Company: WRBY
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001504776-25-000027
Chunk: 72

Company: Warby Parker Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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2420252024Operating lease expense$9,443 $8,485 $18,799 $16,576 Variable lease expense(1)187 138 542 322 Net lease expense$9,630 $8,623 $19,341 $16,898 (1) Variable lease expense primarily consists of contingent rent.The following table presents future lease payments:Operating Leases(1)2025$17,812 202646,072 202751,396 202846,805 202937,897 Thereafter77,834 Future minimum lease payments277,816 Impact of discounting49,437 Present value of lease payments$228,379 (1)    The years 2025 and 2026 each include $6.4 million of expected cash inflows from tenant improvement allowances. Operating lease payments exclude $8.0 million of legally binding minimum lease payments related to executed leases for which the Company has not yet taken possession of the leased premises.The following tables present other relevant lease information:June 30,2025Weighted average remaining lease term (years)6.1Weighted average discount rate5.7 %Six Months Ended June 30,20252024Cash paid for amounts included in the measurement of operating lease liabilities$22,590 $21,201 Lease assets obtained in exchange for new operating lease liabilities$12,682 $28,986 

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Table of ContentsWarby Parker Inc. and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited)(Amounts in thousands, except per share data)

9. Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), who makes decisions about allocating resources and assessing performance. The Company’s CODM is its co-Chief Executive Officers.The Company identified one operating segment and one reportable segment, holistic vision care, which is aligned with how the CODM views the business as a holistic vision care brand with complementary vision care products and services. The holistic vision care segment sells eyewear products and provides optical services directly to customers through its retail and e-commerce platform. The Company derives revenues in the U.S. and Canada and manages business activities on a consolidated basis using the same technology and supply chain infrastructure across channels, products, and geographies.The accounting policies of the holistic vision care segment are the same as those described in the