National Vision Holdings Inc (EYE) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the National Vision Holdings First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加國宏控股2023年第一季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Caitlin Churchill of Investor Relations. Please go ahead.

我現在想將會議交給今天的發言人、投資者關係部門的凱特琳·丘吉爾。請繼續。

Thank you, and good morning, everyone. Welcome to National Vision's First Quarter 2023 Earnings Call. Joining me on the call today are Reade Fahs, the CEO; and Melissa Rasmussen, CFO. Patrick Moore, COO, is also with us and will be available during the Q&A portion of the call.

謝謝大家，大家早上好。歡迎參加 National Vision 2023 年第一季度收益電話會議。今天和我一起參加電話會議的是首席執行官 Reade Fahs；和首席財務官 Melissa Rasmussen。首席運營官帕特里克·摩爾 (Patrick Moore) 也與我們在一起，並將在電話的問答部分提供幫助。

Our earnings release issued this morning and the presentation, which will be referenced during the call, are both available on the Investors section of our website, nationalvision.com, and a replay of the audio webcast will be archived on the Investors page after the call.

我們今天早上發布的收益報告和將在電話會議期間引用的演示文稿都可以在我們網站Nationalvision.com的投資者部分上獲取，並且音頻網絡廣播的重播將在電話會議後存檔在投資者頁面上。

Before we begin, let me remind you that our earnings materials and today's presentation include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in the release and our filings with the Securities and Exchange Commission.

在開始之前，請允許我提醒您，我們的收益材料和今天的演示文稿包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些陳述受到風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。期望和預測。這些風險和不確定性包括但不限於新聞稿和我們向美國證券交易委員會提交的文件中確定的因素。

The release and today's presentation also include certain non-GAAP measures. Reconciliation of these measures is included in our release and the supplemental presentation. We also would like to draw your attention to Slide 2 in today's presentation for additional information about forward-looking statements and non-GAAP measures. As a reminder, National Vision provides investor presentations and supplemental materials for investor reference on the Investors section of our website.

該新聞稿和今天的演示還包括某些非公認會計原則措施。這些措施的協調包含在我們的新聞稿和補充演示中。我們還想提請您注意今天演示文稿中的幻燈片 2，了解有關前瞻性陳述和非公認會計準則措施的更多信息。謹此提醒，National Vision 在我們網站的投資者部分提供投資者介紹和補充材料供投資者參考。

Now let me turn the call over to Reade.

現在讓我把電話轉給里德。

Thank you, Caitlin. Good morning, everyone. Thank you all for joining us today. Since we last spoke to you in March, we continue to execute our initiatives focused on adapting to the new realities of the post-pandemic marketplace that we believe position us to deliver improved sales and profitability while staying true to our mission to make eye care and eyewear more affordable for all. Before I review our progress on these initiatives, let me review highlights from Q1 performance.

謝謝你，凱特琳。大家，早安。感謝大家今天加入我們。自從我們上次在三月份與您交談以來，我們繼續執行我們的舉措，重點是適應大流行後市場的新現實，我們相信這使我們能夠提高銷售額和盈利能力，同時忠於我們的使命，讓眼睛護理和所有人都買得起眼鏡。在回顧我們在這些舉措上的進展之前，讓我先回顧一下第一季度的業績亮點。

Beginning on Slide 4. Q1 came in slightly above expectations with a year-over-year increase in net revenue of 6.6% and adjusted comparable store sales growth of 0.8% compared to Q1 2022. This translated into adjusted EPS of $0.31 for the period. Overall, the quarter reflected a similar sales mix to what we saw in Q4 with an even stronger performance from our managed care business. Our managed care business is less pressured by inflation since the insurance company pays most of the customers' bill. Managed care business is typically strongest in the fourth quarter as insured customers are using benefits before they expire and in the first quarter due to benefit plan reset timing.

從幻燈片 4 開始。與 2022 年第一季度相比，第一季度的淨收入同比增長 6.6%，調整後的可比商店銷售額增長 0.8%，略高於預期。這意味著該季度調整後的每股收益為 0.31 美元。總體而言，本季度的銷售組合與我們在第四季度看到的類似，我們的管理式醫療業務的表現甚至更為強勁。我們的管理式醫療業務受通脹壓力較小，因為保險公司支付了大部分客戶的賬單。管理式醫療業務通常在第四季度最為強勁，因為受保客戶在福利到期前使用福利，並且由於福利計劃重置時間而在第一季度使用福利。

In addition, during the quarter, we continued to see a greater shift in the number of higher-income customers who traded into our more value-priced offerings as tends to happen in a tough economy. These 2 trends helped mitigate the sales impact of inflation on our core budget-conscious uninsured customers as well as the impact from continued exam capacity constraints.

此外，在本季度，我們繼續看到購買我們價格更有價值的產品的高收入客戶數量發生了更大的變化，這在經濟不景氣的情況下往往會發生。這兩種趨勢有助於減輕通貨膨脹對我們核心預算意識未投保客戶的銷售影響，以及持續的考試能力限制的影響。

Turning now to Slide 5 and the progress we're making against our key initiatives. As we discussed last quarter, National Vision is moving rapidly down the path to adapt our business to thrive amidst the new realities facing our business and the industry. These new realities include exam capacity constraints and persistent inflationary pressures on our business and our customers' wallets.

現在轉向幻燈片 5 以及我們在關鍵舉措方面所取得的進展。正如我們上季度所討論的那樣，National Vision 正在快速前進，使我們的業務能夠在我們的業務和行業面臨的新現實中蓬勃發展。這些新的現實包括考試能力限制以及對我們的業務和客戶錢包造成的持續通脹壓力。

Let's start with exam capacity. On the whole, in stores where we are achieving capacity objectives, comps are positive, thus demonstrating the strength of our business model. There are 3 components to achieving optimal exam capacity. The first is retention of the optometrists who currently practice in and alongside our stores. As we've previously shared, our optometrist retention rate is in the 80% to 90% range. While there are some variability within that range from 2019 to 2021, mainly due to increased retirements and other pandemic-related factors, our retention rate improved in 2022 compared with 2021. Given our healthy Q1 retention levels, we expect to see another step-up in retention in 2023 over 2022.

我們先從考試能力說起。總體而言，在我們實現容量目標的商店中，比較結果是積極的，從而證明了我們商業模式的優勢。實現最佳考試能力有 3 個組成部分。首先是保留目前在我們商店內和旁邊執業的驗光師。正如我們之前分享的，我們的驗光師保留率在 80% 到 90% 範圍內。雖然從 2019 年到 2021 年，這一範圍內存在一些變化，主要是由於退休人數增加和其他流行病相關因素，但與 2021 年相比，我們 2022 年的保留率有所提高。鑑於我們第一季度的健康保留水平，我們預計會看到另一個提升2023 年的保留率超過 2022 年。

The second is the recruitment of new optometrists to our network. We are pleased that our recruitment efforts are off to a strong start this year. Both recruitment and retention have been aided by the addition of a menu of more flexible scheduling options available to optometrists in our network. As we discussed last quarter, these updates were piloted late last year, and based on positive results, they are being further rolled out in the first half of this year. We continue to learn how best to optimize the new schedule management that goes along with this program and balance customer desired shopping patterns with the flexibility desired by the optometrist.

第二個是為我們的網絡招募新的驗光師。我們很高興今年的招聘工作有了一個良好的開端。我們網絡中為驗光師提供了一系列更靈活的日程安排選項，這有助於招募和保留人員。正如我們上季度討論的那樣，這些更新已於去年年底進行了試點，基於積極的結果，它們將在今年上半年進一步推出。我們繼續學習如何最好地優化與該計劃相關的新日程管理，並平衡客戶所需的購物模式與驗光師所需的靈活性。

Third, we're deploying our remote medicine capabilities to help improve exam capacity. Remote medicine provides patients with greater access to care and optometrists with the ability to see patients across geographies. This is because remote optometrists can be licensed in multiple states and see patients in remote-enabled exam rooms across the country where they are licensed. Our remote program is a fairly sophisticated start-up within our organization, and we expect it to significantly unlock additional exam capacity over time. While we continue to learn and evolve the program, it remains on track to contribute to profitability this year. While the greatest benefit, of course, is to dark and dim stores, there's also an important benefit in covering situations where an in-person optometrist is out of the office and is supplementing the coverage that a live doctor provides in store when there is strong demand.

第三，我們正在部署遠程醫療功能來幫助提高考試能力。遠程醫療為患者提供了更多獲得護理的機會，並且驗光師能夠為跨地域的患者提供服務。這是因為遠程驗光師可以在多個州獲得許可，並在他們獲得許可的國家的遠程檢查室為患者看診。我們的遠程計劃是我們組織內相當複雜的初創企業，我們希望隨著時間的推移，它能夠顯著釋放額外的考試能力。在我們繼續學習和發展該計劃的同時，它仍有望為今年的盈利做出貢獻。當然，最大的好處是使商店光線昏暗，但在現場驗光師不在辦公室的情況下進行承保也有一個重要的好處，並且可以補充現場醫生在店內提供的承保範圍。要求。

We remain on track with our expansion into at least an additional 200 remote-enabled stores this year, taking into account planned pauses expected for peak volume periods for our stores. I encourage everyone to take a look at the video we recently published on our website, demonstrating a remote exam.

