{"id":54370,"date":"2023-03-01T12:07:37","date_gmt":"2023-03-01T11:07:37","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/national-vision-holdings-inc-reports-fourth-quarter-and-fiscal-2022-financial-results\/"},"modified":"2023-03-01T12:07:37","modified_gmt":"2023-03-01T11:07:37","slug":"national-vision-holdings-inc-reports-fourth-quarter-and-fiscal-2022-financial-results","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/national-vision-holdings-inc-reports-fourth-quarter-and-fiscal-2022-financial-results\/","title":{"rendered":"National Vision Holdings, Inc. Reports Fourth Quarter and Fiscal 2022 Financial Results"},"content":{"rendered":"<div>\n<p>\n<b>Fourth quarter 2022 highlights:<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n<i>Net revenue of $468.9 million, a decrease of 1.9% from Q4 2021<\/i>\n<\/li>\n<li>\n<i>Comparable store sales growth of (5.7)% &amp; Adjusted Comparable Store Sales Growth of (2.4)% from Q4 2021<\/i>\n<\/li>\n<li>\n<i>Net income of $(9.3) million and Diluted EPS of $(0.12) compared to $6.2 million and $0.07, respectively, in Q4 2021<\/i>\n<\/li>\n<li>\n<i>Adjusted Operating Income of $(6.8) million compared to $16.8 million in Q4 2021<\/i>\n<\/li>\n<li>\n<i>Adjusted Diluted EPS of $(0.08) compared to $0.13 in Q4 2021<\/i>\n<\/li>\n<li>\n<i>Announces 2023 key strategic initiatives<\/i>\n<\/li>\n<\/ul>\n<p>DULUTH, Ga.&#8211;(BUSINESS WIRE)&#8211;National Vision Holdings, Inc. (NASDAQ: EYE) (\u201cNational Vision\u201d or the \u201cCompany\u201d) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2022, and is providing its outlook for fiscal 2023.\n<\/p>\n<p>\nReade Fahs, Chief Executive Officer, stated, \u201cWe ended the year in line with our guidance expectations despite the challenging macroeconomic environment which negatively impacted the optical industry and especially our core value conscious uninsured customer base. These headwinds notwithstanding, we were encouraged by positive comps in our managed care business for both the quarter and the year as well as improvements in exam capacity in a number of areas. In addition, we successfully rolled out remote medicine and electronic health record capabilities in over 300 locations and delivered on our objective of opening 80 new stores in 2022.\u201d\n<\/p>\n<p>\nMr. Fahs continued, \u201cAs we enter 2023, we are building on the progress in 2022, with our 2023 key strategic initiatives including continuing to expand exam capacity, furthering the digitization of our stores and corporate office, leveraging our omni-channel capabilities and capitalizing on our whitespace opportunity. As part of these initiatives, we are making significant enhancements to Optometrist recruiting and retention initiatives, including increased scheduling options. We began piloting these changes in the fourth quarter and have seen early positive results. We plan to continue to expand our remote medicine and electronic health records capabilities to additional America\u2019s Best stores in 2023. While we expect the uncertain macro environment and increased inflationary pressures, along with the investments in these initiatives, to weigh on profitability in the near-term, we believe the actions we are taking will better position us for continued success and improved market position longer term.\u201d\n<\/p>\n<p>\n<i>Adjusted Comparable Store Sales Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Diluted EPS, Adjusted Operating Margin, Adjusted EBITDA Margin, and EBITDA are not measures recognized under generally accepted accounting principles (<\/i>\u201c<i>GAAP<\/i>\u201d<i>). Please see <\/i>\u201c<i>Non-GAAP Financial Measures<\/i>\u201d<i> and <\/i>\u201c<i>Reconciliation of Non-GAAP to GAAP Financial Measures<\/i>\u201d<i> below for more information.<\/i>\n<\/p>\n<p>\n<b>Fourth Quarter 2022 Summary compared to Fourth Quarter 2021<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nNet<i> <\/i>revenue decreased 1.9% to $468.9 million compared to the fourth quarter of 2021. Net revenue was negatively impacted by 2.9% due to the timing of unearned revenue.\n<\/li>\n<li>\nComparable store sales growth was (5.7)% and Adjusted Comparable Store Sales Growth was (2.4)%.\n<\/li>\n<li>\nThe Company opened 23 new stores, closed one store, and ended the quarter with 1,354 stores. Overall, store count grew 5.9% from January 1, 2022 to December 31, 2022.\n<\/li>\n<li>\nCosts applicable to revenue increased 2.1% to $222.2 million compared to the fourth quarter of 2021. As a percentage of net revenue, costs applicable to revenue increased 180 basis points to 47.4% compared to the fourth quarter of 2021. This increase, as a percentage of net revenue, was primarily driven by the deleverage of optometrist-related costs, reduced eyeglass mix, and lower eyeglass margin.