National Vision Holdings Inc (EYE) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to National Vision's third-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 National Vision 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Tamara Gonzalez, Vice President of Investor Relations and Communications. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，投資者關係與傳播副總裁塔瑪拉·岡薩雷斯。請繼續。

Thank you, and good morning, everyone. Welcome to National Vision's third-quarter 2025 earnings call. Joining me on the call today are Alex Wilkes, CEO; and Chris Laden, CFO.

謝謝大家，大家早安。歡迎參加 National Vision 2025 年第三季財報電話會議。今天和我一起參加電話會議的有執行長 Alex Wilkes 和財務長 Chris Laden。

Our earnings release issued this morning and the presentation accompanying our call are both available in the Investors section of our website, ir.nationalvision.com. A replay of the audio webcast will be archived in the Investors section after the call.

我們今天早上發布的盈利報告以及電話會議的簡報均可在公司網站 ir.nationalvision.com 的「投資者關係」欄位中找到。電話會議結束後，音訊網路直播的回放也將存檔在「投資者關係」欄位中。

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.

在開始之前，請允許我提醒各位，我們的收益資料和今天的簡報包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。

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. The release and today's presentation also includes certain non-GAAP measures. Reconciliation of these measures is included in our release and the supplemental presentation. We would like to draw your attention to slide 2 in today's presentation for additional information about forward-looking statements and non-GAAP measures.

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所列的因素。本次發布和今天的演示還包括一些非GAAP指標。這些措施的協調情況已包含在我們的新聞稿和補充簡報中。請您注意今天簡報中的第 2 頁投影片，其中包含有關前瞻性陳述和非 GAAP 指標的更多資訊。

Further, please note that all financial measures in today's commentary are based on a continuing operations basis, unless otherwise noted. As a reminder, National Vision provides investor presentations and supplemental materials for investor reference in the Investors section of our website.

此外，請注意，除非另有說明，今天評論中的所有財務指標均基於持續經營基礎。再次提醒，National Vision 在網站的「投資者」版塊提供投資人簡報和補充資料供投資人參考。

I'll now turn the call over to Alex. Alex?

現在我將把通話交給亞歷克斯。亞歷克斯？

Thanks, Tamara, and good morning, everyone. Thanks for joining us today to discuss our third-quarter results. We delivered another strong quarter, thanks to our team's intense focus on our transformation initiatives, which are continuing to gain traction and drive positive responses from our customers, energizing our entire organization.

謝謝塔瑪拉，大家早安。感謝各位今天蒞臨現場，與我們共同探討第三季業績。由於我們的團隊高度重視轉型計劃，我們又取得了強勁的季度業績。這些計劃不斷取得進展，並獲得了客戶的積極回饋，從而激勵了整個組織。

The third quarter marks our 11th consecutive quarter of positive comp store sales with adjusted comp growth reaching 7.7% compared to the prior year. We drove healthy year-over-year adjusted operating margin expansion of 90 basis points, supported by higher average ticket with our refreshed merchandising mix and new selling methods.

第三季是我們連續第 11 季實現同店銷售額正成長，經調整後的同店銷售額較去年同期成長 7.7%。在商品組合更新和銷售方式提高平均客單價的支持下，我們實現了經調整後的營業利潤率年增 90 個基點。

The momentum we're building across our business is driven by the success of the strategy and approach that we have shared this past year. We're growing in areas where we are underdeveloped relative to the category with a focus on our most valuable customers while enhancing the patient and customer experience for all.

我們業務目前的發展勢頭，得益於我們過去一年所分享的策略和方法的成功。我們正在發展相對於同類產品而言還不夠成熟的領域，專注於我們最有價值的客戶，同時提升所有患者和客戶的體驗。

Our momentum is evident with the growth we have seen among managed care customers. Our managed care business continues to be very strong, approaching low teens comp sales growth in the quarter with both positive transaction and ticket trends. We are also seeing strong performance in the quarter with the two other high-value segments we are targeting, progressive lens wears and Outside Rx customers.

從我們在醫療管理客戶中的成長來看，我們的發展勢頭十分明顯。我們的醫療管理業務持續保持強勁勢頭，本季同店銷售成長接近兩位數，交易量和出票量均呈現正面趨勢。本季度，我們在另外兩個高價值細分市場（漸進式鏡片配戴者和外部處方客戶）也取得了強勁的業績。

As we have discussed throughout this year, and we'll discuss even more at our upcoming Investor Day, we are maintaining a strong value proposition while focusing on broadening our target customer audience and delivering a healthier bottom line. To this end, while at face value, traffic is relatively flat this quarter, we are pleased with the intentional evolution of our customer mix toward higher-value customer segments that we are confident will lead to a healthier business overall.

正如我們今年一直在討論的，而且我們將在即將舉行的投資者日上進一步討論，我們正在保持強大的價值主張，同時專注於擴大目標客戶群體，並實現更健康的盈利。為此，雖然從表面上看，本季度的流量相對平穩，但我們對客戶結構向更高價值客戶群的有意轉變感到滿意，我們相信這將使整體業務更加健康。

Managed care, Progressive, and Outside Rx traffic trends are very healthy, and we're seeing early indicators that our new marketing strategy and CRM platform and in-store selling tools are leading to stronger customer engagement. As we continue to execute our initiatives, including making meaningful improvements to our assortment, our messaging and our selling behaviors, we are confident we will strengthen our consumers' perception as the destination for style and value.

管理式醫療、Progressive 和外部處方流量趨勢非常健康，我們看到了一些早期跡象，表明我們的新行銷策略、CRM 平台和店內銷售工具正在帶來更強大的客戶參與度。隨著我們不斷推進各項舉措，包括對我們的產品系列、宣傳訊息和銷售方式進行有意義的改進，我們有信心鞏固消費者對我們作為時尚與價值之選的認知。

Although we are just beginning our merchandising transformation, our initial actions are yielding positive results. New premium frames like Lam, Ted Baker, Jimmy Choo, HUGO Boss that we recently introduced are turning faster than our expectations. The fact that our cash pay ticket is accelerating is a good sign. It means that beyond serving our managed care, Outside Rx and Progressive customers, the better product, the cash pay customer is also opting in to the premium brands we are now offering.

雖然我們的商品銷售轉型才剛開始，但我們的初步行動已經取得了積極的成果。我們最近推出的 Lam、Ted Baker、Jimmy Choo、HUGO Boss 等新款高端鏡框的銷售速度超出了我們的預期。現金支付票據成長加速是一個好兆頭。這意味著，除了服務我們的醫療管理、外部處方和 Progressive 客戶之外，更好的產品，現金支付的客戶也開始選擇我們現在提供的優質品牌。

And we've seen this response even though we still have the opportunity to improve our lifestyle selling techniques, our visual merchandising and product presentation to really showcase our new and exciting products. We are also pleased with our initial pilot of Meta-enabled smart glasses, which we began in 50 stores last spring.

儘管我們仍有機會改進生活方式銷售技巧、視覺行銷和產品展示，以真正展示我們新穎而令人興奮的產品，但我們已經看到了這種反饋。我們對去年春天在 50 家門市啟動的 Meta 智慧眼鏡試點計畫也感到滿意。

Our associates are learning how to sell this unique and highly sought-after product, and we are pleased with the consumer uptick we are seeing. Given the traction we have experienced, we are excited to roll out Meta to an additional 250 locations during the fourth quarter.

我們的員工正在學習如何銷售這款獨特且備受追捧的產品，我們對消費者購買量的成長感到滿意。鑑於我們取得的進展，我們很高興能在第四季度將 Meta 推廣到另外 250 個地點。

As we look ahead to the remainder of the year, we will continue to evolve our assortment mix and are on track to have approximately 40% of frames at our stores priced at or above $99 by year end, up from approximately 20% this time last year. When it comes to our pricing architecture, it's important to keep our journey in mind. When we took our first pricing actions last year, we talked about no regrets pricing, and we've successfully delivered on these actions.

展望今年剩餘時間，我們將繼續改進產品組合，並預計在年底前使我們門市中約 40% 的鏡框定價在 99 美元或以上，高於去年同期的約 20%。在製定定價架構時，牢記我們的發展歷程非常重要。去年我們首次採取定價措施時，就談到了“無悔定價”，而且我們已經成功地實現了這些措施。

We are now looking toward a more sophisticated era of pricing where we consider factors like lens components, managed vision care, packages, and targeted discounts and offers in our pricing construct. Our pricing playbook is architected on a thoughtful plan rooted in consumer response and data and we have our next series of pricing actions already mapped out.

我們現在正展望一個更複雜的定價時代，在這個時代，我們將鏡片組件、視力保健管理、套餐以及有針對性的折扣和優惠等因素納入我們的定價結構中。我們的定價策略是基於深思熟慮的計劃，以消費者反饋和數據為基礎，我們已經制定了下一步的定價策略。

In the fourth quarter, we're taking our next set of pricing actions on lenses, lens add-ons and our bundle offer. We are also modernizing our bundled pricing. We're moving from $89.95 to a clean and simple $95 price point for our lead offer.

第四季度，我們將對鏡頭、鏡頭配件和捆綁銷售產品採取下一輪定價措施。我們也正在對捆綁式定價進行現代化改造。我們將潛在客戶開發服務的價格從 89.95 美元調整為簡潔明了的 95 美元。

This is a result of listening to our customer feedback that our price points felt dated. Just as we are evolving our assortment to fit the needs of the customers shopping in our stores, our price points must evolve as well. As we continue to take pricing actions, we're being mindful of our customers' response by measuring KPIs around conversion and NPS, both of which remain healthy.

