Driven Brands Holdings Inc (DRVN) 2023 Q1 法說會逐字稿

Good morning, and welcome to Driven Brands First Quarter 2023 Earnings Conference Call. My name is Sylvie, and I will be your conference operator today. As a reminder, this call is being recorded. I would now like to turn the conference over to Kristy Moser, Vice President of Investor Relations.

早上好，歡迎參加 Driven Brands 2023 年第一季度收益電話會議。我叫西爾維，今天我將擔任你們的會議操作員。提醒一下，此通話正在錄音。現在我想將會議交給投資者關係副總裁克里斯蒂·莫澤 (Kristy Moser)。

Thanks very much, and welcome, everybody, to Driven Brands First Quarter 2023 Earnings Conference Call. In addition to the earnings release, there's a leverage ratio reconciliation and infographic available for download on our website at investorrelations.drivenbrands.com, summarizing our first quarter results.

非常感謝並歡迎大家參加 Driven Brands 2023 年第一季度收益電話會議。除了收益發布之外，我們的網站 Investorrelations.drivenbrands.com 還提供槓桿率調節表和信息圖表，總結了我們第一季度的業績。

On the call with me today are Jonathan Fitzpatrick, President and Chief Executive Officer; and Tiffany Mason, Executive Vice President and Chief Financial Officer. In a moment, Jonathan and Tiffany will walk you through our financial and operating performance for the quarter.

今天與我通話的是總裁兼首席執行官喬納森·菲茨帕特里克 (Jonathan Fitzpatrick)；蒂芙尼·梅森（Tiffany Mason），執行副總裁兼首席財務官。稍後，喬納森和蒂芙尼將向您介紹我們本季度的財務和運營業績。

Before we begin our remarks, I'd like to remind you that management will refer to certain non-GAAP financial measures. You can find reconciliations of the most directly comparable GAAP financial measures on the company's Investor Relations website and in its filings with the Securities and Exchange Commission. During the course of this call, management may also make forward-looking statements in regards to our current plans, beliefs and expectations. These statements are not guarantees of our future performance and are subject to a number of risks and uncertainties and other factors that could cause actual results and events to differ materially from the results and events contemplated by these forward-looking statements. Please see our earnings release and our filings with the Securities and Exchange Commission for more information.

在我們開始講話之前，我想提醒您，管理層將參考某些非公認會計準則財務指標。您可以在該公司的投資者關係網站及其向美國證券交易委員會提交的文件中找到最直接可比的公認會計準則財務指標的調節表。在本次電話會議期間，管理層還可能就我們當前的計劃、信念和期望做出前瞻性聲明。這些陳述並不是對我們未來業績的保證，並受到許多風險和不確定性以及其他因素的影響，這些因素可能導致實際結果和事件與這些前瞻性陳述預期的結果和事件存在重大差異。請參閱我們的收益報告以及我們向美國證券交易委員會提交的文件以了解更多信息。

Today's prepared remarks will be followed by a question-and-answer session. We kindly ask that you limit yourself to one question and one follow-up. With that, I'll now turn it over to Jonathan.

今天準備好的發言之後將進行問答環節。我們懇請您只提出一個問題和一項後續行動。有了這個，我現在將把它交給喬納森。

Thank you, and good morning. In the first quarter, Driven Brands continued to deliver strong results. We gained significant share leveraging our proven playbook to drive long-term sustainable growth and tailwinds from our network benefits that provide a significant and compounding advantage across our business. With continued resilience in the needs-based automotive services category, the quarter unfolded much like we anticipated. We delivered 20% revenue growth supported by 9% same-store sales growth and 7% new-store growth. And all that is thanks to the hard work and strong execution by our 12,000 Driven Brands' team members and our amazing franchisees who serve our loyal long-term customers. I couldn't be more proud of how our nimble and innovative team has continued to deliver on behalf of both our customers and shareholders. Consistent execution by our team combined with our differentiated business model has delivered a strong record of performance across a variety of economic environments.

謝謝你，早上好。第一季度，Driven Brands 繼續取得強勁業績。我們利用經過驗證的策略來推動長期可持續增長，並從我們的網絡優勢中獲得了巨大的份額，這些優勢為我們的整個業務提供了顯著的複合優勢。由於基於需求的汽車服務類別持續保持彈性，本季度的發展與我們的預期非常相似。在同店銷售額增長 9% 和新店增長 7% 的支持下，我們實現了 20% 的收入增長。這一切都歸功於我們 12,000 名 Driven Brands 團隊成員以及為我們忠實的長期客戶提供服務的出色加盟商的辛勤工作和強有力的執行力。我對我們靈活、創新的團隊如何繼續代表我們的客戶和股東提供服務感到無比自豪。我們團隊的一致執行力與差異化的業務模式相結合，在各種經濟環境中創造了良好的業績記錄。

In the first quarter, we generated strong cash flow even as we integrated our glass businesses, and continued the rebranding of U.S. car wash, and we used that cash flow to reinvest in the business and gain further market share. Momentum has continued into the second quarter, powered by the resilience of the category, our diversified platform and our strong track record of execution. Our pipeline of future openings has continued to expand to 1,700 units 35% of which are site secured or better, providing a line of sight into significant multiyear growth.

在第一季度，即使我們整合了玻璃業務，並繼續重塑美國洗車場的品牌，我們仍然產生了強勁的現金流，我們利用這些現金流對業務進行了再投資，並獲得了進一步的市場份額。在該類別的彈性、我們多元化的平台和我們強大的執行記錄的推動下，這種勢頭持續到第二季​​度。我們未來的開業計劃將繼續擴大至 1,700 個單位，其中 35% 已獲得場地保護或更好，為多年的顯著增長提供了視野。

Now underpinning that momentum, our carefully curated portfolio of automotive services drove strong performance and cash flow, and we use that cash flow generation to invest into the flywheel of growth into our three growth priorities: Take 5 Oil Change, Take 5 Car Wash and Auto Glass Now.

現在，為了支撐這一勢頭，我們精心策劃的汽車服務組合推動了強勁的業績和現金流，我們利用現金流的產生來投資於我們的三個增長重點的增長飛輪：5次換油、5次洗車和汽車現在玻璃。

We continue to make significant progress across these growth categories, simplifying and enhancing the customer experience, integrating to a standard operating playbook and moving to a single technology platform, supporting our market share gains and strong unit level economics.

我們繼續在這些增長類別上取得重大進展，簡化和增強客戶體驗，集成到標準操作手冊並轉向單一技術平台，支持我們的市場份額增長和強大的單位級經濟效益。

Starting with Quick Lube, our most mature growth focus. Take 5 Oil Change continue to drive customer acquisition and best-in-category same-store sales of 20%, continuing to outpace the competition as our differentiated 10-minute stay-in-your-car Quick Lube model builds brand recognition with top quartile NPS scores and increasing repeat rates. We continue to gain market share as customers become aware of Take 5s faster, friendlier and simpler alternative for their oil change at a more effective price point than dealerships.

從我們最成熟的增長焦點 Quick Lube 開始。 Take 5 Oil Change 繼續推動客戶獲取，同類最佳同店銷售額增長 20%，繼續領先於競爭對手，因為我們差異化的 10 分鐘車內快速潤滑油型號建立了排名前四分之一的品牌認知度NPS 分數和不斷增加的重複率。隨著客戶意識到 Take 5s 比經銷商更快捷、更友好、更簡單的換油替代方案以及更有效的價格，我們不斷獲得市場份額。

In addition to our strong same-store sales performance, we grew our footprint over 20% year-over-year and our pipeline remains robust at 950 units, primarily made up of franchise locations, giving us a long runway for sustainable, profitable multiyear growth. And we expect to grow our footprint by an additional 20% in 2023, largely driven by franchise store growth.

除了強勁的同店銷售業績外，我們的足跡同比增長了 20% 以上，我們的庫存保持在 950 家的強勁水平，主要由特許經營店組成，為我們實現可持續、盈利的多年增長提供了一條漫長的道路。我們預計到 2023 年，我們的足跡將再增加 20%，這主要是由特許經營店增長推動的。

Now shifting to Car Wash. We continue to experience softer retail volume as a result of the macro environment. We had modestly less pressure from foreign exchange rate movement, and we will begin to lap that FX rate pressure in Q2 '23. The long-term opportunity within the Car Wash business remains compelling with strong profitability, cash on cash returns and cash flow generation over time. Our scale and experience will remain a significant competitive advantage as the current environment is beginning to rationalize the competitive intensity of new entrants.

現在轉向洗車。由於宏觀環境的影響，我們的零售量繼續疲軟。我們受到的匯率波動壓力略有減輕，我們將在 23 年第二季度開始承受匯率壓力。洗車業務的長期機會仍然具有吸引力，具有強勁的盈利能力、現金回報和隨著時間的推移產生的現金流。隨著當前環境開始使新進入者的競爭強度合理化，我們的規模和經驗仍將是顯著的競爭優勢。

Additionally, as we look to past economic cycles, the Car Wash category remained resilient relative to the broader retail industry. As we migrate our footprint under the Take 5 Brand, which was largely 2/3 complete as of the end of Q1, we are elevating our brand awareness, standardizing our market positioning, our operations, systems and customer experience. This, in turn, allows us to integrate our Take 5 Unlimited program and enhance our data capture capabilities.

