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|
/s/ Jeffrey Brown
Jeffrey Brown
Chairman of the Board |
| |
/s/ Mitchell Fadel
Mitchell Fadel
Chief Executive Officer and Director |
|
|
Notice of 2024 Annual Meeting of Stockholders
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Page
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| |||
SUMMARY | | | | | 1 | | |
QUESTIONS AND ANSWERS ABOUT THE 2024 ANNUAL MEETING AND VOTING PROCEDURES | | | | | 5 | | |
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CORPORATE GOVERNANCE | | | | | 14 | | |
| | | | 14 | | | |
| | | | 14 | | | |
| | | | 14 | | | |
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AUDIT AND RISK COMMITTEE REPORT | | | | | 24 | | |
EXECUTIVE OFFICERS | | | | | 25 | | |
COMPENSATION DISCUSSION AND ANALYSIS | | | | | 27 | | |
| | | | 27 | | | |
| | | | 31 | | | |
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| | | | 37 | | | |
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| | | | 43 | | | |
COMPENSATION TABLES | | | | | 44 | | |
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Page
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| | | | 58 | | | |
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| | | | 61 | | | |
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | | | | | 62 | | |
OTHER INFORMATION | | | | | 64 | | |
| | | | 64 | | | |
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| | | | 64 | | | |
| | | | 65 | | | |
| | | | A-1 | | | |
| | | | B-1 | | |
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Proposal
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| |
Board Vote Recommendation
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| One: Election of Directors | | | FOR each Director Nominee | |
| Two: Ratification of Auditors | | | FOR | |
| Three: Advisory Vote on Executive Compensation | | | FOR | |
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Four: Adoption of the Exculpation Amendment to the Certificate of Incorporation
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| | FOR | |
| Five: Adoption of the Miscellaneous Amendments to the Certificate of Incorporation | | | FOR | |
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Name(1)
|
| |
Age
|
| | Director Since |
| |
Independent
|
| | Committee Memberships |
| | Other Public Company Boards |
|
| Jeffrey Brown (Chairman) | | | 63 | | | 2017 | | | Yes | | | Audit & Risk (chair) | | | Medifast, Inc. | |
| Mitchell Fadel | | | 66 | | | 2017 | | | — | | | — | | | — | |
| Molly Langenstein | | | 60 | | | 2024 | | | Yes | | |
Compensation
Nominating and Corporate Governance
|
| | — | |
| Harold Lewis | | | 63 | | | 2019 | | | Yes | | |
Audit & Risk
Compensation
|
| | — | |
| Glenn Marino | | | 67 | | | 2020 | | | Yes | | |
Compensation (chair)
Nominating and Corporate Governance
|
| | PRA Group, Inc. | |
| Carol McFate | | | 71 | | | 2019 | | | Yes | | |
Audit & Risk
Nominating and Corporate Governance (chair)
|
| | — | |
| |
Voting Method
|
| | |
Description of Process
|
| |
| | By Internet | | | |
You may submit a proxy electronically on the Internet, by visiting the website shown on the Notice or proxy card and following the instructions.
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| |
| | By Telephone | | | |
If you request paper copies of the proxy materials by mail, you may submit a proxy by telephone, by calling the toll-free telephone number shown on the Notice or proxy card and following the instructions.
|
| |
| | By Mail | | | |
If you request paper copies of the proxy materials by mail, you may submit a proxy by signing, dating and returning a paper proxy card in accordance with its instructions. The Notice provides instructions on how to request a paper proxy card and other proxy materials.
|
| |
| | In Person | | | |
By properly and timely completing and delivering a company ballot to the inspector of election at the 2024 Annual Meeting, prior to the closing of the polls.
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| |
| |
Proposal
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| | |
Board Recommendation
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| |
| | One: Election of Directors | | | | “FOR” each of the Board’s nominees for director | | |
| | Two: Ratification of the Audit & Risk Committee’s Selection of Ernst & Young LLP | | | |
“FOR” the ratification of the Audit & Risk Committee’s selection of Ernst & Young LLP as our independent registered public accounting firm for 2024
|
| |
| | Three: Advisory Vote on Executive Compensation | | | |
“FOR” the resolution approving, on an advisory basis, the compensation of the named executive officers for the year ended December 31, 2023, as set forth in this proxy statement
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| |
| | Four: Adoption of the Exculpation Amendment to the Certificate of Incorporation | | | | “FOR” the approval of the Exculpation Amendment | | |
| | Five: Adoption of the Miscellaneous Amendments to the Certificate of Incorporation | | | | “FOR” the approval of the Miscellaneous Amendments | | |
| |
Revocation Method
|
| | |
Description of Process
|
| |
| | New Proxy Card | | | |
Deliver a signed proxy, dated later than the first one, which proxy must be received by the Company prior to the vote at the 2024 Annual Meeting
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| |
| | New Internet/Telephone Proxy | | | |
Submit a proxy at a later time on the Internet or by telephone, if you previously voted on the Internet or by telephone, which vote must be submitted prior to the deadline set forth above
|
| |
| | New Vote at 2024 Annual Meeting | | | |
Attend the meeting and vote in person or by proxy (attending the meeting alone will not revoke your proxy)
|
| |
| | Written Notice to the Company | | | |
Deliver a signed, written revocation letter, dated later than the previously submitted proxy, to Bryan Pechersky, Executive Vice President — General Counsel & Corporate Secretary, at 5501 Headquarters Drive, Plano, TX 75024, which letter must be received by the Company on the business day prior to the 2024 Annual Meeting
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Proposal
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| | |
Required Vote for Approval
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| | |
Impact of Broker Non-Votes and
Abstentions |
| |
| | One: Election of Directors | | | |
Under our bylaws, directors are elected by a majority of the votes cast in uncontested elections. Accordingly, the numbers of votes cast “for” a director nominee must exceed the number of votes cast “against” that nominee. In contested elections, the vote standard would be a plurality of votes cast. Each share may be voted for each of the nominees, but no share may be voted more than once for any particular nominee.
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| | |
Broker non-votes and abstentions will not affect the outcome of the vote.
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| |
| | Two: Ratification of the Audit & Risk Committee’s Selection of Ernst & Young LLP | | | |
A majority of the votes cast is required to ratify Ernst & Young LLP as our independent registered public accounting firm.
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| | |
Certain brokers have discretionary authority in the absence of timely instructions from their customers to vote on this proposal. Abstentions will not affect the outcome of the vote.
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| |
| | Three: Advisory Vote on Executive Compensation | | | |
The affirmative vote of the holders of a majority in voting power of the shares of common stock present or represented by proxy and entitled to vote thereon is required to approve the advisory resolution on executive compensation.
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| | |
Broker non-votes will not affect the outcome of the vote. Because abstentions are counted as shares present and entitled to vote on the proposal, each abstention will have the same effect as a vote “against” this proposal.
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| |
| | Four: Adoption of the Exculpation Amendment to the Certificate of Incorporation | | | |
The affirmative vote of the holders of a majority of the outstanding shares of common stock that are entitled to vote thereon is required to approve the Exculpation Amendment.
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| | |
Broker non-votes and abstentions will have the same effect as a vote “against” this proposal.
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| |
| | Five: Adoption of the Miscellaneous Amendments to the Certificate of Incorporation | | | |
The affirmative vote of the holders of a majority of the outstanding shares of common stock that are entitled to vote thereon is required to approve the Miscellaneous Amendments.
