Copart Inc (CPRT) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Copart, Inc. Second Quarter Fiscal 2023 Earnings Call. Just a reminder, today's conference is being recorded.

大家好，歡迎來到 Copart, Inc. 2023 財年第二季度財報電話會議。提醒一下，今天的會議正在錄製中。

For opening remarks, I would like to turn the call over to Jeff Liaw, Co-CEO of Copart, Inc. Please go ahead, sir.

關於開場白，我想將電話轉給 Copart, Inc. 的聯席首席執行官 Jeff Liaw。請繼續，先生。

Thank you, Maria. Good morning, everyone, and welcome to our second quarter call, and thanks for joining us. I'll actually start briefly with the safe harbor.

謝謝你，瑪麗亞。大家早上好，歡迎來到我們的第二季度電話會議，感謝您加入我們。實際上，我將從安全港開始簡要介紹。

Good morning. During today's call, we'll discuss certain non-GAAP measures, including adjustments to income tax benefits related to stock-based compensation. We've provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures on our Investor Relations website and in our press release issued yesterday. We believe these non-GAAP measures, together with the corresponding GAAP measures, are relevant in analyzing our results and assessing our business trends and performance.

早上好。在今天的電話會議中，我們將討論某些非 GAAP 措施，包括調整與股票薪酬相關的所得稅福利。我們在我們的投資者關係網站和昨天發布的新聞稿中提供了這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬。我們認為，這些非 GAAP 措施以及相應的 GAAP 措施與分析我們的結果和評估我們的業務趨勢和績效有關。

In addition, our 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 our markets. These forward-looking statements involve substantial risks and uncertainties. For more detail on the risks associated with our business, we refer you to the section titled Risk Factors in our annual report on Form 10-K for the year ended July 31, 2022, and each of our subsequent quarterly reports on Form 10-Q. Any forward-looking statements are made as of today, and we have no obligation to update or revise any forward-looking statements.

此外，我們今天的評論包括聯邦證券法含義內的前瞻性陳述，包括管理層當前對我們市場趨勢、機遇和不確定性的看法。這些前瞻性陳述涉及重大風險和不確定性。有關與我們業務相關的風險的更多詳細信息，請參閱我們截至 2022 年 7 月 31 日止年度的 10-K 表格年度報告以及我們隨後的 10-Q 表格季度報告中標題為風險因素的部分.任何前瞻性陳述都是截至今天作出的，我們沒有義務更新或修改任何前瞻性陳述。

With that, I wanted to start today by introducing our new Chief Financial Officer, Leah Stearns, who will provide additional data and context in a few minutes as well. We're very excited to have her join the leadership team here at Copart after an expansive search. We hired Leah for the richness and relevance of her prior experience both at CBRE and American Tower, 2 industry leaders and public companies in their own right. She has experience with institutional customers, complex regulatory environments, real estate certainly as well and brings exceptional analytical capabilities and leadership skills as well. So we're very quite excited to have her on board.

因此，我想在今天開始介紹我們的新任首席財務官 Leah Stearns，她也將在幾分鐘內提供更多數據和背景信息。經過廣泛的搜索後，我們很高興她能加入 Copart 的領導團隊。我們聘請 Leah 是因為她之前在 CBRE 和 American Tower 這兩家行業領導者和上市公司的豐富經驗和相關性。她在機構客戶、複雜的監管環境、房地產方面經驗豐富，當然也具有出色的分析能力和領導能力。所以我們很高興她能加入。

I'll start my comments today, starting with our customers. We aspire to be a customer-centric organization, first and foremost, and I'll start with our insurance business.

今天我將從我們的客戶開始發表評論。我們首先渴望成為一個以客戶為中心的組織，我將從我們的保險業務開始。

Our insurance customers certainly have experienced a rapidly changing industry environment now for 3 years with remote work volatility and driving patterns and across-the-board cost inflation, they've made a number of business process and personnel adaptations that, in many cases, have proven more durable than they initially expected and now we think may persist forever. We have likewise adapted our business processes to help them navigate this environment, including providing more virtual inspection, loan payoff and title services and the like.

我們的保險客戶肯定經歷了 3 年來快速變化的行業環境，包括遠程工作的波動和駕駛模式以及全面的成本膨脹，他們已經做出了許多業務流程和人員調整，在許多情況下，事實證明比他們最初預期的更耐用，現在我們認為可能會永遠存在。我們同樣調整了我們的業務流程，以幫助他們駕馭這種環境，包括提供更多的虛擬檢查、貸款償還和產權服務等。

For the quarter, in terms of unit volume, we achieved U.S. insurance volume growth of 9% year-over-year and large part attributable to the sell-through of volume from Hurricane Ian. The single most unexpected change, as most of you know, for our insurance customers has been the suspension and reversal of the rising total loss frequency trend that we had experienced almost completely uninterrupted for the past 40 years. According to CCC, total loss frequency increased from 17.4% in the third calendar quarter of 2022 to 19.7% in the fourth quarter. We think approximately half of this increase was attributable to flood vehicles from Hurricane Ian.

本季度，就單位數量而言，我們實現了美國保險數量同比增長 9%，這在很大程度上歸因於颶風伊恩的銷售量。正如你們大多數人所知，對於我們的保險客戶來說，最出乎意料的變化是我們在過去 40 年中幾乎完全不間斷地經歷的總損失頻率上升趨勢的暫停和逆轉。根據 CCC 的數據，總損失頻率從 2022 年第三季度的 17.4% 增加到第四季度的 19.7%。我們認為，這一增長的大約一半歸因於颶風伊恩的洪水車輛。

Today, as had nearly always been true, total loss frequency is rising due to a combination of 2 forces. First, repairs are more expensive and less attractive due to increasing accident severity, vehicle complexity, labor costs and rental car costs. And secondly, salvage economics are more attractive because of the fastest-growing economies in the world, in Central and South America, Africa and Eastern Europe lean on our damaged vehicles to provide the mobility they need.

