Corsair Gaming, Inc. (CRSR) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen. I am Andy Paul, Chief Executive Officer of Corsair Gaming. I welcome you to the Virtual 2021 Annual Meeting of Stockholders. As previously announced, we are holding our 2021 Annual Meeting virtually this year due to public health risks related to COVID-19. This format allows us to protect the health and safety of our stockholders, employees, officers and directors as we respond to the challenges of the outbreak, and we appreciate your support in that effort. We have stockholders attending via the web portal. If you encounter any technical difficulties accessing or participating in the meeting, please call our support team at 1 (800) 586-1548, that's a toll-free call, or 1 (305) 562-9288 for international callers. Upon joining the meeting electronically, an agenda for the meeting should have become available on your screen. At the bottom of the screen, a list of the rules of conduct for the meeting should be available, and in order to conduct an orderly meeting, we ask that participants abide by these rules. We appreciate your cooperation in this matter. Before I call this meeting to order, I'd like to introduce you to the other members of the management team who are with us virtually today and that is Michael Potter, our Chief Financial Officer; Carina Tan, our General Counsel and Secretary; and Pete Hilliard, our CHRO. I would also like to note that we have several directors of the company joining. We have Phillip Stoup, a partner at Latham & Watkins, company's outside counsel. We have Jim Alden, representative of Broadridge Financial Solutions, the inspector of elections. We have Jeff Allen, a partner at KPMG, which is the company's independent registered public accounting firm. And Mr. Stoup will act as secretary of the meeting. So I'd now like to call this virtual meeting to order, and we will proceed with the formal business of the meeting as set forth in the Notice of Annual Meeting and Proxy Statement. Please note that we will answer any questions submitted through the web portal at the end of the meeting. Will the secretary please report at this time with respect to the mailing of the Notice of the Meeting and stockholders list?

I have confirmed with Broadridge that we have a complete list of the stockholders of record of the company's capital stock on March 29, 2021, the record date for this meeting. I also have an affidavit certifying that on April 9, 2021, a Notice of Annual Meeting of stockholders of the company was sent either by United States Mail or e-mail to all stockholders of record at the close of business on March 29, 2021.

Thank you. I hereby appoint Broadridge to act as inspector of election at this meeting. Jim Alden, representative of Broadridge, has taken and subscribed the customary oath of office to execute his duties with strict impartiality, which will be filed with the records of the meeting. His function is to decide the qualification of voters, accept their votes, and when balloting on all matters is completed, to tally the ballots cast as to each matter. Will the secretary please report at this time with respect to the existence of a quorum?

I am informed that based on the number of proxies received to date, a quorum is present, and the meeting will proceed.

I hereby declare this meeting to be duly constituted for the transaction of all business. Are there any additional proxies to be submitted to the inspector of elections at this time? Okay. There are none. All right. We will now proceed with the formal business of this meeting. There are 4 proposals to be considered by the stockholders of this meeting. They are: item number one, to elect 3 Class I directors to hold office until the 2024 Annual Meeting of Stockholders or until their successors are elected; item number two, to ratify the selection by the Audit Committee of our Board of Directors of KPMG LLP as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2021; item number three, to hold a vote on a nonbinding advisory resolution approving the compensation of the company's named executive officers, which is a say-on-pay vote; item number four, to hold an advisory vote on the frequency of holding future stockholder advisory votes regarding compensation awarded to named executive officers. All right. Moving on to polls.

The time is now 10:13 a.m. on May 20, 2021, 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 upon.

All right. So the first item, the following individuals have been nominated to the Board of Directors to serve until the 2024 Annual Meeting of Stockholders: Andrew J. Paul, Samuel R. Szteinbaum and Jason Cahilly. Are there any questions or comments on this proposal? All right. Next is the ratification of appointment of independent registered public accounting firm for the fiscal year ending December 31, 2021. The Board of Directors recommends that the stockholders vote for the ratification of the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2021. Are there any questions or comments on this proposal? All right. Moving on to the next. The nonbinding advisory vote on approving the compensation of the company's named executive officers. The Board of Directors recommends that the stockholders vote in favor of a nonbinding advisory resolution to approve the compensation of the company's named executive officers, as disclosed in compensation discussion and analysis, compensation tables and the accompanying narrative disclosure of the company's proxy statement. Are there any questions or comments on this proposal? And lastly, advisory vote on the frequency of future stockholder advisory votes by stockholders on the compensation of our named executive officers. The Board of Directors recommends that the stockholders approve in a nonbinding advisory vote that future advisory votes by stockholders on the compensation of our named executive officers be requested every 3 years. Are there any questions or comments on this proposal? All right. I'm going to turn it over to Mr. Alden.

Voting is by proxy and virtual ballot. It is not necessary to vote by virtual ballot if you have previously sent in your signed proxy or voted via telephone or the Internet, unless you would like to change your vote. Any stockholder who has not yet voted or wishes to change their vote, may do so by clicking on the voting button on the web portal and following the instructions there. It is now 10:17. The polls are now closed for voting.

Okay. May we have the results of voting?

Yes. The vote of the inspector of election covering the 3 proposals presented at this meeting is as follows. Proposal to elect Andrew J. Paul, Samuel R. Szteinbaum and Jason Cahilly to the Board of Directors to serve until the 2024 Annual Meeting of Stockholders is approved. The proposal to ratify the appointment of KPMG LLP as the independent registered accounting firm for the fiscal year ending December 31, 2021, is approved. The proposal to approve on a nonbinding advisory basis the compensation of the company's named executive officers is approved. And the proposal to approve in a nonbinding advisory vote at future advisory votes by stockholders on the compensation of our named executive officers is requested every 3 years is approved.

A full tally of the votes will be published in a Form 8-K report, which will be filed with the Securities and Exchange Commission within the next 4 business days. The results can also be obtained before that date by writing to me in my capacity as secretary of the company.

All right. Is there any other business to come before this meeting? This concludes the formal portion of our meeting. This meeting is adjourned at 10:19 a.m., and I'm now happy to ask -- answer any questions. Only validated stockholders may ask questions in the designated field in the web portal. [Operator Instructions] Please note that this meeting is being recorded. However, nobody attending via the webcast or telephone is permitted to use any audio recording device. We will take stockholder questions that are being entered today on the web portal. Please note, we will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. Any questions that we do not get to will be addressed on our company website. All right. Do we have any questions? I don't see any.

There are no questions submitted at this time.

All right. I think we can declare this meeting closed.