Warby Parker Q4 2024 Earnings Report

Warby Parker EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.03
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Warby Parker Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $187.63 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Warby Parker Announcement Details

• Quarter: Q4 2024
• Date: 2/27/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, February 27, 2025
• Conference Call Time: 8:00AM ET

Warby Parker (NYSE:WRBY) (NYSE:WRBY) is a vertically integrated eyewear company that designs, manufactures, and sells prescription eyeglasses, sunglasses, contact lenses and related accessories. Since its founding in 2010, the company has built a direct-to-consumer model that combines online retail with a growing network of brick-and-mortar showrooms. Its core offerings include a Home Try-On program for eyeglasses, virtual try-on tools, and on-site eye examinations at select retail locations.

Headquartered in New York City, Warby Parker serves customers across the United States and Canada through its e-commerce platform and more than 200 retail stores. The company controls its entire supply chain—from frame design and lens production to wholesale and retail distribution—allowing for competitive pricing and consistent quality. Its product lineup spans a range of frame styles, materials and price points, catering to diverse consumer preferences.

Throughout its history, Warby Parker has emphasized social responsibility. For every pair of glasses sold, the company has partnered with nonprofits and vision care organizations to distribute a pair to someone in need. This “Buy a Pair, Give a Pair” initiative has funded millions of vision screenings and corrective eyewear in underserved communities worldwide, reinforcing the brand’s mission-driven ethos.

Warby Parker was founded by Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, who sought to disrupt the traditional eyewear industry by combining design, technology and social impact. Currently, Neil Blumenthal and Dave Gilboa serve as co-CEOs, leading a management team focused on omnichannel growth, innovation in lens technology and expansion of telehealth services. As the company continues to scale its retail footprint and digital capabilities, it remains committed to providing accessible, stylish eyewear backed by strong customer support.

Warby Parker Q4 2024 Earnings Call Transcript

Key Takeaways

• Warby Parker delivered its strongest quarter since 2021 with Q4 revenue up 17.8% year-over-year and full-year revenue growth of 15.2%, while expanding adjusted EBITDA margin by approximately 170 basis points.
• The company grew its omnichannel footprint by opening 41 new stores in 2024, achieved positive e-commerce growth for the first time since 2021, and expanded its insurance network to over 30 million lives.
• For 2025, Warby Parker plans to invest in marketing at low-teens percent of revenue, open 45 new stores (including five Target shop-in-shops), and enhance its digital experience with AI-driven personalization tools.
• Holistic vision care remains a priority as contacts grew 36% and eye exams grew 41% in 2024, with progressives still at only 22% penetration, highlighting room to drive higher-value lens upgrades.
• Guidance for 2025 calls for revenue of $878 million–$893 million (14%–16% growth) and adjusted EBITDA of $97 million (≈11% margin), with Q1 revenue of $223.5 million–$225.5 million and EBITDA around $27 million–$28 million.

Presentation

[Operator]

Hello and welcome to today's Warby Parker Fourth Quarter twenty twenty four Earnings Call. My name is Bailey, and I will be your moderator for today.

[Operator]

All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.

[Operator]

I'd now like to pass the call over to Jacqueline Berkley, Head of Investor Relations. So please go ahead when you're ready.

[Jaclyn Berkley, VP - Head of Investor Relations at Warby Parker]

Thank you, and good morning, everyone. Here with me today are Neil Blumenthal and Dave Gilboa, our cofounders 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.

[Jaclyn Berkley, VP - Head of Investor Relations at Warby Parker]

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 ks. These forward looking statements are based on information as of 02/27/2025, 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.

[Jaclyn Berkley, VP - Head of Investor Relations at Warby Parker]

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.

[Jaclyn Berkley, VP - Head of Investor Relations at Warby Parker]

And with that, I'll pass it over to Dave to kick us off.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Thank you, Jacqueline, and good morning, everyone. In 2024, we set ambitious goals for ourselves and we're proud to report that our team delivered, punctuated by a strong Q4, our highest revenue growth quarter since 2021. For the full year, we drove revenue growth above 15% and expanded adjusted EBITDA margins by approximately 170 basis points, while making meaningful progress against our long term strategic initiatives and delivering millions of pairs of glasses to people in need. We achieved our second consecutive year of accelerated revenue growth by opening 41 new stores and maintaining our industry leading unit economics while driving positive e commerce growth for the first time since 2021. This growth was primarily driven by improved customer and glasses growth, which we expect will be the core drivers of our business for years to come. We set out to fuel brand awareness and affinity by investing in marketing spend, and we saw active customer growth accelerate in every quarter last year.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

We committed to expanding insurance and our holistic vision care strategy, and we significantly increased in network lives while growing contacts and exams by 3641%, respectively. We accomplished all this while maintaining an unwavering focus on profitable, sustainable growth, resulting in a 40% increase in adjusted EBITDA versus 2023. We believe this execution lays a strong foundation for the years ahead and gives us confidence in our 2025 plan as we look to build on this momentum. This month, we celebrated fifteen years since our founding when we set out to demonstrate that business and impact can go hand in hand. From day one, we sought to provide vision for all while delivering exceptional customer experiences at great value.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

And today, that remains at the heart of everything we do. The Warby Parker of today is who we aspire to be fifteen years ago, and we have even more conviction in our vision than ever before. As we think about our next fifteen years and beyond, we believe there are tremendous tailwinds in our category. The incidence of myopia continues to rise rapidly, and it's estimated that by 02/1950, over half of the world's population will need corrective vision, presenting both a profound responsibility and tremendous opportunity. And while The U.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

