STEM, INC., PRE 14A filed on 4/3/2024
Proxy Statement - Notice of Shareholders Meeting (preliminary)
v3.24.1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type PRE 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Stem, Inc.
Entity Central Index Key 0001758766
v3.24.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
Year-End Value of $100 Invested on 4/28/2021 in:
Year (1)Summary Compensation Table Total for CEO
$		Compensation Actually Paid to CEO
$ (2)		Average Summary Compensation Table Total for Non-CEO NEOs
$ (2)		Average Compensation Actually Paid to Non-CEO NEOs
$ (2)(3)		STEM
$		NASDAQ Clean Edge Green Energy Index
$		Net Income (in millions)
$
Adjusted EBITDA
(in millions)(4)
$
20233,884,232 (6,086,830)3,154,648 380,032 14.58 63.35 (140.4)(19.5)
20223,140,333 (13,241,250)3,491,627 2,863,999 33.60 69.88 (124.1)(46.0)
202140,565,992 40,826,778 4,178,677 6,916,368 71.29 100.67 (101.2)(30.2)
_______________ 		   
Named Executive Officers, Footnote The other NEOs in each covered year were as follows:
•2023: William Bush, Saul Laureles, Alan Russo, Prakesh Patel
•2022: William Bush, Saul Laureles, Kim Homenock, Robert Schaefer
•2021: William Bush, Larsh Johnson
    
PEO Total Compensation Amount $ 3,884,232 $ 3,140,333 $ 40,565,992
PEO Actually Paid Compensation Amount $ (6,086,830) (13,241,250) 40,826,778
Adjustment To PEO Compensation, Footnote Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include:
202320222021
John Carrington
Average Other NEOs (3)
John Carrington
Average Other NEOs (3)
John Carrington
Average Other NEOs (3)
Total Compensation from Summary Compensation Table$3,884,232 $3,154,648 $3,140,333 $3,491,627 $40,565,992 $4,178,677 
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table$(2,806,182)$(2,505,930)$(1,978,777)$(2,866,033)$(39,470,612)$(3,523,673)
Year-end fair value of unvested awards granted in the current year$1,085,309 $503,300 $2,046,816 $3,246,464 $20,990,331 $1,990,669 
Year-over-year difference of year-end fair values for unvested awards granted in prior years$(7,137,398)$(721,714)$(14,647,716)$(739,217)$9,142,970 $2,006,457 
Fair values at vest date for awards granted and vested in current year$— $— $— $— $— $— 
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years$(1,112,791)$(50,272)$(1,801,906)$(268,842)$9,598,097 $2,264,238 
Forfeitures during current year equal to prior year-end fair value$— $— $— $— $— $— 
Dividends or dividend equivalents not otherwise included in total compensation$— $— $— $— $— $— 
Total Adjustments for Equity Awards$(9,971,062)$(2,774,616)$(16,381,583)$(627,628)$260,786 $2,737,691 
Compensation Actually Paid (as calculated)$(6,086,830)$380,032 $(13,241,250)$2,863,999 $40,826,778 $6,916,368 
_______________
*    All stock option and Performance Stock Unit (PSU) valuations included in “Compensation Actually Paid” values were performed using the Black-Scholes option pricing model and Monte Carlo simulation valuation method, respectively, in a manner consistent with the process used to determine stock option grant date fair values under ASC 718. All stock award valuations (other than for PSUs) included in “Compensation Actually Paid” values were performed using the closing price of the Company's common stock.
    
Non-PEO NEO Average Total Compensation Amount $ 3,154,648 3,491,627 4,178,677
Non-PEO NEO Average Compensation Actually Paid Amount $ 380,032 2,863,999 6,916,368
Adjustment to Non-PEO NEO Compensation Footnote Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include:
202320222021
John Carrington
Average Other NEOs (3)
John Carrington
Average Other NEOs (3)
John Carrington
Average Other NEOs (3)
Total Compensation from Summary Compensation Table$3,884,232 $3,154,648 $3,140,333 $3,491,627 $40,565,992 $4,178,677 
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table$(2,806,182)$(2,505,930)$(1,978,777)$(2,866,033)$(39,470,612)$(3,523,673)
Year-end fair value of unvested awards granted in the current year$1,085,309 $503,300 $2,046,816 $3,246,464 $20,990,331 $1,990,669 
Year-over-year difference of year-end fair values for unvested awards granted in prior years$(7,137,398)$(721,714)$(14,647,716)$(739,217)$9,142,970 $2,006,457 
Fair values at vest date for awards granted and vested in current year$— $— $— $— $— $— 
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years$(1,112,791)$(50,272)$(1,801,906)$(268,842)$9,598,097 $2,264,238 
Forfeitures during current year equal to prior year-end fair value$— $— $— $— $— $— 
Dividends or dividend equivalents not otherwise included in total compensation$— $— $— $— $— $— 
Total Adjustments for Equity Awards$(9,971,062)$(2,774,616)$(16,381,583)$(627,628)$260,786 $2,737,691 
Compensation Actually Paid (as calculated)$(6,086,830)$380,032 $(13,241,250)$2,863,999 $40,826,778 $6,916,368 
_______________
*    All stock option and Performance Stock Unit (PSU) valuations included in “Compensation Actually Paid” values were performed using the Black-Scholes option pricing model and Monte Carlo simulation valuation method, respectively, in a manner consistent with the process used to determine stock option grant date fair values under ASC 718. All stock award valuations (other than for PSUs) included in “Compensation Actually Paid” values were performed using the closing price of the Company's common stock.
    
