National Vision (EYE) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 29, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	001-38257
Entity Registrant Name	National Vision Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4841717
Entity Address, Address Line One	2435 Commerce Ave
Entity Address, Address Line Two	Building 2200
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30096
City Area Code	770
Local Phone Number	822‑3600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EYE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		78,635,532
Entity Central Index Key	0001710155
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 179,515	$ 149,896
Accounts receivable, net	61,068	86,854
Inventories	90,956	119,908
Prepaid expenses and other current assets	32,863	40,012
Total current assets	364,402	396,670
Noncurrent assets:
Property and equipment, net	357,057	360,187
Goodwill	717,544	717,544
Trademarks and trade names	240,547	240,547
Other intangible assets, net	19,385	20,173
Right of use assets	414,446	406,275
Other assets	32,919	28,336
Noncurrent assets of discontinued operations	0	2,779
Total noncurrent assets	1,781,898	1,775,841
Total assets	2,146,300	2,172,511
Current liabilities:
Accounts payable	49,969	67,556
Other payables and accrued expenses	110,004	123,288
Unearned revenue	39,471	48,117
Deferred revenue	63,835	62,867
Current maturities of long-term debt and finance lease obligations	312,888	10,480
Current operating lease obligations	86,994	85,090
Current liabilities of discontinued operations	0	302
Total current liabilities	663,161	397,700
Noncurrent liabilities:
Long-term debt and finance lease obligations, less current portion and debt discount	143,927	450,771
Noncurrent operating lease obligations	382,548	376,814
Deferred revenue	22,416	21,459
Other liabilities	8,381	8,465
Deferred income taxes, net	82,459	87,884
Total noncurrent liabilities	639,731	945,393
Commitments and contingencies (See Note 11)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 85,267 and 84,831 shares issued as of June 29, 2024 and December 30, 2023, respectively; 78,628 and 78,311 shares outstanding as of June 29, 2024 and December 30, 2023, respectively	853	848
Additional paid-in capital	796,812	788,967
Accumulated other comprehensive loss	(64)	(419)
Retained earnings	263,176	254,616
Treasury stock, at cost; 6,639 and 6,520 shares as of June 29, 2024 and December 30, 2023, respectively	(217,369)	(214,594)
Total stockholders’ equity	843,408	829,418
Total liabilities and stockholders’ equity	$ 2,146,300	$ 2,172,511

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 29, 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)	85,267,000	84,831,000
Common stock, outstanding (in shares)	78,628,000	78,311,000
Treasury stock (in shares)	6,639,000	6,520,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Revenue:
Total net revenue	$ 451,733	$ 431,786	$ 934,527	$ 896,598
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	193,580	180,322	389,126	366,449
Operating expenses:
Selling, general and administrative expenses	231,353	222,924	471,481	451,600
Depreciation and amortization	22,692	22,089	45,913	44,045
Asset impairment	3,519	893	3,975	1,247
Other expense (income), net	(2)	(3)	(1)	(104)
Total operating expenses	257,562	245,903	521,368	496,788
Income from operations	591	5,561	24,033	33,361
Interest Income (Expense), Nonoperating	3,196	1,836	7,452	6,703
Earnings (loss) from continuing operations before income taxes	(2,605)	3,725	16,581	26,658
Income tax provision (benefit)	(1,564)	88	5,869	8,007
Income (loss) from continuing operations, net of tax	(1,041)	3,637	10,712	18,651
Income (loss) from discontinued operations, net of tax (See Note 2)	(2,084)	1,977	(2,152)	5,233
Net income (loss)	$ (3,125)	$ 5,614	$ 8,560	$ 23,884
Basic earnings (loss) per share:
Continuing operations (in usd per share)	$ (0.01)	$ 0.05	$ 0.14	$ 0.24
Discontinued operations (in usd per share)	(0.03)	0.03	(0.03)	0.07
Total (in usd per share)	(0.04)	0.07	0.11	0.30
Diluted earnings (loss) per share:
Continuing operations (in usd per share)	(0.01)	0.05	0.14	0.24
Discontinued operations (in usd per share)	(0.03)	0.03	(0.03)	0.07
Total (in usd per share)	$ (0.04)	$ 0.07	$ 0.11	$ 0.30
Weighted average shares outstanding:
Basic (in shares)	78,575	78,101	78,480	78,411
Diluted (in shares)	78,575	78,343	78,774	78,784
Comprehensive income (loss):
Net income (loss)	$ (3,125)	$ 5,614	$ 8,560	$ 23,884
Unrealized gain on hedge instruments	229	255	483	508
Tax provision of unrealized gain on hedge instruments	64	65	128	130
Comprehensive income (loss)	(2,960)	5,804	8,915	24,262
Products
Revenue:
Total net revenue	361,967	352,180	750,050	732,333
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	111,213	106,362	224,417	217,436
Services and plans
Revenue:
Total net revenue	89,766	79,606	184,477	164,265
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	$ 82,367	$ 73,960	$ 164,709	$ 149,013

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2022		78,992
Balance at beginning of period at Dec. 31, 2022	$ 901,113	$ 842	$ 767,112	$ (1,179)	$ 320,517	$ (186,179)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		282
Issuance of common stock	493	$ 3	490
Stock-based compensation	4,271		4,271
Purchase of treasury stock (in shares)		(1,189)
Purchase of treasury stock	(27,609)					(27,609)
Unrealized gain on hedge instruments, net of tax	188			188
Net income (loss)	18,270				18,270
Balance at end of period (in shares) at Apr. 01, 2023		78,085
Balance at end of period at Apr. 01, 2023	896,726	$ 845	771,873	(991)	338,787	(213,788)
Balance at beginning of period (in shares) at Dec. 31, 2022		78,992
Balance at beginning of period at Dec. 31, 2022	901,113	$ 842	767,112	(1,179)	320,517	(186,179)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23,884
Balance at end of period (in shares) at Jul. 01, 2023		78,154
Balance at end of period at Jul. 01, 2023	908,412	$ 846	777,762	(801)	344,401	(213,796)
Balance at beginning of period (in shares) at Apr. 01, 2023		78,085
Balance at beginning of period at Apr. 01, 2023	896,726	$ 845	771,873	(991)	338,787	(213,788)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		70
Issuance of common stock	452	$ 1	451
Stock-based compensation	5,438		5,438
Purchase of treasury stock (in shares)		(1)
Purchase of treasury stock	(8)					(8)
Unrealized gain on hedge instruments, net of tax	190			190
Net income (loss)	5,614				5,614
Balance at end of period (in shares) at Jul. 01, 2023		78,154
Balance at end of period at Jul. 01, 2023	$ 908,412	$ 846	777,762	(801)	344,401	(213,796)
Balance at beginning of period (in shares) at Dec. 30, 2023	78,311	78,311
Balance at beginning of period at Dec. 30, 2023	$ 829,418	$ 848	788,967	(419)	254,616	(214,594)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		363
Issuance of common stock	316	$ 4	312
Stock-based compensation	2,431		2,431
Purchase of treasury stock (in shares)		(116)
Purchase of treasury stock	(2,721)					(2,721)
Unrealized gain on hedge instruments, net of tax	190			190
Net income (loss)	11,685				11,685
Balance at end of period (in shares) at Mar. 30, 2024		78,558
Balance at end of period at Mar. 30, 2024	$ 841,319	$ 852	791,710	(229)	266,301	(217,315)
Balance at beginning of period (in shares) at Dec. 30, 2023	78,311	78,311
Balance at beginning of period at Dec. 30, 2023	$ 829,418	$ 848	788,967	(419)	254,616	(214,594)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 8,560
Balance at end of period (in shares) at Jun. 29, 2024	78,628	78,628
Balance at end of period at Jun. 29, 2024	$ 843,408	$ 853	796,812	(64)	263,176	(217,369)
Balance at beginning of period (in shares) at Mar. 30, 2024		78,558
Balance at beginning of period at Mar. 30, 2024	841,319	$ 852	791,710	(229)	266,301	(217,315)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		73
Issuance of common stock	354	$ 1	353
Stock-based compensation	4,749		4,749
Purchase of treasury stock (in shares)		(3)
Purchase of treasury stock	(54)					(54)
Unrealized gain on hedge instruments, net of tax	165			165
Net income (loss)	$ (3,125)				(3,125)
Balance at end of period (in shares) at Jun. 29, 2024	78,628	78,628
Balance at end of period at Jun. 29, 2024	$ 843,408	$ 853	$ 796,812	$ (64)	$ 263,176	$ (217,369)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Net income (loss)	$ 8,560	$ 23,884
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,244	49,742
Amortization of debt discount and deferred financing costs	1,261	1,800
Amortization of cloud computing implementation costs	2,330	1,289
Asset impairment	3,975	1,280
Deferred income tax expense (benefit)	(5,425)	1,220
Stock-based compensation expense	7,246	9,788
Losses (gains) on change in fair value of derivatives	(66)	(1,750)
Inventory adjustments	2,951	1,996
Other	1,218	1,509
Changes in operating assets and liabilities:
Accounts receivable	24,351	560
Inventories	26,000	290
Operating lease right of use assets and lease liabilities	(1,722)	525
Other assets	1,248	2,239
Accounts payable	(17,587)	(1,168)
Deferred and unearned revenue	(6,721)	824
Other liabilities	(19,415)	18,188
Net cash provided by operating activities	75,448	112,216
Cash flows from investing activities:
Purchase of property and equipment	(39,620)	(54,120)
Other	1,577	(665)
Net cash used for investing activities	(38,043)	(54,785)
Cash flows from financing activities:
Repayments on long-term debt	(3,750)	0
Proceeds from issuance of common stock	670	945
Purchase of treasury stock	(2,775)	(27,611)
Payments of debt issuance costs	0	(2,869)
Payments on finance lease obligations	(1,585)	(2,536)
Net cash used for financing activities	(7,440)	(32,071)
Net change in cash, cash equivalents and restricted cash	29,965	25,360
Cash, cash equivalents and restricted cash, beginning of year	151,027	230,624
Cash, cash equivalents and restricted cash, end of period	180,992	255,984
Supplemental cash flow disclosure information:
Cash paid for interest	4,196	5,399
Cash paid for taxes	5,084	4,347
Capital expenditures accrued at the end of the period	$ 12,124	$ 10,770