\n<\/li>\n<li>\nSG&amp;A increased 4.1% to $233.9 million compared to the fourth quarter of 2021. As a percentage of net revenue, SG&amp;A increased 290 basis points to 49.9% compared to the fourth quarter of 2021. This increase, as a percentage of net revenue, was driven by the timing of unearned revenue, corporate overhead and occupancy expense.\n<\/li>\n<li>\nNet income decreased 249% to a net loss of $9.3 million compared to the fourth quarter of 2021.\n<\/li>\n<li>\nDiluted earnings (loss) per share decreased 257% to $(0.12) compared to the fourth quarter of 2021. Adjusted Diluted EPS decreased 162% to $(0.08) compared to the fourth quarter of 2021. The net change in margin on unearned revenue negatively impacted Adjusted Diluted EPS by $0.10.\n<\/li>\n<li>\nAdjusted Operating Income decreased 140% to $(6.8) million compared to the fourth quarter of 2021. Net income margin decreased 330 basis points to (2.0)% compared to the fourth quarter of 2021. Adjusted Operating Margin decreased 490 basis points to (1.4)% compared to the fourth quarter of 2021. The net change in margin on unearned revenue negatively impacted Adjusted Operating Income by $10.7 million.\n<\/li>\n<\/ul>\n<p>\n<b>Fiscal 2022 Summary compared to Fiscal 2021<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nNet revenue decreased 3.6% to $2.01 billion compared to fiscal year 2021. Net revenue was negatively impacted by 0.7% due to the timing of unearned revenue.\n<\/li>\n<li>\nComparable store sales growth was (7.5)% and Adjusted Comparable Store Sales Growth was (7.6)%.\n<\/li>\n<li>\nThe Company opened 80 new stores, closed four stores, and ended the period with 1,354 stores.\n<\/li>\n<li>\nCosts applicable to revenue increased 2.3% to $925.6 million compared to fiscal year 2021. As a percentage of net revenue, costs applicable to revenue increased 270 basis points to 46.2% compared to fiscal year 2021. This increase as a percentage of net revenue was primarily driven by the deleverage of optometrist-related costs, reduced eyeglass mix and lower eyeglass margin.\n<\/li>\n<li>\nSG&amp;A increased 1.6% to $915.4 million compared to fiscal year 2021. As a percentage of net revenue, SG&amp;A increased 230 basis points to 45.6% compared to fiscal year 2021. This increase as a percentage of net revenue was primarily driven by the deleverage of store payroll, corporate overhead and occupancy expense, partially offset by lower performance-based incentive compensation and lower advertising.\n<\/li>\n<li>\nNet income decreased 67.2% to $42.1 million compared to fiscal year 2021.\n<\/li>\n<li>\nDiluted earnings per share decreased 63.4% to $0.52 compared to fiscal year 2021. Adjusted Diluted EPS decreased 56.2% to $0.65 compared to fiscal year 2021. The net change in margin on unearned revenue negatively impacted Adjusted Diluted EPS by $0.10.\n<\/li>\n<li>\nAdjusted Operating Income decreased 57.1% to $87.8 million compared to fiscal year 2021. Net income margin decreased 410 basis points to 2.1% compared to fiscal year 2021. Adjusted Operating Margin decreased 540 basis points to 4.4% compared to fiscal year 2021. The net change in margin on unearned revenue negatively impacted Adjusted Operating Income by $10.8 million.\n<\/li>\n<\/ul>\n<p>\n<b>Balance Sheet and Cash Flow Highlights<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe Company\u2019s cash balance was $229.4 million as of December 31, 2022. The Company had no borrowings under its $300.0 million first lien revolving credit facility, exclusive of letters of credit of $6.4 million.\n<\/li>\n<li>\nTotal debt was $567.5 million as of December 31, 2022, consisting of outstanding first lien term loans, convertible senior notes (\u201c2025 Notes\u201d) and finance lease obligations, net of unamortized discounts.\n<\/li>\n<li>\nCash flows from operating activities for 2022 were $119.2 million compared to $258.9 million for 2021.\n<\/li>\n<li>\nCapital expenditures for 2022 totaled $113.5 million compared to $95.5 million for 2021.\n<\/li>\n<\/ul>\n<p>\n<b>Share Repurchase Program<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIn the fourth quarter, the Company did not repurchase any shares of its common stock. The Company has $50 million remaining under the current share repurchase authorization.\n<\/li>\n<\/ul>\n<p>\n<b>Fiscal 2023 Outlook<\/b>\n<\/p>\n<p>\nThe Company\u2019s fiscal 2023 outlook reflects current expected or estimated impacts related to macro-economic factors, including inflation, geopolitical instability and risks of recession, as well as constraints on exam capacity; however, the ultimate impact of these factors on the Company\u2019s financial outlook remains uncertain with dynamic market conditions and the outlook shown below assumes no material deterioration to the Company\u2019s current business operations as a result of such factors.