Compensation Actually Paid vs. Total Shareholder Return
2096
    
Compensation Actually Paid vs. Net Income
2098
    
Compensation Actually Paid vs. Company Selected Measure
2098
    
Total Shareholder Return Vs Peer Group
2096
    
Tabular List, Table
Financial Performance Measures
Adjusted EBITDA
Contracted Annual Recurring Revenue
Our Stock Price
    
Total Shareholder Return Amount $ 14.58 33.60 71.29
Peer Group Total Shareholder Return Amount 63.35 69.88 100.67
Net Income (Loss) $ (140,400,000) $ (124,100,000) $ (101,200,000)
Company Selected Measure Amount (19,500,000) (46,000,000.0) (30,200,000)
PEO Name John Carrington    
Additional 402(v) Disclosure Due to the timing of the Merger, we are providing pay versus performance information for three years in accordance with the transitional rule for new registrants.See definition in Compensation Discussion & Analysis section; for a reconciliation of adjusted EBITDA to net loss on a GAAP basis, see Appendix A.    
Measure:: 2      
Pay vs Performance Disclosure      
Name Adjusted EBITDA    
Measure:: 3      
Pay vs Performance Disclosure      
Name Contracted Annual Recurring Revenue    
Measure:: 4      
Pay vs Performance Disclosure      
Name Our Stock Price    
PEO | Adjustment For Grant Date Values In The Summary Compensation Table [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards $ (2,806,182) $ (1,978,777) $ (39,470,612)
PEO | Year-End Fair Value Of Unvested Awards Granted In The Current Year [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards 1,085,309 2,046,816 20,990,331
PEO | Year-Over-Year Difference Of Year-End Fair Values For Unvested Awards Granted In Prior Years [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards (7,137,398) (14,647,716) 9,142,970
PEO | Fair Values At Vest Date For Awards Granted And Vested In Current Year [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards 0 0 0
PEO | Difference In Fair Values Between Prior Year-End Fair Values And Vest Date Fair Values For Awards Granted In Prior Years [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards (1,112,791) (1,801,906) 9,598,097
PEO | Forfeitures During Current Year Equal To Prior Year-End Fair Value [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards 0 0 0
PEO | Dividends Or Dividend Equivalents Not Otherwise Included In Total Compensation [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards 0 0 0
PEO | Adjustments For Equity Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (9,971,062) (16,381,583) 260,786
Non-PEO NEO | Adjustment For Grant Date Values In The Summary Compensation Table [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards (2,505,930) (2,866,033) (3,523,673)
Non-PEO NEO | Year-End Fair Value Of Unvested Awards Granted In The Current Year [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards 503,300 3,246,464 1,990,669
Non-PEO NEO | Year-Over-Year Difference Of Year-End Fair Values For Unvested Awards Granted In Prior Years [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards (721,714) (739,217) 2,006,457
Non-PEO NEO | Fair Values At Vest Date For Awards Granted And Vested In Current Year [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards 0 0 0
Non-PEO NEO | Difference In Fair Values Between Prior Year-End Fair Values And Vest Date Fair Values For Awards Granted In Prior Years [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards (50,272) (268,842) 2,264,238
Non-PEO NEO | Forfeitures During Current Year Equal To Prior Year-End Fair Value [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards 0 0 0
Non-PEO NEO | Dividends Or Dividend Equivalents Not Otherwise Included In Total Compensation [Member]      
Pay vs Performance Disclosure      
Adjustment To Compensation Amount, Equity Awards 0 0 0
Non-PEO NEO | Adjustments For Equity Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (2,774,616) $ (627,628) $ 2,737,691