Driven Brands Holdings Inc (DRVN) 2025 Q3 法說會逐字稿

Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your lines will remain on music hold. Thank you for your patience.

女士們先生們，這位是接線生。今天的會議馬上就要開始了。在此之前，您的線路將保持音樂等待狀態。感謝您的耐心等待。

Good morning, ladies and gentlemen, and welcome to the Driven Brands' third quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, November 4, 2025.

各位女士、先生，早安，歡迎參加 Driven Brands 2025 年第三季財報電話會議。（操作員指示）本次通話於2025年11月4日星期二進行錄音。

I would now like to turn the conference over to Steve Alexander. Please go ahead.

現在我將把會議交給史蒂夫·亞歷山大。請繼續。

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

早安.歡迎參加 Driven Brands 2025 年第三季財報電話會議。投資人可在我們的網站 investors.drivenbrands.com 下載收益報告和淨槓桿率調節表。

On the call with me today 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 and full year.

今天和我一起通話的是總裁兼執行長丹尼·裡維拉，以及執行副總裁兼財務長麥克·戴蒙德。稍後，丹尼和麥克將帶您了解我們本季和全年的財務和營運業績。

Before we begin our remarks, I would like to remind you that management will refer to certain non-GAAP financial measures. You can find 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，我想提醒各位，管理階層將提及某些非GAAP財務指標。您可以在公司投資者關係網站和公司向美國證券交易委員會提交的文件中找到與最直接可比較的 GAAP 財務指標的調整表。

During this call, we may also make forward-looking statements regarding 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.

在本次電話會議中，我們可能也會就我們目前的計劃、信念和預期發表前瞻性聲明。這些聲明並非對未來績效的保證，並且受到許多風險、不確定性及其他因素的影響，這些因素可能導致實際結果和事件與這些前瞻性聲明中所預期的結果和事件有重大差異。

Please see our 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.

更多資訊請參閱我們的獲利報告和向美國證券交易委員會提交的文件。今天的發言結束後將進行問答環節。請您只提一個問題，並可提出一個後續問題。

Now I'll turn the call over to Danny.

現在我把電話交給丹尼。

Good morning, and thank you for joining us to discuss Driven Brands' third quarter 2025 financial results.

早安，感謝各位參加本次會議，共同探討 Driven Brands 2025 年第三季的財務表現。

We delivered a strong third quarter with top to bottom strength on all key financial metrics. Driven grew revenue by 7% and delivered adjusted EBITDA of $136 million. System-wide sales increased 5%, supported by 167 net new stores over the last 12 months, including 39 additions this quarter alone.

第三季業績強勁，所有關鍵財務指標均呈現全面成長。Driven公司營收成長7%，調整後EBITDA達1.36億美元。系統範圍內在過去 12 個月中新增 167 家門市（光是本季就新增 39 家）的支持下，銷售額成長了 5%。

Same-store sales rose 3%, marking our 19th consecutive quarter of positive same-store sales. We also continued to strengthen our balance sheet, reducing net leverage to 3.8 times as we progress toward our target of 3 times by the end of 2026.

同店銷售額成長 3%，連續第 19 季實現同店銷售額正成長。我們也持續加強資產負債表，將淨槓桿率降低至 3.8 倍，朝著 2026 年底達到 3 倍的目標邁進。

We remain focused on our growth and cash strategy, driving strong consistent growth through Take 5 generating reliable free cash flow from our franchise and carwash segments. Take 5 of the car 10-minute oil change delivered its 21st consecutive quarter of same-store sales growth and continue to perform across every key metric.

我們將繼續專注於成長和現金流策略，透過 Take 5 實現強勁而持續的成長，並從我們的特許經營和洗車業務中獲得可靠的自由現金流。Take 5 汽車 10 分鐘換油服務實現了連續第 21 個季度的同店銷售成長，並在所有關鍵指標上繼續保持良好表現。

Through the third quarter, we opened 101 net new stores, including 38 in the third quarter. System-wide sales grew 18% year over year and same-store sales grew 7% and driving adjusted EBITDA growth of 15%. Adjusted EBITDA margins expanded to 35%, up 40 basis points versus last year.

第三季度，我們淨增門市 101 家，其中第三季新增門市 38 家。系統銷售額年增 18%，同店銷售額年增 7%，推動調整後 EBITDA 成長 15%。調整後 EBITDA 利潤率擴大至 35%，比去年同期成長 40 個基點。

These results reflect disciplined execution and a relentless focus on the customer, evidenced by our Net Promoter Score, which remained in the high 70s. We continue to see meaningful growth in non-oil change revenue, which accounted for more than 25% of Take 5 sales for the quarter.

這些結果反映了我們嚴謹的執行力和對客戶的不懈關注，我們的淨推薦值 (NPS) 一直保持在 70 多分，這就是最好的證明。我們繼續看到非換油收入的顯著增長，該收入佔本季 Take 5 銷售額的 25% 以上。

Over the past 24 months, we've added new services while simultaneously growing the attachment rates of non-oil change services from the mid-40s to the low 50s. We've now completed the rollout of our differential fluid service across the entire system. Early results have been positive.

在過去的 24 個月裡，我們增加了新的服務，同時將非換油服務的附加率從 40% 左右提高到 50% 左右。我們現已完成在整個系統中推廣差速器油液服務。初步結果令人鼓舞。

We've seen strong attachment rates, healthy margins, great customer feedback and no meaningful cannibalization of existing services. We expect to open approximately 170 new Take 5 locations in 2025, 90 company-owned and 80 franchised.

我們看到了較高的附加率、健康的利潤率、良好的客戶回饋，並且沒有對現有服務造成實質的蠶食。我們預計到 2025 年將開設約 170 家新的 Take 5 門市，其中 90 家為公司直營，80 家為加盟店。

We remain committed to opening 150 or more new units annually supported by the strong performance of our 2023 and prior vintages, which ramped above $1 million in average unit volumes within 24 months. Our new unit pipeline remains robust with approximately 900 locations at the end of Q3, of which over a third are sites secured or further along.

我們仍致力於每年開設 150 個或更多新單位，這得益於我們 2023 年及以前年份的強勁表現，這些年份的平均單位銷量在 24 個月內增長到 100 萬美元以上。截至第三季末，我們的新設備供應依然充足，約有 900 個地點，其中超過三分之一的地點已落實或進展順利。

Finally, we continue to innovate to drive traffic and efficiency across the system. We recently implemented a new media mix model to better allocate advertising dollars and maximize return on advertising spend.

最後，我們將繼續創新，以提高整個系統的流量和效率。我們最近實施了一種新的媒體組合模式，以更好地分配廣告預算並最大限度地提高廣告支出回報率。

At the shop level, we're testing AI-driven camera technology that detects queuing issues in real time, helping managers adjust staffing and workflow to move more cars more efficiently and ultimately serve more customers where Take 5 drives growth, our franchise and carwash segments anchor cash generation.

在門市層面，我們正在測試人工智慧驅動的攝影機技術，該技術可以即時偵測排隊問題，幫助管理人員調整人員配備和工作流程，從而更有效率地處理更多車輛，最終服務更多客戶。在 Take 5 推動成長的領域，我們的特許經營和洗車業務是現金流的支柱。

Our franchise segment built around some of the most trusted names in the industry, including Meineke, Maaco and CARSTAR delivered same-store sales growth of 1% for the quarter versus prior year. That performance was driven by strength at Meineke and sequential improvements at Maaco and CARSTAR.

我們以業內一些最值得信賴的品牌（包括 Meineke、Maaco 和 CARSTAR）為核心的特許經營業務，與去年同期相比，本季度同店銷售額增長了 1%。這一業績得益於 Meineke 的強勁表​​現以及 Maaco 和 CARSTAR 的持續進步。

The segment also delivered adjusted EBITDA margins of 66%, an improvement of 90 basis points versus the prior year. Turning to IMO, our international carwash business, Growth remained solid but moderated as previously communicated, with worse weather conditions in Q3 versus the first half of the year.

此業務部門的調整後 EBITDA 利潤率為 66%，比前一年提高了 90 個基點。再來看我們的國際洗車業務 IMO，正如之前所溝通的那樣，增長依然穩健但有所放緩，第三季度的天氣狀況比上半年更糟。

Same-store sales and revenue for the segment grew 4% versus the prior year resulting in adjusted EBITDA margins of 28%. Now turning to our expectations for the remainder of 2025. As we've discussed throughout the year, we continue to operate in a dynamic consumer environment.

該業務部門的同店銷售額和收入較上年增長4%，調整後的EBITDA利潤率為28%。現在讓我們展望一下2025年剩餘時間的預期。正如我們今年一直在討論的那樣，我們仍然在一個不斷變化的消費環境中運作。

While the consumer faces ongoing pressure, our diversified portfolio has demonstrated resilience across varying market conditions. Q4 has been particularly choppy with several factors creating a higher degree of macroeconomic uncertainty, including the ongoing government shutdown and the potential disruption of funding for the military and social programs. Given this uncertainty, we believe it's prudent to take a more conservative stance as we close out the year.

儘管消費者面臨持續的壓力，但我們多元化的產品組合已在各種市場條件下展現出韌性。第四季市場波動尤為劇烈，多種因素導致宏觀經濟不確定性加劇，包括持續的政府停擺以及軍事和社會項目資金可能中斷。鑑於這種不確定性，我們認為在年底之際採取更保守的立場是審慎之舉。

Accordingly, we're narrowing our full year guidance ranges to reflect both our strong third quarter performance and the evolving macro environment. Mike will provide more details on the outlook in a moment. I recently announced two important organizational changes that strengthen our foundation for the future.

