Driven Brands Holdings Inc (DRVN) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Driven Brands second quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, August 5, 2025.

女士們、先生們，早安，歡迎參加 Driven Brands 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 5 日星期二錄製。

I would now like to turn the call over to Joel Arnao. Please go ahead.

現在我想把電話轉給喬爾·阿諾 (Joel Arnao)。請繼續。

Good morning and welcome to Driven Brands second quarter 2025 earnings conference call. The earnings release and the net leverage ratio reconciliation are available for download on our website at investors.drivenbands.com.

早安，歡迎參加 Driven Brands 2025 年第二季財報電話會議。收益報告和淨槓桿率對帳單可在我們的網站 investors.drivenbands.com 下載。

On the call today with me are Danny Rivera, President and Chief Executive Officer; and Mike Diamond, Executive Vice President and Chief Financial Officer. In a moment, Danny and Mike will walk you through our financial and operating performance for the quarter.

今天與我一起參加電話會議的有總裁兼執行長 Danny Rivera 和執行副總裁兼財務長 Mike Diamond。稍後，丹尼和麥克將向您介紹我們本季的財務和營運表現。

Before we begin our remarks, I'd like to remind you that management will refer to certain non-GAAP financial measures. The reconciliations to the most directly comparable GAAP financial measures on the company's Investor Relations website and in its filings with the Securities and Exchange Commission.

在我們開始發言之前，我想提醒您，管理階層將參考某些非 GAAP 財務指標。公司投資者關係網站和向美國證券交易委員會提交的文件中與最直接可比較的 GAAP 財務指標進行了對帳。

During the course of this call, we may also make forward-looking statements in regards to our current plans, beliefs and expectations. These statements are not guarantees of 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 results and events contemplated by these forward-looking statements.

在本次電話會議期間，我們也可能就我們目前的計劃、信念和期望做出前瞻性陳述。這些聲明並非對未來績效的保證，並且受多種風險、不確定性和其他因素的影響，這些因素可能導致實際結果和事件與這些前瞻性聲明所預期的結果和事件有重大差異。

Please find the earnings release and our filings with the Securities and Exchange Commission for more information. Today's prepared remarks will be followed by a question-and-answer session. We ask you to limit yourself to one question and one follow-up. Now I'll turn it over to my partner, Danny.

請參閱收益報告和我們向美國證券交易委員會提交的文件以獲取更多資訊。今天的準備好的發言之後將進行問答環節。我們要求您只提出一個問題並進行一次跟進。現在我將把發言權交給我的搭檔丹尼。

Good morning. Thank you for joining us today to discuss Driven Brands second quarter 2025 financial results. I want to begin by thanking the more than 7,500 Driven Brands team members and franchise partners whose hard work and execution continue to drive results in a dynamic macro environment.

早安.感謝您今天加入我們討論 Driven Brands 2025 年第二季的財務表現。首先，我要感謝 Driven Brands 團隊的 7,500 多名成員和特許經營合作夥伴，他們的辛勤工作和執行力在動態的宏觀環境中繼續推動成果。

One of my first actions as CEO was to hit the road on a listening tour, visiting many of our offices and shops across the country to hear directly from our team. I wanted to solidify what's working, where we can improve and how we shape the next chapter of driven brands together. That effort continued with our annual talent week where driven senior leaders came together to review key roles, invest in leadership development, and hold open conversations about driven our talent and our future.

作為首席執行官，我採取的首要行動之一就是進行傾聽之旅，並訪問我們在全國各地的許多辦事處和商店，直接聽取我們團隊的意見。我想鞏固有效的方法、可以改進的地方以及我們如何共同塑造驅動品牌的下一章。我們的年度人才週繼續進行這項工作，在人才週期間，有幹勁的高層領導齊聚一堂，審查關鍵角色，投資領導力發展，並就推動我們的人才和未來進行公開對話。

What came through loud and clear in every location and every conversation is that we have an incredible team. I left both the tour and talent week more energized than ever about our future. We have the right people, the right model and the right momentum to win.

在每個地方、每一次對話中，我們都清楚地感受到自己擁有一支不可思議的團隊。結束巡迴演出和才藝週後，我對我們的未來比以往任何時候都更有信心。我們擁有合適的人才、合適的模式和合適的動力來贏得勝利。

Shifting gears to our second quarter results. Driven Brands grew revenue by 6% and delivered adjusted EBITDA of $143 million. System-wide sales increased 3%, supported by 184 net new stores over the last 12 months, and 52 additions this quarter alone. Same-store sales rose 1.7%, marking our 18th consecutive quarter of positive same-store sales.

轉向我們第二季的業績。Driven Brands 營收成長 6%，調整後息稅折舊攤提前利潤 (EBITDA) 達到 1.43 億美元。全系統銷售額成長了 3%，這得益於過去 12 個月內新增了 184 家門市，光本季就新增了 52 家門市。同店銷售額成長 1.7%，這是我們連續第 18 季實現同店銷售額正成長。

We remain focused on our key priorities, delivering consistent growth fueled by Take 5, generating strong free cash flow from our franchise brands and executing on our deleveraging plan to create long-term shareholder value. Take 5 Oil Change once again led the way with industry-leading growth, inclusive of 10% adjusted EBITDA growth year-over-year, 169 net new stores over the past 12 months and 41 for the quarter, and same-store sales up 7%, marking our 20th consecutive quarter of same-store sales growth.

我們將繼續專注於我們的關鍵優先事項，在 Take 5 的推動下實現持續成長，從我們的特許經營品牌中產生強勁的自由現金流，並執行我們的去槓桿計劃以創造長期股東價值。Take 5 Oil Change 再次以業界領先的成長引領潮流，包括調整後 EBITDA 年成長 10%、過去 12 個月淨增 169 家新店、本季淨增 41 家新店，同店銷售額成長 7%，這是我們連續第 20 個季度實現同店銷售額成長。

Take 5 is the home of the stain your car 10 Minute Oil Change. Our unique operating model paired with the passion and consistency of our team members and franchisees continues to deliver Net Promoter Scores in the high 70s, resulting in strong customer loyalty. As we continue to open over 150 new locations annually, many in new markets, brand awareness and customer trial continues to grow and those first-time visitors become repeat customers. We're also seeing meaningful contribution from our non-oil change revenue, which accounted for more than 20% of Take 5 sales for the quarter, driven by continued strong attachment rates.

Take 5 是家裡污漬你的車 10 分鐘換油。我們獨特的營運模式，加上團隊成員和加盟商的熱情和一致性，持續帶來 70 多歲的淨推薦值，從而贏得了強大的客戶忠誠度。隨著我們每年繼續在新市場開設 150 多個新店，品牌知名度和客戶試用度不斷提高，初次光顧的顧客也成為了回頭客。我們也看到非換油收入做出了有意義的貢獻，在持續強勁的附加率的推動下，非換油收入佔本季 Take 5 銷售額的 20% 以上。

As part of our strategy to grow non-oil change revenue and expand our service offerings, we began piloting different the replacement of a vehicle's differential fluid last year. Today, that service is fully rolled out across all company-owned locations and roughly half of our franchise locations with full rollout expected by the end of Q3.

作為增加非換油收入和擴大服務範圍策略的一部分，我們去年開始試行不同的車輛差速器油更換方法。如今，該服務已全面推廣至該公司所有自營門市和約一半的特許經營門市，預計將於第三季末全面推出。

This brings our total number of non-oil services to six, all designed to fit seamlessly within our fast friendly simple stain your car model. Importantly, our attachment rates and Net Promoter Scores remain strong underscoring the trust customers placing us to deliver more in every visit.

這使得我們的非石油服務總數達到六項，所有服務均旨在無縫融入我們快速友好、簡單的汽車染色模型。重要的是，我們的附加率和淨推薦值仍然很高，這凸顯了客戶對我們每次造訪都能提供更多服務的信任。

As we continue to execute, we're unlocking greater value for our customers and greater productivity from every lane. Our franchise and international Car Wash segments, home to iconic brands like Meineke, Macco and CARSTAR continue to be high margin, strong free cash flow generators, allowing us to reinvest in the growth engine that is Take 5.

隨著我們不斷執行，我們正在為客戶釋放更大的價值，並從各個方面提高生產力。我們的特許經營和國際洗車部門擁有 Meineke、Macco 和 CARSTAR 等標誌性品牌，繼續保持高利潤率和強勁的自由現金流生成器，使我們能夠重新投資於 Take 5 這一增長引擎。

Our franchise segment generated $45 million in adjusted EBITDA for the quarter, with adjusted EBITDA margins of 61%. We continue to see year-over-year softness in both our Collision business and Macco. In collision, the broader industry remains under pressure, but we're encouraged by Driven's continued market share gains. Macco showed sequential improvement this quarter, though it remains down versus prior year due primarily to a pullback in discretionary spending among lower-income consumers.

我們的特許經營部門本季的調整後 EBITDA 為 4,500 萬美元，調整後 EBITDA 利潤率為 61%。我們繼續看到碰撞業務和 Macco 業務較去年同期下滑。在碰撞中，整個產業仍然面臨壓力，但 Driven 的市佔率持續成長令我們感到鼓舞。Macco 本季業績較上季改善，但與去年同期相比仍有所下降，主要原因是低收入消費者的可自由支配支出減少。

While we're pleased with our market share gains in collision and Macco's quarter-over-quarter progress, we anticipate ongoing softness in both for the remainder of the year. Meanwhile, IMO, our international carwash business continues to deliver strong top and bottom line performance with same-store sales for the quarter of 19% adjusted EBITDA of $27 million and adjusted EBITDA margins of 37%. For our comments in Q1, we are thrilled with the performance of our Car Wash segment, but expect the performance to moderate in the back half of the year.

