Warby Parker Inc. (NYSE:WRBY) Q3 2024 Earnings Conference Call November 7, 2024 8:00 AM ET

Company Participants

Jaclyn Berkley - Head of Investor Relations
Neil Blumenthal - Co-Founders & Co-CEOs
Dave Gilboa - Co-Founders & Co-CEOs
Steve Miller - Senior Vice President & Chief Financial Officer

Conference Call Participants

Brooke Roach - Goldman Sachs
Dana Telsey - Telsey
Oliver Chen - TD Cowen
Amy Teske - Baird
Janine Stichter - BTIG
Nick Jones - Citizens JMP

Operator

Hello and welcome to today's Warby Parker’s Third Quarter 2024 Earnings Call. My name is Bailey and I'll be your moderator for today. All lines will be muted during the presentaiton portion of the call, with an opportunity for questions-and-answers at the end. [Operator Instructions]

I'd now like to pass the conference over to our host today, 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 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 November 7, 2024, 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.

With that, I'll pass it over to Neil to kick us off.

Neil Blumenthal

Thank you, Jaclyn, and good morning, everyone. We are pleased to deliver Q3 results ahead of our guidance with net revenue of $192.4 million, representing 13.3% growth year-over-year, along with 250 basis points of adjusted EBITDA margin expansion, our highest of the year. Driving these strong results is our team's unwavering commitment to delivering on our mission, while taking share, growing sustainably and accelerating growth. We're encouraged by our team's progress against the strategic initiatives we laid out at the beginning of 2024, and believe our year-to-date results in particular, the momentum in active customers and glasses growth are evidence that our strategy is working.