考慮到我們商店預計在高峰期暫停營業，今年我們仍將繼續擴張至少 200 家支持遠程的商店。我鼓勵大家觀看我們最近在網站上發布的演示遠程考試的視頻。

In response to the current rising cost environment, we're driving a variety of efforts which should, over time, help to rightsize both our store and our overall cost structure. This includes the ongoing digitization of the store to improve efficiency and productivity. An example of this is our electronic health record or EHR program that we're rolling out in conjunction with our remote medicine capabilities that is designed to make our stores work more efficiently than with traditional paper records.

為了應對當前不斷上升的成本環境，我們正在推動各種努力，隨著時間的推移，這些努力應該有助於調整我們的商店規模和整體成本結構。這包括持續進行商店數字化，以提高效率和生產力。這方面的一個例子是我們的電子健康記錄或 EHR 計劃，該計劃與我們的遠程醫療功能結合推出，旨在使我們的商店比傳統紙質記錄更高效地工作。

In addition, as we continue our deep dive into our pricing architecture, we're conducting a study that will help us update the competitive landscape and our position within it to best determine options for potential pricing changes while executing our mission to provide quality eye care and eyewear at a value to all.

此外，隨著我們繼續深入研究我們的定價架構，我們正在進行一項研究，這將幫助我們更新競爭格局和我們在其中的地位，以便最好地確定潛在定價變化的選擇，同時執行我們提供優質眼科護理的使命以及對所有人都有價值的眼鏡。

Finally, with respect to consumer spending conservatism, we are constantly testing and expanding new marketing programs, including those that attract consumers via a variety of relatively new omnichannel offerings. We continue to believe that, over time, due to the biology of the human eye, the consumer purchase cycle, which remained consistent in the decades prior to the pandemic, will eventually normalize.

最後，關於消費者支出保守主義，我們不斷測試和擴展新的營銷計劃，包括通過各種相對較新的全渠道產品吸引消費者的計劃。我們仍然相信，隨著時間的推移，由於人眼的生物學特性，在大流行前幾十年保持一致的消費者購買週期最終將正常化。

Now regarding our ongoing store growth. During the first quarter, we opened 8 new stores and are on track to open approximately 65 to 70 new stores this year. Our new stores opened over the past 12 months are continuing to perform well and in line with our expectations. As illustrated on Slide 6, we continue to see great opportunity to expand our America's best in eyeglass world store base over time, and we'll continue to capitalize on the white space opportunity in front of us.

現在談談我們持續的商店增長。第一季度，我們開設了 8 家新店，今年預計將開設約 65 至 70 家新店。我們過去 12 個月開設的新店繼續表現良好，符合我們的預期。如幻燈片 6 所示，隨著時間的推移，我們繼續看到擴大美國最好的眼鏡世界商店基地的巨大機會，並且我們將繼續利用擺在我們面前的空白機會。

In summary, we are taking aggressive action to position National Vision for success in the post-pandemic marketplace. While April was somewhat softer than we previously anticipated, we're beginning to see encouraging signs of progress from the actions we are taking, which is giving us confidence in reaffirming our 2023 guidance at this time.

總之，我們正在採取積極行動，使國家願景在大流行後市場取得成功。雖然 4 月份的情況比我們之前預期的要溫和一些，但我們開始看到我們正在採取的行動取得了令人鼓舞的進展跡象，這讓我們有信心在此時重申 2023 年的指導方針。

I'll now turn the call over to Melissa for a more detailed discussion of our financial results and the 2023 outlook.

我現在將把電話轉給 Melissa，以便更詳細地討論我們的財務業績和 2023 年前景。

Thank you, Reade, and good morning, everyone. As Reade discussed, we had a stronger-than-expected start to the year, driven primarily by managed care sales, leading to adjusted comparable store sales growth of 0.8%, slightly better than originally guided. And we are beginning to see progress based on the actions we are taking.

謝謝你，雷德，大家早上好。正如 Reade 所討論的，我們今年的開局強於預期，這主要是由管理式醫療銷售推動的，導致調整後的可比商店銷售增長 0.8%，略好於最初的指導。我們開始看到基於我們正在採取的行動取得的進展。

Now I'll cover our first quarter financial performance in more detail. Turning to Slide 9. Net revenue for the quarter increased 6.6% compared to the prior year. This includes the impact from the timing of unearned revenue, which benefited revenue growth by 2% in the period. During the quarter, we opened 4 new America's Best and 4 Eyeglass World stores and closed 5 stores. For our America's Best and Eyeglass World growth brands combined, unit growth increased 5% over the total store base last year, and we ended the quarter with 1,357 stores. As Reade mentioned, we are on track to open between 65 and 70 new stores this year, consistent with our previous guidance. Adjusted comparable store sales grew 0.8% and compared to the first quarter of 2022 driven by an increase in average ticket and transactions.

現在我將更詳細地介紹我們第一季度的財務業績。轉向幻燈片 9。該季度的淨收入與上年同期相比增長了 6.6%。這包括未實現收入時間安排的影響，該收入使該期間收入增長了 2%。本季度，我們新開了 4 家 America's Best 店和 4 家 Eyeglass World 店，並關閉了 5 家店。對於我們的 America's Best 和 Eyeglass World 增長品牌而言，去年門店總數比去年增長了 5%，本季度末我們擁有 1,357 家門店。正如 Reade 提到的，我們今年有望開設 65 至 70 家新店，這與我們之前的指導一致。與 2022 年第一季度相比，由於平均門票和交易量增加，調整後的可比商店銷售額增長了 0.8%。

Turning to Slide 10. As the percentage of net revenue, cost applicable to revenue increased 50 basis points, driven by the deleverage of optometrist-related costs which was partially offset by higher eyeglass margin and increased eyeglass mix. Adjusted SG&A expense as a percentage of revenue increased 140 basis points compared to the first quarter of 2022. The key factors behind this increase included higher performance-based incentive compensation given the normalization of our incentive plans this year versus last year as well as higher store payroll. The factors were partially offset by advertising expense leverage during the period.

轉向幻燈片 10。由於驗光師相關成本去槓桿化的推動，適用於收入的成本占淨收入的百分比增加了 50 個基點，但部分被較高的眼鏡利潤率和增加的眼鏡組合所抵消。與 2022 年第一季度相比，調整後的 SG&A 費用佔收入的百分比增加了 140 個基點。這一增長背後的關鍵因素包括基於績效的激勵薪酬的提高，因為今年我們的激勵計劃與去年相比已經正常化，而且門店銷售額也更高工資單。該因素被期內廣告費用槓桿部分抵消。

Adjusted operating income was $39.9 million compared to $45.3 million in the prior year period. Adjusted operating margin decreased 150 basis points to 7.1%, driven primarily by the increase in optometrist-related costs and the normalization of incentive compensation compared to last year.

調整後營業收入為 3,990 萬美元，上年同期為 4,530 萬美元。調整後營業利潤率下降 150 個基點至 7.1%，主要原因是與去年相比，驗光師相關成本增加以及激勵薪酬正常化。

Net interest expense was $4.9 million, which includes mark-to-market losses on derivative instruments and charges related to amortization of debt discount and deferred financing costs of $3.9 million. Adjusted diluted EPS was $0.31 compared to $0.33 per share in the prior year period.

淨利息支出為 490 萬美元，其中包括衍生工具按市價計價的損失以及與債務折扣攤銷和遞延融資成本相關的費用 390 萬美元。調整後攤薄每股收益為 0.31 美元，上年同期為每股 0.33 美元。

Now turning to Slide 11. Our balance sheet and liquidity remained strong. We ended the quarter with a cash balance of $246.9 million and total liquidity of $540.5 million, including available capacity from our revolving credit facility. We have total debt outstanding of $566.9 million with no mandatory principal payments due until the term loan matures in July of 2024.

現在轉向幻燈片 11。我們的資產負債表和流動性仍然強勁。本季度結束時，我們的現金餘額為 2.469 億美元，流動資金總額為 5.405 億美元，其中包括循環信貸安排的可用容量。我們的未償債務總額為 5.669 億美元，在 2024 年 7 月定期貸款到期之前無需支付強製本金。

We are currently exploring refinancing options for our term loan and revolving credit facility in advance of their maturity, and we expect to provide an update when appropriate. We ended the quarter with net debt to adjusted EBITDA of 1.8x. During the quarter, we generated operating cash flow of $74.1 million. We invested $27.7 million in capital expenditures, primarily focused on new store openings and customer-facing technology investments and remain on track for 2023 CapEx in the range of $115 million to $120 million to support our key growth initiatives.

我們目前正在探索定期貸款和循環信貸額度到期前的再融資方案，我們希望在適當的時候提供最新信息。本季度末，我們的淨債務與調整後 EBITDA 之比為 1.8 倍。本季度，我們產生了 7410 萬美元的運營現金流。我們投資了 2770 萬美元的資本支出，主要集中在新店開業和麵向客戶的技術投資，並繼續保持 2023 年資本支出在 1.15 億至 1.2 億美元範圍內的目標，以支持我們的關鍵增長計劃。

During the quarter, we returned capital to stockholders with the repurchase of 1.1 million shares for $25 million under the share repurchase program at an average share price of $22.90 per share. We have $25 million remaining under the current share repurchase authorization. Inventory per store declined 8% on a year-over-year basis. Our merchandising and distribution teams continue to execute well, and we are confident our current inventory levels are sufficient to support continued growth in 2023. Overall, we will continue to utilize our strong balance sheet and cash flow to invest in our strategic initiatives to enhance our customer experience and strengthen our market position.

