CPRT - Copart Inc Stock Price, Fair Value and News

54.93USD+0.62 (+1.14%)Market Closed

Market Summary

USD54.93+0.62

Market Closed

1.14%

CPRT Alerts

1 major insider sales recently.

CPRT Stock Price

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CPRT RSI Chart

CPRT Valuation

Market Cap

52.2B

Price/Earnings (Trailing)

38.49

Price/Sales (Trailing)

12.86

EV/EBITDA

25.72

Price/Free Cashflow

60.97

CPRT Price/Sales (Trailing)

CPRT Profitability

EBT Margin

41.83%

Return on Equity

19.98%

Return on Assets

17.85%

Free Cashflow Yield

1.64%

CPRT Fundamentals

CPRT Revenue

Revenue (TTM)

4.1B

Rev. Growth (Yr)

6.63%

Rev. Growth (Qtr)

-0.03%

CPRT Earnings

Earnings (TTM)

1.4B

Earnings Growth (Yr)

10.88%

Earnings Growth (Qtr)

-2.07%

Breaking Down CPRT Revenue

Last 7 days

-0.1%

Last 30 days

-5.4%

Last 90 days

11.6%

Trailing 12 Months

38.3%

How does CPRT drawdown profile look like?

CPRT Financial Health

Current Ratio

7.13

Debt/Equity

7e-5

Debt/Cashflow

3.1K

CPRT Investor Care

Shares Dilution (1Y)

0.87%

Diluted EPS (TTM)

1.4

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2024	4.1B	0	0	0
2023	3.7B	3.8B	3.9B	4.0B
2022	3.2B	3.4B	3.5B	3.6B
2021	2.3B	2.5B	2.7B	2.9B
2020	2.2B	2.2B	2.2B	2.2B
2019	1.9B	1.9B	2.0B	2.1B
2018	1.6B	1.7B	1.8B	1.8B
2017	1.4B	1.4B	1.4B	1.5B
2016	1.2B	1.2B	1.3B	1.3B
2015	1.2B	1.2B	1.1B	1.1B
2014	1.1B	1.1B	1.2B	1.2B
2013	958.2M	1.0B	1.0B	1.1B
2012	905.7M	913.1M	925.1M	936.1M
2011	830.9M	847.3M	872.2M	885.2M
2010	758.0M	765.4M	772.9M	800.1M
2009	0	0	743.1M	750.5M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed S&P 500 Index

Grufity's Fair Value model takes all the S&P 500 stocks and divides them into separate buckets based on their attractiveness. The 'Very Cheap' bucket of S&P 500 has greatly outperformed S&P 500 Index. Conversely, S&P500 stocks considered 'Very Expensive' by the model underperformed the S&P500 index in the past three years. Grufity Fair Value is available for 2300+ stocks, including 90% of S&P 500 stocks. Grufity's Fair Value Model separates high-return stocks from low-return stocks.

Returns of $10,000 invested in:

Very Cheap Stocks: $17,289
S&P 500 Index: $12,922
Very Expensive Stocks: $11,022

Grufity's Fair Value model does a great job in separating High Performing Stocks from Low Performing ones in the S&P 500 list.

S&P 500 Index

Very Expensive Stocks

Very Cheap Stocks

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Tracking the Latest Insider Buys and Sells of Copart Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 28, 2024	adair a jayson	sold	-34,662,000	57.77	-600,000	executive chairman
Mar 14, 2024	tryforos thomas n	gifted	-	-	-33,651	-
Mar 13, 2024	tryforos thomas n	sold	-15,752,000	55.27	-285,000	-
Mar 13, 2024	tryforos thomas n	acquired	1,456,000	4.55	320,000	-
Feb 26, 2024	blunt matt	sold	-5,106,000	51.06	-100,000	-
Feb 26, 2024	blunt matt	acquired	2,508,380	25.0837	100,000	-
Jan 05, 2024	adair a jayson	gifted	-	-	-6,080	executive chairman
Jan 03, 2024	adair a jayson	gifted	-	-	-42,400	executive chairman
Jan 03, 2024	englander daniel j	acquired	1,459,200	4.56	320,000	-
Jan 03, 2024	englander daniel j	sold	-15,052,800	47.04	-320,000	-

