Driven Brands Holdings Inc. (DRVN) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Jayal, and I will be your conference operator today. At this time, I would like to welcome everyone to the Driven Brands first quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. (Operator Instructions) We would now like to turn the conference over to Steve Alexander, Investor Relations. You may begin.

感謝您耐心等候。我叫 Jayal，今天將擔任本次電話會議的會議操作員。此刻，我謹代表公司歡迎各位參加 Driven Brands 2026 年第一季財報電話會議。為避免背景雜音干擾，所有線路已設為靜音。(操作員指示) 現在我們將把會議交給投資人關係部的 Steve Alexander。您可以開始了。

Good morning. Welcome to Driven Brands first quarter 2026 earnings conference call. The earnings release and net leverage ratio reconciliation are available for download on our website at investors.drivenbrands.com. 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.

各位早安。歡迎參加 Driven Brands 2026 年第一季財報電話會議。財報新聞稿與淨槓桿比率調節表可於我們網站 investors.drivenbrands.com 下載。本次與我一同出席的有總裁兼執行長 Danny Rivera，以及執行副總裁兼財務長 Mike Diamond。稍後，Danny 與 Mike 將帶領各位回顧本季的財務與營運表現。

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.

在開始我們的說明之前，我想提醒各位，管理層將提及若干非 GAAP 財務衡量指標。您可在公司投資人關係網站以及向美國證券交易委員會提交的文件中，查閱與最直接可比之 GAAP 財務衡量指標的調節表。

During this call, we will 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，我們也將就目前的計畫、信念與預期發表前瞻性陳述。這些陳述不保證未來表現，且受多項風險與不確定性及其他因素影響，可能導致實際結果與事件與這些前瞻性陳述所預期者存在重大差異。

Please see our earnings release and our filings with the Securities and Exchange Commission for more information. (Event Instructions) Now, I'll turn the call over to Danny.

更多資訊請參閱我們的財報新聞稿以及向美國證券交易委員會提交的文件。(活動指示) 現在我把電話交給 Danny。

Good morning and thank you for joining us to discuss Driven Brands 2026 first quarter results. Q1 was a solid quarter for Driven as we continued to execute our growth and cash strategy. For the quarter, we grew system-wide sales 6%, revenue 8%, same-store sales 2% and adjusted EBITDA 2%, while delivering adjusted EBITDA margins of 21.5%. The quarter was highlighted by Take 5 Oil changes 23 consecutive quarter of same-store sales growth, improvement from our franchise segment and further progress reducing that leverage. We remain focused on reducing that leverage and strengthening our financial foundation.

各位早安，感謝各位加入我們，一同討論 Driven Brands 2026 年第一季業績。第一季對 Driven 而言表現穩健，我們持續執行成長與現金策略。本季我們的全系統銷售成長 6%、營收成長 8%、同店銷售成長 2%、調整後 EBITDA 成長 2%，同時調整後 EBITDA 利潤率達 21.5%。本季亮點包括 Take 5 Oil Change 連續第 23 季同店銷售成長、加盟業務部門改善，以及在降低槓桿方面取得進一步進展。我們仍專注於降低槓桿並強化財務基礎。

Net leverage finished the quarter at 3.2 times, and we remain on track to achieve our target of 3 times by year-end. Our priority remains reaching that target first, after which we intend to provide investors with a clear framework for our long-term capital allocation priorities. We also continue to make progress enhancing our finance and accounting capabilities, strengthening processes and improving controls. While there is more work ahead, we are building a stronger and more scalable foundation to support the next chapter of growth at Driven Brands.

本季末淨槓桿為 3.2 倍，我們仍按計畫在年底前達成 3 倍的目標。我們的優先事項仍是先達成該目標，之後我們將向投資人提供清晰的長期資本配置優先順序框架。我們也持續推進財務與會計能力的提升、強化流程並改善內控。雖然前方仍有更多工作要做，但我們正在建立更強健且更具可擴展性的基礎，以支持 Driven Brands 下一階段的成長。

The automotive aftermarket remains one of the most resilient corners of the consumer economy. We continue to benefit from long-term industry trends, including an aging vehicle fleet, a growing car park, increasing vehicle complexity and consumers keeping vehicles longer. Overall, demand remains healthy across our businesses.

汽車售後市場仍是消費經濟中最具韌性的領域之一。我們持續受惠於長期產業趨勢，包括車齡老化、車輛保有量增加、車輛複雜度提升，以及消費者延長持車年限。整體而言，我們各項業務的需求仍維持健康。

Within Take 5, we are monitoring some moderation in traffic among newer customers and more value-oriented customers, particularly households earning less than $50,000 annually or facing greater pressure from inflation and higher living costs. However, our core customer base remains resilient, and we continue to see strong average check, healthy premium mix and solid attachment rates. The essential nature of our services, combined with secular industry tailwinds, reinforces our confidence in the business.

在 Take 5 方面，我們正觀察到部分新客與更重視性價比的客群之來客量有所趨緩，特別是年收入低於 50,000 美元的家庭，或受到通膨與生活成本上升壓力較大的族群。然而，我們的核心客群仍具韌性，我們持續看到強勁的平均客單價、健康的高階產品組合，以及穩健的加購率。我們服務的必要性，加上產業長期順風因素，進一步強化我們對該業務的信心。

Before turning to Take 5, I'd like to highlight an important investment we recently made to strengthen our management team and long-term capabilities. Bart LaCount has recently joined Driven Brands as our Chief Marketing Officer, a newly created position, demonstrating our commitment to building marketing into a core enterprise capability.

在談到 Take 5 之前，我想先強調我們近期為強化管理團隊與長期能力所做的一項重要投資。Bart LaCount 近期加入 Driven Brands，擔任我們新設立的行銷長（Chief Marketing Officer），展現我們致力於將行銷打造為企業核心能力的承諾。

Bart brings more than 20 years of marketing and brand building experience from leading consumer brands, including PepsiCo and Restaurant Brands International, where he led marketing for Popeyes. We have centralized marketing leadership under Bart to build a more integrated, data-driven and scalable marketing organization that can accelerate growth, improve customer acquisition efficiency, strengthen customer retention, and enhance the value of our brands. Turning to Take 5 Oil Change.

