0001710155-25-000011 | 10-K | XBRL Viewer | National Vision Holdings INC

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Details of Certain Balance Sheet Accounts - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 73,948	$ 149,896	$ 229,425
Restricted cash included in other assets	1,289	1,131	1,199
Total cash, cash equivalents and restricted cash	$ 75,237	$ 151,027	$ 230,624	$ 306,876

Segment Reporting (Tables)

12 Months Ended

Dec. 28, 2024

Segment Reporting [Abstract]

Schedule of Financial Data by Segment

The following table is a summary of certain financial data for our Owned & Host reportable segment, and other categories, and includes a reconciliation to the Company’s consolidated earnings (loss) from continuing operations before income taxes.


	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
In thousands
Owned & Host revenue:
Net product sales	$	1,433,777	$	1,396,355	$	1,317,673
Net sales of services and plans	360,470		333,693		299,695
Total Owned & Host revenue	1,794,247		1,730,048		1,617,368
Less:
Owned & Host costs applicable to revenue (exclusive of depreciation and amortization)
Cost of products	410,527		401,385		380,717
Cost of services and plans	330,801		310,643		265,598

Owned & Host SG&A	708,623		670,337		629,421



Owned & Host segment EBITDA	344,296		347,683		341,632
Other segments EBITDA	(2,042)		(899)		(79)
Corporate and other	(261,454)		(227,847)		(196,589)
Effects of unearned and deferred revenue	1,049		(5,172)		(3,508)
Depreciation and amortization	(91,349)		(89,874)		(88,690)
Interest expense, net	(16,184)		(14,339)		(462)
Earnings (loss) from continuing operations before income taxes	$	(25,684)	$	9,552	$	52,304

The following table presents a reconciliation of revenue:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Revenue
Owned & Host	$	1,794,247	1,730,048		$	1,617,368
Other segments revenue	27,621		33,139		33,307
Effects of unearned and deferred revenue	1,452		(6,816)		(6,000)
Total consolidated revenue	$	1,823,320	$	1,756,371	$	1,644,675

Schedule of Net Product Revenue

The following table presents our consolidated net revenue information:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Net product sales
Eyeglasses and sunglasses	$	1,145,725	$	1,115,000	$	1,046,203
Contact lenses	307,314		301,268		288,660
Accessories and other	10,100		6,961		5,439
Total net product revenues	1,463,139		1,423,229		1,340,302
Net sales of services and plans
Exams	233,621		207,833		177,476
Product protection plans	72,854		72,069		75,119
Eyecare clubs	53,706		53,240		51,778
Total net sales of services and plans revenues	360,181		333,142		304,373
Total net revenue	$	1,823,320	$	1,756,371	$	1,644,675

Earnings Per Share (Tables)

12 Months Ended

Dec. 28, 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:


In thousands, except EPS	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Numerator
Income (loss) from continuing operations, net of tax	$	(27,165)	$	3,546	$	36,759
Income (loss) from discontinued operations, net of tax	(1,334)		(69,447)		5,363
Net income (loss)	$	(28,499)	$	(65,901)	$	42,122

Denominator
Weighted average shares outstanding, Basic	78,592		78,313		79,831
Effect of dilutive securities:
Stock options	—		92		190
Restricted Stock	—		191		277

Weighted average shares outstanding, Diluted	78,592		78,596		80,298

Basic earnings (loss) per share
Continuing operations	$	(0.35)	$	0.05	$	0.46
Discontinued operations	$	(0.02)	$	(0.89)	$	0.07
Total	$	(0.36)	$	(0.84)	$	0.53

Diluted earnings (loss) per share
Continuing operations	$	(0.35)	$	0.05	$	0.46
Discontinued operations	$	(0.02)	$	(0.88)	$	0.07
Total	$	(0.36)	$	(0.84)	$	0.52
Anti-dilutive securities excluded from diluted weighted average common shares	8,771		12,513		13,282
Some of the EPS totals in the table above may not foot due to rounding differences

Goodwill and Intangible Assets

12 Months Ended

Dec. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The gross carrying amount and accumulated impairment of the Company’s goodwill balances for 2024 and 2023 are as follows:


	As of December 28, 2024				As of December 30, 2023
In thousands	Gross Carrying Amount		Accumulated Impairment		Gross Carrying Amount		Accumulated Impairment
Owned & Host Segment	$	736,901	$	(38,596)	$	736,901	$	(19,357)

The Owned & Host Segment’s goodwill contains $606.5 million related to America’s Best and $91.8 million related to Eyeglass World. Accumulated goodwill impairment relates to our Eyeglass World, Fred Meyer and Military reporting units.

We tested the Eyeglass World goodwill for impairment as of September 29, 2024 as part of our annual goodwill impairment testing process and recognized an impairment of $19.2 million in fiscal 2024. The impairment of Eyeglass World goodwill was due primarily to reduced projections of future growth and profitability. Refer to Note 1. “Business and Significant Accounting Policies” and Note 11. “Fair Value Measurement” for more information on the goodwill impairment charge.

Indefinite-lived intangible assets by major asset class are as follows:


In thousands	As of December 28, 2024		As of December 30, 2023
Trademarks and trade names:
America’s Best	$	200,547	$	200,547
Eyeglass World	40,000		40,000
	$	240,547	$	240,547

We intend to maintain our trademarks; renewals will take place as needed. Finite-lived, amortizing intangible assets by major asset class are as shown in the following table. We remove assets from the table below once they are fully amortized.


	As of December 28, 2024					As of December 30, 2023
In thousands	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)


Fred Meyer contracts and relationships(1)	$	8,400	$	(169)	12	$	35,000	$	(14,915)	13
Other	151		(113)		1	151		(63)		2
	$	8,551	$	(282)		$	35,151	$	(14,978)

(1) The gross carrying amount shown for this asset as of December 28, 2024 reflects the fair value as of the impairment testing date.

We extended our relationship with Fred Meyer in fiscal year 2022. We tested the Fred Meyer contract and relationship intangible asset for recoverability as of September 28, 2024 due to the decision to close certain Fred Meyer stores as part of our store fleet review in the current period and recognized an impairment of $10.5 million in fiscal 2024. Refer to Note 1. “Business and Significant Accounting Policies” and Note 11. “Fair Value Measurement” for more information on the store fleet review and the impairment charge, respectively. We intend to maintain our intangible assets. We amortized $1.4 million, $1.6 million, and $1.5 million in 2024, 2023, and 2022, respectively.

Aggregate amortization expense is included in Depreciation and amortization in the accompanying Consolidated Statements of Operations. Aggregate future estimated amortization expense is shown in the following table:


Fiscal Year	In thousands
2025	$	714
2026	677
2027	677
2028	677
2029	677
Thereafter	4,847
	$	8,269

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 73,948	$ 149,896
Accounts receivable, net	49,938	86,854
Inventories	93,918	119,908
Prepaid expenses and other current assets	32,024	40,012
Total current assets	249,828	396,670
Noncurrent assets
Property and equipment, net	362,175	360,187
Goodwill	698,305	717,544
Trademarks and trade names	240,547	240,547
Other intangible assets, net	8,269	20,173
Right of use assets	408,589	406,275
Other assets	40,058	28,336
Noncurrent assets of discontinued operations	0	2,779
Total noncurrent assets	1,757,943	1,775,841
Total assets	2,007,771	2,172,511
Current liabilities:
Accounts payable	53,643	67,556
Other payables and accrued expenses	109,036	123,288
Unearned revenue	42,002	48,117
Deferred revenue	62,507	62,867
Current maturities of long-term debt and finance lease obligations	101,392	10,480
Current operating lease obligations	99,694	85,090
Current liabilities of discontinued operations	0	302
Total current liabilities	468,274	397,700
Noncurrent liabilities:
Long-term debt and finance lease obligations, less current portion and debt discount	248,610	450,771
Noncurrent operating lease obligations	366,335	376,814
Deferred revenue	22,082	21,459
Other liabilities	8,228	8,465
Deferred income taxes, net	77,909	87,884
Total noncurrent liabilities	723,164	945,393
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 85,444 and 84,831 shares issued as of December 28, 2024 and December 30, 2023, respectively; 78,775 and 78,311 shares outstanding as of December 28, 2024 and December 30, 2023, respectively	854	848
Additional paid-in capital	807,048	788,967
Accumulated other comprehensive loss	0	(419)
Retained earnings	226,117	254,616
Treasury stock, at cost; 6,669 and 6,520 shares as of December 28, 2024 and December 30, 2023, respectively	(217,686)	(214,594)
Total stockholders’ equity	816,333	829,418
Total liabilities and stockholders’ equity	$ 2,007,771	$ 2,172,511

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (28,499)	$ (65,901)	$ 42,122
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	92,680	98,252	99,956
Amortization of debt discount and deferred financing costs	2,121	3,351	3,314
Amortization of cloud computing implementation costs	6,402	3,170	6,012
Asset impairment	40,099	82,413	5,783
Deferred income tax expense (benefit)	(9,975)	(5,989)	11,024
Stock-based compensation expense	16,708	20,174	13,512
Losses (gains) on change in fair value of derivatives	(34)	(1,274)	(16,377)
Inventory adjustments	4,391	3,707	2,371
Other	(1,013)	3,891	2,122
Changes in operating assets and liabilities:
Accounts receivable	36,399	(7,817)	(24,816)
Inventories	21,598	(457)	(1,860)
Operating lease right of use assets and liabilities	(2,321)	524	859
Other assets	(7,286)	(3,171)	(10,268)
Accounts payable	(13,913)	2,280	945
Deferred and unearned revenue	(5,852)	7,401	6,655
Other liabilities	(17,856)	32,479	(22,156)
Net cash provided by operating activities	133,649	173,033	119,198
Cash flows from investing activities:
Purchase of property and equipment	(95,505)	(114,774)	(113,547)
Other	(589)	(1,048)	2,653
Net cash used for investing activities	(96,094)	(115,822)	(110,894)
Cash flows from financing activities:
Repayments on long-term debt	(222,064)	(103,000)	(4)
Proceeds from issuance of long-term debt	115,000	0	0
Proceeds from issuance of common stock	1,507	1,837	3,744
Purchase of treasury stock	(3,092)	(28,415)	(84,388)
Payments of debt issuance costs	(1,703)	(3,312)	0
Payments on finance lease obligations	(2,993)	(3,918)	(3,908)
Net cash used for financing activities	(113,345)	(136,808)	(84,556)
Net change in cash, cash equivalents and restricted cash	(75,790)	(79,597)	(76,252)
Cash, cash equivalents and restricted cash, beginning of year	151,027	230,624	306,876
Cash, cash equivalents and restricted cash, end of year	75,237	151,027	230,624
Supplemental cash flow disclosure information:
Cash paid for interest	13,398	11,735	16,940
Cash paid for taxes	6,332	7,571	7,481
Capital expenditures accrued at the end of the period	$ 9,248	$ 5,412	$ 9,594

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 28, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Goodwill and Intangible Assets - Goodwill Carrying Amount (Details) - Owned & Host Segment - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Goodwill [Line Items]
Gross Carrying Amount	$ 736,901	$ 736,901
Accumulated Impairment	$ (38,596)	$ (19,357)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Cash flows from operating activities
Net cash provided by (used for) operating activities	$ 133,649	$ 173,033	$ 119,198
Cash flows from investing activities
Net cash used for investing activities	(96,094)	(115,822)	(110,894)
Cash flows from financing activities
Repayments on long-term debt	(222,064)	(103,000)	(4)
Proceeds from issuance of long-term debt	115,000	0	0
Purchase of treasury stock	(3,092)	(28,415)	(84,388)
Payments of debt issuance costs	(1,703)	(3,312)	0
Net cash used for financing activities	(113,345)	(136,808)	(84,556)
Net change in cash, cash equivalents and restricted cash	(75,790)	(79,597)	(76,252)
Cash, cash equivalents and restricted cash, beginning of year	151,027	230,624	306,876
Cash, cash equivalents and restricted cash, end of year	75,237	151,027	230,624
Parent Company
Cash flows from operating activities
Net cash provided by (used for) operating activities	(6,082)	(6,780)	(9,744)
Cash flows from investing activities
Dividend from (investment in) subsidiary	224,245	132,443	89,550
Net cash used for investing activities	224,245	132,443	89,550
Cash flows from financing activities
Repayments on long-term debt	(215,000)	(99,250)	(4)
Proceeds from issuance of long-term debt	0	0	0
Proceeds from issuance of common stock	1,507	1,837	3,744
Purchase of treasury stock	(3,092)	(28,415)	(84,388)
Payments of debt issuance costs	(837)	(443)	0
Net cash used for financing activities	(217,422)	(126,271)	(80,648)
Net change in cash, cash equivalents and restricted cash	741	(608)	(842)
Cash, cash equivalents and restricted cash, beginning of year	233	841	1,683
Cash, cash equivalents and restricted cash, end of year	$ 974	$ 233	$ 841

Deferred Revenue

12 Months Ended

Dec. 28, 2024

Revenue from Contract with Customer [Abstract]

Deferred Revenue

Revenue from Contracts with Customers

The majority of our annual revenues are recognized either at the point of sale or upon delivery and customer acceptance, paid for at the time of sale in cash, credit card, or on account with managed care payors having terms generally between 14 and 120 days, with most paying within 90 days. For sales of in-store non-prescription eyewear and related accessories, and paid eye exams, we recognize revenue at the point of sale. Our point in time revenues include 1) retail sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers (including those covered by managed care), and 2) eye exams. Revenues recognized over time primarily include product protection plans (i.e. warranties) and eye care club memberships.

Revenues Recognized at a Point in Time

Owned & Host

Within our Owned & Host segment, product revenues include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers.

For sales of in-store non-prescription eyewear and related accessories, we recognize revenue at the point of sale. For sales of prescription eyewear, we recognize revenue when the performance obligations identified under the terms of contracts with our customers are satisfied, which generally occurs, for products, when those products have been delivered and accepted by our customers. Within our Owned & Host segment services and plans revenues, eye exam services sold on a stand-alone basis are also recognized at the point of sale which occurs immediately after the exam is performed.

Other revenues

Revenues from our non-reportable segments are attributable to our dedicated e-commerce website and FirstSight operations. Our dedicated e-commerce website was previously managed by AC Lens and was transitioned to NVI. Our e-commerce website sells contact lenses and optical accessory products to retail customers, and recognizes revenue when products have been delivered to the customer. FirstSight issues individual vision plans in connection with our America’s Best operations in California.

Revenues Recognized Over Time

Within our Owned & Host segment, services and plans revenues include revenues from product protection plans (i.e. warranties), eye care club memberships and HMO vision plan fees. We offer extended warranty plans in our Owned & Host segment that generally provide repair and replacement of eyeglasses for primarily a one-year term after

purchase. We recognize service revenue under these programs on a straight-line basis over the warranty or service period which is consistent with our efforts expended to satisfy the obligation. We offer three-year eyecare club memberships in our Owned & Host segment to our contact lens customers. For these programs we apply the portfolio approach of recognizing revenues of contracts with similar characteristics and use estimates and assumptions that reflect the size and composition of the portfolio of contracts. We selected the portfolio approach because our historical club membership data demonstrate that our club customers behave similarly, such that the difference between the portfolio approach and calculating revenue of each individual contract is not material. We recognize revenue across the contract portfolio based on the value delivered to the customers relative to the remaining services promised under the programs. We determine the value delivered based on the expected timing and amount of customer usage of benefits over the terms of the contracts. The unamortized portion of amounts we collect in advance for these services and plans are reported as Deferred revenue (current and noncurrent portions) in the accompanying Consolidated Balance Sheets.

The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Revenues recognized at a point in time	$	1,696,735	$	1,631,030	$	1,517,739
Revenues recognized over time	126,585		125,341		126,936
Total net revenue	$	1,823,320	$	1,756,371	$	1,644,675

Refer to Note 16. “Segment Reporting” for the Company’s disaggregation of net revenue by reportable segment/category and by product type. As our operating segments are aligned by similar economic factors, trends and customers, the reportable segment view best depicts how the nature, amount and uncertainty of revenue and cash flows are affected by economic factors.

Deferred Revenue

The following depicts a roll-forward of deferred revenue:


	Fiscal Year 2024
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	36,419	$	47,907	$	84,326
Sold	72,135		54,713		126,848
Revenue recognized	(72,854)		(53,731)		(126,585)
End of year	$	35,700	$	48,889	$	84,589

Current	$	35,409	$	27,098	$	62,507
Noncurrent	291		21,791		22,082
	$	35,700	$	48,889	$	84,589


	Fiscal Year 2023
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	35,119	$	48,683	$	83,802
Sold	73,369		52,496		125,865
Revenue recognized	(72,069)		(53,272)		(125,341)
End of year	$	36,419	$	47,907	$	84,326

Current	$	36,113	$	26,754	$	62,867
Noncurrent	306		21,153		21,459
	$	36,419	$	47,907	$	84,326

Unsatisfied Performance Obligations (Contract Liabilities)

During fiscal years 2024 and 2023, we recognized $62.8 million and $62.1 million, respectively, of deferred revenues outstanding at the beginning of each respective period.

Deferred revenue recorded as of the end of fiscal year 2024 is expected to be reflected in future operating results as follows:


Fiscal Year	In thousands
2025	$	62,507
2026	16,833
2027	5,249

	$	84,589

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 28, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	2

Business and Significant Accounting Policies - Self-Insurance Liabilities (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Insurance [Abstract]
Current portion	$ 854	$ 990
Noncurrent portion	1,281	1,549
Total estimated recoveries from reinsurance	$ 2,135	$ 2,539

Leases - Lease Type and Classification (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
ASSETS
Property and equipment, net	$ 8,258	$ 10,774
Right of use assets	408,589	406,275
Total leased assets	416,847	417,049
LIABILITIES
Current maturities of long-term debt and finance lease obligations	3,368	2,980
Current operating lease obligations	99,694	85,090
Long-term debt and finance lease obligations, less current portion and debt discount	9,465	13,087
Noncurrent operating lease obligations	366,335	376,814
Total lease liabilities	478,862	477,971
Finance lease assets accumulated amortization	28,000	25,400
TIA receivable netted to operating lease liabilities	$ 4,600	$ 4,600
Finance lease, right of use assets, balance sheet	Property and equipment, net	Property and equipment, net
Finance lease liabilities, current, balance sheet	Current maturities of long-term debt and finance lease obligations	Current maturities of long-term debt and finance lease obligations
Finance lease liabilities, non-current, balance sheet	Long-term debt and finance lease obligations, less current portion and debt discount	Long-term debt and finance lease obligations, less current portion and debt discount

Schedule I - Condensed Financial Information of Registrant - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Current assets:
Cash and cash equivalents	$ 73,948	$ 149,896	$ 229,425
Prepaid expenses and other current assets	32,024	40,012
Total current assets	249,828	396,670
Total noncurrent assets	1,757,943	1,775,841
Total assets	2,007,771	2,172,511
Current liabilities:
Other payables and accrued expenses	109,036	123,288
Current maturities of long-term debt	101,392	10,480
Long-term debt, less current portion and debt discount	239,145	437,684
Noncurrent liabilities:
Other liabilities	8,228	8,465
Total noncurrent liabilities	723,164	945,393
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 85,444 and 84,831 shares issued as of December 28, 2024 and December 30, 2023, respectively; 78,775 and 78,311 shares outstanding as of December 28, 2024 and December 30, 2023, respectively	854	848
Additional paid-in capital	807,048	788,967
Accumulated other comprehensive loss	0	(419)
Retained earnings	226,117	254,616
Treasury stock, at cost; 6,669 and 6,520 shares as of December 28, 2024 and December 30, 2023, respectively	(217,686)	(214,594)
Total stockholders’ equity	816,333	829,418	$ 901,113	$ 925,980
Total liabilities and stockholders’ equity	2,007,771	2,172,511
Parent Company
Current assets:
Cash and cash equivalents	974	233
Prepaid expenses and other current assets	0	0
Total current assets	974	233
Deferred income taxes, net	11,618	10,245
Investment in subsidiary	970,199	1,201,291
Total noncurrent assets	981,817	1,211,536
Total assets	982,791	1,211,769
Current liabilities:
Other payables and accrued expenses	249	1,130
Current maturities of long-term debt	84,774	0
Long-term debt, less current portion and debt discount	0	300,000
Noncurrent liabilities:
Other liabilities	81,435	81,221
Total noncurrent liabilities	81,435	81,221
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 85,444 and 84,831 shares issued as of December 28, 2024 and December 30, 2023, respectively; 78,775 and 78,311 shares outstanding as of December 28, 2024 and December 30, 2023, respectively	854	848
Additional paid-in capital	807,048	788,967
Accumulated other comprehensive loss	0	(419)
Retained earnings	226,117	254,616
Treasury stock, at cost; 6,669 and 6,520 shares as of December 28, 2024 and December 30, 2023, respectively	(217,686)	(214,594)
Total stockholders’ equity	816,333	829,418
Total liabilities and stockholders’ equity	$ 982,791	$ 1,211,769

Stock Incentive Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Stock compensation expense
Pre-tax stock-based compensation expense	$ 16,708	$ 19,203	$ 12,756
Income tax benefit	(4,212)	(4,841)	(3,236)
After-tax stock-based compensation expense	12,496	14,362	9,520
Stock options
Stock compensation expense
Pre-tax stock-based compensation expense	123	740	1,525
RSUs and PSUs
Stock compensation expense
Pre-tax stock-based compensation expense	16,457	18,312	10,758
Unrecognized compensation cost
Unrecognized compensation cost	$ 25,234
Expected remaining weighted-average period of expense recognition (in years)	1 year 8 months 15 days
RSAs
Stock compensation expense
Pre-tax stock-based compensation expense	$ 0	0	314
Associate stock purchase plan
Stock compensation expense
Pre-tax stock-based compensation expense	$ 128	$ 151	$ 159

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - 2025 Notes Narrative (Details) $ / shares in Units, common_share in Millions				1 Months Ended	12 Months Ended
	Aug. 12, 2024 USD ($)	Nov. 14, 2023 USD ($)	May 12, 2020 USD ($)	May 31, 2020 USD ($) common_share $ / shares	Dec. 28, 2024 USD ($) day common_share	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 31, 2024 USD ($)	Nov. 30, 2023 USD ($)
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt					$ 859,000	$ (599,000)	$ 0
Debt before unamortized discount and issuance costs					338,962,000	448,747,000
Cash and cash equivalents					73,948,000	149,896,000	$ 229,425,000
Convertible senior notes \| 2025 Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 402,500,000	$ 402,500,000
Stated interest rate (percent)				2.50%
Proceeds from convertible debt				$ 390,900,000
Debt issuance costs				$ 11,600,000
Threshold stock price trigger (percent)					130.00%
Threshold trading days for conversion price metric \| day					20
Threshold consecutive trading days for conversion price measurement \| day					30
Threshold consecutive business days after measurement period \| day					5
Threshold consecutive trading days for measurement period \| day					10
Principal amount per note					$ 1,000
Trading price compared to factor of last reported sale price by conversion rate (percent)					98.00%
Conversion ratio				0.0320783
Effective interest rate (percent)					3.20%
Conversion price (in usd per share) \| $ / shares				$ 31.17
Number of shares of common stock reserved for conversion of debt (in shares) \| common_share				12.9	2.7
Repurchased face amount	$ 217,700,000	$ 100,000,000						$ 217,700,000	$ 100,000,000
Repayments of convertible debt	$ 215,000,000	$ 99,300,000
Gain (loss) on extinguishment of debt					$ 900,000	(600,000)
Write off of deferred debt issuance costs					1,000,000	900,000
Third-party fees						400,000
Write off of third party-fees					800,000
Debt before unamortized discount and issuance costs					$ 84,774,000	302,497,000
Remaining period for the unamortized debt issuance costs (in years)					1 year
Convertible senior notes \| 2025 Notes \| Maximum
Debt Instrument [Line Items]
Number of shares of common stock reserved for conversion of debt (in shares) \| common_share				16.5	3.5
Credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Repayment of revolving credit facility			$ 294,300,000
Debt before unamortized discount and issuance costs					$ 0	0
Borrowing capacity remaining					293,600,000
Term loan \| Term Loan A, due June 13, 2028
Debt Instrument [Line Items]
Repayment of term loan			75,000,000
Debt before unamortized discount and issuance costs					$ 254,188,000	$ 146,250,000
Term loan \| Term loan
Debt Instrument [Line Items]
Aggregate principal amount			$ 420,000,000

