Reflects $0.3 million of gains recognized in interest expense on change in fair value of de-designated hedges for the three months ended September 26, 2020 and $4.6 million of losses for the nine months ended September 26, 2020. 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. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Further, consistent with our presentation of Adjusted Operating Income, we no longer exclude new store pre-opening expenses and non-cash rent from our presentation of Adjusted EBITDA and Adjusted Diluted EPS. Amortization of debt discount is associated with the amortization of the conversion feature related to the convertible notes and amortization of deferred financing costs relate to the convertible note, term loan and revolving credit facility borrowings. 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., through its subsidiaries, operates as an optical retailer primarily in the United States. Comparable store sales growth was 11.6% and Adjusted Comparable Store Sales Growth was 12.4%. Adjusted Diluted EPS increased 226% to $0.54 compared to $0.16 for the third quarter of 2019. Balance Sheet and Cash Flow Highlights as of September 26, 2020. 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. Adjusted Operating Margin decreased 150 basis points to 5.9% from 7.4% for the same period of 2019. When a partial month is excluded from the calculation, the corresponding month in the subsequent period is also excluded from the calculation. Reconciliation of GAAP to Non-GAAP Financial Measures. As of September 26, 2020 and December 28, 2019 . 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. EBITDA: We define EBITDA as net income (loss), plus interest expense, income tax provision (benefit) and depreciation and amortization. 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. Home; News. National Vision has 11,781 employees at their 1 location and $1.72 B in annual revenue in FY 2019. Files Registration Statement for Proposed Initial Public Offering. 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. See insights on National Vision including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. The impact of such items and unanticipated events could be potentially significant. Comparable store sales growth was (11.7)% and Adjusted Comparable Store Sales Growth was (11.1)%. Following our March closings, we are pleased […] See Note 10. 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) As a percentage of net revenue, costs applicable to revenue decreased 390 basis points to 43.4% from 47.3% for the third quarter of 2019. 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.”. We also opened 18 stores, including our 1,200th location, as we continued to build market share. For the Three Months Ended March 28, 2020 and March 30, 2019. These results reinforce our belief that our affordable eye care and eyewear offerings have become even more important since the pandemic arrived.”, Mr. Fahs concluded, “I would like to thank the 2,000-plus affiliated optometrists and over 12,000 associates at National Vision, as our performance stems from their tireless hard work, their resilience and their commitment to a ‘safety-first’ mindset and approach. 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. Adjusted Operating Income: We define Adjusted Operating Income as net income (loss), plus interest expense and income tax provision (benefit), 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, amortization of acquisition intangibles, and other expenses. For the Three and Six Months Ended June 27, 2020 and June 29, 2019. “And our Q3 comps were clearly the best I’ve witnessed since joining National Vision 18 years ago. 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. The stock’s fifty day simple moving average is $43.34 and its 200-day simple moving average is $36.24. Represents the income tax effect of the total adjustments at our combined statutory federal and state income tax rates. See our Form 8-K filed with the SEC on February 26, 2020 for more information. There may be variations in the way in which some of our competitors and other retailers calculate comparable store sales. National Vision Holdings, Inc. and Subsidiaries. National Vision Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income For the Three and Nine Months Ended September 28, … Costs applicable to revenue decreased 7.9% to $570.1 million from $619.0 million for the same period of 2019. “our” or “us” refer to National Vision Holdings, Inc. and its consolidated subsidiaries. Amortization of debt discount and deferred financing costs in aggregate total $4.5 million and $0.2 million for the three months ended September 26, 2020 and September 28, 2019, respectively, and $7.2 million and $1.1 million for the nine months ended September 26, 2020 and September 28, 2019, respectively. This decrease as a percentage of