Titan Machinery, Inc. (NASDAQ:TITN) Q4 2019 Earnings Conference Call - Final Transcript

Mar 26, 2020 • 08:30 am ET


Titan Machinery, Inc. (NASDAQ:TITN) Q4 2019 Earnings Conference Call - Final Transcript


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Greetings. Welcome to Titan Machinery's Fourth Quarter and Fiscal Year 2020 Earnings Call. [Operator Instruction] Please note this conference is being recorded.

I will now turn the conference over to your host, John Mills at ICR. Thank you. You may begin.

John F. Mills

Great. Thank you. Good morning, ladies and gentlemen. Welcome to the Titan Machinery fourth quarter fiscal 2020 earnings conference call. On the call today from the company are David Meyer, Chairman and CEO; and Mark Kalvoda, Chief Financial Officer.

By now, everyone should have access to the earnings release for the fiscal third quarter ended January 31, 2020, which went out this morning at approximately 6:45 AM Eastern Time. If you have not received the release, it is available on the Investor Relations tab of Titan's website at ir.titanmachinery.com. This call is being webcast and a replay will be available on the company's website as well.

In addition, we're providing a presentation to accompany today's prepared remarks. We suggest you access the presentation now by going to Titan's website at ir.titanmachinery.com. The presentation is directly below the webcast information in the middle of the page. You'll see on Slide 2 of the presentation our Safe Harbor statement. We would like to remind everyone that the prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them.

These forward-looking statements are based on current expectations of management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of Titan's most recently filed Annual Report on Form 10-K. These risk factors contain a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements. Except as may be required by applicable law, Titan assumes no obligation to update any forward-looking statements that may be made in today's release or call.

Please note that during today's call, we'll discuss non-GAAP financial measures including results on an adjusted basis. We believe these adjusted financial measures can facilitate a more complete analysis and greater transparency in the Titan's ongoing financial performance, particularly when comparing underlying results from period to period. We've included reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures in today's release. The call will last approximately 45 minutes today, and at the conclusion of the prepared remarks we will open the call to take your questions.

Now, I'd like to introduce the company's Chairman and CEO, Mr. David Meyer. Go ahead, David.

David Meyer

Thank you, John. Good morning, everyone. Welcome to our fourth quarter fiscal 2020 earnings conference call. As John mentioned, to help you follow today's prepared remarks, we provided a slide presentation, which you can access on the Investor Relations tab of our website at ir.titanmachinery.com. On today's call, I will provide a summary of our results and then an overview for each of our business segments. Mark will