| Filed by the Registrant ☒ | | | Filed by a Party other than the Registrant ☐ | |
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| | | | A-1 | | |
| |
PROPOSAL
|
| | |
Votes required
|
| | |
Effect of Votes Withheld /
Abstentions and Broker Non-Votes |
| |
| |
PROPOSAL 1: ELECTION OF DIRECTORS
|
| | | The plurality of the votes cast. This means that the three nominees receiving the highest number of affirmative “FOR” votes will be elected as Class II Directors. | | | | Votes withheld and broker non- votes will have no effect. | | |
| |
PROPOSAL 2: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
| | | The affirmative vote of the holders of a majority of the votes cast. | | | | Abstentions will have no effect. We do not expect any broker non-votes on this proposal. | | |
| |
PROPOSAL
|
| | |
Votes required
|
| | |
Effect of Votes Withheld /
Abstentions and Broker Non-Votes |
| |
| |
PROPOSAL 3: APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE FREQUENCY OF FUTURE ADVISORY VOTES ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.
|
| | | The frequency that receives the affirmative vote of the majority of the votes cast at the Annual Meeting will be the frequency recommended by stockholders. If no frequency receives the foregoing vote, then we will consider the option of ONE YEAR, TWO YEARS, or THREE YEARS that receives the highest number of votes cast to be the frequency recommended by stockholders. | | | | Abstentions and broker non-votes will have no effect. | | |
Name
|
| |
Age
|
| |
Served as a
Director Since |
| |
Positions with Warby Parker
|
| ||||||
Dave Gilboa
|
| | | | 42 | | | | | | 2009 | | | |
Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer
|
|
Youngme Moon
|
| | | | 59 | | | | | | 2018 | | | |
Director
|
|
Ronald Williams
|
| | | | 73 | | | | | | 2021 | | | |
Director
|
|
|
DAVE GILBOA
|
| |
Age 42
|
|
|
YOUNGME MOON
|
| |
Age 59
|
|
|
RONALD WILLIAMS
|
| |
Age 73
|
|
Name
|
| |
Age
|
| |
Served as a
Director Since |
| |
Positions with Warby Parker
|
| ||||||
Teresa Briggs
|
| | | | 62 | | | | | | 2019 | | | |
Director
|
|
Joel Cutler
|
| | | | 65 | | | | | | 2012 | | | |
Director
|
|
Jeffrey Raider
|
| | | | 42 | | | | | | 2009 | | | |
Co-Founder and Director
|
|
|
TERESA BRIGGS
|
| |
Age 62
|
|
|
JOEL CUTLER
|
| |
Age 65
|
|
|
JEFFREY RAIDER
|
| |
Age 42
|
|
Name
|
| |
Age
|
| |
Served as a
Director Since |
| |
Positions with Warby Parker
|
| ||||||
Neil Blumenthal
|
| | | | 42 | | | | | | 2009 | | | |
Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer
|
|
Andrew Hunt
|
| | | | 41 | | | | | | 2009 | | | |
Co-Founder and Director
|
|
Gabrielle Sulzberger
|
| | | | 62 | | | | | | 2021 | | | |
Director
|
|
|
NEIL BLUMENTHAL
|
| |
Age 42
|
|
|
ANDREW HUNT
|
| |
Age 41
|
|
|
GABRIELLE SULZBERGER
|
| |
Age 62
|
|
Fee Category
|
| |
Fiscal 2022
($) |
| |
Fiscal 2021
($) |
| ||||||
Audit Fees
|
| | | | 2,025,000 | | | | | | 975,000 | | |