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| | |
Broker non-votes and abstentions will have the same effect as a vote “against” this proposal.
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| |
Jeffrey Brown
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| Chairman of the Board; Independent Director Age: 63 Director Since: 2017 Committees Served: Audit & Risk (chair) Gender: Male Ethnicity: Caucasian |
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|
|
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Mitchell Fadel
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| Director; Chief Executive Officer Age: 66 Director Since: 2017 Committees Served: N/A Gender: Male Ethnicity: Caucasian; Middle Eastern |
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Molly Langenstein
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| Independent Director Age: 60 Director Since: 2024 Committees Served: Compensation; Nominating and Corporate Governance Gender: Female Ethnicity: Caucasian |
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Harold Lewis
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| Independent Director Age: 63 Director Since: 2019 Committees Served: Audit & Risk; Compensation Gender: Male Ethnicity: African American |
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Glenn Marino
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| Independent Director Age: 67 Director Since: 2020 Committees Served: Compensation (chair); Nominating and Corporate Governance Gender: Male Ethnicity: Caucasian |
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Carol McFate
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| Independent Director Age: 71 Director Since: 2019 Committees Served: Audit & Risk; Nominating and Corporate Governance (chair) Gender: Female Ethnicity: Caucasian |
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|
Name(1)
|
| |
Independent
|
| |
Transactions/Relationships/Arrangements
|
|
| Jeffrey Brown | | |
Yes
|
| |
None
|
|
| Molly Langenstein | | |
Yes
|
| |
None
|
|
| Harold Lewis | | |
Yes
|
| |
None
|
|
| Glenn Marino | | |
Yes
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None
|
|
| Carol McFate | | |
Yes
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| |
None
|
|
|
Name(1)
|
| |
Independent(2)
|
| |
Audit & Risk Committee(3)
|
| |
Compensation
Committee |
| |
Nominating and
Corporate Governance Committee |
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| Jeffrey Brown | | |
Yes
|
| |
Chair
|
| |
—
|
| |
—
|
|
| Mitchell Fadel | | |
No
|
| |
—
|
| |
—
|
| |
—
|
|
| Christopher Hetrick(4) | | |
Yes
|
| |
—
|
| |
Former Chair
|
| |
Former Member
|
|
| Harold Lewis | | |
Yes
|
| |
Member
|
| |
Member
|
| |
—
|
|
| Glenn Marino(5) | | |
Yes
|
| |
Former Member
|
| |
Chair
|
| |
Member
|
|
| Carol McFate | | |
Yes
|
| |
Member
|
| |
—
|
| |
Chair
|
|
| Jen You(6) | | |
Yes
|
| |
—
|
| |
Member
|
| |
—
|
|
|
Number of Committee Meetings in 2023
|
| |
—
|
| |
8
|
| |
5
|
| |
5
|
|
|
Position
|
| |
2023 Annual Retainer
|
| |||
| All Non-Employee Directors (including the Chairman) | | | | $ | 77,500 | | |
| Chairman of the Board | | | | $ | 175,000 | | |
| Chair of the Audit & Risk Committee | | | | $ | 27,500 | | |
| Other members of the Audit & Risk Committee | | | | $ | 15,000 | | |
| Chair of the Compensation Committee | | | | $ | 25,000 | | |
| Other members of the Compensation Committee | | | | $ | 10,500 | | |
| Chair of the Nominating and Corporate Governance Committee | | | | $ | 20,000 | | |
| Other members of the Nominating and Corporate Governance Committee | | | | $ | 10,000 | | |
|
Name
|
| |
Fees Earned or
Paid in Cash(1) |
| |
DSUs(2)
|
| |
Other
Compensation(3) |
| |
Total
|
| ||||||||||||
| Jeffrey Brown | | | | $ | — | | | | | $ | 530,841 | | | | | $ | 94,618 | | | | | $ | 625,459 | | |
| Harold Lewis | | | | $ | 103,000 | | | | | $ | 132,504 | | | | | $ | 24,489 | | | | | $ | 259,993 | | |
| Glenn Marino | | | | $ | 20,500 | | | | | $ | 258,126 | | | | | $ | 19,490 | | | | | $ | 298,116 | | |
| Carol McFate | | | | $ | 56,252 | | | | | $ | 213,718 | | | | | $ | 40,709 | | | | | $ | 310,679 | | |
| Jen You(4) | | | | $ | 66,000 | | | | | $ | 173,738 | | | | | $ | 6,222 | | | | | $ | 245,960 | | |
| Christopher Hetrick(5) | | | | $ | — | | | | | $ | 300,125 | | | | | $ | 47,173 | | | | | $ | 347,298 | | |
| B.C. Silver(6) | | | | $ | 24,500 | | | | | $ | 132,504 | | | | | $ | 1,882 | | | | | $ | 158,886 | | |
|
|
| |
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|
By telephone:
972-624-6210 |
| |
By mail:
Upbound Group, Inc. Attn: Corporate Secretary 5501 Headquarters Drive Plano, TX 75024 |
| |
By e-mail:
Upbound.Board@upbound.com |
|
| | | |
2023
|
| |
2022
|
| ||||||
| Audit Fees(1) | | | | $ | 2,259,944 | | | | | $ | 1,920,775 | | |
| Audit-Related Fees(2) | | | | $ | — | | | | | $ | — | | |
| Tax Fees(3) | | | | $ | 14,000 | | | | | $ | 60,034 | | |
| All Other Fees | | | | $ | — | | | | | $ | — | | |
|
|
| |
Anthony Blasquez
|
|
| Executive Vice President — Rent-A-Center Age: 48 Gender: Male Ethnicity: Hispanic/Latino |
|
|
|
| |
Ann Davids
|
|
| Executive Vice President — Chief Customer and Marketing Officer Age: 55 Gender: Female Ethnicity: Caucasian |
|
|
|
| |
Sudeep Gautam
|
|
| Executive Vice President — Chief Technology and Digital Officer Age: 53 Gender: Male Ethnicity: Asian |
|
|
|
| |
Fahmi Karam
|
|
| Executive Vice President — Chief Financial Officer Age: 45 Gender: Male Ethnicity: Asian |
|
|
|
| |
Tyler Montrone
|
|
| Executive Vice President — Acima Age: 43 Gender: Male Ethnicity: Caucasian |
|
|
|
| |
Bryan Pechersky
|
|
| Executive Vice President — General Counsel & Corporate Secretary Age: 53 Gender: Male Ethnicity: Caucasian |
|
|
|
| |
Transient Taylor
|
|
| Executive Vice President — Chief Human Resources Officer and Chief Diversity Officer Age: 58 Gender: Male Ethnicity: African American |
|
|
Named Executive Officer
|
| |
Title
|
|
| Mitchell Fadel | | | Chief Executive Officer | |
| Fahmi Karam | | | Executive Vice President — Chief Financial Officer | |
| Anthony Blasquez | | | Executive Vice President — Rent-A-Center | |
| Tyler Montrone(1) | | | Executive Vice President — Acima | |
| Sudeep Gautam(2) | | | Executive Vice President — Chief Technology and Digital Officer | |
Component
|
| |
Overview
|
|
Base Salary
|
| | Competitive base salaries are determined in large part through in-depth comparative analyses of comparable positions at companies in our Peer Group and other similarly situated public companies in the retail and consumer finance sectors, taking into account the individual’s experience, responsibilities, competencies and individual performance, in addition to the market data. | |
Annual Incentive Opportunity
|
