UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event reported):
_______________________________________________________________________
(Exact name of registrant as specified in its charter)
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Commission file number 001-38257
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| (Zip Code) | ||||||||
| (Address of principal executive offices) | ||||||||
(770 ) 822‑3600
(Registrant’s telephone number, including area code)
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Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 11, 2022, National Vision Holdings, Inc. (“National Vision” or the “Company”) issued a press release announcing financial results for the quarter ended July 2, 2022. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of National Vision’s filings with the SEC under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Organizational Update
On August 11, 2022, the Company announced leadership changes, pursuant to which Patrick Moore, the Company’s Chief Financial Officer, has been appointed to the newly-created role of Chief Operating Officer, effective as of August 11, 2022 (the “Effective Date”). In this role, Mr. Moore, age 58, will take on leadership of the Retail Operations, Clinical Services, Real Estate, Labs, Manufacturing and Distribution and Strategy functions. He will continue to serve as the Company’s Chief Financial Officer until January 1, 2023, when, in accordance with a planned succession, Melissa Rasmussen, Senior Vice President, Finance and Accounting, will succeed Mr. Moore as Chief Financial Officer of the Company.
Mr. Moore has served as the Chief Financial Officer since 2014. Ms. Rasmussen, age 45, currently serves as Senior Vice President, Finance and Accounting, and served as Senior Vice President, Chief Accounting Officer prior to that from July 2019 until August 2022, leading the Accounting, Tax, SEC Reporting and Internal Audit functions. Prior to joining National Vision, Ms. Rasmussen was the Vice President and Global Corporate Controller of Lexmark International, Inc., where she led the worldwide accounting and SEC reporting functions.
In addition, on August 5, 2022, Roger Francis, the Company’s Chief Stores Officer, notified the Company that he will be resigning from the Company effective August 31, 2022 to take an international leadership position in a company outside of the optical industry.
Compensation Matters
Following the Effective Date, Mr. Moore as Chief Operating and Financial Officer will receive a base salary of $600,000, and he will be eligible to receive an annual cash incentive award with a target opportunity of 75% of his base salary. There are no family relationships between Mr. Moore and any director or executive officer of the Company and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Upon assuming the Chief Financial Officer role in January 2023, Ms. Rasmussen will receive a base salary of $400,000, and she will be eligible to receive an annual cash incentive award with a target opportunity of 60% of her base salary. She will also be eligible to receive an annual long-term incentive award valued when the Company next grants such awards, as determined by the Compensation Committee of the Board of Directors of the Company. There are no family relationships between Ms. Rasmussen and any director or executive officer of the Company and she has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Press Release
On August 11, the Company issued a press release announcing these leadership changes. A copy of the release is filed herewith as Exhibit 99.2 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
See the Exhibit Index immediately preceding the signature page hereto, which is incorporated herein by reference.
EXHIBIT INDEX
| Exhibit No. | Description | ||||
| National Vision Holdings, Inc. Press Release dated August 11, 2022. | |||||
| National Vision Holdings, Inc. Press Release dated August 11, 2022. | |||||
| 104 | Cover page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| National Vision Holdings, Inc. | ||||||||||||||
| Date: August 11, 2022 | By: | /s/ Jared Brandman | ||||||||||||
| Name: | Jared Brandman | |||||||||||||
| Title: | Senior Vice President, General Counsel and Secretary | |||||||||||||
Exhibit 99.1
National Vision Holdings, Inc. Reports Second Quarter 2022 Financial Results
Updates Fiscal 2022 Outlook
•Net revenue decreased 7.3% to $509.6 million
•Comparable store sales growth of (11.0)%; Adjusted Comparable Store Sales Growth of (12.4)%
•Net income decreased 74.1% to $9.7 million; Diluted EPS decreased 70.9% to $0.12
•Adjusted Operating Income decreased 57.6% to $27.8 million
•Adjusted Diluted EPS decreased 57.0% to $0.21
•Repurchased 2.6 million shares for $73 million
Duluth, Ga. -- August 11, 2022 -- National Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision” or the “Company”) today reported its financial results for the second quarter ended July 2, 2022.
“In the second quarter, we continued to progress our key growth initiatives despite the challenges of the dynamic consumer environment,” stated chief executive officer Reade Fahs. “We opened 22 stores this quarter and remain excited about our potential growth opportunities in U.S. value optical. Our accelerated rollout of remote medicine is adding incremental exam capacity and remains on track to be operational in up to 300 stores by year-end. In addition, we are pleased to have recently signed a multi-year extension of our current lens purchasing agreement with EssilorLuxottica.”
Mr. Fahs continued, “As it pertains to the remainder of the year, we continue to expect our near-term performance to be affected by macro headwinds facing our lower-income consumer and constraints to exam capacity. We've made significant progress in our cost alignment efforts that should temper the impact to profitability from the lowered revenues in our Fiscal 2022 outlook. Looking ahead, we are confident in our business model and our strategy and believe we remain in a position of strength to deliver sustainable growth.”
Adjusted Comparable Store Sales Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Diluted EPS, Adjusted Operating Margin, Adjusted EBITDA Margin, and EBITDA are not measures recognized under generally accepted accounting principles (“GAAP”). Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP to GAAP Financial Measures” below for more information.
Second Quarter 2022 Summary
•Net revenue decreased 7.3% to $509.6 million compared to the second quarter of 2021.
•Net revenue was positively impacted by 0.2% due to the timing of unearned revenue.
•Comparable store sales growth was (11.0)% and Adjusted Comparable Store Sales Growth was (12.4)%.
