National Vision Holdings (EYE) FY2019 results: revenue $1.7 billion, up 12.2% on the year

National Vision Holdings, Inc. (EYE) reported revenue of $1.7 billion for fiscal 2019, the year ended 28 December 2019, up 12.2% on the year before. Net income was $33 million, up 38.7%, and diluted earnings per share $0.40. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.

Revenue

$1.7 billion

+12.2% on the year

FY2015FY2019

Operating margin

4.3%

2.8% a year earlier

FY2015FY2019

Net income

$33 million

+38.7% on the year

FY2015FY2019

Diluted EPS

$0.40

+33.3% on the year

FY2015FY2019

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ million	FY2019	FY2018	FY2017	On the year
Revenue	1,724	1,537	1,375	+12.2%
Cost of revenue	807	714	637	+13.0%
Gross profit	918	823	738	+11.5%
Gross margin	53.2%	53.6%	53.7%
Selling, general and administrative	744	687	600	+8.3%
Operating income	73.6	42.4	64.3	+73.7%
Operating margin	4.3%	2.8%	4.7%
Interest expense	33.3	37.3	55.5	-10.7%
Pre-tax income	30.5	4.9	4.2	+526.3%
Income tax	-2.3	-18.8	-38.9
Effective tax rate	-7.6%	-385.9%	-920.3%
Net income	32.8	23.7	43.1	+38.7%
Net margin	1.9%	1.5%	3.1%
Diluted EPS	$0.40	$0.30	$0.70	+33.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2019	FY2018	FY2017	On the year
Operating cash flow	165	107	90.3	+54.8%
Capital expenditure	101	104	93.2	-3.0%
Free cash flow	63.8	2.1	-3.0	+2,886.2%
Free cash flow margin	3.7%	0.1%	-0.2%
Cash from investing	-101	-104	-94.6
Cash from financing	-42.1	10.4	3.8
Depreciation and amortisation	87.2	74.3	62.0	+17.4%
Share-based compensation	12.7	20.9	5.2	-39.5%
Buybacks	25.6	1.9	0.0	+1,230.2%
Dividends paid	0.0	0.0	171
Diluted shares, weighted	82m	79m	62m	+3.3%
Shares outstanding at period end	80m	78m	75m	+1.9%

Balance sheet

$ million	FY2019	FY2018	FY2017	On the year
Shareholders' equity	776	743	655	+4.5%
Debt	536	578	569	-7.2%
Operating lease liabilities	332	0.0	n/a
Finance lease liabilities	30.0	n/a	n/a
Other liabilities	358	340	360	+5.3%
Total liabilities and equity	2,033	1,661	1,584	+22.4%
Fixed assets	n/a	355	302
Goodwill	778	778	793	0.0%
Intangible assets	56.9	64.5	72.9	-11.8%
Cash and equivalents	39.3	17.1	4.2	+129.6%
Receivables	44.5	50.7	43.2	-12.3%
Inventory	128	116	91.2	+9.9%
Other assets	987	280	277	+252.1%
Total assets	2,033	1,661	1,584	+22.4%

10-K for the year ended 28 December 2019, filed 26 February 2020: the filing.