# EDGAR Filing Document

**Accession Number:** 0001381507
**File Stem:** 0001381507-23-000010
**Filing Date:** 2023-2
**Character Count:** 45547
**Document Hash:** 7fb60ce03a48a6cb4280f8e347e01e61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001381507-23-000010.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001381507-23-000010

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIMEADE, INC
- **CENTRAL INDEX KEY:** 0001381507
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 061771116
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56464
- **FILM NUMBER:** 23685062

**BUSINESS ADDRESS:**
- **STREET 1:** 10885 NE 4TH STREET
- **STREET 2:** SUITE 400
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004
- **BUSINESS PHONE:** 888-830-9830

**MAIL ADDRESS:**
- **STREET 1:** 10885 NE 4TH STREET
- **STREET 2:** SUITE 400
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIMEADE INC
- **DATE OF NAME CHANGE:** 20070802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jet City Jet Inc
- **DATE OF NAME CHANGE:** 20061117

?xml version="1.0" ? lme-20230228

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K**

**___________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**February 28, 2023**

**Date of Report (date of earliest event reported)**

**___________________________________**

**Limeade, Inc.**

**(Exact name of registrant as specified in its charter)**

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Washington**<br>**(State or other jurisdiction of** <br>**incorporation or organization)** | **000-56464**<br>**(Commission File Number)** | **06-1771116**<br>**(I.R.S. Employer Identification Number)** |
| **10885 NE 4th Street Suite #400**<br>**Bellevue, WA 98004** | **10885 NE 4th Street Suite #400**<br>**Bellevue, WA 98004** | **10885 NE 4th Street Suite #400**<br>**Bellevue, WA 98004** |
| **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** |
| **(888) 830-9830** | **(888) 830-9830** | **(888) 830-9830** |
| **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** |

---

**___________________________________**

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

**☐** **Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

**☐** **Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

**☐** **Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

**☐** **Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))**

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| **Common stock, no par value** | **LME** |  |

---

**Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.**

**Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☒**

**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. ☐**

------

**Item 2.02 - Results of Operations and Financial Condition**

On February 28, 2023, Limeade, Inc. (ASX: LME) (the "Company"), issued a press release announcing financial results for the quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information set forth in Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 7.01 - Regulation FD Disclosure**

The information in this Item 7.01 of this Current Report on Form 8-K (including Exhibits 99.3 and 99.4) is furnished pursuant to Item 7.01 and shall not be deemed to be "filed" for the purpose of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. This Item 7.01 of this Current Report on Form 8-K will not be deemed an admission as the materiality of any information in this Item 7.01 that is required to be disclosed solely by Regulation FD.

**Item 9.01 - Financial Statements and Exhibits**

(d): The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | <u>[Press Release issued by Limeade, Inc. on](ex991-fy2022earningsrelease.htm)[F](ex991-fy2022earningsrelease.htm)[ebruary 28, 2023](ex991-fy2022earningsrelease.htm)</u> |
| 99.2 | <u>[FY2022 Investor Deck](ex992-fy2022investordeck.htm)</u> |
| 99.3 | <u>[Results for Announcement to the Market](ex-993asxfy2022resultsfora.htm)</u> |
| 99.4 | <u>[Shareholder Information for Annual Report](ex994additionalasxinformat.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 28th day of February, 2023.

---

| | |
|:---|:---|
| **LIMEADE, INC.** | **LIMEADE, INC.** |
| By: | /s/ Henry Albrecht |
| Name: | Henry Albrecht |
| Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![limeadelogo.jpg](limeadelogo.jpg)

**ASX / MEDIA RELEASE** 

**Limeade Reports FY22 Results within Guidance: Company Targets Positive** 

**Adjusted EBITDA for FY23** 

**FY22 Highlights:**<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FY22 results are within guidance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Revenue of $56.0 million, 1% greater than prior corresponding period (pcp)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted EBITDA<sup>2</sup> loss of $7.7 million, 40% greater than pcp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net loss after tax of $13.2 million, 33% greater than pcp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FY22 CARR<sup>3</sup> of $59.5 million, up 5% on pcp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Focus on operational excellence to ensure profitability and positive operating cash flow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash position of $2.6 million as at 31 December 2022 with $2.5 million drawn and $3.5 million additional available on the Company's credit facility

**FY23 Guidance:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue: $57 to $59 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA: $0.5 to $2.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss after tax: $5.0 to $7.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic restructure in January 2023 created $7.0 million in annualized savings; increased focus on North American enterprise Well-Being market

**SYDNEY, Australia and Bellevue, Washington. – 1 March 2023 –** Limeade (ASX: LME, or the Company), an immersive employee well-being company that creates healthy employee experiences, today announces the full-year financial results for the twelve months ended 31 December 2022 (FY22).

