For Immediate Release

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.

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.

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.

(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 and amortization						5,236						4,054						29.2		%				11,386						8,115						40.3		%
General and administrative stock-based compensation						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 to noncontrolling 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 shares outstanding						977,910						974,589						0.3		%				977,208						973,135						0.4		%

(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

(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					$	—