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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": "Q1 Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%)\n$9.3, $0.8, $17.7\n6.7%, 0.5%, 10.3%",
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      "text": "Q1 Net Revenue ($M)\n$139.0, $153.2, $172.0",
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      "text": "Key Takeaways\nQ1'23 net revenue growth of 12.2% vs. Q1'22\nAverage revenue per customer up 8.4% to $270\nOpened 6 new stores in Q1'23, ending the quarter with 204 stores",
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      "text": "Adjusted EBITDA margin(1) of 10.3%, up 9.8 pts from Q1'22\nAdjusted SG&A(1) as a percent of revenue of 50.7% decreased by 12.1 pts compared to 62.8% in Q1'22; year-over-year leverage was primarily driven by reduced marketing costs, which decreased from 20.3% of revenue in Q1'22 to 11.7% in Q1'23, and adjustments to our cost structure made last year",
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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 measures.",
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      "text": "Revenue Growth % Q1'21 26.7% Q1'22 10.3% Q1'23 12.2%\nActive Customers (M) 1.89 2.23 2.29\nAvg. Revenue per Customer (LTM) $223 $249 $270\nStore Count 134 169 204",
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      "text": "% of Revenue Q1'21 Q1'22 Q1'23\nAdj. Gross Margin % (1) 60.3% 58.7% 55.2%\nAdj. SG&A %(1) 57.0% 62.8% 50.7%",
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