National Vision Holdings Inc

For the period ended Sep 28, 2024. Filed Nov 6, 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.

Sep 28, 2024 · Filed Nov 6, 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. 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 September 28, 2024
In thousands	Owned & Host	Corporate/Other	Reconciliations	Total
Net product sales	$356,404	$5,338	$1,414	$363,156
Net sales of services and plans	88,678	—	(319)	88,359
Total net revenue	445,082	5,338	1,095	451,515
Costs of products	101,535	4,366	491	106,392
Costs of services and plans	83,504	33	—	83,537
Total costs applicable to revenue	185,039	4,399	491	189,929
SG&A	179,229	54,762	—	233,991
Asset impairment	—	13,726	—	13,726
Other expense (income), net	—	—	—	—
Gain on extinguishment of debt	—	(859)	—	(859)
EBITDA	$80,814	$(66,690)	$604
Depreciation and amortization			22,690
Interest expense, net			4,108
Loss from continuing operations before income taxes			$(12,070)

	Three Months Ended September 30, 2023
In thousands	Owned & Host	Corporate/Other	Reconciliations	Total
Net product sales	$346,538	$8,273	$(245)	$354,566
Net sales of services and plans	84,388	(1)	(133)	84,254
Total net revenue	430,926	8,272	(378)	438,820
Costs of products	99,793	6,063	(6)	105,850
Costs of services and plans	77,979	—	—	77,979
Total costs applicable to revenue	177,772	6,063	(6)	183,829
SG&A	169,020	58,495	—	227,515
Asset impairment	—	1,452	—	1,452
Other expense (income), net	—	1	—	1
EBITDA	$84,134	$(57,739)	$(372)
Depreciation and amortization			22,476
Interest expense, net			3,722
Loss from continuing operations before income taxes			$(175)

	Nine Months Ended September 28, 2024
In thousands	Owned & Host	Corporate/Other	Reconciliations	Total
Net product sales	$1,086,311	$21,682	$5,213	$1,113,206
Net sales of services and plans	275,107	—	(2,271)	272,836
Total net revenue	1,361,418	21,682	2,942	1,386,042
Costs of products	312,566	17,112	1,131	330,809
Costs of services and plans	248,168	78	—	248,246
Total costs applicable to revenue	560,734	17,190	1,131	579,055
SG&A	532,930	172,542	—	705,472
Asset impairment	—	17,701	—	17,701
Other expense (income), net	—	(1)	—	(1)
Gain on extinguishment of debt	—	(859)	—	(859)
EBITDA	$267,754	$(184,891)	$1,811
Depreciation and amortization			68,603
Interest expense, net			11,560
Earnings from continuing operations before income taxes			$4,511

	Nine Months Ended September 30, 2023
In thousands	Owned & Host	Corporate/Other	Reconciliations	Total
Net product sales	$1,060,684	$25,500	$715	$1,086,899
Net sales of services and plans	250,901	—	(2,382)	248,519
Total net revenue	1,311,585	25,500	(1,667)	1,335,418
Costs of products	304,671	18,560	55	323,286
Costs of services and plans	226,990	2	—	226,992
Total costs applicable to revenue	531,661	18,562	55	550,278
SG&A	502,638	176,477	—	679,115
Asset impairment	—	2,699	—	2,699
Other expense (income), net	—	(103)	—	(103)
EBITDA	$277,286	$(172,135)	$(1,722)
Depreciation and amortization			66,521
Interest expense, net			10,425
Earnings from continuing operations before income taxes			$26,483

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