v3.25.2
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
This section provides disclosure about the relationship between executive compensation actually paid to our principal executive officer (CEO) and
non-CEO
NEOs and certain financial performance measures of the Company for the years listed below. This disclosure has been prepared in accordance with Item 402(v) of Regulation
S-K
under the Exchange Act (the “Pay Versus Performance Rules”) and does not necessarily reflect how the human capital management and compensation committee evaluates compensation decisions.
 
YEAR
(1)
   
SUMMARY
COMPENSATION
TABLE
TOTAL
FOR CEO ($)
     
COMPENSATION
ACTUALLY
PAID
TO CEO ($)
(2)(3)
    
AVERAGE
SUMMARY
COMPENSATION
TABLE
TOTAL
FOR
NON-CEO
NEOs ($)
    
AVERAGE
COMPENSATION
ACTUALLY
PAID
TO
NON-CEO
NEOs ($)
(2)(4)
    
VALUE OF

INITIAL

FIXED $100

INVESTMENT

BASED ON:
(5)
    
NET LOSS
($)
(MILLIONS)
    
NET
REVENUES
($)
(MILLIONS)
(6)
  
 
TOTAL
SHAREHOLDER
RETURN ($)
    
PEER
GROUP
TOTAL
SHAREHOLDER
RETURN ($)
  
(a)
      (b)        (c)       (d)       (e)       (f)       (g)       (h)       (i)  
2024
      5,016,951        301,397       1,912,190       459,570       4.97       147.23       (160.3 )      326.5  
2023
      6,713,337        3,235,433       2,291,354       1,261,801       11.77       139.82       (338.1 )      343.4  
2022
      6,770,871        (6,453,862 )      2,656,373       (1,184,913 )      16.28       136.87       (366.1 )      418.9  
2021
      6,572,625        (8,778,700 )      5,782,695       4,365,316       86.19       138.63       (182.1 )      464.7  
2020
      5,333,325        36,691,835       3,061,853       10,499,584       165.34       119.76       (52.8 )      406.8  
 
 
 
(1)
The following table lists the CEO and
non-CEO
NEOs for each of years 2024, 2023, 2022, 2021 and 2020:
 
YEAR
   
CEO
   
NON-CEO
NEOS
2024    Ethan Brown    Lubi Kutua, Dariush Ajami, PhD, Teri L. Witteman, Jonathan Nelson
2023    Ethan Brown    Lubi Kutua, Dariush Ajami, PhD, Jonathan Nelson, Akerho “AK” Oghoghomeh
2022    Ethan Brown    Lubi Kutua, Dariush Ajami, PhD, Margaret “Jackie” Trask, Teri L. Witteman, Phil Hardin, Bernie Adcock, Deanna Jurgens
2021    Ethan Brown    Phil Hardin, Mark J. Nelson, Gary Schultz, Doug Ramsey, Bernie Adcock, Deanna Jurgens
2020    Ethan Brown    Mark J. Nelson, Sanjay C. Shah, Charles Muth, Stuart Kronauge
 
 
(2)
The dollar amounts reported represent the amount of “compensation actually paid,” as calculated in accordance with the Pay Versus Performance Rules. These dollar amounts do not reflect the actual amounts of compensation earned by or paid to our NEOs during the applicable year. For purposes of calculating “compensation actually paid,” the fair value of equity awards is calculated in accordance with FASB ASC Topic 718 using the same assumption methodologies used to calculate the grant date fair value of awards for purposes of the Summary Compensation Table (refer to “Summary Compensation Table” for additional information).
(3)
The following table shows the amounts deducted from and added to the Summary Compensation Table total to calculate “compensation actually paid” to Mr. Brown in accordance with the Pay Versus Performance Rules:
 
 
 
         
EQUITY AWARD ADJUSTMENTS
  
YEAR
  
SUMMARY
COMPENSATION
TABLE TOTAL
FOR CEO ($)
    
REPORTED VALUE OF
EQUITY AWARDS ($)
    
YEAR END FAIR
VALUE OF
EQUITY
AWARDS
GRANTED IN
THE YEAR AND
UNVESTED AT
YEAR END ($)
    
YEAR OVER
YEAR
CHANGE IN
FAIR
VALUE OF
OUTSTANDING
AND
UNVESTED
EQUITY
AWARDS
GRANTED
IN PRIOR
YEARS ($)
    
FAIR VALUE AS
OF VESTING
DATE OF
EQUITY
AWARDS
GRANTED AND
VESTED IN THE
YEAR ($)
    
CHANGE IN
FAIR VALUE
OF EQUITY
AWARDS
GRANTED IN
PRIOR
YEARS
THAT
VESTED IN
THE
YEAR ($)
    
