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v3.25.1

Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Leases The Company leases retail, office, optical laboratory, and distribution center space under operating leases from third parties. As of March 31, 2025, the total lease terms of the various leases range from 1 to 12 years. The leases generally contain renewal options and rent escalation clauses, and from time to time include contingent rent provisions. Renewal options are exercisable at the Company’s sole discretion and are included in the lease term if they are reasonably certain to be exercised. In general it is not reasonably certain that lease renewals will be exercised at lease commencement and as such, lease renewals are not included in the lease term. Net lease expense consists of the following:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Operating lease expense | $ | 9,357 |  |  | $ | 8,091 |  |  |  |  |
Variable lease expense(1) | 355 |  |  | 196 |  |  |  |  |
Net lease expense | $ | 9,712 |  |  | $ | 8,287 |  |  |  |  |
(1) Variable lease expense primarily consists of contingent rent. The following table presents future lease payments:
| Operating Leases(1)
2025 | $ | 23,223 |
2026 | 46,641 |
2027 | 49,411 |
2028 | 44,789 |
2029 | 35,895 |
Thereafter | 72,784 |
Future minimum lease payments | 272,743 |
Impact of discounting | 49,083 |
Present value of lease payments | $ | 223,660 |
(1) The years 2025 and 2026 include $12.0 million and $4.0 million of expected cash inflows from tenant improvement allowances. Operating lease payments exclude $7.0 million of legally binding minimum lease payments related to executed leases for which the Company has not yet taken possession of the leased premises. The following tables present other relevant lease information:
| March 31, 2025
Weighted average remaining lease term (years) | 6.3
Weighted average discount rate | 5.6 | %
| Three Months Ended March 31,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 11,447 |  |  | $ | 10,400 |
Lease assets obtained in exchange for new operating lease liabilities | $ | 5,806 |  |  | $ | 13,527 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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