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation 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 wholly-owned subsidiaries. We are a leading value retailer of eyeglasses and contact lenses in the United States (the “U.S.”). We operated 1,216 and 1,188 retail optical locations in the U.S. and its territories as of June 29, 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 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. Refer to Note 2. “Discontinued Operations” for more information. Basis of Presentation and Principles of Consolidation We prepare our unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and, therefore, do not include all information and disclosures required by U.S. GAAP for complete consolidated financial statements. The Condensed Consolidated Balance Sheet as of December 30, 2023 has been derived from the audited consolidated balance sheet for the fiscal year then ended. These condensed consolidated financial statements reflect all normal and recurring adjustments which are, in the opinion of management, necessary to present fairly the Company’s consolidated results of the interim period. Certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted; however, we believe that the disclosures included herein are sufficient for a fair presentation of the information presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto for the fiscal year ended December 30, 2023 included in the 2023 Annual Report on Form 10-K. The Company’s significant accounting policies are set forth in Note 1. within those consolidated financial statements. We use the same accounting policies in preparing interim condensed consolidated financial information and annual consolidated financial statements. There were no changes to our significant accounting policies during the six months ended June 29, 2024. The condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts within the Condensed Consolidated Statements of Cash Flows and footnotes to the financial statements for fiscal year 2023 have been reclassified to conform to the fiscal year 2024 presentation. Retrospective reclassifications have been made to prior period financial statements and disclosures to present the discontinued operations. Refer to Note 2. “Discontinued Operations” for more information on discontinued operations. The Company has consolidated certain entities meeting the definition of a variable interest entity (“VIE”) as the Company concluded that it is the primary beneficiary of the entities under the provisions of Accounting Standards Codification 810, Consolidation. As of June 29, 2024, the variable interest entities include 29 professional corporations. The total assets of the consolidated VIEs included in the accompanying Condensed Consolidated Balance Sheets as of June 29, 2024 and December 30, 2023, were $5.9 million and $8.3 million, respectively, and the total liabilities of the consolidated VIEs were $8.1 million and $9.8 million, respectively. Fiscal Year Our fiscal year consists of 52 or 53 weeks ending on the Saturday closest to December 31. Fiscal year 2024 contains 52 weeks and will end on December 28, 2024. All three and six month periods presented herein contain 13 and 26 weeks, respectively. All references to years and quarters relate to fiscal periods rather than calendar periods. Seasonality The consolidated results of operations for the three and six months ended June 29, 2024 and July 1, 2023, are not necessarily indicative of the results to be expected for the full fiscal year due to seasonality and uncertainty of general economic conditions that may impact our key markets. Historically, our business has realized a higher portion of net revenue, income from operations, and cash flows from operations in the first half of the year, and a lower portion of net revenue, income from operations, and cash flows from operations in the fourth fiscal quarter. The first half seasonality is attributable primarily to the timing of our customers’ personal income tax refunds and annual health insurance program start/reset periods. Seasonality related to fourth quarter holiday spending by retail customers generally does not impact our business. Our quarterly consolidated results generally may also be affected by the timing of new store openings, store closings, and certain holidays. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Asset Impairment Non-cash impairment charges of $3.5 million and $4.0 million were recorded for the three and six months ended June 29, 2024 compared to $0.9 million and $1.2 million for the three and six months ended July 1, 2023 related to tangible long-lived store assets and Right of Use (“ROU”) assets. The impairments were primarily driven by lower than projected customer sales volume in certain stores and other entity-specific assumptions. We considered multiple factors including, but not limited to: forecasted scenarios related to store performance and the likelihood that these scenarios would be ultimately realized; and the remaining useful lives of the assets. Asset impairment expenses were recognized in Corporate/Other. Refer to Note 5. “Fair Value Measurement” for additional information on impairment charges. Income Taxes The Company’s quarterly provision (benefit) for income taxes has historically been calculated using the annualized effective tax rate (“AETR”) method, which applies an estimated annual effective tax rate to pre-tax income or loss. For the three and six months ended June 29, 2024, the Company calculated the provision (benefit) for income taxes using a discrete effective tax rate (“ETR”) method. The Company determined that due to the fact that small changes in the Company’s estimated pretax income or loss would result in significant changes in the estimated AETR, the historical method would not provide a reliable estimate for the three and six months ended June 29, 2024. Our effective tax rate for the three months ended June 29, 2024 was 60.0%, reflecting our statutory federal and state rate of 25.2%, tax impacts of consolidated VIEs and effects of other permanent items. Our effective tax rate for the three months ended July 1, 2023 was 2.4%, reflecting our statutory federal and state rate of 25.4%, tax impacts of consolidated VIEs, employee-related federal tax credits and effects of other permanent items. Our effective tax rate for the six months ended June 29, 2024 was 35.4%, reflecting our statutory federal and state rate of 25.2%, non-deductible compensation expense, tax impacts of consolidated VIEs and other permanent items. Our effective tax rate for the six months ended July 1, 2023 was 30.0%, reflecting our statutory federal and state rate of 25.4%, tax impacts of non-deductible compensation expenses, reduced deductibility of meals and entertainment and effects of other permanent items. Share Repurchases Effective February 23, 2024, the Board of Directors 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 June 29, 2024, $50 million remains available under the share repurchase authorization. During the six months ended July 1, 2023, the Company repurchased 1.1 million shares of its common stock for $25.0 million. 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. In the second quarter of fiscal year 2024, we invested an additional $0.5 million in the entity. As of June 29, 2024, we have invested a total of $2.3 million in the entity. We have agreed to invest up to an additional $1.0 million in the entity upon the completion of certain milestones. The investment is recognized in Other assets in the Condensed Consolidated Balance Sheets as of June 29, 2024 and in Other in the investing section of the Condensed Consolidated Statements of Cash Flows for the six months ended June 29, 2024. The investment is valued at cost less impairment. 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 as of June 29, 2024. Accordingly, we classified the results of these operations as discontinued operations in the condensed consolidated statements of operations for all periods presented. The results of all discontinued operations, less applicable income taxes, are reported as components of net income separate from the net income of continuing operations, and certain assets and liabilities associated with these operations were classified as assets and liabilities of discontinued operations in the Condensed Consolidated Balance Sheets for the periods presented. Additionally, the cash flows and comprehensive income of discontinued operations have not been segregated and are included in the interim Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Operations and Comprehensive Income, respectively, for all periods presented. All amounts included in the notes to the unaudited condensed consolidated financial statements relate to continuing operations unless otherwise noted. For additional information, see Note 2. “Discontinued Operations.” Future Adoption of Accounting Pronouncements Reference Rate Reform. The Financial Accounting Standards Board (“FASB”) has issued guidance at various points over the last several years that provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that may be affected by the cessation of the London Inter-bank Offered Rate (“LIBOR”). We are currently able to apply this new guidance for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2024. Refer to Note 7. “Interest Rate Derivatives” for more information on our transition from LIBOR to Term Secured Overnight Financing Rate (“Term SOFR”). Segment reporting . In November 2023, the FASB issued Accounting Standards Update ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update provides, among other things, enhanced segment disclosure requirements including disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. Income taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and for interim periods within fiscal years beginning after December 15, 2025. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. The Enhancement and Standardization of Climate-Related Disclosures for Investors. In March 2024, the SEC issued its final rule on the enhancement and standardization of climate-related disclosures for investors. Subsequent to issuance, the rule became the subject of litigation, and the SEC has issued a stay to allow the legal process to proceed. Unless legal challenges to the rule prevail or the effective date is delayed, this rule will require registrants to disclose certain climate-related information in registration statements and annual reports, and the revisions to Regulation S-X (including disclosure related to severe weather events and other natural conditions) would apply to the Company’s financial statements beginning with the Company’s fiscal year 2025. The Company is currently evaluating the rule to determine the impact on its consolidated financial statements and disclosures. The FASB issued other accounting guidance during the period that is not currently applicable or expected to have a material impact on the Company’s financial statements, and therefore, is not described above.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	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. During the three and six months ended June 29, 2024, we recorded $2.9 million and $5.7 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. We anticipate that we will incur approximately $2 million during the rest of fiscal year 2024 related to the termination of the Walmart MSA and wind down of AC Lens. 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 our Corporate/Other and Reconciliations categories, met the criteria to be presented as discontinued operations as of June 29, 2024. 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. 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 As of 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: Three Months Ended Six Months Ended In thousands June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Revenue: Net product sales $ 53,471 $ 80,745 $ 127,070 $ 165,353 Net sales of services and plans — 12,809 4,513 25,758 Total net revenue 53,471 93,554 131,583 191,111 Costs applicable to revenue (exclusive of depreciation and amortization): Products 49,901 61,152 109,528 123,180 Services and plans 7 6,365 2,762 12,262 Total costs applicable to revenue 49,908 67,517 112,290 135,442 Operating expenses: Selling, general and administrative expenses 6,542 21,046 23,164 42,293 Depreciation and amortization 370 2,840 1,331 5,697 Asset impairment — — — 33 Other expense (income), net (8) (13) (20) (30) Total operating expenses 6,904 23,873 24,475 47,993 Earnings (loss) from discontinued operations before income taxes (3,341) 2,164 (5,182) 7,676 Income tax provision (benefit) from discontinued operations (1,257) 187 (3,030) 2,443 Income (loss) from discontinued operations, net of tax $ (2,084) $ 1,977 $ (2,152) $ 5,233 The following table presents significant non-cash items and cash flows from investing activities related to discontinued operations: Six Months Ended June 29, 2024 July 1, 2023 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization $ 1,331 5,697 Stock-based compensation expense 81 567 Inventory adjustments 441 (36) Other (564) — Cash flows from investing activities: Purchase of property and equipment — (1,439) Other 1,732 —