Which funds bought or sold CPRT recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 23, 2024	WETZEL INVESTMENT ADVISORS, INC.	unchanged	-	469	4,469	-%
Apr 23, 2024	United Asset Strategies, Inc.	added	8.24	231,239	1,058,600	0.11%
Apr 23, 2024	Global Retirement Partners, LLC	reduced	-8.06	33,431	332,519	0.01%
Apr 23, 2024	Sugarloaf Wealth Management, LLC	added	4.75	748,339	3,890,660	0.81%
Apr 23, 2024	WASHINGTON TRUST Co	unchanged	-	549,936	3,570,880	0.13%
Apr 23, 2024	Venturi Wealth Management, LLC	reduced	-36.00	-4,473	13,902	-%
Apr 23, 2024	FIFTH THIRD BANCORP	reduced	-9.75	244,998	3,916,030	0.01%
Apr 23, 2024	Summit Trail Advisors, LLC	added	59.11	225,892	482,358	0.01%
Apr 23, 2024	MOODY LYNN & LIEBERSON, LLC	reduced	-0.3	72,936	481,547	0.03%
Apr 23, 2024	AMALGAMATED BANK	reduced	-17.05	-220,000	11,034,000	0.09%

Are Funds Buying or Selling CPRT?

Are funds buying CPRT calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own CPRT

No. of Funds

CPRT Alerts

1 major insider sales recently.

Unveiling Copart Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2024	johnson willis j	5.72%	54,895,628	SC 13G/A
Feb 13, 2024	vanguard group inc	10.32%	99,099,835	SC 13G/A
Jan 25, 2024	blackrock inc.	8.2%	78,680,472	SC 13G/A
Mar 01, 2023	copart inc	6.01%	28,678,168	SC 13G/A
Feb 09, 2023	vanguard group inc	10.08%	48,003,424	SC 13G/A
Feb 03, 2023	blackrock inc.	8.1%	38,372,242	SC 13G/A
Dec 12, 2022	vanguard group inc	10.02%	47,718,783	SC 13G/A
Feb 15, 2022	copart inc	6.50%	10	SC 13G/A
Feb 09, 2022	vanguard group inc	9.57%	22,698,015	SC 13G/A
Feb 01, 2022	blackrock inc.	8.2%	19,448,565	SC 13G/A

Recent SEC filings of Copart Inc

View All Filings

Date Filed	Form Type	Document
Apr 01, 2024	4	Insider Trading
Mar 28, 2024	144	Notice of Insider Sale Intent
Mar 15, 2024	4	Insider Trading
Mar 13, 2024	144	Notice of Insider Sale Intent
Mar 12, 2024	8-K	Current Report
Feb 28, 2024	4	Insider Trading
Feb 27, 2024	10-Q	Quarterly Report
Feb 26, 2024	144	Notice of Insider Sale Intent
Feb 22, 2024	8-K	Current Report
Feb 14, 2024	SC 13G/A	Major Ownership Report

Peers (Alternatives to Copart Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
ADP	101.4B	18.6B	-0.31%	14.56%	28.5	5.46	7.76%	13.08%
CTAS	67.6B	9.4B	4.21%	45.50%	44.97	7.18	9.34%	15.98%
CPRT	52.2B	4.1B	-5.42%	38.27%	38.49	12.86	10.52%	25.37%
EFX	27.7B	5.4B	-15.03%	11.71%	49.74	5.18	5.76%	-4.95%
BAH	18.9B	10.3B	-1.12%	51.29%	46.26	1.83	13.90%	-5.05%
ALLE	11.1B	3.7B	-5.34%	23.09%	20.57	3.04	11.58%	17.98%
MID-CAP
RHI	7.5B	6.4B	-10.08%	-1.85%	18.3	1.18	-11.68%	-37.51%
AL	5.7B	2.7B	5.63%	30.86%	9.21	2.11	15.87%	733.47%
SRCL	4.7B	2.7B	-3.97%	19.05%	-218.73	1.75	-1.68%	-137.70%
ABM	2.8B	8.2B	2.27%	6.00%	10.98	0.35	3.98%	33.49%
SMALL-CAP
AZZ	1.9B	2.7B	6.33%	110.13%	21.53	0.69	104.63%	175.67%
ALTG	385.5M	1.9B	-7.84%	-16.60%	43.31	0.21	19.40%	-4.30%
ARC	114.6M	281.2M	1.12%	-11.48%	13.92	0.41	-1.68%	-25.77%
AQMS	58.2M	1.1M	8.33%	-54.78%	-2.43	49.78	336.95%	-55.13%
AWX	8.8M	80.5M	-6.61%	-18.12%	-4.9	0.11	-0.82%	-207.00%