本季度，我們根據股票回購計劃，以每股 22.90 美元的平均股價，以 2500 萬美元的價格回購了 110 萬股股票，向股東返還了資本。目前的股票回購授權還剩 2500 萬美元。每家商店的庫存同比下降 8%。我們的銷售和分銷團隊繼續表現良好，我們相信目前的庫存水平足以支持 2023 年的持續增長。總體而言，我們將繼續利用我們強勁的資產負債表和現金流來投資於我們的戰略舉措，以增強我們的業務能力。客戶體驗並鞏固我們的市場地位。

Turning now to our outlook on Slide 12. We are reaffirming our 2023 fiscal year outlook for key metrics that we provided on our last earnings call. We continue to expect net revenue between $2.075 billion to $2.135 billion, supported by adjusted comparable store sales growth of 0% to 3% and 65 to 70 new store openings this year. Adjusted operating income between $48 million and $66 million; and adjusted diluted EPS between $0.42 and $0.60 per share, assuming 80.2 million weighted average diluted shares.

現在轉向我們對幻燈片 12 的展望。我們重申我們在上次財報電話會議上提供的關鍵指標的 2023 財年展望。我們繼續預計淨收入將在 20.75 億美元至 21.35 億美元之間，這得益於調整後的可比商店銷售額增長 0% 至 3% 以及今年新開的 65 至 70 家商店。調整後營業收入在 4800 萬美元至 6600 萬美元之間；假設加權平均稀釋股數為 8020 萬股，調整後的稀釋每股收益在 0.42 美元至 0.60 美元之間。

Embedded in our guidance is the expectation for the 2023 fiscal year tax rate to be in the range of 26% to 28%, which includes the impact of reduced deductibility of certain expenses as a result of the expiration of the Consolidated Appropriations Act of 2021. From a quarterly cadence perspective, we expect our tax rate to decrease in the second quarter from the first quarter of 2023, resulting in a second quarter tax rate below the full year expectation. As we move into the back half of 2023, we expect our tax rate to be more in line with our full year guidance.

我們的指引中預計 2023 財年稅率將在 26% 至 28% 之間，其中包括因 2021 年《綜合撥款法》到期而導致某些費用扣除額降低的影響。從季度節奏來看，我們預計2023年第二季度稅率將較第一季度有所下降，導致第二季度稅率低於全年預期。隨著 2023 年下半年的到來，我們預計我們的稅率將更加符合我們的全年指導。

As Reade stated previously, April was somewhat softer than we anticipated due to ongoing macro-related headwinds our core uninsured patients and customers are facing, including lower tax refunds this year versus last year. Given this and the timing of expected increased product costs, doctor-related investments and SG&A deleverage with adjusted SG&A dollar growth in the high single-digit range, we continue to expect adjusted operating margin in the second quarter of this year to be pressured. Looking beyond the second quarter, we continue to expect sales trends to improve in the back half of this year as we execute our strategic initiatives, including addressing doctor capacity constraints.

正如 Reade 之前所說，由於我們的核心未投保患者和客戶面臨持續的宏觀相關不利因素，包括今年退稅額低於去年，四月份的情況比我們預期的要軟一些。考慮到這一點，以及預期產品成本增加、醫生相關投資和 SG&A 去槓桿化以及調整後 SG&A 美元增長處於高個位數範圍內的時機，我們繼續預計今年第二季度調整後營業利潤率將面臨壓力。展望第二季度之後，我們繼續預計，隨著我們執行戰略舉措（包括解決醫生能力限制），今年下半年的銷售趨勢將有所改善。

In summary, we remain focused on executing our strategy and believe we are on track to achieve our objectives for this year. As Reade mentioned, while still early, we are encouraged by the progress we are making, especially with respect to our efforts in expanding exam capacity through our recruiting and retention initiatives as well as the further implementation of our remote exam technology.

總之，我們仍然專注於執行我們的戰略，並相信我們有望實現今年的目標。正如 Reade 提到的，雖然還處於早期階段，但我們對所取得的進展感到鼓舞，特別是在我們通過招聘和保留計劃以及進一步實施遠程考試技術來擴大考試能力方面所做的努力。

As we move beyond the initial implementation phase for remote technology, we continue to expect operating margins to improve, especially as we drive further efficiencies with our store and corporate digitization initiative. In addition, we continue to evaluate our pricing structure and opportunities to further offset increased costs while maintaining our position within the industry.

隨著我們超越遠程技術的初始實施階段，我們繼續預計營業利潤率將會提高，特別是當我們通過商店和企業數字化計劃進一步提高效率時。此外，我們繼續評估我們的定價結構和機會，以進一步抵消增加的成本，同時保持我們在行業中的地位。

Thank you for your time today. I'll now turn the call back to Reade.

感謝您今天抽出時間。我現在將電話轉回給里德。

Thank you, Melissa. Turning to Slide 13 and our moment of mission, which focuses on our latest technology investment in an early-stage health care, artificial intelligence start-up called Toku, which we're investing in alongside Topcon Healthcare. Eye exams are more than simply getting an eyeglass or contact lens prescription. They also assess ocular and overall health. The picture of the retina that we're able to take in most of our stores provides a treasure trove of valuable information then a optometrist can use to assess ocular and overall health and identify potential diseases that otherwise may go undetected for a long period of time, thus helping to improve the health outcomes for our patients. Through our investments in Toku, we're enhancing these capabilities. Toku analyzes retinal images for biometric markers linked to overall health and risk of cardiovascular events, including stroke, which is highly prevalent in people living with diabetes. Theirs is among the first AI screening approaches designed primarily with optometry in mind.

謝謝你，梅麗莎。轉向幻燈片 13 和我們的使命時刻，重點是我們對一家名為 Toku 的早期醫療保健、人工智能初創公司的最新技術投資，我們與 Topcon Healthcare 一起投資了這家公司。眼科檢查不僅僅是獲得眼鏡或隱形眼鏡處方。他們還評估眼睛和整體健康狀況。我們在大多數商店都能拍攝到的視網膜照片提供了寶貴的信息寶庫，驗光師可以利用這些信息來評估眼睛和整體健康狀況，並識別可能在很長一段時間內未被發現的潛在疾病，從而有助於改善患者的健康結果。通過對 Toku 的投資，我們正在增強這些能力。 Toku 分析了視網膜圖像中與整體健康狀況和心血管事件風險相關的生物特徵標記，其中包括中風，這種疾病在糖尿病患者中非常普遍。他們的方法是首批主要考慮驗光設計的人工智能篩查方法之一。

In addition, Toku is working on validating an AI assessment of cardiovascular risk from the retinal photo, which would be a first, connecting optometry and primary care. In supporting Toku, National Vision is investing in a future for optical care in which more people are able to have affordable access to potentially life-saving health data to an easily accessible, noninvasive test.

此外，Toku 正在致力於驗證通過視網膜照片對心血管風險進行人工智能評估，這將是第一個將驗光和初級保健聯繫起來的項目。為了支持 Toku，National Vision 正在投資於光學護理的未來，讓更多的人能夠以負擔得起的價格獲得可能挽救生命的健康數據，並通過易於訪問的非侵入性測試。

In summary, the key takeaways from today's call are: we are rapidly adapting our business to thrive amidst the new realities of the post-pandemic marketplace. Our retention, recruitment and remote medicine efforts are all heading in the right direction towards improved exam capacity. The digitization of our stores, corporate office and marketing efforts continue to progress towards improved productivity. And longer term, we're making investments for improved patient care and optometric experience, including investments in AI. While our more budget-conscious consumer remains pressured, we are reiterating our guidance for the year and reiterating our conviction that the optical purchase cycle will eventually return to the normal historical patterns.

總之，今天電話會議的主要要點是：我們正在迅速調整我們的業務，以便在大流行後市場的新現實中蓬勃發展。我們的保留、招聘和遠程醫療努力都朝著提高考試能力的正確方向發展。我們的商店、公司辦公室和營銷工作的數字化不斷進步，以提高生產力。從長遠來看，我們正在為改善患者護理和驗光體驗進行投資，包括對人工智能的投資。儘管我們更加註重預算的消費者仍然面臨壓力，但我們重申了今年的指引，並重申我們的信念，即光學購買週期最終將恢復到正常的歷史模式。

Now I'd like to turn the call back to the operator to start our Q&A session.

現在我想將電話轉回接線員以開始我們的問答環節。

(Operator Instructions) Our first question comes from Michael Lasser of UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的邁克爾·拉瑟（Michael Lasser）。

Reade, if you had to mention the improvement in your comp in the most recent quarter between the cycle getting better, meaning we're getting closer to the replacement of glasses that were purchased in the last few years, the improvement in optometrist capacity and the trade-down benefit that you might be seeing because of the challenging economic conditions, how would you disaggregate and quantify those 3 factors?