net revenue was primarily driven by increased eyeglass mix, higher eyeglass margin, and lower growth in optometrist costs. Condensed Consolidated Balance Sheets. Announces Pricing of Private Offering of $350 Million Aggregate Principal Amount of 2.50% Convertible Senior Notes due 2025, National Vision Holdings, Inc. The fourth quarter and fiscal 2020 outlook is forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and based upon assumptions with respect to future decisions, which are subject to change. The company operates in two segments, Owned & Host and Legacy. SG&A decreased1% to $520.8 million from $566.4 million for the same period of 2019. Correct the errors and resubmit the form. Adjusted Comparable Store Sales Growth: We measure Adjusted Comparable Store Sales Growth as the increase or decrease in sales recorded by the comparable store base in any reporting period, compared to sales recorded by the comparable store base in the prior reporting period, which we calculate as follows: (i) sales are recorded on a cash basis (i.e., when the order is placed and paid for or submitted to a managed care payor, compared to when the order is delivered), utilizing cash basis point of sale information from stores; (ii) stores are added to the calculation during the 13th full fiscal month following the store’s opening; (iii) closed stores are removed from the calculation for time periods that are not comparable; (iv) sales from partial months of operation are excluded when stores do not open or close on the first day of the month; and (v) when applicable, we adjust for the effect of the 53rd week. Adjusted Operating Margin increased 800 basis points to 14.0% from 6.0% for the third quarter of 2019. Other adjustments include amounts that management believes are not representative of our operating performance (amounts in brackets represent reductions in Adjusted Operating Income, Adjusted Diluted EPS and Adjusted EBITDA), including our share of losses on equity method investments of $0.2 million for the three months ended September 28, 2019 and $1.2 million for the nine months ended September 28, 2019; the amortization impact of adjustments related to the KKR Acquisition, (e.g., fair value of leasehold interests) of $0.1 million for each of the three months ended September 26, 2020 and September 28, 2019, respectively, and $0.4 million and $0.3 million for the nine months ended September 26, 2020 and September 28, 2019, respectively; costs of severance and relocation of $0.6 million and $1.0 million for the three months ended September 26, 2020 and September 28, 2019, respectively, and $1.1 million and $1.8 million for the nine months ended September 26, 2020 and September 28, 2019, respectively; excess payroll taxes related to stock option exercises of $0.2 million and $0.5 million for the three months ended September 26, 2020 and September 28, 2019, respectively, and $0.6 million for each of the nine months ended September 26, 2020 and September 28, 2019; incremental costs directly related to adapting the Company’s operations during the COVID-19 pandemic of $0.6 million for the nine months ended September 26, 2020; and other expenses and adjustments totaling $0.1 million and $0.2 million for the three months ended September 26, 2020 and September 28, 2019, respectively, and $(0.5) million and $0.5 million for the nine months ended September 26, 2020 and September 28, 2019, respectively. 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. Condensed Consolidated Statements of Operations and Comprehensive Income. In Thousands, Except Earnings Per Share (Unaudited) © 1999-2021 National Vision Holdings, Inc. National Vision Holdings, Inc. National Vision Holdings, Inc. and Subsidiaries: Condensed Consolidated Balance Sheets: As of September 30, 2017 and December 31, 2016: In Thousands, Except Par Value Information (Unaudited) ASSETS: As of September 30, 2017 As of December 31, 2016: Current assets: Cash and cash equivalents $ 27,621 $ 4,945 Accounts receivable, net of allowances The second quarter represented one of the most eventful periods in our Company’s history and our respective careers, stated Reade Fahs, chief executive officer. As such, the Company’s results may not fall within the ranges contained in its fourth quarter and fiscal 2020 outlook. Costs applicable to revenue (exclusive of depreciation and amortization): Selling, general and administrative expenses, Unrealized gain (loss) on hedge instruments, Tax provision (benefit) of unrealized gain (loss) on hedge instruments, National Vision Holdings, Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the Nine Months Ended September 26, 2020 and September 28, 2019In Thousands(Unaudited). Adjusted EBITDA increased 89.3% to $88.1 million compared to$46.6 million for the third quarter of 2019. Errors exist on this page. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP to GAAP Financial Measures” below for more information. As of 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. For the Three Months and Fiscal Years Ended December 30, 2017 and December 31, 2016 . Forward-looking statements are not guarantees and are subject to various risks and uncertainties, which may cause actual results to differ materially from those implied in the forward-looking statements. Net revenue was negatively impacted by 1.1% due to the timing of unearned revenue. Condensed Consolidated Balance Sheets. The impact from the timing of unearned revenue on net revenue and profitability was immaterial for the third quarter of 2020. We believe everyone deserves to see their best to live their best. This increase as a percentage of net revenue was primarily driven by store and corporate payroll and occupancy expenses incurred during temporary store closures, partially offset by lower advertising investment. Announces Participation in the Morgan Stanley Virtual Global Consumer & Retailing Conference National Vision Holdings, Inc. Reports Third Quarter 2020 Financial Results National Vision Appoints Susan Somersille Johnson to Board of Directors The Company believes it has sufficient liquidity to fund operations for at least the next 12 months, given cash on hand, cash expected to be generated from operations, and the cash available through its revolving credit facility. 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. National Vision Holdings, Inc. and Subsidiaries . National Vision Holdings, Inc., through its subsidiaries, operates as an optical retailer primarily in the United States. National Vision Holdings, Inc. and Subsidiaries. National Vision Holdings, Inc. and Subsidiaries. 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 Net income decreased 96% to $1.2 million compared to net income of $28.9 million for the same period of 2019. 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. Non-cash charges related to stock-based compensation programs, which vary from period to period depending on the timing of awards and performance vesting conditions. Provides Additional COVID-19 Related Business Update, National Vision Provides Additional COVID-19 Related Business Update, National Vision Donates 40,000 Masks to Georgia Emergency Management and Homeland Security Agency, National Vision Provides COVID-19 Related Business Update, National Vision Provides Business Update in Response to COVID-19, National Vision Welcomes Ravi Acharya as Chief Technology Officer, Salus University and National Vision Partner to Educate Optometry Students on Remote Eye Exam Technology, National Vision Donates More Than 8,100 Pairs of Glasses to Kids in Need, America’s Best Contacts & Eyeglasses Expands Partnership with Privé Revaux to All Retail Locations, National Vision Welcomes Joan Blackwood as Chief Marketing Officer, National Vision Opens 2019-2020 Grant Program for Entries, Challenges Optometry Students to Share ‘2020 Vision’ for Profession, National Vision Announces Pricing of KKR Secondary Offering and Concurrent Share Repurchase, National Vision Announces KKR Secondary Offering and Concurrent Share Repurchase, National Vision Awards $7,000 in Grants for Fourth Year Students at National Optometric Association Convention, National Vision Holdings, Inc. Appoints Heather Cianfrocco to Board of Directors, Record Number of Optometrists Attend National Vision's Annual Continuing Education Symposium, National Vision Welcomes Bill Clark as its First “Chief People Officer”, Eyeglass World Launches New Philanthropic Outreach Program, National Vision Holdings, Inc. The Company uses these forward looking measures internally to assess and benchmark its results and strategic plans. Announces Second Quarter 2018 Earnings Release and Conference Call, National Vision Announces Pricing of Secondary Offering (1), National Vision Announces Secondary Offering of 12 Million Shares of Common Stock, National Vision's Largest-Ever Continuing Education Symposium Celebrates Optometrist Milestones and Achievements, National Vision Announces 2018 College Scholarship Recipients, National Vision Holdings, Inc. The Company’s cash balance was $377.0 million as of September 26, 2020. “Segment Reporting” in our unaudited condensed consolidated financial statements included in Part 1. 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. … In Thousands, Except Earnings Per Share (Unaudited) National Vision Holdings, Inc. and Subsidiaries Reconciliation of GAAP and Non-GAAP Financial Measures For the Three Months and Fiscal Years Ended December 28, … Capital expenditures for the first nine months of 2020 totaled $40.8 million compared to $76.5 million for the same period of 2019, primarily due to the timing of new store capital investments. 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]. 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