此外，當我們回顧過去的經濟周期時，洗車類別相對於更廣泛的零售行業仍然保持彈性。隨著我們將業務轉移到 Take 5 品牌下（截至第一季度末，該品牌已完成 2/3），我們正在提升我們的品牌知名度，標準化我們的市場定位、運營、系統和客戶體驗。這反過來又使我們能夠集成 Take 5 Unlimited 計劃並增強我們的數據捕獲能力。

In fact, we continue to grow our total Take 5 Unlimited program to over 700,000 subscription members. For the quarter, in aggregate, locations where rebranding was complete, delivered higher adjusted EBITDA margin and same-store sales than the locations yet to be rebranded.

事實上，我們繼續將 Take 5 Unlimited 計劃的總數擴大到超過 700,000 名訂閱會員。總體而言，本季度已完成品牌重塑的門店的調整後 EBITDA 利潤率和同店銷售額高於尚未品牌重塑的門店。

And our greenfield pipeline for openings in the U.S. remains robust at over 300 locations with roughly 65 expected to open in 2023, enabling us to be more selective with tuck-in M&A, which is following our proven playbook for growth. Now wrapping up with glass. In the first quarter, we made significant progress integrating our 10 acquisitions to create a U.S. glass platform. This platform is the culmination of years of careful planning, studying and phenomenal execution. Beyond building national scale, our U.S. glass platform includes expertise in calibration, mobile, insurance and fleet servicing. We've combined the best processes, procedures and technology to inform our standard operating model that is being rolled out across the entire footprint.

我們在美國的 300 多個新店開業渠道仍然強勁，其中大約 65 個預計將於 2023 年開業，這使我們能夠更有選擇性地進行併購，這遵循了我們行之有效的增長策略。現在用玻璃包裹起來。第一季度，我們在整合 10 項收購以創建美國玻璃平台方面取得了重大進展。該平台是多年精心規劃、研究和出色執行的結晶。除了建立全國規模之外，我們的美國玻璃平台還包括校準、移動、保險和車隊服務方面的專業知識。我們結合了最好的流程、程序和技術，為我們在整個業務範圍內推廣的標準運營模式提供信息。

Simultaneously, we have begun scaling our organic growth strategy, building on our position as the second largest player in the U.S. Auto Glass servicing category. We ended the quarter with over 200 locations and approximately 800 mobile units in the United States.

與此同時，我們已經開始擴大我們的有機增長戰略，鞏固我們作為美國汽車玻璃服務類別第二大參與者的地位。截至本季度末，我們在美國擁有 200 多個地點和大約 800 個移動設備。

In addition to strong expected unit growth of almost 100 net new stores in fiscal 2023, store volumes continued to increase as we see the early benefits from integration under the Auto Glass Now brand, including calibration attachment rates and expanding commercial relationships.

除了 2023 財年近 100 家淨新店的強勁預期單位增長之外，商店數量繼續增加，因為我們看到 Auto Glass Now 品牌下的整合帶來的早期好處，包括校準附件率和擴大的商業關係。

The benefits of scale from further growth and the increase in commercial business, as we mature our footprint over the next year, will provide a tailwind to the already compelling economics. We couldn't be more excited about the long-term potential of our U.S. glass business as we leverage the network benefits of the broader Driven Brands platform.

隨著我們明年的足跡不斷成熟，進一步增長和商業業務增加帶來的規模效益將為已經引人注目的經濟提供動力。當我們利用更廣泛的 Driven Brands 平台的網絡優勢時，我們對美國玻璃業務的長期潛力感到無比興奮。

The power of bringing these businesses together on the Driven platform is compelling. The diversification and breadth of our offering provide a natural balance and additional resilience to our business. This diversification is complemented by significant network benefits that include driving more value for and sales from our commercial customers, which already comprise approximately half of our system sales, delivering revenue growth and cost savings from the benefits of scale and expertise in procurement, which we believe will be further enhanced by our Driven Advantage marketplace, which has great long-term potential.

將這些業務整合到 Driven 平台上的力量是引人注目的。我們產品的多元化和廣度為我們的業務提供了自然的平衡和額外的彈性。這種多元化得到了顯著的網絡優勢的補充，包括為我們的商業客戶帶來更多價值和銷售，這些客戶已經占我們系統銷售額的大約一半，通過規模和採購專業知識的優勢帶來收入增長和成本節約，我們相信這一點我們的 Driven Advantage 市場將進一步增強，該市場具有巨大的長期潛力。

Our Driven Advantage test has performed ahead of our expectations, and we're expanding that test across our full suite of businesses, leveraging our development and M&A capabilities to deliver best-in-category store growth in our key growth categories and unlocking the power of our data ecosystem with over 32 million unique customers that is generated from all our brands to help grow same-store sales and our share of wallet benefits.

我們的驅動優勢測試的表現超出了我們的預期，我們正在將該測試擴展到我們的全套業務，利用我們的開發和併購能力在我們的關鍵增長類別中實現同類最佳的商店增長，並釋放我們的數據生態系統擁有超過 3200 萬個獨特客戶，這些客戶是由我們所有品牌生成的，有助於增加同店銷售額和我們的錢包收益份額。

We're only beginning to scratch the surface of the long-term opportunity to drive customer acquisition, retention and share of wallet across our platform, which is a focus for us in 2023. The unmatched scale and sophistication of our shared service capabilities generate these significant network benefits that deepen our competitive moat and differentiate our business. These network benefits continue to compound as we grow our diversified platform, driving further unit growth, same-store sales growth and incremental profits.

我們才剛剛開始觸及長期機會的表面，以推動整個平台上的客戶獲取、保留和錢包份額，這是我們 2023 年的重點。我們共享服務能力無與倫比的規模和復雜性產生了這些顯著的網絡優勢加深了我們的競爭護城河並使我們的業務脫穎而出。隨著我們多元化平台的發展，這些網絡效益繼續複合，推動銷量進一步增長、同店銷售增長和利潤增量。

Now we're pleased with the strong start to 2023 and the continued momentum into early Q2. We are growing, taking share and generating cash, which we are reinvesting into the flywheel of growth. Our scale gives us a competitive and compounding advantage. We have a proven playbook and multiyear visibility into unit growth. Our momentum, combined with the strength of our business model and playbook for growth, gives us further confidence in our ability to deliver on our short-, medium- and long-term goals.

現在，我們對 2023 年的強勁開局以及第二季度初的持續勢頭感到滿意。我們正在成長、獲取份額並產生現金，我們將其再投資到增長的飛輪中。我們的規模給我們帶來了競爭和復合優勢。我們擁有經過驗證的策略和對單位增長的多年可見性。我們的動力，加上我們的業務模式和增長策略的優勢，使我們對實現短期、中期和長期目標的能力更加充滿信心。

With that, let me turn it over to Tiffany for a deeper dive into the first quarter financial results.

接下來，讓我將其轉交給蒂芙尼，以更深入地了解第一季度的財務業績。

Thanks, Jonathan, and good morning, everyone. Fiscal 2023 is off to a good start, and we delivered another solid [print] in the first quarter, slightly beating expectations. Our business continues to be incredibly resilient. And as Jonathan mentioned earlier, the first quarter unfolded much like we anticipated. Our team remains nimble and executed our playbook in an evolving macroeconomic landscape, delivering best-in-class, need-based services to a growing suite of both consumer and commercial customers.

謝謝喬納森，大家早上好。 2023 財年有一個良好的開端，我們在第一季度又交付了一份可靠的報告，略好於預期。我們的業務仍然具有令人難以置信的彈性。正如喬納森之前提到的，第一季度的發展與我們的預期非常相似。我們的團隊保持敏捷，在不斷變化的宏觀經濟環境中執行我們的策略，為越來越多的消費者和商業客戶提供一流的、基於需求的服務。

We continued to build on our strong track record of unit growth and delivered market share gains across each of our categories.

我們繼續鞏固我們強勁的銷量增長記錄，並在每個類別中實現市場份額的增長。

Diving into our first quarter results. System-wide sales were $1.5 billion, up 19% versus prior year. The growth was driven by the addition of 59 net new stores in the quarter and 9% same-store sales growth. When you account for our franchise mix, our reported revenue for the quarter was $562 million, an increase of 20%. From an expense perspective, we continue to carefully manage site-level expenses across the portfolio, resulting in 4-wall margin of 35% for company-operated stores.

深入了解我們第一季度的業績。全系統銷售額為 15 億美元，比上年增長 19%。這一增長的推動因素是本季度淨增 59 家新店以及 9% 的同店銷售增長。如果考慮到我們的特許經營組合，我們報告的本季度收入為 5.62 億美元，增長了 20%。從費用角度來看，我們繼續謹慎管理整個投資組合的站點級費用，使公司自營商店的四牆利潤率達到 35%。

Above shop, SG&A as a percentage of revenue was 21%, in line with the prior year. This resulted in adjusted EBITDA of $128 million for the quarter, an increase of 8%. And adjusted EBITDA margin was 23%, about 260 basis points below the prior year, yet in line with our guidance due to the timing of our U.S. Car Wash rebranding activity as well as the integration of recent acquisitions in our U.S. glass business.

上述商店的銷售、管理及行政費用 (SG&A) 佔收入的百分比為 21%，與上年持平。這導致本季度調整後 EBITDA 達到 1.28 億美元，增長 8%。調整後的 EBITDA 利潤率為 23%，比上一年低約 260 個基點，但由於我們美國洗車品牌重塑活動的時間安排以及最近對美國玻璃業務的收購整合，因此符合我們的指引。

Depreciation and amortization expense was $38 million. This $5 million increase versus the prior year was primarily attributable to the growth in company-operated stores. And interest expense was $38 million. This $13 million increase versus the prior year was attributable to increased debt levels as we lean into opportunities across our Quick Lubes, Car Wash and Glass businesses as well as higher interest rates on our floating rate debt.

