Thank you for standing by, and welcome to National Vision Holdings, Inc.'s fourth quarter and fiscal 2025 earnings conference call. At this time, participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. To remove yourself from the queue, you may press star 11 again. I would now like to hand the call over to Tamara Gonzalez, Investor Relations. Please go ahead.

Thank you, and good morning, everyone. Welcome to National Vision Holdings, Inc.'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. 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, are not limited to, the factors identified in the release and our filings with the Securities and Exchange Commission. The release and today's presentation also includes certain non-GAAP measures. Reconciliation of these measures is included in our release and the supplemental presentation. I would like to draw your attention to slide two in today's presentation for additional information about forward-looking statements and non-GAAP measures. 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 Holdings, Inc. provides presentations and supplemental materials for investor reference in the Investors section of our website. I will now turn the call over to Alex. Alex?

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 roadmap, and rallied 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. 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, and conversion 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. 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, progressive lenses, or bring in 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. Our 2025 results exceeded the expectations we laid out at the start of the year and are proof points to the power of our transformation. In fiscal 2025, net revenue…

Thank you, Alex, and good morning, everyone. As Alex shared, fiscal 2025 was a year of significant progress for National Vision Holdings, Inc. 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. 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. 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 $35,600,000 in net revenue and $3,500,000 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. 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. 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…

Thank you.

As a reminder, to ask a question, you will need to press star 11 on your telephone. To remove yourself from the queue, you may press star 11 again. Please limit yourself to one question and one follow-up to allow everyone the opportunity to participate. Our first question comes from the line of Michael Lasser of UBS. Please go ahead, Michael.

Good morning. Thank you so much for taking my question. You're providing a lot of evidence that your strategy is working 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 Holdings, Inc. has served. 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 handoff over time?

Hey, Michael. Good morning. Thanks for the question. I will address a bit of the shape of the fourth quarter and step a little bit through what we are seeing in the first quarter and then provide a little bit of color on the cash pay customer versus the managed care customer. So, the fourth quarter certainly was an interesting quarter for us. We started October off actually pretty darn strong, and were 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. An important nuance of December, though, was as soon as we cleared Christmas, actually, our week 53 was pretty darn fantastic, and we saw consumer demand come back. I think a little bit of that was related to the compressed timeline between Thanksgiving and Christmas where folks might not have been as much in the optical game as we would have liked, and there was a fair amount of macro noise. As we moved into January, that demand continued. We were super happy with our results all through essentially January 22 when winter storms, I think, 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 U.S. Again, super pleased with where we are 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. 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. The cash pay customer is still a bit more fickle than what we have previously experienced in years past. We did start to see a little bit of improvement last year, and then late last year, there was a little bit of continued macro wobble. But we do think that we will comp positively with the cash pay consumer in 2025. One of the interesting things that we have talked about is that the cash pay consumer has actually opted into some of the more premium products that we have rolled out at a faster clip than what we had anticipated, and that was also a contributor to our success in 2025. So, Michael, I hope I got to most of your question.

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 2025, just so we have a relative frame of reference? And what have you factored in from both the tax refunds as well as smart glasses that will be fully deployed to 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.

You got it. So on the cash pay consumer side, again, it is a combination of both traffic and ticket. As we are 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 are opting into the more premium offerings we are launching, we do feel positive about the cohort on a comp basis. On the second point on tax refunds in 2026 outlook as that 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 of the category in general. As we step through the next couple months, we will hopefully see some of that flow through at a higher rate to our business than what we have even experienced quarter to date. Again, optimistic. We obviously think cash in the consumer's pocket is a good thing. But with our stronger resiliency with the managed care consumer, we are not necessarily as dependent on the tax refund tax seasonality now as we may have been in years past. As it relates to smart eyewear and 2026 outlook, we are super excited that we are going to be deploying Ray-Ban Meta to the balance of 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. We are ecstatic with the performance of Ray-Ban Meta within 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.

Understood. Thank you so much, and good luck.

Thanks, Michael.

Thank you. Our next question comes from the line of Simeon Siegel of Guggenheim Securities. Please go ahead, Simeon.