S. Market remains large at an estimated $68,000,000,000 we believe its customers are largely underserved because of structural barriers, limited innovation, complex pricing, and inadequate customer service. Despite lower than usual growth in the optical industry over the last few years, our team has proven that our brand, product assortment, omnichannel offering and value proposition resonate across all market conditions, and we believe we are as well positioned as ever to continue taking share and leading with innovation for years to come. In 2025, we plan to sustain and expand the momentum we have built over the last few quarters. We expect to continue to drive strong top line and adjusted EBITDA growth by investing further in customer acquisition, opening more stores than ever, scaling our insurance business, introducing products that offer unbeatable value, and delivering exceptional customer experiences.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Now, Neil and I will cover our 2025 strategic priorities before Steve goes into more detail on our Q4 and 2024 results and our 2025 financial plan. I'll start first with marketing spend. We plan to drive more customer led growth in 2025 by continuing to invest efficiently in both brand awareness and customer acquisition. We believe our strategic marketing investments in 2024 drove growth across several key dimensions, including customers, glasses, retail traffic, and ecom, and these strong results give us confidence to scale marketing spend in 2025 while maintaining it in the low teens as a percent of revenue. Throughout 2024, we were able to invest efficiently across a variety of channels as our team evaluated different messages and tactics.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

In 2025, we plan to leverage an enhanced data driven media mix model to make real time optimizations. We see significant opportunities to scale spend across channels, and we're excited to have even more advanced analytics to inform these decisions. Stores remain our largest and most efficient drivers of customer growth. Our 45 openings planned for this year, up from 41 in 2024, skewed towards existing markets, and we believe the additional market density will help drive awareness. One trend we observed throughout 2024 was that e comm growth was highest in many of our largest retail markets, reinforcing our confidence that overall market growth benefits from store density and therefore greater brand awareness.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

We continue to find that our happy customers are our best marketing channel, and the more of them we have in the market, the better it is for growth across channels. Last year, we saw encouraging results from more intentional media to drive local store awareness through campaigns that included direct mail and localized digital ads. We will look to do more of that this year. This not only helps to drive awareness with new customers, but also long time customers who think of Warby Parker as an online only business. Due in part to these efforts, we drove an improvement in traffic throughout the year, including an acceleration in Q4.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Earned media continues to be a powerful driver of awareness, with twenty twenty four initiatives like our Solar Eclipse campaign and Emma Chamberlain collaboration generating significant press, in store traffic and brand engagement. These high impact moments reinforce the power of our brand and our ability to connect with customers in clever, meaningful ways. Strong retention and repeat purchasing patterns further validate the power of our brand, with revenue retention rates of approximately 50% over twenty four months and greater than 100% over forty eight months for our twenty twenty cohort. Our insurance business serves as a powerful complement to our traditional customer acquisition channels, expanding access to new customers while driving higher value purchases and repeat purchasing. 2024 was a transformative year for our insurance business.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

With the successful integration of Versant Health, we expanded our in network coverage to over 30,000,000 lives, unlocking a significant opportunity to serve more customers utilizing their vision care benefits at Warby Parker. We believe this expansion not only strengthens our position in the market but also sets the stage for long term growth as we scale utilization and see average revenue per member increase. While it is still early days, we are seeing promising trends for Versant members. Utilization is tracking in line with or slightly ahead of prior carrier integrations, and it is already attracting a higher percent of new customers than our non insurance business. Insurance customers continue to be some of our highest value customers, spending more on their initial purchases, selecting progressive lenses at a higher rate, and returning more frequently.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

As we move into 2025, we'll focus on scaling existing integrations while driving greater awareness across their member bases. In parallel, we continue to think there's an opportunity to educate customers about using their out of network benefits at Orby Parker. Right now, we estimate around 60% of our customers have vision insurance, and most out of network plans cover an average of $100 reimbursement for a pair of glasses or contacts, meaning that these customers often pay $0 out of pocket for their eyewear purchase at Warby Parker. Our next strategic priority is driving further growth in glasses, building on our momentum in both single vision and progressives. In 2024, glasses grew approximately 12 year over year, up from 8% the prior year, driven by continued growth in progressives, the expansion of complex lens types and enhancements, as well as an acceleration in single vision lenses, which represent the majority of our prescription eyewear business.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Progressives overall still only represent approximately 22 of our prescription glasses sold in 2024, and we believe there's a significant opportunity to increase penetration over time. At the same time, it was encouraging to see the acceleration in single vision lenses throughout 2024 and, in particular, in Q4. This year, we'll look to build upon that momentum by deploying targeted media spend to drive glasses units. As a leader in style and innovation, we plan to introduce nearly 20 frame collections this year. From new styles and colorways to expanding sizing and novel constructions, each collection reflects our commitment to delivering newness and curation to our customers who come to us as a style and variety authority in the industry.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Our direct to consumer model paired with our own in house design team makes us uniquely positioned to gather and react to customer feedback. Because of this, we can offer a tighter, more curated assortment than our competitors and focus on building out franchise styles with new sizes, colors, and materials. As an example, earlier this month, we launched our first ever rimless assortment starting at $195 and available in a variety of lens shapes. Our customers frequently requested rimless styles, and we worked diligently to ensure we could introduce this intricate and complex construction that met our quality standards at a price point far below most other retailers and optical shops. Since launching in 2010, we've intentionally maintained our $95 price point, which remains a key part of our value proposition and represents the majority of sales today.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

While we intend to continue offering accessible pricing, we plan to expand our $145 1 hundred and 70 5 dollars and $195 offerings and our recently introduced $125 price point. We also plan to continue expanding our lens options to give customers even more choice in 2025. Last year, we had success expanding our sun lens offerings, introducing the ability to customize polarized lens colors and add anti reflective coatings alongside our core enhancements like anti fatigue, blue light, and light responsive, which contributed to an increase in average revenue per customer. Progressives are closely tied to store expansion as Progressive's penetration is higher in our retail channel and with insurance customers. In addition to being efficient customer acquisition vehicles, our stores are integral to advancing our goal of providing holistic eye care.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Consistent with the last couple of years, every new store that we open in 2025 will include eye exam capabilities. Industry wide, approximately 75% of prescription glasses are purchased at the same location an exam takes place. And now, I'll turn it over to Neil to talk through our channel and holistic vision care strategies.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