COMPENSATION
ACTUALLY
PAID
TO CEO ($)
  
2024
     5,016,951       (4,500,019 )      1,103,136       (1,192,983 )      0       (125,688 )      301,397  
2023
     6,713,337       (5,900,005 )      2,761,081       (399,466 )      88,923       (28,438 )      3,235,433  
2022
     6,770,871       (6,255,489 )      1,479,685       (4,245,608 )      (351,693 )      (3,851,628 )      (6,453,862 ) 
2021
     6,572,625       (5,888,273 )      1,939,794       (13,048,744 )      830,244       815,654       (8,778,700 ) 
2020
     5,333,325       (4,830,325 )      5,311,236       17,536,085       1,292,640       12,048,874       36,691,835  
 
(4)
The following table shows the amounts deducted from and added to the average Summary Compensation Table total compensation to calculate the average “compensation actually paid” to our
non-CEO
NEOs in accordance with the Pay Versus Performance Rules.
 
         
EQUITY AWARD ADJUSTMENTS
  
YEAR
  
AVERAGE
SUMMARY
COMPENSATION
TABLE
TOTAL FOR
NON-CEO NEOS
($)
    
AVERAGE
REPORTED
VALUE OF
EQUITY
AWARDS
($)
    
AVERAGE
YEAR END FAIR
VALUE OF
EQUITY
AWARDS
GRANTED IN
THE YEAR AND
UNVESTED AT
YEAR END ($)
    
AVERAGE
YEAR OVER YEAR
CHANGE
IN FAIR VALUE
OF
OUTSTANDING
AND
UNVESTED
EQUITY
AWARDS
GRANTED
IN PRIOR YEARS
($)
    
AVERAGE FAIR
VALUE AS OF
VESTING DATE
OF EQUITY
AWARDS
GRANTED AND
VESTED IN
THE
YEAR ($)
    
AVERAGE
CHANGE IN
FAIR
VALUE OF
EQUITY
AWARDS
GRANTED IN
PRIOR
YEARS
THAT
VESTED IN
THE YEAR ($)
    
AVERAGE
COMPENSATION
ACTUALLY
PAID TO
NON-CEO

NEOS ($)
  
2024
     1,912,190       (1,487,378 )      461,265       (380,221 )      0       (46,286 )      459,570  
2023
     2,291,354       (1,725,015 )      797,890       (101,084 )      12,107       (13,451 )      1,261,801  
2022
     2,656,373       (2,201,026 )      457,139       (1,312,497 )      (389,865 )      (395,036 )      (1,184,913 ) 
2021
     5,782,695       (5,257,003 )      4,693,472       (888,213 )      8,903       25,461       4,365,316  
2020
     3,061,853       (2,678,822 )      2,284,936       4,016,610       1,091,783       2,723,224       10,499,584  
 
 
(5)
In accordance with the Pay Versus Performance Rules, the Company and the Company’s peer group total shareholder return (the “Peer Group TSR”) is determined based on the value of an initial fixed investment of $100.00 on December 31, 2019, through the end of the listed year. The Peer Group TSR set forth in this table was determined using the S&P Food and Beverage Select Industry Index, which we also use in preparing the stock performance graph required by Item 201(e) of Regulation
S-K
under the Exchange Act for our 2024 Form
10-K.
(6)
We have determined that Net Revenues is the financial performance measure that, in the Company’s assessment, represents the most important financial
performance
measure used to link “compensation actually paid” to our NEOs, for 2024, to Company performance (the “Company Selected Measure” as defined in the Pay Versus Performance Rules). We generate net revenues primarily from sales of our products to our customers across mainstream grocery, mass merchandiser, club store and natural retailer channels, and various food-away-from-home channels, including restaurants, foodservice outlets and schools, mainly in the United States. We routinely offer sales discounts and promotions through various programs to customers and consumers. These programs include rebates, temporary
on-shelf
price reductions,
off-invoice
discounts, retailer advertisements, product coupons and other trade activities. The expense associated with these discounts and promotions is estimated and recorded as a reduction in total gross revenues in order to arrive at reported net revenues. Please refer to our consolidated financial
 
 
  statements and the related notes thereto included in our 2024 Form
10-K
for more information. We use net revenues as a financial performance measure in determining cash STI payments under the Bonus Plan for our NEOs. Net revenues incentivizes revenue growth and rewards efforts to grow and expand our business.
       