•The Company opened 22 new stores and ended the quarter with 1,314 stores. Overall, store count grew 5.2% from July 3, 2021 to July 2, 2022.
•Costs applicable to revenue decreased 0.6% to $234.6 million compared to the second quarter of 2021. As a percentage of net revenue, costs applicable to revenue increased 310 basis points to 46.0% compared to the second quarter of 2021. This increase as a percentage of net revenue was primarily driven by deleverage of optometrist-related costs, reduced eyeglass mix and lower eyeglass margin.
•SG&A decreased 2.7% to $227.8 million compared to the second quarter of 2021. As a percentage of net revenue, SG&A increased 210 basis points to 44.7% compared to the second quarter of 2021. This increase as a percentage of net revenue was primarily driven by deleverage of store payroll and occupancy expense, partially offset by lower performance-based incentive compensation, stock-based compensation expense, and lower advertising.
•Net income decreased 74.1% to $9.7 million compared to the second quarter of 2021.
•Diluted EPS decreased 70.9% to $0.12 compared to the second quarter of 2021. Adjusted Diluted EPS decreased 57.0% to $0.21 compared to the second quarter of 2021. The change in margin on unearned revenue benefited Adjusted Diluted EPS by $0.02.
•Adjusted Operating Income decreased 57.6% to $27.8 million compared to the second quarter of 2021. Adjusted Operating Margin decreased 640 basis points to 5.5% compared to the second quarter of 2021. The change in margin on unearned revenue benefited Adjusted Operating Income by $0.8 million.
Six-Month Period Summary
•Net revenue decreased 4.3% to $1.0 billion compared to the same period of 2021.
•Net revenue was positively impacted by 0.2% due to the timing of unearned revenue.
•Comparable store sales growth was (8.0)% and Adjusted Comparable Store Sales Growth was (9.6)%.
•The Company opened 39 new stores, closed three stores, and ended the period with 1,314 stores.
•Costs applicable to revenue increased 2.2% to $470.6 million compared to the same period of 2021. As a percentage of net revenue, costs applicable to revenue increased 290 basis points to 45.4% compared to the same period of 2021. This increase as a percentage of net revenue was primarily driven by the deleverage of optometrist-related costs, reduced eyeglass mix and lower eyeglass margin.
•SG&A decreased 0.3% to $456.4 million compared to the same period of 2021. As a percentage of net revenue, SG&A increased 180 basis points to 44.0% compared to the same period of 2021. This increase as a percentage of net revenue was primarily driven by the deleverage of store payroll and occupancy expense, partially offset by lower performance-based incentive compensation.
•Net income decreased 50.8% to $39.9 million compared to the same period of 2021.
•Diluted EPS decreased 46.9% to $0.47 compared to the same period of 2021. Adjusted Diluted EPS decreased 45.0% to $0.53 compared to the same period of 2021. The net change in margin on unearned revenue benefited Adjusted Diluted EPS by $0.01.
•Adjusted Operating Income decreased 45.2% to $73.1 million compared to the same period of 2021. Adjusted Operating Margin decreased 530 basis points to 7.0% compared to the same period of 2021. The net change in margin on unearned revenue benefited Adjusted Operating Income by $1.6 million.
Balance Sheet and Cash Flow Highlights as of July 2, 2022
•The Company’s cash balance was $254.4 million as of July 2, 2022. The Company had no borrowings under its $300 million first lien revolving credit facility, exclusive of letters of credit of $6.4 million.
•Total debt was $568.8 million as of July 2, 2022, consisting of outstanding first lien term loans, convertible senior notes (“2025 Notes”) and finance lease obligations, net of unamortized discounts.
•Cash flows from operating activities for the first six months of 2022 were $88.0 million compared to $189.8 million for the same period of 2021.
•Capital expenditures for the first six months of 2022 totaled $55.7 million compared to $38.8 million for the same period of 2021.
Share Repurchase Program
•In the second quarter, the Company repurchased 2.6 million shares of its common stock for $73 million under the share repurchase program. Following these repurchases, the Company had $50 million remaining under the current share repurchase authorization. Since the inception of the repurchase program in November 2021, the Company has repurchased 4.2 million shares for a total cost of $150 million.
Recent Developments
•On July 19, 2022, the Company entered into an amendment to the letter agreement dated November 12, 2018 with Essilor of America, Inc. (“Essilor”) to, among other things, extend the term of the Company’s contractual agreement with Essilor for three years from May 31, 2023 to May 31, 2026. Under the agreement, Essilor has the sole and exclusive right to supply certain lenses for eyeglasses to the Company.
Fiscal 2022 Outlook
The Company’s updated fiscal 2022 outlook reflects the currently expected impacts related to macro-economic factors, including inflation, geopolitical instability and risks of recession, as well as constraints on exam capacity and the ongoing COVID-19 pandemic; however, the ultimate impact of these factors on the Company’s financial outlook remains uncertain with dynamic market conditions and the outlook shown below assumes no material deterioration to the Company’s current business operations as a result of such factors.
