Warby Parker(WRBY) - 2024 Q2 - Quarterly Results

Revenue Growth - Net revenue increased 13.3% year over year to $188.2 million[1][2][3] - Net revenue for Q2 2024 increased to$188.2 million, up 13.3% from $166.1 million in Q2 2023[24] - Full-year 2024 net revenue guidance raised to$757 to $762 million, representing 13$302[3] Profitability and Margins - Gross margin increased 1.4 points to 56.0%[2][3] - Gross profit for Q2 2024 rose to $105.4 million, a 16.3$90.6 million in Q2 2023[24] - Gross profit for Q2 2024 was $105.38 million, representing 56.0$90.64 million (54.6% of revenue) in Q2 2023[31] - Adjusted gross profit for Q2 2024 was $105.67 million, compared to$90.93 million in Q2 2023[33] - Adjusted EBITDA Margin increased 1.9 points to 10.4%[2][5] - Adjusted EBITDA for Q2 2024 reached $19.6 million, with an Adjusted EBITDA Margin of 10.4$72.5 million at the midpoint of the revenue range, with an Adjusted EBITDA Margin of 9.5%[6] Net Loss and Equity - GAAP net loss improved $9.2 million to$6.8 million[5] - Net loss for Q2 2024 improved to $6.8 million, compared to a net loss of$15.9 million in Q2 2023[24] - Total stockholders' equity increased to $329.4 million in Q2 2024, up from$301.8 million in the previous period[22] Cash Flow and Liquidity - Net cash provided by operating activities was $31.6 million, with Free Cash Flow of$14.0 million[2] - Net cash provided by operating activities for the first six months of 2024 was $51.6 million, compared to$27.4 million in the same period of 2023[26] - Cash and cash equivalents at the end of Q2 2024 stood at $238.0 million, up from$212.7 million at the end of Q2 2023[26] - Net cash provided by operating activities for Q2 2024 was $31.62 million, a 68.7$18.75 million in Q2 2023[33] - Free cash flow for Q2 2024 was $13.97 million, more than double the$6.53 million in Q2 2023[33] Store Expansion - Company opened 11 net new stores during the quarter, ending Q2 with 256 stores[2] - Company plans to open 40 new stores in 2024[6] Expenses and Costs - Cost of goods sold for Q2 2024 was $82.84 million, a 9.8$75.46 million in Q2 2023[31] - Selling, general, and administrative expenses for Q2 2024 were $114.34 million, a 5.0$108.87 million in Q2 2023[31] - Adjusted selling, general, and administrative expenses for Q2 2024 were $98.16 million, compared to$86.76 million in Q2 2023[33] - Stock-based compensation expense for Q2 2024 was $14.1 million, down from$18.2 million in Q2 2023[28] - Stock-based compensation expense for Q2 2024 was $285,000 for cost of goods sold and$13.81 million for selling, general, and administrative expenses[33] - Non-cash charitable donation expense for Q2 2024 was $2.20 million, compared to$600,000 in Q2 2023[33] - ERP implementation costs for Q2 2024 were $0, compared to$3.64 million in Q2 2023[33] Investments - The company invested $2.0 million in an optical equipment company during Q2 2024[26]