今天，幾乎總是如此，由於兩種力量的結合，總損失頻率正在上升。首先，由於事故的嚴重程度、車輛的複雜性、勞動力成本和租車成本的增加，維修變得更加昂貴且吸引力降低。其次，打撈經濟學更具吸引力，因為世界上增長最快的經濟體，在中南美洲、非洲和東歐，依靠我們損壞的車輛來提供他們所需的機動性。

We've discussed on prior calls what would happen if and when used vehicle prices were to decline. And we've said that we think our selling prices may compress somewhat, but would be offset by increasing volume. We're seeing the beginnings of that phenomenon unfold today.

我們已經在之前的電話會議上討論過如果二手車價格下降以及何時下降會發生什麼。我們已經說過，我們認為我們的售價可能會有所壓縮，但會被銷量的增加所抵消。我們今天看到了這種現象的開始。

In the fourth quarter of -- pardon me, in the second -- our second fiscal quarter, if total loss frequency had been at historical levels, we think our insurance volumes sold would have been 10% to 20% higher than it was.

在第四季度 - 對不起，在第二 - 我們的第二個財政季度，如果總損失頻率處於歷史水平，我們認為我們銷售的保險量會比現在高 10% 到 20%。

Now turning our attention to the noninsurance space. We've made a proactive effort to grow our business in the bank and finance fleet and rental car segments, a group we collectively call Blue Car. Blue Car volume for the quarter and the first half of the year has grown approximately 20% versus the prior year despite a still supply-constrained environment. We believe we've outperformed the overall wholesale vehicle auction industry.

現在將我們的注意力轉向非保險領域。我們已積極努力發展我們在銀行和金融車隊以及租車領域的業務，我們將這些領域統稱為 Blue Car。儘管供應仍然受限，但本季度和上半年的 Blue Car 銷量與去年同期相比增長了約 20%。我們相信我們的表現優於整個批發汽車拍賣行業。

The technology and service offerings required to support these customers is different, and we've invested meaningfully in our capabilities to enable us to serve these sellers, and our auction returns have enabled us to grow with them.

支持這些客戶所需的技術和服務產品是不同的，我們對我們的能力進行了有意義的投資，使我們能夠為這些賣家提供服務，我們的拍賣回報使我們能夠與他們一起成長。

Finally, I wanted to mention our members in a supply-constrained inflationary environment. Our buyers have certainly seen Copart as a valuable source of increasingly newer, lower damaged and whole cars. And we've noted often that the fastest-growing economies in the world generally have the fewest vehicles per capita. We invest significantly in our staff, in traditional and digital marketing and in our global lounge network to expand our member base. We remain committed to empowering more buyers driving auction returns, which in turn enables our sellers to consign still more vehicles through us.

最後，我想在供應受限的通脹環境中提及我們的成員。我們的買家肯定將 Copart 視為越來越新、損壞更少的整車的寶貴來源。我們經常注意到，世界上增長最快的經濟體通常人均擁有的汽車最少。我們在員工、傳統和數字營銷以及全球貴賓室網絡方面進行了大量投資，以擴大我們的會員基礎。我們仍然致力於讓更多的買家能夠推動拍賣回報，這反過來又使我們的賣家能夠通過我們委託更多的車輛。

In closing, I wanted to note the bedrock principles that have guided us and are the foundation of our success. These principles certainly long predate both Leah and me, and there's nothing particularly magical about them. We continue to make decisions for the 30-year prosperity of our customers and our shareholders. We will invest in the technology of today and tomorrow to enable us to serve both our members and our sellers. We will invest to recruit members to engage them and to expand the marketplace of services available to them to continue to expand the buyer universe. For every vehicle we sell, we are committed to finding the highest and best use of that vehicle anywhere in the world. And finally, we will invest in land. We will own our land whenever possible to ensure that our ability to serve our customers is never compromised by the wins or economic optimizations of third-party landlords.

最後，我想指出指導我們並成為我們成功基礎的基石原則。這些原則肯定早於利亞和我，而且它們沒有什麼特別神奇的地方。我們繼續為客戶和股東的 30 年繁榮做出決策。我們將投資於今天和明天的技術，使我們能夠為我們的會員和賣家提供服務。我們將投資招募會員以吸引他們並擴大他們可用的服務市場，以繼續擴大買家範圍。對於我們出售的每一輛車，我們都致力於在世界任何地方找到該車輛的最高和最佳用途。最後，我們將投資土地。我們將盡可能擁有我們的土地，以確保我們為客戶提供服務的能力永遠不會因第三方房東的勝利或經濟優化而受到損害。

With that, I'll turn it over to our CFO, Leah Stearns, to provide some additional commentary and data and to walk through some key statistics and then we'll turn it over, open it up for Q&A.

有了這個，我將把它交給我們的首席財務官 Leah Stearns，以提供一些額外的評論和數據，並瀏覽一些關鍵統計數據，然後我們將把它交給我們，打開它進行問答。

Thank you, Jeff, and good morning, everyone. I'd like to start by saying how excited I am to join Copart. For me, the opportunity was compelling for a number of reasons, including the collaborative and entrepreneurial culture, Copart's enduring focus on delivering best-in-class service to our customers, the business' natural position at the center of the circular economy in automotive, as well as our solid financial foundation. I believe that with these factors, Copart is positioned to deliver exceptional results for our customers and create enduring value for our shareholders over the long term. And I couldn't be more energized to help drive these objectives forward.

