Cogent Communications Holdings, Inc. (CCOI) Earnings Call Transcript & Summary

Welcome to the Cogent Communications Holdings Annual Meeting of Stockholders. I will now turn the call over to Dave Schaeffer, Cogent's Chairman and Chief Executive Officer. Please go ahead.

Good morning, everyone. I'm Dave Schaeffer, Cogent's Chairman of the Board and Chief Executive Officer. It's my pleasure to welcome you all to our 2020 Annual Meeting of Stockholders of Cogent Communications Holdings. We welcome those who are listening to the call's live audio webcast at this annual meeting in these difficult times. It is 9:00, and in accordance with the notice of the meeting and the proxy solicitation statement mailed to shareholders, I call to order the Annual Meeting of the Stockholders. I'm informed by our Corporate Secretary that the notice of the meeting has been properly and timely mailed to all stockholders of record. The electronic copies of the proxy statements and the annual report on Form 10-K are also posted on Cogent's website as required by the Securities and Exchange Commission. The Inspector of the Elections and the Secretary each have a list of stockholders of record as of March 9, 2020 entitled to vote at this meeting. A copy will be kept with the records of this meeting, and we are being assisted today by Robbin Mayo, a representative of Compushare (sic) [ Computershare ], who will be acting as Inspector of Elections for the vote to be taken at today's meeting. Approximately 47,209,000 shares are entitled to vote as of the record date. As of this morning, the company holds proxies for approximately 44,100,000 of those votes, or approximately 93.37% of shares outstanding and accordingly, I declare a quorum present. Three the proposals are before the stockholders for a vote, as described in the notice of the annual meeting. The proxy materials have been circulated. I will now review the 3 proposals presented to the stockholders at this meeting. Proposal One. The first proposal is for the election of 7 directors to serve until the next annual meeting. The stockholders -- the following directors have been nominated for election: Blake Bath; Steven Brooks; Lewis Ferguson; Carolyn Katz; Sheryl Kennedy; Marc Montagner and myself, Dave Schaeffer. Proposal Two. The second proposal before the stockholders is the ratification of the appointment of Ernst & Young as the company's registered public accountants for the fiscal year ending December 31, 2020, is described in the proxy statement for the annual meeting. The third proposal and remaining proposal is the annual nonbinding advisory vote by stockholders on the executive compensation. The report of the ballot based on the proxies that have been collected in advance of this meeting are as follows: first, a majority of the proxies present were marked for the election of each of the 7 directors standing for election; second, a majority of the proxies that were present were marked for the ratification of Ernst & Young as the company's auditors; and third, concerning the advisory vote on say-on-pay, a majority voted for the approval of the company's pay package. We will announce the actual results in the report filed with the SEC on a Form 8-K once the Inspector of the Elections has released her formal report. Based on Cogent's historical annual meetings, I do not expect any changes to these results. Since there are no other members or shareholders present, I will conclude there are no questions. And with that, I will adjourn this meeting and conclude these formal proceedings. I would like to thank everyone.

This concludes today's conference call. Thank you for your participation, and you may now disconnect.