National Vision Holdings (EYE) FY2023 results: revenue $1.8 billion, up 6.8% on the year

National Vision Holdings, Inc. (EYE) reported revenue of $1.8 billion for fiscal 2023, the year ended 30 December 2023, up 6.8% on the year before. Net income was -$66 million, and diluted earnings per share $-0.84. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.8 billion

+6.8% on the year

FY2016FY2023

Operating margin

1.4%

3.2% a year earlier

FY2016FY2023

Net income

-$66 million

FY2016FY2023

Diluted EPS

-$0.84

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,756	1,645	2,080	+6.8%
Cost of revenue	735	668	905	+10.0%
Gross profit	1,022	977	1,175	+4.6%
Gross margin	58.2%	59.4%	56.5%
Selling, general and administrative	905	833	901	+8.7%
Operating income	24.5	52.8	175	-53.6%
Operating margin	1.4%	3.2%	8.4%
Interest expense	14.3	0.5	25.6	+3,003.7%
Pre-tax income	9.6	52.3	149	-81.7%
Income tax	6.0	15.5	21.1	-61.4%
Effective tax rate	62.9%	29.7%	14.1%
Net income	-65.9	42.1	128
Net margin	-3.8%	2.6%	6.2%
Diluted EPS	-$0.84	$0.52	$1.43

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	173	119	259	+45.2%
Capital expenditure	115	114	95.5	+1.1%
Free cash flow	58.3	5.7	163	+931.0%
Free cash flow margin	3.3%	0.3%	7.9%
Cash from investing	-116	-111	-92.9
Cash from financing	-137	-84.6	-234
Depreciation and amortisation	89.9	88.7	97.1	+1.3%
Share-based compensation	20.2	13.5	14.9	+49.3%
Buybacks	28.4	84.4	73.3	-66.3%
Diluted shares, weighted	78m	80m	96m	-2.5%
Shares outstanding at period end	78m	79m	81m	-0.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	829	901	926	-8.0%
Debt	445	546	544	-18.5%
Operating lease liabilities	377	358	342	+5.2%
Finance lease liabilities	13.1	17.2	22.5	-23.7%
Other liabilities	508	469	459	+8.4%
Total liabilities and equity	2,173	2,291	2,293	-5.2%
Goodwill	718	778	778	-7.7%
Intangible assets	20.2	34.7	42.0	-41.8%
Cash and equivalents	150	229	306	-34.7%
Receivables	86.9	79.9	55.7	+8.7%
Inventory	120	123	124	-2.6%
Other assets	1,078	1,046	988	+3.0%
Total assets	2,173	2,291	2,293	-5.2%

10-K for the year ended 30 December 2023, filed 27 February 2024: the filing.