\n<\/p>\n<p>\nThe Company is providing the following outlook for the 52 weeks ending December 30, 2023:\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Fiscal 2023 Outlook<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNew Stores\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n65 &#8211; 70\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted Comparable Store Sales Growth\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n0% &#8211; 3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet Revenue\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n$2.075 &#8211; $2.135 billion\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted Operating Income\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n$48 &#8211; $66 million\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted Diluted EPS<sup>1<\/sup>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n$0.42 &#8211; $0.60\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nDepreciation and Amortization<sup>2<\/sup>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n$104 &#8211; $106 million\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nInterest<sup>3<\/sup>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n~$3 million\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nTax Rate<sup>4<\/sup>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n~26%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nCapital Expenditures\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n$115 &#8211; $120 million\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n<i>1 &#8211; Assumes approximately 80.2 million shares, and does not include 12.9 million shares attributable to the 2025 Notes as they are anticipated to be anti-dilutive to earnings per share for fiscal year 2023\u200b<br \/>\n<br \/><\/i><i>2 &#8211; Includes amortization of acquisition intangibles of approximately $7.5 million, which is excluded in the definition of Adjusted Operating Income<br \/>\n<br \/><\/i><i>3 &#8211; Before the impact of gains or losses on change in fair value of derivatives and charges related to amortization of debt discounts and deferred financing costs<br \/>\n<br \/><\/i><i>4 &#8211; Excluding the impact of stock option exercises<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n<i>The fiscal 2023 outlook information provided above includes Adjusted Operating Income and Adjusted Diluted EPS guidance, which are non-GAAP financial measures management uses in measuring performance. The Company is not able to reconcile these forward-looking non-GAAP measures to GAAP without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of certain items and unanticipated events, including taxes and non-recurring items, which would be included in GAAP results. The impact of such items and unanticipated events could be potentially significant.<\/i>\n<\/p>\n<p>\n<i>The fiscal 2023 outlook is forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and those variations may be material. As such, the Company\u2019s results may not fall within the ranges contained in its fiscal 2023 outlook. The Company uses these forward-looking measures internally to assess and benchmark its results and strategic plans. See <\/i>\u201c<i>Forward-Looking Statements<\/i>\u201d <i>below.<\/i>\n<\/p>\n<p>\n<b>Conference Call Details<\/b>\n<\/p>\n<p>\nA conference call to discuss the fourth quarter 2022 financial results is scheduled for today, March 1, 2023, at 8:30 a.m. Eastern Time. Please <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fregister.vevent.com%2Fregister%2FBIc8c1d155c2474a00841778ca3abab3e9&amp;esheet=53354070&amp;newsitemid=20230301005419&amp;lan=en-US&amp;anchor=click+here&amp;index=1&amp;md5=36338a02f89adc6588503cd95f87f41b\" rel=\"nofollow noopener\" shape=\"rect\">click here<\/a> to pre-register for the conference call and obtain a dial-in number and passcode. A live audio webcast of the conference call will be available on the \u201cInvestors\u201d section of the Company\u2019s website <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.nationalvision.com%2Finvestors&amp;esheet=53354070&amp;newsitemid=20230301005419&amp;lan=en-US&amp;anchor=www.nationalvision.com%2Finvestors&amp;index=2&amp;md5=d743fb089ca2c57d03bb61a117d3e3f0\" rel=\"nofollow noopener\" shape=\"rect\">www.nationalvision.com\/investors<\/a>, where presentation materials will be posted prior to the conference call. A replay of the audio webcast will also be archived on the \u201cInvestors\u201d section of the Company\u2019s website.\n<\/p>\n<p>\n<b>About National Vision Holdings, Inc.