Copart reported solid Q4 FY2024 results, highlighted by a 7% year-over-year revenue increase to $1.069 billion and a full-year revenue of just over $4.2 billion, up about 10% year over year. The quarterly gross margin was 42.4%, with GAAP operating income of $359.5 million and net income of $322.6 million ($0.33 per share). Management emphasized the durability of the insurance channel, which grew 6% YoY in volume, and the continued strength of non-insurance volumes (notably fleet/rental and dealer channels) which grew ~20% YoY in Q4 and ~28% for the year. A cornerstone of the strategy is accelerating the cross-sell flywheel between insurance clients and non-insurance buyers, underpinned by Title Express and a broader platform integration. Copart is also advancing its Purple Wave asset-light expansion, which delivered 17% full-year growth. The company ended the year with highly conservative capitalization and strong liquidity (over $4.6 billion in total liquidity, including ~$3.4 billion in cash and investments and a revolving credit facility of >$1.2 billion), supporting its long-term investment horizon. Net cash position remained robust, with a negative net debt of approximately $1.40 billion and free cash flow of $962 million for the year. Management signaled ongoing investments in yard infrastructure, technology, and acquisitions/partnerships to sustain scalable growth, while acknowledging non-recurring yard-related costs in Q4 that temporarily pressured margins. While valuations remain high by several metrics, Copart’s combination of liquidity, operational leverage, and diversified growth engines positions it to benefit from ongoing insurance-for-total-loss trends and a shifting mix toward higher-value, cross-sell opportunities.