DULUTH, Ga.--(BUSINESS WIRE)--National Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision” or the “Company”) will report its fourth quarter and fiscal 2023 financial results before the market opens on Tuesday, February 27, 2024. The Company will host a conference call to discuss these results on Tuesday, February 27, 2024, at 8:30 a.m. Eastern Time. To pre-register for the conference call and obtain a dial-in number and passcode, please refer to the “Investors” section of the Company’s website at www.nat ...

Limited-edition collaboration features innovative designs that complement diverse faces.DULUTH, Ga., Jan. 30, 2024 /PRNewswire/ -- National Vision, Inc. the nation's second largest optical retailer and provider of quality, affordable eye care and eyewear, announced its collaboration with women and Black-owned eyewear company, Vontélle Eyewear, on an exclusive frame collection celebrating Black History Month. The limited-edition Official by Vontélle frames will be available while supplies last in all 900+ Am ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ 2435 Commerce Ave Building 2200 30096 Duluth, Georgia (Zip Code) National Vision Holdings, Inc. (Address of principal executive offices) FORM 10-Q _______________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRAN ...

Q2 2023 Financial Results Advancing Strategic Initiatives PADSSAN ❖ Net revenue increased 3.1% vs. Q2 2022 primarily due to: Forward-Looking Statements This presentation contains forward-looking statements w ithin the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements contained under "Fiscal 2023 Outlook" as w ell as other statements related to our current ...

Net Revenue ($M) 6.6% increase 7.1% (12.0)% decrease 8.6% Q1 2022 Q1 2023 • Adjusted SG&A Percent of Net Revenue1increased 140 bps to 43.7% compared to Q1 2022 primarily due to: $45.3 $39.9 ◦ Higher performance-based incentive compensation of 120 basis points and higher payroll of 60 basis points, partially offset by advertising leverage of 40 basis points • Net revenue increased 6.6% over Q1 2022 primarily due to: ◦ Growth from new store sales and recognition of unearned revenue ◦ Net revenue was positivel ...

Caitlin Churchill - ICR Reade Fahs - CEO, President & Director Melissa Rasmussen - SVP, CAO & CFO Patrick Moore - SVP & COO I would now like to hand the conference over to your speaker today, Caitlin Churchill of Investor Relations. Please go ahead. The release and today's presentation also include certain non-GAAP measures. Reconciliation of these measures is included in our release and the supplemental presentation. We also would like to draw your attention to Slide 2 in today's presentation for additiona ...

Financial Data and Key Metrics Changes - Adjusted comparable store sales growth declined 2.4% compared to an increase of 1.2% in the fourth quarter of 2021, driven by lower traffic partially offset by an increase in average ticket [2] - Adjusted diluted EPS was a loss of $0.08 compared to earnings of $0.13 per share in the prior year period [3] - Net revenue for the fourth quarter decreased 1.9% compared to the prior year due to macroeconomic headwinds and constraints to exam capacity [122] - Adjusted operating income was a loss of $6.8 million compared to adjusted operating income of $16.8 million in the prior-year period [94] - For the year, net revenue decreased approximately 3.6% versus 2021, with adjusted operating income of $87.8 million and adjusted diluted EPS of $0.65 per share [69] Business Line Data and Key Metrics Changes - Managed care sales saw positive comp growth for both the quarter and the year, indicating an increase in customers with vision insurance [58] - The company opened 23 new America's Best stores, resulting in a 1.7% increase in total store count sequentially over the third quarter of 2022 [93] - Inventory per store declined 6% on a year-over-year basis, indicating effective inventory management [70] Market Data and Key Metrics Changes - The pandemic created a national shortage of optometrists, leading to increased retirements and reduced availability of doctors [22] - The company noted a significant trade down from higher-income consumers, with a shift towards more budget-conscious purchasing behavior [8][110] Company Strategy and Development Direction - The company is focusing on expanding remote care capabilities, improving doctor recruitment and retention, and enhancing omnichannel capabilities [85][90] - Plans for 2023 include opening approximately 65 to 70 new stores and continuing to invest in technology and digitalization initiatives [96] - The company aims to leverage remote care and scheduling options to address doctor capacity constraints and improve service delivery [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the macroeconomic environment, particularly its impact on budget-conscious consumers [5][81] - The company anticipates a gradual return to a more normalized optical purchasing cycle and improved consumer sentiment [6][8] - Management believes that the actions taken will position the company for long-term success despite short-term margin pressures [90][128] Other Important Information - The company returned capital to stockholders with the repurchase of 2.7 million shares for $80 million, with $50 million remaining under the current share repurchase authorization [4] - The company expects adjusted operating income between $48 million and $66 million for 2023, with adjusted diluted EPS between $0.42 and $0.60 per share [96] Q&A Session Summary Question: What factors contributed to the comp shortfall in 2022? - Management attributed the comp shortfall primarily to doctor capacity challenges and macroeconomic pressures affecting consumer behavior [130] Question: How does the company plan to address the doctor shortage? - The company is implementing flexible scheduling options and enhancing variable compensation programs to improve doctor recruitment and retention [11][135] Question: What is the outlook for insured versus uninsured consumers? - Management expects the percentage of managed care consumers to continue growing, which should help offset challenges from uninsured customers [112][140] Question: How is the competitive environment evolving? - The company noted that traditional higher-cost segments are losing market share to value segments, where the company is positioned as a winner [145] Question: What are the expectations for remote care implementation in 2023? - The company plans to roll out remote care capabilities to at least 200 stores in 2023, building on the success of previous implementations [40][145]

Financial Performance - Net revenue for Q4 2022 decreased by 1.9% to $468.9 million compared to Q4 2021, and fiscal year 2022 net revenue decreased by 3.6% to $2.01 billion compared to fiscal year 2021[22] - Adjusted operating income for Q4 2022 decreased by 140% to $(6.8) million, and for fiscal year 2022, it decreased by 57.1% to $87.8 million[22] - Adjusted diluted EPS for Q4 2022 decreased by 162% to $(0.08), and for fiscal year 2022, it decreased by 56.2% to $0.65[22] - Adjusted comparable store sales growth was (2.4)% in Q4 2022 and (7.6)% in fiscal year 2022[33] Capital Structure and Cash Flow - The company's debt structure includes a $150 million term loan, $402.5 million in convertible notes, and a $294 million credit facility capacity[2,85] - Capital expenditures for 2022 were $114 million, primarily for new store openings and customer-facing technology investments[85] - The company repurchased 2.7 million shares for $80 million in 2022[85] 2023 Outlook - The company anticipates opening 65 to 70 new stores in 2023[87] - Adjusted comparable store sales growth is projected to be between 0% and 3% in 2023[87] - Net revenue is expected to be between $2.075 billion and $2.135 billion in 2023[87] - Adjusted diluted EPS is projected to be between $0.42 and $0.60 in 2023, assuming approximately 80.2 million shares[87]

PART I [Business](index=6&type=section&id=Item%201.%20Business) National Vision is a leading U.S. value optical retailer, operating 1,354 stores and providing affordable eye care and eyewear - National Vision is a leading value optical retailer in the U.S. with a mission to make eye care and eyewear affordable and accessible, operating **1,354 retail stores** and **16 consumer websites** as of fiscal year-end 2022[24](index=24&type=chunk) Overview of Brands (as of Dec 31, 2022) | Brand | Positioning | OD Model | Store Count | Avg. Sq. Ft. | Frame SKUs | Lab Type | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **America's Best** | Lowest Price | Employed ODs | 905 | ~3,500 | ~1,400 | Centralized Lab | | **Eyeglass World** | Eyewear Value Superstore | Mostly Independent ODs | 136 | ~4,500 | ~1,400 | In-Store / Centralized | | **Vista Optical (Fred Meyer)** | Shop-Within-A-Shop | Mostly Independent ODs | 29 | ~800 | ~600 | Centralized