Bart 擁有超過 20 年的行銷與品牌打造經驗，曾任職於多個領先消費品牌，包括百事公司（PepsiCo）與 Restaurant Brands International，並在後者負責 Popeyes 的行銷工作。我們已在 Bart 的領導下集中行銷管理，以建立更整合、數據驅動且可擴展的行銷組織，從而加速成長、提升獲客效率、強化客戶留存，並提升我們品牌的價值。接下來談 Take 5 Oil Change。

Take 5 delivered another strong quarter, growing system-wide sales, 14%, revenue 10%, same-store sales 4.5%, 12.5% on a two year basis and adjusted EBITDA by 14%, while expanding margins year-over-year by 120 basis points, resulting in adjusted EBITDA margins of 33.9%. We believe Take 5's performance continues to reflect the strength of its differentiated customer experience.

Take 5 本季再度交出亮眼成績：全系統銷售成長 14%、營收成長 10%、同店銷售成長 4.5%，以兩年基礎計算為 12.5%；調整後 EBITDA 成長 14%，同時利潤率年增 120 個基點，使調整後 EBITDA 利潤率達 33.9%。我們認為 Take 5 的表現持續反映其差異化客戶體驗的優勢。

Our Stay In Your Car model, combined with a SaaS friendly and simple service experience continues to resonate with consumers. Strong operational execution, premiumization, increasing attachment rates and disciplined marketing further support customer acquisition, retention and profitable growth. Take 5 also remains early in its growth journey with approximately 1,400 locations today and a path to more than 2,500 locations over time, we continue to see substantial white space opportunity ahead.

我們的「Stay In Your Car（留在車內）」模式，結合對 SaaS 友善且簡單的服務體驗，持續引起消費者共鳴。強勁的營運執行、高階化（premiumization）、加購率提升，以及有紀律的行銷投入，進一步支持獲客、留存與獲利性成長。Take 5 的成長旅程仍處於早期階段，目前約有 1,400 個據點，長期可望超過 2,500 個據點；我們仍看到前方存在可觀的市場空白機會。

Importantly, we also continue to see attractive unit level economics and returns on new store investments across both company and franchise development. Our franchise segment once again delivered robust profitability generating adjusted EBITDA margins of 60%, while growing same-store sales 1% during the quarter.

同樣重要的是，我們在公司自營與加盟展店兩方面，持續看到新店投資具吸引力的單店經濟效益與報酬。我們的加盟業務部門本季再次展現強勁獲利能力，調整後 EBITDA 利潤率達 60%，同時同店銷售成長 1%。

Results continue to be led by Meineke with same-store sales for the segment sequentially improving from the fourth quarter. We expect franchise brands to continue generating strong margins and cash flow throughout 2026, although we anticipate same-store sales for the segment to moderate from our first quarter results. Auto Glass Now also delivered a strong quarter.

業績仍由 Meineke 領軍，該部門同店銷售較第四季呈現環比改善。我們預期加盟品牌在 2026 年將持續帶來強勁利潤率與現金流，儘管我們預估該部門同店銷售將較第一季結果趨於溫和。Auto Glass Now 本季也表現強勁。

growing revenue 6% same-store sales 7%, adjusted EBITDA 12% while expanding margins 40 basis points to 9.4%. We continue to see significant long-term growth opportunity as we expand carrier relationships, grow market share and leverage the scale we've built across the platform. I'll close with three key takeaways. First, Take 5 continues to validate our long-term investment thesis. The business is delivering strong growth, expanding margins and remains early in its runway toward more than 2,500 locations.

營收成長 6%、同店銷售成長 7%、調整後 EBITDA 成長 12%，同時利潤率擴張 40 個基點至 9.4%。隨著我們擴大與保險承保方（carrier）的合作關係、提升市占率，並運用我們在平台上建立的規模優勢，我們仍看到顯著的長期成長機會。最後我以三個重點作結。第一，Take 5 持續驗證我們的長期投資論點。該業務正展現強勁成長、利潤率擴張，且在邁向超過 2,500 個據點的成長跑道上仍處於早期階段。

Second, we remain on track to achieve our target of 3 times net leverage by year-end while continuing to strengthen the company's financial foundation. Third, we will remain disciplined allocators of capital and active managers of our portfolio, concentrating our resources on our highest growth, highest return opportunities to create long-term shareholder value.

第二，我們仍按計畫在年底前達成淨槓桿 3 倍的目標，同時持續強化公司的財務基礎。第三，我們將持續以紀律進行資本配置並積極管理投資組合，把資源集中於成長最高、報酬最高的機會，以創造長期股東價值。

Based on our first quarter performance, we are reiterating our full year 2026 guidance of revenue of $1.95 billion to $2.05 billion, adjusted EBITDA of $430 million to $460 million, same-store sales of flat to 2% and 160 to 190 net new units. I want to sincerely thank our team and our franchise partners for their continued commitment, execution and support.

基於第一季表現，我們重申 2026 全年指引：營收 19.5 億至 20.5 億美元、調整後 EBITDA 4.30 億至 4.60 億美元、同店銷售持平至成長 2%，以及淨新增門店 160 至 190 家。我衷心感謝我們的團隊與加盟夥伴持續的投入、執行力與支持。

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

那麼，我把時間交給我的夥伴、充滿幹勁的財務長 Mike。

Thank you, Danny, and good morning, everyone. I want to begin with an update on our progress toward remediating the material weaknesses in our internal control over financial reporting. As a reminder, this is a multi-quarter process. However, our team has made meaningful early progress executing against detailed remediation work plans for each material weakness, and we remain committed to strengthening our control environment as we move forward.

謝謝你，Danny，大家早安。我想先就我們在改善財務報導內部控制重大缺失方面的進展提供最新資訊。提醒一下，這是一個跨越多個季度的流程。不過，我們的團隊在依據各項重大缺失的詳細補救工作計畫執行上，已在早期取得具體且有意義的進展；我們也將在後續持續致力於強化我們的控制環境。

Turning to our financial results. A reminder that with the divestiture of both our US and international car wash businesses, the results for those businesses are included in discontinued operations and are not included in quarterly financial details provided today, unless otherwise noted. For Q1, Driven reported same-store sales growth of 2.1% and added 29 net new units. Systemwide sales for the company grew 5.8% in Q1 to $1.6 billion. Total revenue for Q1 was $484.4 million, an increase of 8.2% year-over-year.