這是因為我們聽取了客戶的回饋，他們認為我們的定價策略已經過時了。就像我們不斷調整商品種類以滿足顧客在店內購物的需求一樣，我們的價格也必須隨之調整。隨著我們不斷採取定價措施，我們密切關注客戶的反應，透過衡量轉換率和淨推薦值等關鍵績效指標來衡量客戶的反應，這兩項指標目前都保持良好狀態。

As hopefully, you've seen, we have made a significant transformation to evolve how we are communicating with our consumers. During the third quarter, we launched our new Every Eye Deserves Better campaign for America's Best, which has energized our 13,000-plus team members and is clearly resonating with customers.

如您所見，我們已經進行了重大變革，以改善我們與消費者的溝通方式。第三季度，我們為 America's Best 推出了全新的「Every Eye Deserves Better」活動，該活動激發了我們 13,000 多名團隊成員的活力，並且顯然引起了客戶的共鳴。

We are really excited with the response to our new campaign, which has resulted in a significant increase in unaided awareness in the third quarter. This new campaign was launched almost simultaneously with our new CRM platform, which is also showing positive inflection with consumer engagement.

我們對新活動的反應感到非常興奮，第三季大眾的認知度顯著提高。這項新活動幾乎與我們新的客戶關係管理平台同時推出，該平台在消費者參與度方面也顯示出積極的轉變。

Beyond engagement, the platform is enabling greater operating efficiency and more personalized solutions with tangible results and increased number of exams scheduled and higher customer reactivation rates. During the third quarter, we launched our first journeys targeting lapsed customers, those customers who have not returned during their typical purchase cycle. One month into launching lapsed journeys, and we are seeing significant improvement in click-through and open rates.

除了提升用戶參與度之外，該平台還提高了營運效率，提供了更個人化的解決方案，並取得了切實可見的成果，例如增加了考試安排數量和提高了客戶重新激活率。第三季度，我們推出了首個針對流失客戶的行銷活動，這些客戶在其典型的購買週期內沒有再次光顧。推出流失客戶追蹤服務一個月後，我們看到點擊率和開啟率都有了顯著提高。

Looking ahead, future journeys plan include post-exam loyalty and scheduler journey, which are all about making sure people show up for their booked exams. We plan to learn from our initial work as we evolve into developing those initiatives intended to improve appointment show rates as these are the most sensitive and business impacting journeys over the next several quarters.

展望未來，未來的旅程計劃包括考後忠誠度和預約旅程，其目的都是為了確保人們按時參加已預約的考試。我們計劃從初步工作中吸取經驗，逐步推進旨在提高預約出席率的各項舉措，因為在接下來的幾個季度裡，這些舉措對業務的影響最為敏感和重大。

Overall, I'm extraordinarily pleased with the urgency and progress we've made in a relatively short time to modernize our marketing approach, both in messaging and technology enablement. Along with advancements in marketing, we are also continuing to enhance the digital tools and capabilities for our store associates.

總的來說，我對我們在相對較短的時間內，在行銷方式現代化方面所展現出的緊迫感和取得的進展感到非常滿意，無論是在資訊傳遞方面還是技術賦能方面。隨著行銷科技的進步，我們也不斷提升門市員工的數位化工具和能力。

Earlier this year, we introduced digital selling tools that help our associates to visually explain complicated lens benefits like progresses and transitions to our customers. This tool has been impactful in pilot stores, allowing a more seamless and elevated experience for our customers to ensure they get the products they most want and need. It will also be used for pricing demonstrations to explore various frame and lens combinations and help demystify the customer journey.

今年早些時候，我們推出了數位化銷售工具，幫助我們的員工以視覺化的方式向顧客解釋複雜的鏡片優勢，例如進展和過渡。該工具在試點門市中取得了顯著成效，為顧客提供了更流暢、優質的購物體驗，確保他們能夠買到自己最想要和需要的產品。它還將用於價格演示，探索各種鏡框和鏡片組合，並幫助客戶了解購買流程。

Beyond educational and product demonstration features, associates will be able to take digital measurements, offering a more precise outcome versus our historical manual approach. All America's Best and Eyeglass World locations are expected to have this technology live in store before the end of the year. Having capabilities like this, combined with our new lifestyle selling approach will be a game changer for our stores and the improvements we're making are being enthusiastically embraced by our store teams.

除了教育和產品演示功能外，員工還可以進行數位化測量，與我們以往的手動測量方法相比，可以提供更精確的結果。所有 America's Best 和 Eyeglass World 門市預計將在年底前啟用這項技術。擁有這樣的能力，再加上我們全新的生活方式銷售方式，將徹底改變我們門市的經營模式，我們正在進行的改進也受到了門市團隊的熱烈歡迎。

During the quarter, we saw sales gains in premium add-ons like superior Progressive Lenses and antireflective coatings. Behavior change is happening and ongoing associate adoption of lifestyle selling is certainly contributing to our results.

本季度，我們看到高級附加產品（如高級漸進鏡片和防反射塗層）的銷售額有所成長。行為改變正在發生，員工不斷採納生活風格銷售理念無疑對我們的績效有所貢獻。

Our doctor coverage remains healthy and stable, supported by innovative recruiting and retention strategies. We're seeing our best doctor retention numbers in recent memory, and we've once again successfully recruited over 10% of the entire graduating optometry class.

在創新的招募和留任策略的支持下，我們的醫生隊伍保持健康穩定。我們迎來了近年來最好的醫生留任率，並且再次成功招收了超過 10% 的應屆驗光師畢業生。

Our remote exam technology continues to provide additional capacity flexibility. Our remote hybrid pilot where in-store doctors perform exams in other stores is progressing well with more in-store doctors now trained to perform remote exams in other locations.

我們的遠距考試技術持續提供更大的容量靈活性。我們的遠端混合試點計畫進展順利，該計畫允許店內醫生在其他門市進行檢查，現在已有更多店內醫生接受了培訓，可以在其他地點進行遠端檢查。

Looking ahead, we have tremendous opportunity. We are pleased with progress we're making on SG&A leverage. Our cost optimization has given us flexibility to drive AOI expansion even as we face higher healthcare expenses than planned. Chris will go into more detail on how we're mitigating healthcare expenses going forward.

展望未來，我們擁有巨大的機會。我們對在銷售、一般及行政費用槓桿方面取得的進展感到滿意。我們透過成本優化，即使面臨比預期更高的醫療保健支出，也能靈活地推動 AOI 的擴張。克里斯將更詳細地介紹我們未來將如何降低醫療支出。

We are well underway with our broader cost optimization efforts. This is a hyper focus for the organization, and we will be sharing more at our upcoming Investor Day. We're confident in our transformation strategy and the multiple years of runway ahead for continued growth. Our focus on higher-value segments, enhanced product assortment and marketing and in-store selling approach continues to deliver results.

我們的成本優化工作正在穩步推進。這是本機構的重點工作之一，我們將在即將舉行的投資者日上分享更多資訊。我們對我們的轉型策略以及未來多年持續成長的前景充滿信心。我們專注於高價值細分市場，改善產品種類和行銷以及店內銷售方式，這些都持續取得成效。

Our investments are strategically placed to strengthen our market position and create long-term shareholder value. We remain focused on our core mission of helping people see their best to live their best through exceptional eye care and the modernization work we're doing across technology, branding, and operations is just at the beginning of our commercial model evolution.

我們的投資經過策略性佈局，旨在鞏固市場地位，創造長期股東價值。我們始終專注於我們的核心使命，即透過卓越的眼科護理幫助人們擁有最佳視力，從而擁有最佳生活。我們在技術、品牌和營運方面所做的現代化工作只是我們商業模式演變的開始。

I look forward to sharing more details about our strategic vision and long-term growth opportunities at our November 17 Investor Day. I want to take a moment to thank our team for their exceptional dedication, focus and execution toward delivering an exceptional Q3 and year to date.

我期待在 11 月 17 日的投資者日上與大家分享更多關於我們的策略願景和長期成長機會的細節。我想藉此機會感謝我們的團隊，感謝他們展現出的卓越奉獻精神、專注精神和執行力，使我們取得了第三季和今年迄今為止的優異成績。

And with that, I'll turn it over to Chris to review our financial results. Chris?

接下來，我將把時間交給克里斯，讓他來回顧我們的財務表現。克里斯？

Thank you, Alex, and good morning, everyone. As Alex shared, the disciplined execution of our strategic initiatives is reflected in our strong third-quarter performance. These results continue to reinforce our confidence in the multiyear growth opportunity ahead.

謝謝你，Alex，大家早安。正如 Alex 所說，我們策略性舉措的嚴格執行體現在我們強勁的第三季業績中。這些結果進一步增強了我們對未來多年成長機會的信心。

I believe the consistent performance we have delivered over the past year serves as a compelling validation of our ability to deliver on our stated objectives and drive sustainable results. Now I'll turn to our third-quarter results as compared to the prior year period. Please refer to today's press release for reconciliations of non-GAAP financial measures to their most comparable GAAP financial measures.

