SECURITIES AND EXCHANGE COMMISSION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. )
| Filed by the Registrant ☒ | | | Filed by a Party other than the Registrant ☐ | |
New York, New York 10013
To Be Held Tuesday, June 10, 2025
![[MISSING IMAGE: sg_chrisutecht-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001504776/000110465925040245/sg_chrisutecht-bw.jpg)
Senior Vice President, General Counsel and Secretary
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| | | | A-1 | | |
![[MISSING IMAGE: lg_warbyparker-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001504776/000110465925040245/lg_warbyparker-bw.jpg)
New York, New York 10013
STOCKHOLDER MEETING TO BE HELD ON TUESDAY, JUNE 10, 2025:
www.proxyvote.com.
| |
PROPOSAL
|
| | |
Votes required
|
| | |
Effect of Votes Withheld /
Abstentions and Broker Non-Votes |
| |
| |
PROPOSAL 1: ELECTION OF DIRECTORS
|
| | | The plurality of the votes cast. This means that the three nominees receiving the highest number of affirmative “FOR” votes will be elected as Class I Directors. | | | | Votes withheld and broker non-votes will have no effect. | | |
| |
PROPOSAL 2: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
| | | The affirmative vote of the holders of a majority of the votes cast. | | | | Abstentions and broker non-votes will have no effect. | | |
| |
PROPOSAL 3: APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.
|
| | | The affirmative vote of the holders of a majority of the votes cast. | | | | Abstentions and broker non-votes will have no effect. | | |
Name
|
| |
Age
|
| |
Served as a
Director Since |
| |
Positions with Warby Parker
|
| ||||||
Joel Cutler
|
| | | | 67 | | | | | | 2012 | | | |
Director
|
|
Jeffrey Raider
|
| | | | 44 | | | | | | 2009 | | | |
Co-Founder and Director
|
|
Bradley Singer
|
| | | | 58 | | | | | | 2024 | | | |
Director
|
|
|
JOEL CUTLER
|
| |
Age 67
|
|
|
JEFFREY RAIDER
|
| |
Age 44
|
|
|
BRADLEY SINGER
|
| |
Age 58
|
|
Name
|
| |
Age
|
| |
Served as a
Director Since |
| |
Positions with Warby Parker
|
| ||||||
Dave Gilboa
|
| | | | 44 | | | | | | 2009 | | | |
Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer
|
|
Youngme Moon
|
| | | | 61 | | | | | | 2018 | | | |
Director
|
|
Ronald Williams
|
| | | | 75 | | | | | | 2021 | | | |
Lead Director
|
|
|
DAVE GILBOA
|
| |
Age 44
|
|
|
YOUNGME MOON
|
| |
Age 61
|
|
|
RONALD WILLIAMS
|
| |
Age 75
|
|
Name
|
| |
Age
|
| |
Served as a
Director Since |
| |
Positions with Warby Parker
|
| ||||||
Neil Blumenthal
|
| | | | 44 | | | | | | 2009 | | | |
Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer
|
|
Teresa Briggs
|
| | | | 64 | | | | | | 2019 | | | |
Director
|
|
Andrew Hunt
|
