Copart, Inc.

Please stand by. Good day, everyone, and welcome to the Copart Incorporated fourth 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 Copart Incorporated. Please go ahead, sir.

Thank you, Casey. Good morning, everyone, and welcome to our fourth quarter call. I'd like to cross over to Jeff, the hour president, to do the safe harbor, and then we'll go ahead and give you an update on the quarter.

Jeff? 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 and losses, certain income tax benefits and payroll taxes related to accounting for stock option exercises, and the effect on common equivalent shares from ASU 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, our comments today include forward-looking statements within the meeting of federal securities laws, including management's current views with respect to trends, opportunities, and uncertainties in our markets, including with respect to the COVID-19 pandemic. These forward-looking statements involve substantial risks and uncertainties. For more detail on the risks associated with our business, we refer you to the section titled Risk Factors in our annual report on Form 10-K for the year ended July 31st, 2019, and each of our subsequent quarterly reports on Form 10-Q. Any forward-looking statements are made as of today, and COPRAT has no obligation to update or revise any forward-looking statements. Okay.