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Operating Leases
2025	$ 111,847
2026	104,225
2027	88,236
2028	67,407
2029	57,190
Thereafter	113,817
Total lease liabilities	542,722
Less: Interest	76,693
Present value of lease liabilities	466,029
Finance Leases
2025	4,284
2026	4,252
2027	3,379
2028	1,973
2029	633
Thereafter	458
Total lease liabilities	14,979
Less: Interest	2,146
Finance lease obligations	12,833	$ 16,067
Operating lease payments related to reasonably certain option extensions included in total lease payments	24,000
Finance lease payments related to reasonably certain option extensions included in total lease payments	1,100
Minimum lease payments for leases signed but not yet commenced excluded from lease liability	$ 13,900

Goodwill and Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	$ 240,547	$ 240,547
America’s Best
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	200,547	200,547
Eyeglass World
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	$ 40,000	$ 40,000

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 28, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in AOCL, net of tax:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Cash flow hedging activity
Balance at beginning of fiscal year	$	(419)	$	(1,179)	$	(1,940)


Amount reclassified from AOCL	548		1,019		1,020
Tax effect of amount reclassified from AOCL	(129)		(259)		(259)

Net current period other comprehensive income (loss), net of tax	419		760		761
Balance at end of fiscal year	$	—	$	(419)	$	(1,179)

Details of Certain Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Inventories:
Raw materials and work in process	$ 66,056	$ 57,367
Finished goods	27,862	62,541
Inventories	$ 93,918	$ 119,908

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Walmart MSA and AC Lens \| Discontinued Operations, Disposed of by Means Other than Sale, Abandonment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (benefit) expense	$ 4.4	$ 5.2

Commitments and Contingencies - Warranty Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Movement in Product Warrant Liability Accounts
Beginning balance	$ 2,463	$ 2,183
Accrued obligation	35,325	33,633
Claims paid	(35,223)	(33,353)
Ending balance	$ 2,565	$ 2,463

Business and Significant Accounting Policies - Property and Equipment (Details)	Dec. 28, 2024
Buildings
Property and Equipment
Estimated useful life (in years)	34 years
Equipment \| Minimum
Property and Equipment
Estimated useful life (in years)	3 years
Equipment \| Maximum
Property and Equipment
Estimated useful life (in years)	10 years
Information technology hardware and software \| Minimum
Property and Equipment
Estimated useful life (in years)	2 years
Information technology hardware and software \| Maximum
Property and Equipment
Estimated useful life (in years)	5 years
Furniture and fixtures
Property and Equipment
Estimated useful life (in years)	6 years
Leasehold improvements \| Minimum
Property and Equipment
Estimated useful life (in years)	5 years
Leasehold improvements \| Maximum
Property and Equipment
Estimated useful life (in years)	10 years
P&E under finance leases
Property and Equipment
Estimated useful life (in years)	10 years

Business and Significant Accounting Policies - Leases (Details) - Stores, laboratories, distribution centers, offices	12 Months Ended
	Dec. 28, 2024
Minimum
Lessee, Lease, Description [Line Items]
Lease terms (in years)	5 years
Renewal terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms (in years)	10 years
Renewal terms (in years)	10 years

Segment Reporting - Consolidated Net Product Revenue Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2024	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Total net revenue	$ 437,278	$ 451,515	$ 451,733	$ 482,794	$ 420,953	$ 438,820	$ 431,786	$ 464,812	$ 1,823,320	$ 1,756,371	$ 1,644,675
Products
Revenue from External Customer [Line Items]
Total net revenue									1,463,139	1,423,229	1,340,302
Eyeglasses and sunglasses
Revenue from External Customer [Line Items]
Total net revenue									1,145,725	1,115,000	1,046,203
Contact lenses
Revenue from External Customer [Line Items]
Total net revenue									307,314	301,268	288,660
Accessories and other
Revenue from External Customer [Line Items]
Total net revenue									10,100	6,961	5,439
Services and plans
Revenue from External Customer [Line Items]
Total net revenue									360,181	333,142	304,373
Exams
Revenue from External Customer [Line Items]
Total net revenue									233,621	207,833	177,476
Product protection plans
Revenue from External Customer [Line Items]
Total net revenue									72,854	72,069	75,119
Eyecare clubs
Revenue from External Customer [Line Items]
Total net revenue									$ 53,706	$ 53,240	$ 51,778

Details of Cost Savings Plan

12 Months Ended

Dec. 28, 2024

Restructuring and Related Activities [Abstract]

Details of Cost Savings Plan

In connection with the discontinued operations, the Company implemented a cost savings plan that included optimizing non-customer facing labor costs, as well as reducing travel expenses and third-party spend. We have incurred $1.9 million since the inception of the cost savings plan, which is included within our continuing operations results. The plan has been substantially completed and we do not anticipate additional material costs related to this plan. The liability related to this plan is recorded in Other payables and accrued expenses in the Consolidated Balance Sheets, and the remaining payments related to this liability were made after December 28, 2024. This disclosure excludes the impact of the Walmart partnership termination and wind down of AC Lens operations, which are currently presented under discontinued operations.


In thousands	Employee Compensation Benefits
Balance at December 30, 2023	$	1,800
Expenses recognized during the period	69
Payments during the period	(1,643)

Balance at December 28, 2024	$	226

Employee compensation benefits

During fiscal year 2024 and 2023, we recognized $0.1 million and $1.8 million, respectively, in Selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income, in the corporate and other category, related to termination benefits for certain associates; these charges were recognized in accordance with FASB guidance on employers’ accounting for post-employment benefits and guidance on accounting for costs associated with exit or disposal activities, as appropriate.

Discontinued Operations - Schedule of Major Classes of Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Noncurrent assets:
Total noncurrent assets of discontinued operations	$ 0	$ 2,779
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	2,376
Right of use assets	0	304
Other intangible assets, net	0	99
Total noncurrent assets of discontinued operations	0	2,779
Current liabilities:
Current operating lease obligations	0	302
Total current liabilities of discontinued operations	$ 0	$ 302

Commitments and Contingencies

12 Months Ended

Dec. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Contractual Commitments

As of December 28, 2024, the Company had contractual commitments of approximately $146.2 million consisting of agreements for merchandise purchases, technology, and advertising.

Warranty Costs

The Company records an allowance for the estimated amount of future warranty costs when the related revenue is recognized, which is recorded in Other payables and accrued expenses on the accompanying Consolidated Balance Sheets. Expense associated with warranty costs is presented in Cost of services and plans in the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income. Estimated future warranty costs are primarily based on historical experience of identified warranty claims. However, there can be no assurance that

future warranty costs will not exceed historical amounts. The following details the activity in our product warranty liability accounts:


In thousands	Fiscal Year 2024		Fiscal Year 2023
Beginning of year balance	$	2,463	$	2,183
Accrued obligation	35,325		33,633
Claims paid	(35,223)		(33,353)
End of year balance	$	2,565	$	2,463

401(k) Plan

The Company sponsors a 401(k) plan into which associates may defer a portion of their wages. We match a portion of such deferred wages. The expense for the plan was $7.5 million, $7.2 million, and $5.8 million in fiscal years 2024, 2023, and 2022, respectively. Expense associated with our 401(k) plan is presented in SG&A in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

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. The parties agreed to move the federal and state court actions to state court for review of the settlement terms agreed to by the parties.

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. The

Company filed its response to the arbitration demand and the parties have engaged in limited discovery. 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 “Securities Class Action”). The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 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 and named officers filed a response in opposition to the plaintiffs’ motion for reconsideration on May 13, 2024, and the plaintiffs then filed a reply in support of their motion on May 28, 2024. The Company disputes the allegations asserted by plaintiffs and will continue to defend the litigation vigorously.

On May 23, 2024, a stockholder derivative complaint was filed by a stockholder in the Delaware Court of Chancery, purportedly on behalf of the Company (the “Derivative Action”). The Derivative Action is based on the same alleged facts and circumstances as the Securities Class Action and names certain of the Company’s officers, including our Chief Executive Officer and Chief Operating Officer, and the Company’s directors who were members of the Company’s Board of Directors during the relevant time period as defendants. The Derivative Action alleges claims for breach of fiduciary duty, unjust enrichment, and violations of the Exchange Act and seeks to recover damages on behalf of the Company. On July 24, 2024, the Company along with the named defendants, filed a motion to dismiss the complaint. On September 9, 2024, the plaintiff filed an amended complaint. Defendants filed a motion to dismiss the amended complaint on October 31, 2024. The plaintiff filed an opposition to the motion to dismiss on December 16, 2024, and the defendants filed a reply brief on January 15, 2025. The defendants dispute the allegations made by the plaintiff and intend to vigorously defend the litigation.

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Beginning balance (in shares) at Jan. 01, 2022		81,405
Beginning balance at Jan. 01, 2022	$ 925,980	$ 838	$ 750,478	$ (1,940)	$ 278,395	$ (101,791)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		433
Issuance of common stock	3,286	$ 4	3,282
Stock-based compensation	$ 13,353		13,353
Purchase of treasury stock (in shares)	(2,700)	(2,846)
Purchase of treasury stock	$ (84,388)					(84,388)
Repurchase of 2025 Notes	(1)		(1)
Unrealized gain on hedge instruments, net of tax	761			761
Net income (loss)	42,122				42,122
Ending balance (in shares) at Dec. 31, 2022		78,992
Ending balance 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)		558
Issuance of common stock	1,838	$ 6	1,832
Stock-based compensation	$ 20,023		20,023
Purchase of treasury stock (in shares)	(1,100)	(1,239)
Purchase of treasury stock	$ (28,415)					(28,415)
Unrealized gain on hedge instruments, net of tax	760			760
Net income (loss)	$ (65,901)				(65,901)
Ending balance (in shares) at Dec. 30, 2023	78,311	78,311
Ending balance 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)		613
Issuance of common stock	1,507	$ 6	1,501
Stock-based compensation	16,580		16,580
Purchase of treasury stock (in shares)		(149)
Purchase of treasury stock	(3,092)					(3,092)
Unrealized gain on hedge instruments, net of tax	419			419
Net income (loss)	$ (28,499)				(28,499)
Ending balance (in shares) at Dec. 28, 2024	78,775	78,775
Ending balance at Dec. 28, 2024	$ 816,333	$ 854	$ 807,048	$ 0	$ 226,117	$ (217,686)

Debt - Interest Expense (Details) - 2025 Notes - Convertible senior notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 5,443	$ 9,747	$ 10,062
Amortization of issuance costs	$ 1,282	$ 2,293	$ 2,283

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Schedule I - Condensed Financial Information of Registrant - Condensed Balance Sheets Additional Information (Details) - $ / shares	Dec. 28, 2024	Dec. 30, 2023
Condensed Financial Statements, Captions [Line Items]
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)	85,444,000	84,831,000
Common stock, outstanding (in shares)	78,775,000	78,311,000
Treasury stock, at cost (in shares)	6,669,000	6,520,000
Parent Company
Condensed Financial Statements, Captions [Line Items]
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)	85,444,000	84,831,000
Common stock, outstanding (in shares)	78,775,000	78,311,000
Treasury stock, at cost (in shares)	6,669,000	6,520,000

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 28, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

Changes in the fair value of the Company’s cash flow hedge derivative instruments from their inception are recorded in AOCL if the instruments are deemed to be highly effective as cash flow hedges. The following table presents the changes in AOCL, net of tax:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Cash flow hedging activity
Balance at beginning of fiscal year	$	(419)	$	(1,179)	$	(1,940)


Amount reclassified from AOCL	548		1,019		1,020
Tax effect of amount reclassified from AOCL	(129)		(259)		(259)

Net current period other comprehensive income (loss), net of tax	419		760		761
Balance at end of fiscal year	$	—	$	(419)	$	(1,179)

See Note 14. “Interest Rate Derivatives” for a description of the Company’s use of cash flow hedging derivatives.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Revenue:
Total net revenue	$ 1,823,320	$ 1,756,371	$ 1,644,675
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	764,056	734,655	667,665
Operating expenses:
Selling, general and administrative expenses	938,524	904,757	832,609
Depreciation and amortization	91,349	89,874	88,690
Asset impairment	39,851	2,699	5,499
Other expense (income), net	(101)	(104)	(2,554)
Total operating expenses	1,069,623	997,226	924,244
Income (loss) from operations	(10,359)	24,490	52,766
Interest expense, net	16,184	14,339	462
(Gain) loss on extinguishment of debt	(859)	599	0
Earnings (loss) from continuing operations before income taxes	(25,684)	9,552	52,304
Income tax provision (benefit)	1,481	6,006	15,545
Income (loss) from continuing operations, net of tax	(27,165)	3,546	36,759
Income (loss) from discontinued operations, net of tax (See Note 2)	(1,334)	(69,447)	5,363
Net income (loss)	$ (28,499)	$ (65,901)	$ 42,122
Basic Earnings (loss) per share:
Continuing operations (in usd per share)	$ (0.35)	$ 0.05	$ 0.46
Discontinued operations (in usd per share)	(0.02)	(0.89)	0.07
Total (in usd per share)	(0.36)	(0.84)	0.53
Diluted Earnings (loss) per share:
Continuing operations (in usd per share)	(0.35)	0.05	0.46
Discontinued operations (in usd per share)	(0.02)	(0.88)	0.07
Total (in usd per share)	$ (0.36)	$ (0.84)	$ 0.52
Weighted average shares outstanding:
Basic (in shares)	78,592	78,313	79,831
Diluted (in shares)	78,592	78,596	80,298
Comprehensive income (loss):
Net income (loss)	$ (28,499)	$ (65,901)	$ 42,122
Unrealized gain on hedge instruments	548	1,019	1,020
Tax provision of unrealized gain on hedge instruments	129	259	259
Comprehensive income (loss)	(28,080)	(65,141)	42,883
Products
Revenue:
Total net revenue	1,463,139	1,423,229	1,340,302
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	433,194	424,011	402,067
Services and plans
Revenue:
Total net revenue	360,181	333,142	304,373
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	$ 330,862	$ 310,644	$ 265,598

Revenue from Contracts with Customers

12 Months Ended

Dec. 28, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenues Recognized at a Point in Time

Owned & Host

Within our Owned & Host segment, product revenues include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers.

Other revenues

Revenues Recognized Over Time

The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Revenues recognized at a point in time	$	1,696,735	$	1,631,030	$	1,517,739
Revenues recognized over time	126,585		125,341		126,936
Total net revenue	$	1,823,320	$	1,756,371	$	1,644,675

Deferred Revenue

The following depicts a roll-forward of deferred revenue:


	Fiscal Year 2024
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	36,419	$	47,907	$	84,326
Sold	72,135		54,713		126,848
Revenue recognized	(72,854)		(53,731)		(126,585)
End of year	$	35,700	$	48,889	$	84,589

Current	$	35,409	$	27,098	$	62,507
Noncurrent	291		21,791		22,082
	$	35,700	$	48,889	$	84,589


	Fiscal Year 2023
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	35,119	$	48,683	$	83,802
Sold	73,369		52,496		125,865
Revenue recognized	(72,069)		(53,272)		(125,341)
End of year	$	36,419	$	47,907	$	84,326

Current	$	36,113	$	26,754	$	62,867
Noncurrent	306		21,153		21,459
	$	36,419	$	47,907	$	84,326

Unsatisfied Performance Obligations (Contract Liabilities)

During fiscal years 2024 and 2023, we recognized $62.8 million and $62.1 million, respectively, of deferred revenues outstanding at the beginning of each respective period.

Deferred revenue recorded as of the end of fiscal year 2024 is expected to be reflected in future operating results as follows:


Fiscal Year	In thousands
2025	$	62,507
2026	16,833
2027	5,249

	$	84,589

- Definition

+ References

+ Details

Business and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenue reduction for variable considerations	$ 17.7	$ 14.7	$ 13.0
Customer, Managed Care Payors \| Net revenue \| Customer concentration risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	40.00%
Minimum
Disaggregation of Revenue [Line Items]
Delivery time used in period end unearned revenue calculation	7 days
Maximum
Disaggregation of Revenue [Line Items]
Delivery time used in period end unearned revenue calculation	10 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Discontinued Operations - Schedule of Discontinued Operation (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Abandonment - Walmart MSA - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Revenue:
Total net revenue	$ 131,473
Total net revenue		$ 370,097	$ 360,729
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	112,222
Total costs applicable to revenue		266,255	257,922
Operating expenses:
Selling, general and administrative expenses	21,851
Selling, general and administrative expenses		87,126	82,746
Depreciation and amortization	1,331	8,378	11,266
Asset impairment	248	79,714	284
Other expense (income), net	(87)	(60)	2
Total operating expenses	23,343	175,158	94,298
Earnings (loss) from discontinued operations before income taxes	(4,092)	(71,316)	8,509
Income Tax Provision (Benefit) from Discontinued Operations	(2,758)	(1,869)	3,146
Income (loss) from discontinued operations, net of tax	(1,334)	(69,447)	5,363
Total net revenue
Revenue:
Total net revenue	126,960
Total net revenue		320,907	308,013
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	109,637
Total costs applicable to revenue		240,578	234,257
Net sales of services and plans
Revenue:
Total net revenue	4,513
Total net revenue		49,190	52,716
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	$ 2,585
Total costs applicable to revenue		$ 25,677	$ 23,665

Deferred Revenue (Tables)

12 Months Ended

Dec. 28, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Roll-Forward of Deferred Revenue

The following depicts a roll-forward of deferred revenue:


	Fiscal Year 2024
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	36,419	$	47,907	$	84,326
Sold	72,135		54,713		126,848
Revenue recognized	(72,854)		(53,731)		(126,585)
End of year	$	35,700	$	48,889	$	84,589

Current	$	35,409	$	27,098	$	62,507
Noncurrent	291		21,791		22,082
	$	35,700	$	48,889	$	84,589


	Fiscal Year 2023
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	35,119	$	48,683	$	83,802
Sold	73,369		52,496		125,865
Revenue recognized	(72,069)		(53,272)		(125,341)
End of year	$	36,419	$	47,907	$	84,326

Current	$	36,113	$	26,754	$	62,867
Noncurrent	306		21,153		21,459
	$	36,419	$	47,907	$	84,326

Schedule of Expected Deferred Revenue to be Reflected in Future Operating Results

Deferred revenue recorded as of the end of fiscal year 2024 is expected to be reflected in future operating results as follows:


Fiscal Year	In thousands
2025	$	62,507
2026	16,833
2027	5,249

	$	84,589

Leases - Lease Term and Discount Rate (Details)	12 Months Ended
Leases - Lease Term and Discount Rate (Details)	Dec. 28, 2024	Dec. 30, 2023
Weighted average remaining lease term (months)
Operating leases, weighted average remaining lease term (months)	71 months	73 months
Finance leases, weighted average remaining lease term (months)	48 months	58 months
Weighted average discount rate
Operating leases, weighted average discount rate (percent)	5.10%	4.70%
Finance leases, weighted average discount rate (percent)	10.40%	10.40%
Stores, laboratories, distribution centers, offices \| Minimum
Weighted average discount rate
Lease terms (in years)	5 years
Stores, laboratories, distribution centers, offices \| Maximum
Weighted average discount rate
Lease terms (in years)	10 years

Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2024	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total net revenue	$ 437,278	$ 451,515	$ 451,733	$ 482,794	$ 420,953	$ 438,820	$ 431,786	$ 464,812	$ 1,823,320	$ 1,756,371	$ 1,644,675
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Total net revenue									1,696,735	1,631,030	1,517,739
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total net revenue									$ 126,585	$ 125,341	$ 126,936

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Details of Cost Savings Plan - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses
Termination of Walmart Partnership
Restructuring Cost and Reserve [Line Items]
Charges incurred	$ 1,900
Termination of Walmart Partnership \| Employee compensation benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 69	$ 1,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following details the activity in our product warranty liability accounts:


In thousands	Fiscal Year 2024		Fiscal Year 2023
Beginning of year balance	$	2,463	$	2,183
Accrued obligation	35,325		33,633
Claims paid	(35,223)		(33,353)
End of year balance	$	2,565	$	2,463

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 28, 2024	Feb. 14, 2025	Jun. 29, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 28, 2024
Current Fiscal Year End Date	--12-28
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0.6
Entity Common Stock, Shares Outstanding		78,783,482
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for its 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 28, 2024.
Entity Central Index Key	0001710155
Document Fiscal Year Focus	2024
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	FY
Amendment Flag	false

Segment Reporting

12 Months Ended

Dec. 28, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company’s operating segments were determined on the same basis as used by the Chief Operating Decision Maker (“CODM”) to evaluate performance internally. Our CODM is our chief executive officer. Our operations consist primarily of one reportable segment:

•Owned & Host store brands - Our owned brands consist of our America’s Best and Eyeglass World operating segments. In America’s Best stores, vision care services are provided by optometrists employed either by us or by independent professional corporations. Eyeglass World locations offer eye exams, primarily provided by independent optometrists, and have on-site laboratories. Our Host operating segments consist of Military and Fred Meyer. These brands provide eye exams principally by independent optometrists in nearly all locations. We have aggregated our America’s Best, Eyeglass World, Military and Fred Meyer operating segments into a single reportable segment due to similar economic characteristics and similarity of the nature of products and services, production processes, class of customers, regulatory environment and distribution methods of those brands.

In addition to the single reportable segment identified above, we have two other operating segments: our dedicated e-commerce website and FirstSight. Our dedicated e-commerce website was previously managed by AC Lens and was transitioned to NVI in fiscal year 2024; the continuing operations for all periods presented reflect the results of this website. FirstSight sells single-service health plans in connection with the operations of America’s Best operations in California. The results of these two segments are presented separately from our reportable segment and do not meet the quantitative thresholds to be reportable segments.

The “corporate and other” category represents corporate overhead support expenses as well certain non-cash charges, including asset impairment, stock-based compensation expense, and the impact of certain events, gains, or losses excluded from the assessment of segment performance.

Other adjustments to reportable segment results represent adjustments necessary for the presentation of consolidated financial results in accordance with U.S. GAAP, specifically effects of the change in unearned and deferred revenue during the period.