我相信，過去一年我們取得的持續優異成績有力地證明了我們有能力實現既定目標並取得可持續的成果。現在我將介紹我們第三季的業績與去年同期相比的情況。有關非GAAP財務指標與其最可比較GAAP財務指標的調節表，請參閱今天的新聞稿。

For the third quarter, net revenue increased 7.9%, driven by adjusted comparable store sales growth of 7.7% and growth from new store sales. The timing of unearned revenue negatively impacted revenue in the period by approximately 80 basis points. During the quarter, we opened four new America's Best stores and closed two Fred Meyer stores. We ended the quarter with a total of 1,242 stores.

第三季淨收入成長7.9%，主要得益於調整後同店銷售額成長7.7%以及新店銷售額的成長。未實現收入的到帳時間對該期間的收入產生了約 80 個基點的負面影響。本季度，我們開設了四家新的 America's Best 門市，並關閉了兩家 Fred Meyer 門市。本季末，我們共有1242家門市。

Adjusted comparable store sales growth in the period was driven by an increase in average ticket of 7.1%, which reflects a combination of price increases implemented in Q4 and Q1 as well as the benefit from our refreshed merchandising mix and new selling methods. Overall, customer transactions were relatively flat compared to the prior year as healthy trends in our managed care business continued to offset softer traffic in our cash pay business.

本期經調整的同店銷售成長主要得益於平均客單價上漲 7.1%，這反映了第四季和第一季實施的價格上漲，以及我們更新的商品組合和新的銷售方式帶來的益處。總體而言，由於我們醫療管理業務的良好發展趨勢繼續抵消了現金支付業務的疲軟，客戶交易量與前一年相比基本持平。

As a reminder, last year, we ran promotions targeted at cash pay consumers in Q3 that we chose not to anniversary this year. Our eye exam conversion to product sales has remained consistent with prior quarters, which is a key indicator of customer acceptance of our merchandising and pricing transformation.

提醒一下，去年第三季我們針對現金支付消費者進行了促銷活動，但今年我們選擇不進行週年紀念。我們的眼科檢查轉化為產品銷售的比例與前幾季保持一致，這是客戶接受我們商品銷售和定價改革的關鍵指標。

As a percentage of net revenue, costs applicable to revenue decreased approximately 40 basis points. The resulting increase in gross margin is driven by our growth in average ticket and leveraging our optometrist-related costs. We expect gross margin to expand slightly for fiscal 2025.

成本佔淨收入的百分比下降了約 40 個基點。毛利率的成長得益於平均客單價的提高以及對驗光師相關成本的有效利用。我們預計2025財年毛利率將略有成長。

Adjusted SG&A was $242.3 million in the third quarter and as a percentage of revenue, leveraged 10 basis points despite ongoing headwinds in healthcare costs that many companies like ours are experiencing. Better leveraging our SG&A remains a primary focus for the organization, and we remain on track to leverage adjusted SG&A this year. Additionally, we will share more about the multiyear cost optimization opportunities we are pursuing at our Investor Day.

第三季調整後的銷售、一般及行政費用為 2.423 億美元，佔收入的百分比為 10 個基點，儘管許多像我們這樣的公司都面臨著醫療保健成本持續上漲的不利因素。更好地利用銷售、一般及行政費用仍然是本組織的首要任務，我們今年仍有望實現調整後銷售、一般及行政費用的合理利用。此外，我們將在投資者日上分享更多關於我們正在尋求的多年成本優化機會的資訊。

Adjusted operating income was $19.8 million compared to $14.3 million in the prior-year period. Adjusted operating margin increased 90 basis points to 4.1% in the quarter. Net interest expense was $4.1 million, same as the prior-year period.

調整後的營業收入為 1,980 萬美元，而上年同期為 1,430 萬美元。本季調整後營業利益率成長90個基點至4.1%。淨利息支出為 410 萬美元，與去年同期持平。

Adjusted EPS increased to $0.13 per share in the third quarter of 2025 from $0.12 per share a year ago. For the year-to-date fiscal 2025, we delivered adjusted comparable store sales growth of 6.4%, supporting adjusted operating income margin expansion of 120 basis points and nearly 18% growth in adjusted EPS compared to the prior year.

2025 年第三季調整後每股盈餘從一年前的每股 0.12 美元增至每股 0.13 美元。截至 2025 財年，我們實現了經調整的同店銷售額增長 6.4%，推動經調整的營業利潤率增長 120 個基點，經調整的每股收益較上年增長近 18%。

Turning next to our balance sheet, we ended the period with a cash balance of approximately $56 million and total liquidity of $349.6 million, including available capacity from our revolving credit facility. During the quarter, we repaid $15 million of the borrowings outstanding under our revolving credit facility, bringing the balance to 0.

接下來來看我們的資產負債表，期末我們的現金餘額約為 5,600 萬美元，總流動資金為 3.496 億美元，其中包括循環信貸額度的可用額度。本季度，我們償還了循環信貸額度下未償還的 1500 萬美元借款，使餘額為 0。

Year to date, we have repaid $94.7 million in debt and convertible notes, bringing our total debt outstanding net of unamortized discounts to $253.4 million at the end of Q3. For the trailing 12 months, we ended the period with a net debt to adjusted EBITDA of 1.1 times.

今年迄今為止，我們已償還了 9,470 萬美元的債務和可轉換票據，截至第三季末，扣除未攤銷折價後的未償債務總額為 2.534 億美元。過去 12 個月，我們期末的淨債務與調整後 EBITDA 比率為 1.1 倍。

Year to date, we generated operating cash flow of $133.1 million and invested $48.4 million in capital expenditures, primarily driven by investments in new and existing stores and information technology. We continue to maintain a strong balance sheet and healthy cash flow to support our growth and capital allocation priorities.

今年迄今為止，我們產生了 1.331 億美元的營運現金流，並投資了 4,840 萬美元用於資本支出，主要由對新店和現有門市以及資訊科技的投資所驅動。我們持續保持穩健的資產負債表和健康的現金流，以支持我們的成長和資本配置重點。

Moving now to our outlook, we are very pleased to be in a position to raise our expectations for the year. We now expect revenue of $1.97 billion to $1.99 billion, adjusted comparable store sales growth of 5% to 6%, adjusted operating income of $92 million to $98 million, and adjusted EPS of $0.63 to $0.71, which assumes approximately 81 million weighted average diluted shares outstanding.

現在談談我們的展望，我們非常高興能夠提高我們對今年的預期。我們現在預計營收為 19.7 億美元至 19.9 億美元，調整後同店銷售額增長 5% 至 6%，調整後營業收入為 9,200 萬美元至 9,800 萬美元，調整後每股收益為 0.63 美元至 0.71 美元，假設加權平均稀釋後流通股數約為 8,100 萬股。

As a reminder, this outlook incorporates the benefit of the 53rd week, which we estimate will add approximately $35 million of net revenue and approximately $3 million of adjusted operating income for the year. Our adjusted comparable store sales growth is calculated on a 52-week comparable basis to the prior year.

提醒一下，該展望包含了第 53 週的收益，我們估計這將為全年增加約 3,500 萬美元的淨收入和約 300 萬美元的調整後營業收入。我們調整後的同店銷售成長是按與去年同期相比的 52 週可比基礎計算的。

As Alex mentioned, we are in process of executing our Q4 pricing updates in line with our multiyear pricing strategy playbook. These pricing actions are factored into our full-year guidance. We have been closely monitoring consumer response to the merchandising and price framework we've implemented to date and have seen consistent conversion and NPS rates.

正如 Alex 所提到的，我們正在按照我們多年定價策略手冊執行第四季度定價更新。這些定價措施已納入我們的全年業績預期。我們一直在密切關註消費者對我們迄今為止實施的商品銷售和價格框架的反應，並看到了穩定的轉換率和 NPS 率。

We remain confident that we can continue to evolve our assortment and pricing architecture in a way that drives value for our consumers and our investors. As we discussed, we continue to see strong traffic from managed care customers offsetting a decline in cash pay traffic. We continue to guide for traffic trends to be similar to what we've seen year to date.

我們仍然有信心，我們可以繼續改進我們的產品組合和定價體系，從而為我們的消費者和投資者創造價值。正如我們之前討論的，來自醫療保險客戶的強勁流量抵消了現金支付流量的下降。我們預計交通趨勢將繼續與今年迄今的情況類似。

Disciplined cost management remains a primary focus for the organization, and we are excited about the projected operating margin expansion presented in our 2025 guidance. Our outlook includes the cost-out actions we've discussed in prior quarters as well as other cost mitigation actions to offset headwinds in healthcare costs and our investments in associate variable incentive programs as we continue to reward the team for exceeding their plan and drive behaviors contributing to our top-line performance.

嚴格的成本管理仍然是本組織的主要關注點，我們對 2025 年業績指引中提出的預計營業利潤率成長感到興奮。我們的展望包括我們在前幾個季度討論過的成本削減措施，以及其他成本緩解措施，以抵消醫療保健成本的不利影響，以及我們對員工可變激勵計劃的投資，因為我們將繼續獎勵團隊超越計劃，並推動有助於我們營收增長的行為。

We expect improved leverage on incentive compensation in the future as these behaviors become the new baseline. For clarity, our outlook continues to include the anticipated impact of tariffs, which are not materially changed from prior quarter's guidance.

