $991.8 million. The U.S. service revenue declined 0.5% as it lapped one-time revenue from Hurricanes Helene and Milton in the prior year, while International service revenue grew 7.9% (about 5.1% excluding currency tailwinds of $3.7 million). Operating income rose 6.0% to $430.7 million, and the operating margin expanded from 36% to 38%, largely because facility operations expenses fell 4.0%, mainly from lapping hurricane-related costs in the U.S. Net income attributable to Copart increased 11.5% to $403.7 million, and diluted EPS rose to $0.41 from $0.37. The effective tax rate fell to 17.4% from 20.0%, which supported earnings growth. The balance sheet and cash flow picture is the most striking feature of the quarter. Cash, cash equivalents, and restricted cash rose 88% to $5.23 billion, driven by $535 million of operating cash flow and the maturity of $2.03 billion of held-to-maturity Treasury bills. Working capital reached $5.42 billion. Capital expenditures fell sharply to $108 million from $237 million a year earlier, and no shares were repurchased during the quarter. The company has no borrowings under its $1.25 billion revolving facility, and management says its cash, along with operating cash flow, is sufficient for the foreseeable future. Management is also weighing additional buybacks, acquisitions, and dividends as uses for the cash, although Copart has never paid a cash dividend. The filing also flags a material open risk. The U.S. Department of Justice is investigating potential violations of money laundering laws related to auction platform members, and the company says it cannot predict the outcome or estimate a potential loss. Investors should also note that income tax payable rose to $125.5 million from $41.1 million, which contributed $61.5 million to operating cash flow in the quarter, so part of the cash build is timing-related. The company also continues a multi-year rollout of a new financial system, and the Form 10-Q does not disclose any change to the internal control environment beyond that rollout.

Nov 24, 2025 8-K

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, 2025 10-K

COPART INC Annual Report, Year Ended Jul 31, 2025

Copart (CPRT) closed fiscal 2025 (year ended July 31, 2025) with total service revenues and vehicle sales of $4.65 billion, up about 9.7% from $4.24 billion in fiscal 2024, and operating income of $1.70 billion, up 7.9%. Net income attributable to Copart rose to $1.55 billion from $1.36 billion, and diluted EPS increased to $1.59 from $1.40. Growth was broad-based: service revenues grew 11.4%, with the U.S. up 10.4% and International up 18.9%, driven mainly by higher revenue per car and volume. Operating margin edged down to 36% from 37% as facility operations costs rose 13.7%, partly due to roughly $56 million in one-time costs tied to Hurricanes Helene and Milton. Effective tax rate fell to 18.3% from 20.5%, helped by a $55.0 million FDII benefit and $36.7 million in excess stock option tax benefits. Balance sheet strength stands out. Cash, cash equivalents and restricted cash more than doubled to $2.78 billion, and held-to-maturity Treasury investments reached $2.01 billion. Operating cash flow rose 22% to $1.80 billion, against capital expenditures and acquisitions of $570 million. The company has no outstanding borrowings under its $1.25 billion revolver, and it repurchased no shares in fiscal 2025, 2024 or 2023, leaving $325.8 million of authorization available. It has never paid a cash dividend. Investors should weigh the strong cash generation and growth against concentration in insurance-company sellers (81% of vehicles), exposure to hurricane and weather volatility, and an ongoing U.S. Department of Justice investigation into anti-money-laundering practices. The company has not quantified any potential loss from that inquiry. Growth drivers include continued facility expansion (six U.S. and International openings in fiscal 2025), rising total-loss frequency and an aging vehicle fleet (average age 12.8 years in 2025 vs. 11.1 in 2012), and higher average selling prices. Management also flagged a new financial system rollout that will continue in stages and that will become a significant component of internal controls. Internal controls were assessed as effective by management and by Ernst & Young LLP.