Our former Legacy reportable segment and the majority of our former AC Lens operations as well as related effects of unearned and deferred revenue are classified as discontinued operations. Refer to Note 2. “Discontinued Operations” for information related to our discontinued operations.

The operating segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly provided to, and reviewed by, our CODM to allocate resources and assess performance. The Company considers each of our brands to be an operating segment and has further concluded that presenting the results of our reportable segment provides meaningful information consistent with the objectives of ASC 280, Segment Reporting.

The CODM uses segment EBITDA, calculated as net revenue, less costs applicable to revenue, less SG&A expenses, to evaluate the performance, and make decisions about the allocation of resources to segments predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis when making decisions about the allocation of resources to each segment. Consistent with what the CODM reviews, depreciation and amortization and 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.

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


	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
In thousands
Owned & Host revenue:
Net product sales	$	1,433,777	$	1,396,355	$	1,317,673
Net sales of services and plans	360,470		333,693		299,695
Total Owned & Host revenue	1,794,247		1,730,048		1,617,368
Less:
Owned & Host costs applicable to revenue (exclusive of depreciation and amortization)
Cost of products	410,527		401,385		380,717
Cost of services and plans	330,801		310,643		265,598

Owned & Host SG&A	708,623		670,337		629,421



Owned & Host segment EBITDA	344,296		347,683		341,632
Other segments EBITDA	(2,042)		(899)		(79)
Corporate and other	(261,454)		(227,847)		(196,589)
Effects of unearned and deferred revenue	1,049		(5,172)		(3,508)
Depreciation and amortization	(91,349)		(89,874)		(88,690)
Interest expense, net	(16,184)		(14,339)		(462)
Earnings (loss) from continuing operations before income taxes	$	(25,684)	$	9,552	$	52,304

The following table presents a reconciliation of revenue:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Revenue
Owned & Host	$	1,794,247	1,730,048		$	1,617,368
Other segments revenue	27,621		33,139		33,307
Effects of unearned and deferred revenue	1,452		(6,816)		(6,000)
Total consolidated revenue	$	1,823,320	$	1,756,371	$	1,644,675

Entity-wide Information

The following table presents our consolidated net revenue information:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Net product sales
Eyeglasses and sunglasses	$	1,145,725	$	1,115,000	$	1,046,203
Contact lenses	307,314		301,268		288,660
Accessories and other	10,100		6,961		5,439
Total net product revenues	1,463,139		1,423,229		1,340,302
Net sales of services and plans
Exams	233,621		207,833		177,476
Product protection plans	72,854		72,069		75,119
Eyecare clubs	53,706		53,240		51,778
Total net sales of services and plans revenues	360,181		333,142		304,373
Total net revenue	$	1,823,320	$	1,756,371	$	1,644,675

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Stock Incentive Plans (Tables)

12 Months Ended

Dec. 28, 2024

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Compensation Expense

The following table summarizes stock compensation expense under the Company’s plans, which is included in SG&A in the accompanying Consolidated Statements of Operations:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Stock options	$	123	$	740	$	1,525
RSUs and PSUs	16,457		18,312		10,758
RSAs	—		—		314
Associate stock purchase plan	128		151		159
Pre-tax stock-based compensation expense	$	16,708	$	19,203	$	12,756
Income tax benefit	(4,212)		(4,841)		(3,236)
After-tax stock-based compensation expense	$	12,496	$	14,362	$	9,520


	RSUs and PSUs
Unrecognized compensation cost (in thousands)	$	25,234
Expected remaining weighted-average period of expense recognition (in years)	1.71

Schedule of RSU, PSU, and RSA Activity

The following tables summarize RSU and PSU awards activity:


	RSUs (In thousands)	Weighted average grant date fair value ($)		PSUs (In thousands)	Weighted average grant date fair value ($)
Outstanding at December 30, 2023	1,060	$	27.50	672	$	28.68
Granted	862	18.03		332	22.19
Vested	(436)	29.24		(89)	45.73
Forfeited	(133)	26.85		(54)	25.52
Outstanding at December 28, 2024	1,353	$	20.97	861	$	24.61


	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
RSUs
Weighted average grant date fair value of RSUs granted	$	18.03	$	22.65	$	34.83
Total fair value of RSUs vested (In thousands)	$	12,755	$	12,084	$	6,176
PSUs
Weighted average grant date fair value of PSUs granted	$	22.19	$	22.35	$	37.96
Total fair value of PSUs vested (In thousands)	$	4,070	$	3,852	$	3,118
RSAs
Weighted average grant date fair value of RSAs granted	$	—	$	—	$	—
Total fair value of RSAs vested (In thousands)	$	—	$	—	$	800

Service-based options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity

The following tables summarize service-based stock option activity. No service-based options were granted in fiscal years 2024, 2023, and 2022.


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 30, 2023	599	$	29.20	4.93	$	981
Exercised	(29)	8.54
Forfeited	(21)	37.80
Outstanding options at December 28, 2024	549	$	29.98	4.13	$	—
Vested and exercisable at December 28, 2024	549	$	29.98	4.13	$	—


In thousands except per share values	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Fair value of options vested	$	635	$	1,251	$	3,073
Aggregate intrinsic value of options exercised	$	76	$	147	$	979

Performance-based options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity

The following table summarizes performance-based stock option activity:


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 30, 2023	49	$	15.74	3.56	$	255
Exercised	—	—

Outstanding options at December 28, 2024	49	$	15.74	2.57	$	—
Vested and exercisable at December 28, 2024	49	$	15.74	2.57	$	—

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business and Significant Accounting Policies - Advertising Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising expenses	$ 138.6	$ 137.2	$ 138.5

Business and Significant Accounting Policies - Nature of Operations (Details)	Dec. 28, 2024 store storeBrand	Dec. 30, 2023 store
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of retail optical locations	1,240	1,188
Number of store brands \| storeBrand	4
Walmart MSA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of retail optical locations		225

- Definition

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (28,591)	$ (8,468)	$ (3,125)	$ 11,685	$ (15,987)	$ (73,798)	$ 5,614	$ 18,270	$ (28,499)	$ (65,901)	$ 42,122

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Subparagraph (a)
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Deferred Revenue - Roll-Forward of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Contract Liability
Deferred revenue, beginning balance	$ 84,326	$ 83,802
Sold	126,848	125,865
Revenue recognized	(126,585)	(125,341)
Deferred revenue, ending balance	84,589	84,326
Product Protection Plans
Contract Liability
Deferred revenue, beginning balance	36,419	35,119
Sold	72,135	73,369
Revenue recognized	(72,854)	(72,069)
Deferred revenue, ending balance	35,700	36,419
Eye Care Clubs
Contract Liability
Deferred revenue, beginning balance	47,907	48,683
Sold	54,713	52,496
Revenue recognized	(53,731)	(53,272)
Deferred revenue, ending balance	$ 48,889	$ 47,907

Revenue from Contracts with Customers - Narrative (Details)	12 Months Ended
	Dec. 28, 2024
Disaggregation of Revenue [Line Items]
Time frame for majority of payments on health care plans and programs accounts (in days)	90 days
Owned & Host Segment
Disaggregation of Revenue [Line Items]
Extended warranty plan, term (in years)	1 year
Eye care club membership, term one (in years)	3 years
Minimum
Disaggregation of Revenue [Line Items]
General payment terms for accounts on health care plans and programs (in days)	14 days
Maximum
Disaggregation of Revenue [Line Items]
General payment terms for accounts on health care plans and programs (in days)	120 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Details of Cost Savings Plan (Tables)

12 Months Ended

Dec. 28, 2024

Restructuring and Related Activities [Abstract]

Schedule of Other Payables and Accrued Expenses

The liability related to this plan is recorded in Other payables and accrued expenses in the Consolidated Balance Sheets, and the remaining payments related to this liability were made after December 28, 2024. This disclosure excludes the impact of the Walmart partnership termination and wind down of AC Lens operations, which are currently presented under discontinued operations.


In thousands	Employee Compensation Benefits
Balance at December 30, 2023	$	1,800
Expenses recognized during the period	69
Payments during the period	(1,643)

Balance at December 28, 2024	$	226

Stock Incentive Plans - RSU, PSU, and RSA Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
RSUs
Number of Awards Outstanding
Outstanding, beginning balance (in shares)	1,060
Granted (in shares)	862
Vested (in shares)	(436)
Forfeited (in shares)	(133)
Outstanding, ending balance (in shares)	1,353	1,060
Weighted Average Grant Date Fair Value ($)
Outstanding, beginning balance (in dollars per share)	$ 27.50
Granted (in dollars per share)	18.03	$ 22.65	$ 34.83
Vested (in dollars per share)	29.24
Forfeited (in dollars per share)	26.85
Outstanding, ending balance (in dollars per share)	$ 20.97	$ 27.50
Vested in period, fair value	$ 12,755	$ 12,084	$ 6,176
PSUs
Number of Awards Outstanding
Outstanding, beginning balance (in shares)	672
Granted (in shares)	332
Vested (in shares)	(89)
Forfeited (in shares)	(54)
Outstanding, ending balance (in shares)	861	672
Weighted Average Grant Date Fair Value ($)
Outstanding, beginning balance (in dollars per share)	$ 28.68
Granted (in dollars per share)	22.19	$ 22.35	$ 37.96
Vested (in dollars per share)	45.73
Forfeited (in dollars per share)	25.52
Outstanding, ending balance (in dollars per share)	$ 24.61	$ 28.68
Vested in period, fair value	$ 4,070	$ 3,852	$ 3,118
RSAs
Weighted Average Grant Date Fair Value ($)
Granted (in dollars per share)	$ 0	$ 0	$ 0
Vested in period, fair value	$ 0	$ 0	$ 800

Business and Significant Accounting Policies

12 Months Ended

Dec. 28, 2024

Accounting Policies [Abstract]

Business and Significant Accounting Policies

Nature of Operations

National Vision Holdings, Inc. (“NVHI,” the “Company,” “we,” “our,” or “us”) is a holding company whose operating subsidiaries include its indirect wholly owned subsidiary, National Vision, Inc. (“NVI”) and NVI’s direct wholly owned subsidiaries. We are a leading value retailer of eyeglasses and contact lenses in the United States (“U.S”). We operated 1,240 and 1,188 retail optical locations in the U.S. and its territories as of the fiscal years ended December 28, 2024 and December 30, 2023, respectively, through our four store brands, including America’s Best Contacts and Eyeglasses (“America’s Best”), Eyeglass World, Vista Optical locations on select U.S. Army/Air Force military bases (“Military”) and within select Fred Meyer stores. We also operate omni-channel websites for our America’s Best, Eyeglass World and Military brands, as well as a dedicated e-commerce website.

We operated 225 stores for Walmart Inc. (“Walmart”) as of December 30, 2023; these stores are not reflected in the store counts above and the operating results of these stores are presented as discontinued operations. Also presented in discontinued operations are the majority of the operations formerly conducted by the Company’s Arlington Contact Lens (“AC Lens”) subsidiary, which sold eyeglasses, contact lenses and optical accessory products to retail customers through various websites, and distributed contact lenses to Walmart and Sam’s Club store locations. Refer to Note 2. “Discontinued Operations” for more information.

We also operate a specialized health maintenance organization (“HMO”) that is licensed as a single-service health plan under California law. The HMO issues individual vision plans in connection with our America’s Best operations in California.

Fiscal Year

We operate on a retail fiscal calendar that results in a given fiscal year consisting of a 52-week or 53-week period ending on the Saturday closest to December 31. In a 52-week fiscal year, each quarter contains 13 weeks of operations; in a 53-week fiscal year, each of the first, second and third quarters include 13 weeks of operations and the fourth quarter includes 14 weeks of operations.

References herein to “fiscal year 2024”, “fiscal year 2023” and “fiscal year 2022,” relate to the 52 weeks ended December 28, 2024, December 30, 2023, and December 31, 2022, respectively. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years.

Basis of Presentation and Principles of Consolidation

We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include our accounts and those of our subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts within the consolidated financial statements and footnotes to the financial statements for fiscal year 2023 and fiscal year 2022 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. As of December 28, 2024, the variable interest entities include 29 professional corporations. The total assets of the consolidated VIEs included in the accompanying Consolidated Balance Sheets as of December 28, 2024 and December 30, 2023, were $7.0 million and $8.3 million, respectively, and the total liabilities of the consolidated VIEs were $8.4 million and $9.8 million, respectively.

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.

Share Repurchases

Effective November 8, 2021, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase up to $50 million aggregate amount of shares of the Company's common stock. On November 29, 2021, the Company’s Board of Directors authorized an increase from $50 million to $100 million in aggregate amount of shares of the Company’s common stock that may be repurchased under the Company’s current share repurchase program. On February 23, 2022, our Board of Directors authorized a $100 million increase to the share repurchase authorization, for a total authorization of $200 million. The Company’s original share repurchase authorization expired on December 30, 2023, and had remaining capacity of $25 million. Effective February 23, 2024, the Board authorized the Company to repurchase up to $50 million aggregate amount of shares of the Company’s common stock until January 3, 2026. As of December 28, 2024, $50 million remains available under the share repurchase authorization. During fiscal years 2023 and 2022, the Company repurchased 1.1 million shares of its common stock for $25 million and 2.7 million shares of its common stock for $80 million, respectively, under the share repurchase program. The authorization permits the Company to make purchases of its common stock from time to time in the open market or privately negotiated transactions, and pursuant to pre-set trading plans meeting the requirements of all applicable securities laws and regulations. The timing and amounts of any such repurchases will depend on a variety of factors, including the market price of the Company’s shares, general market and economic conditions, legal requirements and tax implications. The Company expects to fund the share repurchases using cash on hand. Repurchased shares are reflected in Treasury stock on the Consolidated Balance Sheets.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, accelerates a company’s ability to recover Alternative Minimum Tax (“AMT”) refundable credits that otherwise could have been claimed in 2020 and 2021, to 2018 and 2019, with an option to elect recovery of the full credit amount for 2018. The Company recognizes government grants for which there is a reasonable assurance of compliance with grant conditions and receipt of credits. Amounts receivable under the CARES Act were $9.0 million as of December 28, 2024 and December 30, 2023. Credits recognized under the CARES Act offset deferred payroll taxes that would otherwise be payable as of January 1, 2022.

In addition to the CARES Act, the Consolidated Appropriations Act, 2021, H.R. 133 was signed into law on December 27, 2020 and, among other things, allows for 100% deductibility of meals and entertainment expenses for the tax years ended 2022 and 2021. In 2023, the deductibility was reduced to 50% of meals and 0% of entertainment expenses.

Cash and Cash Equivalents

Cash consists of currency and demand deposits with financial institutions and money market funds. We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. We also review cash balances on a bank by bank basis to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a bank. We reclassify book overdrafts, if any, to Accounts payable in the accompanying Consolidated Balance Sheets.

Accounts Receivable, Net

Accounts receivable associated with revenues consist primarily of trade receivables and credit card receivables. Trade receivables consist primarily of receivables from managed care payors. While we have relationships with almost all vision care insurers in the U.S. and with all of the major carriers, currently, a relatively small number of payors comprise the majority of our managed care revenues, subjecting us to concentration risk. Accounts receivable are reduced by allowances for credit losses. Estimates of our allowance for credit losses are based on our historical and current operating, billing, and collection trends, as well as current conditions and reasonable and supportable forecasts about the future. Accounts receivable are written off after all collection attempts have been exhausted. Credit loss expense recognized on our receivables, which is presented in SG&A expenses in the Company’s Consolidated Statements of Operations, was approximately $0.4 million, $0.6 million and $0.8 million for the fiscal years 2024, 2023 and 2022, respectively.

Inventories

The cost of inventory is determined using the weighted average cost method. Inventories at retail stores consist of finished goods and are valued at the lower of cost or estimated net realizable value (“NRV”). Manufactured inventories are valued using absorption accounting which includes material, labor, other variable costs and other applicable manufacturing overhead. Inventory values are adjusted for estimated obsolescence and written down to NRV based on estimates of current and anticipated demand, customer preference, merchandise age, planned promotional activities, contact lens vendor return acceptance activity, and estimates of future retail sales prices.

Shrinkage is estimated and recorded throughout the period in costs applicable to revenue based on historical results and current inventory levels. Actual shrinkage is recorded throughout the year based upon periodic physical counts. See Note 4. “Details of Certain Balance Sheet Accounts” for further details.

The Company’s inventory consists primarily of eyeglass frames, contact lenses, and unprocessed eyeglass lenses. A significant portion of our inventory is supplied by a small number of key vendors. During fiscal year 2024, approximately 94% of contact lens expenditures were with three vendors and approximately 82% of lens expenditures were with one vendor. This exposes us to vendor concentration risk. We are less exposed to a supplier risk for our eyeglass frames as only approximately 54% of frame expenditures were with two vendors.

Property and Equipment

Property and equipment (“P&E”) is stated at cost less accumulated depreciation. Depreciation associated with P&E is included in Depreciation and amortization in the accompanying Consolidated Statements of Operations. When we retire or otherwise dispose of P&E, we remove the cost and related accumulated depreciation from our accounts and recognize any gain or loss on the sale of such assets in SG&A in the Consolidated Statements of Operations and Comprehensive (Loss) Income. We capitalize major replacements and remodeling, and recognize expenditures for maintenance and repairs in SG&A.

We depreciate P&E for financial accounting purposes using the straight-line method over the following estimated useful lives:


Buildings			34 years

Equipment			3 - 10 years
Information technology hardware and software (a)			2 - 5 years
Furniture and fixtures			6 years
Leasehold improvements(b)			5 - 10 years
P&E under finance leases (b)			10 years
____________
(a)Costs of developing or obtaining software for internal use, such as direct costs of materials or services and internal payroll costs related to the software development projects, are capitalized to information technology hardware and software. (b)Depreciation of leasehold improvements is recognized over the shorter of the estimated useful life of the asset or the term of the lease. The term of the lease includes renewal options for additional periods if the exercise of the renewal is considered to be reasonably assured.

Cloud Computing Arrangements

The Company capitalizes certain costs related to the acquisition and development of internal use software, including implementation costs incurred in a cloud computing arrangement during the application development stages of projects. Capitalized implementation costs are amortized on a straight-line basis over the expected term of the hosting arrangement, which includes consideration of the non-cancellable contractual term and reasonably certain renewals. Costs incurred during the preliminary project or the post-implementation stages of the project are expensed as incurred. Implementation costs are included in Other assets in our Consolidated Balance Sheets. Amortization of capitalized implementation costs is included in Selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Goodwill and Intangible Assets

Indefinite-lived intangible assets include goodwill and our trademarks and tradenames; we evaluate these assets annually for impairment, or more frequently if events and circumstances indicate that it is more likely than not that goodwill or intangible assets are impaired. Our annual testing date for impairment of goodwill and indefinite-lived intangible assets is the first day of the fourth fiscal quarter, which for fiscal year 2024 was September 29, 2024. Costs to renew intangible assets are expensed as incurred.

Goodwill is impaired if a reporting unit’s carrying value exceeds its fair value, and impairment is calculated as the excess between carrying value over fair value. We consider each of our operating segments to be reporting units. We estimate the fair value of our reporting units using the income approach, which is based on a discounted cash flow analysis and involves estimating after-tax cash flows that are discounted using a weighted average cost of capital that considers both market risk and company-specific risk. The cash flows used in the analysis are based on financial forecasts developed internally by management and require significant judgment. Significant unobservable inputs used in the fair value measurement of the reporting units include, but are not limited to, revenue growth rates, costs applicable to revenue, SG&A and discount rates. These assumptions are sensitive to future changes in the business profitability, changes in our business strategy and external market conditions, among other factors. A decrease to the

long-term revenue growth rate assumption or an increase to the expense growth rate assumptions could require us to record goodwill impairment charges.

We use the relief-from-royalty method to estimate fair value of our trademarks and trade names, which involves estimating a royalty rate based on comparable licensing arrangements, applying that rate to the revenue projections for the subject asset, and then estimating fair value using a discounted cash flow analysis; the discounted cash flow analysis uses a weighted average cost of capital that considers both market risk and company-specific risk. We record an impairment charge as the excess of carrying value over estimated fair value.

Finite-lived, amortizing intangible assets primarily consist of our Fred Meyer contracts and relationship. We amortize finite-lived intangible assets on a straight-line basis over their estimated useful lives. Amortization expense associated with finite-lived intangible assets is included in Depreciation and amortization in the accompanying Consolidated Statements of Operations.

If impairment indicators related to amortizing intangible assets are present, we estimate cash flows expected to be generated over the remaining useful lives of the related assets based on current projections. If the projected net undiscounted cash flows are less than the carrying value of the related assets, we then measure impairment based on a discounted cash flow model and record an impairment charge as the excess of carrying value over estimated fair value.

See Note 2. “Discontinued Operations”, Note 5. “Goodwill and Intangible Assets”, and Note 11. “Fair Value Measurement” for further detail on impairment of goodwill and intangible assets.

Investments

In the second quarter of fiscal year 2023, we completed an investment in an entity specializing in applying artificial intelligence-powered screening and diagnostic tools to retinal imaging. During fiscal year 2024 and 2023, we invested $1.5 million and $1.8 million, respectively. The investment is valued at cost. In fiscal year 2024, we completed an investment in a convertible promissory note issued by this entity. The investments are recognized in Other assets in the Consolidated Balance Sheets and in Other in the investing section of the Consolidated Statements of Cash Flows for fiscal years fiscal years 2024 and 2023. Refer to Note 11. “Fair Value Measurement” for more information on the promissory note.

We previously had an investment in an entity that was acquired by a third party in fiscal year 2021. We received $2.7 million in fiscal year 2022 related to an earnout associated with the sale. These proceeds were reflected in Other expense (income), net on the Consolidated Statements of Operations and Comprehensive (Loss) Income and in Other in the investing section of the Consolidated Statements of Cash Flows.

Fair Value Measurement of Assets and Liabilities

The Company accounts for certain assets and liabilities at fair value. The Company generally uses a market approach, when practicable, in valuing financial instruments. For certain assets the Company may also use a valuation technique consistent with the income approach whereby future cash flows are converted to a single discounted amount. The carrying value of the Company’s cash equivalents and restricted cash, accounts receivable, accounts payable and other payables and accrued expenses, approximate fair value due to their short-term nature.

Non-financial assets such as P&E, right of use (“ROU”) assets and intangible assets are subject to nonrecurring fair value measurements if impairment indicators are present. Factors we consider important that could trigger an impairment review include a significant under-performance compared to expected operating results, a significant or adverse change in customer business climate, and a significant negative industry or economic trend.

Refer to “Long-lived Asset Impairment” section below and Note 11. “Fair Value Measurement” for the Company’s recurring and non-recurring fair value measurements.

Deferred Financing Costs and Loan Discounts

Costs incurred in connection with long-term debt which are paid directly to the Company’s lenders and to third parties are presented as reductions to our long-term debt balance, except for the costs related to our revolving credit facility which are presented as assets. These costs are amortized over the term of the related financing agreement and included in Interest expense, net in the accompanying Consolidated Statements of Operations.