我們預計，隨著這些行為成為新的基準，未來激勵性薪酬的槓桿作用將會改善。為明確起見，我們的展望仍然包含關稅的預期影響，這與上一季的預期相比沒有實質變化。

Now turning to our expectations for capital expenditures, we reduced our guide for CapEx to $80 million to $85 million. This change is largely driven by investments in certain projects that have shifted into fiscal 2026. We remain on track to open 32 new stores during fiscal 2025. Including planned closures for the year, we now expect to open nine net new stores in 2025. This includes 21 America's Best stores opened through the end of Q3 and an expected 11 openings in Q4.

現在來看看我們對資本支出的預期，我們將資本支出指引值下調至 8,000 萬美元至 8,500 萬美元。這項變更主要是由於某些項目的投資延後到了 2026 財年。我們仍有望在 2025 財年開設 32 家新店。包括今年計劃關閉的門市在內，我們現在預計 2025 年將淨增 9 家門市。其中包括截至第三季末開設的 21 家 America's Best 門市，預計第四季還將開設 11 家。

In addition to new stores, we expect to close 23 stores in total this year related to both our fleet optimization as well as overall disciplined fleet management. This includes four store closures expected in Q4. For all other details regarding our outlook, please refer to today's press release.

除了新店之外，我們預計今年將關閉 23 家門市，這與我們的車隊優化以及整體嚴格的車隊管理有關。這其中包括預計在第四季度關閉的四家門市。有關我們展望的所有其他詳情，請參閱今天的新聞稿。

And with that, I would like to thank you for your participation in today's call. Operator, we are now ready for questions.

最後，感謝各位參加今天的電話會議。操作員，我們現在可以接受提問了。

(Operator Instructions) Michael Lasser, UBS.

（操作說明）邁克爾·拉塞爾，瑞銀集團。

You've been making a lot of changes over the last year or so, especially with respect to merchandising the assortment. What signals are you looking for to make sure that you're not going too far and it would only come to light too late. And when do you think traffic will inflect? Is that something that we can -- we should reasonably expect within the next couple of quarters?

在過去一年左右的時間裡，你們做了很多改變，尤其是在商品種類的銷售方面。你正在尋找哪些訊號來確保自己不會走得太遠，以免為時已晚？你認為交通狀況何時會改變？這是我們可以——或者說應該合理預期在未來幾季內實現的嗎？

Thanks, Michael. Yes, as it pertains to merchandising, we're really happy with the changes that we've been made -- that have been made to date. We're monitoring NPS. We're monitoring conversion rate from exam to purchase to ensure that we're not pushing too far. But we do think we have really a long way yet still to go.

謝謝你，麥可。是的，就商品銷售而言，我們對迄今為止所做的改變感到非常滿意。我們正在監測淨建議值 (NPS)。我們正在監控從考試到購買的轉換率，以確保我們不會操之過急。但我們認為，我們還有很長的路要走。

A couple of signs that we're incredibly encouraged by, one is that our cash pay consumer, the one that we've historically thought is the most sensitive, they're actually adopting some of our higher price point items at a higher clip than we initially anticipated. That's both on the frame side and the lens side.

有兩個跡象讓我們倍感鼓舞，其中之一是，我們一直以來認為最敏感的現金支付消費者，實際上正在以比我們最初預期更快的速度接受我們的一些高價位產品。無論是在鏡框方面還是在鏡頭方面。

We're seeing inventory turns of our higher value frames that we've just introduced, actually exceed our expectations. So we think that's a really good sign as well, and those are data points that come through in real time. So from an early innings in our merchandising evolution strategy, all signs are still pointing to a very, very positive response rate to what we're up to.

我們發現，我們剛推出的高價值鏡框的庫存週轉率實際上超出了我們的預期。所以我們也認為這是一個非常好的跡象，而且這些數據點都是即時顯示的。因此，從我們商品銷售發展策略的早期階段來看，所有跡像都表明，我們所做的事情將獲得非常非常正面的回饋。

In terms of traffic inflection, we have seen traffic inflection where we have intended to see it on the managed care customer, on the Outside Rx customer, and on the Progressive wear. We're certainly pleased with the inflection in traffic that we're seeing, driving those customers into our stores. It was a very intentional approach on behalf of the team to do that.

就流量拐點而言，我們已經看到了我們預期的流量拐點，即在醫療管理客戶、外部處方客戶和漸進式磨損客戶中看到的流量拐點。我們非常高興看到客流量出現成長，這吸引顧客光顧我們的門市。這是團隊有意為之的做法。

But overall, traffic remains flat as the cash pay consumer remains a little bit depressed. So again, overall, I just couldn't be happier with all the signals we're seeing in the business.

但整體而言，交通流量依然平穩，因為現金支付的消費者情緒仍然有些低迷。綜上所述，我對目前業務中出現的所有跡象感到非常滿意。

My follow-up question is, given the pricing that you're going to take in the fourth quarter as well as what you will have yet to lap from what you've taken earlier this year, if all else remains equal, what would be the contribution from pricing if nothing else happens as you look towards 2026, just so we can get a sense of what the embedded comp already is in the model?

我的後續問題是，考慮到您在第四季度將採取的定價策略，以及您今年早些時候採取的策略尚未生效，如果其他條件不變，展望 2026 年，定價策略的貢獻會是多少？這樣我們就能了解模型中已經存在的內嵌競爭因素是什麼。

Yes. Thanks, Michael. Great question. So we are lapping our price actions from last year, call it, in the mid-November time period. We made some additional changes to the promotion in Q1 of this year.

是的。謝謝你，麥可。問得好。所以，我們目前的價格走勢與去年同期（例如11月中旬）基本一致。今年第一季度，我們對促銷活動進行了一些額外的調整。

So the pricing actions that we're taking in Q4, albeit in a different character than what we did last year, right? Remember, we did frame pricing and we took some changes to the base offer. This year, we're evolving it to be a bit more surgical, again, around lenses, lens packages.

所以，我們在第四季採取的定價措施，雖然與去年採取的措施有所不同，對吧？請記住，我們進行了框架定價，並對基本報價進行了一些更改。今年，我們將進一步發展，使其更加精準，再次圍繞鏡片和鏡片套裝。

We're changing the offer to be a bit more modern. As I like to stay around here. We're retiring the decimal points to modernize our price points. So -- but largely, we believe that our pricing actions will yield around the same contribution in '26 as they've yielded in '25.

我們正在調整產品/服務，使其更具現代感。因為我喜歡待在這裡。為了使我們的價格表更加現代化，我們將取消小數點。所以——但總的來說，我們相信我們的定價策略在 2026 年將產生與 2025 年大致相同的貢獻。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

A follow-up to the prior one. First, you mentioned some of the pricing changes for '26 center on contact lenses. It seems like that category may be a little more commoditized, correct me if I'm wrong. So where do you sit versus peers or brands at this point? And how much leeway can you have?

這是前一篇的後續。首先，您提到 2026 年的一些價格變化主要集中在隱形眼鏡上。感覺這個類別的產品可能有點同質化，如果我說錯了請指正。那麼，目前你與同業或品牌相比處於什麼位置？你能有多少迴旋餘地？

And then to put words in your mouth, you said the pricing benefit may look similar to 2025. Is the ticket lift that we saw this quarter, I think, around 7%, is that the right proxy for '26?

然後，你又說，價格優勢可能跟 2025 年類似。本季我們看到的票房成長，我認為大約為 7%，這是否可以作為 2026 年的正確參考指標？

Yes. Great. On contact lenses, so we're actually taking some pricing actions on ophthalmic lenses, and we will be taking some pricing actions on contact lenses go forward. One of the things that's been a historic truth for our business as we see cost increases come through from the contact lens vendors, we typically pause for about a quarter or so until we take pricing on contact lenses just to see how the market respond. Because to your point, it is a more commoditized, more shoppable product in our category.

是的。偉大的。關於隱形眼鏡，我們目前正在對眼科鏡片採取一些定價措施，未來也會對隱形眼鏡採取一些定價措施。對於我們的業務來說，一直以來的一條真理是：隨著隱形眼鏡供應商成本的上漲，我們通常會暫停大約一個季度，然後再對隱形眼鏡進行定價，看看市場的反應。正如您所說，在我們這個品類中，它是一種更商品化、更容易購買的產品。

So there generally is about a quarter delay between the time we get cost increases from vendors and when we take our pricing actions to the consumer, but we're always really mindful of how we're positioned, especially versus the online channel. As it pertains to ticket evolution throughout overall '26, we think of our ticket evolution really in three components.

因此，從供應商提出成本上漲到我們向消費者採取價格調整措施之間，通常存在大約四分之一的延遲，但我們始終非常關注我們的市場定位，尤其是與線上管道的比較。就 2026 年整體票務發展而言，我們認為票務發展其實分為三個部分。

There is a pricing component. There is an assortment mix component. And there's also a consumer mix component that drives our ticket as well, right? As we're driving more Outside Rx, more Progressive, more managed care customers, those consumers tend to have a higher purchase value when they shop with us.

其中涉及定價因素。其中包含多種組合成分。此外，消費者組成也是影響我們票價的因素，對吧？隨著我們吸引更多外部處方藥客戶、更多 Progressive 保險客戶和更多管理式醫療客戶，這些消費者在我們這裡購物時往往購買價值更高。

So really, you have to deconstruct our average ticket growth along those three components. We're going to share more about our long-term algorithm on the 17th and share some more of the details. Specifically, we'll showcase where we're underdeveloped and where we think that can continue to grow over a multiyear time horizon.