Audit-Related Fees
|
| | | | 100,000 | | | | | | — | | |
Tax Fees
|
| | | | 110,267 | | | | | | 94,567 | | |
All Other Fees
|
| | | | — | | | | | | — | | |
Total Fees
|
| | | | 2,235,267 | | | | | | 1,069,567 | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Neil Blumenthal(1)
|
| | | | 42 | | | | Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer | |
Dave Gilboa(2)
|
| | | | 42 | | | | Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer | |
Steve Miller(3)
|
| | | | 50 | | | | Senior Vice President, Chief Financial Officer and Treasurer | |
Name
|
| |
Audit
|
| |
Compensation
|
| |
Nominating
and Corporate Governance |
|
Neil Blumenthal
|
| | | | | | | | | |
Dave Gilboa
|
| | | | | | | | | |
Teresa Briggs*
|
| |
Chair
|
| | | | | | |
Joel Cutler*
|
| | | | |
Chair
|
| | | |
Andrew Hunt*
|
| |
X
|
| | | | | | |
Youngme Moon*
|
| | | | |
X
|
| | | |
Jeffrey Raider*
|
| | | | | | | |
X
|
|
Gabrielle Sulzberger*
|
| | | | |
X
|
| |
Chair
|
|
Ronald Williams*
|
| |
X
|
| | | | | | |
|
Neil Blumenthal
|
| | Co-Chief Executive Officer and Director; | |
|
Dave Gilboa
|
| | Co-Chief Executive Officer and Director; and | |
|
Steve Miller
|
| |
Senior Vice President, Chief Financial Officer and Treasurer.
|
|
Named
Executive Officer |
| |
2022 Base
Salary |
| |
Base Salary
Adjustments from 2021 |
| |
2022
Target Bonus |
| |
2022 Actual
Bonus(1) |
| |
2022 Bonus
as % of Target |
| |
2022
Equity Awards |
| ||||||||||||||||||
Neil Blumenthal
|
| | | $ | 500,000 | | | | | | 11.1% | | | | | $ | 375,000 | | | | | $ | 187,500 | | | | | | 50% | | | | | | — | | |
Dave Gilboa
|
| | | $ | 500,000 | | | | | | 11.1% | | | | | $ | 375,000 | | | | | $ | 187,500 | | | | | | 50% | | | | | | — | | |
Steve Miller
|
| | | $ | 450,000 | | | | | | 4.7% | | | | | $ | 270,000 | | | | | $ | 135,000 | | | | | | 50% | | | | | | — | | |
|
What We Do
|
| |
What We Don’t Do
|
|
|
Retain 100% independent directors on our Compensation Committee.
The Compensation Committee engages an independent compensation advisor, who provides no other services to the Company.
A significant portion of compensation for the NEOs is at-risk and based on our stock price performance.
Annual review of NEO compensation and peer group data.
Regularly assess the risk-reward balance of our compensation programs to mitigate undue risks.
|
| |
No pension plans or supplemental retirement plans.
No hedging of our stock by directors or employees
No excessive perquisites.
No tax gross-ups.
|
|
| |
●
American Well Corporation
●
FIGS, Inc.
●
Hims & Hers Health, Inc.
●
Angi Inc.
●
The RealReal, Inc.
●
The Honest Company, Inc.
●
Canada Goose Inc.
●
Vroom, Inc.
|
| | |
●
CarGurus Inc.
●
Five Below Inc.
●
YETI Holdings, Inc.
●
Bumble Inc.
●
Poshmark, Inc.
●
GoodRx Holdings, Inc.
●
National Vision Holdings Inc.
|
| | |
●
Evolent Health Inc.
●
SmileDirectClub Inc.
●
ThredUp Inc.
●
Stitch Fix Inc.
●
Progyny Inc.
●
Revolve Group Inc.
