Company: WRBY
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001504776-25-000010
Chunk: 136

Company: Warby Parker Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 136
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 the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

New York, New York

February 27, 2025

75

Warby Parker Inc. and Subsidiaries

Consolidated Balance Sheets

(Amounts in thousands, except par value)

December 31,20242023AssetsCurrent assets:Cash and cash equivalents$254,161 $216,894 Accounts receivable, net1,948 1,779 Inventory52,345 62,234 Prepaid expenses and other current assets17,592 17,712 Total current assets326,046 298,619 Property and equipment, net170,464 152,332 Right-of-use lease assets171,284 122,305 Other assets8,696 7,056 Total assets$676,490 $580,312 Liabilities and Stockholders’ EquityCurrent liabilities:Accounts payable$23,519 $22,456 Accrued expenses51,609 46,320 Deferred revenue32,358 31,617 Current lease liabilities20,235 24,286 Other current liabilities2,633 2,411 Total current liabilities130,354 127,090 Non-current lease liabilities