0001710155-24-000028 | 10-Q | XBRL Viewer | National Vision Holdings INC

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 30, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	85,194,000	84,831,000
Common stock, outstanding (in shares)	78,558,000	78,311,000
Treasury stock (in shares)	6,636,000	6,520,000

Stock Incentive Plans	3 Months Ended
Stock Incentive Plans	Mar. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans During the three months ended March 30, 2024, the Company granted 283,840 performance-based restricted stock units (“PSUs”) and 452,309 time-based restricted stock units (“RSUs”) to eligible employees under the National Vision Holdings, Inc. 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”) and the 2014 Stock Incentive Plan. The PSUs granted in fiscal 2024 will be settled after the end of the performance period (i.e., cliff vesting), which begins on the first day of our 2024 fiscal year and ends on the last day of our 2026 fiscal year, and are based on the Company’s achievement of certain performance targets. The RSUs granted in fiscal 2024 vest primarily in three equal annual installments.

Segment Reporting - Schedule of Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information [Line Items]
Total net revenue	$ 542,523	$ 520,797
Total costs applicable to revenue	248,666	235,409
SG&A	245,366	233,331
Asset impairment	456	354
Other expense (income), net	(12)	(117)
Depreciation and amortization	23,637	22,734
Interest expense, net	4,256	4,867
Earnings from continuing operations before income taxes	20,154	24,219
Products
Segment Reporting Information [Line Items]
Total net revenue	447,812	436,114
Total costs applicable to revenue	166,324	160,334
Services and plans
Segment Reporting Information [Line Items]
Total net revenue	94,711	84,683
Total costs applicable to revenue	82,342	75,075
Operating Segments \| Owned & Host
Segment Reporting Information [Line Items]
Total net revenue	476,851	461,906
Total costs applicable to revenue	189,685	180,409
SG&A	179,623	167,845
Asset impairment	0	0
Other expense (income), net	0	0
EBITDA	107,543	113,652
Operating Segments \| Owned & Host \| Products
Segment Reporting Information [Line Items]
Total net revenue	380,596	374,836
Total costs applicable to revenue	107,343	105,356
Operating Segments \| Owned & Host \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	96,255	87,070
Total costs applicable to revenue	82,342	75,053
Operating Segments \| Corporate/Other
Segment Reporting Information [Line Items]
Total net revenue	67,974	64,865
Total costs applicable to revenue	59,346	55,744
SG&A	65,743	65,486
Asset impairment	456	354
Other expense (income), net	(12)	(117)
EBITDA	(57,559)	(56,602)
Operating Segments \| Corporate/Other \| Products
Segment Reporting Information [Line Items]
Total net revenue	67,974	64,841
Total costs applicable to revenue	59,346	55,722
Operating Segments \| Corporate/Other \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	0	24
Total costs applicable to revenue	0	22
Reconciliations
Segment Reporting Information [Line Items]
Total net revenue	(2,302)	(5,974)
Total costs applicable to revenue	(365)	(744)
SG&A	0	0
Asset impairment	0	0
Other expense (income), net	0	0
EBITDA	(1,937)	(5,230)
Reconciliations \| Products
Segment Reporting Information [Line Items]
Total net revenue	(758)	(3,563)
Total costs applicable to revenue	(365)	(744)
Reconciliations \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	(1,544)	(2,411)
Total costs applicable to revenue	$ 0	$ 0

Earnings Per Share

3 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Diluted EPS related to the 2025 Notes is calculated using the if-converted method; the number of dilutive shares is based on the initial conversion rate associated with the 2025 Notes. The 2025 Notes were dilutive for the three months ended April 1, 2023. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:


	Three Months Ended
In thousands, except EPS		March 30, 2024		April 1, 2023
Basic earnings per share
Numerator:
Income from continuing operations, net of tax		$	12,239	$	15,973
Income (loss) from discontinued operations, net of tax		(554)		2,297
Net income		$	11,685	$	18,270
Denominator:
Weighted average shares outstanding, Basic		78,384		78,721
Basic EPS
Continuing operations		$	0.16	$	0.20
Discontinued operations		$	(0.01)	$	0.03
Total		$	0.15	$	0.23

Diluted earnings per share
Numerator:
Income from continuing operations, net of tax		$	12,239	$	15,973
After-tax interest expense for 2025 Notes		—		2,359
Numerator for diluted EPS from continuing operations		$	12,239	$	18,332
Income (loss) from discontinued operations, net of tax		$	(554)	$	2,297
Denominator:
Weighted average shares outstanding, Basic		78,384		78,721
Effect of dilutive securities:
Stock options		60		148
Restricted stock units		382		356
2025 Notes		—		12,911
Weighted average shares outstanding, Diluted		78,826		92,136
Diluted EPS
Continuing operations		$	0.16	$	0.20
Discontinued operations		$	(0.01)	$	0.02
Total		$	0.15	$	0.22
Anti-dilutive securities excluded from diluted weighted average common shares		10,909		525

Leases - Schedule of Operating Lease Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows - operating leases	$ 27,700	$ 33,533
Right of use assets acquired under operating leases	$ 27,346	$ 28,643