|
| |
Executive
|
| |
FY22 Salary
|
| |||
Neil Blumenthal
|
| | | $ | 500,000 | | |
Dave Gilboa
|
| | | $ | 500,000 | | |
Steve Miller
|
| | | $ | 450,000 | | |
Metrics
|
| |
Weighting
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Actual Result
|
| ||||||||||||
Net Revenue
|
| |
70%
|
| | | $ | 571,100,000 | | | | | $ | 713,900,000 | | | | | $ | 821,000,000 | | | | | $ | 598,100,000 | | |
Adjusted EBITDA
Margin(1) |
| |
30%
|
| |
5.0%
|
| |
7.0%
|
| |
9.0%
|
| |
4.5%
|
|
Named Executive Officer
|
| |
2022 Target Bonus
as % of Salary |
| |
2022 Target
Bonus |
| |
2022 Actual
Bonus |
| |
2022 Bonus
as % of Target |
| ||||||||||||
Neil Blumenthal
|
| | | | 75% | | | | | $ | 375,000 | | | | | $ | 187,500 | | | | | | 50% | | |
Dave Gilboa
|
| | | | 75% | | | | | $ | 375,000 | | | | | $ | 187,500 | | | | | | 50% | | |
Steve Miller
|
| | | | 60% | | | | | $ | 270,000 | | | | | $ | 135,000 | | | | | | 50% | | |
Tranche
|
| |
Number of
PSUs Under Each Award |
| |
Stock Price
Hurdle |
| ||||||
1
|
| | | | 274,856 | | | | | $ | 47.75 | | |
2
|
| | | | 274,855 | | | | | $ | 55.71 | | |
3
|
| | | | 274,856 | | | | | $ | 63.67 | | |
4
|
| | | | 274,855 | | | | | $ | 71.63 | | |
5
|
| | | | 274,856 | | | | | $ | 79.59 | | |
6
|
| | | | 274,855 | | | | | $ | 87.55 | | |
7
|
| | | | 274,856 | | | | | $ | 95.50 | | |
8
|
| | | | 274,855 | | | | | $ | 103.46 | | |
Name and
Principal Position |
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| ||||||||||||||||||||||||
Neil Blumenthal
Co-CEO and Director |
| | | | 2022 | | | | | | 500,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 187,500 | | | | | | 12,200 | | | | | | 699,700 | | | |||||||||
| | | 2021 | | | | | | 450,000 | | | |
—
|
| | | | 99,192,563 | | | | | | 3,482,921 | | | | | | 337,500 | | | | | | 136,400 | | | | | | 103,599,384 | | | |||||
| | | 2020 | | | | | | 425,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 299,625 | | | | | | 11,400 | | | | | | 736,025 | | | |||||||||||
Dave Gilboa
Co-CEO and Director |
| | | | 2022 | | | | | | 500,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 187,500 | | | | | | 12,200 | | | | | | 699,700 | | | |||||||||
| | | 2021 | | | | | | 450,000 | | | |
—
|
| | | | 99,192,563 | | | | | | 3,482,921 | | | | | | 337,500 | | | | | | 136,400 | | | | | | 103,599,384 | | | |||||
| | | 2020 | | | | | | 425,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 299,625 | | | | | | 11,400 | | | | | | 736,025 | | | |||||||||||
Steven Miller
CFO |
| | | | 2022 | | | | | | 450,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 135,000 | | | | | | 12,200 | | | | | | 597,200 | | | |||||||||
| | | 2021 | | | | | | 430,000 | | | | | | 64,500 | | | | | | 3,494,014 | | | | | | 1,670,184 | | | | | | 215,000 | | | | | | 11,400 | | | | | | 5,885,098 | | | ||
| | | 2020 | | | | | | 400,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 195,000 | | | | | | 11,400 | | | | | | 606,400 | | |
| | |
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards(1) |
| |||||||||||||||
Name
|
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |||||||||
Neil Blumenthal
|
| | | | 56,250 | | | | | | 375,000 | | | | | | 900,000 | | |
Dave Gilboa
|
| | | | 56,250 | | | | | | 375,000 | | | | | | 900,000 | | |
Steve Miller
|
| | | | 40,500 | | | | | | 270,000 | | | | | | 648,000 | | |
| | | | | | | | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| |||||||||||||||||||||||||||||||||||||||||||||
Name(1)
|
| |
Grant
Date |
| |
Vesting
Commencement Date |
| |
Number of