<\/b>\n<\/p>\n<p>\nNational Vision Holdings, Inc. is the second largest optical retail company in the United States (by sales) with more than 1,300 retail stores in 44 states and Puerto Rico. With a mission of helping people by making quality eye care and eyewear more affordable and accessible, the Company operates five retail brands: America\u2019s Best Contacts &amp; Eyeglasses, Eyeglass World, Vision Centers inside select Walmart stores, and Vista Opticals inside select Fred Meyer stores and on select military bases, and several e-commerce websites, offering a variety of products and services for customers\u2019 eye care needs.\n<\/p>\n<p>\n<b>Forward-Looking Statements<\/b>\n<\/p>\n<p>\nThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d) and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements contained under \u201cFiscal 2023 Outlook\u201d as well as other statements related to our current beliefs and expectations regarding the performance of our industry, the Company\u2019s strategic direction, market position, prospects including remote medicine and optometrist recruiting and retention initiatives, and future results. You can identify these forward-looking statements by the use of words such as \u201coutlook,\u201d \u201cguidance,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cpotential,\u201d \u201ccontinues,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cseeks,\u201d \u201cprojects,\u201d \u201cpredicts,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201canticipates\u201d or the negative version of these words or other comparable words. Caution should be taken not to place undue reliance on any forward-looking statement as such statements speak only as of the date when made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Forward-looking statements are not guarantees and are subject to various risks and uncertainties, which may cause actual results to differ materially from those implied in forward-looking statements. Such factors include, but are not limited to, the COVID-19 pandemic and future resurgences, and related impacts including federal, state, and local governmental actions in response thereto; customer behavior in response to the pandemic, including the impact of such behavior on in-store traffic and sales; market volatility and an overall decline in the health of the economy and other factors impacting consumer spending, including inflation; our ability to recruit and retain vision care professionals for our stores and remote medicine offerings in general and in light of the pandemic; our ability to compete successfully; our ability to successfully open new stores and enter new markets; our ability to expand our remote medicine offerings and electronic health records capabilities; our ability to maintain the performance of our Host and Legacy brands and our current operating relationships with our Host and Legacy partners; our ability to maintain sufficient levels of cash flow from our operations to execute or sustain our growth strategy or obtain additional financing at satisfactory terms or at all; the impact of wage rate increases, inflation, cost increases and increases in raw material prices and energy prices; our growth strategy straining our existing resources and causing the performance of our existing stores to suffer; our ability to successfully and efficiently implement our marketing, advertising and promotional efforts; risks associated with leasing substantial amounts of space, including future increases in occupancy costs; the impact of certain technological advances, and the greater availability of, or increased consumer preferences for, vision correction alternatives to prescription eyeglasses or contact lenses, and future drug development for the correction of vision-related problems; our ability to retain our existing senior management team and attract qualified new personnel; our ability to manage our inventory; seasonal fluctuations in our operating results and inventory levels; risks associated with our e-commerce and omni-channel business; the loss of, or disruption in the operations of, one or more of our distribution centers and\/or optical laboratories, resulting in the inability to fulfill customer orders and deliver our products in a timely manner; risk of losses arising from our investments in technological innovators in the optical retail industry; risks associated with environmental, social and governance issues, including climate change; risks associated with vendors from whom our products are sourced, including our dependence on a limited number of suppliers; our ability to develop, maintain and extend relationships with managed vision care companies, vision insurance providers and other third-party payors; our ability to effectively operate our information technology systems and prevent interruption or security breach; our reliance on third-party coverage and reimbursement, including government programs, for an increasing portion of our revenues; our ability to adhere to extensive state, local and federal vision care