v3.26.1
Segment Reporting
 6 Months Ended
Jul. 04, 2026
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: the Owned & Host segment. 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 have on-site laboratories and offer eye exams, provided by optometrists employed either by us or by independent professional corporations. 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 our single reportable segment, the results of our dedicated e-commerce website and FirstSight, which sells single-service health plans in connection with the operations of America’s Best operations in California, are presented in the “corporate and other” category. The Company concluded that our dedicated e-commerce website meets the criteria to be an operating segment but does not meet the quantitative thresholds for separate disclosure as a reportable segment. Further, in 2025, the Company concluded that FirstSight does not meet the criteria to be an operating segment. Its results are not separately provided to the CODM, and therefore, they are also included in the “corporate and other” category. Prior-period information has been recast to reflect the segment presentation.
The “corporate and other” category also includes 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.
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, 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 exclude 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 before income taxes.
Three Months Ended
Six Months Ended
July 4, 2026June 28, 2025July 4, 2026June 28, 2025
In thousands
Owned & Host revenue:
Net product sales$387,487 $381,704 $820,371 $796,818 
Net sales of services and plans94,342 92,448 200,788 192,315 
Total Owned & Host revenue481,829 474,152 1,021,159 989,133 
Less:
Owned & Host costs applicable to revenue (exclusive of depreciation and amortization)
Cost of products111,560 107,887 233,600 221,747 
Cost of services and plans89,665 85,597 181,982 173,868 
Owned & Host SG&A180,048 180,873 367,992 369,044 
Owned & Host segment EBITDA
100,556 99,795 237,585 224,474 
Corporate and other(65,677)(65,606)(133,162)(132,947)
Effects of unearned and deferred revenue9,644 4,796 8,781 (3,442)
Depreciation and amortization(23,221)(22,536)(46,663)(45,499)
Interest expense, net(3,337)(4,210)(6,185)(8,782)
Earnings before income taxes
$17,965 $12,239 $60,356 $33,804 
The following table presents a reconciliation of revenue:
Three Months EndedSix Months Ended
In thousandsJuly 4, 2026June 28, 2025July 4, 2026June 28, 2025
Revenue
Owned & Host$481,829 $474,152 $1,021,159 $989,133 
Corporate and other
4,748 5,719 9,217 11,353 
Effects of unearned and deferred revenue12,228 6,552 12,309 (3,739)
Total consolidated revenue$498,805 $486,423 $1,042,685 $996,747