Copart, Inc.

Please stand by. Good day, everyone, and welcome to the Copart, Inc. fourth 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, 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 and Executive Chairman, Jay Adair.

All right, thank you. Well, welcome, everyone, to the fourth quarter earnings call for 2026. I've got some prepared remarks that I'll talk to, and then I will turn it over to Leah Stearns, our CFO. and then we will open it up for questions. So I'll remind you that on the prior call, I talked about the three pillars of growth for Copart. We will continue to focus on international expansion on insurance. We'll continue to focus on whole car expansion domestically and then we'll continue to invest in technology and services that assist all of our customers. Additionally, we view the differentiators for Copart as one, we are a business that is that is run by founders and that has a founders mindset. We don't think in quarters or years, we think in decades, very long term. Number two, I would say liquidity. When you think about how our website functions, we are constantly focused on improving buyer activity. And I'll talk more about some of the buyer data that we've got, but that liquidity continues to be a differentiator. And then in the spirit, of acting like a startup. We are very fast. We're moving very quickly and we're bringing products and services to market in quarters, not in years. So we expect to have some of that coming out in the next four quarters. Looking at global unit sales, we were down across the company 2.9%. Domestically, that was down 5.7%. Internationally, we were up Global insurance units were down 4.2% with domestic insurance being down 7.5% and international insurance being up 11.2%.

With the exception of one single customer loss, domestic insurance assignments would be up 2.3%.