Titan Machinery Inc.

Greetings. Welcome to Titan Machinery first quarter fiscal 2022 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to John Mills with ICR. Thank you. You may begin.

Thank you. Good morning, ladies and gentlemen, and welcome to the Titan Machinery first quarter fiscal 2022 earnings conference call. On the call today from the company are David Meyer, Chairman and Chief Executive Officer, Mark Calvota, Chief Financial Officer, and Brian Knudson, Chief Operating Officer. By now, everyone should have access to the earnings release for the fiscal first quarter ended April 30th, 2021, which went out this morning at approximately 6.45 a.m. Eastern Time. If you have not received the release, it is available on the investor relations page of Titan's website at ir.titanmachinery.com. This call is being webcast, and the replay will be available on the company's website as well. In addition, we are providing a presentation to accompany today's prepared remarks. You may access the presentation now by going to Titan's website at ir.titanmachinery.com. The presentation is available directly below the webcast information in the middle of the page. You'll see on slide two 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, underreliance should not be placed upon them. These forward-looking statements are based on current expectations of management and involve inherent risk and uncertainties, including those identified in the risk factor section of Titan's most recently filed annual report on Form 10-K and updated in subsequently filed quarterly reports on Form 10-Q. 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 into 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, and at the conclusion of our 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.

Thank you, John. Good morning, everyone. Welcome to our first quarter fiscal 2022 earnings conference call. On today's call, I'll provide a summary of results, and then Brian Knudson, our chief operating officer, will give an overview for each of our business segments. Mark Calvota, our CFO, will then review financial results for the first quarter of fiscal 2022 and provide an update to our full-year modeling assumptions. If you turn to slide three, you will see an overview of our first quarter financial results. The fiscal first quarter exceeded our expectations on all fronts with impressive operating leverage that showcases the earnings power of our efficient dealership network. On a consolidated basis, we grew revenue by 20% to $373 million, driven by continued momentum in equipment sales, which is visible across each of our segments. The strong sales coupled with a modest increase in operating expenses and lower interest expense resulted in a 179% improvement to our adjusted pre-tax income of $13.5 million and 207% growth in our adjusted earnings per annum share of 46 cents. I'm proud of our team's performance and pleased to share this success with all our stakeholders. We'll now turn the call over to Brian to review our three segments in more detail.