Company: WRBY
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001504776-25-000027
Chunk: 84

Company: Warby Parker Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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583 $54,221 $41,961 Adjusted EBITDA Margin11.7 %10.4 %12.4 %10.8 %__________________

(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 depending upon various factors including the timing, number, and the valuation of awards granted, and vesting of awards including the satisfaction of performance conditions. For both the three months ended June 30, 2025 and 2024, the amount includes $0.3 million of employer payroll taxes associated with releases of RSUs and option exercises. For the six months ended June 30, 2025 and 2024, the amount includes $0.9 million and $0.5 million, respectively, of employer payroll taxes associated with releases of RSUs and option exercises.

(2)    Represents charitable expense recorded in connection with the donation of 178,572 shares of Class A common stock in both May 2025 and May 2024 to the Warby Parker Impact Foundation.

(3)    Represents costs related to the implementation of major new enterprise software systems.

(4)    Represents one-time inventory write-downs primarily related to the decision to sunset our Home-Try On program at the end of this year.

(5)    Represents restructuring costs incurred in the second quarter of 2025 and charges for certain legal matters outside the ordinary course of business.

Results of Operations

The results of operations presented below should be reviewed in conjunction with the condensed consolidated financial statements and notes included elsewhere in this Quarterly Report on Form 10-Q. The following tables set forth our results of operations for the periods presented in dollars and as a percentage of net revenue:

Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)(in thousands)Net revenue$214,475 $188,222 $438,257 $388,225 Cost of goods sold100,866 82,840 198,668 169,384 Gross profit113,609 105,382 239,589 218,841 Selling, general, and administrative expenses118,134 114,338 241,643 232,924 Loss from operations(4,525)(8,956)(2,054)(14,083)Interest and other income, net1,