接著看我們的財務結果。提醒一下，隨著我們已處分美國及國際洗車業務，這些業務的結果已列入停業部門，除非另有說明，今天提供的季度財務明細不包含這些業務。第一季，Driven 的同店銷售成長 2.1%，並新增 29 家淨新店。公司系統整體銷售額在第一季成長 5.8%，達 16 億美元。第一季總營收為 4.844 億美元，年增 8.2%。

Q1 operating expenses increased $24.1 million year-over-year, driven primarily by $8.1 million in higher company-operated store expenses from higher sales and more stores and $9.1 million in nonrecurring restatement costs, which were below our initial expectations. Based on a detailed review of the timing of restatement work performed, we saw some restatement costs shift from Q1 to Q2 versus initial expectations.

第一季營業費用較去年同期增加 2,410 萬美元，主要受以下因素帶動：因銷售增加與門店數增加，使公司自營門店費用增加 810 萬美元，以及 910 萬美元的一次性重編成本（低於我們最初的預期）。基於對重編工作執行時點的詳細檢視，我們看到部分重編成本相較最初預期由第一季移轉至第二季。

We still anticipate the full year nonrecurring restatement costs to be between $35 million and $45 million. SG&A for Q1 was $131.8 million or 8.4% of system-wide sales. Excluding the Q1 restatement costs, SG&A declined $1.9 million year-over-year and was 7.8% of system-wide sales, in line with our expectations as a growing multi-business platform with both franchise and company operations.

我們仍預期全年一次性重編成本將介於 3,500 萬至 4,500 萬美元。第一季 SG&A 為 1.318 億美元，占系統整體銷售額的 8.4%。若排除第一季重編成本，SG&A 較去年同期下降 190 萬美元，占系統整體銷售額的 7.8%，符合我們對於同時具備加盟與自營營運、且持續成長的多業務平台之預期。

Q1 operating income increased $12.7 million to $67.4 million, driven primarily by the increase in revenue. Adjusted EBITDA increased 1.7% to $104.1 million for the quarter. Adjusted EBITDA margin for Q1 was 21.5%, a decrease of roughly 140 basis points versus Q1 2025. Excluding restatement costs, adjusted EBITDA margin would have grown approximately 50 basis points. Interest expense declined $12.8 million to $23.5 million, driven primarily by ongoing debt pay down.

第一季營業利益增加 1,270 萬美元至 6,740 萬美元，主要由營收成長帶動。本季調整後 EBITDA 成長 1.7% 至 1.041 億美元。第一季調整後 EBITDA 利潤率為 21.5%，較 2025 年第一季約下降 140 個基點。若排除重編成本，調整後 EBITDA 利潤率將約成長 50 個基點。利息費用下降 1,280 萬美元至 2,350 萬美元，主要受持續償還債務帶動。

Income tax expense for the quarter was $9.4 million. Net income from continuing operations for the quarter was $23.8 million. Adjusted net income from continuing operations for the quarter was $49 million. Adjusted diluted EPS for Q1 was $0.30. Q1 performance for each of our segments include: Take 5 grew same-store sales 4.5% in Q1 and added 29 net new units in the quarter, continuing to execute against its pipeline of both franchise and corporate new units.

本季所得稅費用為 940 萬美元。本季持續營業淨利為 2,380 萬美元。本季持續營業調整後淨利為 4,900 萬美元。第一季調整後稀釋每股盈餘為 0.30 美元。我們各事業部門第一季表現如下：Take 5 第一季同店銷售成長 4.5%，本季新增 29 家淨新店，持續推進其加盟與自營新店的開店管線。

Adjusted EBITDA grew 13.6% to $109.5 million, driven by sales growth and the lapping of a roughly $4.5 million inventory valuation charge in Q1 of 2025, stemming from our restatement. Adjusting for the inventory valuation charge, Take 5 adjusted EBITDA grew roughly 8.5%. Franchise Brands reported a 0.9% increase in same-store sales. Revenue declined $0.4 million, driven by the sale of our two remaining company-operated collision locations. Adjusted EBITDA was $41.4 million in Q1, a decrease of $1.5 million, driven by increased technology costs and select investments in people to drive future growth.

調整後 EBITDA 成長 13.6% 至 1.095 億美元，主要由銷售成長，以及 2025 年第一季因重編而認列約 450 萬美元的存貨評價費用在本季不再發生（基期因素）所帶動。若就存貨評價費用進行調整，Take 5 的調整後 EBITDA 約成長 8.5%。Franchise Brands 同店銷售成長 0.9%。營收下降 40 萬美元，主要因出售我們剩餘兩個自營鈑噴（collision）據點。第一季調整後 EBITDA 為 4,140 萬美元，減少 150 萬美元，主要因科技成本增加，以及在人才方面進行部分投資以推動未來成長。

Auto Glass Now reported same-store sales growth of 7.2% in Q1 as we saw sequential growth across our retail, commercial and insurance business. Adjusted EBITDA increased $0.6 million to $5.9 million. Turning to cash flow and leverage. Our cash flow statement shows a consolidated view of cash flows, inclusive of discontinued operations. Net capital expenditures for Q1 were $26.9 million, a decrease of $32.2 million, primarily driven by the lapping of CapEx from our divested carwash businesses.

Auto Glass Now 第一季同店銷售成長 7.2%，我們在零售、商用與保險業務皆呈現逐季成長。調整後 EBITDA 增加 60 萬美元至 590 萬美元。接著談現金流與槓桿。我們的現金流量表呈現包含停業部門在內的合併現金流概況。第一季淨資本支出為 2,690 萬美元，減少 3,220 萬美元，主要因已處分洗車業務的資本支出在本季不再發生（基期因素）。

Q1 free cash flow, defined as operating cash flow less net capital expenditures, was $30.3 million, an increase of $13 million from Q1 2025. We ended the quarter at 3.2 times net leverage and remain on track to achieve our target of 3 times by year-end with strong cash flow generation. Today, we are reiterating our full year 2026 outlook that was previously shared on May 19.

第一季自由現金流（定義為營業現金流減去淨資本支出）為 3,030 萬美元，較 2025 年第一季增加 1,300 萬美元。本季末我們的淨槓桿倍數為 3.2 倍；在強勁的現金流創造下，我們仍按計畫於年底達成 3 倍的目標。今天，我們重申先前於 5 月 19 日分享的 2026 全年展望。

As a reminder, we continue to expect revenue of $1.95 billion to $2.05 billion, adjusted EBITDA $430 million to $460 million, which includes between $35 million and $45 million of estimated nonrecurring restatement costs that we do not intend to add back to adjusted EBITDA in 2026. Adjusted diluted EPS of $1.15 to $1.25, same-store sales of flat to 2%, net store growth between 160 and 190 units, net capital expenditures of approximately 6.5% of revenue, free cash flow between $125 million and $145 million.

