National Vision Holdings Inc

For the period ended Jun 29, 2024. Filed Aug 7, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 29, 2024 · Filed Aug 7, 2024

EYE$18.97+6.0%Stored close · as of Nov 9, 2026

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Contents

12. Segment Reporting

Segment Reporting

The Company provides its principal products and services throughone 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

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