Details of Cost Savings Plan

Details of Cost Savings Plan	6 Months Ended
	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Details of Cost Savings Plan	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 Condensed Consolidated Balance Sheets. Some remaining payments are not anticipated to occur until fiscal year 2025. 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 (1,477) Balance at June 29, 2024 $ 392 Employee compensation benefits During the six months ended June 29, 2024, we recognized $0.1 million in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income, in the Corporate/Other category, related to termination benefits for certain associates.

Details of Certain Balance Shee

Details of Certain Balance Sheet Accounts	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Details of Certain Balance Sheet Accounts	Details of Certain Balance Sheet Accounts The following table provides a reconciliation of cash and cash equivalents reported within the Condensed Consolidated Balance sheets to the total of Cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows: Six Months Ended In thousands June 29, 2024 July 1, 2023 Cash, cash equivalents and restricted cash: Cash and cash equivalents $ 179,515 $ 254,647 Restricted cash included in other assets 1,477 1,337 $ 180,992 $ 255,984 The following tables provide additional details of certain balance sheet accounts as of the dates shown below: In thousands As of As of Accounts receivable, net: Trade receivables $ 29,096 $ 43,518 Credit card receivables 16,879 27,905 Other receivables (1) 16,451 15,747 Allowance for credit losses (1,358) (316) $ 61,068 $ 86,854 (1) Includes Coronavirus Aid, Relief, and Economic Security (“CARES”) Act receivable in the amount of $9.0 million as of June 29, 2024 and December 30, 2023. In thousands As of As of Inventories: Raw materials and work in process (1) $ 55,838 $ 57,367 Finished goods 35,118 62,541 $ 90,956 $ 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 As of Other payables and accrued expenses: Associate compensation and benefits $ 43,684 $ 62,614 Self-insurance liabilities 9,284 9,139 Capital expenditures 12,124 5,412 Advertising 4,862 6,446 Reserves for customer returns and remakes 4,884 9,093 Payable to Walmart 697 6,068 Income taxes payable 3,032 1,863 Supplies and other store support expenses 4,973 5,434 Litigation settlements (See Note 11) 4,950 500 Other 21,514 16,719 $ 110,004 $ 123,288 In thousands As of As of Other noncurrent liabilities: Self-insurance liabilities $ 5,816 $ 5,657 Other 2,565 2,808 $ 8,381 $ 8,465

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Recurring fair value measurements Interest Rate Derivatives We recognize as assets or liabilities at fair value the estimated amounts we would receive or pay upon a termination of interest rate derivatives prior to their scheduled expiration dates. The fair value is based on information that is model-driven and whose inputs were observable (Level 2 inputs) such as Term SOFR forward rates. See Note 7. “Interest Rate Derivatives” for further details. Non-recurring fair value measurements Long-lived and ROU Store Assets We recognized impairments of $3.5 million and $4.0 million during the three and six months ended June 29, 2024, respectively, and $0.9 million and $1.2 million during the three and six months ended July 1, 2023, respectively, related to our long-lived tangible store assets and ROU assets. The cash flows used in estimating fair value were discounted using market rates of 11.5%. A decrease in the estimated cash flows would lead to a lower fair value measurement, as would an increase in the discount rate. These non-recurring fair value measurements are classified as Level 3 measurements in the fair value hierarchy. The estimated remaining fair value of the assets impaired during the six months ended June 29, 2024 and July 1, 2023 was $0.5 million and $1.0 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 represents the fair value of ROU assets. Additional fair value information Long-term Debt - Term Loan A and Revolving Loans Since the borrowings under the $142.5 million outstanding principal first lien term loan (“Term Loan A”) and revolving credit loans in an aggregate principal amount of $300.0 million (the “Revolving Loans”) utilize variable interest rate setting mechanisms such as Term SOFR, the fair values of these borrowings are deemed to approximate the carrying values. We also considered the effect of our own credit risk on the fair values of Term Loan A and Revolving Loans. Refer to Note 6. “Long-term Debt” for more information on these borrowings. Long-term Debt - 2025 Notes The Company has $302.5 million in aggregate principal amount of 2.50% convertible senior notes due on May 15, 2025 (the “2025 Notes”) issued and outstanding as of June 29, 2024. Refer to Note 6. “Long-term Debt” for more information on the 2025 Notes. The estimated fair value of the 2025 Notes was approximately $290.5 million a nd $303.3 million as of June 29, 2024 and December 30, 2023, respectively. The estimated fair value of the 2025 Notes is based on the prices the 2025 Notes have traded in the market as well as overall market conditions on the date of valuation, stated coupon rates, the number of coupon payments each year and the maturity dates, and represents a Level 2 measurement in the fair value hierarchy. Refer to Note 6. “Long-term Debt” for more information on the 2025 Notes.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following: In thousands As of As of 2025 Notes, due May 15, 2025 $ 302,497 $ 302,497 Term Loan A, due June 13, 2028 142,500 146,250 Revolving Loans, due June 13, 2028 — — Long-term debt before unamortized discount and issuance costs 444,997 448,747 Unamortized discount and issuance costs - 2025 Notes (1,609) (2,497) Unamortized discount and issuance costs - Term Loan A (948) (1,066) Long-term debt less debt discount and issuance costs 442,440 445,184 Less current maturities (309,997) (7,500) Long-term debt - noncurrent portion 132,443 437,684 Finance lease obligations 14,375 16,067 Less current maturities (2,891) (2,980) Long-term debt and finance lease obligations, less current portion, discount, and issuance costs $ 143,927 $ 450,771 Scheduled annual maturities of debt are as follows: Fiscal Period In thousands 2024 - remainder of fiscal year $ 1,875 2025 311,872 2026 7,500 2027 7,500 2028 116,250 Thereafter — $ 444,997 Credit Agreement We were in compliance with all covenants related to our long-term debt as of June 29, 2024. 2025 Notes The 2025 Notes mature on May 15, 2025, and due to the upcoming maturity, we have reclassified the outstanding principal balance of $302.5 million from a noncurrent to a current liability in the accompanying Condensed Consolidated Balance Sheets as of June 29, 2024. As of June 29, 2024, the Company has $293.6 million of availability under its revolving credit facility, in addition to $179.5 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. We recognized the following in Interest expense (income), net related to the 2025 Notes: Three Months Ended Six Months Ended In thousands June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Contractual interest expense $ 1,891 $ 2,515 $ 3,781 $ 5,031 Amortization of issuance costs $ 446 $ 578 $ 888 $ 1,116 As of June 29, 2024, the remaining period for the unamortized debt issuance costs balance was approximately one year. As of June 29, 2024, the stock price conditions under which the 2025 Notes can be converted at the holders’ option were not met.

