TopBuild Corp. (BLD) Earnings Call Transcript & Summary

Greetings. Welcome to TopBuild 2020 Annual Shareholder Meeting webcast. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Alec Covington, Chairman of the Board of TopBuild. Mr. Covington, please go ahead.

Thank you. Good morning, ladies and gentlemen. The 2020 Annual Meeting of Stockholders of TopBuild Corporation is now called to order. I am Alec Covington, Chairman of the Board of Directors of TopBuild Corporation, and I cordially welcome you to today's meeting. We especially welcome you to this, our first virtual meeting of stockholders, and we hope that you and your families are well at this unique time in our nation's history. In addition to myself, I'd like to take a moment now to introduce the other directors of the company who are also present virtually at this meeting. The directors are Gerald Volas, who is also our CEO; Mark Petrarca; Tina Donikowski; Nancy Taylor; Carl Camden; and Joseph Cantie. In addition to Gerald Volas, I am also very pleased to introduce other executive officers of the company who are also present virtually at this meeting. Robert Buck, who is our President and Chief Operating Officer; John Peterson, who is our President and Chief Financial Officer -- our Vice President and Chief Financial Officer; Robert Kuhns, our Vice President and Controller; and Joe Jacumin, our Deputy General Counsel, Chief Compliance Officer and Assistant Secretary. Also present virtually today is a representative from our independent registered public accounting firm, PricewaterhouseCoopers LLP. She is available to answer questions from stockholders after we complete the business portion of the meeting. In addition, a representative from Issuer Direct Corporation, our Inspector of Election, is present virtually today to assist with the meeting. This meeting is convened pursuant to a notice dated March 18, 2020, as updated on April 9, 2020, to all stockholders of record as of the close of business on March 2, 2020. We have available at this meeting a list of the stockholders, which is available for inspection by any stockholder of record in attendance on the website used to access this meeting. As of the close of business on the record date, there were 33,502,605 shares of common stock outstanding, and our Inspector of Election has determined that a quorum is present for all matters to be voted on at today's annual meeting. We remind you that the rules of conduct for this meeting are available to review on the website used to access this meeting, and we intend to follow these rules during the meeting. Now the time is 10:03 a.m. and the polls are now open. We have 3 matters that are properly before the meeting to be voted on today, which are the election of Gerald Volas, Carl Camden, Alec Covington, Tina Donikowski, Mark Petrarca, Nancy Taylor, and Joseph Cantie as directors; the ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the 2020 fiscal year; and the approval, on an advisory basis, of the compensation of our named executive officers. As indicated in the proxy statement, our Board of Directors has recommended our stockholders vote for each of the nominees for Director; for the ratification of the appointment of PricewaterhouseCoopers LLP as our independent auditor; and for approval, on an advisory basis, of the compensation of the company's named executive officers. If you have already submitted a proxy or voted in the manner outlined in the proxy statement, we have already received your vote and there is no need to vote at this virtual meeting. Those stockholders who have not submitted proxies and who wish to vote virtually may do so by clicking the Vote My Shares tab on the website used to access this meeting and follow the instruction. After voting has completed on all matters on the agenda, we will close the polls, and the Inspector of Election will provide the preliminary report. We will now briefly pause to enable anyone who would like to vote virtually to do so. [Voting]

We have been informed that there are no further votes pending. The time is now 10:04, and the polls are now closed. The Inspector of Election has delivered a preliminary report, and I will now announce the preliminary results. Our stockholders have voted to elect Gerald Volas, Carl Camden, Alec Covington, Tina Donikowski, Mark Petrarca, Nancy Taylor, and Joseph Cantie as directors; to ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the 2020 fiscal year; and to approve, on an advisory basis, of the compensation of our named executive officers. We will file the final report of the Inspector of Election with the records of this meeting. We expect to report the results of the voting on a Form 8-K to be filed with the SEC within 4 business days of this meeting. Thank you. Now that the business portion of the meeting has been concluded, and there being no more business to attend to before the meeting, I declare this meeting adjourned. Shareholders now have an opportunity to ask questions directed to the company's auditor, myself, the CEO, and the CFO. Please click the Ask Question tab on the website to submit questions and note that we will follow the rules of conduct in answering these questions. Before we answer any questions, let us remind you that we will be holding our earnings conference call announcing our results of operations for the first quarter of fiscal 2020 on May 5, 2020, and we do not expect to answer any questions regarding those resolved at this meeting. We will now briefly pause to review any questions submitted.

There are no questions.

If there are no questions, I'd like to thank you all for attending today's meeting and your support to TopBuild. Thank you very much.

This concludes TopBuild's Annual Shareholder Meeting. You may disconnect at this time. Thank you for your participation.