Thanks. Hey, good morning, everyone. Nice job. Sorry if I missed it, Alex. I know, and maybe this is following up on the last one a little, but just any way to help us think about how you're breaking apart the pieces of that net traffic between those two pieces? So thinking about the puts and takes of the gains from the profitable target customers versus what you think you will walk away from. This is something about for the future: what you think you will still walk away from? 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. Then maybe, Chris, really impressive SG&A leverage. How much of that was cutting expenses versus leveraging 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.

I will take the traffic one 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. When you market two pair of eyewear for a certain price including an eye exam, and that is 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. As you begin to shift that marketing expense into a marketing expense that is more targeted, you are making a conscious decision to walk away potentially from some of those cash pay consumers as you are reinvesting into the acquisition of the more valuable customer group. So, yes, Simeon, we do believe that this is a multiyear strategy. We are winning with the more profitable customers that we are seeking. We have rebuilt our acquisition platform to accomplish just that, and not just my message externally but internally to the team here has been we need to ensure that we are winning with the customer cohort to drive the profitability of the company. Again, Chris talked about this at length too. That is the primary mission of this management team: to continue to expand operating margin, and we are doing that through this intentional shift of the customer cohort. Long story short, we 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.

On the cost front, the operating leverage expansion that we are seeing is really a healthy mix of both things. Our comps at 6% for the year certainly help leverage our more traditional fixed costs, but we have unpacked every line item within our SG&A portfolio over the course of the last twelve months. We have seen in 2025, and we expect to see over the next couple of years, about $20,000,000 of cost out in those line items. We joked a little bit at Investor Day: things as big as relooking at our logistics contracting for national freight to something as minor as looking at what kinds of paper our stores are ordering and making sure that we are optimizing there. What we see in the future is a continued ongoing, precise view of how we spend, both at the support center and our stores. The team has embraced it with open arms. It is something that the entire enterprise has rallied around and is excited about.

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

Thanks, Simeon.

Thank you. Our next question comes from the line of Dylan Carden of William Blair. Please go ahead, Dylan.

Thanks. Alex, what do you make of the projections for sort of a softer end market this year? I think some of the ones out there are down low single digits for the total industry, and then obviously last year was sort of soft. 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 for the other end of it?

You know, Dylan, first and foremost, I think we control our own destiny on a lot of these elements. One of the things that I was most pleased by in 2025 was, in a category where eye exams were declining between the mid- to high-single-digit range, we actually grew eye exams in the plus-one range. 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. Even in the face of some macro challenges and some uncertainty, I think our strategies are paying off, and it is showing in outstripping the category from an acquisition and eye exam growth perspective. 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. We are not shifting away from that, but we are refining exactly what that means. 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. We did not talk about it at length during the call, but I am happy with the momentum we are seeing at Eyeglass World and the change in trajectory there. In 2024, that was a negative-comping business, and Eyeglass World was plus 4.2% last year. 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.

Excellent. And then CapEx stepping down for kind of a 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?

I think we have been pretty intentional about the investments we are 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 these stores, we can introduce some of the new branding assets at a pretty nominal rate for CapEx relative to the size of the business. As we reported on CapEx, we said during Investor Day we are looking to spend 4% to 5% of revenue in CapEx over the next few years. In the very immediate term, when we are directing more of those investments at modernization of the business and organic investments, you will see a lot of this show up in our traditional CapEx. Also, some of that does not come through kind of traditional CapEx. There are still cash investments we are making that we will see build through other assets in 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 is showing up in the CapEx line.

And then, Dylan, I want to double down on something again, a statement I made during my prepared remarks. One of the things I am super proud of this company for having done over years is investing in doctor equipment, ensuring that the stores are well maintained, ensuring that our stores are orderly and clean. We do not have anything that is massively out of sorts. Where we did have opportunity is to make the environment a bit more joyful by modernizing the dress code of our associates. Again, those are not capital- or even expense-intensive items. These were minor investments along visual merchandising. For those of you who have not been in one of our stores recently, I would say go into one of our stores and take a real look around at the environment, at our people, at our teams, and compare them to what it looked like a year ago. I think you will see and feel a noticeable difference in the environment, again, even in context of some very, very cost-efficient and minor tweaks from a capital structure.

