Total Revenue

+12% " "

Higher service revenue driven by increased volumes and improved pricing, along with stable market conditions in the salvage auction space. This reflects continued demand for salvage vehicles. " "

Service Revenue

+15% " "

Rising vehicle processing volumes and fee optimization boosted revenue per car, particularly in the U.S. and select international markets, underscoring the strength of Copart’s core operations. " "

US Service Revenue

+30% " "

Significant jump due to strong vehicle flows from insurance partners and new fee structures, highlighting the company’s success in adapting to U.S. market demands. " "

US Vehicle Sales

-12% " "

Reflects a shift in vehicle mix and reduced average selling prices, partially offset by stable demand for older and salvage vehicles; underscores a pivot toward service-oriented revenue streams. " "

COGS

-7% " " " "

Lower purchase costs and improved operational efficiencies reduced overall COGS, with favorable mix changes helping contain expenses amid moderate inflationary pressures. " " " "

Net Income

+9% " " " "

Increased service fees and cost discipline boosted profitability. The company also benefited from interest income on short-term investments, offsetting inflation-related impacts. " " " "

Diluted EPS

+9% " " " "

Higher net income combined with minimal share dilution led to EPS growth, reflecting sustained shareholder returns. Future expansion in core services could further enhance earnings. " " " "

Significant capital expenditures

Actively discussed in all previous quarters, emphasizing short-term margin pressure due to land and infrastructure investments but critical for scalability. " " " "

Focused on land, capacity, and technology with near-term margin impact but supporting long-term growth. "

Consistently mentioned, continues to be a key growth driver.

Increasing general and administrative expenses

Repeatedly noted in Q4, Q3, and Q2 2024, where third-party projects, consolidation of acquisitions, and platform investments led to ongoing profitability pressure. " " " " "

G&A rose by $37 million, driven by team expansions (legal, compliance, tech) but expected to partly recede in ~12 months. " "

Recurring theme, remains a headwind but with potential for future operating leverage.

Shift to consignment models

Not mentioned in Q4, Q3, or Q2 2024.

Discussed in Germany; viewed as a new strategy for better profitability, aligning auction outcomes with seller interests. "

New topic in Q1 2025, could be significant for profitability.

Varying performance in Dealer Services

In Q4 2024, dealer sales volume rose 9.5% " ; in Q3, up nearly 18%. " " " No specific info in Q2 [–].

Saw a <1% decline in Q1 2025 but improved in October; softness attributed to specific accounts. " "

Ongoing fluctuations, typically grows but had short-term softness in latest quarter.

Ongoing global expansion

Repeated expansions in Q4 (17% int’l growth), Q3 (broad global presence), Q2 (21% int’l growth). " " " " "

International unit growth ~16%; expansions in Germany (consignment shift), UK, Brazil, etc.. " " "

Consistent global push, remains a long-term growth engine.

Rising focus on non-insurance and specialty segments

Q4 featured double-digit growth in non-insurance (Dealer, Blue Car, Purple Wave) " " " " " ; Q3 and Q2 showed strong gains in these segments. " " " " " " " " " " "

Blue Car up >20%; Purple Wave outpacing equipment market; doubling specialty sales team. " "

Recurring expansion, increasingly central to future strategy.

Changing dynamics in total loss vehicle supply

Discussed each prior quarter (Q4, Q3, Q2) as a long-term upward trend balancing repair costs vs. car values. " " " "

Higher repair costs and advanced safety tech driving increased total loss frequency, above pre-pandemic levels. "

Consistently highlighted, remains a core driver of volume.

Storm and catastrophe mobilization expenses

In Q4, cited as necessary but yielding inconsistent returns. " " " Not specifically referenced in Q3 or Q2 [–].

$29 million in incremental hurricane costs; recognized as competitive advantage but also costly. " " " "

Mentioned intermittently, both a strength and cost concern.

Potential impact of rising ocean freight rates

Cited in Q2 2024 as possibly increasing export costs yet partly offset by backhaul discounts. " No mention in Q3 or Q4.

No mention in Q1 2025.

No longer mentioned after Q2 2024.

Short-term margin pressures from upfront investments

Repeated in Q4 (dealer, Blue Car infrastructure) " , Q3 (infrastructure, systems) " " , Q2 (less explicit). "

Not explicitly stated but implied via specialty team build-out and international capacity costs. " "

Recurring, remains a short-term headwind with long-term growth implications.