National Vision Holdings, Inc. (EYE) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to National Vision's fourth-quarter and fiscal 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 National Vision 2025 財政年度第四季及業績電話會議。（操作說明）

I would now like to hand the call over to Tamara Gonzalez, Investor Relations. Please go ahead.

現在我將把電話交給投資者關係部的塔瑪拉·岡薩雷斯。請繼續。

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

謝謝大家，大家早安。歡迎參加 National Vision 2025 財政年度第四季及業績電話會議。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。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. 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。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。

The release in 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.

今天發布的數據還包括一些非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 will now turn the call over to Alex. Alex?

現在我將把通話轉給亞歷克斯。亞歷克斯？

Thanks, Tamara, and good morning, everyone. Thanks for joining us today for our fourth quarter and fiscal 2025 earnings call. I'll start off by saying we had a great year. We enhanced our leadership team, laid out an ambitious transformational road map and rally the entire organization around initiatives focused on modernizing every aspect of the business, from customer engagement and in-store digital tools, to product pricing, presentation, data and technology infrastructure. We delivered strong mid-single-digit comp store sales and modernized our business, all while driving significant operating margin expansion.

謝謝塔瑪拉，大家早安。感謝各位今天參加我們的第四季及2025財年財報電話會議。首先我想說，我們度過了非常棒的一年。我們加強了領導團隊，制定了雄心勃勃的轉型路線圖，並團結整個組織圍繞各項舉措開展工作，這些舉措旨在實現業務各個方面的現代化，從客戶互動和店內數位工具，到產品定價、展示、數據和技術基礎設施。我們實現了強勁的中個位數同店銷售額成長，並實現了業務現代化，同時也推動了營業利潤率的顯著提高。

I'm proud of how our teams executed with urgency, and I'm confident in our ability to continue expanding our market share as we close the gap in areas where we are underdeveloped compared to the category. In 2025, the number of exams performed by our doctor network increased over last year and metrics across ticket, NPS converge moved in the right direction, contributing to healthy profit expansion, a key tenet of our path forward and in line with the expectations we set out to achieve.

我為我們團隊的緊迫執行力感到自豪，我有信心，隨著我們在與同類產品相比發展不足的領域縮小差距，我們有能力繼續擴大市場份額。2025 年，我們的醫生網絡進行的檢查數量比去年有所增加，票務、NPS 等指標也朝著正確的方向發展，從而促進了健康的利潤增長，這是我們前進道路上的一個關鍵原則，也符合我們設定的預期目標。

I am also pleased with how our target customer cohorts are embracing the changes underway. We're expanding our customer base with more profitable customers such as those who use managed care or progressive lenses or bringing a prescription from another doctor or what we call outside Rx. This highly intentional customer mix shift we are driving resulted from key initiatives around new selling techniques in our store and a new approach to merchandising to give these customers the products they want. These initiatives were instrumental in driving the strong results we reported in fiscal 2025.

我也很高興看到我們的目標客戶群欣然接受了正在進行的變革。我們正在擴大客戶群，吸引更多獲利客戶，例如使用醫療保險或漸進鏡片的客戶，或從其他醫生那裡開處方的客戶，也就是我們所謂的外部處方客戶。我們正在大力推動的這種有意識的客戶群轉變，源於我們商店中圍繞新銷售技巧和新商品陳列方式的關鍵舉措，旨在為這些客戶提供他們想要的產品。這些舉措對我們在 2025 財年取得的強勁業績起到了至關重要的作用。

Our 2025 results exceeded the expectations we laid out at the start of the year and our proof points to the power of our transformation. In fiscal 2025, net revenue grew 9% to $1.99 billion. Adjusted comp store sales were 6%, adjusted operating income grew 56% to $102.5 million versus $65.5 million in 2024 with AOI margin expansion of 160 basis points over 2024, landing at 5.2%. This all contributed to adjusted EPS of $0.80 for fiscal 2025 compared with $0.52 in 2024.

我們 2025 年的業績超越了年初制定的預期，證明了我們轉型的力量。2025財年，淨收入成長9%，達到19.9億美元。經調整的同店銷售額成長了 6%，經調整的營業收入成長了 56%，達到 1.025 億美元，而 2024 年為 6,550 萬美元，營業收入利潤率比 2024 年擴大了 160 個基點，達到 5.2%。所有這些因素共同促成了 2025 財年調整後每股收益為 0.80 美元，而 2024 年為 0.52 美元。

We finished the year strong with fourth quarter comps tracking as expected within our long-term financial algorithm and bottom line results supported by our initiatives and strong execution. In the fourth quarter, net revenue grew 15.1% to $503 million. Adjusted comp store sales were 4.8%, adjusted operating income was $17.6 million, with AOI margin improving to 3.5% compared to 0.7% in the fourth quarter of last year. And adjusted EPS in the fourth quarter came in at $0.15 per share compared with a loss of $0.04 per share last year.

我們以強勁的勢頭結束了這一年，第四季度同店銷售額符合我們長期財務演算法的預期，而我們的各項舉措和強有力的執行也為最終的盈利結果提供了支持。第四季度，淨收入成長15.1%，達到5.03億美元。經調整後的同店銷售額成長了 4.8%，經調整後的營業收入為 1,760 萬美元，營業收入利潤率從去年第四季的 0.7% 提高到 3.5%。第四季調整後每股收益為 0.15 美元，去年同期每股虧損 0.04 美元。

It's important to call out that in the fourth quarter, we saw traffic growth in our managed care, progressive and outside Rx customers combined, along with strong average ticket growth. Overall, I'm incredibly pleased with the performance of consumer resilience and the execution of our strategy during the fourth quarter.

值得一提的是，在第四季度，我們的醫療管理客戶、漸進式客戶和外部處方藥客戶的總流量均有所增長，平均客單價也實現了強勁增長。整體而言，我對第四季消費者韌性的表現以及我們策略的執行情況感到非常滿意。

Chris will cover more detail on the quarter in just a few minutes. We're happy with the execution of our strategies and the results they are delivering. And first quarter to date, we're seeing continued confirmation of our strategy with comp store sales in the mid-single-digit range despite the weather challenges we've experienced so far this year.

克里斯將在幾分鐘後詳細介紹本季的情況。我們對策略的執行及其所取得的成果感到滿意。截至目前，第一季同店銷售額持續成長，儘管今年以來我們遇到了天氣方面的挑戰，但我們的策略仍然得到了持續的驗證，實現了中等個位數的成長。

The success we saw in 2025 reflected early wins on the strategy we laid out at our Investor Day last fall. As we shared, our strategic initiatives are focused on four growth vectors, each with long runways, which include, expanding with underdeveloped customers, evolving our product offering where we are underdeveloped, enhancing the patient and customer experience and new store growth, while also remaining disciplined and intensely focused on operating margin expansion.

我們在 2025 年的成功反映了我們在去年秋季投資者日上製定的策略的早期勝利。正如我們先前所說，我們的策略性舉措集中在四個成長方向，每個方向都有很長的發展空間，包括：拓展未充分開發的客戶群，改善我們尚未充分開發的產品，提升患者和客戶體驗，以及發展新店，同時保持嚴謹的作風，並高度專注於擴大營運利潤率。

During 2025, we began to expand with underdeveloped customers. Through data-driven insights, we recognize that our customer audience skewed more middle income and was much broader than our historical targeted approach reflected. This intentional shift in customer mix delivered exactly the kind of performance we expected, driving stronger comps and healthier traffic from higher-value segments such as managed care, outside Rx and progressive customers.

2025年，我們開始拓展與欠發達客戶的合作。透過數據驅動的洞察，我們認識到我們的客戶群更偏向中等收入群體，並且比我們以往的目標受眾範圍更廣。這種有意改變客戶組合的做法，確實帶來了我們預期的業績，推動了同店銷售額的大幅增長，並帶來了來自高價值細分市場（如醫療管理、處方藥外購買和進取型客戶）的更健康的流量。

During fiscal 2025, we saw the benefits of our initiatives reflected in average ticket growth of 6% for the year and driven by meaningful progress to close the pricing and product mix gap relative to the category. Managed care comp sales grew low double digits in 2025, and we ended the year with 42% of revenues attributable to managed care.

在 2025 財年，我們看到各項舉措的成效體現在全年平均客單價增長 6%，這主要得益於我們在縮小與同類產品在價格和產品組合方面的差距方面取得了實質性進展。2025 年，醫療管理業務的銷售額實現了兩位數的低成長，到年底，醫療管理業務的收入佔總收入的 42%。

Traffic declined 0.5% overall for the year reflecting declines with self-pay customers offsetting strong traffic gains with our more profitable customer cohorts. While some attrition among less profitable self-pay customers is anticipated and is reflected in our overall traffic results, the growing influx of more profitable customers is strengthening the quality of our business, and it is reflected in the profit expansion we are achieving.

全年流量整體下降 0.5%，反映出自費客戶的減少抵消了盈利能力更強的客戶群帶來的強勁流量成長。雖然我們預計部分盈利能力較低的自費客戶會流失，並且這反映在我們的整體流量結果中，但盈利能力更強的客戶不斷湧入，這正在增強我們業務的質量，並且反映在我們實現的利潤增長中。

On the product side, our strategy to target areas of under development versus the category is paying off. We made a significant pivot in fiscal 2025 to attract a greater share of the more profitable customer cohorts already shopping in our stores, notably those paying with insurance. As we refocused on attracting a broader, more profitable customer base, we transformed our merchandising strategy to better meet their needs.

在產品方面，我們針對未開發領域而非整個品類採取的策略正在發揮成效。我們在 2025 財年進行了重大調整，以吸引更多在我們門市購物的、利潤更高的客戶群體，特別是那些使用保險付款的客戶。為了吸引更廣泛、更有利可圖的客戶群，我們調整了商品銷售策略，以更好地滿足他們的需求。

These are customers who see premium frames and can spend more whether through insurance benefits or higher disposable income. This evolution in customer and product approach allows us to better serve more profitable customers while still delivering compelling value to customers across all income demographics.

這些顧客看中了高檔鏡框，並且可以透過保險福利或更高的可支配收入來支付更多費用。客戶和產品方法的這種演變使我們能夠更好地服務利潤更高的客戶，同時仍為所有收入群體的客戶提供具有吸引力的價值。

In 2025, our shift towards more premium frames and branded assortments drove higher ticket and resonated strongly with existing customers while attracting new customers in the higher income band demographics. With a higher mix of our customers using insurance, we evolve the mix of frames sold in our stores to better serve their needs.

2025 年，我們轉向更高端的鏡框和品牌系列，提高了單價，引起了現有客戶的強烈共鳴，同時也吸引了高收入人群中的新客戶。隨著越來越多的顧客使用保險，我們不斷調整店內銷售的鏡框組合，以便更好地滿足他們的需求。

We ended the year with approximately 40% of frames for sale in our stores priced above $99, up from 20% at the start of the year. And we have more to do on that front to continue modernizing our stores. We introduced more branded products, new brands like Lam, Ted Baker, HUGO Boss, Jimmy Choo and in the fourth quarter, Kendra Scott.

年底時，我們店內售價高於 99 美元的鏡框約佔 40%，高於年初的 20%。我們在這方面還有更多工作要做，需要繼續推進門市現代化改造。我們推出了更多品牌產品，包括 Lam、Ted Baker、HUGO Boss、Jimmy Choo 等新品牌，並在第四季度推出了 Kendra Scott。

And we're really excited that in early innings, these are turning above market benchmarks. These products prove critical to serving our target customers. The timing of our business modernization couldn't be better from expanding our premium assortment and refreshing our brand, to strengthening the selling capabilities required to win in the premium, in particular, in smart eyewear.

我們非常高興地看到，在賽季初期，這些指標就已經超越了市場基準。這些產品對於服務我們的目標客戶至關重要。從擴大高端產品系列、更新品牌，到增強在高端市場（尤其是智慧眼鏡市場）贏得勝利所需的銷售能力，我們業務現代化的時機再好不過了。

Since launching Meta AI glasses, last spring, our sell-through has exceeded expectations. As of the fourth quarter, Meta is available in 300 stores. And based on this performance, we expect Meta will be available in all stores by the end of the second quarter. Our early success in smart glasses is a proof point to the attractiveness of America's best to these customers. We're proud to offer this technology with access to eye care at scale in the US.