Copart Inc News

Latest updates

Copart Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Income Statement (Quarterly)																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Revenue	0.0%	1,020	1,020	998	1,022	957	893	883	940	867	810	749	734	617	593	526	550	575	554	543	553	485
Costs and Expenses	2.4%	640	625	607	603	591	582	559	567	520	480	447	406	359	344	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	447	406	359	344	320	355	365	349	350	346	320
S&GA Expenses	22.7%	84.00	69.00	67.00	65.00	61.00	58.00	57.00	64.00	56.00	55.00	56.00	53.00	49.00	48.00	45.00	48.00	50.00	49.00	50.00	44.00	43.00
EBITDA Margin	1.5%	0.49*	0.48*	0.46*	0.43*	0.42*	0.41*	0.42*	0.43*	0.44*	0.45*	0.45*	0.46*	-	-	-	-	-	-	-	-	-
Interest Expenses	6.1%	34.00	32.00	29.00	18.00	14.00	4.00	-2.66	-4.49	-4.43	-5.11	-5.02	-5.35	-4.85	-5.03	-4.80	-5.58	-4.46	-4.03	-32.79	5.00	5.00
Income Taxes	-6.1%	85.00	91.00	76.00	90.00	83.00	67.00	40.00	91.00	55.00	65.00	43.00	37.00	59.00	47.00	36.00	44.00	36.00	-16.10	34.00	11.00	34.00
Earnings Before Taxes	-3.0%	411	423	424	440	377	313	303	370	342	326	299	324	252	247	202	192	205	202	187	204	165
EBT Margin	0.4%	0.42*	0.42*	0.40*	0.38*	0.37*	0.37*	0.38*	0.40*	0.41*	0.41*	0.42*	0.41*	-	-	-	-	-	-	-	-	-
Net Income	-2.1%	326	333	348	350	294	246	264	279	287	260	256	287	193	200	166	147	169	218	153	193	131
Net Income Margin	0.8%	0.33*	0.33*	0.32*	0.31*	0.29*	0.30*	0.31*	0.32*	0.35*	0.34*	0.35*	0.34*	-	-	-	-	-	-	-	-	-
Free Cashflow	-81.8%	39.00	213	188	416	84.00	159	210	339	43.00	248	130	288	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Assets	3.6%	7,599	7,334	6,738	6,350	5,932	5,594	5,309	5,444	5,137	4,919	4,562	4,282	3,934	3,741	3,455	3,162	3,049	2,856	2,548	2,392	2,297
Current Assets	4.6%	3,748	3,585	3,263	3,001	2,639	2,365	2,202	2,457	2,189	2,040	1,703	1,499	1,225	1,138	964	794	732	744	687	614	628
Cash Equivalents	-51.3%	1,257	2,582	957	2,114	1,661	1,539	1,384	1,455	972	1,298	1,048	912	616	606	478	306	94.00	181	186	103	108
Inventory	0.4%	43.00	43.00	40.00	45.00	52.00	54.00	59.00	57.00	53.00	48.00	45.00	39.00	30.00	28.00	20.00	20.00	19.00	19.00	21.00	22.00	28.00
Net PPE	3.4%	3,043	2,944	2,844	2,711	2,656	2,582	2,486	2,403	2,376	2,319	2,297	2,228	2,175	2,072	1,942	1,838	1,789	1,546	1,428	1,341	1,237
Goodwill	1.9%	511	501	394	407	404	395	402	348	353	354	356	348	347	343	344	338	338	337	333	338	338
Liabilities	-12.4%	786	897	750	757	719	741	683	1,091	1,047	1,125	1,033	1,033	992	1,030	966	881	924	929	769	773	837
Current Liabilities	-15.8%	526	624	493	507	488	504	441	449	418	492	421	413	371	408	356	287	343	323	282	297	372
Long Term Debt	-95.2%	0.00	9.00	11.00	22.00	2.00	2.00	2.00	403	404	409	398	398	403	412	397	404	400	400	400	399	399
LT Debt, Non Current	-	-	-	-	22.00	2.00	2.00	2.00	403	404	409	398	398	-	-	397	-	-	-	-	-	-
Shareholder's Equity	22.9%	6,788	5,521	5,987	5,592	5,214	4,853	4,626	4,353	4,090	3,794	3,529	3,249	2,943	2,711	2,490	2,281	2,125	1,927	1,778	1,619	1,460
Retained Earnings	5.9%	5,845	5,521	5,189	4,843	4,495	4,202	3,956	3,694	3,415	3,128	2,868	2,617	2,331	2,138	1,938	1,774	1,627	1,458	1,338	1,186	1,037
Additional Paid-In Capital	1.9%	1,087	1,067	939	901	875	850	838	812	798	777	762	734	718	702	673	646	618	588	573	546	530
Shares Outstanding	0.1%	961	960	957	954	952	952	952	949	949	948	945	944	-	-	-	-	-	-	-	-	-
Minority Interest	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Float	-	-	-	-	-	28,538	-	-	-	27,584	-	-	-	22,943	-	-	-	20,623	-	-	-	9,986