Limeade CEO Henry Albrecht said, "In a market where predicting the short-term and beyond is challenging, we have begun executing a clear operational plan, led by proven professionals, that will increase the value we can deliver to our customers, deliver a more stabilized and sustainable cost structure and set us on a path to positive cashflow."

Mr Albrecht continued: "The company has shown resilience and focus in challenging times. We achieved CARR growth, led by performance in our core North American enterprise well-being market, while delivering a more modern and engaging technology platform."

**FY22 CARR**

Total FY22 CARR of $59.5 million was up 5% on FY21. The components of Limeade CARR and contribution to the FY22 CARR result are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limeade Well-Being<sup>4</sup> CARR of $52.2 million, up 5% on the pcp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limeade Listening<sup>5</sup> CARR of $7.3 million, down 1% on the pcp

The primary drivers of CARR changes during the year were increased customer retention and large new enterprise sales of the Limeade Well-Being platform, including those announced in FY22 with UPMC Health Plan, Marsh McLennan and Tyson Foods.

Overall Net Revenue Retention (NRR)<sup>6</sup> was 86% as at 31 December 2022. Limeade Well-Being NRR was 87%, up 8% from FY21 and Limeade Listening NRR was 83%, down 10% from pcp.

**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

**1**

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**FY22 Revenue** 

Limeade total revenue for FY22 grew 1% to $56.0 million. The change was due primarily to higher FY22 CARR vs FY21. Limeade recorded FY22 subscription revenue of $54.0 million, or 96% of total revenue, representing an increase of 2% versus the pcp. In FY22 Limeade Well-Being contributed $46.9 million and Limeade Listening contributed $7.1 million of subscription revenue. Other revenue decreased to $2.0 million, related to third-party transactions for gift cards and biometric screenings.

**FY22 Gross Profit Margins, Operating Expenses, and Cash Flows** 

Gross profit margins declined to 69% from 73% in the pcp.

During FY22 the Company used $11.4 million in cash. The primary drivers include $7.3 million related to capitalized software development costs and $6.4 million for operations. These uses were partially offset by a $2.5 million draw on our credit facility.

Limeade closed the FY22 financial year with $2.6 million in cash with $2.5 million drawn on our credit facility and an additional $3.5 million available on the Company's credit facility.

**Customers** 

The Company ended FY22 with 100 Limeade Well-Being customers and 960 Limeade Listening customers, an increase of 27% on the pcp. The Company added 13 Well-Being customers with an average CARR of $711K and 174 Listening customers with an average CARR of $7K. Overall, Limeade Well-Being customers average $524K CARR and Limeade Listening customers average $10K CARR. The top 20 Limeade customers on average have an average of 23 months remaining on their contracts as at 31 December 2022.

**FY23 Outlook** 

Limeade expects FY23 revenue to increase from FY22, due largely to 5% higher year-end FY22 CARR over FY21. Limeade plans to deliver Adjusted EBITDA positivity in FY23 by focusing on customers, cash and the purpose-driven people driving the company's innovations.

In January 2023, the Company announced a strategic restructure which we expect will result in $7.0M in annualized cost savings. The Company has implemented additional and successful cost saving measures in FY23 and is committed to careful cost management towards its commitment to positive Adjusted EBITDA for FY23.

The Company expects the restructure and related efforts to result in three-to-five percentage point increases in gross margins in FY23 versus the pcp.

The Company is also committed to returning to cash flow positive or breakeven by the end of FY23 by finding new customers, continuing to delight our existing customers, and controlling our expenses.