自去年春天推出 Meta AI 眼鏡以來，我們的銷售業績超出了預期。截至第四季度，Meta 已在 300 家商店有售。根據目前的表現，我們預計 Meta 將在第二季末在所有商店上架。我們在智慧眼鏡領域的早期成功證明了美國最好的產品對這些客戶具有吸引力。我們很自豪能夠將這項技術應用於美國，使人們能夠大規模地獲得眼科護理服務。

As we look ahead, we're being methodical and strategically phasing efforts to enhance our offerings across frames, lenses and contact lenses. In 2026, we have an exciting year lined up for frame introductions. Some of the new frame brands coming to America's Best include a range of sought-after premium, fast fashion and lifestyle brands like Burberry, True Religion, Kate Spade, Polo Ralph Lauren and Costa.

展望未來，我們將採取有條不紊、有策略地分階段推進各項工作，以提升我們在鏡框、鏡片和隱形眼鏡方面的產品和服務。2026年，我們將推出一系列令人興奮的新車架。即將進駐 America's Best 的一些新鏡框品牌包括一系列備受追捧的高端、快時尚和生活風格品牌，例如 Burberry、True Religion、Kate Spade、Polo Ralph Lauren 和 Costa。

These advancements to our product mix also complement our pricing strategy, which progressed over the year from no regrets pricing actions to modernizing our ticket on the bundle and ultimately to enabling us to implement product segmentation in our stores. Together, pricing, product mix and the influx of targeted customers has driven comp store sales as reflected in the higher average ticket we saw over the course of the year.

產品組合的這些改進也與我們的定價策略相輔相成。過去一年，我們的定價策略從「無悔定價」逐步發展到產品組合價格的現代化，最終使我們能夠在門市實施產品細分。定價、產品組合和目標客戶的湧入共同推動了同店銷售，這體現在我們全年看到的平均客單價上漲。

Looking to 2026, our pricing actions have become more sophisticated. This year, we're simplifying lens pricing and insurance pricing constructs to remove friction and make lens selection and upgrades easier for customers to understand.

展望2026年，我們的定價策略將更加精細化。今年，我們將簡化鏡頭定價和保險定價結構，以消除摩擦，讓客戶更容易理解鏡頭選擇和升級。

Throughout 2025, we made significant progress in our lens leader to ship initiative, and we have plenty of runway to grow. We grew in key lens products like anti-reflective coding, advanced materials, transitions and progressives.

2025 年全年，我們在鏡頭領導者交付計畫方面取得了重大進展，我們還有很大的發展空間。我們在防反射編碼、先進材料、變色鏡片和漸進鏡片等關鍵鏡片產品方面取得了成長。

For 2026, I think about our ambition for lenses, similar to what we did in 2025 on frames. We're going to begin providing more premium lenses within our assortment. We designed and executed a test for our lens leadership strategy around pricing and assortment simplification. And in the coming months, we expect to begin offering Stellus, an FDA-approved lens designed to slow myopia progression while correcting refractive air in children with myopia.

對於 2026 年，我想到我們在鏡頭方面的雄心壯志，就像我們在 2025 年對鏡框所做的那樣。我們將開始在我們的產品系列中提供更多優質鏡頭。我們針對鏡頭市場領導地位策略，圍繞定價和產品組合簡化，設計並執行了測試。在接下來的幾個月裡，我們預計將開始提供 Stellus，這是一款獲得 FDA 批准的鏡片，旨在減緩近視進展，同時矯正近視兒童的屈光不正。

We are also offering more premium lenses to help manage care customers get more out of their benefits. One example of this is we plan to introduce a Tier 4 progressive lens later this year, which offers the widest, most natural and distortion-free vision across all distances. This is a highly sought after lens for progressive customers, reflecting strong demand for premium performance and a comfortable vision experience.

我們還提供更多優質鏡片，以幫助醫療保險客戶更好地利用他們的福利。例如，我們計劃在今年稍後推出 Tier 4 漸進鏡片，可在所有距離上提供最寬廣、最自然、無畸變的視覺效果。這款鏡片深受追求卓越性能和舒適視覺體驗的顧客青睞，反映了他們對優質性能和舒適視覺體驗的強烈需求。

Our initiatives to enhance our lens offerings extend to key areas where we are underdeveloped when compared to the rest of the category. By the end of 2026, we expect we will have made meaningful progress to close the gap versus the category when it comes to lenses.

我們為提升鏡頭產品所採取的舉措涵蓋了我們與同類產品相比發展不足的關鍵領域。到 2026 年底，我們預計在鏡頭領域，我們將取得實質進展，縮小與同類產品之間的差距。

We expect lenses sold with premium materials to approach 60% from 50% today, which includes migrating from plastic to polycarbonate and we expect anti-reflective would approach 50% of mix from approximately 40% today.

我們預計採用優質材料銷售的鏡片佔比將從目前的 50% 接近 60%，其中包括從塑膠過渡到聚碳酸酯；我們預計防反射鏡片佔比將從目前的約 40% 接近 50%。

In addition to specific frames and lens product enhancements, our focus for 2026 is to continue to build our retail excellence muscle to meet customers where they are. We've changed how we think about product assortments in our stores and are moving to frame assortments by lifestyle or category and not just price point alone.

除了對特定鏡框和鏡片產品進行改進外，我們 2026 年的重點是繼續增強我們的零售卓越能力，以便在客戶需要時滿足他們的需求。我們改變了對門市產品組合的看法，開始按生活方式或類別（而不僅僅是價格）來建立產品組合。

Our goal is to drive greater relevance at the local level by aligning assortments more closely with the customer profiles we serve in each market. We're doing this through a disciplined data-driven approach to segment assortments in both America's Best and Eyeglass World. We've identified distinct store merchandising clusters and expect to begin tailoring assortments later this year.

我們的目標是透過使產品組合與我們在每個市場所服務的客戶群更加緊密地結合，從而在本地層面提高相關性。我們正在透過嚴謹的數據驅動方法，對 America's Best 和 Eyeglass World 的產品組合進行細分。我們已經確定了不同的門市商品陳列集群，預計今年稍後開始調整商品組合。

Stores will be aligned into five merchandising tiers each designed to serve defined customer cohorts. As a result of this work, depending on the cohort of a store, the mix of branded frames is expected to increase from approximately 40% today to approximately 70% by the end of the year.

門市將分為五個商品陳列層級，每個層級都旨在服務特定的客戶群。由於這項工作，根據商店的顧客群體，品牌眼鏡框的比例預計將從目前的約 40% 增加到今年年底的約 70%。

Our merchandising strategy is working. By upgrading our frame and lens assortments, aligning pricing with higher value customer needs, and tailoring assortments at the store level, we're driving higher ticket and healthier mix while preserving our overall value proposition. As we move into 2026, we're building on this momentum with disciplined product innovation and segmentation that we believe will position us to continue closing the gap versus the category and drive sustainable growth. Importantly, our merchandising strategy only works if it shows up in the experience. That's where our focus on customer and patient experience becomes a critical growth driver.

我們的商品銷售策略奏效了。透過升級我們的鏡框和鏡片系列，使價格與更高價值的客戶需求保持一致，並在門市層級調整產品組合，我們正在提高客單價並實現更健康的商品組合，同時保持我們的整體價值主張。展望 2026 年，我們將在此勢頭的基礎上，透過嚴謹的產品創新和市場細分，持續縮小與同類產品的差距，並推動永續成長。重要的是，我們的商品銷售策略只有融入顧客體驗才能奏效。正因如此，我們對客戶和患者體驗的關注才成為關鍵的成長驅動力。

In early 2025, we began implementing a more consultative selling model in both our America's Best and Eyeglass World brands, which has played a meaningful role in closing the gaps across underdeveloped customer segments and product categories. These changes are taking hold in our stores with noticeable shifts in frontline associates behavior as they move beyond purely transactional interactions.

2025年初，我們開始在America's Best和Eyeglass World兩個品牌中實施更具諮詢性的銷售模式，這在縮小欠發達客戶群和產品類別之間的差距方面發揮了重要作用。這些變化正在我們的門市逐漸顯現，第一線員工的行為也發生了明顯的轉變，他們不再只限於純粹的交易互動。

This evolution of the selling approach is showing up in our average ticket contributing meaningfully to our comp performance and is being well received by store teams. Importantly, our consultative selling approach really allows our associates to provide exceptional value for customers across demographics. It's about creating a joyful shopping experience where you get the product that best meets your lifestyle needs. To support this transformation, we deployed iPads and digital tools, enabling associates to more effectively match customers with products that best meet their needs.

這種銷售方式的演變體現在我們的平均客單價上，對我們的同店銷售業績做出了重要貢獻，並且受到了門市團隊的好評。重要的是，我們的顧問式銷售方法真正使我們的員工能夠為不同背景的客戶提供卓越的價值。其目的是創造一種愉悅的購物體驗，讓您買到最符合您生活方式需求的產品。為了支持這項轉型，我們部署了 iPad 和數位工具，讓員工能夠更有效地為顧客配對最符合他們需求的產品。

These tools, along with enhancements to our selling processes have strengthened associate effectiveness and reinforce our move toward a consultative selling model. In parallel, we refreshed the in-store environment, updating visual elements such as graphics, pricing presentation, signage and associate dress standards.

這些工具，以及我們銷售流程的改進，提高了員工的工作效率，並鞏固了我們向顧問式銷售模式的轉變。同時，我們對店內環境進行了翻新，更新了視覺元素，例如圖形、價格展示、標誌和員工服裝標準。

The overall look and feel of our stores is materially different from a year ago. Importantly, these improvements were achieved with relatively modest investments and without significant capital intensity, demonstrating our ability to drive meaningful change efficiently. Overall, these initiatives are improving performance with strong capital discipline.

我們門市的整體外觀和氛圍與一年前相比有了顯著變化。重要的是，這些改進是在相對適度的投資和不涉及大量資本的情況下實現的，這表明我們有能力有效地推動有意義的變革。總體而言，這些措施在嚴格的資本紀律下提高了業績。

Our remote exam technology continues to provide important capacity flexibility across our network and remain integral to how we deliver care at scale. We are pleased with the progress our teams are making on our remote hybrid model where in-store doctors often perform exams and other stores remotely, and we continue to expand the number of doctors trained and participating in this program. We believe this is an important way to deliver care more efficiently and gives us greater flexibility in how we deploy our doctor network going forward.

我們的遠端檢查技術持續為我們的整個網路提供重要的容量靈活性，並且仍然是我們大規模提供醫療服務不可或缺的一部分。我們對團隊在遠端混合模式下取得的進展感到滿意，在這種模式下，店內醫生經常進行檢查，而其他門市則遠距辦公，我們將繼續擴大接受培訓並參與該計劃的醫生人數。我們認為這是提高醫療服務效率的重要途徑，也讓我們在未來部署醫生網路時擁有更大的彈性。

At our Investor Day, we shared that the Eyeglass World brand is a part of our portfolio that we call emerging brands, which today also includes the Vista Optical brand with locations on select military bases and within select Fred Meyer stores. In the foundational efforts at Eyeglass World to strengthen operations really gain traction, delivering solidly positive comps throughout the year.

在我們的投資者日上，我們分享了 Eyeglass World 品牌是我們稱為新興品牌的投資組合的一部分，目前還包括 Vista Optical 品牌，其門市位於部分軍事基地和部分 Fred Meyer 商店內。Eyeglass World 加強營運的基礎性努力取得了顯著成效，全年實現了穩健的業績成長。

The focus has been on building a culture centered on accountability and ownership, implementing retail best practices and driving overall operational execution. And during the year, we took a meaningful step to an employed OD model at our Eyeglass World locations helping to standardize store execution and the patient experience.

重點在於建立以問責制和主人翁精神為中心的文化，實施零售業最佳實踐，並推動整體營運執行。今年，我們在 Eyeglass World 門市推行了僱用驗光師 (OD) 模式，這有助於規範門市營運和提升病患體驗，邁出了重大的一步。

We are refining the Eyeglass World brand positioning. That work is underway now. We are thrilled with the work VML did for America's Best and we'll share an update on what's coming with Eyeglass World later this year.

我們正在完善 Eyeglass World 的品牌定位。這項工作目前正在進行中。我們對 VML 為 America's Best 所做的工作感到非常滿意，我們將在今年稍後分享 Eyeglass World 的最新進展。

We made tremendous strides in 2025, successfully transforming our brand marketing, shifting from a primarily promotional posture to more strategic brand-led approach. Our focus in 2025 was on redefining the America's Best brand, including the launch of a new logo, a refresh design and our national creative campaign Every Eye Deserves Better.