Sep 26, 2025 8-K

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, 2025 10-Q

COPART INC Quarterly Report for Q3 Ended Apr 30, 2025

Copart's 10-Q for the third quarter of fiscal 2025 (three and nine months ended April 30, 2025) shows continued top-line growth and strong cash generation. Service revenues rose 9.3% year over year to $1.035 billion in the quarter and 12.9% to $3.01 billion over nine months, led by the U.S. (up 8.2% and 11.8%, respectively) and International (up 17.5% and 21.0%). Operating income grew 3.3% to $451.5 million in the quarter, but operating margin slipped to 37% from 38% as facility operations and G&A expenses grew faster than revenue. Net income attributable to Copart rose 6.4% to $406.6 million, and diluted EPS was $0.42 versus $0.39. Nine-month diluted EPS was $1.18 versus $1.07, helped by higher interest income and a lower effective tax rate of 18.6% versus 20.4%. Cash flow and balance sheet strength stand out. Operating cash flow for the nine months rose 31.7% to $1.36 billion, and cash, cash equivalents, and restricted cash increased to $2.37 billion. Combined with $2.0 billion in held-to-maturity Treasury bills, Copart has roughly $4.4 billion of liquidity, and the company carries no borrowings under its $1.25 billion revolver. Capital expenditures of $482.6 million over nine months reflect continued investment in land, facilities, and software. The company did not repurchase any shares during the period and has not paid a cash dividend since 1994, though management says it is considering buybacks, acquisitions, and dividends. The main risk for investors is the U.S. Department of Justice investigation into potential money laundering violations related to auction platform members. Copart cannot estimate the range of possible loss or penalties. Management also disclosed roughly $56 million in one-time costs tied to Hurricanes Helene and Milton, which pressured U.S. facility operations expenses, and the company began implementing a new financial system in stages, which is a material internal control change to monitor.

Jun 3, 2025 8-K

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, 2025 10-Q

COPART INC Quarterly Report for Q2 Ended Jan 31, 2025

Copart's 10-Q for the quarter ended January 31, 2025 shows a strong second quarter (fiscal 2025 Q2). Total service revenues and vehicle sales rose 14.1% year over year to $1.163 billion, driven by a 15.0% increase in service revenues to $991.3 million, with U.S. service revenue up 14.8% and International up 16.5% (partly offset by currency). Operating income grew 12.2% to $426.2 million, and net income attributable to Copart rose 19.0% to $387.4 million, or $0.40 diluted EPS versus $0.33 a year earlier. Six-month results were similarly solid, with net income of $749.5 million and diluted EPS of $0.77. Margins were mixed. Facility operations expense grew faster than revenue (19.8% in the quarter), and management attributed about $27 million of one-time costs in the quarter (and $56 million for the six months) to Hurricanes Helene and Milton. General and administrative expense rose 17.9% in the quarter, mainly from U.S. outside services, labor, and travel. The effective tax rate fell to 16.5% from 20.8%, largely due to excess tax benefits from stock option exercises ($23.7 million in the quarter), which flattered EPS. The balance sheet strengthened considerably. Cash, cash equivalents and restricted cash reached $3.34 billion, up from $1.51 billion at fiscal year-end July 31, 2024, mainly because held-to-maturity Treasury bills of $1.9 billion matured. The company has no borrowings under its $1.25 billion revolver, a consolidated net leverage ratio of (1.92):1 (net cash), and no share repurchases during the period. Capital expenditures of $353 million continue to fund facility expansion. Investors should also note the ongoing U.S. Department of Justice investigation into potential anti-money laundering violations, for which the company cannot estimate a possible loss.

Feb 26, 2025 8-K

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, 2025 8-K

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, 2024 10-Q

COPART INC Quarterly Report for Q1 Ended Oct 31, 2024

Copart's first-quarter fiscal 2025 10-Q (quarter ended October 31, 2024) shows a company growing revenue and profit while building a large cash position. Total service revenues and vehicle sales rose 12.4% to $1,146.8 million from $1,020.4 million, driven by service revenue growth of 14.8% (U.S. up 12.8%, International up 30.2%). Operating income grew modestly to $406.4 million from $395.4 million, a 2.8% increase, and operating margin compressed to 35.4% from 38.8% as facility operations expenses rose 21.6% and G&A rose 54.0%. Management attributed part of the cost increase to roughly $29 million in one-time costs tied to Hurricanes Helene and Milton, along with higher third-party legal, compliance, and system implementation spending. Net income attributable to Copart increased 8.9% to $362.1 million, and diluted EPS rose to $0.37 from $0.34. The balance sheet and cash flow picture is strong. Cash, cash equivalents, and restricted cash more than doubled to $3.70 billion from $1.51 billion, mainly because $1.94 billion of held-to-maturity Treasury bills matured and were not reinvested in that category. Operating cash flow rose 28.5% to $482.3 million, while capital expenditures were $236.8 million, up from $162.3 million, reflecting continued facility expansion. The company has no borrowings under its $1.25 billion revolver, reports a net leverage ratio of (1.94):1, and says minimum liquidity of $4.9 billion comfortably exceeds covenant requirements. Interest income rose to $45.5 million, which is a meaningful share of pre-tax income. Investors should note several open items. The Department of Justice is investigating potential money laundering violations related to the platform's member practices, and the company says it cannot estimate the range of possible loss. Management also began implementing a new financial system in stages, which the filing identifies as a significant internal control component. No share repurchases were made during the quarter, leaving 326 million shares available under the existing authorization, and the company has not paid a cash dividend since its 1994 IPO.