雖然我們對碰撞險市場份額的成長和 Macco 季度環比的成長感到滿意，但我們預計今年剩餘時間內這兩個市場仍將持續疲軟。同時，在我看來，我們的國際洗車業務持續實現強勁的營收和利潤表現，本季同店銷售額成長 19%，調整後 EBITDA 為 2,700 萬美元，調整後 EBITDA 利潤率為 37%。對於我們在第一季的評論，我們對洗車部門的表現感到非常興奮，但預計下半年的表現將會放緩。

We remain committed and laser-focused on reducing leverage to 3 times by the end of 2026. Importantly, we recently monetized the seller note from our US Car Wash transaction for $113 million. While Mike will provide the details shortly. This move allowed us to fully retire our term loan and pay down our revolver, reducing net leverage to 3.9 times on a pro forma basis. We first outlined our deleveraging goal at our Investor Day in late 2023 and since the end of that year, we've paid down just under $700 million of debt, reducing net leverage from 5 times to 3.9 times. I'm pleased with the steady progress we're making and remain fully committed to reaching 3 times by the end of 2026.

我們將繼續致力於並專注於 2026 年底將槓桿率降低至 3 倍。重要的是，我們最近將美國洗車場交易中的賣方票據貨幣化，價值 1.13 億美元。麥克很快就會提供詳細資訊。此舉使我們能夠完全償還定期貸款並償還循環信貸，從而將淨槓桿率降低至 3.9 倍（按備考基礎計算）。我們首先在 2023 年底的投資者日上概述了我們的去槓桿目標，自那年年底以來，我們已經償還了近 7 億美元的債務，將淨槓桿率從 5 倍降至 3.9 倍。我對我們的穩定進展感到滿意，並將繼續全力以赴，爭取在 2026 年底實現 3 倍的目標。

While the tariff environment remains fluid, we've seen no material change to our tariff posture since our Q1 update. Driven remains well positioned, and we continue to believe that our diversified sourcing strategy and pricing power supported by the nondiscretionary low frequency nature of our services will enable us to manage any foreseeable risk.

儘管關稅環境仍然不穩定，但自第一季更新以來，我們的關稅態勢並未發生重大變化。Driven 仍然處於有利地位，我們仍然相信，我們多元化的採購策略和定價能力，加上我們服務的非自由裁量低頻性質的支持，將使我們能夠管理任何可預見的風險。

I'd summarize my remarks today as follows: first, we delivered a strong second quarter across same-store sales, revenue, adjusted EBITDA and adjusted EPS. Second, Take 5 continues to deliver industry-leading growth. Third, our franchise and carwash segments remain reliable sources of strong free cash flow. And finally, we remain on track and committed to reducing leverage to 3 times by the end of 2026.

我今天的發言總結如下：首先，我們第二季度的同店銷售額、收入、調整後 EBITDA 和調整後 EPS 均表現強勁。其次，Take 5 持續實現業界領先的成長。第三，我們的特許經營和洗車部門仍然是強勁自由現金流的可靠來源。最後，我們將繼續按計劃推進，並致力於在 2026 年底之前將槓桿率降至 3 倍。

I want to sincerely thank our thousands of employees and franchise partners for their continued dedication and hard work. Despite a dynamic environment, I remain confident in our team and ability to execute.

我要真誠地感謝我們數千名員工和特許經營合作夥伴的持續奉獻和辛勤工作。儘管環境充滿活力，我仍然對我們的團隊和執行能力充滿信心。

With that, I'll turn it over to my partner and Driven's CFO, Mike.

說完這些，我將把權力移交給我的合夥人兼 Driven 的財務長 Mike。

Thank you, Danny, and good morning, everyone. Q2 2025 was yet another strong quarter for Driven marked by consistent execution, strong sales growth in our Take 5 Oil Change business and continued debt paydown helped in part by the completion of the sale of our US Car Wash business. As a reminder, with the divestiture of our US Car Wash business, the results for that business are included in discontinued operations and are not included in financial details provided today, unless otherwise noted. .

謝謝你，丹尼，大家早安。2025 年第二季度對於 Driven 來說又是又一個強勁的季度，其特點是執行力穩定、Take 5 換油業務銷售強勁增長以及持續的債務償還，這在一定程度上得益於我們完成美國洗車業務的出售。提醒一下，隨著我們美國洗車業務的剝離，該業務的業績將包含在已終止經營的業務中，並且不會包含在今天提供的財務細節中，除非另有說明。。

Driven recorded its 18th consecutive quarter of same-store sales growth, increasing 1.7% in Q2. We added 52 net units in Q2 as continued strength in our Take 5 segment was supplemented by unit growth in our Franchise Brands segment.

Driven 連續第 18 季實現同店銷售額成長，第二季成長 1.7%。由於我們的 Take 5 部門的持續強勁表現以及特許經營品牌部門的單位增長，我們在第二季度增加了 52 個淨單位。

System-wide sales for the company grew 3.1% in Q2 to $1.6 billion. Total revenue for Q2 was $551 million, an increase of 6.2% year-over-year. Q2 operating expenses increased $84.2 million year-over-year. Key drivers of this increase include an increase in company and independently operated store expenses of $17.8 million driven by higher sales volumes and more stores in Q2 of 2025 versus Q2 of 2024, an increase in SG&A of $63.3 million approximately $49.7 million of this increase is excluded from adjusted EBITDA, driven by a loss from the seller note receivable, increases in cloud computing amortization and losses from the sale or disposal of fixed assets.

該公司第二季全系統銷售額成長 3.1%，達到 16 億美元。第二季總營收為 5.51 億美元，年增 6.2%。第二季營運費用較去年同期增加8,420萬美元。這一增長的主要驅動因素包括公司和獨立運營商店的費用增加了 1780 萬美元，這是由於 2025 年第二季度的銷售量增加和商店數量增加所致，而 2025 年第二季度與 2024 年第二季度相比，銷售、一般及行政費用增加了 6330 萬美元，其中約 4970 萬美元的調整後計入EBITDA，這是由於賣方應收票據的損失、雲端運算攤銷的增加以及出售或處置固定資產的損失。

The remaining $14 million increase in SG&A is driven primarily by ongoing investments in growth initiatives and the normalization of certain reserves. Operating income for Q2 was $38.1 million. Adjusted EBITDA for Q2 was $143.2 million, roughly $0.2 million below Q2 last year.

銷售、一般及行政費用 (SG&A) 剩餘 1,400 萬美元的成長主要源自於對成長計畫的持續投資以及某些儲備金的正常化。第二季營業收入為 3,810 萬美元。第二季調整後的 EBITDA 為 1.432 億美元，比去年第二季低約 20 萬美元。

As a reminder, Q2 of this year comes without the benefit of PH feature, which we divested in August 2024 but the results of which are still included in Q2 2024 results. Adjusted EBITDA margin for Q2 was 26%, an increase of roughly 160 basis points versus Q2 last year as sales growth was offset by the aforementioned increases in store expenses and SG&A.

提醒一下，今年第二季沒有 PH 功能的好處，我們在 2024 年 8 月剝離了該功能，但其結果仍然包含在 2024 年第二季的結果中。第二季調整後的 EBITDA 利潤率為 26%，比去年第二季增加了約 160 個基點，因為銷售額的成長被上述門市費用和銷售、一般及行政費用的增加所抵銷。

Net interest expense for Q2 was $31.4 million, down $0.5 million from Q2 last year. Income tax expense for the quarter was $7.1 million. Net income from continuing operations for the quarter was $11.8 million. Adjusted net income from continuing operations for the quarter was $59.1 million. Adjusted diluted EPS from continuing operations for Q2 was $0.36, a decrease of $0.01 versus Q2 last year, driven by lapping Q2 2024 earnings from pH Vitro. Q2 performance for each of our segments include, Take 5 Oil Change, which represents approximately 75% of Driven overall adjusted EBITDA had another strong quarter with same-store sales increasing 6.6% and revenue growth of 14.7%.

第二季淨利息支出為 3,140 萬美元，比去年第二季減少 50 萬美元。本季所得稅費用為 710 萬美元。本季持續經營淨收入為 1,180 萬美元。本季調整後的持續經營淨收入為 5,910 萬美元。第二季持續經營業務的調整後稀釋每股收益為 0.36 美元，較去年第二季下降 0.01 美元，主要原因是 pH Vitro 的 2024 年第二季收益重疊。我們各部門第二季的業績包括，Take 5 Oil Change，佔 Driven 整體調整後 EBITDA 的約 75%，該部門又一個季度表現強勁，同店銷售額增長 6.6%，收入增長 14.7%。

Danny mentioned earlier the rollout of our differential fluid service system-wide and this expanded service offering was one of several contributors to the continued strong sales performance. Revenue from our non-oil change services continues to grow, now comprising over 20% of Take 5's total system-wide sales, and we continue to see expansion in the penetration of premium oils, which account for approximately 90% of our oil changes.

丹尼之前提到了我們在整個系統範圍內推出的差速器油服務，這種擴展的服務範圍是持續強勁銷售業績的幾個因素之一。我們的非換油服務收入持續成長，目前佔 Take 5 系統總銷售額的 20% 以上，我們持續看到優質油的滲透率不斷擴大，約占我們換油量的 90%。

Adjusted EBITDA for the quarter was $108.2 million, reflecting growth of 9.9% compared to Q2 2024. Adjusted EBITDA margin was 35.6%. We opened 41 net new units in the quarter, of which 24 were company-operated stores and 17 were franchise-operated. Franchise Brands reported a 1.5% decline in same-store sales representing a sequential improvement from Q1 of this year despite continued pressure in our most discretionary business, Macco and ongoing softness in the broader collision industry.

本季調整後 EBITDA 為 1.082 億美元，與 2024 年第二季相比成長 9.9%。調整後的 EBITDA 利潤率為 35.6%。本季我們新開設了 41 家門市，其中 24 家為公司直營店，17 家為特許經營店。特許經營品牌報告稱，儘管我們最自主的業務 Macco 持續面臨壓力，且整個碰撞行業持續疲軟，但同店銷售額仍下降 1.5%，較今年第一季有所改善。

Segment revenue decreased $6.4 million or 7.9%, driven by same-store sales and lapping onetime fees from last year. The segment maintained its strong position as a key cash generator in our portfolio, delivering a Q2 adjusted EBITDA margin of 60.9%. Adjusted EBITDA was $45.4 million, down $8.8 million from the prior year, reflecting both the revenue decrease and higher G&A costs.