| | Opportunity for an annual cash incentive award to align our executives with annual corporate and individual performance achievements. For 2023, the ultimate payout amount was based on (1) Consolidated Adjusted EBITDA (50% weighting), (2) Rent-A-Center segment revenue (25% weighting), and (3) Acima segment revenue (25% weighting). The targeted achievement levels take into account the rigorous goals included in our annual operating budget, which is approved by the Board. Each executive officer’s target annual incentive opportunity takes into account market data from the Peer Group and other similarly situated public companies in the retail and consumer finance sectors. | |
Long-Term Incentive Compensation Opportunity
|
| | Long-term incentive plan and equity ownership guidelines to align our executives with longer term performance achievement and stockholder returns over time. The long-term incentive awards granted in February 2023 consisted of (1) time-based restricted stock units (weighted 30%) that vest pro rata over a three-year period and (2) performance-based stock units (weighted 70%) that vest solely based on the satisfaction of our performance based on our three-year TSR compared to the S&P 1500 Specialty Retail Index. | |
|
What We Do
|
| |||
|
•
Transparent Compensation Program: Maintain a transparent executive compensation program that is understandable both to our stockholders and employees and is not overly complex or subject to constantly changing features
•
Compensation Aligned with Performance: A substantial percentage of both cash and equity compensation is at-risk and variable based on company performance
•
Multi-Year Equity Vesting: Three-year full vesting for all executive equity awards (restricted stock units vest pro rata annually over three years; performance stock units cliff vest after three years based on relative TSR performance)
•
Annual SOP Vote: Annual say-on-pay stockholder vote regarding our executive compensation program to receive regular feedback from our investors
•
Annual Program Risk Assessment: Our Compensation Committee performs an annual risk assessment of our compensation program
•
Investor Outreach: Outreach program to our large institutional investors regarding executive compensation and governance-related topics
|
| |
•
Independent Compensation Consultant: Engagement by the Compensation Committee of an independent compensation consultant to conduct a formal evaluation of, and advise the Compensation Committee with respect to, the compensation arrangements for our Chief Executive Officer, as well as provide guidance with respect to the compensation of our senior executives
•
Rigorous Target Setting: Rigorous performance targets for our annual cash incentive and long-term incentive compensation programs
•
Total Reward Statement Review: Regular review by the Compensation Committee of total reward statements for the Chief Executive Officer and other executives to evaluate multi-year cash and equity compensation awards
•
Ownership Guidelines: Equity ownership guidelines for our directors, Chief Executive Officer, executive vice presidents, senior vice presidents and vice presidents
•
Clawback Policy: Incentive compensation is subject to clawback, as described further in this proxy statement
|
|
|
What We Do Not Do
|
| |||
|
•
No Hedging or Pledging Stock: Insider Trading Policy that prohibits derivative transactions involving our common stock and pledging stock
•
No Gross-ups: Employee benefits are provided without tax gross-ups (other than certain relocation-related expenses)
•
No Excessive Perquisites: We provide only limited perquisites, as described in this CD&A
|
| |
•
No Repricing Options: We do not reprice stock options without stockholder approval (and as of 2021, we no longer grant stock options)
•
No Dividends Paid on Unvested Equity: No prospective payment of dividends on unvested equity awards
|
|
|
2023 Peer Group
|
| |||||||||
| Aaron’s, Inc. | | | Big Lots Inc. | | | Brinker International Inc. | | | Conn’s | |
| FirstCash, Inc. | | | H&R Block, Inc. | | | La-Z-Boy Incorporated | | | OneMain Holdings | |
| Sally Beauty, Inc. | | | Bread Financial Holdings, Inc. | | | The Western Union Company | | | PROG Holdings | |
|
Name
|
| |
2023 Base Salary
|
| |||
| Fadel | | | | $ | 1,100,000 | | |
| Karam | | | | $ | 1,000,000 | | |
| Blasquez | | | | $ | 450,000 | | |
| Montrone | | | | $ | 450,000 | | |
| Gautam | | | | $ | 450,000 | | |
| |
Metric
|
| | |
Performance Levels
|
| |
| | Adjusted EBITDA(1) | | | |
Threshold — Less than $354 million
Target — $417 million
Maximum — Greater than or equal to $479 million
|
| |
| | Rent-A-Center Segment Revenue | | | |
Threshold — Less than $1,813 million
Target — $1,888 million
Maximum — Greater than or equal to $1,964 million
|
| |
| | Acima Segment Revenue | | | |
Threshold — Less than $1,787 million
Target — $1,901 million
Maximum — Greater than or equal to $2,015 million
|
| |
|
Officer
|
| |
2023 Target Cash Incentives as a
Percentage of Base Salary |
| |||
| Fadel | | | | | 135% | | |
| Karam | | | | | 60% | | |
| Blasquez | | | | | 60% | | |
| Montrone | | | | | 60% | | |
| Gautam | | | | | 90% | | |
| |
Metric
|
| | |
Weighting (% of total
bonus opportunity) |
| | |
2023 Performance
|
| | |
Percent of 2023
Target Achieved |
| | |
Payout for
2023 (% of Target) |
| |
| | Adjusted EBITDA(1) | | | |
50%
|
| | |
$474 million
|
| | |
113.7%
|
| | |
191%
|
| |
| | Rent-A-Center Segment Revenue | | | |
25%
|
| | |
$1,864 million
|
| | |
98.7%
|
| | |
68%
|
| |
| | Acima Segment Revenue | | | |
25%
|
| | |
$1,931 million
|
| | |
101.6%
|
| | |
127%
|
| |
|
Officer
|
| |
2023 Target Equity Award Values
as a Percentage of Base Salary(1) |
| |||
| Fadel | | | | | 415% | | |
| Karam | | | | | 100% | | |
| Blasquez | | | | | 140% | | |
| Montrone | | | | | 140% | | |
| Gautam | | | | | 90% | | |
| |
Award Type
|
| | |
Weighting
|
| |
| |
Performance Stock Units
|
| | |
70%
|
| |
| |
Restricted Stock Units
|
| | |
30%
|
| |
|
Performance Stock Unit Payout Chart
|
| ||||||||||||
|
UPBD’s TSR Percentile Rank in the
S&P 1500 Specialty Retail Index |
| |
Payout
|
| |||||||||
|
>=
|
| |
<
|
| | | | | | | |||
| 90% | | | | | 100% | | | | | | 200% | | |
| 80% | | | | | 90% | | | | | | 175% | | |
| 70% | | | | | 80% | | | | | | 150% | | |
| 60% | | | | | 70% | | | | | | 125% | | |
| 50% | | | | | 60% | | | | | | 100% | | |
| 40% | | | | | 50% | | | | | | 75% | | |
| 30% | | | | | 40% | | | | | | 50% | | |
| 25% | | | | | 30% | | | | | | 25% | | |
| 0% | | | | | 25% | | | | | | 0% | | |
| |
Executive Positions
|
| | |
Ownership Requirement
|
| |
| | Chief Executive Officer | | | | 5 times annual base salary | | |
| | Executive Vice President | | | | 3 times annual base salary | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus
|
| |
Stock
Awards(1) |
| |
Option
Awards(1) |
| |
Non-Equity
Incentive Plan Compensation(2) |
| |
All Other
Compensation(3) |
| |
Total
|
| ||||||||||||||||||||||||
Mitchell Fadel
Chief Executive Officer |
| | | | 2023 | | | | | $ | 1,100,000 | | | | | $ | — | | | | | $ | 6,502,656 | | | | | $ | — | | | | | $ | 2,138,400 | | | | | $ | 49,995 | | | | | $ | 9,791,051 | | |