Thanks, Dave. For our third '20 '20 '5 priority, we plan to further invest in scaling our industry leading omnichannel model and delivering exceptional customer experiences. Starting first with retail, where we expect to see the majority of our growth come from in 2025. We ended 2024 with two seventy six stores, and longer term, we believe we can open more than 900 stores in The U. S, highlighting a significant opportunity for further penetration of both new and existing markets for years to come, while still representing a small fraction of the approximately 45,000 optical shops in The U.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

S. In 2025, we are set to open more stores than ever before with plans for 45 new locations, including an exciting partnership with Target to open five shop in shops in the second half of the year. This initiative reflects our commitment to expanding access and convenience for our customers while testing new ways to engage both existing and new customers. While still in its early phases, this partnership is incremental and complementary to our broader omnichannel strategy. We know many of our customers already shop at Target for their everyday needs, and the shop and shop format provides an opportunity to introduce Warby Parker to even more customers who may not have engaged with us before, while maintaining the exceptional customer experience and strong branding Warby Parker is known for.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

Each Warby Parker at Target Shop and Shop will be staffed by Warby Parker employees and offer products and services consistent with those across our existing channels today. We view this as a longer term tailwind to our business and a valuable opportunity to test and learn as we explore new ways to expand reach and accessibility, while partnering with a best in class retailer like Target. We plan to open 40 new stand alone stores this year with a continued focus on suburban expansion. The vast majority of these stores are expected to be in existing suburban markets and we plan to enter nine new markets overall. One advantage of being a digitally native company continues to be that we're able to open stores in areas where we know our customers live and work.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

For new stores, we continue to target thirty five percent four wall margins and paybacks within twenty months. We remain confident in our store growth strategy given the consistent returns we see across cohorts. As we continue to scale, delivering a consistent, delightful store experience starts with investing in our people. Promoting from within is core to our approach, and our Optician Apprentice program is a prime example. Through this program, we offer retail associates the opportunity to train, upskill, and become certified opticians, and in many cases, provide tuition reimbursement.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

We often hold ourselves to a higher standard than even state requirements, ensuring every store is staffed with experts who provide best in class service. Through this program, we are not only strengthening our teams, but also fostering long term career growth. Since the program's inception, more than 500 team members have become licensed opticians. Shifting toecom. In 2025, we are focused on driving continued growth in our e commerce channel, building upon the momentum we saw in 2024.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

We anticipate full year e commerce growth to improve to the mid single digits, fueled by our investment in enhancing the digital shopping experience for glasses alongside the ongoing growth of our contacts business. A key priority will be introducing the next era of our digital experience that leads with AI and personalization and brings the guided, high touch feel of our retail stores into our online platform. We are designing industry leading tools, including an AI powered recommendation engine that will use facial features and style preferences to provide tailored product suggestions. Rolling out in a few months, our new features are designed to help customers feel confident in their frame selections without needing to do a home try on. By making the shopping journey even more intuitive and engaging, we aim to strengthen conversion and deeper customer engagement.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

75% of iOS users already engage with our proprietary virtual try on tool, which leverages AI and gives us confidence to further scale this and other AI experiences to drive conversion and help customers find the perfect pair of glasses wherever they choose to do so. Finally, we'll continue to expand our holistic vision care offering, which is attracting new customers and driving higher customer lifetime value. Customers who engage with us across glasses, contacts, and exams not only spend more initially, but continue to increase their spend over time: 1.8 times more in their initial purchase and 2.6 times more after twelve months compared to glasses only customers. The high lifetime value of a holistic vision care customer reinforced our confidence in investing strategically in our holistic vision care products and services, as well as in customer acquisition. In 2024, our contact lens business saw strong growth, increasing 36% year over year to reach approximately 10% of total revenue.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

Despite this progress, our penetration remains well below the 20 industry average, representing a significant opportunity. In addition to being a retention driver given the replenishment nature of the product, contacts drive new customer acquisition. Approximately 30% of contact lens customers in 2024 were new to Warby Parker. Not only are we attracting new customers, but we also see many of those customers go on to purchase glasses with an opportunity to expand this further in 2025 and beyond. Another major contributor to growth has been our expanding eye exam business, which grew over 40% year over year in 2024 and now accounts for approximately 5% of revenue.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

Today, the majority of our customers are still getting their eye exams elsewhere and bringing their prescriptions to Warby Parker, highlighting the long term opportunity. Innovation remains a key priority within our eye exam business. In 2025, we plan to expand video assisted eye exams, which connect customers with remote doctors. We also plan to roll out retinal imaging to more retail locations, which provides advanced diagnostics without dilation. Early adoption of these services has been strong, which leaves us excited about the potential to enhance the patient experience while driving further growth.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

And as we've increased the number of stores offering eye exams, we've seen strong growth in average revenue per customer, driven by eye exam revenue, progressive lenses, and contact lenses. We find that exam stores drive higher sales, conversion, and gross margin than nonexam stores, while offering a more seamless experience for our customers and patients. In 2025, our focus is on increasing awareness of our exam offerings and optimizing coverage in high demand locations to maximize efficiency. And with that, I'll pass it over to Steve to touch on 2024 performance as well as the financials embedded within our 2025 plan.

[Steve Miller, Senior VP & CFO at Warby Parker]

Thanks, Neil and Dave. I'll begin with a detailed review of our fourth quarter and full year 2024 performance. Then I'll outline our guidance for the full year and first quarter of twenty twenty five. Let's jump into Q4 and full year results. Revenue for the fourth quarter came in above the high end of our guidance at $190,600,000 up 17.8% year over year with retail revenue increasing 23.9% year over year and e commerce revenue increasing 5.3% year over year.

