| 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 III 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 3: APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.
|
| | | The affirmative vote of the holders of a majority of the votes cast. | | | | Abstentions and broker non-votes will have no effect. | | |
Name
|
| |
Age
|
| |
Served as a
Director Since |
| |
Positions with Warby Parker
|
| ||||||
Neil Blumenthal
|
| | | | 43 | | | | | | 2009 | | | |
Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer
|
|
Andrew Hunt
|
| | | | 42 | | | | | | 2009 | | | |
Co-Founder and Director
|
|
Gabrielle Sulzberger
|
| | | | 63 | | | | | | 2021 | | | |
Director
|
|
|
NEIL BLUMENTHAL
|
| |
Age 43
|
|
|
ANDREW HUNT
|
| |
Age 42
|
|
|
GABRIELLE SULZBERGER
|
| |
Age 63
|
|
Name
|
| |
Age
|
| |
Served as a
Director Since |
| |
Positions with Warby Parker
|
| ||||||
Teresa Briggs
|
| | | | 63 | | | | | | 2019 | | | |
Director
|
|
Joel Cutler
|
| | | | 66 | | | | | | 2012 | | | |
Director
|
|
Jeffrey Raider
|
| | | | 43 | | | | | | 2009 | | | |
Co-Founder and Director
|
|
|
TERESA BRIGGS
|
| |
Age 63
|
|
|
JOEL CUTLER
|
| |
Age 66
|
|
|
JEFFREY RAIDER
|
| |
Age 43
|
|
Name
|
| |
Age
|
| |
Served as a
Director Since |
| |
Positions with Warby Parker
|
| ||||||
Dave Gilboa
|
| | | | 43 | | | | | | 2009 | | | |
Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer
|
|
Youngme Moon
|
| | | | 60 | | | | | | 2018 | | | |
Director
|
|
Ronald Williams
|
| | | | 74 | | | | | | 2021 | | | |
Director
|
|
|
DAVE GILBOA
|
| |
Age 43
|
|
|
YOUNGME MOON
|
| |
Age 60
|
|
|
RONALD WILLIAMS
|
| |
Age 74
|
|
Fee Category
|
| |
Fiscal 2023
($) |
| |
Fiscal 2022
($) |
| ||||||
Audit Fees
|
| | | | 2,408,000 | | | | | | 2,025,000 | | |
Audit-Related Fees
|
| |
—
|
| | | | 100,000 | | | |||
Tax Fees
|
| | | | 275,450 | | | | | | 110,267 | | |
All Other Fees
|
| |
—
|
| |
—
|
| ||||||
Total Fees
|
| | | | 2,683,450 | | | | | | 2,235,267 | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Neil Blumenthal(1)
|
| | | | 43 | | | | Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer | |
Dave Gilboa(2)
|
| | | | 43 | | | | Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer | |
Steve Miller(3)
|
| | | | 51 | | | | Senior Vice President, Chief Financial Officer | |
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.
|
|
|
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/or 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, officers, or employees.
No excessive perquisites.
No tax gross-ups.
|
|
| |
●
Allbirds, Inc.
●
Bausch + Lomb Corporation
●
American Well Corporation
●
FIGS, Inc.
●
Him & Hers Health, Inc.
●
Angi Inc.
●
The Honest Company, Inc.
|
| | |
●
Canada Goose Inc.
●
CarGurus Inc.
●
Five Below Inc.
●
YETI Holdings, Inc.
●
Bumble Inc.
●
Poshmark, Inc.
●
GoodRx Holdings, Inc.
|
| | |
●
National Vision Holdings Inc.
●
Evolent Health Inc.
●
ThredUp Inc.
●
Progyny Inc.
