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Analyst
John Healy
Period: Reporting periods mapped to calendar 2025 Q3 – 2026 Q3 (5 quarters).
- Questions
- 12on tracked calls
- Challenge rate
- 8%1 of 12 questions
- Companies
- 3questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 12 of 12 questions from 3 companies
CPRTCopart9 questions · 5 reporting periods · 1 of 9 challenging
Calendar 2026 Q3
is there any sort of, like, breakup fee or is there anything that prohibits a competing tender offer
Show response
Adair declined to detail breakup fees/go-shop terms, deferring to the filings; Stearns noted the inquiry is on file.
Calendar 2026 Q2
talk a little bit about the industrial side of the business? Maybe where you're at as you think about investments there
Show response
Leah reported Purple Wave GTV grew over 25% LTM, driven by territory sales expansion and enterprise accounts. Team is 2.5-3x the size at acquisition, with more nationwide coverage still planned.
Can you just remind us again just the size of the business, maybe either in terms of dollars or units again?
Show response
Jeff described the TAM as 15 million+ non-insurance auction-mediated vehicles in the U.S. but did not provide specific dollar or unit size for Copart's current whole car business, instead framing the expanding addressable opportunity.
Calendar 2026 Q1
is this the right tool for you guys? Do you see yourselves just using open market purchases?
Show response
Jeff noted full range of tools available including Dutch tenders. Current mechanism is open market plus 10b5-1. Form of buyback is ultimately rounding error versus the strategic decision to return capital to shareholders.
what does this business really grow, do you think in the next 3 to 5 years?
Show response
Jeff provided comprehensive historical analysis: accident frequency has always declined but is dwarfed by 5.5x increase in total loss frequency since 1980. Fleet turnover takes decades. Risk homeostasis adds offsetting factor.
Calendar 2025 Q4
The cash on the balance sheet at record levels, the multiple on the shares right now are very close to the multiples that you last time bought stock back
Show response
Leah outlined capital priorities: reinvest in business first, M&A second, buybacks to return excess. Jeff added there's little risk of reckless capital deployment, same standards for ten years and twenty years before that.
where you think we are in the continuum of premium to the consumer from the insurance industry?
Show response
Jeff declined to forecast, citing too many variables (consumer sentiment, inflation baskets, insurance rates). Noted some carriers questioning if they've overcorrected on profitability vs growth. Deferred to insurers themselves.
Calendar 2025 Q3
any thoughts with rates probably coming down and you know, that that cash being at the levels that it is, if you could just kinda go over for us your appetite for capital returns
Show response
Jeff described two-pronged M&A rubric: standalone investment merit plus Copart strategic enhancement. Cash doesn't drive M&A strategy. Long-term mechanism is share buybacks without precise timeline.
priority-wise for the new fiscal year as you roll into that. I know you guys gave us a ton of color on the quarter
Show response
Jeff emphasized auction liquidity as the central priority, encompassing member recruitment, reduced friction in bidding and purchasing, and expanding non-insurance sellers synergistically.
CVNACarvana Co.2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q1
how you see yourself maybe facilitating those, that business potentially as being a service provider there? And kind of any updated thoughts maybe on evolution
Show response
Ernie said they're always paying attention to opportunities given their assets but primary focus remains on the core growth opportunity for the foreseeable future.
I think you guys are up to maybe 6 or 7 Chrysler dealerships. There's a lot of the dealerships now. Any kind of updated perspective on where you're seeing benefits
Show response
Ernie explicitly declined to provide updates on the new car dealership strategy, saying it's still early and they'll share more when it's time.
HOGHarley-Davidson, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
Would love to hear what dealers are saying that they think the right inventory turn levels are in the business
Show response
Asked what dealers view as the right inventory turn level and what used-bike trends look like. Starrs declined to give turn targets but said used residuals are extremely strong.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CPRT Copart | 9 | 11%1 of 9 questions |
| CVNA Carvana Co. | 2 | —Rate withheld: fewer than 3 questions |
| HOG Harley-Davidson, Inc. | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q1 | 4 | 0%none of 4 questions | 2 |
| 2026 Q2 | 3 | 0%none of 3 questions | 2 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand5
- Competitive Dynamics4
- M&A3
- Capital Allocation3
- Innovation & R&D2
- Regulation Policy1
- Revenue Growth1
- Geographic Expansion1
- Inventory1
- Pricing1
Show all 11 topics
- Macroeconomic1