| | | 2022 | | | | | $ | 1,100,000 | | | | | $ | — | | | | | $ | 5,116,846 | | | | | $ | — | | | | | $ | — | | | | | $ | 63,204 | | | | | $ | 6,280,050 | | | ||
| | | 2021 | | | | | $ | 1,078,846 | | | | | $ | — | | | | | $ | 9,296,543(8) | | | | | $ | — | | | | | $ | 1,900,800 | | | | | $ | 65,496 | | | | | $ | 12,341,685 | | | ||
Fahmi Karam(4)(5)
Executive Vice President - Chief Financial Officer |
| | | | 2023 | | | | | $ | 1,000,000 | | | | | $ | 500,000 | | | | | $ | 3,561,176 | | | | | $ | — | | | | | $ | 864,008 | | | | | $ | 41,947 | | | | | $ | 5,967,131 | | |
| | | 2022 | | | | | $ | 153,846 | | | | | $ | 500,000 | | | | | $ | 1,999,992 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,653,838 | | | ||
Anthony Blasquez
Executive Vice President - Rent-A-Center |
| | | | 2023 | | | | | $ | 444,554 | | | | | $ | — | | | | | $ | 897,446 | | | | | $ | — | | | | | $ | 388,800 | | | | | $ | 33,236 | | | | | $ | 1,764,036 | | |
| | | 2022 | | | | | $ | 422,931 | | | | | $ | — | | | | | $ | 477,942 | | | | | $ | — | | | | | $ | — | | | | | $ | 27,295 | | | | | $ | 928,168 | | | ||
| | | 2021 | | | | | $ | 397,308 | | | | | $ | — | | | | | $ | 751,418(8) | | | | | $ | — | | | | | $ | 288,640 | | | | | $ | 12,189 | | | | | $ | 1,449,555 | | | ||
Tyler Montrone(4)(6)
Executive Vice President - Acima |
| | | | 2023 | | | | | $ | 440,385 | | | | | $ | — | | | | | $ | 897,446 | | | | | $ | — | | | | | $ | 388,800 | | | | | $ | 35,504 | | | | | $ | 1,762,135 | | |
Sudeep Gautam(4)(6)(7)
Executive Vice President - Chief Technology and Digital Officer |
| | | | 2023 | | | | | $ | 424,039 | | | | | $ | 200,000 | | | | | $ | 576,933 | | | | | $ | — | | | | | $ | 583,200 | | | | | $ | 24,514 | | | | | $ | 1,808,686 | | |
|
Name
|
| |
Company Matching
Contributions(1) |
| |
Value of Insurance
Premiums(2) |
| |
Other(3)
|
| |
Total
|
| ||||||||||||
| Mitchell Fadel | | | | $ | 9,335 | | | | | $ | 35,954 | | | | | $ | 4,706 | | | | | $ | 49,995 | | |
| Fahmi Karam | | | | $ | 11,827 | | | | | $ | 19,039 | | | | | $ | 11,081 | | | | | $ | 41,947 | | |
| Anthony Blasquez | | | | $ | 7,844 | | | | | $ | 21,848 | | | | | $ | 3,544 | | | | | $ | 33,236 | | |
| Tyler Montrone | | | | $ | 8,473 | | | | | $ | 22,008 | | | | | $ | 5,023 | | | | | $ | 35,504 | | |
| Sudeep Gautam | | | | $ | — | | | | | $ | 15,382 | | | | | $ | 9,132 | | | | | $ | 24,514 | | |
|
Name
|
| |
Grant
Date |
| |
Committee
Approval Date |
| |
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards(1) |
| |
Estimated Future Payouts
Under Equity Incentive Plan Awards(2) |
| |
All Other
Stock Awards: Number of Shares of Stock or Units(3) |
| |
All Other
Option Awards: Number of Securities Underlying Options |
| |
Exercise
or Base Price of Option Awards |
| |
Closing
Price on Grant Date |
| |
Grant
Date Fair Value of Stock and Option Awards(4) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mitchell Fadel | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Incentive | | | | | — | | | | | | 2/9/2023 | | | | | $ | 148,500 | | | | | $ | 1,485,000 | | | | | $ | 2,970,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 51,082 | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 1,369,508 | | |
| Performance Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | 158,921 | | | | | | 317,842 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 5,133,148 | | |
| Fahmi Karam | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Incentive | | | | | — | | | | | | 2/9/2023 | | | | | $ | 60,000 | | | | | $ | 600,000 | | | | | $ | 1,200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,975 | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 750,010 | | |
| Performance Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | 87,033 | | | | | | 174,066 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 2,811,166 | | |
| Anthony Blasquez | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Incentive | | | | | — | | | | | | 2/9/2023 | | | | | $ | 27,000 | | | | | $ | 270,000 | | | | | $ | 540,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,050 | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 189,011 | | |
| Performance Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | 21,933 | | | | | | 43,866 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 708,436 | | |
| Tyler Montrone | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Incentive | | | | | — | | | | | | 2/9/2023 | | | | | $ | 27,000 | | | | | $ | 270,000 | | | | | $ | 540,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,050 | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 189,011 | | |
| Performance Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | 21,933 | | | | | | 43,866 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 708,436 | | |
| Sudeep Gautam | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Incentive | | | | | — | | | | | | 2/9/2023 | | | | | $ | 40,500 | | | | | $ | 405,000 | | | | | $ | 810,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,532 | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 121,503 | | |
| Performance Stock Units | | | | | 2/24/2023 | | | | | | 2/9/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | 14,100 | | | | | | 28,200 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 26.78 | | | | | $ | 455,430 | | |
Name
|
| |
OPTION AWARDS
|
| |
STOCK AWARDS
|
| ||||||||||||||||||||||||||||||
|
Number of
Securities Underlying Unexercised Options - Exercisable |
| |
Number of
Securities Underlying Unexercised Options - Unexercisable |
| |
Option
Exercise Price |
| |
Option
Expiration Date |
| |
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(1) |
| ||||||||||||||||||||
Mitchell Fadel
|
| | | | 80,197 | | | | | | — | | | | | $ | 8.22 | | | | | | 2/23/2028 | | | | | | 8,498(3) | | | | | $ | 288,677 | | |
| | | 75,027 | | | | | | — | | | | | $ | 20.87 | | | | | | 4/1/2029 | | | | | | 31,586(4) | | | | | $ | 1,072,976 | | | ||
| | | 90,743 | | | | | | 30,248(2) | | | | | $ | 24.77 | | | | | | 2/26/2030 | | | | | | 51,082(5) | | | | | $ | 1,735,256 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 77,768(6) | | | | | $ | 2,641,779 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 146,667(7) | | | | | $ | 4,982,278 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 158,921(8) | | | | | $ | 5,398,546 | | | ||
Fahmi Karam
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 62,716(9) | | | | | $ | 2,130,463 | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,975(5) | | | | | $ | 950,311 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 87,033(8) | | | | | $ | 2,956,511 | | | ||
Anthony Blasquez
|
| | | | 3,739 | | | | | | 1,246(2) | | | | | $ | 24.77 | | | | | | 2/26/2030 | | | | | | 687(3) | | | | | $ | 23,337 | | |
| | | 7,500 | | | | | | 2,500(10) | | | | | $ | 26.62 | | | | | | 7/1/2030 | | | | | | 2,951(4) | | | | | $ | 100,245 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,050(5) | | | | | $ | 239,489 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,286(6) | | | | | $ | 213,535 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,700(7) | | | | | $ | 465,389 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,933(8) | | | | | $ | 745,064 | | | ||
