v3.25.2
Segment Reporting
 6 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Segment Reporting 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 Part II. Item 8. Note 2. “Discontinued Operations” of the 2024 Annual Report on Form 10-K 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.
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.
Three Months Ended
Six Months Ended
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
In thousands
Owned & Host revenue:
Net product sales$381,704 $349,311 $796,818 $729,907 
Net sales of services and plans92,448 90,174 192,315 186,429 
Total Owned & Host revenue474,152 439,485 989,133 916,336 
Less:
Owned & Host costs applicable to revenue (exclusive of depreciation and amortization)
Cost of products107,887 103,688 221,747 211,031 
Cost of services and plans85,597 82,322 173,868 164,664 
Owned & Host SG&A180,873 174,078 369,044 353,701 
Owned & Host segment EBITDA
99,795 79,397 224,474 186,940 
Other segments EBITDA (1)
(659)(566)(1,398)(861)
Corporate and other(64,947)(58,692)(131,549)(117,340)
Effects of unearned and deferred revenue4,796 3,144 (3,442)1,207 
Depreciation and amortization(22,536)(22,692)(45,499)(45,913)
Interest expense, net(4,210)(3,196)(8,782)(7,452)
Earnings (loss) from continuing operations before income taxes
$12,239 $(2,605)$33,804 $16,581 
(1) Includes results related to our dedicated e-commerce website and FirstSight.

The following table presents a reconciliation of revenue:
Three Months EndedSix Months Ended
In thousandsJune 28, 2025June 29, 2024June 28, 2025June 29, 2024
Revenue
Owned & Host$474,152 $439,485 $989,133 $916,336 
Other segments revenue5,719 8,099 11,353 16,344 16,344 
Effects of unearned and deferred revenue6,552 4,149 (3,739)1,847 
Total consolidated revenue$486,423 $451,733 $996,747 $934,527