Company: WRBY
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001504776-25-000019
Chunk: 66

Company: Warby Parker Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 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 summary of significant accounting policies.The CODM assesses performance for the holistic vision care segment and decides how to allocate resources based on net income that is also reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses net income when determining whether to reinvest profits into the holistic vision care segment or to use them for acquisitions or other transactions. Net income is also used in the evaluation of budget versus actual performance.Segment profit and loss for the holistic vision care segment consists of the following:Three Months Ended March 31,20252024Revenue$223,782 $200,003 Less:Cost of goods sold97,802 86,544 Marketing27,873 24,858 Other selling, general, and administrative costs95,636 93,728 Interest and other income, net(2,455)(2,556)Income tax expense1,454 108 Segment and consolidated net income (loss)$3,472 $(2,679)

10. Commitments and Contingencies

2024 Credit FacilityIn February 2024, the Borrowers entered into a Credit Agreement with JPMorgan Chase Bank, N.A. and the lenders party thereto (the “2024 Credit Facility”), which replaced a previous credit facility. The 2024 Credit Facility consists of a $120.0 million five-year revolving credit facility with sublimits of $15.0 million for letters of credit and $10.0 million for swingline loans. The 2024 Credit Facility includes an option for the Company to increase the available amount by up to $55.0 million, for a maximum borrowing capacity of $175.0 million, subject to the consent of the lenders funding the increase and certain other conditions. Proceeds of the borrowings under the 2024 Credit Facility are expected to be used for working capital and other general corporate purposes in the ordinary course of business. The Company is permitted to repay borrowings under the 2024 Credit Facility at any time, in whole or in part, without penalty.Under the 2024 Credit Facility, borrowings under the revolving credit facility bear interest on the principal