Company Selected Measure Name Net Revenues        
Named Executive Officers, Footnote
(1)
The following table lists the CEO and
non-CEO
NEOs for each of years 2024, 2023, 2022, 2021 and 2020:
 
YEAR
   
CEO
   
NON-CEO
NEOS
2024    Ethan Brown    Lubi Kutua, Dariush Ajami, PhD, Teri L. Witteman, Jonathan Nelson
2023    Ethan Brown    Lubi Kutua, Dariush Ajami, PhD, Jonathan Nelson, Akerho “AK” Oghoghomeh
2022    Ethan Brown    Lubi Kutua, Dariush Ajami, PhD, Margaret “Jackie” Trask, Teri L. Witteman, Phil Hardin, Bernie Adcock, Deanna Jurgens
2021    Ethan Brown    Phil Hardin, Mark J. Nelson, Gary Schultz, Doug Ramsey, Bernie Adcock, Deanna Jurgens
2020    Ethan Brown    Mark J. Nelson, Sanjay C. Shah, Charles Muth, Stuart Kronauge
        
Peer Group Issuers, Footnote In accordance with the Pay Versus Performance Rules, the Company and the Company’s peer group total shareholder return (the “Peer Group TSR”) is determined based on the value of an initial fixed investment of $100.00 on December 31, 2019, through the end of the listed year. The Peer Group TSR set forth in this table was determined using the S&P Food and Beverage Select Industry Index, which we also use in preparing the stock performance graph required by Item 201(e) of Regulation
S-K
under the Exchange Act for our 2024 Form
10-K.
        
PEO Total Compensation Amount $ 5,016,951 $ 6,713,337 $ 6,770,871 $ 6,572,625 $ 5,333,325
PEO Actually Paid Compensation Amount $ 301,397 3,235,433 (6,453,862) (8,778,700) 36,691,835
Adjustment To PEO Compensation, Footnote
(3)
The following table shows the amounts deducted from and added to the Summary Compensation Table total to calculate “compensation actually paid” to Mr. Brown in accordance with the Pay Versus Performance Rules:
 
 
 
         
EQUITY AWARD ADJUSTMENTS
  
YEAR
  
SUMMARY
COMPENSATION
TABLE TOTAL
FOR CEO ($)
    
REPORTED VALUE OF
EQUITY AWARDS ($)
    
YEAR END FAIR
VALUE OF
EQUITY
AWARDS
GRANTED IN
THE YEAR AND
UNVESTED AT
YEAR END ($)
    
YEAR OVER
YEAR
CHANGE IN
FAIR
VALUE OF
OUTSTANDING
AND
UNVESTED
EQUITY
AWARDS
GRANTED
IN PRIOR
YEARS ($)
    
FAIR VALUE AS
OF VESTING
DATE OF
EQUITY
AWARDS
GRANTED AND
VESTED IN THE
YEAR ($)
    
CHANGE IN
FAIR VALUE
OF EQUITY
AWARDS
GRANTED IN
PRIOR
YEARS
THAT
VESTED IN
THE
YEAR ($)
    
COMPENSATION
ACTUALLY
PAID
TO CEO ($)
  
2024
     5,016,951       (4,500,019 )      1,103,136       (1,192,983 )      0       (125,688 )      301,397  
2023
     6,713,337       (5,900,005 )      2,761,081       (399,466 )      88,923       (28,438 )      3,235,433  
2022
     6,770,871       (6,255,489 )      1,479,685       (4,245,608 )      (351,693 )      (3,851,628 )      (6,453,862 ) 
2021
     6,572,625       (5,888,273 )      1,939,794       (13,048,744 )      830,244       815,654       (8,778,700 ) 
2020
     5,333,325       (4,830,325 )      5,311,236       17,536,085       1,292,640       12,048,874       36,691,835  
        
Non-PEO NEO Average Total Compensation Amount $ 1,912,190 2,291,354 2,656,373 5,782,695 3,061,853
Non-PEO NEO Average Compensation Actually Paid Amount $ 459,570 1,261,801 (1,184,913) 4,365,316 10,499,584
Adjustment to Non-PEO NEO Compensation Footnote
(4)
The following table shows the amounts deducted from and added to the average Summary Compensation Table total compensation to calculate the average “compensation actually paid” to our
non-CEO
NEOs in accordance with the Pay Versus Performance Rules.
 
         
EQUITY AWARD ADJUSTMENTS
  
YEAR
  
AVERAGE
SUMMARY
COMPENSATION
TABLE
TOTAL FOR
NON-CEO NEOS
($)
    
AVERAGE
REPORTED
VALUE OF
EQUITY
AWARDS
($)
    
AVERAGE
YEAR END FAIR
VALUE OF
EQUITY
AWARDS
GRANTED IN
THE YEAR AND
UNVESTED AT
YEAR END ($)
    
AVERAGE
YEAR OVER YEAR
CHANGE
IN FAIR VALUE
OF
OUTSTANDING
AND
UNVESTED
EQUITY
AWARDS
GRANTED
IN PRIOR YEARS
($)
    