提醒一下，我們仍預期營收為 19.5 億至 20.5 億美元，調整後 EBITDA 為 4.30 億至 4.60 億美元，其中包含估計 3,500 萬至 4,500 萬美元的一次性重編成本；我們不打算在 2026 年將該等成本加回調整後 EBITDA。調整後稀釋每股盈餘為 1.15 至 1.25 美元，同店銷售為持平至成長 2%，淨門店成長介於 160 至 190 家，淨資本支出約為營收的 6.5%，自由現金流介於 1.25 億至 1.45 億美元。

As we approach the end of Q2, we want to provide a few notes on Q2 performance. Sales, we expect moderation across all of our brands in Q2. We expect Q2 Take 5 same-store sales growth in the mid-3% range, which would represent approximately 10% on a two year stack, reflecting the moderation from newer customers and lower income households. We expect franchise brand same-store sales to moderate as compared to the 0.9% growth in Q1 given the even nature of recovery for both Maaco and collision. Restatement costs.

隨著我們接近第二季末，我們想就第二季表現提供幾點說明。銷售方面，我們預期第二季各品牌將普遍趨於放緩。我們預期第二季 Take 5 同店銷售成長約在 3% 中段，若以兩年疊加（two year stack）計算約為 10%，反映新客與較低收入家庭的需求放緩。我們預期加盟品牌同店銷售相較第一季 0.9% 的成長將趨於放緩，原因在於 Maaco 與鈑噴（collision）的復甦步調較為平均。重編成本。

We expect restatement costs to exceed $15 million in Q2. The increase from Q1 is driven by three months of restatement work in the quarter, including the filing of both our 10-K and Q1 10-Q, work on our restated financials for our whole business securitization, ongoing remediation of our internal controls and associated legal costs. Importantly, these costs are nonrecurring in nature and do not reflect the underlying earnings power of the business. Adjusted EBITDA. As a result, we expect adjusted EBITDA margins to be pressured relative to Q1's 21.5%.

我們預期第二季重編成本將超過 1,500 萬美元。相較第一季的增加，主要因本季包含三個月的重編工作，包括提交我們的 10-K 與第一季 10-Q、針對整體業務證券化（whole business securitization）的重編財務報表工作、持續改善內部控制，以及相關法律費用。重要的是，這些成本屬一次性，並不反映公司業務的基本獲利能力。調整後 EBITDA。因此，我們預期調整後 EBITDA 利潤率相較第一季的 21.5% 將承受壓力。

To summarize, we had a solid Q1 with same-store sales growth across all three of our segments and grew adjusted EBITDA in Q1 despite nonrecurring restatement costs. However, we recognize the macro pressures consumers are facing and are appropriately cautious in Q2 given the top line moderation we are seeing across both Take 5 and Franchise Brands. Importantly, we remain on track to deliver our full year outlook, which was constructed to reflect a broad range of macro scenarios.

總結來說，我們第一季表現穩健，三個事業部門皆實現同店銷售成長，且儘管有一次性重編成本，第一季調整後 EBITDA 仍然成長。不過，我們也注意到消費者正面臨的總體環境壓力；鑑於我們在 Take 5 與 Franchise Brands 兩端看到營收成長放緩，我們在第二季採取適度審慎的態度。重要的是，我們仍按計畫達成全年展望；該展望的制定已納入廣泛的總體情境範圍。

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

那麼，我現在把時間交給接線員，我們也很樂意回答各位的提問。

(Operator Instructions)

(接線員指示)

Mark Jordan, Goldman Sachs.

Mark Jordan，高盛。

Hey, good morning. Thank you very much for taking my question. Can you just talk a little bit more about the moderation you're seeing in traffic from some of your customers. And I guess, how it's trending during 2Q? And if there's anything you can talk about in your other demographics outside of the new customers and the lower income customers?

嗨，早安。非常感謝讓我提問。能否再多談一點你們看到部分客戶的來客量（traffic）放緩情況？以及我想問，這在第二季（2Q）期間的趨勢如何？另外，除了新客與較低收入客群之外，你們在其他客群的人口結構（demographics）方面是否也有任何可以分享的觀察？

Yes. Hey, Mark, it's Danny. So yes, look, we continue to see a bit of moderation with two very specific groups of customers. So it's newer customers and more value-oriented customers. We mentioned this for the first time last earnings call a few weeks ago. Honestly, nothing's changed from a trends perspective. Things are pretty stable on that front.

是的。嗨，Mark，我是Danny。所以是的，你看，我們確實持續在兩個非常特定的客群看到一些放緩。也就是較新的客戶，以及更偏重性價比（value-oriented）的客戶。我們在幾週前的上一場財報電話會議首次提到這點。老實說，從趨勢角度來看沒有任何改變。在這方面情況相當穩定。

I think importantly, to the second half of your question, when we look at our core customer, when we look frankly across all other customer types, what we're seeing is resilience, right? So ultimately, check is up, attachment rates are up, premiumization is up. So I'd summarize that as generally speaking, we're seeing a resilient consumer with a bit of moderation across two specific groups.

我認為更重要的是，回到你問題的後半段，當我們看我們的核心客戶，坦白說也看所有其他客群時，我們看到的是韌性，對吧？所以最終來看，客單價（check）上升、加購率（attachment rates）上升、高端化（premiumization）也在上升。因此我會總結為：整體而言，我們看到消費者具韌性，但在兩個特定客群上出現些許放緩。

Okay. Perfect. Then if I could just follow on, on the 1Q comp and maybe how it trended for Take 5 throughout the quarter. And I don't know if you be willing to give it but have taken and traffic contributed for the quarter as well.

好的。完美。那如果我可以追問一下，關於第一季（1Q）的同店（comp），以及 Take 5 在整個季度中的走勢如何。另外我不確定你是否願意提供，但也想了解本季客單與來客量各自的貢獻。

Yes, We typically don't break out the sales tree and we don't go intercompany or intra-quarter numbers. But look, what I'd say is as a solid start to the year for Take 5, right? So 4.5% comps for the quarter, 12.5% on a two year basis. we continue to see that business grow and do well. Ultimately, from an aero and traffic perspective, like I said, we don't break it out. But I mean, look, the material gain there is really on the aero side.

