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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number: 001-41055

 

img106228434_0.jpg 

Winc, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

45-2988960

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

1751 Berkeley St, Studio 3

Santa Monica, CA

90404

(Address of principal executive offices)

(Zip Code)

 

(800) 297-1760

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

WBEV

 

NYSE American LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

As of August 8, 2022, the registrant had 13,281,140 shares of common stock, $0.0001 par value per share, outstanding.

 

 


 

TABLE OF CONTENTS

 

 

 

Page

Cautionary Note Regarding Forward-Looking Statements

2

Risk Factor Summary

5

 

 

 

PART I.

FINANCIAL INFORMATION

7

Item 1.

Condensed Consolidated Financial Statements (unaudited)

7

 

Condensed Consolidated Balance Sheets (unaudited)

7

 

Condensed Consolidated Statements of Operations (unaudited)

8

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (unaudited)

9

 

Condensed Consolidated Statements of Cash Flows (unaudited)

11

 

Notes to Unaudited Condensed Consolidated Financial Statements (unaudited)

12

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

50

Item 4.

Controls and Procedures

51

 

 

 

PART II.

OTHER INFORMATION

52

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

52

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

88

Item 3.

Defaults Upon Senior Securities

88

Item 4.

Mine Safety Disclosures

88

Item 5.

Other Information

88

Item 6.

Exhibits

89

Signatures

90

 

i


 

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, or this Quarterly Report, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "potentially," "preliminary," "likely," and similar expressions are intended to identify forward-looking statements. All statements contained in this Quarterly Report other than statements of historical fact, are forward-looking statements, including statements regarding:

our ability to obtain adequate financing and continue as a going concern;
our total addressable market, future results of operations, financial position, research and development costs, capital requirements and needs for additional financing;
our expectations about market trends and our ability to capitalize on these trends;
our business strategy and plans;
the impact on our business, financial condition and results of operation from the ongoing and global COVID-19 pandemic, or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide;
our ability to effectively and efficiently develop new brands of wines and introduce products in beverage categories beyond wine;
our ability to efficiently attract and retain consumers;
our ability to increase awareness of our portfolio of brands in order to successfully compete with other companies;
our ability to maintain and improve our technology platform supporting the Winc digital platform;
our ability to maintain and expand our relationships with wholesale distributors and retailers;
our ability to continue to operate in a heavily regulated environment;
our ability to establish and maintain intellectual property protection or avoid claims of infringement; and
our ability to hire and retain qualified personnel.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report.

We have based the forward-looking statements contained in this Quarterly Report on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including those described under the sections in this Quarterly Report entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report, as may be updated in our other periodic filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Quarterly Report may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Any forward-looking statements made herein speak only as of the date of this Quarterly Report. Except as required by applicable law, we undertake no obligation to update any of these forward-looking statements for any reason after the date of this Quarterly Report or to conform these statements to actual results or revised expectations. Any forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, restructurings, joint ventures, partnerships or investments we may make.

These forward-looking statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

 

2


 

AVAILABLE INFORMATION

All reports we file with the SEC are available for download free of charge via the Electronic Data Gathering Analysis and Retrieval (EDGAR) System on the SEC’s website at www.sec.gov. We also make electronic copies of our reports available for download, free of charge, through our investor relations website at ir.winc.com as soon as reasonably practicable after filing such material with the SEC.

We may announce material business and financial information to our investors using our investor relations website at ir.winc.com. We therefore encourage investors and others interested in Winc to review the information that we make available on our website, in addition to following our filings with the SEC, webcasts, press releases and conference calls. Information contained on our website is not part of this Quarterly Report.

GLOSSARY

Unless the context otherwise requires, all references in this Quarterly Report to "we," "us," "our," "Winc" or the "Company" refer to Winc, Inc. and its condensed consolidated subsidiaries.
 

