Mister Car Wash Inc (MCW) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Mister Car Wash second-quarter 2025 conference call. (Operator Instructions) Please note that this is being recorded and a reproduction of this call in whole or in part is not permitted without written authorization from the company.

下午好，歡迎參加 Mister Car Wash 2025 年第二季電話會議。（操作員指示）請注意，此通話正在錄音，未經公司書面授權，不得全部或部分複製此通話。

I will now turn the call over to Eddie Plank, Vice President of Investor Relations. Please go ahead.

現在我將把電話轉給投資者關係副總裁 Eddie Plank。請繼續。

Good afternoon, everyone, and thank you for joining us to discuss our second-quarter financial results. With me on the call today are John Lai, Chairman and Chief Executive Officer; and Jed Gold, Chief Financial Officer. After John and Jed have made their formal remarks, we'll open the call to questions.

大家下午好，感謝大家加入我們討論第二季的財務表現。今天與我一起參加電話會議的還有董事長兼執行長 John Lai 和財務長 Jed Gold。在約翰和傑德發表正式演講後，我們將開始提問。

During this conference call, references to non-GAAP financial measures will be made. A complete reconciliation of these measures to the most comparable GAAP measures have been included in the company's earnings press release issued earlier today and posted to the Investor Relations section of the company's website at mistercarwash.com. As a reminder, comments made on today's call may include forward-looking statements, which are subject to significant risks and uncertainties that could cause the company's actual results to differ materially from management's current expectations.

在本次電話會議中，將會提及非公認會計準則財務指標。該公司今日稍早發布的獲利新聞稿已包含這些指標與最具可比性的 GAAP 指標的完整對賬，並已發佈於公司網站 mistercarwash.com 的「投資者關係」板塊。提醒您，今天電話會議上的評論可能包含前瞻性陳述，這些陳述受重大風險和不確定性的影響，可能導致公司的實際業績與管理層當前的預期存在重大差異。

While the company may choose to update these statements in the future, it is under no obligation to do so unless required by applicable law or regulation. Please review the forward-looking statement disclaimer contained in the company's SEC filings including its most recent 10-K and 10-Q reports as such factors may be updated from time to time with the Securities and Exchange Commission.

雖然公司可能會選擇在未來更新這些聲明，但除非適用法律或法規要求，否則公司沒有義務這樣做。請查看公司提交給美國證券交易委員會 (SEC) 的文件（包括最新的 10-K 和 10-Q 報告）中包含的前瞻性聲明免責聲明，因為這些因素可能會不時隨美國證券交易委員會進行更新。

I'll now turn the call over to John.

我現在將電話轉給約翰。

Thanks, Eddie. Good afternoon, everyone, and thanks for joining our second-quarter 2025 earnings call. The ongoing strength and durability of our UWC subscription model enabled us to deliver our ninth consecutive quarter of positive comp store sales growth. As Jed will outline in greater detail, total company revenue increased 4% to $265 million. Comparable store sales increased 1.2% and our adjusted EBITDA came in at $87 million.

謝謝，埃迪。大家下午好，感謝您參加我們的 2025 年第二季財報電話會議。我們的 UWC 訂閱模式的持續優勢和持久性使我們能夠連續第九個季度實現同店銷售額的正成長。正如傑德所詳細描述的，公司總收入成長了 4%，達到 2.65 億美元。同店銷售額成長 1.2%，調整後 EBITDA 達到 8,700 萬美元。

While we, like the rest of the industry, experienced softer topline trends in Q2, driven by unfavorable weather and a more tepid consumer environment, we remain heartened by our UBC member base, which remains as resilient as ever and helped offset a weaker retail backdrop. Our EBITDA performance this quarter reflects a combination of softer topline results and our deliberate investments in repairs and maintenance.