and healthcare laws and regulations; our compliance with managed vision care laws and regulations; our ability to adhere to changing state, local and federal privacy, data security and data protection laws and regulations; product liability, product recall or personal injury issues; our failure to comply with, or changes in, laws, regulations, enforcement activities and other requirements; the impact of any adverse litigation judgments or settlements resulting from legal proceedings relating to our business operations; our ability to adequately protect our intellectual property; our significant amount of indebtedness and our ability to generate sufficient cash flow to satisfy our debt obligations; a change in interest rates as well as changes in benchmark rates and uncertainty related to the foregoing; restrictions in our credit agreement that limits our flexibility in operating our business; potential dilution to existing stockholders upon the conversion of our convertible notes; and risks related to owning our common stock, including our ability to comply with requirements to design and implement and maintain effective internal controls. Additional information about these and other factors that could cause National Vision\u2019s results to differ materially from those described in the forward-looking statements can be found in filings by National Vision with the Securities and Exchange Commission (\u201cSEC\u201d), including our latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are accessible on the SEC\u2019s website at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53354070&amp;newsitemid=20230301005419&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=3&amp;md5=c55a94784a2f1e3cf40b546a876fd95d\" rel=\"nofollow noopener\" shape=\"rect\">www.sec.gov<\/a>. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC.\n<\/p>\n<p>\n<b>Non-GAAP Financial Measures<\/b>\n<\/p>\n<p>\nTo supplement the Company\u2019s financial information presented in accordance with GAAP and aid understanding of the Company\u2019s business performance, the Company uses certain non-GAAP financial measures, namely \u201cEBITDA,\u201d \u201cAdjusted Operating Income,\u201d \u201cAdjusted Operating Margin,\u201d \u201cAdjusted EBITDA,\u201d \u201cAdjusted EBITDA Margin,\u201d \u201cAdjusted Diluted EPS,\u201d \u201cAdjusted Comparable Stores Sales Growth,\u201d \u201cAdjusted SG&amp;A,\u201d and \u201cAdjusted SG&amp;A Percent of Net Revenue.\u201d We believe EBITDA, Adjusted Operating Income, Adjusted Operating Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS, Adjusted SG&amp;A and Adjusted SG&amp;A Percent of Net Revenue assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses these non-GAAP financial measures to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.\n<\/p>\n<p>\nTo supplement the Company\u2019s comparable store sales growth presented in accordance with GAAP, the Company provides \u201cAdjusted Comparable Store Sales Growth,\u201d which is a non-GAAP financial measure we believe is useful because it provides timely and accurate information relating to the two core metrics of retail sales: number of transactions and value of transactions. Management uses Adjusted Comparable Store Sales Growth as the basis for key operating decisions, such as allocation of advertising to particular markets and implementation of special marketing programs. Accordingly, we believe that Adjusted Comparable Store Sales Growth provides timely and accurate information relating to the operational health and overall performance of each brand. We also believe that, for the same reasons, investors find our calculation of Adjusted Comparable Store Sales Growth to be meaningful.\n<\/p>\n<p>\n<b><i>EBITDA: <\/i><\/b>We define EBITDA as net income, plus interest expense (income), net, income tax provision (benefit), and depreciation and amortization.\n<\/p>\n<p>\n<b><i>Adjusted Operating Income:<\/i><\/b><i> <\/i>We define Adjusted Operating Income as net income, plus interest expense (income), net and income tax provision (benefit), further adjusted to exclude stock based compensation expense, loss on extinguishment of debt, asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expenses, amortization of acquisition intangibles, and certain other expenses.\n<\/p>\n<p>\n<b><i>Adjusted Operating Margin: <\/i><\/b>We define Adjusted Operating Margin as Adjusted Operating Income as a percentage of net revenue.\n<\/p>\n<p>\n<b><i>Adjusted EBITDA:<\/i><\/b> We define Adjusted EBITDA as net income, plus interest expense (income), net, income tax provision (benefit) and depreciation and amortization, further adjusted to exclude stock based compensation expense, loss on extinguishment of debt, asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expenses, and certain other expenses.