Tyler Montrone
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 912(3) | | | | | $ | 30,981 | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,391(4) | | | | | $ | 115,192 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,050(5) | | | | | $ | 239,489 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,348(6) | | | | | $ | 283,582 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,743(7) | | | | | $ | 534,790 | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,933(8) | | | | | $ | 745,064 | | | ||
Sudeep Gautam
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,532(5) | | | | | $ | 153,952 | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,100(8) | | | | | $ | 478,977 | | |
| | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
| | | |
Number of Shares
Acquired on Exercise |
| |
Value Realized
on Exercise |
| |
Number of Shares
Acquired on Vesting |
| |
Value Realized
on Vesting |
| ||||||||||||
| Mitchell Fadel | | | | | — | | | | | $ | — | | | | | | 124,321 | | | | | $ | 3,337,933 | | |
| Fahmi Karam | | | | | — | | | | | $ | — | | | | | | 31,357 | | | | | $ | 893,518 | | |
| Anthony Blasquez | | | | | 8,881 | | | | | $ | 180,255 | | | | | | 6,260 | | | | | $ | 167,294 | | |
| Tyler Montrone | | | | | — | | | | | $ | — | | | | | | 2,555 | | | | | $ | 66,975 | | |
| Sudeep Gautam | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
|
Name
|
| |
Executive
Contributions in FY 2023(1) |
| |
Registrant
Contributions in FY 2023(1)(2) |
| |
Aggregate
Earnings in FY 2023 |
| |
Aggregate
Withdrawals/ Distributions |
| |
Aggregate
Balance at FYE 2023(3) |
| |||||||||||||||
| Mitchell Fadel | | | | $ | 66,000 | | | | | $ | 635(4) | | | | | $ | 90,400 | | | | | $ | — | | | | | $ | 676,434 | | |
| Fahmi Karam | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Anthony Blasquez | | | | $ | — | | | | | $ | — | | | | | $ | 1,844 | | | | | $ | — | | | | | $ | 7,137 | | |
| Tyler Montrone | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Sudeep Gautam | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Name
|
| |
Cash
Severance Payout |
| |
Continuation
of Medical Benefits(1) |
| |
Acceleration
of Outstanding Awards |
| |
Total
Termination Benefits |
| ||||||||||||
| Mitchell Fadel | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Fadel for “Good Reason”
|
| | | $ | 5,170,000 | | | | | $ | 30,418 | | | | | | — | | | | | $ | 5,200,418 | | |
|
Termination by Us for “Cause” or by Mr. Fadel without “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Fadel’s disability or death(2) | | | | | — | | | | | $ | 30,418 | | | | | $ | 10,881,178 | | | | | $ | 10,911,596 | | |
|
Termination by Mr. Fadel for Reason other than disability, death or for “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Fahmi Karam | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Karam for “Good Reason”
|
| | | $ | 2,364,008 | | | | | $ | 35,048 | | | | | | — | | | | | $ | 2,399,056 | | |
|
Termination by Us for “Cause” or by Mr. Karam without “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Karam’s disability or death | | | | $ | 864,008 | | | | | $ | 23,365 | | | | | $ | 4,065,291 | | | | | $ | 4,952,664 | | |
|
Termination by Mr. Karam for Reason other than disability or death or for “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Name
|
| |
Cash
Severance Payout |
| |
Continuation
of Medical Benefits(1) |
| |
Acceleration
of Outstanding Awards |
| |
Total
Termination Benefits |
| ||||||||||||
| Anthony Blasquez | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Blasquez for “Good Reason”
|
| | | $ | 1,280,280 | | | | | $ | 35,048 | | | | | | — | | | | | $ | 1,315,328 | | |
|
Termination by Us for “Cause” or by Mr. Blasquez without “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Blasquez’s disability or death | | | | $ | 388,800 | | | | | $ | 23,365 | | | | | $ | 1,135,128 | | | | | $ | 1,547,293 | | |
|
Termination by Mr. Blasquez for Reason other than disability
or death or for “Good Reason” |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Tyler Montrone | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Montrone for
“Good Reason” |
| | | $ | 1,063,800 | | | | | $ | 35,048 | | | | | | — | | | | | $ | 1,098,848 | | |
|
Termination by Us for “Cause” or by Mr. Montrone without
“Good Reason” |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Montrone’s disability or death | | | | $ | 388,800 | | | | | $ | 23,365 | | | | | $ | 1,034,566 | | | | | $ | 1,446,731 | | |
|
Termination by Mr. Montrone for Reason other than disability or death or for “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Sudeep Gautam | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Gautam for “Good Reason”
|
| | | $ | 1,258,200 | | | | | $ | 35,048 | | | | | | — | | | | | $ | 1,293,248 | | |
|
Termination by Us for “Cause” or by Mr. Gautam without “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Gautam’s disability or death | | | | $ | 583,200 | | | | | $ | 23,365 | | | | | $ | 313,451 | | | | | $ | 920,016 | | |
|
Termination by Mr. Gautam for Reason other than disability
or death or for “Good Reason” |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Name
|
| |
Cash
Severance Payout |
| |
Continuation
of Medical Benefits(1) |
| |
Acceleration
of Outstanding Awards |
| |
Total
Termination Benefits |
| ||||||||||||
| Mitchell Fadel | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Fadel for “Good Reason”
|
| | | $ | 5,170,000 | | | | | $ | 30,418 | | | | | $ | 16,397,794 | | | | | $ | 21,598,212 | | |
|
Termination by Us for “Cause” or by Mr. Fadel without “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Fadel’s disability or death(2) | | | | | — | | | | | $ | 30,418 | | | | | $ | 16,397,794 | | | | | $ | 16,428,212 | | |
| Fahmi Karam | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Karam for “Good Reason”
|
| | | $ | 2,864,008 | | | | | $ | 46,731 | | | | | $ | 6,037,284 | | | | | $ | 8,948,023 | | |
|
Termination by Us for “Cause” or by Mr. Karam without “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Karam’s disability or death | | | | $ | 864,008 | | | | | $ | 46,731 | | | | | $ | 6,037,284 | | | | | $ | 6,948,023 | | |
| Anthony Blasquez | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Blasquez for “Good Reason”
|
| | | $ | 1,577,440 | | | | | $ | 46,731 | | | | | $ | 1,816,898 | | | | | $ | 3,441,069 | | |
|
Termination by Us for “Cause” or by Mr. Blasquez without “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Blasquez’s disability or death | | | | $ | 388,800 | | | | | $ | 46,731 | | | | | $ | 1,816,898 | | | | | $ | 2,252,429 | | |
| Tyler Montrone | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Montrone for
“Good Reason” |
| | | $ | 1,288,800 | | | | | $ | 46,731 | | | | | $ | 1,949,097 | | | | | $ | 3,284,628 | | |