2025年，我們取得了巨大的進步，成功地改變了我們的品牌行銷方式，從以促銷為主的姿態轉變為以品牌為主導的策略方法。2025 年，我們的重點是重新定義 America's Best 品牌，包括推出新標誌、更新設計以及我們的全國創意活動「每隻眼睛都值得擁有更好的」。

This campaign was designed to expand our audience targeting, allowing us to reach higher value customers such as managed care, outside Rx and progressive lens wears, while remaining true to our value proposition, and performance of the campaign has been phenomenal.

這項活動旨在擴大我們的受眾定位，使我們能夠接觸到更高價值的客戶，例如醫療管理機構、非處方眼鏡用戶和漸進鏡片佩戴者，同時保持我們的價值主張，而此次活動的表現非常出色。

Since the launch, America's best unaided awareness saw a noticeable uptick reaching the highest in the category. Importantly, we continue targeting pragmatic buyers, those that are value-seeking self-pay consumers, reinforcing that our value proposition is compelling for customers across income demographics. As we reflect on the year, it's worth noting the journey we have taken at America's Best. Up until this past fall, America's Best was essentially a promotional all-the-time banner with the two pair and eye exam offer.

自推出以來，美國民眾對該產品的最佳認知度顯著提升，達到同類產品中的最高水準。重要的是，我們繼續瞄準務實的買家，即那些追求性價比的自費消費者，這進一步表明，我們的價值主張對各個收入階層的客戶都具有吸引力。回顧過去一年，值得一提的是我們在「美國最佳」所走過的歷程。直到去年秋天，America's Best 基本上只是一個一直掛著促銷橫幅的廣告，上面宣傳的是兩副眼鏡和眼科檢查的優惠。

In 2025, we started redeploying these promotional dollars to more targeted advertising, improving both efficiency and effectiveness. As a result, America's Best brand awareness is at its highest in recent memory and a great accomplishment that we believe it is yielding the traffic that we want.

2025年，我們開始將這些促銷資金重新投入更有針對性的廣告中，從而提高了效率和效果。因此，America's Best 品牌知名度達到了近年來的最高水平，我們相信這是一個巨大的成就，它帶來了我們想要的流量。

With America's Best new brand identity and campaign now launched, we're able to more fully leverage these refreshed assets to drive greater impact. This updated identity gives us significantly more flexibility to personalize our messaging and increase relevance with target customers. These are capabilities that were more limited under the prior all led campaign.

隨著 America's Best 全新品牌形象和宣傳活動的推出，我們能夠更充分地利用這些煥然一新的資源來產生更大的影響。此次品牌形象更新讓我們在個人化訊息傳遞和提高與目標客戶的相關性方面擁有更大的靈活性。這些能力在先前的全領導競選活動中受到更多限制。

This is a multiyear transformation. And in 2026, we're taking the next bold step forward with the addition of a new media partner, [Infinite Rohr], who brings a fresh perspective and more innovative thinking to how we deploy our marketing spend. Underpinning this evolution is a more segmented approach to messaging.

這是一個需要多年才能完成的轉型過程。2026 年，我們將邁出大膽的下一步，新增媒體合作夥伴 [Infinite Rohr]，為我們部署行銷支出帶來了全新的視角和更具創新性的思維。這一演變的基礎是資訊傳遞方式的更細分化。

Our 2026 strategy is designed to bridge broad brand awareness with more targeted content designed to engage our target customers. Importantly, we're also expanding into mid-fall activities with increased emphasis on influencers, social media platforms, audio and sponsorships, creating a more balanced and effective media mix.

我們的 2026 年策略旨在將廣泛的品牌知名度與更有針對性的內容相結合，以吸引我們的目標客戶。重要的是，我們也將拓展秋季中期的活動，更加重視影響者、社群媒體平台、音訊和贊助，打造出更平衡有效的媒體組合。

In parallel, our recent CRM improvements are designed to drive improved engagement post purchase, including annualized bookings and more tailored journeys designed to reactivate lapsed customers. Following the launch of our new CRM platform in the fall of 2025, we began with initial journey focused on reengaging lapsed customers. In fact, in the fourth quarter, early results from our new lapsed customer journey were nearly twice as effective as our old approach, albeit on a smaller base as the program is Jeff kicked off.

同時，我們最近對客戶關係管理 (CRM) 的改進旨在推動購買後的客戶互動，包括年度預訂和更個人化的客戶旅程，旨在重新激活流失的客戶。在 2025 年秋季推出新的 CRM 平台之後，我們最初的重點是重新吸引流失的客戶。事實上，在第四季度，我們新的流失客戶旅程的早期結果幾乎是我們舊方法的兩倍，儘管由於該計劃是 Jeff 啟動的，基數較小。

Those early efforts delivered meaningful insights that sharpened our messaging and segmentation. With that learning in hand, we're expanding our CRM activation to include enhanced lapsed customer outreach, post exam engagement and journeys tailored to our highest value customer cohorts.

早期的努力帶來了有意義的見解，改善了我們的訊息傳遞和客戶細分。有了這些經驗，我們正在擴大 CRM 激活範圍，包括加強對流失客戶的聯繫、考後互動以及為我們最有價值的客戶群量身定制的客戶旅程。

You've heard us talk about modernization a lot, and a big piece of that is expected to come from our technology strategy. Our goal is not just to keep pace with the industry, but to become an innovation leader supported by industry-leading technology foundations. This starts with an unwavering focus on creating a joyful customer experience. Starting with our online presence, where millions of customers begin their journey with our brands. It continues through a seamless experience into our retail locations and is maintained by meaningful ongoing connection points.

你們已經聽我們多次談到現代化，其中很大一部分預計將來自我們的技術策略。我們的目標不僅是跟上產業的步伐，而且要成為由業界領先的技術基礎所支撐的創新領導者。這一切都始於對創造愉悅客戶體驗的堅定不移的關注。從我們的線上平台開始，數百萬客戶正是透過線上平台開啟了他們與我們品牌的緣分之旅。它透過無縫體驗延續到我們的零售門市，並透過有意義的持續連接點得以維持。

In 2025, we launched the first phases of our elevated customer experience efforts rooted on the industry-leading Adobe Digital Experience platform. In 2026, we plan to expand that across all our brands and deepen the integration with our in-store experience. Complementing our digital experience platform, we're integrating Adobe CRM capabilities to enhance our customer insight, create more meaningful customer interactions and build increased brand loyalty.

2025年，我們啟動了以業界領先的Adobe數位體驗平台為基礎的提升客戶體驗計畫的第一階段。2026年，我們計劃將此模式推廣到我們所有品牌，並加深與店內體驗的融合。為了完善我們的數位體驗平台，我們正在整合 Adob​​e CRM 功能，以增強我們對客戶的洞察力，創造更有意義的客戶互動，並提高品牌忠誠度。

To support the transformation across our customer experience, we are modernizing our foundational platforms, beginning with the launch of a new end-to-end Oracle ERP platform in 2025 with expanded capabilities planned in '26 and 2027. We continue to deepen our investments in our modern data platforms, including our Microsoft and Databricks based data warehouses as well as our data analytics and visualization platforms.

為了支援客戶體驗的轉型，我們正在對基礎平台進行現代化改造，首先在 2025 年推出全新的端到端 Oracle ERP 平台，並計劃在 2026 年和 2027 年擴展其功能。我們將繼續增加對現代資料平台的投資，包括基於微軟和Databricks的資料倉儲以及資料分析和視覺化平台。

These investments are intended to create ongoing agility to allow us to continue to innovate quickly and realize the optimal benefit from emerging technologies, including AI and agentic commerce, among others, and we believe they provide us with the scale needed to meet our planned growth for years to come.

這些投資旨在創造持續的靈活性，使我們能夠繼續快速創新，並從包括人工智慧和智慧商務在內的新興技術中獲得最佳效益。我們相信，這些投資將為我們提供滿足未來幾年計劃成長所需的規模。

We believe the work we've done across operations, merchandising, marketing and modernizing our technology capabilities creates a more optimal environment for our customers. This is critically important where it matters most, helping our doctors deliver exceptional eye care for our patients.

我們相信，我們在營運、商品銷售、行銷和技術能力現代化方面所做的工作，為我們的客戶創造了更理想的環境。這在最關鍵的地方至關重要，它可以幫助我們的醫生為患者提供卓越的眼科護理。

We had a strong year in 2025 with doctor retention and recruiting achieving well beyond our expectations, including over 10% of the recruiting class for new graduates. Our doctor coverage remains healthy and stable, supported by innovative recruiting and retention strategies.

2025 年，我們在醫師留任和招募方面取得了顯著成就，遠遠超出了我們的預期，應屆畢業生招募人數佔比超過 10%。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。

To close, fiscal 2025 was a defining year for National Vision. We did what we said we would do. We executed our strategy, modernized our business, improved the quality of our customer base and delivered strong top and bottom line results. These results are the outcome of disciplined execution across merchandising, pricing, marketing, customer experience and technology. I'd like to thank our teams for their dedication and continued commitment to our transformation. Your efforts have been instrumental driving the progress we've seen.

總之，2025 財年是國家願景發展歷程中具有決定性意義的一年。我們說到做到。我們執行了策略，實現了業務現代化，提高了客戶群的質量，並取得了強勁的營收和利潤成長。這些成果是商品銷售、定價、行銷、客戶體驗和技術等方面嚴格執行的結果。我要感謝我們的團隊，感謝他們為公司轉型所付出的奉獻和持續努力。你們的努力對我們所取得的進展起到了至關重要的作用。

Just as important, the progress we've made this year positioned us well for what's ahead. We have clear opportunities to close the gaps and drive profitable growth. With our distinct growth factors, strong industry tailwinds and a team that has proven it can execute with urgency and precision, we're confident in our ability to deliver sustainable long-term value. Thank you for your time and continued support.

同樣重要的是，我們今年的進展讓我們為未來做好了充分的準備。我們擁有明顯的機會來彌合差距並推動獲利成長。憑藉我們獨特的成長因素、強勁的行業順風以及一支能夠迅速、精準地執行任務的團隊，我們有信心創造可持續的長期價值。感謝您抽出時間並一直以來的支持。

With that, I'll turn it over to Chris to walk through our 2025 results and 2026 outlook in more detail. Chris?

接下來，我將把發言權交給克里斯，讓他更詳細地介紹我們 2025 年的業績和 2026 年的展望。克里斯？

Thank you, Alex, and good morning, everyone. As Alex shared, fiscal 2025 was a year of significant progress for National Vision. When I first spoke with you less than one year ago, I reinforced our commitment to a clear and focused mandate to expand our operating margins through disciplined execution and operational excellence. Through the collective efforts of our entire organization, we successfully rallied around this objective and implemented the foundational changes necessary to drive sustainable margin improvement in 2025.

謝謝你，Alex，大家早安。正如 Alex 所說，2025 財年是國家願景取得重大進展的一年。不到一年前，我第一次和您談話時，我強調了我們致力於透過嚴謹的執行和卓越的營運來擴大營業利潤率的明確而明確的使命。透過我們整個組織的共同努力，我們成功地團結起來，朝著這個目標前進，並實施了必要的根本性變革，以推動2025年利潤率的可持續提高。

Key to our success has been instilling a culture of strong financial discipline across all levels of the enterprise. We strengthened our organizational processes to ensure every dollar spent drives measurable value creation. The culmination of these efforts resulted in a 160 basis point expansion in operating margin in 2025. This progress reflects the dedication and alignment of our entire team, and I'm confident in our ability to build on these achievements as we enter fiscal 2026.

我們成功的關鍵在於在企業各個層面灌輸了嚴格的財務紀律文化。我們加強了組織流程，以確保每一分錢的支出都能帶來可衡量的價值創造。這些努力最終使 2025 年的營業利潤率提高了 160 個基點。這項進展體現了我們整個團隊的奉獻精神和團結一致，我相信，隨著我們進入 2026 財年，我們有能力在這些成就的基礎上再創佳績。

Before I provide our outlook for 2026, let me first turn to our fourth quarter and fiscal year 2025 results, which, as a reminder, include an extra week compared to the prior year. The 53rd week represented $35.6 million in net revenue and $3.5 million in adjusted operating income. All results reported today are inclusive of this 53rd week impact with the exception of our comparable sales and adjusted comparable sales metrics, which are reported on a 52-week calendar.

