In This Story
Copart, Inc. has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in service revenues to $986,336,000 from $859,536,000 in the same quarter the previous year. The increase is attributed to higher volumes and revenue per car in both U.S. and international markets.
Vehicle sales revenue slightly decreased to $160,493,000 from $160,880,000, with a noted increase in the U.S. offset by a decrease in international sales.
Facility operations expenses rose to $496,546,000 from $408,501,000, driven by increased volumes and costs associated with hurricanes Helene and Milton.
General and administrative expenses increased to $105,738,000 from $68,643,000, primarily due to higher labor costs, advertising, and professional services.
Net income for the quarter was $361,176,000, up from $332,532,000 in the previous year. The effective income tax rate was 20.0%, compared to 21.4% in the previous year.
Cash provided by operating activities was $482,274,000, while cash used in investing activities was $1,702,228,000, primarily due to capital expenditures and the maturity of held-to-maturity securities.
Copart had $3,698,118,000 in cash, cash equivalents, and restricted cash as of October 31, 2024, an increase from $1,514,111,000 at the start of the quarter.
The filing also details the acquisition of an 80% controlling interest in Purple Wave, Inc. (CPRT+0.89%), an online offsite heavy equipment auction company.
Copart continues to focus on expanding its operations internationally, with new facilities opened in the U.S., U.K., Spain, and Canada during the quarter.
The company is subject to an ongoing investigation by the U.S. Department of Justice regarding potential violations of money laundering laws.
Copart's stock repurchase program remains active, with 326 million shares available for repurchase under the current authorization.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Copart Inc. quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.