Securities Underlying Unexercised Options Exercisable (#) |
| |
Number of
Securities Underlying Unexercised Options Unexercisable (#) |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised, Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number
of Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(2) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights That Have Not Vested ($)(2) |
| ||||||||||||||||||||||||||||||
Neil Blumenthal
|
| | | | 2/22/2017 | | | | | | 2/22/2017 | | | | | | 710,759 | | | | | | | | | | | | | | | 3.83 | | | | | | 2/21/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 5/2/2019(3) | | | | | | 1/1/2019 | | | | | | | | | | | | | | | | | | | | | 12.63 | | | | | | | | | | | | 6,118 | | | | | | 5,261 | | | | | | | | | | | | | | | ||
| | | 5/2/2019(4) | | | | | | 1/1/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,203 | | | | | | 16,228 | | | | | | | | | | | | | | | ||
| | | 11/20/2019(3) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | 14.19 | | | | | | | | | | | | 83,572 | | | |
—
|
| | | | | | | | | | | | | |||||
| | | 11/20/2019(4) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,695 | | | | | | 265,686 | | | | | | | | | | | | | | | ||
| | | 1/28/2021(3) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | 18.35 | | | | | | | | | | | | 143,272 | | | |
—
|
| | | | | | | | | | | | | |||||
| | | 1/28/2021(4) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 36,096 | | | | | | 486,935 | | | | | | | | | | | | | | | ||
| | | 6/15/2021(5) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,198,844 | | | | | | 29,662,406 | | | ||
| | | 6/15/2021(6) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 674,965 | | | | | | 9,105,278 | | | | | | | | | | | | | | | ||
Dave Gilboa
|
| | | | 2/22/2017 | | | | | | 2/22/2017 | | | | | | 710,759 | | | | | | | | | | | | | | | 3.83 | | | | | | 2/21/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 5/2/2019(3) | | | | | | 1/1/2019 | | | | | | | | | | | | | | | | | | | | | 12.63 | | | | | | | | | | | | 6,118 | | | | | | 5,261 | | | | | | | | | | | | | | | ||
| | | 5/2/2019(4) | | | | | | 1/1/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,203 | | | | | | 16,228 | | | | | | | | | | | | | | | ||
| | | 11/20/2019(3) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | 14.19 | | | | | | | | | | | | 83,572 | | | |
—
|
| | | | | | | | | | | | | |||||
| | | 11/20/2019(4) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,695 | | | | | | 265,686 | | | | | | | | | | | | | | | ||
| | | 1/28/2021(3) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | 18.35 | | | | | | | | | | | | 143,272 | | | |
—
|
| | | | | | | | | | | | | |||||
| | | 1/28/2021(4) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 36,096 | | | | | | 486,935 | | | | | | | | | | | | | | | ||
| | | 6/15/2021(5) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,198,844 | | | | | | 29,662,406 | | | ||
| | | 6/15/2021(6) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 674,965 | | | | | | 9,105,278 | | | | | | | | | | | | | | | ||
Steve Miller
|
| | | | 10/16/2018 | | | | | | 1/1/2018 | | | | | | 10,601 | | | | | | | | | | | | | | | 13.08 | | | | | | 10/15/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3/29/2019 | | | | | | 1/1/2019 | | | | | | 47,079 | | | | | | | | | | | | | | | 12.35 | | | | | | 3/28/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 3/29/2019 | | | | | | 12/1/2022 | | | | | | 662 | | | | | | | | | | | | | | | 12.35 | | | | | | 3/28/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 3/29/2019(7) | | | | | | 1/1/2022 | | | | | | 7,435 | | | | | | | | | 3,941 | | | | | | 12.35 | | | | | | 3/28/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 3/29/2019(4) | | | | | | 1/1/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 845 | | | | | | 11,399 | | | | | | | | | | | | | | | ||