在展望 2026 年之前，讓我先回顧一下我們 2025 年第四季和全年業績，提醒大家，與前一年相比，這些業績多了一週。第 53 週的淨收入為 3,560 萬美元，調整後的營業收入為 350 萬美元。今天公佈的所有業績均包含第 53 週的影響，但同店銷售額和調整後的同店銷售額指標除外，這些指標按 52 週的日曆報告。

In addition, I will be referring to certain non-GAAP metrics in my discussion and would refer you to today's press release for reconciliations of all non-GAAP financial measures to their most comparable GAAP financial measures.

此外，我將在討論中提及某些非GAAP指標，請參考今天的新聞稿，了解所有非GAAP財務指標與其最可比較的GAAP財務指標的調節表。

For the fourth quarter, net revenue increased 15.1% with adjusted comparable store sales growth of 4.8% and growth from new stores. During the quarter, we opened 12 new America's Best stores, and closed four America's Best stores. We ended the quarter with a total of 1,250 stores.

第四季淨收入成長15.1%，其中經調整的同店銷售額成長4.8%，成長主要來自新店。本季度，我們開設了 12 家新的 America's Best 門市，並關閉了 4 家 America's Best 門市。本季末，我們共有1250家門市。

Adjusted comparable sales growth in the period was driven by an increase in average ticket of 5.8%, which reflects continued strength in the managed care cohort, including operational improvements that led to higher revenue in the quarter, along with execution of our pricing and merchandising initiatives. We expect to continue to benefit from improvements in our managed care operations going forward, though likely not to the magnitude we experienced in the fourth quarter.

本期經調整的同店銷售成長主要得益於平均客單價上漲 5.8%，這反映了醫療管理領域的持續強勁成長，包括營運改善帶來的季度收入成長，以及我們定價和商品銷售策略的執行。我們預計未來將繼續受益於醫療管理營運的改進，儘管可能不會達到第四季度所經歷的程度。

The increase in average ticket was partially offset by a 2.5% decline in overall customer traffic compared to the prior year as healthy trends in our managed care business continued to offset softer traffic in our cash pay business. As we've discussed, this intentional evolution of our customer mix to more profitable target customer cohorts is expected to create a healthier overall business, even if we see short-term traffic decline.

平均客單價的成長被整體客流量較上年下降 2.5% 所部分抵消，因為我們的醫療管理業務的良好發展趨勢繼續抵消了現金支付業務客流量的疲軟。正如我們所討論的，這種有意將客戶組合轉變為利潤更高的目標客戶群的做法，有望創造一個更健康的整體業務，即使短期內流量會下降。

To that end, in the fourth quarter, we saw traffic growth for managed care, progressive and outside Rx customers combined. As a reminder, the fourth quarter is unique for us, as it is typically our lowest revenue quarter of the year and one weighted toward the end of the period given seasonality with customers using benefits before expiration.

為此，在第四季度，我們看到管理式醫療、漸進式醫療和外部處方藥客戶的流量總和增加。需要提醒的是，第四季度對我們來說比較特殊，因為通常這是我們一年中收入最低的季度，而且由於季節性因素，客戶會在福利到期前使用福利，所以第四季度的收入也集中在季度末。

To provide some additional context to our comps in Q4, there was a negative impact to our results driven by the calendar shift of the 53rd week. We lost one of the highest volume selling days in the comp calendar, which, for context, normalized would have driven an additional 50 basis points improvement in our Q4 traffic comp.

為了更好地理解我們第四季度的業績比較情況，需要指出的是，由於第 53 週的日曆調整，我們的業績受到了負面影響。我們失去了一個銷售量最高的銷售日，而根據統計，如果按正常情況計算，這將使我們第四季度的客流量比較數據額外提高 50 個基點。

Overall, the trends we have talked about throughout the year remain consistent, and we are excited about the revenue and operating margin performance for the quarter and the year. Our eye exam conversion to product sales has remained consistent with prior quarters, which is another key indicator of customer acceptance of our merchandising and pricing transformation.

總體而言，我們全年討論的趨勢依然保持一致，我們對本季和本年度的營收和營業利潤率表現感到興奮。我們的眼科檢查轉化為產品銷售的轉換率與前幾季保持一致，這是客戶接受我們商品銷售和定價改革的另一個關鍵指標。

As a percentage of net revenue, cost applicable to revenue decreased approximately 40 basis points. The resulting increase in gross margin is driven by our growth in average ticket from higher managed care revenues in the quarter and execution of pricing and product mix initiatives partially offset by the expected slight increase in optometrist-related costs as we lapped a prior year onetime benefit related to doctor incentive true-ups.

成本佔淨收入的百分比下降了約 40 個基點。毛利率的成長主要得益於本季醫療管理收入增加帶來的平均客單價成長，以及定價和產品組合策略的實施，但部分被與驗光師相關的成本預期略有增加所抵消，因為我們收回了上一年與醫生激勵調整相關的一次性收益。

Adjusted SG&A was $251.9 million in the fourth quarter, and as a percentage of revenue, leveraged 180 basis points. This performance was primarily driven by operating leverage on lower associated related expenses and advertising, partially offset by higher variable incentive compensation and health care expenses.

第四季調整後的銷售、一般及行政費用為 2.519 億美元，佔營收的百分比為 180 個基點。這一業績主要得益於相關費用和廣告支出的減少所帶來的營運槓桿效應，但部分被較高的可變激勵薪酬和醫療保健支出所抵消。

Adjusted operating income, which reflects the benefit of the 53rd week increased to $17.6 million compared to $3.2 million in the prior year period, and adjusted operating margin increased to 280 basis points to 3.5% for the quarter. Net interest expense was $4.2 million compared to $4.6 million in the prior year.

經過調整後的營業收入（反映了第 53 週的收益）從去年同期的 320 萬美元增至 1,760 萬美元，經調整後的營業利潤率在本季度增長了 280 個基點，達到 3.5%。淨利息支出為 420 萬美元，而去年同期為 460 萬美元。

During the quarter, we entered into an interest rate hedge on a portion of our outstanding debt. This $100 million hedge at a fixed rate of 3.43% and is intended to reduce exposure to short-term rate volatility. Adjusted EPS was $0.15 per share in the fourth quarter, up from negative $0.04 per share last year.

本季度，我們對部分未償債務進行了利率對沖。這筆 1 億美元的對沖交易固定利率為 3.43%，旨在降低短期利率波動風險。第四季調整後每股收益為 0.15 美元，去年同期為每股虧損 0.04 美元。

Turning now to our financial results for fiscal 2025 as compared to fiscal 2024. We delivered adjusted comparable store sales growth of 6%, adjusted operating margin expansion of 150 basis points to 5.2% and adjusted EPS growth of approximately 54% to $0.80 compared to the prior year.

現在讓我們來看看 2025 財年與 2024 財年相比的財務表現。與前一年相比，我們實現了調整後同店銷售額增長 6%，調整後營業利潤率增長 150 個基點至 5.2%，調整後每股收益增長約 54% 至 0.80 美元。

Turning next to our balance sheet. We ended fiscal 2025 with a cash balance of $38.7 million and total liquidity of $332 million, including available capacity from our revolving credit facility. During fiscal 2025, we repaid $101.3 million in long-term debt and convertible notes, bringing our total debt outstanding net of unamortized discounts to $245.9 million at the end of 2025. We ended the year with a net debt to adjusted EBITDA of 1.1 times.

接下來我們來看資產負債表。截至 2025 財年末，我們的現金餘額為 3,870 萬美元，總流動資金為 3.32 億美元，其中包括循環信貸額度中的可用資金。在 2025 財年，我們償還了 1.013 億美元的長期債務和可轉換票據，使截至 2025 年底，扣除未攤提折價後的未償債務總額達到 2.459 億美元。我們年底的淨債務與調整後 EBITDA 比率為 1.1 倍。

For the full year, we generated operating cash flow of $146.3 million and invested $72.8 million in capital expenditures, primarily driven by investments in new and existing stores and information technology. We also had noncapital investments related to our IT infrastructure, including our finance ERP and new CRM and our e-commerce platforms during the year. We continue to maintain a strong balance sheet and healthy cash flow to support our growth and capital allocation priorities.

全年來看，我們產生了 1.463 億美元的營運現金流，並投資了 7,280 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。今年我們也進行了與 IT 基礎架構相關的非資本投資，包括財務 ERP 系統、新的 CRM 系統和電子商務平台。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。

Our Board of Directors recently approved a new share repurchase authorization following the expiration of our prior authorization on January 3. While our priorities are focused on the growth initiatives underway, we are pleased to have the authorization in place to repurchase up to $50 million of shares until December 28, 2030.

由於我們先前的股票回購授權已於 1 月 3 日到期，我們的董事會最近批准了一項新的股票回購授權。雖然我們的首要任務是推進正在進行的成長計劃，但我們很高興獲得授權，可以在 2030 年 12 月 28 日之前回購最多 5,000 萬美元的股票。

Moving now to our fiscal 2026 outlook, which is consistent with the initial view we shared at our Investor Day last fall, reflecting continued momentum from our transformation initiatives, confidence in our strategic direction as well as consideration for a range of scenarios with respect to the macro environment and consumer demand.

現在來看看我們 2026 財年的展望，這與我們去年秋季投資者日上分享的初步觀點一致，反映了我們轉型計劃的持續勢頭、對我們戰略方向的信心，以及對宏觀環境和消費者需求的各種情景的考慮。

For fiscal 2026, which as a reminder, is a 52-week year, we currently expect net revenue between $2.03 billion and $2.09 billion, supported by adjusted comparable store sales growth of 3% to 6%. Our comp outlook assumes a similar mix of ticket and traffic as we saw in 2025 and incorporates strong quarter-to-date results despite the significant weather events during the quarter.

2026 財年（提醒一下，該財年為 52 週），我們目前預計淨收入在 20.3 億美元至 20.9 億美元之間，這得益於調整後的同店銷售額增長 3% 至 6%。我們的同業展望假設票務和客流量的組合與 2025 年類似，並考慮到本季度迄今為止強勁的業績，儘管本季度發生了重大天氣事件。

With respect to profitability for 2026, we expect adjusted operating income between $107 million and $133 million, which includes a range for depreciation and amortization of $88 million to $92 million. At the midpoint, our outlook assumes fiscal 2026 adjusted operating margin expansion of approximately 100 basis points relative to fiscal 2025, excluding the 53rd week.

關於 2026 年的獲利能力，我們預計調整後的營業收入將在 1.07 億美元至 1.33 億美元之間，其中包括 8,800 萬美元至 9,200 萬美元的折舊和攤提。根據我們的預測，2026 財年調整後的營業利潤率將比 2025 財年增長約 100 個基點（不包括第 53 週）。

This expansion in adjusted operating margin is expected to be primarily driven by SG&A leverage. Our guidance takes into account our multiyear cost savings plan and we remain on track to realize approximately $10 million in annualized savings this year.

調整後營業利益率的擴大預計主要由銷售、管理及行政費用槓桿所推動。我們的指導考慮到了我們多年的成本節約計劃，我們仍然預計在今年實現約 1000 萬美元的年度節省目標。

Interest expense is expected to be between $14 million and $16 million. We expect our effective tax rate to be approximately 28%, excluding the impact of vetting of restricted stock units and stock option exercises. Bringing this all together, we expect adjusted diluted EPS to be between $0.85 and $1.09 per share, which assumes approximately 82 million weighted average diluted shares outstanding. We expect capital expenditures to be between $73 million and $78 million, which includes investments to open approximately 30 to 35 new stores this year.

預計利息支出將在 1400 萬美元至 1600 萬美元之間。我們預計實際稅率約為 28%，不包括對限制性股票單位和股票選擇權行使的審查影響。綜合以上因素，我們預期調整後的稀釋每股盈餘將在 0.85 美元至 1.09 美元之間，假設加權平均稀釋流通股約為 8,200 萬股。我們預計資本支出將在 7,300 萬美元至 7,800 萬美元之間，其中包括今年開設約 30 至 35 家新店的投資。

Store openings will be relatively balanced throughout the year, and will be weighted towards America's Best brand stores. We also expect to close approximately 10 to 15 stores as part of our ongoing fleet optimization efforts, resulting in net new store growth of approximately 20 to 25 stores. We expect store closures beginning in the second quarter and continuing with a relatively balanced cadence through the fourth quarter.