由於同店銷售額和去年的一次性費用減少，部門收入減少了 640 萬美元，即 7.9%。該部門在我們的投資組合中保持了作為主要現金來源的強勢地位，第二季調整後的 EBITDA 利潤率為 60.9%。調整後的 EBITDA 為 4,540 萬美元，比上年減少 880 萬美元，反映了收入減少和 G&A 成本增加。

We continue to grow our footprint, adding 13 net new units in the quarter. Our Car Wash segment, representing our international Car Wash business had another record quarter with same-store sales growth of 19.4%. Similar to trends we experienced last quarter, this performance was driven by improved operations, expanded service offerings and more favorable weather relative to a year ago. Adjusted EBITDA increased $5.1 million to $27.3 million. Adjusted EBITDA margin increased 120 basis points to 37.2%.

我們繼續擴大業務範圍，本季新增 13 個淨新單位。我們的洗車部門（代表我們的國際洗車業務）再創季度紀錄，同店銷售額成長 19.4%。與我們上個季度經歷的趨勢類似，這一業績是由營運改善、服務範圍擴大以及比去年同期更有利的天氣所推動的。調整後的 EBITDA 增加 510 萬美元，達到 2,730 萬美元。調整後的 EBITDA 利潤率增加 120 個基點至 37.2%。

As we discussed last quarter, on April 10, we closed the sale of our US car wash business for gross cash proceeds of $255 million and a seller note of $130 million. On July 25, we monetized the seller note for $113 million. We applied these net proceeds to fully retire our term loan and pay down our revolving credit facility by approximately $65 million.

正如我們上個季度所討論的，4 月 10 日，我們完成了美國洗車業務的出售，總現金收益為 2.55 億美元，賣方票據為 1.3 億美元。7 月 25 日，我們將賣方票據貨幣化，金額為 1.13 億美元。我們利用這些淨收益全額償還了定期貸款，並償還了約 6,500 萬美元的循環信貸額度。

This transaction closed after the quarter closed, and therefore, our Q2 balance sheet reflects a note receivable for $113 million.

該交易在本季結束後完成，因此，我們的第二季資產負債表反映了 1.13 億美元的應收票據。

Turning to the remainder of our liquidity, leverage and cash flow performance for Q2. Our cash flow statement shows a consolidated view of cash flows for Q2, inclusive of our discontinued operations. Net capital expenditures for the quarter were $48.5 million, consisting of $62.6 million in gross CapEx, offset by $14.1 million in sale-leaseback proceeds.

轉向第二季剩餘的流動性、槓桿率和現金流表現。我們的現金流量表顯示了第二季現金流量的綜合情況，包括我們已終止的業務。本季淨資本支出為 4,850 萬美元，其中包括 6,260 萬美元的總資本支出，抵銷了 1,410 萬美元的售後回租收益。

Proceeds from assets held for sale in Q2 generated an additional $4.1 million of cash. As a reminder, we have now sold through a majority of our assets held for sale and would expect to generate a modest amount of proceeds through the rest of 2025. Free cash flow for the quarter defined as operating cash flow less net capital expenditures was $31.9 million, driven by strong operating performance. Strong cash generation, combined with the sale of our US Car Wash business, enabled us to advance our deleveraging priorities, reducing debt by approximately $265 million during the quarter.

第二季持有待售資產的收益產生了額外的 410 萬美元現金。提醒一下，我們現在已經出售了大部分待售資產，並預計在 2025 年剩餘時間內將產生少量收益。受強勁的營運業績推動，本季自由現金流（定義為營運現金流減去淨資本支出）為 3,190 萬美元。強勁的現金產生能力，加上美國洗車業務的出售，使我們能夠推進去槓桿優先事項，在本季度減少了約 2.65 億美元的債務。

Our net leverage stood at 4.1 times net debt to adjusted EBITDA at quarter end. When adjusting for the seller note sale and subsequent debt reduction, our pro forma net leverage improved to 3.9 times. As of today, our revolving credit facility has a balance of $110 million and represents the only nonsecuritized debt we have outstanding.

季末，我們的淨槓桿比率為淨債務與調整後 EBITDA 的 4.1 倍。當調整賣方票據銷售和隨後的債務減少時，我們的預期淨槓桿率提高到 3.9 倍。截至今天，我們的循環信貸額度餘額為 1.1 億美元，是我們唯一未償還的非證券化債務。

Year-to-date, we have repaid approximately $445 million of debt. Our debt is now 94% fixed rate with a weighted average rate of 4.6%. One final note on debt. You will see in our balance sheet an increase in current portion of long-term debt related to our Class 2019-1 securitized notes that have an anticipated repayment date of April 2026. Given the nature of the securitized debt market that is common to refinance these notes closer to the repayment date, and we are confident in our ability to refinance.

今年迄今為止，我們已償還約 4.45 億美元的債務。我們的債務目前 94% 為固定利率，加權平均利率為 4.6%。關於債務的最後一點說明。您將在我們的資產負債表中看到與我們的 2019-1 類證券化票據相關的長期債務的當前部分增加，這些票據的預期還款日期為 2026 年 4 月。鑑於證券化債務市場的性質，在接近還款日時對這些票據進行再融資是很常見的，我們對我們的再融資能力充滿信心。

As a reminder, we also have a revolving credit facility and variable funding note capacity of approximately $700 million, which is available to us in the unlikely event we are unable to refinance the 2019 notes. Our Q2 performance demonstrates meaningful progress on our key financial priorities, generating solid free cash flow, systematically reducing leverage and further strengthening our balance sheet.

提醒一下，我們還擁有約 7 億美元的循環信貸額度和可變融資票據容量，如果我們無法為 2019 年票據再融資，我們可以使用這些資金。我們第二季的業績表明，我們在關鍵財務重點方面取得了有意義的進展，產生了穩健的自由現金流，系統地降低了槓桿率，並進一步加強了我們的資產負債表。

With the successful monetization of the seller note and subsequent debt reduction, we've simplified our capital structure and enhanced our financial flexibility for the remainder of the year.

隨著賣方票據的成功貨幣化和隨後的債務減少，我們簡化了資本結構並增強了今年剩餘時間的財務靈活性。

I'd now like to spend a little bit of time on the current operating environment and provide an update on our full year outlook. As Danny mentioned earlier, the driven portfolio benefits from providing generally nondiscretionary services for an asset a person's transportation that is essential for their livelihood. While declining consumer sentiment has the potential to adversely impact our performance, our business model remains resilient overall.

現在我想花一點時間談談當前的營運環境並提供我們全年展望的最新情況。正如丹尼之前提到的，驅動型投資組合受益於為資產提供通常非自由支配的服務，即對人們的生活至關重要的交通服務。儘管消費者信心下降可能會對我們的業績產生不利影響，但我們的商業模式總體上仍然具有彈性。

We saw this resilience play out in Q2 with strong, albeit moderating growth in Take 5 and sequential improvement in our Franchise Brands segment, despite some limited pullback from our lowest income consumers and ongoing challenges in the end markets of our Franchise Brands segment.

我們在第二季度看到了這種韌性，儘管最低收入消費者的回落幅度有限，且特許經營品牌部門的終端市場仍面臨持續的挑戰，但 Take 5 的增長強勁（儘管有所放緩），特許經營品牌部門也實現了連續改善。

As mentioned, last quarter, we believe we are well positioned for any potential tariff impacts, thanks to our strong supply chain team and geographically diversified supply chain. As we enter the back half of the year, we reiterate our fiscal 2025 outlook as follows: revenue of $2.05 billion to $2.15 billion, adjusted EBITDA of $520 million to $550 million, adjusted diluted EPS from continuing operations of $1.15 to $1.25, same-store sales of 1% to 3%.

正如上個季度所提到的，我們相信，憑藉我們強大的供應鏈團隊和地理多樣化的供應鏈，我們已做好充分準備應對任何潛在的關稅影響。進入下半年，我們重申對 2025 財年的展望：營收 20.5 億美元至 21.5 億美元，調整後 EBITDA 5.2 億美元至 5.5 億美元，持續經營業務調整後攤薄每股收益 1.15 美元至 1.25 美元，同店銷售額持續經營業務調整後攤薄每股收益 1.15 美元至 1.25 美元，同店銷售額持續經營 1% 至 3%。

We believe we are appropriately cautious for the remainder of the year. We expect Take 5 growth to continue to moderate as it grows over a larger base. Our Car Wash segment of pressure from July significantly unsettled weather conditions and ongoing headwinds in the end markets of our Franchise Brands segment. This caution now leads us to anticipate the second half will represent approximately 50% of our full year revenue and adjusted EBITDA. We expect waiting given the timing and nature of the headwinds we've described leading to a more balanced second half distribution.

我們相信，對於今年剩餘的時間，我們會採取適當的謹慎態度。我們預計，隨著 Take 5 的成長基數越來越大，其成長速度將持續放緩。我們的洗車部門從七月開始面臨壓力，原因是天氣條件嚴重不穩定，而且我們的特許經營品牌部門的終端市場持續面臨逆風。這種謹慎使我們預計下半年的收入和調整後的 EBITDA 將占我們全年收入和調整後 EBITDA 的約 50%。考慮到我們所描述的逆風的時間和性質，我們預計需要等待一段時間才能實現下半年更均衡的分佈。

As for other important operating metrics, we reiterate net store growth between 175 and 200 units, net capital expenditures between 6.5% and 7.5% of revenue. For taxes, we now estimate an effective annual tax rate of 28% to 30%, driven by earnings in our higher tax jurisdiction Car Wash segment. For interest expense, the sale of the US Car Wash seller note will remove the benefit of noncash PIK interest in the back half of the year, offset in part by cash interest savings from additional debt paydown. We now expect full year interest expense between $130 million to $135 million. We believe the strength of the driven platform was on full display during the first half of 2025, demonstrating the resilience and earnings power of our business model.