折舊和攤銷費用為 3800 萬美元。與上一年相比增加了 500 萬美元，主要歸因於公司自營商店的增長。利息支出為 3800 萬美元。與上一年相比增加了 1300 萬美元，原因是債務水平增加，因為我們抓住了快速潤滑油、洗車和玻璃業務的機會，以及浮動利率債務的利率上升。

For the first quarter, we delivered adjusted net income of $42 million and adjusted EPS of $0.25. You can find a reconciliation of adjusted net income, adjusted EPS and adjusted EBITDA in today's release.

第一季度，我們的調整後淨利潤為 4200 萬美元，調整後每股收益為 0.25 美元。您可以在今天的新聞稿中找到調整後淨利潤、調整後每股收益和調整後 EBITDA 的調節表。

Our solid operating performance in the quarter resulted in strong cash generation that allowed us to continue to invest in the business. Our cash generation, together with our revolving credit facilities and real estate portfolio, provide us more than enough capital to fuel our strategic growth in 2023. We ended the quarter with $466 million of liquidity comprised of $191 million in cash and cash equivalents and $275 million of undrawn capacity on our revolving credit facilities. This does not include the additional $135 million of variable funding notes issued in the fourth quarter of 2022, which can be exercised at the company's discretion, assuming certain conditions continue to be met.

本季度我們穩健的經營業績帶來了強勁的現金生成，使我們能夠繼續投資於該業務。我們的現金生成能力，加上我們的循環信貸額度和房地產投資組合，為我們提供了足夠的資本來推動 2023 年的戰略增長。截至本季度末，我們的流動資金為 4.66 億美元，其中包括 1.91 億美元的現金和現金等價物以及 2.75 億美元我們的循環信貸設施的未動用能力。這不包括 2022 年第四季度額外發行的 1.35 億美元可變融資票據，假設某些條件繼續得到滿足，該票據可由公司自行決定行使。

Our net leverage ratio was 4.7x at the end of the first quarter. We don't expect to add any incremental long-term debt in fiscal 2023. In fact, a tick up in short-term borrowings on our credit facilities in the quarter was simply timing. With the projected growth in adjusted EBITDA this year, we expect to naturally delever to the low 4s. You can find a reconciliation of our net leverage ratio posted on our Investor Relations website.

第一季度末我們的淨槓桿率為 4.7 倍。我們預計 2023 財年不會增加任何長期債務。事實上，本季度我們信貸安排的短期借款增加只是恰逢其時。隨著今年調整後 EBITDA 的預計增長，我們預計槓桿率將自然降至 4 左右。您可以在我們的投資者關係網站上找到我們的淨槓桿率調節表。

Now a bit more color on our first quarter results by segment. The Maintenance segment posted positive same-store sales of 13%. Take 5 Quick Lube continued to drive strong car count and last year's price increases together with higher premium oil mix driven increase in average ticket. Likewise, the attachment rate of ancillary products such as engine air filters, wiper blades, cabin air filters and corn exchange increased 340 basis points year-over-year to approximately 40%, also contributing to a higher average ticket.

現在按部門對我們第一季度的業績進行更多的介紹。維護部門的同店銷售額增長了 13%。 Take 5 Quick Lube 繼續推動汽車數量強勁，去年的價格上漲以及更高的優質油品組合推動了平均票價的增加。同樣，發動機空氣濾清器、雨刷片、空調濾清器和玉米交換器等輔助產品的附著率同比增長了340個基點，達到約40%，也導致平均機票價格上漲。

The expansion of segment adjusted EBITDA margin year-over-year is primarily the result of operating leverage from same-store sales as well as lapping higher alternative supply costs incurred in Q1 last year to mitigate oil supply shortages.

部門調整後 EBITDA 利潤率同比擴大主要是由於同店銷售的經營槓桿以及去年第一季度為緩解石油供應短缺而產生的替代供應成本上升的結果。

The Car Wash segment posted negative same-store sales of 11%. Foreign exchange rate movement continued to have a negative impact versus the prior year of roughly 230 basis points. In the U.S., we are evolving to a single brand in operating standards. We had approximately 65% of our Car Wash business operating under the Take 5 banner by the end of the first quarter. Those locations are outperforming the footprint yet to be rebranded as Jonathan mentioned earlier, and we are on track to rebrand the rest of the estate by the end of the fiscal year.

洗車部門同店銷售額負 11%。與上一年相比，外匯匯率變動繼續產生約 230 個基點的負面影響。在美國，我們的運營標準正在向單一品牌發展。到第一季度末，我們約有 65% 的洗車業務在 Take 5 旗下運營。正如喬納森之前提到的，這些地點的表現優於尚未重新命名的足跡，我們有望在本財年結束前重新命名該地產的其餘部分。

While retail volume was soft again this quarter as a result of the macroeconomic environment and core weather conditions, we continue to grow our subscription program. The growth of that program is an important focus for us because we see consumer behavior change when a customer becomes a Take 5 Unlimited member. They visit more frequently, considering as part of the normal hygiene routine, much likely in their homes. We now have over 700,000 Take 5 Unlimited subscription and the retention rate is holding steady. The compounding effect of a 5x higher LTV from Take 5 Unlimited members versus retail customers is compelling.

儘管由於宏觀經濟環境和核心天氣條件，本季度零售量再次疲軟，但我們繼續擴大訂閱計劃。該計劃的發展是我們關注的重點，因為當客戶成為 Take 5 Unlimited 會員時，我們看到消費者行為發生了變化。作為正常衛生習慣的一部分，他們訪問的頻率更高，很可能是在家裡。目前，我們有超過 700,000 名 Take 5 Unlimited 訂閱者，並且保留率保持穩定。 Take 5 Unlimited 會員的 LTV 比零售客戶高出 5 倍，其複合效應非常引人注目。

Softer retail traffic was the primary driver of the segment adjusted EBITDA margin decline year-over-year.

零售客流量疲軟是該部門調整後 EBITDA 利潤率同比下降的主要驅動因素。

The Paint, Collision & Glass segment posted positive same-store sales of 14%. Performance in Paint and Collision was strong this quarter, and estimate counts, a leading indicator for the industry, are up about 7% We added 170 direct repair programs with insurance carriers versus the prior year. Our expanding commercial partnerships are a testament to our strength and scale and the ease of working with one large national provider is a clear differentiator for Driven Brands.

油漆、碰撞和玻璃部門的同店銷售額增長了 14%。本季度油漆和碰撞領域的表現強勁，預計數量（行業領先指標）增長了約 7% 與上一年相比，我們與保險公司增加了 170 個直接維修項目。我們不斷擴大的商業合作夥伴關係證明了我們的實力和規模，而與一家大型全國供應商合作的便利性是 Driven Brands 的一個明顯的差異化因素。

We are also excited about the significant expansion of our glass offering in the U.S. after entering the market just over a year ago. We are currently integrating our series of acquisitions under the Auto Glass Now brand name and implementing our new standard operating procedures. That will provide the platform to capitalize on the long-term opportunity with commercial customers in this category.

我們還對一年多前進入美國市場後玻璃產品的大幅擴張感到興奮。目前，我們正在將一系列收購整合到 Auto Glass Now 品牌下，並實施新的標準操作程序。這將為利用此類商業客戶的長期機會提供平台。

Segment adjusted EBITDA margin declined year-over-year as a result of the changing mix of this segment with the introduction of the U.S. glass business. However, we expect glass margins to expand from here as we integrate the business, bringing all units to our target level in the short term, an increase in the mix of commercial customers and the penetration of calibration services over the longer term.

由於美國玻璃業務的引入，該部門的結構發生了變化，該部門調整後的 EBITDA 利潤率同比下降。然而，我們預計，隨著我們整合業務，使所有部門在短期內達到我們的目標水平，玻璃利潤率將從這裡開始擴大，從長遠來看，商業客戶的組合和校準服務的滲透率將會增加。

And finally, the Platform Services segment posted negative same-store sales of 5%. We have leveraged our scale and leadership in the industry to ensure our franchisees are consistently in stock, creating long-term customer loyalty for the 1-800-Radiator brand. While we continue to benefit from the customers we acquired as a result of supply chain disruption, average selling prices are moderating and the volume of radiator sales was down in the quarter as a result of a cooler start to spring. On a 3-year stacked basis, Platform Services same-store sales are up about 50% in the first quarter. Looking ahead, we remain well positioned and expect our differentiated and diversified offering to continue to deliver strong results.

最後，平台服務部門的同店銷售額下降了 5%。我們利用我們在行業中的規模和領導地位來確保我們的特許經營商始終有庫存，為 1-800-Radiator 品牌創造長期的客戶忠誠度。雖然我們繼續受益於因供應鏈中斷而獲得的客戶，但平均銷售價格正在放緩，並且由於春季天氣涼爽，本季度散熱器銷量有所下降。按 3 年疊加計算，Platform Services 第一季度同店銷售額增長了約 50%。展望未來，我們仍處於有利地位，並期望我們的差異化和多元化產品將繼續取得強勁業績。

We provided guidance for fiscal 2023 on our fourth quarter earnings call. which, in summary, included the expectation for revenue of approximately $2.35 billion, adjusted EBITDA of approximately $590 million and adjusted EPS of approximately $1.21. Given that the first quarter unfolded much like we anticipated and the economic environment continues to be volatile, we are reiterating our previous guidance. Having said that, we are pleased with our performance to date in the second quarter and may find that for the fiscal year, revenue of $2.35 billion is driven in larger part by same-store sales and less by new-store growth as a result of temporary construction delays related to weather and permitting.

