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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure    
Pay vs Performance Disclosure, Table

Year

Summary compensation table total CEO ($)(1)(2)

Compensation actually paid to CEO ($)(1)(3)

Average summary compensation table total for non-CEO NEOs ($) (2)(4)

Average compensation actually paid to non-CEO NEOs(3)(4)

Value of Initial Fixed $100 Investment based on Total shareholder return($)

Net Income (in millions) ($) (5)

Company-Selected Measure: Adjusted EBITDA ($ in millions)(6)

 

2023

 20,050,877

 

295,000

 

857,488

 

235,675

 

13.03

 

(51,373)

 

(16,999)

 

2022

 4,549,920

 

229,920

 

—

 

—

 

—

 

(58,225)

 

(38,809)

 

 

(1)
For each year shown the PEO was Trent A. Ward.
(2)
Amounts in this column represent the “Total Compensation” column set forth in the Summary Compensation Table (“SCT”) on page 21. See the footnotes to the SCT for further detail regarding the amounts in these columns.
(3)
The dollar amounts reported in these columns represent the amounts of “compensation actually paid.” The Amounts are computed in accordance with Item 402(v) of Regulation S-K by deducting and adding certain amounts from the “Total” column of the SCT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Executives

 

 

 

 

 

 

 

 

 

 

 

 

 

SCT
total
($)

 

 

 

 

 

 

 

Deduct
grant
date fair
value of
stock
awards & option
awards
($)

 

 

 

 

 

 

Add
year-end
fair
value of
unvested
equity
granted
in the
year
($)

 

 

Add
year-over-
year
change
in fair
value of
outstanding
and
unvested
equity
granted
in prior
years
($)

 

 

 

Add
fair value
as of
vesting
date of
equity
awards
granted
and
vested
in the
year
($)

Add
year-
over-year
change
in fair
value of
equity
awards
granted
in prior
years
that
vested
in the
year
($)

 

 

Deduct
fair
value
at the
end of the prior year of equity awards that failed to meet vesting conditions in the year ($)

2023

PEO

20,050,877

(19,755,877)

8,068,312

—

11,687,565

—

—

Non-PEO NEOs (average)

857,488

(621,813)

430,563

—

191,250

—

—

2022

PEO

4,549,920

(4,320,000)

540,000

—

3,780,000

—

—

Non-PEO NEOs (average)

—

—

—

—

—

—

—

 

 

(4)
Non-CEO NEOs reflect the compensation of (i) Michael J. Madigan, our non-CEO NEO for 2023.
(5)
Represents the value as of the end of the year indicated of $100 invested on December 31, 2023 in the Common Stock. The Company did not declare or pay dividends on the Common Stock in either year.
(6)
Our company-selected measure is adjusted EBITDA. We calculate Adjusted EBITDA as net (loss) income adjusted to exclude: other expense (income), net; income tax expense (benefit); depreciation and amortization expense; stock-based compensation expense; impairment expense; reorganization, severance, exit, disposal and other costs associated with restructuring plans; vendor settlements; transaction related expenses; IPO related expenses; and other adjustment items that arise outside the ordinary course of our business.
 
Company Selected Measure Name Net Income  
Named Executive Officers, Footnote
(1)
For each year shown the PEO was Trent A. Ward.
  
PEO Name Trent A. Ward Trent A. Ward