至於其他重要的營運指標，我們重申淨店成長在 175 至 200 個單位之間，淨資本支出在收入的 6.5% 至 7.5% 之間。對於稅收，我們現在估計有效年稅率為 28% 至 30%，這受到我們較高稅收管轄區洗車部門收益的推動。對於利息支出，出售美國洗車公司賣方票據將消除下半年非現金 PIK 利息的收益，但部分抵消了額外債務償還帶來的現金利息節省。我們現在預計全年利息支出將在 1.3 億美元至 1.35 億美元之間。我們相信，驅動平台的優勢將在 2025 年上半年充分展現，展現出我們商業模式的韌性和獲利能力。

Looking ahead, we remain focused on achieving our net leverage target of 3 times by the end of 2026, with the majority of our free cash flow earmarked for reducing outstanding debt on the revolver.

展望未來，我們仍致力於在 2026 年底前實現 3 倍的淨槓桿目標，並將大部分自由現金流用於減少循環信貸的未償債務。

With that, I will turn it over to the operator, and we are happy to take your questions.

說完這些，我將把問題交給接線員，我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Simeon Gutman, Morgan Stanley.

西緬古特曼，摩根士丹利。

Hi, This is Zach on for Simeon. Can you dive a little deeper into the traffic versus ticket side within Take 5 specifically? And are you seeing anything to call out with respect to deferrals or anything of that nature?

大家好，我是 Simeon 的 Zach。您能否更深入探討《Take 5》的客流量和票房狀況？您是否看到有關延期或類似性質的任何值得關注的事情？

Zach, this is Danny. Thanks for the question. Look, we don't really disaggregate traffic versus ticket. What I would say is, first and foremost, we're really happy with the comps we saw would Take 5, right, 7% comps for the quarter on top of last quarter, we had really nice comps as well. So really happy there. We're happy to see both sides of the equation are doing what we want them to do in terms of traffic and check. Non-oil-change revenue continues to be a nice driver of the business for us. We continue to see attachment rates in the mid- to high 40s.

札克，​​這是丹尼。謝謝你的提問。你看，我們其實並沒有將流量與票務分開。我想說的是，首先，我們對所看到的業績感到非常滿意，本季度的業績比上一季增長了 5%，對，7%，我們的業績也非常好。在那裡真的很開心。我們很高興看到等式的兩邊在流量和檢查方面都按照我們的意願行事。非換油收入持續成為我們業務的良好推動力。我們繼續看到附著率在 40% 左右。

Obviously, we just introduced our differential service, which we like what we're seeing there. It's very early innings, but at the end of the day, we continue to see good attachment rates. We continue to see our NPS score is quite high, and we're able to continue to deliver on the promise to our consumers of a stay in your car 10-minute oil change. So overall, again, we don't disaggregate the numbers, but I'd say we're very happy with the comps for the quarter.

顯然，我們剛剛推出了差異化服務，我們對目前看到的服務非常滿意。雖然現在才剛開始，但最終我們仍然看到了良好的附著率。我們繼續看到我們的 NPS 得分相當高，並且我們能夠繼續兌現對消費者的承諾，即在您的車內停留 10 分鐘即可更換機油。所以總的來說，我們不會分解這些數字，但我想說我們對本季的業績非常滿意。

Got it. And then just a quick follow-up on the profitability side of that segment. Is there anything you can give us in terms of puts and takes for the Take 5 margin in the back half of the year? .

知道了。然後我們來快速跟進一下該部分的盈利情況。您能為我們提供下半年 Take 5 保證金的看跌期權和看漲期權方面的資訊嗎？。

Yeah, Zack. I mean I think stepping back for a second. In general, we feel very pleased with the mid-30s margin that we saw in Q2. If you look at the history of this, even back to '24, there's always going to be some quarter-over-quarter variability. That's natural and expected. Similar to what we saw in the past quarter, there was some increase in repair and maintenance and new store opening costs as we continue to invest behind this fleet and make sure that we're putting the best foot forward for our customers. But if you take a step back and think just overall on an annual basis, mid-30s for the full year, we feel positive about that. We feel that's a realistic number and feel really good with where overall the margins coming in.

是的，札克。我的意思是，我認為退一步來看。總體而言，我們對第二季 30 多歲的利潤率感到非常滿意。如果你回顧歷史，即使追溯到 24 年，也會發現季度與季度之間總是會有一些差異。這是很自然且意料之中的事。與上一季的情況類似，由於我們繼續投資這支車隊並確保為客戶提供最好的服務，因此維修、保養和新店開業成本有所增加。但如果你退一步考慮，僅從年度總體來看，全年增長率在 30% 左右，我們對此感到樂觀。我們認為這是一個現實的數字，並且對整體利潤率感到非常滿意。

Thanks, good luck. Thank you.

謝謝，祝你好運。謝謝。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

Hey, good morning everyone. Thanks for taking the question. Just a follow-up there, Mike, on the mid-30s margin for Take 5 on a full year basis. Do you guys think that's effectively the ceiling for the business as you're in aggressive unit growth mode? Or is there still upward migration over time as the mix of unit shifts to more franchise? And then obviously, you have this immature store base that will begin to kind of ramp up the profitability curve.

嘿，大家早安。感謝您回答這個問題。麥克，我只是想跟進一下，關於《Take 5》全年 30 年代中期的利潤率。在你們處於積極的單位成長模式的情況下，你們是否認為這實際上是業務的上限？或者，隨著單位結構轉向特許經營轉變，隨著時間的推移，是否仍會出現向上遷移的情況？顯然，您擁有的這個不成熟的商店基礎將開始提高盈利曲線。

Yeah. No, I get the question, Justin, good to talk to you. I'm not sure I want to prognosticate more than kind of what we're looking at for the current quarter. Obviously, there's some movements in the model as you think about shifting to franchise, which is definitely a higher flow-through on the royalty, but has a little bit different economics as you think through the oil charges there.

是的。不，我明白你的問題，賈斯汀，很高興和你交談。我不確定我是否想對本季的情況做出更多的預測。顯然，當您考慮轉向特許經營時，模型中會發生一些變化，這肯定會對特許權使用費產生更高的影響，但當您考慮那裡的石油費用時，經濟效益會略有不同。

I would just reiterate, in general, feel really good with the mid-30s. We think we've got a sustainable economic model for Take 5. Danny mentioned the strength of the overall same-store sales. We still have a long pipeline of unit growth, both corporate and franchise that, over time, should shift to a more franchise weighting. And if we can continue to print these out at the anywhere near the comps we were looking at with good unit growth, we feel like this business has a really good long runway for growth.

我只想重申一下，總的來說，30 多歲的感覺真的很好。我們認為我們已經為 Take 5 建立了可持續的經濟模式。丹尼提到了整體同店銷售額的強勁。我們仍然擁有很長的單位成長管道，包括企業和特許經營，隨著時間的推移，應該轉向更多的特許經營權重。如果我們能夠繼續將這些印刷品印製在我們所關注的任何地方，並實現良好的單位成長，我們覺得這項業務將擁有非常好的長期成長空間。

Got it. Okay. That makes sense. And then on the Car Wash business, I know given landscape is much less intense relative to what you faced in the US. And we've had some favorable weather trends. But how much of the strength in the past four quarters has been in your opinion, internal initiatives? And just how are you thinking about comping these comps in the back half of the year? I think you're cycling like a plus 27 in 4Q, do you expect to be able to grow on top of that? Or should we be thinking that you give some as you cycle over this strong performance.

知道了。好的。這很有道理。然後就洗車業務而言，我知道相對於美國而言，這裡的情況要溫和得多。我們遇到了一些有利的天氣趨勢。但是，您認為過去四個季度的強勁成長有多少是來自內部舉措？您打算如何在今年下半年對這些產品進行比較？我認為您在第四季度的循環速度是+27，您是否期望在此基礎上繼續成長？或者我們應該認為，在您完成這一強勁表現的過程中，您會給予一些幫助。

Yeah, absolutely. There's a little bit to unpack there, so let me try to tick through them. I think one, in general, in that market, right? We are the market leader in both the UK and Germany, at least in the UK, there really aren't tunnel car washes that exist. And so it does give us a strong competitive advantage. I believe the answer to your other question is both. The team is doing a really good job operating on the ground, highlighting the benefits that the IMO system brings to customers, strong relationships with our independent operators, and we have benefited from weather over the last four quarters. And so it will be challenging to grow on the strong growth rates we had in Q3 and Q4 of last year.

是的，絕對是。還有一些事情需要解決，所以讓我嘗試解決它們。我認為，總體而言，在那個市場中有一個，對嗎？我們是英國和德國的市場領導者，至少在英國，實際上不存在隧道洗車。因此它確實給了我們強大的競爭優勢。我相信您的另一個問題的答案是兩者兼而有之。團隊在地面營運方面做得非常出色，凸顯了 IMO 系統為客戶帶來的好處、與我們的獨立營運商建立的牢固關係，我們在過去四個季度中受益於天氣。因此，要維持去年第三季和第四季的強勁成長率將面臨挑戰。

Some of that is influenced even by what we've seen in July, as we mentioned in the prepared remarks. July was quite rainy in Northern Europe and even the best operated car wash struggles a little bit with rain. So I do think we will see a meaningful moderation in that business in the back half of the year, just given some of the weather we've seen as well as some of the laps we have.

正如我們在準備好的演講中提到的那樣，其中一些甚至受到我們 7 月所見的影響。北歐七月雨水較多，即使經營最好的洗車店也難以抵禦雨水的侵襲。因此，我確實認為，考慮到我們所看到的一些天氣情況以及我們所進行的一些圈數，我們將在今年下半年看到該業務出現有意義的放緩。

Thanks for the color, guys. Best of luck.

謝謝你們的顏色，夥伴們。祝你好運。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Great, thanks. Hey everybody, nice quarter. I wanted to focus on the non-oil change services that accounted for over 20% of sales. Do you have a view on where that can go? And how do you think about the profitability implications from that?

太好了，謝謝。大家好，這是一個愉快的季度。我想專注於佔銷售額 20% 以上的非換油服務。您認為這會走向何方？您認為這對獲利能力有何影響？

Seth, this is Danny. That's a great question. Look. So non-oil-change revenue for us, to your point, has been a nice growth driver for the recent past. As we think about the ceiling, I would say, look, we don't think that we have a near-term ceiling. We've got company-operated stores and franchise stores with attachment rates well into 60s. Our average, if you look across the entire system, is mid- to high 40s and growing. So not only do we think that we can grow attachment rates just in terms of the existing mix that we have.

