{"schemaVersion":1,"research":true,"symbol":"cprt","name":"Copart","topic":"moat","path":"/stock/cprt/moat","status":"published","version":5,"updatedAt":"2026-10-18T16:00:16.292Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Copart has a narrow moat supported by its established facility footprint, zoning barriers and demonstrated international auction participation. Historical auction improvements support a network advantage, but comparative cost leadership, strong seller switching costs and exceptional durability are unproven. Pricing power is mixed: auctions and transaction fees enable monetization, while vehicle mix, actual seller departures and uncertain cost pass-through limit evidence of discretionary pricing strength.","advantages":[{"mechanism":"intangible_assets","claim":"An established footprint of 286 facilities, including facilities in every U.S. state, is difficult to replicate because suitable sites require challenging and expensive zoning and development. The advantage rests on established operating locations and regulatory barriers, rather than demonstrated market exclusivity.","durability":"Physical locations and persistent siting requirements support durability. Continued facility openings demonstrate that expansion remains possible, so these barriers support a narrow advantage rather than an impregnable position.","risks":"Siting restrictions also constrain Copart's expansion. Hurricanes have already exposed capacity limitations, and the passages do not establish competitors' relative coverage or available capacity.","invalidation":"The thesis would weaken materially if competing capacity became readily available in key markets, zoning ceased to constrain entry, or recurring capacity shortages caused sustained seller losses despite continued investment.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7"]},{"mechanism":"network_effects","claim":"Copart connects vehicle supply with geographically dispersed buyers. International buyers purchased 38.2% of U.S. vehicle units in fiscal 2026, demonstrating meaningful cross-border auction participation. Historical increases in selling prices and operating efficiency following online implementation support the economic value of marketplace reach, although management's causal explanation is not independently established.","durability":"International participation persisted across the supplied fiscal 2024–2026 disclosures. Established buyer reach and seller supply support a current network advantage, but the passages do not demonstrate exclusive participation, superior auction liquidity versus rivals or an irreversible feedback loop.","risks":"Actual seller terminations show that supply can leave. International replication remains uncertain, and technology changes could weaken differentiation. Higher auction proceeds also benefit sellers and do not automatically establish Copart's ability to raise its fees.","invalidation":"The thesis would weaken if sustained declines in buyer participation and seller supply reduced auction competitiveness, or comparable vehicle cohorts consistently achieved equivalent or better seller net proceeds through alternative channels without Copart's reach.","competitors":[],"evidenceIds":["e8","e9","e10","e11","e12","e13"],"counterEvidenceIds":["e14","e15","e16"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Properties: total operating facilities","excerpt":"We have 286 total operating facilities globally."},{"id":"e2","sourceId":"filing-1","location":"Properties: U.S. geographic coverage","excerpt":"In the U.S., we own or lease facilities in every state."},{"id":"e3","sourceId":"filing-1","location":"Business regulation: zoning barriers to facility development","excerpt":"In addition to the regulation of sales and acquisitions of vehicles, we are also subject to various local zoning requirements with regard to the location of our storage facilities, which generally make it more challenging and expensive to identify, acquire and develop new facilities."},{"id":"e4","sourceId":"filing-1","location":"Liquidity and expansion: greenfield property requirements","excerpt":"Although the timing and magnitude of growth through expansion and acquisitions are not predictable, the opening of new greenfield facilities is contingent upon our ability to locate property that (i) is in an area in which we have a need for more capacity; (ii) has adequate size given the capacity needs; (iii) has the appropriate shape and topography for our operations; (iv) is reasonably close to a major road or highway; and (v) most importantly, has the appropriate zoning for our business."},{"id":"e5","sourceId":"filing-1","location":"Business development: fiscal 2026 facility openings","excerpt":"In fiscal 2026, we opened two new operational facilities in Brazil, and seven new operational facilities in the U.S."},{"id":"e6","sourceId":"filing-1","location":"Capacity risk: realized hurricane-related operating effects","excerpt":"For example, Hurricanes Helene and Milton had, in certain quarters, an adverse effect on our operating results, in part because of facility capacity constraints in the impacted areas of the U.S."