因此，我們縮小了全年業績預期範圍，以反映我們強勁的第三季業績和不斷變化的宏觀環境。麥克稍後會提供更多關於前景的細節。我最近宣布了兩項重要的組織變革，這將加強我們未來發展的基礎。

First, Mo Khalid has been named Chief Operating Officer of Driven Brands. In this role, Mo will lead the Take 5 and franchise segments, those a seasoned executive, exceptional leader and a driven brands veteran, he and I first worked together in 2015 when he led operations for me at Meineke.

首先，Mo Khalid 被任命為 Driven Brands 的營運長。在這個職位上，Mo 將領導 Take 5 和特許經營部門。他是一位經驗豐富的管理者、傑出的領導者和充滿幹勁的品牌老手，我和他於 2015 年首次共事，當時他在 Meineke 負責我的營運工作。

After several years with driven, Mo went on to hold a series of senior roles at Great Wolf Lodge, culminating in his final role of Senior Vice President of Field Operations. He returned to Driven in 2023 as President of Take 5 Oil Change, where he and the team have grown the business to almost 1,300 locations with system-wide sales of $1.6 billion and adjusted EBITDA of over $400 million on a trailing 12-month basis. As COO, Mo will work across both segments to drive operational rigor, predictability and sustainable growth.

經過幾年的努力，莫在 Great Wolf Lodge 擔任了一系列高級職位，最終擔任了現場營運高級副總裁。2023 年，他重返 Driven，擔任 Take 5 Oil Change 的總裁。在他的帶領下，公司業務發展到近 1300 個地點，系統銷售額達 16 億美元，過去 12 個月的調整後 EBITDA 超過 4 億美元。作為首席營運官，Mo 將負責兩個部門的運營，以推動營運的嚴謹性、可預測性和永續成長。

Next, Tim Austin has been named President of Take 5 Oil Change. Tim most recently served as President of Take 5 Car Wash where he did an outstanding job stabilizing the brand, culminating in our successful sale of the business in Q2 of this year. Tim is a fantastic leader and an exceptional operator. He began his career at Walmart, starting as an assistant store manager and rising to Vice President of Store Planning.

接下來，蒂姆·奧斯汀被任命為 Take 5 Oil Change 的總裁。Tim 最近擔任 Take 5 Car Wash 的總裁，他出色地穩定了品牌，最終促成了我們在今年第二季度成功出售該業務。蒂姆是一位傑出的領導者和卓越的執行者。他的職業生涯始於沃爾瑪，從助理店長做起，一路晉升為門市規劃副總裁。

Over the past six months, Tim has served as COO of Take 5 under Mo, experience that perfectly positions him for this role. These moves reflect the depth of talent we've built across the organization. Our meritocratic culture continues to identify, develop and promote talent from within, ensuring we have the right leaders in place to drive performance and deliver results.

在過去的六個月裡，蒂姆在莫的領導下擔任 Take 5 的首席營運官，這段經歷使他完全勝任這個職位。這些措施體現了我們在整個組織內累積的深厚人才儲備。我們秉持菁英管理文化，持續發掘、培養和提拔內部人才，確保我們擁有合適的領導者來推動績效成長並取得成果。

Let me close with a few key takeaways. First, we delivered a strong third quarter across same-store sales, revenue, adjusted EBITDA and adjusted EPS. Second, Take 5 continued to deliver industry-leading growth. Third, our franchise and carwash segments grew same-store sales in the quarter and remains reliable cash-generating engines.

最後，我想總結幾個要點。首先，我們在第三季實現了強勁的同店銷售額、營收、調整後 EBITDA 和調整後每股盈餘。其次，Take 5 持續保持業界領先的成長動能。第三，我們的特許經營和洗車業務在本季度實現了同店銷售額成長，並且仍然是可靠的現金流引擎。

And finally, we've reduced our net leverage to 3.8 times and remain on track to reach 3 times by the end of 2026. I want to thank our more than 7,500 Driven Brands team members and hundreds of franchise partners who rally every day around our mission and our customers. Your hard work, focus and execution are what drives our results and our continued success.

最後，我們的淨槓桿率已降至 3.8 倍，並預計在 2026 年底前達到 3 倍。我要感謝 Driven Brands 的 7500 多名團隊成員和數百名加盟合作夥伴，他們每天都團結一致，為我們的使命和客戶服務。你們的辛勤工作、專注和執行力是推動我們取得成果和持續成功的關鍵。

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

那麼，接下來就交給我的合夥人兼財務長麥克吧？

Thank you, Danny, and good morning, everyone. Q3 2025 demonstrated driven consistent execution, led by another quarter of strong growth in our Take 5 Oil Change business improved performance in our Franchise Brands segment and the continued reduction of our net debt to adjusted EBITDA ratio. These results demonstrate the power of our diversified platform with Take 5 driving continued growth and our disciplined capital allocation, moving us closer to our 3 times net leverage target by the end of 2026.

謝謝你，丹尼，大家早安。2025 年第三季業績展現出持續穩定的執行力，這得益於 Take 5 Oil Change 業務的又一個季度強勁增長、特許經營品牌部門業績的改善以及淨債務與調整後 EBITDA 比率的持續下降。這些結果證明了我們多元化平台的強大實力，Take 5 推動了持續成長，而我們嚴謹的資本配置使我們離 2026 年底 3 倍淨槓桿率的目標更近了一步。

As a reminder, with the divestiture of our US carwash business, the results for that business are included in discontinued operations and are not included in financial details provided today, unless otherwise noted. Driven recorded its 19th consecutive quarter of same-store sales growth, increasing 2.8% in Q3.

再次提醒，由於我們剝離了美國洗車業務，該業務的業績已計入終止經營業務，除非另有說明，否則不包含在今天提供的財務詳情中。Driven 連續第 19 季實現同店銷售額成長，第三季成長 2.8%。

We added 39 net units in the quarter, led by continued expansion in our Take 5 segment. System-wide sales for the company grew 4.7% in Q3 to $1.6 billion. Total revenue for Q3 was $535.7 million, an increase of 6.6% year over year.

本季我們淨增了 39 個單位，主要得益於 Take 5 業務的持續擴張。該公司第三季系統銷售額成長 4.7%，達到 16 億美元。第三季總營收為 5.357 億美元，年增 6.6%。

Q3 operating expenses increased $21 million year over year, including an increase in company and independently operated store expenses of $16.4 million driven by higher sales volumes and additional stores in Q3 of 2025 versus Q3 of 2024. Operating income for Q3 was $61.9 million, an increase of $12.3 million.

第三季營運費用年增 2,100 萬美元，其中包括公司和獨立營運門市費用增加 1,640 萬美元，這是由於 2025 年第三季銷售額增加以及門市數量較 2024 年第三季有所增長。第三季營業收入為 6,190 萬美元，增加了 1,230 萬美元。

Adjusted EBITDA for Q3 was $136.3 million, roughly $4.3 million above Q3 last year. As a reminder, Q3 of this year comes without the benefit of PHI, which we divested in August 2024 but two months of which are still included in Q3 2024 results. Adjusted EBITDA margin for Q3 was 25.4%, a decrease of roughly 85 basis points versus Q3 last year as sales growth was offset primarily by the aforementioned increase in store expenses and investments in growth initiatives.

第三季調整後 EBITDA 為 1.363 億美元，比去年第三季高出約 430 萬美元。提醒一下，今年第三季的業績不包括 PHI 的收益，我們已於 2024 年 8 月剝離了 PHI，但其中兩個月的業績仍包含在 2024 年第三季的業績中。第三季調整後 EBITDA 利潤率為 25.4%，較去年同期下降約 85 個基點，原因是銷售成長主要被上述門市費用增加和成長計畫投資所抵銷。

Net interest expense for Q3 was $23.6 million, down $20.1 million from Q3 last year, led by lower debt balances, including the payoff of our term loan balance and the benefit of the acceleration of our interest rate hedge on our 2022 notes.

第三季淨利息支出為 2,360 萬美元，比去年第三季減少了 2,010 萬美元，主要原因是債務餘額減少，包括償還了定期貸款餘額以及 2022 年票據利率對沖加速帶來的收益。

Income tax was a benefit for the quarter of $21.7 million, driven by a discrete change during Q3 in our tax valuation allowances related to the One big beautiful Bill Act, which increased the company's interest deduction. Of note, this positive valuation adjustment is excluded from adjusted EPS in the quarter.

本季所得稅收益為 2,170 萬美元，這主要得益於第三季與《一項偉大的法案》相關的稅務估值準備金的單獨變化，該法案增加了公司的利息扣除額。值得注意的是，這項積極的估值調整並未計入本季的調整後每股收益。

Net income from continuing operations for the quarter was $60.9 million, adjusted net income from continuing operations for the quarter was $56.2 million. Adjusted diluted EPS from continuing operations for Q3 was $0.34 and an increase of $0.11 versus Q3 last year, driven by higher operating income on increased sales and lower interest expense.

本季持續經營業務淨利為 6,090 萬美元，本季調整後持續經營業務淨利為 5,620 萬美元。第三季持續經營業務的調整後稀釋每股收益為 0.34 美元，比去年第三季成長 0.11 美元，主要得益於銷售成長帶來的營業收入增加和利息支出減少。

Q3 performance for each of our segments include: Take 5 Oil Change, which represents more than 75% of Driven's overall adjusted EBITDA, had another strong quarter with same-store sales increasing 6.8% and revenue growth of 13.5%. Danny mentioned earlier, the ongoing advancements we're making to the Take 5 business model, including better marketing efficiency, technology-led operational improvements and additional service offerings.

