National Vision Holdings (EYE) FY2022 results: revenue $1.6 billion, down 20.9% on the year

National Vision Holdings, Inc. (EYE) reported revenue of $1.6 billion for fiscal 2022, the year ended 31 December 2022, down 20.9% on the year before. Net income was $42 million, down 67.2%, and diluted earnings per share $0.52. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$1.6 billion

-20.9% on the year

FY2015FY2022

Operating margin

3.2%

8.4% a year earlier

FY2015FY2022

Net income

$42 million

-67.2% on the year

FY2015FY2022

Diluted EPS

$0.52

-63.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,645	2,080	1,712	-20.9%
Cost of revenue	668	905	787	-26.2%
Gross profit	977	1,175	925	-16.8%
Gross margin	59.4%	56.5%	54.0%
Selling, general and administrative	833	901	725	-7.6%
Operating income	52.8	175	87.0	-69.8%
Operating margin	3.2%	8.4%	5.1%
Interest expense	0.5	25.6	48.3	-98.2%
Pre-tax income	52.3	149	38.7	-65.0%
Income tax	15.5	21.1	2.4	-26.3%
Effective tax rate	29.7%	14.1%	6.2%
Net income	42.1	128	36.3	-67.2%
Net margin	2.6%	6.2%	2.1%
Diluted EPS	$0.52	$1.43	$0.44	-63.6%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	119	259	235	-54.0%
Capital expenditure	114	95.5	76.8	+18.9%
Free cash flow	5.7	163	158	-96.5%
Free cash flow margin	0.3%	7.9%	9.2%
Cash from investing	-111	-92.9	-76.4
Cash from financing	-84.6	-234	176
Depreciation and amortisation	88.7	97.1	91.6	-8.7%
Share-based compensation	13.5	14.9	10.7	-9.2%
Buybacks	84.4	73.3	0.7	+15.1%
Diluted shares, weighted	80m	96m	83m	-16.5%
Shares outstanding at period end	79m	81m	81m	-3.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	901	926	907	-2.7%
Debt	546	544	625	+0.5%
Operating lease liabilities	358	342	327	+4.6%
Finance lease liabilities	17.2	22.5	27.2	-23.8%
Other liabilities	469	459	448	+2.1%
Total liabilities and equity	2,291	2,293	2,333	-0.1%
Goodwill	778	778	778	0.0%
Intangible assets	34.7	42.0	49.5	-17.5%
Cash and equivalents	229	306	374	-25.0%
Receivables	79.9	55.7	58.0	+43.4%
Inventory	123	124	111	-0.4%
Other assets	1,046	988	963	+5.9%
Total assets	2,291	2,293	2,333	-0.1%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.