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Cashflow From Operations	-56.9%	161,793	375,246	358,577	505,800	188,274	311,559	312,829	417,306	134,008	312,540	228,686	369,164	134,508	258,533	266,917	294,048	144,462	212,458	193,150	238,292	107,521
Share Based Compensation	12.5%	9,359	8,317	9,269	10,081	10,131	10,192	10,033	9,818	9,662	9,452	13,777	9,367	8,865	8,913	6,093	5,555	6,141	5,533	5,845	5,650	5,929
Cashflow From Investing	-220.0%	-1,483,005	1,235,325	-1,563,290	-86,390	-89,899	-152,470	15,260	72,713	-466,400	-63,883	-101,670	-80,711	-136,263	-146,822	-112,363	-90,132	-267,203	-131,510	-114,114	-122,914	-57,713
Cashflow From Financing	-112.9%	-959	7,407	15,595	35,686	14,575	759	-401,271	2,484	10,928	5,166	9,113	5,226	7,385	19,198	15,166	8,693	37,461	-88,734	12,525	-119,826	-264,230
Buy Backs	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	364,997

CPRT Income Statement

2024-01-31

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Total service revenues and vehicle sales	$ 1,020,149	$ 956,724	$ 2,040,565	$ 1,850,096
Operating expenses:
Yard operations	409,178	375,497	817,679	748,274
Cost of vehicle sales	146,819	154,727	294,715	305,839
General and administrative	84,252	60,975	152,895	118,955
Total operating expenses	640,249	591,199	1,265,289	1,173,068
Operating income	379,900	365,525	775,276	677,028
Other income (expense):
Interest income, net	33,956	14,480	65,961	18,902
Other expense, net	(3,103)	(2,902)	(7,175)	(5,724)
Total other income	30,853	11,578	58,786	13,178
Income before income taxes	410,753	377,103	834,062	690,206
Income tax expense	85,226	83,426	176,003	150,681
Net income	325,527	293,677	658,059	539,525
Less: Net income/(loss) attributable to redeemable noncontrolling interest	(108)	0	(103)	0
Net income attributable to Copart, Inc.	$ 325,635	$ 293,677	$ 658,162	$ 539,525
Basic net income per common share (in dollars per share)	$ 0.34	$ 0.31	$ 0.69	$ 0.57
Weighted average common shares outstanding (in shares)	960,525	952,752	959,326	952,474
Diluted net income per common share (in dollars per share)	$ 0.33	$ 0.30	$ 0.68	$ 0.56
Diluted weighted average common shares outstanding (in shares)	974,589	965,072	973,135	964,476
Service revenues
Total service revenues and vehicle sales	$ 861,745	$ 789,797	$ 1,721,281	$ 1,516,637
Vehicle sales
Total service revenues and vehicle sales	$ 158,404	$ 166,927	$ 319,284	$ 333,459