第三季各業務部門的業績包括：Take 5 Oil Change（佔 Driven 整體調整後 EBITDA 的 75% 以上）又迎來了一個強勁的季度，同店銷售額增長 6.8%，收入增長 13.5%。丹尼之前提到過，我們正在不斷改進 Take 5 商業模式，包括提高行銷效率、以技術為主導的營運改善以及提供更多服務。

Take 5 continues to build on its strong operational foundation by driving attachment of non-oil change services, now over 25% of Take 5's total system-wide sales and continued growth in the penetration of our most premium synthetic offerings.

Take 5 繼續鞏固其強大的營運基礎，推動非換油服務的附加銷售，目前已佔 Take 5 全系統總銷售額的 25% 以上，並且我們最優質的合成產品滲透率持續增長。

Adjusted EBITDA for the quarter was $107.3 million, reflecting growth of 15% compared to Q3 2024. Adjusted EBITDA margin was 35%. we opened 38 net new units in the quarter, of which 21 were company-operated stores and 17 were franchise-operated.

本季調整後 EBITDA 為 1.073 億美元，較 2024 年第三季成長 15%。調整後 EBITDA 利潤率為 35%。本季我們淨增 38 家門市，其中 21 家為公司自營店，17 家為加盟店。

Franchise Brands reported a 0.7% increase in same-store sales despite ongoing headwinds in Maaco, our most discretionary business. Segment revenue declined $1.8 million or 2.3% in the quarter due to a decline in weighted average royalty rate in the quarter.

儘管旗下最主要的非必需消費品業務 Maaco 持續面臨不利因素，但 Franchise Brands 的同店銷售額仍成長了 0.7%。由於本季加權平均特許權使用費率下降，該業務部門收入在本季下降了 180 萬美元，降幅為 2.3%。

The segment continued its strategic role as a cash generator in our growth in cash portfolio, delivering an adjusted EBITDA margin of 66% in the quarter. Adjusted EBITDA was $49.7 million, down $0.5 million from the prior year due to the decline in revenue. During the quarter, we added three net new units. Our carwash segment, representing our international carwash business, grew again in Q3 with a 3.9% increase in same-store sales.

該業務板塊繼續發揮其作為現金流成長業務的戰略作用，在本季度實現了 66% 的調整後 EBITDA 利潤率。調整後的 EBITDA 為 4,970 萬美元，由於收入下降，比前一年減少了 50 萬美元。本季我們淨增了3個單元。代表我們國際洗車業務的洗車業務部門在第三季再次成長，同店銷售額成長了 3.9%。

The segment continued to benefit from improved operations and expanded service offerings while experiencing more normalized weather that resulted in moderated growth as compared to the previous two quarters.

該業務板塊繼續受益於營運改善和服務範圍擴大，同時天氣狀況趨於正常，與前兩個季度相比，成長放緩。

Adjusted EBITDA decreased $1 million to $15 million or 27.8% of sales, driven by higher independent operator commissions due to higher sales and higher utility and rent costs. We closed one store in the quarter. Turning to our liquidity, leverage and cash flow performance for Q3.

經過調整的 EBITDA 減少了 100 萬美元，至 1500 萬美元，佔銷售額的 27.8%，原因是銷售額增加導致獨立運營商佣金增加，以及公用事業和租金成本增加。本季我們關閉了一家門市。接下來，讓我們來看看第三季的流動性、槓桿率和現金流表現。

Our cash flow statement shows a consolidated view of cash flows for Q3, inclusive of discontinued operations. Net capital expenditures for the quarter were $27.3 million, consisting of $39.8 million in gross CapEx, offset by $12.5 million in sale-leaseback proceeds.

我們的現金流量表顯示了第三季的合併現金流量，其中包括已終止經營業務的現金流量。本季淨資本支出為 2,730 萬美元，其中總資本支出為 3,980 萬美元，售後回租收入為 1,250 萬美元。

Free cash flow for the quarter defined as operating cash flow less net capital expenditures, was $51.9 million, driven by strong operating performance. As we discussed last quarter, on July 25, we monetized the seller note received from our divestiture of our US carwash business for $113 million. We used the net proceeds to fully retire our term loan and pay down our revolving credit facility.

本季自由現金流（定義為經營現金流減去淨資本支出）為 5,190 萬美元，主要得益於強勁的經營業績。正如我們上個季度討論的那樣，7 月 25 日，我們將出售美國洗車業務收到的賣方票據變現為 1.13 億美元。我們將淨收益用於全額償還定期貸款和減少循環信貸額度。

Strong free cash flow, combined with the proceeds from the sale of the seller note, helped us reduce debt by approximately $171 million during the quarter. At the end of the quarter, our net leverage stood at 3.8 times net debt to adjusted EBITDA as compared to 4.1 times at the end of Q2 2025.

強勁的自由現金流，加上出售賣方票據所得款項，幫助我們在本季減少了約 1.71 億美元的債務。本季末，我們的淨槓桿率為淨債務與調整後 EBITDA 比率為 3.8 倍，而 2025 年第二季末為 4.1 倍。

On October 20, after the third quarter closed, we issued $500 million of new 5-year securitized notes combined with the drawn revolver of approximately $130 million to prepay and retire in full our Class 2019-1 and Class 2221 securitized notes.

10 月 20 日，第三季結束後，我們發行了 5 億美元的新 5 年期證券化票據，並提取了約 1.3 億美元的循環信貸額度，以提前償還和全額註銷我們的 2019-1 類和 2221 類證券化票據。

This leverage-neutral transaction simplifies and extends our maturity wall while reducing our annualized interest expense. We used our revolver as part of the transaction to permit us to deploy future free cash flow to continue delevering our balance sheet in a capital-efficient manner.

這項槓桿中性交易簡化並延長了我們的到期期限，同時降低了我們的年度利息支出。我們在交易中使用了循環信貸額度，以便能夠以資本高效的方式利用未來的自由現金流繼續降低資產負債率。

As of the close of the transaction, our revolving credit facility had a balance of $187 million and represents the only nonsecuritized debt we have outstanding. Following the refinancing, our debt is now 92% fixed rate with a weighted average rate of 4.4%. Year to date through the end of Q3, we have repaid approximately $486 million of debt.

截至交易完成時，我們的循環信貸額度餘額為 1.87 億美元，是我們唯一未償還的非證券化債務。再融資後，我們的債務現在有 92% 是固定利率，加權平均利率為 4.4%。截至第三季末，我們今年已償還約 4.86 億美元債務。

As a reminder, you will see on our balance sheet an increase in current portion of long-term debt related to our Class 20191 securitized notes that were addressed as part of this recent refinancing. We continue to make progress on our goal of achieving net leverage of 3 times net debt to adjusted EBITDA by the end of 2026.

再次提醒，您將在我們的資產負債表上看到與我們 20191 類證券化票據相關的長期債務流動部分有所增加，這是最近一次再融資的一部分。我們正朝著 2026 年底淨債務與調整後 EBITDA 比率達到 3 倍的目標穩步邁進。

We are actively assessing how our capital allocation priorities will change once we achieve this important milestone but for now, our focus remains on executing on our deleverage commitment while investing in the Take 5 business, which generates a predictable high return on capital spend.

我們正在積極評估一旦實現這一重要里程碑，我們的資本配置重點將如何變化，但就目前而言，我們的重點仍然是履行去槓桿化承諾，同時投資於 Take 5 業務，該業務可產生可預測的高資本支出回報。

I'd now like to provide an update on our full year outlook. As we enter the fourth quarter, we are narrowing our fiscal 2025 outlook ranges to reflect our year-to-date performance and current expectations for the remainder of the year.

現在我想就我們全年的展望做個簡單介紹。隨著我們進入第四季度，我們將縮小 2025 財年的展望範圍，以反映我們今年迄今為止的業績和對今年剩餘時間的當前預期。

As Danny mentioned earlier, we have seen additional choppiness across our portfolio beginning in Q4 as recent macroeconomic factors weigh on the consumer. Our revised ranges reflect an appropriate caution for the current economic climate despite the strong third quarter for Take 5 and despite the sequential Q3 improvement in Franchise Brands.

正如丹尼之前提到的，由於近期宏觀經濟因素對消費者造成壓力，我們從第四季開始看到投資組合出現更多波動。儘管 Take 5 第三季表現強勁，特許經營品牌第三季環比也有所改善，但我們修訂後的價格區間反映了對當前經濟環境的適當謹慎。

For the full year, we now expect revenue of $2.1 billion to $2.12 billion, driven by new unit growth and Take 5 strong performance through Q3, combined with a more measured Q4 outlook. Adjusted EBITDA of $525 million to $535 million, balancing Take 5's strong execution throughout the year with a more conservative view for the portfolio in Q4.

我們現在預計全年營收為 21 億美元至 21.2 億美元，這主要得益於新業務成長和 Take 5 在第三季的強勁表現，同時我們對第四季的展望也更為謹慎。調整後 EBITDA 為 5.25 億美元至 5.35 億美元，這不僅體現了 Take 5 全年強勁的執行力，也體現了第四季度對投資組合更保守的看法。

Adjusted diluted EPS from continuing operations of $1.23 to $1.28, supported by our operational efficiencies and lower interest and income tax expense. Same-store sales at the low end of our original 1% to 3% range, reflecting the current consumer environment and ongoing dynamics in Maaco and collision.

