PowerFleet, Inc. (AIOT) Earnings Call Transcript & Summary

Hello and welcome to the Annual Meeting of Stockholders of PowerFleet, Inc. on July 9, 2020. Please note that today's meeting is being recorded. During the meeting, we will have a question-and-answer session. You can submit a written question at any time by clicking on the message icon at the top of your screen. Please note that your registered name will be announced along with your question during the Q&A session following the formal portion of the meeting. Guests will not be able to submit questions. [Operator Instructions] It is now my pleasure to turn today's meeting over to Chris Wolfe, Chief Executive Officer. The floor is yours.

Good morning. I am Chris Wolfe, Chief Executive Officer of PowerFleet, Inc. Welcome to the company's Annual Meeting of Stockholders. With me today is Ned Mavrommatis, the company's CFO; and Jeffrey Spindler of Olshan Frome Wolosky LLP as inspector of election. We will first conduct the formal business of the meeting and vote on the matters presented in the notice of annual meeting. Afterwards, you will have an opportunity to ask questions that you may have. A list of stockholders entitled to vote at this meeting was furnished by the American Stock Transfer & Trust Company, LLC, the company's transfer agent, is available for inspection during this meeting by any stockholder on the website used to access this meeting. There is also available on the website used to access this meeting, a copy of the notice of annual meeting and proxy statement mailed beginning on or about June 4, 2020, to each stockholder of record at the close of business on May 14, 2020. Together with an affidavit of due mailing of such notice, the affidavit and the notice will be appended to the minutes of this meeting together with a copy of the proxy statement. Jeff Spindler of Olshan Frome Wolosky LLP, outside counsel of the company has been appointed as inspector of election at this meeting. He is neither a director or employee of the company. His oath as inspector of election has been submitted to this meeting and will be appended to the minutes. The inspector of election has pulled the stockholders present in person and had examined the proxies. His report of stockholders represented at this meeting has been submitted, and it indicates that the holders of shares in excess of the numbers necessary to constitute a quorum are present in person or represented by proxy. This report will be available for inspection throughout this meeting and will be appended to the minutes of this meeting. Having reported that a quorum is present for the transaction of business, I declare that the annual meeting of stockholders of PowerFleet, Inc. is duly and legally convened. As indicated in the notice of annual meeting, there are 3 items of business to be conducted at this meeting. The first item of business is the election of directors to the company's Board of Directors. The second item of business is the ratification of Ernst & Young LLP as the company's independent registered public accounting firm for 2020. The third item of business is an advisory nonbinding proposal to approve the company's executive compensation. The Board of Directors has recommended a vote for each of the nominees for Director, votes in favor of the ratification of Ernst & Young as the company's independent registered public accounting firm for 2020 and the company's executive compensation. I now declare the polls open for voting. [Voting]

Has everyone voted who is entitled to vote and desires to vote? All votes are in. Now the inspector of election will tabulate the vote and submit a report in writing to me. The inspector of election has submitted his report. The report indicates that each of the proposals has received the requisite vote of stockholders and accordingly, has been duly approved. There being no further business to come before this meeting in the absence of any objection, I declare the formal portion of this meeting adjourned. We will now be pleased to entertain any questions that you may have. Before asking your question, please identify yourself and state the number of shares that you own or represent by proxy.

Chris, there are no questions.

Being that there are no questions, we now call the meeting to close. Thank you very much.

This concludes the meeting. You may now disconnect.