Copart Inc. Q4 FY2023 results: revenue $998 million, up 12.9% on the year

Copart Inc. (CPRT) reported revenue of $998 million for Q4 FY2023, the quarter ended 31 July 2023, up 12.9% on the same quarter a year earlier. Net income was $348 million, up 31.9% on the year. The figures are the company's own, from the 10-K it filed with the SEC on 28 September 2023.

Revenue$998 millionup 12.9%

Net income$348 millionup 31.9%

Diluted EPSn/a

QuarterQ4 FY2023ended 31 July 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	998	n/a	n/a	n/a
Operating income	391	n/a	n/a	n/a
Operating margin	39.2%	n/a	n/a
Pre-tax income	424	n/a	n/a	n/a
Income tax	75.9	n/a	n/a	n/a
Effective tax rate	17.9%	n/a	n/a
Net income	348	n/a	n/a	n/a
Net margin	34.9%	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	359	n/a	n/a	n/a
Capital expenditure	170	n/a	n/a	n/a
Free cash flow	188	n/a	n/a	n/a
Free cash flow margin	18.9%	n/a	n/a
Depreciation and amortisation	44.6	n/a	n/a	n/a
Share-based compensation	9.3	n/a	n/a	n/a
Diluted shares, weighted	967m	n/a	n/a	n/a
Shares outstanding at period end	957m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Total assets	6,738	n/a	n/a	n/a
Cash and equivalents	957	n/a	n/a	n/a
Receivables	702	n/a	n/a	n/a
Inventory	40.0	n/a	n/a	n/a
Goodwill	394	n/a	n/a	n/a
Long-term debt	11.0	n/a	n/a	n/a
Long-term debt including finance leases	10.9	n/a	n/a	n/a
Operating lease liabilities	88.1	n/a	n/a	n/a
Finance lease liabilities	0.0	n/a	n/a	n/a
Shareholders' equity	5,987	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	998	1,020	1,020	1,127	1,069	1,147	1,163	1,212	1,125	1,155	1,122	1,237
Operating income	391	395	380	437	360	406	426	452	413	431	389	464
Operating margin	39%	39%	37%	39%	34%	35%	37%	37%	37%	37%	35%	38%
Pre-tax income	424	423	411	472	408	451	463	503	478	487	441	502
Tax rate	18%	21%	21%	19%	21%	20%	17%	19%	17%	17%	21%	20%
Net income	348	333	326	382	323	362	387	407	396	404	351	402
Net margin	35%	33%	32%	34%	30%	32%	33%	34%	35%	35%	31%	33%
Diluted EPS	n/a	$0.34	$0.33	$0.39	$0.34	$0.37	$0.40	$0.42	$0.40	$0.41	$0.36	$0.43
Operating cash flow	359	375	162	496	439	482	178	701	438	535	128	584
Capital expenditure	170	162	123	87.8	138	237	174	70.5	87.6	108	69.6	80.9
Free cash flow	188	213	38.8	408	301	246	4.0	630	351	427	57.9	503
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1,414
Shares outstanding	957m	960m	961m	962m	963m	964m	966m	967m	967m	968m	963m	926m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 July 2023, filed 28 September 2023, accession 0000900075-23-000034: the filing on EDGAR. All of Copart Inc.'s filings: EDGAR company page.

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