謝謝你，傑夫，大家早上好。首先，我想說我很高興加入 Copart。對我來說，這個機會很有吸引力，原因有很多，包括協作和創業文化、Copart 對為客戶提供一流服務的持久關注、企業在汽車循環經濟中心的自然地位，以及我們堅實的財務基礎。我相信，有了這些因素，Copart 就能為我們的客戶帶來卓越的成果，並為我們的股東創造長期的持久價值。我再也沒有精力去幫助推動這些目標向前發展。

Turning to the quarter. Global unit sales increased 4.7% year-over-year, including an increase of nearly 4% in the U.S. and over 10% internationally. In the U.S., our fee units grew about 5%, primarily due to growth across our insurance business and our purchase units declined 23%. Internationally, our unit growth came from a mix of fee and purchased units, which increased nearly 9% and over 23%, respectively. During the quarter, our U.S. insurance business grew relative to its 1- and 2-year comp of 9% and 35% respectively. This was primarily due to the continued recovery in driving activity, increasing accident frequency and severity, total loss frequency and share gains.

轉向季度。全球單位銷售額同比增長 4.7%，其中美國增長近 4%，國際增長超過 10%。在美國，我們的收費單位增長了約 5%，主要是由於我們整個保險業務的增長，而我們的採購單位下降了 23%。在國際上，我們的單位增長來自收費單位和購買單位的混合，分別增長近 9% 和超過 23%。本季度，我們的美國保險業務相對於其 1 年和 2 年期分別增長 9% 和 35%。這主要是由於駕駛活動的持續恢復、事故頻率和嚴重程度、總損失頻率和份額收益的增加。

Our auction returns remain strong as we continue to invest in growing our global buyer base by driving member recruitment, registration and retention. As a result, Copart auctions provide our insurance customers with best-in-class liquidity and returns, ultimately providing a more cost-effective way to manage growing claims costs by making it a more cost-effective way to deem vehicles a total loss.

隨著我們繼續通過推動會員招募、註冊和保留來擴大我們的全球買家基礎，我們的拍賣回報依然強勁。因此，Copart 拍賣為我們的保險客戶提供了一流的流動性和回報，最終提供了一種更具成本效益的方式來管理不斷增長的索賠成本，使其成為一種更具成本效益的方式來將車輛視為全損。

Turning to our financial results. For the second quarter, global revenue increased $89 million or just over 10%, including a nearly 2% or $15 million headwind due to currency. Global service revenue increased $79 million or over 11% for the second quarter, primarily due to a higher average revenue per unit and increased volume. U.S. and international service revenue grew nearly 12% and 5%, respectively for the quarter. ASPs were flat year-over-year for the quarter, with U.S. ASPs up nearly 1% compared to a nearly 13% decline in the Manheim Index ending January at 224.8.

轉向我們的財務業績。第二季度，全球收入增長了 8900 萬美元，漲幅略高於 10%，其中包括近 2% 或 1500 萬美元的匯率逆風。第二季度全球服務收入增加 7900 萬美元或超過 11%，這主要是由於單位平均收入增加和銷量增加。本季度美國和國際服務收入分別增長近 12% 和 5%。本季度平均售價與去年同期持平，美國平均售價上漲近 1%，而 Manheim 指數在 1 月份結束時下跌近 13%，至 224.8。

Purchased vehicle sales for the quarter increased $11 million or nearly 7%, with U.S. purchased vehicle revenue for the quarter down 15% and international up 42% for the quarter. Our reduced purchase unit activity in the U.S. during the quarter was a result of a proactive approach to mitigate our principal unit exposure in a softening vehicle pricing environment. We continue to believe that this portion of our business provides an opportunity for future growth and is an important enabler for us in new adjacent asset classes and geographies.

本季度購車銷售額增長了 1100 萬美元，增幅接近 7%，美國購車收入下降 15%，國際購車收入增長 42%。我們在本季度減少了在美國的採購單位活動，這是由於我們採取積極主動的方法來減輕我們在疲軟的汽車定價環境中的主要單位風險敞口。我們仍然相信，我們這部分業務為未來的增長提供了機會，並且是我們在新的相鄰資產類別和地區的重要推動力。

Purchased vehicle cost of sales grew more than $14 million or 10% in the second quarter. As a result, purchased vehicle gross profit decreased by $4 million or approximately 24% during the quarter.

第二季度購車銷售成本增長超過 1400 萬美元或 10%。因此，本季度購車毛利下降了 400 萬美元或約 24%。

Global gross profit in the second quarter increased by more than $23 million or 5.7%, while our gross margin percentage decreased by approximately 200 basis points to 44.6%. U.S. margins decreased to 48.9% and international margins decreased to 24.3%. The year-over-year margin decline on a consolidated basis was driven primarily by cost inflation and towing and labor of about 200 to 250 basis points.

第二季度全球毛利潤增長超過 2300 萬美元或 5.7%，而我們的毛利率下降約 200 個基點至 44.6%。美國利潤率下降至 48.9%，國際利潤率下降至 24.3%。綜合利潤率同比下降主要是由於成本上漲以及拖車和人工成本上漲約 200 至 250 個基點。

Over the last 2 years, our direct costs have seen pressures from inflation, primarily related to labor and fuel. We will continue to manage these costs with a long-term perspective. We view the increase in labor costs as a direct investment in our people, which will translate into best-in-class service for our customers. We constantly seek to optimize our operational processes through technology and automation. Finally, we are committed to investing in our real estate, logistics and technology assets to ensure we are positioned to scale appropriately to meet the demand of our customers. We believe with this approach, we can increase margins and returns on capital over time.