Really appreciate it. Thank you.

Thank you. Our next question comes from the line of Brian Tanquil of Jefferies. Your line is open, Brian.

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 a down trade that is happening right now, and then how do you mesh that with all the strategies that you're putting in? Just trying to get a sense of the stickiness of this customer base that is now showing up at your stores.

Brian, I will tell you this. Thanks for the question. I think we feel even better about it today than we would have a year ago because that middle-income consumer has higher expectations of product. They have higher expectations of experience, and those are all things that we are continuing to deliver on. Again, it is important to think through the lens of our price and value gap versus the category. We are delivering better products, a better experience. We are 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. 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. 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.

Got it. And then just on the weather impact from the quarter, 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.

We had probably about 15% of our fleet that sat right in the crosshairs of the winter storms that we had to weather through the end of January and even into February. Again, I am really happy with how the team has responded to call patients back and get them back in stores for appointments that potentially they could not make due to store closures and road closures and all those things that we had to manage through. Sitting here today, two months through the first quarter in the mid-single-digit range with sequential traffic acceleration from the fourth quarter, I could not be more pleased with how the team has responded to those challenges that we faced in the first couple months.

Thank you.

Our next question comes from the line of Robert Ohmes of Bank of America. Your question please, Robert.

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 highlighting more of the tailwinds. How significant—you mentioned simple 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?

Thanks, Robbie. On tailwinds, we are really excited about the new product introductions that are coming throughout the year. Similar to last year, those new product introductions are going to be phased in throughout the course of the year, and we think we are going to see continued momentum from that. On the lens side, lens purchasing in this category is a very complicated and non-consumer-friendly activity. With our deployment of iPads with the OptiCam, all intended to demystify the lens shopping experience, we think that is going to continue to help. We are looking at simplifying our lens assortment, especially once we have our tier-four lens introduced, so that we can create a more simple lens hierarchy so that consumers understand the good-better-best architecture a bit better than what they do today with all the different degrees of add-ons and lens materials and all the different combinations that exist today. We are testing our way through that at the moment to understand exactly how to create that narrative and create that experience the most efficient way for the consumer. We think that will be ready for commercial application towards the back half of the year. Certainly, we think that is a win for our consumers. We think that is a win for the business as well and helps us towards our goal of migration to more premium lens materials and lens add-ons. Remote exams continue to be a winning recipe for our business, and, frankly, I think it is one of the reasons that we were able to weather the weather impact of the first quarter in 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. What a great asset to have during…

Sounds great. Thank you.

Thank you. Our next question comes from the line of Anthony Chukumba of Loop Capital Markets. Please go ahead, Anthony.

First off, thank you for taking my question. Second off, congrats on a really wonderful 2025, and it is very encouraging to hear that you are doing mid-single-digit comps in the first quarter given the weather challenges that have impacted so many retailers. I just wanted to drill down a little bit on smart glasses. Obviously, you are selling the Ray-Ban Meta. It is going really well for you. You are expanding to all your stores. I just want to clarify—two parts to the question. First off, you do not have any type of exclusive arrangement with Meta, do you, where you can only sell their smart glasses? Related to that, obviously, there is going to be Android XR that will be coming out. Do you foresee a scenario in which you could potentially be selling some of those glasses as well? Thank you.

We do not have an exclusive relationship with Meta, but we are super happy with the partnership that we have with Ray-Ban Meta and with our partners at EssilorLuxottica. Again, I think it is just a great proof point for us that we can be highly successful in selling smart eyewear in our store environment. I cannot wait for this to be scaled to the remainder of the fleet by the end of the second quarter. Absolutely, we believe that we will be participants in the smart eyewear space across different platforms, and the success that we have had with Meta so far is the proof point that we will be a very meaningful player in smart eyewear for years to come.

Got it. Keep up the good work, guys.

Thanks, Anthony.

Thank you. Our next question comes from the line of Adrian Yee of Barclays. Please go ahead, Adrian.

Hi. This is Angus Kelleher on for Adrian Yee. You talked about consultative selling driving higher ticket and better mix. How scalable is that across the full fleet? How many stores were you deploying that in at year-end? What is the level of investment or turnover or upskilling needed to roll that out nationwide?