●
Revolve Group Inc.
|
| |
Executive
|
| |
FY23 Salary
|
| |||
Neil Blumenthal
|
| | | $ | 525,000 | | |
Dave Gilboa
|
| | | $ | 525,000 | | |
Steve Miller
|
| | | $ | 472,500 | | |
Metrics
|
| |
Weighting
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Actual Result
|
| ||||||||||||
Net Revenue
|
| |
70%
|
| | | $ | 640,000,000 | | | | | $ | 660,000,000 | | | | | $ | 717,700,000 | | | | | $ | 669,800,000 | | |
Adjusted EBITDA Margin(1)
|
| |
30%
|
| |
6.0%
|
| |
7.9%
|
| |
10.8%
|
| |
7.8%(2)
|
|
Named Executive Officer
|
| |
2023 Target Bonus
as % of Salary |
| |
2023 Target
Bonus |
| |
2023 Earned
Bonus(1) |
| |
2023 Bonus as
% of Target |
| ||||||||||||
Neil Blumenthal
|
| | | | 75% | | | | | $ | 393,750 | | | | | $ | 368,944 | | | | | | 93.7% | | |
Dave Gilboa
|
| | | | 75% | | | | | $ | 393,750 | | | | | $ | 368,944 | | | | | | 93.7% | | |
Steve Miller
|
| | | | 60% | | | | | $ | 283,500 | | | | | $ | 265,640 | | | | | | 93.7% | | |
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 | | |
Tranche
|
| |
Number of
PSUs Under Each Award |
| |
Stock Price
Hurdle |
| ||||||
6
|
| | | | 274,855 | | | | | $ | 87.55 | | |
7
|
| | | | 274,856 | | | | | $ | 95.50 | | |
8
|
| | | | 274,855 | | | | | $ | 103.46 | | |
Name and Principal
Position |
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($) |
| |
Non-Equity
Incentive Plan Compensation ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| ||||||||||||||||||||||||
Neil Blumenthal
Co-CEO and Director |
| | | | 2023 | | | | | | 525,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 368,944 | | | | | | 13,200 | | | | | | 907,144 | | | |||||||||
| | | 2022 | | | | | | 500,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 187,500 | | | | | | 12,200 | | | | | | 699,700 | | | |||||||||||
| | | 2021 | | | | | | 450,000 | | | |
—
|
| | | | 99,192,563 | | | | | | 3,482,921 | | | | | | 337,500 | | | | | | 136,400 | | | | | | 103,599,384 | | | |||||
Dave Gilboa
Co-CEO and Director |
| | | | 2023 | | | | | | 525,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 368,944 | | | | | | 13,200 | | | | | | 907,144 | | | |||||||||
| | | 2022 | | | | | | 500,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 187,500 | | | | | | 12,200 | | | | | | 699,700 | | | |||||||||||
| | | 2021 | | | | | | 450,000 | | | |
—
|
| | | | 99,192,563 | | | | | | 3,482,921 | | | | | | 337,500 | | | | | | 136,400 | | | | | | 103,599,384 | | | |||||
Steve Miller
CFO |
| | | | 2023 | | | | | | 472,500 | | | |
—
|
| | | | 2,035,935 | | | |
—
|
| | | | 265,640 | | | | | | 13,200 | | | | | | 2,787,275 | | | ||||||
| | | 2022 | | | | | | 450,000 | | | |
—
|
| |
—
|
| |
—
|
| | | | 135,000 | | | | | | 12,200 | | | | | | 597,200 | | | |||||||||||
| | | 2021 | | | | | | 430,000 | | | | | | 64,500 | | | | | | 3,494,014 | | | | | | 1,670,184 | | | | | | 215,000 | | | | | | 11,400 | | | | | | 5,885,098 | | |
Name
|
| |
Grant Date
|
| |
Estimated Possible Payouts
Under Non-Equity Incentive Plan Awards(1) |
| |
All Other Stock
Awards: Number of Shares of Stock or Units (#)(2) |
| |
Grant Date Fair
Value of Stock and Options Awards ($)(3) |
| ||||||||||||||||||
|
Target
($) |
| |
Maximum
($) |
| ||||||||||||||||||||||||||
Neil Blumenthal
|
| |
—
|
| | | | 393,750 | | | | | | 945,000 | | | |
—
|
| |
—
|
| |||||||||
Dave Gilboa
|
| |
—
|
| | | | 393,750 | | | | | | 945,000 | | | |
—
|
| |
—
|
| |||||||||
Steve Miller
|
| |
—
|
| | | | 283,500 | | | | | | 680,400 | | | |
—
|
| |
—
|
| |||||||||
| | | | | 1/3/2023 | | | |