我們在第四季度財報電話會議上提供了 2023 財年的指引。總之，其中包括約 23.5 億美元的預期收入、約 5.9 億美元的調整後 EBITDA 和約 1.21 美元的調整後每股收益。鑑於第一季度的發展與我們的預期非常相似，並且經濟環境繼續波動，我們重申之前的指導。話雖如此，我們對第二季度迄今為止的業績感到滿意，並可能發現本財年 23.5 億美元的收入大部分是由同店銷售推動的，較少是由新店增長推動的，這是由於與天氣和許可有關的臨時施工延誤。

We also still expect to deliver approximately $300 million of cash flow from operations for the year. The team is executing well, and we remain focused on our simple proven formula. We add new stores, we grow same-store sales and we deliver stable margins. This results in significant cash flow generation that we reinvest in the business.

我們還預計今年將帶來約 3 億美元的運營現金流。該團隊執行良好，我們仍然專注於我們簡單且經過驗證的公式。我們增加新店，增加同店銷售額，並提供穩定的利潤率。這會產生大量現金流，我們可以將其再投資於該業務。

Operator, we'd now like to open the call up for questions.

接線員，我們現在要開始提問。

(Operator Instructions)Thank you. Your first question will be from Simeon Gutman at Morgan Stanley.

（操作員說明）謝謝。你的第一個問題將來自摩根士丹利的西蒙·古特曼。

This is Michael Kessler on for Simeon. I wanted to start with Car Wash and maybe a couple of quick ones here. First, any divergences or call-outs between the U.S. and international performance in the quarter? And then secondly, on the retail side, you mentioned still macro a little bit tricky there. These, Does it feel at all like that we're seeing a troughing as far as how the retail piece is performing or it's still kind of trudging along the bottom as far as volumes there?

我是西蒙的邁克爾·凱斯勒。我想從洗車開始，也許還有一些快速的洗車。首先，本季度美國和國際市場的表現是否存在差異或值得關注的地方？其次，在零售方面，您提到宏觀仍然有點棘手。這些，我們是否感覺零售業務的表現正在陷入低谷，或者就銷量而言，它仍然在底部徘徊？

Michael, thanks for the question. So let's decompose Car Wash for just a minute. Your first part of the question was about international versus the U.S. And I'll tell you, on a constant currency basis, both businesses performed essentially the same in the quarter overall. As you know, we started to see a shift in U.S. retail traffic in Q2 of last year. And we didn't start to see that shift in the international business until Q3. So it was about a quarter behind, the U.S.

邁克爾，謝謝你的提問。讓我們花一分鐘來分解洗車。你的問題的第一部分是關於國際與美國的情況。我會告訴你，在固定匯率的基礎上，這兩項業務在本季度的總體表現基本相同。如您所知，我們從去年第二季度開始看到美國零售流量的變化。直到第三季度我們才開始看到國際業務的這種轉變。所以落後美國大約四分之一

Ticket was positive for both businesses until this quarter, and we started to see a bit of ticket softness in the U.S., but international continues to remain nice and strong. Consumers that are watching their cars continue to mix to higher wash packages in that market. And so we attribute the softness over the last few quarters to both the macroeconomic environment and then this quarter, in particular, to poor weather conditions in both the U.S. and in Europe. The great news is that we continued to grow our Take 5 Unlimited subscription program. And as I said in my prepared remarks, we're over 700,000 members now, and the churn rate is nice and steady, not elevated at all.

直到本季度，這兩家公司的機票業務都表現良好，我們開始看到美國的機票價格有些疲軟，但國際機票業務繼續保持良好和強勁的勢頭。關注汽車的消費者繼續在該市場混合使用更高的清洗套餐。因此，我們將過去幾個季度的疲軟歸因於宏觀經濟環境，特別是本季度的疲軟歸因於美國和歐洲的惡劣天氣條件。好消息是我們繼續發展 Take 5 Unlimited 訂閱計劃。正如我在準備好的發言中所說，我們現在擁有超過 700,000 名會員，而且流失率良好且穩定，根本沒有升高。

The growth of this program is an important focus for us because, as I said, we see consumer behavior change when a customer becomes a Take 5 Unlimited member. So the important thing here is looking forward, the long-term opportunity for the Car Wash business remains just as compelling as ever. We are focused on a few things. One is our subscription program, and we think we've got about 15 points of opportunity for further penetration with that program.

該計劃的發展是我們關注的重點，因為正如我所說，當客戶成為 Take 5 Unlimited 會員時，我們看到消費者行為發生了變化。因此，重要的是展望未來，洗車業務的長期機會仍然像以往一樣引人注目。我們專注於幾件事。其中之一是我們的訂閱計劃，我們認為我們有大約 15 個機會進一步滲透該計劃。

We're going to continue to build density in markets through our organic unit growth pipeline. And we'll also finish the rollout of the Take 5 Brand and operating playbook to the rest of the estate this year. As Jonathan said, and I reiterated today, in Q1, the stores that had been rebranded outperformed those that had not. And our top 11 markets where we have store density today, outperformed the rebranded stores generally. So that just underscores the network benefit. So again, really excited about the long-term opportunity for this business.

我們將繼續通過我們的有機單位增長渠道建立市場密度。今年我們還將完成 Take 5 品牌和運營手冊在該莊園其他地區的推廣。正如喬納森所說，我今天重申，在第一季度，已更名的商店表現優於未更名的商店。目前，我們門店密度最高的 11 個市場總體表現優於品牌重塑後的門店。這凸顯了網絡的好處。再次，我對這項業務的長期機會感到非常興奮。

Okay. And maybe actually one quick follow-up just on that, and then my actual follow-up was if you could -- if there's anything you can quantify on the uplift to margins or same-store sales, if not, that's okay. My follow-up, just on free cash flow generation, all in, including growth CapEx, it has been negative or use of cash in the last several quarters. Can you talk about, I guess, the evolution of that over the next several quarters? Even the next several years, do you expect on an all-in basis to be free cash flow positive, including growth CapEx or any, I guess, puts and takes as far as how you see that evolving with the overall growth in the business?

好的。也許實際上只是對此進行了一個快速跟進，然後我的實際跟進是如果可以的話 - 如果有任何東西可以量化利潤率或同店銷售額的提升，如果沒有，那也沒關係。我的後續行動，只是關於自由現金流的產生，包括增長資本支出，在過去幾個季度中，現金的使用一直是負數。我想你能談談未來幾個季度的演變嗎？即使在接下來的幾年裡，您是否期望在總體上自由現金流為正，包括增長資本支出或任何我猜的看跌期權和拿取，就您如何看待隨著業務的整體增長而演變？

Yes. Sure, Michael. So the follow-up to your Car Wash question, I mean, certainly, as we continue to rebrand the estate, we would expect to see improved performance in both same-store sales and margin, which is what we're seeing from those that have been rebranded so far. So that's the follow-up there.

是的。當然，邁克爾。因此，關於您的洗車問題的後續行動，我的意思是，當然，隨著我們繼續重塑品牌，我們預計同店銷售額和利潤率都會有所改善，這就是我們從那些迄今為止已更名。這就是後續行動。

On the free cash flow front, a couple of things. So operating cash flow in the quarter was $37 million. You should know that the majority -- if you look back at history, the majority of our cash flow is generated in Q2 and Q3. So it's not unusual for Q1 to be a little bit lighter. Q1 is seasonally lower, just given the working capital dynamics in our Platform Services segment.

在自由現金流方面，有幾件事。因此本季度的運營現金流為 3700 萬美元。你應該知道，如果你回顧歷史，我們的大部分現金流都是在第二季度和第三季度產生的。所以Q1稍微輕一點並不罕見。考慮到我們平台服務部門的營運資金動態，第一季度的季節性較低。

And then the other thing I would say is if you look at our greenfield pipeline, we're obviously shifting more to greenfield from M&A tuck-in. And as we do that, those stores have to be built and ramped. So there is a lag in the amount of time it takes to get to adjusted EBITDA benefit despite the capital outlay to build those stores. So that's the pressure that you're seeing on free cash flow, but this business is nice and healthy over the long term and certainly generating high cash returns.

我要說的另一件事是，如果你看看我們的綠地管道，我們顯然正在將更多的資金從併購轉移到綠地。當我們這樣做時，必須建造和擴建這些商店。因此，儘管建設這些商店需要投入資本，但獲得調整後的 EBITDA 效益所需的時間仍然存在滯後。這就是你在自由現金流方面看到的壓力，但從長遠來看，這項業務是良好和健康的，並且肯定會產生高現金回報。

Next question will be from Christopher Horvers at JPMorgan.

下一個問題將由摩根大通的克里斯托弗·霍弗斯提出。

So my first question is just a follow-up on the weather. Can you give us a sense on any guess you have in terms of impact? It's been really wet, been really wet on weekends, and I know that a few weekends in a quarter can throw that business off. So do you have any guess on the weather? And is there -- are there any other signs that maybe the consumer is starting to feel more pressure because we are hearing this from other retailers?

