We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. EBITDA: We define EBITDA as net income (loss), plus interest expense, income tax provision (benefit) and depreciation and amortization. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Beginning with the first quarter of fiscal 2020, the Company updated its definitions of Adjusted EBITDA, Adjusted SG&A, and Adjusted Diluted EPS discussed below, so that they no longer exclude new store pre-opening expenses and non-cash rent. For the Three Months and Fiscal Years Ended December 30, 2017 and December 31, 2016 . The company operates in two segments, Owned & Host and Legacy. Changes in operating assets and liabilities: Net cash provided by operating activities, Borrowings on long-term debt, net of discounts, Net cash provided by (used for) financing activities, Net change in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash, beginning of year, Cash, cash equivalents and restricted cash, end of period. Adjusted Diluted EPS decreased 36.0% to $0.42 compared to $0.66 for the same period of 2019. Please see “Reconciliation of Non-GAAP to GAAP Financial Measures” below for reconciliations of non-GAAP financial measures used in this release to their most directly comparable GAAP financial measures. In the first quarter of 2020, we introduced Adjusted Operating Income and Adjusted Operating Margin as measures of performance we will use in connection with Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Diluted EPS. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. This increase as a percentage of net revenue was primarily driven by optometrist costs incurred during temporary store closures in response to the COVID-19 pandemic as well as increased contact lens mix, partially offset by higher eyeglass margin. National Vision Holdings, Inc. and SubsidiariesCondensed Consolidated Balance SheetsAs of September 26, 2020 and December 28, 2019In Thousands, Except Par Value Information(Unaudited), Prepaid expenses and other current assets, Current maturities of long-term debt and finance lease obligations, Long-term debt and finance lease obligations, less current portion and debt discount, Common stock, $0.01 par value; 200,000 shares authorized; 81,917 and 80,603 shares issued as of September 26, 2020 and December 28, 2019, respectively; 80,989 and 79,678 shares outstanding as of September 26, 2020 and December 28, 2019, respectively, Treasury stock, at cost; 928 and 925 shares as of September 26, 2020 and December 28, 2019, respectively, Total liabilities and stockholders’ equity, National Vision Holdings, Inc. and SubsidiariesCondensed Consolidated Statements of Operations and Comprehensive IncomeFor the Three and Nine Months Ended September 26, 2020 and September 28, 2019In Thousands, Except Earnings Per Share(Unaudited). We believe everyone deserves to see their best to live their best. Search. Adjusted Operating Margin: We define Adjusted Operating Margin as Adjusted Operating Income as a percentage of net revenue. Expenses related to our secondary public offerings for the three and nine months ended September 28, 2019 and September 29, 2018, respectively. The Company uses these forward looking measures internally to assess and benchmark its results and strategic plans. National Vision Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income For the Three and Nine Months Ended September 26, 2020 and September 28, 2019 In Thousands, Except Earnings Per Share (Unaudited) In Thousands, Except Earnings Per Share (Unaudited) Overall, we continue to believe that we are well positioned to navigate the pandemic given our emphasis on safety in our store and supply chain operations and strong financial condition.”. Supplemental cash flow disclosure information: Capital expenditures accrued at the end of the period, Right of use assets acquired under finance leases, Right of use assets acquired under operating leases, National Vision Holdings, Inc. and SubsidiariesReconciliation of Non-GAAP to GAAP Financial MeasuresFor the Three and Nine Months Ended September 26, 2020 and September 28, 2019In Thousands, Except Per Share Information(Unaudited), Reconciliation of Adjusted Operating Income to Net Income, Amortization of acquisition intangibles (h), Adjusted Operating Income / Adjusted Operating Margin, Note: Percentages reflect line item as a percentage of net revenue, adjusted for rounding, Some of the percentage totals in the table above do not foot due to rounding differences, Reconciliation of EBITDA and Adjusted EBITDA to Net Income, Note: Percentages reflect line item as a percentage of net revenue, adjusted for rounding Some of the percentage totals in the table above do not foot due to rounding differences, Reconciliation of Adjusted Diluted EPS to