Akamai Technologies, Inc. (AKAM) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Stockholders of Akamai Technologies. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Fred Salerno, Chairman of the Board. Mr. Salerno, the floor is yours.

Thank you. Good morning, and welcome, everyone, to Akamai's virtual Annual Meeting of Stockholders. I am Fred Salerno, Chairman of the Board of Akamai Technologies. Greatly appreciate everyone joining us during this very, very challenging time and I hope you've been able to stay safe and be well. I call this meeting to order. First off, I'd like to acknowledge the members of our Board who are attending today's meeting: Marianne Brown, Marianne joined the Board in March; Monte Ford; Jill Greenthal; Dan Hesse; Tom Killalea; Tom Leighton, our CEO; Jon Miller; Madhu Ranganathan; Ben Verwaayen; and Bill Wagner. I'd like to welcome the members of Tom's executive staff and representatives from PwC, Akamai's external audit firm and Wilmer Hale, our outside council. I will now turn this meeting over to Aaron Ahola, Akamai's General Counsel and Corporate Secretary for the formal proceedings. Aaron?

Great. Thank you, Fred, and good morning, everyone. I call your attention to the rules of conduct set forth for this meeting. These are available to each shareholder in the file section on the lower left of the screen. A representative from Computershare, who will be acting as the Inspector of Election for this meeting, is also in attendance today. If you have not voted or wish to change your vote, you may do so now by clicking on the link provided online. As indicated in the notice of meeting and accompanying documents that were mailed to each stockholder, we are here today to consider the following business items: First, a vote to elect 7 directors to serve a 1-year term; second, an advisory vote to approve our 2019 executive compensation; and third, a vote to ratify the selection of PricewaterhouseCoopers as the company's independent auditors for 2020. We will consider the items you voted on in the same order that they appear in your notice of meeting and the agenda. The polls for each matter will open when the matter is called to a vote until I announce that the polls are closed. No ballots or proxies or revocations of changes will be accepted after the polls are closed. As we address each matter to be voted on, stockholders may submit a question or statement online that is relevant to the matter at hand. I will read the comment or question and moderate any replies. I have received an affidavit from the company's transfer agent Computershare, certifying that the notice of the annual meeting and proxy statement were sent to all stockholders of record as of March 20, 2020. Computershare has been appointed to act as Inspector of Elections. Computershare has indicated that they are present at this meeting, in person or through representation by proxy, at least 81,239,671 shares of common stock of Akamai Technologies. As a result, I hereby declare that a quorum exists. The first matter is the election of Directors. The 7 nominees for election at this meeting are: Tom Killalea, Tom Leighton and Jon Miller from Class II; and Monte Ford, Madhu Ranganathan, Fred Salerno and Ben Verwaayen from Class III. Jim, Tom, are there any questions or comments from the stockholders?

No, Aaron, there are no questions at this time.

Thank you. The second matter is an advisory vote to approve Akamai's 2019 executive compensation. Tom, are there any questions or comments from the stockholders on this matter?

No, Aaron, there are no questions at this time.

Thank you. And the last matter to be voted on is the ratification of the selection of PwC as the company's independent auditors for the current fiscal year. Tom, are there any questions or comments from the stockholders on this matter?

No, Aaron, there are no questions at this time.

Hearing that, this concludes the business items on the agenda for this annual meeting. The polls are now closed. Based on the report of the Inspector of Elections, the holders of a majority of the votes cast with respect to each nominee standing for election have been voted for such persons. I, therefore, declare that all of the nominees have been elected as Directors. Based on the report of the Inspector of Elections, the holders of a majority of the votes cast at this meeting have been voted to approve Akamai's 2019 executive compensation. And based on the report of the Inspector of Elections, the holders of a majority of the shares present or represented and entitled to vote at this meeting have voted for the ratification of PwC as Akamai's independent auditors for the current fiscal year. As there is no further business to come before the meeting, the formal part of the meeting is now adjourned. Today's Q&A session may contain estimates and other statements that are forward-looking under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and involve a number of factors that could cause actual results to differ materially from those expressed or implied by such statements. The forward-looking statements represent our view as of today. We disclaim any obligation to update these statements to reflect future events or circumstances. Tom, let me just check whether there are any questions at this time.

Thank you, Aaron. At this time -- thank you, Aaron. At this time, we would like to take any questions you might have for us today. [Operator Instructions] It does not appear that we have any questions at this time. I want to thank all of these Directors and Executives for joining us and all of you investors as well. And on behalf of Akamai's 8,000 employees around the world, we wish you a very well rest of the day. Thank you very much.

This concludes today's meeting. You may now disconnect.