|
Termination by Us for “Cause” or by Mr. Montrone without
“Good Reason” |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Montrone’s disability or death | | | | $ | 388,800 | | | | | $ | 46,731 | | | | | $ | 1,949,097 | | | | | $ | 2,384,628 | | |
| Sudeep Gautam | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Termination by Us without “Cause” or by Mr. Gautam for “Good Reason”
|
| | | $ | 1,483,200 | | | | | $ | 46,731 | | | | | $ | 632,929 | | | | | $ | 2,162,860 | | |
|
Termination by Us for “Cause” or by Mr. Gautam without “Good Reason”
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Termination due to Mr. Gautam’s disability or death | | | | $ | 583,200 | | | | | $ | 46,731 | | | | | $ | 632,929 | | | | | $ | 1,262,860 | | |
|
Plan Category
|
| |
Number of securities
to be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted-average
exercise price of outstanding options, warrants and rights(1) |
| |
Number of securities
remaining available for future issuance under equity compensation plan(2) |
| |||||||||
|
Equity compensation plans approved by security holders
|
| | | | 655,643 | | | | | $ | 22.36 | | | | | | 6,832,305 | | |
|
Equity compensation plans not approved by security
holders |
| | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 655,643 | | | | | $ | 22.36 | | | | | | 6,832,305 | | |
| Year | | | CEO | | | Non-CEO NEOs | | | Value of Initial Fixed $100 Investment Based On: | | | Net Income ($M) | | | ($M) | | |||||||||||||||||||||||||||||||||
| Summary Compensation Table Total for CEO | | | Compensation Actually Paid to CEO(1) | | | Average Summary Compensation Table Total for non-CEO named executive officers(2) | | | Average Compensation Actually Paid to non-CEO named executive officers(3) | | | TSR | | | Proxy Peer Group TSR(4) | | |||||||||||||||||||||||||||||||||
| 2023 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | | |||||||
| 2022(6) | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||||
| 2021 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||
| 2020 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
| CEO: Mitch Fadel | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | ||||||||||||
| Summary Compensation Table Total | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value of Stock Awards Granted in the Covered Year (measured at grant date) | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Fair Value of Awards Granted in Prior Year that were Forfeited during the Covered Year (measured at prior year-end) | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Change in Pension Value | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Plus: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value of Unvested Awards Granted in the Covered Year (measured at year-end) | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Fair Value of Vested Awards Granted in the Covered Year (measured at Vesting Date) | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Change in Fair Value of Unvested Awards Granted in Prior Years (measured at year-end) | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | |||
| Change in Fair Value of Vested Awards Granted in Prior Years (measured at vesting date) | | | | $ | ( | | | | | $ | | | | | $ | | | | | $ | ( | | | ||
| Dividends Accrued on Unvested RSUs and PSUs in the Covered Year | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Pension Service Costs | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Total Compensation Actually Paid | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | |
| Non-CEO NEOs (Average) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | ||||||||||||
| Summary Compensation Table Total | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value of Stock Awards Granted in the Covered Year (measured at grant date) | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Fair Value of Awards Granted in Prior Year that were Forfeited during the Covered Year (measured at prior year-end) | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Change in Pension Value | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Plus: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value of Unvested Awards Granted in the Covered Year (measured at year-end) | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Fair Value of Vested Awards Granted in the Covered Year (measured at Vesting Date) | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Change in Fair Value of Unvested Awards Granted in Prior Years (measured at year-end) | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | |||
| Change in Fair Value of Vested Awards Granted in Prior Years (measured at vesting date) | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | |||
| Dividends Accrued on Unvested RSUs and PSUs in the Covered Year | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Pension Service Costs | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
| Total Compensation Actually Paid | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
|
Name of Beneficial Owner
|
| |
Amount and Nature
of Beneficial Ownership |
| |
Percent of
Common Stock |
| ||||||
| Jeffrey Brown | | | | | 188,794(1) | | | | | | * | | |
| Mitchell Fadel | | | | | 910,015(2) | | | | | | 1.7% | | |
| Anthony Blasquez | | | | | 62,176 | | | | | | * | | |
| Fahmi Karam | | | | | 30,757 | | | | | | * | | |
| Molly Langenstein | | | | | 4,335(3) | | | | | | * | | |
| Harold Lewis | | | | | 22,591(3) | | | | | | * | | |
| Glenn Marino | | | | | 33,984(3) | | | | | | * | | |
| Carol McFate | | | | | 33,365(3) | | | | | | * | | |
| Tyler Montrone | | | | | 43,488 | | | | | | * | | |
| Sudeep Gautam | | | | | 1,148 | | | | | | * | | |
| Jen You | | | | | 19,806(3) | | | | | | * | | |
|
All executive officers and directors as a group (14 total)
|
| | | | 1,456,385 | | | | | | 2.7% | | |
| BlackRock, Inc. | | | | | 7,994,748(4) | | | | | | 14.6%(4) | | |
| FMR LLC | | | | | 6,849,791(5) | | | | | | 12.6%(5) | | |
| The Vanguard Group | | | | | 5,796,072(6) | | | | | | 10.6%(6) | | |
| Aaron Allred | | | | | 5,102,682(7) | | | | | | 9.4%(7) | | |
|
Name
|
| |
Common Stock Underlying
Restricted Stock Units |
| |
Common Stock Underlying
Performance Stock Units |
| |
Shares Issuable upon
Exercise of Options |
| |||||||||
| Mitchell Fadel | | | | | — | | | | | | — | | | | | | 276,215 | | |
| Fahmi Karam | | | | | — | | | | | | — | | | | | | — | | |
| Anthony Blasquez | | | | | — | | | | | | — | | | | | | — | | |
| Tyler Montrone | | | | | — | | | | | | — | | | | | | — | | |
| Sudeep Gautam | | | | | — | | | | | | — | | | | | | — | | |
By: |
|
| | | |
Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||
|
(In thousands)
|
| |
Gross Profit
|
| |
Operating
Profit |
| |
Earnings
Before Income Tax |
| |
Tax
Expense |
| |
Net (Loss)
Earnings |
| |
Diluted
(Loss) Earnings per Share |
| ||||||||||||||||||
| GAAP Results | | | | $ | 2,022,258 | | | | | $ | 162,865 | | | | | $ | 52,867 | | | | | $ | 58,046 | | | | | $ | (5,179) | | | | | $ | (0.09) | | |