| | | | 43 | | | | | | 2009 | | | |
Co-Founder and Director
|
|
|
NEIL BLUMENTHAL
|
| |
Age 44
|
|
|
TERESA BRIGGS
|
| |
Age 64
|
|
|
ANDREW HUNT
|
| |
Age 43
|
|
ACCOUNTING FIRM
Andrew Hunt
Bradley Singer
Fee Category
|
| |
Fiscal 2024
($) |
| |
Fiscal 2023
($) |
| ||||||
Audit Fees
|
| | | | 2,800,000 | | | | | | 2,408,000 | | |
Audit-Related Fees
|
| |
—
|
| |
—
|
| ||||||
Tax Fees
|
| | | | 130,816 | | | | | | 275,450 | | |
All Other Fees
|
| |
—
|
| |
—
|
| ||||||
Total Fees
|
| | | | 2,930,816 | | | | | | 2,683,450 | | |
COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS
Name
|
| |
Age
|
| |
Position
|
| |||
Neil Blumenthal(1)
|
| | | | 44 | | | | Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer | |
Dave Gilboa(2)
|
| | | | 44 | | | | Co-Chair of the Board, Co-Founder and Co-Chief Executive Officer | |
Steve Miller(3)
|
| | | | 52 | | | | Senior Vice President, Chief Financial Officer | |
Name
|
| |
Audit
|
| |
Compensation
|
| |
Nominating
and Corporate Governance |
|
Neil Blumenthal†
|
| | | | | | | | | |
Dave Gilboa†
|
| | | | | | | | | |
Teresa Briggs*
|
| |
Chair
|
| | | | |
X
|
|
Joel Cutler*
|
| | | | |
Chair
|
| | | |
Andrew Hunt*
|
| |
X
|
| | | | | | |
Youngme Moon*
|
| | | | |
X
|
| | | |
Jeffrey Raider*
|
| | | | | | | |
X
|
|
Bradley Singer*
|
| |
X
|
| |
X
|
| | | |
Ronald Williams*‡
|
| | | | | | | |
Chair
|
|
|
Neil Blumenthal
|
| | Co-Chief Executive Officer and Director; | |
|
Dave Gilboa
|
| | Co-Chief Executive Officer and Director; and | |
|
Steve Miller
|
| |
Senior Vice President, Chief Financial Officer and Treasurer.
|
|
|
What We Do
|
| |
What We Don’t Do
|
|
|
![]()
Retain 100% independent directors on our Compensation Committee.
![]()
The Compensation Committee engages an independent compensation advisor, who provides no other services to the Company.
![]()
A significant portion of compensation for the NEOs is at-risk and/or based on our stock price performance.
![]()
Annually review NEO compensation and peer group data.
![]()
Regularly assess the risk-reward balance of our compensation programs to mitigate undue risks.
|
| |
![]()
No pension plans or supplemental retirement plans.
![]()
No hedging of our stock by directors, officers, or employees.
![]()
No excessive perquisites.
![]()
No tax gross-ups.
|
|
| |
●
Allbirds, Inc.
●
Bausch + Lomb Corporation
●
American Well Corporation
●
FIGS, Inc.
●
Him & Hers Health, Inc.
●
Angi Inc.
|
| | |
●
The Honest Company, Inc.
●
Canada Goose Inc.
●
CarGurus Inc.
●
Five Below Inc.
●
YETI Holdings, Inc.
●
Bumble Inc.
|
| | |
●
GoodRx Holdings, Inc.
●
National Vision Holdings Inc.
●
Evolent Health Inc.
●
ThredUp Inc.
●
Progyny Inc.
●
Revolve Group Inc.