—
|
| |
—
|
| | | | 142,075 | | | | | $ | 2,035,935 | | |
| | | | | | | | | | | | | | |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 11/20/2019(3) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | 14.19 | | | | | | | | | | | | 6,429 | | | |
—
|
| | | | | | | | | | | | | |||||
| | | 11/20/2019(4) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,515 | | | | | | 21,362 | | | | | | | | | | | | | | | ||
| | | 1/28/2021(3) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | 18.35 | | | | | | | | | | | | 74,502 | | | |
—
|
| | | | | | | | | | | | | |||||
| | | 1/28/2021(4) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,770 | | | | | | 264,657 | | | | | | | | | | | | | | | ||
| | | 6/15/2021(5) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,198,844 | | | | | | 31,003,700 | | | ||
| | | 6/15/2021(6) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 486,888 | | | | | | 6,865,121 | | | | | | | | | | | | | | | ||
Dave Gilboa
|
| | | | 2/22/2017 | | | | | | 2/22/2017 | | | | | | 710,759 | | | | | | | | | | | | | | | 3.83 | | | | | | 2/21/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 11/20/2019(3) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | 14.19 | | | | | | | | | | | | 6,429 | | | |
—
|
| | | | | | | | | | | | | |||||
| | | 11/20/2019(4) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,515 | | | | | | 21,362 | | | | | | | | | | | | | | | ||
| | | 1/28/2021(3) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | 18.35 | | | | | | | | | | | | 74,502 | | | |
—
|
| | | | | | | | | | | | | |||||
| | | 1/28/2021(4) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,770 | | | | | | 264,657 | | | | | | | | | | | | | | | ||
| | | 6/15/2021(5) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,198,844 | | | | | | 31,003,700 | | | ||
| | | 6/15/2021(6) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 486,888 | | | | | | 6,865,121 | | | | | | | | | | | | | | | ||
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 | | | | | | 1/1/2022 | | | | | | 11,376 | | | | | | | | | | | | | | | 12.35 | | | | | | 3/28/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 11/20/2019(7) | | | | | | 1/1/2020 | | | | | | 96,819 | | | | | | | | | 2,997 | | | | | | 13.35 | | | | | | 11/19/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 11/20/2019(4) | | | | | | 1/1/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 842 | | | | | | 11,872 | | | | | | | | | | | | | | | ||
| | | 1/28/2021(7) | | | | | | 1/1/2021 | | | | | | 56,191 | | | | | | | | | 31,761 | | | | | | 17.90 | | | | | | 1/27/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 1/28/2021(4) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,585 | | | | | | 121,049 | | | | | | | | | | | | | | | ||
| | | 6/15/2021(4) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 32,274 | | | | | | 455,063 | | | | | | | | | | | | | | | ||
| | | 1/3/2023(4) | | | | | | 1/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 109,517 | | | | | | 1,544,190 | | | | | | | | | | | | | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
Name
|
| |
Number of Shares
Acquired on Exercise (#) |
| |
Value Realized on
Exercise ($) |
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(1) |
| ||||||||||||
Neil Blumenthal
|
| | | | — | | | | | | — | | | | | | 225,181(2) | | | | | | 2,823,234 | | |
David Gilboa
|
| | | | — | | | | | | — | | | | | | 225,181(2) | | | | | | 2,823,234 | | |
Steve Miller
|
| | | | — | | | | | | — | | | | | | 71,810(3) | | | | | | 897,927 | | |
