BUSINESS: Financial Warby Parker Releases Financial Guidance for the Third Quarter, Fiscal Year 2021 and Fiscal Year 2022 By Staff Wednesday, September 22, 2021 12:30 AM NEW YORK—Warby Parker Inc. yesterday issued guidance for the third quarter ending Sept. 30, 2021 and for the fiscal years ending Dec. 31, 2021 and 2022. “As we look to the future, we’re inspired by the possibilities in front of us,” said Neil Blumenthal and Dave Gilboa. co-founders and co-chief executive officers. “The outlook we’ve provided today underscores our belief that delivering remarkable customer experiences, making a positive impact on all stakeholders, and living our core values will lead to continued long-term sustainable growth.”As VMAIL has previously reported, Warby Parker filed registration papers for a direct listing on the New York Stock Exchange (NYSE) as an emerging growth company, which is expected to take place on Sept. 29.For the third quarter ending fiscal year 2021, the company currently expects:Net revenue of $131.0 million to $133.0 million, representing growth of 26 percent to 28 percent versus the third quarter of 2020 and growth of 38 percent to 40 percent versus the third quarter of 2019.Adjusted EBITDA margin of approximately 4 percent to 5 percent.Adjusted EBITDA margin excludes the expected impact of stock-based compensation, approximately $24.0 million of one-time direct listing related expenses, and $7.8 million of expense associated with the donation of shares to the Warby Parker Impact Foundation.Stock-based compensation includes, among other items, $28.6 million associated with service and performance-based restricted stock units for the company’s co-CEOs and approximately $25.3 million associated with the performance-based vesting of outstanding, time-vested restricted stock units upon public listing.For the fiscal year 2021, Warby Parker currently expects:Net revenue of $532.0 million to $537.0 million, representing growth of 35 percent to 36 percent versus fiscal year 2020 and growth of 44 percent to 45 percent versus fiscal year 2019.Adjusted EBITDA margin of approximately 4 percent to 5 percent.30-35 new store openings bringing the total store count to 155-160.For the fiscal year 2022, the company currently expects:Revenue growth of at least 25 percent when compared to fiscal year 2021.A one to two percentage point improvement in fiscal year 2022 adjusted EBITDA margin when compared to fiscal year 2021.“Throughout the first half of 2021 we’ve continued to observe strong and consistent revenue growth” said Steve Miller, Warby Parker's chief financial officer. “As we look ahead to the remainder of the year and into 2022, we expect these trends to sustain, supported by continued strong customer economics, our expanding retail footprint, as well as continued steady increases in active customers and average order value as we evolve into a holistic vision care company.”During the six months ended June 30 2021, as previously reported, the company achieved:Net revenue of $270.5 million, representing growth of 53 percent and 49 percent when compared to the same respective periods in 2020 and 2019.Net loss was $7.3 million versus net loss of $10.0 million and net income of $10.5 million in the same respective periods in 2020 and 2019.Adjusted EBITDA of $20.1 million versus adjusted EBITDA of $1.2 million and $20.6 million achieved in the same respective periods in 2020 and 2019.145 stores open, representing 27 net new stores opened since June 2020 and 50 net new stores opened since June 2019.Active customers of 2.1 million, an increase of 20 precent and 28 percent, respectively, when compared to June 30, 2020 and June 30, 2019.Due to the impact of COVID-19-related store closures last year, the company is making fiscal year 2021 financial comparisons against fiscal years 2020 and 2019.As of Sept. 21, 2021, the company had 111.4 million shares of common Stock outstanding, consisting of 89.4 million shares of Class A common stock and 22.0 million shares of Class B common stock (the “Common Stock”).As of Sept. 21, 2021, the company had a fully diluted share count of 124.5 million shares including the Common Stock outstanding and all outstanding stock options and restricted stock units. This measure is calculated on a treasury stock method basis.