Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

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e950d2bdff37b9fc1d79867719931a0461099bf64f1c25b314fdab35ee373e5c

Service Revenues

Vehicle Sales

United States

International

Total Revenue

b5a59a8d90b9f89062b61c231622dd38e1e565e540e3ce845f4530d859bda74c

Number of newly opened facilities in the United States (facilities)

Number of newly opened facilities internationally (facilities)

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7979e06179a158a157205b3bcc4f461ad155455f84880974be6e692eab6aba94

Investment in held to maturity securities [USD, thousands]

Accounts receivable, net [USD, thousands]

Vehicle pooling costs [USD, thousands]

Inventories [USD, thousands]

Prepaid expenses and other assets [USD, thousands]

Total current assets [USD, thousands]

Property and equipment, net [USD, thousands]

Operating lease right-of-use assets [USD, thousands]

Intangibles, net [USD, thousands]

Goodwill [USD, thousands]

Other assets [USD, thousands]

Total assets [USD, thousands]

Accounts payable and accrued liabilities [USD, thousands]

Deferred revenue [USD, thousands]

Income taxes payable (current liabilities) [USD, thousands]

Current portion of operating and finance lease liabilities [USD, thousands]

Total current liabilities [USD, thousands]

Deferred income taxes (liabilities) [USD, thousands]

Income taxes payable (non-current liabilities) [USD, thousands]

Operating and finance lease liabilities, net of current portion [USD, thousands]

Total liabilities [USD, thousands]

Redeemable non-controlling interest [USD, thousands]

Common stock [USD, thousands]

Additional paid-in capital [USD, thousands]

Accumulated other comprehensive loss [USD, thousands]

Retained earnings [USD, thousands]

Total stockholders’ equity [USD, thousands]

Total liabilities, redeemable noncontrolling interests and stockholders’ equity [USD, thousands]

a31931fb41ef7db36df5c95ca37e10e708ecc0cced99599ea765e0a60bcb23d0

Service Revenues (USD, thousands)

Vehicle Sales (USD, thousands)

Total Service Revenues and Vehicle Sales (USD, thousands)

Facility Operations (USD, thousands)

Cost of Vehicle Sales (USD, thousands)

General and Administrative Expenses (USD, thousands)

Total Operating Expenses (USD, thousands)

Operating Income (USD, thousands)

Interest Income, Net (USD, thousands)

Other Expense, Net (USD, thousands)

Total Other Income (USD, thousands)

Income Before Income Taxes (USD, thousands)

Income Tax Expense (USD, thousands)

Net Income (USD, thousands)

Net Income Attributable to Copart, Inc. (USD, thousands)

Basic Net Income per Common Share (USD)

Weighted Average Common Shares Outstanding (thousands)

Diluted Net Income per Common Share (USD)

Diluted Weighted Average Common Shares Outstanding (thousands)

740c4c94a62cc55e35b18f6e59a980c68bb2a017ca2db7cfb87eeeb30d92de30

The significant jump in **Cash, cash equivalents, and restricted cash** in Q1 2025 was mainly due to a **144.2%** increase, or an addition of **$2,184,007 thousand**, compared to the previous period. This increase resulted from several factors: 

- **Cash generated from operations** contributed **$482,274 thousand**, marking a 28.5% improvement over the same period in the previous year.
- The **maturity of held-to-maturity securities** added a substantial **$1,908,047 thousand** in cash.
- Additional cash came from **stock option exercises**, although the exact amount was not specified.
- These gains were partially offset by **capital expenditures** of **$238,015 thousand** related to facility expansions, lease buyouts, and software development.

These combined factors explain the dramatic increase in the cash position during Q1 2025.  **[0000900075-24-000027_cprt10312024ex99-1.htm:2]** **[0000900075-24-000030_cprt-20241031.htm:31]** 

Why did Cash, cash equivalents, and restricted cash jump in Q1 2025?

The drastic fall in **Long-term debt and other liabilities** is primarily explained by the **substantial reduction or elimination** of the company's long-term fixed-rate debt. As of January 31, 2024, Copart, Inc. reported **$0 in long-term fixed-rate debt, including the current portion**, which indicates that the business either repaid or settled its long-term debt obligations during this period.  **[0000900075-24-000004_cprt1312024ex99-1.htm:2]** **[0000900075-24-000007_cprt-20240131.htm:16]** 

What explains the drastic fall in Long-term debt and other liabilities in Q2 2024?