所以我的第一個問題只是關於天氣的後續情況。您能否告訴我們您對影響力的任何猜測？天氣真的很濕，週末真的很濕，而且我知道一個季度中的幾個週末可能會導致生意失敗。那麼你對天氣有什麼猜測嗎？是否有任何其他跡象表明消費者可能開始感受到更大的壓力，因為我們從其他零售商那裡聽到了這一點？

Chris, thanks for the question. So I'm not going to put any numbers around it, but I'll just tell you, obviously, we've seen macroeconomic pressure, specifically in the Car Wash business since about Q2 of last year. That's the U.S. specifically. I would say in Q1, it's probably equal part, continued macroeconomic pressure. And then to your point, the poor weather conditions we've seen, especially on the weekends, which is prime car washing time. So equal parts there. Again, I can't stress enough the long-term compelling thesis of this business.

克里斯，謝謝你的提問。因此，我不會提供任何數字，但我只是告訴您，顯然，我們已經看到了宏觀經濟壓力，特別是自去年第二季度以來的洗車業務。具體來說就是美國。我想說，在第一季度，這可能與持續的宏觀經濟壓力相同。然後就你的觀點而言，我們看到了惡劣的天氣條件，特別是在周末，這是洗車的黃金時間。所以那裡的部分是相等的。我再次強調該業務的長期引人注目的論點。

Understood. And then just in terms of like the shape of the overall company EBITDA margin over the year and particularly how it plays out in Car Wash and PC&G. I know that you had the conversion expenses in Car Wash and then you have the integration expense and sort of revenue headwind and PC on the glass side. So have those, I guess, pressures peaked in those segments? And how are you -- how does that translate to the EBITDA margin shape over the year?

明白了。然後就公司全年 EBITDA 利潤率的情況而言，尤其是在洗車和 PC&G 領域的表現。我知道您在洗車方面有轉換費用，然後您有整合費用以及玻璃方面的收入逆風和 PC。那麼，我猜這些壓力在這些領域達到頂峰了嗎？您的情況如何——這如何轉化為全年 EBITDA 利潤率的形狀？

Yes. Chris, you've got it. You've nailed it. So keep in mind, we reaffirmed guidance this morning. So that assumes a 25% EBITDA margin for the portfolio overall by the end of fiscal 2023. As I talked about last quarter when I gave that guidance, we expected Q1 to be pressured from a margin perspective just because of the state of the maturity of glass integration as well as the Car Wash rebranding.

是的。克里斯，你做到了。你已經成功了。因此請記住，我們今天早上重申了指導意見。因此，假設到 2023 財年末，整個投資組合的 EBITDA 利潤率為 25%。正如我在上個季度給出指導時談到的那樣，我們預計第一季度從利潤率角度來看將面臨壓力，因為玻璃集成以及洗車品牌重塑。

So the further we get into the year, the more that -- those two things transpire, both the integration and the rebranding, we expect those margins to improve. And reaffirming our guidance this morning should give you confidence that we're seeing the right behavior in the business.

因此，今年越深入，這兩件事發生得越多，無論是整合還是品牌重塑，我們預計這些利潤率都會提高。今天早上重申我們的指導應該會讓您相信我們在業務中看到了正確的行為。

Next question is from the line of Kate McShane of Goldman Sachs.

下一個問題來自高盛的 Kate McShane。

I believe in the prepared comments, you mentioned something to the effect that the current environment is beginning to rationalize the competitive entry of new entrants in Car Wash. I wondered if you could just expand a little bit more on what you're seeing there. What does this mean for acquisition opportunities and the decision to eventually potentially franchise Car Wash.

我相信在準備好的評論中，您提到了一些內容，大意是當前的環境開始使洗車行業新進入者的競爭合理化。我想知道您是否可以稍微擴展一下您在那裡看到的內容。這對於收購機會以及最終可能特許經營洗車的決定意味著什麼。

Kate, I think a couple of things are happening. One is we've seen a massive slowdown in sort of the M&A landscape within Car Wash and I think we're not seeing that change at the moment. As I've said in previous remarks, I think this year will be a slow year generally for M&A in the Car Wash space in the United States.

凱特，我認為有幾件事正在發生。一是我們看到洗車行業的併購格局大幅放緩，我認為目前我們還沒有看到這種變化。正如我在之前的發言中所說，我認為今年對於美國洗車領域的併購總體來說將是緩慢的一年。

In terms of the competitive intensity or entrance of competitive intensity, I think what we're seeing is due to some macroeconomic conditions, the slowdown of M&A, cost of capital that we're seeing a lot of the players slow down their greenfield pipeline. I think that will really show up, Kate, in 2024. I think there's a lot of stores that will continue to open this year, but I think a lot of people are pulling back in terms of greenfield growth at the end of this year, next year. So I think those two dynamics are still in play and will continue to sort of happen this year.

就競爭強度或競爭強度的進入而言，我認為我們看到的是由於一些宏觀經濟條件、併購放緩、資本成本，我們看到許多參與者放慢了他們的綠地管道。凱特，我認為這會在 2024 年真正顯現出來。我認為今年會有很多商店繼續開業，但我認為很多人在今年年底的綠地增長方面都在縮減，明年。因此，我認為這兩種動力仍在發揮作用，並將在今年繼續發生。

In terms of the franchise Car Wash -- franchising of the Car Wash business, like we've always said, the unit level economics of this business would support franchising, but we're still in the middle of rebranding our business going from 40-plus brands to one brand, leveraging the great power of the Take 5 brand that we have in our Quick Lube business. So I think our focus is doing that for the balance of this year and then we'll reassess the possibility of potentially franchising this business down the road.

就特許經營洗車而言——洗車業務的特許經營，就像我們一直說的那樣，該業務的單位層面的經濟效益將支持特許經營，但我們仍處於從 40 到 40 的業務品牌重塑過程中。將多個品牌合併為一個品牌，充分利用我們在 Quick Lube 業務中擁有的 Take 5 品牌的強大力量。因此，我認為我們的重點是在今年餘下的時間裡這樣做，然後我們將重新評估未來特許經營這項業務的可能性。

Next question is from the line of Liz Suzuki of Bank of America.

下一個問題來自美國銀行的 Liz Suzuki。

Just a question on Platform Services that comped negative for the first time, I think, in recent history. And Tiffany, I think you had mentioned that pricing is moderating. So were volumes up and pricing was really the only driver of the negative comp? And how should we think about the expected trajectory of comps going forward in Platform Services given what you're seeing in pricing?

我認為，這只是一個關於平台服務的問題，在近代歷史上首次出現負面影響。蒂芙尼，我想你已經提到定價正在放緩。那麼銷量上升和定價真的是負補償的唯一驅動因素嗎？鑑於您在定價中看到的情況，我們應該如何考慮平台服務中比較的預期軌跡？

Yes. Liz, it's a great question. Keep in mind that Platform Services, one of the benefits, in particular, of that 1-800-Radiator brand, which anchors that segment, is the ability for us to leverage our supply chain capabilities, which are a core competency for us and make sure that our franchisees remain in stock. And that was true during the height of the supply chain disruption over the last couple of years, and because of those competencies, it allowed us to be opportunistic on price.

是的。莉茲，這是一個很好的問題。請記住，平台服務的優勢之一，尤其是錨定該細分市場的 1-800-Radiator 品牌的優勢之一，是我們能夠利用我們的供應鏈能力，這是我們的核心競爭力，並使我們能夠確保我們的加盟商仍有庫存。在過去幾年供應鏈中斷最嚴重的時期確實如此，並且由於這些能力，它使我們能夠在價格上投機取巧。

What we're seeing now is as the supply chain starts to loosen and that's obviously an evolving situation, but average selling prices are starting to normalize. So in fact, pricing is the predominant driver of that negative comp in the quarter, normalizing ASP causes that reaction. The only place I would tell you where volumes were softer, and I said it in my prepared remarks, are radiator sales. Obviously, if you have a cooler start to spring, there's less demand for radiators, but we think that's timing in nature. And as the season continues to unfold, those volumes will bounce back.

我們現在看到的是，隨著供應鏈開始放鬆，這顯然是一個不斷變化的情況，但平均售價開始正常化。因此，事實上，定價是本季度負面業績的主要驅動因素，平均售價正常化會導致這種反應。我唯一要告訴你們銷量疲軟的地方是散熱器銷售，我在準備好的發言中說過。顯然，如果春天天氣涼爽，對散熱器的需求就會減少，但我們認為這本質上是時機。隨著季節的繼續展開，這些銷量將會反彈。

The other thing as, if I can just -- maybe just one other underscore. If you look at this business over a 3-year basis, and I said it in my prepared remarks, this business is up 50% same-store sales on a 3-year stack. So this business continues to just outperform expectations.

另一件事是，如果我可以——也許只是另一個下劃線。如果你從 3 年的角度來看這項業務，正如我在準備好的發言中所說，這項業務的同店銷售額在 3 年中增長了 50%。因此，這項業務的表現繼續超出預期。

Great. And then just one quick follow-up, which is a broader longer-term question. But just broadly, how sustainable do you think your high single-digit store count growth is? And then what do you view as the limitations on growth as you scale?

偉大的。然後只是一個快速跟進，這是一個更廣泛的長期問題。但總的來說，您認為您的高個位數商店數量增長的可持續性如何？那麼，您認為隨著規模的擴大，增長的限制是什麼？

Liz, I think we sort of talked about this year as being a mid-single-digit same-store sales number, and I think we're very comfortable that, that is a long-term achievable target for us. We also look at sort of the needs-based category that we're in, the age of the car park, the complexity of the vehicles. We know that the industry historically has been growing at about a 3% CAGR. So we really think that, that mid-single digit is a good long-term target for us at Driven.