在過去的 2 年裡，我們的直接成本受到通貨膨脹的壓力，主要與勞動力和燃料有關。我們將繼續以長遠的眼光管理這些成本。我們將勞動力成本的增加視為對我們員工的直接投資，這將為我們的客戶轉化為一流的服務。我們不斷尋求通過技術和自動化來優化我們的運營流程。最後，我們致力於投資我們的房地產、物流和技術資產，以確保我們能夠適當擴大規模以滿足客戶的需求。我們相信，通過這種方法，我們可以隨著時間的推移提高利潤率和資本回報率。

Turning to general and administrative expenses, excluding stock-based compensation and depreciation. G&A spend in the quarter increased $5 million or 12%. While G&A can be volatile from period to period, over the longer term, we anticipate G&A to decline as a percentage of revenue, as we benefit from the scale of our corporate infrastructure. As a result of our strong revenue growth, offset by the cost increases experienced in our business, our GAAP operating income increased by more than 5% to $366 million for the second quarter. Our second quarter income tax expense was $83 million, which reflects a 22.1% effective tax rate. And finally, second quarter GAAP net income increased about 2% to $294 million or $0.61 per diluted common share.

轉向一般和管理費用，不包括基於股票的補償和折舊。本季度的 G&A 支出增加了 500 萬美元或 12%。雖然 G&A 可能會在不同時期波動，但從長遠來看，我們預計 G&A 佔收入的百分比會下降，因為我們受益於公司基礎設施的規模。由於我們強勁的收入增長，被我們業務中經歷的成本增加所抵消，我們第二季度的 GAAP 營業收入增長了 5% 以上，達到 3.66 億美元。我們第二季度的所得稅費用為 8300 萬美元，有效稅率為 22.1%。最後，第二季度 GAAP 淨收入增長約 2% 至 2.94 億美元或每股攤薄普通股 0.61 美元。

Our global inventory at the end of January decreased 1% from last year. And when excluding low-value units like wholesalers and charities, global inventory increased by 1%. That is compromised of a year-over-year decrease of 3% for U.S. inventory, which is actually down less than 1% when excluding low-value units and an increase of 12% for our international inventory.

我們 1 月底的全球庫存比去年下降了 1%。如果不包括批發商和慈善機構等低價值單位，全球庫存增加了 1%。這受到美國庫存同比下降 3% 的影響，如果不包括低價值單位，美國庫存實際上下降不到 1%，而我們的國際庫存增加 12%。

Turning to our liquidity and financial position. We remain in a solid position with respect to liquidity, which stands at $2.9 billion as of the end of the quarter, which is comprised of $1.7 billion in cash and cash equivalents and an undrawn revolving credit facility with capacity of over $1.2 billion. Year-to-date, we have generated operating cash flow of $500 million which is an increase of nearly 12% from the prior year period. In addition, we have invested nearly $257 million in capital expenditures with over 80% of this amount attributable to our physical infrastructure, primarily capacity expansion.

轉向我們的流動性和財務狀況。我們在流動性方面保持穩固的地位，截至本季度末流動性為 29 億美元，其中包括 17 億美元的現金和現金等價物以及容量超過 12 億美元的未提取循環信貸額度。年初至今，我們產生了 5 億美元的運營現金流，比上年同期增長近 12%。此外，我們已投資近 2.57 億美元用於資本支出，其中超過 80% 用於我們的物理基礎設施，主要是產能擴張。

Finally, year-to-date, if you take our operating cash flow less CapEx, we've generated more than $243 million of free cash flow. Given the strong financial position, we intend on continuing to invest in our business to meet our customers' needs. These investments include yard expansion, new yard acquisition, our logistics and technology platform. We believe that these types of historical investments have differentiated Copart as a service provider, while ensuring that we have the capacity necessary to serve our industry's future growth.

最後，今年迄今為止，如果您將我們的運營現金流減去資本支出，我們已經產生了超過 2.43 億美元的自由現金流。鑑於強大的財務狀況，我們打算繼續投資於我們的業務以滿足客戶的需求。這些投資包括場地擴建、新場地收購、我們的物流和技術平台。我們相信，這些類型的歷史投資使 Copart 作為服務提供商脫穎而出，同時確保我們擁有為行業未來發展提供服務所需的能力。

With that, I've concluded my prepared remarks, and I'll turn the call over to Maria, and we're happy to take your questions.

至此，我準備好的發言結束了，我會把電話轉給瑪麗亞，我們很樂意回答你的問題。

(Operator Instructions) Our first question comes from Bob Labick with CJS Securities.

（操作員說明）我們的第一個問題來自 CJS 證券公司的 Bob Labick。

This is Stefanos Crist, calling in for Bob. You touched on this during the call, but could you provide a little more detail on the cost structure of the yards, how it's changed since pre-COVID and maybe how much of those changes are permanent versus temporary?

我是 Stefanos Crist，正在為 Bob 打電話。您在電話會議中談到了這一點，但您能否提供更多關於船廠成本結構的細節、自 COVID 之前以來的變化情況，以及這些變化中有多少是永久性的，哪些是臨時性的？

Sure. I can take that one. In terms of our RDR expenses, the majority of that cost comes from our labor, as well as the costs associated with our sub-haul and towing. So as we think about how those costs are either permanent or temporarily impacted as a result of the overall economic environment post COVID, labor costs certainly have increased, and we don't expect those to abate, although we do focus on technology investments, which will, over time, make us more efficient in our processes and hopefully help to mitigate future growth on that line item. And from a sub-haul perspective, a portion of that is directly attributable to fuel costs, and that is certainly something that we do see fluctuate. So that could be more of a temporary phenomenon. And those really account for the majority of the increase that we've seen from a yard ops expense over the last couple of years.