},{"id":"e7","sourceId":"filing-3","location":"Capacity risk: acquisition and permit constraints","excerpt":"We may not be able to reach agreements to purchase independent storage facilities in markets where we have limited excess capacity, zoning restrictions or difficulties obtaining and maintaining use permits, which may limit our ability to sustain and expand our capacity through acquisitions of new land."},{"id":"e8","sourceId":"filing-1","location":"Business: fiscal 2026 international buyer participation","excerpt":"For fiscal 2026, sales of U.S. vehicles, on a unit basis, to International members was 38.2% which represents 45.8% of overall gross transaction per vehicle."},{"id":"e9","sourceId":"filing-2","location":"Business: fiscal 2025 international buyer participation","excerpt":"and 38.8% were sold to International members, based on the IP address utilized during the auction process."},{"id":"e10","sourceId":"filing-3","location":"Business: fiscal 2024 international buyer participation","excerpt":"and 38.0% were sold to International members, based on the IP address utilized during the auction process."},{"id":"e11","sourceId":"filing-1","location":"Business: management explanation of auction participation and pricing","excerpt":"We believe our virtual auction platform increases the pool of available buyers for each sale, which brings added competition and an increase in the amount that buyers are willing to pay for vehicles."},{"id":"e12","sourceId":"filing-1","location":"International expansion risk: historical online implementation results","excerpt":"salvage facilities between fiscal 2004 and fiscal 2008 and experienced increases in revenues and average selling prices, as well as improved operating efficiencies in those markets."},{"id":"e13","sourceId":"filing-1","location":"Business: breadth of vehicle sellers","excerpt":"We process vehicles from hundreds of different vehicle sellers."},{"id":"e14","sourceId":"filing-4","location":"Seller concentration risk: actual agreement terminations and revenue effects","excerpt":"Vehicle sellers have terminated agreements with us in the past in particular markets, which has affected revenues in those markets."},{"id":"e15","sourceId":"filing-1","location":"International expansion risk: uncertain replication of online benefits","excerpt":"Implementation of our online auction model in new markets may not result in the same synergies and benefits that we achieved when we implemented the model in the U.S., Canada, and the U.K."},{"id":"e16","sourceId":"filing-1","location":"Technology risk: potential competitive erosion from artificial intelligence","excerpt":"Competitors or new market entrants may develop or deploy them more quickly or effectively than we do, eroding our competitive position, and if our investments do not perform as expected or we cannot integrate them in a timely, cost-effective, secure, or responsible manner, we may not realize the efficiencies, revenue, or other benefits we anticipate."},{"id":"e17","sourceId":"filing-1","location":"Business: transaction fee structures","excerpt":"These auction and auction-related services may include a combination of the following: vehicle purchasing fees: vehicle listing fees; vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price, tiered vehicle sales price fees, or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle; transportation fees for the cost of transporting the vehicle to our facility; title processing and preparation fees; vehicle storage fees; bidding fees; and vehicle loading fees."},{"id":"e18","sourceId":"filing-1","location":"Business: customized seller agreements","excerpt":"The agreements are customized to each vehicle seller’s needs and often provide for the disposition of different types of vehicles by differing methods."},{"id":"e19","sourceId":"filing-5","location":"Vehicle sales discussion: U.S. revenue per car, mix and volume","excerpt":"The increase in the U.S. was primarily driven by an increase in revenue per car, which we believe was due to a change in mix of vehicles sold, offset by a decrease in volume."},{"id":"e20","sourceId":"filing-2","location":"Vehicle sales discussion: international purchase prices and consignment mix","excerpt":"The decrease in International, after excluding the negative fluctuations of currency exchange rates of $4.1 million, was primarily due to a lower average purchase price due to a change in the mix of vehicles sold, combined with a decrease in volume related to sellers switching to a consignment model."},{"id":"e21","sourceId":"filing-4","location":"Transportation risk: uncertain cost pass-through","excerpt":"We may not be able to pass these costs on to our sellers or buyers."},{"id":"e22","sourceId":"filing-1","location":"Business overview: fiscal 2026 revenue and operating income","excerpt":"For fiscal 2026, our revenues were $4.7 billion, and our operating income was $1.7 billion."},{"id":"e23","sourceId":"filing-2","location":"Business overview: fiscal 2025 revenue and operating income","excerpt":"For fiscal 2025, our revenues were $4.6 billion, and our operating income was $1.7 billion."