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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": "The following table reflects a reconciliation of each non-GAAP, or adjusted, financial measure to its most directly comparable financial measure prepared in accordance with GAAP:",
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      "text": "(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, and the impact of repurchases of awards from employees. For the three and twelve months ended December 31, 2022, the amount includes $0.2 million and $0.6 million of employer payroll costs, respectively, associated with releases of RSUs and option exercises. For the three and twelve months ended December 31, 2021, the amount includes $1.8 million and $3.4 million of employer payroll costs, respectively, associated with releases of RSUs and option exercises.\n(2) Represents charitable expense recorded in connection with the donation of 178,572 shares of Series A common stock in August 2021 and 178,572 shares of Class A common stock in May 2022 to the Warby Parker Impact Foundation, and a donation of 34,528 shares of Class A common stock to third-party charitable donor advised funds.\n(3) Represents (i) costs directly attributable to the preparation for our Direct Listing and (ii) expenses incurred in connection with the cash tender offer completed in June 2021.\n(4) Represents internal and external non-capitalized costs related to the implementation of our new ERP system which is expected to be live in 2023.\n(5) Represents employee severance and related costs for our restructuring plan that was executed in August 2022.\n(6) The adjusted provision for income taxes is based on long-term estimated annual effective tax rates of 29.46% in 2022 and 29.94% in 2021. The Company may adjust its adjusted tax rate as additional information becomes available or events occur which may materially affect this rate, including impacts from the rapidly evolving global tax environment, significant changes in our geographic mix, merger and acquisition activity, or changes in our business outlook.",
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      "text": "Unaudited, in thousands\nCost of goods sold\nAdjusted to exclude the following:\nStock-based compensation expense (1)\nAdjusted cost of goods sold\nGross profit\nAdjusted to exclude the following:\nStock-based compensation expense (1)\nAdjusted gross profit\nSelling, general, and administrative expenses\nAdjusted to exclude the following:\nStock-based compensation expense (1)\nNon-cash charitable donation(2)\nTransaction costs (3)\nERP implementation costs (5)\nRestructuring costs (6)\nAdjusted selling, general, and administrative expenses\nNet loss\nProvision for income taxes\nLoss before income taxes\nAdjusted to exclude the following:\nStock-based compensation expense (1)\nNon-cash charitable donation (2)\nTransaction costs (3)\nERP implementation costs (5)\nRestructuring costs (6)\nAdjusted provision for income taxes (4)\nAdjusted net income (loss)\nLess: undistributed adjusted net income attributable to participating securities\nAdjusted net income (loss) attributable to common stock\nAdjusted weighted average shares - diluted\nAdjusted diluted earnings (loss) per share",
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      "kind": "title",
      "text": "RECONCILIATION OF NON-GAAP MEASURES",
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