| | | 11/20/2019(8) | | | | | | 1/1/2020 | | | | | | 104,865 | | | | | | | | | 38,951 | | | | | | 13.35 | | | | | | 11/19/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 11/20/2019(4) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,942 | | | | | | 147,608 | | | | | | | | | | | | | | | ||
| | | 1/28/2021(8) | | | | | | 1/1/2021 | | | | | | 26,873 | | | | | | | | | 61,079 | | | | | | 17.90 | | | | | | 1/27/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 1/28/2021(4) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,509 | | | | | | 222,706 | | | | | | | | | | | | | | | ||
| | | 6/15/2021(4) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 52,657 | | | | | | 710,343 | | | | | | | | | | | | | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
Name
|
| |
Number of Shares
Acquired on Exercise (#) |
| |
Value Realized on
Exercise ($)(1) |
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized on
Vesting ($)(2) |
| ||||||||||||
Neil Blumenthal
|
| | | | — | | | | | | — | | | | | | 238,680(3) | | | | | | 5,356,318 | | |
Dave Gilboa
|
| | | | 11,490 | | | | | | 299,085 | | | | | | 238,680(3) | | | | | | 5,356,318 | | |
Steve Miller
|
| | | | — | | | | | | — | | | | | | 49,209(4) | | | | | | 1,121,357 | | |
Name
|
| |
Executive
Contributions in Last FY |
| |
Registrant
Contributions in Last FY($)(1) |
| |
Aggregate
Earnings in Last FY($)(2) |
| |
Aggregate
Withdrawals / Distributions($) |
| |
Aggregate Balance
at Last FYE($)(3) |
| |||||||||||||||
Neil Blumenthal
|
| | | | — | | | | | | 4,085,302 | | | | | | (4,080,863) | | | | | | — | | | | | | 3,473,392 | | |
Dave Gilboa
|
| | | | — | | | | | | 4,085,302 | | | | | | (4,080,863) | | | | | | — | | | | | | 3,473,392 | | |
Steve Miller
|
| | | | — | | | | | | 69,429 | | | | | | (14,849) | | | | | | — | | | | | | 54,581 | | |
|
Termination Without Cause or for Good
Reason / Cause (no Change in Control) or Due to Death or Disability ($) |
| |
Change in Control (no Termination) ($)
|
| |
Termination Without Cause or for Good
Reason / Cause in Connection with a Change in Control ($) |
| ||||||
|
9,105,278
|
| | | | 7,415,601 | | | | | | 16,520,879 | | |
|
Base Salary
Continuation ($) |
| |
Company
Health Plan Contribution ($) |
| |
Total ($)
|
| ||||||
|
225,000
|
| | | | 2,818 | | | | | | 227,818 | | |
Year | | | Summary Compensation Table Total for Neil Blumenthal(1) ($) | | | Compensation Actually Paid to Neil Blumenthal(1)(2)(3) ($) | | | Summary Compensation Table Total for Dave Gilboa(1) ($) | | | Compensation Actually Paid to Dave Gilboa(1)(2)(3) ($) | | | Average Summary Compensation Table Total for Non-PEO NEO(1) ($) | | | Average Compensation Actually Paid to Non-PEO NEO(1)(2)(3) ($) | | | Value of Initial Fixed $100 Investment Based On(4): | | | Net Income (in $000s) | | | EBITDA Margin | | |||||||||||||||||||||||||||||||||
| Total Shareholder Return ($) | | | Peer Group Total Shareholder Return ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | | | | | | ( | | | | | | | | ||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | |||||||||
9/29/2021 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | | | | | | | | | | | N/A | | | | | | N/A | | |