|
| |
Executive
|
| |
FY24 Salary
|
| |
Percentage Increase
|
| ||||||
Neil Blumenthal
|
| | | $ | 555,000 | | | | | | 5.7% | | |
Dave Gilboa
|
| | | $ | 555,000 | | | | | | 5.7% | | |
Steve Miller
|
| | | $ | 500,000 | | | | | | 5.8% | | |
Metrics
|
| |
Weighting
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Actual Result
|
| ||||||||||||
Net Revenue
|
| |
70%
|
| | | $ | 736,700,000 | | | | | $ | 758,000,000 | | | | | $ | 803,800,000 | | | | | $ | 771,315,000 | | |
Adjusted EBITDA(1)
|
| |
30%
|
| | | $ | 67,000,000 | | | | | $ | 70,000,000 | | | | | $ | 80,000,000 | | | | | $ | 73,111,000 | | |
Payout as a Percentage of Target
|
| |
—
|
| |
50%
|
| |
100%
|
| |
200%
|
| |
112.5%
|
|
Named Executive Officer
|
| |
2024 Target Bonus
as % of Salary |
| |
2024 Target
Bonus |
| |
2024 Earned
Bonus as % of Target |
| |
2024 Earned
Bonus(1) |
| ||||||||||||
Neil Blumenthal
|
| | | | 90% | | | | | $ | 499,500 | | | | | | 112.5% | | | | | $ | 561,938 | | |
Dave Gilboa
|
| | | | 90% | | | | | $ | 499,500 | | | | | | 112.5% | | | | | $ | 561,938 | | |
Steve Miller
|
| | | | 65% | | | | | $ | 325,000 | | | | | | 112.5% | | | | | $ | 365,625 | | |
Tranche
|
| |
Number of
PSUs Under Each Award |
| |
Stock Price
Hurdle |
| ||||||
1
|
| | | | 274,856 | | | | | $ | 47.75 | | |
2
|
| | | | 274,855 | | | | | $ | 55.71 | | |
3
|
| | | | 274,856 | | | | | $ | 63.67 | | |
4
|
| | | | 274,855 | | | | | $ | 71.63 | | |
5
|
| | | | 274,856 | | | | | $ | 79.59 | | |
6
|
| | | | 274,855 | | | | | $ | 87.55 | | |
7
|
| | | | 274,856 | | | | | $ | 95.50 | | |
8
|
| | | | 274,855 | | | | | $ | 103.46 | | |
Youngme Moon
Bradley Singer
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Stock
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($)(2) |
| |
Total
($) |
| ||||||||||||||||||
Neil Blumenthal
Co-CEO and Director |
| | | | 2024 | | | | | | 555,000 | | | | | | 907,351 | | | |
—
|
| | | | 13,800 | | | | | | 1,476,151 | | | |||
| | | 2023 | | | | | | 525,000 | | | |
—
|
| | | | 368,944 | | | | | | 13,200 | | | | | | 907,144 | | | |||||
| | | 2022 | | | | | | 500,000 | | | |
—
|
| | | | 187,500 | | | | | | 12,200 | | | | | | 699,700 | | | |||||
Dave Gilboa
Co-CEO and Director |
| | | | 2024 | | | | | | 555,000 | | | | | | 907,351 | | | |
—
|
| | | | 13,800 | | | | | | 1,476,151 | | | |||
| | | 2023 | | | | | | 525,000 | | | |
—
|
| | | | 368,944 | | | | | | 13,200 | | | | | | 907,144 | | | |||||
| | | 2022 | | | | | | 500,000 | | | |
—
|
| | | | 187,500 | | | | | | 12,200 | | | | | | 699,700 | | | |||||
Steven Miller
CFO |
| | | | 2024 | | | | | | 500,000 | | | | | | 2,713,115 | | | |
—
|
| | | | 13,800 | | | | | | 3,226,915 | | | |||
| | | 2023 | | | | | | 472,500 | | | | | | 2,035,935 | | | | | | 265,640 | | | | | | 13,200 | | | | | | 2,787,275 | | | ||
| | | 2022 | | | | | | 450,000 | | | |
—
|
| | | | 135,000 | | | | | | 12,200 | | | | | | 597,200 | | |
Name
|
| |
Date of
Board Action to Grant the Award |
| |
Grant Date
|
| |
Estimated Possible Payouts
Under Equity Incentive Plan Awards(1) |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#) |
| |
Grant Date
Fair Value of Stock and Options Awards ($)(5) |
| |||||||||||||||||||||||||||
|
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |||||||||||||||||||||||||||||||||||
Neil Blumenthal
|
| |
—
|
| |
—
|
| | | | 74,925 | | | | | | 499,500 | | | | | | 1,198,800 | | | |
—
|
| |
—
|
| ||||||||||||