所以實際上，你必須從這三個方面來分析我們的平均客單價成長。我們將於17日分享更多關於我們長期演算法的信息，並分享更多細節。具體來說，我們將重點介紹我們目前發展不足的領域，以及我們認為在未來幾年內可以繼續發展的領域。

Yes. And Simeon, just one data point for -- you asked about the Q3 run rate. Just keep in mind that we're lapping a promotion from last year, which kind of gave us some additional upside to average ticket Q3 this year versus Q3 of last year, which we don't think will replicate again in 2026.

是的。西蒙，我在這裡提供一個數據點——你問的是第三季的運行率。請記住，我們正在延續去年的促銷活動，這使得今年第三季的平均票價比去年第三季略有上漲，我們認為這種情況在 2026 年不會再次出現。

Okay. And then a follow-up. This is maybe preempting the Investor Day a little, so respect maybe less of an answer. The flow-through of the business, if you're going to -- if the business is going to comp, call it, mid-single digits for the foreseeable future, are you spending into it?

好的。然後還有後續報道。這或許有點搶在投資人日之前了，所以這可能不算是個令人滿意的答案。如果企業在可預見的未來只能維持個位數的成長率，那麼企業是否應該加大投入？

It sounds like there's some advertising and other things you can spend and flow-through comes in outer years? Or should there be proportional flow-through as the comps accelerate here?

聽起來好像有一些廣告和其他方面的支出，而這些支出會在以後的幾年產生影響？或者，隨著壓縮機加速運轉，是否應該有相對應的流量通過？

Yes, it's a great question. Look, I think we're super pleased with the year-to-date operating margin expansion of 120 basis points this year. I'll tell you that as a focus area for this management team, operating margin expansion remains a primary focus kind of year over year. We are definitely investing back into the business to bring some of these strategic initiatives and transformation to life, but we believe we can do so while continuing to drive positive operating margins.

是的，這是一個很好的問題。你看，我對今年迄今為止營業利潤率成長 120 個基點感到非常滿意。我可以告訴大家，對於這支管理團隊來說，提高營業利潤率仍是每年工作的重點。我們肯定會對業務進行再投資，以落實這些策略舉措和轉型，但我們相信，我們可以在繼續保持正營業利潤率的同時做到這一點。

Robert Ohmes, Bank of America.

Robert Ohmes，美國銀行。

Not to front run the Analyst Day either, but can you give some color on what market share trends look like from your perspective, both on a volume and dollar basis? Are you guys gaining share on both the dollar -- obviously, on a dollar, I would expect you are, but on a unit basis as well?

我不想搶在分析師日之前發布，但您能否從您的角度，分別從交易量和金額兩個方面，談談市場份額趨勢？你們的市佔率在美元價格上是否有所成長？顯然，以美元計算，我預期你們的市佔率會成長，但以單位銷售量計算，你們的市佔率也有所成長嗎？

Robbie, great question. Thanks so much. Yes. So we actually do believe we're getting share on a volume basis as well. So we look at the Vision Council data that gives a good indication for what exam growth is in the category, and we have been outstripping that through kind of year to date. So we do believe we are gaining share on a customer account basis.

羅比，問得好。非常感謝。是的。所以我們相信，我們在銷售方面也確實獲得了市場份額。因此，我們參考了視覺委員會的數據，這些數據可以很好地反映該類別考試的成長情況，而我們今年迄今為止的成長速度已經超過了這一水平。因此，我們相信我們在客戶帳戶數量上正在獲得市場份額。

And then my follow-up question is, can you guys give a little more color on the cash pay customer? Are you -- it's interesting that you're seeing them trade up. But is that -- what are you seeing there? And are you seeing any kind of changes that you could see growth in that cohort again?

那麼我的後續問題是，你們能否詳細介紹一下現金支付的客戶狀況？你覺得呢？ ——你看到他們都在升級換代，這很有意思。但是──你在那裡看到了什麼？您是否觀察到任何可能使該群體再次增長的變化？

Yes. No, I'd say three things related to the cash pay consumer. We are seeing ever so slight acceleration in the purchase cycle that we think is an encouraging sign. On the ticket evolution perspective, we are seeing them, like I said, opt into higher frames -- higher-end frames at a rate that was much above what our expectation was when we started to make some of these changes, right?

是的。不，我想說三點與現金支付消費者有關。我們看到購買週期略有加速，我們認為這是一個令人鼓舞的跡象。從票務發展的角度來看，正如我所說，我們看到他們選擇升級到更高端的幀——高端幀的升級速度遠遠超出了我們開始進行這些更改時的預期，對吧？

When we started to make assortment changes early on, we thought that these were going to be more significantly impacting to the managed care customer. The managed care consumers absolutely have responded well. But the really pleasant surprise has been the cash pay consumer that's also opting into our more premium frames.

當我們在早期開始調整產品組合時，我們認為這些調整會對醫療管理客戶產生更顯著的影響。接受醫療保險的消費者反應非常好。但真正令人驚訝的是，現金支付的消費者也開始選擇我們更高端的鏡框。

The third component is I'm super pleased with some of the advancements we've seen as we started leaning into more premium lens sales. We're seeing the cash pay consumer also opt into a higher degree of antireflective of transitions and a more premium Progressive lenses. So the uptake there with the cash pay consumer has also been super healthy.

第三點是，隨著我們開始加大對高端鏡頭銷售的投入，我們取得了一些進展，我對此感到非常滿意。我們發現，現金支付的消費者也傾向於選擇更高程度的防反射變色鏡片和更高級的漸進鏡片。因此，現金支付消費者的接受度也非常高。

One additional point just to note is that there is absolute growth in the managed care consumer over the cash pay cohorts. So actually, the cash pay cohorts are becoming managed care customers as the managed care category grows in general by somewhere in the rate of 2% per year.

需要補充一點的是，與現金支付族群相比，接受醫療保險的消費者人數絕對有所增加。實際上，隨著醫療保健產業整體以每年約 2% 的速度成長，現金支付族群逐漸成為醫療保健客戶。

So again, I think our strategy has been working super well for managed care consumers. And for where the cash pay customer is, we're also super pleased with the progress being made there.

所以，我認為我們的策略對醫療保健消費者來說非常有效。對於現金支付客戶而言，我們也對目前的進展感到非常滿意。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

This is Cameron Harbilas on for Brian. Can I dig a little bit more to the cash pay consumer? You guys said you're gaining share. So it almost sounds like it's not people switching to other providers, but it's just the cash pay consumer base as a whole in the industry.

這裡是卡梅倫‧哈比拉斯，他正在替布萊恩發言。可以再深入探討現金支付消費者的狀況嗎？你們說你們正在擴大市場佔有率。所以聽起來好像不是人們轉投其他供應商，而是整個產業的現金支付消費者群體都出現了這種情況。

Are you seeing any losses to other competitors? Or do you think it's just like a pause in demand that you expect to reaccelerate in the future?

您是否發現因與其他競爭對手的競爭而遭受損失？或者你認為這只是需求暫時停滯，預計未來會重新加速成長？

Yes. Again, kind of just double-clicking on that, we actually do think we are taking share from the category. I can't speak to specific retailers or competitors that we could be seeing some movement between. But on a category basis, we are share takers based on the data that we have at our fingertips.

是的。再說一遍，就像雙擊點一下那樣，我們確實認為我們正在從該類別中奪取市場份額。我無法就具體的零售商或競爭對手之間可能出現的人員流動發表評論。但就品類而言，根據我們掌握的數據，我們是市佔率的接受者。

But that's true for both the cash pay and the managed care consumer, right? This is the consumer group in general. I think that the thing that's true across the category is there is still a delayed purchase cycle of the cash pay consumer.

但無論是現金支付還是透過醫療保險支付，情況都是如此，對吧？這是消費者群體的整體情況。我認為整個類別中普遍存在的問題是，現金支付消費者的購買週期仍然較長。

I'd say our data point that months between purchase is still depressed is a true one for the category. And as we've talked about at length over many, many of these calls, at some point, that has to accelerate as we burn through the purchases of consumers that were made in the kind of post-COVID era.

我認為，我們數據顯示的購買間隔時間仍然偏低，這在該類別中是真實存在的。正如我們在許多電話會議中詳細討論過的那樣，隨著我們逐漸消耗掉後新冠時代消費者的購買成果，這種情況遲早會加速發展。

And then just as a follow-up, thinking about pricing actions in Q4, that price increase to $95 for an exam, that's going to hit in Q4, correct?

然後，作為後續問題，考慮到第四季度的定價策略，考試價格上漲到 95 美元，這將在第四季度生效，對嗎？

That's correct. Yes, that's going to be rolled out on November -- call it, the weekend of November 15, November 16 is when that will go live.

沒錯。是的，這項功能將於 11 月推出——確切地說，是 11 月 15 日或 16 日那個週末正式上線。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

Curious if you could talk about what's happening on the competitive front from a pricing perspective? And if you're seeing anything today on the pricing side that's different than what you were thinking three months ago?

能否請您從定價的角度談談目前市場競爭格局的情況？如果你今天在價格方面看到任何與三個月前你的想法不同的情況？

Yes. So in terms of category pricing, our category scan would indicate that the category is generally growing on price versus on exam growth or customer count growth. And I think that's been a true statement for the last five years. I think historically, we've shared that National Vision has not kept up with the market in terms of price evolution, and we are certainly using this as an opportunity now to close that gap.