|
Plus: Special Items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Acima equity consideration vesting
|
| | | | — | | | | | | 137,507 | | | | | | 137,507 | | | | | | (28,876) | | | | | | 166,383 | | | | | | 2.95 | | |
|
Acima acquired assets depreciation and amortization(1)
|
| | | | — | | | | | | 72,934 | | | | | | 72,934 | | | | | | 45,826 | | | | | | 27,108 | | | | | | 0.48 | | |
|
Accelerated software depreciation
|
| | | | — | | | | | | 9,218 | | | | | | 9,218 | | | | | | 5,792 | | | | | | 3,426 | | | | | | 0.06 | | |
|
Legal settlements
|
| | | | — | | | | | | 319 | | | | | | 319 | | | | | | 200 | | | | | | 119 | | | | | | — | | |
|
Other(2)
|
| | | | — | | | | | | (3,069) | | | | | | (3,069) | | | | | | (1,928) | | | | | | (1,141) | | | | | | (0.02) | | |
|
Discrete income tax items
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,546) | | | | | | 9,546 | | | | | | 0.17 | | |
| Non-GAAP Adjusted Results | | | | $ | 2,022,258 | | | | | $ | 379,774 | | | | | $ | 269,776 | | | | | $ | 69,514 | | | | | $ | 200,262 | | | | | $ | 3.55 | | |
| | | |
Year Ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||
|
(In thousands)
|
| |
Gross Profit
|
| |
Operating
Profit |
| |
Earnings
Before Income Tax |
| |
Tax
Expense |
| |
Net
Earnings |
| |
Diluted
Earnings per Share |
| ||||||||||||||||||
| GAAP Results | | | | $ | 2,079,532 | | | | | $ | 148,538 | | | | | $ | 61,471 | | | | | $ | 49,114 | | | | | $ | 12,357 | | | | | $ | 0.21 | | |
|
Plus: Special Items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Acima equity consideration vesting
|
| | | | — | | | | | | 143,210 | | | | | | 143,210 | | | | | | 15,431 | | | | | | 127,779 | | | | | | 2.16 | | |
|
Acima acquired assets depreciation and amortization(1)
|
| | | | (2,853) | | | | | | 77,939 | | | | | | 77,939 | | | | | | 8,397 | | | | | | 69,542 | | | | | | 1.18 | | |
|
IT asset disposals
|
| | | | — | | | | | | 5,808 | | | | | | 5,808 | | | | | | 626 | | | | | | 5,182 | | | | | | 0.09 | | |
|
Cost savings initiatives
|
| | | | — | | | | | | 1,726 | | | | | | 1,726 | | | | | | 186 | | | | | | 1,540 | | | | | | 0.03 | | |
|
Store closure costs
|
| | | | — | | | | | | 1,368 | | | | | | 1,368 | | | | | | 147 | | | | | | 1,221 | | | | | | 0.02 | | |
|
Retail partner conversion losses
|
| | | | — | | | | | | 1,169 | | | | | | 1,169 | | | | | | 126 | | | | | | 1,043 | | | | | | 0.02 | | |
|
State tax audit assessment reserves
|
| | | | — | | | | | | 1,165 | | | | | | 1,165 | | | | | | 126 | | | | | | 1,039 | | | | | | 0.02 | | |
|
Hurricane impacts
|
| | | | — | | | | | | 249 | | | | | | 249 | | | | | | 27 | | | | | | 222 | | | | | | — | | |
|
Acima transaction costs
|
| | | | — | | | | | | 187 | | | | | | 187 | | | | | | 20 | | | | | | 167 | | | | | | — | | |
|
Legal settlements
|
| | | | — | | | | | | (181) | | | | | | (181) | | | | | | (20) | | | | | | (161) | | | | | | — | | |
|
Other
|
| | | | — | | | | | | (210) | | | | | | (210) | | | | | | (23) | | | | | | (187) | | | | | | — | | |
|
Discrete income tax items
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,532 | | | | | | (1,532) | | | | | | (0.03) | | |
| Non-GAAP Adjusted Results | | | | $ | 2,076,679 | | | | | $ | 380,968 | | | | | $ | 293,901 | | | | | $ | 75,689 | | | | | $ | 218,212 | | | | | $ | 3.70 | | |
| | | |
Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||
|
(In thousands)
|
| |
Rent-A-
Center |
| |
Acima
|
| |
Mexico
|
| |
Franchising
|
| |
Corporate
|
| |
Consolidated
|
| ||||||||||||||||||
| Net earnings (loss) | | | | $ | 273,518 | | | | | $ | 235,480 | | | | | $ | 4,846 | | | | | $ | 17,087 | | | | | $ | (536,110) | | | | | $ | (5,179) | | |
|
Plus: Interest, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 109,998 | | | | | | 109,998 | | |
|
Plus: Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 58,046 | | | | | | 58,046 | | |
| Operating profit (loss) | | | | | 273,518 | | | | | | 235,480 | | | | | | 4,846 | | | | | | 17,087 | | | | | | (368,066) | | | | | | 162,865 | | |
|
Plus: Amortization, Depreciation
|
| | | | 18,816 | | | | | | 1,661 | | | | | | 1,206 | | | | | | 146 | | | | | | 29,492 | | | | | | 51,321 | | |
|
Plus: Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,609 | | | | | | 24,609 | | |
|
Plus: Special Items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Acima equity consideration vesting
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 137,507 | | | | | | 137,507 | | |
|
Acima acquired assets depreciation and
amortization(1) |
| | | | — | | | | | | 57,048 | | | | | | — | | | | | | — | | | | | | 15,886 | | | | | | 72,934 | | |
|
Accelerated software depreciation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,218 | | | | | | 9,218 | | |
|
Legal settlements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 319 | | | | | | 319 | | |
|
Other(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,069) | | | | | | (3,069) | | |
| Adjusted EBITDA(3) | | | | $ | 292,334 | | | | | $ | 294,189 | | | | | $ | 6,052 | | | | | $ | 17,233 | | | | | $ | (154,104) | | | | | $ | 455,704 | | |
| Plus: Annual cash incentive | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,900 | | | | | | 17,900 | | |
| Adjusted EBITDA(4) | | | | $ | 292,334 | | | | | $ | 294,189 | | | | | $ | 6,052 | | | | | $ | 17,233 | | | | | $ | (136,204) | | | | | $ | 473,604 | | |
| | | |
Year Ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||
|
(In thousands)
|
| |
Rent-A-
Center |
| |
Acima
|
| |
Mexico
|
| |
Franchising
|
| |
Corporate
|
| |
Consolidated
|
| ||||||||||||||||||
| Net earnings (loss) | | | | $ | 334,525 | | | | | $ | 151,301 | | | | | $ | 6,267 | | | | | $ | 19,124 | | | | | $ | (498,860) | | | | | $ | 12,357 | | |
|
Plus: Interest, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 87,067 | | | | | | 87,067 | | |
|
Plus: Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 49,114 | | | | | | 49,114 | | |
| Operating profit (loss) | | | | | 334,525 | | | | | | 151,301 | | | | | | 6,267 | | | | | | 19,124 | | | | | | (362,679) | | | | | | 148,538 | | |
|
Plus: Amortization, Depreciation
|
| | | | 20,526 | | | | | | 1,928 | | | | | | 711 | | | | | | 146 | | | | | | 29,768 | | | | | | 53,079 | | |
|
Plus: Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,399 | | | | | | 19,399 | | |
|
Plus: Special Items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Acima equity consideration vesting
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 143,210 | | | | | | 143,210 | | |
|
Acima acquired assets depreciation and amortization(1)
|
| | | | — | | | | | | 62,052 | | | | | | — | | | | | | — | | | | | | 15,887 | | | | | | 77,939 | | |
|
IT Asset disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,808 | | | | | | 5,808 | | |
|
Cost savings initiatives
|
| | | | 118 | | | | | | (384) | | | | | | — | | | | | | — | | | | | | 1,992 | | | | | | 1,726 | | |
|
Store closure costs
|
| | | | 1,368 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,368 | | |