賽斯，這是丹尼。這是一個很好的問題。看。因此，正如您所說，非換油收入對我們來說，近期一直是良好的成長動力。當我們考慮上限時，我想說，看，我們不認為我們有短期上限。我們擁有公司直營店和特許經營店，其附加率已達 60%。如果你縱觀整個系統，我們的平均水準是 40 多歲，而且還在成長。因此，我們認為，我們不僅可以根據現有的組合來提高附著率。

We're also introducing new products. Obviously, we just talked about our differential service, which we just introduced and we've rolled out. That's obviously going to help us grow non-oil-change revenue here into the foreseeable future. And that's not we're not limited in terms of that's not the only new service that we can provide over time. When we acquired the business back in 2016, we had four ancillary services that we sold. We call them big four sitting here today. We've now got a big six, and we'll continue to grow that over time. So I don't see a near-term ceiling in terms of where non-oil-change revenue can go.

我們還將推出新產品。顯然，我們剛剛談到了我們剛剛推出並已經推出的差異化服務。這顯然將有助於我們在可預見的未來增加非換油收入。這並不是我們所受的限制，因為這並不是我們隨著時間的推移所能提供的唯一新服務。當我們在 2016 年收購該業務時，我們出售了四項輔助服務。我們今天在座的他們被稱為「四大巨頭」。現在我們已經有六大巨頭了，而且隨著時間的推移，我們將繼續壯大。因此，我認為非石油收入的去向短期內不會出現上限。

As far as the margin profile, I'll answer that question vis-a-vis the service that we introduced the differentials whenever we look at a new service, we're basically looking to check kind of two boxes, right? It has to fit the model, both from an operating perspective and from a financial perspective. From an operations perspective, what we're looking for is our commitment to our customers and what has made Take 5 successful is we deliver an amazing stay in your car 10-minute experience. And so any new service we introduced has to check that box with differentials, it does, and we're able to continue to generate or to finish oil changes within the 10-minute window and we continue to have really nice NPS scores at least in the early innings here that we're in.

就利潤率概況而言，我會針對我們引入差異的服務來回答這個問題，每當我們查看一項新服務時，我們基本上都會檢查兩個框，對嗎？它必須符合該模型，無論從營運角度還是從財務角度。從營運角度來看，我們尋求的是對客戶的承諾，而 Take 5 成功的原因在於我們為您提供令人驚嘆的 10 分鐘車內體驗。因此，我們推出的任何新服務都必須勾選帶有差異的複選框，事實也確實如此，我們能夠在 10 分鐘內繼續生成或完成換油，並且至少在我們所處的早期階段，我們繼續獲得非常好的 NPS 分數。

And then the second piece is financially has to make sense vis-a-vis our gross margins in that business. When it comes to differentials, the nice thing there is that, that product from a gross margin perspective is accretive to the basket that we have. So all in all, we feel good about the very high ceiling, let's say, with non-oil-change revenue. .

第二點是，從財務角度來看，該業務的毛利率必須合理。說到差異，好處是，從毛利率的角度來看，該產品可以增加我們擁有的籃子的收益。總而言之，我們對非換油收入的非常高的上限感到滿意。。

Okay. Great. That's very helpful. And then my follow-up question is on the glass business. It's sort of tough in there. It's hard to see, but it did seem to accelerate a lot this quarter. Can you maybe just update us on that. And I'm curious, does it face the same headwinds as collision and paint? Or do you feel like you can grow through that just given that it's so early and you have a market share opportunity? .

好的。偉大的。這非常有幫助。我的後續問題是關於玻璃業務的。那裡的情況有點艱難。雖然很難看出，但本季確實似乎加速了很多。您能否向我們更新一下這一情況？我很好奇，它是否會面臨與碰撞和油漆相同的阻力？或者您覺得，鑑於現在還為時過早，並且您擁有市場份額機會，您可以透過這種方式實現成長？。

Yeah. Look, when it comes to the glass business, I think we have to remind ourselves, we've put that business into our Corporate and Other segment, a very intentional move on our part, obviously, as we're incubating that business. I would say, look, we got into that space because we really like the industry. Nothing has changed in that underlying thesis. We think it's a great industry. It's got a great white space. It's fragmented, great unit level economics. Margins are good. So that industry continues to make a lot of sense for us. As far as the progress we're seeing with the business, I'm happy with the progress.

是的。瞧，當談到玻璃業務時，我想我們必須提醒自己，我們已將該業務納入我們的企業和其他部門，這顯然是我們有意為之的舉措，因為我們正在孵化該業務。我想說，看，我們進入這個領域是因為我們真的很喜歡這個行業。這基本論點沒有任何改變。我們認為這是一個偉大的行業。它有一個很大的空白區域。它是分散的、偉大的單位級經濟學。利潤很好。因此，這個行業對我們來說仍然很有意義。就我們所看到的業務進展而言，我對此感到滿意。

But again, it's early innings. That business was always a multiyear strategy for us. We remain focused on growing the top line like we've said in past quarters. And as it continues to improve, we'll share more with it, but right now, we're incubating that business.

但再次強調，這才剛開始。這項業務對我們來說始終是一項多年策略。正如我們在過去幾個季度所說的那樣，我們仍然專注於提高營業收入。隨著它的不斷改進，我們將與其分享更多信息，但現在，我們正在孵化這項業務。

Brian McNamara, Canaccord Genuity.

Canaccord Genuity 的 Brian McNamara。

This is Madison Callinan on for Brian. You earlier mentioned industry softness and collision. But given that industry is pretty net-based, could you provide any additional color on that?

我是麥迪遜·卡利南 (Madison Callinan)，為布萊恩 (Brian) 報道。您之前提到了行業疲軟和碰撞。但考慮到該行業相當以網路為基礎，您能否提供更多相關資訊？

Yeah. Madison. So to your point, I mean, the collision industry has been down for a few quarters now where there's other public competitors out there that have talked about that. If you look at estimates, they're down in the high single digits. There's two main reasons for that. Number one is just claim avoidance. So at the end of the day, the consumer in that space has been hit pretty hard with inflation, Premiums are up, deductibles are up. And so there's a lot of claim avoidance going on right now. The second one that drives that industry is total loss rates. So total loss rates are at a pretty high mark right now. Both of those things in the blender is going to lead to high single-digit estimates being down year-over-year. We're not immune to that. We're obviously in the industry.

是的。麥迪遜。所以就你的觀點而言，我的意思是，碰撞行業已經低迷了幾個季度，其他公共競爭對手也談論過這個問題。如果你看一下估計數字，你會發現它們下降到了高個位數。主要有兩個原因。第一就是避免索賠。所以最終，該領域的消費者受到了通貨膨脹的嚴重打擊，保費上漲，免賠額上漲。因此，目前存在著許多逃避索賠的行為。推動該產業發展的第二個因素是總損失率。因此，目前總損失率處於相當高的水平。攪拌機中的這兩件事將導致高個位數的估計值比去年同期下降。我們也無法倖免。我們顯然身處這個行業。

The really nice thing from our perspective is while the industry overall is down, we continue to take market share. We've been taking market share in the entire year based on all the industry reporting that we see. So we think our model is unique. We have a franchise business there. Our franchisees are fantastic. They're doing a great job taking care of our carriers and the end consumer. And we think we're very well positioned whenever the industry normalizes, I think we're in a good spot.

從我們的角度來看，真正好的事情是，儘管整個產業處於低迷狀態，但我們仍在繼續佔領市場份額。根據我們看到的所有行業報告，我們全年都在佔據市場份額。所以我們認為我們的模型是獨一無二的。我們在那裡有特許經營業務。我們的加盟商非常棒。他們在照顧我們的承運人和最終消費者方面做得非常出色。我們認為，只要產業恢復正常，我們就處於非常有利的位置。

Great. And not to beat a dead horse, I know somebody asked earlier about ticket. But how much upside do you think could still remain there? Or eventually need to lean more on increasing car service per day? And have you seen any evidence of like material oil change deferrals by stretched consumers.

偉大的。我不想再重複老生常談了，我知道之前有人問過票的事。但您認為還有多少上漲空間呢？或者最終需要更多地依靠增加每天的汽車服務？您是否看到資金緊張的消費者推遲更換機油的任何證據？

Sure. I wouldn't say we've seen a material change in terms of frequency. As far as the ceiling maybe the better way to answer this question is if you look at the space generally, we offer six ancillary service sitting here today. One of those is brand-new. We just started rolling out differentials. If you look at the space, folks offer a lot more services than we do. So there's plenty of room for us to continue to add services over time, and we will add services over time.

當然。我不會說我們在頻率方面看到了實質的變化。至於天花板，也許回答這個問題的更好方法是，如果你總體看一下這個空間，我們今天在這裡提供六種輔助服務。其中一個是全新的。我們剛開始推出差異化產品。如果你看這個領域，你會發現人們提供的服務比我們多很多。因此，我們有足夠的空間來隨著時間的推移繼續添加服務，我們也會隨著時間的推移添加服務。

As I mentioned, when I started with the business, we had 4 services. Today, we have 6. So not only can we grow the services and there's a marketplace out there where you can kind of see what other folks have done. But just if you look at our attachment rates with the existing services, again, we're in the mid- to high 40s and growing. We've got stores that are in the mid- to high 60s. So we think that there's plenty of ceiling to go here.

正如我所提到的，當我開始做這項業務時，我們有 4 項服務。今天，我們有 6 個。因此，我們不僅可以拓展服務，而且還有一個市場，您可以在那裡看到其他人所做的事情。但如果你看一下我們現有服務的附加率，你會發現我們處於 40% 左右，而且還在成長。我們有一些商店，價格在 60 多美元左右。因此我們認為這裡還有很大的發展空間。

Chris O'Cull, Stifel

克里斯·奧卡爾（Chris O'Cull），Stifel

Thanks. Good morning guys, Danny, can you describe some of the findings you learned on your listening tour regarding the Take 5 business? I'm just wondering if there's any opportunities to provide new support or systems to help kind of fuel that growth for franchisees? .