當然。我可以拿那個。就我們的 RDR 費用而言，大部分費用來自我們的人工，以及與我們的分程運輸和拖車相關的費用。因此，當我們考慮這些成本如何因 COVID 後的整體經濟環境而受到永久或暫時的影響時，勞動力成本肯定會增加，我們預計這些成本不會降低，儘管我們確實專注於技術投資，這隨著時間的推移，將使我們的流程更有效率，並有望幫助緩解該訂單項未來的增長。從分程運輸的角度來看，其中一部分直接歸因於燃料成本，這肯定是我們確實看到的波動。所以這可能更像是一種暫時的現象。這些確實佔了過去幾年我們從船廠運營費用中看到的增長的大部分。

That's great. Just a follow-up. Can you just talk about what Copart's sweet spot is for non-salvage cars in terms of age and miles driven? And if you see that evolving any direction over the next 5 years?

那太棒了。只是一個跟進。就年齡和行駛里程而言，您能否談談 Copart 對於非報廢汽車的最佳點是什麼？如果您看到未來 5 年的任何方向發展？

Yes. I think it's fair to say it has evolved and very steadily so since the company's inception. If you look at the cars, if somehow they were a website in 1982, and you could see all the cars we had for sale, they would look markedly different from the cars that were available 5 years later, 5 years later, 5 years later and so on. So over time, the sweet spot for us is expanded. And today, I think it's safe to say it includes vehicles you would customarily see at dealerships and so forth that are very much whole cars that are drivable off the lot. So I think that sweet spot does move and shift over time. So I think we'll expect the continued expansion. It's not a static view, right? It definitely expands progressively over time.

是的。我認為可以公平地說，自公司成立以來，它一直在穩步發展。如果你看看這些車，如果它們在 1982 年以某種方式成為一個網站，並且你可以看到我們所有待售的汽車，它們看起來將與 5 年後、5 年後、5 年後出售的汽車明顯不同等等。所以隨著時間的推移，我們的甜蜜點擴大了。而今天，我認為可以肯定地說，它包括您通常會在經銷商等處看到的車輛，這些車輛幾乎都是可以在停車場外駕駛的整車。所以我認為甜蜜點確實會隨著時間的推移而變化。所以我認為我們會期待繼續擴張。這不是靜態視圖，對吧？隨著時間的推移，它肯定會逐漸擴展。

Our next question comes from Craig Kennison with Baird.

我們的下一個問題來自 Craig Kennison 和 Baird。

Congratulations, Leah. I had a housekeeping question first. Just what was the U.S. insurance volume growth ex Ian?

恭喜你，利亞。我首先有一個家政問題。伊恩之前的美國保險量增長到底是多少？

Approximately flat. So it's thereabouts. Flat or thereabouts.

大致平坦。所以就在附近。平坦或附近。

I think you mentioned Ian was 70,000 cars, but did you get more cars post the quarter last time?

我想你提到 Ian 有 70,000 輛汽車，但上個季度後你有沒有得到更多的汽車？

In terms -- post this quarter, you mean?

就本季度後而言，你是說？

Post your last conference call, when you said you had about 70,000 car assignments.

發布你的上一次電話會議，當時你說你有大約 70,000 輛汽車分配。

A few more. But that was the strong majority of that.

還有幾個。但那是其中的絕大多數。

Perfect. And then sort of a big picture question for you on AI, making headlines across many industries. I'm just curious in your world, how you see AI impacting Copart since you guys like to think in decades?

完美的。然後是一個關於 AI 的大問題，成為許多行業的頭條新聞。我只是對你們的世界感到好奇，自從你們喜歡思考幾十年後，你們如何看待 AI 對 Copart 的影響？

Yes. I think we are certainly following it closely and think that AI will be deployed -- well, in some respects, if you're viewing the AI and machine learning, all collectively as the future of technology and neural computing and so forth. We do deploy some of those tools in our systems today, most notably for our vehicle valuation guide ProQuote, which helps insurance carriers make the optimal real-time decision is about total losses, when and when not to total vehicles.

是的。我認為我們肯定會密切關注它，並認為人工智能將得到部署——好吧，在某些方面，如果你將人工智能和機器學習視為技術和神經計算等的未來。今天，我們確實在我們的系統中部署了其中一些工具，最著名的是我們的車輛估價指南 ProQuote，它可以幫助保險公司做出關於總損失、何時以及何時不損失全部車輛的最佳實時決策。

But I think you're referring specifically to, I think, the notion of automated chat and so forth. And that is the evolution, of course, of where FAQs eventually go. You end up with smarter and more informed answers on some of the questions you most frequent get here at Copart. I'd say today, with our sellers and members, the questions are often nuanced enough, specific enough to individual circumstances, lots purchased and so forth that it's not a -- not a ready solution for us today, but we follow the space. Our tech teams certainly are avid students of the space as well. So if and when relevant for our business to deploy much more broadly, we will certainly do so.

但我認為你具體指的是自動聊天等概念。當然，這就是常見問題解答最終走向的演變。對於您在 Copart 最常遇到的一些問題，您最終會得到更明智、更明智的答案。我今天要說的是，對於我們的賣家和會員，問題通常非常細微，對於個人情況、購買的批次等足夠具體，這不是 - 今天對我們來說不是一個現成的解決方案，但我們遵循這個空間。我們的技術團隊當然也是該領域的狂熱學生。因此，如果我們的業務需要更廣泛地部署，我們一定會這樣做。

Our next question comes from Chris Bottiglieri with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Chris Bottiglieri。

First one, I wanted to follow up on this kind of what's the non -- can you maybe bifurcate the noninsurance a little bit further? I heard you right, it said 20% what you've now defined as Copart Blue, which is a combination of your dealer consignment and the commercial channels. I assume your kind of historical legacy charities, municipalities, it sounds like there's a bad actor for a peanut price there, that might be offsetting some of that growth. Can you just give us a sense for like the bifurcation, the 2? That would be the first question.