As used in this Quarterly Report, unless the context otherwise requires, reference to:

"ABC" means the California Department of Alcoholic Beverage Control;
 
"Alcoholic Beverages" means wine, spirits and beer and the "Alcoholic Beverages market" or "Alcoholic Beverages industry" means the wine, spirits and beer market in the United States;
 
"AOV" means average order value, which, for any period, represents the sum of DTC net revenues divided by the total orders placed in that period;
 
"BoC Credit Agreement" means that certain credit agreement, by and between the Company, BWSC, LLC and Pacific Mercantile Bank, dated as of December 15, 2020, as amended;
 
"BoC Line of Credit" means the revolving line of credit under the BoC Credit Agreement;
 
"CCPA" means the California Consumer Privacy Act of 2018;
 
"core brands" refers to the following brands: (i) "Summer Water" or "SW;" ​(ii) "Wonders" (formerly "Wonderful Wine Company" or "WWC"); (iii) "Lost Poet" or "LP;" ​(iv) "Folly of the Beast" or "Folly;" and (v) "Chop Shop" or "Chop;"
 
"CPG" means consumer product goods;
 
"CPRA" means the California Privacy Rights Act of 2020;
 
"DTC" means direct-to-consumer;
 
"DTSA" means the Defend Trade Secrets Act of 2016;
 
"EPA" means the U.S. Environmental Protection Agency;
 
"FDA" means the U.S. Food and Drug Administration;
 
"FTC" means the Federal Trade Commission;
 
"GDPR" means the European Union General Data Protection Regulation;
 

3


 

"IPO" means our initial public offering, which closed on November 15, 2021;
 
"JOBS Act" means the Jumpstart Our Business Startups Act of 2012;
 
"Multiplier" means Multiplier Capital II, LP;
 
"Multiplier LSA" means that certain loan and security agreement, dated as of December 29, 2017, by and among the Company and Multiplier, as amended;
 
"Multiplier Term Loan" means the term loan under the Multiplier LSA;
 
"OSHA" means the Occupational Safety and Health Administration;
 
"Sarbanes-Oxley Act" means the Sarbanes-Oxley Act of 2002;
 
"SEC" means the U.S. Securities and Exchange Commission;
"TTB" means the Alcohol and Tobacco Tax and Trade Bureau; and
 
"USDA" means the U.S. Department of Agriculture.

 

 

 

4


 

 

Risk Factor Summary

Our business is subject to numerous risks and uncertainties, including those described in Part II. Item 1A. "Risk Factors" in this Quarterly Report. You should carefully consider these risks and uncertainties when investing in our common stock. The principal risks and uncertainties affecting our business include the following:

We have a history of net losses, and we may not be able to achieve or maintain profitability in the future.
 
Our need to secure additional funds for our liquidity needs and our existing debt obligations raise substantial doubt about our ability to continue as a going concern.
Our ability to raise capital in the future may be limited, we may be unable to secure funds for our liquidity needs, and our failure to raise capital when needed could prevent us from growing.
Our historical growth may not be indicative of our future growth, and we may not be able to effectively manage our growth or evaluate our future prospects. If we fail to effectively manage our future growth or evaluate our future prospects, our business could be adversely affected.
Failure to introduce and effectively market new brands may adversely affect our ability to continue to grow.
 
Our success is dependent upon our ability to expand our existing consumer relationships and acquire new consumers, and we must expend significant resources to maintain consumer awareness of our brand, build brand loyalty and generate interest in our brands. If we fail to cost-effectively acquire new consumers or retain our existing consumers, our business could be adversely affected.
 
We may not be able to compete successfully in our highly competitive market.
 
Our ability to maintain our competitive position is largely dependent on the services of our senior management and other key personnel.
 
The consumer reception of the launch and expansion of our brands is inherently uncertain and may present new and unknown risks and challenges in production and marketing that we may fail to manage optimally and which could have a materially adverse effect on our business, financial condition, results of operations and prospects.
 
Our business may be adversely affected if we are unable to provide our consumers with a technology platform that is able to respond and adapt to rapid changes in technology, if our platform encounters disruptions in usability or if our consumers find our platform less usable or attractive than those of our competitors.
 
Our business performance by segment may be subject to significant variability.
 
Our business, including our costs and supply chain, is subject to risks associated with sourcing, production, warehousing, distribution and logistics, and the loss of any of our key suppliers or logistical service providers could negatively impact our business.
 
