Copart, Inc. (NASDAQ:CPRT) Q3 2024 Results Conference Call May 16, 2024 5:30 PM ET

Company Participants

Jeff Liaw - Co-Chief Executive Officer
Leah Stearns - Chief Financial Officer

Conference Call Participants

Bob Labick - CJS Securities
Chris Bottiglieri - BNP Paribas
Alice Wycklendt - Baird
Bret Jordan - Jeffries
Jash Patwa - JPMorgan

Operator

Good day, everyone, and welcome to the Copart Incorporated Third Quarter Fiscal 2024 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 securities laws, 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, 2023, 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'll now turn the call over to the company's CEO, Jeff Liaw.

Jeff Liaw

Thank you. Good evening, and welcome, everyone, and thank you for joining us this evening. We're pleased to report our results for the third quarter of fiscal 2024. I'll provide some brief comments about the business before handing the call to Leah to review our financial results, and then she and I will take your questions.

First, turning to our Insurance business. We have recently concluded our 24th Annual U.S. Insurance Advisory Board Meeting in New York City. Every year, we gather in-person to solicit feedback from our clients about the opportunities and challenges they face, which in turn inform our service offerings, tech deployments and capital investment programs.

Some of the priorities we addressed this year included a range of levers available to them to address escalating claims cycle times and advance charges in particular. We discussed at length our best-in-class auction liquidity fueled by our exclusively online marketplace, which itself has been refined repeatedly, since its launch in 2003.

Our uniquely global buyer base and the auction intelligence that results from the application of machine learning tools to the data from literally billions of interactions with sellers and members that correspond with tens of millions of vehicles sold. And in the spirit of our shared success, we hosted this event to coincide with the celebration of our 30th anniversary as a public company and together with our clients, we rang the NASDAQ opening bell.