[Steve Miller, Senior VP & CFO at Warby Parker]

On a full year basis, revenue was $771,300,000 up 15.2% year over year with retail revenue increasing 21.4% year over year and e commerce increasing 3% year over year, its first full year of positive growth since 2021. Starting first with customers, we finished 2024 with 2,510,000 active customers, representing an increase of 7.8% on a trailing twelve month basis. We've been pleased to see sequential improvements in year over year active customer growth for the past six quarters as we benefit from the positive returns we are seeing from our marketing investments. As Dave mentioned, we anticipate seeing more customer led growth throughout 2025. We also continued to see strength in average revenue per customer, which came in at $3.00 $7 in 2024, up 6.8% year over year.

[Steve Miller, Senior VP & CFO at Warby Parker]

This was driven by a few factors, including a higher mix of our premium lenses, such as progressives, continued ramping of both contact lens and eye exam sales and continued uptake of our higher priced frames. By products, glasses grew approximately 15% year over year in Q4 twenty twenty four, up from 7% in Q4 twenty twenty three and approximately 12% year over year in 2024, up from eight percent in 2023. In addition to the acceleration in glasses growth, we saw continued strength in contacts and exams, which grew 3045% year over year in Q4, respectively. On a full year basis, contacts grew 36% year over year and exams grew 41%. Turning to our stores.

[Steve Miller, Senior VP & CFO at Warby Parker]

We added 39 net new stores over the course of the last twelve months, ending the year with two seventy six stores, up from two thirty seven at the end of twenty twenty three. This 16.5% increase in our store count compares to retail revenue growth of 21.4% over the same period. So we continue to be pleased with the productivity and growth of our more mature store cohorts. Retail productivity in Q4 was 102.1% versus the same period last year and 101.4% for the full year 2024. We define retail productivity as the year over year change in retail sales per store for the average number of stores open in the period.

[Steve Miller, Senior VP & CFO at Warby Parker]

This metric covers all of our stores, including new stores and stores open twelve months or more. As such, this metric is impacted by a number of factors, including the timing and composition of store openings year over year as well as the timing of doctor hiring for new stores. For stores that have been opened greater than twelve months, we observed an acceleration in growth year over year for both Q4 and the full year. Our new stores continue to deliver strong unit economics, performing in line with our target of thirty five percent four wall margins and twenty month paybacks. For stores opened more than twelve months, average revenue per store was $2,200,000 and performance was in line with our target 35% full wall margin.

[Steve Miller, Senior VP & CFO at Warby Parker]

Over the course of the past year, we added 42 net new eye exam locations, bringing our stores with eye exam capabilities to two thirty six stores or 86% of our total fleet. From a channel mix perspective, retail represented 70% of our overall business, up approximately three sixty basis points year over year versus 66% in 2023. Moving on to gross margin. We were pleased to see improvement to gross margin versus 2023. As a reminder, our gross margin is fully loaded and accounts for a range of costs, including frames, lenses, optical labs, customer shipping, optometrist salaries, store rent and the depreciation of store build outs.

[Steve Miller, Senior VP & CFO at Warby Parker]

Our gross margin also includes stock based compensation expense for our optometrists and optical lab employees. For comparability, I will be speaking to gross margin excluding stock based compensation. Fourth quarter adjusted gross margin came in at 54.2% compared to 54% in the year ago period. Full year adjusted gross margin was 55.5% compared to 54.7% in 2023. Starting first with the fourth quarter, the increase in adjusted gross margin was primarily driven by higher glasses growth, including the scaling of higher margin lens types like progressives as well as lower outbound customer shipping costs.

[Steve Miller, Senior VP & CFO at Warby Parker]

For the full year, the increase in adjusted gross margin was also driven by higher glasses growth, customer shipping efficiencies as well as continuing to scale the portion of prescription glasses orders that we fulfill at our two owned optical labs in New York and Nevada. There are many benefits we see from in sourcing orders at our labs, including higher NPS, lower refund rates, faster turnaround times and improved gross margin. Offsetting a portion of these accretive factors in both Q4 and the full year was the continued scaling of contact lenses from 9.5 in Q4 'twenty three to 10.5% in Q4 'twenty four and from 8.6% in full year 'twenty three to 10.2% full year 'twenty four as a percentage of our total business. Expanding our contacts offering is a core part of scaling our holistic vision care offering and a driver of increasing average revenue per customer. While contact lenses have a lower gross margin percent versus our other product categories, they are accretive to gross profit dollars given their higher purchase frequency and subscription like purchase cycle.

[Steve Miller, Senior VP & CFO at Warby Parker]

Contact lenses represented a $12,000,000,000 market and account for almost 20% of the optical market. Within the fixed portion of our cost of goods, store rent was a consistent percent of revenue on a year over year basis in Q4 and for the full year. We saw deleverage from optometrist salaries as we hired optometrists for our stores. As of the end of twenty twenty four, we operated with 194 stores where we engaged directly with an optometrist and therefore recognized both revenue from exams and expense from optometrist salaries. These 194 stores compared to 150 stores at the end of twenty twenty three.

[Steve Miller, Senior VP & CFO at Warby Parker]

We expect that our investment in eye exam capabilities in store will benefit us in the long term as it gives us greater control over the customer experience, enables us to recognize exam revenue and results in higher product sales, conversion and gross margin than non exam stores. Shifting gears to SG and A. As a reminder, SG and A for our business includes three main components: salary expense for our headquarters, customer experience and retail employees marketing spend, including our home try on program and general corporate overhead expenses. Adjusted SG and A excludes noncash costs like stock based compensation expense. Adjusted SG and A in the fourth quarter came in at $103,000,000 or 54% of revenue.