是的。因此，就品類定價而言，我們的品類掃描結果表明，該品類的成長主要依靠價格上漲，而不是考試數量成長或客戶數量成長。我認為過去五年來，這句話一直都是正確的。我認為，從歷史角度來看，我們一直認為 National Vision 在價格變化方面沒有跟上市場步伐，而我們現在正利用這個機會來縮小這一差距。

We still believe at our core that we are going to be the destination for value in the category, right? We are not looking to match some of the more premium price competitors in the market, but we are certainly closing the gap versus some of the actions that they have taken over the past five years.

我們仍然堅信，我們將成為該品類中物超所值的首選之地，對嗎？我們並不打算與市場上一些價格更高的競爭對手匹敵，但我們肯定正在縮小與他們在過去五年中採取的一些措施之間的差距。

And I'm also curious if you could speak to any regional differences that are noteworthy?

另外，我還想請教一下，您能否談談有哪些值得注意的地區差異？

Generally, not so much. I mean the category doesn't really experience a ton of regional price discrepancy, at least from a chain retail perspective.

總體來說，並非如此。我的意思是，至少從連鎖零售的角度來看，這個類別並沒有太大的區域價格差異。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

We were curious about two things. One, with regards to just new customer acquisition, is there anything more there that you can tell us about how many new customers you're acquiring that are walking through the door for the first time?

我們當時對兩件事感到好奇。第一，就新客戶獲取而言，您能否透露更多關於首次光顧的新客戶數量的信息？

And just what the brand awareness scores may have changed or how they've changed since the brand relaunch that you've had? And then our second unrelated question is just with the change in CapEx, is there anything meaningfully changing with projects that you're pursuing in '25 versus '26?

自品牌重新推出以來，品牌知名度分數發生了哪些變化？或者說，它們是如何變化的？那麼，我們的第二個問題與此無關，只是關於資本支出的變化，您在 2025 年和 2026 年開展的項目是否有任何實質性的變化？

Yes. Kate, thanks for the questions. I'll take the first ones, and then Chris can take the CapEx one. As it pertains to traffic, we're seeing traffic growth in the low teens for managed care, Outside Rx, and Progressive wears. So again, from our traffic-driving initiatives, that's where we're seeing -- and that's where we pointed our assets to drive growth.

是的。凱特，謝謝你的提問。我先做第一個，然後克里斯可以做資本支出那個。就流量而言，我們看到醫療管理、Outside Rx 和 Progressive Wears 的流量成長率在 10% 左右。所以，從我們吸引客流的舉措來看，我們看到了這一點——這也是我們投入資源推動成長的地方。

With the brand relaunch in the third quarter, we're super, super happy with our growth in unaided brand awareness. Since we've launched a new campaign, we've actually seen some of our best scores to date. We've seen unaided brand awareness grow around 19%. We've seen brand consideration up about 10%. And our overall creative copy has scored better than our ads in recent memory.

隨著第三季品牌的重新推出，我們對品牌知名度（非人為因素）的成長感到非常非常滿意。自從我們推出新的宣傳活動以來，我們實際上取得了迄今為止最好的成績。我們看到，未經任何干預的品牌知名度增加了約 19%。我們發現品牌考慮度提高了約 10%。而且，就近期的印象而言，我們整體的創意文案得分比我們的廣告得分更高。

So again, in terms of things that give us a whole lot of confidence in our direction, the leading indicators of our new campaign resonating with consumers, again, we just could not be happier with the results, and we couldn't be happier with the early indicating scores that we've seen on our campaign assets.

所以，再說一遍，就那些讓我們對未來方向充滿信心的事情而言，也就是我們新活動能夠引起消費者共鳴的領先指標，我們對結果非常滿意，我們對活動素材的早期指標得分也非常滿意。

Yes, Kate. And on the CapEx front, the decrease in our guidance for capital really just comes from a timing perspective. We're not investing any less in the strategic initiatives that we anticipate investing in. It really just becomes a matter of timing that the bills we paid shifting into 2026 versus Q4 of this year.

是的，凱特。至於資本支出方面，我們下調資本預期其實只是出於時間安排的考量。我們不會減少對預期投資的策略性舉措的投入。實際上，這只是時間安排的問題，我們支付的帳單將從今年第四季轉移到了 2026 年。

Matt Koranda, ROTH Capital.

Matt Koranda，ROTH Capital。

Just wanted to see if you could breakdown the lens pricing actions that you referenced earlier in a little bit more detail. Is that going to be on basic ophthalmic lenses or more specialized lenses like Progressives and coatings? And I guess, how would those actions impact out-of-pocket spend for managed care customers?

我想請您更詳細地解釋一下您之前提到的鏡頭定價策略。這是指普通眼科鏡片，還是更專業的鏡片，例如漸進鏡片和鍍膜鏡片？那麼，這些措施會對醫療保險客戶的自付費用產生什麼影響呢？

Yes. Great question. So we're taking -- this is going to be an era of much more surgical increases, right? Because lens pricing is a much more complicated endeavor. We are taking some price changes on some coatings.

是的。問得好。所以，我們將迎來一個手術量大幅增加的時代，對吧？因為鏡頭定價是一個更為複雜的問題。我們正在對部分塗料的價格進行調整。

We are taking some price changes on our lens materials in light of some planned reimbursement rates. So we're considering how plans pay and what the division is between plan pay versus member out-of-pocket in our lens pricing architecture. So those are really the areas of focus.

鑑於一些計劃中的報銷費率，我們將對鏡片材料的價格進行一些調整。因此，我們正在考慮計劃的支付方式，以及在我們的鏡頭定價架構中，計劃支付與會員自付費用之間的劃分。所以這些就是我們重點關注的領域。

So when I talk about our lens playbook evolving, the no-regret actions we've taken previously have been more of the kind of straightforward obvious 101 level stuff. And now we're graduating into 201 pricing architecture within optical.

所以，當我談到我們的鏡頭策略不斷演變時，我們之前採取的那些不留遺憾的行動，更多的是一些直截了當、顯而易見的入門級操作。現在，我們正邁入光學領域的 201 定價架構階段。

Okay. Makes sense. And then my follow-up, I guess, is if I look at the fourth quarter implied comp, even if I'm sort of looking at the higher end of the guide, I guess it's in the kind of mid-4% range, which would be a bit of a deceleration from the third quarter growth rate. Is that actually what you guys have observed in October? Just wanted to hear a little bit more color on sort of what you're seeing on the ground level.

好的。有道理。那麼我的後續問題是，如果我看一下第四季度的隱含同店銷售額，即使我參考的是指導值的較高值，我也認為它應該在 4% 左右的範圍內，這比第三季度的增長率略有放緩。這就是你們十月觀察到的情況嗎？只是想更詳細地了解您在基層看到的情況。

Yes. I think in Q4, we haven't seen anything that would materially take us off of our guide. We did -- just a reminder from a Q3 perspective, right, we're lapping our promotion. So as you think about the run rate from Q3 into Q4, we should see some deceleration in comp driven by that.

是的。我認為在第四季度，我們還沒有看到任何會實質影響我們業績指引的因素。沒錯——只是從第三季的角度來看提醒一下，我們的晉升已經結束了。因此，從第三季度到第四季度，我們應該會看到競爭出現一定程度的放緩。

From a consumer sentiment perspective, I think we're remaining pragmatic about what is our customer sentiment to open their wallet in Q4, given just some of the macro uncertainty, especially around the holidays.

從消費者情緒的角度來看，考慮到宏觀經濟存在一些不確定性，尤其是在假日期間，我認為我們對第四季度消費者的消費意願保持務實的態度。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴（Anthony Chukumba），Loop 資本市場。

I guess my first question, you talked about the new America's Best advertising campaign, which yes, I've seen it a lot. It's a vast improvement. I don't miss -- Ali, I believe that's his name. But was -- and you also talked about taking price in America's Best.

我的第一個問題是，你談到了美國最佳食品公司的新廣告宣傳活動，是的，我經常看到它。這是一個巨大的進步。我沒有失手──阿里，我想他叫阿里。但是——你也談到了在“美國最佳”中定價的問題。

I was just wondering what your plans are for Eyeglass World in terms of a new advertising campaign and also potentially raising that opening price point.

我只是想了解一下你們對眼鏡世界的新廣告宣傳活動以及是否有可能提高起售價有什麼計劃。

Anthony, thanks for that. One of my favorite topics recently with our management team, actually. So as we have just kind of cleared the work with America's Best, and just to be clear, there's a lot more to do, right? And in terms of marketing evolution, we've nailed the campaign assets that we feel just so great about.

安東尼，謝謝你。事實上，這是我最近和管理團隊討論最喜歡的話題之一。所以，雖然我們已經和 America's Best 完成了合作，但需要明確的是，還有很多工作要做，對吧？就行銷發展而言，我們已經打造出了令我們非常滿意的行銷素材。

There is more work to do on the media side on America's Best. Historically, I've talked about we needed to rearchitect our brand campaign and messaging so that we could have assets that work better in mid-funnel media. We now have that. So we're turning our attention a bit to now how we invest the media go forward at America's Best.

在「美國最佳」評選的媒體宣傳方面，還有很多工作要做。從歷史上看，我曾說過我們需要重新建構我們的品牌宣傳活動和訊息傳遞方式，以便我們能夠擁有在行銷漏斗中層媒體中效果更好的資產。我們現在擁有了。所以我們現在要稍微關註一下，未來在「美國最佳」品牌中，我們將如何投資媒體。

But we're turning our creative teams onto an Eyeglass World re-platforming. So I would look to that as a '26 initiative. Priti, our Eyeglass World General Manager, is going to share a little bit more color on that on the 17th. But we do plan on taking a similar approach to what we took at America's Best for Eyeglass World in 2026.