Name
|
| |
Executive
Contributions in Last FY |
| |
Registrant
Contributions in Last FY ($)(1) |
| |
Aggregate
Earnings in Last FY ($)(2) |
| |
Aggregate
Withdrawals / Distributions ($)(3) |
| |
Aggregate
Balance at Last FYE ($)(4) |
| |||||||||||||||
Neil Blumenthal
|
| | | | — | | | | | | 2,270,500 | | | | | | 173,284 | | | | | | (840,359) | | | | | | 5,076,818 | | |
Dave Gilboa
|
| | | | — | | | | | | 2,270,500 | | | | | | 173,284 | | | | | | (840,359) | | | | | | 5,076,818 | | |
Steve Miller
|
| | | | — | | | | | | 68,079 | | | | | | 8,878 | | | | | | (44,668) | | | | | | 86,870 | | |
|
Termination Without Cause or for Good
Reason / Cause (no Change in Control) or Due to Death or Disability ($) |
| |
Change in Control (no Termination) ($)
|
| |
Termination Without Cause or for Good
Reason / Cause in Connection with a Change in Control ($) |
| ||||||
|
6,865,121
|
| | | | 7,750,925 | | | | | | 14,616,046 | | |
|
Base Salary
Continuation ($) |
| |
Company
Health Plan Contribution ($) |
| |
Total ($)
|
| ||||||
|
236,250
|
| | | | 2,818 | | | | | | 239,068 | | |
Co-Chief Executive Officer
|
| |
Total Compensation for
each Co-Chief Executive Officer as reported in the Summary Compensation Table ($) |
| |
Total Compensation for
Median Paid Employee ($) |
| |
Ratio
|
| |||||||||
Neil Blumenthal
|
| | | | 907,144 | | | | | | 33,514 | | | | | | 27:1 | | |
Dave Gilboa
|
| | | | 907,144 | | | | | | 33,514 | | | | | | 27:1 | | |
Year | | | Summary Compensation Table Total for Neil Blumenthal(1) ($) | | | 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 ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | |||||||||
2022 | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | | | | | | ( | | | | | | | | ||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | |
Name | | | Value of Equity Awards Disclosed in the Summary Compensation Table ($) | | | 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 ($) | | ||||||||||||||||||
Neil Blumenthal | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | | |||||||||||
Dave Gilboa | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | | |||||||||||
Steve Miller | | | | | ( | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | ( | | |
| | | | |
Name
|
| |
Fees
Earned or Paid in Cash ($)(1) |
| |
Stock
Awards ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| ||||||||||||
Teresa Briggs
|
| | | | 95,000 | | | | | | 233,316 | | | | | | 2,500 | | | | | | 330,816 | | |
Joel Cutler
|
| |
—
|
| |
—
|
| | | | | | | |
—
|
| |||||||||
Andrew Hunt
|
| | | | 75,000 | | | | | | 236,088 | | | | | | | | | | | | 311,088 | | |
Youngme Moon
|
| | | | 75,000 | | | | | | 233,316 | | | | | | | | | | | | 308,316 | | |
Jeffrey Raider
|
| | | | 75,000 | | | | | | 233,316 | | | | | | | | | | | | 308,316 | | |
Gabrielle Sulzberger
|
| | | | 85,000 | | | | | | 234,892 | | | | | | 2,500 | | | | | | 322,392 | | |
Ronald Williams
|
| | | | 75,000 | | | | | | 236,088 | | | | | | | | | | | | 311,088 | | |
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(1) |
| |
(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(2) |
| | | | | | | | | | | | | | | | 24,924,274(3) | | |
Class A common stock
|
| | | | 2,622,397 | | | | | $ | 12.50 | | | | | | | | |
Class B common stock
|
| | | | 7,553,668 | | | | | $ | 5.28 | | | | | | | | |
Equity compensation plans not approved by security
holders |
| |
—
|
| |
—
|
| |
—
|
| |||||||||
Total
|
| | | | 10,176,065 | | | | | $ | 7.20 | | | | | | 24,924,274 | | |