Lab | | **Vista Optical (Military)** | Commissary Store | Mostly Independent ODs | 54 | ~1,000 | ~800 | Centralized Lab | | **Walmart Vision Center** | Shop-Within-A-Shop | Mostly Independent ODs | 230 | ~1,800 | ~800 | Centralized Lab | - The company has a long-term growth target to expand its America's Best brand to at least **1,300 stores** and its Eyeglass World brand to at least **850 stores**, totaling at least **2,150 stores**[30](index=30&type=chunk) - As of December 31, 2022, the company had **13,975 full-time and part-time associates**; professional corporations it contracts with employed an additional **1,841 optometrists**[60](index=60&type=chunk) - The company has deployed a telehealth solution in approximately **300 America's Best locations** as of year-end 2022, allowing remote optometrists to conduct eye exams and address exam capacity constraints[46](index=46&type=chunk) - The business is subject to extensive government regulation, including state laws on the corporate practice of medicine, the Fairness to Contact Lens Consumers Act (FCLCA), HIPAA for data privacy, and FDA regulations for medical devices[88](index=88&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk)[95](index=95&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) The company faces multiple risks including economic volatility, intense competition, operational challenges, and substantial indebtedness - Business and operational risks include the continued impact of the COVID-19 pandemic, economic volatility affecting consumer spending, intense industry competition, and challenges in recruiting and retaining vision care professionals, which led to exam capacity constraints in 2022[109](index=109&type=chunk)[113](index=113&type=chunk)[117](index=117&type=chunk)[120](index=120&type=chunk) - The company has significant concentration risk with its Legacy partner, Walmart; sales from this arrangement represented **7.6% of consolidated net revenue** in fiscal 2022; the management agreement term ends on February 23, 2024[125](index=125&type=chunk) - There is a high concentration of supplier risk; in fiscal year 2022, **87% of spectacle lens expenditures** were with one vendor, and **92% of contact lens expenditures** were with three vendors[170](index=170&type=chunk) - The company has a significant amount of debt, totaling approximately **$552.5 million** as of December 31, 2022, which could limit business flexibility and affect its financial position[203](index=203&type=chunk) - Extensive state and federal regulations, particularly those related to the corporate practice of medicine/optometry and telehealth, pose a risk to the company's operating model and its ability to expand its remote medicine solutions[181](index=181&type=chunk) [Unresolved Staff Comments](index=42&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[228](index=228&type=chunk) [Properties](index=43&type=section&id=Item%202.%20Properties) The company leases all its retail stores, corporate offices, and facilities, including 905 America's Best and 136 Eyeglass World stores - The company leases all of its America's Best and Eyeglass World retail stores, typically with **5- to 10-year noncancelable terms**[230](index=230&type=chunk) Store Count by Major Brand (as of Dec 31, 2022) | Brand | Store Count | | :--- | :--- | | America's Best | 905 | | Eyeglass World | 136 | | Legacy (Walmart) | 230 | | Other (Vista Optical) | 83 | - Corporate offices are leased in Duluth, Georgia, with additional leased office space in Columbus, Ohio (AC Lens) and Upland, California (FirstSight)[233](index=233&type=chunk) [Legal Proceedings](index=44&type=section&id=Item%203.%20Legal%20Proceedings) The company faces various legal proceedings, including a wage and hour class action and a securities class action lawsuit - A lawsuit was filed by a former employee in California alleging violations of wage and hour laws on behalf of a proposed class[573](index=573&type=chunk) - A purported class action complaint was filed in federal court in Georgia alleging violations of the Exchange Act for materially false and misleading statements made between May 2021 and May 2022[574](index=574&type=chunk) [Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[235](index=235&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under 'EYE', has no dividend plans, and maintains a share repurchase program - The company's common stock is listed on the Nasdaq Global Select Market under the