National Vision Holdings, Inc.(EYE), a leading provider of optical retai l services, has released its financial results for the second quarter of 2023, showcasing a net income of $23.88 million. The company's revenue, spanning both product sales and services, reached $525.34 million during the same period. The financial report demonstrates the company's consistent growth in both revenue and net income, reflecting its strong position in the optical retail industry.
National Vision Holdings' current assets experienced growth, with cash and cash equivalents reaching $254.65 million as of July 1, 2023, compared to $229.43 million as of December 31, 2022. Accounts receivable stood at $78.90 million, while inventories totaled $120.87 million. The company's total current assets amounted to $494.29 million, reflecting a positive trajectory.
The company's noncurrent assets also demonstrated stability and growth. Property and equipment, net, increased to $367.33 million from $359.78 million, and goodwill remained consistent at $777.61 million. Other intangible assets, trademarks, and trade names collectively amounted to $271.45 million. The company's total noncurrent assets reached $1.84 billion, further establishing its foundation for long-term success.
Condensed Consolidated Statements of Operations and Comprehensive Income
National Vision Holdings reported net product sales of $432.93 million, along with net sales of services and plans totaling $92.42 million for the three months ended July 1, 2023. This brought the company's total net revenue to $525.34 million, showcasing steady growth in comparison to the same period in 2022.
Operating expenses, including selling, general, and administrative expenses, depreciation, and amortization, were reported at $269.78 million for the quarter. Despite these expenses, the company achieved an income from operations of $7.73 million. After accounting for interest expenses and income taxes, National Vision Holdings reported a net income of $5.61 million, highlighting its profitability in a competitive market.
Earnings per share stood at $0.07 for both basic and diluted calculations. The weighted average shares outstanding for the quarter were 78,101 on a basic basis and 78,343 on a diluted basis. Additionally, the company reported comprehensive income of $5.80 million, reflecting its overall financial health.
National Vision Holdings demonstrated its commitment to financial growth and shareholder value through various actions. These actions included the issuance of common stock, stock-based compensation, and the purchase of treasury stock, which collectively contributed to the company's robust equity position.
Condensed Consolidated Statements of Cash Flows
The company's operating activities generated a net cash flow of $112.22 million, showcasing its operational efficiency. While investing activities reflected capital expenditures and other transactions, financing activities encompassed stock issuances, treasury stock purchases, and payments related to debt. The net change in cash, cash equivalents, and restricted cash stood at $25.36 million.
As National Vision Holdings continues to navigate the dynamic optical retail industry, its steady growth in revenue and net income, combined with strategic financial management, position the company for continued success and shareholder value creation.