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Numerator:
Income from continuing operations, net of tax	$ 12,239	$ 15,973
Income (loss) from discontinued operations, net of tax	(554)	2,297
Net income	$ 11,685	$ 18,270
Denominator:
Weighted average shares outstanding, Basic (in shares)	78,384	78,721
Basic EPS
Continuing operations (in usd per share)	$ 0.16	$ 0.20
Discontinued operations (in usd per share)	(0.01)	0.03
Total (in usd per share)	$ 0.15	$ 0.23
Numerator:
Income from continuing operations, net of tax	$ 12,239	$ 15,973
After-tax interest expense for 2025 Notes	0	2,359
Numerator for diluted EPS from continuing operations	$ 12,239	$ 18,332
Effect of dilutive securities:
Stock options (in shares)	60	148
Restricted stock units (in shares)	382	356
2025 Notes (in shares)	0	12,911
Weighted average shares outstanding for diluted EPS (in shares)	78,826	92,136
Diluted EPS
Continuing operations (in usd per share)	$ 0.16	$ 0.20
Discontinued operations (in usd per share)	(0.01)	0.02
Total (in usd per share)	$ 0.15	$ 0.22
Stock Options, Restricted Stock Units (RSUs) and Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted weighted average common shares (in shares)	10,909	525

Earnings Per Share (Tables)

3 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted EPS Calculations

A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:


	Three Months Ended
In thousands, except EPS		March 30, 2024		April 1, 2023
Basic earnings per share
Numerator:
Income from continuing operations, net of tax		$	12,239	$	15,973
Income (loss) from discontinued operations, net of tax		(554)		2,297
Net income		$	11,685	$	18,270
Denominator:
Weighted average shares outstanding, Basic		78,384		78,721
Basic EPS
Continuing operations		$	0.16	$	0.20
Discontinued operations		$	(0.01)	$	0.03
Total		$	0.15	$	0.23

Diluted earnings per share
Numerator:
Income from continuing operations, net of tax		$	12,239	$	15,973
After-tax interest expense for 2025 Notes		—		2,359
Numerator for diluted EPS from continuing operations		$	12,239	$	18,332
Income (loss) from discontinued operations, net of tax		$	(554)	$	2,297
Denominator:
Weighted average shares outstanding, Basic		78,384		78,721
Effect of dilutive securities:
Stock options		60		148
Restricted stock units		382		356
2025 Notes		—		12,911
Weighted average shares outstanding, Diluted		78,826		92,136
Diluted EPS
Continuing operations		$	0.16	$	0.20
Discontinued operations		$	(0.01)	$	0.02
Total		$	0.15	$	0.22
Anti-dilutive securities excluded from diluted weighted average common shares		10,909		525

Discontinued Operations - Schedule of Major Classes of Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Noncurrent assets:
Total noncurrent assets of discontinued operations	$ 0	$ 2,194
Current liabilities:
Total current liabilities of discontinued operations	0	302
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment \| Walmart MSA
Noncurrent assets:
Property and equipment, net	0	1,791
Right of use assets	0	304
Other intangible assets, net	0	99
Total noncurrent assets of discontinued operations	0	2,194
Current liabilities:
Current operating lease obligations	0	302
Total current liabilities of discontinued operations	$ 0	$ 302

Description of Business and Basis of Presentation - Income Taxes (Details)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Accounting Policies [Abstract]
Effective income tax rate (percent)	39.30%	34.00%
Statutory federal and state rate (percent)	25.20%	25.40%

Details of Certain Balance Sheet Accounts - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Accounts receivable, net:
Allowance for credit losses	$ (352)	$ (316)
Accounts receivable, net of allowance	74,273	86,854
The CARES Act
Accounts receivable, net:
Government assistance receivable	9,000	9,000
Trade receivables
Accounts receivable, net:
Accounts receivable, gross	39,328	43,518
Credit card receivables
Accounts receivable, net:
Accounts receivable, gross	19,850	27,905
Other receivables
Accounts receivable, net:
Accounts receivable, gross	$ 15,447	$ 15,747

Segment Reporting

3 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company provides its principal products and services through one reportable segment: Owned & Host. The “Corporate/Other” category includes the results of operations of our other operating segments, AC Lens and FirstSight, as well as corporate overhead support. The “Reconciliations” category represents other adjustments to reportable segment results necessary for the presentation of consolidated financial results in accordance with U.S. GAAP. During the three months ended March 30, 2024, upon the termination of the Walmart MSA, the Company’s former Legacy reportable segment, and certain other results previously included in the Corporate/Other and Reconciliations categories, met the requirements to be classified as discontinued operations. Refer to Note 2. “Discontinued Operations” for information related to our discontinued operations.

Our reportable segment profit measure is earnings before interest, tax, depreciation and amortization (“EBITDA”) or net revenue, less costs applicable to revenue, less SG&A expenses. Depreciation and amortization, asset impairment, and other corporate costs that are not allocated to the reportable segment, including interest expense (income), net are excluded from segment EBITDA. There are no differences between the measurement of our reportable segment’s assets and consolidated assets. There have been no changes from prior periods in the measurement methods used to determine reportable segment profit or loss, and there have been no asymmetrical allocations to segments.