The Company is providing the following updated outlook for the 52 weeks ending December 31, 2022:
| Updated Fiscal 2022 Outlook | Prior Fiscal 2022 Outlook | |||||||
| New Stores | At least 80 | At least 80 | ||||||
| Adjusted Comparable Store Sales Growth | (8%) - (6.5%) | (7%) - (4%) | ||||||
| Net Revenue | $1.99 - $2.02 billion | $2.01 - $2.07 billion | ||||||
| Adjusted Operating Income | $85 - $100 million | $85 - $105 million | ||||||
Adjusted Diluted EPS1 | $0.65 - $0.77 | $0.65 - $0.80 | ||||||
Depreciation and Amortization2 | ~$103 million | ~$103 million | ||||||
Interest3 | $17 - $18 million | ~$18 million | ||||||
Tax Rate4 | 26% - 27% | ~26% | ||||||
| Capital Expenditures | $110 - $115 million | $110 - $115 million | ||||||
1 - Assumes 80.1 million shares, and does not include 12.9 million shares attributable to the 2025 Notes as they are anticipated to be anti-dilutive to earnings per share for fiscal year 2022 2 - Includes amortization of acquisition intangibles of approximately $7.5 million, which is excluded in the definition of Adjusted Operating Income 3 - Before the impact of gains or losses related to hedge ineffectiveness and charges related to amortization of debt discounts and deferred financing costs 4 - Excluding the impact of stock option exercises | ||||||||
The fiscal 2022 outlook information provided above includes Adjusted Operating Income and Adjusted Diluted EPS guidance, which are non-GAAP financial measures management uses in measuring performance. The Company is not able to reconcile these forward-looking non-GAAP measures to GAAP without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of certain items and unanticipated events, including taxes and non-recurring items, which would be included in GAAP results. The impact of such items and unanticipated events could be potentially significant.
The fiscal 2022 outlook is forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and those variations may be material. As such, the Company’s results may not fall within the ranges contained in its fiscal 2022 outlook. The Company uses these forward looking measures internally to assess and benchmark its results and strategic plans.
Conference Call Details
A conference call to discuss the second quarter 2022 financial results is scheduled for today, August 11, 2022, at 10:00 a.m. Eastern Time. Please click here to pre-register for the conference call and obtain a dial-in number and passcode. A live audio webcast of the conference call will be available on the “Investors” section of the Company’s website www.nationalvision.com/investors, where presentation materials will be posted prior to the conference call. A replay of the audio webcast will also be archived on the “Investors” section of the Company’s website.
About National Vision Holdings, Inc.
National Vision Holdings, Inc. is the second largest optical retail company in the United States (by sales) with more than 1,300 retail stores in 44 states and Puerto Rico. With a mission of helping people by making quality eye care and eyewear more affordable and accessible, the Company operates five retail brands: America’s Best Contacts & Eyeglasses, Eyeglass World, Vision Centers inside select Walmart stores, and Vista Opticals inside select Fred Meyer stores and on select military bases, and several e-commerce websites, offering a variety of products and services for customers’ eye care needs.
Forward-Looking Statements
This press release 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, statements contained under “Fiscal 2022 Outlook” as well as other statements related to our current beliefs and expectations regarding the performance of our industry, the Company’s strategic direction, market position, prospects and future results. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,”
“projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Caution should be taken not to place undue reliance on any forward-looking statement as such statements speak only as of the date when made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Forward-looking statements are not guarantees and are subject to various risks and uncertainties, which may cause actual results to differ materially from those implied in forward-looking statements. Such factors include, but are not limited to, the COVID-19 pandemic and its resurgence and variants, and the impact of evolving federal, state, and local governmental actions in response thereto, including risks stemming from vaccination and testing programs and mandates; customer behavior in response to the continuing pandemic and its more recent outbreaks of variants, including the impact of such behavior on in-store traffic and sales; overall decline in the health of the economy and other factors impacting consumer spending, including inflation, rising interest rates, and geopolitical instability; our ability to open and operate new stores in a timely and cost-effective manner, or keep stores safely open in light of the continuing COVID-19 pandemic, and to successfully enter new markets; our ability to recruit and retain vision care professionals for our stores in general and in light of the pandemic; our ability to develop, maintain and extend relationships with managed vision care companies, vision insurance providers and other third-party payors; our ability to maintain the performance of our Host and Legacy brands and our current operating relationships with our Host and Legacy partners; our ability to adhere to extensive state, local and federal vision care and healthcare laws and regulations; our compliance with managed vision care laws and regulations; our ability to maintain sufficient levels of cash flow from our operations to execute or sustain our growth strategy or obtain additional financing at satisfactory terms or at all; the loss of, or disruption in the operations of, one or more of our distribution centers and/or optical laboratories, resulting in the inability to fulfill customer orders and deliver our products in a timely manner; risks associated with vendors from whom our products are sourced, including our dependence on a limited number of suppliers; our ability to compete successfully; our ability to effectively operate our information technology systems and prevent interruption or security breach; the impact of wage rate increases, inflation, cost increases and increases in raw material prices and energy prices; our growth strategy straining our existing resources and causing the performance of our existing stores to suffer; our ability to successfully and efficiently implement our marketing, advertising and promotional efforts; risks associated with leasing substantial amounts of space, including future increases in occupancy costs; the impact of certain technological advances, and the greater availability of, or increased consumer preferences for, vision correction alternatives to prescription eyeglasses or contact lenses, and future drug development for the correction of vision-related problems; our ability to retain our existing senior management team and attract qualified new personnel; our ability to manage our inventory; seasonal fluctuations in our operating results and inventory levels; our reliance on third-party coverage and reimbursement, including government programs, for an increasing portion of our revenues; risks associated with our e-commerce and omni-channel business; product liability, product recall or personal injury issues; our failure to comply with, or changes in, laws, regulations, enforcement activities and other requirements; the impact of any adverse litigation judgments or settlements resulting from legal proceedings relating to our business operations; risk of losses arising from our investments in technological innovators in the optical retail industry; our ability to adequately protect our intellectual property; risks associated with environmental, social and governance issues, including climate change; our significant amount of indebtedness and our ability to generate sufficient cash flow to satisfy our debt obligations; a change in interest rates as well as changes in benchmark rates and uncertainty related to the foregoing; restrictions in our credit agreement that limits our flexibility in operating our business; potential dilution to existing stockholders upon the conversion of our convertible notes; and risks related to owning our common stock, including our ability to comply with requirements to design and implement and maintain effective internal controls. Additional information about these and other factors that could cause National Vision’s results to differ materially from those described in the forward-looking statements can be found in filings by National Vision with the Securities and Exchange Commission (“SEC”), including our latest Annual Report on Form 10-K, our Quarterly Report on Form 10-Q filed on August 11, 2022, and subsequently filed reports, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC.
