RingCentral, Inc. (RNG) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. I'm John Marlow, Chief Administrative Officer and General Counsel of RingCentral. Welcome to RingCentral's Annual Meeting of Stockholders. The meeting is now called to order. Please note that we are conducting this virtual meeting from our various remote locations, so please bear with us if there are any technical difficulties. Let me now introduce RingCentral's Directors and Officers who are with us today. Our Directors who are present are Ken Goldman; Neil Williams; Mignon Clyburn; and Allan Thygesen. Our officers who are present today are Vlad Shmunis, our CEO and Chairman of the Board; Mitesh Dhruv, our Chief Financial Officer; Anand Eswaran, our President and COO; as well as myself, John Marlow, our Chief Administrative Officer and General Counsel. Also in attendance are David Greed and Michael Weiss from KPMG LLP, our independent registered public accounting firm. In addition, Jeff Saper, from Wilson Sonsini Goodrich & Rosati, our outside legal counsel, is in attendance today. I've asked our Vice President of Legal, Bruce Johnson, to record the minutes of this meeting. I understand that there is an affidavit signed by an employee of Broadridge Financial Solutions that certifies that notice of this meeting has been duly given and that a proxy statement, proxy card and the annual report were mailed on or about April 29, 2021, to all stockholders of record as of April 23, 2021. The affidavit, together with copies of the proxy statement and proxy, will be filed with the minutes of the meeting. I also have a complete list of stockholders entitled to vote at this meeting available for examination by any stockholder who is present. This list will be available online for the duration of the meeting. In addition, the Inspector of Election, Bruce Johnson, has signed his oath to serve as Inspector of Election. The oath of Inspector of Election will be filed with the minutes of this meeting. The Inspector of Election has advised me that we have present in person, virtually and by proxy, a sufficient number of shares to constitute a quorum, so the meeting is duly constituted. We will vote by virtual ballot today. If you have turned in a proxy or voted via the telephone or Internet and do not intend to change your vote, then it is not necessary that you vote because we will count your proxy. Those of you who have not yet voted or who wish to change your vote should vote by clicking the button [indiscernible]. In addition, you may submit questions concerning each item of business through the question box on your screen. We will tabulate the results of all virtual ballots and proxies at the end of the formal business segment of the meeting. It is now 10:03 a.m. on June 4, 2021. The polls are now open for voting. Upon the closing of the polls, no virtual ballots, proxies or votes or any revocations or changes will be accepted. The formal business of the meeting. One, nominees for Directors. The first item of business is the election of Directors. The Board of Directors has nominated each of Vladimir Shmunis, Neil Williams, Robert Theis, Michelle McKenna, Allan Thygesen, Kenneth Goldman, Arne Duncan and Mignon Clyburn for election as Director. The term of office of the person elected as Director will constitute -- will continue until such Director term expires in the [ Annual Shareholder ] in 2022 or until such Director's successor has been elected and qualified. Two, ratification of appointment of independent auditors. The next item of business is the ratification of the appointment of independent registered public [ accountants ]. The Board of Directors has selected KPMG LLP, independent registered public accountants, to audit RingCentral's financial statements for the company's fiscal year ending December 31, 2021. Three, executive compensation. The next item of business is the approval on an advisory and nonbinding basis of the executive compensation as described in the proxy statement. The polls are still open. A reminder that if you have not voted or wish to change your vote, you may do so now by clicking the bottom of your [indiscernible]. If you have not yet submitted a proxy or electronic ballot, you must submit your electronic ballot now for your vote to be counted by the Inspector of Election. If you have already submitted a proxy or voted via telephone or Internet and do not intend to change your vote, then no further action is needed at this time. We will leave the polls open for another minute or so to allow anyone who chooses to vote electronically to cast their ballots now. Please note that upon the closing of the polls, no additional ballots, proxies or votes nor any changes or revocations will be accepted. Following the closing of the polls, the virtual ballots and proxies will be tabulated by the Inspector of Election. [Voting]

It is now 10:05 a.m., and since everyone has had the opportunity to vote, the polls are now closed with respect to each matter to be voted on at this meeting. No additional ballots, proxies or votes and no changes or revocations will be accepted at this time. At this time, I would like Mr. Johnson, the Inspector of Election, to report on the results of the voting.

All of the proposals have passed by the required margin of votes.

This concludes the formal business of the meeting. We would like to proceed with the question-and-answer session, during which we will field questions from our stockholders in attendance today. If you have any questions, you may submit them by inputting your question into the text box on your screen and clicking [indiscernible] and we will attempt to answer any questions as time allows. As a reminder, only stockholders attending today's meeting may submit [indiscernible]. Anyone attending as a guest may listen, but cannot ask a question. I will now turn it over to Ryan Goodman from our Investor Relations team to oversee the Q&A session.

Thank you, John. Before we begin, I would like to note that our responses to your questions today may include forward-looking statements. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please take a look at our filings with the Securities and Exchange Commission for a discussion of the factors that could cause our results to differ. Also note that any forward-looking statements are based on the information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements, except as required by law. With that, we will now open for questions. Since we have not received any questions, we will now conclude the question-and-answer period.

There being no further business, the meeting is now concluded. I would like to express my sincere appreciation to the stockholders who attended this virtual meeting as well as those who submitted their proxy or unable to be present at this virtual meeting. Thank you. This concludes the meeting.