Interest Rate Derivatives

Interest Rate Derivatives	6 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives	Interest Rate Derivatives We are party to an interest rate collar to offset the variability of cash flows in Term SOFR-indexed debt interest payments. During the second quarter of 2023, we amended the reference rate of the collar from LIBOR to Term SOFR. The aggregate notional amount of the interest rate collar, which is not designated as a cash flow hedge, was $300.0 million as of June 29, 2024. The fair value of our interest rate collar instrument was an asset of $0.6 million, which is recorded in Prepaid expenses and other current assets as of June 29, 2024, and an asset of $5.6 million, which was recorded in Prepaid expenses and other current assets as of December 30, 2023. See Note 5. “Fair Value Measurement” for further details. We recognized (gains) losses on the change in fair value of the interest rate collar of $(0.1) million and $(0.5) million during the three and six months ended June 29, 2024, respectively, and $(2.8) million and $(2.3) million during the three and six months ended July 1, 2023, respectively. The interest rate collar matured on July 18, 2024. Cash flows related to derivatives qualifying as hedges are included in the same section of the Consolidated Statements of Cash Flows as the underlying assets and liabilities being hedged. Cash flows during the six months ended June 29, 2024 and July 1, 2023 related to derivatives not qualifying as hedges were included in the operating section of the Condensed Consolidated Statements of Cash Flows and were immaterial.

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans On June 12, 2024, the Company’s stockholders approved the amendment and restatement of the National Vision Holdings, Inc. 2017 Omnibus Incentive Plan (as amended and restated, the “2017 Omnibus Incentive Plan”), increasing the number of shares of common stock of the Company authorized for issuance under the 2017 Omnibus Incentive Plan by an additional 5.6 million shares. During the six months ended June 29, 2024, the Company granted 297,032 performance-based restricted stock units (“PSUs”) and 558,161 time-based restricted stock units (“RSUs”) to eligible employees and non-employee directors under the 2017 Omnibus Incentive Plan and 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”). The PSUs granted in fiscal 2024 will be settled after the end of the performance period (i.e., cliff vesting), which begins on the first day of our 2024 fiscal year and ends on the last day of our 2026 fiscal year, and are based on the Company’s achievement of certain performance targets. The RSUs granted in fiscal 2024 vest primarily in three equal annual installments.

Revenue From Contracts with Cus

Revenue From Contracts with Customers	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue From Contracts With Customers	Revenue from Contracts with Customers The majority of our 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. The following disaggregation of revenues depicts our revenue based on the timing of revenue recognition: Three Months Ended Six Months Ended In thousands June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Revenues recognized at a point in time $ 419,747 $ 400,241 $ 870,562 $ 833,587 Revenues recognized over time 31,986 31,545 63,965 63,011 Total net revenue $ 451,733 $ 431,786 $ 934,527 $ 896,598 Refer to Note 12. “Segment Reporting” for the Company’s disaggregation of net revenue by reportable segment. As our reportable segment is aligned by similar economic factors, trends and customers, the reportable segment disaggregation view best depicts how the nature, amount and uncertainty of revenue and cash flows are affected by economic factors. 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 consideration of $3.1 million and $3.5 million during the three months ended June 29, 2024 and July 1, 2023, respectively, and $7.0 million and $7.1 million during the six months ended June 29, 2024 and July 1, 2023, respectively. Accounts Receivable Credit loss expense recognized on our receivables, which is presented in SG&A expenses in the Company’s Condensed Consolidated Statements of Operations, was $0.1 million and $0.2 million for the three months ended June 29, 2024 and July 1, 2023, respectively, and $0.2 million and $0.3 million for the six months ended June 29, 2024 and July 1, 2023, respectively. Unsatisfied Performance Obligations (Contract Liabilities) During the three months ended June 29, 2024 and July 1, 2023, we recognized $23.1 million and $23.0 million, respectively, of deferred revenues outstanding at the beginning of each respective period. During the six months ended June 29, 2024 and July 1, 2023, we recognized $41.2 million and $40.4 million, respectively, of deferred revenues outstanding at the beginning of each respective period. Our deferred revenue balance as of June 29, 2024 and December 30, 2023 was $86.3 million and $84.3 million, respectively. We expect future revenue recognition of the June 29, 2024 balance of $50.6 million, $23.3 million, $10.9 million and $1.5 million in fiscal years 2024, 2025, 2026 and 2027, respectively.

Leases

Leases	6 Months Ended
	Jun. 29, 2024
Leases [Abstract]
Leases	Leases Our lease costs for the three and six months ended June 29, 2024 and July 1, 2023 were as follows: Three Months Ended Six Months Ended In thousands June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Operating lease cost Fixed lease cost (a) $ 25,741 $ 23,939 $ 51,073 $ 47,059 Variable lease cost (b) 9,545 9,051 18,804 17,943 Sublease income (c) (334) (309) (665) (625) Finance lease cost Amortization of finance lease assets 582 894 1,241 1,750 Interest on finance lease liabilities 316 440 648 889 Net lease cost $ 35,850 $ 34,015 $ 71,101 $ 67,016 (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 leasing space to independent optometrists. In thousands Six Months Ended Other Information June 29, 2024 July 1, 2023 Operating cash outflows - operating leases $ 55,615 $ 59,035 Right of use assets acquired under operating leases $ 53,664 $ 59,929
Leases	Leases Our lease costs for the three and six months ended June 29, 2024 and July 1, 2023 were as follows: Three Months Ended Six Months Ended In thousands June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Operating lease cost Fixed lease cost (a) $ 25,741 $ 23,939 $ 51,073 $ 47,059 Variable lease cost (b) 9,545 9,051 18,804 17,943 Sublease income (c) (334) (309) (665) (625) Finance lease cost Amortization of finance lease assets 582 894 1,241 1,750 Interest on finance lease liabilities 316 440 648 889 Net lease cost $ 35,850 $ 34,015 $ 71,101 $ 67,016 (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 leasing space to independent optometrists. In thousands Six Months Ended Other Information June 29, 2024 July 1, 2023 Operating cash outflows - operating leases $ 55,615 $ 59,035 Right of use assets acquired under operating leases $ 53,664 $ 59,929

Commitments and Contingencies

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

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company provides its principal products and services through one reportable segment: Owned & Host. The “Corporate/Other” category includes the results of operations of our other operating segments, as well as corporate overhead support. Revenues from the Corporate/Other category 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. FirstSight sells single-service health plans in connection with the operations of America’s Best operations in California. The “Reconciliations” category represents other adjustments to reportable segment results necessary for the presentation of consolidated financial results in accordance with U.S. GAAP. Our former Legacy reportable segment and certain other results previously included in the Corporate/Other and Reconciliations categories met the requirements to be classified as discontinued operations as of June 29, 2024. Refer to Note 2. “Discontinued Operations” for information related to our discontinued operations. Our reportable segment profit measure is earnings before interest, tax, depreciation and amortization (“EBITDA”) or net revenue, less costs applicable to revenue, less SG&A expenses. Depreciation and amortization, asset impairment, and other corporate costs that are not allocated to the reportable segment, including interest expense (income), net are excluded from segment EBITDA. There are no differences between the measurement of our reportable segment’s assets and consolidated assets. There have been no changes from prior periods in the measurement methods used to determine reportable segment profit or loss, and there have been no asymmetrical allocations to segments. The following is a summary of certain financial data for our Owned & Host reportable segment and Corporate/Other and Reconciliations categories. Reportable segment information is presented on the same basis as our consolidated financial statements, except for net revenue and associated costs applicable to revenue, which are presented on a cash basis, including point of sales for managed care payors and excluding the effects of unearned and deferred revenue, consistent with what the Chief Operating Decision Maker (“CODM”) regularly reviews. Asset information is not included in the following summary since the CODM does not regularly review such information for our reportable segment. Three Months Ended June 29, 2024 In thousands Owned & Host Corporate/Other Reconciliations Total Net product sales $ 349,311 $ 8,099 $ 4,557 $ 361,967 Net sales of services and plans 90,174 — (408) 89,766 Total net revenue 439,485 8,099 4,149 451,733 Costs of products 103,688 6,520 1,005 111,213 Costs of services and plans 82,322 45 — 82,367 Total costs applicable to revenue 186,010 6,565 1,005 193,580 SG&A 174,078 57,275 — 231,353 Asset impairment — 3,519 — 3,519 Other expense (income), net — (2) — (2) EBITDA $ 79,397 $ (59,258) $ 3,144 Depreciation and amortization 22,692 Interest expense, net 3,196 Earnings (loss) from continuing operations before income taxes $ (2,605) Three Months Ended July 1, 2023 In thousands Owned & Host Corporate/Other Reconciliations Total Net product sales $ 339,311 $ 8,347 $ 4,522 $ 352,180 Net sales of services and plans 79,443 1 162 79,606 Total net revenue 418,754 8,348 4,684 431,786 Costs of products 99,521 6,037 804 106,362 Costs of services and plans 73,958 2 — 73,960 Total costs applicable to revenue 173,479 6,039 804 180,322 SG&A 165,772 57,152 — 222,924 Asset impairment — 893 — 893 Other expense (income), net — (3) — (3) EBITDA $ 79,503 $ (55,733) $ 3,880 Depreciation and amortization 22,089 Interest expense, net 1,836 Earnings from continuing operations before income taxes $ 3,725 Six Months Ended June 29, 2024 In thousands Owned & Host Corporate/Other Reconciliations Total Net product sales $ 729,907 $ 16,344 $ 3,799 $ 750,050 Net sales of services and plans 186,429 — (1,952) 184,477 Total net revenue 916,336 16,344 1,847 934,527 Costs of products 211,031 12,746 640 224,417 Costs of services and plans 164,664 45 — 164,709 Total costs applicable to revenue 375,695 12,791 640 389,126 SG&A 353,701 117,780 — 471,481 Asset impairment — 3,975 — 3,975 Other expense (income), net — (1) — (1) EBITDA $ 186,940 $ (118,201) $ 1,207 Depreciation and amortization 45,913 Interest expense, net 7,452 Earnings from continuing operations before income taxes $ 16,581 Six Months Ended July 1, 2023 In thousands Owned & Host Corporate/Other Reconciliations Total Net product sales $ 714,147 $ 17,226 $ 960 $ 732,333 Net sales of services and plans 166,513 1 (2,249) 164,265 Total net revenue 880,660 17,227 (1,289) 896,598 Costs of products 204,878 12,497 61 217,436 Costs of services and plans 149,011 2 — 149,013 Total costs applicable to revenue 353,889 12,499 61 366,449 SG&A 333,617 117,983 — 451,600 Asset impairment — 1,247 — 1,247 Other expense (income), net — (104) — (104) EBITDA $ 193,154 $ (114,398) $ (1,350) Depreciation and amortization 44,045 Interest expense, net 6,703 Earnings from continuing operations before income taxes $ 26,658