Diluted EPS, Amortization of debt discount and deferred financing costs (i), Losses (gains) on change in fair value of derivatives (j), Tax benefit of stock option exercises (l), Weighted average diluted shares outstanding, Note: Some of the totals in the table above do not foot due to rounding differences, Reconciliation of Adjusted SG&A and Adjusted SG&A Percent of Net Revenue to SG&A, Adjusted SG&A/ Adjusted SG&A Percent of Net Revenue, Note: Percentages reflect line item as a percentage of net revenue, Reconciliation of Adjusted Comparable Store Sales Growth to Total Comparable Store Sales Growth, Adjusted Comparable Store Sales Growth(b), National Vision Holdings, Inc.David Mann, CFA, Vice President of Investor Relations(470) 448-2448[email protected], National Vision Holdings, Inc.Kristina Gross, Vice President of Communications(470) 448-2355[email protected]. To supplement the Company’s comparable store sales growth presented in accordance with GAAP, the Company provides “Adjusted Comparable Store Sales Growth,” which is a non-GAAP financial measure we believe is useful because it provides timely and accurate information relating to the two core metrics of retail sales: number of transactions and value of transactions. National Vision Holdings, Inc. is an optical retail company. Reflects write-off of deferred financing fees related to the extinguishment of debt. The conference passcode is 8282008. Adjusted Operating Margin increased 800 basis points to 14.0% from 6.0% for the third quarter of 2019. Represents the income tax effect of the total adjustments at our combined statutory federal and state income tax rates. Adjusted EBITDA Margin decreased 70 basis points to 11.1% from 11.8% for the same period of 2019. These statements include, but are not limited to, statements contained under “Fourth Quarter and Fiscal 2020 Outlook” as well as other statements related to our current beliefs and expectations regarding the performance of our industry, the Company’s strategic direction, market position, prospects and future results. © 1999-2021 National Vision Holdings, Inc. National Vision Holdings, Inc. National Vision Holdings, Inc. and Subsidiaries. “Commitments and Contingencies” for further details. Announces Participation in the William Blair 39th Annual Growth Stock Conference, National Vision Honors Military Appreciation Month With 15 Percent Discount for Members of the Military, Dependents, Veterans all Month Long, National Vision Expands Production Capacity with Opening of its Fourth Domestic Optical Lab, America’s Best Contacts & Eyeglasses is First U.S. Optical Retailer to Carry Celebrity Eyewear Brand Privé Revaux in Stores, National Vision Challenges Optometry Students to Consider Their Role in Public Health Through 2018-2019 Grant Program, NSU College of Optometry and National Vision Mutually End Philanthropic Agreement, National Vision Holdings, Inc. Appoints Thomas V. Taylor, Jr. to Board of Directors, National Vision Holdings, Inc. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. The Company is not able to reconcile these forward-looking non-GAAP measures to GAAP without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of certain items and unanticipated events, including taxes and non-recurring items, which would be included in GAAP results. Adjusted Comparable Store Sales Growth, Adjusted EBITDA, Adjusted Operating Income, Adjusted Diluted EPS, Adjusted Operating Margin, Adjusted EBITDA Margin, and EBITDA are not measures recognized under generally accepted accounting principles (“GAAP”). Such factors include, but are not limited to, the scale, scope and duration of the novel coronavirus, or COVID-19, pandemic and its resurgence, and the impact of evolving federal, state, and local governmental actions in response thereto; customer behavior in response to the continuing pandemic and its resurgence, and evolving federal, state, and local governmental actions, including the impact of such behavior on in-store traffic and sales; our ability to keep our reopened stores open in a safe and cost-effective manner, or at all, in light of the continuing COVID-19 pandemic and its resurgence, and to open and operate new stores, and to successfully enter new markets in a timely and cost-effective manner; operational disruptions if a significant percentage of our workforce is unable to work or we experience labor shortages, including because of illness or travel or government restrictions in connection with the pandemic; the impact on our business of civil unrest, implementation of curfews and protests in certain locations, and related store closures or damage; our ability to recruit and retain vision care professionals for our stores in general and in light of the pandemic; our ability to