第一個，我想跟進這種什麼是非——你能不能把非保險進一步分叉一點？我沒聽錯，它說的是你現在定義為 Copart Blue 的 20%，這是你的經銷商寄售和商業渠道的結合。我假設你的那種歷史遺留慈善機構，市政當局，聽起來好像那裡有花生價格的壞演員，這可能會抵消部分增長。你能給我們說說分叉點 2 嗎？這將是第一個問題。

Directionally speaking, what we characterize as noninsurance includes that Blue -- those Blue Car sales, which are rental cars, banks and financial institutions fleets (inaudible) companies and the like. That's a meaningful portion of our noninsurance volume. Copart Dealer Services, we didn't talk about specifically today. That's also a sizable portion of our noninsurance business. They are also performing well and growing the business in a difficult and challenging environment.

從方向上講，我們稱之為非保險的包括藍色——那些藍色汽車銷售，它們是租車、銀行和金融機構車隊（聽不清）公司等。這是我們非保險業務量的重要部分。 Copart Dealer Services，我們今天沒有具體講。這也是我們非保險業務的很大一部分。他們在困難和充滿挑戰的環境中也表現良好並發展業務。

The other elements of our noninsurance business include Copart Direct, which is our captured cars business in which we buy cars directly consumers and sell them at auction. Here at Copart, Leah mentioned that in her comments as well as one of the elements of our principal business that has proven very successful for us over the years, we also want to be thoughtful about how aggressive we are buying cars in a volatile price environment.

我們非保險業務的其他部分包括 Copart Direct，這是我們的捕獲汽車業務，我們直接向消費者購買汽車並在拍賣會上出售。在 Copart，Leah 提到，在她的評論中，以及多年來證明對我們來說非常成功的主要業務要素之一，我們還希望考慮在價格波動的環境中我們購買汽車的激進程度.

And then the portion you mentioned as well, which is the charities and wholesalers business relatively lower value vehicles. We have, in some cases, optimized our business to serve insurance companies, Blue Car, Copart Direct, Copart Dealer Services and the like and have foregone some of volume in those lower value segments.

然後是您提到的部分，即慈善機構和批發商業務價值相對較低的車輛。在某些情況下，我們已經優化了我們的業務以服務於保險公司、Blue Car、Copart Direct、Copart Dealer Services 等，並放棄了這些低價值細分市場的一些業務量。

Got you, okay. That's helpful. And then a there's a bigger picture question. One of your closest peers that's having to merge with an auctioneer of heavy machinery, has this led you to rethink the opportunity at all for TAM expansion in your business? Do you think these businesses are synergistic? Is there a place for Copart in those types of end markets? Just kind of curious how you think about TAM expansion, generally speaking.

明白了，好吧。這很有幫助。然後是一個更大的問題。您最親密的同行之一不得不與一家重型機械拍賣商合併，這是否讓您重新考慮了 TAM 在您的業務中擴張的機會？你認為這些業務是協同的嗎？ Copart 在這些類型的終端市場中有立足之地嗎？一般來說，只是有點好奇您如何看待 TAM 擴展。

I think it's a fair question, Chris. I don't think it's specifically the catalyst for us to consider it, but it's a topic we have wrestled with ourselves. And when evaluating our own strategy and our opportunities to expand into new arenas, we take stock first of our core strengths. We think we are -- we excel at managing high-volume online auctions and recruiting the sellers and buyers for them. We think we excel at physical infrastructure, both the development of greenfield facilities and the acquisition of existing ones and then managing the physical logistics to and from those facilities of high volumes of physical equipment and high volumes of vehicles historically.

我認為這是一個公平的問題，克里斯。我不認為它是我們考慮它的具體催化劑，但這是一個我們一直在努力解決的話題。在評估我們自己的戰略和我們擴展到新領域的機會時，我們首先評估我們的核心優勢。我們認為我們是——我們擅長管理大量在線拍賣並為他們招募賣家和買家。我們認為我們擅長物理基礎設施，包括開發綠地設施和收購現有設施，然後管理往來於這些設施的大量物理設備和大量車輛的物理物流。

And we -- the third national capability of ours that I characterize is our ability to navigate complex regulatory environments. We have 50 different DMVs in the U.S. alone, as well as a number of other relative regulatory layers here and certainly worldwide tax and otherwise, we think we are uniquely equipped to address.

而我們——我描述的第三個國家能力是我們駕馭複雜監管環境的能力。僅在美國，我們就有 50 個不同的 DMV，以及這裡的許多其他相關監管層，當然還有全球稅收和其他方面，我們認為我們有獨特的能力來應對。

And we've taken and looked at those capabilities and asked ourselves the question of where can we deploy those into adjacent spaces to grow the business over time and have done so selectively and very conservatively, as you know, we've expanded with our acquisition of NPA 5.5 years ago or thereabouts, into the powersports arena. We today are expanding this Blue Car initiative in whole car space as well. And frankly, within yellow iron, as you just inquired, we already sell within yellow iron, specialty equipment, trucks and trailers and the like, and many hundreds of millions of dollars of that equipment every year without per se a dedicated effort to expand our business there.

我們已經採用並研究了這些功能，並問自己這樣一個問題：我們可以在哪裡將這些功能部署到相鄰空間以隨著時間的推移發展業務，並且有選擇地並且非常保守地這樣做，正如你所知，我們已經通過收購進行了擴展NPA 5.5 年前左右，進入動力運動場。我們今天也在整個汽車領域擴大了這項藍色汽車計劃。坦率地說，正如您剛才詢問的那樣，在黃鐵內部，我們已經在黃鐵內部銷售專業設備、卡車和拖車等，每年銷售價值數億美元的設備，而本身並沒有專門努力擴大我們的規模那裡的生意。

So it's something that we revisit on an ongoing basis. I think this transaction doesn't per se affect us negatively or positively in terms of our interest in the space.

