Company: WRBY
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001504776-25-000027
Chunk: 45

Company: Warby Parker Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 thousands)(in thousands)Net (loss) income$(1,752)$(6,762)$1,720 $(9,441)Adjusted to exclude the following:Interest and other income, net(1,984)(2,567)(4,439)(5,123)Provision for income taxes(789)373 665 481 Depreciation and amortization expense12,486 11,121 24,648 21,704 Asset impairment charges175 22 486 421 Stock-based compensation expense(1)9,162 14,097 22,163 28,412 Non-cash charitable donation(2)2,821 2,196 2,821 2,196 Amortization of cloud-based software implementation costs752 935 1,489 2,008 System implementation costs(3)346 — 346 — Inventory write-downs(4)2,456 — 2,456 — Other costs(5)1,341 168 1,866 1,303 Adjusted EBITDA$25,014 $19,583 $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-T