The sharp increase in **Income taxes payable (current liabilities)** in Q1 2024 was primarily driven by **higher net income** during that period. Specifically, the company's net income of **$332,532 thousand** in Q1 2024—an increase of over **35%** compared to the previous year—led to substantially higher tax obligations. As a result, the income tax expense for the quarter rose to nearly **$91 million**, reflecting a **21.4% effective tax rate**.  **[0000900075-23-000037_cprt10312023ex99-1.htm:2]** **[CPRT_3367479_3]** 

What caused the sharp increase in Income taxes payable (current liabilities) in Q1 2024?

The significant drop in the **Investment in held to maturity securities** in Q1 2024 is due to the maturation of a substantial portion of these **U.S. Treasury Bills** that were classified as held to maturity since they mature within 12 months. As these securities matured, they were likely converted into cash, which is supported by the notable increase in the company's **cash, cash equivalents, and restricted cash** during the same period.  **[0000900075-23-000043_cprt-20231031.htm:10]** **[0000900075-23-000037_cprt10312023ex99-1.htm:2]** **[0000900075-23-000043_cprt-20231031.htm:15]** 

Why did Investment in held to maturity securities drop significantly in Q1 2024?

49d90b490398682d13c218a249222fd92094849eb46f4ad08569761207769bc7

Copart’s **operating income** in **Q3 2024** was high due to robust **revenue growth**—primarily driven by an increase in **service revenue** (up by **11.7%**) and **vehicle sales growth** (up by **3.5%**)—which was supported by substantial **unit volume gains** globally (over **11%** increase overall) in both U.S. and international markets. These factors, despite partly higher operating expenses, contributed to an overall boost in operating income to **$437,203 thousand** in Q3 2024.  **[0000900075-24-000014_cprt-20240430.htm:22]** **[0000900075-24-000014_cprt-20240430.htm:2]** **[CPRT_3389649_2]** 

Why was Operating Income so high in Q3 2024?

**In Q3 2024, Copart's net income was notably high due to several key factors.** According to the documents, the company experienced **significant revenue growth**—with revenue increasing by **$105.4 million** or **10.3%**, driven by higher global unit sales and increased service revenue.  **[0000900075-24-000011_cprt4302024ex99-1.htm:0]** **[0000900075-24-000014_cprt-20240430.htm:2]**  Additionally, the company benefited from over **$18 million** of incremental **interest income** from its investments in treasury securities.  **[CPRT_3389649_3]**  A **lower effective tax rate** of **19.1%** also contributed to boosting net income, along with a **4% increase in GAAP operating income** reaching **$437 million**.  **[CPRT_3389649_3]**  These combined factors led to the large increase in net income during Q3 2024.  **[0000900075-24-000011_cprt4302024ex99-1.htm:0]** **[0000900075-24-000014_cprt-20240430.htm:2]** 

Why was Net Income so high in Q3 2024?

The **Cost of Vehicle Sales** in **Q1 2025** was notably lower due to a sizeable reduction in the **International segment**. Specifically, the international cost decreased by **$14.0 million** (or **18.4%** down) after excluding currency fluctuations of **$2.1 million**, driven primarily by a **lower average purchase price** caused by a change in the vehicle mix, despite an increase in volume. In contrast, the **United States segment** saw an increase of **$4.3 million** (or **5.9%**) largely due to higher volume, which was partly offset by a lower average purchase price. Overall, these factors led to an aggregate reduction of approximately **$9.7 million** (or **6.6%**) in total costs in Q1 2025.  **[0000900075-24-000030_cprt-20241031.htm:29]** 

Why was Cost of Vehicle Sales so low in Q1 2025?

The shift to a positive **Other Expense, Net** in Q4 2024 was primarily due to **higher interest income earned from U.S. Treasury Bills**, which significantly boosted **total other income** for the quarter.  **[0000900075-24-000030_cprt-20241031.htm:30]** **[0000900075-24-000027_cprt10312024ex99-1.htm:1]** 

Why did Other Expense, Net turn positive in Q4 2024?

In Q1 2025, overall vehicle sales were lower due to a combination of a modest overall decline (**$387,000 decrease; 0.2%**) and significant regional differences. While the U.S. experienced an increase in vehicle sales driven by volume gains (**$9.2 million increase; 11.7%**), the international market saw a marked decline, with sales dropping by **$9.6 million (11.6%)**. This international slowdown was primarily due to a lower average revenue per vehicle, impacted by reduced auction selling prices and a shift in the mix of vehicles sold, despite a positive currency fluctuation of **$2.6 million**.  **[0000900075-24-000030_cprt-20241031.htm:28]** 

Why were Vehicle Sales lower in Q1 2025?