[Steve Miller, Senior VP & CFO at Warby Parker]

This compares to Q4 twenty twenty three adjusted SG and A of $91,400,000 or 56.4% of revenue, a decrease of two forty basis points year over year. Within adjusted SG and A, marketing spend increased from $20,300,000 or 12.5% of revenue to $24,600,000 or 12.9% of revenue as we reinvested a portion of our revenue upside into customer acquisition given strong demand signals in the quarter. The deleverage from marketing was offset by disciplined expense management and leverage in corporate expenses as non marketing adjusted SG and A declined as a percent of revenue from 43.9% to 41.1%, a decrease of two eighty basis points year over year. Total adjusted SG and A was up 12.8% with non marketing adjusted SG and A up just 10.4% year over year as compared to revenue growth of 17.8% in the quarter. For the full year, on an adjusted basis, SG and A of $405,200,000 represented 52.5% of revenue, down 100 basis points from 53.5% in 2023.

[Steve Miller, Senior VP & CFO at Warby Parker]

Non marketing adjusted SG and A was 40.1% of revenue versus 41.8% in 2023, representing leverage of approximately 170 basis points year over year. Turning now to adjusted EBITDA. In the fourth quarter, we generated adjusted EBITDA of $13,800,000 representing an adjusted EBITDA margin of 7.3%, which compares to adjusted EBITDA of $9,400,000 or 5.8% of revenue in the year ago period. For the full year 2024, we generated adjusted EBITDA of $73,100,000 representing an adjusted EBITDA margin of 9.5%, which compares to adjusted EBITDA of $52,400,000 or 7.8% of revenue for the full year 2023. This represents margin improvement of approximately 170 basis points, in line with our long term guidance of adding 100 to 200 basis points of margin improvement per year.

[Steve Miller, Senior VP & CFO at Warby Parker]

Our adjusted EBITDA margin was partially impacted by media spend in December that contributed to strong growth at the December into January. Turning now to our balance sheet. We generated $35,000,000 in free cash flow in 2024, up from $7,000,000 in 2023 and ended with a strong balance sheet position reflecting approximately $254,000,000 in cash, which we will continue to deploy deliberately to support our growth and operations. We also have a credit facility of $120,000,000 expandable to $175,000,000 that is undrawn other than 4,000,000 outstanding for letters of credit. Turning to 2025.

[Steve Miller, Senior VP & CFO at Warby Parker]

Before I get into the specifics of our outlook, I want to point out that we expect the quarterly cadence of our results to look similar to 2024, with Q1 our most profitable quarter and Q4 our least profitable quarter as a portion of late December and FSA related orders are recognized as revenue in Q1 of the following year. Now to guidance. While we have confidence in our 2025 plan, we're maintaining a conservative stance on guiding our business given the broader macroeconomic environment. For the full year 2025, we're guiding to the following: revenue of $878,000,000 to $893,000,000 representing approximately 14% to 16% growth year over year adjusted EBITDA of $97,000,000 representing an adjusted EBITDA margin of approximately 11% at the midpoint of our revenue range gross margin in the mid-50s as a percent of revenue 45 new store openings, including five shop in shops with Target. Excluding the Target locations, which are slated to open in the second half of the year, our 40 new stores in 2025 will open with a cadence similar to 2024.

[Steve Miller, Senior VP & CFO at Warby Parker]

We're guiding gross margin to remain stable in the mid-50s as a percent of revenue, which includes an estimated 20 to 40 basis point headwind from tariffs. As it relates to tariffs, over the past five years, we have strategically diversified our sourcing to reduce tariff exposure, with China representing approximately 20% of our total cost of goods and no exposure to Canada or Mexico. We've worked with our vendors to mitigate cost increases and will continue to do so and will continue making intelligent decisions around diversifying sources of production globally. As the China tariffs are currently structured, we anticipate a 20 to 40 basis point impact to gross margin and believe we have multiple levers in place to manage a dynamic tariff environment going forward. For 2025, we plan to maintain marketing in the low teens as a percent of revenue, and we will continue to maintain a disciplined approach to operating expenses, which we expect will be reflected in non marketing adjusted SG and A continuing to drop as a percentage of revenue.

[Steve Miller, Senior VP & CFO at Warby Parker]

We remain committed to expanding our adjusted EBITDA margin by approximately 150 basis points this year at the midpoint of our revenue guidance, which equates to $97,000,000 and we plan to preserve flexibility to either allow incremental revenue to flow through to adjusted EBITDA or to reinvest in the business, including into customer acquisition. We're forecasting stock based compensation as a percentage of net revenue to normalize in the 2% to 4% range. For Q1 twenty twenty five, we're guiding to the following, which accounts for recent trends that have been impacted by weather: revenue between 223,500,000 and $225,500,000 which represents growth of approximately 12% to 13% year over year normalizing for the extra day due to leap year last year, which contributed roughly $2,000,000 to Q1 revenue. Growth in Q1 twenty twenty five is estimated to be roughly 13% to 14%. As a reminder, Q1 of last year also included the benefits of $2,000,000 of incremental revenue deferral, which equates to roughly 100 basis points of growth in Q1 twenty twenty four.

[Steve Miller, Senior VP & CFO at Warby Parker]

From a bottom line perspective, in Q1 twenty twenty five, we're guiding to adjusted EBITDA of $27,000,000 to $28,000,000 representing a margin of approximately 12% at the midpoint of our range. Thank you again for joining us this morning. With that, Neil, Dave and I are pleased to take your questions. Operator, please open the line for Q and A.

[Operator]

Thank

[Operator]

Our first question today comes from the line of Mark Altschwager from Baird. Please go ahead. Your line is now open.

[Mark Altschwager, Senior Research Analyst at Baird]

Good morning. Thank you for taking my question. I guess to start off, lots of customer acquisition initiatives in the hopper here with marketing, new stores, you're announcing the Target partnership. Last year, the revenue growth algo was fairly balanced between customer growth and revenue per customer. Just can you speak a bit more on how you're thinking about that algo moving forward?