CPRT Balance Sheet

2024-01-31

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 31, 2024	Jul. 31, 2023
Current assets:
Cash, cash equivalents, and restricted cash	$ 1,256,948	$ 957,395
Investment in held to maturity securities	1,411,122	1,406,589
Accounts receivable, net	846,357	702,038
Vehicle pooling costs	137,907	123,725
Inventories	42,812	39,973
Income taxes receivable	17,030	6,574
Prepaid expenses and other assets	36,310	26,310
Total current assets	3,748,486	3,262,604
Property and equipment, net	3,042,711	2,844,339
Operating lease right-of-use assets	112,838	108,139
Intangibles, net	84,049	62,702
Goodwill	510,563	394,289
Other assets	99,873	65,806
Total assets	7,598,520	6,737,879
Current liabilities:
Accounts payable and accrued liabilities	473,856	440,810
Deferred revenue	26,204	26,117
Income taxes payable	4,740	4,374
Current portion of operating and finance lease liabilities	21,223	21,468
Total current liabilities	526,023	492,769
Deferred income taxes	94,140	89,492
Income taxes payable	71,314	69,193
Operating and finance lease liabilities, net of current portion	93,876	88,082
Long-term debt and other liabilities	453	10,903
Total liabilities	785,806	750,439
Commitments and contingencies
Redeemable non-controlling interest	25,114	0
Stockholders’ equity:
Preferred stock: $0.0001 par value - 5,000,000 shares authorized; none issued	0	0
Common stock: $0.0001 par value - 1,600,000,000 shares authorized; 961,311,496 and 957,344,162 shares issued and outstanding, respectively.	96	96
Additional paid-in capital	1,087,345	938,910
Accumulated other comprehensive loss	(145,279)	(141,006)
Retained earnings	5,845,438	5,189,440
Total stockholders’ equity	6,787,600	5,987,440
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$ 7,598,520	$ 6,737,879

About Copart Inc

Copart, Inc. provides online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, Brazil, the Republic of Ireland, Germany, Finland, the United Arab Emirates, Oman, Bahrain, and Spain. It offers a range of services for processing and selling vehicles over the internet through its virtual bidding third generation internet auction-style sales technology to vehicle sellers, insurance companies, banks and finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. The company's services include online seller access, salvage estimation, estimating, end-of-life vehicle processing, transportation, vehicle inspection stations, on-demand reporting, title processing and procurement, loan payoff, flexible vehicle processing programs, buy it now, member network, sales process, and dealer services. Its services also comprise services to sell vehicles through CashForCars.com; Copart Recycling service, which allows the public to purchase parts from salvaged and end-of-life vehicles; copart 360, an online technology for posting vehicle images; membership tiers for those registering to buy vehicles through Copart.com; and virtual queue to secure a place in line while visiting one of its locations. The company sells its products principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, and exporters, as well as to the public. Copart, Inc. was incorporated in 1982 and is headquartered in Dallas, Texas.

CEO	Mr. A. Jayson Adair
WEBSITE	copart.com
INDUSTRY	Information Technology Services
EMPLOYEES	9500

Copart Inc Frequently Asked Questions

What is the ticker symbol for Copart Inc? What does CPRT stand for in stocks?

CPRT is the stock ticker symbol of Copart Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Copart Inc (CPRT)?

As of Tue Apr 23 2024, market cap of Copart Inc is 52.21 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of CPRT stock?

You can check CPRT's fair value in chart for subscribers.

What is the fair value of CPRT stock?

You can check CPRT's fair value in chart for subscribers. The fair value of Copart Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Copart Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for CPRT so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Copart Inc a good stock to buy?

The fair value guage provides a quick view whether CPRT is over valued or under valued. Whether Copart Inc is cheap or expensive depends on the assumptions which impact Copart Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for CPRT.

What is Copart Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Tue Apr 23 2024, CPRT's PE ratio (Price to Earnings) is 38.49 and Price to Sales (PS) ratio is 12.86. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. CPRT PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Copart Inc's stock?

In the past 10 years, Copart Inc has provided 0.284 (multiply by 100 for percentage) rate of return.