The following is a summary of certain financial data for our Owned & Host reportable segment and Corporate/Other and Reconciliations categories. Reportable segment information is presented on the same basis as our consolidated financial statements, except for net revenue and associated costs applicable to revenue, which are presented on a cash basis, including point of sales for managed care payors and excluding the effects of unearned and deferred revenue, consistent with what the Chief Operating Decision Maker (“CODM”) regularly reviews.

Asset information is not included in the following summary since the CODM does not regularly review such information for our reportable segment.


	Three Months Ended March 30, 2024
In thousands	Owned & Host		Corporate/Other		Reconciliations		Total
Net product sales	$	380,596	$	67,974	$	(758)	$	447,812
Net sales of services and plans	96,255		—		(1,544)		94,711
Total net revenue	476,851		67,974		(2,302)		542,523
Costs of products	107,343		59,346		(365)		166,324
Costs of services and plans	82,342		—		—		82,342
Total costs applicable to revenue	189,685		59,346		(365)		248,666
SG&A	179,623		65,743		—		245,366
Asset impairment	—		456		—		456
Other expense (income), net	—		(12)		—		(12)
EBITDA	$	107,543	$	(57,559)	$	(1,937)
Depreciation and amortization							23,637
Interest expense, net							4,256
Earnings from continuing operations before income taxes							$	20,154


	Three Months Ended April 1, 2023
In thousands	Owned & Host		Corporate/Other		Reconciliations		Total
Net product sales	$	374,836	$	64,841	$	(3,563)	$	436,114
Net sales of services and plans	87,070		24		(2,411)		84,683
Total net revenue	461,906		64,865		(5,974)		520,797
Costs of products	105,356		55,722		(744)		160,334
Costs of services and plans	75,053		22		—		75,075
Total costs applicable to revenue	180,409		55,744		(744)		235,409
SG&A	167,845		65,486		—		233,331
Asset impairment	—		354		—		354
Other expense (income), net	—		(117)		—		(117)
EBITDA	$	113,652	$	(56,602)	$	(5,230)
Depreciation and amortization							22,734
Interest expense, net							4,867
Earnings from continuing operations before income taxes							$	24,219

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Revenue:
Total net revenue	$ 542,523	$ 520,797
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	248,666	235,409
Operating expenses:
Selling, general and administrative expenses	245,366	233,331
Depreciation and amortization	23,637	22,734
Asset impairment	456	354
Other expense (income), net	(12)	(117)
Total operating expenses	269,447	256,302
Income from operations	24,410	29,086
Interest expense, net	4,256	4,867
Earnings from continuing operations before income taxes	20,154	24,219
Income tax provision	7,915	8,246
Income from continuing operations, net of tax	12,239	15,973
Income (loss) from discontinued operations, net of tax (See Note 2)	(554)	2,297
Net income	$ 11,685	$ 18,270
Earnings Per Share, Basic [Abstract]
Continuing operations (in usd per share)	$ 0.16	$ 0.20
Discontinued operations (in usd per share)	(0.01)	0.03
Total (in usd per share)	0.15	0.23
Diluted earnings per share:
Continuing operations (in usd per share)	0.16	0.20
Discontinued operations (in usd per share)	(0.01)	0.02
Total (in usd per share)	$ 0.15	$ 0.22
Weighted average shares outstanding:
Basic (in shares)	78,384	78,721
Diluted (in shares)	78,826	92,136
Comprehensive income:
Net income	$ 11,685	$ 18,270
Unrealized gain on hedge instruments	254	253
Tax provision of unrealized gain on hedge instruments	64	65
Comprehensive income	11,875	18,458
Products
Revenue:
Total net revenue	447,812	436,114
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	166,324	160,334
Services and plans
Revenue:
Total net revenue	94,711	84,683
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	$ 82,342	$ 75,075

Details of Certain Balance Sheet Accounts - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Inventories:
Raw materials and work in process	$ 55,476	$ 57,367
Finished goods	63,088	62,541
Inventories	$ 118,564	$ 119,908

Revenue From Contracts With Customers - Schedule of Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disaggregation of Revenue [Line Items]
Total net revenue	$ 542,523	$ 520,797
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Total net revenue	510,544	489,331
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total net revenue	$ 31,979	$ 31,466

Costs Related to Wind Down Activities - Narrative (Details) - Termination Of Walmart Partnership $ in Thousands	3 Months Ended
	Mar. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Additional restructuring costs to be incurred	$ 3,000
Employee Compensation Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	188
Employee Compensation Benefits \| Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	200
Other Costs \| Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 700

Long-term Debt - Schedule of Interest Expense (Details) - 2025 Notes - Convertible Senior Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 1,891	$ 2,516
Amortization of issuance costs	$ 442	$ 538

