Grid Dynamics Holdings, Inc. (GDYN) Earnings Call Transcript & Summary

Good day, and welcome to the Grid Dynamics Holdings, Inc. 2021 Annual Meeting. I would now like to turn the conference over to Lloyd Carney, Chairman of the Board of Directors. Please go ahead.

Good afternoon, ladies and gentlemen. I am Lloyd Carney, Chairman of the Board of Directors of Grid Dynamics Holdings, Inc. Welcome to Grid Dynamics Holdings, Inc. Annual Meeting of Stockholders. The meeting is now called to order. Hope everyone is safe and healthy during this ongoing COVID-19 pandemic. While we look forward to seeing you in person, in the interest of safety for you and our staff, as well as complying with government orders, we are again holding today's meeting virtually. Let me turn things over to Leonard Livschitz, Chief Executive Officer, to introduce the company's directors and officers who are with us today and to review the agenda for the meeting.

Thank you, Lloyd, and good afternoon to everyone in attendance. Please let me add my welcome to each of you. We are pleased to welcome our directors who are with us today. We have Leonard Livschitz, Shuo Zhang, Marina Levinson, Lloyd Carney, Yueou Wang, Michael Southworth, Eric Benhamou, Weihang Wang. And also, we have company's officers: Anil Doradla, Yury Gryzlov, Vadim Kozyrkov and Stan Klimoff. We also have Rimma Tabakh from Graham Thornton, our independent registered public accounting firm, and she is in attendance today. In addition, Richard Blake from Wilson Sonsini Goodrich & Rosati, our outside legal counsel, is in attendance today. I'll ask Anil Doradla, Chief Financial Officer and Secretary, to record the minutes of this meeting. We will turn over to Anil to conduct the formal business of the meeting, after which we will be available to answer any relevant questions you may have. [Operator Instructions] Anil?

Thank you, Leonard. I understand that there is an affidavit signed by an employee of Broadridge Financial Solutions that certifies that notice of this meeting has been duly given and that a proxy statement, proxy card and the annual report were mailed on or about November 8, 2021, to all stockholders of record as of October 28, 2021. The affidavit, together with copies of the proxy statement and proxy, will be filed with the minutes of the meeting. I also have a complete list of the shareholders entitled to vote at this meeting available for examination by any stockholder who is present. This list will be available online for the duration of the meeting and can be found in the quarter section of the meeting web page. In addition, the Inspector of Election, [ Lou Larsen, ] who is in attendance, has signed his oath to serve as Inspector of Election. The oath of Inspector of Election will be filed with the minutes of this meeting. The Inspector of Election has advised me that we have present in person, virtually and by proxy a sufficient number of shares to constitute a quorum, so the meeting is duly constituted. We will vote by virtual ballot today. If you have turned in a proxy or voted via the telephone or Internet and do not intend to change your vote, then it is not necessary that you vote because we will count your proxy. Those of you who have not yet voted or wish to change their vote should vote by clicking the Vote Here button on the lower right portion of your screen. We will tabulate the results of all virtual ballots and proxies at the end of the formal business segment of the meeting. It is now 7:34 a.m. Pacific Time. The polls are now open for voting. Upon closing of the polls, no virtual ballots, proxies or votes, nor any revocations or changes, will be accepted. The first item of business is the election of directors. The Board of Directors has nominated each of Lloyd Carney, Yueou Wang and Michael Southworth for election as Class II directors. The term of office of each person elected as a Class II Director will continue until such director's term expires at the Annual Shareholder Meeting in 2024 or until such director's successor has been elected and qualified. The next item of business is the ratification of the appointment of independent registered public accountants. The Board of Directors has selected Grant Thorton LLP, independent registered public accountants to audit the company's financials for the company's fiscal year ending December 31, 2021. The polls are still open. A reminder that if you have not yet voted or wish to change your vote, you may do so by clicking the Vote Here button on the lower right portion of your screen. If you have not yet submitted a proxy or electronic ballot, you must submit your electronic ballot now for your vote to be counted by the Inspector of Election. If you have already submitted a proxy or voted via the telephone or Internet and do not intend to change your vote, then no further action is needed at this time. We will leave the polls open for another minute to allow anyone who chooses to vote electronically to cast their ballots now. Please note that upon the closing of the polls, no additional ballots, proxies or votes, nor any changes or revocations, will be accepted. Following the closing of the polls, the virtual ballots and proxy will be tabulated by the Inspector of Elections. It is now 7:36 a.m. Pacific Time. And since everyone has had the opportunity to vote, the polls are now closed with respect to each matter to be voted on this meeting. No additional ballots, proxies or votes and no changes or revocations will be accepted at this time. At this time, I would like Mr. [ Larsen ], the Inspector of Election, to report the results of the voting.

Thank you, Anil. All of the proposals are passed by the required margin of vote.

The final number of votes will be set forth in a report of the Inspector of Election and included in the minutes of the meeting. We will also report the final voting results on a Form 8-K, which we will file with the Securities and Exchange Commission within 4 business days of today's date. This concludes the formal business of the meeting. I will now turn the time back to Leonard to conduct the question-and-answer portion of the meeting.

Thank you, Anil. I would now like to proceed with the question-and-answer session, during which we will field questions from our shareholders attending today. [Operator Instructions] I would like to note that our responses to our questions today may include forward-looking statements. Actual results may differ materially from those contemplated by our forward-looking statements. Please take a look at our filings with the Securities and Exchange Commission for a discussion of the factors that could cause our results to differ. Also, note that any forward-looking statements are based on the information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements, except as required by law. At this moment, we have not received any relevant questions. We will now conclude the question-and-answer period. With that, I will turn it back to Leonard.

There being no further business, the meeting is now concluded. I would like to express my sincere appreciation to the shareholders who attended this meeting as well as those who submitted their proxy but were not able to present at this virtual meeting. Thank you very much for your continuous support.

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