Nov 26, 2024 8-K

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, 2024 10-K

COPART INC Annual Report, Year Ended Jul 31, 2024

Copart (CPRT) reported fiscal 2024 (year ended July 31, 2024) results that reflect continued top-line growth and strong profitability. Total service revenues and vehicle sales rose to $4.24 billion, up about 9.5% from $3.87 billion in fiscal 2023, driven mainly by U.S. service revenue growth of 10.0% on higher volume and fee optimization. Operating income reached $1.57 billion (37% operating margin, versus 39% in the prior two years), and net income attributable to Copart was $1.36 billion, or $1.40 per diluted share, up from $1.28. Margin compression came from yard operations expense rising 12.7% and G&A rising 33.9%, which included Purple Wave consolidation and higher labor and legal costs. The balance sheet is conservative. Cash, cash equivalents and restricted cash were $1.51 billion, held-to-maturity Treasury bills were $1.91 billion, and the company had no outstanding borrowings under its $1.25 billion revolving facility at year end. Operating cash flow was $1.47 billion and capital spending was $511 million. Copart again paid no dividend and repurchased no shares during the year, retaining all capital for growth and an unused buyback authorization of about 326 million shares. Investors should weigh the strong cash generation and growth runway from new facilities and international expansion against several watch items. The most notable is an ongoing U.S. Department of Justice investigation into possible money laundering violations tied to auction platform members, for which the company cannot yet estimate a loss range. Other risks include dependence on insurance company sellers (81% of vehicles processed), weather-driven volume swings, and exposure to commodity, used-car and foreign exchange prices.

Sep 30, 2024 8-K

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, 2024 10-Q

COPART INC Quarterly Report for Q3 Ended Apr 30, 2024

Copart's third-quarter fiscal 2024 10-Q (quarter ended April 30, 2024) shows a business still growing revenue and profit at a healthy clip. Total service revenues and vehicle sales rose 10.3% year over year to $1.127 billion for the quarter, and service revenues grew 11.7% to $946.6 million, driven by volume growth and fee optimization in the U.S. and higher volumes internationally. Net income attributable to Copart rose 9.1% to $382.3 million, and diluted EPS reached $0.39 versus $0.36 a year earlier. For the nine months, revenue was $3.17 billion (up 10.3%) and net income was $1.04 billion (up 16.9%). Operating margin for the quarter was 38.8% (operating income of $437.2 million), compared with 41.0% a year ago, as yard operations and general and administrative costs grew faster than revenue. Margin pressure is the main watch item. Yard operations expense rose 15.8% in the quarter, and G&A jumped 36.9%, which management attributes to labor, legal, software, and the consolidation of the Purple Wave acquisition. Other income more than doubled to $34.9 million, supported by interest on U.S. Treasury bills, so pre-tax income grew faster than operating income. Vehicle sales were flat-to-up in the quarter but down 1.6% for the nine months, reflecting lower auction selling prices in the U.S. Balance sheet strength is a clear positive. Cash, cash equivalents, and restricted cash rose to $1.09 billion, and held-to-maturity Treasury bills reached $2.0 billion, for roughly $3.1 billion in liquid assets. The company carries no funded debt, having repaid its $11 million revolver balance, and has $1.25 billion of revolver capacity. The company repurchased no shares during the nine months and has not paid a cash dividend since its 1994 IPO, although management says it is considering buybacks, acquisitions, and dividends. The most significant new risk is an ongoing U.S. Department of Justice investigation into potential anti-money-laundering violations; the company received a letter in October 2023 and says it cannot yet estimate the range of possible loss.