但我們正在將創意團隊轉向眼鏡世界平台的重新建構。所以我會把它看作是「26 年的一項舉措」。我們的眼鏡世界總經理普里蒂將於 17 日對此進行更詳細的介紹。但我們計劃在 2026 年的眼鏡世界大賽上採取與美國最佳眼鏡大賽類似的策略。

That being said, we are really, really happy with the early success that we're seeing at Eyeglass World. Eyeglass World is comping in the mid-single digits for the first time in quite some time. And that's been on the back of some assortment evolution and some price evolution at Eyeglass World taken out of the America's Best playbook.

話雖如此，我們對眼鏡世界展會目前的初步成功感到非常非常高興。《眼鏡世界》的年增幅在一段時間以來首次降至個位數中段。而這一切都歸功於 Eyeglass World 從 America's Best 借鏡的產品種類和價格的演進。

So we're borrowing from the America's Best playbook. We haven't fully yet rolled it out, but we're seeing some really nice early wins within the Eyeglass World brand.

所以，我們借鏡了美國最佳餐廳的成功經驗。我們還沒有完全推出，但我們已經在 Eyeglass World 品牌中看到了一些非常好的早期成功案例。

Got it. That's really helpful. And then just my second question, a quick one just in terms of managed visit care penetration. I know it was 40% for a while. Last quarter, I believe you said it was 50%. I was just wondering if you had any update on that.

知道了。這真的很有幫助。那麼，我的第二個問題，一個關於醫療管理普及率的簡短問題。我知道有一段時間是 40%。我記得你上個季度說過是 50%。我只是想問你有沒有什麼最新進展。

Yes. So -- managed care penetration is growing. Like I said, it's been growing in the low double-digit rate for the past quarters and we're still on that trend.

是的。因此，醫療保險的普及率正在成長。正如我所說，過去幾個季度以來，它的成長率一直保持在兩位數的低位，而且我們仍然保持著這種趨勢。

Yes. I think what we had said previously is that our North Star was 50%, not that we were at 50% just yet. But yes, we entered the year around the 40% penetration mark, and we do see that growing as part of that journey to 50%.

是的。我認為我們之前說的是我們的北極星是 50%，而不是說我們已經達到 50%了。是的，年初時我們的滲透率約為 40%，我們確實看到它正在成長，朝著 50% 的目標邁進。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Curious if you could unpack kind of the puts and takes in the gross margin for the quarter. And maybe specifically kind of some of those comments around the leverage on optometrist costs and what to expect perhaps from a rate of change standpoint as you raise your teaser price. And then kind of related, how you're thinking about availability of doctors now that we're kind of in a more stable market go forward relative to your scale?

想請您詳細分析一下本季毛利率的買賣情況。或許還可以特別談談關於提高試鏡價格時，驗光師成本的槓桿作用以及從變化率的角度來看應該預期會發生什麼等問題。然後，還有一個相關的問題，鑑於目前市場相對穩定，您如何看待醫生數量的成長，以及您公司目前的規模如何？

Yes. I think we were excited about our gross margin expansion in Q3 as we saw neutral traffic and increase in average ticket, just to kind of think through the operational impact of that. We're generating more value per customer without necessarily needing to put more doctors in lane.

是的。我認為我們對第三季毛利率的成長感到興奮，因為我們看到了客流量保持穩定，平均客單價有所提高，我們只是想仔細考慮這對營運的影響。我們無需增加醫生人數，就能為每位客戶創造更多價值。

So we did see some improved leverage there, which we're even more excited about is Q3 is a large hiring quarter for us. So generally, we bring on a lot of doctors that are not as productive as they're onboarding with us.

因此，我們確實看到了一些改進，更讓我們興奮的是，第三季是我們招募的大季度。所以一般來說，我們招募的許多醫生在入職初期工作效率並不高。

In terms of kind of long-range opportunity, I think it's an area for us to continue to focus on as we drive focus both on average ticket and traffic. We're remaining laser-focused on how do we drive efficiency in the doctor spend line as well as other areas of SG&A.

從長遠發展機會的角度來看，我認為這是我們需要繼續關注的領域，因為我們需要同時關注平均票價和交通流量。我們將繼續全力關注如何提高醫師支出以及其他銷售、一般及行政費用領域的效率。

And then Dylan, just a couple of sound bites on overall doctor recruiting and doctor availability, I'm pleased that this is a topic that as a management team, we're not having to have a whole lot of discussion about at the moment, right?

然後，迪倫，關於醫生招聘和醫生可用性，我只想簡單說幾句。我很高興，作為管理團隊，我們目前不必就此主題進行太多討論，對吧？

We're super pleased with what we're accomplishing from a recruiting perspective. We don't necessarily see a lot of risk or challenge from a dark store perspective.

從招募的角度來看，我們對目前的成就感到非常滿意。從暗店的角度來看，我們並不認為有許多風險或挑戰。

So it's a topic that, again, full credit to the organization for the last few years for what's happened from a remote capability perspective, from a hybrid capability perspective, from dialing up our recruiting efforts and landing the right messages so that we can recruit over 10% of the graduating class every year. So again, it's, I think, a great progress that's been made over the last few years that we're now continuing to benefit from.

所以，再次強調，過去幾年裡，公司在遠距辦公能力、混合辦公能力、加大招募力度、傳遞正確訊息等方面都取得了顯著成就，因此我們每年都能招到超過 10% 的應屆畢業生，這完全要歸功於公司的努力。所以，我認為，這是過去幾年的巨大進步，我們現在正繼續從中受益。

And I don't know how much you can speak to this, but Essilor is putting up some pretty large numbers as it relates to the Meta glasses. Any comment you kind of have about the opportunity, current business, anything really?

我不知道你對這方面了解多少，但依視路在Meta眼鏡方面取得了相當可觀的成績。關於這個機會、目前的業務狀況，或其他任何方面，您有什麼想說的嗎？

Yes. I mean our bullish notion on it is similar to the premium frames turning at or above our expectations, we've seen great performance with Meta in the first 50 pilot locations that we rolled out. Again, exceeding our expectations.

是的。我的意思是，我們對它的看好與高端框架的表現類似，達到了甚至超過了我們的預期。在我們推出的前 50 個試點地點，Meta 的表現非常出色。再次超出我們的預期。

And as I've talked to my pals at EssilorLuxottica, they'd say that in the 50 stores that we've launched, our turns and sell-through is among the best that they've seen globally. So we're really happy with our first kind of entree into the smart glass arena. Hence, our plans to scale it to an additional 250 stores as rapidly as possible.

正如我與 EssilorLuxottica 的朋友們交談時他們所說，在我們開設的 50 家門市中，我們的周轉率和銷售率是他們在全球範圍內見過的最好的之一。所以，我們對首次涉足智慧玻璃領域感到非常滿意。因此，我們計劃盡快將其規模擴大到另外 250 家門市。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

It's great to see the progress on all the initiatives. Alex, I guess my first quick question is the trends that you saw throughout the quarter, I'm imagining they sound like they're pretty consistent from back to school through end of quarter and into current day. Also, are you seeing the cash pay consumer, the target household income?

很高興看到各項措施都取得了進展。Alex，我的第一個問題是關於你在這個季度觀察到的趨勢，我猜想這些趨勢從開學到季度末再到今天，應該都相當一致。另外，您是否關注現金支付的消費者以及目標家庭收入群？

Is it edging upwards in any way to suggest that they're a little bit becoming more resilient to kind of price increases? And kind of along those lines, what advertising or acquisition strategies are you using to engage this MC customer to get them into the exam room and to bring them in-house?

這是否意味著它們對價格上漲的抵抗力有所增強？同樣地，你們正在使用哪些廣告或客戶獲取策略來吸引這些 MC 客戶進入診間並最終讓他們成為你們的客戶？

Great. Thanks, Adrienne. Great question. We didn't see much kind of variation throughout Q3. I think the character of our sales, July, August, September were roughly all kind of in line and similar. So not a whole lot of variability there.

偉大的。謝謝你，艾德琳。問得好。第三季我們沒有看到太大的變化。我認為我們7月、8月、9月的銷售情況大致都比較一致和相似。所以這方面並沒有太大的改變。

And as Chris mentioned, in October, we haven't seen anything that would signal a difference in our guide or in our performance. What we're doing from an acquisition perspective against the mid -- sorry, against the managed vision care consumer is specifically activating a bit better mid-funnel. We're spending a bit more in social. We're spending a bit more in display.

正如克里斯所提到的，在十月份，我們沒有看到任何跡象表明我們的指南或我們的表現會有所不同。從收購的角度來看，我們針對中階市場——抱歉，是針對管理式視力保健消費者——所做的，是具體地激活銷售漏斗的中端部分，使其更加完善。我們在社群媒體上的支出略有增加。我們在展示上的投入稍微多了一些。

We're shifting our media out of overall kind of broad TV advertising into more digital assets. So if you think about historically, we probably spent 60% of our media budget on linear. We're beginning to pull that down and invest that in more targeted digital assets. So think of your YouTubes, YouTube TV, Hulu, et cetera, where you can be much, much more targeted to a specific consumer and a consumer cohort.