| | | 2/22/2024 | | | | | | 2/22/2024 | | | |
—
|
| |
—
|
| |
—
|
| | | | 24,243(2) | | | | | | 342,796 | | | |||||||||||
| | | 3/1/2024 | | | | | | 3/4/2024 | | | | | | | | | |
—
|
| |
—
|
| | | | 202(3) | | | | | | 2,602 | | | ||||||||
Dave Gilboa
|
| |
—
|
| |
—
|
| | | | 74,925 | | | | | | 499,500 | | | | | | 1,198,800 | | | |
—
|
| |
—
|
| ||||||||||||
| | | 2/22/2024 | | | | | | 2/22/2024 | | | | | | | | | |
—
|
| |
—
|
| | | | 24,243(2) | | | | | | 342,796 | | | ||||||||
| | | 3/1/2024 | | | | | | 3/4/2024 | | | | | | | | | |
—
|
| |
—
|
| | | | 202(3) | | | | | | 2,602 | | | ||||||||
Steve Miller
|
| |
—
|
| |
—
|
| | | | 48,750 | | | | | | 325,000 | | | | | | 780,000 | | | |
—
|
| |
—
|
| ||||||||||||
| | | 10/26/2023 | | | | | | 2/9/2024 | | | | | | | | | |
—
|
| |
—
|
| | | | 168,870(4) | | | | | | 2,345,604 | | | ||||||||
| | | 3/1/2024 | | | | | | 3/4/2024 | | | | | | | | | |
—
|
| |
—
|
| | | | 145(3) | | | | | | 1,867 | | |
| | | | | | | | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Name(1)
|
| |
Grant
Date |
| |
Vesting
Commencement Date |
| |
Number of
Securities Underlying Unexercised Options Exercisable (#) |
| |
Number of
Securities Underlying Unexercised Options Unexercisable (#) |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised, Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number
of Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(2) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights That Have Not Vested ($)(2) |
| | ||||||||||||||||||||||||||||||||
Neil Blumenthal
|
| | | | 2/22/2017 | | | | | | 2/22/2017 | | | | | | 710,759 | | | | | | | | | | | | | | | 3.83 | | | | | | 2/21/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 1/28/2021(3) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | 18.35 | | | | | | | | | | | | 5,731 | | | | | | 33,584 | | | | | | | | | | | | | | | | ||||
| | | 1/28/2021(4) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,444 | | | | | | 34,959 | | | | | | | | | | | | | | | | ||||
| | | 6/15/2021(5) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,198,844 | | | | | | 53,234,013 | | | | ||||
| | | 6/15/2021(6) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 298,416 | | | | | | 7,224,651 | | | | | | | | | | | | | | | | ||||
Dave Gilboa
|
| | | | 2/22/2017 | | | | | | 2/22/2017 | | | | | | 710,759 | | | | | | | | | | | | | | | 3.83 | | | | | | 2/21/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 1/28/2021(3) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | 18.35 | | | | | | | | | | | | 5,731 | | | | | | 33,584 | | | | | | | | | | | | | | | | ||||
| | | 1/28/2021(4) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,444 | | | | | | 34,959 | | | | | | | | | | | | | | | | ||||
| | | 6/15/2021(5) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,198,844 | | | | | | 53,234,013 | | | | ||||
| | | 6/15/2021(6) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 298,416 | | | | | | 7,224,651 | | | | | | | | | | | | | | | | ||||
Steve Miller
|
| | | | 1/28/2021(7) | | | | | | 1/1/2021 | | | | | | 85,508 | | | | | | | | | 2,444 | | | | | | 17.90 | | | | | | 1/27/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 1/28/2021(4) | | | | | | 1/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 661 | | | | | | 16,003 | | | | | | | | | | | | | | | | ||||
| | | 6/15/2021(4) | | | | | | 7/1/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,891 | | | | | | 287,881 | | | | | | | | | | | | | | | | ||||