全年門市開幕數量將相對均衡，並將以美國最佳品牌門市為主。作為我們持續進行門市優化工作的一部分，我們預計還將關閉約 10 至 15 家門市，淨新增門市數量約為 20 至 25 家。我們預計門市關閉將從第二季開始，並以相對均衡的節奏持續到第四季。

As we consider the impact of returning to a 52-week fiscal year, the quarterly profile of the business will be affected, taking into account factors such as the loss of the 53rd week, holiday shifts, changes in selling days and the timing of our investments. Our expectation for adjusted operating margin is for Q1 and Q3 to drive more favorable year over year growth with Q2 and Q4, yielding flat to modest growth.

考慮到恢復 52 週財政年度的影響，業務的季度概況將會受到影響，這其中需要考慮諸如失去第 53 週、假日調整、銷售日變化以及投資時機等因素。我們預計第一季和第三季的調整後營業利潤率將實現更有利的年成長，而第二季和第四季將實現持平或溫和成長。

In summary, we are proud of the results we have delivered for fiscal 2025. We believe the strategic initiatives we have put in place position us well to deliver on both our near and long-term targets and will drive shareholder value.

總而言之，我們對 2025 財年的成果感到自豪。我們相信，我們已採取的策略性舉措將使我們能夠更好地實現近期和長期目標，並提升股東價值。

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

最後，感謝各位參加今天的電話會議。接線員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Good morning. Thank you so much for taking my question. You're providing a lot of evidence that your strategy is working and providing very effective, and leading a very effective performance. The key question from here is going to be whether there could be a pause in the trade-off between the growth you're getting from the insurance, more richer pay customers versus the traditional customers that National Vision has served.

早安.非常感謝您回答我的問題。你提供了大量證據，證明你的策略是有效的，並且非常有效，帶來了非常有效的業績。接下來的關鍵問題是，保險業務帶來的成長（更多富裕的付費客戶）與 National Vision 服務的傳統客戶之間的權衡是否會暫停。

So are you seeing any evidence of that, whether it was the shape or cadence of the fourth quarter or what you've seen quarter to date that there could be a disruption in this growth rate as you have that potential hand off over time?

那麼，您是否看到任何跡象表明，無論是第四季度的走勢或節奏，還是到目前為止本季度的情況，都可能出現這種增長速度中斷的情況，因為隨著時間的推移，這種增長速度可能會出現下降？

Hey, Michael, good morning and thanks for the question. I'll address a bit of the shape of the fourth quarter and step a little bit through what we're seeing in the first quarter and then provide a little bit of color on the cash pay customer versus the managed care customers. So the fourth quarter certainly was an interesting quarter for us. We started October off actually pretty darn strong and we're happy with the results. November kind of as expected. But then we did see some slowing in December, in particular, with the cash pay customer.

嗨，邁克爾，早上好，謝謝你的提問。我將簡要介紹第四季度的概況，並逐步分析我們在第一季看到的情況，然後將現金支付客戶與管理式醫療客戶進行一些比較。所以，第四季對我們來說確實是一個很有趣的季度。十月我們開局相當不錯，對結果也很滿意。十一月基本符合預期。但到了 12 月，我們發現現金支付客戶的成長速度有所放緩。

Now an important nuance in December, though was as soon as we cleared Christmas, actually, our week 53 was pretty darn fantastic. And we saw kind of consumer demand come back. And I think a little bit of that was related to the compressed time line between Thanksgiving and Christmas work. Folks had might not have been as much in the optical came as we would have liked, and there was a fair amount of macro noise.

不過，12 月有一個重要的細微差別，那就是，一旦我們過了聖誕節，實際上，我們的第 53 週就非常棒了。我們看到消費者需求有所回升。我認為這其中一部分原因與感恩節和聖誕節之間的工作時間比較緊張有關。人們可能沒有像我們希望的那樣充分參與光學成像，而且存在相當多的微距雜訊。

As we moved into January, that demand continued. We were super happy with our results, all through essentially January 22 when winter storm, I think, but put not just our business, but a lot of other businesses, a little bit on our heels with the winter weather that impacted frankly, a large swath of the US.

進入一月後，這種需求依然存在。我們對所取得的成績非常滿意，尤其是在 1 月 22 日那場冬季風暴之後。那場風暴不僅影響了我們的業務，也影響了許多其他業務，坦白說，這場冬季風暴影響了美國很大一部分。

So again, super pleased with where we're sitting through the first quarter, two months in, sitting in the mid-single-digit range, seeing sequential acceleration in traffic, so really, really quite pleased with that. But now a little bit deeper into your question on the managed care versus the cash pay cohort. Again, continuing to see strength with the managed care consumer.

所以，再次強調，我對第一季過去兩個月的情況非常滿意，客流量保持在個位數中段，並且看到客流量持續增長，所以真的非常非常滿意。但現在讓我們更深入地探討一下您關於管理式醫療與現金支付人群的問題。再次強調，我們持續看到醫療保健消費者的強勁需求。

The cash pay customer is still a bit more fickle than what we've previously experienced in years past. We did start to see a little bit of improvement late last year. I should say, last year and then late last year, there was continued, a little bit of continued macro wobble. But we do think that we will comp positively with the cash pay consumer in 2025.

與過去幾年我們遇到的情況相比，現金支付的顧客仍然更加善變。去年底我們確實看到了一些改善。應該說，去年以及去年年底，宏觀經濟持續出現一些波動。但我們認為，到 2025 年，我們的消費水準將優於現金支付的消費者。

One of the interesting things that we've talked about is that the cash pay consumer has actually opted into some of the more premium products that we've rolled out at a faster clip than what we had anticipated. And that was also a contributor to our success in '25.

我們討論過的一個有趣的事情是，現金支付的消費者實際上選擇購買我們推出的一些更高端的產品的速度比我們預期的要快。這也是我們在 2025 年取得成功的原因之一。

So Michael, I hope I got to most of your question.

邁克爾，我希望我已經回答了你的大部分問題。

You did. You did a great job, Alex. So you expect cash pay to comp positive. What would that compare to the comp from that cohort of consumers in '25? Just so we have a relative frame of reference. And what has you factored in from both the tax refunds as well as smart glasses that will be fully deployed your stores by the second quarter into your guidance for this year. Just to help us assess the degree of conservatism that could be baked into the outlook? Thank you so much.

你做到了。亞歷克斯，你做得非常棒。所以你預期現金支付能帶來正收益。與 2025 年同一批消費者相比，情況如何？這樣我們就能有一個相對的參考係了。您將退稅款項以及將在第二季度全面部署到您門市的智慧眼鏡納入今年的業績預期中，考慮了哪些因素？只是為了幫助我們評估這種觀點中可能蘊含的保守程度嗎？太感謝了。

Yeah. You got it. So on the cash pay consumer side, again, it's a combination of both traffic and ticket. And as we're introducing more products and rolling out smart eyewear to more stores, we absolutely think that cash-pay consumer is going to participate in that. We are still being a bit more conservative on our traffic expectations with the cash pay consumer until we start to see a bit more acceleration in the repurchase cycle of that consumer cohort. But again, on an overall comp basis, because they're opting into the more premium offerings, we're launching, we do feel positive about the cohort on a comp basis.

是的。答對了。所以，對於現金支付的消費者來說，這又是交通違規和罰單的綜合考量。隨著我們推出更多產品並將智慧眼鏡推廣到更多門市，我們絕對相信現金支付的消費者也會參與其中。對於現金支付消費者的流量預期，我們仍然持較保守的態度，直到我們看到該消費群體的再次購買週期出現一些加速。但從整體比較的角度來看，由於他們選擇了我們推出的更優質的產品，我們對這部分用戶群的比較前景感到樂觀。

The second point on tax refunds on '26 outlook as it relates to smart eyewear. Clearly, we think having more money in the consumer's pocket is a good thing for us and a good thing for consumption in the category in general.

關於 2026 年稅收退稅前景的第二點，與智慧眼鏡有關。顯然，我們認為消費者口袋裡的錢越多，對我們越有利，對該品類的整體消費就越有利。

And as we step through the next couple of months, we'll start to hopefully see some of that flow through at a higher rate to our business than what we've even experienced quarter to date. So again, optimistic. We obviously think cash in the consumer's pocket is a good thing. But again, with our more stronger resiliency with the managed care consumer, we're not necessarily as dependent on the tax refund, tax seasonality now as we may have been in years past.

隨著接下來幾個月的推進，我們希望能夠看到這些因素以比本季迄今為止更高的速度流入我們的業務。所以，我依然保持樂觀。我們當然認為消費者口袋裡有現金是好事。但是，隨著我們在醫療保健消費者方面擁有更強的適應能力，我們現在並不像過去幾年那樣依賴退稅和稅收季節性。

As it relates to Smart Eyewear and '26 outlook, we're super excited that we're going to be deploying Ray Ban Meta to balance our fleet by the end of the second quarter. Again, this has been one of the really pleasant surprises of our business that it is one of the hottest selling products that we have in our assortment.

關於智慧眼鏡和 2026 年的展望，我們非常興奮地宣布，我們將在第二季末部署 Ray Ban Meta 來平衡我們的產品線。再次強調，這是我們業務中一個非常令人驚訝的發現，它成為了我們產品系列中最暢銷的產品之一。

We are ecstatic with the performance of Ray Ban Meta in our stores, the transaction value of that consumer is significantly higher among the highest of our consumer types. So nothing really but enthusiasm and good news for us as it pertains to that product category

我們對 Ray Ban Meta 在我們門市的表現非常滿意，該款眼鏡的消費額在我們所有消費類型中明顯高於其他款式。所以，就該產品類別而言，對我們來說只有熱情和好消息。

Understood. Thank you so much and good luck.

明白了。非常感謝，祝你好運。

Thanks, Michael.

謝謝你，麥可。

Simeon Siegel, Guggenheim Securities.

西蒙·西格爾，古根漢證券。

Thanks. Hey. Good morning, everyone. Nice job. Sorry if I missed this, Alex, anyway, maybe just following up on last one a little bit, but just any way to help us think apart, think about how you're breaking apart the pieces of that net traffic between those two pieces. So just thinking about like the puts and takes of the gains from the profitable target customers versus what you think you will.

謝謝。嘿。各位早安。幹得漂亮。抱歉，Alex，如果我錯過了什麼。總之，也許只是稍微補充一下上一個問題，但任何能幫助我們理清思路的方法，想想你是如何將這兩個部分之間的網路流量分解開來的。所以，想想從獲利目標客戶所獲得的收益與你預期收益之間的利弊。

And this is I'm thinking about for the future, what you think you will still walk away. I'm just curious when we can start having the reset offset behind us and the traffic is more of a simple story of the new target customer growth.

這就是我對未來的思考，你認為你最終還是會離開。我只是好奇我們什麼時候才能擺脫重置偏移的影響，讓流量成長更能體現為新目標客戶的成長。

And then maybe, Chris, real impressive SG&A leverage. How much of that was cutting expenses versus leveraging the fixed costs on higher sales? And how are you thinking about that SG&A dynamic into next year, maybe the same idea of leverage versus opportunities to cut costs? Thanks, guys.

然後，克里斯，或許還能獲得非常可觀的銷售、一般及行政費用槓桿。其中有多少是削減開支，又有多少是利用固定成本提高銷售量？您如何看待明年的銷售、一般及行政費用動態？或許會沿用先前的策略，也就是利用槓桿作用來尋找降低成本的機會？謝謝各位。

Yeah, I'll take the traffic and then turn it to Chris on the leverage question. We think we have multiple years of work ahead of us to be very deliberate on our consumer cohort shift. Again, I spoke a little bit about this in my prepared statements that historically, we were really an always-on promotional company. And when you market to pair eyewear for a certain price, including an eye exam and that's your primary lead offer that you deploy most of your marketing spend against, you are speaking to one customer type that is really sensitive to price.

好的，我會先處理流量問題，然後再把槓桿作用的問題交給克里斯。我們認為，在未來幾年裡，我們需要非常謹慎地處理消費者群體轉變問題。我之前在準備好的發言稿中也稍微提到過這一點，從歷史上看，我們一直是一家不間斷進行促銷的公司。當你以特定價格銷售包含眼科檢查在內的眼鏡時，如果你的主要銷售策略是提供眼鏡組合，並將大部分行銷預算投入到這一策略中，那麼你面對的就是一種對價格非常敏感的客戶群。

As you begin to shift that marketing expense into a marketing expense is more targeted, you're making a conscious decision to walk away potentially from some of those cash pay consumers as you're reinvesting into the acquisition of the more valuable customer group.