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Diluted EPS related to the 2025 Notes is calculated using the if-converted method; the number of dilutive shares is based on the initial conversion rate associated with the 2025 Notes. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows: Three Months Ended Six Months Ended In Thousands, Except Earnings Per Share June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Numerator: Income (loss) from continuing operations, net of tax $ (1,041) $ 3,637 $ 10,712 $ 18,651 Income (loss) from discontinued operations, net of tax $ (2,084) $ 1,977 $ (2,152) $ 5,233 Net income (loss) $ (3,125) $ 5,614 $ 8,560 $ 23,884 Denominator: Weighted average shares outstanding, Basic 78,575 78,101 78,480 78,411 Effect of dilutive securities: Stock options — 83 41 115 Restricted stock units — 159 253 258 Weighted average shares outstanding, Diluted 78,575 78,343 78,774 78,784 Basic earnings (loss) per share: Continuing operations $ (0.01) $ 0.05 $ 0.14 $ 0.24 Discontinued operations $ (0.03) $ 0.03 $ (0.03) $ 0.07 Total $ (0.04) $ 0.07 $ 0.11 $ 0.30 Diluted earnings (loss) per share: Continuing operations $ (0.01) $ 0.05 $ 0.14 $ 0.24 Discontinued operations $ (0.03) $ 0.03 $ (0.03) $ 0.07 Total $ (0.04) $ 0.07 $ 0.11 $ 0.30 Anti-dilutive securities excluded from diluted weighted average common shares 11,385 13,790 11,074 13,614 Some of the totals in the table above do not foot due to rounding differences

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,125)	$ 11,685	$ 5,614	$ 18,270	$ 8,560	$ 23,884

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 29, 2024 shares	Jun. 29, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Melissa Rasmussen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 31, 2024, Melissa Rasmussen, Chief Financial Officer of the Company, adopted a trading arrangement for the sale of the Company’s common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of the Exchange Act Rule 10b5-1(c). Ms. Rasmussen’s Rule 10b5-1 Trading Plan provides for the sale of up to 10,000 shares of common stock pursuant to one or more limit orders from August 30, 2024, until May 30, 2025.
Name	Melissa Rasmussen
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2024
Expiration Date	May 30, 2025
Arrangement Duration	273 days
Aggregate Available	10,000	10,000

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation We prepare our unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and, therefore, do not include all information and disclosures required by U.S. GAAP for complete consolidated financial statements. The Condensed Consolidated Balance Sheet as of December 30, 2023 has been derived from the audited consolidated balance sheet for the fiscal year then ended. These condensed consolidated financial statements reflect all normal and recurring adjustments which are, in the opinion of management, necessary to present fairly the Company’s consolidated results of the interim period. Certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted; however, we believe that the disclosures included herein are sufficient for a fair presentation of the information presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto for the fiscal year ended December 30, 2023 included in the 2023 Annual Report on Form 10-K. The Company’s significant accounting policies are set forth in Note 1. within those consolidated financial statements. We use the same accounting policies in preparing interim condensed consolidated financial information and annual consolidated financial statements. There were no changes to our significant accounting policies during the six months ended June 29, 2024. The condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts within the Condensed Consolidated Statements of Cash Flows and footnotes to the financial statements for fiscal year 2023 have been reclassified to conform to the fiscal year 2024 presentation. Retrospective reclassifications have been made to prior period financial statements and disclosures to present the discontinued operations. Refer to Note 2. “Discontinued Operations” for more information on discontinued operations.
Fiscal Year	Fiscal Year Our fiscal year consists of 52 or 53 weeks ending on the Saturday closest to December 31. Fiscal year 2024 contains 52 weeks and will end on December 28, 2024. All three and six month periods presented herein contain 13 and 26 weeks, respectively. All references to years and quarters relate to fiscal periods rather than calendar periods.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Asset Impairment	Asset Impairment
Income Taxes	Income Taxes The Company’s quarterly provision (benefit) for income taxes has historically been calculated using the annualized effective tax rate (“AETR”) method, which applies an estimated annual effective tax rate to pre-tax income or loss. For the three and six months ended June 29, 2024, the Company calculated the provision (benefit) for income taxes using a discrete effective tax rate (“ETR”) method. The Company determined that due to the fact that small changes in the Company’s estimated pretax income or loss would result in significant changes in the estimated AETR, the historical method would not provide a reliable estimate for the three and six months ended June 29, 2024. Our effective tax rate for the three months ended June 29, 2024 was 60.0%, reflecting our statutory federal and state rate of 25.2%, tax impacts of consolidated VIEs and effects of other permanent items. Our effective tax rate for the three months ended July 1, 2023 was 2.4%, reflecting our statutory federal and state rate of 25.4%, tax impacts of consolidated VIEs, employee-related federal tax credits and effects of other permanent items. Our effective tax rate for the six months ended June 29, 2024 was 35.4%, reflecting our statutory federal and state rate of 25.2%, non-deductible compensation expense, tax impacts of consolidated VIEs and other permanent items. Our effective tax rate for the six months ended July 1, 2023 was 30.0%, reflecting our statutory federal and state rate of 25.4%, tax impacts of non-deductible compensation expenses, reduced deductibility of meals and entertainment and effects of other permanent items.
Discontinued Operations	Discontinued Operations In accordance with ASC 205-20 “Presentation of Financial Statements: Discontinued Operations,” a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. In the period in which the component meets held-for-sale or discontinued operations criteria, the major current assets, non-current assets, current liabilities, and non-current liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations.
Future Adoption of Accounting Pronouncements	Future Adoption of Accounting Pronouncements Reference Rate Reform. The Financial Accounting Standards Board (“FASB”) has issued guidance at various points over the last several years that provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that may be affected by the cessation of the London Inter-bank Offered Rate (“LIBOR”). We are currently able to apply this new guidance for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2024. Refer to Note 7. “Interest Rate Derivatives” for more information on our transition from LIBOR to Term Secured Overnight Financing Rate (“Term SOFR”). Segment reporting . In November 2023, the FASB issued Accounting Standards Update ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update provides, among other things, enhanced segment disclosure requirements including disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. Income taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and for interim periods within fiscal years beginning after December 15, 2025. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. The Enhancement and Standardization of Climate-Related Disclosures for Investors. In March 2024, the SEC issued its final rule on the enhancement and standardization of climate-related disclosures for investors. Subsequent to issuance, the rule became the subject of litigation, and the SEC has issued a stay to allow the legal process to proceed. Unless legal challenges to the rule prevail or the effective date is delayed, this rule will require registrants to disclose certain climate-related information in registration statements and annual reports, and the revisions to Regulation S-X (including disclosure related to severe weather events and other natural conditions) would apply to the Company’s financial statements beginning with the Company’s fiscal year 2025. The Company is currently evaluating the rule to determine the impact on its consolidated financial statements and disclosures. The FASB issued other accounting guidance during the period that is not currently applicable or expected to have a material impact on the Company’s financial statements, and therefore, is not described above.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 29, 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 As of 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: Three Months Ended Six Months Ended In thousands June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Revenue: Net product sales $ 53,471 $ 80,745 $ 127,070 $ 165,353 Net sales of services and plans — 12,809 4,513 25,758 Total net revenue 53,471 93,554 131,583 191,111 Costs applicable to revenue (exclusive of depreciation and amortization): Products 49,901 61,152 109,528 123,180 Services and plans 7 6,365 2,762 12,262 Total costs applicable to revenue 49,908 67,517 112,290 135,442 Operating expenses: Selling, general and administrative expenses 6,542 21,046 23,164 42,293 Depreciation and amortization 370 2,840 1,331 5,697 Asset impairment — — — 33 Other expense (income), net (8) (13) (20) (30) Total operating expenses 6,904 23,873 24,475 47,993 Earnings (loss) from discontinued operations before income taxes (3,341) 2,164 (5,182) 7,676 Income tax provision (benefit) from discontinued operations (1,257) 187 (3,030) 2,443 Income (loss) from discontinued operations, net of tax $ (2,084) $ 1,977 $ (2,152) $ 5,233 The following table presents significant non-cash items and cash flows from investing activities related to discontinued operations: Six Months Ended June 29, 2024 July 1, 2023 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization $ 1,331 5,697 Stock-based compensation expense 81 567 Inventory adjustments 441 (36) Other (564) — Cash flows from investing activities: Purchase of property and equipment — (1,439) Other 1,732 —

Details of Cost Savings Plan (T

Details of Cost Savings Plan (Tables)	6 Months Ended
	Jun. 29, 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 Condensed Consolidated Balance Sheets. Some remaining payments are not anticipated to occur until fiscal year 2025. 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 (1,477) Balance at June 29, 2024 $ 392 Employee compensation benefits During the six months ended June 29, 2024, we recognized $0.1 million in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income, in the Corporate/Other category, related to termination benefits for certain associates.

