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  "documentTitle": "Warby Parker | Results Presentation Deck | 25 slides",
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  "authorName": "Warby Parker",
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  "presentationDate": "2024-02-01 00:00:00",
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      "text": "Full-Year Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%)\n$24.9\n4.6%\n$27.2\n4.5%\n$52.4\n7.8%",
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      "text": "Q4 Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%)\n($6.4)\n(4.8%)\n$8.6\n5.8%\n$9.4\n5.8%",
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      "text": "Key Takeaways\nQ4 2023 Highlights\nAdjusted EBITDA margin(1) of 5.8%, flat to Q4'22\nAdjusted gross margin(1) was 54.0% compared to 55.2% in Q4'22, primarily driven by increased penetration of contacts and continued retail and exam expansion\nAdjusted SG&A(1) as a percent of revenue of 56.4% increased by 80 bps compared to 55.6% in Q4'22; year-over-year deleverage was primarily driven by increased media spend as well as labor associated with our store expansion\nFY 2023 Highlights\nAdjusted EBITDA margin(1) of 7.8%, up 330 bps from FY 2022\nAdjusted gross margin(1) was 54.7% compared to 57.2% in FY 2022, primarily driven by increased penetration of contacts and continued retail and exam expansion\nAdjusted SG&A(1) as a percent of revenue of 53.5% decreased by 470 bps compared to 58.3% in FY 2022",
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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": "% of Revenue FY 2021 FY 2022 FY 2023\nAdj. Gross Margin % (1) 59.0% 57.2% 54.7%\nAdj. SG&A % (1) 58.4% 58.3% 53.5%",
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      "text": "% of Revenue Q4'21 Q4'22 Q4'23\nAdj. Gross Margin % (1) 57.5% 55.2% 54.0%\nAdj. SG&A % (1) 67.3% 55.6% 56.4%",
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      "text": "ADJUSTED EBITDA PERFORMANCE",
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