develop and maintain relationships with managed vision care companies, vision insurance providers and other third-party payors; our ability to maintain the performance of our host and legacy brands and our current operating relationships with our host and legacy partners; our ability to adhere to extensive state, local and federal vision care and healthcare laws and regulations; our compliance with managed vision care laws and regulations; our ability to maintain sufficient levels of cash flow from our operations to execute or sustain our growth strategy; the loss of, or disruption in the operations of, one or more of our distribution centers and/or optical laboratories, resulting in the inability to fulfill customer orders and deliver our products in a timely manner; risks associated with vendors from whom our products are sourced, including our dependence on a limited number of suppliers; our ability to successfully compete in the highly competitive optical retail industry; any failure, inadequacy, interruption, security failure or breach of our information technology systems; our growth strategy straining our existing resources and causing the performance of our existing stores to suffer; the impact of wage rate increases, inflation, cost increases and increases in raw material prices and energy prices; our ability to successfully implement our marketing, advertising and promotional efforts; risks associated with leasing substantial amounts of space, including future increases in occupancy costs; the impact of certain technological advances, and the greater availability of, or increased consumer preferences for, vision correction alternatives to prescription eyeglasses or contact lenses, and future drug development for the correction of vision-related problems; our ability to retain our existing senior management team and attract qualified new personnel; overall decline in the health of the economy and consumer spending affecting consumer purchases; our ability to manage our inventory balances and inventory shrinkage; seasonal fluctuations in our operating results and inventory levels; our reliance on third-party coverage and reimbursement, including government programs, for an increasing portion of our revenues; risks associated with our e-commerce business; product liability, product recall or personal injury issues; our failure to comply with, or changes in, laws, regulations, enforcement activities and other requirements; the impact of any adverse litigation judgments or settlements resulting from legal proceedings relating to our business operations; risks of losses arising from our investments in technological innovators in the optical retail industry; our ability to adequately protect our intellectual property; our significant amount of indebtedness and our ability to generate sufficient cash flow to satisfy our significant debt service obligations; an increase in interest rates as well as changes in benchmark rates and uncertainty related to the foregoing; restrictions in our credit agreement that limits our flexibility in operating our business; potential dilution to existing stockholders upon the conversion of our convertible notes; and risks related to owning our common stock, including our ability to comply with requirements to design and implement and maintain effective internal controls. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. National Vision Holdings, Inc. and Subsidiaries. Home; News. National Vision Extends Long-Standing Partnership with Walmart Inc. National Vision Announces Special Cash Bonus to Front-Line Associates and Doctors, National Vision Supports National Optometric Association Community with Student Grants and Donated Equipment, National Vision Holdings, Inc. SG&A for the first nine months of 2020 includes $7.8 million of incremental costs directly related to adapting the Company's operations during the COVID-19 pandemic. … National Vision Holdings, through its subsidiaries, operates as an optical retailer primarily in the United States. The net change in margin on unearned revenue negatively impacted Adjusted Diluted EPS by $(0.11). Actual results may vary and those variations may be material. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use as they do not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Announces Participation in the Goldman Sachs 27th Annual Global Retailing Conference, National Vision Launches its First-Ever Philanthropic Impact Report, National Vision Holdings, Inc. The company operates in two segments, Owned & Host and Legacy. SG&A for the third quarter of 2020 was impacted by $4.7 million of incremental costs directly related to adapting the Company’s operations during the COVID-19 pandemic, including an individual one-time $250 cash bonus to all front-line associates and the Company’s network of doctors. The impact from the timing of unearned revenue on net revenue and profitability was immaterial for the third quarter of 2020. This decrease as a percentage of net revenue was primarily driven by increased eyeglass mix, higher eyeglass margin, and lower growth in optometrist costs. For the Company’s fourth quarter and fiscal 2020 outlook, the Company estimates that the 53rd week will contribute approximately $35 million to net revenue with an approximately break-even impact to Adjusted Diluted EPS due to the net change in margin on unearned revenue. A live audio webcast of the conference call will be available on the “Investors” section of the Company’s website www.nationalvision.com/investors, where presentation materials will be posted prior to the conference call. Announces Planned Retirement of Charlie Foell, SVP of Manufacturing and Distribution, National Vision Announces Secondary Offering of 10 Million Shares of Common Stock, National Vision Announces Pricing of Secondary Offering, National Vision Holdings, Inc. Reports Fourth Quarter and Fiscal 2017 Financial Results, National Vision Holdings, Inc. Names Three Winners of its 2017-2018 Optometry Student Grant Program, America’s Best Contacts & Eyeglasses Debuts Exclusive Monster Jam® Frame Line for Kids, National Vision Holdings, Inc. Appoints Virginia Hepner to Board of Directors, National Vision Holdings, Inc. Reports Third Quarter 2017 Financial Results, National Vision's Charitable Foundation Awards $500,000 in Grants to Clear Vision Collective and Boys & Girls Clubs Across the Country, National Vision Celebrates Major Milestone with Opening of 1,000th Retail Location, National Vision Announces Launch of its Initial Public Offering, National Vision Holdings, Inc. The outlook shown below assumes no material deterioration to the Company’s current business operations as a result of COVID-19, governmental actions and regulations. Facebook. Condensed Consolidated Statements of Operations and Comprehensive Income. National Vision Holdings, Inc. and Subsidiaries Reconciliation of GAAP and Non-GAAP Financial Measures For the Three Months and Fiscal Years Ended December 28, … We also believe that, for the same reasons, investors find our calculation of Adjusted Comparable Store Sales Growth to be meaningful. Correct the errors and resubmit the form. Diluted earnings per share decreased 95.9% to $0.01 compared to $0.35 for the same period of 2019. See Note 10. Reconciliation of Net Income to EBITDA, Adjusted EBITDA, and Adjusted Net Income. National Vision Holdings, Inc. and Subsidiaries Reconciliation of Non-GAAP to GAAP Financial Measures For the Three and Six Months Ended June 27, 2020 and June 29, 2019 See insights on National Vision including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. “And our Q3 comps were clearly the best I’ve witnessed since joining National Vision 18 years ago. Quarterly, year-to-date and annual adjusted comparable store sales are aggregated using only sales from all whole months of operation included in both the current reporting period and the prior reporting period. With a mission of helping people by making quality eyecare and eyewear more affordable and accessible, the Company operates five retail brands: America’s Best Contacts & Eyeglasses, Eyeglass World, Vision Centers inside select Walmart stores, Vista Opticals inside select Fred Meyer stores and on select military bases, and several e-commerce websites, offering a variety of products and services for customers’ eyecare needs. A telephone replay will be available shortly after the broadcast through Thursday, November 12, 2020, by dialing 855-859-2056 from the U.S. or 404-537-3406 from international locations, and entering conference passcode 8282008. National Vision has 11,781 employees at their 1 location and $1.72 B in annual revenue in FY 2019. Adjusted SG&A Percent of Net Revenue: We define Adjusted SG&A Percent of Net Revenue as Adjusted SG&A divided by net revenue. Adjusted EBITDA Margin increased 740 basis points to 18.2% from 10.8% for the third quarter of 2019. SG&A decreased1% to $520.8 million from $566.4 million for the same period of 2019. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. As we enter the fourth quarter, while significant uncertainty remains, we are off to a strong start as the third quarter comp momentum continued throughout October. Total debt was $651.7 million as of September 26, 2020, consisting of outstanding first lien term loans, convertible senior notes and finance lease obligations, net of unamortized discounts. As a percentage of net revenue, SG&A decreased 480 basis points to 39.3% from 1% for the third quarter of 2019. The company operates in two segments, Owned & Host and Legacy. For the Three Months Ended March 28, 2020 and March 30, 2019. National Vision also operates Eyeglass World superstores, as well as Vista Optical (located inside Fred Meyer stores and on US military bases) and Vision Center (located inside … © 1999-2021 National Vision Holdings, Inc. National Vision Holdings, Inc. Adjusted Diluted EPS increased 226% to $0.54 compared to $0.16 for the third quarter of 2019. National Vision Holdings Inc is an optical retailer in the U.S. Its product portfolio includes eyeglasses and sunglasses, contact lenses, accessories, and other products. Comparable store sales growth was 11.6% and Adjusted Comparable Store Sales Growth was 12.4%. For the Three Months Ended March 28, 2020 and March 30, 2019 The U.S. toll free dial-in for the conference call is 866-754-6931 and the international dial-in is 636-812-6625. Given the uncertainties, dynamic nature, resurgence, and unknown duration of the pandemic, the Company is continuing to evaluate additional measures that may be taken to respond to the impact of COVID-19 on its business. Expenses associated with settlement of litigation. Adjusted EBITDA: We define Adjusted EBITDA as net income (loss), plus interest expense, income tax provision (benefit) and depreciation and amortization, further adjusted to exclude stock compensation expense, loss on extinguishment of debt,  asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expenses, and other expenses. Adjusted Operating Margin decreased 150 basis points to 5.9% from 7.4% for the same period of 2019. Additional information about these and other factors that could cause National Vision’s results to differ materially from those described in the forward-looking statements can be found in filings by National Vision with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K, our Form 8-K filed on March 19, 2020, our Quarterly Reports on Form 10-Q filed on May 7, 2020, August 6, 2020, and November 5, 2020, and subsequent filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, we believe that Adjusted Comparable Store Sales Growth provides timely and accurate information relating to the operational health and overall performance of each brand. “The National Vision team delivered an exceptionally strong Q3—establishing a new record for quarterly profit for our three years as a public company,” stated Reade Fahs, chief executive officer. As a percentage of net revenue, costs applicable to revenue increased 10 basis points to 46.9% from 46.8% for the same period of 2019. National Vision Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income For the Three and Six Months Ended June 29, 2019 and June 30, 2018 The stock’s fifty day simple moving average is $43.34 and its 200-day simple moving average is $36.24. 1 - For the 13 weeks and 52 weeks ending December 26, 2020, respectively 2 - Includes amortization of acquisition intangibles of approximately $1.9 million and $7.4 million for the 14 weeks and 53 weeks ending January 2, 2021 respectively 3 - Before the impact of gains or losses related to hedge ineffectiveness and charges related to amortization of debt discounts and deferred financing costs 4 - Excluding the impact of stock option exercises. Net revenue decreased 8.1% to $1.2 billion from $1.3 billion for the same period of 2019. The Company opened 52 new stores, transitioned five Vision Centers in Walmart stores to its management, closed seven stores, and ended the period with 1,201 stores. Comparable store sales growth was (11.7)% and Adjusted Comparable Store Sales Growth was (11.1)%. Management uses these non-GAAP financial measures to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation and to compare our performance against that of other peer companies using similar measures. EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Diluted EPS, Adjusted SG&A, Adjusted SG&A Percent of Net Revenue, and Adjusted Comparable Store Sales Growth are not recognized terms under GAAP and should not be considered as an alternative to net income, the ratio of net income to net revenue as a measure of financial performance, SG&A, the ratio of SG&A to net revenue as a measure of financial performance, cash flows provided by operating activities as a measure of liquidity, comparable store sales growth as a measure of operating performance, or any other performance measure derived in accordance with GAAP. National Vision Holdings, Inc. is one of the largest optical retail companies in the United States with more than 1,200 retail stores in 44 states plus the District of Columbia and Puerto Rico. The Company is focused on offering a variety of products and services for customers’ eye care needs. 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