Reade，如果您不得不提到最近一個季度在周期變得更好之間您的比較的改善，這意味著我們越來越接近更換過去幾年購買的眼鏡，驗光師能力的提高以及由於經濟形勢充滿挑戰，您可能會看到降價收益，您將如何分解和量化這三個因素？

Thank you, Michael. Great, great question. I would rank order them in this way. I would manage -- I would begin with capacity, with improvements on the eye exam appointment and availability or eye exam availability front. Your second piece was -- the second one would be the trade-down piece, but I'd actually not say it as trade down. I'd say it has increased in managed care because the increase in managed care does a bit correlate with the trade-down effect in that wealthier people tend to have managed care benefit.

謝謝你，邁克爾。很好，很好的問題。我會以這種方式對它們進行排序。我會管理——我會從能力開始，改善眼科檢查預約和可用性或眼科檢查可用性方面。你的第二件是——第二件是折價件，但我實際上不會說它是折價件。我想說管理式醫療的增加是因為管理式醫療的增加確實與折價效應有一定的相關性，因為較富有的人往往會獲得管理式醫療的福利。

So I'd say capacity, managed care and I think it's premature to talk about normalization of the cycle just yet. I'm looking forward to the day, Michael, when we can announce that. It will come. I am confident it will come, but I think it's premature to point at that at this point.

所以我想說的是容量、管理式醫療，我認為現在談論周期正常化還為時過早。邁克爾，我期待著我們宣布這一消息的那一天。它會來。我相信它會到來，但我認為現在指出這一點還為時過早。

Okay. And the softness in April that you talked about, you would attribute that mostly just to tax refunds and not any sort of internal execution challenges that a reversal of the benefits that you were seeing that drove the improvement in the first quarter. And I want you to clarify, I was hoping you could clarify the comments you were making -- you made about potential price changes. Does that mean you could continue to take prices up while at the same time trying to maintain the deep value offering of National Vision.

好的。您談到的四月份的疲軟，您可能會將其歸因於退稅，而不是任何形式的內部執行挑戰，即您所看到的推動第一季度改善的好處的逆轉。我希望你能澄清一下，我希望你能澄清你所發表的評論——你對潛在的價格變化所做的評論。這是否意味著您可以繼續提高價格，同時努力維持 National Vision 的深層價值。

Let me start with your first point. Yes, I think April is more related to tax -- tax refund related softness than other things. And again, we are reiterating our guidance for the balance of year, but we did want to point out that April was a little softer than anticipated. And I do think it was the tax refund piece.

讓我從你的第一點開始。是的，我認為四月與稅收——退稅相關的疲軟程度比其他因素更相關。我們再次重申對今年剩餘時間的指導，但我們確實想指出，四月份的情況比預期要溫和一些。我確實認為這是退稅的一部分。

On the pricing side, that's something that we're always looking at, especially in an inflationary world. There's a small amount of pricing baked into our guidance, but we're looking at other pieces. So yes, on a regular basis, we do sort of price checks on various aspects relative to the industry as a whole. We shared in our comments there we're doing a little deeper dive in getting some fresh perspectives on it also because we think that there may be some opportunities there also that we're looking at. So always good to have fresh perspectives on that in an inflationary environment.

在定價方面，這是我們一直關注的問題，尤其是在通貨膨脹的世界中。我們的指導中包含少量定價，但我們正在考慮其他部分。所以，是的，我們會定期對整個行業的各個方面進行價格檢查。我們在評論中表示，我們正在做更深入的研究，以獲得一些新的觀點，因為我們認為我們正在尋找一些機會。因此，在通脹環境下對此有新的看法總是好事。

And Michael, you are absolutely correct. We are committed to being a value player. We are committed to having a nice price gap between us and the competition. That is what people come to us for. That is what we are known for, and that is what we want to constantly deliver. But in this world, there may still be opportunities for further pricing actions.

邁克爾，你是完全正確的。我們致力於成為價值參與者。我們致力於在我們與競爭對手之間保持良好的價格差距。這就是人們來找我們的目的。這就是我們聞名的原因，也是我們想要不斷實現的目標。但在這個世界上，可能仍然存在進一步定價行動的機會。

Our next question comes from Zach Fadem from Wells Fargo.

我們的下一個問題來自富國銀行的 Zach Fadem。

Reade, you called out encouraging results from your optometrist recruiting and retention initiatives. Could you talk a bit about what that means for existing versus new stores and whether it's has an impact on your new store openings? And then separately, curious what type of things you're looking for as proof points that remote medicine is working.

里德，您稱讚您的驗光師招聘和保留計劃取得了令人鼓舞的成果。您能否談談這對現有商店和新店意味著什麼，以及它是否對您的新店開業有影響？然後分別好奇您正在尋找什麼類型的東西作為遠程醫療正在發揮作用的證據。

Okay. Yes, in terms of the existing versus new stores. So again, what we said on the recruitment front -- on the retention front is that it looks like this year is going to be better than last year, and last year it was better than the year before. So we are encouraged by that trajectory in terms of retention. And recruitment is also healthy. I didn't point out, but our student recruitment is tracking ahead of last year, and last year was a record. So a little early in the season. A lot of students so we don't make decisions until the very end there. But in Q1, we're tracking ahead there.

好的。是的，就現有商店與新商店而言。再說一次，我們在招聘方面、在保留方面所說的是，今年看起來會比去年更好，去年也比前年更好。因此，就保留率而言，我們對這種軌跡感到鼓舞。招聘也很健康。我沒有指出，但我們的招生進度比去年領先，去年是創紀錄的。所以這個賽季有點早。很多學生，所以我們直到最後才做出決定。但在第一季度，我們正在向前推進。

So what does that mean for new stores? We also pointed out that new stores, if you look at the stores we opened over the past 12 months, they're in line with expectations, which reinforces our conviction in the white space opportunity ahead of us. And we think, relating to the remote piece, that remote can help us even more in terms of white space opportunities.

那麼這對新店意味著什麼呢？我們還指出，新店，如果你看看我們過去 12 個月開設的商店，它們符合預期，這增強了我們對面前的空白機遇的信念。我們認為，就遠程部分而言，遠程可以在空白機會方面為我們提供更多幫助。

What do we look for in terms of the remote for success, what we want, of course, is we want to expand our capacity in a cost-efficient manner and make more exam slots available to the customers who want to come to us. Really important point, I wanted to just reinforce where we are achieving our capacity objectives, our comps are positive. So that's -- it just reinforces the model is great. What we're doing in this environment, where optometrists are harder to get is we're sort of chasing -- getting those optometrists so that we're able to deliver our model. But where we can deliver our model, comps are positive, and that's all good.

我們在遠程方面尋求成功的目標是什麼，當然，我們希望以具有成本效益的方式擴大我們的容量，並為想要來我們這裡的客戶提供更多的考試名額。非常重要的一點，我想強調我們正在實現我們的能力目標，我們的比較是積極的。所以，這只是強化了這個模型的偉大之處。在這種很難找到驗光師的環境中，我們所做的就是我們在追逐那些驗光師，以便我們能夠提供我們的模型。但如果我們能夠交付我們的模型，比較結果是積極的，這一切都很好。

Got it. And Reade, now that we are a solid 2 years away from the pandemic and the stimulus gains of 2021, can you talk about the impact of a multiyear replacement cycle in the category? And just considering the pull forward we saw in '21 and just a 3- to 4-year replacement cycle, to what extent would you expect 2024 and '25 to be a year of accelerated growth for the category?

知道了。 Reade，現在距離疫情大流行和 2021 年刺激收益還有兩年的時間，您能談談多年更換週期對該類別的影響嗎？考慮到我們在 21 年看到的拉動以及 3 到 4 年的更換週期，您預計 2024 年和 25 年將在多大程度上成為該類別加速增長的一年？

So as -- this challenge that we're facing of the normalization of the purchase cycle is a category-wide challenge. The category last year around March or April, it's a dip throughout the category. To the extent to which you have a high penetration in managed care, you were a bit insulated from it. We, of course, have a low percentage of managed care because most of our customers are paying cash themselves. They're sort of lower-income budget conscious consumers. But the entire category is believing that the purchase cycle has not normalized and the entire category is believing that the purchase cycle will eventually normalize because it's been a very consistent category for decades prior to the pandemic.

因此，我們面臨的採購週期正常化的挑戰是一個全類別的挑戰。去年三月或四月左右的類別，整個類別都有所下降。就管理式醫療的滲透率而言，您與它有點隔離。當然，我們的管理式醫療的比例很低，因為我們的大多數客戶自己支付現金。他們是低收入、注重預算的消費者。但整個類別都認為購買週期尚未正常化，並且整個類別都相信購買週期最終會正常化，因為在大流行之前的幾十年裡，它一直是一個非常一致的類別。

It was quite a boom for the year or so after the reopening. That was -- lots and lots of people bought classes, and they tended to buy nicer glasses at the time. Then they were, in general, hit with this inflation, and that has pulled back the entire category. And we believe the purchase cycle will normalize eventually. We believe the purchase cycle must normalize eventually given the biology of the human eye and a lot of trends like all of the screen usage, which makes -- which contributes to eye strain, which will increase the category and bring younger people into the category also. I just can't tell you when this is unusual and this is unprecedented.