**__________________________**

<sup>1</sup> All amounts are expressed in US Dollars unless otherwise stated.

<sup>2</sup> Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) excludes one-time expenses and non-cash stock compensation expense. Adj EBITDA is an unaudited value.

<sup>2</sup> CARR - Contracted Annual Recurring Revenue is an unaudited value

<sup>3</sup> Limeade Well-Being is the name for the common solution that was previously separate solutions called Limeade Well-Being and Limeade EX.

<sup>4</sup> Limeade Listening is the name for the solution formerly called Limeade Advanced Listening (TINYpulse).

<sup>5</sup> NRR - Defined as CARR at the beginning of the period plus any CARR added in that period through new solution sales to customers who were customers at the beginning of the period (existing customers) or expansion in the number of employees of existing customers; less any reduction in CARR in that period through existing customers who terminate, decide not to renew their subscription or reduce usage of Limeade solutions amongst their employee population, divided by CARR at the beginning of the period. NRR is an unaudited value.

**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

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**Investor Call**

Henry Albrecht, CEO, Dave Smith, President & COO and Paul Crick, VP Finance will host the conference call commencing at 9.00am Australian Eastern Daylight Time (AEDT) today (2.00pm PT on 28 February 2023), followed by a question-and-answer session.

**Details of the webcast and conference call are set out below.** 

The presentation and audio can be accessed via the webcast link: https://ccmediaframe.com/?id=L3zUJ9Ts

In order to pre-register for the conference call, please follow the link below. You will be given a unique pin number to enter when you call, providing immediate access to the event. https://s1.c-conf.com/diamondpass/10028988-str5e9.html

An audio dial-in facility has been established for the purposes of the meeting, as set out below. Investors are advised to register for the conference in advance by using the Diamond Pass link above to avoid delays in joining the call directly through the operator. Alternatively, investor can elect to dial-in, on the morning of the meeting. Please allow up to 5 minutes for this process.

Conference ID: **10028988**

Participant Dial-in Numbers:

Australia Toll Free: 1800 908299

Australia Local: +61 2 9007 8048

New Zealand: 0800 452 795

Canada/USA: 1855 624 0077

Hong Kong: 800 968 273

Japan: 006 633 868 000

China: 108 001 401 776

Singapore: 800 101 2702

United Kingdom: 0800 0511 453

***This release dated 1 MARCH 2023 has been authorised for lodgement to ASX by the Board of Directors of Limeade and lodged by Mr Danny Davies, the Limeade ASX Representative.***

**– ENDS –** 

**Contact Information**

---

| | |
|:---|:---|
| **Investor Relations / Media (AU)** | **Media (US)** |
| Dr Thomas Duthy | Ms Amanda Lasko |
| Nemean Group for Limeade | Marketing Director |
| thomas.duthy@limeade.com | amanda.lasko@limeade.com |
| +61 402 493 727 | +1 206 227 6907 |

---

**About Limeade:**

Limeade is an immersive employee well-being company that creates healthy employee experiences. Limeade Institute science guides its industry-leading software and its own award-winning culture. Today, millions of users in over 100 countries use Limeade solutions to navigate the future of work. By putting well-being at the heart of the employee experience, Limeade reduces burnout and turnover while increasing well-being and engagement — ultimately elevating business performance. To learn more, visit www.limeade.com

**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

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**Forward-Looking Statements:**

This press release by Limeade, Inc ("Limeade", the "Company", "we", "us", or similar terms) contains forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "believe", "may", "will", "potentially", "estimate", "continue", "anticipate", "intend", "could", "would", "project", "target", "plan", "expect", and similar expressions. You should not put undue reliance on any forward-looking statements. There are a significant number of factors that could cause our actual results, performance or achievement to differ materially and adversely from the statements made in this press release, including: competition in our market; our ability to attract new customers and renew and expand sales to existing customers; our ability to effectively introduce enhancements to our platform; our ability to maintain data privacy and security; our ability to effectively manage growth; our ability to expand internationally; unfavorable conditions in our industry and other general market, political, economic, and business conditions, including those related to the continuing impact of COVID-19, heightened inflation and rising interest rates. For more information regarding the risks and uncertainties that could cause actual results, performance, or achievement to differ materially and adversely from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the "Risk Factors" section of our Securities and Exchange Commission (the "SEC") filings that we may file from time to time, copies of which are available on our website at https://investors.limeade.com and on the SEC's website at www.sec.gov. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to us as at the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect new information or the occurrence of unexpected events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

