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  "documentTitle": "Warby Parker | Results Presentation Deck | 36 slides",
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  "authorName": "Warby Parker",
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  "presentationDate": "2023-02-01 00:00:00",
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      "text": "Full-Year Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%) $7.7 $24.9 $27.2 1.9% 4.6% 4.5%",
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      "text": "Q4 Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%) $1.1 ($6.4) $8.6 0.9% (4.8%) 5.8%",
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      "text": "Key Takeaways Q4 2022 Highlights Adjusted EBITDA margin (1) of 5.8%, up 10.6 pts from Q4'21 Adjusted gross margin (1) was 55.2% compared to 57.5% in Q4'21, primarily driven by increased penetration of contacts reflecting strategy to grow contact lens offering Adjusted SG&A(1) at 55.6% of revenue, down 11.7 pts from Q4'21 largely due to pull back in marketing spend FY 2022 Highlights Adjusted EBITDA margin (1) of 4.5%, down 0.1 pts from FY 2021 Second half adjusted EBITDA margin(1) of 6.9% was 470 basis points higher than first half of 2.2% Adjusted gross margin (1) was 57.2% compared to 59.0% in FY 2021 Adjusted SG&A(1) as a percent of revenue of 58.3% compared to 58.4% in FY 2021",
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      "kind": "source-note",
      "text": "(1) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Margin, and Adjusted SG&A are non-GAAP measures. See the appendix for reconciliations to the nearest GAAP metrics",
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      "text": "% of Revenue Q4'20 Q4'21 Q4'22 Adj. Gross Margin % (1) 57.8% 57.5% 55.2% Adj. SG&A % (1) 61.3% 67.3% 55.6%",
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      "kind": "table",
      "text": "% of Revenue FY 2020 FY 2021 FY 2022 Adj. Gross Margin % (1) 58.9% 59.0% 57.2% Adj. SG&A % (1) 61.6% 58.4% 58.3%",
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      "kind": "title",
      "text": "ADJUSTED EBITDA PERFORMANCE",
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