DALLAS, TX – Copart Inc . (NASDAQ:CPRT), a global leader in online vehicle auctions with a market capitalization of $60.36 billion, announced the results of its annual shareholder meeting held on December 6, 2024. According to InvestingPro analysis, the company maintains excellent financial health with a "GREAT" overall rating, supported by strong profitability metrics and robust balance sheet management. The company reported a strong turnout with approximately 91% of outstanding shares represented at the meeting.
During the meeting, shareholders voted on several key issues, including the election of directors and executive compensation. All nominees for the board of directors were re-elected to serve until the 2025 annual meeting. The directors re-elected include Willis J. Johnson, A. Jayson Adair, Matt Blunt, Steven D. Cohan, Daniel J. Englander, James E. Meeks, Thomas N. Tryforos, Diane M. Morefield, Stephen Fisher, Cherylyn Harley LeBon, Carl D. Sparks, and Jeffrey Liaw.
The advisory vote on executive compensation received approval, with a significant majority voting in favor of the pay packages for the named executive officers for the fiscal year ended July 31, 2024. The compensation details had been previously disclosed in the company's proxy statement.
Additionally, the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending July 31, 2025, was ratified by the shareholders.
Copart's commitment to corporate governance and management transparency was evident in the high rate of participation and the affirmative votes on all proposals. The company continues to engage its shareholders actively and uphold high standards of corporate governance practices.
In other recent news, Copart, Inc. reported a strong start to Fiscal 2025 with first-quarter results showcasing significant growth in unit sales and revenue. The company's global unit sales and inventory rose by 12% and 6%, respectively, and its U.S. business unit growth stood at 11%, with a 12% increase in insurance unit volume. Notably, global revenue reached $1.15 billion, a 12% increase, with service revenue up by 15%.
These recent developments also highlight Copart's operational resilience, demonstrated by its successful management of vehicle processing during hurricanes Helane and Milton. The company sold about a quarter of all assigned vehicles by the end of October.
Strategic investments are being made in physical capacity, technology, logistics, and Title Express services, with the company maintaining a strong financial position with $246 million in free cash flow and over $4.9 billion in liquidity.
Internationally, the business unit growth was nearly 16%, with international average selling prices (ASPs) up by nearly 7%. CEO Jeff Liao emphasized the expectation of ongoing organic industry growth, while CFO Leah Stearns projected significant growth in specialty equipment gross transaction value in the near term.
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