Warby Parker Inc. (NYSE:WRBY) Q2 2023 Earnings Conference Call August 9, 2023 8:00 AM ET
Company Participants
Jaclyn Berkley - Head of Investor Relations
Dave Gilboa - Co-Founder, Co-Chief Executive Officer & Co-Chair
Neil Blumenthal - Co-Founder, President, Co-Chief Executive Officer & Co-Chair
Steve Miller - Senior Vice President & Chief Financial Officer
Conference Call Participants
Oliver Chen - TD Cowen
Mark Altschwager - Baird
Edward Yruma - Piper Sandler
Brooke Roach - Goldman Sachs
Janine Stichter - BTIG
Operator
Hello, and welcome to the Warby Parker Inc. 2Q 2023 Earnings Conference Call. My name is Elliot and I'll be coordinating your call today. [Operator Instructions]
I would now like to hand over to Jaclyn Berkley, Head of Investor Relations. The floor is yours. Please go ahead.
Jaclyn Berkley
Thank you, and good morning, everyone. Here with me today are Neil Blumenthal and Dave Gilboa, our Co-Founders and Co-CEOs along side Steve Miller, Senior Vice President and Chief Financial Officer.
Before we begin, we have a couple of reminders. Our earnings release and slide presentation are available on our website at investor.warbyparker.com. During this call and in our presentation, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks please review the company's SEC filings, including the section titled Risk Factors in the company's latest annual report on Form 10-K. These forward-looking statements are based on information as of August 9, 2023 and except as required by law we assume no obligation to publicly update or revise our forward-looking statements.
Additionally we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance in accordance with US GAAP. A reconciliation of our non-GAAP measures to the most directly comparable US GAAP measures can be found in this morning's press release and our slide deck available on our IR website.
And with that, I'll pass it over to Dave to kick us off.
Dave Gilboa
Good morning, and thank you for joining us today to discuss our Q2 results and our outlook for the remainder of the year. Q2 was another quarter where we delivered strong financial results, while delighting customers, gaining market share and making meaningful progress against our core strategic growth initiatives. Our net revenue of $166.1 million was up 11% year-over-year, and our adjusted EBITDA of $14.2 million represents an 8.5% margin and 450 basis points of year-over-year margin expansion. These results were delivered in spite of continued demand headwinds in the optical industry and our realignment of marketing spend as a percentage of revenue.