National Vision Holdings, Inc. · NASDAQ:EYE
National Vision — Q1 2025 Earnings Presentation
30 slides from National Vision's earnings presentation, May 7, 2025
Slide 1: First Quarter 2025 Financial Results
FIRST QUARTER 2025 FINANCIAL RESULTS MAY 7, 2025 NASDAQ: EYE 1
Slide 2: Disclaimer
DISCLAIMER Forward-Looking Statements This presentation contains forward-looking statements within 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, sta
Slide 3: We help people see their best to live their best
WE HELP PEOPLE SEE THEIR BEST TO LIVE THEIR BEST. NATIONAL VISION'S BUSINESS HAS BEEN DRIVEN BY THIS BELIEF FOR OVER 30 YEARS. 3
Slide 4: Q1 2025 Highlights (Continuing Operations)
Q1 2025 Highlights (Continuing Operations) $510.3M +5.7% 5.5% Net Revenue Adj. Comp. Store Net Revenues Sales Growth1 Growth $41.3M $0.34 Adj. Operating Adj. Diluted EPS1 Income1 1- Non-GAAP financial measure; see Appendix for reconciliation to GAAP financial measures 4 4
Slide 5: Financial Results
Financial Results 5
Slide 6: Q1 2025 Revenue Drivers (Continuing Operations)
Q1 2025 Revenue Drivers (Continuing Operations) NET REVENUE ($M) Net Revenue $510 • Increased 5.7% primarily driven by Adjusted Comparable Store Sales Growth and growth from new store sales, $483 partially offset by negative (1.5)% impact from unearned revenue and closed stores Store count • Store c
Slide 7: Q1 2025 Results (Continuing Operations)
Q1 2025 Results (Continuing Operations) ADJUSTED OPERATING INCOME ($M)1 $41.3 Costs applicable to revenue as percentage of net revenue $33.9 decreased 30 bps to 40.2% vs. Q1 2024: • Gross margin increased 30 bps on improved product margins of eyeglass frames and lenses, and growth in other add-on sa
Slide 8: Q1 2025 Capital Structure and Cash Flow Highlights
Q1 2025 Capital Structure and Cash Flow Highlights (Continuing Operations) Capital Expenditures $20 million deployed YTD, primarily focused on technology and new store openings Debt Net debt to TTM Adjusted EBITDA1 : 1.6x No borrowings outstanding under our revolving credit facility Liquidity $374 m
Slide 9: Strategic Initiatives
Strategic Initiatives = as
Slide 10: Stabilize, Strengthen & Grow
Stabilize, Strengthen & Grow National Vision Continues to Transform for Long-Term Success Phase One Phase Two Evolve & Strengthen Foundation Evolve Value Offering Improve Exam Capacity Expand Target Demographic w/ Recruiting, Retention & Remote Expansion Implement New Pricing Architecture Enhance Sy
Slide 11: Phase Two: Evolve Value Offering
Phase Two: Evolve Value Offering Focus on Demand Generation and Cost Efficiency Expand Target Implement New Enhance Customer Optimize Cost Demographic Pricing & Patient Structure Architecture Experience Modernize marketing and Better align pricing Utilize digital tools and Make significant changes t
Slide 12: Outlook
Outlook 12
Slide 13: Multiple Drivers of Profitable Sales Growth
Multiple Drivers of Profitable Sales Growth Initiatives In Place To Drive Ticket & Traffic 2025 Net Revenue Outlook ($M) $1,919 - $1,955 Enhanced Customer Pricing Experience $1,823 Initiatives New Store Openings 53rd Week (~$35M) Store Closures 2024 Net Revenue 2025 Net Revenue Outlook 13
Slide 14: Adj. Operating Margin Expansion Drivers
Adj. Operating Margin1 Expansion Drivers Sales Growth and Cost Optimization to Offset Investments and Inflation 2025 Adj. Operating Margin1 Outlook 4.2% - 4.7% 3.6% Enhanced Cost Customer Pricing/ Efficiencies Experience Fleet Assortment Initiatives 53rd Week Optimization (~$2M) Growth Product Cost
Slide 15: 2025 Capital Allocation Priorities
2025 Capital Allocation Priorities Invest in Growth Expecting capital expenditures of $90 - $95 million for investments in technology and new store openings Debt Structure Plan to repay the May 2025 convertible notes using a combination of cash on hand and liquidity from our revolving credit facilit
Slide 16: Fiscal 2025 Outlook
Fiscal 2025 Outlook The Company is providing the following outlook for the 53 weeks ending January 3, 2026. The Company estimates the 53rd week of fiscal 2025 will contribute approximately $35 million to net revenue, and approximately $3 million to adjusted operating income. Prior Updated Fiscal 202