所以這是我們不斷重新審視的事情。我認為，就我們對該領域的興趣而言，這筆交易本身不會對我們產生負面或正面影響。

Our next question comes from Bret Jordan with Jefferies.

我們的下一個問題來自 Jefferies 的 Bret Jordan。

On that quick discussion of that other company's transaction. The buyer is certainly making a pitch that there are services that could be offered in the salvage space that would sort of add another lever on the revenue side. Do you see that? I mean, is there an opportunity? I mean, obviously, if you're selling scrap cars to LKQ, they don't want them waxed first. But are there things you could be doing as you -- whether it's Blue or Dealer Services where you could attach ancillary services?

關於那家公司的交易的快速討論。買家肯定是在宣傳，可以在打撈空間提供一些服務，這將在某種程度上增加收入方面的另一個槓桿。你看到了嗎？我的意思是，有機會嗎？我的意思是，很明顯，如果您將報廢汽車賣給 LKQ，他們不想先給它們打蠟。但是，您是否可以像您一樣做一些事情——無論是 Blue 服務還是 Dealer Services，您可以在其中附加輔助服務？

In short, I think the answer to that is yes. And yes, that there are additional services to be offered to both sides of the marketplace, and we are doing that today. And we haven't talked about them at great length on earnings calls, we find those more relevant in discussions with our sellers and our members themselves. And those services certainly include things like delivery, financing, title services and the like. And the buyers -- that universe is expanding real time. As you noted, if you went back 30 years ago and the buyers were largely dismantlers and so forth, they're not that interested in other services we have to offer waxing otherwise.

簡而言之，我認為答案是肯定的。是的，還有其他服務可以提供給市場的雙方，我們今天正在這樣做。我們並沒有在財報電話會議上詳細討論它們，我們發現這些在與我們的賣家和我們的會員本身的討論中更相關。這些服務當然包括交付、融資、產權服務等。而買家——那個宇宙正在實時擴展。正如您所指出的，如果您回到 30 年前並且買家主要是拆解商等等，他們對我們必須提供的其他服務並不感興趣。

Today as the cars -- as we expand our universe into more drivable vehicles, lighter damaged cars, I think that becomes more relevant over time. I'd argue that we are the industry leaders in that regard in terms of the mix in that direction. And so that thesis is a bit more relevant for us than it is for anyone else who is loosely in our industry.

今天作為汽車——隨著我們將我們的宇宙擴展到更易駕駛的車輛、更輕的受損汽車，我認為隨著時間的推移它變得更加重要。我認為，就該方向的組合而言，我們是這方面的行業領導者。因此，與我們行業中鬆散的任何其他人相比，這篇論文對我們來說更有意義。

Okay. And then a quick question on the supply side, which sellers most dependent upon you being the purchaser as opposed to an agent? Does that most impact -- I mean obviously, Cars Direct is probably the most, but are Blue versus Dealer Services. Are those sellers expecting you to own the car as opposed to just consigning?

好的。然後是關於供應方的一個快速問題，哪些賣家最依賴您作為購買者而不是代理人？這是否影響最大——我的意思是顯然，Cars Direct 可能是最大的，但 Blue 與經銷商服務相比。那些賣家是否希望您擁有這輛車，而不是僅僅托運？

No, they are not. The principal business is largely Copart Direct, in which we buy cars from consumers at some modest residual volume in the U.K. I think you know that when we entered that business in 2007, probably 4 out of 5 cars or thereabouts was managed on principal basis. Today, I think that's reversed and then some, so we are largely when you're looking at principal volume for Copart you're talking about Copart Direct.

不，他們不是。主要業務主要是 Copart Direct，我們在英國以一定的剩餘量從消費者那裡購買汽車。我想你知道，當我們在 2007 年進入該業務時，大概五分之四左右的汽車是在本金基礎上進行管理的。今天，我認為這是相反的，然後是一些，所以當你查看 Copart 的主要交易量時，我們主要是在談論 Copart Direct。

And Germany is really not -- is Germany is still mostly agent or?

德國真的不是——德國仍然主要是代理人還是？

Germany, there is a mix of both. That's fair. Germany, we are doing both. We're selling consignment cars on behalf of insurance companies, and we are also buying cars both consumers and on residual value platforms.

德國，兩者兼而有之。這還算公平。德國，我們兩者都在做。我們代表保險公司銷售寄售汽車，我們也在消費者和殘值平台上購買汽車。

So I guess does the temporary move away from or maybe cutting back on purchased vehicles impact Germany in the short term? Or is it not meaningful enough to really move the needle?

所以我想短期內暫時停止購買或減少購買車輛是否會影響德國？還是它的意義不足以真正起到推動作用？

No, that's the principal. The principal car, the moderation of principal car volume is principally here in the U.S.

不，那是校長。主要汽車，主要汽車數量的減少主要是在美國。

(Operator Instructions) Our next question comes from Joseph Enderlin with Stephens Inc.

（操作員說明）我們的下一個問題來自 Stephens Inc. 的 Joseph Enderlin。

This is Joe Enderlin, on for Daniel. So with total loss rate moving higher again this quarter and inventory bottlenecks improving, do you expect the industry to return to historically normal unit growth rates from here?

