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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
May 16, 2024
Date of Report (date of earliest event reported)
COPART, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-23255
94-2867490
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
14185 Dallas ParkwaySuite 300
Dallas
Texas
75254
(Address of principal executive offices, including zip code)
(972) 391-5000
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001CPRTThe NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




INFORMATION INCLUDED IN THIS REPORT
Section 2 — Financial Information
Item 2.02 Results of Operations and Financial Condition
The following information and the exhibit attached hereto as Exhibit 99.1 are intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information and the exhibit attached hereto as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing, except as shall be expressly set forth by specific reference in such filing.
On May 16, 2024, Copart, Inc. issued a press release announcing its financial results for the third quarter of fiscal year 2024, which ended April 30, 2024. The full text of the press release is furnished herewith as Exhibit 99.1.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are furnished herewith:
Exhibit
Number		Description
Press release, dated May 16, 2024 of Copart, Inc. announcing its financial results for the third quarter of fiscal year 2024, which ended April 30, 2024.
104Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:     May 16, 2024                 COPART, INC.
By: /s/ LEAH STEARNS
Leah Stearns, Chief Financial Officer
(Principal Financial and Accounting Officer and duly Authorized Officer)



INDEX TO EXHIBITS
Exhibit
Number		Description
Press release, dated May 16, 2024 of Copart, Inc. announcing its financial results for the third quarter of fiscal year 2024, which ended April 30, 2024.
104Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).



Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports Third Quarter Fiscal 2024 Financial Results
Dallas, Texas May 16, 2024 — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2024.
For the three months ended April 30, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $1.13 billion, $525.5 million, and $382.3 million, respectively. These represent an increase in revenue of $105.4 million, or 10.3%; an increase in gross profit of $42.1 million, or 8.7%; and an increase in net income attributable to Copart, Inc. of $31.9 million, or 9.1%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.39 compared to $0.36 last year, an increase of 8.3%.
For the nine months ended April 30, 2024, revenue, gross profit, and net income attributable to Copart, Inc. were $3.17 billion, $1.5 billion, and $1.0 billion, respectively. These represent an increase in revenue of $295.9 million, or 10.3%; an increase in gross profit of $174.3 million, or 13.6%; and an increase in net income attributable to Copart, Inc. of $150.5 million, or 16.9%, respectively, from the same period last year. Fully diluted earnings per share for the nine months were $1.07 compared to $0.92 last year, an increase of 16.3%.
On Thursday, May 16, 2024, at 5:30 p.m. Eastern Time (4:30 p.m. Central Time), Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live and can be accessed via hyperlink at www.copart.com/investorrelations. A replay of the call will be available through September 2024 by visiting www.copart.com/investorrelations.
About Copart
Founded in 1982, Copart is a global leader in online vehicle auctions. Copart's innovative technology and online auction platforms connect vehicle consigners to approximately 1 million members in over 185 countries. Copart offers remarketing services to process and sell vehicles to insurance companies, financial institutions, dealers, rental car companies, charities, fleet operators, and individuals, and offers vehicles via auction to dealers, dismantlers, rebuilders, exporters, and the general public. With operations at over 250 locations in 11 countries, Copart sold more than 4 million units in the last year. Copart currently operates in the United States (Copart.com), Canada (Copart.ca), the United Kingdom (Copart.co.uk), Brazil (Copart.com.br), the Republic of Ireland (Copart.ie), Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For more information, or to become a Member, visit Copart.com/register.
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Copart, Inc.
Cautionary Note About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the “Management’s Discussion and Analysis” and the other risks identified in Copart’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.
Contact:Copart Investor Relations
investor.relations@copart.com


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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Copart, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended 
April 30,		Nine Months Ended 
April 30,
20242023% Change20242023% Change
Service revenues and vehicle sales:
Service revenues$946,630 $847,249 11.7 %$2,667,911 $2,363,886 12.9 %
Vehicle sales180,629 174,582 3.5 %499,913 508,041 (1.6)%
Total service revenues and vehicle sales1,127,259 1,021,831 10.3 %3,167,824 2,871,927 10.3 %
Operating expenses:   
Yard operations391,256 343,617 13.9 %1,125,440 1,020,674 10.3 %
Cost of vehicle sales162,881 159,443 2.2 %457,596 465,282 (1.7)%
Yard depreciation and amortization45,800 33,090 38.4 %126,111 101,520 24.2 %
Yard stock-based compensation1,817 2,251 (19.3)%5,001 5,038 (0.7)%
Gross profit525,505 483,430 8.7 %1,453,676 1,279,413 13.6 %
General and administrative76,169 52,395 45.4 %206,457 144,772 42.6 %
General and administrative depreciation and amortization4,932 4,281 15.2 %13,047 13,323 (2.1)%
General and administrative stock-based compensation7,201 7,830 (8.0)%21,693 25,366 (14.5)%
Total operating expenses690,056 602,907 14.5 %1,955,345 1,775,975 10.1 %
Operating income437,203 418,924 4.4 %1,212,479 1,095,952 10.6 %
Other income (expense):   
Interest income, net36,218 17,878 102.6 %102,179 36,780 177.8 %
Other (expense) income, net(1,309)3,628 (136.1)%(8,484)(2,096)304.8 %
Total other income 34,909 21,506 62.3 %93,695 34,684 170.1 %
Income before income taxes472,112 440,430 7.2 %1,306,174 1,130,636 15.5 %
Income tax expense90,002 89,999 — %266,005 240,680 10.5 %
Net income382,110 350,431 9.0 %1,040,169 889,956 16.9 %
Less: Net loss attributable to noncontrolling interest(181)— 100.0 %(284)— 100.0 %
Net income attributable to Copart, Inc.$382,291 $350,431 9.1 %$1,040,453 $889,956 16.9 %
Basic net income per common share$0.40 $0.37 8.1 %$1.08 $0.93 16.1 %
Weighted average common shares outstanding961,813 953,574 0.9 %960,143 952,834 0.8 %
Diluted net income per common share$0.39 $0.36 8.3 %$1.07 $0.92 16.3 %
Diluted weighted average common shares outstanding976,445 967,380 0.9 %974,226 965,436 0.9 %

