National Vision Holdings, Inc. · NASDAQ:EYE
National Vision — William Blair 45th Annual Growth Stock Conference (2025)
37 slides from National Vision's conference presentation, 2025
Slide 1: William Blair 45th Annual Growth Stock Conference
William Blair 45th Annual Growth Stock Conference INVESTOR PRESENTATION F I R ST Q U A R TER 20 25 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 provide eye exams, eyeglasses and contact lenses to value-seeking consumers
We provide eye exams, eyeglasses and contact lenses to a range of value-seeking consumers. We deliver exceptional value and convenience to our customers, with attractive price points. 3
Slide 4: 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. 4
Slide 5: Highly fragmented industry provides a medical necessity
HIGHLY FRAGMENTED INDUSTRY PROVIDES A MEDICAL NECESSITY Nearly $70B U.S. optical industry with ~45K retail locations1 Diminishing eyesight with increasing age A steady and consistent replacement cycle, particularly with insured customers Increased usage of computer and mobile screens Growing focus o
Slide 6: Company Overview
COMPANY OVERVIEW $1.8B1 leading U.S. optical retailer providing eye exams, eyeglasses and contact lenses to a range of value-seeking consumers Diverse portfolio of over 1,200 retail stores across 38 states and Puerto Rico, four brands and multiple consumer websites 14,000+ team members, including a
Slide 7: Strong history poised for next chapter of growth
STRONG HISTORY POISED FOR NEXT CHAPTER OF GROWTH National Vision was founded in 1990 to operate a handful of locations under an existing retail brand. Fast forward 30 years, and we now stand at over 1,200 stores across four retail brands. And trust us, our future is even brighter. 1990 1994 2005 200
Slide 8: 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 9: Highly experienced team brings fresh perspectives
HIGHLY EXPERIENCED TEAM BRINGS FRESH PERSPECTIVES National Vision has a deep leadership bench comprised of optical and retail industry executives bringing a fresh perspective to drive the next chapter of growth. 9
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Slide 11: Investment Highlights
INVESTMENT HIGHLIGHTS ✓ Capitalizing on leading position ✓ Value offering positions well in variety of environments ✓ Expanding addressable market with existing high value customers ✓ Significant opportunity to rapidly modernize product, pricing, marketing ✓ Investments phased with long runway of fu
Slide 12: Transformation Phase Two: Evolve Value Offering
TRANSFORMATION 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 signif
Slide 13: Our customer mirrors America
OUR CUSTOMER MIRRORS AMERICA We attract a wider audience than we have historically targeted, one that is more skewed to middle income households, similar to that of the U.S. population. Value-seeking Middle income demographic Growing insured customer base We are Expanding our Addressable Market by T
Slide 14: Expand existing target demographic
EXPAND EXISTING TARGET DEMOGRAPHIC Under penetrated in valuable customer demographics presents meaningful opportunity while staying focused on value offering. Outside Rx Progressives Managed Care Industry % National Vision % 14
Slide 15: Highly experienced team delivering results
HIGHLY EXPERIENCED TEAM DELIVERING RESULTS Years at Prior National Vision Experience Reade Fahs Chief Executive Officer 23 Alex Wilkes President 1 Chris Laden Chief Financial Officer <1 Ravi Acharya Chief Technology Officer 5 Mark Banner President of America’s Best 1 Megan Molony Chief Merchandising
Slide 16: Enhance the customer & patient experience
ENHANCE THE CUSTOMER & PATIENT EXPERIENCE 16
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Slide 18: Ted Baker London
TED BAKER LONDON
Slide 19: Rapidly modernizing to enhance the patient and customer experience
Confidential – Internal Use Only R A P I D LY M O D E R N I Z I N G T O E N H A N C E T H E PA T I E N T AN D CU STOMER EXPERI ENCE A ND CUSTO ME R E XPE RIE NCE 19
Slide 20: Digital tools simplify the selling process
D I G I TA L T O O L S S I M P L I F Y T H E S E L L I N G P R O C E S S LENS LENS MEAS UREMENTS D E MO N S T R AT I ON LENS ADVISOR LENS PRICING TOOL 20
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Slide 22: National Vision at a Glance
NATIONAL VISION AT A GLANCE NET REVENUE ($M) ADJUSTED OPERATING INCOME ($M) 1 $65.5 $1,756 $1,823 $53.9 2023 2024 2023 2024 RETAIL STORE COUNT ADJUSTED DILUTED EARNINGS PER SHARE 1 $0.47 $0.52 1,188 1,240 2023 2024 2023 2024 1 – Non-GAAP financial measure; see Appendix for reconciliation to GAAP fin
Slide 23: 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 23
Slide 24: Historical adjusted comparable store sales growth and drivers
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% Price and assortment initiatives introduced 2.4% 1.5% 1.3% 1.1% 0.