是的，我們通常不會拆分銷售組成，也不會提供公司間或季度內的數字。但你看，我會說 Take 5 今年開局很扎實，對吧？本季同店成長 4.5%，以兩年基礎計算為 12.5%。我們持續看到該業務成長並表現良好。至於客單與來客量的角度，如我所說，我們不會拆分。不過，你看，實質性的提升主要是在客單端。

We continue to see improvement in check, improvement in attachment rates. Our NPS scores remain in the high 70s. So not only are we delivering the services on the kind of check side of the equation, but we're doing so in a way where customers are happy. So a strong start to the year for Take 5.

我們持續看到客單改善、加購率改善。我們的 NPS 分數仍維持在 70 多分的高檔。所以我們不僅在客單這一端交付服務，也以讓客戶滿意的方式做到。因此 Take 5 今年開局強勁。

Perfect. Thank you very much.

完美。非常感謝。

Phillip Blee, William Blair.

Phillip Blee，William Blair。

Hey, guys. Question. So Franchise Brands comps inflected positive this quarter. I guess can you maybe talk a bit about how sustainable that is? And then what you're seeing more specifically in the collision space. Have you seen any reprieve at all around now that insurance premiums are entering into deflationary territory? And how you're thinking about maybe some pent-up demand in that segment? Or what could be the key unlock to really stabilize that segment going forward?

嗨，各位。我有個問題。所以 Franchise Brands 的同店本季轉為正成長。我想請你們談談這樣的表現有多可持續？以及更具體地，在碰撞維修（collision）領域你們看到了什麼？隨著保險保費進入通縮區間，你們是否看到任何緩解？以及你們如何看待該細分市場可能存在的遞延需求（pent-up demand）？或者，未來要真正讓該細分市場趨於穩定，關鍵的解鎖因素會是什麼？

Hey, Phillip, a few different things. I'd say to your point, like we're happy it's a solid start to the quarter, 1% comps is good. As reiterated in our prepared remarks, we're expecting some moderation for the segment towards the back half of the year. The underlying kind of story, so to speak, really hasn't changed a whole lot.

嗨，Phillip，有幾個不同面向。我會說就你提到的點，我們很高興這是本季一個扎實的開局，1% 的同店成長不錯。如同我們在事先準備的發言中重申的，我們預期該事業群在今年下半年會出現一些放緩。而整體的基本故事（underlying story），可以這麼說，其實沒有太大改變。

So if you look underlying franchise brands, we've got three kind of main businesses. Maaco has been soft. It was soft tail end of last year, that softness has consisted or has persisted, so to speak, into Q1 of this year, although we are seeing a bit of improvement on the retail side of that business. Meineke has been strong for some time now. That strength was evident in 2025, and that momentum has carried forward into Q1.

所以如果你看 Franchise Brands 的基本面，我們大概有三個主要業務。Maaco 一直偏弱。去年年底就偏弱，而這種疲弱延續（persisted）到今年第一季（Q1），不過我們確實看到該業務的零售端有些許改善。Meineke 一段時間以來都很強。這個強勢在 2025 年就很明顯，而這股動能也延續到第一季。

The change really sequentially quarter-over-quarter was really collision. So Q1, we saw the industry pick up a little bit from where it was in Q4. We continue to outperform the general industry anywhere between 100 basis points to 300 basis points. That really hasn't changed into Q1, and we don't expect that to change here anytime soon. But as we look at the collision industry for the entire year of 2026, what we're really expecting is a year of stabilization, not so much a year of bounce back.

真正按季（quarter-over-quarter）序列變化的是碰撞維修（collision）。所以在第一季，我們看到產業相較第四季（Q4）略有回升。我們持續跑贏整體產業約 100 個基點到 300 個基點。這點在第一季並沒有改變，我們也不預期短期內會改變。但當我們看 2026 全年的碰撞維修產業時，我們真正預期的是「穩定的一年」，而不是「反彈的一年」。

So we expect the industry to moderate towards the back half of the year. And in turn, the overall then the segment will tend to moderate into the back half of the year. I always like to go back to -- so that's loosely speaking, how things are shaking out for Franchise Brands. But important to remember for us, Franchise Brands is all about cash.

因此我們預期產業在下半年會放緩。相應地，整體事業群也會在下半年趨於放緩。我總喜歡回到——所以大致而言，Franchise Brands 的情況就是這樣發展。但對我們來說很重要的一點是：Franchise Brands 的核心就是現金（cash）。

So as we think about the framework of growth and cash, I love it when we post a 1% comp quarter, obviously. But at the end of the day, what I love more is 60% margins and irrespective of the moderation of the top line into the back half of the year, we continue to expect really strong margins from that segment.

所以當我們以成長與現金的框架來思考時，我當然很喜歡我們繳出同店成長 1% 的季度。但說到底，我更喜歡的是 60% 的利潤率；而且不論下半年營收端放緩與否，我們仍預期該事業群能維持非常強勁的利潤率。

Okay. Great. That's excellent. And then speaking of cash. So you reiterated your target to reach a 3 times the leverage point by year-end. So after you hit your target, can you just talk a bit more about your plans for free cash flow are there areas of a business that you need to catch up or that maybe need a bit more investment, more debt pay down on the horizon? Or is there some shareholder returns that you're thinking about? Thank you.

好的。很好。這非常棒。那既然談到現金。你們重申目標是在年底前把槓桿倍數降到 3 倍。那在達標之後，能否再多談一些你們對自由現金流（free cash flow）的規劃：是否有需要補上的業務領域、或可能需要更多投資、未來是否還會進一步償債？或者你們是否在考慮一些股東回饋？謝謝。

Hey, Phill, this is Mike. I'll take that one. We have stated historically that we are continuing to evaluate our options once we get down to 3 times. For now, the focus remains on getting to that important milestone. I'll respond to the one part of your question.

嗨，Phill，我是 Mike。我來回答這題。我們過去已經表示，一旦槓桿降到 3 倍，我們會持續評估各種選項。目前重點仍是達成那個重要里程碑。我先回應你問題中的其中一部分。

I don't think there's any sort of deferred CapEx or anything we need to go into catch up. The good news is we have many different ways we can go. We have very high return predictable investments in our Take 5 infrastructure with opportunities to grow there. There's also a possibility of returning cash to shareholders. I think our debt is fixed rate and fairly low.