| | |
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 | | | | | | 15.1% | | | |
—
|
| |
—
|
| | | | 5.1% | | | ||||||
FMR LLC(2)
|
| | | | 9,266,575 | | | | | | 9.4% | | | |
—
|
| |
—
|
| | | | 3.1% | | | ||||||
The Vanguard Group(3)
|
| | | | 8,457,986 | | | | | | 8.5% | | | |
—
|
| |
—
|
| | | | 2.9% | | | ||||||
Blackrock Inc.(4)
|
| | | | 6,973,865 | | | | | | 7.0% | | | |
—
|
| |
—
|
| | | | 2.4% | | | ||||||
Baillie Gifford & Co(5)
|
| | | | 6,430,452 | | | | | | 6.5% | | | |
—
|
| |
—
|
| | | | 2.2% | | | ||||||
Durable Capital Partners LP(6)
|
| | | | 6,412,215 | | | | | | 6.5% | | | |
—
|
| |
—
|
| | | | 2.2% | | | ||||||
General Catalyst and affiliates(7)
|
| | | | 5,822,191 | | | | | | 5.9% | | | |
—
|
| |
—
|
| | | | 2.0% | | | ||||||
T. Rowe Price Investment Management, Inc.(8)
|
| | | | 5,076,485 | | | | | | 5.1% | | | |
—
|
| |
—
|
| | | | 1.7% | | | ||||||
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Neil Blumenthal(9)
|
| | | | 412,177 | | | |
*
|
| | | | 9,091,316 | | | | | | 44.4% | | | | | | 30.0% | | | |||
David Gilboa(10)
|
| | | | 12,306 | | | |
*
|
| | | | 9,432,198 | | | | | | 46.0% | | | | | | 31.0% | | | |||
Steven Miller(11)
|
| | | | 450,876 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Andrew Hunt
|
| | | | 1,893,481 | | | | | | 1.9% | | | |
—
|
| |
—
|
| |
*
|
| |||||||||
Jeffrey Raider(12)
|
| | | | 4,171,904 | | | | | | 4.2% | | | |
—
|
| |
—
|
| | | | 1.4% | | | ||||||
Teresa Briggs(13)
|
| | | | 47,431 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Joel Cutler(14)
|
| | | | 5,822,191 | | | | | | 5.9% | | | |
—
|
| |
—
|
| | | | 2.0% | | | ||||||
Youngme Moon
|
| | | | 72,149 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Gabrielle Sulzberger
|
| | | | 69,231 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Ronald A. Williams(15)
|
| | | | 71,505 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
All directors and executive officers as a group (10 individuals)(16)
|
| | | | 13,023,251 | | | | | | 13.1% | | | | | | 18,523,514 | | | | | | 87.2% | | | | | | 63.6% | | |
| | |
Year Ended
|
| |||||||||
| | |
December 31,
2023 |
| |
December 31,
2022 |
| ||||||
| | |
(unaudited, in thousands)
|
| |||||||||
Net loss
|
| | | $ | (63,197) | | | | | $ | (110,393) | | |
Adjusted to exclude the following: | | | | | | | | | | | | | |
Interest and other income (loss), net
|
| | | | (9,232) | | | | | | (1,307) | | |
Provision for income taxes
|
| | | | 433 | | | | | | 497 | | |
Depreciation and amortization expense
|
| | | | 38,554 | | | | | | 31,864 | | |
Asset impairment charges
|
| | | | 3,230 | | | | | | 1,647 | | |
Stock-based compensation expense(1)
|
| | | | 71,065 | | | | | | 98,655 | | |
Non-cash charitable donations(2)
|
| | | | 3,191 | | | | | | 3,770 | | |
Amortization of cloud-based software implementation costs(3)
|
| | | | 2,895 | | | | | | 247 | | |
ERP implementation costs(4)
|
| | | | 4,413 | | | | | | 687 | | |
Restructuring costs(5)
|
| | | | 1,000 | | | | | | 1,535 | | |
Adjusted EBITDA
|
| | | $ | 52,352 | | | | | $ | 27,202 | | |
Adjusted EBITDA margin
|
| | | | 7.8% | | | | | | 4.5% | | |
| | |
Year Ended
|
| |||||||||
| | |
December 31,
2023 |
| |
December 31,
2022 |
| ||||||
| | |
(unaudited, in thousands)
|
| |||||||||
Net cash provided by operating activities
|
| | | $ | 60,991 | | | | | $ | 10,370 | | |
Purchases of property and equipment
|
| | | | (53,671) | | | | | | (60,181) | | |
Free Cash Flow
|
| | | $ | 7,320 | | | | | $ | (49,811) | | |