重新開放後的一年左右，這是相當繁榮的。那是——很多很多人都買了課程，而且他們當時傾向於購買更好的眼鏡。然後，他們總體上受到了通貨膨脹的打擊，這導致了整個類別的下滑。我們相信購買週期最終會正常化。我們認為，考慮到人眼的生物學特性以及屏幕使用等許多趨勢，購買週期最終必須正常化，這會導致眼睛疲勞，這將增加該類別並讓年輕人也進入該類別。我只是無法告訴你這何時是不尋常的、前所未有的。

Our next question comes from Taj Phillips of Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的泰姬·菲利普斯 (Taj Phillips)。

It's Brian Tanquilut from Jefferies. Congrats on the quarter. Reade, I guess my first question for you. As we think about remote eye exams and the virtual strategy, are there any metrics that you can see from your early rollout in terms of maybe improvement in clinician capacity or store productivity or recruitment or reducing the days or hours that you don't have a clinician in the store and can't see patients that way?

我是來自 Jefferies 的布萊恩·坦奎魯特 (Brian Tanquilut)。恭喜本季度。里德，我想我要問你的第一個問題。當我們考慮遠程眼科檢查和虛擬策略時，您可以從早期部署中看到任何指標，例如臨床醫生能力或商店生產力或招聘的改善或減少您沒有的天數或小時數。臨床醫生在商店裡看不到病人嗎？

Well, Patrick is our COO. One of his big responsibility, he is looking over our remote program. Patrick, I'll turn that to you.

帕特里克是我們的首席運營官。他的重大職責之一是檢查我們的遠程程序。帕特里克，我會把這個轉給你的。

Yes. Just as a reminder for everybody, our remote care initiative is -- it's a clear win for doctors, patients and our store teams as well. It is a game changer for dark and dim stores. So we do look at coverage and capacity in terms of stores where we have a substantial demand in coverage need. We've seen double-digit productivity improvement. So we do track metrics around capacity, matching to demand, doctor and store productivity as well as, frankly, sales comps.

是的。提醒大家的是，我們的遠程護理計劃對於醫生、患者和我們的商店團隊來說都是明顯的勝利。它改變了黑暗和昏暗商店的遊戲規則。因此，我們確實會考慮對覆蓋需求有大量需求的商店的覆蓋範圍和容量。我們看到生產率實現了兩位數的提高。因此，我們確實跟踪容量、需求匹配、醫生和商店生產力以及坦率地說，銷售比較等指標。

We did see benefit in the quarter in terms of EBITDA promote. Last year, we were dilutive in the mid-single-digit millions. We were -- it was a positive contribution to EBITDA in Q1. We are expecting to roll out at least 200 new sites this year, bringing that to 500. We do think remote is also healthy retention. It's a theme for doctors in general across the industry, and us having that capability is just another form of flexibility to offer doctors practice methodologies that fits their live the best.

我們確實看到了本季度 EBITDA 的提升。去年，我們的稀釋程度為數百萬中個位數。我們——這對第一季度的 EBITDA 做出了積極貢獻。我們預計今年將推出至少 200 個新站點，使這一數字達到 500 個。我們確實認為遠程也是健康的保留率。這是整個行業醫生的一個主題，我們擁有這種能力只是另一種形式的靈活性，為醫生提供最適合他們生活的實踐方法。

So the answer to your question is, yes, lots of different things come into play, and we do track and look at all those as we progress these key initiatives.

所以你的問題的答案是，是的，很多不同的事情都在發揮作用，在我們推進這些關鍵舉措的過程中，我們確實會跟踪和審視所有這些因素。

And then maybe my follow-up. You talked about Toku here really briefly. But maybe if you can share with us sort of the strategy on how you are intending to -- or planning to reach or outreach to health care companies so that you can leverage your capabilities and [health care] capabilities and get more into the health care side of things versus just your traditional retail footprint.

然後也許是我的後續行動。你在這裡非常簡短地談論了Toku。但也許您可以與我們分享您打算如何或計劃接觸或外展醫療保健公司的策略，以便您可以利用您的能力和[醫療保健]能力並更多地參與醫療保健事物的一面與傳統的零售足跡相比。

Yes, that's a great question. Thank you for that. When I think of sort of optometry and big picture longer-term trends, I think of 3 things. I think first of employment. It seems that ever more, there's a desire to work in employee situations versus nonemployee situations. I think about flexibility. This generation, this post-pandemic period, that's flexibility in terms of days, but also modes of practice like our remote initiative. And I also think on a longer-term basis, sort of more medical aspects of practice are also going to be ever more appealing to optometrists.

是的，這是一個很好的問題。謝謝你。當我想到驗光和整體長期趨勢時，我想到三件事。我首先想到的是就業。與非僱員情況相比，人們似乎越來越渴望在僱員環境中工作。我考慮靈活性。這一代人，在大流行後的時期，天數方面具有靈活性，但也有像我們的遠程倡議這樣的實踐模式。我還認為，從長遠來看，更多醫學方面的實踐對驗光師也將越來越有吸引力。

We have had a mantra for the past 15 years of we are creating environments for optometrists who want to spend their entire career. When I say environment, it's because we have a variety of different environments, everything from leasing to employee to just -- if there's a mode of practice, we like to have it available for optometrists in our various different brands out there.

過去 15 年來，我們一直有一個口號：我們正在為想要度過整個職業生涯的驗光師創造環境。當我說環境時，是因為我們有各種不同的環境，從租賃到員工，再到只是——如果有一種實踐模式，我們希望為我們各種不同品牌的驗光師提供它。

So the last trend I talked about was, longer term, more medically. As I said, we're doing millions of eye exams each year. We have thousands of optometrists practicing alongside our stores and in the National Vision network. And these optometrists are trained to not just find prescriptions, but to find all manner of ocular diseases and all manner of health care-oriented diseases. And that is a big part of what they do. Our optometrists are oftentimes to be first person to tell someone they have diabetes or hypertension, something along those lines.

所以我談到的最後一個趨勢是，從長遠來看，更具有醫學意義。正如我所說，我們每年都會進行數百萬次眼科檢查。我們有數千名驗光師在我們的商店和 National Vision 網絡中執業。這些驗光師接受過培訓，不僅能找到處方，還能發現各種眼部疾病和各種醫療保健疾病。這是他們工作的重要組成部分。我們的驗光師通常是第一個告訴某人他們患有糖尿病或高血壓等類似疾病的人。

For many of our patients, it's the only interaction with the medical professional that they're going to have that year. So it's very important. We regard that as a big responsibility sort of offering the network of optometrists the primary health care. Some people have said to us, we are sort of an entry point for health care for a lot of our patients.

對於我們的許多患者來說，這是他們今年與醫療專業人員的唯一互動。所以這非常重要。我們認為向驗光師網絡提供初級衛生保健是一項重大責任。有些人對我們說，我們是許多患者醫療保健的切入點。

Toku is an early-stage startup. Let's be clear on that. But the promise of patients being able to come to us and through a simple quick photograph of the back of their eye being able to assess all manner of health care-related things, diabetes, hypertension, cardiovascular disease, we think that, that can be an added value to the overall health care system.

Toku 是一家早期初創公司。讓我們明確這一點。但是，我們希望患者能夠來找我們，通過一張簡單的眼後部快速照片，能夠評估各種與醫療保健相關的事情，如糖尿病、高血壓、心血管疾病，我們認為，這可以是為整個醫療保健系統帶來附加值。

Again, this is longer range in nature. This is not about sort of how we're going to deliver this year's guidance, but we think that the network of optometrists who are practicing alongside our stores are playing an important role in health care in America and that technologies like AI, like Toku is advancing, can play an even greater role in health outcomes for patients. And we think that, that could be valuable to the overall health care of America at some point in time. And so we're signing a few teams to learn ever more about that and see what added value we can provide.

同樣，這本質上是更長的範圍。這並不是關於我們將如何提供今年的指導，但我們認為與我們商店一起執業的驗光師網絡在美國的醫療保健中發揮著重要作用，並且像 Toku 這樣的人工智能技術正在進步，可以在患者的健康結果中發揮更大的作用。我們認為，這在某個時候可能對美國的整體醫療保健有價值。因此，我們正在簽約一些團隊，以更多地了解這一點，看看我們可以提供什麼附加值。

Our next question comes from the line of Anthony Chukumba from Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Anthony Chukumba。

Congrats on the strong start to 2023. Just my question, is there anything that you're seeing notable in the competitive landscape, whether it's from the independents or some of the larger chains or some of the stores that are in deep discount retailers like Costco, Walmart? Is there anything you're seeing from like a promotional perspective or just competition from a -- for optometrist perspective.

祝賀 2023 年的強勁開局。我的問題是，在競爭格局中，您是否看到了任何值得注意的事情，無論是來自獨立品牌還是一些較大的連鎖店，還是來自 Costco 等深度折扣零售商的一些商店，沃爾瑪？您是否從促銷的角度看到了什麼，或者只是從驗光師的角度來看競爭。

Well, yes. So it's not new since we've been talking about, it sort of since the pandemic, but competition for optometrists is very real. And so this is what all groups' operating chains of any size are talking about. So that is very real. The growth of managed care and strength of the managed care sector more so than the cash pay sector that also is very real. In terms of sort of market share trends, my sense is we're at best maintaining or at least maintaining our market share. And I don't sense large share changes with the exception of a deceleration in the e-commerce space, which is in line with what I think is being seen in other aspects of direct-to-consumer that there was a big high in e-commerce related pieces that sector throughout retail during the pandemic, and now there's a trend towards back to stores. So that is happening within our category as well.