經過調整後，持續經營業務的稀釋每股收益為 1.23 美元至 1.28 美元，這得益於我們的營運效率提高以及利息和所得稅支出降低。同店銷售額處於我們最初設定的 1% 至 3% 範圍的低端，反映了當前的消費環境以及 Maaco 和碰撞維修行業的持續動態。

As for other important operating metrics, we reiterate net store growth between 175 and 200 units Net capital expenditures near the high end of our original range of 6.5% to 7.5% of revenue, driven by opportunistic builds in our Take 5 segment. For interest, we now expect full year interest expense of approximately $120 million.

至於其他重要的營運指標，我們重申淨門市成長在 175 至 200 家之間，淨資本支出接近我們最初設定的收入 6.5% 至 7.5% 範圍的高端，這主要得益於我們在 Take 5 業務板塊的機遇性建設。利息方面，我們預計全年利息支出約為 1.2 億美元。

In closing, Q3 was another strong quarter for Driven's diversified growth-focused business model. We combined same-store sales growth across each of our segments with strong cash flow generation that enabled us to continue our progress toward achieving 3 times net leverage by the end of 2026.

綜上所述，第三季對於 Driven 多元化、以成長為中心的商業模式而言，又是一個強勁的季度。我們將各個業務板塊的同店銷售成長與強勁的現金流相結合，使我們能夠繼續朝著在 2026 年底實現 3 倍淨槓桿的目標邁進。

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

接下來，我將把問答環節交給接線員，我們很樂意回答您的問題。

(Operator Instructions) Justin Kleber, Baird.

（操作說明）賈斯汀·克萊伯，貝爾德。

Just was hoping you could share a bit more color maybe on how the comps progressed across the quarter, what the exit rate looked like? And then Mike, you alluded to the choppy start here in the fourth quarter.

我只是希望您能更詳細地介紹一下本季同店銷售情況的變化，以及退出率的情況？然後麥克，你提到了第四節開局階段的起步不太順利。

Is that fairly broad-based across your business, your various segments? And then just the math would seem to suggest you could see a negative comp in 4Q. I just want to ask if that's within a reasonable range of outcomes as you sit here today?

這在貴公司的各個業務部門中是否相當普遍？從數學角度來看，第四季可能會出現負成長。我只想問一下，在你看來，這是否屬於合理的可能結果範圍？

Yes. So I'll unpack those questions. Justin, good to hear from you. So starting from the top, I would say Q3, in general, performance was consistent within the quarter. Obviously, we're happy with those results that we saw in Q3 and think that it demonstrated broad-based consistency and strength across most of the brands that we have.

是的。那麼，我將逐一解答這些問題。賈斯汀，很高興收到你的來信。所以從上到下，我認為第三季整體表現比較穩定。顯然，我們對第三季的業績感到滿意，並認為這證明了我們旗下大多數品牌的廣泛一致性和實力。

I think turning to Q4, as Danny and I both mentioned, we did see some choppiness as it relates to really the broader consumer environment, which did impact all of our brands. It's inconsistent, hence the word choppy, right? There are some good days, there are some bad days.

我認為，正如丹尼和我所提到的那樣，到了第四季度，我們確實看到了一些波動，這與更廣泛的消費環境有關，也影響了我們所有的品牌。它不穩定，所以才叫斷斷續續，對吧？有時順境，有時逆境。

And we felt it appropriate to demonstrate an appropriate amount of caution as we sit here only one month into Q4. In terms of your question on negative comp for Q4, I'd answer it a couple of different ways. I think one, it's important to start with our Take 5 brand overall continues to be healthy.

鑑於目前第四季才剛過去一個月，我們認為有必要表現出適當的謹慎態度。關於你提出的第四季業績下滑的問題，我可以從幾個不同的角度來回答。我認為首先，重要的是要確保我們的 Take 5 品牌整體保持健康發展。

And so we expect that brand to grow in Q4 regardless of where we ultimately end up for the quarter and the full year within that lower end of the range. mathematically, yes, it is possible if we hit the very low end of that 1% given the strength we've seen in Q1 through Q3, it could be a negative Q4 from the consolidated.

因此，我們預計該品牌在第四季度將實現成長，無論最終第四季和全年業績是否處於預期區間的下限。從數學角度來看，考慮到第一季至第三季的強勁表現，如果我們最終只達到1%的下限，那麼第四季的綜合業績可能會出現負成長。

That will likely largely be driven by franchise brands, given the overweighting collision can play in our same-store sales growth calculation. But I think in general, the takeaway for Q4 is we're seeing some uncertainty. There is a little bit of choppiness across the entire consumer as it relates to our brands. But overall, we think Take 5 is healthy. And that despite an incredibly strong Q4 '24, we'll be lapping, we expect that business to grow this quarter.

考慮到過度權重碰撞可能會在我們的同店銷售成長計​​算中發揮重要作用，這很可能主要由特許經營品牌驅動。但我認為，總的來說，第四季的結論是，我們看到了一些不確定性。就我們的品牌而言，整個消費者群體之間存在一些波動。但總的來說，我們認為 Take 5 是有益健康的。儘管 2024 年第四季業績非常強勁，但我們預計本季業務仍將成長。

Okay. Perfect. And then a question for you, Mike, just on free cash flow conversion. It looks like you've converted about 70% of your adjusted EBITDA year to date in the free cash flow.

好的。完美的。麥克，我還有一個關於自由現金流轉換率的問題。看起來您已經將本年度迄今為止調整後的 EBITDA 的約 70% 轉化為自由現金流。

Is that a good benchmark in terms of how we should think about this business on a go-forward basis could actually get better to the extent CapEx maybe declines in 2026? Just would love to hear your perspective on that topic.

這是否可以作為我們未來思考這項業務發展方向的一個好基準？如果資本支出在 2026 年有所下降，情況是否真的會變得更好？很想聽聽你對這個話題的看法。

Yes. I'm not sure I'm going to get into specifics of 2026 yet. Is that something Danny and I are still working through I think we've demonstrated in in all of 2025, our focus on delevering the balance sheet and achieving our commitment of 3x, not leveraged by the end of 2026.

是的。我目前還不確定是否會詳細介紹 2026 年的情況。丹尼和我仍在努力解決這個問題。我認為我們在 2025 年已經證明，我們將專注於降低資產負債表的槓桿率，並實現到 2026 年底槓桿率為 3 倍的承諾。

I mean I think we pair that with the fact that our business because it is so strong because we have such a good pipeline of both franchise and cost units, those corporate stores give us such an ability for a predictable high rate of return that we want to be opportunistic.

我的意思是，我認為我們之所以能取得如此成就，是因為我們擁有非常優秀的特許經營店和成本單位管道，這些直營店為我們帶來了可預測的高回報率，所以我們想要抓住機會。

Danny mentioned in his remarks, the 170-ish total units, a little bit more corporate owned this year. That's largely driven by the opportunism we see when a good location comes about, we want to take advantage of that.

丹尼在演講中提到，總共有大約 170 套單元房，今年企業擁有的單元房數量略多。這主要是出於機會主義，當出現好的地段時，我們想要抓住它。

So I think at a high level, yes, we will continue to be focused on driving EBITDA to free cash flow, making sure we return that cash to our stakeholders, which right now is focused on debt. But we want to leave ourselves a little bit of flexibility so that as we see good opportunities to build, take 5 corporate stores, we have the ability to do that.

所以我認為，從宏觀層面來看，是的，我們將繼續專注於將 EBITDA 轉化為自由現金流，確保將這些現金返還給我們的利益相關者，而目前這主要體現在償還債務上。但我們希望為自己留一些彈性，這樣，當我們看到好的發展機會，例如開設 5 家公司直營店時，我們就有能力這樣做。

Okay. Makes sense.

好的。有道理。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

This is [Zach] on for Simeon. Take 5 has been among the fastest unit growers in the industry since 2019. At the same time, it looks like units for this year 2025 will end a tad below original expectations. So what are your unit growth expectations over the next few years given competition is increasing and new units are slowing more broadly across the industry?

這是[Zach]代表Simeon上場。自 2019 年以來，Take 5 一直是業界銷售成長最快的公司之一。同時，2025 年的產量似乎會略低於最初的預期。鑑於競爭日益激烈，且整個產業的新車銷量普遍放緩，您對未來幾年的銷售成長有何預期？

Yes. I'd have to go back and check expectations specifically related to Take 5 in 2025 because I would tell you that we feel very good with the the numbers we're going to put up around 170.

是的。我需要回去查看與 2025 年 Take 5 相關的具體預期，因為我可以告訴你，我們對即將達到 170 左右的數字感到非常滿意。

I think, obviously, as we've discussed over previous calls, there's always going to be a little bit of fluctuation on the mix between franchise and corporate, not because the franchisees don't want to build, but because they deliver such high returns for us, we lean in when we find good opportunities that give us such strong returns.

我認為，很顯然，正如我們在之前的電話會議中討論的那樣，加盟店和公司直營店之間的比例總是會有些波動，這並不是因為加盟商不想建店，而是因為他們能給我們帶來如此高的回報，所以當我們發現能給我們帶來如此豐厚回報的好機會時，我們就會加大投入。

We mentioned on the call, we see a pipeline across the entire driven portfolio, of which a large part is Take 5 of over -- almost 900 locations, of which about our sites secured or better, which means we actually have the lease in moving forward.

我們在電話會議上提到，我們看到整個驅動型投資組合都有發展空間，其中很大一部分是 Take 5，超過 900 個地點，其中大約有 5 個地點已經獲得或正在獲得進一步的租賃，這意味著我們實際上已經獲得了租賃權，可以繼續推進。

To the extent what you're talking about is the fact that Q1 through Q3 is a little bit light relative to the full year that's just the natural nature of a franchise business. Danny and I have been experienced with many of them, and you always see additional growth in Q4. I wish there was a way to make that not the case, but that's just the nature of the game.