當你開始將行銷支出轉移到更有針對性的行銷支出上時，你就是在有意識地決定放棄一些現金支付的消費者，因為你正在將資金重新投入到獲取更有價值的客戶群上。

So, Simeon, we do believe that this is a multiyear strategy. We are winning with the more profitable customers that we are seeking. We've rebuilt our acquisition platform to accomplish just that. And not just my message externally, but internally to the team here has been to ensure that we're winning with the customer cohorts to drive the profitability of the company.

所以，西蒙，我們相信這是一項多年戰略。我們正在贏得我們所追求的、利潤更高的客戶。我們重建了收購平台，正是為了實現這個目標。我不僅對外傳達的訊息，也對公司內部團隊傳達的訊息是，確保我們贏得客戶群的青睞，進而提高公司的獲利能力。

And then again, Chris talks about this at length to that is the primary mission of this management team is to continue to expand operating margin, and we're doing that through this intentional shift of the customer cohort. So long story short, I think we have multiple years of runway to go as we work on this customer shift, and what we are measuring ourselves on is our effectiveness at driving the customers that we want into our stores.

克里斯再次詳細談到，管理團隊的首要任務是繼續擴大營業利潤率，而我們正在透過有意改變客戶群來實現這一目標。簡而言之，我認為我們還有好幾年的時間來應對這種客戶轉變，而我們衡量自身的標準是，我們能否有效地將我們想要的客戶吸引到我們的門市。

Yeah. And on cost front. Look, I think the operating leverage expansion that we're seeing is really a healthy mix of both things. Our comps at 6% for the year certainly helps leverage our more additional fixed costs. But we have unpacked every line item within our SG&A portfolio over the course of the last 12 months.

是的。還有成本方面。我認為，我們目前看到的經營槓桿擴張其實是這兩種因素健康結合的結果。我們今年的同業比較收益率為 6%，這無疑有助於我們更好地利用額外的固定成本。但在過去 12 個月中，我們對銷售、一般及行政費用組合中的每一項都進行了詳細分析。

And we have seen in '25, and we expect to see over the next couple of years, about $20 million of cost out in those line items. It's, I think we talked a little bit at Investor Day things as big as relooking at our logistics contracting for national freight to something as minor is looking at what kinds of paper our stores are ordering and making sure that we're optimizing there.

2025 年我們已經看到，而且我們預計在未來幾年內，這些項目將產生約 2000 萬美元的成本。我認為我們在投資者日上稍微談了一些事情，從重新審視我們全國貨運的物流合同這樣的大事，到研究我們門店訂購的紙張種類並確保我們在這方面進行優化這樣的小事。

So I think what we see in the future is a continued ongoing precise view of how we spend both at the support center and our stores. And the team has embraced it with open arms is something that the entire enterprise has rallied around and excited about.

所以我認為，未來我們將會看到我們對支援中心和門市的支出狀況進行持續、精確的評估。團隊欣然接受了這項舉措，整個企業都為此感到振奮和鼓舞。

Great, thanks so much guys. Congrats again. Best of luck for the year.

太好了，非常感謝各位。再次恭喜。祝您新年一切順利。

Thanks, Simeon.

謝謝你，西蒙。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Thanks. Alex, what do you make of projections for sort of a softer end market this year. I think some of the, went out there is like down low single digits of the total industry. And then obviously, that sort of soft. And is that sort of the corollary that you see in traffic being kind of your cash customer more subject to those types of declines? And your business is sort of staying above the fray given all your initiatives. Is there sort of more of a turbocharge capacity sort of on the other end of it?

謝謝。Alex，你如何看待今年終端市場可能疲軟的預測？我認為其中一些，出去的人數只佔整個行業的個位數百分比。然後很明顯，就是那種柔軟的感覺。那麼，您是否也觀察到，現金客戶更容易受到這類拒付的影響呢？鑑於您採取的所有舉措，您的企業基本上可以置身事外，不受影響。另一端是否有更大的渦輪增壓能力之類的東西？

Dylan, one of the things, first and foremost, I think we control our own destiny on a lot of these elements. And one of the things that I was most pleased by in '25 was in a category where eye exams were declining between the mid- to high single-digit range, and we actually grew eye exams in the plus one range. So I think that speaks to the strength of our brands. It speaks to the strength of our strategy and how we are communicating with the consumer about the offerings that we provide across our banners.

迪倫，首先，我認為在很多方面，我們都能掌控自己的命運。2025 年最令我欣慰的事情之一是，在眼科檢查數量持續下降的類別中，我們的眼科檢查數量實際上增加了 1 以上。所以我認為這體現了我們品牌的實力。這反映了我們策略的優勢，以及我們如何與消費者溝通，介紹我們旗下各個品牌所提供的產品和服務。

So even in the face of some macro challenges and some uncertainty, I think our strategies are paying off, and it's showing in the outstripping the category from an acquisition in eye exam growth perspective. So when we think about things that can help us to continue to outperform, it is that we are the obvious destination for value in the category, so we are not shifting away from that, but we're refining exactly what that means.

因此，即使面對一些宏觀挑戰和一些不確定性，我認為我們的策略正在取得成效，這一點從眼科檢查成長的收購案例中就能看出。所以，當我們思考如何繼續取得優異成績時，我們意識到，我們是該類別中價值的最佳選擇，因此我們不會偏離這一點，但我們正在完善這究竟意味著什麼。

We think elements like continuing to introduce more premium products to your question on turbocharging our business, continuing to introduce more premium products, making the in-store environment a bit more joyful.

我們認為，對於您提出的「加速業務成長」的問題，繼續推出更多高端產品，讓店內環境更加愉悅，這些都是可以考慮的因素。

We didn't talk about it at length during the call, but boy, am I happy with the momentum we're seeing at Eyeglass World and the change in trajectory there in 2024, that was a negative comping business, an Eyeglass World was plus 4.2% last year.

我們在電話會議中沒有詳細討論這個問題，但是，我真的很高興看到 Eyeglass World 的發展勢頭以及它在 2024 年的發展軌跡發生了變化，那是一個業績為負的業務，而 Eyeglass World 去年的業績增長了 4.2%。

So I think all of those things are pulling in the right direction and cumulatively are having a nice strong impact on our business, even in the face of some macro uncertainty. That being said, as you know from following our story, we do prepare for all sorts of scenarios, which is why our guidance continues to be incredibly prudent.

所以我認為所有這些因素都在朝著正確的方向發展，並且累積起來對我們的業務產生了良好的強大影響，即使面對一些宏觀經濟的不確定性。話雖如此，正如您從我們報告中了解到的那樣，我們確實為各種情況做好了準備，這就是為什麼我們的指導方針仍然非常謹慎。

Excellent. And then CapEx stepping down for kind of the second year in a row. Is there any bigger lift or investment necessary for sort of store experience as you cater to a higher income consumer?

出色的。然後，資本支出連續第二年下降。為了迎合高收入消費者的需求，是否需要更大的提升或投資來改善門市體驗？

Yeah, I think we've been pretty intentional about the investments we're making in kind of refreshing the stores, particularly with the America's Best rebranding have been intentionally focused on things that require minimal capital so we can refresh the stores, we can introduce in the new branding assets at a pretty nominal rate for CapEx relative to the size of the business.

是的，我認為我們在門市翻新方面的投資一直非常謹慎，尤其是在 America's Best 品牌重塑方面，我們有意將重點放在需要最少資本投入的項目上，這樣我們就可以翻新門店，並以相對於業務規模而言相當低的資本支出引入新的品牌資產。

Look, as we reported on CapEx, we said during Investor Day, we're looking to spend 4% to 5% of revenue on CapEx over the next few years. In the very immediate term, we're directing more of those investments at modernization of the business and organic investments, you'll see a lot of that up in our traditional CapEx. Also some of that doesn't come through kind of traditional CapEx, there's still cash investments we're making that will see through other assets on the balance sheet. So the dollars are still being reinvested in the business. But unlike when we were growing at a faster pace with new stores, not all of that are showing up in the CapEx line.

正如我們在資本支出報告中所提到的，我們在投資者日上也說過，我們計劃在未來幾年將收入的 4% 到 5% 用於資本支出。就目前而言，我們將把更多投資用於業務現代化和有機成長，您將在我們的傳統資本支出中看到許多這樣的投資。此外，其中一些投資並非透過傳統的資本支出實現，我們仍在進行現金投資，這些投資將體現在資產負債表上的其他資產中。所以這些資金仍然被重新投資到企業。但與我們過去快速發展、開設新店的時期不同，並非所有這些都體現在資本支出中。

Yeah. And then Dylan, I'll just, I want to double down on something, I get a statement I made during my prepared remarks. One of the things I'm super proud of the company for having done over the years is investing in doctor equipment, ensuring that the stores are well maintained, ensuring that our stores are orderly clean.

是的。然後，迪倫，我想再次強調一下，我之前在準備好的演講稿中說過一句話。多年來，公司所做的讓我感到非常自豪的事情之一就是投資醫療設備，確保門市維護良好，確保門市整潔有序。

I mean, we don't have anything that's massively out of source. But where we did have opportunities to make the environment a bit more joyful by modernizing some of the graphics, modernizing the dress code of our associates.

我的意思是，我們沒有任何嚴重脫離來源的東西。但我們確實有機會透過更新一些圖形、更新員工的服裝規範來讓環境變得更加快樂。

Again, those are not capital or even expense-intensive items. These were minor investments along visual merchandising. And for those of you who haven't been in one of our stores recently. I would say going to one of our stores and take a real detailed look around at the environment at our people, at our teams and compare them to what it looked like a year ago. And I think you will see a very noticeable and feel a noticeable difference in the environment, again even in context of some very, very cost-efficient and minor tweak from a capital structure.

再次強調，這些都不是資本密集或支出密集項目。這些都是視覺行銷的小額投資。對於那些最近沒有光顧過我們門市的顧客來說。我建議大家去我們的一家店，仔細觀察店內環境、員工和團隊，並與一年前的情況進行比較。我認為，即使只是對資本結構進行一些非常、非常經濟高效的微小調整，你也會在環境中看到並感受到非常明顯的差異。

Really appreciate it. Thank you.

非常感謝。謝謝。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Hey, good morning guys, and congrats. Maybe just as I think about the comment you made that what you're realizing is that your current target customer is probably more of a middle class or middle income customer, how durable do you think that is? I mean as we think about maybe like a down trade that's happening right now? And then how do you meld that with all the strategies that you're putting in? Just kind of trying to get a sense of the stickiness of this customer base that is now showing up at your stores?

嘿，各位早安，恭喜！就像我剛才思考你提到的，你意識到你目前的目標客戶可能比較是中產階級或中等收入客戶，你認為這種情況能持續多久？我的意思是，我們是不是在考慮現在可能正在發生的下跌交易？那麼，你如何將這些與你正在實施的所有策略融合起來呢？我只是想了解現在光顧你們門市的這部分顧客的忠誠度如何？

Yeah Brian, I'll tell you, thanks for the question. I mean I think we feel even better about it today than we would have a year ago because that middle-income consumer has a higher expectations of product. They have a higher expectation of experience, and those are all things that we are continuing to deliver on. And again, it's important to think through the lens of our our price in value gap versus the category.

是的，布萊恩，我會告訴你的，謝謝你的提問。我的意思是，我覺得我們現在對此感覺比一年前更好，因為中等收入消費者對產品的期望更高了。他們對體驗有更高的期望，而這些正是我們一直在努力滿足的。再次強調，從我們產品的價格價值差距與同類產品相比的角度來思考問題非常重要。

So we're delivering better product, a better experience. We're delivering better stickiness through our investment in CRM and shifting our marketing and acquisition expense into areas that are in particular pointed at the notion of retention, all while maintaining a significant gap versus the category, an intentional gap versus the category in terms of average dollar ticket transaction.

因此，我們正在提供更好的產品和更好的體驗。我們透過投資客戶關係管理 (CRM) 來提高客戶黏性，並將行銷和獲客支出轉移到特別注重客戶留存的領域，同時與同類產品保持顯著差距，這是有意為之的，尤其是在平均客單價方面。

Again, yes, we are absolutely focusing on driving our ticket growth through introduction of more premium frames and being more deliberate on pricing. That being said, we still are the obvious destination for value in the category. So introducing more premium product while still maintaining our value positioning in the market, we actually think that is the winning recipe to continue to be a destination of choice, in particular, for that consumer that you spoke of.