Non-GAAP Financial Measures
To supplement the Company’s financial information presented in accordance with GAAP and aid understanding of the Company’s business performance, the Company uses certain non-GAAP financial measures, namely “EBITDA,” “Adjusted Operating Income,” “Adjusted Operating Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Adjusted Diluted EPS,” “Adjusted Comparable Stores Sales Growth,” “Adjusted SG&A,” and “Adjusted SG&A Percent of Net Revenue.” We believe EBITDA, Adjusted Operating Income, Adjusted Operating Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS, Adjusted SG&A and Adjusted SG&A Percent of Net Revenue assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses these non-GAAP financial measures to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.
To supplement the Company’s comparable store sales growth presented in accordance with GAAP, the Company provides “Adjusted Comparable Store Sales Growth,” which is a non-GAAP financial measure we believe is useful because it provides timely and accurate information relating to the two core metrics of retail sales: number of transactions and value of transactions. Management uses Adjusted Comparable Store Sales Growth as the basis for key operating decisions, such as allocation of advertising to particular markets and implementation of special marketing programs. Accordingly, we believe that Adjusted Comparable Store Sales Growth provides timely and accurate information relating to the operational health and overall performance of each brand. We also believe that, for the same reasons, investors find our calculation of Adjusted Comparable Store Sales Growth to be meaningful.
EBITDA: We define EBITDA as net income, plus interest expense (income), net, income tax provision (benefit) and depreciation and amortization.
Adjusted Operating Income: We define Adjusted Operating Income as net income, plus interest expense (income), net and income tax provision (benefit), further adjusted to exclude stock compensation expense, loss on extinguishment of debt, asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expenses, amortization of acquisition intangibles, and certain other expenses.
Adjusted Operating Margin: We define Adjusted Operating Margin as Adjusted Operating Income as a percentage of net revenue.
Adjusted EBITDA: We define Adjusted EBITDA as net income, plus interest expense (income), net, income tax provision (benefit) and depreciation and amortization, further adjusted to exclude stock compensation expense, loss on extinguishment of debt, asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expenses, and certain other expenses.
Adjusted EBITDA Margin: We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of net revenue.
Adjusted Diluted EPS: We define Adjusted Diluted EPS as diluted earnings per share, adjusted for the per share impact of stock compensation expense, loss on extinguishment of debt, asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expenses, amortization of acquisition intangibles, amortization of debt discounts and deferred financing costs of the term loan borrowings, amortization of the conversion feature and deferred financing costs related to the 2025 Notes when not required under U.S. GAAP to be added back for diluted earnings per share, losses (gains) on change in fair value of derivatives, certain other expenses, and tax benefit of stock option exercises, less the tax effect of these adjustments. We adjust for amortization of costs related to the 2025 Notes only when adjustment for these costs is not required in the calculation of diluted earnings per share according to U.S. GAAP.
Adjusted SG&A: We define Adjusted SG&A as SG&A, adjusted to exclude stock compensation expense, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expense, and certain other expenses.
Adjusted SG&A Percent of Net Revenue: We define Adjusted SG&A Percent of Net Revenue as Adjusted SG&A as a percentage of net revenue.
Adjusted Comparable Store Sales Growth: We measure Adjusted Comparable Store Sales Growth as the increase or decrease in sales recorded by the comparable store base in any reporting period, compared to sales recorded by the comparable store base in the prior reporting period, which we calculate as follows: (i) sales are recorded on a cash basis (i.e. when the order is placed and paid for or submitted to a managed care payor, compared to when the order is delivered), utilizing cash basis point of sale information from stores; (ii) stores are added to the calculation during the 13th full fiscal month following the store’s opening; (iii) closed stores are removed from the calculation for time periods that are not comparable; (iv) sales from partial months of operation are excluded when stores do not open or close on the first day of the month; and (v) when applicable, we adjust for the effect of the 53rd week. Quarterly, year-to-date and annual adjusted comparable store sales are aggregated using only sales from all whole months of operation included in both the current reporting period and the prior reporting period. When a partial month is excluded from the calculation, the corresponding month in the subsequent period is also excluded from the calculation. There may be variations in the way in which some of our competitors and other retailers calculate comparable store sales. As a result, our adjusted comparable store sales may not be comparable to similar data made available by other retailers.
EBITDA, Adjusted Operating Income, Adjusted Operating Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS, Adjusted SG&A, Adjusted SG&A Percent of Net Revenue and Adjusted Comparable Store Sales Growth are not recognized terms under U.S. GAAP and should not be considered as an alternative to net income or the ratio of net income to net revenue as a measure of financial performance, SG&A, the ratio of SG&A to net revenue as a measure of financial performance, cash flows provided by operating activities as a measure of liquidity, comparable store sales growth as a measure of operating performance, or any other performance measure derived in accordance with U.S. GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use as they do not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.
Please see “Reconciliation of Non-GAAP to GAAP Financial Measures” below for reconciliations of non-GAAP financial measures used in this release to their most directly comparable GAAP financial measures.