Self-Insurance Liabilities

We are primarily self-insured for workers’ compensation, associate health benefits and general liability claims. We record self-insurance liabilities based on claims filed, including the development of those claims and an estimate of claims incurred but not yet reported. Should a different amount of claims occur compared to what was estimated, or costs of the claims increase or decrease beyond what was anticipated, liabilities may need to be adjusted

accordingly. We periodically update our estimates and record such adjustments in the period in which such determination is made. Self-insurance liabilities are recorded on an undiscounted basis in the accompanying Consolidated Balance Sheets. Refer to the following table and Note 4. “Details of Certain Balance Sheet Accounts” for further details.

We reinsure worker’s compensation and medical claims above our retention levels with a highly rated financial institution that can be expected to fully perform under the terms of the arrangement. Estimated recoveries from reinsurance as of fiscal year end 2024 and 2023 are shown in the following table.


In thousands		Balance Sheet Classification	As of December 28, 2024		As of December 30, 2023
	Current portion	Prepaid Expenses and Other Current Assets	$	854	$	990
	Noncurrent portion	Other Assets	1,281		1,549
Total estimated recoveries from reinsurance			$	2,135	$	2,539

Derivative Financial Instruments

The Company has used interest rate derivatives to manage the exposure of its Term Secured Overnight Financing Rate (“Term SOFR”)-based debt to fluctuations in interest rates. If our derivatives are designated as cash flow hedges, we formally document our hedge relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transactions. We record all interest rate derivatives in our Consolidated Balance Sheets on a gross basis at fair value. Fair value represents 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. We do not hold or enter into financial instruments for trading or speculative purposes.

The gain or loss resulting from fair value adjustments for highly effective cash flow hedges is recorded in Accumulated other comprehensive loss (“AOCL”) in the accompanying Consolidated Balance Sheets until the hedged item is recognized as Interest expense, net in the Consolidated Statements of Operations. The gain or loss resulting from fair value adjustments of derivatives not deemed to be highly effective cash flow hedges is recognized in Interest expense, net immediately. We perform periodic assessments of the effectiveness of our derivative contracts designated as hedges, if applicable.

To manage credit risk associated with our interest rate hedging program, we select as counterparties major financial institutions with investment grade credit ratings. The impact of credit risk, as well as the ability of each party to fulfill its obligations under our derivative financial instruments, is considered in determining the fair value of the contracts. We were party to an interest rate collar to offset the variability of cash flows in Term SOFR-indexed debt interest payments. The interest rate collar matured on July 18, 2024. See Note 14. “Interest Rate Derivatives” for further details.

Accumulated Other Comprehensive Loss

AOCL is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive loss, net of income tax, is entirely composed of the cumulative unrealized loss on our previously effective hedging instruments. See Note 17. “Accumulated Other Comprehensive Loss” for details of reclassifications out of AOCL.

Revenue Recognition

Net product sales include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers (including those covered by managed care). Net sales of services and plans include sales of eye exams, eye care club membership fees, product protection plans (i.e. warranties) and HMO vision plan fees.

At our America’s Best brand, our signature offer is two pairs of eyeglasses and a free eye exam for one low price (“two-pair offer”). Since an eye exam is a key component in the ability for acceptable prescription eyewear to be delivered to a customer, we concluded that the eye exam service, while capable of being distinct from the eyeglass product delivery, was not distinct in the context of the two-pair offer. As a result, we do not allocate revenue to the eye exam associated with the two-pair offer, and we record all revenue associated with the offer in Owned & Host net product sales when the customer has received and accepted the merchandise.

Our retail customers generally make payments for prescription eyewear products at the time they place an order. Amounts we collect in advance for undelivered merchandise are reported as Unearned revenue in the accompanying Consolidated Balance Sheets. Unearned revenue at the end of a reporting period is estimated based on processing and delivery times throughout the current month which generally range from approximately seven to 10 days; all unearned revenue at the end of a reporting period is recognized in the next fiscal period.

Revenue is recognized net of sales taxes and returns and includes amounts billed to customers related to shipping and handling costs. The returns allowance is based on historical return patterns. Provisions for estimated returns are established and the expected costs continue to be recognized as reductions to revenue when the products are sold. Shipping and handling costs are accounted for as fulfillment costs and are included in costs applicable to revenue.

An increasing percentage of our customers receive vision insurance coverage through managed care payors. These payors represent an increasingly significant portion of our overall revenues and our revenue growth and represented approximately 40% of our revenues from continuing operations in fiscal year 2024.

We record reductions in revenue for estimated price concessions granted to managed care providers. The Company considers its revenue from managed care customers to include variable consideration and estimates such amounts associated with managed care customer revenues using the history of concessions provided and cash receipts from managed care providers. We reduced our net revenue for variable considerations of $17.7 million, $14.7 million and $13.0 million during the fiscal years 2024, 2023 and 2022, respectively.

Refer to Note 9. “Revenue from Contracts with Customers” for further details of our revenues.

Costs Applicable to Revenue

Costs applicable to revenue consist primarily of cost of products sold and costs of administering services and plans. Costs of products sold include (i) costs to procure non-prescription eyewear, contacts and accessories which we purchase and sell in their finished form, (ii) costs to manufacture finished prescription eyeglasses, including direct materials, labor and overhead and (iii) remake costs, warehousing and distribution expenses and internal transfer costs. Costs of services and plans include costs associated with warranty programs, eye care club memberships, HMO vision plan fees, eye care practitioner and eye exam technician payroll, taxes and benefits and optometric and other service costs. Depreciation and amortization are excluded from costs applicable to revenue and are presented separately on the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income.

As a component of the Company’s procurement program, the Company frequently enters into contracts with its vendors that provide for payments of rebates or other allowances. These vendor payments are reflected when earned or as progress is made toward earning the rebate or allowance and, depending on the terms of the agreement with the vendor, are treated as a reduction of the carrying value of the inventory and a resultant reduction of cost of products. Rebates that have been earned but not yet received are recognized as an increase to Accounts receivable, net or a reduction to Accounts payable, depending on the nature of the agreement with the vendor, until the payment has been received.

Selling, General and Administrative

SG&A includes store associate (including optician) payroll, taxes and benefits, occupancy and other store expenses, advertising and promotion, field services, and corporate support. Advertising and promotion costs, including online marketing arrangements, newspaper, direct mail, television and radio, are recorded in SG&A and expensed at the time the advertising first occurs. Production costs of future media advertising and related promotional campaigns are deferred until the advertising events occur. Non-capital expenditures associated with opening new stores, including rent, marketing expenses, travel and relocation costs, and training costs, are recorded in SG&A as incurred. Certain vendor contracts provide for marketing co-op allowances; such allowances are reflected when earned or as progress is made toward earning the allowance and are treated as a reduction of SG&A.

Advertising expenses were $138.6 million, $137.2 million and $138.5 million for fiscal years 2024, 2023 and 2022, respectively.

Leases

We lease our stores, distribution center, corporate offices, and most of our laboratories. These leases generally have noncancelable lease terms of between five and 10 years, with an option to renew for additional terms of one to 10 years or more. The lease term includes renewal option periods when the renewal is deemed reasonably certain after considering the value of the leasehold improvements at the end of the noncancelable lease period. Most leases for our stores provide for a minimum rent and typically include escalating rent over time with the exception of Military for which lease payments are variable and based on a percentage of sales. For Vista Optical locations in Fred Meyer stores, we pay the greater of fixed rent or a percentage of sales after certain minimum thresholds are achieved. The Company’s leases generally require us to pay insurance, real estate taxes and common area maintenance expenses,

substantially all of which are variable and not included in the measurement of the lease liability. Our lease arrangements frequently include tenant improvement allowances (“TIAs”), which are contractual amounts received or receivable from a lessor for improvements made to leased properties by the Company. For operating leases, TIAs are treated as a reduction of the lease payments used to measure the ROU assets in the accompanying Consolidated Balance Sheets and are amortized as a reduction in rental expense over the life of the respective leases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The lease liability is measured at the present value of future lease payments over the lease term less TIAs receivable, and the ROU asset is measured at the lease liability amount, adjusted for prepaid lease payments, TIAs received and the lessee’s initial direct costs. As the rate implicit in the Company’s leases is not easily determinable, the Company’s incremental borrowing rate is used in calculating the present value of the sum of the lease payments. Factors incorporated into the calculation of the lease incremental borrowing rate include lease term, borrowing rates on the Company’s long-term debt, Term SOFR margins for issuers of similar credit rating to NVI and effect of collateralization.

For finance leases, a lease ROU asset is recorded as property and equipment and corresponding amounts are recorded as finance lease debt obligations at the net present value of the minimum lease payments to be made over the lease term for new finance leases.

Stock-Based Compensation

We measure stock-based compensation cost, which consists of grants of stock options, performance stock units (“PSUs”), and restricted stock units (“RSUs”), to associates and non-employee directors, based on the estimated grant date fair value of the awards. We recognize compensation expense for all awards containing only a service requirement over the requisite service period using a straight-line recognition method. Our PSUs contain both a service requirement and a performance requirement. We recognize expense for the proportionate share of the total fair value of PSUs related to the vesting period that has already lapsed for the shares expected to vest, which expectation is based on an evaluation of expected performance against predefined performance criteria and may also result in reversals of expense. The remaining fair value of the shares expected to vest is expensed on a straight-line basis over the balance of the vesting period. We account for forfeitures as they occur. See Note 7. “Stock Incentive Plan” for further details related to our stock-based compensation plans.

Long-lived Asset Impairment

Non-financial assets such as P&E, ROU assets and intangible assets are subject to nonrecurring fair value measurements if impairment indicators are present. We evaluate impairment of long-lived tangible and ROU store assets at the store level, which is the lowest level at which independent cash flows can be identified, when events or conditions indicate the carrying values of such assets may not be recoverable. In making this evaluation, we may consider multiple factors including financial performance of the stores, regional and local business climates, industry or economic trends, future plans for the store operations and other qualitative factors. If the store’s projected undiscounted net cash flows expected to be generated by the related assets over the life of the primary asset within the asset group are less than the carrying value of the subject assets, we determine an estimate of the fair value of the asset group using an income approach based on discounted cash flows, which require estimates and assumptions related to forecasted store revenue growth rates and store profitability. If the fair value of the asset group is less than its carrying value, the loss is allocated to the long-lived assets of the group on a pro rata basis using the relative carrying amounts of those assets, except that the loss allocated to an individual long lived asset of the group shall not reduce the carrying amount of that asset below its fair value. We consider market-based indications of prevailing rental rates for retail space, market participant discount rates, and lease incentives when estimating the fair values of ROU assets.

We assess non-store long-lived assets, including capitalized software costs in use or under development, for impairment if events or changes in circumstances indicate that the carrying value of those assets may not be recoverable.

Store fleet review

During fiscal year 2024, we completed a comprehensive store fleet review and decided on actions to address identified stores. As a result of this review, we announced plans to close 39 stores and convert four Eyeglass Word stores into America’s Best stores. As of December 28, 2024, 12 of these locations were closed and four Eyeglass Word stores were converted into America’s Best stores. Total costs incurred as a result of the store fleet review were immaterial for fiscal year 2024 due to severance and other charges being offset by non-cash gains related to remeasurements of store leases. Substantially all of the costs were recognized in Selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

During fiscal year 2024, we recognized $10.5 million of non-cash intangible asset impairment and $4.3 million of non-cash tangible long-lived and ROU asset impairment related to the stores we planned to close as part of the store fleet review. Both charges were recognized in Asset impairment in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Refer to Note 5. Goodwill and Intangible Assets and Note 11. “Fair Value Measurement” for additional information on the impairment charges.

All costs incurred related to the store fleet review were recognized in the corporate and other category. Liabilities related to this plan are recorded in Other payables and accrued expenses in the Consolidated Balance Sheets.

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, including our former Legacy reportable segment, as well as the majority of our AC Lens operations, met the requirements to be classified as discontinued operations. Accordingly, we classified the results of these operations as discontinued operations in the Consolidated Statements of Operations and Comprehensive (Loss) Income 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, and certain assets and liabilities associated with these operations were classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheets for the periods presented. Additionally, the cash flows and comprehensive (loss) income of discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Operations and Comprehensive (Loss) Income, respectively, for all periods presented. All amounts included in the notes to the consolidated financial statements relate to continuing operations unless otherwise noted. For additional information, see Note 2. “Discontinued Operations.”

Income Taxes

We account for deferred income taxes based on the asset and liability method. The Company must make certain estimates and judgments in determining income tax expense. We are required to determine the aggregate amount of income tax expense to accrue and the amount which will be currently payable or refundable based upon tax statutes of each jurisdiction in which the Company does business. Deferred income taxes are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets also include future tax benefits to be derived from the utilization of tax loss carry-forwards and application of certain carry-forward credits. The net carrying amount of deferred income tax assets and liabilities is recorded in noncurrent deferred income tax liabilities in the accompanying Consolidated Balance Sheets.

Deferred income taxes are measured using enacted tax rates in effect for the years in which those differences are expected to be recovered or settled. The effect on deferred taxes from a change in the tax rate is recognized through continuing operations in the period that includes the enactment of the change. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future.

A valuation allowance is recorded if it is more likely than not that some portion of a deferred tax asset will not be realized. Valuation allowances are released as positive evidence of future taxable income sufficient to realize the underlying deferred tax assets becomes available.

We establish a liability for tax positions for which there is uncertainty as to whether the position will ultimately be sustained. We assess our tax positions by determining whether it is more likely than not that the position will be sustained upon examination by the appropriate taxing authorities, including resolution of any related appeals or litigation, based solely on the technical merits of the position. These calculations and assessments involve estimates and judgments because the ultimate tax outcomes are uncertain and future events are unpredictable. See Note 8. “Income Taxes” for further details.

Adoption of New Accounting Pronouncements

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 adopted this guidance in the fourth quarter of fiscal year 2024 and has provided the applicable disclosures in. Note 16. “Segment Reporting.”

Future Adoption of Accounting Pronouncements

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.

Expense Disaggregation Disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive (Loss) Income (Topic 220-40): Expense Disaggregation Disclosures (“ASU 2024-03”). This update requires, among other things, more detailed disclosure about types of expenses in commonly presented expense captions such as cost of sales and SG&A, and is intended to improve the disclosures about an entity’s expenses including purchases of inventory, employee compensation, depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

Induced Conversions of Convertible Debt Instruments. In November 2024, FASB issued ASU 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishment of convertible debt. This guidance is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early and retrospective adoption permitted. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

The FASB issued other accounting guidance during fiscal year 2024 that is not currently applicable or expected to have a material impact on the Company’s financial statements, and therefore, is not described above.

Segment Reporting - Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2024	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Selling, general and administrative expenses
Total net revenue	$ 437,278	$ 451,515	$ 451,733	$ 482,794	$ 420,953	$ 438,820	$ 431,786	$ 464,812	$ 1,823,320	$ 1,756,371	$ 1,644,675
Total costs applicable to revenue	$ 185,001	$ 189,929	$ 193,580	$ 195,546	$ 184,377	$ 183,829	$ 180,322	$ 186,127	764,056	734,655	667,665
Owned & Host SG&A									938,524	904,757	832,609
Depreciation and amortization									(91,349)	(89,874)	(88,690)
Interest expense, net									(16,184)	(14,339)	(462)
Earnings (loss) from continuing operations before income taxes									(25,684)	9,552	52,304
Reconciling Items, Corporate and Other
Selling, general and administrative expenses
Total net revenue									27,621	33,139	33,307
Corporate and other									(261,454)	(227,847)	(196,589)
Reconciling Items
Selling, general and administrative expenses
EBITDA									(2,042)	(899)	(79)
Effects of unearned and deferred revenue									1,049	(5,172)	(3,508)
Depreciation and amortization									(91,349)	(89,874)	(88,690)
Interest expense, net									(16,184)	(14,339)	(462)
Effects of unearned and deferred revenue									1,452	(6,816)	(6,000)
Owned & Host Segment \| Operating Segments
Selling, general and administrative expenses
Total net revenue									1,794,247	1,730,048	1,617,368
Owned & Host SG&A									708,623	670,337	629,421
EBITDA									344,296	347,683	341,632
Products
Selling, general and administrative expenses
Total net revenue									1,463,139	1,423,229	1,340,302
Total costs applicable to revenue									433,194	424,011	402,067
Products \| Owned & Host Segment \| Operating Segments
Selling, general and administrative expenses
Total net revenue									1,433,777	1,396,355	1,317,673
Total costs applicable to revenue									410,527	401,385	380,717
Services and plans
Selling, general and administrative expenses
Total net revenue									360,181	333,142	304,373
Total costs applicable to revenue									330,862	310,644	265,598
Services and plans \| Owned & Host Segment \| Operating Segments
Selling, general and administrative expenses
Total net revenue									360,470	333,693	299,695
Total costs applicable to revenue									$ 330,801	$ 310,643	$ 265,598

Stock Incentive Plans - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 28, 2024 USD ($) plan installment $ / shares shares	Dec. 30, 2023 $ / shares shares	Dec. 31, 2022 USD ($) shares	Jun. 12, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of award plans \| plan	3
Common stock, par value (in usd per share) \| $ / shares	$ 0.01	$ 0.01
Performance-based options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0	0
Options, vested (in shares)	0	0	0
Options exercised (in shares)	0	0
Aggregate intrinsic value of options exercised \| $			$ 0.0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value \| $	$ 14.3
RSUs \| Vesting in three installments beginning on first anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal vesting installments \| installment	3
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value \| $	$ 9.1
Remaining requisite service period (in years)	3 years
2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	4,000,000			5,600,000
2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	10,988,827
Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards contractual life (in years)	10 years
Associate stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	850,000

Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 28, 2024

Accounting Policies [Abstract]

Schedule of Property and Equipment, Net

We depreciate P&E for financial accounting purposes using the straight-line method over the following estimated useful lives:


Buildings			34 years

Equipment			3 - 10 years
Information technology hardware and software (a)			2 - 5 years
Furniture and fixtures			6 years
Leasehold improvements(b)			5 - 10 years
P&E under finance leases (b)			10 years
____________
(a)Costs of developing or obtaining software for internal use, such as direct costs of materials or services and internal payroll costs related to the software development projects, are capitalized to information technology hardware and software. (b)Depreciation of leasehold improvements is recognized over the shorter of the estimated useful life of the asset or the term of the lease. The term of the lease includes renewal options for additional periods if the exercise of the renewal is considered to be reasonably assured.


In thousands	As of December 28, 2024		As of December 30, 2023
Property and equipment, net:
Land and building	$	3,736	$	3,736
Equipment	299,823		280,632
Information technology hardware and software	128,654		128,792
Furniture and fixtures	85,061		77,712
Leasehold improvements	360,927		323,382
Construction in progress	31,620		29,638
Right of use assets under finance leases	36,219		36,219
	946,040		880,111
Less: Accumulated depreciation	(583,865)		(519,924)
	$	362,175	$	360,187

Schedule of Business Insurance Recoveries

Estimated recoveries from reinsurance as of fiscal year end 2024 and 2023 are shown in the following table.


In thousands		Balance Sheet Classification	As of December 28, 2024		As of December 30, 2023
	Current portion	Prepaid Expenses and Other Current Assets	$	854	$	990
	Noncurrent portion	Other Assets	1,281		1,549
Total estimated recoveries from reinsurance			$	2,135	$	2,539

Leases

12 Months Ended

Dec. 28, 2024

Leases [Abstract]

Leases

Information related to our leases is presented below:


In thousands		As of December 28, 2024		As of December 30, 2023
Type	Classification
	ASSETS
Finance	Property and equipment, net (a)	$	8,258	$	10,774
Operating	Right of use assets (b)	408,589		406,275
	Total leased assets	$	416,847	$	417,049
	LIABILITIES
	Current Liabilities:
Finance	Current maturities of long-term debt and finance lease obligations	$	3,368	$	2,980
Operating	Current operating lease obligations (c)	99,694		85,090
	Other noncurrent liabilities:
Finance	Long-term debt and finance lease obligations, less current portion and debt discount	9,465		13,087
Operating	Noncurrent operating lease obligations	366,335		376,814
	Total lease liabilities	$	478,862	$	477,971
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the net present value of minimum lease payments. We used the incremental borrowing rate on December 30, 2018 for operating leases that commenced prior to that date.

_________

(a) Finance lease assets are recorded net of accumulated amortization of $28.0 million and $25.4 million as of December 28, 2024 and December 30, 2023, respectively.

(b) TIA and deferred rent are treated as reductions of lease payments used to measure ROU assets in the accompanying Consolidated Balance Sheets as of December 28, 2024 and December 30, 2023.

(c) Current operating lease liabilities are measured net of TIA receivables of $4.6 million and $4.6 million as of December 28, 2024 and December 30, 2023, respectively.


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Operating lease cost
Fixed lease cost (a)	$	103,547	$	96,215	$	87,755
Variable lease cost (b)	37,733		36,133		32,894
Sublease income(c)	(1,410)		(1,263)		(1,258)
Finance lease cost
Amortization of finance lease assets	2,370		3,061		4,145
Interest on finance lease liabilities	1,233		1,675		2,342
Net lease cost	$	143,473	$	135,821	$	125,878
(a)Includes short-term leases, which are immaterial. (b)Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable as well as lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores. (c)Income from sub-leasing of stores includes rental income from operating lease properties to independent optometrists.


Lease Term and Discount Rate	As of December 28, 2024		As of December 30, 2023
Weighted average remaining lease term (months)
Operating leases	71		73
Finance leases	48		58
Weighted average discount rate (a)
Operating leases	5.1	%	4.7	%
Finance leases (b)	10.4	%	10.4	%
(a)The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) Term SOFR margins for issuers of similar credit rating; and (iii) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period. (b)The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Other Information

Operating cash outflows - operating leases	$	113,113	$	103,562	$	86,101

Right of use assets acquired under operating leases	$	96,170	$	111,792	$	110,387

The following table summarizes the maturity of our lease liabilities as of December 28, 2024:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2025	$	111,847	$	4,284
2026	104,225		4,252
2027	88,236		3,379
2028	67,407		1,973
2029	57,190		633
Thereafter	113,817		458
Total lease liabilities	542,722		14,979
Less: Interest	76,693		2,146
Present value of lease liabilities(c)	$	466,029	$	12,833

_________

(a) Operating lease payments include $24.0 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $1.1 million related to options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $13.9 million of legally binding minimum lease payments for leases signed but not yet commenced.

Leases

Information related to our leases is presented below:


In thousands		As of December 28, 2024		As of December 30, 2023
Type	Classification
	ASSETS
Finance	Property and equipment, net (a)	$	8,258	$	10,774
Operating	Right of use assets (b)	408,589		406,275
	Total leased assets	$	416,847	$	417,049
	LIABILITIES
	Current Liabilities:
Finance	Current maturities of long-term debt and finance lease obligations	$	3,368	$	2,980
Operating	Current operating lease obligations (c)	99,694		85,090
	Other noncurrent liabilities:
Finance	Long-term debt and finance lease obligations, less current portion and debt discount	9,465		13,087
Operating	Noncurrent operating lease obligations	366,335		376,814
	Total lease liabilities	$	478,862	$	477,971
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the net present value of minimum lease payments. We used the incremental borrowing rate on December 30, 2018 for operating leases that commenced prior to that date.