如果你指的是第一季到第三季相對於全年而言業績稍顯疲軟，那這只是特許經營業務的自然特性。我和丹尼對其中許多方面都很有經驗，而且你總是能在第四季看到額外的成長。我希望有辦法改變這種情況，但這就是遊戲的本質。

And so we feel really good with the pipeline. And I think longer term, as we've talked about, we see 150 or more Take 5 for the next several years given the strong franchise relationships we have. and the additional pipeline of company-owned stores, we can build to deliver a consistent, predictable high return.

因此，我們對這條輸油管非常滿意。而且我認為從長遠來看，正如我們之前討論過的，鑑於我們強大的加盟關係以及我們可以建立的更多公司自營門店，我們預計未來幾年將開設 150 家或更多 Take 5 門店，從而帶來持續、可預測的高回報。

Yes, Zach, this is Danny. I'd just underscore what Mike has said. I mean I think everything was spot on. But we've committed for a while now to be 150-plus locations a year. Nothing's changed with that. The pipeline is quite strong. And just to give you one data point, the franchise side of the business is incredibly healthy.

是的，札克，這是丹尼。我只想強調一下麥克所說的話。我的意思是，我覺得一切都非常完美。但我們已經承諾一年開設 150 家以上的門市。這一點沒有任何改變。這條管道非常堅固。僅舉一例，特許經營業務發展得非常健康。

We've got about 40% of our franchisees on that side of the business that are either on their second area development agreement or their third so that is probably the best data point I can put out there in terms of the health of the franchise side of that business.

在該業務方面，我們約有 40% 的加盟商要么已經簽訂了第二份區域開發協議，要么已經簽訂了第三份，所以這可能是我能提供的關於該業務特許經營方面健康狀況的最佳數據點。

That's helpful. And then just as a quick follow-up. In what ways does Take 5's value proposition make it more likely to succeed as it continues to scale those units because it does seem like there will continue to be industry growth in units over the next few years. So what what differentiates the Take 5 model?

那很有幫助。然後，我再快速補充一點。Take 5 的價值主張在哪些方面使其更有可能在不斷擴大規模的過程中取得成功？因為在未來幾年內，產業規模似乎還會持續成長。那麼，Take 5模式有何獨特之處呢？

Yes. I mean I think it's a great question. I mean at the end of the day, Take 5 is the home of the state in your car 10-minute oil change. And we're the only national provider that provides a 10-minute oil changes experience stay in your car with NPS scores in the high 70s.

是的。我覺得這是一個很好的問題。我的意思是，說到底，Take 5 是全州汽車 10 分鐘快速換油服務的中心。我們是唯一提供 10 分鐘換油服務（無需下車）的全國性服務商，NPS 評分高達 70 多分。

So at the end of the day, it comes back to the consumer and what is it that the consumer values but what we've seen and where we've won historically is there's a consumer out there that wants a high-quality oil change and 10 minutes stay in your car, that's an amazing experience, and the consumer that wants that, that's where we win.

所以歸根究底，一切都取決於消費者，取決於消費者重視什麼。但我們看到的，以及我們過去的成功之處在於，總是有一些消費者想要高品質的換油服務，並且只需要在車上待10分鐘。這是一種非常棒的體驗，而這正是我們贏得消費者的地方。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Danny, you mentioned a new media mix model being used to Take 5. Could you just elaborate on the changes that were made and why you expect them to benefit brand awareness?

丹尼，你提到 Take 5 採用了一種新的媒體混合模式。能否詳細說明所做的改變，以及您認為這些改變為何會提升品牌知名度？

Sure. Yes, happy to. I mean at the end of the day, just to be clear, so we've had media mix models for me for some time now in Take 5. We just introduced a new partner, and we have let's say, big aspirations for what the tool can do for us.

當然。是的，我很樂意。我的意思是，說到底，為了明確起見，我在 Take 5 已經採用媒體混合模式一段時間了。我們剛剛引進了一位新合作夥伴，我們對這個工具能為我們帶來什麼寄予厚望。

At the end of the day, the media mix model does two things for you, and we're in our first iteration of it with the new media mix model that we're using right now. But number one, it helps you just optimize spend across channels and so it really lets you get pinpoint accuracy in terms of what channels are working in specific parts of the country and how should you optimize that spend.

歸根究底，媒體組合模型可以為你做兩件事，而我們目前正在使用的新媒體組合模型，正是我們的第一個迭代版本。但首先，它可以幫助您優化跨通路支出，從而真正讓您精準了解哪些管道在特定地區有效，以及您應該如何優化這些支出。

And then the second thing it does for you is it helps you understand should you be investing more or less at the macro level, right? So is there room on the curve your return curve to actually invest more money into marketing and what's the incremental return you're going to get on that investment.

其次，它還能幫助你了解在宏觀層面上應該增加投資還是減少投資，對吧？那麼，你的回報曲線上是否還有空間投入更多資金用於行銷？這項投資又能帶來多少增量報酬？

So we are leveraging both sides of that tool. Again, it's early going. We just deployed it now the new tool anyway for the first quarter here. But we think that over time, it's going to improve our return on advertising spend, and we think that it's going to inform just the level of investment that we're making.

因此，我們正在利用該工具的兩方面功能。現在還為時過早。我們已經部署了這個新工具，至少在第一季是如此。但我們認為，隨著時間的推移，這將提高我們的廣告支出回報率，並且我們認為這將影響我們目前的投資水平。

Okay. Are there any specific spending milestones that could open up access to maybe new marketing channels as the ad fund grows in the system just has more units and better concentration?

好的。隨著廣告資金在系統中不斷增長，擁有更多單元和更好的集中度，是否有任何特定的支出里程碑可以打開新的行銷管道？

Yes. I mean, look, we're a national company today talking about Take 5, but there are obviously pockets where we have more concentration, let's say, in some areas that we're a little bit more sparse as we fill out the map, we talked about getting to 2,500 locations.

是的。我的意思是，你看，我們是一家全國性的公司，今天談論的是 Take 5，但顯然有些地方我們的業務更為集中，比如說，在某些地區我們的業務分佈比較稀疏，隨著我們不斷完善業務版圖，我們討論過要達到 2500 個地點。

We still think that, that's the North Star, and that's very doable as we fill in the map and we get more concentration across the country, it does open up some upper funnel mass media where you can do let's say, national TV or national radio buys that you're hitting a lot of eyeballs and per eyeball you're getting a good return, and it's a good very efficient buy, so to speak.

我們仍然認為，這就是北極星，而且隨著我們不斷完善地圖，並在全國範圍內獲得更多關注，這是完全可以實現的。這確實開闢了一些上層管道的大眾媒體，例如，你可以購買全國電視或全國廣播廣告，這樣就能觸及大量觀眾，而且每次觀看都能獲得良好的回報，可以說，這是一種非常高效的購買方式。

So I think the short answer, Chris, is yes. As we continue to put dots on the map, it does open up more channels for us.

所以我覺得簡而言之，克里斯，答案是肯定的。隨著我們在地圖上不斷添加標記點，這確實為我們開闢了更多管道。

Okay. And just one last one, and I apologize if I missed this, but of sales trends among lower-income consumers at Take 5 shifted in the current quarter, maybe compared to the first half of the year?

好的。最後一個問題，如果我錯過了，請見諒，Take 5 低收入消費者的銷售趨勢在本季度是否發生了變化，也許與今年上半年相比？

Yes. I mean I'll answer maybe at the higher level. Just in terms of driven, I mean, we've been saying all year long, there's been pressure, right, on that lower income consumer. That's been true the entire year. That hasn't really changed in what we've seen in Q4, as we talked about in our prepared remarks and as Mike highlighted, a bit of choppiness.

是的。我的意思是，我或許能從更高的層次來回答這個問題。就消費驅動力而言，我的意思是，我們一整年都在說，低收入消費者一直面臨壓力，對吧。這種情況持續了一整年。正如我們在準備好的演講稿中提到的，以及麥克強調的那樣，第四季的情況並沒有真正改變，出現了一些波動。

Some days are up, some days are down. It's been choppier than it's been the rest of the year. There's some new variables here in Q4 that haven't existed. We mentioned them also in the prepared remarks. You've got government shutdown, you've got furloughed employees.

有時順風順水，有時則一蹶不振。今年以來，市場波動比往年都要劇烈。第四季出現了一些以前不存在的新變數。我們在準備好的演講稿中也提到了他們。政府停擺，員工被迫休假。

You have at least the potential for millions of Americans to have their income disrupted as military or government programs may go unfunded. So there's some uncertainty out there. I think the thing that makes us feel good is, number one, we're coming from a position of strength.

由於軍事或政府項目可能缺乏資金，至少有數百萬美國人的收入可能會受到影響。所以目前存在一些不確定因素。我認為讓我們感到欣慰的是，首先，我們處於優勢。

Third quarter is quite strong for us. 7% comps were Take 5, 1% comps for the franchise segment. It was strong quarter. I'd say secondarily, we're nondiscretionary. So at the end of the day, if there's any disruption -- maybe you delay that oil change for a period of time.

第三季我們的業績相當強勁。其中，Take 5門市的同店銷售額成長了7%，特許經營業務的同店銷售額成長了1%。這是一個表現強勁的季度。其次，我認為我們缺乏自由裁量權。所以歸根結底，如果出現任何中斷——也許你可以推遲一段時間再進行換油。

But at the end of the day, you're still going to need to change that oil, you're still going to need to get those breaks. You need to get your car back on the road. And so if there's any temporary dislocation, we tend to see a bounce back.