National Vision Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
In Thousands, Except Par Value
(Unaudited)
| As of July 2, 2022 | As of January 1, 2022 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 254,382 | $ | 305,800 | |||||||
| Accounts receivable, net | 63,774 | 55,697 | |||||||||
| Inventories | 129,493 | 123,669 | |||||||||
| Prepaid expenses and other current assets | 32,821 | 29,410 | |||||||||
| Total current assets | 480,470 | 514,576 | |||||||||
| Non-current assets: | |||||||||||
| Property and equipment, net | 350,840 | 346,436 | |||||||||
| Goodwill | 777,613 | 777,613 | |||||||||
| Trademarks and trade names | 240,547 | 240,547 | |||||||||
| Other intangible assets, net | 38,275 | 42,020 | |||||||||
| Right of use assets | 372,121 | 354,900 | |||||||||
| Other assets | 18,477 | 16,999 | |||||||||
| Total non-current assets | 1,797,873 | 1,778,515 | |||||||||
| Total assets | $ | 2,278,343 | $ | 2,293,091 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 70,000 | $ | 64,331 | |||||||
| Other payables and accrued expenses | 107,578 | 119,323 | |||||||||
| Unearned revenue | 34,329 | 29,895 | |||||||||
| Deferred revenue | 64,295 | 65,325 | |||||||||
| Current maturities of long-term debt and finance lease obligations | 4,651 | 3,999 | |||||||||
| Current operating lease obligations | 72,938 | 60,930 | |||||||||
| Total current liabilities | 353,791 | 343,803 | |||||||||
| Non-current liabilities: | |||||||||||
| Long-term debt and finance lease obligations, less current portion and debt discount | 564,152 | 566,081 | |||||||||
| Non-current operating lease obligations | 350,186 | 342,241 | |||||||||
| Deferred revenue | 23,015 | 23,166 | |||||||||
| Other liabilities | 9,043 | 8,974 | |||||||||
| Deferred income taxes, net | 86,487 | 82,846 | |||||||||
| Total non-current liabilities | 1,032,883 | 1,023,308 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 200,000 shares authorized; 84,147 and 83,840 shares issued as of July 2, 2022 and January 1, 2022, respectively; 78,885 and 81,405 shares outstanding as of July 2, 2022 and January 1, 2022, respectively | 841 | 838 | |||||||||
| Additional paid-in capital | 759,562 | 750,478 | |||||||||
| Accumulated other comprehensive loss | (1,562) | (1,940) | |||||||||
| Retained earnings | 318,276 | 278,395 | |||||||||
Treasury stock, at cost; 5,262 and 2,435 shares as of July 2, 2022 and January 1, 2022, respectively | (185,448) | (101,791) | |||||||||
| Total stockholders’ equity | 891,669 | 925,980 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,278,343 | $ | 2,293,091 | |||||||
National Vision Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income
In Thousands, Except Earnings Per Share
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Net product sales | $ | 421,600 | $ | 458,206 | $ | 854,853 | $ | 901,273 | |||||||||||||||
| Net sales of services and plans | 87,955 | 91,283 | 182,413 | 182,396 | |||||||||||||||||||
| Total net revenue | 509,555 | 549,489 | 1,037,266 | 1,083,669 | |||||||||||||||||||
| Costs applicable to revenue (exclusive of depreciation and amortization): | |||||||||||||||||||||||
| Products | 163,361 | 167,028 | 327,580 | 326,719 | |||||||||||||||||||
| Services and plans | 71,206 | 68,918 | 143,024 | 133,917 | |||||||||||||||||||
| Total costs applicable to revenue | 234,567 | 235,946 | 470,604 | 460,636 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Selling, general and administrative expenses | 227,829 | 234,235 | 456,383 | 457,828 | |||||||||||||||||||
| Depreciation and amortization | 25,245 | 24,025 | 50,396 | 47,580 | |||||||||||||||||||
| Asset impairment | 3,509 | 519 | 3,915 | 1,478 | |||||||||||||||||||
| Other expense (income), net | 34 | (65) | 265 | (130) | |||||||||||||||||||
| Total operating expenses | 256,617 | 258,714 | 510,959 | 506,756 | |||||||||||||||||||
| Income from operations | 18,371 | 54,829 | 55,703 | 116,277 | |||||||||||||||||||
| Interest expense (income), net | 3,963 | 10,188 | (181) | 16,518 | |||||||||||||||||||
| Earnings before income taxes | 14,408 | 44,641 | 55,884 | 99,759 | |||||||||||||||||||
| Income tax provision | 4,674 | 7,040 | 16,003 | 18,726 | |||||||||||||||||||
| Net income | $ | 9,734 | $ | 37,601 | $ | 39,881 | $ | 81,033 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | 0.12 | $ | 0.46 | $ | 0.49 | $ | 0.99 | |||||||||||||||
| Diluted | $ | 0.12 | $ | 0.42 | $ | 0.47 | $ | 0.89 | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 80,061 | 81,601 | 80,744 | 81,457 | |||||||||||||||||||
| Diluted | 80,403 | 96,082 | 94,109 | 96,044 | |||||||||||||||||||
| Comprehensive income: | |||||||||||||||||||||||
| Net income | $ | 9,734 | $ | 37,601 | $ | 39,881 | $ | 81,033 | |||||||||||||||
| Unrealized gain on hedge instruments | 255 | 2,959 | 507 | 4,609 | |||||||||||||||||||
| Tax provision of unrealized gain on hedge instruments | 65 | 756 | 129 | 3,302 | |||||||||||||||||||
| Comprehensive income | $ | 9,924 | $ | 39,804 | $ | 40,259 | $ | 82,340 | |||||||||||||||
The 2025 Notes were antidilutive for the three months ended July 2, 2022 and, therefore, excluded from the computation of the weighted average shares for diluted EPS.