儘管我們與業內其他公司一樣，由於惡劣的天氣和較為低迷的消費環境，第二季度的營收趨勢較為疲軟，但我們仍然為 UBC 會員群體感到振奮，他們依然像以往一樣具有韌性，並幫助抵消了零售業疲軟的影響。本季我們的 EBITDA 業績反映了營業收入疲軟和我們在維修和保養方面的刻意投資的雙重影響。

These investments, while temporarily elevating our cost base, we're essential to reinforcing the long-term health of our stores and delivering the industry-leading quality that is synonymous with our brand. From a unit growth perspective, we added four new greenfield locations, which expanded our total unit count to 522 stores. In addition, we're encouraged by the continued growth of our UBC membership base, which increased approximately 5% compared to Q2 of last year.

這些投資雖然暫時提高了我們的成本基礎，但對於加強我們商店的長期健康和提供與我們的品牌同義的行業領先品質至關重要。從單位成長的角度來看，我們增加了四個新的綠地地點，使我們的總單位數量擴大到 522 家商店。此外，我們對 UBC 會員基礎的持續成長感到鼓舞，與去年第二季相比成長了約 5%。

We also made significant progress on our base membership price increase which will benefit revenue in a more pronounced way in the back half of this year. With the rollout almost complete, member retention levels are trending in line with our expectations, confirming the tremendous value that members are deriving from the program. We've pioneered how consumers care for their vehicles through innovation and consistency.

我們在基本會員價格上漲方面也取得了重大進展，這將在今年下半年為營收帶來更顯著的收益。隨著推出工作接近尾聲，會員保留水平趨勢符合我們的預期，證實了會員從該計劃中獲得的巨大價值。我們率先透過創新和一致性為消費者提供車輛保養服務。

We've helped shift consumer behavior, transforming car cleaning from a relatively infrequent service into part of their weekly routine. Finally, we're seeing some early wins with our efforts to stimulate retail traffic and membership sign-ups which I'll discuss shortly.

我們幫助改變消費者的行為，將汽車清潔從相對不頻繁的服務轉變為他們每週例行事務的一部分。最後，我們在刺激零售流量和會員註冊方面的努力取得了一些早期的勝利，我很快就會討論這一點。

Before I dive into the progress we're making on our strategic imperatives, I'd like to take a moment to address the changing dynamics of the car wash sector and the health of our industry. Car wash spend increased roughly 5% in Q2, according to BofA's credit card consumer spend data, illustrating that demand remains strong for our industry, albeit in a more competitive environment. Recent industry developments underscore a critical point. Not all carwash platforms are created equal. One high-profile operator underwent a significant restructuring, while another platform was sold at a deep discount.

在深入探討我們在策略要務方面的進展之前，我想花點時間談談洗車行業的變化動態和我們行業的健康狀況。根據美國銀行的信用卡消費者支出數據，第二季洗車支出成長了約 5%，這顯示儘管競爭更加激烈，但洗車產業的需求仍然強勁。最近的產業發展凸顯了一個關鍵點。並非所有洗車平台都是一樣的。一家知名業者經歷了重大重組，而另一家平台則以大幅折扣出售。

These events highlight that operations matter and that customers don't see all carwashes as the same. We believe we're at an inflection point in our industry's life cycle, where those that grew too quickly without the operational capability to deliver a consistent customer experience are starting to fall behind the stronger operators. As the industry rationalizes it will ultimately be a positive for our business.

這些事件凸顯了營運的重要性，顧客並不認為所有的洗車服務都是一樣的。我們相信，我們正處於產業生命週期的轉折點，那些發展過快而缺乏提供一致客戶體驗的營運能力的企業開始落後於更強大的營運商。隨著行業合理化，這最終將對我們的業務產生積極影響。

Our focus on operational excellence and the fundamental building blocks we've built over multiple decades have laid a robust foundation for continued growth, stronger competitive advantage, and market share expansion across the regions we serve. When layered with our industry-leading subscription member base, strong unit economics, and innovation road map, we believe we're positioned exceptionally well to continue growing and building our brand for years to come.