Details of Certain Balance Sh_2

Details of Certain Balance Sheet Accounts (Tables)	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash and cash equivalents reported within the Condensed Consolidated Balance sheets to the total of Cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows: Six Months Ended In thousands June 29, 2024 July 1, 2023 Cash, cash equivalents and restricted cash: Cash and cash equivalents $ 179,515 $ 254,647 Restricted cash included in other assets 1,477 1,337 $ 180,992 $ 255,984
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 As of Accounts receivable, net: Trade receivables $ 29,096 $ 43,518 Credit card receivables 16,879 27,905 Other receivables (1) 16,451 15,747 Allowance for credit losses (1,358) (316) $ 61,068 $ 86,854 (1) Includes Coronavirus Aid, Relief, and Economic Security (“CARES”) Act receivable in the amount of $9.0 million as of June 29, 2024 and December 30, 2023.
Schedule of Inventories	In thousands As of As of Inventories: Raw materials and work in process (1) $ 55,838 $ 57,367 Finished goods 35,118 62,541 $ 90,956 $ 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 Other Payables and Accrued Expenses	In thousands As of As of Other payables and accrued expenses: Associate compensation and benefits $ 43,684 $ 62,614 Self-insurance liabilities 9,284 9,139 Capital expenditures 12,124 5,412 Advertising 4,862 6,446 Reserves for customer returns and remakes 4,884 9,093 Payable to Walmart 697 6,068 Income taxes payable 3,032 1,863 Supplies and other store support expenses 4,973 5,434 Litigation settlements (See Note 11) 4,950 500 Other 21,514 16,719 $ 110,004 $ 123,288
Schedule of Other Non-current Liabilities	In thousands As of As of Other noncurrent liabilities: Self-insurance liabilities $ 5,816 $ 5,657 Other 2,565 2,808 $ 8,381 $ 8,465

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following: In thousands As of As of 2025 Notes, due May 15, 2025 $ 302,497 $ 302,497 Term Loan A, due June 13, 2028 142,500 146,250 Revolving Loans, due June 13, 2028 — — Long-term debt before unamortized discount and issuance costs 444,997 448,747 Unamortized discount and issuance costs - 2025 Notes (1,609) (2,497) Unamortized discount and issuance costs - Term Loan A (948) (1,066) Long-term debt less debt discount and issuance costs 442,440 445,184 Less current maturities (309,997) (7,500) Long-term debt - noncurrent portion 132,443 437,684 Finance lease obligations 14,375 16,067 Less current maturities (2,891) (2,980) Long-term debt and finance lease obligations, less current portion, discount, and issuance costs $ 143,927 $ 450,771 We recognized the following in Interest expense (income), net related to the 2025 Notes: Three Months Ended Six Months Ended In thousands June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Contractual interest expense $ 1,891 $ 2,515 $ 3,781 $ 5,031 Amortization of issuance costs $ 446 $ 578 $ 888 $ 1,116
Schedule of Maturities of Long-Term Debt	Scheduled annual maturities of debt are as follows: Fiscal Period In thousands 2024 - remainder of fiscal year $ 1,875 2025 311,872 2026 7,500 2027 7,500 2028 116,250 Thereafter — $ 444,997

Revenue From Contracts with C_2

Revenue From Contracts with Customers (Tables)	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenues	The following disaggregation of revenues depicts our revenue based on the timing of revenue recognition: Three Months Ended Six Months Ended In thousands June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Revenues recognized at a point in time $ 419,747 $ 400,241 $ 870,562 $ 833,587 Revenues recognized over time 31,986 31,545 63,965 63,011 Total net revenue $ 451,733 $ 431,786 $ 934,527 $ 896,598

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 29, 2024
Leases [Abstract]
Schedule of Lease Cost	Our lease costs for the three and six months ended June 29, 2024 and July 1, 2023 were as follows: Three Months Ended Six Months Ended In thousands June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Operating lease cost Fixed lease cost (a) $ 25,741 $ 23,939 $ 51,073 $ 47,059 Variable lease cost (b) 9,545 9,051 18,804 17,943 Sublease income (c) (334) (309) (665) (625) Finance lease cost Amortization of finance lease assets 582 894 1,241 1,750 Interest on finance lease liabilities 316 440 648 889 Net lease cost $ 35,850 $ 34,015 $ 71,101 $ 67,016 (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 leasing space to independent optometrists.
Schedule of Operating Lease Cash Flows	In thousands Six Months Ended Other Information June 29, 2024 July 1, 2023 Operating cash outflows - operating leases $ 55,615 $ 59,035 Right of use assets acquired under operating leases $ 53,664 $ 59,929

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Schedule of Financial Data by Segment	The following is a summary of certain financial data for our Owned & Host reportable segment and Corporate/Other and Reconciliations categories. Reportable segment information is presented on the same basis as our consolidated financial statements, except for net revenue and associated costs applicable to revenue, which are presented on a cash basis, including point of sales for managed care payors and excluding the effects of unearned and deferred revenue, consistent with what the Chief Operating Decision Maker (“CODM”) regularly reviews. Asset information is not included in the following summary since the CODM does not regularly review such information for our reportable segment. Three Months Ended June 29, 2024 In thousands Owned & Host Corporate/Other Reconciliations Total Net product sales $ 349,311 $ 8,099 $ 4,557 $ 361,967 Net sales of services and plans 90,174 — (408) 89,766 Total net revenue 439,485 8,099 4,149 451,733 Costs of products 103,688 6,520 1,005 111,213 Costs of services and plans 82,322 45 — 82,367 Total costs applicable to revenue 186,010 6,565 1,005 193,580 SG&A 174,078 57,275 — 231,353 Asset impairment — 3,519 — 3,519 Other expense (income), net — (2) — (2) EBITDA $ 79,397 $ (59,258) $ 3,144 Depreciation and amortization 22,692 Interest expense, net 3,196 Earnings (loss) from continuing operations before income taxes $ (2,605) Three Months Ended July 1, 2023 In thousands Owned & Host Corporate/Other Reconciliations Total Net product sales $ 339,311 $ 8,347 $ 4,522 $ 352,180 Net sales of services and plans 79,443 1 162 79,606 Total net revenue 418,754 8,348 4,684 431,786 Costs of products 99,521 6,037 804 106,362 Costs of services and plans 73,958 2 — 73,960 Total costs applicable to revenue 173,479 6,039 804 180,322 SG&A 165,772 57,152 — 222,924 Asset impairment — 893 — 893 Other expense (income), net — (3) — (3) EBITDA $ 79,503 $ (55,733) $ 3,880 Depreciation and amortization 22,089 Interest expense, net 1,836 Earnings from continuing operations before income taxes $ 3,725 Six Months Ended June 29, 2024 In thousands Owned & Host Corporate/Other Reconciliations Total Net product sales $ 729,907 $ 16,344 $ 3,799 $ 750,050 Net sales of services and plans 186,429 — (1,952) 184,477 Total net revenue 916,336 16,344 1,847 934,527 Costs of products 211,031 12,746 640 224,417 Costs of services and plans 164,664 45 — 164,709 Total costs applicable to revenue 375,695 12,791 640 389,126 SG&A 353,701 117,780 — 471,481 Asset impairment — 3,975 — 3,975 Other expense (income), net — (1) — (1) EBITDA $ 186,940 $ (118,201) $ 1,207 Depreciation and amortization 45,913 Interest expense, net 7,452 Earnings from continuing operations before income taxes $ 16,581 Six Months Ended July 1, 2023 In thousands Owned & Host Corporate/Other Reconciliations Total Net product sales $ 714,147 $ 17,226 $ 960 $ 732,333 Net sales of services and plans 166,513 1 (2,249) 164,265 Total net revenue 880,660 17,227 (1,289) 896,598 Costs of products 204,878 12,497 61 217,436 Costs of services and plans 149,011 2 — 149,013 Total costs applicable to revenue 353,889 12,499 61 366,449 SG&A 333,617 117,983 — 451,600 Asset impairment — 1,247 — 1,247 Other expense (income), net — (104) — (104) EBITDA $ 193,154 $ (114,398) $ (1,350) Depreciation and amortization 44,045 Interest expense, net 6,703 Earnings from continuing operations before income taxes $ 26,658

