Copart, Inc. (CPRT) Q3 2023 Earnings Call Transcript

For the period ending April 30, 2023

May 17, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings and welcome to the Copart Incorporated Third Quarter Fiscal 2023 Earnings Call. Just a reminder, today's conference is being recorded. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]

Before turning call over to management, I will share Copart’s statement on Safe Harbor and non-GAAP financial measures. During today's call, the company will discuss certain non-GAAP measures, including adjustments to income tax benefits related to stock-based compensation. The company has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures on its Investor Relations website and in its press release issued at approximately 3:00 p.m. central time today. The company believes these non-GAAP measures together with corresponding GAAP measures are relevant in analyzing the company's results and assessing its business trends and performance.

In addition, the company's comments today include forward-looking statements within the meaning of the federal securities laws, including management's current views, with respect to trends, opportunities and uncertainties in the company's markets. These forward-looking statements involve substantial risks and uncertainties. For more details on the risks associated with the company's business, we refer you to the section titled Risk Factors in the company's annual report on Form 10-K for the year ended July 31, 2022, and each of the company's subsequent quarterly reports on Form 10-Q. Any forward-looking statements are made as of today and the company has no obligation to update or revise any forward-looking statements.

I'll now turn the call over to the company's Co-CEO, Jeff Liaw.

Jeff Liaw

Great. Thank you, Paul. Good afternoon and welcome everyone to our quarterly earnings call. We're pleased to report good results for the third quarter of fiscal 2023. We take pride in being the most customer centric organization in our industry, so I'll orient my introductory comments today around our clients. Leah will follow thereafter with details on our financial results.

We recently concluded our 23rd Annual Advisory Board meeting with our key insurance clients. In honor of our 40th anniversary as a company. We hosted this event in Northern California close to our headquarters from which we moved about 10-years ago, it was something of a homecoming for all of us. Every year, we gather in-person to solicit feedback from our clients about the opportunities and challenges they face, which in turn informs our service offerings, tech deployments and capital investment programs.