但歸根究底，你還是需要換機油，還是需要煞車。你需要讓你的車重新上路。因此，如果出現任何暫時的混亂，我們往往會看到反彈。

And look, at the end of the day, all of the uncertainty when Mike and I reissued our outlook for the quarter and we narrowed our ranges, all of that uncertainty is baked into that. So we feel good about hitting our ranges here in the back half of the year.

歸根結底，我和麥克重新發布季度展望並縮小預期範圍時所存在的種種不確定性，都已包含在其中了。所以我們對下半年的訓練進度感到滿意。

Brian McNamara, Canaccord Genuity.

Brian McNamara，Canaccord Genuity。

This is [Mason Calnan] on for Brian. Going off with the low-income consumer question, are you seeing any evidence of oil change referrals? And how would you measure that by location?

這位是梅森卡爾南，他正在替布萊恩上場。回到低收入消費者的問題，您是否看到任何關於換油服務的推薦？那麼，你會如何以地理位置來衡量這一點呢？

Yes. I'd say, look, in general, we've just seen the low-income consumer pressure. As we look at the entire year, we've had a strong year quarters one through three we've reiterated our outlook for the fourth quarter. All we're seeing is just a bit of choppiness here in the fourth quarter.

是的。我想說，總的來說，我們已經看到了低收入消費者的壓力。回顧全年，前三個季度我們表現強勁，我們重申了對第四季的展望。我們看到的只是第四節比賽出現了一些小波動。

So we continue to see strength at Take 5 non-oil-change revenue, we talked about is 25% right now. We've continued to grow our attachment rates from the mid-40s. If we're going back about a year to 1.5 years now, we're sitting here today in the low 50s. We've rolled out a new service. That new rollout of the service differentials in this case, has gone quite well.

因此，我們看到 Take 5 非換油業務的收入繼續保持強勁勢頭，我們之前討論過，目前佔比為 25%。自 40 多歲以來，我們的附加率持續成長。如果把時間倒回一年到一年半前，我們今天的利率大概在 50 左右。我們推出了一項新服務。此次服務差異化的新推出計畫進展得相當順利。

So the business has shown a lot of strength. All we're seeing is just a bit of choppiness. And again, there's some new variables in play here in Q4. So a bit of uncertainty in Q4. But again, we feel good about the ranges that we put out there from an outlook perspective.

所以這家企業展現了很強的實力。我們看到的只是畫面有些抖動。此外，第四季還有一些新的變數在運作。所以第四季存在一些不確定性。但從前景來看，我們對我們發布的預測範圍感到滿意。

And then what do you think it will take for the collision industry to inflect as insurance premiums and deductibles don't agree going down anytime soon.

那麼，你認為碰撞保險業需要什麼條件才能轉變？因為保險費和免賠額短期內不太可能下降。

I'm sorry, you broke up there at the beginning. Can you reask the question?

對不起，你們一開始就分手了。你能再問一次嗎？

Yes. What do you think it will take for the collision industry to inflect as insurance premiums and deductibles don't appear to be going down anytime soon?

是的。您認為碰撞事故保險業需要發生什麼變化才能有所轉變？因為保險費和免賠額似乎短期內不會下降。

Yes. Look, I think actually, as you've seen the year play out, right? So if we look at the insurance industry in general, Q1, Q2, we talked about estimates being down high single digits, call it, around 10%. And there's two big drivers to that. Number one is claim avoidance. We've just seen as inflation has ticked up here in the last 24 months, it hit that part of the industry particularly hard.

是的。你看，我覺得實際上，正如你所看到的，這一年發生的事情，對吧？因此，如果我們縱觀整個保險業，第一季和第二季度，我們談到了預期下降幅度接近兩位數，大約下降了 10%。造成這種情況有兩個主要原因。第一點是逃避索賠。我們已經看到，在過去 24 個月裡，通貨膨脹有所上升，這對該行業的這一部分造成了特別嚴重的打擊。

And so you've seen deductibles and premiums go up. The second reason is you've seen total loss rates historically high. And the combination of the two things has driven estimates to be down, call it, 10% or so percent first quarter, second quarter.

所以你就會看到自付額和保費漲了。第二個原因是，你會看到全損率一直處於歷史高點。這兩件事加在一起，導致第一季和第二季的預期值下降了約 10%。

The industry did rebound in Q3. It did improve sequentially from Q2 to Q3. If we look into the future, we think Q4 may look a little bit more like the positive thing for us is when we look at driven collision, our specific businesses, we continue to take share.

第三季度，該行業確實出現了反彈。從第二季到第三季度，情況確實有所改善。展望未來，我們認為第四季可能會更樂觀一些，對我們來說，積極的一面是，當我們審視車輛碰撞事故，也就是我們具體的業務時，我們繼續擴大市場份額。

So in a world where the industry maybe had some headwinds, we've consistently outperformed the industry. That continued in Q3. We mentioned a really strong third quarter with 1% comps for the segment at large, our best quarter from a comp perspective for the year.

因此，在產業可能面臨一些不利因素的情況下，我們一直表現出色，優於產業平均。第三季情況依然如此。我們提到第三季業績非常強勁，整體銷售額年增 1%，這是我們今年銷售額年增最好的一個季度。

And I'd say most importantly, and I keep going back to this for our businesses, in particular, when you look at the franchise segment, Ultimately, the role that, that plays in the portfolio's cash generation.

而且我認為最重要的是，我一直強調這一點，尤其是在特許經營領域，它在投資組合的現金流量產生中發揮著重要作用。

So what I'm most interested in and what I'm most excited about is when I look at third quarter, I see 66% EBITDA margins that's exactly what we need from that part of the business, and that's what that part of the business has delivered for us.

因此，我最感興趣、最興奮的是，當我查看第三季時，我看到 66% 的 EBITDA 利潤率，這正是我們對這部分業務所需要的，而這部分業務也確實為我們帶來了這樣的業績。

Mark Jordan, Goldman Sachs.

馬克喬丹，高盛集團。

On Take 5, same-store sales growth came in much better than expected for the quarter. And I know you don't break out traffic versus ticket. But just wondering if there's any commentary you can provide there about how the contribution was compared to maybe your initial expectations?

第五季度，同店銷售成長遠超預期。我知道你們不會把交通違規和罰單分開統計。但我想知道您能否就實際貢獻與您最初預期之間的差異提供一些評論？

Because I think looking back on the 2Q call, there was some discussion about trends potentially moderating in Take 5 for the second half of this year. So I guess on that note, how did the quarter trend relative to your initial expectations?

因為我覺得回顧第二季財報電話會議，當時討論了一些關於今年下半年 Take 5 的趨勢可能會趨於緩和的問題。那麼，我想就此說起，本季的發展趨勢與您最初的預期相比如何？

Yes. So I'd say a couple of things, Mark. Good to talk to you. I think first of all, we've always said we believe the Take 5 business is a mid-single-digit grower over the long term in this quarter, no exception, obviously, a little bit higher I think mathematically, there still is this issue that as the new stores ramp, that's a helpful tailwind for us both in terms of traffic and ticket.

是的。所以，馬克，我想說幾點。很高興和你聊天。首先，我認為我們一直都相信 Take 5 業務從長遠來看會保持中等個位數的成長，本季也不例外，顯然，從數學角度來看，成長幅度會略高一些。隨著新店的逐步開業，客流量和客單價都會對我們有所幫助，這仍然是一個有利的順風。

But as we grow over a larger base, the impact of that will continue to be less and less. And so over time, we expect that to contribute less to the overall story, although it's still a positive tailwind I would say the other thing to your point, we don't break out the sales tree, but we feel good in terms of where we are from both a traffic perspective and an ARO perspective.

但隨著我們業務規模的擴大，這種影響將會越來越小。因此，隨著時間的推移，我們預計它對整體情況的貢獻會越來越小，儘管它仍然是一個積極的推動因素。關於你提到的另一點，我們沒有詳細列出銷售樹，但就流量和 ARO 而言，我們對目前的狀況都感到滿意。

We've obviously mentioned some of the various drivers we have in ARO around the ability to do more premiumization as well as the additional attach. And then as you think about some of our commentary on Q4, in addition to the state of the consumer, which we've obviously covered, I'd also just remind you that Q4 of last year was an impressive comp at 9.2%.

我們顯然已經提到了一些我們在 ARO 中圍繞著進行更多高端化以及附加功能的各種驅動因素​​。然後，在思考我們對第四季的一些評論時，除了我們已經討論過的消費者狀況之外，我還想提醒大家，去年第四季的同比增幅為 9.2%，這是一個令人印象深刻的數字。

And so there is a little bit of moderation we expect, just given how we're going to be lapping that comp this year. But in general, the Take 5 system is healthy, we continue to grow. We feel good about the numbers we put up in Q3 and regardless of where we land in the range for consolidated driven in Q4, feel good about Take 5's growth prospects.

因此，考慮到我們今年將遙遙領先其他競爭對手，我們預計比賽將會有一些收斂。但總的來說，Take 5 系統運作良好，我們持續成長。我們對第三季的業績感到滿意，無論第四季綜合業績最終處於哪個區間，我們都對 Take 5 的成長前景充滿信心。

Right. And then just one follow-on, if I could. Thinking about the differential service offering you rolled out. I know you might not go into detail about product-specific attachment rates. But it sounds like a catchment is trending maybe above your initial expectations. Is that the right way to think about it?