May 23, 2024 8-K

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, 2024 8-K

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, 2024 10-Q

COPART INC Quarterly Report for Q2 Ended Jan 31, 2024

Copart's 10-Q for the fiscal second quarter ended January 31, 2024 shows a business that kept growing on both revenue and profit. Total service revenues and vehicle sales rose 6.5% to $1.02 billion for the quarter, and for the six months they rose 10.3% to $2.04 billion. Service revenues grew 9.1% in the quarter, led by a 7.1% rise in the U.S. (fee optimization and volume) and a 25.7% rise internationally, though part of the international gain came from currency. Vehicle sales fell 5.1%, reflecting lower auction selling prices in the U.S. Operating income rose 3.9% to $379.9 million, and diluted EPS was $0.33 versus $0.30 a year earlier. The quarter's headline profit improvement was helped by interest income, which nearly tripled to $34.0 million as cash was invested in U.S. Treasury Bills. Operating margin, however, eased slightly, as yard operations and G&A expenses grew faster than revenue. G&A rose 38.2%, driven by labor, legal, software, marketing, and the consolidation of the Purple Wave acquisition. Cash, cash equivalents, and restricted cash increased to $1.26 billion, and the company carries no revolver borrowings after repaying $11.0 million. Operating cash flow was $537.0 million for the six months, up 7.4%, and capital expenditures and acquisitions reached $379.7 million, up 48%. The main investor overhang is a U.S. Department of Justice investigation into potential money-laundering violations related to the company's member-screening practices. The company received a DOJ letter in October 2023, is cooperating, and says it cannot predict the range of possible loss. The 10-Q adds no accrual for this matter. Management describes the company as having sufficient liquidity for the foreseeable future, and it states that the credit agreement does not meaningfully restrict dividends. The company has not paid a cash dividend since becoming public in 1994.

Feb 27, 2024 8-K

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, 2024 8-K

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, 2023 10-Q

COPART INC Quarterly Report for Q1 Ended Oct 31, 2023

Copart's first-quarter fiscal 2024 10-Q (quarter ended October 31, 2023) shows a strong operating quarter. Service revenues rose 18.3% to $859.5 million, driven by a 17.0% increase in U.S. service revenue on higher volume and revenue per car. Operating income grew 27% to $395.4 million, and the operating margin expanded from 35% to 39% of total revenues. Net income attributable to Copart rose 35% to $332.5 million, and diluted EPS was $0.34 versus $0.25 a year earlier (both figures reflect the August 2023 two-for-one stock split). Vehicle sales declined 3.4%, with U.S. vehicle sales down 19.4% as the company deliberately reduced principal-unit exposure. The balance sheet and cash flow picture changed meaningfully. Cash, cash equivalents and restricted cash climbed to $2.58 billion from $957 million, mainly because $1.38 billion of held-to-maturity Treasury bills matured or were sold. Operating cash flow was $375.2 million, up 20%, while capital expenditures and acquisitions totaled $256.7 million. The company held $10.6 million of revolver borrowings and reported a net leverage ratio of (1.37):1, indicating a net cash position. Management described minimum liquidity of $3.8 billion and said no material restriction on dividends exists, though Copart has not paid a cash dividend since 1994. The main items to monitor are the 80% acquisition of Purple Wave, Inc. (October 2023, consideration of about $112 million in shares), the DOJ Consumer Protection Branch money-laundering investigation disclosed in the risk factors and Note 13, and the heavy reliance on a limited number of insurance sellers. Results also benefited from a $25 million Hurricane Ian cost in the prior-year comparison period, which is why yard operations expense per car appears lower. Effective tax rate was stable at 21.4%.