AVERAGE FAIR
VALUE AS OF
VESTING DATE
OF EQUITY
AWARDS
GRANTED AND
VESTED IN
THE
YEAR ($)
    
AVERAGE
CHANGE IN
FAIR
VALUE OF
EQUITY
AWARDS
GRANTED IN
PRIOR
YEARS
THAT
VESTED IN
THE YEAR ($)
    
AVERAGE
COMPENSATION
ACTUALLY
PAID TO
NON-CEO

NEOS ($)
  
2024
     1,912,190       (1,487,378 )      461,265       (380,221 )      0       (46,286 )      459,570  
2023
     2,291,354       (1,725,015 )      797,890       (101,084 )      12,107       (13,451 )      1,261,801  
2022
     2,656,373       (2,201,026 )      457,139       (1,312,497 )      (389,865 )      (395,036 )      (1,184,913 ) 
2021
     5,782,695       (5,257,003 )      4,693,472       (888,213 )      8,903       25,461       4,365,316  
2020
     3,061,853       (2,678,822 )      2,284,936       4,016,610       1,091,783       2,723,224       10,499,584  
        
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid and Cumulative TSR
 
LOGO
       
Compensation Actually Paid vs. Net Income
Compensation Actually Paid and Net Loss
 
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid and Net
Revenues
 
LOGO
       
Total Shareholder Return Vs Peer Group
Compensation Actually Paid and Cumulative TSR
 
LOGO
       
Tabular List, Table
Tabular List of Most Important Performance Measures
In accordance with the Pay Versus Performance Rules, the following table lists the measures that, in the Company’s assessment, represent the most important financial performance measures used to link “compensation actually paid” to our NEOs, for 2024, to Company performance, as further described in our “Compensation Discussion and Analysis” within the section titled “2024 NEO Compensation Details—Executive Incentive Bonus Plan.”
 
MOST IMPORTANT PERFORMANCE MEASURES
Net Revenues
Gross Margin
Free Cash Flow
Operating Expenses
        
Total Shareholder Return Amount $ 4.97 11.77 16.28 86.19 165.34
Peer Group Total Shareholder Return Amount 147.23 139.82 136.87 138.63 119.76
Net Income (Loss) $ (160,300,000) $ (338,100,000) $ (366,100,000) $ (182,100,000) $ (52,800,000)
Company Selected Measure Amount 326,500,000 343,400,000 418,900,000 464,700,000 406,800,000
PEO Name Ethan Brown Ethan Brown Ethan Brown Ethan Brown Ethan Brown
Additional 402(v) Disclosure We have determined that Net Revenues is the financial performance measure that, in the Company’s assessment, represents the most important financial
performance
measure used to link “compensation actually paid” to our NEOs, for 2024, to Company performance (the “Company Selected Measure” as defined in the Pay Versus Performance Rules). We generate net revenues primarily from sales of our products to our customers across mainstream grocery, mass merchandiser, club store and natural retailer channels, and various food-away-from-home channels, including restaurants, foodservice outlets and schools, mainly in the United States. We routinely offer sales discounts and promotions through various programs to customers and consumers. These programs include rebates, temporary
on-shelf
price reductions,
off-invoice
discounts, retailer advertisements, product coupons and other trade activities. The expense associated with these discounts and promotions is estimated and recorded as a reduction in total gross revenues in order to arrive at reported net revenues. Please refer to our consolidated financialstatements and the related notes thereto included in our 2024 Form
10-K
for more information. We use net revenues as a financial performance measure in determining cash STI payments under the Bonus Plan for our NEOs. Net revenues incentivizes revenue growth and rewards efforts to grow and expand our business. 		       
Measure:: 1          
Pay vs Performance Disclosure          
Name Net Revenues        
Measure:: 2          
Pay vs Performance Disclosure          
Name Gross Margin        
Measure:: 3          
Pay vs Performance Disclosure          
Name Free Cash Flow        
Measure:: 4          
Pay vs Performance Disclosure          
Name Operating Expenses        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (4,500,019) $ (5,900,005) $ (6,255,489) $ (5,888,273) $ (4,830,325)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,103,136 2,761,081 1,479,685 1,939,794 5,311,236
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,192,983) (399,466) (4,245,608) (13,048,744) 17,536,085
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 88,923 (351,693) 830,244 1,292,640
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (125,688) (28,438) (3,851,628) 815,654 12,048,874
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,487,378) (1,725,015) (2,201,026) (5,257,003) (2,678,822)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 461,265 797,890 457,139 4,693,472 2,284,936
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (380,221) (101,084) (1,312,497) (888,213) 4,016,610
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 12,107 (389,865) 8,903 1,091,783
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (46,286) $ (13,451) $ (395,036) $ 25,461 $ 2,723,224