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  "documentTitle": "Warby Parker | Results Presentation Deck | 31 slides",
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  "authorName": "Warby Parker",
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  "presentationDate": "2023-05-01 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, and vesting of awards including the satisfaction of performance conditions. For the three months ended March 31, 2023 and 2022, the amount includes $0.1 million and $0.2 million of employer payroll costs, respectively, associated with releases of RSUs and option exercises.\n(2) Represents costs directly attributable to the preparation for our Direct Listing.\n(3) Represents internal and external non-capitalized costs related to the implementation of our new ERP system.\n(4) The adjusted provision for income taxes is based on long-term estimated annual effective tax rate of 29.46% in 2023 and 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)\nTransaction costs (2)\nERP implementation costs (3)\nAdjusted selling, general, and administrative expenses\nNet (loss) income\nProvision for income taxes\nLoss before income taxes\nAdjusted to exclude the following:\nStock-based compensation expense (1)\nTransaction costs (2)\nERP implementation costs (3)\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\nThree Months Ended March 31\n2023\n2022\n2021\n$77,177\n$63,572\n$55,192\n198\n235\n-\n$76,979\n$63,337\n$55,192\n$94,791\n$89,646\n$83,781\n198\n235\n-\n$94,989\n$89,881\n$83,781\n$107,221\n$123,386\n$80,760\n19,668\n21,142\n1,261\n-\n-\n278\n403\n-\n-\n$87,150\n$96,244\n$79,221\n($10,812)\n($34,133)\n$3,011\n261\n539\n144\n(10,551)\n(33,594)\n3,155\n19,866\n27,377\n1,261\n-\n-\n278\n403\n-\n-\n(2,863)\n1,832\n(1,405)\n$6,855\n($4,385)\n$3,289\n-\n-\n(4,613)\n$6,855\n($4,385)\n($1,324)\n116,910,723\n114,103,766\n53,946,980\n$0.06\n($0.04)\n($0.02)",
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      "kind": "title",
      "text": "RECONCILIATION OF NON-GAAP MEASURES",
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