我不認為有任何遞延的資本支出（CapEx）或需要補做追趕的項目。好消息是，我們有很多不同的方向可以走。我們在 Take 5 的基礎設施上有回報率很高且可預期的投資，並且有成長機會。也有可能把現金回饋給股東。我認為我們的債務是固定利率，而且利率相當低。

So I'm not sure once we get to 3 times if there's a ton of appetite to delever significantly further. But it's something that we're obviously focused on right now. The main focus in the short term is getting down to that 3 times. But in the background, we're working on what that plan is. And as we get closer to the end of the year, we'll be in a position to communicate.

所以我不確定一旦我們達到 3 倍之後，市場是否還有很強的意願再進一步大幅去槓桿。但這顯然是我們目前正在聚焦的事情。短期內的主要重點是把槓桿降到 3 倍。但同時在背景端，我們也在規劃那個計畫會是什麼。隨著我們接近年底，我們將會有條件對外溝通。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Hey, good morning. This is Skylar Tennant on for Simeon Gutman. Thanks for taking our question. First, on the trajectory of EBITDA margins for the rest of the year. Is there upside possibility? And what are some of the puts and takes that you're anticipating?

嗨，早安。我是 Skylar Tennant，代 Simeon Gutman 提問。謝謝讓我們提問。首先，關於今年剩餘期間 EBITDA 利潤率的走勢。是否有上行的可能？以及你們預期有哪些利多與利空因素？

Yeah, I mean there's a couple of different things that go into that Skyler. I would say, first of all, there's a little bit of seasonality in our business. And so if you think about Q2 and Q3, historically, have a little bit more sales as that's peak driving season. That's going to be offset by some of our restatement costs.

是的，我的意思是，Skyler，這裡面有幾個不同因素。我會說，首先，我們的業務有一些季節性。所以如果你看第二季和第三季，歷史上銷售會稍微高一些，因為那是駕駛旺季。這會被我們的一些重編成本所抵銷。

And so if you think about the commentary we gave on the prepared remarks, we expect restatement costs to be higher in Q2, just given the fact that it's a full three months. We've got obviously the K and the Q. We've got whole business securitization financials. So there's a little bit of puts and takes. I think there is an ability to leverage off of our fixed costs, particularly as we move into Q3 and see higher sales in Q3 and what is a seasonally high time.

所以如果你回想我們在事先準備的發言中所做的說明，我們預期第二季的重編成本會更高，主要因為它涵蓋完整三個月。我們顯然有 K 表和 Q 表，還有整體業務證券化的財務報表。因此會有一些此消彼長。我認為我們有能力在固定成本上做槓桿，特別是進入第三季、看到第三季銷售更高、且屬於季節性高峰的時候。

But my job, our job is to make sure we get the restatement and the remediation plan, right. And so we will spend the dollars necessary there to make sure we get that plan right. So that's -- I mean, that's a little bit of the ying and yang of that equation.

但我的工作、我們的工作，是確保把重編與補救計畫做好、做對。因此我們會投入必要的費用，確保把那個計畫做好。所以這就是——我的意思是——這個等式裡有點陰與陽的拉扯。

Okay. Great. And then given some of the softer trends you're seeing in traffic on the Take 5 side, can you talk about how you might be thinking about pricing and how much flexibility that you have there without necessarily impacting demand?

好的。很好。另外，鑑於你們在 Take 5 端看到來客量趨勢偏弱，你能談談你們如何思考定價，以及在不一定影響需求的情況下，你們在這方面有多少彈性嗎？

Yeah, I'll take that one. I mean, look, I think what you're getting at is promotional activity. The way that we've thought about promotions historically, I mean, look, we've never shied away from it. It's an arrow in the quiver, so to speak. It's something that we've used surgically over time depending on certain use cases.

好的，這題我來回答。我的意思是，我想你指的是促銷活動。我們過去對促銷的看法是——你看——我們從來不排斥。可以說它是箭袋裡的一支箭。我們會依不同情境、在特定用例下，長期以來以較精準的方式使用它。

When I think about some of the moderation that we're seeing right now, we're talking about moderation with two very specific groups of customers that are very readily identifiable. That sounds like a use case where the arrow, so to speak, of surgical promotions tends to make sense.

當我想到我們目前看到的一些趨緩，我們談的是兩個非常特定、而且很容易辨識的客群的趨緩。這聽起來就是一個用例：所謂精準促銷這支箭，往往是合理的。

And so we will continue to use the tools at our disposal. I wouldn't take that as any kind of a broad shift in pricing strategy or anything like that. We don't go to market as a low-cost alternative or anything. So there's no strategic shift that we're contemplating, just using surgical promotional activities where it makes sense.

因此我們會持續運用我們手上的工具。但不要把這解讀為任何廣泛的定價策略轉變或類似的事情。我們並不是以低成本替代方案的定位去市場競爭或什麼的。所以我們沒有在考慮策略性轉向，只是在合理之處使用精準的促銷活動。

Okay. Thank you.

好的。謝謝。

Mike Albanese, Benchmark StoneX.

Mike Albanese，Benchmark StoneX。

Hey, thanks. Good morning, guys. Thanks for taking my question. Just excluding restatement costs and now that we're emerging with a cleaner portfolio and, I guess, more sales visibility. Do you see opportunities to reduce G&A? Or is your expectation more to leverage from here as you grow?

嗨，謝謝。各位早安。謝謝讓我提問。如果排除重編成本，且現在我們正走出來、擁有更乾淨的投資組合，並且我想也有更高的銷售能見度。你們是否看到降低 G&A（一般及行政費用）的機會？還是你們的預期更偏向於隨著成長從這裡開始提高槓桿效益？

Yeah. Hey, Mike, so I think I'd say a couple of things on SG&A. The first is on ground on how we think about SG&A across our business. And we think the best metric for SG&A, particularly for a multi-business platform such as ours is as a percentage of system sales, right? And that -- we do that because that best normalizes for differences in ownership between company-operated and franchise as well as the different royalty rates we may receive across our different franchise portfolio.

是的。嗨，Mike，我想我會就 SG&A 講幾點。第一點是我們如何看待整個業務的 SG&A。我們認為 SG&A 最好的衡量指標——特別是對像我們這種多業務平台——是以系統銷售額的百分比來看，對吧？我們這麼做是因為這樣最能把公司自營與加盟之間的所有權差異，以及我們在不同加盟組合中可能取得的不同權利金率差異，做標準化比較。

And when you look at it through that lens and you exclude restatement costs, you actually -- it came down this quarter year-over-year. And so we think we're doing a decent job of managing that to help us support our growth. I think to the second part and probably the crux of your question, Danny and I will always try to operate as efficiently as possible while supporting future growth.