莉茲，我認為我們今年談論的同店銷售數字是中個位數，我認為我們對此感到非常滿意，這對我們來說是一個長期可實現的目標。我們還研究了我們所處的基於需求的類別、停車場的年齡、車輛的複雜性。我們知道，該行業歷史上一直以 3% 的複合年增長率增長。因此，我們確實認為，對於 Driven 來說，中個位數是一個很好的長期目標。

And Liz, I think on the unit count front, I mean, we obviously have a really strong pipeline, and that pipeline has continued to strengthen over the last couple of years as we've attracted, in particular, new franchisee interest just given our strong economics. So our franchise pipeline -- or excuse me, our total pipeline today stands at about 1,700 units, 35% of which are sites secured or better. So we have nice long-term visibility into future unit expansion.

莉茲，我認為在單位數量方面，我的意思是，我們顯然擁有非常強大的管道，並且在過去幾年中，該管道不斷加強，因為我們吸引了新的特許經營商的興趣，特別是考慮到我們的強大的經濟實力。因此，我們的特許經營渠道——或者抱歉，目前我們的特許經營渠道總數約為 1,700 套，其中 35% 的場地已得到保護或更好。因此，我們對未來的單位擴張有很好的長期預見性。

Next question will be from Karen Short at Crédit Suisse.

下一個問題將由瑞士信貸銀行的凱倫·肖特提出。

Two questions for you. So with respect to what your implied guidance is for 2Q through 4Q in terms of EBITDA margins, can you just talk to that a little bit, because obviously, you need to be at kind of 25% or almost 26% on EBITDA margins in 2Q to 4Q to meet your guidance?

有兩個問題問你。因此，就 EBITDA 利潤率而言，您對第二季度到第四季度的隱含指引，您能否稍微談談這一點，因為顯然，第二季度您的 EBITDA 利潤率需要達到 25% 或幾乎 26%到4Q來滿足您的指導嗎？

And then the second question I had is just on the Car Wash segment, obviously, you have very significant increases in terms of membership. But I mean, weather aside, is there anything you could point to in terms of conversion to actual losses because it seems like there's maybe some risk factor there in terms of actual conversion into doing car wash.

我的第二個問題是關於洗車領域的，顯然，會員數量有了非常顯著的增長。但我的意思是，撇開天氣不談，在轉換為實際損失方面有什麼可以指出的，因為在實際轉換為洗車方面似乎可能存在一些風險因素。

Karen, thanks for the questions. I'll take the first one and maybe Jonathan will follow up on the car wash question. With regard to margin, and I said it a minute ago, I mean, we certainly expected EBITDA margins to be softer in Q1. I foreshadowed that a quarter ago, and it came in actually a little bit better even than we expected. And as I said, that has to do with the timing of the glass integration as well as the Car Wash rebranding. So when you think about modeling Q2 through Q4, your endpoint is to get to an EBITDA margin that's stable relative to 2022, so 25%. And obviously, I would build it over the course of the year, just given the fact that we're going to continue that integration activity and that rebranding activity. So I think that you'll continue to see steady improvement over the year to get to that 25% target by the end of the year.

凱倫，謝謝你的提問。我會採取第一個，也許喬納森會跟進洗車問題。關於利潤率，我剛才說過，我的意思是，我們當然預計第一季度的 EBITDA 利潤率會下降。我在一個季度前就預見到了這一點，結果實際上比我們預期的要好一些。正如我所說，這與玻璃集成的時間以及洗車品牌重塑有關。因此，當您考慮對第二季度到第四季度進行建模時，您的終點是獲得相對於 2022 年穩定的 EBITDA 利潤率，即 25%。顯然，考慮到我們將繼續進行整合活動和品牌重塑活動，我會在一年內構建它。因此，我認為今年您將繼續看到穩步改善，並在年底前實現 25% 的目標。

Jonathan, you want to go to Car Wash.

喬納森，你想去洗車場。

Yes. And Karen, thanks on the Car Wash question. This is a long-term investment for us, and we remain incredibly bullish about how we're going to win and take share in the Car Wash segment for many years to come. We have 400 units. We've grown that unit count by 100% since we acquired the business a little over two years ago. We've grown our membership subscription. We are now standardizing operations, the technology stack. The branding is almost 2/3 complete. So we really are bullish around the long-term benefits of being in the Car Wash space.

是的。凱倫，謝謝你提出洗車問題。這對我們來說是一項長期投資，我們仍然非常看好我們將如何在未來許多年贏得洗車領域並佔據份額。我們有 400 個單位。自兩年多前收購該業務以來，我們的單位數量已增加了 100%。我們增加了會員訂閱。我們現在正在標準化操作和技術堆棧。品牌設計幾乎已完成 2/3。因此，我們確實看好洗車領域的長期利益。

So I think there's a little bit of noise right now with the consumer. Certainly, weather was not in our favor in Q1, but I think we're incredibly optimistic about how big this business is going to be over the next number of years.

所以我認為消費者現在有一些噪音。當然，第一季度的天氣對我們不利，但我認為我們對未來幾年這項業務的規模非常樂觀。

Next question will be from Chris O'Cull at Stifel.

下一個問題將由 Stifel 的 Chris O'Cull 提出。

This is Patrick on for Chris. Tiffany, if I heard you correctly, it sounded like you may be expecting delays to push some of the unit growth you originally guided to for '23, maybe out into '24. And if that's right, can you talk about whether you're anticipating that to play out to a greater extent in any specific segment? And then is it possible to just frame up the potential magnitude relative to maybe that net store growth of $365 million you originally guided to? Just to kind of help frame that up.

這是帕特里克代替克里斯。蒂芙尼，如果我沒聽錯的話，聽起來您可能期望延遲會推動您最初指導的 23 年（甚至可能是 24 年）的部分單位增長。如果這是正確的，您能否談談您是否預計這種情況會在任何特定領域得到更大程度的發揮？那麼是否有可能根據您最初指導的 3.65 億美元的商店淨增長來確定潛在的規模？只是為了幫助構建這一點。

Yes, Patrick, absolutely. Let's just click down a little bit there. So obviously, we reaffirmed our guidance. So we still expect $2.35 billion of revenue for the year. In my prepared remarks, I simply talked about the fact that given where same-store sales levels were in Q1, and they were quite strong, obviously, at 9% for the portfolio in total, it is possible that we see a bit more of that revenue come from same-store sales than we see from unit growth. That doesn't mean we're seeing weakness in our pipeline. The pipeline is as strong as ever. But between permitting delays, which are temporary and weather delays, which we've widely publicized ourselves as well as others that weather wasn't conducive in Q1, there's just some temporary delay to -- not to a significant tone, but -- versus what we thought originally.

是的，帕特里克，絕對如此。讓我們稍微向下點擊一下。顯然，我們重申了我們的指導。因此我們仍然預計今年的收入為 23.5 億美元。在我準備好的發言中，我只是談到了這樣一個事實，即考慮到第一季度的同店銷售水平，而且它們相當強勁，顯然，佔整個投資組合的 9%，我們可能會看到更多該收入來自同店銷售，而不是來自單位增長。這並不意味著我們的管道存在弱點。管道一如既往地強大。但在允許延誤（這是暫時的）和天氣延誤（我們已經向自己和其他人廣泛宣傳天氣對第一季度不利）之間，只是有一些暫時的延誤——不是很重要的語氣，但是——與我們最初的想法。

So in terms of what segments it's going to impact, I mean, obviously, it's widespread, those two conditions, permitting and weather affect growth across the three brands that were growing in earnest today. And we'll give this another quarter, and then we'll give you some further updates as it relates to the back half of the year when we get to our second quarter call.

因此，就其將影響哪些細分市場而言，我的意思是，顯然，它是廣泛的，這兩個條件，許可和天氣影響著今天正在認真增長的三個品牌的增長。我們將再給您一個季度的時間，然後當我們進行第二季度電話會議時，我們將為您提供一些與今年下半年相關的進一步更新。

Got it. That's very helpful. And then, Jonathan, I'm curious, you mentioned the Driven Advantage test program and moving it on to a kind of a wider test phase. I'm curious what you saw in terms of metrics in those early tests that led you to expand the program? And also if you have anything you can share around the potential for EBITDA generation over time and how effective you think your pricing can be to capture a lot more of those procurement needs from franchisees?

知道了。這非常有幫助。然後，喬納森，我很好奇，您提到了 Driven Advantage 測試計劃並將其轉移到更廣泛的測試階段。我很好奇您在那些導致您擴展該計劃的早期測試中看到了什麼指標？另外，您是否可以分享有關隨著時間的推移產生 EBITDA 的潛力以及您認為您的定價能夠如何有效地捕獲特許經營商更多的採購需求？

Yes. Lots of questions on, Patrick, there. Look, we invested in this platform in 2022 and always plan that the test, we'd have some learnings, but we would be expanding that test to sort of the rest of the Driven portfolio. Ultimately, what this does is provide benefits to major stakeholders within the Driven ecosystem. So we're able to provide our franchisees better pricing, better terms and conditions and make them more profitable. That in turn leads to happier, more profitable and stickier franchisees.