我們專注於卓越運營，並建立了數十年的基礎模組，為持續成長、增強競爭優勢以及擴大我們所服務地區的市場份額奠定了堅實的基礎。當我們擁有業界領先的訂閱會員基礎、強大的單位經濟效益和創新路線圖時，我們相信，我們已做好準備，在未來幾年繼續發展和建立我們的品牌。

As the level of competitor new builds continues to moderate, we're seeing a return to a more rational level of greenfield expansion. The new steady state of growth for our industry will benefit Mister because of the irrational behavior we've seen over the last five years lessens over time. It will enable us to further strengthen our core business while improving greenfield economics, all at a pace that best leverages our internal capabilities.

隨著競爭對手新建專案水準持續放緩，我們看到綠地擴張正在回歸更合理的水平。我們行業新的穩定成長狀態將使先生受益，因為我們在過去五年中看到的非理性行為會隨著時間的推移而減少。它將使我們能夠進一步加強我們的核心業務，同時改善綠地經濟，所有這些都以最大程度地利用我們的內部能力的速度進行。

Net-net, the height of the turbulent environment is behind us and we're now in a period of healthy transition. Those who are operationally sound, customer-centric, and strategically focused will not only endure but thrive. It's important to note that as one of the premier operators in our space, our customer experience and operational expertise have become some of our biggest competitive advantages and points of differentiation.

總而言之，動盪環境的頂峰已經過去，我們正處於健康轉型時期。那些運作良好、以客戶為中心、注重策略的公司不僅能夠生存下來，而且能夠蓬勃發展。值得注意的是，作為我們領域的頂級營運商之一，我們的客戶體驗和營運專業知識已成為我們最大的競爭優勢和差異點。

We deliver this through fast, reliable service, a robust support infrastructure, unwavering quality, and what we refer to as the moment of truth when our frontline team members interact with our customers with the wave and smile, brightening their day while helping them keep their cars clean. With respect to all the technology, mechanization and advanced chemistry we use -- it's the human connection across our portfolio in our WOW! zones, which transforms what some view it as an ordinary transaction into a sincere connection delivered with elevated hospitality.

我們透過快速、可靠的服務、強大的支援基礎設施、堅定不移的品質以及我們所說的關鍵時刻來實現這一目標，當我們的一線團隊成員與客戶揮手微笑時，他們會感到開心，同時幫助他們保持汽車清潔。對於我們使用的所有技術、機械化和先進化學技術而言——這是我們 WOW 中的產品組合與人之間的聯繫！區域，將一些人認為的普通交易轉變為一種真誠的聯繫和高尚的款待。

Now let's review the progress we've made on our four strategic pillars during the second quarter. Let me start with expanding our footprint. Each of the new locations we opened in Q2 and help to strengthen our position and provide more optionality for our UWC members, which reinforces our value proposition.

現在讓我們回顧一下第二季度我們在四大戰略支柱上的進展。首先我要說的是擴大我們的足跡。我們在第二季開設的每個新店都有助於鞏固我們的地位，並為我們的 UWC 會員提供更多選擇，從而強化我們的價值主張。

As we've stated on prior calls, our opening cadence is back half weighted for 2025. We're being more judicious with site selection and in a more robust competitive environment, adding more rigor to ensure we're good stewards of our invested capital. Long term, we're very optimistic about the future. and our ability to increase our footprint while elevating our brand.

正如我們在之前的電話會議上所說的那樣，我們的開局節奏在 2025 年將回落一半。我們在選址方面更加謹慎，在更激烈的競爭環境中，我們更加嚴格確保我們能夠妥善管理所投資的資本。從長遠來看，我們對未來非常樂觀，並且相信我們有能力在提升品牌的同時擴大影響力。

Moving on to increasing our innovative solutions. A culture of innovation across product, service, and operations is in our DNA at Mister. This mindset separates us from the pack and pushes the industry forward, ultimately elevates and enhances the customer experience. While I can't yet discuss details of what's in our pipeline for the future, I can assure you that following the tremendous success we've experienced with our titanium launch, we are already working on our next innovation to bring to market and aiming to ramp up the cadence of new product and service introductions.

