Copart, Inc. (CPRT) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Please stand by. Good day, everyone, and welcome to the Copart Incorporated second quarter fiscal 2026 earnings call. Just a reminder, today's conference is being recorded. Before turning the call over to management, I will share Copart's safe harbor statement. The company's comments today include forward-looking statements within the meaning of the federal securities laws, including management's current views with respect to trends, opportunities, and uncertainties in the company's industry. These forward-looking statements involve substantial risks and uncertainties. For more detail on the risks associated with the company's business, we refer you to the section titled Risk Factors in the company's annual report on Form 10-K for the year ended July 31, 2025 and each of the company's subsequent quarterly reports on Form 10-Q. Any forward-looking statements are made as of today, and the company has no obligation to update or revise any forward-looking statements. I will now turn the call over to the company's CEO, Jeff Liao. Thank you, Owen. Welcome and thank you for joining our second quarter fiscal year 2026 earnings call. I'll begin with some brief remarks on trends in our insurance business before passing the call to Leah to provide a summary of our financial results. We'll then be happy to take your questions. On our insurance business, for the second quarter, our global insurance units declined 9% or 4%, excluding the effect of catastrophic units from a year ago. Our US insurance units declined 10.7% for the same period or 4.8% excluding those catastrophic units. The underlying drivers of these changes remain consistent with what we've discussed on our prior calls. First, shifts in policies and force and exposure levels across insurance carriers who themselves ...