_________

(a) Finance lease assets are recorded net of accumulated amortization of $28.0 million and $25.4 million as of December 28, 2024 and December 30, 2023, respectively.

(b) TIA and deferred rent are treated as reductions of lease payments used to measure ROU assets in the accompanying Consolidated Balance Sheets as of December 28, 2024 and December 30, 2023.

(c) Current operating lease liabilities are measured net of TIA receivables of $4.6 million and $4.6 million as of December 28, 2024 and December 30, 2023, respectively.


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Operating lease cost
Fixed lease cost (a)	$	103,547	$	96,215	$	87,755
Variable lease cost (b)	37,733		36,133		32,894
Sublease income(c)	(1,410)		(1,263)		(1,258)
Finance lease cost
Amortization of finance lease assets	2,370		3,061		4,145
Interest on finance lease liabilities	1,233		1,675		2,342
Net lease cost	$	143,473	$	135,821	$	125,878
(a)Includes short-term leases, which are immaterial. (b)Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable as well as lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores. (c)Income from sub-leasing of stores includes rental income from operating lease properties to independent optometrists.


Lease Term and Discount Rate	As of December 28, 2024		As of December 30, 2023
Weighted average remaining lease term (months)
Operating leases	71		73
Finance leases	48		58
Weighted average discount rate (a)
Operating leases	5.1	%	4.7	%
Finance leases (b)	10.4	%	10.4	%
(a)The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) Term SOFR margins for issuers of similar credit rating; and (iii) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period. (b)The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Other Information

Operating cash outflows - operating leases	$	113,113	$	103,562	$	86,101

Right of use assets acquired under operating leases	$	96,170	$	111,792	$	110,387

The following table summarizes the maturity of our lease liabilities as of December 28, 2024:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2025	$	111,847	$	4,284
2026	104,225		4,252
2027	88,236		3,379
2028	67,407		1,973
2029	57,190		633
Thereafter	113,817		458
Total lease liabilities	542,722		14,979
Less: Interest	76,693		2,146
Present value of lease liabilities(c)	$	466,029	$	12,833

_________

(a) Operating lease payments include $24.0 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $1.1 million related to options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $13.9 million of legally binding minimum lease payments for leases signed but not yet commenced.

Fair Value Measurement	12 Months Ended
Fair Value Measurement	Dec. 28, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement General The Company uses a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s own market assumptions. The Company is required to measure certain assets and liabilities at fair value or disclose the fair values of certain assets and liabilities recorded at cost. Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated assuming the transaction occurs in the principal or most advantageous market for the asset or liability and includes consideration of non-performance risk and credit risk of both parties. A three-tier fair value hierarchy prioritizes the inputs used in measuring fair value. These tiers include: •Level 1 - Valuation inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. •Level 2 - Valuation inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in inactive markets, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the instruments. •Level 3 - Valuation inputs are unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques that include discounted cash flow models and similar techniques. The fair value estimates of financial instruments are not necessarily indicative of the amounts we might pay or receive in actual market transactions. The use of different market assumptions and/or estimation methodologies may have a material impact on the estimated fair value amounts. 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 14. “Interest Rate Derivatives” for further details. Convertible Promissory Note On December 17, 2024, the Company purchased $1.3 million principal amount of a convertible promissory note issued by a private company. The convertible promissory note is an investment that will convert to an equity stake in the private company upon a predetermined conversion event and is also convertible by us under certain circumstances. The Company elected the fair value option in accordance with accounting guidance for financial instruments to record the convertible promissory note. The fair value option allows an entity to account for the entire financial instrument at fair value with subsequent changes in fair value recognized in earnings through the consolidated statements of operations at each reporting date. The Company elected the fair value option to account for the convertible promissory note because the Company believes it reflects the fair value of the note receivable and embedded features. As of December 28, 2024, given the time from the execution of the note until the end of our fiscal year, we determined the fair value of the convertible promissory note approximated its carrying value of $1.3 million; this investment is included in Other assets on the Consolidated Balance Sheets. Refer to Note 1. “Business and Significant Accounting Policies” for information on equity investments in this entity. Non-recurring fair value measurements We recognized impairments of $39.9 million during fiscal year 2024, primarily related to our EGW goodwill asset, Fred Meyer contracts and relationships intangible asset and our long-lived tangible store assets and ROU assets. Comparatively, we recognized $2.7 million, and $5.5 million in fiscal years 2023 and 2022, respectively, primarily related to our long-lived tangible store assets and ROU assets. 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. Long-lived and Right of Use (“ROU”) Store Assets Refer to Note 2. “Discontinued Operations” for more information on impairment charges related to the termination of the Walmart partnership. This section discusses fair value measurements unrelated to the termination of the Walmart partnership. We recognized impairments of $10.1 million, $2.7 million and $5.5 million in fiscal years 2024, 2023, and 2022, respectively, primarily related to our store assets. The cash flows used in estimating fair value were discounted using market rates from 8.5% to 11.5%. The estimated remaining fair value of the assets impaired during fiscal years 2024, and 2023, was $5.6 million, and $2.8 million, respectively; the estimated remaining fair values include amounts estimated at various dates during the related fiscal years. Substantially all of the remaining fair value of the impaired store assets in fiscal years 2024 and 2023 represents the fair value of ROU assets. Finite-Lived Intangible Assets Related to the impairment recognized for the Fred Meyer contracts and relationships intangible asset, we estimated fair value using the discounted cash flow method of the income approach. The cash flows included assumptions about future extensions of our relationship with Fred Meyer, as well as assumptions about future revenue growth and profitability, and were discounted using a rate of 9%. Refer to Note 1. “Business and Significant Accounting Policies” and Note 5. “Goodwill and Intangible Assets” for more details on the Fred Meyer contracts and relationships intangible asset. Goodwill We used the discounted cash flow method of the income approach in our analyses and considered projected cash flows with a discount rate of 10.5%. A decrease in the estimated cash flows would lead to a lower fair value measurement, as would an increase in the discount rate. This non-recurring fair value measurement is classified as Level 3 measurements in the fair value hierarchy. The impairment charge recognized during the year ended December 28, 2024 resulting from the annual impairment testing was $19.2 million related to the goodwill of Eyeglass World. The impairment charge is recognized in corporate and other and reflected in Asset impairment in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Refer to Note 1. “Business and Significant Accounting Policies” and Note 5. “Goodwill and Intangible Assets” for more details on the impairment charge. Additional fair value information Cash Equivalents and Restricted Cash The carrying amount of cash equivalents and restricted cash approximates fair value due to the short-term maturity of the instruments. All cash and cash equivalents are denominated in U.S. currency. Accounts Receivable, Net The carrying amount of accounts receivable approximates fair value due to the short-term nature of those items and the effect of credit losses. Accounts Payable and Other Payables and Accrued Expenses The carrying amounts of accounts payable and other payables and accrued expenses approximate fair value due to the short-term nature of those items. Term Loan A and Revolving Loans Since the borrowings under the $254.2 million outstanding principal Term Loan A and $300.0 million aggregate principal 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 our Term Loan A and Revolving Loans. Refer to Note 6. “Debt” for more information on these borrowings. 2025 Notes The estimated fair value of the 2025 Notes was approximately $83.3 million and $303.3 million, as of December 28, 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. Refer to Note 6. “Debt” for more information on the 2025 Notes.

Details of Certain Balance Sheet Accounts - Other Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Other payables and accrued expenses:
Associate compensation and benefits	$ 42,752	$ 62,614
Self-insurance liabilities	9,087	9,139
Capital expenditures	9,248	5,412
Advertising	6,504	6,446
Reserves for customer returns and remakes	4,840	9,093
Payable to Walmart	0	6,068
Income tax payable	3,641	1,863
Supplies and other store support expenses	5,038	5,434
Litigation settlements	4,950	500
Other	22,976	16,719
Other payables and accrued expenses	$ 109,036	$ 123,288

Details of Certain Balance Sheet Accounts - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Accounts receivable, net:
Allowance for credit losses	$ (208)	$ (316)
Accounts receivable, net	49,938	86,854
The CARES Act
Accounts receivable, net:
Government assistance receivable	9,000	9,000
Trade receivables
Accounts receivable, net:
Accounts receivable, gross	18,777	43,518
Credit card receivables
Accounts receivable, net:
Accounts receivable, gross	17,431	27,905
Other receivables
Accounts receivable, net:
Accounts receivable, gross	$ 13,938	$ 15,747

Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2024	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Total net revenue	$ 437,278	$ 451,515	$ 451,733	$ 482,794	$ 420,953	$ 438,820	$ 431,786	$ 464,812	$ 1,823,320	$ 1,756,371	$ 1,644,675
Total costs applicable to revenue	185,001	189,929	193,580	195,546	184,377	183,829	180,322	186,127	764,056	734,655	667,665
Total operating expenses									1,069,623	997,226	924,244
Interest expense, net									16,184	14,339	462
(Gain) loss on extinguishment of debt									(859)	599	0
Earnings (loss) from continuing operations before income taxes									(25,684)	9,552	52,304
Income tax provision (benefit)									1,481	6,006	15,545
Net income (loss)	(28,591)	(8,468)	(3,125)	11,685	(15,987)	(73,798)	5,614	18,270	(28,499)	(65,901)	42,122
Comprehensive income (loss):
Net income (loss)	$ (28,591)	$ (8,468)	$ (3,125)	$ 11,685	$ (15,987)	$ (73,798)	$ 5,614	$ 18,270	(28,499)	(65,901)	42,122
Unrealized gain on hedge instruments									548	1,019	1,020
Tax provision of unrealized gain on hedge instruments									129	259	259
Comprehensive income (loss)									(28,080)	(65,141)	42,883
Parent Company
Condensed Financial Statements, Captions [Line Items]
Total net revenue									0	0	0
Total costs applicable to revenue									0	0	0
Total operating expenses									256	214	266
Interest expense, net									6,639	12,040	12,345
(Gain) loss on extinguishment of debt									(859)	599	0
Earnings (loss) from continuing operations before income taxes									(6,036)	(12,853)	(12,611)
Income tax provision (benefit)									(1,373)	(2,401)	(2,869)
Earnings (loss) before equity in net income of subsidiaries									(4,663)	(10,452)	(9,742)
Net income (loss) of subsidiaries									(23,836)	(55,449)	51,864
Net income (loss)									(28,499)	(65,901)	42,122
Comprehensive income (loss):
Net income (loss)									(28,499)	(65,901)	42,122
Unrealized gain on hedge instruments									548	1,019	1,020
Tax provision of unrealized gain on hedge instruments									129	259	259
Comprehensive income (loss)									$ (28,080)	$ (65,141)	$ 42,883

Details of Certain Balance Sheet Accounts - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Property and equipment, net
Right of use assets under finance leases	$ 36,219	$ 36,219
Property, equipment, and right of use assets under finance leases, gross	946,040	880,111
Less: Accumulated depreciation	(583,865)	(519,924)
Property and equipment, net	362,175	360,187
Land and building
Property and equipment, net
Property and equipment, gross	3,736	3,736
Equipment
Property and equipment, net
Property and equipment, gross	299,823	280,632
Information technology hardware and software
Property and equipment, net
Property and equipment, gross	128,654	128,792
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	85,061	77,712
Leasehold improvements
Property and equipment, net
Property and equipment, gross	360,927	323,382
Construction in progress
Property and equipment, net
Property and equipment, gross	$ 31,620	$ 29,638

Commitments and Contingencies - Narrative (Details) $ in Millions		12 Months Ended
	Mar. 11, 2024 USD ($)	Dec. 28, 2024 USD ($)	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 27, 2023 officer
Loss Contingencies [Line Items]
Contractual commitments		$ 146.2
401(k) plan expense		$ 7.5	$ 7.2	$ 5.8
Federal District Court For The Northern District Of California
Loss Contingencies [Line Items]
Amount of litigation settlement	$ 4.5
Northern District of Georgia - Federal Court
Loss Contingencies [Line Items]
Number of company officers filed a complaint \| officer					2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Interest Rate Derivatives	12 Months Ended
Interest Rate Derivatives	Dec. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives	Interest Rate Derivatives We were 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 interest rate collar matured on July 18, 2024. We recognized (gains) losses on the change in fair value of the interest rate collar of $(0.5) million, $(2.3) million, and $(18.0) million in Interest expense, net during fiscal years 2024, 2023, and 2022, respectively. 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 fiscal years 2024, 2023 and 2022 related to derivatives not qualifying as hedges were included in the operating section of the Consolidated Statements of Cash Flows and were immaterial.

Stock Incentive Plans

12 Months Ended

Dec. 28, 2024

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans

The Company has provided equity-based compensation awards to its associates under three plans. In connection with the initial public offering of our common stock (the “IPO”), on October 23, 2017, the Company’s Board of Directors adopted, and its stockholders approved, the National Vision Holdings, Inc. 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”). The total number of shares of common stock originally issuable under the 2017 Omnibus Incentive Plan was 4,000,000. On June 12, 2024, the Company’s stockholders approved the amendment and restatement of the 2017 Omnibus Incentive Plan, increasing the number of shares of common stock authorized for issuance by an additional 5,600,000 shares. The plan authorizes the grant of stock options, stock appreciation rights, restricted stock awards (“RSAs”), RSUs, PSUs, other equity-based awards and other cash-based awards to our associates, non-employee directors, officers, consultants and advisers. The Vision Holding Corp. 2013 Amended and Restated Stock Incentive Plans provided for the issuance of stock options to directors, certain associates and consultants of Vision Holding Corp., its subsidiaries and affiliates. In 2014, our Board of Directors and stockholders of the Company approved the 2014 Stock Incentive Plan for Key Employees of National Vision Holdings, Inc. (formerly known as Nautilus Parent, Inc.) and its subsidiaries (the “2014 Stock Incentive Plan”). There were 10,988,827 stock options authorized for issuance pursuant to the 2014 Stock Incentive Plan. All stock awards under these plans vest through continued service. All options under these plans have a contractual life of 10 years.

The Company also provides associates the opportunity to purchase Company common shares through the Associate Stock Purchase Plan (the “ASPP”), which the Company’s Board of Directors adopted and its stockholders approved on June 6, 2018. The ASPP provides that up to 850,000 shares of common stock, at par value of $0.01 per share, may be offered and issued under the ASPP.

The following table summarizes stock compensation expense under the Company’s plans, which is included in SG&A in the accompanying Consolidated Statements of Operations:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Stock options	$	123	$	740	$	1,525
RSUs and PSUs	16,457		18,312		10,758
RSAs	—		—		314
Associate stock purchase plan	128		151		159
Pre-tax stock-based compensation expense	$	16,708	$	19,203	$	12,756
Income tax benefit	(4,212)		(4,841)		(3,236)
After-tax stock-based compensation expense	$	12,496	$	14,362	$	9,520


	RSUs and PSUs
Unrecognized compensation cost (in thousands)	$	25,234
Expected remaining weighted-average period of expense recognition (in years)	1.71

Service-based options

The following tables summarize service-based stock option activity. No service-based options were granted in fiscal years 2024, 2023, and 2022.


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 30, 2023	599	$	29.20	4.93	$	981
Exercised	(29)	8.54
Forfeited	(21)	37.80
Outstanding options at December 28, 2024	549	$	29.98	4.13	$	—
Vested and exercisable at December 28, 2024	549	$	29.98	4.13	$	—


In thousands except per share values	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Fair value of options vested	$	635	$	1,251	$	3,073
Aggregate intrinsic value of options exercised	$	76	$	147	$	979

Performance-based options

The following table summarizes performance-based stock option activity:


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 30, 2023	49	$	15.74	3.56	$	255
Exercised	—	—

Outstanding options at December 28, 2024	49	$	15.74	2.57	$	—
Vested and exercisable at December 28, 2024	49	$	15.74	2.57	$	—

There were no grants of performance-based options during fiscal years 2024, 2023, and 2022. There were no vests of performance-based options during fiscal years 2024, 2023, and 2022. There were no exercises of performance-based options during fiscal year 2024 and 2023. The aggregate intrinsic value of performance-based options exercised during fiscal year 2022 was immaterial.

The following tables summarize RSU and PSU awards activity:


	RSUs (In thousands)	Weighted average grant date fair value ($)		PSUs (In thousands)	Weighted average grant date fair value ($)
Outstanding at December 30, 2023	1,060	$	27.50	672	$	28.68
Granted	862	18.03		332	22.19
Vested	(436)	29.24		(89)	45.73
Forfeited	(133)	26.85		(54)	25.52
Outstanding at December 28, 2024	1,353	$	20.97	861	$	24.61


	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
RSUs
Weighted average grant date fair value of RSUs granted	$	18.03	$	22.65	$	34.83
Total fair value of RSUs vested (In thousands)	$	12,755	$	12,084	$	6,176
PSUs
Weighted average grant date fair value of PSUs granted	$	22.19	$	22.35	$	37.96
Total fair value of PSUs vested (In thousands)	$	4,070	$	3,852	$	3,118
RSAs
Weighted average grant date fair value of RSAs granted	$	—	$	—	$	—
Total fair value of RSAs vested (In thousands)	$	—	$	—	$	800

Restricted stock units (RSUs)

Most RSUs vest in three equal annual installments on the first, second and third anniversary of the grant date. The RSUs outstanding as of December 28, 2024 have $14.3 million intrinsic value. Non-employee directors were granted RSUs in fiscal year 2024.

Performance stock units (PSUs)

PSUs are settled after the end of a three-year performance period (i.e., cliff vesting), which begins on the first day of the grant year and are based on the Company’s achievement of certain performance targets. The performance stock units outstanding as of December 28, 2024 have $9.1 million intrinsic value. While the PSU amounts shown in the tables above reflect achievement at target, the number of PSUs ultimately vested will be based on a comparison of certified performance results to predefined performance criteria that include threshold, target and maximum attainment levels.

Associate Stock Purchase Plan

Under the ASPP, eligible associates receive a 10% discount from the market trading value of common stock of the Company at the time of purchase. Participants may contribute to the ASPP, not to exceed $25,000 under the ASPP in any calendar year. During fiscal year 2024, the amount of shares issued to eligible participants through the ASPP was not material.

Debt - Credit Agreement Narrative (Details)		12 Months Ended
Debt - Credit Agreement Narrative (Details)	Jun. 13, 2023 USD ($)	Dec. 28, 2024 USD ($)	Dec. 30, 2023 USD ($)	Aug. 09, 2024 USD ($)
Debt Instrument [Line Items]
Debt before unamortized discount and issuance costs		$ 338,962,000	$ 448,747,000
Outstanding letters of credit		6,400,000
Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.10%
Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.00%
Credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity		300,000,000.0
Debt before unamortized discount and issuance costs		0	0
Borrowing capacity remaining		293,600,000
Credit facility \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	91 days
Redemption value	$ 25,000,000
Quarterly installments rate (percent)	5.00%
Aggregate principal amount	$ 114,400,000
Write off of deferred debt issuance costs			$ 200,000
Debt related commitment fees and debt issuance costs		200,000
Credit facility \| Credit Agreement \| Debt Covenant Term One
Debt Instrument [Line Items]
Debt covenant, minimum EBITDA ratio	2.50
Credit facility \| Credit Agreement \| Debt Covenant Term Two
Debt Instrument [Line Items]
Debt covenant, minimum EBITDA ratio	2.50
Debt covenant, maximum EBITDA ratio	1.75
Credit facility \| Credit Agreement \| Debt Covenant Term Three
Debt Instrument [Line Items]
Debt covenant, minimum EBITDA ratio	1.75
Debt covenant, maximum EBITDA ratio	0.75
Credit facility \| Credit Agreement \| Debt Covenant Term Four
Debt Instrument [Line Items]
Debt covenant, maximum EBITDA ratio	0.75
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.75%
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Debt Covenant Term One
Debt Instrument [Line Items]
Applicable margin on rate (percent)	2.25%
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Debt Covenant Term Two
Debt Instrument [Line Items]
Applicable margin on rate (percent)	2.00%
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Debt Covenant Term Three
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.75%
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Debt Covenant Term Four
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.50%
Credit facility \| Credit Agreement \| ABR
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.75%
Credit facility \| Credit Agreement \| ABR \| Debt Covenant Term One
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.25%
Credit facility \| Credit Agreement \| ABR \| Debt Covenant Term Two
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.00%
Credit facility \| Credit Agreement \| ABR \| Debt Covenant Term Three
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.75%
Credit facility \| Credit Agreement \| ABR \| Debt Covenant Term Four
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.50%
Credit facility \| Credit Agreement \| Revolving Credit Facility \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs		2,000,000
Credit facility \| Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Credit facility borrowing capacity				$ 115,000,000
Third-party fees		900,000
Credit facility \| Credit Agreement \| Term Loan \| Other Noncurrent Liabilities
Debt Instrument [Line Items]
Debt issuance costs		900,000
Credit facility \| Credit Agreement, Term Loan A \| Term Loan
Debt Instrument [Line Items]
Debt before unamortized discount and issuance costs		$ 254,200,000

Business and Significant Accounting Policies - Basis of Presentation and Principles of Consolidation (Details) $ in Thousands	Dec. 28, 2024 USD ($) corporation	Dec. 30, 2023 USD ($)
Variable Interest Entity [Line Items]
Assets	$ 2,007,771	$ 2,172,511
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of corporations \| corporation	29
Assets	$ 7,000	8,300
Liabilities	$ 8,400	$ 9,800

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Aggregate future estimated amortization expense
2025	$ 714
2026	677
2027	677
2028	677
2029	677
Thereafter	4,847
Finite-lived intangible assets	$ 8,269	$ 20,173

Business and Significant Accounting Policies - Accounts Receivable and Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Credit loss on receivables	$ 0.4	$ 0.6	$ 0.8
Supplier concentration risk \| Contact Lenses \| Three Key Vendors
Concentration Risk [Line Items]
Concentration risk (percent)	94.00%
Supplier concentration risk \| Lenses \| One Key Vendor
Concentration Risk [Line Items]
Concentration risk (percent)	82.00%
Supplier concentration risk \| Frames \| Two Key Vendors
Concentration Risk [Line Items]
Concentration risk (percent)	54.00%
Customer concentration risk \| Net revenue \| Customer, Managed Care Payors
Concentration Risk [Line Items]
Concentration risk (percent)	40.00%

Debt

12 Months Ended

Dec. 28, 2024

Debt Disclosure [Abstract]

Debt

Our debt consists of the following:


In thousands	As of December 28, 2024		As of December 30, 2023
2025 Notes, due May 15, 2025	$	84,774	$	302,497
Term Loan A, due June 13, 2028	254,188		146,250
Revolving Loans, due June 13, 2028	—		—
Debt before unamortized discount and issuance costs	338,962		448,747
Unamortized discount and issuance costs - 2025 Notes	(191)		(2,497)
Unamortized discount and issuance costs - Term Loan A	(1,602)		(1,066)
Debt less debt discount and issuance costs	337,169		445,184
Less current maturities	(98,024)		(7,500)
Long-term debt - noncurrent portion	239,145		437,684
Finance lease obligations	12,833		16,067
Less current maturities	(3,368)		(2,980)
Long-term debt and finance lease obligations, less current portion, discount, and issuance costs	$	248,610	$	450,771

2025 Notes

In May 2020, we completed the issuance of $402.5 million in aggregate principal amount of 2.50% convertible senior notes due on May 15, 2025 (the “2025 Notes”), pursuant to an indenture between the Company and U.S. Bank, dated as of May 12, 2020 (the “Indenture”). The 2025 Notes were sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2025 Notes pay interest semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2020, at an annual rate of 2.50%.