繼續增加我們的創新解決方案。產品、服務和營運方面的創新文化已融入 Mister 的 DNA 之中。這種思維方式使我們脫穎而出，推動產業向前發展，最終提升並增強客戶體驗。雖然我還不能討論我們未來計劃的細節，但我可以向你們保證，繼鈦金屬的推出取得巨大成功之後，我們已經開始著手將下一個創新產品推向市場，並致力於加快新產品和服務的推出節奏。

In the meantime, we continue to see strong titanium penetration with 23% of our membership in that tier, a roughly 300 basis point increase from Q2 last year. On a smaller note, we recently introduced our tower program in our Express stores and the customer response has been positive. We approach this new customer delighter with intent, ensuring our Mr. Branded microfiber tower surpasses anything offered by our competitors.

同時，我們繼續看到鈦金屬滲透率強勁，我們的會員中有 23% 屬於該層級，比去年第二季增加了約 300 個基點。值得一提的是，我們最近在 Express 商店推出了塔樓計劃，顧客的反應非常積極。我們用心對待這位新客戶，確保我們的 Mr. Branded 超細纖維塔超越競爭對手提供的任何產品。

It's 150% larger than the standard offering and crafted from a premium 300 grams per square meter 80/20 cotton polyester blend. In test, our superior towel proved to be the most effective of moving residual water from hard-to-reach areas such as side mirrors and SUVs. By reinforcing our commitment to quality, our goal is to elevate customer satisfaction even further because at Mister a car is not clean until it's dry.

它比標準產品大 150%，採用每平方米 300 克的優質 80/20 棉滌綸混紡面料製成。測試表明，我們的優質毛巾能夠最有效地清除後視鏡和 SUV 等難以觸及的區域的殘留水。透過加強對品質的承諾，我們的目標是進一步提高客戶滿意度，因為在 Mister，汽車只有乾燥後才是乾淨的。

Next, driving traffic and growing membership. With UWC membership anchoring our business, improving the volume and consistency of our retail business is essential to accelerating overall sales and fueling membership growth. Our regional Q2 marketing test demonstrated very promising results. In the six test markets, overall comp store sales growth outpaced the nonmedia test control group in a meaningful way for both retail and UWC.

接下來，推動流量並增加會員人數。由於 UWC 會員資格是我們業務的支柱，因此提高零售業務的數量和一致性對於加速整體銷售和促進會員成長至關重要。我們區域性第二季行銷測試顯示出非常良好的結果。在六個測試市場中，無論是零售還是 UWC，整體同店銷售成長都顯著超過了非媒體測試對照組。

This early success bolsters our confidence to continue to increase our investments in marketing and ad spend. We're only just beginning to amplify our brand, but these early results speak volumes and we share our story, customers listen and engage. I look forward to more exciting moves ahead as we look to expand reach, boost traffic, and grow our membership base.

這一早期的成功增強了我們繼續增加對行銷和廣告支出的投資的信心。我們才剛開始擴大我們的品牌，但這些早期的成果意義重大，我們分享我們的故事，客戶傾聽並參與。我期待未來有更多令人興奮的舉措，我們將擴大影響力、增加流量並擴大會員基礎。

Finally, building a best-in-class team. Our people and culture are one of our greatest assets at Mister. I'm delighted to announce that we've strengthened our senior leadership team with the addition of Michelle Krall as our new General Counsel. With her decades of legal, business, and retail experience at Designer Brands, Michelle is a seasoned executive with a strong background in corporate governance, M&A, and transformation initiatives. I look forward to her partnership as we take the business to new heights.