Description of Business and Basis of Presentation - Basis of Presentation and Principles of Consolidation (Details) $ in Thousands	Mar. 30, 2024 USD ($) corporation	Dec. 30, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of corporations \| corporation	30
Assets	$ 2,155,368	$ 2,172,511
Variable Interest Entity, Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets	3,800	8,300
Liabilities	$ 5,100	$ 9,800

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation We prepare our unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and, therefore, do not include all information and disclosures required by U.S. GAAP for complete consolidated financial statements. The Condensed Consolidated Balance Sheet as of December 30, 2023 has been derived from the audited consolidated balance sheet for the fiscal year then ended. These condensed consolidated financial statements reflect all normal and recurring adjustments which are, in the opinion of management, necessary to present fairly the Company’s consolidated results of the interim period. Certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted; however, we believe that the disclosures included herein are sufficient for a fair presentation of the information presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto for the fiscal year ended December 30, 2023 included in the 2023 Annual Report on Form 10-K. The Company’s significant accounting policies are set forth in Note 1. within those consolidated financial statements. We use the same accounting policies in preparing interim condensed consolidated financial information and annual consolidated financial statements. There were no changes to our significant accounting policies during the three months ended March 30, 2024. The condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts within the Condensed Consolidated Statements of Cash Flows and footnotes to the financial statements for fiscal year 2023 have been reclassified to conform to the fiscal year 2024 presentation. Retrospective reclassifications have been made to prior period financial statements and disclosures to present the discontinued operations. Refer to Note 2. “Discontinued Operations” for more information on discontinued operations. The Company has consolidated certain entities meeting the definition of a variable interest entity (“VIE”) as the Company concluded that it is the primary beneficiary of the entities under the provisions of Accounting Standards Codification 810, Consolidation.
Fiscal Year	Fiscal Year Our fiscal year consists of 52 or 53 weeks ending on the Saturday closest to December 31. Fiscal year 2024 contains 52 weeks and will end on December 28, 2024. All three month periods presented herein contain 13 weeks, respectively. All references to years and quarters relate to fiscal periods rather than calendar periods.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Asset Impairment	Asset Impairment Non-cash impairment charges of $0.5 million were recorded for the three months ended March 30, 2024 compared to $0.4 million for the three months ended April 1, 2023 related to tangible long-lived store assets and ROU assets. The impairments were primarily driven by lower than projected customer sales volume in certain stores and other entity-specific assumptions. We considered multiple factors including, but not limited to: forecasted scenarios related to store performance and the likelihood that these scenarios would be ultimately realized; and the remaining useful lives of the assets. Asset impairment expenses were recognized in Corporate/Other.
Income Taxes	Income Taxes Our effective tax rate for the three months ended March 30, 2024 was 39.3%, reflecting our statutory federal and state rate of 25.2%, non-deductible compensation expense and other permanent items. Our effective tax rate for the three months ended April 1, 2023 was 34.0%, reflecting our statutory federal and state rate of 25.4%, tax impacts of consolidated VIEs, reduced deductibility of meals and entertainment expenses and effects of other permanent items.
Discontinued Operations	Discontinued Operations In accordance with ASC 205-20 “Presentation of Financial Statements: Discontinued Operations,” a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. In the period in which the component meets held-for-sale or discontinued operations criteria, the major current assets, non-current assets, current liabilities, and non-current liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. Our operations related to Walmart stores, including our former Legacy reportable segment, met the definition of a discontinued operation as of March 30, 2024. Accordingly, we classified the results of our Walmart store operations, as discontinued operations in the condensed consolidated statements of operations for all periods presented. The results of all discontinued operations, less applicable income taxes, are reported as components of net income separate from the net income of continuing operations. Certain assets and liabilities associated with our Walmart store operations were classified as assets and liabilities of discontinued operations in the condensed consolidated balance sheets for the periods presented. Additionally, the cash flows and comprehensive income of Walmart store operations have not been segregated and are included in the interim Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Operations and Comprehensive Income, respectively, for all periods presented. All amounts included in the notes to the unaudited condensed consolidated financial statements relate to continuing operations unless otherwise noted. For additional information, see Note 2, “Discontinued Operations.”
Future Adoption of Accounting Pronouncements	Future Adoption of Accounting Pronouncements Reference Rate Reform. The Financial Accounting Standards Board (“FASB”) has issued guidance at various points over the last several years that provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that may be affected by the cessation of the London Inter-bank Offered Rate (“LIBOR”). We are currently able to apply this new guidance for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2024. Refer to Note 7. “Interest Rate Derivatives” for more information on our transition from LIBOR to Term Secured Overnight Financing Rate (“Term SOFR”). Segment reporting. In November 2023, the FASB issued Accounting Standards Update ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update provides, among other things, enhanced segment disclosure requirements including disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. Income taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and for interim periods within fiscal years beginning after December 15, 2025. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. The Enhancement and Standardization of Climate-Related Disclosures for Investors. In March 2024, the SEC issued its final rule on the enhancement and standardization of climate-related disclosures for investors. These wide-ranging disclosures require annual disclosure of material greenhouse gas emissions as well as disclosure of governance, risk management and strategy related to material climate-related risks. Within the notes to financial statements, the final rule requires disclosure of expenditures recognized, subject to certain thresholds, attributable to severe weather. Outside of the financial statements, the final rule requires qualitative and quantitative disclosures about material scope 1 and scope 2 greenhouse gas emissions. Also required is disclosure of the risk management process and the oversight practices of the Board of Directors and management related to climate-related risks. Unless legal challenges prevail, the final rule follows a compliance phase-in timeline, with the first requirements required to be adopted for the Company’s fiscal year 2025, followed in later years by greenhouse gas-related requirements. The Company is currently evaluating the rule to determine the impact on its consolidated financial statements and disclosures. The FASB issued other accounting guidance during the period that is not currently applicable or expected to have a material impact on the Company’s financial statements, and therefore, is not described above.