We received proceeds from the offering of $390.9 million, net of $11.6 million in underwriter fees and other issuance costs. We used $294.3 million of the net proceeds from the offering to repay all outstanding amounts under the revolving credit facility and $75.0 million to partially repay the first lien term loan in an aggregate principal amount of $420.0 million (the “term loan”). The remainder of the net proceeds are being used for general corporate purposes.

Prior to February 15, 2025, the 2025 Notes were convertible at the option of the holders only under certain circumstances, which were not attained:

(i) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the Last Reported Sale Price (as defined in the Indenture) per share of the Company’s common stock exceeded 130% of the Conversion Price (as defined in the Indenture) for each of at least 20 Trading Days (as defined in the Indenture), whether or not consecutive, during the 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter;

(ii) during the five consecutive business days immediately after any ten consecutive Trading Day period (such ten consecutive trading day period, the “measurement period”) in which the Trading Price (as defined in the Indenture) per $1,000 principal amount of the 2025 Notes for each Trading Day of the measurement period was less than 98% of the product of the Last Reported Sale Price per share of the Company’s common stock on such Trading Day and the conversion rate (as described below) on such Trading Day; or

(iii) upon the occurrence of certain corporate events or distributions on the Company’s common stock, as described in the Indenture.

On or after February 15, 2025, until 5:00 p.m., New York City time, on the second Scheduled Trading Day (as defined in the Indenture) immediately before the maturity date, the 2025 Notes are convertible at the option of the holders at any time, into cash up to the amount of $1,000, with any excess amount convertible into shares, based on the applicable conversion rate at such time.

The 2025 Notes were initially convertible at a conversion rate of 32.0783 shares of common stock per $1,000 principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately $31.17 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain specified events including, but not limited to: issuance of stock dividends, splits and combinations; distribution of rights, options and warrants; spin-offs and other distributed property; cash dividends or distributions; tender offers or exchange offers; and certain other corporate transactions. Based on the initial conversion rate, the 2025 Notes were convertible into 12.9 million shares of our common stock and we reserved for the possible issuance of 16.5 million shares, which is the maximum amount that could be issued upon conversion. As of December 28, 2024, the 2025 Notes were convertible into 2.7 million shares of our common stock and a maximum of 3.5 million shares of our common stock. See Note 15. “Earnings Per Share” for the treatment of earnings per share in relation to the 2025 Notes. The holders of our term loan would have preference over the holders of the 2025 Notes in the event of a liquidation.

On November 14, 2023, the Company repurchased $100.0 million aggregate principal amount of the 2025 Notes for an aggregate cash repurchase price of $99.3 million. The repurchase of the 2025 Notes was accounted for as an extinguishment of debt and resulted in a loss on extinguishment of debt of $0.6 million on its Consolidated Statement of Operations during fiscal year ended December 30, 2023, which includes a write-off of related deferred issuance costs of $0.9 million and third-party fees of $0.4 million. Our effective interest rate remained at 3.2% as of December 28, 2024. An immaterial amount of the principal balance of the 2025 Notes was converted during fiscal year 2022.

On August 12, 2024, the Company repurchased $217.7 million aggregate principal amount of the 2025 Notes for an aggregate cash repurchase price of $215.0 million plus accrued and unpaid interest on such notes. The repurchase was accounted for as an extinguishment of debt and resulted in an extinguishment gain of $0.9 million on the Company’s Consolidated Statements of Operations during the twelve months ended December 28, 2024, which includes a write-off of related deferred issuance costs of $1.0 million and immediate recognition of third party-fees of $0.8 million.

The 2025 Notes mature on May 15, 2025, and due to the upcoming maturity the outstanding principal balance of $84.8 million is reflected as a current liability in the accompanying Consolidated Balance Sheets as of December 28, 2024. As of December 28, 2024, the Company has $293.6 million of availability under its revolving credit facility, in addition to $73.9 million of cash on hand, which provides the Company with sufficient liquidity to repay the remaining balance of the 2025 Notes as they become due.

After giving effect to the repurchases, $84.8 million principal amount remains outstanding from an initial issued principal balance of $402.5 million.

We recognized the following in Interest expense, net related to the 2025 Notes:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Contractual interest expense	$	5,443	$	9,747	$	10,062
Amortization of issuance costs	$	1,282	$	2,293	$	2,283

As of December 28, 2024, the remaining period for the unamortized debt issuance costs balance related to the 2025 Notes was less than one year.

Credit Agreement

Reference is made to (i) that certain Second Joinder and Restatement Agreement, dated as of June 13, 2023 (the “Second Restatement Agreement”), by and among the New Lenders party thereto, the Letter of Credit Issuers party thereto, Nautilus Acquisition Holdings, Inc. (“Holdings”), a Delaware corporation and a wholly-owned subsidiary of

the Company, NVI, the subsidiaries of NVI party thereto, as guarantors, Bank of America, N.A. in its capacity as administrative agent and as collateral agent and (ii) the Second Amended and Restated Credit Agreement, dated as of June 13, 2023 (the “Credit Agreement”).

On June 13, 2023 (the “Second Restatement Effective Date”), the Second Restatement Agreement amended and restated the Joinder and Amendment and Restatement Agreement, dated as of July 18, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the Second Restatement Agreement, the “Original Credit Agreement”) to, among other things, (i) establish new Term Loan A to repay all principal, interest, fees and other amounts outstanding (other than contingent obligations) under the Original Credit Agreement immediately prior to the Second Restatement Effective Date, (ii) establish new Revolving Loans, (iii) provide for a Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator) (“SOFR”)-based rate, with a credit spread adjustment of 10 basis points for all Interest Periods and a SOFR floor of 0.00% per annum, and (iv) as set forth below, modify the Applicable Margins used to calculate the rate of interest payable with respect to the Term Loan A and Revolving Loans (collectively, the “Loans”).

The Credit Agreement, as amended by the Second Restatement Agreement, provides that the Loans mature on the fifth anniversary of the Second Restatement Effective Date, subject to a springing maturity date, which is 91 days before the maturity date of the Company’s 2025 Notes if Minimum Liquidity is less than the sum of the redemption value of such convertible notes on that date plus $25.0 million (the “Maturity Date”). Commencing on the last day of the first full fiscal quarter ended after the Second Restatement Effective Date, the Term Loan A will amortize in equal calendar quarterly installments at a rate of 5.00% per calendar year. The $114.4 million balance (assuming the springing maturity date does not occur) will be payable on the Maturity Date.

The new Applicable Margins were initially (i) 1.75% for the Loans that are Term SOFR Loans and (ii) 0.75% for the Loans that are Alternative Base Rate (“ABR”) Loans. Following the delivery of the financial statements for the period ending on September 30, 2023, the Applicable Margins for the Loans will instead be based on NVI’s total leverage ratio as follows: (a) if NVI’s consolidated total debt to consolidated EBITDA ratio is greater than 2.50 to 1.00, the Applicable Margin will be 2.25% for Term SOFR Loans and 1.25% for ABR Loans, (b) if NVI’s consolidated total debt to consolidated EBITDA ratio is less than or equal to 2.50 to 1.00 but greater than 1.75 to 1.00, the Applicable Margin will be 2.00% for Term SOFR Loans and 1.00% for ABR Loans, (c) if NVI’s consolidated total debt to consolidated EBITDA ratio is less than or equal to 1.75 to 1.00 but greater than 0.75 to 1.00, the Applicable Margin will be 1.75% for Term SOFR Loans and 0.75% for ABR Loans, (d) if NVI’s consolidated total debt to consolidated EBITDA ratio is less than or equal to 0.75 to 1.00, the Applicable Margin will be 1.50% for Term SOFR Loans and 0.50% for ABR Loans.

In connection with the Second Amended and Restated Credit Agreement, we deferred $2.0 million of debt issuance costs related to the Revolving Loans in Other assets and $0.9 million of debt issuance costs related to the Term Loan A in Long-term debt and finance lease obligations, less current portion and debt discount on our Consolidated Balance Sheets. We will amortize these costs over the term of the amended credit agreement. We wrote off previously unamortized debt issuance costs of $0.2 million in Interest expense (income), net during fiscal year 2023 related to lenders who were parties to the Original Credit Agreement but are not parties to the Second Restatement Agreement. We recognized $0.2 million of other refinancing fees in Interest expense (income), net during fiscal year 2023.

On August 9, 2024, Holdings, NVI and certain other subsidiaries of the Company entered into a Joinder Agreement (the “Joinder Agreement”) to the Credit Agreement. The Joinder Agreement provides for, among other things, the establishment of incremental term loans in an aggregate principal amount of $115.0 million, provided to NVI on August 9, 2024. These incremental term loans under the Joinder Agreement have the same terms as the existing term loans under the Credit Agreement.

The additional borrowings resulted in $0.9 million of fees deferred on the Consolidated Balance Sheets during the twelve months ended December 28, 2024. After giving effect to additional borrowings, $254.2 million principal remains outstanding under Term Loan A.

The Second Restatement Agreement contains customary affirmative covenants, negative covenants, and events of default substantially comparable to the Original Credit Agreement.

The Second Restatement Agreement also contains covenants that, among other things, limit NVI’s ability to incur additional debt, create liens against assets, make acquisitions, pay dividends or distributions on its stock, merge or consolidate with another entity and transfer or sell assets. We were in compliance with all covenants related to our long-term debt as of December 28, 2024.

The borrowing capacity remaining as of December 28, 2024 was $293.6 million due to a reduction of $6.4 million for letters of credit outstanding.

Scheduled annual maturities of debt are as follows:


Fiscal Year	In thousands
2025	$	101,338
2026	13,250
2027	13,250
2028	211,124
2029	—
Thereafter	—
	$	338,962

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Discontinued Operations - Schedule of Non-Cash items and Proceeds from Sale of Assets Related to Discontinued Operations (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Abandonment - Walmart MSA - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$ 1,331	$ 8,378	$ 11,266
Asset impairment	248	79,714	284
Stock-based compensation expense	0	971	756
Inventory adjustments	442	(177)	(297)
Other	(1,647)	0	0
Cash flows from investing activities:
Purchase of property and equipment	0	(1,781)	(4,059)
Other	$ 1,738	$ 0	$ 0

Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 62.8	$ 62.1

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 28, 2024

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

The unaudited quarterly financial information reflects all normal and recurring accruals and adjustments necessary for a fair presentation of net income for interim periods. Quarterly results are not necessarily indicative of a full year’s operations because of various factors. The following tables present unaudited quarterly financial information:


	Fiscal Year 2024
In thousands, except EPS	Fourth Quarter Ended December 28, 2024		Third Quarter Ended September 28, 2024		Second Quarter Ended June 29, 2024		First Quarter Ended March 30, 2024
Total net revenue	$	437,278	$	451,515	$	451,733	$	482,794
Total costs applicable to revenue	185,001		189,929		193,580		195,546
Income (loss) from operations	(25,571)		(8,821)		591		23,442
Income (loss) from continuing operations, net of tax	(29,437)		(8,440)		(1,041)		11,753
Income (loss) from discontinued operations, net of tax	846		(28)		(2,084)		(68)
Net income (loss)	$	(28,591)	$	(8,468)	$	(3,125)	$	11,685
Weighted average shares outstanding, Basic	78,754		78,655		78,575		78,384
Weighted average shares outstanding, Diluted	78,754		78,655		78,575		78,826
Basic Earnings (loss) per share:
Continuing operations	$	(0.37)	$	(0.11)	$	(0.01)	$	0.15
Discontinued operations	$	0.01	$	(0.00)	$	(0.03)	$	(0.00)
Total	$	(0.36)	$	(0.11)	$	(0.04)	$	0.15
Diluted Earnings (loss) per share:
Continuing operations	$	(0.37)	$	(0.11)	$	(0.01)	$	0.15
Discontinued operations	$	0.01	$	(0.00)	$	(0.03)	$	(0.00)
Total	$	(0.36)	$	(0.11)	$	(0.04)	$	0.15


	Fiscal Year 2023
In thousands, except EPS	Fourth Quarter Ended December 30, 2023		Third Quarter Ended September 30, 2023		Second Quarter Ended July 1, 2023		First Quarter Ended April 1, 2023
Total net revenue	$	420,953	$	438,820	$	431,786	$	464,812
Total costs applicable to revenue	184,377		183,829		180,322		186,127
Income (loss) from operations	(12,418)		3,547		5,561		27,800
Income (loss) from continuing operations, net of tax	(14,739)		(366)		3,637		15,014
Income (loss) from discontinued operations, net of tax	(1,248)		(73,432)		1,977		3,256
Net income (loss)	$	(15,987)	$	(73,798)	$	5,614	$	18,270
Weighted average shares outstanding, Basic	78,269		78,163		78,101		78,721
Weighted average shares outstanding, Diluted	78,269		78,163		78,343		92,136
Basic Earnings (loss) per share:
Continuing operations	$	(0.19)	$	(0.00)	$	0.05	$	0.19
Discontinued operations	$	(0.02)	$	(0.94)	$	0.03	$	0.04
Total	$	(0.20)	$	(0.94)	0.07		$	0.23
Diluted Earnings (loss) per share:
Continuing operations	$	(0.19)	$	(0.00)	$	0.05	$	0.16
Discontinued operations	$	(0.02)	$	(0.94)	$	0.03	$	0.04
Total	$	(0.20)	$	(0.94)	$	0.07	$	0.20

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2024	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Total net revenue	$ 437,278	$ 451,515	$ 451,733	$ 482,794	$ 420,953	$ 438,820	$ 431,786	$ 464,812	$ 1,823,320	$ 1,756,371	$ 1,644,675
Total costs applicable to revenue	185,001	189,929	193,580	195,546	184,377	183,829	180,322	186,127	764,056	734,655	667,665
Operating Income (Loss)	(25,571)	(8,821)	591	23,442	(12,418)	3,547	5,561	27,800	(10,359)	24,490	52,766
Income (loss) from continuing operations, net of tax	(29,437)	(8,440)	(1,041)	11,753	(14,739)	(366)	3,637	15,014	(27,165)	3,546	36,759
Income (loss) from discontinued operations, net of tax	846	(28)	(2,084)	(68)	(1,248)	(73,432)	1,977	3,256	(1,334)	(69,447)	5,363
Net income (loss)	$ (28,591)	$ (8,468)	$ (3,125)	$ 11,685	$ (15,987)	$ (73,798)	$ 5,614	$ 18,270	$ (28,499)	$ (65,901)	$ 42,122
Weighted average shares outstanding, Basic (in shares)	78,754	78,655	78,575	78,384	78,269	78,163	78,101	78,721	78,592	78,313	79,831
Weighted average shares outstanding, Diluted (in shares)	78,754	78,655	78,575	78,826	78,269	78,163	78,343	92,136	78,592	78,596	80,298
Basic Earnings (loss) per share:
Continuing operations (in usd per share)	$ (0.37)	$ (0.11)	$ (0.01)	$ 0.15	$ (0.19)	$ 0.00	$ 0.05	$ 0.19	$ (0.35)	$ 0.05	$ 0.46
Discontinued operations (in usd per share)	0.01	0.00	(0.03)	0.00	(0.02)	(0.94)	0.03	0.04	(0.02)	(0.89)	0.07
Total (in usd per share)	(0.36)	(0.11)	(0.04)	0.15	(0.20)	(0.94)	0.07	0.23	(0.36)	(0.84)	0.53
Diluted Earnings (loss) per share:
Continuing operations (in usd per share)	(0.37)	(0.11)	(0.01)	0.15	(0.19)	0.00	0.05	0.16	(0.35)	0.05	0.46
Discontinued operations (in usd per share)	0.01	0.00	(0.03)	0.00	(0.02)	(0.94)	0.03	0.04	(0.02)	(0.88)	0.07
Total (in usd per share)	$ (0.36)	$ (0.11)	$ (0.04)	$ 0.15	$ (0.20)	$ (0.94)	$ 0.07	$ 0.20	$ (0.36)	$ (0.84)	$ 0.52

Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Debt before unamortized discount and issuance costs	$ 338,962	$ 448,747
Debt less debt discount and issuance costs	337,169	445,184
Less current maturities	(98,024)	(7,500)
Long-term debt - noncurrent portion	239,145	437,684
Finance lease obligations	12,833	16,067
Less current maturities	(3,368)	(2,980)
Long-term debt and finance lease obligations, less current portion and debt discount	248,610	450,771
Credit facility \| Revolving Loans, due June 13, 2028
Debt Instrument [Line Items]
Debt before unamortized discount and issuance costs	0	0
2025 Notes \| Convertible senior notes
Debt Instrument [Line Items]
Debt before unamortized discount and issuance costs	84,774	302,497
Unamortized discount and issuance costs	(191)	(2,497)
Term Loan A, due June 13, 2028 \| Term loan
Debt Instrument [Line Items]
Debt before unamortized discount and issuance costs	254,188	146,250
Unamortized discount and issuance costs	$ (1,602)	$ (1,066)

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Operating Loss Carryforwards [Line Items]
Valuation allowance for NOL carry-forwards not likely to be realized	$ 11,700
Valuation allowances	5,961	$ 5,760
Deferred tax asset associated with equity method non-consolidated investee	900
Professional Corprations
Operating Loss Carryforwards [Line Items]
Valuation allowances	2,500
U.S. federal
Operating Loss Carryforwards [Line Items]
NOL carryforwards	17,700
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Valuation allowances	200
Tax credit carryforward	$ 300

Details of Cost Savings Plan - Schedule of Other Payables and Accrued Expenses (Details) - Termination of Walmart Partnership - Employee compensation benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1,800
Expenses recognized during the period	69	$ 1,800
Payments during the period	(1,643)
Ending balance	$ 226	$ 1,800

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 28, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event Subsequent to year-end we have initiated a plan to identify additional cost savings that include headcount reductions, the costs for which are expected to amount to approximately $1 million and which we expect will be recorded in the first quarter of 2025.

Leases (Tables)

12 Months Ended

Dec. 28, 2024

Leases [Abstract]

Schedule of Lease Type and Classification on Balance Sheet

Information related to our leases is presented below:


In thousands		As of December 28, 2024		As of December 30, 2023
Type	Classification
	ASSETS
Finance	Property and equipment, net (a)	$	8,258	$	10,774
Operating	Right of use assets (b)	408,589		406,275
	Total leased assets	$	416,847	$	417,049
	LIABILITIES
	Current Liabilities:
Finance	Current maturities of long-term debt and finance lease obligations	$	3,368	$	2,980
Operating	Current operating lease obligations (c)	99,694		85,090
	Other noncurrent liabilities:
Finance	Long-term debt and finance lease obligations, less current portion and debt discount	9,465		13,087
Operating	Noncurrent operating lease obligations	366,335		376,814
	Total lease liabilities	$	478,862	$	477,971
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the net present value of minimum lease payments. We used the incremental borrowing rate on December 30, 2018 for operating leases that commenced prior to that date.

_________

(a) Finance lease assets are recorded net of accumulated amortization of $28.0 million and $25.4 million as of December 28, 2024 and December 30, 2023, respectively.

(b) TIA and deferred rent are treated as reductions of lease payments used to measure ROU assets in the accompanying Consolidated Balance Sheets as of December 28, 2024 and December 30, 2023.

(c) Current operating lease liabilities are measured net of TIA receivables of $4.6 million and $4.6 million as of December 28, 2024 and December 30, 2023, respectively.

Schedule of Lease Cost


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Operating lease cost
Fixed lease cost (a)	$	103,547	$	96,215	$	87,755
Variable lease cost (b)	37,733		36,133		32,894
Sublease income(c)	(1,410)		(1,263)		(1,258)
Finance lease cost
Amortization of finance lease assets	2,370		3,061		4,145
Interest on finance lease liabilities	1,233		1,675		2,342
Net lease cost	$	143,473	$	135,821	$	125,878
(a)Includes short-term leases, which are immaterial. (b)Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable as well as lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores. (c)Income from sub-leasing of stores includes rental income from operating lease properties to independent optometrists.

Schedule of Lease Terms and Discount Rate


Lease Term and Discount Rate	As of December 28, 2024		As of December 30, 2023
Weighted average remaining lease term (months)
Operating leases	71		73
Finance leases	48		58
Weighted average discount rate (a)
Operating leases	5.1	%	4.7	%
Finance leases (b)	10.4	%	10.4	%
(a)The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) Term SOFR margins for issuers of similar credit rating; and (iii) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period. (b)The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.

Schedule of Operating Lease Cash Flows


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Other Information

Operating cash outflows - operating leases	$	113,113	$	103,562	$	86,101

Right of use assets acquired under operating leases	$	96,170	$	111,792	$	110,387

Schedule of Maturity for Operating Lease Liabilities

The following table summarizes the maturity of our lease liabilities as of December 28, 2024:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2025	$	111,847	$	4,284
2026	104,225		4,252
2027	88,236		3,379
2028	67,407		1,973
2029	57,190		633
Thereafter	113,817		458
Total lease liabilities	542,722		14,979
Less: Interest	76,693		2,146
Present value of lease liabilities(c)	$	466,029	$	12,833

_________

(a) Operating lease payments include $24.0 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $1.1 million related to options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $13.9 million of legally binding minimum lease payments for leases signed but not yet commenced.