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Sure. Thanks, Mark. We have made an intentional effort to invest in in customer acquisition, across a variety of activities, including store openings, our insurance integrations, hiring more doctors, scaling our contact business, investing in additional media dollars. And, we've seen the benefit of that over the last few quarters. Q4 was our sixth straight quarter of accelerating active customer growth, and we expect those positive trends will will continue.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

And we did see more balance, as you noted last year, between customer growth and, an average revenue per customer. We expect that, for, for this year and going forward that, a significant portion of our growth will come from customer growth and that, you'll see, continue to see strong active customer growth, from us in 2025.

[Mark Altschwager, Senior Research Analyst at Baird]

Thank you. And then following up on the insurance partnership, the Versant piece, how is that affecting your outlook for customer acquisition in 2025? I think you mentioned in the prepared remarks that it's tracking similar to or slightly above other carrier integrations. Maybe you could expand on that and just give us a sense of what that maturity curve has looked like in the past and what you're expecting this time around? Thank you.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Yeah. So, what we've seen with prior integrations is that, once a population is able to use their in network benefits with us, that the contribution on a per member basis continues to increase over a multi year period. So there, you know, there's an awareness factor, where certain populations may not be immediately aware that they can use their in network benefits with us. And then there's the effect of, you know, sometimes, you know, multi year cycles between, when people get exams and buy glasses and contacts. And so, what we've seen is that, the longer that we've been integrated with carriers, the, the more customers and the more revenue they generate from the same population.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

And, we're expecting to see that with with Versant. I'd say the early trends are positive and are tracking it in line or ahead of what we've seen with previous carriers. And so we're encouraged by the results, so far and we expect that, it will drive some performance in 2025, but really look at this as a longer multi year opportunity.

[Steve Miller, Senior VP & CFO at Warby Parker]

And Mark, as we've discussed, some of the benefits that we see as it relates to insurance customers, from a mix perspective, insurance customers tend to skew newer versus returning, versus the rest of our business. And in addition, insurance is oftentimes just viewed as another source of customer acquisitions. So we believe in the long term, this will help strengthen our ability to acquire customers in a more efficient way. And then some of the economic benefits that we've talked about, include, not just newer customers who will come back and repeat purchase, but buying, a higher basket of goods, where more complex lenses, which cost more like progressives, are part of the package.

[Mark Altschwager, Senior Research Analyst at Baird]

Thanks again.

[Operator]

Thank you. Our next question today comes from the line of Oliver Chen from TD Cowen. Please go ahead. Your line is now open.

[Oliver Chen, Managing Director - Retail, Luxury, New Platforms Sector Head at TD Cowen]

Hi, Neil, David and Steve. Regarding your guidance, what are your thoughts on traffic? We're still seeing a choiceful consumer and winners and losers in the industry at large. So I would love your thoughts on what's embedded in terms of traffic. Also, the new store plan sounds exciting.

[Oliver Chen, Managing Director - Retail, Luxury, New Platforms Sector Head at TD Cowen]

Steve, as we model new stores in the year, what's the contribution to the total revenue growth that you expect based on productivity rates of new stores? And finally, the Target deal sounds quite exciting. That's a very customer centric retailer. What are your thoughts in terms of what we should know regarding the margin structure of that and any modeling knowledge we should know about? And also more strategically, why it makes sense, how you're picking the initial stores and the vision for medium to longer term in terms of possible scenarios? Thank you.

[Steve Miller, Senior VP & CFO at Warby Parker]

Thanks for the questions, Oliver. From a guidance perspective as it relates to traffic, we've provided color on this metric over time and will continue to do so. We haven't embedded a specific guide as it relates to traffic, but in the context of our retail performance and store productivity, We are modeling in, depending on whether you're looking at the low end or the high end of our range, but let's stick with the high end. We are modeling a moderate improvement in store productivity, that dovetails nicely with our low single digit growth in ecom. We have seen periods of strength for traffic and we have seen some periods of challenges for traffic overall.

[Steve Miller, Senior VP & CFO at Warby Parker]

The trend line is positive and we're baking that into our guidance at the high end for the full year. As it relates to your questions regarding the Target Partnership, I think Neil and Gabe will talk more about that. But the five stores that we're opening are in the back half of this year and they are adding a moderate amount of top line and cost into our overall performance for the year. So we view that as negligible. It's really a five story test and we expect to see more of the contribution next year versus this year, particularly depending on the degree to which we plan to roll out and expand the partnership.

[Steve Miller, Senior VP & CFO at Warby Parker]

And as it relates to any other color on the partnership, we'll turn it over to Neil and Dave, who can provide a little bit more insight as to to why Target and the overall level of excitement that we feel with this test.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

Yeah. Thanks, Steve. Oliver, as you mentioned, Target is renowned for its customer centricity and we've known the team for many years now. And, we tend to look at everything through a strategic lens and we love optical puns, but a strategic lens of what's best for the customer, and target being guest focused, and sharing that commitment to always doing right by their customers and creating exceptional value and great customer experiences made it a perfect fit for us. Culturally, there's a lot of alignment around that.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

So we feel through these shop and shops, which will be managed and run by Warby employees will continue to deliver the specialized customer experiences that we're known for across, our typical fleet. So we're quite excited. We're going to learn a lot in this first year as we open, five stores. So we're looking forward to this. One other thought just on traffic in general for the category, you know, we made a commitment that, we're going to grow irrespective of what's happening, in the category.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

And we're gonna do that by continuing to provide great products that people love and that they covet, and that they seek out. We're gonna continue to invest, in marketing to acquire those new customers. 2024 was our first full year sort of marketing spend comping positive since 2021. And we saw that drive customers in glasses sales and across our channels. And, we're excited for the year ahead.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

As you've seen from a lot of retailers, there has been some weather and some traffic challenges, in the towards the middle of Q1 and you'll see that in our guide. But we're confident that we'll continue to deliver great growth and that healthy growth by drawing in sort of customers.