National Vision Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
In Thousands
(Unaudited)
| Six Months Ended | |||||||||||
| July 2, 2022 | July 3, 2021 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 39,881 | $ | 81,033 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 50,396 | 47,580 | |||||||||
| Amortization of debt discount and deferred financing costs | 1,584 | 2,268 | |||||||||
| Asset impairment | 3,915 | 1,478 | |||||||||
| Deferred income tax expense | 3,512 | 14,582 | |||||||||
| Stock based compensation expense | 7,372 | 10,201 | |||||||||
| Losses (gains) on change in fair value of derivatives | (10,745) | 125 | |||||||||
| Inventory adjustments | 1,429 | 619 | |||||||||
| Other | 2,455 | 1,253 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (8,661) | 2,393 | |||||||||
| Inventories | (7,253) | (10,208) | |||||||||
| Operating lease right of use assets and lease liabilities | 568 | 149 | |||||||||
| Other assets | 2,246 | (1,148) | |||||||||
| Accounts payable | 5,669 | 12,816 | |||||||||
| Deferred and unearned revenue | 3,253 | 18,782 | |||||||||
| Other liabilities | (7,590) | 7,885 | |||||||||
| Net cash provided by operating activities | 88,031 | 189,808 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of property and equipment | (55,714) | (38,812) | |||||||||
| Other | 20 | 22 | |||||||||
| Net cash used for investing activities | (55,694) | (38,790) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repayments on long-term debt | (4) | (117,375) | |||||||||
| Proceeds from issuance of common stock | 2,246 | 5,738 | |||||||||
| Purchase of treasury stock | (83,632) | (1,466) | |||||||||
| Payments of debt issuance costs | — | (900) | |||||||||
| Payments on finance lease obligations | (2,218) | (2,526) | |||||||||
| Net cash used for financing activities | (83,608) | (116,529) | |||||||||
| Net change in cash, cash equivalents and restricted cash | (51,271) | 34,489 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of year | 306,876 | 375,159 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 255,605 | $ | 409,648 | |||||||
| Supplemental cash flow disclosure information: | |||||||||||
| Cash paid for interest | $ | 9,329 | $ | 14,640 | |||||||
| Cash paid for taxes | $ | 5,632 | $ | 6,995 | |||||||
| Capital expenditures accrued at the end of the period | $ | 9,300 | $ | 8,827 | |||||||
National Vision Holdings, Inc. and Subsidiaries
Reconciliation of Non-GAAP to GAAP Financial Measures
In Thousands, Except Per Share Information
(Unaudited)
| Reconciliation of Adjusted Operating Income to Net Income | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| In thousands | July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | |||||||||||||||||||
| Net income | $ | 9,734 | $ | 37,601 | $ | 39,881 | $ | 81,033 | |||||||||||||||
| Interest expense (income) | 3,963 | 10,188 | (181) | 16,518 | |||||||||||||||||||
| Income tax provision | 4,674 | 7,040 | 16,003 | 18,726 | |||||||||||||||||||
Stock compensation expense (a) | 3,638 | 7,213 | 7,372 | 10,201 | |||||||||||||||||||
Asset impairment (b) | 3,509 | 519 | 3,915 | 1,478 | |||||||||||||||||||
Amortization of acquisition intangibles (c) | 1,872 | 1,871 | 3,744 | 3,744 | |||||||||||||||||||
Other (f) | 390 | 1,149 | 2,350 | 1,549 | |||||||||||||||||||
| Adjusted Operating Income | $ | 27,780 | $ | 65,581 | $ | 73,084 | $ | 133,249 | |||||||||||||||
| Net income margin | 1.9 | % | 6.8 | % | 3.8 | % | 7.5 | % | |||||||||||||||
| Adjusted Operating Margin | 5.5 | % | 11.9 | % | 7.0 | % | 12.3 | % | |||||||||||||||
Note: Percentages reflect line item as a percentage of net revenue, adjusted for rounding | |||||||||||||||||||||||
| Reconciliation of EBITDA and Adjusted EBITDA to Net Income | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| In thousands | July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | |||||||||||||||||||
| Net income | $ | 9,734 | $ | 37,601 | $ | 39,881 | $ | 81,033 | |||||||||||||||
| Interest expense (income) | 3,963 | 10,188 | (181) | 16,518 | |||||||||||||||||||
| Income tax provision | 4,674 | 7,040 | 16,003 | 18,726 | |||||||||||||||||||
| Depreciation and amortization | 25,245 | 24,025 | 50,396 | 47,580 | |||||||||||||||||||
| EBITDA | 43,616 | 78,854 | 106,099 | 163,857 | |||||||||||||||||||
Stock compensation expense (a) | 3,638 | 7,213 | 7,372 | 10,201 | |||||||||||||||||||
Asset impairment (b) | 3,509 | 519 | 3,915 | 1,478 | |||||||||||||||||||
Other (f) | 390 | 1,149 | 2,350 | 1,549 | |||||||||||||||||||
| Adjusted EBITDA | $ | 51,153 | $ | 87,735 | $ | 119,736 | $ | 177,085 | |||||||||||||||
| Net income margin | 1.9 | % | 6.8 | % | 3.8 | % | 7.5 | % | |||||||||||||||
| Adjusted EBITDA Margin | 10.0 | % | 16.0 | % | 11.5 | % | 16.3 | % | |||||||||||||||
| Note: Percentages reflect line item as a percentage of net revenue, adjusted for rounding | |||||||||||||||||||||||
| Reconciliation of Adjusted Diluted EPS to Diluted EPS | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| In thousands, except per share amounts | July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | |||||||||||||||||||
| Diluted EPS | $ | 0.12 | $ | 0.42 | $ | 0.47 | $ | 0.89 | |||||||||||||||
Stock compensation expense (a) | 0.05 | 0.08 | 0.08 | 0.11 | |||||||||||||||||||
Asset impairment (b) | 0.04 | 0.01 | 0.04 | 0.02 | |||||||||||||||||||
Amortization of acquisition intangibles (c) | 0.02 | 0.02 | 0.04 | 0.04 | |||||||||||||||||||
Amortization of debt discount and deferred financing costs (d) | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||||||||||