正確的。如果可以的話，再補充一點。思考一下您推出的差異化服務方案。我知道你可能不會詳細說明具體產品的附著率。但聽起來，某個區域的趨勢可能超出了你最初的預期。這種思考方式正確嗎？

I'd say, Mark, look, the way to think about it is we're really happy with the results we're seeing. So we're fully rolled out nationwide at this point, both company and franchise the team is doing an amazing job executing. So we just building the muscle rolling out the new service has been quite good.

馬克，我想說，你應該這樣想：我們對目前的成果非常滿意。目前我們已經在全國範圍內全面鋪平，公司和加盟團隊在執行方面都做得非常出色。所以，我們逐步完善新服務的推出工作進展相當順利。

We haven't seen NPS scores budget all. So we're able to introduce a new service while continuing to deliver NPS scores in the high 70s, which is obviously fantastic. Margin profile is good. We're not seeing cannibalization.

我們還沒有看到 NPS 分數預算全部落實到位。因此，我們能夠在推出一項新服務的同時，繼續保持 NPS 得分在 70 多分的高位，這顯然非常棒。利潤率狀況良好。我們沒有看到蠶食現象。

So I'd say check marks across the board for me, the most exciting things that proves out another growth vector for Take 5, right? So we've shown historically that we can grow organically and we can take our attachment rates and grow the existing basket of services, so to speak.

所以我覺得各方面都符合預期，這對我來說是最令人興奮的事情，也證明了 Take 5 的另一個成長方向，對吧？因此，從歷史經驗來看，我們能夠實現有機成長，我們可以提高客戶依從率，並擴大現有的服務範圍。

But now we're showing that we can add a new service to the mix that fits within the fast, friendly and simple model that we have and successfully execute that other growth vector. So for me, that's very exciting.

但現在我們證明，我們可以在現有快速、友善、簡單的模式下增加一項新服務，並成功實現另一個成長方向。所以對我來說，這非常令人興奮。

Congrats on the great quarter.

恭喜你們本季業績出色。

Thanks.

謝謝。

Robby Ohmes, Driven Brands (sic - BofA).

Robby Ohmes，Driven Brands（原文如此 - 美國銀行）。

Mike, just a quick follow-up on choppiness. You guys have been answering it, but maybe going to ask for a little more clarification. So on the take side, choppiness is a deferral traffic situation? Or -- and you would -- you're seeing no change in attachment rates or premiumization trends or maybe some color on that?

麥克，關於訊號斷斷續續的問題，我再補充一下。你們已經回答過這個問題了，但我想再請教一些細節問題。所以從交通流量的角度來看，交通不暢是一種延誤通行的狀況嗎？或者——你肯定會這麼想——你沒有看到附件使用率或高級化趨勢有任何變化，或者你對這方面有什麼看法？

Yes. So welcome to driven brands, Robby, by the way. Nice to have you on the team. So yes, choppiness, look, choppiness that take is what we've alluded to. It's just we're seeing up and down days. I'd say on the non-oil change revenue side of the equation and attachment rates, we're not really seeing any changes there.

是的。順便說一句，歡迎加入驅動品牌行列，羅比。很高興你加入團隊。所以，是的，斷斷續續，你看，那種斷斷續續的感覺正是我們所暗示的。只是我們現在的情況時好時壞。我認為，在非換油收入和附加率方面，我們並沒有看到任何變化。

So attachment rates continue to be strong. We talked about we've grown them now into the low 50s. We talked about differential and how that's a positive behind the business. As we come into Q4, though, we're just seeing a little bit of choppiness in terms of traffic here and there. And again, it's across the portfolio.

因此，依附率依然強勁。我們談到，現在他們的年齡已經增長到50歲出頭了。我們討論了差異化以及它如何成為企業發展的積極因素。不過，進入第四季後，我們發現流量方面偶爾會出現一些波動。而且，這種情況遍及整個投資組合。

And to Mike's point, I mean, he emphasized this earlier, it's choppiness, right? It's -- there's some really good days and then there are some days where it's not so good.

正如麥克之前強調的那樣，問題在於斷斷續續，對吧？有時候——感覺特別好，有時候又不太好。

So I'd say no changes to non-oil-change revenue, no changes to premiumization. We continue to see both of those be quite strong. But as we look across the portfolio, just a bit of uncertainty here in the fourth quarter and a bit of just up and down given any given day.

所以我認為，非換油收入不會改變，高端化政策也不會改變。我們看到這兩項指標依然非常強勁。但縱觀整個投資組合，第四季存在一些不確定性，而且每天都會有波動。

That's really helpful. And then just --

這真的很有幫助。然後就--

Sort of taking choppiness over to Maaco and CARSTAR, et cetera.

某種程度上，這種不穩定性也蔓延到了 Maaco 和 CARSTAR 等公司。

The -- there's -- is it similar choppiness in direct repair program trends? Or is that more stable what are you seeing on the direct repair program trends?

直接修復專案趨勢中是否有類似的波動？或者說，直接維修項目的趨勢會更穩定一些嗎？您觀察到的趨勢是什麼？

Yes. I'd say it's choppiness across the portfolio right now as it relates to DRPs, right? So that's specifically in the collision business. I mentioned this a second ago, but if you look at what's been happening with that industry, call it, estimates down high single digits, Q1 and Q2.

是的。就災難復原計畫 (DRP) 而言，我認為目前整個投資組合都處於波動狀態，對吧？所以這具體指的是碰撞事故處理業務。我剛才提到過，如果你看看這個行業的情況，可以說，第一季和第二季的預期都下降了幾個位數。

The overall industry had a bit of a recovery in the third quarter and improved sequentially Q2 to Q3. And we think that Q4 is going to probably soften a little bit, and it's going to look more like so that's just the industry trends that we're seeing. And that it's obviously related to the DRP, that's all related.

整個產業在第三季有所復甦，並且比第二季到第三季有所改善。我們認為第四季可能會略有放緩，情況會更像這樣，這就是我們目前看到的行業趨勢。而且這顯然與DRP有關，這一切都是相關的。

But again, as I think about our collision business, we've been steadily taking share of the entire year. that didn't change Q1 to Q3. We don't expect it's going to change in Q4. So even if the industry softens a little bit in Q4, we expect to continue to take share.

但話說回來，就我們的碰撞維修業務而言，我們全年都在穩步擴大市場份額。第一季到第三季度，情況並沒有改變。我們預計第四季情況不會改變。因此，即使第四季產業略有疲軟，我們預計仍將繼續擴大市場份額。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

(inaudible) is on for Pete. Can you just break down the comp improvement within franchise a bit more, specifically in maintenance? And then are you seeing underlying improvement in collision demand? Or are you seeing that improvement from Mako's continuous improvement framework and then just when did you start to see the sequential improvements throughout the quarter.

（聽不清楚）是皮特。您能否更詳細地分析一下特許經營體系內的競爭改善情況，特別是維護方面的改進？那麼，您是否看到碰撞事故需求方面出現了根本性的改善？或者，您是否從 Mako 的持續改進框架中看到了這種改進？如果是，您是從什麼時候開始看到本季內持續改善的？

So yes, happy to take that. So I will start by saying, in general, we don't break out the full brand performance across our franchise brands. I would call it a couple of things, though, that we mentioned in the prepared remarks. Meineke continues to operate well.

是的，我很樂意接受。首先我要說明的是，一般來說，我們不會公佈旗下所有特許經營品牌的完整品牌表現。不過，我想提一下我們在準備好的演講稿中提到的幾個面向。Meineke 繼續運作良好。

Maaco, which is our most discretionary brand has been under pressure really for the entire year. And while that improved some in Q3, that continues to probably be our most pressured franchise brand. As Danny mentioned, we have -- we did see some improvement in in collision.

Maaco 是我們最受消費者青睞的品牌，但它今年以來一直承受著巨大的壓力。雖然第三季情況有所改善，但這仍然是我們壓力最大的特許經營品牌。正如丹尼提到的那樣，我們在碰撞方面確實看到了一些改進。

That has an outsized impact on our same-store sales, if not our revenue, given the amount of system sales that run through our collision boxes. So I think in general, we feel good about the Q3 performance. But as you probably heard on the call cautious heading into Q4 for that section.

考慮到透過我們的碰撞偵測箱進行的大量系統銷售，這將對我們的同店銷售額產生巨大的影響，甚至可能影響我們的收入。所以總的來說，我對第三季的業績感到滿意。但正如你可能在電話會議上聽到的那樣，我們對該部門進入第四季度持謹慎態度。

The good news is it continues to do what it needs to in the portfolio. margin for Q3, strong cash flow generator. So feel good about its role within the driven portfolio to generate cash and help us pay down debt as we needed to.

好消息是，它在投資組合中繼續發揮應有的作用。第三季利潤率維持穩定，現金流強勁。因此，我對它在以產生現金流和幫助我們按需償還債務為目標的投資組合中所發揮的作用感到滿意。

Christian Carlino, JPMorgan.

Christian Carlino，摩根大通。

Could you maybe quantify your exposure to first brands or lack thereof? And whether that's more Take 5 versus the franchise brand? I think within Take 5. It doesn't look like you source filters from them, but maybe source wiper blades from one of their brands. So could you quantify your exposure there? And then any color you can provide around that.

您能否量化一下您接觸第一品牌的機會，或是缺乏這種機會的情況？這究竟是 Take 5 的風格更濃，還是特許經營品牌的風格更濃？我認為在五分鐘內。看起來你並沒有向他們採購濾芯，但或許可以從他們旗下的某個品牌購買雨刷片。那麼，您能否量化一下您在那裡受到的影響？然後你可以用任何你喜歡的顏色來搭配它。

Yes. I mean very limited impact. And to the extent there is, we've got various other suppliers. So not -- I don't believe it's a read-through on anything in the auto category and not really worried about the impact to us.