The occurrence of an environmental catastrophe could disrupt our business. Climate change, wildfires, disease, pests, weather conditions and problems with water supply could also have adverse effects on our business.
 
If we are unable to obtain adequate supplies of premium grapes and bulk wine from third-party grape growers and bulk wine suppliers, the quantity or quality of our annual production of wine could be adversely affected, causing a negative impact on our business, financial condition, results of operations and prospects.
 
Our wholesale channel operations and revenues depend largely on independent wholesale distributors whose performance and continuity are not assured.
 

5


 

Consumer demand for Alcoholic Beverages could decline for a variety of reasons. Reduced demand could harm our results of operations, financial condition and prospects.

 
As a producer of Alcoholic Beverages, we are regularly the subject of regulatory reviews, proceedings and audits by governmental entities, any of which could result in an adverse ruling or conclusion, and which could have a material adverse effect on our business, financial condition, results of operations and future prospects.

 

6


 

PART I—FINANCIAL INFORMATION

Winc, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

4,914

 

 

$

4,883

 

Accounts receivable, net of allowance for doubtful accounts and sales returns of $0.2 million and $0.2 million as of June 30, 2022 and December 31, 2021, respectively

 

 

4,414

 

 

 

2,575

 

Inventory

 

 

26,443

 

 

 

23,888

 

Prepaid expenses and other current assets

 

 

5,362

 

 

 

6,887

 

Total current assets

 

 

41,133

 

 

 

38,233

 

Property and equipment, net

 

 

570

 

 

 

496

 

Right of use lease assets

 

 

4,401

 

 

 

 

Intangible assets, net

 

 

11,443

 

 

 

11,537

 

Other assets

 

 

127

 

 

 

122

 

Total assets

 

$

57,674

 

 

$

50,388

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,568

 

 

$

4,040

 

Accrued liabilities

 

 

6,332

 

 

 

6,762

 

Contract liabilities

 

 

13,577

 

 

 

12,127

 

Early exercise stock option liability, current

 

 

678

 

 

 

922

 

Lease liabilities, current

 

 

1,378

 

 

 

 

Line of credit

 

 

6,500

 

 

 

 

Short-term advances

 

 

2,620

 

 

 

 

Total current liabilities

 

 

34,653

 

 

 

23,851

 

Lease liabilities, non-current

 

 

3,200

 

 

 

 

Early exercise stock option liability, non-current

 

 

524

 

 

 

839

 

Other liabilities

 

 

2,078

 

 

 

2,216

 

Total liabilities

 

 

40,455

 

 

 

26,906

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, par value $0.0001 per share; 300,000,000 shares authorized as of June 30, 2022 and December 31, 2021, 13,280,402 and 13,214,612, shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

 

1

 

 

 

2

 

Preferred stock, par value $0.0001 per share; 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021, zero shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

 

 

 

 

Treasury stock (168,750 shares outstanding as of June 30, 2022 and December 31, 2021)

 

 

(7

)

 

 

(7

)

Additional paid-in capital

 

 

97,169

 

 

 

95,207

 

Accumulated deficit

 

 

(79,944

)

 

 

(71,720

)

Total stockholders’ equity

 

 

17,219

 

 

 

23,482

 

Total liabilities and stockholders’ equity

 

$

57,674

 

 

$

50,388

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7


 

Winc, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net revenues

 

$

17,642

 

 

$

17,651

 

 

$

36,099

 

 

$

35,116

 

Cost of revenues

 

 

9,966

 

 

 

10,327

 

 

 

20,980

 

 

 

19,953

 

Gross profit

 

 

7,676

 

 

 

7,324

 

 

 

15,119

 

 

 

15,163

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Marketing

 

 

3,115

 

 

 

3,874

 

 

 

5,759

 

 

 

7,979

 

Personnel

 

 

3,778

 

 

 

2,971

 

 

 

7,986

 

 

 

5,387

 

General and administrative

 

 

4,847

 

 

 

3,415

 

 

 

9,680

 

 

 

5,567

 

Production and operation

 

 

42

 

 

 

20

 

 

 

192

 

 

 

54

 

Creative development

 

 