},{"id":"e24","sourceId":"filing-3","location":"Business overview: fiscal 2024 revenue and operating income","excerpt":"For fiscal 2024, our revenues were $4.2 billion and our operating income was $1.6 billion."},{"id":"e25","sourceId":"filing-1","location":"Share repurchases: fiscal 2026 completed purchases","excerpt":"For fiscal year 2026, we repurchased 43,433,164 shares of our common stock at a weighted average price of $37.63 per share totaling $1.6 billion."},{"id":"e26","sourceId":"filing-1","location":"Liquidity: cash movements from repurchases, securities investment and capital expenditures","excerpt":"Cash, cash equivalents, and restricted cash decreased primarily as result of the repurchase of common stock as part of our stock repurchase program and investment in held to maturity securities offset by decrease in capital expenditures."},{"id":"e27","sourceId":"filing-1","location":"Capital expenditures: non-cancelable commitments at July 31, 2026","excerpt":"As of July 31, 2026, we had no material non-cancelable commitments for future capital expenditures."},{"id":"e28","sourceId":"filing-1","location":"Subsequent events: definitive ACV acquisition agreement","excerpt":"On September 10, 2026, the Company entered into a definitive merger agreement to acquire ACV for $10.50 per share, net to the seller in cash, without interest, subject to any required withholding of taxes, representing an implied equity value of approximately $1.9 billion."},{"id":"e29","sourceId":"filing-1","location":"Subsequent events: acquisition closing conditions","excerpt":"The consummation of such transaction is subject to the tender of a majority of the outstanding shares of ACV common stock, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary conditions."},{"id":"e30","sourceId":"filing-4","location":"Stock compensation: executive option service requirements","excerpt":"These options will become exercisable over five years, subject to continued service by the executive."},{"id":"e31","sourceId":"filing-4","location":"Stock compensation: executive option market condition","excerpt":"Separate and apart from the time-based vesting schedule, the options are also subject to a market condition requiring the trading price of the Company's common stock on the Nasdaq Global Select Market to be greater than or equal to 125% of the exercise price of the options, determined both (i) at the time of any exercise, and (ii) based on the closing price on each of the twenty consecutive trading days preceding the date of any exercise."},{"id":"e32","sourceId":"filing-6","location":"Executive compensation: equity ownership and sale restrictions","excerpt":"✔ We maintain equity ownership policies that prohibit our executive officers and directors from selling shares unless they meet the minimum equity ownership requirement"},{"id":"e33","sourceId":"filing-6","location":"Executive compensation: fiscal 2025 bonus performance weights","excerpt":"For Mr. Liaw and Ms. Stearns, their fiscal 2025 annual bonuses were measured 60% based on achievement of the operating income performance metric and 40% based on achievement of their respective personal performance goals."},{"id":"e34","sourceId":"filing-6","location":"Executive compensation: realized fiscal 2025 operating income bonus payout","excerpt":"In fiscal 2025, we achieved operating income of $1.7 billion, which resulted in a 99% payout under the operating income metric."},{"id":"e35","sourceId":"filing-6","location":"Corporate governance: lead independent director responsibilities","excerpt":"✔ Lead independent director serves as the formal liaison between the Board and the chief executive officer, reviews and approves the proposed Board agendas, and leads the executive session portion of our regular Board meetings at which only independent directors are present"},{"id":"e36","sourceId":"filing-6","location":"Corporate governance: September 2025 board independence determination","excerpt":"As a result of this review, our Board determined that a majority of our directors are “independent directors” as defined under applicable Nasdaq rules."},{"id":"e37","sourceId":"filing-1","location":"Governance risk: anti-takeover provisions","excerpt":"These anti-takeover provisions and other provisions under Delaware law could discourage, delay or prevent a transaction involving a change in control of our company, even if doing so would benefit our stockholders."},{"id":"e38","sourceId":"filing-2","location":"Commitments and contingencies: DOJ investigation disclosed in 2025","excerpt":"The U.S. Department of Justice, Consumer Protection Branch (DOJ) is conducting an ongoing investigation into potential violations by the Company of certain money laundering laws related to its practices and procedures for preventing and detecting money-laundering activity by its auction platform members."},{"id":"e39","sourceId":"filing-3","location":"Income taxes: fiscal 2024 valuation allowance from foreign operating losses","excerpt":"During fiscal year 2024, the Company recorded a $7.0 million increase in valuation allowances primarily due to additional operating losses and interest disallowance carryforward generated in foreign jurisdictions unlikely to be realized."