| | | 1/3/2023(4) | | | | | | 1/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 73,998 | | | | | | 1,791,492 | | | | | | | | | | | | | | | | ||||
| | | 2/9/2024(4) | | | | | | 1/1/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 130,171 | | | | | | 3,151,440 | | | | | | | | | | | | | | | |
Name
|
| |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
|
Number of Shares
Acquired on Exercise (#) |
| |
Value Realized on
Exercise ($)(1) |
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(2) |
| ||||||||||||||
Neil Blumenthal
|
| |
—
|
| |
—
|
| | | | 236,115(3) | | | | | | 3,582,093 | | | ||||||
David Gilboa
|
| |
—
|
| |
—
|
| | | | 236,115(3) | | | | | | 3,582,093 | | | ||||||
Steve Miller
|
| | | | 169,534 | | | | | | 613,984 | | | | | | 124,104(4) | | | | | | 1,876,039 | | |
Name
|
| |
Executive
Contributions in Last FY |
| |
Registrant
Contributions in Last FY ($)(1) |
| |
Aggregate
Earnings in Last FY ($)(2) |
| |
Aggregate
Withdrawals / Distributions ($)(3) |
| |
Aggregate
Balance at Last FYE ($)(4) |
| ||||||||||||
Neil Blumenthal
|
| |
—
|
| | | | 2,799,633 | | | | | | 3,731,536 | | | | | | (2,927,152) | | | | | | 8,680,834 | | |
Dave Gilboa
|
| |
—
|
| | | | 2,799,633 | | | | | | 3,731,536 | | | | | | (2,927,152) | | | | | | 8,680,834 | | |
Steve Miller
|
| |
—
|
| | | | 199,163 | | | | | | 3,234 | | | | | | (75,349) | | | | | | 213,920 | | |
|
Termination Without Cause or for Good
Reason / Cause (no Change in Control) or Due to Death or Disability ($) |
| |
Change in Control (no Termination) ($)
|
| |
Termination Without Cause or for Good
Reason / Cause in Connection with a Change in Control ($) |
| ||||||
|
7,224,651
|
| | | | 13,308,503 | | | | | | 20,533,155 | | |
|
Base Salary
Continuation ($) |
| |
Company
Health Plan Contribution ($) |
| |
Total ($)
|
| ||||||
|
250,000
|
| | | | 2,817 | | | | | | 252,817 | | |
Co-Chief Executive Officer
|
| |
Total Compensation for
each Co-Chief Executive Officer as reported in the Summary Compensation Table ($) |
| |
Total Compensation for
Median Paid Employee ($) |
| |
Ratio
|
| |||||||||
Neil Blumenthal
|
| | | | 1,476,151 | | | | | | 44,796 | | | | | | 33:1 | | |
Dave Gilboa
|
| | | | 1,476,151 | | | | | | 44,796 | | | | | | 33:1 | | |
Year | | | Summary Compensation Table Total for Neil Blumenthal(1) ($) | | | Compensation Actually Paid to Neil Blumenthal(1)(2)(3) ($) | | | Summary Compensation Table Total for Dave Gilboa(1) ($) | | | Compensation Actually Paid to Dave Gilboa(1)(2)(3) ($) | | | Average Summary Compensation Table Total for Non-PEO NEO(1) ($) | | | Average Compensation Actually Paid to Non-PEO NEO(1)(2)(3) ($) | | | Value of Initial Fixed $100 Investment Based On(4): | | | Net Income (in $000s) | | | EBITDA (in $000s) | | |||||||||||||||||||||||||||||||||
| Total Shareholder Return ($) | | | Peer Group Total Shareholder Return ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | |||||||||
2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | |||||||||
2022 | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | | | | | | ( | | | | | | | | ||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | |
Name | | | Value of Equity Awards Disclosed in the Summary Compensation Table ($) | | | Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($)(a) | | | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($)(a) | | | Vesting- Date Fair Value of Equity Awards Granted During Year that Vested During Year ($)(a)(b) | | | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($)(a) | | | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year ($)(a) | | | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included ($) | | | Total— Equity Award Adjustments ($) | | ||||||||||||||||||
Neil Blumenthal | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Dave Gilboa | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Steve Miller | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
![[MISSING IMAGE: bc_shareholderreturn-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001504776/000110465925040245/bc_shareholderreturn-pn.jpg)
![[MISSING IMAGE: bc_netincome-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001504776/000110465925040245/bc_netincome-pn.jpg)
![[MISSING IMAGE: bc_ebitdamargin-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001504776/000110465925040245/bc_ebitdamargin-pn.jpg)
![[MISSING IMAGE: lc_cululative-4clr.jpg]](https://www.sec.gov/Archives/edgar/data/0001504776/000110465925040245/lc_cululative-4clr.jpg)
| | | | |
Name
|
| |
Fees
Earned or Paid in Cash ($)(1) |
| |
Stock
Awards ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| ||||||||||||
Teresa Briggs
|
| | | | 95,000 | | | | | | 246,008 | | | | | | 2,500 | | | | | | 343,508 | | |
Joel Cutler
|
| |
—
|
| |
—
|
| | | | | | | |
—
|
| |||||||||
Andrew Hunt
|
| | | | 75,000 | | | | | | 253,010 | | | | | | | | | | | | 328,010 | | |
Youngme Moon
|
| | | | 75,000 | | | | | | 246,008 | | | | | | | | | | | | 321,008 | | |
Jeffrey Raider
|
| | | | 75,000 | | | | | | 246,008 | | | | | | | | | | | | 321,008 | | |
Bradley Singer(4)
|
| | | | 63,288 | | | | | | 187,193 | | | | | | | | | | | | 250,481 | | |
Gabrielle Sulzberger(5)
|
| | | | 85,000 | | | | | | 246,008 | | | | | | | | | | | | 331,008 | | |
Ronald Williams
|
| | | | 93,959 | | | | | | 253,449 | | | | | | | | | | | | 347,408 | | |
Plan category:
|
| |
(a)
Number of Securities to be Issued Upon Exercise of Outstanding Options, or Release of Outstanding Restricted Stock Units and Performance Stock Units |
| |
(b)
Weighted- Average Exercise Price of Outstanding Options(1) |
| |
(c)
Number of Securities Available for Future Issuance Under Equity Compensation Plans (excludes securities reflected in first column) |
| |||||||||
Equity compensation plans approved by security
holders(2) |
| | | | | | | | | | | | | | | | 30,131,013(3) | | |
Class A common stock
|
| | | | 2,565,248 | | | | | $ | 15.03 | | | | | | | | |
Class B common stock
|
| | | | 7,147,516 | | | | | $ | 3.95 | | | | | | | | |
Equity compensation plans not approved by security
holders |
| |
—
|
| |
—
|
| |
—
|
| |||||||||
Total
|
| | | | 9,712,764 | | | | | $ | 5.67 | | | | | | 30,131,013 | | |
| | |
Class A Common Stock
|
| |
Class B Common Stock
|
| |
Percentage
of Total Voting Power |
| |||||||||||||||||||||
Name and Address of Beneficial Owner
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
5% or Greater Stockholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Vanguard Group(1)
|
| | | | 10,139,563 | | | | | | 9.7 | | | |
—
|
| |
—
|
| | | | 3.7 | | | ||||||
Durable Capital Partners LP(2)
|
| | | | 8,177,028 | | | | | | 7.8 | | | |
—
|
| |
—
|
| | | | 3.0 | | | ||||||
FMR LLC(3)
|
| | | | 6,668,586 | | | | | | 6.4 | | | |
—
|
| |
—
|
| | | | 2.4 | | | ||||||
