You recently changed your annual incentive structure back to the way it was before Covid. Why is revenue such a large component (67%) of your annual incentive structure? You talk about profitable growth, but it seems your incentive structure encourages management to continue to spend to generate revenue growth and EBITDA dollars without regard to profitability.

March 29, 2023

You’re correct that our company annual incentive structure for 2021 and 2022 incorporated a 67% weight on adjusted revenue and 33% weight on adjusted EBITDA. That balance reflected an emphasis on the top-line and promoted a growth mindset. We believe that where we have incentivized growth, we have maintained a discipline of only investing where we believe that every dollar invested compounded returns for shareholders over time. That said, in 2023, we will be returning to a company incentive plan structure that equally weights adjusted revenue and adjusted EBITDA, a structure designed to incentivize profitable growth.

We’d also note that stock ownership is the cornerstone of our executive compensation program. In particular, a large portion of our CEO’s compensation and the compensation for the other named executive officers is driven by Total Shareholder Return, which motivates value creation and aligns their compensation with shareholders.

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