**Non-GAAP Financial Measures:**

Limeade uses certain non-GAAP financial measures in this release. Limeade uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance. Limeade believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures that Limeade uses may differ from measures that other companies may use.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

***Non-GAAP expenses, measures and net loss per share***. Limeade defines non-GAAP sales and marketing, non-GAAP research and development, non-GAAP general and administrative, non-GAAP gross profit, non-GAAP operating loss and non-GAAP net loss as the respective GAAP balances, adjusted for stock-based compensation, amortization of internally developed software and intangible assets, impairment of goodwill and long-lived assets, non-cash expenses related to debt agreements, capitalization of internally developed software, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred that relate to one-time events. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the weighted average shares outstanding.

***Adjusted EBITDA***. Limeade defines Adjusted EBITDA as net loss, adjusted for stock-based compensation expense, depreciation, amortization of internally developed software and intangible assets, capitalization of internally developed software, impairment of goodwill and long-lived assets, benefit from or provision for income taxes, other income, net, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in responding to third-party subpoenas that the Company has incurred related to one-time events. These

**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

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amounts are often excluded by other companies to help investors understand the operational performance of their business. The Company uses Adjusted EBITDA as a measurement of its operating performance because it assists in comparing the operating performance on a consistent basis by removing the impact of certain non-cash and non-operating items. Adjusted EBITDA reflects an additional way of viewing aspects of the operations that Limeade believes, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting its business.

**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

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**Limeade, Inc.**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

*(in thousands, except shares and per share data)*

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2559 | $13939 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $268 and $93, respectively | 10862 | 8709 |
| &nbsp;&nbsp;&nbsp;Capitalized sales commissions | 716 | 271 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 6105 | 5433 |
| &nbsp;&nbsp;&nbsp;Total current assets | 20242 | 28352 |
| Property and equipment, net | 413 | 441 |
| Capitalized software development costs, net | 14634 | 8895 |
| Capitalized sales commissions, net of current portion | 1023 | 399 |
| Operating lease right-of-use assets | 1236 | 2638 |
| Goodwill | 8562 | 8562 |
| Intangible assets, net | 2830 | 3926 |
| Other non-current assets | 411 | 327 |
| Total assets | $49350 | $53540 |
| **Liabilities and stockholders' equity** | **Liabilities and stockholders' equity** | **Liabilities and stockholders' equity** |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Trade payables | $2719 | $2058 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 13056 | 10703 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 1328 | 1531 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 16344 | 13528 |
| &nbsp;&nbsp;&nbsp;Customer deposits | 3151 | 2578 |
| &nbsp;&nbsp;&nbsp;Revolving Credit Facility | 2450 |  |
| &nbsp;&nbsp;&nbsp;Acquisition earnout liability |  | 110 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 39048 | 30508 |
| Operating lease liabilities, net of current portion | 38 | 1363 |
| Acquisition earnout liability, net of current portion |  | 790 |
| Deferred tax liability | 13 | 10 |
| Total liabilities | 39099 | 32671 |
| **Commitments and contingencies (Note 9)** |  |  |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock (no par value, 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2022, and December 31, 2021, respectively) |  |  |
| &nbsp;&nbsp;&nbsp;Common stock (no par value, 550,000,000 shares authorized, 257,245,284 and 253,621,067 shares issued and outstanding as of December 31, 2022 and 2021, respectively) |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 72735 | 70241 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 148 | 35 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (62632) | (49407) |
| **Total stockholders' equity** | 10251 | 20869 |
| Total liabilities and stockholders' equity | $49350 | $53540 |