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted EPS Calculations	A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows: Three Months Ended Six Months Ended In Thousands, Except Earnings Per Share June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Numerator: Income (loss) from continuing operations, net of tax $ (1,041) $ 3,637 $ 10,712 $ 18,651 Income (loss) from discontinued operations, net of tax $ (2,084) $ 1,977 $ (2,152) $ 5,233 Net income (loss) $ (3,125) $ 5,614 $ 8,560 $ 23,884 Denominator: Weighted average shares outstanding, Basic 78,575 78,101 78,480 78,411 Effect of dilutive securities: Stock options — 83 41 115 Restricted stock units — 159 253 258 Weighted average shares outstanding, Diluted 78,575 78,343 78,774 78,784 Basic earnings (loss) per share: Continuing operations $ (0.01) $ 0.05 $ 0.14 $ 0.24 Discontinued operations $ (0.03) $ 0.03 $ (0.03) $ 0.07 Total $ (0.04) $ 0.07 $ 0.11 $ 0.30 Diluted earnings (loss) per share: Continuing operations $ (0.01) $ 0.05 $ 0.14 $ 0.24 Discontinued operations $ (0.03) $ 0.03 $ (0.03) $ 0.07 Total $ (0.04) $ 0.07 $ 0.11 $ 0.30 Anti-dilutive securities excluded from diluted weighted average common shares 11,385 13,790 11,074 13,614 Some of the totals in the table above do not foot due to rounding differences

Description of Business and B_3

Description of Business and Basis of Presentation - Nature of Operations (Details)	Jun. 29, 2024 store store_brand	Dec. 30, 2023 store
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of retail optical locations	1,216	1,188
Number of store brands | store_brand	4
Walmart MSA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of retail optical locations	225

Description of Business and B_4

Description of Business and Basis of Presentation - Basis of Presentation and Principles of Consolidation (Details) $ in Thousands	Jun. 29, 2024 USD ($) corporation	Dec. 30, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of corporations | corporation	29
Assets	$ 2,146,300	$ 2,172,511
Variable Interest Entity, Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets	5,900	8,300
Liabilities	$ 8,100	$ 9,800

Description of Business and B_5

Description of Business and Basis of Presentation - Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accounting Policies [Abstract]
Asset impairment	$ 3,519	$ 893	$ 3,975	$ 1,247

Description of Business and B_6

Description of Business and Basis of Presentation - Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accounting Policies [Abstract]
Effective income tax rate (percent)	60%	2.40%	35.40%	30%
Statutory federal and state rate (percent)	25.20%	25.40%	25.20%	25.40%

Description of Business and B_7

Description of Business and Basis of Presentation - Share Repurchases (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jul. 01, 2023	Feb. 23, 2024
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, value	$ 54	$ 2,721	$ 8	$ 27,609
February 2024 Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount						$ 50,000
Stock repurchase program, remaining authorized repurchase amount	$ 50,000
April 2023 Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)					1.1
Repurchase of common stock, value					$ 25,000

Description of Business and B_8

Description of Business and Basis of Presentation - Investment (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 29, 2024 USD ($)	Jun. 29, 2024 USD ($)
Accounting Policies [Abstract]
Additional investment in entity	$ 0.5
Investments	$ 2.3	$ 2.3
Investments, additional maximum milestone payment amount		$ 1

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Walmart MSA and AC Lens $ in Millions	3 Months Ended	6 Months Ended
	Jun. 29, 2024 USD ($)	Jun. 29, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional costs to be incurred	$ 2	$ 2
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]
Expense from disposal of discontinued operations	$ 2.9	$ (5.7)

Discontinued Operations - Sched

Discontinued Operations - Schedule of Major Classes of Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 29, 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

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Discontinued Operation (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Abandonment - Walmart MSA - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Revenue:
Total net revenue	$ 53,471	$ 93,554	$ 131,583	$ 191,111
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	49,908	67,517	112,290	135,442
Operating expenses:
Selling, general and administrative expenses	6,542	21,046	23,164	42,293
Depreciation and amortization	370	2,840	1,331	5,697
Asset impairment	0	0	0	33
Other expense (income), net	(8)	(13)	(20)	(30)
Total operating expenses	6,904	23,873	24,475	47,993
Earnings (loss) from discontinued operations before income taxes	(3,341)	2,164	(5,182)	7,676
Income tax provision (benefit) from discontinued operations	(1,257)	187	(3,030)	2,443
Income (loss) from discontinued operations, net of tax	(2,084)	1,977	(2,152)	5,233
Net product sales
Revenue:
Total net revenue	53,471	80,745	127,070	165,353
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	49,901	61,152	109,528	123,180
Net sales of services and plans
Revenue:
Total net revenue	0	12,809	4,513	25,758
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	$ 7	$ 6,365	$ 2,762	$ 12,262

Discontinued Operations - Sch_3

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	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$ 370	$ 2,840	$ 1,331	$ 5,697
Stock-based compensation expense			81	567
Inventory adjustments			441	(36)
Other			(564)	0
Cash flows from investing activities:
Purchase of property and equipment			0	(1,439)
Other			$ 1,732	$ 0

Details of Cost Savings Plan -

Details of Cost Savings Plan - Narrative (Details) - Termination Of Walmart Partnership $ in Thousands	6 Months Ended
	Jun. 29, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Charges incurred	$ 1,900
Employee Compensation Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 69

Details of Cost Savings Plan _2

Details of Cost Savings Plan - Other Payables and Accrued Expenses (Details) - Termination Of Walmart Partnership - Employee Compensation Benefits $ in Thousands	6 Months Ended
	Jun. 29, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1,800
Expenses recognized during the period	69
Payments during the period	(1,477)
Ending balance	$ 392

Details of Certain Balance Sh_3

Details of Certain Balance Sheet Accounts - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023	Dec. 31, 2022
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 179,515	$ 149,896	$ 254,647
Restricted cash included in other assets	1,477		1,337
Total cash, cash equivalents and restricted cash	$ 180,992	$ 151,027	$ 255,984	$ 230,624

Details of Certain Balance Sh_4

Details of Certain Balance Sheet Accounts - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Accounts receivable, net:
Allowance for credit losses	$ (1,358)	$ (316)
Accounts receivable, net of allowance	61,068	86,854
The CARES Act
Accounts receivable, net:
Government assistance receivable	9,000	9,000
Trade receivables
Accounts receivable, net:
Accounts receivable, gross	29,096	43,518
Credit card receivables
Accounts receivable, net:
Accounts receivable, gross	16,879	27,905
Other receivables
Accounts receivable, net:
Accounts receivable, gross	$ 16,451	$ 15,747

Details of Certain Balance Sh_5

Details of Certain Balance Sheet Accounts - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Inventories:
Raw materials and work in process	$ 55,838	$ 57,367
Finished goods	35,118	62,541
Inventories	$ 90,956	$ 119,908

Details of Certain Balance Sh_6

Details of Certain Balance Sheet Accounts - Schedule of Other Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Other payables and accrued expenses:
Associate compensation and benefits	$ 43,684	$ 62,614
Self-insurance liabilities	9,284	9,139
Capital expenditures	12,124	5,412
Advertising	4,862	6,446
Reserves for customer returns and remakes	4,884	9,093
Payable to Walmart	697	6,068
Income taxes payable	3,032	1,863
Supplies and other store support expenses	4,973	5,434
Litigation settlements (See Note 11)	4,950	500
Other	21,514	16,719
Total other payables and accrued expenses	$ 110,004	$ 123,288

Details of Certain Balance Sh_7

Details of Certain Balance Sheet Accounts - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Other noncurrent liabilities:
Self-insurance liabilities	$ 5,816	$ 5,657
Other	2,565	2,808
Total other non-current liabilities	$ 8,381	$ 8,465

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment	$ 3,519,000	$ 893,000	$ 3,975,000	$ 1,247,000
Estimated fair value of impaired assets			500,000	$ 1,000,000
Aggregate principal amount	444,997,000		444,997,000		$ 448,747,000
Convertible Senior Notes | 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal amount	$ 302,497,000		$ 302,497,000		302,497,000
Stated interest rate (percent)	2.50%		2.50%
Revolving Loans, due June 13, 2028 | Term Loan A, due June 13, 2028 | First Lien Term A Loan and Revolving Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal amount	$ 142,500,000		$ 142,500,000
Revolving Loans, due June 13, 2028 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal amount	0		0		0
Revolving Loans, due June 13, 2028 | Line of Credit | First Lien Term A Loan and Revolving Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit facility borrowing capacity	300,000,000		300,000,000
Level 2 | Convertible Senior Notes | 2025 Notes | Estimated fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of convertible notes	$ 290,500,000		$ 290,500,000		$ 303,300,000
Discount Rate | Discounted Cash Flow | Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (percent)			11.50%

