Copart, Inc.

Good day everyone and welcome to the COPOR Incorporated Second Quarter Fiscal 2020 Earnings Call. Just a reminder, today's conference is being recorded. For opening remarks and introductions, I would like to turn the call over to Mr. Jay Adair, Chief Executive Officer of COPOR Incorporated. Please go ahead, sir.

Thank you, Samantha. Good morning, everyone, and it's a pleasure to welcome you all to the second quarter call. I'm going to turn it over to Jeff Liao, our president for Safe Harbor, and then I'll give you a quick update on the company, and he will give you an update on financial performance. So with that, Jeff.

Thanks, Jay. During today's call, we'll discuss certain non-GAAP measures, which include adjustments to reverse the effect of certain discrete income tax items, disposal of non-operating assets, foreign currency-related gains, certain income tax benefits and payroll taxes related to accounting for stock option exercises, and the effect on common equivalent shares from ASC 2016-09. We've provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures on our website under the investor relations link and in our press release issued yesterday. We believe these non-GAAP measures together with our corresponding GAAP measures are relevant in assessing our business trends and performance. We analyze our results on both GAAP and non-GAAP bases. In addition, this call may contain forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially. from those projected or implied by our statements. We do not undertake to update any forward-looking statements. For a more complete discussion of the risks that could affect our business, please review the management's discussion and analysis portions in our related periodic reports filed with the SEC. Jay?