---

**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

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**Limeade, Inc.**

**Condensed Consolidated Statement of Operations**

**(Unaudited)**

*(in thousands, except shares and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 30,** | **Year Ended December 30,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscription services | 14287 | $13561 | $54029 | $52172 |
| &nbsp;&nbsp;&nbsp;Other | 627 | 704 | 1988 | 3024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | 14914 | 14265 | 56017 | 55196 |
| **Cost of revenue** | 4265 | 4177 | 17210 | 15032 |
| Gross profit | 10649 | 10088 | 38807 | 40164 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 3428 | 4874 | 16903 | 17713 |
| &nbsp;&nbsp;&nbsp;Research and development | 4676 | 5475 | 22062 | 20400 |
| &nbsp;&nbsp;&nbsp;General and administrative | 3579 | 3042 | 14031 | 11847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 11683 | 13391 | 52996 | 49960 |
| Loss from operations | (1034) | (3303) | (14189) | (9796) |
| Other income (expense), net | 160 | (51) | 1002 | (144) |
| Loss before income taxes | (874) | (3354) | (13187) | (9940) |
| Income tax benefit (expense) | 77 | (7) | (38) | (25) |
| **Net loss** | (797) | $(3361) | $(13225) | $(9965) |
| Net loss per share attributable to common stockholders, basic and diluted | $(0.00) | $(0.01) | $(0.05) | $(0.04) |
| Weighted-average shares of common stock outstanding, basic and diluted | 257048472 | 253148752 | 255366730 | 250356000 |

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**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

**7**

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**Limeade, Inc.**

**Condensed Consolidated Statements of Cash Flow**

**(Unaudited)**

*(in thousands)*

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Net loss | $(13225) | $(9965) |
| Adjustments to reconcile net loss to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 2996 | 2077 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 2424 | 1887 |
| &nbsp;&nbsp;&nbsp;Non-cash operating lease expense | 1403 | 1013 |
| &nbsp;&nbsp;&nbsp;Amortization of capitalized sales commissions | 362 | 47 |
| &nbsp;&nbsp;&nbsp;Change in fair value of acquisition earnout liability | (900) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (24) | 35 |
| &nbsp;&nbsp;&nbsp;Other |  | (19) |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (2155) | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (671) | (1537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized sales commission | (1430) | (717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (85) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables | 661 | (2114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 2356 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2816 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 565 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1529) | (805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (6436) | (5208) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Capitalized software development costs | (7330) | (3655) |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (285) | (181) |
| &nbsp;&nbsp;&nbsp;Cash paid for TINYpulse acquisition |  | (9091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (7615) | (12927) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings (net of issuance costs) under revolving credit facility | 2450 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 70 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 2520 | 601 |
| Foreign currency effect on cash and cash equivalents | 151 | (24) |
| **NET CHANGE IN CASH AND CASH EQUIVALENTS** | (11380) | (17558) |
| **CASH AND CASH EQUIVALENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 13939 | 31497 |
| &nbsp;&nbsp;&nbsp;End of period | $2559 | $13939 |
| **SUPPLEMENTAL CASH FLOW DISCLOSURES:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $59 | $1 |
| &nbsp;&nbsp;&nbsp;Cash paid for taxes | $22 | $28 |
| **NON-CASH OPERATING, INVESTING, AND FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment included in accounts payable | $16 | $2 |
| &nbsp;&nbsp;&nbsp;Fair value of acquisition earnout liability | $— | $900 |

