Pixelworks, Inc. (PXLW) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen. This is Elias Nader, Chief Financial Officer of Pixelworks. On behalf of the directors and officers of the company, I want to welcome you to this Annual Meeting of Shareholders, and thank you for your attendance. I'd ask that the meeting now come to order. Our annual meeting is being held today for the purposes of electing 6 directors, approving an amendment to the 2006 Stock Incentive Plan, approving an amendment to the 2010 Employee Stock Purchase Plan, to hold an advisory vote on executive compensation, ratifying the appointment of Armanino LLP as Pixelworks' independent registered public accounting firm for the current fiscal year and transacting such other business as they properly come before the annual meeting. Before we cover the business matters of today's meeting, I'd like to introduce the members of the Board, senior management and special guests in attendance today. I'm pleased to introduce the current members of our Board of Directors. Dick Sanquini, Chairman of the Board; Amy Bunszel; Scott Gibson; Daniel Heneghan; David Tupman; and Todd DeBonis, who is also our CEO. I would also like to introduce Greg Zafiris, Pixelworks General Counsel; [ Leah Grant ], who will be serving as inspector of elections; Ryan Teed from Armanino LLP, the company's auditors for the fiscal year 2020; Chris Rogers from KPMG LLP, the company's auditors for the fiscal year 2019. The agenda for this meeting will be as follows: election of directors, approval of amendment to the 2006 Stock Incentive Plan, approval of amendment to the 2010 Employee Stock Purchase Plan, advisory vote on executive compensation, ratification of the appointment of Armanino LLP as Pixelworks' independent registered public accounting firm for the current fiscal year and then lastly the vote count, formal meeting adjournments, question-and-answer period. Shareholders who have questions with regard to the proposals will be given an opportunity to ask their questions after all of the proposals have been presented. We ask that you save all of the questions until the question-and-answer period, which will be held after the meeting. Notice of this meeting was properly mailed on April 16, 2020, to the shareholders of record at March 20, 2020. Broadridge has been appointed by the Board of Directors as inspector of elections. They will determine the number of votes represented here in person or by proxy, the validity of proxies, the existence of a quorum and the number of votes cast on all matters. The inspector of elections has advised me that we have a quorum. I therefore declare this annual meeting lawfully convened, and we will proceed to the first proposal. Proposal #1, election of directors. The nominees for election to the Board of Directors are as follows: Todd DeBonis, Amy Bunszel, Scott Gibson, Dan Heneghan, Richard Sanquini and David Tupman. Our bylaws require nominations by shareholders to have been received prior to the date of this meeting. No such nominations were received. Proposal #2, approval of amendment to the 2006 Stock Incentive Plan. This is to approve an amendment to the 2006 Stock Incentive Plan. The proxy statement contains detailed information on this proposal. Proposal #3 is to approve an amendment to the 2010 Employee Stock Purchase Plan. The proxy statement contains detailed information on this proposal. Proposal #4 is an advisory vote on executive compensation. The proxy statement contains detailed information on the proposal. And finally, proposal #5 is to ratify the appointment of Armanino LLP as Pixelworks' independent registered public accounting firm for the current fiscal year. Does any shareholder have any questions about these proposals? Hearing none, we will move to voting. We did not receive notice from any shareholders of their intent to attend the meeting and vote telephonically during the meeting, so the polls are now closed. Results of voting. I now recognize [ Leah Grant ], our inspector of elections, who will present the preliminary voting results. [ Leah ]?

Thank you. The preliminary results of voting are as follows. For proposal 1, the election of 6 directors, each nominee received more than 92% of the votes cast. For proposal 2, more than 86% of votes were cast in favor of the approval of the amended and restated 2006 Stock Incentive Plan. For proposal 3, 99% of votes were cast in favor of approval of the amended and restated 2010 Employee Stock Purchase Plan. For proposal 4, more than 97% of votes were cast in favor of the advisory vote to approve the company's executive compensation. And for proposal 5, more than 98% of votes were cast in favor of the ratification of the company's independent registered public accounting firm.

Thank you, [ Leah ]. I therefore declare that the Board of Directors' nominees for election as directors Todd DeBonis, Amy Bunszel, Scott Gibson, Dan Heneghan, Richard Sanquini and David Tupman have been duly elected. And proposal numbers 2, 3, 4 and 5 have been duly approved. This completes the formal business to come before this annual meeting. There being no further formal business, this annual meeting now stands adjourned. If anyone has any questions for the company, please speak now.

Okay...

Hearing none, this concludes today's meeting. Thank you very much for your attendance.