Slide 17: Appendix
Appendix 17
Slide 18: Quarterly Financial Historical Overview
Quarterly Financial Historical Overview (Continuing Operations)(Unaudited) NET REVENUE ($M) ADJUSTED COMPARABLE STORE SALES GROWTH (%)1 $510.3 5.5% $482.8 $451.7 $451.5 2.4% $437.3 1.5% 0.9% 0.4% 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 ADJUSTED OPERATING INCOME ($M)1 ADJUSTED DILUTED EARNI
Slide 19: Historical Adjusted Comparable Store Sales Growth
Historical Adjusted Comparable Store Sales Growth from Continuing Operations & Drivers (Unaudited) ADJUSTED COMPARABLE STORE SALES GROWTH FROM CONTINUING OPERATIONS Y/Y (%) 1 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 6.3% 5.5% 4.7% 2.4% 1.5% 1.3% 1.1% 0.9% 0.4% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24
Slide 20: Capital Structure and Cash Flow
Capital Structure and Cash Flow Amounts per Q1 2025 Capital Structure ($M) Debt Less: Deferred Balance % of Amount Financing Costs Sheet Total Coupon Maturity First Lien - Term A Loans $ 250.9 $ (1.5) $ 249.4 72 % Term SOFR + 1.75% 6/13/2028 First Lien - Revolving Credit Facility1 — — — —% Term SOFR
Slide 21: Q1 2025 Consolidated Financial Results
Q1 2025 Consolidated Financial Results (Unaudited) Three Months Ended In thousands, except per share amounts March 29, 2025 March 30, 2024 Revenue: Net product sales $ 412,765 $ 388,083 Net sales of services and plans 97,559 94,711 Total net revenue 510,324 482,794 Costs applicable to revenue (exclu
Slide 22: Reconciliation of Adjusted Operating Income
Reconciliation of Adjusted Operating Income (Loss) from Continuing Operations to Net Income (Loss) (Unaudited) Three Months Ended March 30, June 29, September December March 29, In thousands 2024 2024 28, 2024 28, 2024 2025 Total net revenue from continuing operations $482,794 $451,733 $451,515 $437
Slide 23: Reconciliation of Adjusted Diluted EPS
Reconciliation of Adjusted Diluted EPS to Diluted EPS (Unaudited) Three Months Ended March 30, June 29, September December 28, March 29, In thousands, except per share amounts 2024 2024 28, 2024 2024 2025 Diluted EPS $ 0.15 $ (0.04) $ (0.11) $ (0.36) $ 0.18 Diluted EPS from discontinued operations (
Slide 24: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA from Continuing Operations to Net Income (loss) (Unaudited) Three Months Ended Twelve Months Ended March 29, Dollars in thousands March 29, 2025 March 30, 2024 2025 Total net revenue from continuing operations $ 510,324 $ 482,794 $ 1,850,850 Net income (loss) $ 14,1
Slide 25: Reconciliation of Adjusted SG&A
Reconciliation of Adjusted SG&A from Continuing Operations to SG&A from Continuing Operations (Unaudited) Three Months Ended In thousands March 29, 2025 March 30, 2024 SG&A from continuing operations $ 255,532 $ 240,128 Stock-based compensation expense (a) 7,029 2,414 Litigation settlement (d) — 4,4
Slide 26: Reconciliation Footnotes
Reconciliation of Non-GAAP to GAAP Financial Measures Footnotes a. Non-cash charges related to stock-based compensation programs, which vary from period to period depending on the timing of awards and performance vesting conditions. b. Reflects the extinguishment gain related to the repurchase of th
Slide 27: Reconciliation of Comparable Store Sales Growth
Reconciliation of Adjusted Comparable Stores Sales Growth (Unaudited) Comparable store sales growth from continuing operations(a) Three Months Three Months Ended March 29, Ended March 30, 2025 2024 2025 Outlook (b) Owned & Host segment America’s Best 5.9 % 1.2 % Eyeglass World 3.1 % (5.0)% Military
Slide 28: Adjusted Comparable Store Sales Growth Primer
Adjusted Comparable Store Sales Growth Primer What is Adjusted Comparable Store Sales Growth? • Calculated using net revenue on a cash-basis • Excludes the impact of unearned and deferred revenue Why use Adjusted Comparable Store Sales Growth? • Provides a clear view of the Company’s current operati
Slide 29: Unearned Revenue Primer
Unearned Revenue Primer 29 29
Slide 30: National Vision
AES NATIONAL VISION — 30
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