這是丹尼爾的喬恩德林。因此，隨著本季度總損失率再次走高且庫存瓶頸得到改善，您是否預計該行業會從這裡恢復到歷史正常的單位增長率？

From here, yes, precisely when, I think it's harder to forecast. That's a function of the variables we talked about, which is the value of used cars and therefore, ACV or pre accident value as the European call it, and what the car is worth before it's in an accident, what happens to repair costs and rental car costs and the like. So I think we have total conviction, the total loss frequency reverts to historical levels and continue to grow from there. The precise trajectory from today until that point, I think it's more difficult to forecast. But this is an unabated 40- or 50-year trend with the exception of about 18 to 24 months. And so I think we do believe that it will revert.

從這裡開始，是的，確切地說是什麼時候，我認為很難預測。這是我們談到的變量的函數，它是二手車的價值，因此，歐洲人稱之為 ACV 或事故前價值，以及汽車在事故發生前的價值，維修成本和租金會發生什麼車費之類的。所以我認為我們完全有信心，總損失頻率恢復到歷史水平，並從那裡繼續增長。從今天到那一點的精確軌跡，我認為更難預測。但這是 40 或 50 年有增無減的趨勢，只有大約 18 到 24 個月除外。所以我認為我們確實相信它會恢復。

That's helpful. As a follow-up, we wanted to ask about ASP trends during the quarter. Did we see ASPs decline and then increase along with Manheim? Or was there a more consistent trend?

這很有幫助。作為後續行動，我們想了解本季度的 ASP 趨勢。我們是否看到 ASP 隨美瀚一起下降然後上升？還是有更一致的趨勢？

You mean within the quarter?

你是說季度內？

Within the quarter? Yes.

季度內？是的。

I don't even know that we know of hand. I think the prices, I think, remained quite strong at Copart and have meaningfully outperformed at least the headline numbers we're aware of for the Manheim used vehicle value Index. I don't know that there was any meaningful intra-quarter volatility of cohort.

我什至不知道我們知道手。我認為 Copart 的價格仍然相當強勁，並且至少明顯優於我們所知道的 Manheim 二手車價值指數的標題數字。我不知道隊列中有任何有意義的季度內波動。

Our next question comes from Gary Prestopino with Barrington Research.

我們的下一個問題來自 Barrington Research 的 Gary Prestopino。

I just want to get a couple of statistics go over correctly. Units processed were up 7% globally. Is that correct?

我只想得到一些正確的統計數據。全球加工量增長了 7%。那是對的嗎？

Total units were up, yes, about 5%.

是的，總單位數增加了大約 5%。

5%? Okay. And then getting back to ASPs. I didn't quite get what you said on ASPs as you went through all these numbers. What were ASPs up year-over-year and sequentially? Do you have that?

5%？好的。然後回到 ASP。當您查看所有這些數字時，我不太明白您在 ASP 上所說的話。 ASP 同比和環比增長是多少？你有嗎？

Yes. So ASPs in total were basically flat year-over-year. And sequentially, they were down about 3%.

是的。因此，ASP 總體上與去年同期基本持平。隨後，它們下跌了約 3%。

Okay. So we're starting with down 3%. Okay. And then lastly, with total loss ratios, you said, Jeff, they were 19.7% in Q4?

好的。所以我們從下降 3% 開始。好的。最後，關於總損失率，你說，傑夫，他們在第四季度是 19.7%？

Correct.

正確的。

Versus 17.4%, but a lot of that was flood vehicles, right? That led to that sequential increase?

對 17.4%，但其中很多是洪水車輛，對吧？這導致了連續增長？

We think half of that or thereabouts was flood related. And I should have noted that will now that there is some natural lag then between when cars are "deemed a total loss" and when, of course, they are processed by companies like us, the title process loans paid off and the car is sold.

我們認為其中一半或大約一半與洪水有關。我應該注意到，現在汽車被“視為全損”與當然，它們由我們這樣的公司處理，產權流程貸款還清，汽車被出售之間存在一些自然滯後.

Okay. Just for comparative purposes, what were total losses, the ratio is running in Q4 of '21. Do you have that handy?

好的。僅出於比較目的，總損失是多少，該比率在 21 年第四季度運行。你有那個方便嗎？

We do. This is all straight from CCC Gary, but in the fourth quarter, 19.2 a year ago.

我們的確是。這完全來自 CCC Gary，但在第四季度，一年前為 19.2。

Okay. And then is there -- with the noninsurance business that you're doing, I mean, it's always been kind of at about 19%, 20% percentage of vehicles. How much has that moved up over time as you've grown this business?

好的。然後是 - 對於你正在做的非保險業務，我的意思是，它總是大約佔車輛的 19％，20％。隨著您發展這項業務，隨著時間的推移，它增加了多少？

There's some seasonality to it. I think to be fair, the -- and so I would say it's between 18% to 25% just from memory going quarter-to-quarter. And it has grown over the very long term. But to be fair, over the past few years, we've grown our insurance business as well. So they've both grown. So we don't generally think in mixed terms, we think in terms of growing Blue Car, growing Copart Dealer Services, growing Copart Direct and the like. So that the mix number is not one we particularly focus on, both have grown meaningfully, of course, over the past 5 years.

它有一些季節性。我認為公平地說，- 所以我會說它在 18% 到 25% 之間，只是來自每個季度的內存。從長遠來看，它已經發展壯大。但公平地說，在過去幾年裡，我們的保險業務也有所發展。所以他們都長大了。因此，我們通常不會綜合考慮，我們會考慮發展 Blue Car、發展 Copart Dealer Services、發展 Copart Direct 等。因此，混合數字不是我們特別關注的數字，當然，在過去 5 年中兩者都有顯著增長。

There are no further questions at this time. I would now like to turn the floor back over to Jeff now for closing comments.

目前沒有其他問題。我現在想將發言權轉回給 Jeff，徵求結束意見。

Great. Thanks, everybody, for joining us, and we'll talk to you next quarter. Bye.

偉大的。謝謝大家加入我們，我們將在下個季度與您交談。再見。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。