29

 

 

 

115

 

 

 

109

 

 

 

156

 

Total operating expenses

 

 

11,811

 

 

 

10,395

 

 

 

23,726

 

 

 

19,143

 

Loss from operations

 

 

(4,135

)

 

 

(3,071

)

 

 

(8,607

)

 

 

(3,980

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(123

)

 

 

(281

)

 

 

(146

)

 

 

(421

)

Expense from change in fair value of warrant liabilities

 

 

 

 

 

(872

)

 

 

 

 

 

(893

)

Other income, net

 

 

279

 

 

 

312

 

 

 

549

 

 

 

608

 

Gain on debt forgiveness from Paycheck Protection Program note payable

 

 

 

 

 

 

 

 

 

 

 

1,364

 

Total other income (expense), net

 

 

156

 

 

 

(841

)

 

 

403

 

 

 

658

 

Loss before provision for income taxes

 

 

(3,979

)

 

 

(3,912

)

 

 

(8,204

)

 

 

(3,322

)

Income tax expense

 

 

4

 

 

 

18

 

 

 

20

 

 

 

15

 

Net loss

 

$

(3,983

)

 

$

(3,930

)

 

$

(8,224

)

 

$

(3,337

)

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.32

)

 

$

(2.06

)

 

$

(0.66

)

 

$

(1.90

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

12,481,397

 

 

 

1,909,564

 

 

 

12,446,187

 

 

 

1,754,958

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8


 

Winc, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(Unaudited)

(In thousands, except share amounts)

 

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional Paid-in

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2021

 

 

 

 

$

 

 

 

13,214,612

 

 

$

2

 

 

 

168,750

 

 

$

(7

)

 

$

95,207

 

 

$

(71,720

)

 

$

23,482

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

822

 

 

 

 

 

 

822

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

329

 

 

 

 

 

 

329

 

Stock cancellation

 

 

 

 

 

 

 

 

(1,234

)

 

 

(1

)

 

 

 

 

 

 

 

 

(39

)

 

 

 

 

 

(40

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,241

)

 

 

(4,241

)

Balance at March 31, 2022

 

 

 

 

 

 

 

 

13,213,378

 

 

 

1

 

 

 

168,750

 

 

 

(7

)

 

 

96,319

 

 

 

(75,961

)

 

 

20,352

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

622

 

 

 

 

 

 

622

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

232

 

 

 

 

 

 

232

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

67,024

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

(4

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,983

)

 

 

(3,983

)

Balance at June 30, 2022

 

 

 

 

 

 

 

 

13,280,402

 

 

 

1

 

 

 

168,750

 

 

 

(7

)

 

 

97,169

 

 

 

(79,944

)

 

 

17,219

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

9


 

Winc, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(Unaudited)

(In thousands, except share amounts)

 

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

Promissory Notes for Common

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Stock Issued

 

 

Capital

 

 

Deficit

 

 

Deficit

 

Balance at December 31, 2020

 

 

7,266,986

 

 

$

56,462

 

 

 

945,794

 

 

$

1

 

 

 

168,750

 

 

$

(7

)

 

$

 

 

$

2,229

 

 

$

(57,072

)

 

$

(54,849

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72

 

 

 

 

 

 

72

 

Stock option exercises

 

 

 

 

 

 

 

 

875,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,042

 

 

 

 

 

 

1,042

 

Employee promissory notes issued for the exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,046

)

 

 

 

 

 

 

 

 

(1,046

)

Issuance of Series E Preferred Stock, net of $487 of issuance costs

 

 

332,220

 

 

 

4,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series F Preferred Stock, net of $694 of issuance costs

 

 

714,272

 

 

 

9,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

593

 

 

 

593

 

Balance at March 31, 2021

 

 

8,313,478

 

 

 

69,941

 

 

 

1,820,869

 

 

 

1

 

 

 

168,750

 

 

 

(7

)

 

 

(1,046

)

 

 

3,343

 

 

 

(56,479

)

 

 

(54,188

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100

 

 

 

 

 

 

100

 

Stock option exercises

 

 

 

 

 

 

 

 

1,234,233

 

 

 

1