}],"changes":["Retain the previous narrow verdict; facility barriers and auction reach remain evidenced, while strong switching costs and relative cost leadership remain unproven.","Give explicit weight to actual seller agreement terminations, which constrain customer dependency and retention assessments.","Remove the previous statement about weaker U.S. revenue because the supplied passages do not establish that broader claim.","Incorporate disclosed executive option conditions, ownership policies and governance practices rather than treating management evidence as wholly missing.","Treat the approximately $1.9 billion ACV agreement as a conditional capital commitment, without crediting completed integration, synergies or moat expansion."],"limitations":["Assessment uses only the supplied issuer passages. Management explanations of network benefits and competitive positioning are distinguished from reported operating outcomes.","No supplied passage establishes a named company's competitive position against Copart. ACV is identified as an acquisition target, not established as a competitor; competitor arrays are therefore empty.","Comparative market shares, facility density, unit costs, seller net proceeds and auction liquidity are absent. Neither industry-wide efficient scale nor relative cost leadership is established.","Seller cohort retention, renewal rates, termination terms and fee-change histories are absent. Repeat demand is assessed indirectly from sustained marketplace activity, with actual departures weighed against it.","Observed vehicle pricing and revenue-per-car changes are affected by mix and business model. They do not isolate Copart's fee pricing power or realized cost pass-through.","Actual executive award conditions and ownership policies are supplied, but detailed beneficial ownership amounts and comprehensive dilution data are missing. No founder ownership assumptions are used.","The DOJ investigation was disclosed in the filing dated September 26, 2025; the supplied 2026 passages do not establish its subsequent resolution or outcome. An investigation does not establish misconduct.","Source dates are filing dates, retaining dateKind 'filed', rather than retrieval dates. Historical operating periods and conditional subsequent events are assessed separately.","Rounded revenue and operating income figures permit only a coarse margin-resilience assessment. They do not establish a moat on their own."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"The operating footprint, disclosed zoning barriers and substantial international auction participation jointly demonstrate a meaningful structural advantage. Comparative superiority and exclusive access remain unproven.","evidenceIds":["e1","e2","e3","e4","e8"]},{"criterion":"durability","grade":2,"rationale":"Established sites and persistent international participation support durability, but actual seller departures, capacity constraints and uncertain international replication limit its demonstrated strength.","evidenceIds":["e3","e8","e9","e10","e14","e6","e15"]},{"criterion":"customer_dependency","grade":2,"rationale":"A broad seller base and demonstrated buyer reach provide economic usefulness, but actual seller terminations show that customers can leave. Sustained demand is indirect evidence; contractual lock-in and strong switching friction are not established.","evidenceIds":["e13","e8","e14","e18"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Revenue and operating income remained substantial across fiscal 2024–2026, supporting aggregate resilience. Realized hurricane capacity effects and seller departures show vulnerabilities; technology erosion is a disclosed possibility rather than a demonstrated loss.","evidenceIds":["e22","e23","e24","e6","e14","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Historical online implementation produced higher selling prices, but recent revenue-per-car increases and earlier purchase-price decreases were attributed to mix. Observed pricing outcomes are mixed and do not isolate discretionary fee increases.","evidenceIds":["e12","e19","e20","e17"]},{"criterion":"retention","grade":2,"rationale":"Persistent international auction participation and a broad seller base indirectly support repeat demand. Actual agreement terminations and resulting local revenue effects prevent a strong retention assessment; no retention rate is inferred.","evidenceIds":["e8","e9","e10","e13","e14"]},{"criterion":"margin_resilience","grade":2,"rationale":"Rounded operating income increased from $1.6 billion in fiscal 2024 to $1.7 billion in 2025 and remained $1.7 billion in 2026 as revenue rose. This supports earnings resilience with some implied margin pressure. Capacity disruptions were realized; inability to pass through transportation costs remains a possibility.","evidenceIds":["e22","e23","e24","e6","e21"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Auction pricing and percentage, tiered and fixed transaction fees demonstrate monetization flexibility. Customized seller agreements and actual terminations constrain bargaining freedom. Unilateral fee-reset rights, duration