Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

The following table disaggregates the Company’s revenue by product:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Eyewear products	$	140,818	$	133,037	$	431,122	$	395,329
Services and other	7,959		4,336		20,497		12,577
Total Revenue	$	148,777	$	137,373	$	451,619	$	407,906

The following table disaggregates the Company’s revenue by channel:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
E-commerce	$	54,887	$	58,199	$	180,340	$	194,859
Retail	93,890		79,174		271,279		213,047
Total Revenue	$	148,777	$	137,373	$	451,619	$	407,906

Accounting Standards Update and Change in Accounting Principle

The impact of the adoption of ASC 842 on the condensed consolidated balance sheet is as follows:


	December 31, 2021		Impact of ASC 842 Adoption			January 1, 2022
Assets
Current assets	$	327,980	$	—		$	327,980
Property and equipment, net	112,195		—			112,195
Right-of-use lease assets	—		109,374		(1)	109,374
Other assets	471		—			471
Total assets	$	440,646	$	109,374		$	550,020

Liabilities and stockholders' deficit
Current liabilities:
Accounts payable	$	30,890	$	—		$	30,890
Accrued expenses	60,840		—			60,840
Deferred revenue	22,073		—			22,073
Current lease liabilities	—		14,710		(2)	14,710
Other current liabilities	4,301		(2,484)		(3)	1,817
Total current liabilities	118,104		12,226			130,330

Deferred rent	36,544		(36,544)		(3)	—
Non-current lease liabilities	—		131,492		(2)	131,492
Other liabilities	—		2,200		(4)	2,200
Total liabilities	154,648		109,374			264,022
Stockholders' equity	285,998		—			285,998
Total liabilities and stockholders' deficit	$	440,646	$	109,374		$	550,020

(1) Represents the recognition of operating lease right-of-use assets, reflecting lease rights and the reclassifications of deferred rent and tenant allowances.

(2) Represents the recognition of current and non-current lease liabilities for fixed payments associated with the Company’s operating leases.

(3) Represents the reclassification of current and non-current deferred rent and tenant improvement allowances to operating lease right-of-use assets.

(4) Represents the recognition of negative operating lease right-of-use assets into other liabilities. This typically occurs when a lease contains TIAs but most or all of the cash rent is variable in nature and does not result in a lease liability.