---

**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

**8**

------

**Limeade, Inc.**

**Reconciliation of Non-GAAP Measures**

**(Unaudited)**

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Gross Profit (GAAP) | $10649 | $10088 | $38807 | $40164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus Stock-based compensation | 100 | 55 | 382 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus Amortization of internally developed software | 402 | 265 | 1591 | 1062 |
| Gross Profit (Non-GAAP) | $11151 | $10353 | $40780 | $41569 |
| Operating Loss (GAAP) | (1034) | (3303) | (14189) | (9796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus Stock-based compensation | 369 | 265 | 2042 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus Acquisition-related expenses |  | 104 |  | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus SEC registration expenses |  |  | 1109 |  |
| Operating Loss (Non-GAAP) | (665) | (3199) | (11038) | (7797) |
| Net Loss (GAAP) | (797) | (3361) | (13225) | (9965) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus Stock-based compensation | 469 | 320 | 2424 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus Amortization of internally developed software | 402 | 265 | 1591 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus Acquisition-related expenses |  | 104 |  | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus SEC registration expenses |  |  | 1109 |  |
| Net Loss (Non-GAAP) | 74 | (2992) | (8101) | (6561) |
| Net Loss | (797) | (3361) | (13225) | (9965) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 73 | 59 | 239 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 668 | 581 | 2663 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | (77) | 7 | 38 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 469 | 320 | 2424 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses |  | 104 |  | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEC registration expenses |  |  | 1109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write off of earnout liability |  |  | (900) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction in force |  |  | 100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (160) | 51 | (102) | 144 |
| Adjusted EBITDA | 176 | (2559) | (7654) | (5476) |
| Revenue (GAAP) | 14914 | 14265 | 56017 | 55196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase accounting adjustment to TINYpulse revenue |  | 452 | 451 | 947 |
| Adjusted Revenue (Non-GAAP) | 14914 | 14717 | 56468 | 56143 |

---

**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

**9**

## Exhibit 99.2

**Exhibit 99.2**

![limeadeinvestordeckfy2022sk.jpg](limeadeinvestordeckfy2022sk.jpg)

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![limeadeinvestordeckfy2022sq.jpg](limeadeinvestordeckfy2022sq.jpg)

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![limeadeinvestordeckfy2022sr.jpg](limeadeinvestordeckfy2022sr.jpg)

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![limeadeinvestordeckfy2022ss.jpg](limeadeinvestordeckfy2022ss.jpg)

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![limeadeinvestordeckfy2022st.jpg](limeadeinvestordeckfy2022st.jpg)

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![limeadeinvestordeckfy2022sm.jpg](limeadeinvestordeckfy2022sm.jpg)

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![limeadeinvestordeckfy2022sn.jpg](limeadeinvestordeckfy2022sn.jpg)

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![limeadeinvestordeckfy2022so.jpg](limeadeinvestordeckfy2022so.jpg)

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![limeadeinvestordeckfy2022sp.jpg](limeadeinvestordeckfy2022sp.jpg)

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![limeadeinvestordeckfy2022su.jpg](limeadeinvestordeckfy2022su.jpg)

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![limeadeinvestordeckfy2022sl.jpg](limeadeinvestordeckfy2022sl.jpg)

## Exhibit 99.3

**Exhibit 99.3**

![limeadelogoa.jpg](limeadelogoa.jpg)

**ASX / MEDIA RELEASE**

**Results for Announcement to the Market**

**Supplemental Information to Form 10-K Required By ASX**

**SYDNEY, Australia and Bellevue, Washington. – 1 March 2023 –** Limeade (ASX: LME, or the Company), today provides additional information required by ASX under waivers provided to Limeade on 10 October 2022 relating to ASX Listing Rules 4.2A, 4.3A, 4.7B and 4.7C.

*The following additional information is required under ASX waivers received by Limeade relating to Listing Rule 4.3A: A copy of the Form 10-K the Company has filed with the SEC for that financial year; and a cover sheet for the Form 10-K headed "Results for announcement to the market" with the key information set out in section 2 of Appendix 4E.*

**A copy of the Company's 10-K filed with the SEC, is attached.** 

**Results For Announcement To The Market** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Up/(down)**<br>**$USD '00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% change** | &nbsp;&nbsp;**31 December 20**<br>**$USD '00** | &nbsp;&nbsp;**31 December 20**<br>**$USD '00** |
| Revenue from ordinary activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56017 | &nbsp;&nbsp;&nbsp;55196 |
| (Loss) from ordinary activities after tax attributable shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13225) | &nbsp;&nbsp;&nbsp;(9965) |
| Net (Loss) attributable shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34.9%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13112) | &nbsp;&nbsp;&nbsp;(9717) |

---

*The following additional information is required under ASX waivers received by Limeade relating to Listing Rule 4.7B (Quarterly Cash Flow Reports) and Listing Rule 4.7C (Quarterly Activities Report):*

The Company made related third-party payments of $106 thousand for the quarter ended 31 December 2022, representing fees paid to non-executive directors for performance of their required duties as disclosed in the prospectus and annual report.