是的，我們絕對致力於透過推出更多高端鏡框和更謹慎地定價來推動票房成長。即便如此，我們仍然是該類別中性價比最高的選擇。因此，在保持我們在市場上的價值定位的同時，推出更多高端產品，我們認為這才是繼續成為首選目的地的致勝法寶，尤其是對於您提到的那類消費者而言。

Got it. And then just on the weather impact from the quarter, it looks like you have a decent number of stores in the Northeast, New York, New Jersey. So just curious how you think or how we should be thinking about the impact from that from a modeling perspective? Thanks.

知道了。再看看本季天氣的影響，你們在東北部、紐約州、新澤西州似乎有相當多的門市。所以，我只是好奇您如何看待或我們應該如何從建模的角度看待這件事的影響？謝謝。

Yes. No. I mean we had probably about 15% of our fleet that sat in, right in the crosshairs of the winter storms that we had that we had no pun intended weather through the end of January and even into February. So again, I'm really happy with how the team has responded to call patients back and get them back in source for appointments that potentially they couldn't make their for store closures and road closures and all those things that we had to manage through.

是的。不。我的意思是，我們大約有 15% 的船隊停泊在冬季風暴的中心地帶，我們經歷了從一月底到二月份的惡劣天氣（這裡並無雙關之意）。所以，我再次對團隊的應對方式感到非常滿意，他們及時聯繫患者，讓他們重新預約，避免因商店關閉、道路封閉以及我們必須應對的所有其他情況而導致患者無法赴約。

So again, sitting here today two months through the first quarter in the mid-single-digit range with sequential traffic acceleration from the fourth quarter, I just, I couldn't be more pleased with how the team has responded to those challenges that we faced in the first couple of months.

所以，今天坐在這裡，第一季已經過去兩個月了，流量保持在個位數中段水平，並且從第四季度開始持續加速增長，我對團隊在前幾個月應對這些挑戰的方式感到無比滿意。

Robert Ohmes, Bank of America.

Robert Ohmes，美國銀行。

Well, good morning. Thanks for taking my question. Actually, Alex and maybe, Chris, just on 2026 and thinking about the most important potential tailwinds or maybe just be highlighting more of the tailwinds, like how significant you mentioned simplifying lens pricing. Could you give us maybe some more color on that? Also remote exams, is that a driver still or sort of tailwind for 2026? And then maybe just a little bit more on the advertising. You mentioned a new media partner, as you go through 2026, what incremental could we see on the marketing side?

早安.謝謝您回答我的問題。實際上，Alex，或許還有Chris，應該著眼於2026年，思考最重要的潛在利好因素，或是重點強調更多利好因素，例如你提到的簡化鏡頭定價的重要性。能再詳細說說嗎？遠距考試是否仍然是 2026 年的驅動因素或有利因素？然後或許可以再稍微談談廣告方面。您提到了新的媒體合作夥伴，展望 2026 年，我們在行銷方面可以看到哪些成長？

Yeah. Thanks, Robby. So on tailwinds, some of the things we're, again, really excited about the new product introductions that are coming throughout the year. And similar to last year, those new product introductions are going to be phased in throughout the course of the year, and we think we're going to see continued momentum from that.

是的。謝謝你，羅比。所以，順風方面，我們再次感到非常興奮，因為今年將推出一系列新產品。與去年類似，這些新產品的推出將在今年分階段進行，我們認為這將持續保持成長動能。

On the lens side, lens purchasing in this category is a very complicated and non-consumer friendly activity. So with our deployment of iPads with the OPTICHEM platform, all intended to demystify the lens shopping experience, we think that's going to continue to help. We are looking at simplifying our lens assortment, especially once we have our Tier 4 lens introduced that we can create a more simple lens hierarchy so that consumers, for lack of better words, understand the good, better, best architecture, a bit better than what they do today with all the different degrees of add-on and lens materials that, and all the different combinations that exist today.

就鏡頭而言，購買此類鏡頭是一項非常複雜且對消費者不友善的活動。因此，我們部署了搭載 OPTICHEM 平台的 iPad，旨在消除鏡片選購的神秘感，我們認為這將繼續有所幫助。我們正在考慮簡化鏡頭種類，尤其是在推出第四級鏡頭之後，我們可以創建一個更簡單的鏡頭等級制度，以便消費者能夠更好地理解好、更好、最佳的架構，而不是像現在這樣，面對各種不同的附加等級和鏡頭材料，以及所有不同的組合。

So we're kind of testing our way through that at the moment to understand exactly how to create that narrative and create that experience in the most efficient way for the consumer. And we think that will be ready and be ready for kind of commercial application towards the back half of the year. So certainly, we think that's a win for our consumers. We think that's a win for the businesses as well and helps us toward our goal of migration to more premium lens materials and lens add-ons.

所以，我們目前正在嘗試各種方法，以了解如何以最有效的方式為消費者創造這種敘事和體驗。我們認為，到今年下半年，這項技術將準備就緒，可以投入商業應用。所以，我們當然認為這對我們的消費者來說是一件好事。我們認為這對企業來說也是一個雙贏的局面，並有助於我們實現向更優質的鏡片材料和鏡片配件過渡的目標。

Remote exams, remote continues to be a winning recipe for our business. And frankly, I think it's one of the reasons that we were able to weather, the weather impact of the first quarter and the way that we have by having doctors that could see patients remotely when they may not have been able to travel into a location. So what a great asset to have during that time period. Again super excited about the opportunity that we can provide doctors to both practice in store and practice remotely. We think that's a differentiator.

遠距考試，遠距考試仍然是我們業務成功的秘訣。坦白說，我認為這是我們能夠挺過第一季天氣影響的原因之一，因為我們有醫生可以遠距看診那些可能無法前往特定地點就診的病人。所以，在那個時期，擁有這樣一件東西真是一筆寶貴的財富。再次為我們能夠為醫生提供在店內執業和遠端執業的機會而感到無比興奮。我們認為這是一個差異化優勢。

And frankly, one of the reasons that we had a really strong recruiting class in 2025. Our doctor retention and doctor recruiting was at an all-time high in the year. And we think offering remote as a mode of practice is certainly one of the contributors to that.

坦白說，這也是我們在 2025 年招募到非常優秀的新生的原因之一。今年，我們的醫師留任率和醫師招募率均創歷史新高。我們認為，提供遠距教學模式無疑是促成這現象的原因之一。

Your last kind of question on advertising media partner. Again, I think this is our kind of next bold step in the transformation of our marketing capabilities. And if you think of '25 was really a year around creating new brand assets and a new identity and a new campaign, '26 is around how do we take those assets and deploy them differently?

您最後一個關於廣告媒體合作夥伴的問題。我再次認為，這是我們在行銷能力轉型方面邁出的另一個大膽步伐。如果說 2025 年是圍繞著創造新的品牌資產、新的品牌形象和新的行銷活動而展開的一年，那麼 2026 年則是圍繞著我們如何以不同的方式運用這些資產而展開的一年呢？

And I spoke about this in the past, historically, we spent a lot on linear TV advertising. We spent a lot on search. And we haven't really done a particularly good job in mid-funnel activation in digital, in kind of targeted advertising where more and more consumers are actually how they're consuming their media. So we are, with our new partner, making some deliberate shifts this year and how we deploy our acquisition expense, in particular, in the mid-funnel range of acquisitions.

我以前也談到過這一點，從歷史上看，我們在線性電視廣告上投入了大量資金。我們在搜尋方面投入了大量資金。我們在數位行銷的中階激活方面做得併不好，尤其是在定向廣告方面，而越來越多的消費者實際上是在透過定向廣告來消費媒體。因此，我們和新合作夥伴今年將做出一些有意識的改變，尤其是在收購流程中期，我們將調整收購費用的分配方式。

So all of that is intended to really pull in the same direction and help us to attract those customers that we spoke of the managed care, the outside Rx and the progressive customers that are so important to our profitability expansion story.

因此，所有這些努力都是為了朝著同一個方向努力，幫助我們吸引我們之前提到的那些客戶，例如醫療管理客戶、外部處方藥客戶以及對我們盈利能力擴張至關重要的進步型客戶。

Sounds great. Thank you.

聽起來不錯。謝謝。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Good morning. First off, thank you for taking my questions. Second off, congrats on a really wonderful 2025, and it's very encouraging to hear that you're doing the single-digit comps in the first quarter, given whatever challenges that have impacted so many retailers. So I just wanted to drill down just a little bit on Smart Glass. And obviously, you're selling the way you've been met a Wayfair, it's going really well for you, you expand to all your stores.

早安.首先，感謝您回答我的問題。其次，恭喜你們擁有一個非常美好的 2025 年，考慮到許多零售商都面臨著各種挑戰，聽到你們第一季度實現了個位數的同店銷售額增長，真是令人鼓舞。所以我想稍微深入了解一下智慧玻璃。顯然，你按照在 Wayfair 的銷售方式進行銷售，效果非常好，所以你將銷售方式推廣到所有門市。

But I just want to clarify, so my first question, well, two part of the question. First, do you have any, you don't have any type of exclusive arrangement with Meta duty where you can only sell their smart glasses. And then related to that, obviously, it's going to be Android XR last that will be coming out. Do you foresee to narrow in which be selling some of, you could potentially be selling some of those classes as well? Thank you.

但我只是想澄清一下，所以我的第一個問題，嗯，問題分為兩部分。首先，你們和 Meta Duty 之間沒有任何獨家協議，例如只能銷售他們的智慧眼鏡。顯然，與此相關的是，Android XR 將會是最後發布的系統。您是否預見到會縮小銷售範圍，您也有可能出售其中的一些課程？謝謝。

Yeah. So we do not have an exclusive relationship with Meta, but we're super happy with, obviously, the partnership that we have with with Ray Ban Meta and with our partners at EssilorLuxottica. And again, I think it's just a great proof point for us that we can be highly successful in selling smart eyewear in our store environment, again, can't wait for this to be scaled to the remainder of the fleet by the end of the second quarter.

是的。所以，我們與 Meta 並沒有獨家合作關係，但顯然，我們對與 Ray Ban Meta 以及我們在 EssilorLuxottica 的合作夥伴的合作關係感到非常滿意。再次強調，我認為這對我們來說是一個很好的證明，表明我們可以在門市環境中成功銷售智慧眼鏡。我迫不及待地想在第二季末將這項服務推廣到其他門市。

And absolutely, we believe we will be participants in the smart eyewear space across different platforms. And the success that we've had with Meta so far is the proof point that we will be a very meaningful player in smart eyewear for years to come.

我們絕對相信，我們將參與不同平台上的智慧眼鏡領域。而我們目前在 Meta 上取得的成功證明，在未來幾年裡，我們將成為智慧眼鏡領域非常重要的參與者。

Got it. Keep up the good work, guys.

知道了。夥計們，繼續努力！

Thanks, Anthony.

謝謝你，安東尼。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Hi, This is Angus Kelliher on for Adrian Yih. You talked about consultative selling, driving higher ticket and better mix. How scalable is that across the full fleet? How many stores are redeploying that in at year-end? And what's the level of investment or turnover or upskilling needed to roll that out nationwide?

大家好，我是 Angus Kelliher，替 Adrian Yih 為您報道。你談到了顧問式銷售、提高單價和最佳化產品組合。這種方案在整個船隊中的可擴展性如何？年底時有多少家店會重新部署這些設備？那麼，要在全國推廣這項技術，需要多大的投資、人員流動或技能提升水準呢？

Yeah. it's a great question. I mean we are rolling it out nationwide. However, as you can imagine, moving 14,000 people along the journey of consultative selling is quite the task. So it requires reinforcement, it requires focus. It requires center stage activity during our national sales meeting. So this is not a kind of one-and-done thing.

是的，這是一個很好的問題。我的意思是，我們正在全國推廣這項服務。但是，你可以想像，讓 14,000 人接受諮詢式銷售是一項相當艱鉅的任務。所以它需要強化訓練，需要集中註意力。它需要在我們的全國銷售會議上作為重點活動。所以這不是一勞永逸的事。

Our field sales organization is continuously focused on ensuring that we're sustaining those behaviors. But it is a multiyear journey to get our associate base to the point where we want them to be. Now OPTICHEM and the launch of OPTICHEM in Q4, one of the things that we really love about that is that that becomes the tangible tool to help our associates along with that journey.

