8-K
filed December 20, 2022, 6:59 PM ET
ticker RNG
CIK 0001384905
other material
confidence high
sentiment negative
materiality 0.80
RingCentral, Inc. (RNG): restructuring charge — RingCentral expects ~$160M impairment on Avaya prepaid commissions; $28.9M Avaya preferred stock write-down
RingCentral, Inc.
- Non-cash impairment of up to $160M on prepaid sales commissions to Avaya, plus $28.9M write-down of Avaya preferred stock.
- Impairment triggered by Avaya's Dec 13 disclosure of potential financing/restructuring and lack of lender support.
- No future cash expenditures related to the impairment; company will continue evaluating asset recoverability.
- Stockholders approved amended 2013 Equity Incentive Plan and elected directors at Dec 15 annual meeting.
Key facts
Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
RingCentral, Inc. announced a impairment with charges of up to approximately $160 million affecting prepaid sales commission balance under its strategic partnership with Avaya Holdings Corp..
- Type
- impairment
- Charge
- up to approximately $160 million
- Affected area
- prepaid sales commission balance under its strategic partnership with Avaya Holdings Corp.
Exact text from the filing
reorganization, the Company expects to record a non-cash asset write-down charge of substantially all of the remaining prepaid sales commission balance of up to approximately $160 million in its financial results for the year ending December 31, 2022. In addition, the Company expects to take a write down of substantially all of the remaining fair value of the
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.99
RingCentral, Inc. shareholders approved Approval of amendment and restatement of the Company's 2013 Equity Incentive Plan at the 2022-12-20 meeting.
- Proposal
- equity plan
- Outcome
- passed
- Meeting
- 2022-12-20
Exact text from the filing
The Company’s stockholders voted in favor of the amendment and restatement of the Company’s 2013 Equity Incentive Plan as disclosed in the proxy statement. The votes regarding the proposal were as follows: For Against Abstain Broker Non-Votes 99,473,445 62,837,257 63,909 8,919,724
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.99
RingCentral, Inc. shareholders approved Advisory (non-binding) vote on frequency of advisory votes on named executive officer compensation at the 2022-12-20 meeting.
- Proposal
- say on pay frequency
- Outcome
- passed
- Meeting
- 2022-12-20
Exact text from the filing
The Company’s stockholders voted in favor of one year as the frequency of holding a non-binding advisory vote on named executive officers’ compensation. The votes regarding the proposal were as follows: 1 Year 2 Year 3 Year Abstain Broker Non-Votes 161,933,702 10,169 242,103 188,637 8,919,724
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.99
RingCentral, Inc. shareholders approved Election of ten directors to serve until the 2023 annual meeting at the 2022-12-20 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2022-12-20
Exact text from the filing
The Company’s stockholders elected ten directors to the Board of Directors (the “Board”) to serve for a one year term until the 2023 annual meeting of stockholders. The votes for each director were as follows: Nominee For Withheld Broker Non-Votes Vladimir Shmunis 160,688,612 1,685,999 8,919,724 Kenneth Goldman 153,006,205 9,368,406 8,919,724 Michelle McKenna 141,699,249 20,675,362 8,919,724 Robert Theis 140,943,249 21,431,362 8,919,724 Allan Thygesen 142,385,338 19,989,273 8,919,724 Neil Williams 161,939,233 435,378 8,919,724 Mignon Clyburn 162,057,982 316,629 8,919,724 Arne Duncan 162,059,854 314,757 8,919,724 Tarek Robbiati 162,223,818 150,793 8,919,724 Sridhar Srinivasan 162,222,170 152,441 8,919,724
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.99
RingCentral, Inc. shareholders approved Ratification of appointment of KPMG LLP as independent registered public accounting firm for fiscal year ending December 31, 2022 at the 2022-12-20 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2022-12-20
Exact text from the filing
The Company’s stockholders ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022. The votes regarding the proposal were as follows: For Against Abstain Broker Non-Votes 171,035,476 210,391 48,468 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.99
RingCentral, Inc. shareholders approved Advisory (non-binding) approval of named executive officers' compensation at the 2022-12-20 meeting.
- Proposal
- say on pay
- Outcome
- passed
- Meeting
- 2022-12-20
Exact text from the filing
The Company’s stockholders voted in favor of the named executive officers’ compensation as disclosed in the proxy statement. The votes regarding the proposal were as follows: For Against Abstain Broker Non-Votes 112,776,948 49,534,273 63,390 8,919,724
View on SEC.gov
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