---

| | |
|:---|:---|
| **Investor Relations / Media (AU)** | **Media (US)** |
| Dr Thomas Duthy | Ms Amanda Lasko |
| Nemean Group for Limeade | Marketing Director |
| thomas.duthy@limeade.com | amanda.lasko@limeade.com |
| +61 402 493 727 | +1 206 227 6907 |

---

**About Limeade** Limeade is an immersive employee well-being company that creates healthy employee experiences. Limeade Institute science guides its industry-leading software and its own award-winning culture. Today, millions of users in over 100 countries use Limeade solutions to navigate the future of work. By putting well-being at the heart of the employee experience, Limeade reduces burnout and turnover while increasing well-being and engagement — ultimately elevating business performance. To learn more, visit www.limeade.com (**ASX listing: LME**).

Limeade, Inc. Australian Registered Business Number 637 017 602, a public limited company registered under the Washington Business Corporation Act (UBI Number: 602 588 317).

**Disclosure**

This ASX release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of any securities referred to herein in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful. Any securities referred to herein have not been registered under the US Securities Act of 1933, as amended (the "US Securities Act") and may not be offered or sold in the United States or to US persons absent registration or an applicable exemption from registration under the US Securities Act and applicable state securities laws. In addition, any hedging transactions involving the securities referred to herein may not be conducted unless in compliance with the US Securities Act.

**Limeade, Inc. │ ARBN 637 017 602 │ 10885 NE 4th** **Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004**

## Exhibit 99.4

**Exhibit 99.4**

**Additional Securities Exchange Information** 

In accordance with ASX Listing Rule 4.10, the Company provides the following information to shareholders not elsewhere disclosed in this Annual Report. The information provided is current as at 13 February 2023.

**Corporate Governance Statement**

The Company's Directors and management are committed to conducting the Group's business in an ethical manner and in accordance with the highest standards of corporate governance. The Company has adopted and substantially complies with the ASX Corporate Governance Principles and Recommendations (Fourth Edition) (**Recommendations**) to the extent appropriate to the size and nature of the Group's operations.

The Company has prepared a statement which sets out the corporate governance practices that were in operation throughout the financial year for the Company, identifies any Recommendations that have not been followed, and provides reasons for not following such Recommendations (**Corporate Governance Statement**).

In accordance with ASX Listing Rules 4.10.3 and 4.7.4, the Corporate Governance Statement will be available for review on Limeades' website at https://investors.limeade.com/investor-relations/?page=corporate-governance and will be lodged together with an Appendix 4G with ASX at the same time that this Annual Report is lodged with ASX.

The Appendix 4G will particularise each Recommendation that needs to be reported against by Limeade and will provide shareholders with information as to where relevant governance disclosures can be found.

The Company's corporate governance policies and charters are all available on Limeade's website https://investors.limeade.com/investor-relations/?page=corporate-governance

**Substantial holders**

As at the Reporting Date, the names of the substantial holders of the Company and the number of equity securities in which those substantial holders and their associates have a relevant interest, as disclosed in substantial holding notices given to the Company, are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Holder of Equity Securities** | **Class of Equity Securities** | **Number of Equity Securities held** | **% of total issued securities capital in relevant class** |
| Henry Albrecht | CDI's | 40311485 | 15.66% |
| Perennial Value Management Ltd | CDI's | 38037982 | 14.78% |
| Australian Ethical | CDI's | 36839990 | 14.32% |
| TVC Capital II LP | CDI's | 36658282 | 14.24% |
| Oak HC/FT Partners LP | CDI's | 27380178 | 10.64% |

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**Number of holders and securities**

Limeade Inc. has issued the following securities:

–257,396,022 CDI's

–1,074,900 Fully Paid Ordinary Shares (not quoted)

–9,098,983 Restricted Stock Units

–23,105,628 Options

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As at the Reporting Date, the number of holders in each class of equity securities is as follows:

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| | |
|:---|:---|
| **Class of Equity Securities** | **Number of holders** |
| Chess Depositary Interest (CDI) | 1,303 |
| Fully Paid Ordinary Shares (not quoted) | 4 |

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**Voting rights of equity securities**

**Ordinary Shares**

The voting rights attached to ordinary shares are that each stockholder shall be entitled to one vote for each share of capital stock held by such stockholder.