嗯，是。因此，自從我們一直在談論以來，這並不是什麼新鮮事，自從大流行以來，驗光師的競爭是非常真實的。因此，這就是所有集團的任何規模的運營鏈都在談論的內容。所以這是非常真實的。管理式醫療的增長和管理式醫療行業的實力比現金支付行業更明顯，這也是非常真實的。就市場份額趨勢而言，我的感覺是我們最多只能維持或至少維持我們的市場份額。除了電子商務領域的減速之​​外，我沒有感覺到巨大的份額變化，這與我認為在直接面向消費者的其他方面所看到的情況一致，即電子商務領域出現了大幅增長。 -在大流行期間，整個零售業都與商業相關的商品，現在有一種回到商店的趨勢。所以這種情況也發生在我們的類別中。

But again, we think we are at least maintaining share, maybe even growing a little bit on the managed care front. And aside from that, the optometrist shortage and the managed care growth, I'm not saying in the deceleration of e-commerce towards more back to store. I don't -- I wouldn't say there are other changes [group] other than those.

但我們再次認為，我們至少保持了份額，甚至可能在管理式醫療方面有所增長。除此之外，驗光師短缺和管理式醫療增長，我並不是說電子商務減速，更多回到商店。我不——我不會說除這些之外還有其他變化[組]。

Got it. And then just a related question. In terms of -- given the -- as you mentioned, very real competition for optometrists, what does that translate into for optometrist compensation relative to your expectations? I know obviously, you had some new initiatives as well. So maybe that modest [the waters] a bit.

知道了。然後只是一個相關的問題。正如您所提到的，就驗光師而言，競爭非常激烈，相對於您的期望，這意味著驗光師的薪酬會怎樣？我顯然知道，你們也有一些新的舉措。所以也許[水域]有點溫和。

Anthony, it's Melissa. As we think about the optometrist compensation, we have seen an increase in compensation over the past year. And we had a higher growth in optometrist-related costs for the quarter of about 90 basis points. We continue to see inflationary actions in optometrist costs as well as just overall wage pressure. And we have added significant variable compensation opportunity to our doctors to tie their productivity to their level of pay. And so with the incentive compensation component, that benefits then as they provide more eye exams that are more productive.

安東尼，是梅麗莎。當我們考慮驗光師的薪酬時，我們發現過去一年的薪酬有所增加。本季度與驗光師相關的成本增長較高，約為 90 個基點。我們繼續看到驗光師成本的通脹行為以及整體工資壓力。我們為我們的醫生增加了重要的可變薪酬機會，將他們的生產力與薪酬水平聯繫起來。因此，有了激勵性薪酬部分，這就會受益，因為他們提供了更多更有成效的眼科檢查。

We are doing a variety of efforts to rightsize our store overall cost structure so that we can offset these increased costs as we become more efficient in the initiatives that we're putting forward. And we do expect still about 100 basis point headwind related to split evenly between optometrist cost and investment or -- and product cost increases throughout the year.

我們正在採取各種措施來調整商店的整體成本結構，以便隨著我們提出的舉措變得更加高效，我們可以抵消這些增加的成本。我們確實預計，全年驗光師成本與投資或產品成本增加之間的平均分配仍將帶來約 100 個基點的阻力。

Our next question comes from Paul Hughes from Citi.

我們的下一個問題來自花旗銀行的保羅休斯。

This is Brandon Cheatham on for Paul. I just wanted to kind of dig in on the capacity-constrained stores. Like are there any similarities with the stores? Are they the same ones? Or is it really just a doctor turnover issue? And do you know where the optometrists are going? Like is it a retirement issue? Or is it really just making sure that you offer a competitive enough package to retain them? Or are they going to kind of open their own practice?

我是布蘭登·奇塔姆（Brandon Cheatham）替補保羅。我只是想深入了解容量有限的商店。和實體店有什麼相似之處嗎？它們是同一個人嗎？或者這真的只是醫生流動問題嗎？你知道驗光師要去哪裡嗎？比如說退休問題嗎？或者真的只是確保你提供足夠有競爭力的套餐來留住他們？或者他們會開設自己的診所嗎？

So thank you, Brad. In terms of that, there are not broad themes in terms of where optometrists go where they leave us, it's sort of all over the board. Having said that, they're leaving up in lower numbers. When I say that our retention was better in '22 versus '21, and it looks like we're on track for a nice improvement in '23 again, that -- what that says is we're doing a better job of keeping them with -- associated with us. So that's the trend. And again, and recruitment is healthy as well.

所以謝謝你，布拉德。就這一點而言，驗光師離開我們去哪裡並沒有廣泛的主題，這有點全面。話雖如此，他們離開的人數卻減少了。當我說我們在 22 年的保留率比 21 年更好，並且看起來我們在 23 年再次有望取得不錯的進步時，這說明我們在留住他們方面做得更好與——與我們有關。這就是趨勢。再說一次，招聘也很健康。

The -- to your point about sorry -- yes, the reason is that more retirements -- more retirements in the year -- following the year of the pandemic. But actually, the bigger or a bigger factor has been a lot of optometrists wanted to cut back the number of days they work. And if you think about that overall, as a trend, it just means, nationally, there are less exam slots than there would be otherwise. So those are 2 factors, and we have a variety of incentive programs that incentivize doctors to stay at their traditional 5 days or to pick up a day here and there if they want to be at 3 days but during busy times sort of maybe ramp up a bit.

就你而言，抱歉，是的，原因是在大流行之後的一年裡有更多的退休人員——更多的退休人員。但實際上，更大或更重要的因素是許多驗光師希望減少工作天數。如果你從整體上考慮，作為一種趨勢，這只是意味著，在全國范圍內，考試名額比其他情況要少。所以這是兩個因素，我們有各種各樣的激勵計劃，激勵醫生堅持傳統的 5 天，或者如果他們想要 3 天，可以在這里或那裡選擇一天，但在繁忙時期可能會增加一點點。

Again, when we talk about flexibility, we're trying to offer all sorts of different options to appeal to the lifestyle decisions of an ever-wider collection of optometrists, which, by the way, change over time through the life cycle of your career. And we are designing our programs to be flexible to change over time throughout optometrists' career, again, trying to create environments where optometrists who want to spend their entire career. And we are pleased with the success we're seeing on those fronts.

再次強調，當我們談論靈活性時，我們試圖提供各種不同的選擇，以吸引越來越多的驗光師的生活方式決定，順便說一句，這些選擇會隨著您職業生命週期的時間而變化。我們正在設計我們的項目，以便在驗光師的整個職業生涯中隨著時間的推移而靈活地改變，再次嘗試創造一個環境，​​讓那些想要度過整個職業生涯的驗光師。我們對在這些方面所取得的成功感到高興。

Makes sense. And then on the product cost front, I think most of that, and correct me if I'm wrong, is coming on like the contact side of the business. So can you just kind of walk us through some of the competitive dynamics that you're seeing in that business? And then what's flowing through on contact pricing?

說得通。然後在產品成本方面，我認為其中大部分（如果我錯了請糾正我）就像業務的接觸面一樣。那麼您能否向我們介紹一下您在該行業看到的一些競爭動態？那麼聯繫定價的流程是怎樣的呢？

Yes. As we think about the higher product costs, we announced in March that we were expecting to see about 100 basis point impact split between both the doctor investment and the increase in product costs. We expected those increased product costs to go into effect in the second quarter of the year, and it is primarily related to the contact lens side of the business. That is a product that is easily shoppable. So harder to take price as price comes -- as cost goes up.

是的。當我們考慮更高的產品成本時，我們在 3 月份宣布，預計醫生投資和產品成本增加之間的影響將相差約 100 個基點。我們預計這些增加的產品成本將在今年第二季度生效，這主要與隱形眼鏡業務相關。這是一種易於購買的產品。隨著價格的到來——成本的上升，接受價格變得更加困難。

We have taken non-headline pricing where it makes sense to do so, and we have been able to offset some of the cost increases that we have seen to date. That has been factored into our guidance that we released in March, and we'll continue to evaluate the competitive landscape and take pricing measures where it makes sense.

我們在有意義的地方採取了非標題定價，並且我們已經能夠抵消迄今為止所看到的一些成本增加。這已納入我們三月份發布的指導意見中，我們將繼續評估競爭格局並在合理的情況下採取定價措施。

Our next question comes from Simeon Gutman of Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·古特曼。

It's Simeon. I wanted to ask about price changes. I think we've been talking about this for a few quarters. It seems like the -- there's more openness. Can you talk about what's being contemplated? Is it opening price point? Is it the better invest? And I guess, what time frame are you expecting to make a decision that enact changes?

這是西蒙。我想詢問一下價格變動的情況。我想我們已經討論這個問題幾個季度了。看起來——有更多的開放性。您能談談正在考慮的事情嗎？是開盤價嗎？這是更好的投資嗎？我想，您預計在什麼時間範圍內做出實施變革的決定？

Yes. Thank you, Simeon. Yes, we are talking about non-headline price -- pricing actions. And again, some level of those are baked into our guidance, and we have a number of ideas that we're sort of vetting on how on potential other pricing actions that could be taken. And as we said, we're doing sort of a deeper dive study and getting some fresh perspectives also in that way, and we're looking forward to that, and we would feather those in over time.