謝謝。大家早安，丹尼，你能描述一下你在聆聽之旅中了解到的有關 Take 5 業務的一些發現嗎？我只是想知道是否有機會提供新的支援或系統來幫助推動特許經營商的成長？。

Yeah. Chris, thank you. Great question. Look, I would say, honestly, not so much in terms of findings, I mean, again, I'm not new to the business. I'm a new CEO, but I've been with Take 5 for 12 years now. So for me, the road tour was more about being out there, meeting folks, obviously, my title is different and so there's a different slant to the questions that I get, and there's a different slant to the conversation. It was more about solidifying what I thought I knew and making sure that I was a CEO on the face of the company, and it's really important that I get out there. Whenever I go to the field, Chris, it really crystallizes for me what the priorities are and what's important, right? And at the end of the day, the important thing is our employees are super important, making sure that we're taking care of them and the commitments we've made to our customers and our franchisees is very important.

是的。克里斯，謝謝你。好問題。聽著，我想說，老實說，就發現而言，並沒有那麼多，我的意思是，我對這個行業並不陌生。我是一名新任首席執行官，但我已經在 Take 5 工作了 12 年。所以對我來說，巡迴演出更多的是出去走走，與人們見面，顯然，我的頭銜不同，所以我收到的問題有不同的傾向，談話也有不同的傾向。這更多的是為了鞏固我認為我所知道的知識，並確保我是公司首席執行官，而走出去真的很重要。克里斯，每當我去實地考察時，我就會清楚知道什麼是優先事項，什麼是重要的，對嗎？歸根結底，重要的是我們的員工非常重要，確保我們照顧好他們，並且我們對客戶和特許經營商的承諾非常重要。

In terms of continued growth with Take 5, I mean, look, Take 5 is a juggernaut, as Mike has called it historically. It continues to grow extremely well. And honestly, it doesn't matter how you want to slice that business. It's kind of growing across the board. You can slice it franchise or corporate. Both are doing really nicely. If you look at vintages and we don't divulge the vintages, but internally, the mature vintages are doing great, new vintages are doing great. So we'll continue to lean in there. We are committed to continuing to grow 150-plus units per year, and we see no reason that, that can continue for the foreseeable future. So we feel really good about the business.

就 Take 5 的持續成長而言，我的意思是，你看，Take 5 是一個龐然大物，正如 Mike 一直以來所說的那樣。它繼續保持著極好的成長勢頭。老實說，你想如何劃分這個業務並不重要。它正在全面發展。您可以將其劃分為特許經營或公司製。兩人都表現得非常好。如果你看一下年份，我們不會透露年份，但在內部，成熟的年份表現很好，新的年份表現也很好。因此，我們將繼續堅持下去。我們致力於繼續每年增加 150 多個單位，我們認為在可預見的未來沒有理由繼續保持這種成長。因此我們對這項業務感到非常滿意。

And then, Mike, can you describe the financial condition of the franchisees that operate Meineke, Macco and CARSTAR? I'm just wondering, is the average franchisee seeing a decline in their profits year-over-year given the comp performance and it's hard for us to see, but are you seeing a meaningful number of closures in any of those brands?

那麼，麥克，您能描述一下經營 Meineke、Macco 和 CARSTAR 的特許經營商的財務狀況嗎？我只是想知道，考慮到公司業績，特許經營商的平均利潤是否同比下降，這對我們來說很難看出，但您是否看到這些品牌中任何一個品牌的倒閉數量顯著增加？

Yeah, sure, Chris. I think in general, we feel really good with the overall health of the franchise system. Like any franchise system, there are some who are performing better than others. But in general, we stay close to the each of the brands and each of the franchisees in there. And so I think in general, despite some of the top line pressures we've seen a couple of our brands, we feel pretty good overall. We'll continue to keep an eye on that. And and operate as we need to. I think obviously, there have been some closures. We have one big closure in one big exit in the system in Q1 of this year, but we obviously came back and were net positive in Q2. So I think in general, it's full speed ahead and just continue to work on that brand and keep working through any challenges we may see.

是的，當然，克里斯。我認為總體而言，我們對特許經營體系的整體健康狀況感到非常滿意。與任何特許經營體系一樣，有些特許經營體系的表現會比其他特許經營體系更好。但總的來說，我們與每個品牌和每個特許經營商都保持密切聯繫。因此，我認為總體而言，儘管我們的一些品牌面臨一些營收壓力，但總體而言我們感覺相當不錯。我們將繼續關注此事。並以我們需要的方式運作。我認為顯然已經有一些關閉。今年第一季度，我們的系統有一個大型關閉和退出，但我們顯然在第二季度恢復了盈利，並實現了淨正增長。所以我認為總的來說，我們會全速前進，繼續致力於這個品牌，繼續努力克服我們可能遇到的任何挑戰。

Chris, and just I'll double down on something here. I mean just by way of reminder for folks, I mean, if you look at these businesses, these are really mature iconic businesses. I mean, Meineke and Macco have been around for more than 50 years. These businesses have seen all sorts of economic ups and downs. So they are great businesses, very mature, and they're going to be rare for a long time to come.

克里斯，我在這裡要加倍努力。我只是想提醒大家，如果你看看這些企業，你會發現它們都是非常成熟的標誌性企業。我的意思是，Meineke 和 Macco 已經存在 50 多年了。這些企業經歷了各種經濟起伏。所以它們都是很棒的企業，非常成熟，而且在未來很長一段時間內它們都會很少見。

Okay, great, thanks guys.

好的，太好了，謝謝大家。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Peter, if you're speaking, you're on mute. I am on mute. Sorry about that. There you are. Good morning. Good morning. I'm just looking at the full company EBITDA, so it was flat to just slightly down on a year-on-year basis. And I was wondering if you could just kind of highlight the headwinds to EBITDA and then looking forward, it looks like the guidance implies for the back half, some EBITDA growth. So maybe what changes in the back half versus those Q2 pressures?

彼得，如果你正在說話，你就處於靜音狀態。我已靜音。很抱歉。你在這裡。早安.早安.我只是看了整個公司的 EBITDA，所以它與去年同期相比持平或略有下降。我想知道您是否可以簡單介紹一下 EBITDA 面臨的阻力，然後展望未來，看起來指導意見暗示下半年 EBITDA 會有所增長。那麼相對於第二季的壓力，下半年可能會發生哪些變化？

Yeah. I mean I think the first and foremost is PH Vitres. So PH Vitres was in our results for 2024 and not in 2025. We sold that business in mid-August. And so Q1, Q2, we have a little bit of a headwind there as it relates to EBITDA. I think in addition, we talked about some of the quarter-over-quarter variability on margins, particularly as it relates to Take 5 and that obviously moved against us a little bit in Q1 and Q2, but we feel really good about where that business is trending overall. But on a pure dollar's basis, the answer is PH Vitres, but other than that, we feel good about our guidance and where we see the rest of the year coming in relative to that range.

是的。我的意思是我認為最重要的是 PH Vitres。因此，PH Vitres 出現在我們 2024 年的業績中，而不是 2025 年的業績。我們在八月中旬出售了這項業務。因此，在第一季和第二季度，我們遇到了一些與 EBITDA 相關的阻力。此外，我認為，我們討論了利潤率的季度環比變化，特別是與 Take 5 相關的變化，這顯然在第一季度和第二季度對我們不利，但我們對該業務的整體趨勢感到非常滿意。但從純美元角度來看，答案是 PH Vitres，但除此之外，我們對我們的指導以及我們對今年剩餘時間相對於該範圍的預期感到滿意。

Okay. And maybe I hone in on the Franchise Brands EBITDA where the total EBITDA dollars did come down by a decent amount. And I think you had flagged some G&A investments, maybe could you expand upon what that is within the franchise business? And then is that an investment activity that's going to now continue for the next couple of quarters?

好的。也許我會關注特許經營品牌的 EBITDA，其中 EBITDA 總金額確實下降了不少。我認為您已經標記了一些 G&A 投資，也許您能詳細說明一下特許經營業務中的具體內容嗎？那麼，這項投資活動是否會在接下來的幾季持續下去？

Yeah. Let me take a step back because I think one of the drivers of that is the delta between the same-store sales and the revenue growth. And that, I think, honestly explains more of the overall G&A hit. And like any franchise business, while same-store sales is the top line, you're always going to have some onetime fees that come in either development fees or termination. And this quarter just happened to be one of these quarters where we didn't have many of those fees, and we were lapping a quarter last year where we had a lot of those. And so that actually is part of the big gap between the same-store sales performance and the EBITDA performance.

是的。讓我退一步來說，因為我認為其中一個驅動因素是同店銷售額和收入成長之間的差異。我認為這確實解釋了整體 G&A 支出下降的原因。與任何特許經營業務一樣，雖然同店銷售額是最重要的收入，但您總是會產生一些一次性費用，例如開發費或終止費用。而這個季度恰好是我們收取費用較少的季度之一，而去年同期我們收取的費用較多。這實際上是同店銷售業績和 EBITDA 業績之間巨大差距的一部分。

The secondary, as I mentioned, was some G&A investments as you run a franchise system with several different brands. There are needs to invest in things like technology improvements and et cetera, to make sure we are a good franchisor for our franchisees. We've had some of those investments so far this year. I would expect those to wane as we move through the rest of the year, but we will continue to do what we need to do to be a good franchisor for our franchisees.

正如我所提到的，其次是一些 G&A 投資，因為您經營著一個包含多個不同品牌的特許經營體系。我們需要在技術改進等方面進行投資，以確保我們成為特許經營者的優秀特許經營者。今年到目前為止我們已經進行了一些此類投資。我預計，隨著今年剩餘時間的推進，這些影響將會逐漸減弱，但我們將繼續做我們需要做的事情，成為我們特許經營商的優秀特許經營商。

Got it, thanks so much.

明白了，非常感謝。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

Dan, Actually, just a quick follow-up on the last question. Should we expect franchise brand comps to remain negative in the back half?