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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Copart, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
April 30, 2024July 31, 2023
ASSETS
Current assets:
Cash, cash equivalents, and restricted cash$1,089,995 $957,395 
Investment in held to maturity securities 2,000,334 1,406,589 
Accounts receivable, net822,650 702,038 
Vehicle pooling costs125,001 123,725 
Inventories46,764 39,973 
Income taxes receivable23,402 6,574 
Prepaid expenses and other assets40,983 26,310 
Total current assets4,149,129 3,262,604 
Property and equipment, net3,073,090 2,844,339 
Operating lease right-of-use assets108,859 108,139 
Intangibles, net76,786 62,702 
Goodwill511,372 394,289 
Other assets91,396 65,806 
Total assets$8,010,632 $6,737,879 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$506,795 $440,810 
Deferred revenue28,761 26,117 
Income taxes payable7,388 4,374 
Current portion of operating and finance lease liabilities20,475 21,468 
Total current liabilities563,419 492,769 
Deferred income taxes92,014 89,492 
Income taxes payable67,455 69,193 
Operating and finance lease liabilities, net of current portion91,131 88,082 
Long-term debt and other liabilities427 10,903 
Total liabilities814,446 750,439 
Commitments and contingencies
Redeemable non-controlling interest24,933 — 
Stockholders' equity:
Preferred stock— — 
Common stock96 96 
Additional paid-in capital1,102,684 938,910 
Accumulated other comprehensive loss(156,807)(141,006)
Retained earnings6,225,280 5,189,440 
Total stockholders' equity7,171,253 5,987,440 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$8,010,632 $6,737,879 
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Copart, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended April 30,
20242023
Cash flows from operating activities:
Net income$1,040,169 $889,956 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost139,178 115,320 
Allowance for credit loss2,513 1,480 
Equity in losses of unconsolidated affiliates2,580 5,446 
Stock-based compensation26,694 30,404 
Gain on sale of property and equipment(2,169)(965)
Deferred income taxes(3,093)(3,236)
Changes in operating assets and liabilities:
Accounts receivable(152,564)(115,098)
Vehicle pooling costs(1,784)(7,300)
Inventories(7,316)14,870 
Prepaid expenses, other current and non-current assets(39,815)(33,830)
Operating lease right-of-use assets and lease liabilities1,377 595 
Accounts payable, accrued liabilities and other liabilities40,305 30,314 
Deferred revenue2,660 5,516 
Income taxes receivable(16,846)49,430 
Income taxes payable1,454 22,731 
Net cash provided by operating activities1,033,343 1,005,633 
Cash flows from investing activities:
Purchases of property and equipment(373,104)(346,524)
Cash acquired in connection with acquisition17,662 — 
Proceeds from sale of property and equipment3,453 20,509 
Investment in held to maturity securities(2,478,505)— 
Proceeds from the sale of held to maturity securities1,915,000 — 
Investment in unconsolidated affiliate(1,000)(2,744)
Net cash used in investing activities(916,494)(328,759)
Cash flows from financing activities:
Proceeds from the exercise of stock options20,377 27,220 
Proceeds from the issuance of Employee Stock Purchase Plan shares5,957 5,363 
Payments for employee stock-based tax withholdings(4,613)(3,026)
Issuance of principal on revolver facility— 21,481 
Principal payments on revolver facility(10,818)— 
Payments of finance lease obligations(14)(18)
Net cash provided by financing activities10,889 51,020 
Effect of foreign currency translation4,862 2,053 
Net increase in cash, cash equivalents, and restricted cash132,600 729,947 
Cash, cash equivalents, and restricted cash at beginning of period957,395 1,384,236 
Cash, cash equivalents, and restricted cash at end of period$1,089,995 $2,114,183 
Supplemental disclosure of cash flow information:
Interest paid$1,946 $1,586 
Income taxes paid, net of refunds$255,268 $171,438 
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
v3.24.1.1.u2
Document and Entity Information Document
Feb. 22, 2024
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date May 16, 2024
Entity Registrant Name COPART, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 000-23255
Entity Tax Identification Number 94-2867490
Entity Address, Address Line One 14185 Dallas Parkway
Entity Address, Address Line Two Suite 300
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75254
City Area Code 972
Local Phone Number 391-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.0001
Trading Symbol CPRT
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000900075
Amendment Flag false
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