[Steve Miller, Senior VP & CFO at Warby Parker]

And then just your last question. And then Oliver was just rounding out on your last question regarding new store contracts. Yep. Good. Perfect.

[Oliver Chen, Managing Director - Retail, Luxury, New Platforms Sector Head at TD Cowen]

Oh, yeah. That would be helpful. Thank you. Well, what are your any parameters you should, we should think about with these new stores and the nature of them different from prior and or productivity levels that you expect?

[Steve Miller, Senior VP & CFO at Warby Parker]

Very consistent productivity levels with what we expect. Our targets are thirty five percent four wall margins and payback within twenty months, all very similar formats. The majority of our stores will be opened in existing markets versus new markets, so roughly nine new markets and 16 existing markets. And most of our openings will be suburban as opposed to urban, so very consistent with what you saw last year, and happy to provide more color as part of our callback, but that's how we describe our new store plan for this year, really, pointing to consistency in terms of format, location and economics.

[Oliver Chen, Managing Director - Retail, Luxury, New Platforms Sector Head at TD Cowen]

Thank you very much.

[Operator]

Thank you. The next question today comes from the line of Brooke Roach from Goldman Sachs. Please go ahead. Your line is now open.

[Brooke Roach, Vice President, Equity Research at Goldman Sachs]

Good morning and thank you for taking our question. I was hoping you could speak to the drivers of non marketing SG and A expense leverage that's contributing to the 150 basis points of adjusted EBITDA margin expansion this year. What do those non marketing SG and A opportunities look like on a multiyear basis? And is the one to two points of adjusted EBITDA margin expansion per year sustainable on a multiyear horizon?

[Steve Miller, Senior VP & CFO at Warby Parker]

Great question. Thanks, Brooke. So yes, the 100 to 200 basis points of margin expansion we believe is sustainable on a multiyear basis. So this past year, 2024, we expanded adjusted EBITDA margin by 170 basis points the year before by three thirty basis points. The number that we're projecting for this year is 150 basis points, right in the middle of the 100 to 200 basis points long term algo that we've talked about frequently.

[Steve Miller, Senior VP & CFO at Warby Parker]

If we unpack what's in non marketing SG and A, so for now, we're not planning to see any leverage as it relates to our marketing spend, but the categories of spend in there are salaries across our retail stores, customer experience teams, and headquarters in addition to general corporate expenses that cover the rest of the company, all of the vendors that we pay, all of the third party consultants that we might use. And we believe that, there's a really strong degree of future leverage that will come from finding efficiencies in each of those categories. So as we continue to staff more efficiently at our retail stores, as we continue to staff more efficiently across our customer experience and customer service teams, And as we certainly continue to leverage what we view as more of a fixed cost within corporate expenses that we're only adding to on a very selective basis, whether it relates to, onboarding a new vendor, or hiring incremental employees for the team. And so I would really describe the sources of leverage within non marketing SG and A in that order. We certainly plan to benefit from all of that leverage as we hit our 150 basis point target for adjusted EBITDA margin this year.

[Brooke Roach, Vice President, Equity Research at Goldman Sachs]

Great. And then in the prepared remarks, you spoke about AI and personalization investments. The other technology trend in the industry is smart glasses. Can you talk about your strategy here?

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Sure. Yeah, we've, certainly been staying close to the latest movement in wearables and in the smart glasses market. And as hardware components continue to shrink and and battery life improves and and, most importantly, as real time always on AI, it gets to offer meaningful utility to wears in a form factor that looks similar to existing glasses. We expect adoption, will grow quickly and we believe will have an important role to play. We believe we have highly complementary capabilities and assets, to some of the companies that have been investing BAS sums, to bring leading AI models to the market.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

And, just given the strength of our brand, design capabilities, omnichannel distribution, prescription lens supply chain, doctor network, our ability to deliver exceptional customer experiences, we believe puts us in a strong position to enter this space if we choose to do so. And we look forward to sharing more as this market develops.

[Brooke Roach, Vice President, Equity Research at Goldman Sachs]

Great. Thank you so much. I'll pass it on.

[Operator]

Thank you. The next question today comes from the line of Dana Telsey from Telsey Group. Please go ahead. Your line is now open.

[Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group]

Hi, good morning, everyone. As you think about the price point architecture and whether it's the $125 1 hundred and 50 dollars the prices that are being expanded from the $95 and the average revenue per customer, what are you seeing within the different price points? How is it moving along? And then with the Target partnership, how do you think of the price points that you'll be offering there? What's the square footage of the in store shop that you'll have?

[Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group]

And how do you think of the ability to scale that? Does it go from potentially from five to 20 in the next year? What markers do you have to see to expand it? Thank you.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

Thanks. When we started the company, we were frustrated with consumers walking into an optical shop, where the glasses were treated like precious jewelry and glass displays or behind the counter out of reach, for hundreds of dollars. And, we wanted to provide a seamless shopping experience, but more importantly, be able to provide exceptional value, effectively a fourth of the cost. So that's why we started with $95 right, all in with anti reflective, anti scratch, prescription lenses. As we've expanded our assortment, we follow that same principle on how can we provide exceptional value.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

And we've introduced these new price points at 125, 1 hundred and 40 5, 1 hundred and 70 5, and 195. As we've introduced more complex constructions, different materials into our frames, and continuing that promise of exceptional value where comparable quality, right, would cost hundreds of dollars elsewhere. So, what we found is similar adoption and similar success with these higher price points where customers continue to view us as providing great value and they go on, to tell their friends about us. Our customers continue to be, our best source of marketing and customer acquisition. As we think of our partnership with Target and launch these first five shop in shops, we're gonna have the same assortment that we have in our regular stores and, our vertically integrated supply chain enables us, to do that rather easily, right, where we can display frames and manage inventory, out of our, top of the line optical labs outside of New York and outside of Las Vegas.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

And we think that those price points will continue to resonate as we've seen, thanks to sort of our consumer insights work that we've done.

