Eventbrite, Inc. (EB) Earnings Call Transcript & Summary

Good morning, and welcome to Eventbrite, Inc. Annual Meeting of Stockholders. I would now like to introduce the first presenter, Julia Hartz.

Good morning. It is now 8 a.m., and I call this meeting to order. Welcome to the 2021 Annual Meeting of Shareholders of Eventbrite. I'm Julia Hartz, Co-Founder, CEO and a member of the Board of Directors of the company, and I will be presiding as Chair of the meeting. Julia Taylor, who is the General Counsel of the company, will act as the Secretary of the meeting. First, we will have the formal annual meeting. Please be aware that we have opened the online portal for anyone to ask questions while the meeting is in progress. We will address the questions at the end of the formal meeting. I'd like to take a moment to acknowledge and thank our shareholders, our employees, our partners and especially our vibrant global community of event creators for their ongoing support. Live gathering looks a lot different in 2020 due to the pandemic and neither Eventbrite nor our customers sat still during this time. We showed great flexibility and adaptability to meet the needs of our community and reimagined our business. We're more agile, product-driven and closer to our core customers than ever before. We've refocused our strategy to better drive accretive long-term growth. And we're ready for the pent-up demand that exists all over the world to get out and experience live, local and unique events, which set us apart. We have a clear vision to enable anyone to be a successful event creator by offering them a platform that drives greater efficiency in their day-to-day tasks and helps to build a bigger audience for whatever live experience they are producing. Looking ahead, we're focused on the irreplaceable value of human connections. Eventbrite's mission from day 1 has been to bring people together through live experiences and we stand with the optimism of creating events, the anticipation of attending them and the exhilaration of event-made memories. Now I'd like to introduce the other directors of the company who are in attendance: Kevin Hartz, our Chairman of the Board; Katherine August de-Wilde; Roelof Botha, our Lead Independent Director; Jane Lauder; Sean Moriarty; Helen Riley; Steffan Tomlinson; and Naomi Wheeless. And the executives of the company who are in attendance: Lanny Baker, our Chief Financial Officer; and Julia Taylor, our General Counsel and Corporate Secretary. Now I'd like to introduce Kathleen Wells of Latham & Watkins, legal counsel to the company; and Ashley Wright of PricewaterhouseCoopers, who are here today and who will be available to respond to appropriate questions following the meeting. The purposes of this meeting are: to elect 3 Class III directors to hold office until the 2024 Annual Meeting of Stockholders or until their successors are elected and qualified; to ratify and approve the appointment of PricewaterhouseCoopers as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021; to approve a nonbinding advisory vote on the compensation of our named executive officers; and to transact such other business as may be properly -- as may properly come before the annual meeting or any adjournments, continuations or postponements of the annual meeting. If you have already turned in a proxy and will not be changing your vote, then you do not need to vote again. The vote indicated under proxy will be counted. If you did not turn in a proxy or want to change your previous vote, you can submit or change your vote by voting through the meeting portal during this meeting. To vote, please follow the instructions provided on the online portal for the meeting. Each of you has received a copy of the Notice of Annual Meeting and the Proxy Statement for this meeting, which were made available via Internet at www.proxyvote.com on or about April 28, 2021, to all stockholders of record at the close of business on April 12, 2021. I will ask the Secretary to file a copy of the Notice of Annual Meeting with the minutes of the meeting, along with an affidavit, that it has been made available to all stockholders. I will also ask the Secretary to file the list of stockholders with the minutes of the meeting. In voting on the matters presented at this meeting, no one except the stockholder of record of the company as of April 12, 2021, or a person holding a duly executed proxy of such a stockholder may vote on matters presented at the meeting. Will the Secretary please report the number of shares of Class A common stock and Class B common stock entitled to vote and represented at this meeting in attendance and by proxy?

A majority of the voting power of the shares of Class A common stock and Class B common stock, issued and outstanding and entitled to vote at this meeting, are present, either in attendance or by proxy. A quorum is present.

Because notice was duly given and a quorum is present, the meeting is ready for business and the polls for each matter to be voted upon at this annual meeting are now open. Kristina Veaco of the Veaco Group is in attendance and has been appointed to act as Inspector of Election. Ms. Veaco has signed an oath of office, promising to execute faithfully the duties of Inspector of Election. The oath will be filed with the minutes of this meeting. After we have voted on all matters subject to a vote, Ms. Veaco will tabulate the votes and determine the results of the voting. The first order of business is the election of 3 Class III directors for a 3-year term expiring in 2024. The Board of Director nominees are: Kevin Hartz; Sean Moriarty; and Naomi Wheeless. The Board recommends a vote for each of the nominees. Those who wish to change their vote and anyone voting at this meeting on the election of directors are requested to indicate the manner in which you wish to vote. If you have questions or comments on the proposal, please post them now. The second order of business is the ratification of the appointment of PricewaterhouseCoopers as the company's independent auditors for the fiscal year ending December 31, 2021. The Board of Directors of the company recommends a vote for the ratification of PricewaterhouseCoopers. If you have questions or comments on the proposal, please post them now. The third order of business is the approval of a nonbinding advisory vote to approve the compensation of our named executive officers. The Board of Directors of the company recommends a vote to hold future advisory votes on named executive officer compensation every 1 year. If you have questions or comments on the proposal, please post them now. The polls will close shortly. So if you intend to vote, please do so now. [Voting]

It is now 8:08 a.m., and the polls are closed. The Secretary now has the report of the Inspector of Election on the results of voting. Would the Secretary please report on the results of the voting?

Madam Chair and stockholders, the preliminary results based on the report of the Inspector of Elections show that the 3 Class III director nominees, Kevin Hartz, Sean Moriarty and Naomi Wheeless, have been elected. The appointment of PricewaterhouseCoopers as independent registered public accounting firm has been ratified. And the nonbinding advisory vote to approve the compensation of our named executive officers has been approved. That concludes the report of preliminary voting results. The final results will be available for all stockholders on a Form 8-K to be filed with the SEC within 4 business days.

The report of the Inspector of Election will be filed as part of the minutes of this meeting. At this point, I'll pause to answer questions that may have been submitted by our stockholders via the online portal. Will the Secretary please advise if we have any questions?

There are no questions.

Thank you. There being no further business to be properly brought before this annual meeting, I will entertain a motion for adjournment.

I so move.

Is there a second?

I second the motion.

It has been moved and seconded that this meeting be adjourned. All in favor, signify by saying aye. [Voting]

I hereby declare this meeting adjourned.

Thank you. The Annual General Meeting for Eventbrite, Inc. has now come to an end. Thank you for attending. You may now leave the virtual meeting.