Schedule of Maturity for Finance Lease Liabilities

The following table summarizes the maturity of our lease liabilities as of December 28, 2024:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2025	$	111,847	$	4,284
2026	104,225		4,252
2027	88,236		3,379
2028	67,407		1,973
2029	57,190		633
Thereafter	113,817		458
Total lease liabilities	542,722		14,979
Less: Interest	76,693		2,146
Present value of lease liabilities(c)	$	466,029	$	12,833

_________

(a) Operating lease payments include $24.0 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $1.1 million related to options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $13.9 million of legally binding minimum lease payments for leases signed but not yet commenced.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 28, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenues

The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Revenues recognized at a point in time	$	1,696,735	$	1,631,030	$	1,517,739
Revenues recognized over time	126,585		125,341		126,936
Total net revenue	$	1,823,320	$	1,756,371	$	1,644,675

Audit Information	12 Months Ended
Audit Information	Dec. 28, 2024
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Atlanta, GA
Auditor Firm ID	34

Business and Significant Accounting Policies - Goodwill, Intangible Assets and Investment (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 17, 2024	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Payments to acquire convertible promissory note	$ 1.3
Payments to Acquire Investments		$ 1.5	$ 1.8
Investee
Finite-Lived Intangible Assets [Line Items]
Proceeds from sale of equity method investments				$ 2.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal income tax provision at statutory rate	$ (5,394)	$ 2,006	$ 10,984
State income tax provision, net of federal income tax	895	1,686	2,970
Increase (decrease) in deferred tax asset valuation allowance	(1,272)	2,238	477
Executive compensation limitation	994	354	1,218
Goodwill impairment	3,539	0	0
Stranded tax effect of matured interest rate swaps	0	0	0
Tax provision (benefit) of equity-based compensation deductions	1,240	1,133	(27)
Benefit of tax credits	(747)	(1,143)	(1,229)
Meals and entertainment	369	433	0
Other, net	1,857	(701)	1,152
Income tax provision (benefit) from continuing operations	$ 1,481	$ 6,006	$ 15,545
Effective income tax rate (percent)	(5.80%)	62.90%	29.70%

Deferred Revenue - Current and Non-current Balances (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 62,507	$ 62,867
Deferred revenue, noncurrent	22,082	21,459
Deferred revenue	84,589	84,326	$ 83,802
Product Protection Plans
Disaggregation of Revenue [Line Items]
Deferred revenue, current	35,409	36,113
Deferred revenue, noncurrent	291	306
Deferred revenue	35,700	36,419	35,119
Eye Care Clubs
Disaggregation of Revenue [Line Items]
Deferred revenue, current	27,098	26,754
Deferred revenue, noncurrent	21,791	21,153
Deferred revenue	$ 48,889	$ 47,907	$ 48,683

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Interest Rate Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
Interest Rate Derivatives (Details) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
(Gains) losses on change in fair value of derivative	$ (0.5)	$ (2.3)	$ (18.0)
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating		Interest Income (Expense), Nonoperating

Details of Certain Balance Sheet Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Other noncurrent liabilities:
Self-insurance liabilities	$ 5,577	$ 5,657
Other	2,651	2,808
Total other non-current liabilities	$ 8,228	$ 8,465

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 28, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

National Vision Holdings, Inc. and Subsidiaries (Parent Company Only)

Condensed Balance Sheets

In Thousands, Except Par Value


	As of December 28, 2024		As of December 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	974	$	233

Prepaid expenses and other current assets	—		—
Total current assets	974		233

Deferred income taxes, net	11,618		10,245
Investment in subsidiary	970,199		1,201,291

Total noncurrent assets	981,817		1,211,536
Total assets	$	982,791	$	1,211,769

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Other payables and accrued expenses	$	249	$	1,130
Current maturities of long-term debt	84,774		—

Long-term debt, less current portion and debt discount	—		300,000
Noncurrent liabilities:
Other liabilities	81,435		81,221

Total other noncurrent liabilities	81,435		81,221

Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 85,444 and 84,831 shares issued as of December 28, 2024 and December 30, 2023, respectively; 78,775 and 78,311 shares outstanding as of December 28, 2024 and December 30, 2023, respectively	854		848
Additional paid-in capital	807,048		788,967
Accumulated other comprehensive loss	—		(419)
Retained earnings	226,117		254,616
Treasury stock, at cost; 6,669 and 6,520 shares as of December 28, 2024 and December 30, 2023, respectively	(217,686)		(214,594)
Total stockholders’ equity	816,333		829,418
Total liabilities and stockholders’ equity	$	982,791	$	1,211,769

The accompanying notes are an integral part of these condensed financial statements.

Schedule I - Condensed Financial Information of Registrant

National Vision Holdings, Inc. And Subsidiaries (Parent Company Only)

Condensed Statements of Operations and Comprehensive (Loss) Income

In Thousands


	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Total net revenue	$	—	$	—	—
Total costs applicable to revenue	—		—		—
Total operating expenses	256		214		266
Interest expense, net	6,639		12,040		12,345
(Gain) loss on extinguishment of debt	(859)		599		—
Earnings (loss) before income taxes	(6,036)		(12,853)		(12,611)
Income tax provision (benefit)	(1,373)		(2,401)		(2,869)
Earnings (loss) before equity in net income of subsidiaries	(4,663)		(10,452)		(9,742)
Net income (loss) of subsidiaries	(23,836)		(55,449)		51,864
Net income (loss)	$	(28,499)	$	(65,901)	$	42,122

Comprehensive income (loss):
Net income (loss)	$	(28,499)	$	(65,901)	$	42,122
Unrealized gain on hedge instruments	548		1,019		1,020
Tax provision of unrealized gain on hedge instruments	129		259		259
Comprehensive income (loss)	$	(28,080)	$	(65,141)	$	42,883

The accompanying notes are an integral part of these condensed financial statements.

Schedule I - Condensed Financial Information of Registrant

National Vision Holdings, Inc. and Subsidiaries (Parent Company Only)

Condensed Statements of Cash Flows

In Thousands


	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Cash flows from operating activities
Net cash provided by (used for) operating activities	$	(6,082)	$	(6,780)	$	(9,744)
Cash flows from investing activities
Dividend from (investment in) subsidiary	224,245		132,443		89,550
Net cash provided by (used for) investing activities	224,245		132,443		89,550
Cash flows from financing activities
Repayments on long-term debt	(215,000)		(99,250)		(4)
Borrowings on long-term debt, net of discounts	—		—		—
Proceeds from issuance of common stock	1,507		1,837		3,744
Purchase of treasury stock	(3,092)		(28,415)		(84,388)
Payments of debt issuance costs	(837)		(443)		—
Net cash provided by (used for) financing activities	(217,422)		(126,271)		(80,648)
Net change in cash and cash equivalents	741		(608)		(842)
Cash and cash equivalents, beginning of year	233		841		1,683
Cash and cash equivalents, end of year	$	974	$	233	$	841

The accompanying notes are an integral part of these condensed financial statements.

1. Basis of Presentation

National Vision Holdings, Inc. (“NVHI,” or the “Company”) conducts substantially all of its activities through its indirect wholly owned subsidiary, National Vision, Inc. (“NVI”) and its subsidiaries. NVHI was incorporated in Delaware on February 14, 2014 under the name Nautilus Parent, Inc. There were no financial transactions between the inception date and March 13, 2014, the date the majority ownership of NVI was transferred from private equity funds managed by Berkshire Partners LLC (“Berkshire”) to affiliates of Kohlberg Kravis Roberts & Co. L.P (“KKR”). In October 2017, we completed the initial public offering of our common stock. By August 2019, each of KKR and Berkshire had sold their remaining holdings of our common stock. In the parent-company-only financial statements, NVHI’s investment in subsidiaries is stated at cost, plus equity in undistributed earnings of subsidiaries since the date of acquisition, less dividends. The parent-company-only financial statements should be read in conjunction with the NVHI consolidated financial statements.

In May 2020, the Company issued $402.5 million principal amount of 2.50% convertible senior notes due 2025. The 2025 Notes pay interest semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2020, at an annual rate of 2.50% and are convertible into cash, shares of common stock or a combination of cash and shares of common stock, at our election, based on the applicable conversion rate at such time. NVHI contributed the proceeds from the 2025 Notes to NVI as additional investments during the fiscal year 2020. See Note 6. “Debt” to the NVHI consolidated financial statements for details of the 2025 Notes, including information on the repurchases of $217.7 million and $100.0 million of aggregate principal amount of our 2025 Notes in August 2024 and November 2023, respectively.

2. Guarantees and Restrictions

As of December 28, 2024, NVI had $254.2 million of principal amount of long-term debt outstanding under its Term Loan A and no outstanding cash borrowings under its $300.0 million Revolving Loans, which includes $6.4 million in outstanding letters of credit.

Under the terms of NVI’s amended credit agreement, provided no event of default has occurred and is continuing, NVI is permitted to pay dividends to NVHI with certain restrictions.

Income Taxes

12 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

The income tax provision (benefit) consists of:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Current income tax:
Federal	$	9,333	$	8,278	$	328
State	2,123		3,717		4,193
Deferred income tax:
Federal	(8,869)		(3,878)		11,079
State	(1,106)		(2,111)		(55)
Income tax provision (benefit) from continuing operations	1,481		6,006		15,545

Our income tax provision (benefit) differs from the amounts computed by multiplying earnings (loss) before income taxes by the statutory federal income tax rate as shown in the following table:


In thousands	Fiscal Year 2024			Fiscal Year 2023			Fiscal Year 2022
Federal income tax provision at statutory rate	$	(5,394)		$	2,006		$	10,984
State income tax provision, net of federal income tax	895			1,686			2,970
Increase (decrease) in deferred tax asset valuation allowance	(1,272)			2,238			477
Executive compensation limitation	994			354			1,218
Goodwill impairment	3,539			—			—
Stranded tax effect of matured interest rate swaps	—			—			—
Tax provision (benefit) of equity-based compensation deductions	1,240			1,133			(27)
Benefit of tax credits	(747)			(1,143)			(1,229)
Meals and entertainment	369			433			—
Other, net	1,857			(701)			1,152
Net income tax provision (benefit) from continuing operations	1,481			6,006			15,545


Effective income tax rate from continuing operations	(5.8)		%	62.9		%	29.7		%

In August 2022, the U.S. government enacted the Inflation Reduction Act (“IRA”) which, among other things, provides for a 15% corporate alternative minimum tax based on a prescribed measure of income as well as a 1% excise tax on stock repurchases made after December 31, 2022. Due to the mechanics of the 15% alternative minimum tax, the Company is not currently subject to it.

The sources of the differences between the financial accounting and tax bases of our assets and liabilities that give rise to the deferred tax assets and deferred tax liabilities and the tax effects of each are as follows:


In thousands	As of December 28, 2024		As of December 30, 2023
Deferred tax assets:
NOL carry-forwards	$	8,017	$	7,399

Credit carryforwards	274		267
Deferred revenue	5,999		5,984
Accrued expenses and reserves	13,811		13,344
Loss on equity and other investments	886		888
Stock-based compensation	6,191		6,050

Operating lease liabilities	120,990		119,916

Subtotal	156,168		153,848
Valuation allowances	(5,961)		(5,760)
Total net deferred tax assets	150,207		148,088
Deferred tax liabilities:
Depreciation of property and equipment	(57,150)		(61,118)
Amortization of intangible assets	(65,168)		(68,729)
Unrealized gains on hedging instruments	—		(1,407)
Right of use asset	(102,446)		(101,780)
Other	(3,352)		(2,938)
Total deferred tax liabilities	(228,116)		(235,972)
Net deferred tax liabilities	$	(77,909)	$	(87,884)

As of fiscal year end 2024, our consolidated VIEs had available U.S. federal NOL carry-forwards aggregating to $17.7 million that can be utilized to reduce future federal income taxes, all of which does not expire. We believe it is more likely than not that we will realize a tax benefit for these NOL’s in the future except for $11.7 million of NOL carry-forwards ($2.5 million tax effected) on certain consolidated VIEs where we recognized a full valuation allowance as of fiscal year end 2024. In addition, we have NOL carry-forwards in varying amounts and with varying expiration dates in various states in which we operate.

For the fiscal year end 2024, we carry various state tax credits totaling $0.3 million that are available to offset certain future taxes. These state credits carry a valuation allowance of $0.2 million for the portion that we do not expect to be able to utilize in future tax years.

We have a $0.9 million deferred income tax asset for capital losses associated with the losses realized on the sale of our equity method non-consolidated investee and other investments. We do not expect to generate significant capital gains in the near future. Therefore, we believe it is more likely than not that we will not realize a tax benefit for the majority of these deferred income tax assets, and accordingly we have established a full valuation allowance for the amount deemed unrealizable.

As a result of our utilization of NOL carry-forwards to reduce or eliminate subsequent years’ tax obligations, our federal and a substantial number of our state income tax returns for fiscal years 2001 through 2024 remain open for examination by the tax authorities.

The Company evaluates uncertain tax positions using a “more-likely-than-not” threshold and recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by tax authorities. The Company evaluates uncertain tax positions on a quarterly basis and considers various factors, including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, information obtained during in-process audit activities and changes in facts or circumstances related to a tax position.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock Incentive Plans - Associate Stock Purchase Plan (Details) - Associate stock purchase plan	12 Months Ended
	Dec. 28, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from the market trading value of common stock at time of purchase (percent)	10.00%
Maximum annual contribution per participant for stock purchase	$ 25,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Annual Maturities of Debt
2025	$ 101,338
2026	13,250
2027	13,250
2028	211,124
2029	0
Thereafter	0
Total	$ 338,962	$ 448,747

Details of Certain Balance Sheet Accounts

12 Months Ended

Dec. 28, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Balance Sheet Accounts

The following table provides a reconciliation of Cash and cash equivalents reported within the Consolidated Balance Sheets to the total of Cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	73,948	$	149,896	$	229,425
Restricted cash included in other assets	1,289		1,131		1,199
	$	75,237	$	151,027	$	230,624

The following tables provide additional details of certain balance sheet accounts as of the dates shown below:


In thousands	As of December 28, 2024		As of December 30, 2023
Accounts receivable, net:
Trade receivables	$	18,777	$	43,518
Credit card receivables	17,431		27,905
Other receivables (1)	13,938		15,747
Allowance for credit losses	(208)		(316)
	$	49,938	$	86,854
(1) Includes CARES Act receivable in the amount of $9.0 million and $9.0 million as of December 28, 2024 and December 30, 2023, respectively.


In thousands	As of December 28, 2024		As of December 30, 2023
Inventories:
Raw materials and work in process (1)	$	66,056	$	57,367
Finished goods	27,862		62,541
	$	93,918	$	119,908
(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not separately present raw materials and work in process.


In thousands	As of December 28, 2024		As of December 30, 2023
Property and equipment, net:
Land and building	$	3,736	$	3,736
Equipment	299,823		280,632
Information technology hardware and software	128,654		128,792
Furniture and fixtures	85,061		77,712
Leasehold improvements	360,927		323,382
Construction in progress	31,620		29,638
Right of use assets under finance leases	36,219		36,219
	946,040		880,111
Less: Accumulated depreciation	(583,865)		(519,924)
	$	362,175	$	360,187


In thousands	As of December 28, 2024		As of December 30, 2023
Other payables and accrued expenses:
Associate compensation and benefits	$	42,752	$	62,614
Self-insurance liabilities	9,087		9,139
Capital expenditures	9,248		5,412
Advertising	6,504		6,446
Reserves for customer returns and remakes	4,840		9,093
Payable to Walmart	—		6,068
Income tax payable	3,641		1,863
Supplies and other store support expenses	5,038		5,434
Litigation settlements	4,950		500

Other	22,976		16,719
	$	109,036	$	123,288


In thousands	As of December 28, 2024		As of December 30, 2023
Other noncurrent liabilities:

Self-insurance liabilities	$	5,577	$	5,657
Other	2,651		2,808
	$	8,228	$	8,465

Subsequent Events (Details) $ in Millions	Feb. 26, 2025 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Total expected restructuring costs	$ 1

Earnings Per Share

12 Months Ended

Dec. 28, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted average shares outstanding for the period and includes the dilutive impact of potential new shares issuable upon vesting and exercise of stock options, vesting of restricted stock units, and assumed conversion of the 2025 Notes. Potential shares of common stock are excluded from the computation of diluted EPS if their effect is anti-dilutive.

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


In thousands, except EPS	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Numerator
Income (loss) from continuing operations, net of tax	$	(27,165)	$	3,546	$	36,759
Income (loss) from discontinued operations, net of tax	(1,334)		(69,447)		5,363
Net income (loss)	$	(28,499)	$	(65,901)	$	42,122

Denominator
Weighted average shares outstanding, Basic	78,592		78,313		79,831
Effect of dilutive securities:
Stock options	—		92		190
Restricted Stock	—		191		277

Weighted average shares outstanding, Diluted	78,592		78,596		80,298

Basic earnings (loss) per share
Continuing operations	$	(0.35)	$	0.05	$	0.46
Discontinued operations	$	(0.02)	$	(0.89)	$	0.07
Total	$	(0.36)	$	(0.84)	$	0.53

Diluted earnings (loss) per share
Continuing operations	$	(0.35)	$	0.05	$	0.46
Discontinued operations	$	(0.02)	$	(0.88)	$	0.07
Total	$	(0.36)	$	(0.84)	$	0.52
Anti-dilutive securities excluded from diluted weighted average common shares	8,771		12,513		13,282
Some of the EPS totals in the table above may not foot due to rounding differences

Discontinued Operations (Tables)

12 Months Ended

Dec. 28, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Major Classes of Assets and Liabilities & Non-Cash Items and Cash Flows from Investing Activities Related to Discontinued Operations

Major classes of assets and liabilities related to discontinued operations are presented in the table below. We have retained working capital and deferred tax balances related to discontinued operations; consequently, these items are not part of the disposal group.


In thousands	As of December 28, 2024		As of December 30, 2023
Noncurrent assets:
Property and equipment, net	$	—	$	2,376
Right of use assets	—		304
Other intangible assets, net	—		99

Total noncurrent assets of discontinued operations	$	—	$	2,779

Current liabilities:
Current operating lease obligations	$	—	$	302
Total current liabilities of discontinued operations	$	—	$	302

The following table presents income (loss) from discontinued operations, net of tax:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Revenue:
Net product sales	$	126,960	$	320,907	$	308,013
Net sales of services and plans	4,513		49,190		52,716
Total net revenue	131,473		370,097		360,729
Costs applicable to revenue (exclusive of depreciation and amortization):
Products	109,637		240,578		234,257
Services and plans	2,585		25,677		23,665
Total costs applicable to revenue	112,222		266,255		257,922
Operating expenses:
Selling, general and administrative expenses	21,851		87,126		82,746
Depreciation and amortization	1,331		8,378		11,266
Asset impairment	248		79,714		284
Other expense (income), net	(87)		(60)		2
Total operating expenses	23,343		175,158		94,298
Earnings (loss) from discontinued operations before income taxes	(4,092)		(71,316)		8,509
Income tax provision (benefit) from discontinued operations	(2,758)		(1,869)		3,146
Income (loss) from discontinued operations, net of tax	$	(1,334)	$	(69,447)	$	5,363

The following table presents significant non-cash items and cash flows from investing activities related to discontinued operations:


	Fiscal Year 2024		Fiscal Year 2023	Fiscal Year 2022
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$	1,331	8,378	11,266
Asset impairment	248		79,714	284

Stock-based compensation expense	—		971	756

Inventory adjustments	442		(177)	(297)
Other	(1,647)		—	—
Cash flows from investing activities:
Purchase of property and equipment	—		(1,781)	(4,059)
Other	1,738		—	—

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows - operating leases	$ 113,113	$ 103,562	$ 86,101
Right of use assets acquired under operating leases	$ 96,170	$ 111,792	$ 110,387

Business and Significant Accounting Policies - Store fleet review (Details) - Store Fleet Review $ in Millions	12 Months Ended
	Dec. 28, 2024 USD ($) store
Store Fleet Review [Line Items]
Planned store closures	39
Planned store conversions	4
Actual store closures	12
Actual store conversions	4
Intangible asset impairment charge \| $	$ 10.5
Non-cash tangible long-lived and ROU asset impairment \| $	$ 4.3

Schedule I - Condensed Financial Information of Registrant - Notes to Condensed Financial Statements (Details) - USD ($)	Dec. 28, 2024	Aug. 31, 2024	Aug. 12, 2024	Dec. 30, 2023	Nov. 30, 2023	Nov. 14, 2023	May 31, 2020
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	$ 338,962,000			$ 448,747,000
Outstanding letters of credit	6,400,000
Convertible senior notes \| 2025 Notes
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	402,500,000						$ 402,500,000
Stated interest rate (percent)							2.50%
Repurchased face amount		$ 217,700,000	$ 217,700,000		$ 100,000,000	$ 100,000,000
Aggregate principal amount	84,774,000			302,497,000
Term loan \| Term Loan A, due June 13, 2028
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	254,188,000			146,250,000
Credit facility \| Revolving Credit Facility
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	0			$ 0
Amount outstanding on line of credit	0
Credit facility borrowing capacity	$ 300,000,000.0

Business and Significant Accounting Policies - Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions		12 Months Ended
	Feb. 23, 2022	Dec. 30, 2023	Dec. 31, 2022	Dec. 28, 2024	Feb. 23, 2024	Nov. 29, 2021	Nov. 08, 2021
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount	$ 200					$ 100	$ 50
Stock repurchased program additional authorized amount	$ 100
Stock repurchase program, remaining authorized repurchase amount		$ 25
Shares repurchased (in shares)		1.1	2.7
Repurchase of common stock, value		$ 25	$ 80
February 2024 Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount					$ 50
Stock repurchase program, remaining authorized repurchase amount				$ 50

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2024	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Numerator
Income (loss) from continuing operations, net of tax	$ (29,437)	$ (8,440)	$ (1,041)	$ 11,753	$ (14,739)	$ (366)	$ 3,637	$ 15,014	$ (27,165)	$ 3,546	$ 36,759
Income (loss) from discontinued operations, net of tax	846	(28)	(2,084)	(68)	(1,248)	(73,432)	1,977	3,256	(1,334)	(69,447)	5,363
Net income (loss)	$ (28,591)	$ (8,468)	$ (3,125)	$ 11,685	$ (15,987)	$ (73,798)	$ 5,614	$ 18,270	$ (28,499)	$ (65,901)	$ 42,122
Denominator
Weighted average shares outstanding, Basic (in shares)	78,754	78,655	78,575	78,384	78,269	78,163	78,101	78,721	78,592	78,313	79,831
Effect of dilutive securities:
Stock options (in shares)									0	92	190
Restricted Stock (in shares)									0	191	277
Weighted average shares outstanding, Diluted (in shares)	78,754	78,655	78,575	78,826	78,269	78,163	78,343	92,136	78,592	78,596	80,298
Basic earnings (loss) per share
Continuing operations (in usd per share)	$ (0.37)	$ (0.11)	$ (0.01)	$ 0.15	$ (0.19)	$ 0.00	$ 0.05	$ 0.19	$ (0.35)	$ 0.05	$ 0.46
Discontinued operations (in usd per share)	0.01	0.00	(0.03)	0.00	(0.02)	(0.94)	0.03	0.04	(0.02)	(0.89)	0.07
Total (in usd per share)	(0.36)	(0.11)	(0.04)	0.15	(0.20)	(0.94)	0.07	0.23	(0.36)	(0.84)	0.53
Diluted earnings (loss) per share
Continuing operations (in usd per share)	(0.37)	(0.11)	(0.01)	0.15	(0.19)	0.00	0.05	0.16	(0.35)	0.05	0.46
Discontinued operations (in usd per share)	0.01	0.00	(0.03)	0.00	(0.02)	(0.94)	0.03	0.04	(0.02)	(0.88)	0.07
Total (in usd per share)	$ (0.36)	$ (0.11)	$ (0.04)	$ 0.15	$ (0.20)	$ (0.94)	$ 0.07	$ 0.20	$ (0.36)	$ (0.84)	$ 0.52
Stock Options, Restricted Stock Units (RSUs) and Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options, RSUs outstanding, and 2025 Notes excluded from EPS (in shares)									8,771	12,513	13,282

Deferred Revenue - Deferred Revenue Remaining Performance Obligation (Details) $ in Thousands	Dec. 28, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 84,589
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 62,507
Estimated timing of recognition of performance obligation	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 16,833
Estimated timing of recognition of performance obligation	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 5,249
Estimated timing of recognition of performance obligation	1 year

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Loss
Beginning balance	$ 829,418	$ 901,113	$ 925,980
Amount reclassified from AOCL			1,020
Tax effect of amount reclassified from AOCL			(259)
Net current period other comprehensive income (loss), net of tax			761
Ending balance	816,333	829,418	901,113
Cash Flow Hedges
Accumulated Other Comprehensive Loss
Beginning balance	(419)	(1,179)	(1,940)
Amount reclassified from AOCL	548	1,019
Tax effect of amount reclassified from AOCL	(129)	(259)
Net current period other comprehensive income (loss), net of tax	419	760
Ending balance	$ 0	$ (419)	$ (1,179)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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+ Details

Business and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 28, 2024

Accounting Policies [Abstract]

Fiscal Year

Basis of Presentation and Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Accounts Receivable, Net

Inventories

Property and Equipment

Cloud Computing Arrangements

Goodwill and Intangible Assets

long-term revenue growth rate assumption or an increase to the expense growth rate assumptions could require us to record goodwill impairment charges.