and escalation clauses are not supplied.","evidenceIds":["e11","e17","e18","e14"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Completed repurchases, facility openings, disclosed cash movements and limited non-cancelable capital expenditures establish actual capital deployment. The conditional ACV agreement adds a substantial commitment with unproven returns. These disclosures support a mixed assessment without establishing buyback value, acquisition returns or comprehensive dilution control.","evidenceIds":["e25","e26","e27","e5","e28","e29"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Disclosed executive options combine five-year service requirements with a stock-price exercise condition. Ownership sale restrictions and performance-linked bonuses provide additional alignment, including an actual fiscal 2025 payout. These are existing disclosures, not proposed awards; detailed ownership amounts and exceptional long-term incentive outcomes remain unestablished.","evidenceIds":["e30","e31","e32","e33","e34"]},{"criterion":"execution","grade":3,"rationale":"Actual facility openings, historical online implementation improvements and revenue growth with sustained operating income demonstrate execution. Attribution to management is partly indirect. Hurricane capacity constraints and documented foreign losses limit the assessment and prevent an exceptional grade.","evidenceIds":["e5","e12","e22","e23","e24","e6","e39"]},{"criterion":"governance","grade":2,"rationale":"A majority-independent board and defined lead independent director responsibilities support oversight. Anti-takeover provisions constrain shareholder influence. The investigation disclosed in 2025 warrants scrutiny without establishing misconduct or a current unresolved outcome; demonstrated governance effectiveness remains mixed.","evidenceIds":["e35","e36","e37","e38"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"4707c15b5f0c130c2e664be46025794cd56b9ca0e997aeff8debc59fa9cd1efc","updatedAt":"2026-10-18T16:00:16.292Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm","publishedAt":"2026-09-29","sha256":"d5524208c81aeb15f105f2de472594f3ec5de3216f8f0e2715c5464da7e0855e","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/900075/000162828025042946/cprt-20250731.htm","publishedAt":"2025-09-26","sha256":"6d24b2d5b806fa80c96ab85e7245b3eb1272bcd2b88ab7d64f99de473c957005","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/900075/000090007524000024/cprt-20240731.htm","publishedAt":"2024-09-30","sha256":"05685d30fb2f0316078a59323be765c43ffc684667db075621e5806f7a594774","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/900075/000119312526245578/cprt-20260430.htm","publishedAt":"2026-05-29","sha256":"cd3e1862f4fd3561b1528a469053b3627c5b9566af6b643dc27992496e8bac6c","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/900075/000119312526088593/cprt-20260131.htm","publishedAt":"2026-03-03","sha256":"a6a163c6e61ba3be2e03d3549acef5f5adcb86a948900ad8d729a3f3b65ea5b2","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/900075/000119312525249664/d84887ddef14a.htm","publishedAt":"2025-10-24","sha256":"dae5f41578eee8b1e96b0a85caa249f235f6a5a15a0af6bf184d5a06aadaaaaa","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:7d76d5fcebfad7b3c23fbe77d80f0195e85609f535b3b93f5f8dab5d6900e51e","usage":{"input_tokens":81661,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4308,"reasoning_output_tokens":166}},"signals":[{"period":"2022","end":"2022-07-31","values":{"gross_margin":null,"operating_margin":39.27529355846648,"roic":36.51583761774007,"fcf_margin":23.9718348400321,"sbc_revenue":1.1129928381702987},"issues":{"software_capex":"Separately 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the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash 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period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm","publishedAt":"2026-09-29","sha256":"d5524208c81aeb15f105f2de472594f3ec5de3216f8f0e2715c5464da7e0855e","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/900075/000162828025042946/cprt-20250731.htm","publishedAt":"2025-09-26","sha256":"6d24b2d5b806fa80c96ab85e7245b3eb1272bcd2b88ab7d64f99de473c957005","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/900075/000090007524000024/cprt-20240731.htm","publishedAt":"2024-09-30","sha256":"05685d30fb2f0316078a59323be765c43ffc684667db075621e5806f7a594774","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/900075/000119312526245578/cprt-20260430.htm","publishedAt":"2026-05-29","sha256":"cd3e1862f4fd3561b1528a469053b3627c5b9566af6b643dc27992496e8bac6c","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/900075/000119312526088593/cprt-20260131.htm","publishedAt":"2026-03-03","sha256":"a6a163c6e61ba3be2e03d3549acef5f5adcb86a948900ad8d729a3f3b65ea5b2","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/900075/000119312525249664/d84887ddef14a.htm","publishedAt":"2025-10-24","sha256":"dae5f41578eee8b1e96b0a85caa249f235f6a5a15a0af6bf184d5a06aadaaaaa","dateKind":"filed"}],"history":[{"version":5,"updatedAt":"2026-10-18T16:59:46.476Z","verdict":"narrow","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}