是的。帕特里克，有很多問題。看，我們在 2022 年投資了這個平台，並始終計劃通過測試，我們會學到一些東西，但我們會將該測試擴展到 Driven 投資組合的其餘部分。最終，這將為 Driven 生態系統中的主要利益相關者帶來好處。因此，我們能夠為我們的特許經營商提供更好的定價、更好的條款和條件，並使他們獲得更多的利潤。這反過來又會讓加盟商更快樂、更有利可圖、更有粘性。

We're obviously benefiting from a corporate store base because we're leveraging all that volume to drive margin expansion with our company stores. And then lastly, that translates into EBITDA for Driven Brands. And we're excited about continuing to roll this out, getting our franchisees on board using the system, creating stickiness there and ultimately capturing most of the spend that goes through the Driven system. So we're very pleased with the progress that Kyle and his team are delivering. We've now got over 200,000 SKUs on that platform. And we're getting some great feedback from sort of the test users. So more to come, but we're very pleased with the progress so far.

我們顯然受益於公司商店基礎，因為我們正在利用所有這些數量來推動公司商店的利潤擴張。最後，這轉化為 Driven Brands 的 EBITDA。我們很高興能夠繼續推出該系統，讓我們的特許經營商使用該系統，創造粘性，並最終捕獲通過 Driven 系統的大部分支出。因此，我們對凱爾和他的團隊所取得的進展感到非常滿意。目前，我們在該平台上擁有超過 200,000 個 SKU。我們從一些測試用戶那裡得到了一些很好的反饋。還會有更多的事情發生，但我們對迄今為止的進展感到非常滿意。

Next question will be from Seth Sigman at Barclays.

下一個問題將由巴克萊銀行的塞思·西格曼提出。

Maybe just a shorter-term question thinking about how Q1 actually played out. I know you mentioned whether. Clearly, there have been other cross current for the consumer during that period. I'm curious, did you see a slowdown later in the quarter, but maybe more importantly, can you just elaborate on that Q2 momentum comment and what you're seeing here early in Q2?

也許只是一個短期問題，思考第一季度的實際情況如何。我知道你提到過是否。顯然，在此期間，消費者還面臨著其他的逆流。我很好奇，您是否在本季度晚些時候看到經濟放緩，但也許更重要的是，您能否詳細說明第二季度的勢頭評論以及您在第二季度初看到的情況？

Yes, you bet. So in terms of monthly same-store sales trends, the first thing I'll tell you is despite a challenging macro environment, you can see that our needs-based category remains resilient. We posted 9% for the quarter overall. Across the months, I'll tell you, same-store sales were weakest, though still positive in the month of March. However, in the second quarter, we've seen some rebounding, and we're pleased with our results so far and they trend in line with our current expectations.

是的，你敢打賭。因此，就每月同店銷售趨勢而言，我要告訴您的第一件事是，儘管宏觀環境充滿挑戰，但您可以看到我們基於需求的類別仍然具有彈性。我們本季度的總體增長率為 9%。我告訴你，在這幾個月中，同店銷售額最弱，但三月份仍然樂觀。然而，在第二季度，我們看到了一些反彈，我們對迄今為止的結果感到滿意，並且它們的趨勢符合我們當前的預期。

Okay. Great. And then I just want to dig into the maintenance business and the momentum there a little bit more, it sounds like it's really a combination of healthy transactions also average ticket growth. How do you think about the external versus internal drivers for this segment? And just the things that you're focused on to keep that momentum going, because we do assume that at some point, the underlying inflation will start to moderate. So just trying to think about what keeps that traffic going.

好的。偉大的。然後我只想深入研究一下維護業務和那裡的勢頭，聽起來這確實是健康交易和平均門票增長的結合。您如何看待該細分市場的外部驅動因素和內部驅動因素？這就是你關注的事情，以保持這種勢頭，因為我們確實假設在某個時候，潛在的通脹將開始放緩。因此，我們只需思考一下是什麼讓流量保持下去。

I'll take this, and Tiffany may jump in, obviously. But the maintenance is predominantly our Take 5 Quick Lube business. It is a fabulous business from any angle that you look at it. From a consumer value proposition, it's a 10-minute stay in your car, limited menu oil change with NPS scores above 70%. And obviously, high repeat rates from a pure business model, from a Driven and franchisee perspective, these businesses are generating high 30% 4-wall EBITDA margins. And then from a category tailwind perspective, we've got aging vehicles and a premiumization in the oil category.

我會接受這個，顯然蒂芙尼可能會介入。但維護工作主要是我們的 Take 5 Quick Lube 業務。無論從哪個角度來看，這都是一項出色的業務。從消費者價值主張來看，只需在車內停留 10 分鐘，按菜單更換機油即可，NPS 分數高於 70%。顯然，從純粹的商業模式來看，重複率很高，從驅動和特許經營商的角度來看，這些業務正在產生高達 30% 的 4 牆 EBITDA 利潤率。然後從品類順風的角度來看，我們有老化的車輛和石油品類的高端化。

So we think this is a fabulous business. Mo, who runs the business now, who's been in for a couple of months is excited. And we see this business continuing to grow in terms of same-store sales and unit count for many, many years to come. And obviously, that generates hundreds of millions of dollars of EBITDA for Driven. So just an all-around, fabulous business and the prospects remain incredibly positive for it.

所以我們認為這是一項非常棒的業務。現在經營這家公司的莫已經入職幾個月了，他很興奮。我們預計該業務的同店銷售額和銷量將在未來很多年持續增長。顯然，這為 Driven 帶來了數億美元的 EBITDA。因此，這是一項全面、出色的業務，其前景仍然非常樂觀。

And maybe just as a reminder, so I agree with everything Jonathan said a wholeheartedly, just remember that we are lapping pricing actions in May and October. So as you think about the cadence of the year to factor those, year-over-year comparisons into your models.

也許只是作為一個提醒，所以我全心全意地同意喬納森所說的一切，只要記住我們將在五月和十月採取定價行動。因此，當您考慮今年的節奏時，請將這些逐年比較納入您的模型中。

Next question will be from Sharon Zackfia at William Blair.

下一個問題將由威廉·布萊爾的莎朗·扎克菲亞提出。

Actually following up on that. Can you kind of walk through -- I know there was inflationary and price benefits in the comps last year. Can you walk through kind of the pace of where we roll those off and kind of what order of magnitude by segment? And then secondarily, the reiteration of the revenue for the year, I assume, implies a reiteration of the comp guidance as well. Are you now tracking within that 5% to 7% comp guidance? Or how should we think about current trends?

實際上正在跟進。你能介紹一下嗎——我知道去年的比較中有通貨膨脹和價格方面的好處。您能否介紹一下我們推出這些產品的速度以及按細分市場的數量級？其次，我認為重申今年的收入也意味著重申公司指南。您現在是否在 5% 到 7% 的指導範圍內追踪？或者說我們應該如何看待當前的趨勢？

Yes, Sharon, thank you. So to your first question about the pricing actions and what we saw in terms of inflation in retail price improvement last year, we took pricing actions in both May and October, so overall, we saw high single-digit inflation last year. And obviously, we took retail pricing action to offset that inflation in those two months, respectively.

是的，莎倫，謝謝你。因此，關於你的第一個問題，關於定價行動以及我們在去年零售價格改善的通脹方面看到的情況，我們在 5 月和 10 月都採取了定價行動，所以總的來說，我們去年看到了高單位數通脹。顯然，我們分別採取了零售定價行動來抵消這兩個月的通脹。

And then with regard to current performance, so far in the second quarter, we are trending back in line with our guidance of same-store sales, which was 5% to 7%, so I can confirm that.

然後就目前的業績而言，第二季度到目前為止，我們的同店銷售指引正在恢復，即 5% 至 7%，所以我可以確認這一點。

Next question will be from Brian McNamara at Canaccord Genuity.

下一個問題將由 Canaccord Genuity 的 Brian McNamara 提出。

So with recent bank failures, I'm curious where your franchisees predominantly get their financing from and what impact, if any, the recent significant tightening of lending standards is having on your franchisees and whether that was also contributing to slower store growth this year outside of construction and permitting delays?

因此，隨著最近的銀行倒閉，我很好奇您的特許經營商主要從哪裡獲得融資，以及最近貸款標準的大幅收緊對您的特許經營商產生了什麼影響（如果有的話），以及這是否也會導致今年以外的商店增長放緩施工和允許延誤？

Brian, let me just categorically say no. Our franchisees use a mix of funding sources, but we're not -- they're not tied in or heavily exposed to some of the banks that have run into trouble over the last sort of quarter. This is really evident by our pipeline continues to grow. And when we talk about the pipeline, there's really two data points that we look at there. One is when people sign a development agreement, they actually pay significant funds upfront. So it's not just a free development agreement. They're actually putting their money where their mouth is.

布萊恩，讓我斷然說不。我們的特許經營商使用多種資金來源，但我們沒有——他們沒有與上個季度陷入困境的一些銀行聯繫在一起，也沒有嚴重接觸這些銀行。我們的管道持續增長就證明了這一點。當我們談論管道時，我們實際上會關注兩個數據點。一是當人們簽署開發協議時，他們實際上預先支付了大量資金。所以這不僅僅是一個自由開發協議。他們實際上是把錢放在嘴邊。

And the second part is that our pipeline now is over 35% sites secured or better, which means that people are fully engaged in the process. So there is no at the moment, and we don't expect it to be any financial -- any impact to our development as a result of the banking challenges. Just to reiterate what Tiffany said, there's a little bit of weather and then the permitting in the new-store growth, we think it's de minimis, but we just wanted to let people know that there could be a little bit pressure in the year, but no material change and those stores will still open.

第二部分是，我們的渠道現在超過 35% 的站點得到了保護或更好，這意味著人們充分參與了這一過程。因此，目前，我們預計銀行業挑戰不會對我們的發展產生任何財務影響。只是重申一下蒂芙尼所說的，有一點天氣因素，然後在新店增長的允許下，我們認為這是微乎其微的，但我們只是想讓人們知道今年可能會有一點壓力，但沒有重大變化，這些商店仍然會營業。

Next question will be from Peter Benedict at Baird.