Commitments and Contingencies (Details) $ in Millions	Mar. 11, 2024 USD ($)	Jan. 27, 2023 officer
Northern District of California - Federal Court
Loss Contingencies [Line Items]
Gross settlement awarded to other party \| $	$ 4.5
Northern District of Georgia - Federal Court
Loss Contingencies [Line Items]
Number of company officers filed a complaint \| officer		2

Fair Value Measurement (Details) - USD ($)	3 Months Ended
Fair Value Measurement (Details) - USD ($)	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment	$ 456,000	$ 354,000
Estimated fair value of impaired assets	400,000	$ 200,000
Aggregate principal amount	$ 446,872,000		$ 448,747,000
Fair Value, Inputs, Level 3 \| Discount Rate \| Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (percent)	11.50%
Term Loan A, due June 13, 2028 \| First Lien Term A Loan and Revolving Loans \| Revolving Loans, due June 13, 2028 \| SOFR
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal amount	$ 144,400,000
Line of credit facility borrowing capacity	300,000,000
Convertible Senior Notes \| 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal amount	$ 302,497,000		302,497,000
Stated interest rate (percent)	2.50%
Convertible Senior Notes \| 2025 Notes \| Estimated fair value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of convertible notes	$ 317,400,000		$ 303,300,000

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Costs Related to Wind Down Activities - Other Payables and Accrued Expenses (Details) - Termination Of Walmart Partnership - Employee Compensation Benefits $ in Thousands	3 Months Ended
	Mar. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 3,271
Expenses recognized during the period	188
Payments during the period	(1,723)
Expenses reduced due to attrition during the period	(30)
Ending balance	$ 1,706

Long-term Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Schedule of annual maturities of debt:
2024 - remainder of fiscal year	$ 3,750
2025	311,872
2026	7,500
2027	7,500
2028	116,250
Thereafter	0
Total	$ 446,872	$ 448,747

Description of Business and Basis of Presentation - Nature of Operations (Details)	Mar. 30, 2024 store store_brand	Dec. 30, 2023 store
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of retail optical locations	1,201	1,188
Number of store brands \| store_brand	4
Walmart MSA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of retail optical locations	225

Interest Rate Derivatives	3 Months Ended
Interest Rate Derivatives	Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives	Interest Rate Derivatives We are party to an interest rate collar to offset the variability of cash flows in Term SOFR-indexed debt interest payments. During the second quarter of 2023, we amended the reference rate of the collar from LIBOR to Term SOFR. The aggregate notional amount of the interest rate collar, which is not designated as a cash flow hedge, was $300.0 million as of March 30, 2024. The fair value of our interest rate collar instrument was an asset of $3.2 million, which is recorded in Prepaid expenses and other current assets as of March 30, 2024, and an asset of $5.6 million, which was recorded in Prepaid expenses and other current assets as of December 30, 2023. See Note 5. “Fair Value Measurement” for further details. We recognized (gains) losses on the change in fair value of the interest rate collar of $(0.4) million during the three months ended March 30, 2024, and $0.5 million during the three months ended April 1, 2023, respectively. The interest rate collar will mature on July 18, 2024. Cash flows related to derivatives qualifying as hedges are included in the same section of the Consolidated Statements of Cash Flows as the underlying assets and liabilities being hedged. Cash flows during the three months ended March 30, 2024 and April 1, 2023 related to derivatives not qualifying as hedges were included in the operating section of the Consolidated Statements of Cash Flows and were immaterial. Changes in the fair value of the Company’s cash flow hedge derivative instruments from their inception are recorded in Accumulated other comprehensive loss (“AOCL”) if the instruments are deemed to be highly effective as cash flow hedges. As of March 30, 2024, the Company expects to reclassify approximately $0.2 million of unrealized losses on derivative instruments, net of tax, from AOCL into earnings in the next 12 months as the derivative instruments mature.