Year | | | Value of Equity Awards Disclosed in the Summary Compensation Table ($) | | | Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($) | | | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($) | | | Vesting- Date Fair Value of Equity Awards Granted During Year that Vested During Year ($) | | | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($) | | | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year ($) | | | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included ($) | | | Total — Equity Award Adjustments ($) | | ||||||||||||||||||||||||
2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Neil Blumenthal | | | — | | | — | | | | | ( | | | | — | | | | | ( | | | | — | | | — | | | | | ( | | | |||||||||||||||
Dave Gilboa | | | — | | | — | | | | | ( | | | | — | | | | | ( | | | | — | | | — | | | | | ( | | | |||||||||||||||
Steve Miller | | | — | | | — | | | | | ( | | | | — | | | | | ( | | | | | | — | | | | | | — | | | | | | ( | | | |||||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Neil Blumenthal | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | |||||
Dave Gilboa | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | |||||
Steve Miller | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | |
| | | | |
Name
|
| |
Fees
Earned or Paid in Cash ($)(1) |
| |
Stock
Awards ($)(2) |
| |
Total
($) |
| |||||||||
Teresa Briggs
|
| | | | 95,000 | | | | | | 182,569 | | | | | | 277,569 | | |
Joel Cutler
|
| |
—
|
| |
—
|
| |
—
|
| |||||||||
Andrew Hunt
|
| | | | 75,000 | | | | | | 182,569 | | | | | | 257,569 | | |
Youngme Moon
|
| | | | 75,000 | | | | | | 182,569 | | | | | | 257,569 | | |
Jeffrey Raider
|
| | | | 75,000 | | | | | | 182,569 | | | | | | 257,569 | | |
Gabrielle Sulzberger
|
| | | | 85,000 | | | | | | 182,569 | | | | | | 267,569 | | |
Ronald Williams
|
| | | | 75,000 | | | | | | 182,569 | | | | | | 257,569 | | |
Plan category:
|
| |
(a)
Number of Securities to be Issued Upon Exercise of Outstanding Options, or Release of Outstanding Restricted Stock Units and Performance Stock Units |
| |
(b)
Weighted- Average Exercise Price of Outstanding Options |
| |
(c)
Number of Securities Available for Future Issuance Under Equity Compensation Plans (excludes securities reflected in first column) |
| |||||||||
Equity compensation plans approved by security holders(1)
|
| | | | | | | | | | | | | | | | 16,323,025(2) | | |
Class A Restricted Stock Units
|
| | | | 1,924,185(3) | | | |
—
|
| | | | | | | |||
Class B Restricted Stock Units
|
| | | | 1,978,876(4) | | | |
—
|
| | | | | | | |||
Class B Performance Stock Units
|
| | | | 4,397,688(5) | | | | | | | | | | | | | | |
Options to Purchase Class A Common Stock
|
| | | | 1,077,702(6) | | | | | $ | 7.46 | | | | | | | | |
Options to Purchase Class B Common Stock
|
| | | | 1,887,442(7) | | | | | $ | 7.01 | | | | | | | | |
Equity compensation plans not approved by security
holders |
| |
—
|
| |
—
|
| |
—
|
| |||||||||
Total
|
| | | | 11,265,893 | | | | | $ | 7.23 | | | | | | 16,323,025 | | |
| | |
Class A Common Stock
|
| |
Class B Common Stock
|
| |
Percentage
of Total Voting Power |
| |||||||||||||||||||||
Name and Address of Beneficial Owner
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
5% or Greater Stockholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
D1 Capital Partners L.P. and affiliates(1)
|
| | | | 14,971,223 | | | | | | 15.5% | | | |
—
|
| |
—
|
| | | | 5.1% | | | ||||||
FMR LLC(2)
|
| | | | 12,336,343 | | | | | | 12.8% | | | |
—
|
| |
—
|
| | | | 4.2% | | | ||||||
Durable Capital Partners LP(3)