[Operator]

Thank you. Our next question today comes from the line of Nick Jones from Citizens. Please go ahead. Your line is now open.

[Nicholas Jones, MD - Internet Equity Research at Citizens JMP]

Great. Thanks for taking the questions. I guess, could you just talk about how you're thinking about marketing this year? We're hearing a lot of other kind of online platforms across commerce, travel, etcetera, talk about deeper integration across social media platforms and other kind of mid funnel opportunities. Could you kind of at a high level discuss how you're thinking about marketing where you're kind of seeing opportunities across the various channels?

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

Yeah. We've, you know, we've invested in a pretty broad range of media channels and will continue to do so. We, over the years we've seen, and including recently over the last few quarters, we've seen strong performance from, you know, channels ranging from, you know, linear TV and direct mail, to digital advertising search on social media, and we'll continue to invest in, in those assets. We, we believe that, you know, awareness is still, kind of a critical aspect that we need to invest against as we open new stores, as we hire new doctors, as we have new capabilities. We still have around 1% market share in a massive category. And we have lots of customers who know us as an online company that sells glasses and aren't as aware of a lot of our recent capabilities.

[Dave Gilboa, Co-Founders and Co-CEO at Warby Parker]

And so, we're creating that awareness around many of our new stores, our eye exam capabilities, our contact lens business, the various lens offerings that, that we have. And we're seeing, positive results in terms of driving both online traffic and awareness, but also using those media channels to drive traffic into stores. Leveraging, channels like direct localized direct mail, localized social media campaigns. And, and, as we noted, we've seen very positive results in driving active customer growth, as as a result of some of those efforts and will continue to invest this year across that broad variety of channels.

[Nicholas Jones, MD - Internet Equity Research at Citizens JMP]

Got it. And then maybe asking a separate question on the kind of target partnership. As we wait to kind of see the first five stores and see how that progresses, is there any sense or any kind of direction you can give us on how to think about the pace of opening a location in Target versus opening a standalone store? Is it about the same timeline? Is it faster or slower?

[Nicholas Jones, MD - Internet Equity Research at Citizens JMP]

Any color you can kind of help provide there? Thank you.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

We've developed a lot of this capability in in house where we're sort of confident that we can move quickly and design, spaces that that customers love. And it's been great partnering, with the Target team on this and are confident that, we'll be able to roll out sort of these shop in shops in a manner that sort of fits both our strategies.

[Nicholas Jones, MD - Internet Equity Research at Citizens JMP]

Thanks.

[Operator]

Thank you. Our next question today comes from the line of Janine Fisher from BTIG. Please go ahead. Your line is now open.

[Janine Stichter, Managing Director at BTIG]

Hi, good morning. I was hoping you could expand on a comment on e commerce growth and awareness being stronger and markets more density. Can you speak more of the halo effect that you see with e commerce as you open stores or as you get to a point of density in the market? And then just curious how you view the interplay between store growth and e commerce growth?

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

There was a time early in our retail journey, our bricks and mortar journey where when we would open a store, a first store, even a second store in a market, and we would see cannibalization of e commerce sales. And that was really because, there was a certain level of awareness and, there were folks that wanted to purchase in person, but could only sort of shop, online. And, right, that sort of reflects the broader market. We think online penetration of the category is roughly 12% or so. So, what tended to happen was the stores, those first few stores would increase overall awareness, grow the overall pie, and after a year or two of initial cannibalization, e commerce would return to growth in that geography.

[Neil Blumenthal, Co-Founders and Co-CEO at Warby Parker]

Now, as we already hit a critical mass of awareness, and these incremental stores can help drive even deeper awareness, and we start to see more and more returning customers as we've also introduced, sort of these adjacent product categories like contacts and eye exams. That has helped us continue to grow exams as we've, started continuing to grow our e commerce channel, right, as we've started to open up, more and more stores in a given geography. Our locations tend to be centrally located with high visibility, with beautiful facades. We leverage a lot of artwork in our stores, not only on the inside of the stores, but on the facades and those act as great billboards that help drive awareness driving sales for both channels. And, again, the reason why we love being a vertically integrated omni channel brand, is that we can create great experiences and seamless experiences as people go back and forth, between both channels.

[Steve Miller, Senior VP & CFO at Warby Parker]

The one point just to round out, Janine, I know we've talked a little bit about this. New stores are very efficient customer acquisition vehicles and so customer mix might skew a little newer at store and a little bit more returning online. So once a market, densifies, I. E. New York is our densest market with 34 stores, we'll see ecom in New York growing faster than ecom, in our e commerce only markets.

[Steve Miller, Senior VP & CFO at Warby Parker]

And part of the reason for that is, the two channels really support each other during the purchase process, but also afterwards when it comes time for a customer to repeat purchase, you'll see we have a very, very strong revenue retention rate. Our e commerce channel really helps to support bringing repeat purchasers back to the store given they've found a style that they like, they're comfortable with the purchasing process, And it's very easy for them to instead of going into the store, go online to make the next purchase.

Participants

Executives

• Jaclyn Berkley, VP - Head of Investor Relations
• Dave Gilboa, Co-Founders and Co-CEO
• Neil Blumenthal, Co-Founders and Co-CEO
• Steve Miller, Senior VP & CFO

Analysts

• Mark Altschwager, Senior Research Analyst at Baird
• Oliver Chen, Managing Director - Retail, Luxury, New Platforms Sector Head at TD Cowen
• Brooke Roach, Vice President, Equity Research at Goldman Sachs
• Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group
• Nicholas Jones, MD - Internet Equity Research at Citizens JMP
• Janine Stichter, Managing Director at BTIG