LCI Industries (LCII) Earnings Call Transcript & Summary

Welcome to the LCI Industries 2021 Annual Meeting of Stockholders. I will now introduce the first presenter, Jason Lippert, President and Chief Executive Officer of LCI Industries.

Good morning, and welcome to the 2021 Annual Meeting of Stockholders of LCI Industries. I'm Jason Lippert, President and Chief Executive Officer of the company and a Director, and I'll be presiding over this meeting. It is now 9 a.m. in the morning, and this meeting is officially called to order. Throughout this meeting, stockholders are invited to submit questions regarding LCI using the web portal. These questions will be addressed on our company website following the meeting. I would like to remind you that our conversation during this meeting may include statements that constitute forward-looking statements. Such statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, and we assume no obligation to update them. Next, I would like to acknowledge the members of our Board of Directors who will be attending the meeting virtually: myself, Jason Lippert; Jim Gero, our Chairman; Frank Crespo; Brendan Deely; Ron Fenech; Tracy Graham; Ginnie Henkels; Stephanie K. Mains; Kieran O'Sullivan; David Reed; and John Sirpilla. I would also like to take this opportunity to introduce Scott Vanderbeek and Kyle Gates of KPMG, our independent auditor. Officers of the company who are present virtually include Brian Hall, Executive VP and CFO, who will act as the inspector of election; Jamie Schnur, Group President of Aftermarket; Ryan Smith, Group President of North America; and Kip Emenhiser, Controller. Andrew Namenye, Executive VP, Chief Legal Officer and Corporate Secretary of the company, is present and will act as Secretary of the meeting. Andrew?

Thanks, Jason. The Board of Directors fixed March 26, 2021, as the record date for determining stockholders entitled to vote at this meeting. LCI stockholders as of this day were sent a copy of the notice of the annual meeting on or about April 5, 2021. I am pleased to announce that there are present by proxy a sufficient number of the voting shares of the company to constitute a quorum. A copy of the notice, proxy statement and affidavit of distribution of Broadridge Financial Solutions shall be made part of the record of this meeting.

Thank you. The next order of business is a description of the 3 matters to be voted on at today's meeting. No stockholder proposals were submitted in advance of this meeting. For stockholders voting today, please vote now as we will close the polls immediately after I review the 3 matters up for vote. If you have previously voted by proxy, you do not do anything at this time. The first proposal is to elect the directors of the company to serve as directors until the next annual election. The Board of Directors has nominated the following 11 persons, each of whom currently serves on the Board, as directors to hold office until the next annual meeting of stockholders and until their successors are duly elected and qualified. James F. Gero, Frank J. Crespo, Brendan J. Deely, Ronald J. Fenech, Tracy D. Graham, Virginia L. Henkels, Jason D. Lippert, Stephanie K. Mains, Kieran M. O'Sullivan, David A. Reed and John A. Sirpilla. In the proxy statement, we provided with you information regarding the business experience of each of these individuals. There were no other nominations from the stockholders and the company has an advanced notice provision in its bylaws. Accordingly, all nominations are closed. Our Board of Directors recommends a vote in favor of the election of each of the Director nominees. The second proposal on our agenda is the proposal that stockholders of the company approve, in an advisory and nonbinding vote, the compensation of the named executive officers as disclosed in detail in the proxy statement. We provided you with information regarding this matter in the proxy statement. Stockholders were asked to vote on the following resolution: Resolved that the compensation paid to the company's named executive officers as disclosed in the proxy statement pursuant to the compensation disclosure rules of the SEC, including the compensation discussion and analysis, compensation tables and related information and discussions is hereby approved. Our Board of Directors recommends a vote in favor of this proposal. The final proposal on the agenda is the proposal that the stockholders of the company ratify the appointment of KPMG LLP as independent auditors for the stockholders of the company for the fiscal year ending December 31, 2021. We provided you with information regarding this matter in the proxy statement. Our Board of Directors recommends a vote in favor of this proposal. Because no further business is on the agenda to come before the meeting, and everyone has had the opportunity to vote, I declare the polls now closed. Andrew, do we have preliminary voting results?

The preliminary vote report shows that the 11 persons named in the proxy statement and nominated at this meeting have been elected as directors of the company -- have been elected as directors of the company to hold office until the next annual meeting of stockholders and until their successors have been elected and duly qualified. In the advisory and nonbinding vote, compensation of the named executive officers as disclosed in the proxy statement has been rejected. The selection of KPMG as independent auditors for the fiscal year ended December 31, 2021, has been ratified. We will be reporting the final vote results in an SEC filing within the required time period.

Thank you, Andrew, and there is no other business to come before this meeting. This meeting is officially adjourned.

Thank you. The LCI Industry's 2021 Annual Meeting of Stockholders is officially concluded. Thank you for attending, and you may now disconnect.