Details of Certain Balance Sheet Accounts - Schedule of Other Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Other payables and accrued expenses:
Associate compensation and benefits	$ 33,780	$ 62,614
Self-insurance liabilities	9,349	9,139
Capital expenditures	5,662	5,412
Advertising	5,269	6,446
Reserves for customer returns and remakes	9,949	9,093
Payable to Walmart	1,251	6,068
Income taxes payable	12,745	1,863
Supplies and other store support expenses	3,632	5,434
Litigation settlements (See Note 11)	4,950	500
Other	21,552	16,719
Total other payables and accrued expenses	$ 108,139	$ 123,288

Description of Business and Basis of Presentation - Share Repurchases (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Feb. 23, 2024
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, value	$ 2,721	$ 27,609
February 2024 Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 50,000
Stock repurchase program, remaining authorized repurchase amount	$ 50,000
April 2023 Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)		1.1
Repurchase of common stock, value		$ 25,000

Fair Value Measurement	3 Months Ended
Fair Value Measurement	Mar. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Recurring fair value measurements Interest Rate Derivatives We recognize as assets or liabilities at fair value the estimated amounts we would receive or pay upon a termination of interest rate derivatives prior to their scheduled expiration dates. The fair value is based on information that is model-driven and whose inputs were observable (Level 2 inputs) such as Term SOFR forward rates. See Note 7. “Interest Rate Derivatives” for further details. Non-recurring fair value measurements Long-lived and Right of Use (“ROU”) Store Assets We recognized impairments of $0.5 million during the three months ended March 30, 2024 and $0.4 million during the three months ended April 1, 2023 related to our long-lived tangible store assets and ROU assets. The cash flows used in estimating fair value were discounted using market rates of 11.5%. A decrease in the estimated cash flows would lead to a lower fair value measurement, as would an increase in the discount rate. These non-recurring fair value measurements are classified as Level 3 measurements in the fair value hierarchy. The estimated remaining fair value of the assets impaired during the three months ended March 30, 2024 and April 1, 2023 was $0.4 million and $0.2 million, respectively. Substantially all of the remaining fair value of the impaired store assets represents the fair value of ROU assets. Additional fair value information Long-term Debt - Term Loan A and Revolving Loans Since the borrowings under the $144.4 million outstanding principal first lien term loan (“Term Loan A”) and revolving credit loans in an aggregate principal amount of $300.0 million (the “Revolving Loans”) utilize variable interest rate setting mechanisms such as Term SOFR, the fair values of these borrowings are deemed to approximate the carrying values. We also considered the effect of our own credit risk on the fair values of Term Loan A and Revolving Loans. Refer to Note 6. “Long-term Debt” for more information on these borrowings. Long-term Debt - 2025 Notes The Company has $302.5 million in aggregate principal amount of 2.50% convertible senior notes due on May 15, 2025 (the “2025 Notes”) issued and outstanding as of March 30, 2024. Refer to Note 6. “Long-term Debt” for more information on the 2025 Notes. The estimated fair value of the 2025 Notes was approximately $317.4 million and $303.3 million as of March 30, 2024 and December 30, 2023, respectively. The estimated fair value of the 2025 Notes is based on the prices the 2025 Notes have traded in the market as well as overall market conditions on the date of valuation, stated coupon rates, the number of coupon payments each year and the maturity dates, and represents a Level 2 measurement in the fair value hierarchy. Refer to Note 6. “Long-term Debt” for more information on the 2025 Notes.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash flows from operating activities:
Net income	$ 11,685	$ 18,270
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,181	24,813
Amortization of debt discount and deferred financing costs	629	792
Amortization of cloud computing implementation costs	1,132	588
Asset impairment	456	387
Deferred income tax expense (benefit)	(7,952)	(6,377)
Stock-based compensation expense	2,465	4,315
Losses (gains) on change in fair value of derivatives	(190)	776
Inventory adjustments	1,350	944
Other	(303)	799
Changes in operating assets and liabilities:
Accounts receivable	12,287	(416)
Inventories	(6)	(1,310)
Operating lease right of use assets and lease liabilities	(705)	1,103
Other assets	1,401	2,997
Accounts payable	(6,759)	9,348
Deferred and unearned revenue	(988)	5,498
Other liabilities	(14,696)	11,537
Net cash provided by operating activities	23,987	74,064
Cash flows from investing activities:
Purchase of property and equipment	(20,014)	(27,721)
Other	1,805	106
Net cash used for investing activities	(18,209)	(27,615)
Cash flows from financing activities:
Repayments on long-term debt	(1,875)	0
Proceeds from issuance of common stock	320	493
Purchase of treasury stock	(2,721)	(27,609)
Payments on finance lease obligations	(897)	(1,546)
Net cash used for financing activities	(5,173)	(28,662)
Net change in cash, cash equivalents and restricted cash	605	17,787
Cash, cash equivalents and restricted cash, beginning of year	151,027	230,624
Cash, cash equivalents and restricted cash, end of period	151,632	248,411
Supplemental cash flow disclosure information:
Cash paid for interest	245	459
Cash paid for taxes	113	106
Capital expenditures accrued at the end of the period	$ 5,662	$ 7,634

Details of Certain Balance Sheet Accounts - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 150,050	$ 149,896	$ 246,906
Restricted cash included in other assets	1,582		1,505
Total cash, cash equivalents and restricted cash	$ 151,632	$ 151,027	$ 248,411	$ 230,624

