Company: WRBY
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001504776-25-000010
Chunk: 261

Company: Warby Parker Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 261
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 commitment fee of 0.20% to 0.25% depending on the Company's leverage ratio. Both interest on principal and commitment fees are included in interest expense on the consolidated statements of operations.

The 2024 Credit Facility contains a financial maintenance covenant which only applies while total borrowings exceed $30.0 million, which requires the Company to maintain a maximum consolidated senior net leverage ratio of 3:1. The 2024 Credit Facility contains customary affirmative and negative covenants, including limits on indebtedness, liens, capital expenditures, asset sales, investments and restricted payments, in each case subject to negotiated exceptions and baskets, as well as representations, warranties and event of default provisions. The obligations of the Borrowers under the 2024 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.

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Other than letters of credit outstanding of $4.3 million as of both December 31, 2024 and 2023, used to secure certain leases in lieu of a cash security deposit, there were no other borrowings outstanding under the 2024 Credit Facility.

Cash Flows

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

Year Ended December 31,202420232022($ in thousands)Net cash provided by operating activities $98,744 $60,991 $10,370 Net cash used in investing activities (66,032)(54,671)(60,181)Net cash provided by financing activities 4,961 2,871 3,291 Effect of exchange rates on cash (404)(882)(1,311)Net increase (decrease) in cash and cash equivalents $37,267 $8,309 $(47,831)

Cash Flows from Operating Activities

Net cash provided by operating activities was $98.7 million for the year ended December 31, 2024, consisting of a net loss of $20.4 million, adjusted for $99.9 million of non-cash expenses and $19.2 million of net cash from changes in operating assets and liabilities. The non-cash charges included $47.3 million of stock-based compensation, $45.9 million of depreciation and amortization, $3.7 million of amortization of cloud-based implementation costs, $2.2 million of non-cash charitable contributions, and $0