當你用這個角度來看、並排除重編成本時，實際上——本季相較去年同期是下降的。因此我們認為我們在管理這部分做得還不錯，以支持我們的成長。至於第二部分、也可能是你問題的核心，Danny 和我會一如既往在支持未來成長的同時，盡可能以最高效率營運。

And so I think there is absolutely an opportunity to continue to leverage the fixed costs we have as our various businesses continue to grow. And Danny and I will also challenge ourselves to make sure we're being as efficient as possible with the dollars we spend.

因此我認為，隨著我們各項業務持續成長，絕對有機會進一步攤提、槓桿化我們既有的固定成本。Danny 和我也會持續要求自己，確保我們在花每一塊錢時都盡可能有效率。

Got it. That's helpful. In terms of the metric percentage of system sales, do you want to put a figure behind that? Or can I kind of take the last quarter and run rate it? I mean, how can I think about quantifying that?

了解。這很有幫助。就「占系統銷售額百分比」這個指標而言，你們願意給一個數字嗎？或者我可以用上一季的數字去年化當作 run rate？我該如何量化來思考？

Yeah. I mean I think we feel comfortable, excluding restatement costs from where we are right now. That puts me roughly at 7.8% of system sales. There's obviously, as I mentioned, a little bit of seasonality as you think about it from Q2s and Q3s tend to have a little bit higher sales, and we still have fixed costs there. So I think for now, that's where we think we are. As I've just mentioned, I think there's always opportunity to better leverage our fixed costs as well as try to continue to be more efficient.

是的。我的意思是，我們覺得可以這樣說：若排除重編成本，以我們目前的水準來看，大約是系統銷售額的 7.8%。當然，如我提到的，考量季節性，第二季與第三季的銷售通常會稍高，而我們的固定成本仍在那裡。所以我想就目前而言，我們認為大概就是這個水準。如我剛才提到的，我認為我們總是有機會更好地槓桿化固定成本，同時也持續提升效率。

Got it. Thank you. That was helpful.

了解。謝謝。這很有幫助。

Craig Kennison, Baird.

Craig Kennison，Baird。

Hey, good morning. Thanks for taking my question. I wanted to follow up on your earlier comments in the collision market. I guess why do you expect trends to moderate in the second half? And is there anything you can do to capture more customer pay opportunities while the insurance side of the business is soft.

嗨，早安。謝謝讓我提問。我想跟進你們先前對碰撞維修市場的評論。我想問，為什麼你們預期下半年趨勢會趨緩？以及當保險端業務偏弱時，你們是否能做些什麼來掌握更多自費客戶（customer pay）的機會？

Hey there, Craig. So it's a great question. I mean, look, I'll answer the second part first. We do, in fact, capture more customer pay, that's been a growing part of our business here, and we're uniquely positioned as Driven Brands. When you think about the Maaco side of the portfolio, if you have a customer that doesn't want to go to insurance, let's say, they get into like a light fender vendor and they don't want to pay or risk their premiums going up or something like that, and they may want to come out of pocket Maaco is a very real alternative there.

嗨，Craig。這是個很好的問題。我的意思是，我先回答第二部分。我們確實有掌握更多自費客戶，這一直是我們業務中成長中的一塊，而我們 Driven Brands 具備獨特的定位。當你想到我們投資組合中的 Maaco 業務，如果有客戶不想走保險理賠，譬如說發生像是輕微擦撞，他們不想支付自負額或不想冒著保費上調的風險之類的，他們可能想自掏腰包，那 Maaco 在那種情況下就是一個非常實際的替代選擇。

So Maaco features a lot of customer pay, frankly. So we're somewhat uniquely positioned to capture that side of the work. As far as why do we expect the moderation of the industry. That's just based on the data that we're seeing. We saw sequential improvement Q1 over Q4. But as we look at the data that's available, if we look at just what's happening with inflation in the country and some of the most recent numbers, our expectation, again, is that 2026 is a year of stabilization over 2025, not so much a bounce back year. And so we expect a bit of moderation going into the back half of the year.

所以坦白說，Maaco 的業務中有很大一部分是客戶自費（customer pay）。因此，我們在掌握這一端的業務方面具備某種程度上相對獨特的優勢。至於為什麼我們預期產業會趨於溫和。這主要是基於我們所看到的數據。我們看到第一季相較第四季有連續性的改善。但當我們檢視可得數據、以及全國通膨的走勢與一些最新數字時，我們的預期仍然是：2026 年相較 2025 年會是穩定的一年，而不太像是強勁反彈的一年。因此，我們預期進入下半年時會有些許降溫。

Thank you. And do you have any ability to push harder on alternative parts in order to lower repair costs and make a dent in that trend?

謝謝。另外，你們是否有能力更積極推動替代零件，以降低維修成本並對該趨勢產生一些影響？

We do. I mean, look, one of the really nice things about our business compared to some of our competitors in that space is that we've got a franchise model. So we've got owner operators on the ground. Having owners on the ground covers all [Manner of sin], and those folks are very cognizant of not just delivering an amazing experience for the customers and for our carriers, but also, they're very cognizant of making sure that they're taking the appropriate steps to maximize profitability.

我們有。我的意思是，你看，與該領域的一些競爭對手相比，我們業務的一個很棒之處在於我們採用加盟模式。所以我們在第一線有店主／經營者。有店主在現場能解決各種問題，而這些人不僅非常重視為客戶與我們的保險公司客戶提供卓越體驗，也非常重視確保採取適當措施以最大化獲利能力。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

Good morning. This is Sarah Morin on for Peter Keith. First, just regarding the CRM database, given the breadth of your customer data across the segments, what is the current strategy for utilizing the database as a marketing engine for Take 5?

早安。我是代替 Peter Keith 的 Sarah Morin。首先，關於 CRM 資料庫，鑑於你們在各個業務區隔擁有廣泛的客戶數據，目前將該資料庫作為 Take 5 行銷引擎來運用的策略是什麼？

Hey, Sarah, it's Danny. It's a great question. So I'd say, number one, part of the benefit of Driven Brand is we're a portfolio. We've got a nice platform in some of the services that we provide are at the platform level. So we have the benefit of we pull money together.