是的。謝謝你，西蒙。是的，我們談論的是非標題價格——定價行為。再說一遍，其中一定程度的內容已納入我們的指導中，我們有一些想法正在審查如何可能採取的其他潛在定價行動。正如我們所說，我們正在進行更深入的研究，並以這種方式獲得一些新的觀點，我們對此充滿期待，並且隨著時間的推移，我們將不斷完善這些觀點。

And some are things -- generally, these things can be done -- generally can be done reasonably quickly, but there are a lot of different aspects of our business beyond the headline price. And we have been -- there was a small (inaudible) pricing taken at the very end of Q1. And again, this is something that gets feathered in over time, but we think there could be more opportunity, especially in this environment, where we think our competitors have been more apt to pull the pricing lever than we traditionally are.

有些事情——一般來說，這些事情是可以完成的——通常可以相當快地完成，但除了總體價格之外，我們的業務還有很多不同的方面。我們在第一季度末進行了小幅（聽不清）定價。再說一遍，隨著時間的推移，這一點會逐漸顯現，但我們認為可能會有更多機會，特別是在這種環境下，我們認為我們的競爭對手比我們傳統上更容易拉動定價槓桿。

And then my follow-up, I'll have 2 parts. First, if you look at your comp between managed care and customer pay, that's the right notation?

然後我的後續行動將分為兩部分。首先，如果您查看管理式醫療和客戶付款之間的比較，這是正確的表示法嗎？

Yes. Yes.

是的。是的。

Can you talk about the spread between those? Is it getting wider and why or narrower and why? And then the second part of my follow-up is the adjusted EBITDA or EBIT, which is down year-over-year, I don't know if you could talk about it in basis points but the few drivers that are causing it and then how the movement of that throughout the year may abate or not based on investments deleverage, ODs, et cetera?

您能談談它們之間的傳播嗎？它是變寬了，為什麼還是變窄了，為什麼？然後我跟進的第二部分是調整後的 EBITDA 或 EBIT，它逐年下降，我不知道你是否可以用基點來談論它，但導致它的少數驅動因素然後全年的波動如何根據投資去槓桿化、OD 等而減弱或不減弱？

I'm going to take the first part of that, and Melissa is going to take the second part. The difference between our managed care comps and our, call it, cash pay comps is significant. Managed care is very strong, and the cash pay consumer is weaker. So managed care strength played a significant role in delivering the comps -- the positive comps of Q1.

我將負責第一部分，梅麗莎將負責第二部分。我們的管理式醫療補償和我們所謂的現金支付補償之間的差異是巨大的。管理式醫療非常強大，而現金支付消費者則較弱。因此，管理式醫療的實力在實現第一季度的積極競爭方面發揮了重要作用。

Do you want to take the second part there, Melissa?

你想在那裡觀看第二部分嗎，梅麗莎？

Yes. As we think about the decline in adjusted EBITDA year-over-year, many of the factors that are tied into that were what we discussed in March related to the increasing product costs, related to the increasing cost in doctor investment and, in addition, the incentive compensation reset that we spoke about in March. With all of those factors combined, in addition to the initiatives that we've been putting in place, that is creating the drag on year-to-year EBITDA that you're seeing.

是的。當我們考慮調整後 EBITDA 同比下降時，我們在 3 月份討論過的許多與此相關的因素都與產品成本的增加有關，與醫生投資成本的增加有關，此外，我們在三月份談到的激勵薪酬重置。將所有這些因素結合起來，除了我們已經採取的舉措之外，這對您所看到的逐年 EBITDA 造成了拖累。

Our next question comes from Robbie Ohmes of BofA Securities.

我們的下一個問題來自美國銀行證券公司的羅比·歐姆斯。

This is Molly Baum on for Robbie Ohmes. One clarification question I wanted to ask on gross margin. You mentioned, I think, that you still expect 100 basis points of pressure for the full year. So I just wanted to dive a little bit deeper. Could you provide some details on maybe what your expectations are in terms of the cadence of that? Did 1Q come in ahead of your expectations? Should we anticipate the second quarter maybe to come in a little bit weaker just given some of the year-to-date trends that you're seeing? Sorry, just any additional details that you might be able to give there.

我是莫莉·鮑姆 (Molly Baum) 為羅比·歐姆斯 (Robbie Ohmes) 配音。我想問一個關於毛利率的澄清問題。我認為您提到您仍然預計全年將面臨 100 個基點的壓力。所以我只是想更深入一點。您能否提供一些細節，說明您對這種節奏的期望？第一季度的表現超出您的預期嗎？考慮到您所看到的一些今年迄今為止的趨勢，我們是否應該預計第二季度的表現可能會稍微疲軟？抱歉，您可以在那裡提供任何其他詳細信息。

Yes. So as we think about gross margin for the year, the first quarter came in relatively close to expectations. And the reason for that is because the increased product costs that we had referred to in March go into effect largely starting in second quarter. We expect the 100 basis points that we talked about in March to be split between doctor investment, which is pretty ratable throughout the year and then 50 basis points tied to product cost increases, which began in the second quarter.

是的。因此，當我們考慮今年的毛利率時，第一季度的毛利率相對接近預期。原因是我們三月份提到的產品成本增加主要從第二季度開始生效。我們預計我們在 3 月份談到的 100 個基點將分為醫生投資（全年相當可觀）和與第二季度開始的產品成本增加相關的 50 個基點。

Got it. That makes sense. So then in terms of the second quarter, a bigger function is just related to the top line and then maybe some expense deleverage on SG&A. Is that a better way of thinking about it as opposed to the gross margin piece?

知道了。這就說得通了。因此，就第二季度而言，更大的功能僅與營收相關，然後可能是SG&A 的一些費用去槓桿化。與毛利率相比，這是一個更好的思考方式嗎？

Yes. So as you think about the SG&A piece, we expect that we'll have some growth in SG&A as we go into second quarter. The dollars will be slightly lower than what you saw in the first quarter. However, we're expecting the high single-digit range, largely driven by the incentive compensation reset that we spoke about. And in addition to that, based on the timing of our new store openings, we expect to see occupancy expense to be a little bit higher in second quarter and beyond.

是的。因此，當您考慮 SG&A 部分時，我們預計進入第二季度後，SG&A 將會出現一些增長。美元將略低於第一季度的水平。然而，我們預計會出現較高的個位數範圍，這主要是由我們談到的激勵薪酬重置推動的。除此之外，根據我們新店開業的時間，我們預計第二季度及以後的入住費用會略高。

Our next question comes from the line of Dylan Carden of William Blair.

我們的下一個問題來自威廉·布萊爾的迪倫·卡登。

I was just curious, as you speak to sort of encouraging trends in doctor availability capacity, between recruitment, which I would imagine is sort of more of a now and go-forward issue, some of the initiatives you've done around sort of more flexible scheduling and remote care and anything else, kind of what you're seeing is that is working this early in the year and kind of walking through more tangibly how you expect to kind of get your way out of this and maybe some of the timing around that?

我只是很好奇，當你談到招聘之間醫生可用性能力方面令人鼓舞的趨勢時，我認為這更像是一個現在和未來的問題，你所做的一些舉措更多靈活的日程安排和遠程護理以及其他任何事情，您所看到的是，今年早些時候正在發揮作用，並且更具體地說明您希望如何擺脫這種情況，也許還有一些時間安排周圍？

Okay. So the word I'm using is ever improving retention, improving health, in recruitment and remote creating more capacity so encouraging, improving, those are both words I would like to reinforce that. With recruitment, there's always a delay of -- generally for a working doctor, it's at least 60 days before they can start from the time they agree. And of course, the students all tend to arrive in the summer along the way. So that's -- again, that's -- as we do our projections and reiterate our guidance, that is baked into that.

好的。因此，我使用的詞是不斷提高保留率、改善健康狀況、在招聘和遠程創造更多能力方面鼓勵、改進，這些都是我想強調的詞。招聘的時候，總是有延遲的——一般來說，對於在職醫生來說，從他們同意的時間起，至少需要60天才能開始。當然，學生們都傾向於在夏季抵達。因此，當我們進行預測並重申我們的指導時，這已融入其中。

We are believing in the initiatives we have in terms of the flexibility programs we have in terms of the promise of remote, but it's not solved yet. We are getting better. The trends are going in the right way, but it's not solved yet. But we're pleased with the direction and confidence in our future. Again, reinforcing where we have the capacity, the comps are positive. And that, to us, is -- this is a game of just making sure we can deliver the capacity because the consumers want to come to us.

我們相信我們在遠程承諾方面的靈活性計劃方面所採取的舉措，但它尚未解決。我們正在變得更好。趨勢正在朝著正確的方向發展，但問題還沒有解決。但我們對未來的方向和信心感到滿意。再次強調，加強我們的能力，比較是積極的。對我們來說，這是一場確保我們能夠提供產能的遊戲，因為消費者想要來找我們。

So I'm taking from that, that retention is really driving the encouragement at this point relative to [remote].