Nov 21, 2023 8-K

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, 2023 10-K

COPART INC Annual Report, Year Ended Jul 31, 2023

Copart (CPRT) closed fiscal 2023 (year ended July 31, 2023) with record results: total service revenues and vehicle sales of $3.87 billion (up 10.5% from $3.50 billion), operating income of $1.49 billion (up 8.1%), and net income of $1.24 billion (up 13.5%). Diluted EPS was $1.28 versus $1.13 in fiscal 2022, though these figures are restated for the two-for-one stock splits effected in November 2022 and August 2023. Growth was driven mainly by higher average auction selling prices and volume in the U.S. (service revenues up 12.2%), while International service revenues rose 11.4%, helped by 37% growth in vehicle sales. Operating margin held at about 39%, though yard operations costs rose 15.9% on fuel, subhaul, labor and Hurricane Ian costs. Balance sheet strength stands out. Cash, cash equivalents and restricted cash were $957 million, plus $1.41 billion in newly purchased held-to-maturity Treasury bills, and the company carries only $11 million of revolver borrowings against a $1.25 billion facility. Working capital rose to $2.77 billion and stockholders' equity reached $5.99 billion. Capital expenditures roughly doubled to $517 million, reflecting facility expansion. Management opened 8 new U.S. facilities and other sites and, notably, did not repurchase any shares in fiscal 2023, retaining capital for flexibility. The company has never paid a cash dividend. Key risks include dependence on insurance-company sellers (83% of vehicles processed), weather-driven volume swings, pending U.K. CMA review of the Hills Motors acquisition (which was approved in July 2023 per the notes), international expansion and currency exposure, cybersecurity (a ransomware attack hit an immaterial subsidiary in March 2023), and pressure from fuel and commodity prices. Ernst & Young issued an unqualified opinion on both the financial statements and internal controls, with no critical audit matters.

Sep 28, 2023 8-K

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, 2023 8-K

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, 2023 8-K

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, 2023 10-Q

COPART INC Quarterly Report for Q3 Ended Apr 30, 2023

Copart reported strong third-quarter fiscal 2023 results (quarter ended April 30, 2023). Total service revenues and vehicle sales rose 8.7% year over year to $1,021.8 million, and operating income grew 12.4% to $418.9 million, lifting the operating margin to about 41% from about 40%. Net income increased 25.8% to $350.4 million, and diluted EPS rose to $0.72 from $0.58. Service revenue growth of 10.6% was driven mainly by higher U.S. revenue per car, reflecting higher auction selling prices tied to global supply chain constraints, along with volume gains. The nine-month picture is more moderate: revenue grew 9.7%, operating income grew 4.4%, and net income grew 7.7%. Nine-month yard operations expense rose 16.3%, outpacing revenue, due to subhaul and fuel costs, labor, and Hurricane Ian response costs, which pushed yard operations to 39% of revenue from 37% a year earlier. The balance sheet and cash generation remain a clear strength. Cash, cash equivalents, and restricted cash reached $2.11 billion, up from $1.38 billion at July 31, 2022. Nine-month operating cash flow rose 16.4% to $1.01 billion, while purchases of property and equipment increased to $346.5 million from $234.8 million as the company continued its yard expansion. Copart had $22.6 million drawn on its $1.25 billion revolver, and its net leverage ratio was (1.21):1, indicating a net cash position. Management said it is considering additional buybacks, acquisitions, and dividends, but it repurchased no shares during the nine months and has not paid a cash dividend since its 1994 IPO. Key risks to monitor include the sharp decline in U.S. vehicle sales volume (down 26.7% in the quarter), which management attributed to a deliberate effort to limit principal unit exposure. Other items include the ongoing UK CMA review of the Hills Motors acquisition, a March 2023 ransomware attack at an immaterial subsidiary, dependence on a limited number of major vehicle sellers, and exposure to fuel, commodity, and used car price swings.

May 25, 2023 8-K

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, 2023 10-Q

COPART INC Quarterly Report for Q2 Ended Jan 31, 2023

Copart's fiscal Q2 2023 10-Q (quarter ended January 31, 2023) shows a strong quarter driven by higher service revenues and continued margin pressure from yard operations. Total service revenues and vehicle sales rose 10.3% to $956.7 million for the three months, and net income was $293.7 million, up 2.2% year over year. Diluted EPS was $0.61 versus $0.60, though this is after the two-for-one stock split effected November 3, 2022, so per-share figures are comparable. Service revenues grew 11.1%, led by the U.S. (+11.9%) on higher auction selling prices and volume, while operating margin fell to 39% from 41% as yard operations expenses rose 16.0%, citing fuel-related subhaul costs, labor, and Hurricane Ian response costs. The balance sheet strengthened materially. Cash, cash equivalents, and restricted cash reached $1.66 billion, up from $1.38 billion at July 31, 2022, and the company carries no borrowings under its $1.25 billion revolving facility. Operating cash flow for the six months was $499.8 million, up 11.9%, while capital expenditures rose to $256.7 million, a 64% increase, reflecting continued investment in new yards and facilities. Working capital increased to $2.15 billion, and management reports a consolidated net leverage ratio of (1.05):1. The company did not repurchase shares during the period, leaving $162.9 million of authorization available. Investors should note the relative softness in the International segment's profitability and the U.S. vehicle sales decline (down 15% in the quarter) driven by a deliberate reduction in principal-basis unit exposure. Management also flagged elevated legal costs, the pending UK CMA review of the Hills Motors acquisition, and the effects of catastrophic weather, all of which bear watching in future quarters.