symbol 'EYE'[237](index=237&type=chunk) - The company has no current plans to pay dividends on its common stock[241](index=241&type=chunk) - The Board of Directors has authorized a total of **$200 million** for share repurchases; during fiscal year 2022, the company repurchased **2.7 million shares** for **$80.0 million**, with approximately **$50 million** remaining available as of December 31, 2022[240](index=240&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal year 2022, net revenue decreased by 3.6% to $2.01 billion, leading to a 67.2% drop in net income, reflecting macroeconomic pressures and capacity constraints [Results of Operations](index=54&type=section&id=Results%20of%20Operations) In fiscal year 2022, net revenue decreased by 3.6% to $2.01 billion, primarily due to a 7.6% decline in comparable store sales, significantly impacting profitability Fiscal Year 2022 vs. 2021 Performance (in millions) | Metric | Fiscal Year 2022 | Fiscal Year 2021 | % Change | | :--- | :--- | :--- | :--- | | **Total Net Revenue** | $2,005.4 M | $2,079.5 M | (3.6)% | | **Income from Operations** | $61.3 M | $174.9 M | (65.0)% | | **Net Income** | $42.1 M | $128.2 M | (67.2)% | | **Diluted EPS** | $0.52 | $1.43 | (63.6)% | | **Adjusted EBITDA** | $180.3 M | $294.4 M | (38.8)% | - The **3.6% decrease in net revenue** for FY 2022 was primarily driven by a decline in Adjusted Comparable Store Sales Growth of **(7.6)%**, partially offset by sales from **80 new stores** opened during the year[293](index=293&type=chunk)[295](index=295&type=chunk) - Costs applicable to revenue increased as a percentage of net revenue to **46.2%** in FY 2022 from **43.5%** in FY 2021, mainly due to higher optometrist-related costs and lower eyeglass margin[300](index=300&type=chunk) - Selling, general and administrative (SG&A) expenses increased as a percentage of net revenue to **45.6%** in FY 2022 from **43.3%** in FY 2021, driven by higher store payroll and corporate overhead, partially offset by lower incentive compensation[306](index=306&type=chunk) [Liquidity and Capital Resources](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2022, the company had $229.4 million in cash and $293.6 million in revolving credit availability, with operating cash flow decreasing - As of December 31, 2022, the company had **$229.4 million in cash and cash equivalents** and **$293.6 million of availability** under its revolving credit facility[361](index=361&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Fiscal Year 2022 | Fiscal Year 2021 | Fiscal Year 2020 | | :--- | :--- | :--- | :--- | | **Operating Activities** | $119,198 | $258,938 | $234,981 | | **Investing Activities** | $(110,894) | $(92,897) | $(76,410) | | **Financing Activities** | $(84,556) | $(234,324) | $176,281 | - Net cash from operating activities decreased by **$139.7 million** in FY 2022, primarily due to an **$86.1 million decrease in net income** and unfavorable changes in working capital[362](index=362&type=chunk) - Capital expenditures totaled **$113.5 million** in FY 2022, an increase from **$95.5 million** in FY 2021, mainly for new stores and remote medicine infrastructure; the company projects **$115 million to $120 million** for fiscal year 2023[366](index=366&type=chunk)[373](index=373&type=chunk)[374](index=374&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=69&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is to changes in interest rates on its variable-rate debt, with $150.0 million subject to variable rates as of December 31, 2022 - The company is exposed to market risk from changes in interest rates on its variable-rate debt[398](index=398&type=chunk) - As of December 31, 2022, **$150.0 million of term loan borrowings** were subject to variable interest rates; the company uses an interest rate collar to mitigate some of the effects of interest rate increases[399](index=399&type=chunk)[400](index=400&type=chunk) [Financial Statements and Supplementary Data](index=70&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2020-2022, including key financial statements and an unqualified auditor opinion Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2022 | Jan 1, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $473,836 | $514,576 | | **Goodwill** | $777,613 | $777,613 | | **Total Assets** | $2,291,246 | $2,293,091 | | **Total Current Liabilities** | $344,264 | $343,803 | | **Long-term Debt & Finance Leases** | $563,388 | $566,081 | | **Total Liabilities** | $1,390,133 | $1,367,111 | | **Total Stockholders' Equity** | $901,113 | $925,980 | Consolidated Statement of Operations Highlights (in thousands) | Account | Fiscal Year 2022 | Fiscal Year 2021 | Fiscal Year 2020 | | :--- | :--- | :--- | :--- | | **Total Net Revenue** | $2,005,404 | $2,079,525 | $1,711,760 | | **Total Costs Applicable to Revenue** | $925,587 | $904,779 | $786,624 | | **Income from Operations** | $61,275 | $174,937 | $87,007 | | **Net Income** | $42,122 | $128,244 | $36,277 | - The goodwill balance for the Legacy segment was **$60.1 million** as of December 31, 2022; the fair value of this reporting unit exceeded its carrying value by a relatively small margin, making it sensitive to changes in assumptions like the discount rate, which was identified as a Critical Audit Matter[409](index=409&type=chunk)[410](index=410&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=112&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[611](index=611&type=chunk) [Controls and Procedures](index=112&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[613](index=613&type=chunk) - Management concluded that the company maintained effective internal control over financial reporting as of December 31, 2022, based on the COSO framework[616](index=616&type=chunk) - No changes in internal control over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[617](index=617&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=114&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section identifies executive officers as of March 1, 2023, and incorporates detailed information from the 2023 Proxy Statement Executive Officers (as of March 1, 2023) | Name | Age | Position | | :--- | :--- | :--- | | L. Reade Fahs | 62 | Chief Executive Officer and Director | | Melissa Rasmussen | 46 | Senior Vice President, Chief Financial Officer | | Patrick R. Moore | 59 | Senior Vice President, Chief Operating Officer | | Ravi Acharya | 48 | Senior Vice President, Chief Technology Officer | | Jared Brandman | 46 | Senior Vice President, General Counsel and Secretary | | Bill Clark | 48 | Senior Vice President, Chief People Officer | | Joe VanDette | 45 | Senior Vice President, Chief Marketing Officer | - Additional information required by this item is incorporated by reference from the company's definitive 2023 Proxy Statement[636](index=636&type=chunk) [Executive Compensation](index=115&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2023 Proxy Statement - Information is incorporated by reference from the 2023 Proxy Statement[637](index=637&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=115&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the company's 2023 Proxy Statement - Information is incorporated by reference from the 2023 Proxy Statement[638](index=638&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=115&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information regarding related transactions and director independence is incorporated by reference from the company's 2023 Proxy Statement - Information is incorporated by reference from the 2023 Proxy Statement[639](index=639&type=chunk) [Principal Accountant Fees and Services](index=115&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's 2023 Proxy Statement - Information is incorporated by reference from the 2023 Proxy Statement[640](index=640&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=116&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists consolidated financial statements, schedules, and an index of all exhibits filed with or incorporated by reference into the Form 10-K report - This section lists the consolidated financial statements, financial statement schedules, and all exhibits filed as part of the Form 10-K[642](index=642&type=chunk)[643](index=643&type=chunk) [Form 10-K Summary](index=119&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary - None[650](index=650&type=chunk)

National Vision Holdings, Inc. (NASDAQ:EYE) Q2 2022 Results Conference Call August 11, 2022 10:00 AM ET Company Participants David Mann - SVP, IR Reade Fahs - CEO Patrick Moore - COO and CFO Conference Call Participants Kate McShane - Goldman Sachs Simeon Gutman - Morgan Stanley Stephanie Wissink - Jefferies Adrienne Yih - Barclays Michael Lasser - UBS Dylan Carden - William Blair Zack Fadem - Wells Fargo Bob Drbul - Guggenheim Partners Operator Thank you for standing by, and welcome to the National Vision ...