Copart delivered a solid QQ3 2024 with a 10% year-over-year revenue uplift to $1.128 billion, driven by a broad-based increase in global unit sales and a meaningful contribution from the Purple Wave integration. Global service revenue rose ~12% year over year on higher volumes, while international activity surged (unit growth >21%), underscoring Copart’s expanding international footprint and diversified buyer base. Gross profit expanded to ~$520.6 million, with gross margin at ~46.6%, while GAAP operating income was ~$437 million and net income ~$382 million (EPS $0.39). Despite a slight compression in gross margin (primarily in the U.S. DNA-related mix) and a ~3% decline in global ASPs, Copart’s volume leverage and higher-value dealer cars have helped offset ASP declines versus the broader Manheim Used Vehicle Index (down ~14% YoY). Free cash flow reached ~$408.5 million and operating cash flow ~$496.3 million, supported by a robust liquidity position (nearly $4.3 billion in liquidity; cash and short-term investments ~ $3.09 billion; net debt is negative). Management reaffirmed a long-term investment horizon, emphasizing continued capital allocation to real estate, fleet, and technology to enable scalable growth. Management also highlighted the ongoing importance of international buyers, a widening dealer-cars opportunity, and the Purple Wave integration as growth accelerants, while noting the absence of formal near-term guidance. Investors should monitor balance sheet strength, international mix and ASP trends, total loss frequency dynamics, insurance versus non-insurance mix, and the progress of capital investments that enable operating leverage over time.