\n<\/p>\n<p>\n<b><i>Adjusted EBITDA Margin: <\/i><\/b>We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of net revenue.\n<\/p>\n<p>\n<b><i>Adjusted Diluted EPS:<\/i><\/b> We define Adjusted Diluted EPS as diluted earnings per share, adjusted for the per share impact of stock based compensation expense, loss on extinguishment of debt, asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expenses, amortization of acquisition intangibles, amortization of debt discounts and deferred financing costs of the term loan borrowings, amortization of the conversion feature and deferred financing costs related to the 2025 Notes when not required under U.S. GAAP to be added back for diluted earnings per share, losses (gains) on change in fair value of derivatives, certain other expenses, and tax benefit of stock option exercises, less the tax effect of these adjustments. We adjust for amortization of costs related to the 2025 Notes only when adjustment for these costs is not required in the calculation of diluted earnings per share according to U.S. GAAP.\n<\/p>\n<p>\n<b><i>Adjusted SG&amp;A: <\/i><\/b>We define Adjusted SG&amp;A as SG&amp;A adjusted to exclude stock based compensation expense, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expense, and certain other expenses.\n<\/p>\n<p>\n<b><i>Adjusted SG&amp;A Percent of Net Revenue:<\/i><\/b> We define Adjusted SG&amp;A Percent of Net Revenue as Adjusted SG&amp;A as a percentage of net revenue.\n<\/p>\n<p>\n<b><i>Adjusted Comparable Store Sales Growth:<\/i><\/b> We measure Adjusted Comparable Store Sales Growth as the increase or decrease in sales recorded by the comparable store base in any reporting period, compared to sales recorded by the comparable store base in the prior reporting period, which we calculate as follows: (i) sales are recorded on a cash basis (i.<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\n<b>Investors:<\/b><br \/>National Vision Holdings, Inc.<br \/>\n<br \/>Caitlin Churchill<br \/>\n<br \/>(203) 682-8200<br \/>\n<br \/><a target=\"_blank\" href=\"&#x6d;&#x61;&#x69;&#108;&#116;&#111;:i&#x6e;&#x76;&#x65;&#x73;&#116;&#111;r&#46;&#x72;&#x65;&#x6c;&#x61;&#116;&#105;on&#x73;&#x40;&#x6e;&#x61;&#116;&#105;&#111;na&#x6c;&#x76;&#x69;&#x73;&#105;&#111;n&#46;&#x63;&#x6f;&#x6d;\" rel=\"nofollow noopener\" shape=\"rect\">&#105;&#x6e;v&#101;&#x73;t&#111;&#x72;&#46;&#114;&#x65;l&#97;&#x74;&#105;&#x6f;&#x6e;&#115;&#x40;&#x6e;&#97;&#x74;i&#111;&#x6e;a&#108;&#x76;i&#115;&#x69;o&#110;&#x2e;&#99;&#x6f;&#x6d;<\/a><\/p>\n<p><b>Media:<\/b><br \/>National Vision Holdings, Inc.<br \/>\n<br \/>Racheal Peters, Manager of External Communications<br \/>\n<br \/>(470) 448-2303<br \/>\n<br \/><a target=\"_blank\" href=\"&#x6d;&#x61;&#x69;&#108;&#116;o:&#x6d;&#x65;&#x64;&#105;&#97;&#64;n&#x61;&#x74;&#x69;&#111;&#110;al&#x76;&#x69;&#x73;&#105;&#111;n&#46;&#x63;&#x6f;&#x6d;\" rel=\"nofollow noopener\" shape=\"rect\">&#109;&#x65;d&#105;&#x61;&#64;&#x6e;a&#116;&#x69;o&#x6e;&#x61;&#108;&#x76;i&#115;&#x69;o&#x6e;&#x2e;&#99;&#x6f;m<\/a>\n<\/p>\n<p> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20230301005419\/en\/National-Vision-Holdings-Inc.-Reports-Fourth-Quarter-and-Fiscal-2022-Financial-Results\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP392103_ypKzv-7ah0oHKWbnuHnevRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxZM7XiMhduiSeKMTNDLRqI_doMC3CVAuyHo5cJ7XfDuvA==\"> Read full story here <\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Fourth quarter 2022 highlights: Net revenue of $468.9 million, a decrease of 1.9% from Q4 2021 Comparable store sales growth of (5.7)% &amp; Adjusted Comparable Store Sales Growth of (2.4)% from Q4 2021 Net income of $(9.3) million and Diluted EPS of $(0.12) compared to $6.2 million and $0.07, respectively, in Q4 2021 Adjusted Operating &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/national-vision-holdings-inc-reports-fourth-quarter-and-fiscal-2022-financial-results\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-54370","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National Vision Holdings, Inc. Reports Fourth Quarter and Fiscal 2022 Financial Results - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/national-vision-holdings-inc-reports-fourth-quarter-and-fiscal-2022-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Vision Holdings, Inc. Reports Fourth Quarter and Fiscal 2022 Financial Results - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Fourth quarter 2022 highlights: Net revenue of $468.9 million, a decrease of 1.9% from Q4 2021 Comparable store sales growth of (5.7)% &amp; Adjusted Comparable Store Sales Growth of (2.4)% from Q4 2021 Net income of $(9.3) million and Diluted EPS of $(0.12) compared to $6.2 million and $0.07, respectively, in Q4 2021 Adjusted Operating ... 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