Titan Machinery Inc. (TITN) Earnings Call Transcript & Summary

Welcome to the 2020 Annual Meeting for Titan Machinery Inc. Our host for today's call is David Meyer. [Operator Instructions] I would now like to turn the call over to your host. Mr. Meyer, you may begin.

Good morning, ladies and gentlemen. I am David Meyer, Chairman of the Board and Chief Executive Officer of Titan Machinery. It is a pleasure to call to order and welcome you to our 2020 Annual Stockholders Meeting. We're very pleased that this year, our stockholders are able to attend the meeting online. This virtual format provides for a safe form and allows for greater access to the meeting by our stockholders. If any stockholder would like to make a comment regarding any of the proposals or to ask a question regarding our business, please submit your comment or question through the web portal. After the formal portion of the meeting, we will answer questions as appropriate. Based on information provided by our inspector of election, we have a quorum for the meeting. In addition, an affidavit of mailing has been provided by Broadridge Financial Solutions, certifying as to the giving of notice for this meeting and then sending to stockholders of record as of April 13, 2020, the notice of availability of proxy material, all of which Broadridge commenced distributing to stockholders on April 24, 2020. Based upon the foregoing, I now declare this annual meeting lawfully convened. The agenda posted in the portal outlines the order of business for the meeting. The minutes from last year's meeting and the rules of conduct for this meeting have also been posted to the portal. Finally, a list of the holders of record of the company's common stock at the close of business on the record date for this 2020 Annual Stockholders Meeting is available for the inspection during this meeting by any stockholder on the website used to access this meeting. I would like to introduce officers and directors of the company. Officers: Mark Kalvoda, CFO; Steve Noack, General Counsel and Corporate Secretary. Directors: Stan Dardis; Stan Erickson; John Henderson, I want to note, John has elected to not up for a new term, and I'd like to take this opportunity to thank John for his many contributions to our Board over the past 3 years; Jody Horner, Richard Mack; and myself, David Meyer. Director nominees: Tony Christianson, Christine Hamilton. I would also like to introduce Jason Flynn and Kelsey Swanson from our independent auditor, Deloitte & Touche. The matters on which the stockholders at the meeting are voting on are: number one, elect 2 directors for a 3-year term; number two, conduct an advisory vote on a nonbinding resolution to approve the compensation of our named executive officers; number three, ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending January 31, 2021; number four, approve the amendment and restated Titan Machinery Inc. 2014 Equity Incentive Plan; and number five, transact such other business as may be properly come before the annual meeting or any adjournment or postponement thereof. It is now 2:04 Central Time on June 8, 2020, and the polls for voting on all matters are open. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the Voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to make -- to change their vote do not need to take any further action. I'll -- short, I'll pause here for a short time here to let everybody vote. [Voting]

The polls are about to close. So if you have not yet voted, please do so now. Again, I'll briefly pause. [Voting]

Now that everyone has had the opportunity to vote, I now declare the polls for the 2020 Titan Machinery Inc. Annual Stockholder Meeting closed at 2:05 p.m. Central Time on June 8, 2020. On the basis of the preliminary report of the inspector of election, I declare that Tony Christianson and Christine Hamilton have each been elected as Class I directors. I also declare that the stockholders have approved on an advisory basis, the compensation of the company's named executive officers. I also declare that the stockholders have ratified the appointment of Deloitte & Touche as the company's independent registered public accounting firm for the fiscal year ending January 31, 2021. I also declare that the stockholders have approved the amended and restated Titan Machinery Inc. 2014 Equity Incentive Plan. We will file the final report of the inspector of election with the records of this meeting. This concludes the formal part of the meeting. Now we would like to open things up for stockholder questions and comments as entered today on the web portal. Please note that only questions that are germane to this meeting will be addressed. Before answering any questions, I'd like to caution you that certain statements that may be made at this meeting relating to the company's financial performance or that indicate our intentions, beliefs or expectations of future performance are forward-looking statements, and the company's actual results could differ materially from those projected. We encourage you to review the cautionary statements contained in our periodic filings with the Securities and Exchange Commission. There are no active questions. That concludes our question-and-answer portion of the meeting. There being no further business to come before the meeting, the 2020 Annual Meeting of Stockholders of Titan Machinery Inc. is now adjourned. We thank you for your attendance and continued support of our company.

This now concludes the meeting. Thank you for joining, and have a pleasant day.