Copart, Inc. (CPRT) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone, and welcome to the Copart Incorporated third quarter fiscal 2025 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 federal security flaws. including management's current views with respect to trends, opportunities, and uncertainties in the company's markets. 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, 2024. and in 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. Welcome, and thank you for joining us. I'll begin with some remarks on our insurance business. including comments about our preparation for the 2025 CAT season before passing it to Leah to describe the results of our financial performance for the quarter. Starting with our insurance business, our global insurance volume remained relatively flat year over year with a nominal decline of 0.3% globally in unit sales and 0.9% in the United States. Accounting for the extra business day of leap year 2024, global insurance and U.S. insurance units sold grew by 1.3% and 0.6%, respectively. At the same time, total loss frequency continues to rise, as it has throughout the vast majority of the history of our industry. In the United States, total loss frequency reached 22.8% in...