Warby Parker Inc. · NYSE:WRBY

Warby Parker — Q1 2025 Earnings Presentation

20 slides from Warby Parker's earnings presentation, May 8, 2025

  1. Slide 1: First Quarter 2025 Earnings Report

    First Quarter 2025 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 that help people see

    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: Q1 2025: Financial Highlights

    Q1 2025: Financial Highlights $224M 11.9% 8.7% $310 56.4% $29.2M 13.1% $13.2M (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: Quarterly Financial Performance

    Quarterly Financial Performance $224 $29 $200 $172 $22 $18 16.3% y/y growth 12.2% 11.9% % margin 13.1% 11.2% 10.3% (1) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures. (2) Q1’24 revenue benefited from $2 million for the extra day due to the Leap Year as we

  7. Slide 7: Quarterly Business Highlights

    Quarterly Business Highlights $223.8 2.57 $200.0 $192.4 $190.6 2.51 $188.2 2.43 8.7% 2.39 7.8% 2.36 17.8% 16.3% 5.6% 13.3% 13.3% 11.9% 4.5% 3.2% $302 $305 $307 $310 $29.2 $296 $22.4 $19.6 13.1% 11.2% $17.3 $13.8 10.4% 9.6% 8.8% 9.0% 7.3% 7.5% 6.8% 4.8% (1) Key operating metric. See definition in appe

  8. Slide 8: 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 3/31/2025 are presented. (1) 2019 cohort was impa

  9. Slide 9: Slide 9

  10. Slide 10: Expanding Retail Footprint With Significant White Space For New Stores

    Expanding Retail Footprint With Significant White Space For New Stores 900+ 287 open retail stores 287 282 U.S. and 5 Canada 96 markets 43 states or provinces 219 cities Current Potential 11 net new retail stores in Q1 2025 footprint footprint1 Store presence in 47 of the 50 most populous markets in

  11. Slide 11: Shoppes at Brinton Lake (Glen Mills, PA) University Place (Orem, UT)

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

  12. Slide 12: Full Year 2025 Outlook

    Full Year 2025 Outlook Net Revenue Adjusted EBITDA(1) $869M–$886M $91M–$97M ~13–15% y/y growth ~10.5-11.0% margin(1) Q2 2025 Outlook Net Revenue Adjusted EBITDA(1) $211M–$214M $20M–$22M ~12–14% y/y growth ~10% margin(1)(2) (1) Non-GAAP financial term. See appendix for definition of non-GAAP measures a

  13. Slide 13: Supplemental Details

    Supplemental Details

  14. Slide 14: Net Revenue by Quarter (2021–2025)

    Net Revenue by Quarter (2021–2025) +17% $224 +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%)

  15. Slide 15: Appendix

    Appendix

  16. Slide 16: 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

  17. Slide 17: Reconciliation of Adjusted EBITDA to Net Income

    Reconciliation of Adjusted EBITDA to Net Income Three Months Ended March 31 Unaudited, in thousands 2025 2024 Net income (loss) $3,472 ($2,679) Adjusted to exclude the following: Interest and other income, net (2,455) (2,556) Provision for income taxes 1,454 108 Depreciation and amortization expense

  18. Slide 18: Supplemental Financial Information

    Supplemental Financial Information REPORTED Year Ended March 31 Unaudited, in thousands 2025 2024 2025 vs. 2024 Net Revenue $223,782 $200,003 11.9% Gross Profit $125,980 $113,459 11.0% % of Revenue 56.3% 56.7% (40 bps) Total SG&A $123,509 $118,586 4.2% % of Revenue 55.2% 59.3% (410 bps) Net income (

  19. Slide 19: 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.

  20. Slide 20: Thank You

    Thank You

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