Company: WRBY
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001104659-25-040245
Chunk: 31

Company: Warby Parker Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 31
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 Parker was founded with a mission to inspire and impact the world with vision, purpose, and style. We aim to demonstrate that a business can scale and do good in the world—without charging a premium for it. Our executive compensation program is designed to drive performance by aligning compensation with business performance and the long-term success of the Company, in part, by compensating executives and key employees based on the attainment of operating goals that positively impact our stakeholders, including our stockholders, while avoiding the promotion of excessive risk-taking. At this phase in the growth of our business, a majority of the total direct compensation of our NEOs is directly tied, through the use of equity awards, to the value of our Common Stock. 2024 Financial & Operating Highlights In 2024, the Company achieved double-digit revenue growth each quarter while accelerating customer and glasses growth, delivering against strategic initiatives and creating exceptional customer experiences. Highlights of 2024 included: ● Net revenue increased $101.6 million year-over-year, or 15.2%, to $771.3 million. ● Average Revenue per Customer 1 increased 6.8% year-over-year to $307. ● Active Customers 1 increased 7.8% year-over-year to 2.51 million. ● GAAP net loss improved $42.8 million year-over-year to $20.4 million. ● Adjusted EBITDA 2 increased $20.8 million year-over-year to $73.1 million, and Adjusted EBITDA Margin 2 increased 1.7 points year-over-year to 9.5%. ● Net cash provided by operating activities was $98.7 million compared to $61.0 million in 2023. ● Generated $34.7 million of full year Free Cash Flow 2 . ● Opened 41 new stores during the year, ending 2024 with 276 stores. ● Expanded insurance penetration by significantly increasing in-network lives. 2024 Compensation Highlights The Compensation Committee made the following compensation-related decisions for our NEOs for 2024: ● Each of our NEOs received increases in their target annual cash compensation for 2024 to better position their pay in line with competitive market practices: ● Each of our NEOs received a base salary increase equal to approximately 6.0%. ● The target bonus opportunities for the Co-CEOs and the Chief Financial Officer were increased to 90% and 65% of base salary, respectively. ● Our 2024 Annual Bonus Program was earned