Angus, great question. 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. It requires reinforcement. It requires focus. It requires center-stage activity during our national sales meetings. This is not a one-and-done thing. Our field sales organization is continuously focused on ensuring that we are sustaining those behaviors, but it is a multiyear journey to get our associate base to the point where we want them to be. OptiCam and the launch of OptiCam in Q4—one of the things that we really loved about that is that it becomes the tangible tool to help our associates along with that journey. It is really the combination of a selling tool with content that we have created to, again, demystify the experience and help consumers through the journey combined with the behaviors and the selling techniques and the consultative selling techniques that we are teaching and reinforcing. That will help along the journey of consultative selling. By simplifying the lens experience, we will make it easier for our associates to engage in consultative selling because it just makes it that much easier to have the conversation with the consumer.

Great. Thank you. Good color. 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? 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.

We really do not see any risk 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. It is not something we, frankly, track, but the conversations that we have with our managed care partners indicate this is not something that we should be concerned about or believe that will be a material impact to our business.

Okay. Sounds good. Best of luck.

Thank you. Our next question comes from the line of Matt Koranda of Roth Capital. Please go ahead, Matt.

Hey, guys. A lot has been asked and answered, but I wanted to hear, as it pertains to the mid-single-digit comp guide for 2026, how important the continued frame assortment optimization is in that plan versus the premium lens penetration assumptions that you are making. Then, did you explicitly have any tailwind baked into the comp from AI glasses? Let's start there.

A couple of things to unpack there. First of all, when we think about our average ticket increase through 2026, it is really going to be a healthy mix of both our frame assortment evolution and lens leadership. Something to keep in mind is we still have tailwinds coming from 2025. We started last year with about 20% of our frame board priced over $99. We ended the year at 40%. That was a phased approach throughout the year. We are continuing to see tailwinds even in Q1 and the first half of the year from some of that evolution. At the same time, we are continuing that evolution through the rest of this year, targeting around 60% of the frame board by the end of this year. I think we will 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. As we think about the AI impact and smart glass impact to our comp, we could not be more excited about the acceleration of that product category. At the same time, it is in 200 stores today, and it does not represent a material impact to the business, but we are super excited about its contributions over time. That is likely a multiyear journey where that becomes something that is a material impact to our comp.

Okay. And then on AI glasses, what are you 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. Are you seeing higher rates of prescription lens attach rates? How do you think about premium lens attach rates to AI glasses as you move forward with the strategy?

Matt, it is a really, really good question. 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 smart eyewear glasses that we are selling. The vast majority of what we are 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. The overall package purchase of a Meta AI transaction is among the highest-value transactions that we are seeing, and it is significantly, in part, related to what we are seeing from a lens attachment perspective.

Great to hear. Thanks, guys.

Thank you. Our next question comes from the line of Simeon Gutman of Morgan Stanley. Please go ahead, Simeon.

Hi. This is Lauren on for Simeon. Thank you for taking our question. Just first, really quickly, curious on the managed care versus self-pay consumer in 2026 as it relates to your 3% to 6% comp. Could 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.

Our planning scenarios assume with the high end that we can see a positive comp across both consumer cohorts. Again, what we saw in 2025 is that our self-pay consumers were leaning into some of our more premium assortments at actually a faster clip than even some of our managed care consumers. That being said, at the low end of our range, our assumptions for negative traffic would likely come out of the self-pay cohort. To unpack that a little bit further, we are trying to drive the right traffic within the business. When we think about our guide of 3% to 6%, we are still anticipating and feel confident that we are going to drive the right traffic with our customer cohorts that we are targeting, even at the low end of the range. But at that point, you are still essentially in the negative traffic comp for the self-pay consumer.

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

We still feel great about 50% being the North Star. The 42% is on a base where both self-pay and managed care are growing. In order for managed care to hit that 50%, we expect to see disproportionate growth in there, but we still feel great about 50% being a North Star. We still look at a multiyear journey to get there, but all the strategies we discussed at Investor Day are specifically targeted at exactly that, and all the proof points thus far have been very positive.

Okay. Great. Thank you.

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

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

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