Copart, Inc. (CPRT) Q3 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Please stand by. Good day, everyone, and welcome to the Copart Incorporated third 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. Welcome, and thank you for joining us for our call today. We're pleased to report the results of our third quarter fiscal year 2026. I'll begin with some brief remarks on our insurance business before passing the call to Leah to provide a summary of our financial results. We'll then take your questions. On our insurance business, first, for the third quarter of 2026, our global insurance unit sales declined 2.7% or 1.9%, excluding the effect of catastrophic volumes from a year ago. Our U.S. insurance unit volume for the same period declined 4.2% or just over 3%, excluding the effect of those same catastrophic units. We believe the long-term growth algorithm for our insurance business remains very much intact, that over many years we've observed m...