丹，實際上，我只是想快速跟進最後一個問題。我們是否應該預期特許經營品牌的業績在下半年仍將維持負值？

Yeah. I mean I think we haven't given obviously a specific number. We were pleased with the performance in Q2 and that it was better than Q1. As you probably heard from both Danny and me, the end markets of several of the brands in that segment, both Macco and collision are under some pressure. And so we'll continue to work hard and fight hard, but we acknowledge that the discretionary component of Macco was under some pressure.

是的。我的意思是，我認為我們顯然沒有給出一個具體的數字。我們對第二季的表現感到滿意，並且比第一季的表現更好。您可能從丹尼和我那裡聽說，該領域中幾個品牌的終端市場，包括 Macco 和碰撞，都面臨著一些壓力。因此，我們將繼續努力工作、奮鬥，但我們承認 Macco 的自由裁量部分承受著一些壓力。

And then as I think Danny even gave some more detail earlier in the Q&A, there are some factors related to the collision industry that are going to continue to lag on that part of the business for the foreseeable future. So we're going to continue to fight the good fight. We were obviously pleased with the sequential improvement we saw in Q2 relative to Q1.

然後，我認為丹尼在問答環節早些時候甚至給出了更多細節，有一些與碰撞行業相關的因素在可預見的未來將繼續落後於該部分業務。因此，我們將繼續為正義而戰。我們顯然對第二季相對於第一季的連續改善感到滿意。

Our overall 1% to 3% reiteration of the guide incorporates a multitude of ranges of things that could happen in the back half of the year, and we'll continue to keep our eye on what we can do to help drive that brand forward -- drive that segment forward.

我們對指南的整體 1% 到 3% 的重申涵蓋了下半年可能發生的多種事情，我們將繼續關注我們可以做些什麼來幫助推動品牌向前發展——推動該細分市場向前發展。

And just is there anything competitively going on in that segment that is new or different than competition in the past? .

那麼，該領域的競爭是否與過去的競爭有所不同或有什麼新意呢？。

I wouldn't say there was anything tremendously new, Robbie. I mean, at the end of the day, collision, that industry has been that industry for a while. Obviously, there's some headwinds right now. If you went back a few years ago, the industry was in a better place. Right now, there's some headwinds. I wouldn't say there's new competitive dynamics per se. Same thing with Macco. The predominant service that we provide there is we paint folks car. There's some new technology in that space.

我不會說有什麼非常新的東西，羅比。我的意思是，歸根結底，碰撞，那個行業已經是那個行業一段時間了。顯然，目前存在一些阻力。如果你回顧幾年前，你會發現這個行業的情況要好得多。目前，存在一些阻力。我不會說本質上有新的競爭動態。Macco 也是如此。我們在那裡提供的主要服務是為人們的汽車噴漆。該領域有一些新技術。

But I'd say overall, the services are the same. And then the other big business in that segment is Meineke. Meineke is doing quite well. It's a repair and maintenance, so you're talking about bigger services on the repair and sorry, the mechanical side, so brakes, shocks, struts, AC, stuff like that. But the2 short answer is that, I wouldn't say there's tremendously new dynamics going on in these industries.

但我想說，總體而言，服務是一樣的。該領域的另一家大企業是 Meineke。Meineke 表現相當不錯。這是維修和保養，所以你談論的是維修方面的更大服務，抱歉，是機械方面的，所以是煞車、避震器、支柱、空調之類的東西。但簡短的回答是，我不會說這些產業正在發生巨大的新動態。

Great, thank you very much.

太好了，非常感謝。

Mark Jordan, Goldman Sachs.

高盛的馬克喬丹。

Just looking at Take 5 store growth year-to-date, only slightly below the prior year, but the mix is much more towards company operated. I guess what's driving the lower franchise growth year-to-date? And how should we think about growth and mix for the second half of the year? .

僅從今年迄今 Take 5 門市的成長情況來看，僅略低於上年，但其組合更傾向於公司經營。我想問一下，是什麼原因導致今年迄今特許經營成長放緩？我們該如何看待下半年的成長和組合？。

Yeah. I would say if you look within the year, that's pretty typical, which is the corporate stores, we're able to get those open and operating pretty early in the year. franchise stores, and I'm not now speaking just driven, but all of my experience in franchise systems, both now and before that, franchise stores tend to come near the back in the later half of the year. So I think if you look at the breakdown right now, it skews more corporate. When you look at the end of the year, the end of the year, we'll skew more franchisee.

是的。我想說，如果你看一下一年內的情況，這是很典型的，也就是公司商店，我們能夠在年初就開業並經營它們。特許經營店，我現在說的不僅僅是驅動，而是我在特許經營系統方面的所有經驗，無論是現在還是之前，特許經營店往往在下半年出現。所以我認為，如果你看一下現在的細分情況，你會發現它更偏向企業。當你看到年底時，年底，我們會傾向於更多的特許經營商。

Overall, this year, it's going to be roughly kind of a 50-50 mix. Ballpark, we're looking at. Over time, we expect that mix to shift more towards franchisees given the robustness of the pipeline we have there. But I wouldn't read too much into the fact that so far this year, we've opened more corporate than franchise. That's just the nature of the calendar in a franchise system.

整體而言，今年的情況大致是各佔一半。我們正在看球場。隨著時間的推移，考慮到我們在那裡擁有的管道的穩健性，我們預計這種組合將更多地轉向特許經營商。但我不會過多解讀今年到目前為止我們開設的公司門市比特許經營店還多這一事實。這只是特許經營系統中日曆的本質。

Okay. Perfect. And then just staying on Take 5, can you talk about how comps kind of progressed through the quarter? And I know you might not get into month the on detail, but was performance fairly consistent there? And then maybe quarter-to-date, are you seeing any changes?

好的。完美的。然後繼續討論 Take 5，您能談談本季業績的進展嗎？我知道您可能不會詳細說明月份，但那裡的表現是否相當一致？那麼也許從本季至今，您看到任何變化了嗎？

Yeah. I mean, I would say, in general, fairly consistent. We don't break down quarter-to-quarter trends. Obviously, there was a little bit of weather late May, early June. In Texas where we have a meaningful presence. So Texas weather can have a little bit of an influence. But I would say, in general, for Q2, it was fairly consistent across the quarter. Look, I don't know if I want to say anything in addition to what we've already said in the prepared remarks as it relates to we continue to think that business moderates over time as it grows over a larger base. .

是的。我的意思是，總的來說，相當一致。我們不會細分季度趨勢。顯然，五月末六月初的天氣有點糟糕。在德州，我們有著重要的地位。所以德州的天氣可能會有一點影響。但我想說，總體而言，對於第二季而言，整個季度的情況相當一致。瞧，除了我們在準備好的發言中已經說過的內容之外，我不知道是否還想說些什麼，因為我們繼續認為，隨著業務在更大的基礎上增長，業務會隨著時間的推移而放緩。。

There is some softness in general across all of our industries on the lower-income consumer. We feel good about the 1% to 3% that we reiterate and Take 5 is honestly an important part of that.

整體而言，我們所有產業對於低收入消費者而言都存在著一定的疲軟現象。我們對重申的 1% 到 3% 感到滿意，而 Take 5 確實是其中的重要組成部分。

Mike Albanese, Benchmark.

麥克·阿爾巴尼斯，Benchmark。

Could you just comment on what your franchisees are seeing in the labor market? I'm just thinking, right, any wage pressures, what are you seeing on retention and then ability to hire, I guess, particularly in Take 5 you're expecting to grow unit comp pretty significantly? .

您能否評論一下您的加盟商在勞動市場上看到的情況？我只是在想，對吧，任何工資壓力，您對保留和僱用能力有何看法，我想，特別是在 Take 5 中，您預計單位薪酬會大幅增長？。

Yeah. Mike, this is Danny. Look, I'll start with Take 5. I'd say the labor market there. The important thing, first and foremost is, when you look at Take 5 in that industry, we're not hiring certified technicians, right? So this isn't a skilled labor force right. These folks don't come with certifications ahead of time. We're hiring from a pretty broad-based of folks, and we're training them on how to do the oil changes to Take 5 ways, and that model works really well for us. So I'd say there haven't been any structural changes to that or any industry-wide changes to that here recently.

是的。麥克，這是丹尼。瞧，我將從 Take 5 開始。我想說的是那裡的勞動市場。首先最重要的是，當你看看該行業的 Take 5 時，我們並沒有僱用經過認證的技術人員，對嗎？所以這並不是一支熟練的勞動力。這些人事先沒有獲得認證。我們從相當廣泛的人群中招募員工，並培訓他們如何以 Take 5 種方式更換機油，這種模式對我們來說非常有效。所以我想說，最近這裡沒有任何結構性變化，也沒有任何全行業的變化。

If you look at the franchise businesses, all the franchise businesses, there you're talking about certified technicians, whether it's body technicians on the Macco side or whether it's tax repair and maintenance techs on the Meineke side. That's a different labor pool for sure. But the beautiful thing and part of the reason why we're in the franchise business in those industries is that our franchisees know how to manage that population, right? So these are owner-operators, boots on the ground. They take care of their employees. A lot of those employees have been with their owners with the owners of the businesses for many, many years. So our franchisees are quite adept at managing that labor force, and they do a fantastic job. I don't know that recently, there's been any material changes to that.

如果你看看特許經營企業，所有的特許經營企業，你會發現你談論的是認證技術人員，無論是 Macco 方面的車身技術人員，還是 Meineke 方面的稅務維修和維護技術人員。這肯定是不同的勞動力資源。但美妙之處在於，我們之所以在這些行業從事特許經營業務，部分原因在於我們的特許經營者知道如何管理這些人群，對嗎？這些都是業主自營商，實地工作。他們關心他們的員工。許多員工已經與企業主共事很多年了。因此，我們的特許經營者非常善於管理勞動力，而且他們做得非常出色。我不知道最近這方面是否有任何實質的變化。

That's helpful. I guess just one follow-up to that. And I'm thinking on the Take 5 side here. Could you give us a sense of what retention typically looks like?

這很有幫助。我想這只是一個後續行動。我在這裡考慮的是 Take 5 方面。您能為我們介紹一下留存率通常是什麼樣子的嗎？

We don't publicly divulge retention numbers.

