Copart
Q3 2022 Earnings Call
May 19, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to the Copart, Inc. third quarter fiscal 2022 earnings call. Just a reminder, today's conference is being recorded. For opening remarks, I would like to turn the call over to Mr.
John North, chief financial officer of Copart, Inc. Please go ahead, sir.
John North -- Chief Financial Officer
Thanks. Good morning. During today's call, we'll discuss certain non-GAAP measures, which include adjustments to income tax benefits related to stock-based compensation, legal matters and discrete income tax items. We've provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures on our investor relations website and in our press release issued yesterday.
We believe these non-GAAP measures, together with the corresponding GAAP measures, are relevant in analyzing our results and assessing our business trends and performance. In addition, our comments today include forward-looking statements within the meaning of federal securities laws, including management's current views with respect to trends, opportunities and uncertainties in our markets. These forward-looking statements involve substantial risks and uncertainties. For more detail on the risks associated with our business, we'll refer you to the section titled Risk Factors in our annual report on Form 10-K for the year ended July 31, 2021, and each of our subsequent quarterly reports on Form 10-Q.
Any forward-looking statements are made as of today, and we have no obligation to update or revise any forward-looking statements. And so with that out of the way, I'd like to turn the call over to our co-CEO, Jeff Liaw.
Jeffrey Liaw -- President and Chief Executive Officer, North America
Great. Thank you. Good morning, everyone. We're pleased to report our results for the third quarter of fiscal 2022.
As you are all, no doubt, well aware, our industry and the global economy in general are experiencing a number of variables at unusual levels. New and used vehicle shortages, evolving workplace practices and traffic patterns, volatile and elevated fuel and commodity prices and global instability. Against that backdrop, we continue to perform well for our customers, and therefore, by extension for our business as well. Our long-term core operating beliefs and principles remain unchanged.
Above all else, we'll invest in our physical infrastructure, our technology platform, our people and our customer service offerings to improve auction liquidity and returns for our sellers in our more mature markets. We'll continue to collaboratively engage with our sellers both day to day and through catastrophic events, including what appears to be an active storm season ahead, to protect them and their policyholder relationships. We will actively expand our addressable markets by growing our volume of lesser damaged and whole cars from both insurance and non-insurance sellers. And we'll continue our expansion into international markets in Western Europe and beyond, including Germany and Spain.