我們將媒體投放方式從整體上廣泛的電視廣告轉向更多的數位資產。所以從歷史角度來看，我們可能把 60% 的媒體預算都花在了傳統電視上。我們正開始削減這部分支出，並將資金投資於更有針對性的數位資產。想想你的 YouTube、YouTube TV、Hulu 等等，在這些平台上，你可以更精準地針對特定消費者和消費者群體。

So this is going to be a continued evolution for us from a company that was historically spending the vast majority of our advertising on linear and in search that we're now entering into spending more mid-funnel where we can be more targeted. But that's certainly going to be part of our media evolution in '26.

因此，對於我們公司來說，這將是一個持續的演變過程。過去，我們公司的大部分廣告支出都集中在傳統電視和搜尋廣告上，而現在，我們將更多地把廣告支出投入到銷售漏斗的中段，以便我們能夠更精準地進行廣告投放。但這肯定會成為我們2026年媒體發展的一部分。

Okay. And then does that -- because of that target where you're going, does that necessarily mean that you're acquiring that managed care customer at an earlier age at the beginning of their career perhaps?

好的。那麼，因為你設定了目標，這是否意味著你會在客戶職涯初期，也就是他們還很年輕的時候，就獲得醫療保健客戶呢​​？

Well, what it means is we are acquiring the managed care consumer when either they become insured for the first time. And we are talking to managed care consumers that maybe historically we weren't in their consideration set.

這意味著，當醫療保健消費者首次獲得保險時，我們就會獲得他們。我們正在與那些過去可能不在他們的考慮範圍內的醫療保健消費者進行溝通。

And I think one of the things we've learned is that our historical message of two pair of eyewear for x price with an eye exam was a very compelling message to the cash pay consumer. But it didn't necessarily speak to the managed care consumer because they knew they were covered by an insurance benefit. So the notion of an included exam didn't resonate as strongly with them.

我認為我們學到的一點是，我們過去一直宣傳的「兩副眼鏡只需 x 美元，外加一次眼科檢查」的理念，對現金支付的消費者來說非常有吸引力。但這未必能引起醫療保險消費者的共鳴，因為他們知道自己享有保險福利。因此，將考試納入考核範圍的想法並沒有引起他們的強烈共鳴。

So being able to shift and change our messaging in a way that's more targeted to that consumer specifically, I think we now have the opportunity to reinforce with them that we actually are an obvious brand destination for them when historically, they might not have even had us in their consideration set.

因此，我們能夠調整和改變我們的訊息傳遞方式，使其更有針對性地針對特定消費者，我認為我們現在有機會向他們強調，我們實際上是他們顯而易見的品牌目的地，而從過去來看，他們可能甚至沒有將我們納入考慮範圍。

That's super helpful color. And then for Chris, two kind of, I guess, modeling ones. In terms of the healthcare costs, obviously, they're kind of limiting flow-through in the third quarter. Was that kind of a step-up in the healthcare cost? How much are those up year-on-year?

這個顏色非常實用。然後，對克里斯來說，有兩個，我猜，算是建模類別的吧。就醫療保健成本而言，顯然，它們在一定程度上限制了第三季的支出。醫療保健成本算是大幅上漲嗎？這些數字比去年同期成長了多少？

And then on the incentive compensation, same thing, you typically -- I guess, you get some accruals in the back half of the year, third quarter, fourth quarter. So just the timing of when we'll see some -- maybe less pressure on the incentive comp accrual.

至於激勵性薪酬，情況也一樣，通常情況下——我想，你會在下半年，也就是第三季、第四季獲得一些應計獎金。所以，目前還不清楚何時才能看到一些東西——或許激勵性薪酬累積方面的壓力會減輕一些。

Yes, great question. On the healthcare cost front, that's been something that's been kind of burdened in the P&L. Each quarter year to date, Q3 was a little bit more disproportionate in terms of the magnitude of impact. And our guide does assume that, that continues into Q4.

是的，問得好。在醫療保健成本方面，這在損益表中一直是個沉重的負擔。今年迄今為止的每個季度，第三季度的影響程度都略微不成比例地更大。我們的指南也假設這種情況會持續到第四季。

In terms of the variable incentive compensation, I mean, that's really something that we'll see kind of rebalance as we get to 2026 planning and guide. We think we're adequately accrued for business performance, inclusive of what's in our guide. So while it will be -- again, said simply, it's in our guide that the STIP accrual or short-term incentive accrual remains consistent with what we've seen year to date.

至於可變激勵薪酬，我的意思是，隨著我們制定 2026 年的計劃和指導方針，我們會看到這方面進行一些重新平衡。我們認為，根據我們的指導原則，我們已經為業務績效累積了足夠的資金。所以，雖然情況會是——再說一遍，簡單來說，我們的指南中指出，短期激勵累積或短期獎勵累積與我們今年迄今為止所看到的保持一致。

And again, it's an area that we're making intentional investments and rewarding the team for driving these behavior changes. But again, as those behavior changes become run the business, we do expect to see leverage in 2026.

再次強調，我們正在有意識地投資於這一領域，並獎勵那些推動這些行為改變的團隊。但同樣地，隨著這些行為改變成為企業營運的一部分，我們預計在 2026 年將會看到槓桿效應。

No, we love to see incentive comp go up. That's always a good thing. We'll see you in a couple of weeks -- next week.

不，我們樂見激勵性薪酬上漲。那總是件好事。我們兩週後見——下週見。

Zachary Fadem, Wells Fargo.

扎卡里·法德姆，富國銀行。

This is David Lance on for Zach. So you're still on track to open 32 new stores this year. Curious if you can walk through the new store economic model as it stands today and provide any color around openings for '26.

這裡是大衛·蘭斯替札克發言。所以你們今年仍有望開設 32 家新店。我很想知道您能否詳細介紹目前新的商店經濟模式，並就 2026 年的開業情況提供一些資訊。

We'll share more details on our '26 openings at our Investor Day. In terms of new store economics, really no material shifts in terms of what we've previously communicated.

我們將在投資者日上分享更多關於2026年開業計劃的細節。就新店經濟效益而言，與我們先前溝通的內容相比，實際上並沒有什麼實質的改變。

As we're thinking about long-term evolution of the model, right, as we contemplate things like new store formats, and some of the infrastructure that we're building from a marketing and CRM perspective, we do expect over time that these infrastructural investments will help us accelerate our ability to break even in new stores.

當我們思考該模式的長期發展時，例如考慮新的門市形式，以及從行銷和客戶關係管理角度構建的一些基礎設施時，我們確實期望隨著時間的推移，這些基礎設施投資將有助於我們加快新店實現收支平衡的速度。

But we're still in the early innings of observing kind of the data coming back from these initiatives to be able to model that in.

但我們仍處於觀察這些舉措回饋數據的早期階段，以便能夠將其納入模型。

Got it. That's helpful. And then can you talk about the ramp of remote in a bit more detail and where penetration sits today?

知道了。那很有幫助。那麼，您能否更詳細地談談遠端通訊的發展趨勢以及目前的滲透率狀況？

Yes. Penetration of remote, we are north of 70% of our locations are enabled with remote. We are scaling remote to a handful more Eyeglass World locations in context of the doctor model switch out that we just executed in the third quarter in Florida. We are deploying it in the markets that we have -- that we can deploy it.

是的。在遠距辦公滲透率方面，我們超過 70% 的辦公地點都已啟用遠距辦公功能。鑑於我們在佛羅裡達州第三季度剛剛實施的醫生模式轉換，我們正在將遠端服務擴展到 Eyeglass World 的另外幾個地點。我們正在我們擁有的市場——也就是我們能夠部署的市場——部署它。

But I think we feel -- again, we feel great about the penetration where we are and the investments that we've made to date, and you can start to see a, I guess, more moderate pacing because we're at our saturation rate that we were hoping to achieve.

但我認為我們感覺——再次強調，我們對目前的市場滲透率和迄今為止的投資感到非常滿意，而且你可以開始看到一種更為溫和的步伐，因為我們已經達到了我們希望達到的飽和度。

Yes. And just a reminder for the group, due to state regulatory constraints, we cannot deploy remote in all of our stores. It's kind of a state-by-state consideration.

是的。再次提醒各位，由於州政府監管限制，我們無法在所有門市部署遠距辦公。這要具體情況具體分析。

I am showing no further questions at this time. I would now like to turn it back to the CEO, Alex Wilkes, for closing remarks.

我目前沒有其他問題要問。現在我謹將發言權交還給執行長亞歷克斯·威爾克斯，請他作總結發言。

Great. Thanks so much, everyone, for the thoughtful questions, and thanks for your focus on our business. As I hope you can take away from this call, we're super pleased with the transformation efforts that we've undertaken.

偉大的。非常感謝大家提出的寶貴問題，也感謝大家對我們業務的關注。希望您能從這通電話中了解到，我們對所採取的轉型措施感到非常滿意。

The business is performing well. Our teams are engaged and the strategic initiatives that we put in place are playing out exactly as we'd hoped. So more to come here from National Vision Guys, and we hope to see you all on November 17 at our Investor Day. Thanks so much.

公司業績良好。我們的團隊積極投入，我們所製定的策略措施也正如預期發揮作用。所以，National Vision Guys 還會帶來更多消息，我們希望在 11 月 17 日的投資者日上見到大家。非常感謝。

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

感謝您參加今天的會議。程式到此結束，您可以斷開連線了。