我們不會公開透露留存數字。

William, BMO Capital Markets.

威廉，BMO資本市場。

Hey, good morning guys. Another strong quarter for Take 5. Can you maybe just talk about the competitive dynamic for that business and any market share gains you've observed?

嘿，大家早安。Take 5 又迎來了一個強勁的季度。您能否談談該業務的競爭動態以及您觀察到的市場佔有率成長？

Sure. I mean, look, Take 5 is it just continues to do a great job. So as far as the competitive dynamic, I mean, we are I talk about it all the time, we're the home of the stay in your car, 10-minute oil change, what we've seen with that business is that the consumer just loves the service that we provide, right? They want to go get their car taken care of. They want to stay in their car. They want it to be a 10-minute fast, simple experience, and we're able to deliver that pretty consistently.

當然。我的意思是，看，Take 5 繼續做得很好。就競爭動態而言，我的意思是，我一直在談論它，我們是「留在車內，10 分鐘換油」的發源地，我們從這項業務中看到的是，消費者非常喜歡我們提供的服務，對嗎？他們想去修理他們的車。他們想留在車裡。他們希望這是一種 10 分鐘的快速、簡單的體驗，而我們能夠相當一致地實現這一點。

It's a very lucrative business from a financial perspective, hence, all the support and all the interest that we have from our franchisees and our franchisees have a ton of interest in growing and they continue to grow across the country.

從財務角度來看，這是一項非常有利可圖的業務，因此，我們從特許經營商那裡獲得了所有支持和興趣，我們的特許經營商對發展有著濃厚的興趣，並且他們在全國範圍內繼續發展。

So we feel really good about the business. We feel good about how we go to market in that business, both from an operational perspective and then also just marketing and how we're talking to the consumer. So yes, just a great business for us.

所以我們對這項業務感到非常滿意。我們對自己在該業務中的行銷方式感到滿意，無論是從營運角度，還是從行銷角度，以及我們如何與消費者溝通。是的，這對我們來說是一筆偉大的生意。

Okay. And then with the 150 annual store opening target, I think you mentioned for Take 5, just what new markets are you targeting for those openings?

好的。然後，我記得您提到過 Take 5 每年開設 150 家門市的目標，那麼您針對這些門市開設的目標新市場是哪些呢？

Sure. So we talk about 150 plus. And as far as new markets, I mean, look, we've so if you pulled up a map we've basically sold most of the licenses across the entire country with some spots here and there where we still have some licenses up for sale. So as far as growth, I wouldn't say so much that we're targeting specific locations. We're growing across the country. We've got franchisees throughout the country that are growing most if not all of the markets.

當然。所以我們談的是 150 多個。至於新市場，我的意思是，如果你打開地圖，你會發現我們基本上已經在全國範圍內銷售了大部分許可證，但在一些地方，我們仍有一些許可證待售。因此就成長而言，我不會說我們針對的是特定的地點。我們正在全國各地發展。我們在全國各地都有特許經營商，他們正在發展大部分（如果不是全部）市場。

From a company-owned perspective there, we're much more disciplined in terms of we hand selected a handful of markets back in 2016, '17 kind of time frame, markets like Texas and Florida, just to name two. There from a company-owned perspective, we are very disciplined about growing within those markets. We go very deep in those markets. We've got a great leadership team and structure and so we're pretty disciplined about our growth on the corporate-owned side. And then like I said, on the franchise side, we're growing across the country with a great group of partners.

從公司的角度來看，我們更加自律，我們在 2016 年、2017 年的時間範圍內手工挑選了一些市場，例如德克薩斯州和佛羅裡達州等市場，僅舉兩個例子。從公司的角度來看，我們在這些市場中發展非常自律。我們對這些市場進行了深入研究。我們擁有優秀的領導團隊和架構，因此我們對公司自有方面的成長非常嚴謹。然後就像我說的，在特許經營方面，我們與一群優秀的合作夥伴一起在全國範圍內發展。

Christian Carlino, JPMorgan.

摩根大通的克里斯蒂安·卡利諾。

Hi, good morning. Thanks for taking my question. Follow up on an earlier question, could you talk about what we're seeing in terms of consumer behavior? I know you mentioned Quick Lube frequency hasn't changed and the collision softness isn't new, but has there been any notable change second quarter, just given all the tariff news and general uncertainty. And just given the full impact of tariffs hasn't hit the consumer as well it yet, does the guide assume any further softening in the consumer backdrop.

嗨，早安。感謝您回答我的問題。接下來是之前的問題，可以談談我們在消費者行為上看到的情況嗎？我知道您提到 Quick Lube 的頻率沒有改變，碰撞軟度也不是什麼新鮮事，但考慮到所有的關稅新聞和普遍的不確定性，第二季是否有任何顯著的變化。鑑於關稅的全部影響尚未對消費者產生影響，該指南是否假設消費者背景會進一步疲軟。

So I'll answer the first half of that, and I'll hand it over to Mike for the guidance question. I mean, look, outside of the comments that we've already made, I'm not sure that there's anything material happening within the industry, right? So on the Quick Lube side, we're not seeing any material changes to frequencies. That business, like we said, we're very happy with the 7% comp in Q2. We're happy generally with the comps that we've been seeing in that business for a long time now, 20th consecutive quarter of positive same-store sales.

所以我先回答前半部分，然後我會把它交給麥克回答指導性問題。我的意思是，除了我們已經做出的評論之外，我不確定行業內是否發生了任何實質性的事情，對嗎？因此，在 Quick Lube 方面，我們沒有看到頻率發生任何實質變化。正如我們所說，我們對第二季度 7% 的同比增長感到非常滿意。總體而言，我們對長期以來在該行業看到的業績感到滿意，連續 20 個季度實現同店銷售額正成長。

So I'd say the Take 5 business continues to grow and is a solid growth engine for us. As far as the other markets that we operate in, I mean, I've already mentioned some of the comments on collision and what's happening in that industry. That industry has been around a long time. So sitting here today, it's a little bit soft. I'm sure that, that will change over time. And again, I believe that we're well positioned in that space, and we continue to take share.

所以我想說 Take 5 業務將繼續成長，並且是我們堅實的成長引擎。至於我們經營的其他市場，我的意思是，我已經提到了一些關於碰撞的評論以及該行業正在發生的事情。該行業已經存在很長時間了。所以今天坐在這裡，感覺有點軟。我確信，隨著時間的推移，情況會改變。我再次相信，我們在該領域處於有利地位，並且我們將繼續佔據市場份額。

When it comes to Macco, I've mentioned a little bit of the softness there, the fact that, that business is more discretionary in nature and maybe a little bit more exposed to the low-income consumer cohort. But again, Mako's over 50 years old, a very mature business. And so that business has also seen many economic cycles. So outside of what we've already mentioned, Christian, I'm not sure that there's anything material to talk about. Mike?

說到 Macco，我提到了它的一些疲軟之處，事實上，該業務本質上更具自由裁量權，並且可能更多地面向低收入消費者群體。但 Mako 已經有 50 多年的歷史了，是一家非常成熟的企業。因此，該行業也經歷了許多經濟週期。因此，除了我們已經提到的內容之外，克里斯蒂安，我不確定還有什麼實質的內容可以談論。麥克風？

I would just add that I think the reiteration of the guide does reflect some of that uncertainty we see in the broader macroeconomic economy, right? I think to the extent the low-income consumer comes back and we see some of those end markets start to perform a little bit better. We start to approach the top end of the range to the extent that the lower-income consumer softens even more and those end markets become a little more compressed. We're down near the low end of the range. But in general, we think we've captured those possibilities with the range we reiterated today.

我只想補充一點，我認為重申指南確實反映了我們在更廣泛的宏觀經濟中看到的一些不確定性，對嗎？我認為，隨著低收入消費者的回歸，我們會看到一些終端市場的表現開始有所改善。我們開始接近該範圍的高端，以至於低收入消費者變得更加疲軟，而那些終端市場變得更加壓縮。我們處於該範圍的低端附近。但總的來說，我們認為我們已經透過今天重申的範圍抓住了這些可能性。

Got it. That's helpful. And could you talk about the competitive landscape and Take 5, just the attractive business model, have you started to see more private equity money flow into the space? And if not, how would you diagnose why not? And I guess, similarly, to the extent this occurred over the past few years, are you seeing maybe some platforms starting to bring some assets to market?

知道了。這很有幫助。您能談談競爭格局和 Take 5 的吸引力十足的商業模式嗎？您是否已經開始看到更多私募股權資金流入該領域？如果不是，您如何診斷原因？我想，類似地，就過去幾年發生的情況而言，您是否看到一些平台開始將一些資產推向市場？

This is Danny. So Christian, I'd say in the Quick Lube space, that space has been pretty steady in terms of entrants for some time now. We're not seeing a remarkable change in that. The reasons why not? I mean there's probably a bunch of reasons, but I've simplified us to say, it is not easy to run hundreds, if not thousands of locations across the country with the kinds of manual processes that you have to put in place at the kind of margins that we do, right? So it's easy to rattle off some of the numbers that we rattle off. But in terms of being able to do that at scale, that's actually quite difficult and it's harder than it looks maybe -- so again, there's a bunch of reasons, but I'd say, generally speaking, that industry from an entrant perspective has been pretty stable.

這是丹尼。所以克里斯蒂安，我想說，在 Quick Lube 領域，就進入者而言，這個領域一段時間以來相當穩定。我們並沒有看到這方面有顯著的變化。為什麼不呢？我的意思是，可能有很多原因，但我簡單說一下，在全國範圍內運營數百個甚至數千個地點，採用我們必須在這種利潤率下實施的各種手動流程並不容易，對吧？因此，我們很容易就能說出一些我們能說出的數字。但就規模化地做到這一點而言，這實際上相當困難，而且可能比看起來更難——所以，再次強調，有很多原因，但我想說，一般來說，從進入者的角度來看，這個行業一直相當穩定。

Ladies and gentlemen, as there are no further questions at this time, this marks the conclusion of today's conference call. Thank you so much for your participation. You may now disconnect.

女士們、先生們，目前沒有其他問題，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。