Warby Parker, Inc. (NYSE:WRBY) Q3 2023 Earnings Conference Call November 8, 2023 8:00 AM ET

Company Participants

Jaclyn Berkley - Head, IR

Dave Gilboa - Co-Founder & Co-CEO

Neil Blumenthal - Co-Founder & Co-CEO

Steve Miller - SVP & CFO

Conference Call Participants

Mark Mahaney - Evercore

Edward Yruma - Piper Sandler

Brooke Roach - Goldman Sachs

Oliver Chen - TD Cowen

Mark Altschwager - Baird

Brandon Cheatham - Citigroup

Operator

Hello, and welcome to today's Warby Parker, Inc. 3Q 2023 Earnings Conference Call. My name is Bailey and I'll be your moderator for today. All lines have been muted during the presentation portion of the call, with an opportunity for questions-and-answers at the end. [Operator Instructions].

I would now like to pass the conference to your host, Jaclyn Berkley, Head of Investor Relations. Please go ahead when you're ready.

Jaclyn Berkley

Thank you, and good morning, everyone. Here with me today are Neil Blumenthal and Dave Gilboa, our Co-Founders and Co-CEOs, alongside 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 investors.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 November 8, 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 prepared in accordance with U.S. GAAP. A reconciliation of our non-GAAP measures to the most directly comparable U.S. 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 Neil to kick us off.

Neil Blumenthal

Thank you, Jaclyn, and good morning, everyone.

Today, we look forward to discussing the drivers of our Q3 performance and our updated outlook for fiscal 2023. Our net revenue of $169.8 million was up 14.2% year-over-year. Our strongest quarterly revenue growth this year and our adjusted EBITDA of $11 million represents a 6.5% margin.