Earnings release
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Exhibit 99.1 Copart, Inc. For Immediate Release Copart Reports Second Quarter Fiscal 2025 Financial Results Dallas, Texas February 20, 2025 — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended January 31, 2025. For the three months ended January 31, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $1.16 billion, $525.6 million, and $387.4 million, respectively. These represent an increase in revenue of $143.2 million, or 14.0%; an increase in gross profit of $61.4 million, or 13.2%; and an increase in net income attributable to Copart, Inc. of $61.8 million, or 19.0%, respectively, from the same period last year. Fully diluted earnings per share for three months ended January 31, 2025 was $0.40 compared to $0.33 last year, an increase of 21.2%. For the six months ended January 31, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $2.31 billion, $1.0 billion, and $749.5 million, respectively. These represent an increase in revenue of $269.6 million, or 13.2%; an increase in gross profit of $109.5 million, or 11.8%; and an increase in net income attributable to Copart, Inc. of $91.3 million, or 13.9%, respectively, from the same period last year. Fully diluted earnings per share for the six months ended January 31, 2025 was $0.77 compared to $0.68 last year, an increase of 13.2%. On Thursday, February 20, 2025, at 5:30 p.m. Eastern Time (4:30 p.m. Central Time), Copart, Inc. 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/investorrelation. A replay of the call will be available through May 2025 by visiting www.copart.com/investorrelation. About Copart Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform connect vehicle consignors to approximately 1 million members in over 185 countries. Copart offers a comprehensive suite of vehicle remarketing services 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. - 1 - Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
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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 - 2 - Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
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Copart, Inc. Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited) Three Months Ended January 31, Six Months Ended January 31, 2025 2024 % Change 2025 2024 % Change Service revenues and vehicle sales: Service revenues $ 991,281 $ 861,745 15.0 % $ 1,977,617 $ 1,721,281 14.9 % Vehicle sales 172,035 158,404 8.6 % 332,528 319,284 4.1 % Total service revenues and vehicle sales 1,163,316 1,020,149 14.0 % 2,310,145 2,040,565 13.2 % Operating expenses: Facility operations 439,274 366,342 19.9 % 886,519 734,184 20.7 % Cost of vehicle sales 147,707 146,819 0.6 % 285,885 294,715 (3.0)% Facility depreciation and amortization 48,963 41,208 18.8 % 96,440 80,311 20.1 % Facility stock-based compensation 1,819 1,628 11.7 % 3,643 3,184 14.4 % Gross profit 525,553 464,152 13.2 % 1,037,658 928,171 11.8 % General and administrative 86,608 72,657 19.2 % 177,605 130,288 36.3 % General and administrative depreciation andamortization 5,236 4,054 29.2 % 11,386 8,115 40.3 % General and administrative stock-basedcompensation 7,498 7,541 (0.6)% 16,089 14,492 11.0 % Total operating expenses 737,105 640,249 15.1 % 1,477,567 1,265,289 16.8 % Operating income 426,211 379,900 12.2 % 832,578 775,276 7.4 % Other income (expense): Interest income, net 40,747 33,956 20.0 % 86,294 65,961 30.8 % Other (expense), net (3,907) (3,103) 25.9 % (4,503) (7,175) (37.2)% Total other income 36,840 30,853 19.4 % 81,791 58,786 39.1 % Income before income taxes 463,051 410,753 12.7 % 914,369 834,062 9.6 % Income tax expense 76,510 85,226 (10.2)% 166,652 176,003 (5.3)% Net income 386,541 325,527 18.7 % 747,717 658,059 13.6 % Less: Net (loss)/income attributable tononcontrolling interest (859) (108) 695.4 % (1,769) (103) 1617.5 % Net income attributable to Copart, Inc. $ 387,400 $ 325,635 19.0 % $ 749,486 $ 658,162 13.9 % Basic net income per common share $ 0.40 $ 0.34 17.6 % $ 0.78 $ 0.69 13.0 % Weighted average common shares outstanding 964,746 960,525 0.4 % 963,961 959,326 0.5 % Diluted net income per common share $ 0.40 $ 0.33 21.2 % $ 0.77 $ 0.68 13.2 % Diluted weighted average common sharesoutstanding 977,910 974,589 0.3 % 977,208 973,135 0.4 % - 3 - Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
