Company: WRBY
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001504776-25-000010
Chunk: 252

Company: Warby Parker Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 252
---
$(110,393)Adjusted to exclude the following:Interest and other income, net(10,596)(9,232)(1,307)Provision for income taxes875 433 497 Depreciation and amortization expense45,865 38,554 31,864 Asset impairment charges816 3,230 1,647 Stock-based compensation expense(1)48,409 71,065 98,655 Non-cash charitable donations(2)2,196 3,191 3,770 Amortization of cloud-based software implementation costs(3)3,704 2,895 247 ERP implementation costs(4)— 4,413 687 Other costs(5)2,232 1,000 1,535 Adjusted EBITDA$73,111 $52,352 $27,202 Adjusted EBITDA Margin9.5 %7.8 %4.5 %

__________________

(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, vesting of awards including the satisfaction of performance conditions, as well as the issuance of 48,486 shares of Class A common stock to charitable donor advised funds in February 2024. Included in stock-based compensation expense for the year ended December 31, 2023 is $2.2 million of liability based awards resulting from accrued bonuses that were settled in equity in the first quarter of 2024. For the years ended December 31, 2024, 2023, and 2022, the amount includes $1.1 million, $0.6 million, and $0.6 million of employer payroll costs associated with releases of RSUs and option exercises, respectively.

(2)    Represents charitable expense recorded in connection with the donation of 178,572 shares of Class A common stock in each of May 2024, August 2023 and May 2022 to the Warby Parker Impact Foundation, 56,938 shares of Class A common stock to charitable donor advised funds in June 2023, and 34,528 shares of Class A common stock to charitable donor advised funds in November 2022.

(3)    Represents the amortization of costs capitalized in connection with the implementation of cloud-based software.

(