所以我認為，在這一點上，相對於[遠程]，保留確實推動了鼓勵。

No, all 3. I'd say retention is encouraging, and recruitment is encouraging. Remote is still a start-up, still on a learning curve, but it's generating exams profitably for us, and we see it getting better and better over time.

不，全部 3。我想說的是，保留率令人鼓舞，招聘也令人鼓舞。 Remote 仍然是一家初創公司，仍處於學習曲線上，但它為我們帶來了有利可圖的考試，而且隨著時間的推移，我們看到它變得越來越好。

Okay. And then the comments around how managed care maybe is not directly related to trade down impact. Can you help me understand that? And...

好的。然後，有關管理式醫療如何可能與貿易下降影響沒有直接關係的評論。你能幫我理解一下嗎？和...

No, I hope you took away it is directly related. So wealthier people tend to have managed care, managed care benefits go further with us than they do otherwise. And so there's a strong overlap between the 2. So they -- you would think they would go in lockstep.

不，我希望你拿走它是直接相關的。因此，較富裕的人往往擁有管理式醫療，管理式醫療福利比其他方式更適合我們。因此，兩者之間存在很強的重疊。因此，您可能會認為它們會步調一致。

No, I think...

不，我想...

I'm sorry if I misstated that before. But you're correct. They are -- there's overlap.

如果我之前說錯了，我很抱歉。但你是對的。它們是——有重疊。

No. It's my fault. And so is the idea or is the commentary that the trade-down impact that maybe was delayed relative to where people thought last year happening in greater force at this point?

不，這是我的錯。那麼，相對於人們去年認為的情況而言，可能被推遲的降價影響此時此刻會發生更大的影響，這一想法或評論是否也是如此？

It is -- yes, trade-down versus prior year is increasing. Yes. And yes, as inflation hits ever wealthier people's pocket books, that should continue.

是的，與去年相比，交易量下降正在增加。是的。是的，隨著通貨膨脹不斷衝擊富裕人群的錢包，這種情況應該會持續下去。

Our next question comes from the line of Robert Drbul from Guggenheim.

我們的下一個問題來自古根海姆的羅伯特·德布爾（Robert Drbul）。

My question is around like the new store opening plan. I guess, when you look at all the headwinds around optometrists, why does it make sense to keep adding stores at the same pace as recent years? And what do you consider -- are you considering maybe slowing the pace of the new store rollout?

我的問題是關於新店開業計劃。我想，當你看到驗光師周圍的所有不利因素時，為什麼繼續以與近年來相同的速度增加商店是有意義的呢？您有何看法——您是否正在考慮放慢新店推出的步伐？

So again, overall, if you look at the stores we've opened over the past 12 months, they continue to perform in line with historical expectations. Where the ability to get doctors is a highly localized thing sort of where you place a store, it may be either an encouraging place to -- for doctors to practice or otherwise. So it's very store related. We're always striving to not open a dark store. And yet if, for some reason, a doctor doesn't show up in many of our many places, we can open with remote, and that's a factor also which we never had in the past.

因此，總的來說，如果你看看我們在過去 12 個月裡開設的商店，就會發現它們的表現繼續符合歷史預期。如果能夠找到醫生是一種高度本地化的事情，就像你開一家商店一樣，那麼它可能是一個鼓勵醫生執業的地方，也可能是其他地方。所以這與商店非常相關。我們一直努力不開暗店。然而，如果由於某種原因，我們很多地方沒有醫生出現，我們可以通過遠程打開，這也是我們過去從未有過的因素。

And again, the promise is that, over time, remote could actually increase our white space opportunity. But if the new stores are still working, and we have then we're still going. We think that white space is very real.

再次強調，隨著時間的推移，遠程實際上可以增加我們的空白機會。但如果新店仍在營業，而我們已經營業，那麼我們仍然會繼續營業。我們認為空白是非常真實的。

Our next question comes from Adrian Yih.

我們的下一個問題來自 Adrian Yih。

Reade, I guess I have a couple of kind of higher-level questions for you. With the comments on April seeing some pressure from tax refunds. I guess my question is how do you now feel about sort of back half macro changes. Is it too early to see any recovery? Is that tax pressure -- tax refund pressure was sort of more near term in nature? And then under what kind of assumption are you assuming that as these doctors come on in the summer, what's the increase in sort of doctor capacity to increase sort of exam -- unfulfilled exam -- to reduce unfulfilled exams?

里德，我想我有幾個更高層次的問題要問你。從4月份的言論來看，退稅帶來了一些壓力。我想我的問題是你現在對後半部分宏觀變化有何看法。現在看到復蘇還為時過早嗎？這種稅收壓力——退稅壓力本質上是近期的壓力嗎？然後，在什麼樣的假設下，隨著這些醫生在夏天到來，醫生增加某種檢查（未完成的檢查）以減少未完成的檢查的能力會增加多少？

And then for Melissa, on the SG&A, the SG&A for this year, how should we think about that if we're thinking out a year or 2 -- out into the out-out year? About what portion of that is just heavy up investment and how that streamlines and gets more kind of balanced in 2024?

然後，對於 Melissa 來說，關於 SG&A，今年的 SG&A，如果我們正在考慮一兩年 - 進入淘汰年，我們應該如何考慮這個問題？其中哪一部分是大量投資？到 2024 年，這部分投資將如何簡化並變得更加平衡？

Melissa, why don't you go through what the guidance contemplated for the second half of the year, the balance of the year in the SG&A? And then I'll take the question about the increasing capacity from the hiring.

梅麗莎，你為什麼不仔細看看指導方針對下半年的預期，即 SG&A 中的年度餘額？然後我將回答有關招聘能力增加的問題。

Sure. Adrienne, as we think about with April being a little bit softer, we did tie that (inaudible) what we believe to be a lower tax refund season for our low-income consumer. We expect that the initiatives that we're putting in place to continue to take hold and expand exam capacity. And it's too soon to talk about May as we're just a couple of weeks into that period. But we have taken all of the information that we have to date and factored that into the guidance that we reaffirmed today. So we do expect the back half of the year to have slightly better comps than what we've seen so far in the first quarter.

當然。艾德麗安（Adrienne），正如我們所考慮的，四月份的情況有點疲軟，我們確實將（聽不清）我們認為對低收入消費者來說是較低的退稅季節聯繫起來。我們希望我們正在實施的舉措能夠繼續發揮作用並擴大考試能力。現在談論五月還為時過早，因為我們距離五月只有幾週時間了。但我們已經吸收了迄今為止所掌握的所有信息，並將其納入我們今天重申的指導方針中。因此，我們確實預計今年下半年的業績會比第一季度迄今為止所看到的略好。

And as we think about SG&A, the modeling that we've talked about this year, we do expect the headwinds related to the incentive compensation reset and the increased occupancy expense that we talked about a few moments ago. As we think about beyond this year, with the initiatives that we're putting in place, as we get back to mid-single digits, we expect to leverage many of the investments that we're putting in place currently. And as we get past the implementation phase, we spoke last March that we expect to see at least 100 basis point improvement in operating margins related to some of those implementation teams being expanded in the productivity that we expect for many of those initiatives.

當我們考慮 SG&A（我們今年討論過的模型）時，我們確實預計會出現與激勵薪酬重置和我們剛才討論的入住費用增加相關的不利因素。當我們考慮今年以後的情況時，隨著我們正在實施的舉措，當我們回到中個位數時，我們預計將利用我們目前正在實施的許多投資。當我們度過實施階段時，我們去年 3 月曾表示，我們預計運營利潤率將提高至少 100 個基點，這與我們對許多舉措的預期生產力的擴大有關。

And so the part of your question, Adrienne, about the new hires and the increase in capacity, we're encouraged by Q1 student hiring. It's better than Q1 last year. Last year, we had record student hiring, so that's a plus. Doctors, new doctors coming on is always part of our plan, but right now, it's looking a little bit more encouraging than what was in the plan, but this is all part of the puts and takes on the balance of the year that Melissa just took you through. This is -- there are a lot of factors that you've got to balance that you project out through the balance of the year. And -- but as we assess all those, we felt quite comfortable reiterating our guidance.

因此，艾德麗安，你的問題關於新員工和容量增加的部分，我們對第一季度的學生招聘感到鼓舞。比去年第一季度要好。去年，我們的學生招聘創紀錄，所以這是一個優勢。醫生，新醫生的加入始終是我們計劃的一部分，但現在看起來比計劃中的內容更令人鼓舞，但這都是梅麗莎剛剛完成的今年剩餘的看跌期權和承擔的一部分帶你經歷了。這是——你必須平衡很多因素，這些因素是你在今年的剩餘時間裡規劃出來的。而且，當我們評估所有這些時，我們很樂意重申我們的指導。

At this time, I would now like to turn it back to Reade for closing remarks.

現在我想把它轉回給里德做總結髮言。

Good. Thank you very much, Gerald, and thank you all for joining us here today. And thank you for your ongoing support, and we look forward to speaking to you again when we report our second quarter results. Thank you all very much. Have a great day.

好的。非常感謝杰拉德，也感謝大家今天加入我們。感謝您一直以來的支持，我們期待在報告第二季度業績時再次與您交談。非常感謝大家。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程序。您現在可以斷開連接。