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Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) January 31, 2025 July 31, 2024 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 3,338,909 $ 1,514,111 Investment in held to maturity securities 458,542 1,908,047 Accounts receivable, net 882,745 785,877 Vehicle pooling costs 142,815 132,638 Inventories 59,072 43,639 Income taxes receivable 48,240 — Prepaid expenses and other assets 36,460 33,872 Total current assets 4,966,783 4,418,184 Property and equipment, net 3,462,768 3,175,838 Operating lease right-of-use assets 114,839 116,301 Intangibles, net 68,083 74,088 Goodwill 509,670 513,909 Other assets 65,204 129,444 Total assets $ 9,187,347 $ 8,427,764 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 562,205 $ 518,148 Deferred revenue 26,892 28,121 Income taxes payable 17,844 60,994 Current portion of operating and finance lease liabilities 22,696 21,304 Total current liabilities 629,637 628,567 Deferred income taxes 92,886 93,653 Income taxes payable 44,091 59,560 Operating and finance lease liabilities, net of current portion 96,701 97,429 Total liabilities 863,315 879,209 Commitments and contingencies Redeemable non-controlling interest 22,775 24,544 Stockholders' equity: Preferred stock — — Common stock 97 96 Additional paid-in capital 1,179,816 1,120,985 Accumulated other comprehensive loss (171,560) (142,972) Retained earnings 7,292,904 6,545,902 Total stockholders' equity 8,301,257 7,524,011 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 9,187,347 $ 8,427,764 - 4 - Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
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Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended January 31, 2025 2024 Cash flows from operating activities: Net income $ 747,717 $ 658,059 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 109,122 88,485 Allowance for credit loss 1,056 3,702 Equity in losses of unconsolidated affiliates (61) (5,402) Stock-based compensation 19,732 17,676 Gain on sale of property and equipment (194) (971) Deferred income taxes 47 (2,103) Changes in operating assets and liabilities: Accounts receivable (133,024) (169,508) Vehicle pooling costs (10,675) (14,387) Inventories (16,175) (2,994) Prepaid expenses, other current and non-current assets 4,976 (35,040) Operating lease right-of-use assets and lease liabilities 614 865 Accounts payable, accrued liabilities and other liabilities 44,765 6,556 Deferred revenue (1,066) (13) Income taxes receivable (48,239) (10,463) Income taxes payable (58,194) 2,577 Net cash provided by operating activities 660,401 537,039 Cash flows from investing activities: Purchases of property and equipment (353,399) (285,289) Purchase of assets and liabilities in connection with acquisitions (1,213) 17,662 Proceeds from sale of property and equipment 662 2,069 Purchases of held to maturity securities (458,542) (1,411,122) Proceeds from held to maturity securities 1,940,000 1,430,000 Investment in unconsolidated affiliate — (1,000) Net cash provided by (used in) investing activities 1,127,508 (247,680) Cash flows from financing activities: Proceeds from the exercise of stock options 32,833 13,482 Proceeds from the issuance of Employee Stock Purchase Plan shares 7,404 5,961 Payments for employee stock-based tax withholdings (2,484) (2,164) Principal payments on revolver facility — (10,820) Payments of finance lease obligations (40) (11) Net cash provided by financing activities 37,713 6,448 Effect of foreign currency translation (824) 3,746 Net increase in cash, cash equivalents, and restricted cash 1,824,798 299,553 Cash, cash equivalents, and restricted cash at beginning of period 1,514,111 957,395 Cash, cash equivalents, and restricted cash at end of period $ 3,338,909 $ 1,256,948 Supplemental disclosure of cash flow information: Interest paid $ 1,371 $ 2,036 Income taxes paid, net of refunds $ 277,051 $ 188,480 Purchase of property and equipment through settlement of deposit $ 57,453 $ — - 5 - Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000