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2022		78,992
Balance at beginning of period at Dec. 31, 2022	$ 901,113	$ 842	$ 767,112	$ (1,179)	$ 320,517	$ (186,179)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		282
Issuance of common stock	493	$ 3	490
Stock-based compensation	4,271		4,271
Purchase of treasury stock (in shares)		(1,189)
Purchase of treasury stock	(27,609)					(27,609)
Unrealized gain on hedge instruments, net of tax	188			188
Net income	18,270				18,270
Balance at end of period (in shares) at Apr. 01, 2023		78,085
Balance at end of period at Apr. 01, 2023	$ 896,726	$ 845	771,873	(991)	338,787	(213,788)
Balance at beginning of period (in shares) at Dec. 30, 2023	78,311	78,311
Balance at beginning of period at Dec. 30, 2023	$ 829,418	$ 848	788,967	(419)	254,616	(214,594)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		363
Issuance of common stock	316	$ 4	312
Stock-based compensation	2,431		2,431
Purchase of treasury stock (in shares)		(116)
Purchase of treasury stock	(2,721)					(2,721)
Unrealized gain on hedge instruments, net of tax	190			190
Net income	$ 11,685				11,685
Balance at end of period (in shares) at Mar. 30, 2024	78,558	78,558
Balance at end of period at Mar. 30, 2024	$ 841,319	$ 852	$ 791,710	$ (229)	$ 266,301	$ (217,315)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is involved in various legal proceedings incidental to its business. Because of the nature and inherent uncertainties of litigation, we cannot predict with certainty the ultimate resolution of these actions and, should the outcome of these actions be unfavorable, the Company’s business, financial position, results of operations or cash flows could be materially and adversely affected. The Company reviews the status of its legal proceedings and records a provision for a liability when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. This review is updated periodically as additional information becomes available. If either or both of the criteria are not met, we reassess whether there is at least a reasonable possibility that a loss, or additional losses, may be incurred. If there is a reasonable possibility that a loss may be incurred, we disclose the estimate of the amount of the loss or range of losses, or that an estimate of loss cannot be made. The Company expenses its legal fees as incurred. We are currently and may in the future become subject to various claims and pending or threatened lawsuits in the ordinary course of our business. On September 23, 2022, we were served with notice of a lawsuit filed by a former employee in California state court alleging, on behalf of a proposed class of employees, several violations of California wage and hour laws. On December 9, 2022, the case was removed to the federal District Court for the Northern District of California. On January 18, 2023, we were served with a related representative action filed in California state court pursuant to California’s Private Attorneys General Act. We filed an answer to this action on February 17, 2023. On September 29, 2023, the state court set the PAGA action for trial on October 7, 2024. The parties attended mediation on March 11, 2024, but a resolution of the matter was not reached at that time. Following mediation, the parties agreed to a settlement of all claims alleged by the named plaintiff on behalf of himself and all putative class members and other aggrieved employees. The Company will pay $4.5 million for the gross settlement fund in connection with the settlement. The settlement is subject to approval by the court following a fairness hearing. On June 6, 2023, the Company was served with notice of a former employee’s intention to file a representative action against the Company pursuant to California’s Private Attorneys General Act based on alleged violations of California’s wage and hour laws. On June 22, 2023, the Company was served with a related lawsuit filed by the former employee in California state court alleging, on behalf of a proposed class of employees, violations of California wage and hour laws. On July 24, 2023, the Company filed its answer and a notice of removal of the case to the federal District Court for the Southern District of California. On July 28, 2023, the Company filed a Notice of Related Cases, seeking for both the case currently pending in the Northern District of California and described in the paragraph above and this case to be assigned to the same Judge/Magistrate Judge in an effort to save judicial effort and avoid duplication of labor. On August 15, 2023, the parties filed a stipulation to stay the case in the Southern District of California pending the resolution of the lawsuit pending in the Northern District of California. On August 21, 2023, the court entered an Order to Show Cause why the action should not be either dismissed or transferred to the federal court for the Northern District of California. Following the parties’ submission of their respective responses, the court dismissed the action without prejudice on September 11, 2023. The plaintiff retains his ability to pursue a PAGA action in state court pursuant to the June 6, 2023 notice. On January 22, 2024, the plaintiff filed a demand for arbitration of the claims set forth in the Complaint previously filed in state court in June 2023. We dispute the plaintiff’s allegations and intend to vigorously defend the litigation. On January 27, 2023, a purported class action complaint was filed in federal court in the Northern District of Georgia against the Company and two of the Company’s officers. The complaint alleges violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 for materially false and misleading statements made between May 2021 and May 2022. The complaint seeks unspecified damages as well as equitable relief. On March 28, 2023, the original plaintiff, City of Southfield General Employees Retirement System, and a new plaintiff, International Union of Operating Engineers, Local No. 793, Members Pension Benefit Trust of Ontario, filed a lead plaintiff motion, seeking to be appointed co-lead plaintiffs. On April 3, 2023, the Company along with its named officers filed a motion to dismiss the complaint. On May 19, 2023, the court granted the lead plaintiff motion. On June 30, 2023, the plaintiffs filed an Amended Complaint, which added a claim under Section 20A of the Exchange Act and extended the alleged class period to February 28, 2023. On August 21, 2023, the Company filed a Motion to Dismiss the Amended Complaint. The plaintiffs filed their Response in Opposition to this motion on October 5, 2023. On March 30, 2024, the court granted the Company’s motion and dismissed the Amended Complaint with prejudice. On April 29, 2024, the plaintiffs filed a Motion for Reconsideration of the order granting the motion to dismiss. The Company disputes the allegations asserted by plaintiffs and will continue to defend the litigation vigorously.

