Company: WRBY
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001504776-25-000033
Chunk: 46

Company: Warby Parker Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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5202420252024(in thousands)(in thousands)Net income (loss)$5,874 $(4,072)$7,594 $(13,513)Adjusted to exclude the following:Interest and other income, net(2,179)(2,842)(6,618)(7,965)(Benefit from) provision for income taxes(125)301 540 782 Depreciation and amortization expense12,532 11,829 37,179 33,533 Asset impairment charges25 101 511 522 Stock-based compensation expense(1)7,328 10,961 29,490 39,373 Non-cash charitable donation(2)— — 2,821 2,196 Amortization of cloud-based software implementation costs903 854 2,391 2,862 System implementation costs(3)827 — 1,173 — Inventory write-downs(4)— — 2,456 — Other costs(5)560 176 2,428 1,479 Adjusted EBITDA$25,745 $17,308 $79,965 $59,269 Adjusted EBITDA Margin11.6 %9.0 %12.1 %10.2 %__________________

(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 the three months ended September 30, 2025 and 2024, the amount includes $0.3 million and $0.2 million, respectively, of employer payroll taxes associated with releases of RSUs and option exercises. For the nine months ended September 30, 2025 and 2024, the amount includes $1.2 million and $0.7 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