4a50949219fd72757a59c6302577cb3124cdbf48a249a42f17d433677bacba0f

The lower operating cash flow in Q2 2022 appears to have been driven by working capital factors that partially offset healthy operating results. Specifically, while increased **service revenues** and **vehicle sales** helped boost cash receipts, the impact of **changes in operating assets and liabilities** was significant. In particular, a **decrease in funds received in accounts receivable** of **$41.6 million** worked in the company’s favor, but this was largely offset by an **increase in funds used to pay for vehicle pooling costs** of **$38.2 million** and a **decrease in funds used to pay accounts payable** of **$4.6 million**. This mix of cash inflows and outflows in working capital contributed to the relatively low operating cash flow in Q2 2022.  **[0000900075-22-000015_cprt-20220131.htm:34]** 

Why was Operating Cash Flow so low in Q2 2022?

In Q1 2023, **Proceeds from Sale of Property and Equipment** increased to **$185,813,000 compared to a net cash used in investing activities of $(63,883,000) in the previous period**. However, the documents do not provide specific details or reasons driving this surge in proceeds.  **[0000900075-22-000065_cprt-20221031.htm:3]** 

What drove the surge in Proceeds from Sale of Property and Equipment in Q1 2023?

The negative net increase in cash in Q2 2022 was mainly driven by **substantial cash outflows in investing activities**—primarily due to significant purchases of **held-to-maturity securities and property and equipment**—and was further compounded by **lower cash inflows from financing activities**, which saw reduced proceeds from the exercise of stock options and other activities. Although operating activities did provide strong cash inflows, they were not sufficient to offset these larger outflows, resulting in a negative overall net increase in cash.  **[0000900075-22-000015_cprt-20220131.htm:33]** **[0000900075-22-000005_cprt01312022ex99-1.htm:4]** **[0000900075-22-000012_cprt01312022ex99-1.htm:4]** 

What factors contributed to the negative Net Increase in Cash in Q2 2022?

The dramatic turnaround in Financing Activities for Q4 2022 was primarily driven by several key factors. First, **100% of the Senior Notes were retired** under the Note Purchase Agreement, resulting in significant principal payments on long‑term debt of **$416,759 thousand**. Additionally, there was a decrease in proceeds from stock option exercises, dropping to **$28,108 thousand** from **$39,049 thousand** year‑over‑year, along with lower payments for employee stock‑based tax withholdings, which fell to **$1,925 thousand** from **$6,145 thousand**. These factors combined led to a net cash use in financing of **$(382,693) thousand** in fiscal 2022 compared to a provision of **$40,922 thousand** in the previous period.  **[0000900075-22-000050_cprt-20220731.htm:97]** **[0000900075-22-000050_cprt-20220731.htm:64]** **[0000900075-22-000050_cprt-20220731.htm:65]** 

What caused the dramatic turnaround in Financing Activities from Q4 2022?

beda8560f38a153a4567ec8dfb66f46c816234482b3dc42e0e904902e5566c1f

- Service Revenues

- Vehicle Sales

- Total Revenue

- United Kingdom

- Other

b55caafcec69810a4015d3e08aecfaa6e3ef1999d984640dce2010e47f77bff2

Depreciation and Amortization, Including Debt Cost (USD, thousands)

Equity in Losses (Earnings) of Unconsolidated Affiliates (USD, thousands)

Gain on Sale of Property and Equipment (USD, thousands)

Net Cash Provided by Operating Activities (USD, thousands)

Purchases of Property and Equipment (USD, thousands)

Proceeds from Sale of Property and Equipment (USD, thousands)

Net Cash Used in Investing Activities (USD, thousands)

Proceeds from the Exercise of Stock Options (USD, thousands)

Payments for Employee Stock-Based Tax Withholdings (USD, thousands)

Payments of Finance Lease Obligations (USD, thousands)

Net Cash Provided by Financing Activities (USD, thousands)

Effect of Foreign Currency Translation (USD, thousands)

Net Increase in Cash, Cash Equivalents, and Restricted Cash (USD, thousands)

Interest Paid (USD, thousands)

Income Taxes Paid, Net of Refunds (USD, thousands)

Purchases of Assets and Liabilities in Connection with Acquisitions (USD, thousands)

Net Cash (Used in) Provided by Financing Activities (USD, thousands)

Allowance for Credit Loss (USD, thousands)

Deferred Income Taxes (USD, thousands)

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period (USD, thousands)

Cash, Cash Equivalents, and Restricted Cash at End of Period (USD, thousands)

Investment in Unconsolidated Affiliate (USD, thousands)

edd7e6f797fa7c9713ea751e57087f1f1d838592ae9593b92711024ec61cf856

Copart Inc (CPRT)

Financials