Arlo Technologies, Inc. (ARLO) Earnings Call Transcript & Summary

Good day. And welcome to the Arlo Technologies, Inc. Annual Meeting of Stockholders. I would now like to turn the conference over to Matthew McRae. Please go ahead.

Good morning. I am Matthew McRae, and I am Chief Executive Officer and a member of the Board of Directors of Arlo Technologies, Inc. I'm very happy to welcome you to the Arlo Technologies 2020 Annual Stockholders Meeting. As you know, like many other companies, we are hosting today's meeting through a virtual online platform in light of the COVID-19 pandemic for health and safety reasons, including taking into account federal, state and local guidance that has been issued. With that in mind, I want to thank you all for taking the time to join us and hope you are safe and well. Before I call the meeting to order, I'd like to introduce you to the members of the Arlo Board and Arlo business team who are with us today. The other members of the Board are Ralph Faison, Jocelyn Carter-Miller, Michael Pope, Grady Summers, Sean Aggarwal and Amy Rothstein. The other officers of the company here today are Gordon Mattingly, our Chief Financial Officer; and Brian Busse, our General Counsel and Secretary. I would also like to introduce [ Ergen Jink ] and [ Wenhao Zuo ] of PricewaterhouseCoopers LLP, the company's auditors. While this meeting is virtual only, stockholders of record will have the opportunity to submit questions or comments through the text box located on your online screen. [Operator Instructions] We may answer questions submitted that are germane to the proposals being voted on as and if we have time. Please submit your questions now to make sure they are reviewed and addressed. The meeting will now officially come to order. We will proceed with the formal business of the meeting as set forth in your notice of annual meeting and proxy statement. I am appointing [ Vicky Mosbak ] to act as inspector of election at this meeting. Ms. [ Mosbak ] has taken and subscribed the customary oath of office to execute her duties with strict impartiality. We will file this oath with the records of the meeting. Her function is to decide upon the qualification of voters, accept their votes and when balloting on all matters is completed, to tally the final votes. With respect to the mailing of the notice of the meeting and the stockholders list, I and the Secretary have at this meeting a complete list of stockholders of record of the company's common stock on May 8, 2020, the record date for this meeting. I and the Secretary also have an affidavit, certifying that on May 19, 2020, a notice of Annual Meeting of Stockholders of the company was deposited in the United States mail to all stockholders of record at the close of business on May 8, 2020. I will now turn it over to the Secretary, Mr. Busse, to report at this time with respect to the existence of a quorum and complete the remainder of the meeting.

Thank you, Matt. As of the start of this meeting, proxies have been received for 68,287,489 of the 78,026,941 shares of common stock outstanding on the record date, which represents approximately 87.51% of the total number of outstanding shares. This constitutes a quorum for the meeting today, and we may now carry out the official business of the meeting. There are 2 proposals to be considered by the stockholders at this meeting. The time is now 9:33 a.m. Pacific Time on Wednesday, July 1, 2020, and the polls are now open for voting on all matters to be presented. The polls will be closed to voting after we go through the matters to be voted on. If you intend to vote and have not already done so, you must submit your vote online now in order for it to be counted. If you have not voted, I encourage you to vote online now. After I describe each item to be voted on, we will close the polls. We will not accept ballots, proxies, revocations or changes after the closing of the polls. If you have already submitted your vote by proxy and do not wish to change your vote, you do not need to vote now, and your shares will be voted as previously instructed. The first item of business is the election of 3 Class II directors to serve until the 2023 annual meeting and until their successors are elected. The nominees for Class II director are Grady Summers, Sean Aggarwal, and Amy Rothstein. The second item of business today is the ratification of the selection by the Audit Committee of Arlo of the Board of Directors of PricewaterhouseCoopers LLP as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2020. That was the final proposal for today's meeting. Are there any germane questions that you would like to submit via the web portal? The time is now 9:36 a.m., and the polls are now closed for voting. Ms. [ Mosbak ], may we please have results of the voting?

The report of the inspector of election covering the proposals presented at this meeting is as follows: the proposal to elect Grady Summers, Sean Aggarwal and Amy Rothstein as Class II directors of the company is carried. The selection of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020, is ratified.

We expect to report our preliminary voting results or, if available to us on a timely basis, our final voting results on a current report on Form 8-K to be filed with the SEC within 4 business days after the end of this meeting. If not earlier reported, we expect to report our final voting results in an amendment to our Form 8-K within 4 business days after the final results are known to us. This concludes the formal portion of today's meeting, and this meeting is concluded. Thank you for attending.

The conference has now concluded. Thank you for attending today's presentation, you may now disconnect.