Warby Parker Inc. · NYSE:WRBY

Warby Parker — Q4 2024 Earnings Presentation

23 slides from Warby Parker's earnings presentation, Feb 27, 2025

  1. Slide 1: Q4 and Full-Year 2024 Earnings Report

    Q4 and Full-Year 2024 Earnings Report Speakers: DAVE DAVE GILBOA GILBOA | Co-Founder Co-Founder & & Co-CEO Co-CEO NEIL NEILBLUMENTHAL BLUMENTHAL || Co-Founder Co-Founder&&Co-CEO Co-CEO STEVE MILLER | SVP & Chief FinancialOfficer STEVE MILLER | SVP & Chief Financial Officer

  2. Slide 2: Forward-Looking Statements / Non-GAAP Financial Measures

    Forward-Looking Statements / Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not

  3. Slide 3: Since our founding, we've pioneered ideas, designed products, and developed technologies

    Since our founding, we’ve pioneered ideas, designed products, and developed technologies that help people see.

  4. Slide 4: Company Overview

    Company Overview 1. Since 2010, we’ve offered high-quality prescription eyewear—designed in-house—starting at $95 and delivered industry-leading customer experiences. 2. We’ve helped pioneer the vertically integrated, direct-to-consumer model while evolving from a glasses-only business into a holist

  5. Slide 5: Full Year 2024: Financial Highlights

    Full Year 2024: Financial Highlights $771M 15.2% 7.8% $307 55.5% $73M 9.5% $35M (1) Key operating metric. See definition in appendix. (2) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures.

  6. Slide 6: 2024 Milestones and Accomplishments

    2024 Milestones and Accomplishments Grew active customer base to 2.51 million Launched 17 collections Introduced Precision Progressives online Opened 41 stores, reaching 276 in fleet Scaled eye exams to 236 locations Expanded insurance, contacts, and exam penetration 15M pairs of glasses distributed

  7. Slide 7: Annual Financial Performance

    Annual Financial Performance $73 $771 $670 $598 $52 15.2% $27 y/y growth 12.0% 10.6% 9.5% % margin 7.8% 4.5% (1) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures.

  8. Slide 8: Quarterly Business Highlights

    Quarterly Business Highlights $200 $192 2.51 $188 $191 $172 $166 $170 2.43 $162 2.39 7.8% 2.36 17.8% 2.33 16.3% 2.29 2.28 2.30 5.6% 12.2% 14.2% 13.3% 13.3% 4.5% 11.0% 10.5% 3.2% 2.5% 2.5% 1.2% 1.8% $296 $302 $305 $307 $284 $287 $22 $270 $277 $20 $18 $17 $14 $14 $11 $9 10.0% 9.3% 9.6% 10.3% 11.2% 10.

  9. Slide 9: 2025 Strategic Priorities

    2025 Strategic Priorities Invest in Brand Drive Glasses Enhance Scale Holistic Awareness Growth Omnichannel Vision Care Experience Deliver customer-led growth Launch ~20 collections Grow contacts business Increase marketing dollars Introduce new sizes, shapes, Open 45 stores, including five Expand ex

  10. Slide 10: Future Growth Opportunities Lead to Higher Customer Value Over Time

    Future Growth Opportunities Lead to Higher Customer Value Over Time +12 months: Holistic Vision Customers who purchase 2.6x higher Customers (Glasses + holistic offering (glasses, Initial purchase: +6 months: Contacts + Vision Holistic Vision 2.2x higher Services) contacts, and exams) have a Custome

  11. Slide 11: Compelling and Consistent Sales Retention Rates

    Compelling and Consistent Sales Retention Rates >100% ~80% ~50% ~25% Source: Company data Note: Sales Retention Rate based on customer cohort sales order value and months since initial purchase. Only cohorts with a full period of data available as of 12/31/2024 are presented. (1) 2019 cohort was imp

  12. Slide 12: Slide 12

  13. Slide 13: Expanding Retail Footprint With Significant White Space For New Stores

    Expanding Retail Footprint With Significant White Space For New Stores 900+ 276 open retail stores 276 271 U.S. and 5 Canada 93 markets 42 states or provinces 209 cities Current Potential 41 new retail stores in FY 2024 footprint footprint1 Store presence in 47 of the 50 most populous markets in the

  14. Slide 14: Shoppes at Brinton Lake (Glen Mills, PA) University Place (Orem, UT)

    Shoppes at Brinton Lake (Glen Mills, PA) University Place (Orem, UT)

  15. Slide 15: FY 2025 Outlook

    FY 2025 Outlook Net Revenue Adjusted EBITDA $878–893M $97M ~14–16% y/y growth ~11% margin1 Q1 2025 Outlook Net Revenue Adjusted EBITDA $223.5–225.5M $27–28M ~12–13% y/y growth2 ~12% margin1 (1) At the midpoint of our range. Non-GAAP financial term. See appendix for definition of non-GAAP measures and

  16. Slide 16: Supplemental Details

    Supplemental Details

  17. Slide 17: Net Revenue by Quarter (2021-2024)

    Net Revenue by Quarter (2021-2024) +24% $200 $192 $191 +17% $188 +15% $172 $170 $153 $166 $162 $150 $149 $146 $139 $137 $132 $133 Average = $193M Average = $167M Average = $150M Average = $135M 26% 24% 25% 25% 26% 25% 25% 24% 26% 25% 25% 24% 26% 24% 25% 25% 23% (5%) 4% (3%) 15% (2%) (1%) (2%) 17% (3

  18. Slide 18: Appendix

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  19. Slide 19: Non-GAAP Financial Measures and Key Operating Metrics

    Non-GAAP Financial Measures and Key Operating Metrics Included in this presentation are certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) and which are designed to supplement, and not substitute, the Company’s financial informa

  20. Slide 20: Reconciliation of Adjusted EBITDA to Net Income

    Reconciliation of Adjusted EBITDA to Net Income Three Months Ended December 31 Year Ended December 31 Unaudited, in thousands 2024 2023 2024 2023 Net loss ($6,877) ($19,047) ($20,390) ($63,197) Adjusted to exclude the following: Interest and other income, net (2,631) (2,417) (10,596) (9,232) Provisi

  21. Slide 21: Supplemental Financial Information

    Supplemental Financial Information REPORTED REPORTED Three Months Ended December 31 Year Ended December 31 Unaudited, in thousands 2024 2023 2024 vs. 2023 2024 2023 2024 vs. 2023 Net Revenue $190,643 $161,855 17.8% $771,315 $669,765 15.2% Gross Profit $103,126 $87,066 18.4% $426,834 $365,224 16.9% %

  22. Slide 22: Reconciliation of non-GAAP financial measures to GAAP

    The following table reflects a reconciliation of each non-GAAP, or adjusted, financial measure to its most directly comparable financial measure prepared in accordance with GAAP.

  23. Slide 23: Thank You

    Thank You

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