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	$ 444,997	$ 448,747
Long-term debt less debt discount and issuance costs	442,440	445,184
Less current maturities	(309,997)	(7,500)
Long-term debt - noncurrent portion	132,443	437,684
Finance lease obligations	14,375	16,067
Less current maturities	(2,891)	(2,980)
Long-term debt and finance lease obligations, less current portion, discount, and issuance costs	143,927	450,771
Credit Facility | Revolving Loans, due June 13, 2028
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	0	0
2025 Notes | Convertible Senior Notes
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	302,497	302,497
Unamortized discount and issuance cost	(1,609)	(2,497)
Term Loan A, due June 13, 2028 | Term Loan
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	142,500	146,250
Unamortized discount and issuance cost	$ (948)	$ (1,066)

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Schedule of annual maturities of debt:
2024 - remainder of fiscal year	$ 1,875
2025	311,872
2026	7,500
2027	7,500
2028	116,250
Thereafter	0
Total	$ 444,997	$ 448,747

Long-term Debt - Schedule of In

Long-term Debt - Schedule of Interest Expense (Details) - 2025 Notes - Convertible Senior Notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 1,891	$ 2,515	$ 3,781	$ 5,031
Amortization of issuance costs	$ 446	$ 578	$ 888	$ 1,116

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Debt Instrument [Line Items]
Aggregate principal amount	$ (444,997)	$ (448,747)
Cash and cash equivalents	179,515	149,896	$ 254,647
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount	0	0
2025 Notes | Convertible Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ (302,497)	$ (302,497)
Remaining period for the unamortized debt issuance costs (in years)	1 year
2025 Notes | Convertible Senior Notes | Revision of Prior Period, Reclassification, Adjustment
Debt Instrument [Line Items]
Aggregate principal amount	$ 302,500
Aggregate principal amount, current maturities	302,500
2025 Notes | Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 293,600

Interest Rate Derivatives (Deta

Interest Rate Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Derivative [Line Items]
Estimated unrealized loss reclassification to earnings in next 12 months	$ 0.1		$ 0.1
Interest rate collar
Derivative [Line Items]
Notional amount	300		300
(Gains) losses on change in fair value of derivative	(0.1)	$ (2.8)	(0.5)	$ (2.3)
Interest rate collar | Not designated as hedge
Derivative [Line Items]
Fair value of derivative assets	$ 0.6		$ 0.6		$ 5.6

Stock Incentive Plans (Details)

Stock Incentive Plans (Details)	6 Months Ended
	Jun. 29, 2024 installment shares	Jun. 12, 2024 shares
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	297,032
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	558,161
Number of equal vesting installments | installment	3
2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)		5,600,000

Revenue From Contracts with C_3

Revenue From Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Time frame for majority of payments on health care plans and programs accounts (in days)			90 days
Reductions in revenue for estimated price concessions granted to managed care providers	$ 3.1	$ 3.5	$ 7	$ 7.1
Credit loss expense	0.1	0.2	0.2	0.3
Previously deferred revenue recognized	23.1	$ 23	41.2	$ 40.4
Deferred revenue	86.3		86.3		$ 84.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied	$ 50.6		$ 50.6
Performance obligations expected to be satisfied, expected timing	6 months		6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-29
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied	$ 23.3		$ 23.3
Performance obligations expected to be satisfied, expected timing	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-04
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied	$ 10.9		$ 10.9
Performance obligations expected to be satisfied, expected timing	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-03
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied	$ 1.5		$ 1.5
Performance obligations expected to be satisfied, expected timing	1 year		1 year
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

Revenue From Contracts with C_4

Revenue From Contracts with Customers - Schedule of Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Total net revenue	$ 451,733	$ 431,786	$ 934,527	$ 896,598
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Total net revenue	419,747	400,241	870,562	833,587
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total net revenue	$ 31,986	$ 31,545	$ 63,965	$ 63,011

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Lease cost
Fixed lease cost	$ 25,741	$ 23,939	$ 51,073	$ 47,059
Variable lease cost	9,545	9,051	18,804	17,943
Sublease income	(334)	(309)	(665)	(625)
Amortization of finance lease assets	582	894	1,241	1,750
Interest on finance lease liabilities	316	440	648	889
Net lease cost	$ 35,850	$ 34,015	$ 71,101	$ 67,016

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows - operating leases	$ 55,615	$ 59,035
Right of use assets acquired under operating leases	$ 53,664	$ 59,929

Commitments and Contingencies (

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

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 29, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Reporting - Schedule of

Segment Reporting - Schedule of Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Total net revenue	$ 451,733	$ 431,786	$ 934,527	$ 896,598
Total costs applicable to revenue	193,580	180,322	389,126	366,449
SG&A	231,353	222,924	471,481	451,600
Asset impairment	3,519	893	3,975	1,247
Other expense (income), net	(2)	(3)	(1)	(104)
Depreciation and amortization	22,692	22,089	45,913	44,045
Interest expense, net	3,196	1,836
Earnings (loss) from continuing operations before income taxes	(2,605)	3,725	16,581	26,658
Products
Segment Reporting Information [Line Items]
Total net revenue	361,967	352,180	750,050	732,333
Total costs applicable to revenue	111,213	106,362	224,417	217,436
Services and plans
Segment Reporting Information [Line Items]
Total net revenue	89,766	79,606	184,477	164,265
Total costs applicable to revenue	82,367	73,960	164,709	149,013
Operating Segments | Owned & Host
Segment Reporting Information [Line Items]
Total net revenue	439,485	418,754	916,336	880,660
Total costs applicable to revenue	186,010	173,479	375,695	353,889
SG&A	174,078	165,772	353,701	333,617
Asset impairment	0	0	0	0
Other expense (income), net	0	0	0	0
EBITDA	79,397	79,503	186,940	193,154
Operating Segments | Owned & Host | Products
Segment Reporting Information [Line Items]
Total net revenue	349,311	339,311	729,907	714,147
Total costs applicable to revenue	103,688	99,521	211,031	204,878
Operating Segments | Owned & Host | Services and plans
Segment Reporting Information [Line Items]
Total net revenue	90,174	79,443	186,429	166,513
Total costs applicable to revenue	82,322	73,958	164,664	149,011
Operating Segments | Corporate/Other
Segment Reporting Information [Line Items]
Total net revenue	8,099	8,348	16,344	17,227
Total costs applicable to revenue	6,565	6,039	12,791	12,499
SG&A	57,275	57,152	117,780	117,983
Asset impairment	3,519	893	3,975	1,247
Other expense (income), net	(2)	(3)	(1)	(104)
EBITDA	(59,258)	(55,733)	(118,201)	(114,398)
Operating Segments | Corporate/Other | Products
Segment Reporting Information [Line Items]
Total net revenue	8,099	8,347	16,344	17,226
Total costs applicable to revenue	6,520	6,037	12,746	12,497
Operating Segments | Corporate/Other | Services and plans
Segment Reporting Information [Line Items]
Total net revenue	0	1	0	1
Total costs applicable to revenue	45	2	45	2
Reconciliations
Segment Reporting Information [Line Items]
Total net revenue	4,149	4,684	1,847	(1,289)
Total costs applicable to revenue	1,005	804	640	61
SG&A	0	0	0	0
Asset impairment	0	0	0	0
Other expense (income), net	0	0	0	0
EBITDA	3,144	3,880	1,207	(1,350)
Reconciliations | Products
Segment Reporting Information [Line Items]
Total net revenue	4,557	4,522	3,799	960
Total costs applicable to revenue	1,005	804	640	61
Reconciliations | Services and plans
Segment Reporting Information [Line Items]
Total net revenue	(408)	162	(1,952)	(2,249)
Total costs applicable to revenue	$ 0	$ 0	$ 0	$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Numerator:
Income (loss) from continuing operations, net of tax	$ (1,041)		$ 3,637		$ 10,712	$ 18,651
Income (loss) from discontinued operations, net of tax	(2,084)		1,977		(2,152)	5,233
Net income (loss)	$ (3,125)	$ 11,685	$ 5,614	$ 18,270	$ 8,560	$ 23,884
Denominator:
Weighted average shares outstanding, Basic (in shares)	78,575		78,101		78,480	78,411
Effect of dilutive securities:
Stock options (in shares)	0		83		41	115
Restricted stock units (in shares)	0		159		253	258
Weighted average shares outstanding for diluted EPS (in shares)	78,575		78,343		78,774	78,784
Basic earnings (loss) per share:
Continuing operations (in usd per share)	$ (0.01)		$ 0.05		$ 0.14	$ 0.24
Discontinued operations (in usd per share)	(0.03)		0.03		(0.03)	0.07
Total (in usd per share)	(0.04)		0.07		0.11	0.30
Diluted earnings (loss) per share:
Continuing operations (in usd per share)	(0.01)		0.05		0.14	0.24
Discontinued operations (in usd per share)	(0.03)		0.03		(0.03)	0.07
Total (in usd per share)	$ (0.04)		$ 0.07		$ 0.11	$ 0.30
Stock Options, Restricted Stock Units (RSUs) and Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted weighted average common shares (in shares)	11,385		13,790		11,074	13,614