Company: WRBY
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001504776-25-000019
Chunk: 65

Company: Warby Parker Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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. Renewal options are exercisable at the Company’s sole discretion and are included in the lease term if they are reasonably certain to be exercised. In general it is not reasonably certain that lease renewals will be exercised at lease commencement and as such, lease renewals are not included in the lease term.Net lease expense consists of the following:Three Months Ended March 31,20252024Operating lease expense$9,357 $8,091 Variable lease expense(1)355 196 Net lease expense$9,712 $8,287 (1) Variable lease expense primarily consists of contingent rent.The following table presents future lease payments:Operating Leases(1)2025$23,223 202646,641 202749,411 202844,789 202935,895 Thereafter72,784 Future minimum lease payments272,743 Impact of discounting49,083 Present value of lease payments$223,660 (1)    The years 2025 and 2026 include $12.0 million and $4.0 million of expected cash inflows from tenant improvement allowances. Operating lease payments exclude $7.0 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:March 31,2025Weighted average remaining lease term (years)6.3Weighted average discount rate5.6 %Three Months Ended March 31,20252024Cash paid for amounts included in the measurement of operating lease liabilities$11,447 $10,400 Lease assets obtained in exchange for new operating lease liabilities$5,806 $13,527 

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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