Losses (gains) on change in fair value of derivatives (e) | (0.01) | 0.02 | (0.11) | 0.00 | |||||||||||||||||||
Other (j) | 0.00 | 0.01 | 0.02 | (0.01) | |||||||||||||||||||
Tax benefit of stock option exercises (g) | 0.00 | (0.04) | 0.00 | (0.05) | |||||||||||||||||||
Tax effect of total adjustments (h) | (0.03) | (0.04) | (0.02) | (0.05) | |||||||||||||||||||
| Adjusted Diluted EPS | $ | 0.21 | $ | 0.48 | $ | 0.53 | $ | 0.97 | |||||||||||||||
| Weighted average diluted shares outstanding | 80,403 | 96,082 | 94,109 | 96,044 | |||||||||||||||||||
| Note: Some of the totals in the table above do not foot due to rounding differences | |||||||||||||||||||||||
| Reconciliation of Adjusted SG&A and Adjusted SG&A Percent of Net Revenue to SG&A | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| In thousands | July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | |||||||||||||||||||
| SG&A | $ | 227,829 | $ | 234,235 | $ | 456,383 | $ | 457,828 | |||||||||||||||
Stock compensation expense (a) | 3,638 | 7,213 | 7,372 | 10,201 | |||||||||||||||||||
Other (i) | 390 | 1,241 | 2,095 | 1,641 | |||||||||||||||||||
| Adjusted SG&A | $ | 223,801 | $ | 225,781 | $ | 446,916 | $ | 445,986 | |||||||||||||||
| SG&A Percent of Net Revenue | 44.7 | % | 42.6 | % | 44.0 | % | 42.2 | % | |||||||||||||||
| Adjusted SG&A Percent of Net Revenue | 43.9 | % | 41.1 | % | 43.1 | % | 41.2 | % | |||||||||||||||
Note: Percentages reflect line item as a percentage of net revenue | |||||||||||||||||||||||
(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 write-off of property, equipment and lease-related assets on closed or underperforming stores.
(c)Amortization of the increase in carrying values of finite-lived intangible assets resulting from the application of purchase accounting following the acquisition of the Company by affiliates of KKR & Co. Inc.
(d)Amortization of deferred financing costs and other non-cash charges related to our long-term debt. We adjust for amortization of deferred financing costs related to the 2025 Notes only when adjustment for these costs is not required in the calculation of diluted earnings per share under U.S. GAAP.
(e)Reflects losses (gains) recognized in interest expense (income), net on change in fair value of de-designated hedges.
(f)Other adjustments include amounts that management believes are not representative of our operating performance (amounts in brackets represent reductions in Adjusted Operating Income, Adjusted Diluted EPS and Adjusted EBITDA), which are primarily related to excess payroll taxes on stock option exercises, executive severance and relocation and other expenses and adjustments, including losses on other investments of $0.3 million for the six months ended July 2, 2022.
(g)Tax benefit associated with accounting guidance requiring excess tax benefits related to stock option exercises to be recorded in earnings as discrete items in the reporting period in which they occur.
(h)Represents the income tax effect of the total adjustments at our combined statutory federal and state income tax rates.
(i)Reflects other expenses in (f) above, except for losses on other investments of $0.3 million for the six months ended July 2, 2022, and other immaterial adjustments in 2021.
(j)Reflects other expenses in (f) above, including the impact of stranded tax effect of $(2.1) million for the six months ended July 3, 2021 associated with our interest rate swaps that matured in 2021, and $0.1 million debt issuance costs for the three and six months ended July 3, 2021, respectively.
| Reconciliation of Adjusted Comparable Store Sales Growth to Total Comparable Store Sales Growth | |||||||||||||||||||||||||||||
Comparable store sales growth (a) | |||||||||||||||||||||||||||||
| Three Months Ended July 2, 2022 | Three Months Ended July 3, 2021 | Six Months Ended July 2, 2022 | Six Months Ended July 3, 2021 | 2022 Outlook | |||||||||||||||||||||||||
| Owned & Host segment | |||||||||||||||||||||||||||||
| America’s Best | (13.0) | % | 81.8 | % | (10.1) | % | 54.9 | % | |||||||||||||||||||||
| Eyeglass World | (9.1) | % | 67.6 | % | (7.6) | % | 57.1 | % | |||||||||||||||||||||
| Military | (6.1) | % | 65.0 | % | (5.1) | % | 38.1 | % | |||||||||||||||||||||
| Fred Meyer | (9.8) | % | 61.1 | % | (4.3) | % | 36.1 | % | |||||||||||||||||||||
| Legacy segment | (12.9) | % | 58.2 | % | (8.6) | % | 42.6 | % | |||||||||||||||||||||
| Total comparable store sales growth | (11.0) | % | 99.1 | % | (8.0) | % | 48.9 | % | (7.5%) - (6%) | ||||||||||||||||||||
Adjusted Comparable Store Sales Growth (b) | (12.4) | % | 76.7 | % | (9.6) | % | 53.3 | % | (8%) - (6.5%) | ||||||||||||||||||||
(a)Total comparable store sales based on consolidated net revenue excluding the impact of (i) Corporate/Other segment net revenue, (ii) sales from stores opened less than 13 months, (iii) stores closed in the periods presented, (iv) sales from partial months of operation when stores do not open or close on the first day of the month and (v) if applicable, the impact of a 53rd week in a fiscal year. Brand-level comparable store sales growth is calculated based on cash basis revenues consistent with what the CODM reviews, and consistent with reportable segment revenues presented in Note 10. “Segment Reporting” in our unaudited condensed consolidated financial statements included in Part I. Item 1. in our Quarterly Report on Form 10-Q, with the exception of the Legacy segment, which is adjusted as noted in clause (b) (ii) below.