Investments

Fair Value Measurement of Assets and Liabilities

Deferred Financing Costs and Loan Discounts

Self-Insurance Liabilities


In thousands		Balance Sheet Classification	As of December 28, 2024		As of December 30, 2023
	Current portion	Prepaid Expenses and Other Current Assets	$	854	$	990
	Noncurrent portion	Other Assets	1,281		1,549
Total estimated recoveries from reinsurance			$	2,135	$	2,539

Derivative Financial Instruments

Accumulated Other Comprehensive Loss

Revenue Recognition

Costs Applicable to Revenue

Selling, General and Administrative

Leases

Stock-Based Compensation

Long-lived Asset Impairment

Discontinued Operations

Income Taxes

Adoption of New Accounting Pronouncements and Future Adoption of Accounting Pronouncements

Adoption of New Accounting Pronouncements

Future Adoption of Accounting Pronouncements

Goodwill and Intangible Assets - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,551	$ 35,151
Accumulated Amortization	(282)	(14,978)
Fred Meyer contracts and relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,400	35,000
Accumulated Amortization	$ (169)	$ (14,915)
Remaining Life (Years)	12 years	13 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 151	$ 151
Accumulated Amortization	$ (113)	$ (63)
Remaining Life (Years)	1 year	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Lease Cost
Fixed lease cost	$ 103,547	$ 96,215	$ 87,755
Variable lease cost	37,733	36,133	32,894
Sublease income	(1,410)	(1,263)	(1,258)
Amortization of finance lease assets	2,370	3,061	4,145
Interest on finance lease liabilities	1,233	1,675	2,342
Net lease cost	$ 143,473	$ 135,821	$ 125,878

Discontinued Operations

12 Months Ended

Dec. 28, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On July 20, 2023, the Company received a notice of non-renewal from Walmart of the Management & Services Agreement by and between NVI and Walmart, dated as of May 1, 2012 (as amended, supplemented or otherwise modified from time to time, the “Walmart MSA”). In accordance with the terms of the Walmart MSA and the notice, the agreement terminated as of February 23, 2024 (the “Termination Date”). In connection with the termination of the Walmart MSA, the Amended and Restated Supplier Agreement between NVI and Walmart, dated as of January 17, 2017; the agreement between FirstSight Vision Services, Inc. (“FirstSight”), a wholly-owned subsidiary of the Company, and Walmart, which arranged for the provision by FirstSight of optometric services at optometric offices next to certain Walmart stores throughout California; and certain other related agreements also terminated as of the Termination Date. The Walmart MSA includes provisions governing the transition period and post-termination obligations of the parties.

AC Lens delivered notices of non-renewal of the agreements it has with Walmart and its affiliate Sam’s Club regarding wholesale contact lenses distribution and related services, such that these agreements terminated during the three months ended June 29, 2024, and the Company wound down the majority of AC Lens operations, including the closure of its Ohio distribution center, which largely supported the wholesale distribution and e-commerce contact lens services that the Company provided to Walmart and Sam’s Club.

We determined that the various terminations of agreements described above as well as the subsequent decision to consolidate our distribution network and close the distribution center in Ohio constituted triggering events, and accordingly, we recognized impairment charges during the year ended December 30, 2023, consisting primarily of goodwill impairment of our former Legacy segment.

During fiscal year 2024 and 2023, we recorded $4.4 million and $5.2 million, respectively, of net expense associated with the termination of the Walmart MSA and wind down of AC Lens, which consisted of employee compensation benefits, early termination fees, and other exit related costs. These charges were recorded in both Selling, general, and administrative expenses and Costs applicable to revenue for discontinued operations. The plan has been substantially completed and we do not anticipate additional material costs related to this plan.

As a result of the termination of the Walmart MSA and wind down of AC Lens operations, our former Legacy reportable segment and certain other results previously included in corporate and other as well as related effects of unearned and deferred revenue, met the criteria to be presented as discontinued operations. Accordingly, the assets and liabilities and results of operations of the discontinued operations have been presented in the tables below.

Refer to Note 3. “Details of Cost Savings Plan” for more information on the cost savings plan related to our continuing operations.


In thousands	As of December 28, 2024		As of December 30, 2023
Noncurrent assets:
Property and equipment, net	$	—	$	2,376
Right of use assets	—		304
Other intangible assets, net	—		99

Total noncurrent assets of discontinued operations	$	—	$	2,779

Current liabilities:
Current operating lease obligations	$	—	$	302
Total current liabilities of discontinued operations	$	—	$	302

The following table presents income (loss) from discontinued operations, net of tax:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Revenue:
Net product sales	$	126,960	$	320,907	$	308,013
Net sales of services and plans	4,513		49,190		52,716
Total net revenue	131,473		370,097		360,729
Costs applicable to revenue (exclusive of depreciation and amortization):
Products	109,637		240,578		234,257
Services and plans	2,585		25,677		23,665
Total costs applicable to revenue	112,222		266,255		257,922
Operating expenses:
Selling, general and administrative expenses	21,851		87,126		82,746
Depreciation and amortization	1,331		8,378		11,266
Asset impairment	248		79,714		284
Other expense (income), net	(87)		(60)		2
Total operating expenses	23,343		175,158		94,298
Earnings (loss) from discontinued operations before income taxes	(4,092)		(71,316)		8,509
Income tax provision (benefit) from discontinued operations	(2,758)		(1,869)		3,146
Income (loss) from discontinued operations, net of tax	$	(1,334)	$	(69,447)	$	5,363

The following table presents significant non-cash items and cash flows from investing activities related to discontinued operations:


	Fiscal Year 2024		Fiscal Year 2023	Fiscal Year 2022
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$	1,331	8,378	11,266
Asset impairment	248		79,714	284

Stock-based compensation expense	—		971	756

Inventory adjustments	442		(177)	(297)
Other	(1,647)		—	—
Cash flows from investing activities:
Purchase of property and equipment	—		(1,781)	(4,059)
Other	1,738		—	—

Stock Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Service-based options
Number of Options Outstanding
Outstanding, beginning balance (in shares)	599
Exercised (in shares)	(29)
Forfeited (in shares)	(21)
Outstanding, ending balance (in shares)	549	599
Vested and exercisable (in shares)	549
Weighted Average Exercise Price
Outstanding, beginning balance (usd per share)	$ 29.20
Exercised (usd per share)	8.54
Forfeited (usd per share)	37.80
Outstanding, ending balance (usd per share)	29.98	$ 29.20
Vested and exercisable (usd per share)	$ 29.98
Outstanding, weighted average remaining contractual term (years)	4 years 1 month 17 days	4 years 11 months 4 days
Vested and exercisable, weighted average remaining contractual term (years)	4 years 1 month 17 days
Outstanding, aggregate intrinsic value (beginning balance)	$ 981
Outstanding, aggregate intrinsic value (ending Balance)	0	$ 981
Vested and exercisable, aggregate intrinsic value	0
Fair value of options vested	635	1,251	$ 3,073
Aggregate intrinsic value of options exercised	$ 76	$ 147	979
Performance-based options
Number of Options Outstanding
Outstanding, beginning balance (in shares)	49
Exercised (in shares)	0	0
Outstanding, ending balance (in shares)	49	49
Vested and exercisable (in shares)	49
Weighted Average Exercise Price
Outstanding, beginning balance (usd per share)	$ 15.74
Exercised (usd per share)	0
Outstanding, ending balance (usd per share)	15.74	$ 15.74
Vested and exercisable (usd per share)	$ 15.74
Outstanding, weighted average remaining contractual term (years)	2 years 6 months 25 days	3 years 6 months 21 days
Vested and exercisable, weighted average remaining contractual term (years)	2 years 6 months 25 days
Outstanding, aggregate intrinsic value (beginning balance)	$ 255
Outstanding, aggregate intrinsic value (ending Balance)	0	$ 255
Vested and exercisable, aggregate intrinsic value	$ 0
Aggregate intrinsic value of options exercised			$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 28, 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)	85,444,000	84,831,000
Common stock, outstanding (in shares)	78,775,000	78,311,000
Treasury stock, at cost (in shares)	6,669,000	6,520,000

Income Taxes (Tables)

12 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax (Benefit) Provision

The income tax provision (benefit) consists of:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Current income tax:
Federal	$	9,333	$	8,278	$	328
State	2,123		3,717		4,193
Deferred income tax:
Federal	(8,869)		(3,878)		11,079
State	(1,106)		(2,111)		(55)
Income tax provision (benefit) from continuing operations	1,481		6,006		15,545

Schedule of Effective Income Tax Rate Reconciliation

Our income tax provision (benefit) differs from the amounts computed by multiplying earnings (loss) before income taxes by the statutory federal income tax rate as shown in the following table:


In thousands	Fiscal Year 2024			Fiscal Year 2023			Fiscal Year 2022
Federal income tax provision at statutory rate	$	(5,394)		$	2,006		$	10,984
State income tax provision, net of federal income tax	895			1,686			2,970
Increase (decrease) in deferred tax asset valuation allowance	(1,272)			2,238			477
Executive compensation limitation	994			354			1,218
Goodwill impairment	3,539			—			—
Stranded tax effect of matured interest rate swaps	—			—			—
Tax provision (benefit) of equity-based compensation deductions	1,240			1,133			(27)
Benefit of tax credits	(747)			(1,143)			(1,229)
Meals and entertainment	369			433			—
Other, net	1,857			(701)			1,152
Net income tax provision (benefit) from continuing operations	1,481			6,006			15,545


Effective income tax rate from continuing operations	(5.8)		%	62.9		%	29.7		%

Schedule of Deferred Tax Assets and Liabilities


In thousands	As of December 28, 2024		As of December 30, 2023
Deferred tax assets:
NOL carry-forwards	$	8,017	$	7,399

Credit carryforwards	274		267
Deferred revenue	5,999		5,984
Accrued expenses and reserves	13,811		13,344
Loss on equity and other investments	886		888
Stock-based compensation	6,191		6,050

Operating lease liabilities	120,990		119,916

Subtotal	156,168		153,848
Valuation allowances	(5,961)		(5,760)
Total net deferred tax assets	150,207		148,088
Deferred tax liabilities:
Depreciation of property and equipment	(57,150)		(61,118)
Amortization of intangible assets	(65,168)		(68,729)
Unrealized gains on hedging instruments	—		(1,407)
Right of use asset	(102,446)		(101,780)
Other	(3,352)		(2,938)
Total deferred tax liabilities	(228,116)		(235,972)
Net deferred tax liabilities	$	(77,909)	$	(87,884)

Debt (Tables)

12 Months Ended

Dec. 28, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Our debt consists of the following:


In thousands	As of December 28, 2024		As of December 30, 2023
2025 Notes, due May 15, 2025	$	84,774	$	302,497
Term Loan A, due June 13, 2028	254,188		146,250
Revolving Loans, due June 13, 2028	—		—
Debt before unamortized discount and issuance costs	338,962		448,747
Unamortized discount and issuance costs - 2025 Notes	(191)		(2,497)
Unamortized discount and issuance costs - Term Loan A	(1,602)		(1,066)
Debt less debt discount and issuance costs	337,169		445,184
Less current maturities	(98,024)		(7,500)
Long-term debt - noncurrent portion	239,145		437,684
Finance lease obligations	12,833		16,067
Less current maturities	(3,368)		(2,980)
Long-term debt and finance lease obligations, less current portion, discount, and issuance costs	$	248,610	$	450,771

We recognized the following in Interest expense, net related to the 2025 Notes:


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Contractual interest expense	$	5,443	$	9,747	$	10,062
Amortization of issuance costs	$	1,282	$	2,293	$	2,283

Schedule of Annual Maturities of Debt

Scheduled annual maturities of debt are as follows:


Fiscal Year	In thousands
2025	$	101,338
2026	13,250
2027	13,250
2028	211,124
2029	—
Thereafter	—
	$	338,962

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Fair Value Measurement (Details)		12 Months Ended
Fair Value Measurement (Details)	Dec. 17, 2024 USD ($)	Dec. 28, 2024 USD ($)	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2020 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payments to acquire convertible promissory note	$ 1,300,000
Convertible promissory note, fair value		$ 1,300,000
Asset impairment		39,851,000	$ 2,699,000	$ 5,499,000
Asset impairment charges, unrelated to restructuring transaction		$ 10,100,000	2,700,000	$ 5,500,000
Discount rate used in impairment analysis (in percent)		10.50%
Estimated fair value of impaired assets		$ 5,600,000	2,800,000
Impaired assets, measurement input (as a percent)		0.09
Debt before unamortized discount and issuance costs		$ 338,962,000	448,747,000
Eyeglass World
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Goodwill impairment		19,200,000
Term loan \| Term A Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt before unamortized discount and issuance costs		254,188,000	146,250,000
Credit facility \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt before unamortized discount and issuance costs		0	0
Credit facility borrowing capacity		300,000,000.0
Convertible senior notes \| 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal amount		402,500,000			$ 402,500,000
Debt before unamortized discount and issuance costs		84,774,000	302,497,000
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		$ 83,300,000	$ 303,300,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (in percent)		850.00%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (in percent)		11.50%

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 28, 2024

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following tables present unaudited quarterly financial information:


	Fiscal Year 2024
In thousands, except EPS	Fourth Quarter Ended December 28, 2024		Third Quarter Ended September 28, 2024		Second Quarter Ended June 29, 2024		First Quarter Ended March 30, 2024
Total net revenue	$	437,278	$	451,515	$	451,733	$	482,794
Total costs applicable to revenue	185,001		189,929		193,580		195,546
Income (loss) from operations	(25,571)		(8,821)		591		23,442
Income (loss) from continuing operations, net of tax	(29,437)		(8,440)		(1,041)		11,753
Income (loss) from discontinued operations, net of tax	846		(28)		(2,084)		(68)
Net income (loss)	$	(28,591)	$	(8,468)	$	(3,125)	$	11,685
Weighted average shares outstanding, Basic	78,754		78,655		78,575		78,384
Weighted average shares outstanding, Diluted	78,754		78,655		78,575		78,826
Basic Earnings (loss) per share:
Continuing operations	$	(0.37)	$	(0.11)	$	(0.01)	$	0.15
Discontinued operations	$	0.01	$	(0.00)	$	(0.03)	$	(0.00)
Total	$	(0.36)	$	(0.11)	$	(0.04)	$	0.15
Diluted Earnings (loss) per share:
Continuing operations	$	(0.37)	$	(0.11)	$	(0.01)	$	0.15
Discontinued operations	$	0.01	$	(0.00)	$	(0.03)	$	(0.00)
Total	$	(0.36)	$	(0.11)	$	(0.04)	$	0.15


	Fiscal Year 2023
In thousands, except EPS	Fourth Quarter Ended December 30, 2023		Third Quarter Ended September 30, 2023		Second Quarter Ended July 1, 2023		First Quarter Ended April 1, 2023
Total net revenue	$	420,953	$	438,820	$	431,786	$	464,812
Total costs applicable to revenue	184,377		183,829		180,322		186,127
Income (loss) from operations	(12,418)		3,547		5,561		27,800
Income (loss) from continuing operations, net of tax	(14,739)		(366)		3,637		15,014
Income (loss) from discontinued operations, net of tax	(1,248)		(73,432)		1,977		3,256
Net income (loss)	$	(15,987)	$	(73,798)	$	5,614	$	18,270
Weighted average shares outstanding, Basic	78,269		78,163		78,101		78,721
Weighted average shares outstanding, Diluted	78,269		78,163		78,343		92,136
Basic Earnings (loss) per share:
Continuing operations	$	(0.19)	$	(0.00)	$	0.05	$	0.19
Discontinued operations	$	(0.02)	$	(0.94)	$	0.03	$	0.04
Total	$	(0.20)	$	(0.94)	0.07		$	0.23
Diluted Earnings (loss) per share:
Continuing operations	$	(0.19)	$	(0.00)	$	0.05	$	0.16
Discontinued operations	$	(0.02)	$	(0.94)	$	0.03	$	0.04
Total	$	(0.20)	$	(0.94)	$	0.07	$	0.20

Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Current income tax:
Federal	$ 9,333	$ 8,278	$ 328
State	2,123	3,717	4,193
Deferred income tax:
Federal	(8,869)	(3,878)	11,079
State	(1,106)	(2,111)	(55)
Income tax provision (benefit) from continuing operations	$ 1,481	$ 6,006	$ 15,545

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Details of Certain Balance Sheet Accounts (Tables)

12 Months Ended

Dec. 28, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash


In thousands	Fiscal Year 2024		Fiscal Year 2023		Fiscal Year 2022
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	73,948	$	149,896	$	229,425
Restricted cash included in other assets	1,289		1,131		1,199
	$	75,237	$	151,027	$	230,624

Schedule of Accounts Receivable, Net

The following tables provide additional details of certain balance sheet accounts as of the dates shown below:


In thousands	As of December 28, 2024		As of December 30, 2023
Accounts receivable, net:
Trade receivables	$	18,777	$	43,518
Credit card receivables	17,431		27,905
Other receivables (1)	13,938		15,747
Allowance for credit losses	(208)		(316)
	$	49,938	$	86,854
(1) Includes CARES Act receivable in the amount of $9.0 million and $9.0 million as of December 28, 2024 and December 30, 2023, respectively.

Schedule of Inventories


In thousands	As of December 28, 2024		As of December 30, 2023
Inventories:
Raw materials and work in process (1)	$	66,056	$	57,367
Finished goods	27,862		62,541
	$	93,918	$	119,908
(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not separately present raw materials and work in process.

Schedule of Property and Equipment, Net

We depreciate P&E for financial accounting purposes using the straight-line method over the following estimated useful lives:


Buildings			34 years

Equipment			3 - 10 years
Information technology hardware and software (a)			2 - 5 years
Furniture and fixtures			6 years
Leasehold improvements(b)			5 - 10 years
P&E under finance leases (b)			10 years
____________
(a)Costs of developing or obtaining software for internal use, such as direct costs of materials or services and internal payroll costs related to the software development projects, are capitalized to information technology hardware and software. (b)Depreciation of leasehold improvements is recognized over the shorter of the estimated useful life of the asset or the term of the lease. The term of the lease includes renewal options for additional periods if the exercise of the renewal is considered to be reasonably assured.


In thousands	As of December 28, 2024		As of December 30, 2023
Property and equipment, net:
Land and building	$	3,736	$	3,736
Equipment	299,823		280,632
Information technology hardware and software	128,654		128,792
Furniture and fixtures	85,061		77,712
Leasehold improvements	360,927		323,382
Construction in progress	31,620		29,638
Right of use assets under finance leases	36,219		36,219
	946,040		880,111
Less: Accumulated depreciation	(583,865)		(519,924)
	$	362,175	$	360,187

Schedule of Other Payables and Accrued Expenses


In thousands	As of December 28, 2024		As of December 30, 2023
Other payables and accrued expenses:
Associate compensation and benefits	$	42,752	$	62,614
Self-insurance liabilities	9,087		9,139
Capital expenditures	9,248		5,412
Advertising	6,504		6,446
Reserves for customer returns and remakes	4,840		9,093
Payable to Walmart	—		6,068
Income tax payable	3,641		1,863
Supplies and other store support expenses	5,038		5,434
Litigation settlements	4,950		500

Other	22,976		16,719
	$	109,036	$	123,288

Schedule of Other Non-current Liabilities


In thousands	As of December 28, 2024		As of December 30, 2023
Other noncurrent liabilities:

Self-insurance liabilities	$	5,577	$	5,657
Other	2,651		2,808
	$	8,228	$	8,465

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Amortization of intangible assets	$ 1,400	$ 1,600	$ 1,500
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairment
Fred Meyer contracts and relationships
Goodwill [Line Items]
Intangible asset impairment charge	$ 10,500
Owned & Host Segment
Goodwill [Line Items]
Goodwill	736,901	$ 736,901
America’s Best \| Owned & Host Segment
Goodwill [Line Items]
Goodwill	606,500
Eyeglass World
Goodwill [Line Items]
Goodwill impairment	19,200
Eyeglass World \| Owned & Host Segment
Goodwill [Line Items]
Goodwill	$ 91,800

Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Dec. 30, 2023
Deferred tax assets:
NOL carry-forwards	$ 8,017	$ 7,399
Credit carryforwards	274	267
Deferred revenue	5,999	5,984
Accrued expenses and reserves	13,811	13,344
Loss on equity and other investments	886	888
Stock-based compensation	6,191	6,050
Operating lease liabilities	120,990	119,916
Subtotal	156,168	153,848
Valuation allowances	(5,961)	(5,760)
Total net deferred tax assets	150,207	148,088
Deferred tax liabilities:
Depreciation of property and equipment	(57,150)	(61,118)
Amortization of intangible assets	(65,168)	(68,729)
Unrealized gains on hedging instruments	0	(1,407)
Right of use asset	(102,446)	(101,780)
Other	(3,352)	(2,938)
Total deferred tax liabilities	(228,116)	(235,972)
Net deferred tax liabilities	$ (77,909)	$ (87,884)

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The gross carrying amount and accumulated impairment of the Company’s goodwill balances for 2024 and 2023 are as follows:


	As of December 28, 2024				As of December 30, 2023
In thousands	Gross Carrying Amount		Accumulated Impairment		Gross Carrying Amount		Accumulated Impairment
Owned & Host Segment	$	736,901	$	(38,596)	$	736,901	$	(19,357)

Schedule of Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets by major asset class are as follows:


In thousands	As of December 28, 2024		As of December 30, 2023
Trademarks and trade names:
America’s Best	$	200,547	$	200,547
Eyeglass World	40,000		40,000
	$	240,547	$	240,547

Schedule of Amortizing Finite-Lived Intangible Assets

Finite-lived, amortizing intangible assets by major asset class are as shown in the following table. We remove assets from the table below once they are fully amortized.


	As of December 28, 2024					As of December 30, 2023
In thousands	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)


Fred Meyer contracts and relationships(1)	$	8,400	$	(169)	12	$	35,000	$	(14,915)	13
Other	151		(113)		1	151		(63)		2
	$	8,551	$	(282)		$	35,151	$	(14,978)

(1) The gross carrying amount shown for this asset as of December 28, 2024 reflects the fair value as of the impairment testing date.

Schedule of Aggregate Future Estimated Amortization Expense

Aggregate future estimated amortization expense is shown in the following table:


Fiscal Year	In thousands
2025	$	714
2026	677
2027	677
2028	677
2029	677
Thereafter	4,847
	$	8,269

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Business and Significant Accounting Policies - CARES Act (Details) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023
Unusual or Infrequent Item, or Both [Line Items]
Government Assistance, Asset, Statement of Financial Position [Extensible Enumeration]	Accounts receivable, net	Accounts receivable, net
The CARES Act
Unusual or Infrequent Item, or Both [Line Items]
Government assistance receivable	$ 9.0	$ 9.0