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  "documentTitle": "Warby Parker | Results Presentation Deck | 28 slides",
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      "text": "Included in this presentation are certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (\"GAAP\") and which are designed to supplement, and not substitute, the Company's financial information presented in accordance with GAAP. The non-GAAP measures as defined by the Company may not be comparable to similar non-GAAP measures presented by other companies. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company's future results will be unaffected by other unusual or nonrecurring items. The Company uses \"adjusted EBITDA\", \"adjusted EBITDA margin\", \"adjusted net income\", \"adjusted COGS\", \"adjusted SG&A\", \"adjusted earnings per share\" to provide useful supplemental measures that assist in evaluating its ability to generate earnings, provide consistency and comparability with its past financial performance and facilitate period-to-period comparisons of its core operating results as well as the results of its peer companies.",
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      "text": "Sales Retention Rate is defined as the sales order value attributable to a given customer cohort as a percentage of the total sales order value attributable to the same customer cohort during the initial measurement period. The initial measurement period represents the initial purchase for each customer in a given customer cohort.",
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      "text": "Annualized Revenue Per Store is defined as total retail revenue in a given period divided by the average stores open in that period, multiplied by 4 (if quarterly figure) or 12 (if monthly figure).",
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      "text": "Average Order Value (\"AOV\") is defined as the sum of the total net revenues in a given period divided by the total orders placed in that period. Total orders are the summation of all completed individual purchase transactions in a given period.",
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      "text": "Customer Acquisition Cost (\"CAC\") is defined as acquisition costs for a given period divided by number of Active Customers during that same period. Acquisition costs is defined as total media spend plus Home Try-On costs in a given period. Home Try-On costs include customer shipping, consumable, and product fulfillment costs related to the program.",
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      "text": "Average Sales Per Square Foot is a measure that applies to a subset of our retail stores that have been open for 12 months or more and were also open each month during the measurement period (other than for temporary closures in the ordinary course of business, such as for inclement weather). For this subset of retail stores, Average Sales Per Square Foot is an average of each retail store's sales divided by selling square feet per retail store. Selling square feet refers to the square feet within our retail stores that are used to generate sales and excludes storage space and other non-sales generating square feet.",
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      "text": "Active Customers is defined as unique customer accounts that have made at least one purchase in the preceding 12-month period. The Company calculates \"net revenues per active customer\" as the sum of the total net revenues in the preceding 12-month period divided by the current period Active Customers.",
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      "text": "Four-Wall Margin is a measure that applies to a subset of our retail stores that have been open for 12 months or more and were also open each month during the measurement period (other than for temporary closures in the ordinary course of business, such as for inclement weather and ordinary course repairs). For this subset of retail stores, Four-Wall Margin is an average of each retail store's sales less cost of sales including occupancy, store labor and store operating expenses, divided by average sales per retail store.",
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      "text": "The Company calculates \"adjusted EBITDA\" as net income (loss) before interest and other income, taxes, and depreciation and amortization as further adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, and non-recurring costs such as direct listing or other transaction costs. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net revenue.",
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      "text": "The Company calculates \"adjusted SG&A\" as SG&A adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, and non-recurring costs such as direct listing or other transaction costs.",
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      "text": "The Company calculates \"adjusted COGS\" as cost of goods sold adjusted for stock-based compensation expense and related employer payroll taxes. The Company calculates adjusted gross profit as net revenue minus adjusted COGS.",
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      "text": "The Company calculates \"adjusted net income\" as net income (loss) adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, and non-recurring costs such as direct listing or other transaction costs, and as further adjusted for estimated income tax on such adjusted items. The Company calculates \"adjusted earnings per share\" as adjusted net income divided by diluted shares outstanding.",
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      "text": "The Company has also included in this presentation the following metrics which are operational and business metrics that are important to understanding Company performance:",
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      "text": "NON-GAAP FINANCIAL MEASURES AND KEY OPERATING METRICS",
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