McGrath RentCorp (MGRC) Earnings Call Transcript & Summary

Hello and welcome to the Annual Meeting of Stockholders of McGrath RentCorp. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Joe Hanna, CEO of McGrath RentCorp. Mr. Hanna, the floor is yours.

Ladies and gentlemen, welcome to McGrath RentCorp's 2020 Annual Shareholders Meeting, presented virtually this year to protect the health and safety of our employees, shareholders, and our community as we navigate the COVID-19 pandemic. I am Joe Hanna, CEO, President, and a Director of McGrath RentCorp. After the formal part of the meeting, we will answer shareholder questions. Only shareholders who joined the meeting using a valid control number may ask questions in the designated field on the meeting web portal. Now I'd like to note some of the individuals joining us remotely today. McGrath RentCorp's Board of Directors, including Ron Zech, Chairman of the Board; also a representative from Grant Thornton is with us today; Tony Perazzo, our audit partner; Tony will be available to respond to appropriate questions during our Q&A session later in the meeting. At this time, I'd like to turn things over to Melodie Craft, who is serving as the secretary of, and the inspector of elections for today's meeting.

I am Melodie Craft, Vice President of Legal Affairs and Risk Management. I've been appointed to serve today as the secretary of the meeting as well as the inspector of elections. At this time, I will review a few voting procedures. First, in voting on the matters presented at this meeting, only shareholders of the company of record as of April 13, 2020, or a person holding a duly executed proxy of such a shareholder may vote. For shareholders who have already sent in their proxies, your votes have been counted and you do not need to vote at this time. Any shareholder who has not yet voted or wishes to change a vote, may do so now following the instructions contained on the web portal for this virtual annual meeting. No further action is necessary for the shareholders who have sent in proxy cards already. This meeting has been called pursuant to due notice. After examining the proxies submitted, we have present at this meeting, in by virtual presence or by proxy, shareholders holding a majority of the company's common stock entitled to vote at this meeting. We have a quorum, and the meeting is ready for business and legally convened. The first proposal of the meeting is the election of 8 directors to company's Board of Directors. The Board of Directors' nominees are Kimberly Box, William Dawson, Elizabeth Fetter, Joseph Hanna, Bradley Shuster, Richard Smith, Dennis Stradford and Ronald Zech. The second proposal to be voted on today is the ratification of the appointment of Grant Thornton LLP as our independent auditors for the fiscal year ending December 31, 2020. The third proposal to be voted on today is a nonbinding advisory vote on the compensation of the company's named executive officers. If any shareholder wishes to vote or to change your vote on our web portal, this is the last chance to do so. I will briefly pause for that to happen. [Voting]

At this time, the polls are closed. I will now announce the results. As inspector of election, I can report that the results of today's vote are that a requisite number of shares have voted for the election of the company's 8 director nominees, have ratified the appointment of Grant Thornton LLP as the company's independent auditors for the fiscal year ending December 31, 2020, and have voted for the nonbinding approval of the compensation of the named executive officers. The company will report the final vote results for each proposal in a Form 8-K to be filed after this meeting. This concludes the scheduled agenda for this annual meeting. As secretary of the company, I did not receive proper notice of any other business or proposal to come before the meeting. I now turn the meeting back over to Joe.

The formal portion of this meeting is now adjourned.

Before we move into our question-and-answer session, please note that management may make statements that are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements also can be identified by the use of forward-looking terminology such as believes, expects, may, estimates, will, should, plans or anticipates or by discussions of strategy. These statements are not historical facts or guarantees of future performance and are subject to a number of risks and uncertainties. Actual results may differ materially from any of these statements. For a description of the factors that could cause actual results to differ materially from the company's expectations, please refer to our annual report on Form 10-K filed February 20, 2020, and subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements are made as of the date hereof and we assume no obligation to update any such statements.

At this time, we would like to take any questions you might have for us today. To ask a question, click on the message icon to submit your question or comment. And I'm not seeing any questions at this point. So at this point, we'll conclude the meeting. Thank you for all attending. We are now adjourned.

This concludes the meeting. You may now disconnect.