下一個問題將由貝爾德 (Baird) 的彼得·本尼迪克特 (Peter Benedict) 提出。

So just a question on the glass business. Maybe can you give us an update on the efforts to improve the commercial mix? I know it's still early, but just wanted to get a sense for where you were with that effort.

這只是關於玻璃業務的問題。也許您能給我們介紹一下改善商業組合的最新進展嗎？我知道現在還為時過早，但我只是想了解一下您所做的努力的進展情況。

Peter, I think a couple of things going on. One, as Tiffany mentioned, we are sort of in the throes of standardizing that business from a brand perspective, from a technology perspective, from a customer offering perspective. So that journey is still ongoing. We acquired 10 different businesses essentially last year. So the team is busy with all that integration work.

彼得，我認為發生了一些事情。第一，正如蒂芙尼提到的，我們正處於從品牌角度、技術角度、客戶服務角度標準化業務的陣痛之中。所以這個旅程仍在繼續。去年我們基本上收購了 10 家不同的企業。因此，團隊正忙於所有集成工作。

In terms of the commercial customers, like we've said, this business is a mix of free customers. There's what we would call retail customers. There's commercial customers, which are a lot of our fleet partners and then there's insurance customers. And we're very pleased with the progress we're making on all three fronts. Commercial is probably a little bit ahead of insurance in terms of the national insurance, but we still do a lot of, what I would say, local or regional insurance work.

就商業客戶而言，正如我們所說，這項業務是免費客戶的混合體。這就是我們所說的零售客戶。有商業客戶，其中有很多我們的車隊合作夥伴，還有保險客戶。我們對在這三個方面取得的進展感到非常滿意。商業保險可能比全國保險領先一點，但我們仍然做了很多，我想說的是，地方或區域保險工作。

So again, the team is doing great work, 10 acquisitions are being integrated and we would stand by the guidance that we talked about last year that the big national insurance opportunity really will start to unfold in late '23, early '24.

再說一遍，團隊正在做出色的工作，正在整合 10 項收購，我們將堅持去年談到的指導方針，即大型國家保險機會真正將在 23 年底、24 年初開始展現。

Okay. That's helpful. And then just on the wallet share with your customers. I mean, obviously, multiple touch points opportunities throughout the year across your platform. Just maybe an update on kind of how you're measuring that, where you stand on that, maybe some goals or targets that you're hoping to achieve in terms of expanding wallet share with all those customers you've gotten to Data Lake.

好的。這很有幫助。然後只需在錢包上與您的客戶分享即可。顯然，我的意思是，您的平台全年都有多個接觸點機會。也許只是關於您如何衡量這一點的更新，您對此的立場，也許是您希望在擴大與所有使用數據湖的客戶的錢包份額方面實現的一些目標或指標。

Yes, Peter, I'm going to sort of do a little teaser here for our Investor Day, which is coming up on May 23, and we're going to spend quite a bit of time talking about the wallet share opportunity and the data that we have. So I'll tease May 23, and we'll answer that more holistically then.

是的，彼得，我要為 5 月 23 日即將到來的投資者日做一個小預告，我們將花相當多的時間討論錢包分享機會和數據我們有。所以我會在 5 月 23 日開個玩笑，然後我們會更全面地回答這個問題。

Our last question will be from Peter Keith at Piper Sandler.

我們的最後一個問題將來自 Piper Sandler 的 Peter Keith。

So a lot of my questions have already been asked, but I'm going to just dig into Car Wash a little bit. So nit-picking, but you have previously stated that the Car Wash rebranding and relaunch efforts have been driving a 10% list. You didn't -- I don't know if it was purposeful, but you're not giving that number today. So I want to confirm if you're still seeing that 10% lift. And then on the Car Wash unit openings, so 65 is a lot of Car Wash units, and you historically don't have a track record of opening greenfield car wash. These are kind of big, complex expensive units. So just give us some comfort on the execution of getting these open and seeing good returns.

我的很多問題已經被問到了，但我只想深入探討一下洗車。如此吹毛求疵，但您之前曾說過，洗車品牌重塑和重新推出的努力一直推動著 10% 的榜單。你沒有——我不知道這是否是有目的的，但你今天沒有給出這個數字。所以我想確認一下您是否仍然看到 10% 的提升。然後是洗車單位的空缺，因此 65 個洗車單位是很多，而且您歷史上沒有開設新建洗車單位的記錄。這些都是大型、複雜且昂貴的單元。因此，請讓我們對開放這些項目並看到良好回報的執行感到一些安慰。

Yes. Awesome, Peter. All right. So let me take your first one and Jonathan will handle the greenfield question. Regarding the lift, so we are still pleased with what we're seeing in our rebranded locations. I think it's really important to hear 10% lift being -- from the point where they're starting and not 10% same-store sales, right? So there was a little bit of confusion around that, I think, by the community largely last quarter. But yes, we're still continuing to see the performance we expect from these rebranded stores.

是的。太棒了，彼得。好的。所以讓我來回答你的第一個問題，喬納森將處理綠地問題。關於電梯，我們仍然對在重新命名的地點所看到的感到滿意。我認為聽到 10% 的提升是非常重要的——從他們開始的那一刻起，而不是 10% 的同店銷售額，對嗎？因此，我認為社區在上個季度對此存在一些困惑。但是，是的，我們仍然繼續看到這些更名後的商店的預期表現。

And Peter, on the opening stuff, a couple of things. One is it's not our first rodeo, so to speak, Peter, here. We have been opening greenfield locations for many years. We've opened 300, 400 plus Quick Lube locations. Last year, we opened -- I can't remember the exact number, but quite a lot of greenfield car washes. We have the people, process and systems in place to comply open the guided number of 65 units this year. We've got deep expertise in-house. So this is not a new thing for us. Sure, the actual site work and construction is a little bit more complicated, but feel very comfortable that we've got the people, process and systems in place to effectively do that and ramp those new stores when they do open.

彼得，關於開場白，有幾件事。可以這麼說，彼得，這不是我們的第一次牛仔競技表演。多年來，我們一直在新建地點。我們已經開設了 300、400 多個 Quick Lube 地點。去年，我們開業了——我不記得確切的數字了，但有相當多的新建洗車場。我們已具備適當的人員、流程和系統來遵守今年開放 65 家單位的指導數量。我們內部擁有深厚的專業知識。所以這對我們來說並不是什麼新鮮事。當然，實際的現場工作和施工要復雜一些，但我們感到非常放心，因為我們擁有適當的人員、流程和系統來有效地做到這一點，並在新店開業時加速這些新店的開業。

Okay. And Tiffany, I just want to understand your answer. The 10% lift from where they were starting versus where they are today, I'm not really sure what the difference is. Can you help me understand that better?

好的。蒂芙尼，我只想了解你的答案。與現在相比，他們的起點提高了 10%，我不太確定有什麼區別。你能幫助我更好地理解這一點嗎？

Yes. So Peter, what I was alluding to was it's 10% off a standing start, right? So wherever the store had been performing not rebranded under Take 5 and not with that standard operating playbook, we're seeing a 10% lift from that standing start on those stores. But that's consistent with our business case that we shared a couple of quarters ago.

是的。 Peter，我剛才提到的是，起步價有 10% 的折扣，對嗎？因此，只要商店的業績沒有根據 Take 5 進行重新命名，也沒有採用標準運營手冊，我們就會看到這些商店的業績較其初始業績提高了 10%。但這與我們幾個季度前分享的業務案例是一致的。

Thank you. That concludes the Q&A section of the earnings call. I will now turn the call back over to Mr. Fitzpatrick for closing remarks.

謝謝。財報電話會議的問答部分到此結束。現在我將把電話轉回給菲茨帕特里克先生做總結髮言。

Thank you. Thanks, everyone, for your time today. We do appreciate it. Driven continues to deliver strong growth and profitability. We feel we have great momentum entering the year in a resilient category, powered by a diversified platform and tangible network benefits that provide a significant competitive advantage.

謝謝。謝謝大家今天抽出時間。我們確實很感激。 Driven 繼續帶來強勁的增長和盈利能力。我們認為，在多元化的平台和有形的網絡優勢的推動下，我們在一個有彈性的類別中進入了今年，勢頭強勁，提供了顯著的競爭優勢。

Our team has a track record of execution, delivering results ahead of expectations and driving share gains in this dynamic environment. Our proven playbook for growth is working. And pulling all that together, we remain confident in our ability to deliver long-term profitable growth and enhance shareholder value. And we look forward to seeing you in Charlotte on May 23 for our Investor Day. And as always, Investor Relations with Kristy will be available after the call if anyone has any follow-up questions. Thank you.

我們的團隊擁有良好的執行記錄，在這個充滿活力的環境中交付了超出預期的成果並推動了份額增長。我們行之有效的增長策略正在發揮作用。綜上所述，我們對實現長期盈利增長和提高股東價值的能力仍然充滿信心。我們期待 5 月 23 日在夏洛特參加投資者日與您見面。與往常一樣，如果有人有任何後續問題，我們將在電話會議後與克里斯蒂聯繫投資者關係。謝謝。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your call for today. Once again, thank you for attending. And at this time, we ask that you please disconnect your lines.

謝謝你，先生。女士們、先生們，今天的呼籲確實結束了。再次感謝您的出席。此時，我們要求您斷開線路。