Feb 24, 2023 8-K

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, 2023 8-K

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, 2022 8-K

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, 2022 10-Q

COPART INC Quarterly Report for Q1 Ended Oct 31, 2022

Copart's first-quarter fiscal 2023 results (three months ended October 31, 2022) show top-line growth alongside margin compression. Total service revenues and vehicle sales rose 10.3% year over year to $893.4 million, driven by 10.3% U.S. service revenue growth, 27.0% international vehicle sales growth, and higher average selling prices. However, operating income fell 5.6% to $311.5 million, and the operating margin contracted from 40.7% to 34.9%. Net income declined 5.6% to $245.8 million, and diluted EPS was $0.51 versus $0.54, both adjusted for the two-for-one stock split. The main driver of the margin decline was yard operations expense, which rose 24.8%. Management attributed about $25 million of the increase to Hurricane Ian, along with higher subhaul and labor costs. The balance sheet remains very strong. Cash, cash equivalents, and restricted cash increased to $1.54 billion, and the company had no borrowings under its $1.25 billion revolving credit facility. Total stockholders' equity rose to $4.85 billion, and the reported net leverage ratio was (0.91):1, indicating a net cash position. Operating cash flow was essentially flat at $311.6 million, while capital expenditures more than doubled to $152.7 million, reflecting continued investment in land, yards, and facilities. Management stated that current liquidity is sufficient for operations and planned expansion. From an investor perspective, the key questions are whether Copart can restore margins as storm-related and cost-inflation pressures normalize, and how it will deploy its large cash balance. The company has not paid a cash dividend since 1994, made no share repurchases during the quarter, and retains roughly 162.9 million shares of repurchase authorization. Management also disclosed a pending UK Competition and Markets Authority review of the Hills Motors acquisition, which could require divestitures if the regulator finds a substantial lessening of competition.

Nov 18, 2022 8-K

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, 2022 8-K

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, 2022 10-K

COPART INC Annual Report, Year Ended Jul 31, 2022

Copart (CPRT) reported fiscal 2022 (year ended July 31, 2022) total service revenues and vehicle sales of $3.50 billion, up 30% from $2.69 billion in fiscal 2021, with operating income of $1.37 billion (39% operating margin, versus 42% in fiscal 2021) and net income of $1.09 billion, up 16%. Diluted EPS was $4.52 versus $3.90. Growth was driven by a 25.6% rise in U.S. service revenue, supported by higher revenue per vehicle amid tight used-vehicle supply and higher miles driven after reopening. Vehicle sales, where Copart takes principal risk, grew 62% to $648 million, while cost of vehicle sales rose 69%, so this higher-risk principal business dilutes margins. Operating margin compression was driven by yard operations expense growth of 30.5%, partly from Hurricane Ida costs and subhauling and labor inflation. Balance sheet strength improved meaningfully. Cash, cash equivalents, and restricted cash reached $1.38 billion, up 32%, and the company had zero borrowings under its $1.25 billion revolving facility. Copart retired its $400 million senior notes in May 2022 at a cost of $420.6 million, including a $16.8 million make-whole payment, which produced a one-time loss on extinguishment of debt. Operating cash flow was $1.18 billion, while capital expenditures fell to $337 million from $463 million. The company repurchased no shares in fiscal 2022 and has $81.5 million of authorization remaining, and it has never paid a cash dividend. Management is considering buybacks, dividends, and acquisitions for excess cash. Key risks flagged include dependence on a limited number of large insurance sellers (80% of vehicles came from insurers), expansion into international markets (about 16% of revenue), a pending U.K. Competition and Markets Authority review of the Hills Motors acquisition, cybersecurity exposure, and the 1% excise tax on share repurchases enacted under the Inflation Reduction Act. Weather and total loss frequency remain key drivers of volume.

Sep 27, 2022