Warby Parker Inc. · NYSE:WRBY

Warby Parker — Q1 2024 Earnings Presentation

20 slides from Warby Parker's earnings presentation, May 9, 2024

  1. Slide 1: First Quarter 2024 Earnings Report

    FIRST QUARTER 2024 EARNINGS REPORT Speakers: DAVE GILBOA | Co-Founder & Co-CEO NEIL BLUMENTHAL | Co-Founder & Co-CEO STEVE MILLER | SVP & Chief Financial Officer

  2. Slide 2: Forward-looking statements and non-GAAP disclosure

    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 limited to, expectations of future operating results or fi

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

    SINCE OUR F O U N D I N G, W E ’ V E P I O N E E R E D I D E AS, D E S I G N E D P R O D U C T S, A N D D E V E LO P E D T E C H N O LO G I E S T H AT H E L P P E O P L E S E E.

  4. Slide 4: Since 2010, we've offered high-quality prescription eyewear

    1. Since 2010, we’ve offered high-quality prescription eyewear—designed in-house—starting at $95 and delivered industry-leading customer experiences 2. Our sales represent approximately 1% of the $66 billion U.S. eyewear market 3. We helped pioneer the vertically integrated, direct-to-consumer model

  5. Slide 5: Q1 2024 key metrics

    $200M 16.3% 2.36M $296 245 $22.4M 11.2% $5.5M (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: Q1'24 net revenue growth of 16.3%

    $172.0 $200.0 $153.2 16.3% 10.3% 12.2% ● Q1’24 net revenue growth of 16.3% vs. Q1’23 ● Average revenue per customer up 9.6% to $296 2,232 2,287 2,361 ● Opened 8 net new stores in Q1’24, ending the $249 $270 $296 quarter with 245 stores 169 204 245 $22.4 ● Adjusted EBITDA margin(1) of 11.2%, up 0.9 p

  7. Slide 7: Customer cohort sales retention

    Source: Company data Note: Sales retention based on customer cohort sales order value and months since initial purchase. Only cohorts with a full period of data available as of 3/31/2024 are presented. (1) 2019 cohort was impacted by onset and continuation of COVID pandemic in 2020 and 2021, which i

  8. Slide 8: Slide 8

  9. Slide 9: Retail store footprint and potential

    900+ 245 open retail stores 245 240 U.S. and 5 Canada 83 markets 39 states 182 cities Current Potential 8 net new retail stores in Q1 2024 footprint Footprint(1) Store presence in 47 of the 50 most populous markets in the U.S. Location types: ~31% street, ~44% outdoor center, ~25% indoor center As o

  10. Slide 10: Station Park and Shoppes at Webb Ginn stores

    Station Park (Farmington, UT) Shoppes at Webb Ginn (Snellville, GA)

  11. Slide 11: Q2 and full-year 2024 guidance

    $753–761M $70.0M ~12.5–13.5% ~9.2% $185–187M $17.0M ~11.5–12.5% ~9.1% (1) At the midpoint of our range. Non-GAAP financial term. See appendix for definition of non-GAAP measures and the note at the beginning of the presentation regarding reconciliation of non-GAAP measures in guidance.

  12. Slide 12: Slide 12

  13. Slide 13: Supplemental Details

    S U P P L E M E N TA L D E TA I L S

  14. Slide 14: Net Revenue by Quarter (2019 — Q1 2024)

    NET REVENUE BY QUARTER (2019 — Q1 2024) Net revenue in bars ($M) 2019 2020 Onset of coviID $94 $89 Average = $1 Average = $150M $67 Average = $135M Average = $98M Average = $93M Q119 Q2149 Q319 Q419 | Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4’21 = Q1'22 Q2’22 Q3'22 Q4’22 Q1'23 Q2'23 Q3’23 Q4’'23

  15. Slide 15: Appendix

    APPENDIX

  16. Slide 16: Non-GAAP financial measures definitions

    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 information presented in accordance with GAAP. The non-GAAP m

  17. Slide 17: Adjusted EBITDA reconciliation

    ($2,679) ($10,812) (2,556) (1,878) 108 261 10,583 9,140 399 395 14,315 19,866 1,073 363 - 403 1,135 - $22,378 $17,738 11.2% 10.3% (1) Represents expenses related to the Company’s equity-based compensation programs and related employer payroll taxes, which may vary significantly from period to period

  18. Slide 18: Supplemental Financial Information

    S U P P L E M E N TA L F I N A N C I A L I N F O R M AT I O N

  19. Slide 19: Reconciliation of Non-GAAP Measures

    R E C O N C I L I AT I O N O F N O N - G A A P M E A S U R E S 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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