Details of Certain Balance Sheet Accounts - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Other noncurrent liabilities:
Self-insurance liabilities	$ 5,714	$ 5,657
Other	2,685	2,808
Total other non-current liabilities	$ 8,399	$ 8,465

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 30, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
Document Transition Report	false
Entity File Number	001-38257
Entity Registrant Name	National Vision Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4841717
Entity Address, Address Line One	2435 Commerce Ave
Entity Address, Address Line Two	Building 2200
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30096
City Area Code	770
Local Phone Number	822‑3600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EYE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		78,560,994
Entity Central Index Key	0001710155
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Interest Rate Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
Interest Rate Derivatives (Details) - USD ($) $ in Millions	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Derivative [Line Items]
Estimated unrealized loss reclassification to earnings in next 12 months	$ 0.2
Interest rate collar
Derivative [Line Items]
Notional amount	300.0
(Gains) losses on change in fair value of derivative	(0.4)	$ 0.5
Interest rate collar \| Not designated as hedge
Derivative [Line Items]
Fair value of derivative assets	$ 3.2		$ 5.6

Stock Incentive Plans (Details)	3 Months Ended
Stock Incentive Plans (Details)	Mar. 30, 2024 installment shares
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	283,840
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	452,309
Number of equal vesting installments \| installment	3

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Lease cost
Fixed lease cost	$ 25,548	$ 23,422
Variable lease cost	9,344	8,971
Sublease income	(591)	(757)
Amortization of finance lease assets	659	857
Interest on finance lease liabilities	332	449
Net lease cost	$ 35,292	$ 32,942

Long-term Debt - Narrative (Details)	3 Months Ended
Long-term Debt - Narrative (Details)	Mar. 30, 2024
2025 Notes \| Convertible Senior Notes
Debt Instrument [Line Items]
Remaining period for the unamortized debt issuance costs (in years)	1 year

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	$ 446,872	$ 448,747
Long-term debt less debt discount and issuance costs	443,810	445,184
Less current maturities	(7,500)	(7,500)
Long-term debt - noncurrent portion	436,310	437,684
Finance lease obligations	15,136	16,067
Less current maturities	(2,829)	(2,980)
Long-term debt and finance lease obligations, less current portion, discount, and issuance costs	448,617	450,771
Credit Facility \| Revolving Loans, due June 13, 2028
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	0	0
2025 Notes \| Convertible Senior Notes
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	302,497	302,497
Unamortized discount and issuance cost	(2,055)	(2,497)
Term Loan A, due June 13, 2028 \| Term Loan
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	144,375	146,250
Unamortized discount and issuance cost	$ (1,007)	$ (1,066)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 150,050	$ 149,896
Accounts receivable, net	74,273	86,854
Inventories	118,564	119,908
Prepaid expenses and other current assets	36,025	40,012
Total current assets	378,912	396,670
Noncurrent assets:
Property and equipment, net	357,390	360,772
Goodwill	717,544	717,544
Trademarks and trade names	240,547	240,547
Other intangible assets, net	19,779	20,173
Right of use assets	410,709	406,275
Other assets	30,487	28,336
Noncurrent assets of discontinued operations	0	2,194
Total noncurrent assets	1,776,456	1,775,841
Total assets	2,155,368	2,172,511
Current liabilities:
Accounts payable	60,797	67,556
Other payables and accrued expenses	108,139	123,288
Unearned revenue	45,604	48,117
Deferred revenue	63,846	62,867
Current maturities of long-term debt and finance lease obligations	10,329	10,480
Current operating lease obligations	86,291	85,090
Current liabilities of discontinued operations	0	302
Total current liabilities	375,006	397,700
Noncurrent liabilities:
Long-term debt and finance lease obligations, less current portion and debt discount	448,617	450,771
Noncurrent operating lease obligations	380,090	376,814
Deferred revenue	22,005	21,459
Other liabilities	8,399	8,465
Deferred income taxes, net	79,932	87,884
Total noncurrent liabilities	939,043	945,393
Commitments and contingencies (See Note 11)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 85,194 and 84,831 shares issued as of March 30, 2024 and December 30, 2023, respectively; 78,558 and 78,311 shares outstanding as of March 30, 2024 and December 30, 2023, respectively	852	848
Additional paid-in capital	791,710	788,967
Accumulated other comprehensive loss	(229)	(419)
Retained earnings	266,301	254,616
Treasury stock, at cost; 6,636 and 6,520 shares as of March 30, 2024 and December 30, 2023, respectively	(217,315)	(214,594)
Total stockholders’ equity	841,319	829,418
Total liabilities and stockholders’ equity	$ 2,155,368	$ 2,172,511