Blackrock Inc.(4)
|
| | | | 6,601,034 | | | | | | 6.3 | | | |
—
|
| |
—
|
| | | | 2.4 | | | ||||||
D1 Capital Partners L.P. and affiliates(5)
|
| | | | 5,289,014 | | | | | | 5.1 | | | |
—
|
| |
—
|
| | | | 1.9 | | | ||||||
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Neil Blumenthal(6)
|
| | | | 433,777 | | | |
*
|
| | | | 6,826,882 | | | | | | 38.7 | | | | | | 24.4 | | | |||
David Gilboa(7)
|
| | | | 33,905 | | | |
*
|
| | | | 7,809,083 | | | | | | 44.2 | | | | | | 27.8 | | | |||
Steven Miller(8)
|
| | | | 322,854 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Andrew Hunt
|
| | | | 1,913,205 | | | | | | 1.8 | | | |
—
|
| |
—
|
| |
*
|
| |||||||||
Jeffrey Raider(9)
|
| | | | 4,186,697 | | | | | | 4.0 | | | |
—
|
| |
—
|
| | | | 1.5 | | | ||||||
Teresa Briggs(10)
|
| | | | 54,828 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Joel Cutler(11)
|
| | | | 245,072 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Youngme Moon
|
| | | | 86,942 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Bradley Singer(12)
|
| | | | 140,793 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
Ronald A. Williams(13)
|
| | | | 92,434 | | | |
*
|
| |
—
|
| |
—
|
| |
*
|
| ||||||||||||
All directors and executive officers as a group (10 individuals)(14)
|
| | | | 7,510,507 | | | | | | 7.2 | | | | | | 14,635,965 | | | | | | 79.5 | | | | | | 53.3 | | |
Attention: Secretary
233 Spring Street, 6th Floor East
New York, NY 10023
![[MISSING IMAGE: sg_chrisutecht-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001504776/000110465925040245/sg_chrisutecht-bw.jpg)
Senior Vice President, General Counsel and Secretary
New York, New York
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
| | |
Year Ended
|
| |||||||||
| | |
December 31,
2024 |
| |
December 31,
2023 |
| ||||||
| | |
(unaudited, in thousands)
|
| |||||||||
Net loss
|
| | | $ | (20,390) | | | | | $ | (63,197) | | |
Adjusted to exclude the following: | | | | | | | | | | | | | |
Interest and other loss, net
|
| | | | (10,596) | | | | | | (9,232) | | |
Provision for income taxes
|
| | | | 875 | | | | | | 433 | | |
Depreciation and amortization expense
|
| | | | 45,865 | | | | | | 38,554 | | |
Asset impairment charges
|
| | | | 816 | | | | | | 3,230 | | |
Stock-based compensation expense(1)
|
| | | | 48,409 | | | | | | 71,065 | | |
Non-cash charitable donations(2)
|
| | | | 2,196 | | | | | | 3,191 | | |
Amortization of cloud-based software implementation costs(3)
|
| | | | 3,704 | | | | | | 2,895 | | |
ERP implementation costs(4)
|
| | | | — | | | | | | 4,413 | | |
Other costs(5)
|
| | | | 2,232 | | | | | | 1,000 | | |
Adjusted EBITDA
|
| | | $ | 73,111 | | | | | $ | 52,352 | | |
Adjusted EBITDA margin
|
| | | | 9.5% | | | | | | 7.8% | | |
| | |
Year Ended
|
| |||||||||
| | |
December 31,
2024 |
| |
December 31,
2023 |
| ||||||
| | |
(unaudited, in thousands)
|
| |||||||||
Net cash provided by operating activities
|
| | | $ | 98,744 | | | | | $ | 60,991 | | |
Purchases of property and equipment
|
| | | | (64,032) | | | | | | (53,671) | | |
Free cash flow
|
| | | $ | 34,712 | | | | | $ | 7,320 | | |
![[MISSING IMAGE: px_25warbyparker1pg01-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001504776/000110465925040245/px_25warbyparker1pg01-bw.jpg)
![[MISSING IMAGE: px_25warbyparker1pg02-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001504776/000110465925040245/px_25warbyparker1pg02-bw.jpg)