Company: WRBY
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001504776-25-000027
Chunk: 93

Company: Warby Parker Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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 Credit Agreement are secured by first-lien security interests in substantially all of the assets of the Borrowers. In addition, the obligations are required to be guaranteed in the future by certain additional domestic subsidiaries of the Company.

Other than letters of credit outstanding of $4.3 million as of both June 30, 2025 and December 31, 2024 used to secure certain leases in lieu of a cash security deposit, there were no other borrowings outstanding.

Cash Flows

The following table summarizes our cash flows for the periods presented:

Six Months Ended June 30,20252024(in thousands)Net cash provided by operating activities $69,557 $51,550 Net cash used in investing activities (32,438)(34,088)Net cash (used in) provided by financing activities (5,075)3,707 Effect of exchange rates on cash 179 (105)Net change in cash and cash equivalents $32,223 $21,064 

Cash Flows from Operating Activities

Net cash provided by operating activities was $69.6 million for the six months ended June 30, 2025, consisting of net income of $1.7 million adjusted for $50.7 million of non-cash expenses and $17.2 million of net cash used as a result of changes in operating assets and liabilities. The non-cash charges included $24.6 million of depreciation and amortization, $21.2 million of stock-based compensation, $2.8 million of non-cash charitable contributions, $1.5 million of amortization of cloud-based software implementation costs, and $0.5 million of asset impairment charges. The changes in operating assets and liabilities were primarily driven by a decrease in inventory and an increase in accrued expenses and leasehold liabilities, partially offset by a decrease in deferred revenue.

Net cash provided in operating activities was $51.6 million for the six months ended June 30, 2024, consisting of net loss of $9.4 million, adjusted for $54.2 million of non-cash expenses and $6.8 million of net cash used as a result of changes in operating assets and liabilities. The non-cash charges included $27.9 million of stock-based compensation, $21.7 million of depreciation and amortization, $2.2 million of non-cash charitable contributions, $2.0 million of amortization of cloud-based software implementation costs, and $0.4 million of asset impairment charges.