是的。我的意思是影響非常有限。如果確實需要的話，我們還有其他供應商。所以，我不認為這會對汽車領域造成任何影響，也不太擔心會對我們造成影響。

Got it. That's helpful. And could you talk about trends by region? Any notable outperformers or underperformers? And then similarly, on the quarter to date, is the choppiness more apparent in any particular regions, maybe the D.C. and Mid-Atlantic region, given the government shutdown or maybe some of your lower income markets. Any comments there?

知道了。那很有幫助。能否談談各地區的趨勢？有哪些表現突出或表現不佳的公司？同樣地，就本季迄今的情況來看，波動是否在某些特定地區更為明顯，例如，考慮到政府停擺，華盛頓特區和大西洋中部地區，或一些低收入市場。大家有什麼看法？

Yes. Look, I'd say the general choppiness that we're seeing coming into Q4 is, I'd say, generally speaking, across the board, yes, I could pick a data point here or there. If there happens to be a location that's in particular the distressed neighborhood, maybe it's a little bit.

是的。你看，我認為我們進入第四季後看到的普遍波動，總的來說，是的，我可以指出一兩個數據點。如果某個地方剛好是比較貧困的社區，那可能就有點兒了。

But just I generalize it to choppiness across the portfolio coming into the fourth quarter. And as I think about just overall regional, Take 5, in particular, is a growing brand. So you're going to see differences more than anything else based on the maturity of the stores, right?

但我總體上認為，進入第四季後，整個投資組合都會出現波動。就整個區域而言，Take 5 尤其是一個正在蓬勃發展的品牌。所以，你會看到店鋪成熟度帶來的差異，對吧？

So if we've got a market where the vast majority of the stores are less than two years old where that market is still ramping. If you talk about a market like New Orleans, where the brand originated and we've been in that market for 30 years, that's a completely different profile.

因此，如果我們面對的是一個絕大多數門市開業時間不到兩年，且該市場仍在快速發展的市場中。如果你談到像新奧爾良這樣的市場，那是該品牌的發源地，我們已經在這個市場經營了 30 年，那麼情況就完全不同了。

So Take 5 is still a dynamic growing new business. And if you're looking for regional trends, it's going to be more proportionate to just the maturity of the stores in that market than anything else.

所以 Take 5 仍然是一家充滿活力、不斷發展的新興企業。如果你想了解區域趨勢，那麼它更取決於該市場中商店的成熟度，而不是其他因素。

Mike Albanese, Benchmark.

Mike Albanese，Benchmark。

Can you just comment on the labor market and I guess, overall strength of the labor pool in terms of hiring and retention?

您能否就勞動市場以及勞動市場的整體實力（包括招募和留住人才的情況）發表一下看法？

Yes. I mean specifically for Take 5. Yes. Look, I'd say from our perspective at least, the team is having a fine job or doing a fine job hiring. It's not -- I'd say it's not any better or any worse than it's been trending the entire year.

是的。我特別指 Take 5。是的。至少從我們的角度來看，我認為團隊在招募方面做得很好。我覺得——或者說，它和今年以來的趨勢相比，既沒有更好也沒有更糟。

We have a really strong and robust pipeline for bringing in employees at all levels of the organization, and it's something that we stay on top of. But I wouldn't say from a trends perspective, it's any more or less worrisome than it's been the whole year.

我們擁有非常強大且完善的員工招募管道，涵蓋組織各個層級，我們始終密切關注此管道的運作。但從趨勢的角度來看，我不會說它比今年其他時候更令人擔憂或更不令人擔憂。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Nice quarter here. Most of my questions have been asked here, but just thought I'd ask on like Take 5 specifically, are you seeing any changes to the unit economic story? Is there some opportunity given the macro to take advantage of maybe from lower lease expenses or conversely, are you seeing any increase in equipment costs or anything like that? Just any impact there to break?

這片街區不錯。我的大部分問題都已經在這裡問過了，但我還是想專門在 Take 5 上問一下，你們是否看到單位經濟效益方面有任何變化？鑑於宏觀經濟情勢，是否存在可利用的機遇，例如降低租賃費用？或者相反，您是否看到設備成本或其他類似情況增加？那裡有什麼衝擊力會造成損壞嗎？

Maybe I'll take the first part of your question, and maybe Mike wants to take the second part. Generally speaking, we're really happy with the ramps that we're seeing across all of our vintages, right? I think some of the things that we've put out there, if you look at the vintages 2023 and prior, they're all ramping well, on average, they're ramping to $1 million AUVs within 24 months. So that continues to be true.

也許我會回答你問題的第一部分，也許麥克想回答第二部分。總的來說，我們對所有年份的坡道都非常滿意，對吧？我認為我們推出的一些產品，如果你看看 2023 年及以前的年份，它們都發展得很好，平均而言，它們在 24 個月內就能達到 100 萬美元的 AUV（單位面積銷售額）。這一點依然成立。

We're quite happy with that. We see nice returns on our new stores and consistent ramps. And I'll put the same data point out there that I mentioned a second ago, if you're looking for one of the best testaments to the growth of the system and to the steadiness of the ramps, I'd look to 40% of our franchisees are on their -- either their second or their third ADA.

我們對此非常滿意。我們新店的收益不錯，發展勢頭也一直很強勁。我再補充一下我剛才提到的數據點：如果你想尋找證明系統發展和坡道穩定性的最佳例證，那麼我建議看看我們 40% 的加盟商正在辦理他們的第二或第三個 ADA（美國殘疾人法案）。

So the reality is that if the units weren't ramping consistently and predictably, you just wouldn't see that level of investment. So we continue to be quite happy with the ramps that we're seeing.

所以現實情況是，如果這些單位的產能無法持續穩定成長，你就看不到這種程度的投資。所以我們對目前看到的坡道狀況仍然相當滿意。

To the other point, I'll answer it in a couple of different ways, which is, I mean, absolutely, always look forward to opportunity to take cost out of the box and make sure we're getting the best rates possible.

至於另一點，我會從幾個不同的角度來回答，我的意思是，當然，我們總是期待有機會排除成本因素，確保我們獲得盡可能優惠的價格。

I think given the relative youth of our footprint, we still have a lot of lease term left in a lot of these as well as the fact that a small box size means that the lease expense doesn't necessarily carry the same weight as it does in some other instances. That said, we never missed an opportunity to have a discussion around what a good partner we are. And so making sure that we have those conversations with our landlord.

我認為，考慮到我們業務規模相對較小，許多租賃合約的期限還很長，而且由於倉庫面積較小，租賃費用並不像在其他情況下那麼重要。即便如此，我們從未放過任何機會來討論我們是多麼優秀的合作夥伴。所以，一定要確保我們和房東進行這些溝通。

On the build cost, again, one of the advantages of the Take 5 model is a relatively low build cost to begin with, lower than some of our competitors in the industry but that doesn't change our focus on making sure we continue to keep that advantage and find ways to make sure we are deploying money correctly to deliver the right experience, but not more than we need to.

關於建置成本，Take 5 模式的優勢之一在於其相對較低的初始建置成本，低於業內一些競爭對手，但這並不會改變我們專注於確保繼續保持這一優勢，並找到方法確保我們正確地部署資金以提供正確的體驗，但又不會超出我們所需的範圍。

So it is absolutely an opportunity we continue to take a look at it. But I would say it's probably more of an opportunistic opportunity that a big thing we need to focus on. Most importantly, like Danny said before, the unit level economics continue to be strong. We have a strong pipeline of both franchise builds and corporate stores going forward and feel really good about where Take 5 is positioned for future.

所以這絕對是一個值得我們繼續關注的機會。但我認為這更像是一個機會，而不是我們需要專注的大事。最重要的是，正如丹尼之前所說，單位層面的經濟效益依然強勁。我們未來在特許經營店建設和公司直營店方面都有著強勁的發展勢頭，對 Take 5 的未來發展前景感到非常樂觀。

Great. And maybe as a follow-up -- my follow-up on the commentary that the insurance side of the collision business could be more like the second quarter I'm acknowledging that there was a positive trend here in the third quarter.

偉大的。或許可以作為後續補充——關於碰撞業務的保險方面可能更像第二季的評論，我承認第三季出現了積極的趨勢。

Could you just double click a little bit more on what you're seeing there. Is it the claims avoidance aspect of it? Or are you actually seeing something in the loss rates and the behavior of the insurance companies that also driving backpedaling in the trends there.

請您再雙擊一下您看到的內容。是因為其中涉及規避索賠的因素嗎？或者，您是否真的從賠付率和保險公司的行為中看到了某些因素，這些因素也導致了趨勢的逆轉？

Yes. I think it's nothing new per se, right? So you're talking it's claim avoidance, it's total loss rates. And then I think it's also just the uncertainty that we're talking about heading into the fourth quarter, right? So I think when you put those three things in the blender, it leads us to believe that the fourth quarter will look more like the second quarter.

是的。我覺得這本身並不是什麼新鮮事，對吧？所以你指的是規避索賠，也就是全損率。我認為，我們談論的是進入第四季度後存在的不確定性，對吧？所以我覺得，把這三件事放在一起比較，就會讓我們相信第四季的情況會更像第二季。

Ladies and gentlemen, there are no further questions at this time. That concludes today's conference call. Thank you for your participation. You may now disconnect.

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