我們的現場銷售團隊始終致力於確保我們能夠維持這些行為。但要讓我們的員工隊伍達到我們期望的水平，需要多年的時間。現在有了 OPTICHEM，而 OPTICHEM 將於第四季度推出，我們非常喜歡的一點是，它成為了幫助我們的同事完成這段旅程的實際工具。

So it's really the combination of a selling tool with content that we've created to again demystify the experience and help consumers through their journey, combined with the behaviors and the selling techniques and the consultative selling techniques that we're teaching and reinforcing.

所以，這實際上是將銷售工具與我們創建的內容相結合，再次揭開體驗的神秘面紗，幫助消費者完成他們的購買旅程，並結合我們正在教授和強化的行為、銷售技巧和諮詢式銷售技巧。

So again, multiyear journey, a lot of hard work that the team is putting in place to move 14,000 people in the same direction, but also backed up with some tangible assets to help them do that. As there was a question earlier is one around lens to lens simplification, again, and we think that is something to that will help along the journey of consultative selling by simplifying the lens experience, we will make it easier for our associates to engage and consultative selling because it just makes it that much easier to have the conversation with the consumer.

所以，這又是一段多年的旅程，團隊付出了很多努力，才讓 14000 人朝著同一個方向前進，而且還有一些實實在在的資產來幫助他們實現這一目標。之前有人問過關於鏡頭到鏡頭簡化的問題，我們認為簡化鏡頭體驗有助於諮詢式銷售，這將使我們的員工更容易參與諮詢式銷售，因為這會讓與消費者的對話變得更加容易。

Great. Thank you. Good color. And then just a quick follow-up. Can you help us size up how much of your managed care customer base is Medicare Advantage or skewed to older demographics. And as you think about potential changes to Medicare Advantage, plan benefits, do you see any potential risk to vision coverage or customer retention within that cohort? Thank you.

偉大的。謝謝。顏色不錯。然後還有一個簡短的後續問題。您能否幫助我們估算一下您的醫療管理客戶群中，有多少是聯邦醫療保險優勢計劃 (Medicare Advantage) 的客戶，或者有多少是老年人群？當您考慮 Medicare Advantage 計劃福利的潛在變化時，您是否認為這會對該群體的視力保險或客戶留存率造成任何潛在風險？謝謝。

We don't see, we really don't see any risk for in changes to Medicare Advantage as they participate in the managed care realm. Medicare Advantage generally participates in managed care through a third-party TPA relationship with a managed care provider. So it's not something we frankly, track, but the conversations that we have with our managed care partners is this is not something that we should be kind of concerned about or believe that will be a material impact to our business.

我們認為，Medicare Advantage 參與管理式醫療領域並不會有任何風險。Medicare Advantage 通常透過與醫療管理機構建立第三方 TPA 關係參與醫療管理。所以坦白說，我們並沒有追蹤這件事，但我們與醫療管理合作夥伴的溝通表明，我們不應該對此感到擔憂，也不應該認為這會對我們的業務產生實質影響。

Okay, sounds good. Best of luck.

好的，沒問題。祝你好運。

Matt Kuranda, Roth Capital.

Matt Kuranda，Roth Capital。

Hey guys, A lot have been asked and answered. But I wanted to hear, as it pertains to the mid-single-digit comp guide for '26, how important the continued frame assortment optimization is in that plan versus the premium lens penetration assumptions that you're making? And then did you explicitly have any tailwind baked into the comp from AI glasses, let's start there.

大家好，很多問題都已經問過並解答了。但我很想聽聽，就 2026 年的中個位數競爭指導而言，在該計劃中，持續優化鏡框組合的重要性與您所做的高端鏡片滲透率假設相比如何？那麼，你是否在合成中明確地加入了 AI 眼鏡帶來的任何順風效應？我們就從這裡開始說起。

Yeah. So I think a couple of things to unpack there. I think, first of all, when we think about our average ticket increase through 2026, it's really going to be a healthy mix of both our frame assortment evolution and one leadership. Something to keep in mind is we're still, we still have tailwinds coming from 2025. We started last year with about 20% of our framework, raised over $99.

是的。所以我覺得有幾點要解釋一下。首先，我認為，當我們考慮到 2026 年的平均客單價成長時，這實際上是我們產品組合演變和領導層共同作用的健康結果。需要記住的是，我們仍然，從 2025 年開始，我們仍然會迎來一些有利因素。去年我們啟動專案時，只完成了大約 20% 的框架，籌集了超過 99 美元。

We ended the year with 40% or that was a phased approach throughout the year. So we'll continue to see tailwinds even in Q1 in the first half of the year from some of that evolution. At the same time, we're continuing that evolution through the rest of this year, targeting around 60% of the framework by the end of this year.

我們最終以 40% 的完成率結束了這一年，或者說，這是全年分階段實施的。因此，即使在今年上半年的第一季度，我們仍將繼續看到這種發展趨勢帶來的利多。同時，我們將在今年剩餘的時間裡繼續推進這一發展進程，目標是在今年年底前完成該框架的約 60%。

So I think we'll continue to see some tailwind on the frame side, as Alex mentioned, the simplification of our lens portfolio and some of our selling tools and techniques around simplifying the customer journey on lenses, we think will ultimately yield improvements in average ticket as well.

所以我認為，正如 Alex 所提到的，我們會在鏡框方面繼續看到一些利好因素，我們簡化鏡頭產品組合以及一些銷售工具和技巧，以簡化客戶購買鏡頭的體驗，我們認為最終也會提高平均客單價。

And look, as we think about the kind of AI impact and smart glass impact to our comp, we couldn't be more excited about the acceleration of that product category. At the same time, it's in 200 stores today, and it doesn't represent a material impact to the business, but we are super excited about its contributions over time. And it's likely a multiyear journey where that becomes and that's a material impact to our comp.

而且，當我們思考人工智慧和智慧玻璃對我們公司的影響時，我們對該產品類別的加速發展感到無比興奮。同時，該產品目前已在 200 家門市銷售，雖然尚未對業務產生實質影響，但我們對其未來的貢獻感到非常興奮。而且這很可能是一個需要數年才能完成的過程，這將對我們的公司產生實質的影響。

Okay. And then on AI glasses, what you're seeing in terms of prescription lens attach rates. I know you guys are very different than some of the traditional venues in which the meta product is sold, which is more Sun related. So are you seeing higher rates of prescription lens attach rates? And how do you think about premium lens attach rates to AI glasses as you kind of move forward with the strategy?

好的。然後是人工智慧眼鏡，你可以看到處方鏡片的安裝率。我知道你們與一些銷售元產品的傳統場所非常不同，那些場所更與太陽有關。所以你們那邊處方鏡片的配戴率是否更高了？那麼，在您推進這項策略的過程中，您如何看待人工智慧眼鏡的高端鏡片附加率？

Matt, it's a really, really good question. And actually, one of the reasons we are most bullish on this technology is that, in fact, we are seeing a very high degree of premium lens attachment with the meta smartware glasses that we're selling. So the vast majority of what we're selling is coming with a prescription lens and the vast majority of those lens sales are coming with the attachment of premium lens additions and lens products.

馬特，這真是個非常好的問題。事實上，我們最看好這項技術的原因之一是，我們看到我們銷售的 Meta 智慧眼鏡確實擁有非常高的高階鏡頭附加率。因此，我們銷售的大部分產品都配有處方鏡片，而這些鏡片銷售的大部分產品都附帶了高級鏡片配件和鏡片產品。

So again, the overall package purchase of the Meta AI, Meta AI transaction is among the highest value transactions that we're seeing, and it is significantly and in part related to what we're seeing from a lens attachment perspective.

所以再次強調，Meta AI 的整體套餐購買，Meta AI 的交易額是我們所看到的交易額最高的交易之一，而且這與我們目前從鏡頭附件的角度來看的情況有很大程度的關聯。

Great to hear. Thanks guys.

很高興聽到這個消息。謝謝各位。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hi, This is Lauren Ng on for Simeon. Just first, really quickly, curious on the managed pay versus self-pay consumer in '26 as it relates to your three to six comp, can you elaborate more on the comp expectations for managed care versus self-pay at the low end versus the high end of the guide? Thanks.

大家好，我是Lauren Ng，為您帶來Simeon的報導。首先，我想快速地問一下，關於 2026 年的醫療保險支付與自費消費者，以及您提到的三到六年薪酬，您能否詳細說明一下指南中低端和高端醫療保險支付預期與自費消費者的薪酬預期？謝謝。

Yeah. Our planning scenario is assumed at the high end that we can see a positive comp across both kind of consumer cohorts. Again, we're seeing what we saw in 2025 that our self-pay consumers, we're leaning into some of our more premium assortments, actually at a faster clip than even some of our managed care consumers. That being said, when you think at the low end of our range, we are assuming our scenarios assume negative traffic, we're likely to come out of the self-pay cohort.

是的。我們的規劃方案假設情境樂觀，即兩類消費者群體都能達到正成長。同樣，我們看到的情況與 2025 年的情況類似，自費消費者正在轉向我們的一些高端產品系列，而且轉向速度甚至比我們的一些醫療保健消費者還要快。也就是說，當我們考慮我們預測範圍的下限時，假設我們的情境假設流量為負，我們可能會脫離自費群體。

But again, that's to unpack that a little bit further, we're trying to drive the right traffic within the business. So when we think about our guide from three to six, we're still anticipating and feel confident that we're going to drive the right traffic with our three customer cohorts that we're targeting even at the low end of the range. But kind of at that point, you're still potentially in the negative, negative traffic comp for self-pay consumer.

但再進一步解釋一下，我們正在努力為企業吸引正確的流量。所以，當我們考慮從三到六的指南時，我們仍然抱有期待，並且有信心即使在範圍的低端，我們也能為我們瞄準的三個客戶群帶來正確的流量。但到了那個時候，你仍然可能處於負成長狀態，自費消費者的流量比較為負。

Okay. Great. Thank you. And then you also previously shared expectations for managed care to reach around 50% of revenues. And today, you showed it's around 42%. So it's 50% still the right goal? And if so, what is your line of sight to achieving that 50%?

好的。偉大的。謝謝。而您之前也曾表示，預計醫療管理收入將佔總收入的 50% 左右。而今天，你們的數據顯示，這個比例約為 42%。所以50%仍然是正確的目標嗎？如果真是如此，你認為實現50%目標的途徑是什麼？

Yeah, we still feel great about 50% being the North Star on our managed care business. The exciting thing about seeing our number grow from last year to this year to 42% excuse me, is we're comping on a base where both self-pay and managed care are growing. So in order to manage care to hit to that 50%, we expect to see disproportionate growth in there, but we still feel great about 50% being north star. We still look at a multiyear journey to get there. But all the strategies we discussed at Investor Day, I think are specifically targeted exactly that, and all the proof points has far been very positive.

是的，我們仍然對50%作為我們醫療管理業務的指導原則感到非常滿意。令人興奮的是，我們的數字從去年增長到今年的 42%（抱歉，我這麼說是因為我們在自費和醫療管理都在增長的基礎上實現了這一增長）。因此，為了使護理管理達到 50% 的目標，我們預計這方面會出現不成比例的成長，但我們仍然對 50% 這個目標感到非常滿意。我們仍然認為實現這一目標需要多年的時間。但我認為，我們在投資者日上討論的所有策略都正是針對這一點的，而且到目前為止，所有的證據都非常積極。

Okay, great, thank you.

好的，太好了，謝謝。

Thank you. I would now like to turn the conference back to Alex Wilkes for closing remarks. Sir?

謝謝。現在我謹將會議交還給亞歷克斯·威爾克斯，請他作閉幕致詞。先生？

Thanks so much. Thank you for your questions today. Let me just wrap with this. To my National Vision teammates listening to the call today, thank you for your dedication in 2025. It was a remarkable year into the 14,000 people who contributed to this. Thank you on behalf of the leadership team for a remarkable performance, and I can't wait to see what we do in 2026. Thank you, guys.

非常感謝。感謝各位今天提出的問題。最後我再補充一點。今天收聽電話會議的各位國家願景團隊成員，感謝你們在 2025 年的奉獻。這是一個意義非凡的一年，總共有 14,000 人為此做出了貢獻。我謹代表領導團隊感謝大家取得的卓越成績，並且迫不及待想看看我們在 2026 年會取得怎樣的成就。謝謝大家。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。