|
Retail partner conversion losses
|
| | | | — | | | | | | 1,169 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,169 | | |
|
State tax audit assessment reserves
|
| | | | — | | | | | | 1,165 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,165 | | |
|
Hurricane impacts
|
| | | | 249 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 249 | | |
|
Acima transaction costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 187 | | | | | | 187 | | |
|
Legal settlements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (181) | | | | | | (181) | | |
|
Other
|
| | | | — | | | | | | 77 | | | | | | — | | | | | | — | | | | | | (287) | | | | | | (210) | | |
| Adjusted EBITDA(2) | | | | $ | 356,786 | | | | | $ | 217,308 | | | | | $ | 6,978 | | | | | $ | 19,270 | | | | | $ | (146,896) | | | | | $ | 453,446 | | |
| Plus: Annual cash incentive | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,081 | | | | | | 5,081 | | |
| Adjusted EBITDA(3) | | | | $ | 356,786 | | | | | $ | 217,308 | | | | | $ | 6,978 | | | | | $ | 19,270 | | | | | $ | (141,815) | | | | | $ | 458,527 | | |
| | | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||
|
(In thousands)
|
| |
Rent-A-
Center |
| |
Acima
|
| |
Mexico
|
| |
Franchising
|
| |
Corporate
|
| |
Consolidated
|
| ||||||||||||||||||
| Net earnings (loss) | | | | $ | 448,905 | | | | | $ | 176,496 | | | | | $ | 7,858 | | | | | $ | 20,321 | | | | | $ | (503,058) | | | | | $ | 134,940 | | |
|
Plus: Debt refinancing charges
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,582 | | | | | | 15,582 | | |
|
Plus: Interest, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 70,653 | | | | | | 70,653 | | |
|
Plus: Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 59,364 | | | | | | 59,364 | | |
| Operating profit (loss) | | | | | 448,905 | | | | | | 176,496 | | | | | | 7,858 | | | | | | 20,321 | | | | | | (373,041) | | | | | | 280,539 | | |
|
Plus: Amortization, Depreciation
|
| | | | 18,588 | | | | | | 2,122 | | | | | | 511 | | | | | | 93 | | | | | | 33,516 | | | | | | 54,830 | | |
|
Plus: Special Items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Acima equity consideration vesting
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 127,060 | | | | | | 127,060 | | |
|
Acima acquired assets depreciation and
amortization(1) |
| | | | — | | | | | | 87,455 | | | | | | — | | | | | | — | | | | | | 13,239 | | | | | | 100,694 | | |
|
Acima transaction costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,680 | | | | | | 17,680 | | |
|
Legal settlement reserves
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,500 | | | | | | 17,500 | | |
|
Acima integration costs
|
| | | | 14 | | | | | | 6,849 | | | | | | — | | | | | | — | | | | | | 3,442 | | | | | | 10,305 | | |
|
Hurricane impacts
|
| | | | 1,276 | | | | | | 148 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,424 | | |
|
Store closure costs
|
| | | | 528 | | | | | | — | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 531 | | |
|
COVID-19 testing
|
| | | | 293 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 293 | | |
| | | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||
|
(In thousands)
|
| |
Rent-A-
Center |
| |
Acima
|
| |
Mexico
|
| |
Franchising
|
| |
Corporate
|
| |
Consolidated
|
| ||||||||||||||||||
|
State tax audit assessment reserve
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 161 | | | | | | 161 | | |
| Adjusted EBITDA(2) | | | | $ | 469,604 | | | | | $ | 273,070 | | | | | $ | 8,372 | | | | | $ | 20,414 | | | | | $ | (160,443) | | | | | $ | 611,017 | | |
| Plus: Annual cash incentive | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,412 | | | | | | 11,412 | | |
| Plus: Stock-based compensation(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,497 | | | | | | 20,497 | | |
| Adjusted EBITDA(4) | | | | $ | 469,604 | | | | | $ | 273,070 | | | | | $ | 8,372 | | | | | $ | 20,414 | | | | | $ | (128,534) | | | | | $ | 642,926 | | |
| | | |
Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||||||||
|
(In thousands)
|
| |
Rent-A-
Center |
| |
Acima
|
| |
Mexico
|
| |
Franchising
|
| |
Corporate
|
| |
Consolidated
|
| ||||||||||||||||||
| Net earnings (loss) | | | | $ | 333,379 | | | | | $ | 57,847 | | | | | $ | 5,798 | | | | | $ | 12,570 | | | | | $ | (201,479) | | | | | $ | 208,115 | | |
|
Plus: Interest, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,557 | | | | | | 14,557 | | |
|
Plus: Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,664 | | | | | | 14,664 | | |
| Operating profit (loss) | | | | | 333,379 | | | | | | 57,847 | | | | | | 5,798 | | | | | | 12,570 | | | | | | (172,258) | | | | | | 237,336 | | |
|
Plus: Amortization, Depreciation
|
| | | | 19,912 | | | | | | 2,066 | | | | | | 413 | | | | | | 40 | | | | | | 34,227 | | | | | | 56,658 | | |
|
Plus: Special Items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
California refranchise store sale
|
| | | | 16,600 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,600 | | |
|
Legal settlement reserves
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,900 | | | | | | 7,900 | | |
|
Acima transaction costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,400 | | | | | | 6,400 | | |
|
Legal settlement
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,800) | | | | | | (2,800) | | |
|
Store closure costs
|
| | | | 2,052 | | | | | | — | | | | | | 37 | | | | | | — | | | | | | — | | | | | | 2,089 | | |
|
Asset disposals
|
| | | | 531 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 1,269 | | | | | | 1,804 | | |
|
Cost savings initiatives
|
| | | | 577 | | | | | | 193 | | | | | | — | | | | | | — | | | | | | 813 | | | | | | 1,583 | | |
|
State tax audit assessment reserves
|
| | | | 261 | | | | | | 400 | | | | | | — | | | | | | — | | | | | | 564 | | | | | | 1,225 | | |
|
COVID-19 impacts
|
| | | | 883 | | | | | | 115 | | | | | | — | | | | | | — | | | | | | 155 | | | | | | 1,153 | | |
|
Nationwide protest impacts
|
| | | | 942 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 942 | | |
|
Insurance proceeds
|
| | | | (341) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (341) | | |
| Adjusted EBITDA(1) | | | | $ | 374,796 | | | | | $ | 60,625 | | | | | $ | 6,248 | | | | | $ | 12,610 | | | | | $ | (123,730) | | | | | $ | 330,549 | | |
| Plus: Annual cash incentive | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,427 | | | | | | 13,427 | | |
| Plus: Stock-based compensation(2) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Adjusted EBITDA(3) | | | | $ | 374,796 | | | | | $ | 60,625 | | | | | $ | 6,248 | | | | | $ | 12,610 | | | | | $ | (110,303) | | | | | $ | 343,976 | | |
| | | |
Year Ended December 31,
|
| |||||||||
|
(In thousands)
|
| |
2023
|
| |
2022
|
| ||||||
| Net cash provided by operating activities | | | | $ | 200,290 | | | | | $ | 468,460 | | |
| Purchase of property assets | | | | | (53,402) | | | | | | (61,387) | | |
| Free cash flow | | | | $ | 146,888 | | | | | $ | 407,073 | | |