(b)There are two differences between total comparable store sales growth based on consolidated net revenue and Adjusted Comparable Store Sales Growth: (i) Adjusted Comparable Store Sales Growth includes the effect of deferred and unearned revenue as if such revenues were earned at the point of sale, resulting in the following changes from total comparable store sales growth based on consolidated net revenue: a decrease of 1.2% and a decrease of 21.6% for the three months ended July 2, 2022 and July 3, 2021, respectively, and a decrease of 1.4% and an increase of 4.4% for the six months ended July 2, 2022 and July 3, 2021, respectively; and (ii) Adjusted Comparable Store Sales Growth includes retail sales to the Legacy partner’s customers (rather than the revenues recognized consistent with the management & services agreement with the Legacy partner), resulting in the following changes from total comparable store sales growth based on consolidated net revenue: a decrease of 0.2% and a decrease of 0.8% for the three months ended July 2, 2022 and July 3, 2021, respectively, and a decrease of 0.2% for the six months ended July 2, 2022; (iii) with respect to the Company’s 2022 Outlook, Adjusted Comparable Store Sales Growth includes an estimated 0.5% impact for the effect of deferred and unearned income as if such revenues were earned at the point of sale and retail sales to the Legacy partner’s customers (rather than the revenues recognized consistent with the management & services agreement).
Investors:
National Vision Holdings, Inc.
David Mann, CFA, Senior Vice President of Investor Relations
(470) 448-2448
investor.relations@nationalvision.com
Media:
National Vision Holdings, Inc.
Racheal Peters, Manager of External Communications
(470) 448-2303
media@nationalvision.com
Exhibit 99.2
National Vision Announces Executive Promotions to Support Company Growth and Accelerate Value-Creation Initiatives
•Patrick Moore assumes additional role of Chief Operating Officer
•Melissa Rasmussen to succeed Moore as Chief Financial Officer on Jan. 1, 2023
Duluth, Ga. (August 11, 2022) — National Vision Holdings, Inc. (NASDAQ: EYE) updated key leadership positions, including announcing a new Chief Operating Officer role and the planned Chief Financial Officer succession process.
Patrick Moore, Chief Financial Officer, has been appointed to the role of Chief Operating Officer and will continue to serve as Chief Financial Officer through the end of 2022. As Chief Operating Officer, Moore will be leading the following functions: Retail Operations, Clinical Services, Real Estate, Labs, Manufacturing and Distribution, and Strategy.
Melissa Rasmussen, Senior Vice President, Accounting and Finance, has been appointed to succeed Moore as the company’s Chief Financial Officer, effective January 1, 2023. Moore will continue in the role of Chief Operating Officer following this transition.
“During his eight-year tenure as CFO, Patrick has always viewed our enterprise with a wide lens. He is capable of seeing the breadth of strengths and opportunities across our whole operations,” said Reade Fahs, Chief Executive Officer. “The COO role positions him to lead our cross-functional success at a very high level. And because of strong succession planning throughout the company, we have a deep bench of leadership talent to draw from to support these changes – I am thrilled that Melissa, a proven leader and talented executive, will be stepping into the CFO role."
Rasmussen draws on more than 20 years of financial leadership experience in diverse sectors, including manufacturing, healthcare, software and retail, and joined National Vision as Senior Vice President, Chief Accounting Officer, in 2019.
The Company announced additional leadership changes in the Finance and Operations functions.
David Mann, Vice President, Investor Relations, has been promoted to Senior Vice President, Investor Relations.
Roger Francis, Chief Stores Officer, will be departing the Company to pursue an international leadership role at a company outside the optical industry, effective August 31, 2022. Heidi
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Henneman, Vice President of Store Operations and a twenty-year veteran of the optical industry, has been promoted to Senior Vice President, Head of Stores.
About National Vision Holdings, Inc.
National Vision Holdings, Inc. is the second largest optical retail company in the United States (by sales) with more than 1,300 stores in 44 states and Puerto Rico. With a mission of helping people by making quality eye care and eyewear more affordable and accessible, the company operates five retail brands: America’s Best Contacts & Eyeglasses, Eyeglass World, Vision Centers inside select Walmart stores, and Vista Opticals inside select Fred Meyer stores and on select military bases, and several e-commerce websites, offering a variety of products and services for customers’ eye care needs. For more information, please visit www.nationalvision.com.
Media Contacts:
David Mann, Senior Vice President of Investor Relations
(470) 448-2448
Investor.Relations@nationalvision.com
Racheal Peters, Manager of External Communications
(470) 448-2303
media@nationalvision.com
(470) 448-2448
Investor.Relations@nationalvision.com
Racheal Peters, Manager of External Communications
(470) 448-2303
media@nationalvision.com
2