Slide 25: Optimizing cost structure while continuing to invest in growth
OPTIMIZING COST STRUCTURE WHILE CONTINUING TO INVEST IN GROWTH Cost savings actions Actions taken in early 2025 expected to result in $12 million of cost savings in 2025 Engaged Accenture to identify additional cost savings and efficiencies Invest in growth Capitalize on whitespace opportunity with
Slide 26: 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 as of Q1 20252 L
Slide 27: Investment Highlights
INVESTMENT HIGHLIGHTS ✓ Capitalizing on leading position ✓ Value offering positions well in variety of environments ✓ Expanding addressable market with existing high value customers ✓ Significant opportunity to rapidly modernize product, pricing, marketing ✓ Investments phased with long runway of fu
Slide 28: Thank You
THANK YOU Investor.Relations@nationalvision.com
Slide 29: Appendix
Appendix 29
Slide 30: Reconciliation of Adjusted Operating Income to Net Income (Loss)
Reconciliation of Adjusted Operating Income from Continuing Operations to Net Income (Loss) (Unaudited) Three Months Ended Fiscal Year March 30, March 29, In thousands 2024 2025 2023 2024 Total net revenue from continuing operations $482,794 $ 510,324 $1,759,371 $1,823,320 Net income (loss) 11,685 $
Slide 31: Reconciliation of Adjusted Diluted EPS to Diluted EPS
Reconciliation of Adjusted Diluted EPS to Diluted EPS (Unaudited) Three Months Ended Fiscal Year March 30, March 29, In thousands, except per share amounts 2024 2025 2023 2024 Diluted EPS $ 0.15 $ 0.18 $ (0.84) $ (0.36) Diluted EPS from discontinued operations (0.00) 0.00 (0.88) (0.02) Diluted EPS f
Slide 32: Reconciliation of Adjusted EBITDA to Net Income (Loss)
Reconciliation of Adjusted EBITDA from Continuing Operations to Net Income (loss) (Unaudited) Twelve Months Ended March 29, Dollars in thousands 2025 Total net revenue from continuing operations $ 1,850,850 Net income (loss) $ (25,998) Loss from discontinued operations, net of tax (1,266) Income (lo
Slide 33: Reconciliation of Non-GAAP to GAAP Financial Measures 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) loss related to the repurchas
Slide 34: Reconciliation of Adjusted Comparable Store Sales Growth
RECONCILIATION OF ADJUSTED COMPARABLE STORES SALES GROWTH FROM CONTINUING OPERATIONS (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 W
Slide 35: 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 36: Unearned Revenue Primer
UNEARNED REVENUE PRIMER PURCHASE JOURNEY a TIME OF PURCHASE a PURCHASE PICKUP UNEARNED REVENUE ACCOUNTING CALENDAR PERIOD CURRENT Quarter/Year Period U FOLLOWING GAAP REPORTING + Customers generally pay for products and services at time of order. Eyeglasses are picked up approximately 7 to 10 days l
Slide 37: National Vision
eS NATIONAL VISION —~
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