嗨，Sarah，我是 Danny。這是個很好的問題。我會說，第一，Driven Brands 的一個優勢在於我們是一個投資組合。我們在所提供的一些服務上有很好的平台化能力，這些是在平台層級提供的。因此我們的好處是可以把資金集中起來。

We created a world-class capability. CRM happens to be one of those areas where we've got one CRM platform that's leveraged across all of the brands. So it's one of those areas where the synergies of driven brands tends to really shine, where some of our smaller brands probably wouldn't be able to on their own afford a solution like the one that we have in our CRM engine at the platform level. We -- I mean, we've been using that engine for a long time now to drive frequency to drive repeat business. it's different, obviously, by business.

我們打造了世界級的能力。CRM 剛好就是其中一個領域：我們有一個 CRM 平台，供所有品牌共同使用。因此這也是 Driven Brands 協同效益特別能發揮的地方之一；我們一些較小的品牌若單靠自己，可能無法負擔像我們在平台層級所擁有的 CRM 引擎這樣的解決方案。我們——我的意思是，我們使用這個引擎已經很長一段時間，用來提升到店頻率、帶動回流業務；當然，不同業務的做法也不同。

So we've got a collection of use cases, let's say, on the Take 5 side, some of the more basic ones are going to be your typical oil change reminders where we will remind customers that they do for an oil change. We do have proprietary algorithms in that CRM engine as far as how we do those reminders, when we do those reminders, and it's not a one-size-fits-all, but it's a fairly complicated set of algorithms to try to personalize that as much as possible.

所以我們在 Take 5 端有一系列使用情境；比較基本的例子就是典型的換油提醒，我們會提醒客戶該來換油了。在這個 CRM 引擎中，我們有專有演算法，包含如何做提醒、何時做提醒；它不是一體適用（one-size-fits-all），而是一套相當複雜的演算法組合，盡可能做到高度個人化。

We've got different journeys on the Meineke side, let's say, we've got different journeys on the Maaco side. So the really neat thing is we have a very sophisticated platform that we leverage across all of the businesses.

在 Meineke 端我們有不同的客戶旅程設計；在 Maaco 端也有不同的旅程設計。所以很棒的一點是，我們擁有一個非常成熟的平台，並將其運用在所有業務上。

Okay. And then just on the collision segment, we're hearing of improved transaction activity by industry ticket kind of remaining more flat. Is there any update you can provide on the collusion landscape?

好的。另外在碰撞維修（collision）業務方面，我們聽到產業交易活動有所改善，但每筆工單金額（ticket）似乎仍較為持平。你們能否就碰撞維修的競爭態勢提供任何最新資訊？

I'm not sure that I can provide anything more than I've already provided. I mean as I think about it, again, year of stabilization over 2025, sequential improvement Q1 over Q4. We expect the overall industry to moderate a bit into the back half of the year. Importantly, for us, we've historically outperformed the industry anywhere between 100 basis points to 300 basis points. We continue to do so in Q1.

我不確定我是否能提供比我先前已提供的更多資訊。我的意思是，回到我剛才的看法：2026 年相較 2025 年是穩定的一年，第一季相較第四季有連續性改善。我們預期整體產業在進入下半年時會稍微趨於溫和。對我們而言重要的是，我們歷來的表現通常能領先產業約 100 到 300 個基點。我們在第一季仍持續做到這點。

We expect that to continue into the back half of the year. And given that collision for us is part of our Franchise Brands segment, we expect to continue to see really strong margins on that side of the business, which is ultimately the important part, filling in the cash part of the growth in cash framework for Driven Brands.

我們預期這種情況會延續到下半年。此外，鑑於碰撞維修對我們而言屬於 Franchise Brands（加盟品牌）部門的一部分，我們預期該業務端將持續展現非常強勁的利潤率；而這最終才是關鍵，能在 Driven Brands 的「以現金為核心的成長框架」中，補足成長中的現金貢獻部分。

Tristan Thomas-Martin, BMO Capital Markets.

Tristan Thomas-Martin，BMO Capital Markets。

I was just curious, you called out moderation of traffic, right, lower income and the newer customers. Is that just are they deferring oil changes? Or are they may be trying to do it themselves? Any color there would be appreciated. And then just really quick, weakness on the under $50,000 household income, how does that compare to your core customer? What's their household income? Thank you.

我只是好奇，你提到車流量（traffic）趨於溫和，對吧，主要在低收入與新客群。這是因為他們延後換油嗎？還是他們可能改成自己動手做？若能提供一些補充說明會很感謝。另外很快問一下，家庭年收入低於 50,000 美元的族群表現較弱，這與你們的核心客群相比如何？你們核心客群的家庭收入大概是多少？謝謝。

Hey there, so I guess a couple of different things there. We are calling out some moderation in traffic. I just want to be specific. It's specifically with those two groups of customers, as I mentioned a second ago, when we look at our core customer, which is going to have a higher household income, and I'm not going to get into a ton of specifics as to exactly where we price things at, but it's certainly more than $50,000. We're seeing overall resilience across the Board in all groups other than really those two very specific groups.

嗨，這裡面我想有幾個不同的點。我們確實提到車流量有些趨緩。我想特別說清楚：這主要是針對我剛才提到的那兩個客群；當我們看我們的核心客群時，他們的家庭收入會更高——我不會深入談我們具體的定價細節，但肯定高於 50,000 美元。除了那兩個非常特定的族群之外，我們看到其他各族群整體都相當有韌性。

What we're seeing ultimately is a bit more churn out of those groups than anything else. So if the question is, are we seeing intervals go up, no. Oil change intervals have been stable for some time now. We haven't really seen any material change to oil change intervals for some time, and that's not what we're seeing today. This is not a elongation, so to speak, up when customers are coming in, what we're seeing is with two very specific types of customers, a bit more churn.

我們最終看到的是，那些族群的流失（churn）稍微多一些，主要是這點。所以如果問題是：我們是否看到換油間隔拉長？沒有。換油間隔已經穩定一段時間了。我們已經有一段時間沒有看到換油間隔出現任何實質變化，而目前也不是這種情況。這不是所謂的間隔拉長；我們看到的是兩種非常特定類型的客戶出現較多流失。

Great. Thank you.

很好。謝謝。

With no further questions, that concludes our Q&A session and also today's conference call. Thank you for your participation. You may now disconnect.

若沒有其他問題，我們的問答環節以及今天的電話會議就到此結束。感謝各位的參與。您現在可以掛線。