Shares of Copart (CPRT), a provider of online vehicle auctions and remarketing services, have notched a compound annual growth rate of 40.8% over the last three years. The company sits at the intersection of several secular trends including the increasing complexity and cost to repair new vehicles.

But in its latest 10-K, Copart disclosed its employees are no longer willing to purchase the stock at a discount as fervently as they have in the past. Under the Employee Stock Purchase Plan (ESPP), employees can purchase the stock— up to $25,000 annually— at a 15% discount.

In FY21, ESPP shares issued declined 11.1% following declines of 30.4% (FY20) and 4.3% (2019). The three year deceleration in share purchases coincides with a recent hiring spree that has seen Copart increase headcount by 17.3% since 2019.

We track ESPP participation as a gauge of employee enthusiasm. It’s a secondary data point that, when combined with others, can provide subtle hints about a company’s offering, culture, or prospects.