**CDI's**

In accordance with section 9 of the Company's Prospectus dated 2 December 2019, CDI holders have the following options to attend and vote at the Company's general meeting;

–instructing CDN, as the legal owner, to vote the Shares underlying their CDIs in a particular manner. A voting instruction form will be sent to CDI holders with the notice of meeting for the meeting and this must be completed and returned to the Registry prior to the meeting;

– informing Limeade that they wish to nominate themselves or another person to be appointed as CDN's proxy with respect to their Shares underlying the CDIs for the purposes of attending and voting at the general meeting; or

– converting their CDIs into a holding of Shares and voting these at the meeting (however, if thereafter the former CDI holder wishes to sell their investment on ASX, it would be necessary to convert the Shares back to CDIs). In order to vote in person, the conversion must be completed prior to the record date for the meeting. See above for further information regarding the conversion process.

As one CDI represents one Share, a CDI holder will be entitled to one vote for every CDI they hold.

**Options**

Option holders do not have any voting rights on the options held by them.

**Distribution of holders of equity securities**

The distribution of holders of equity securities on issue in the Company as at the Reporting Date is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Ranges** | **Investors** | **Securities** | **%** |
| 1 to 1000 | 412 | 234290 | 0.09% |
| 1001 to 5000 | 584 | 1380909 | 0.54% |
| 5001 to 10000 | 106 | 789397 | 0.31% |
| 10001 to 100000 | 126 | 4223737 | 1.64% |
| 100001 and Over | 75 | 250767689 | 97.42% |
| **Total** | **1303** | **257396022** | **100.00%** |

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**Less than marketable parcels of ordinary shares (UMP Shares)**

The number of holders of less than a marketable parcel of CDI's based on the closing market price at the Reporting Date is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Total Shares** | **UMP Shares** | **UMP Holders** | **% of issued shares held by UMP holders** |
| 257396022 | 521973 | 632 | 0.20 |

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**Twenty largest stockholders of quoted equity securities**

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| | | | |
|:---|:---|:---|:---|
| **Rank** | **Name** | **Balance as at 13 February 2023** | **%** |
| 1 | NATIONAL NOMINEES LIMITED | 64141133 | 24.92% |
| 2 | CITICORP NOMINEES PTY LIMITED | 54717724 | 21.26% |
| 3 | TVC CAPITAL II LP | 35618770 | 13.84% |
| 4 | OAK HC/FT PARTNERS L.P | 27380178 | 10.64% |
| 5 | J P MORGAN NOMINEES AUSTRALIA PTY LIMITED | 9693125 | 3.77% |
| 6 | BNP PARIBAS NOMINEES PTY LTD | 8623292 | 3.35% |
| 7 | ERICK RIVAS | 4272000 | 1.66% |
| 8 | CARL ALBRECHT & MOLLIE ALBRECHT | 3019728 | 1.17% |
| 9 | WRIGHT DICKINSON | 2909568 | 1.13% |
| 10 | HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED | 2863824 | 1.11% |
| 11 | RICHARD R ALBRECHT | 2585156 | 1.00% |
| 12 | CHRISTOPHER DICKINSON | 2427520 | 0.94% |
| 13 | CHRISTOPHER ACKERLEY & DIANA ACKERLEY | 2288616 | 0.89% |
| 14 | HUGH REILLY III | 1854068 | 0.72% |
| 15 | CHRISTOPHER ACKERLEY | 1827744 | 0.71% |
| 16 | BROCK ROBERTSON & HANNAH ROBERTSON | 1094662 | 0.43% |
| 17 | DANIEL E POCH | 1074212 | 0.42% |
| 18 | TVC CAPITAL PARTNERS II LP | 1039512 | 0.40% |
| 19 | JOSH GREENE | 1021104 | 0.40% |
| 20 | MARK POTVIN | 1003984 | 0.39% |
|  | **Top 20 Total** | **229455920** | **89.15%** |
|  | **Balance** | **27940102** | **10.85%** |
|  | **Total** | **257396022** | **100.00%** |

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<br>