|
| | | | 11,035,909 | | | | | | 11.4% | | | |
—
|
| |
—
|
| | | | 3.8% | | | ||||||
T. Rowe Price Investment Management, Inc.(4)
|
| | | | 7,453,531 | | | | | | 7.7% | | | |
—
|
| |
—
|
| | | | 2.5% | | | ||||||
The Vanguard Group(5)
|
| | | | 7,290,082 | | | | | | 7.6% | | | |
—
|
| |
—
|
| | | | 2.5% | | | ||||||
Baillie Gifford & Co(6)
|
| | | | 6,282,549 | | | | | | 6.5% | | | |
—
|
| |
—
|
| | | | 2.1% | | | ||||||
General Catalyst and affiliates(7)
|
| | | | 5,822,191 | | | | | | 6.0% | | | |
—
|
| |
—
|
| | | | 2.0% | | | ||||||
BlackRock, Inc.(8)
|
| | | | 5,134,137 | | | | | | 5.3% | | | |
—
|
| |
—
|
| | | | 1.7% | | | ||||||
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Neil Blumenthal(9)
|
| | | | 400,106 | | | |
*
|
| | | | 9,062,683 | | | | | | 46.0% | | | | | | 30.9% | | | |||
Dave Gilboa(10)
|
| | | | 235 | | | |
*
|
| | | | 9,405,630 | | | | | | 47.7% | | | | | | 32.1% | | | |||
Steven Miller(11)
|
| | | | 367,896 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Andrew Hunt(12)
|
| | | | 1,867,557 | | | | | | 1.9% | | | |
—
|
| |
—
|
| |
*
|
| |||||||||
Jeffrey Raider(13)
|
| | | | 4,152,461 | | | | | | 4.3% | | | |
—
|
| |
—
|
| | | | 1.4% | | | ||||||
Teresa Briggs(14)
|
| | | | 33,412 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Joel Cutler(15)
|
| | | | 5,822,191 | | | | | | 6.0% | | | |
—
|
| |
—
|
| | | | 2.0% | | | ||||||
Youngme Moon(16)
|
| | | | 52,706 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Gabrielle Sulzberger(17)
|
| | | | 46,115 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Ronald Williams(18)
|
| | | | 45,581 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
All directors and executive officers as a group (10
individuals)(19) |
| | | | 12,788,260 | | | | | | 13.3% | | | | | | 18,468,313 | | | | | | 93.8% | | | | | | 67.3% | | |
| | |
Six Months Ended
|
| |
Year Ended
|
| ||||||||||||||||||
| | |
June 30,
2022 |
| |
December 31,
2022 |
| |
December 31,
2022 |
| |
December 31,
2021 |
| ||||||||||||
| | |
(unaudited, in thousands)
|
| |
(unaudited, in thousands)
|
| ||||||||||||||||||
Net loss
|
| | | $ | (66,299) | | | | | $ | (44,094) | | | | | $ | (110,393) | | | | | $ | (144,271) | | |
Adjusted to exclude the following: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and other loss, net
|
| | | | (108) | | | | | | (1,199) | | | | | | (1,307) | | | | | | 347 | | |
Provision for income taxes
|
| | | | 586 | | | | | | (89) | | | | | | 497 | | | | | | 263 | | |
Depreciation and amortization expense
|
| | | | 14,605 | | | | | | 17,259 | | | | | | 31,864 | | | | | | 21,643 | | |
Asset impairment charges
|
| | | | 412 | | | | | | 1,235 | | | | | | 1,647 | | | | | | 317 | | |
Stock-based compensation expense(1)
|
| | | | 54,244 | | | | | | 44,411 | | | | | | 98,655 | | | | | | 110,543 | | |
Non-cash charitable donations(2)
|
| | | | 3,270 | | | | | | 500 | | | | | | 3,770 | | | | | | 7,757 | | |
Transaction costs(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 28,262 | | |
Amortization of cloud-based software implementation costs(4)
|
| | | | — | | | | | | 247 | | | | | | 247 | | | | | | — | | |
ERP implementation costs(5)
|
| | | | — | | | | | | 687 | | | | | | 687 | | | | | | — | | |
Restructuring costs(6)
|
| | | | — | | | | | | 1,535 | | | | | | 1,535 | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 6,710 | | | | | $ | 20,492 | | | | | $ | 27,202 | | | | | $ | 24,861 | | |
Adjusted EBITDA margin
|
| | | | 2.2% | | | | | | 6.9% | | | | | | 4.5% | | | | | | 4.6% | | |