Douglas Dynamics, Inc. (PLOW) Earnings Call Transcript & Summary

Good day, and welcome to the Douglas Dynamics 2025 Annual Meeting Conference Call. [Operator Instructions] I would now like to turn the conference over to Mark Van Genderen. Please go ahead.

Good morning. I am Mark Van Genderen, the President and Chief Executive Officer of Douglas Dynamics. It is my pleasure to welcome you to our 2025 Annual Meeting. We are delighted that you are here with us today either participating in person or via our webcast. I now turn the meeting over to Jim Janik, our Chairman, to call the meeting to order.

Good morning, and thank you, Mark. I am Jim Janik, the Chairman of Douglas Dynamics. It's my pleasure to welcome you to our 2025 Annual Meeting. We're delighted that you're with us today. At this time, I call the Annual Meeting of the Stockholders of Douglas Dynamics to order. Sarah Lauber, our Corporate Secretary, will serve as Secretary for this meeting. I have also appointed Jon Sisulak, our Vice President, Controller and Treasurer, as Inspector of Elections for this meeting. We will first hold the official business portion of the meeting followed by -- following the business meeting, we'll open the floor for Q&A. Ms. Lauber has advised me that the notice of this meeting was mailed on or about March 21, 2025 to each shareholder of record as of March 3, 2025. The purposes of this meeting are as follows. Number one, to elect 3 directors to the company's Board and to hold office until the 2028 Annual Meeting of Stockholders. Number two, to conduct an advisory vote to approve the compensation of the company's named executive officers as disclosed in the proxy statement. Number three, to ratify the appointment of Deloitte & Touche as the company's independent registered public accounting firm for 2025. And number four, to transact such other business as may properly come before the meeting, or any adjournment or postponement thereof. As of the record date for this meeting, a total of 23,098,441 shares of Douglas Dynamics common stock were outstanding and eligible to vote. Ms. Lauber has advised me that at least 20.3 million shares are represented in person or by proxy at this meeting, constituting a forum. Accordingly, I declare this meeting open for business. Before we consider the matters for stockholder action, there are several individuals I'd like to recognize. First, I'd like to introduce the other directors of the company participating today and thank them for their contributions that they make for the company. First, Mark Van Genderen, who is our President and Chief Executive Officer. Margaret Dano is the retired Chairman of the Board of Superior Industries International. Kenneth Krueger is Chairman of the Board of The Manitowoc Company. Donald Sturdivant is an operating partner with TruArc, LLC. Joher Akolawala is the retired Executive Vice President and Chief Financial Officer of Pella Corporation. I'd also like to introduce other members of the company's management team who are present at this meeting. Sarah Lauber, who is the company's Executive Vice President, Chief Financial Officer and Secretary. John Sisulak is the company's Vice President, Controller and Treasurer. And Chris Bernauer is the company's President, Work Truck Attachments. Lastly, I'd also like to introduce some guests who are present at this meeting. Robert Perry is a partner of the accounting firm of Deloitte & Touche, the company's independent registered public accounting firm for the fiscal years 2017 through 2025. Bryan Schultz is the partner of the law firm of Foley & Lardner, corporate counsel to the company. We'll now move to consider the matters for stockholder action at this meeting. If you've not previously submitted a proxy, please go to the registration table at this time to vote your shares. After all stockholders have voted, the polls will be closed. We'll first consider the election of 3 directors. The Board has nominated Margaret Dano, Donald Sturdivant and Mark Van Genderen to serve as directors for terms to expire at the 2028 Annual Meeting of Stockholders. The nominations are closed since no other nominations have been received, in accordance with the company's bylaws. And based on the proxy votes, at least 16.6 million shares voted for the election of Margaret Dano, Donald Sturdivant and Mark Van Genderen as directors, which in each case exceeds the vote required for election. Therefore, Margaret Dano, Donald Sturdivant and Mark Van Genderen have each been elected as Director for a term to expire at the 2028 Annual Meeting of Stockholders. We'll now consider the advisory vote to approve the compensation of the company's named executive officers as disclosed in the proxy statement. Based on the proxy votes, at least 18.1 million shares voted for the advisory vote to approve the compensation of the company's named executive officers as disclosed in the proxy statement, which exceeds the vote required for approval. Therefore, the advisory vote to approve the compensation of the company's named executive officers has been approved. We will now consider the ratification of the appointment of Deloitte & Touche as the company's independent registered public accounting firm for 2025. Based on the proxy votes, at least 20.2 million shares voted for ratification of the appointment of Deloitte & Touche as the company's independent registered public accounting firm for 2025, which exceeds the vote required for approval. Therefore, the appointment of Deloitte & Touche as the company's independent registered public accounting firm for 2025 has been ratified. The final voting results will be included in the Form 8-K filing that the company will make with the Securities and Exchange Commission in the next several days. Thank you for participating in the business portion of the meeting, which I now declare adjourned. I would now like to open the floor for any questions and for a question-and-answer period. Are there any questions? Thank you all. We are now adjourned.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.