最後，建立一支一流的團隊。我們的員工和文化是 Mister 最寶貴的資產之一。我很高興地宣布，我們任命米歇爾·克拉爾 (Michelle Krall) 為我們的新總法律顧問，從而加強了我們的高級領導團隊。Michelle 在 Designer Brands 擁有數十年的法律、商業和零售經驗，是一位經驗豐富的主管，在公司治理、併購和轉型計劃方面擁有豐富的背景。我期待與她合作，將我們的業務推向新的高度。

We still have important work ahead as we continue to invest in our best-in-class leadership development program and have prioritized our manager and training talent pipeline as we build our next generation of high-potential future leaders to support our growth. And in the end, our greatest asset is our people. and I'm proud to say we have the best team in the industry, but we're not done building.

我們仍有許多重要的工作要做，我們將繼續投資於我們一流的領導力發展計劃，並優先考慮我們的經理和培訓人才管道，以培養下一代具有潛力的未來領導者來支持我們的成長。最後，我們最大的資產是我們的員工。我很自豪地說，我們擁有業內最好的團隊，但我們的建設尚未完成。

Looking ahead, we are confident in the longer-term opportunity for our business and our position of leadership in the industry. As the industry moves towards consolidation, our scale, infrastructure, and operating efficiency places us squarely amongst the best position to capitalize on the growth opportunities it creates via strategic M&A.

展望未來，我們對我們的業務的長期機會和我們在行業中的領導地位充滿信心。隨著產業走向整合，我們的規模、基礎設施和營運效率使我們處於最佳位置，可以利用透過策略併購創造的成長機會。

Before I wrap up my prepared remarks, let me say that none of our success would be possible without our amazing dedicated team and the culture we've built at Mister. I'd like to thank everyone for their hard work and dedication.

在我結束準備好的演講之前，請允許我說，如果沒有我們出色的敬業團隊和我們在 Mister 建立的文化，我們的成功就不可能實現。我要感謝大家的辛勤工作和奉獻精神。

I'll now turn the call over to Jed to provide more commentary on our financial results.

現在我將把電話轉給傑德，讓他對我們的財務表現提供更多評論。

Thanks, John, and good afternoon, everybody. As John indicated, in the second quarter, strong performance in our UWC subscription business enabled us to drive total comparable sales growth of 1.2%. Generate $87 million in adjusted EBITDA and deliver $0.11 in adjusted EPS, effectively offsetting pressure on our non-subscription business. At approximately 75% of sales, the health and resiliency of our subscription business provides a reliable, large base of reoccurring revenue from quarter to quarter.

謝謝，約翰，大家下午好。正如約翰所指出的，在第二季度，我們的 UWC 訂閱業務的強勁表現使我們的總可比銷售額增長了 1.2%。產生 8700 萬美元的調整後 EBITDA 並實現 0.11 美元的調整後 EPS，有效抵消了我們非訂閱業務的壓力。我們的訂閱業務約佔銷售額的 75%，其健康和彈性為我們提供了可靠且龐大的季度經常性收入基礎。

In addition, strong adoption of our base price increases led to higher Express revenue per member in Q2 and offset the pressure we anticipated as we lapped last year's rollout of titanium. As we evaluate the competitive landscape, our estimates indicate that the pace of competitor new builds continues to decelerate versus prior years, which is a positive for us and the broader industry.

此外，我們大力推行基本價格上調，導致第二季每位會員的 Express 收入增加，並抵消了我們在去年推出鈦金版時預期的壓力。當我們評估競爭格局時，我們的估計表明，競爭對手新建房屋的速度與前幾年相比繼續放緩，這對我們和整個行業來說都是積極的。

Furthermore, comparable Mister stores that initially experienced a decline following new competitor market entrants continue to demonstrate a pattern of recovery over 18 to 24 months eventually exceeding the chain-wide average. This reinforces the notion that our customers, even if swayed to try something new, recognize our superior operations and come back to Mister.

此外，類似的 Mister 商店最初因新的競爭對手進入市場而經歷了下滑，但在 18 至 24 個月內繼續呈現復甦模式，最終超過了整個連鎖店的平均水平。這強化了我們的理念：即使我們的客戶試圖嘗試新事物，他們也會認可我們卓越的營運並再次選擇 Mister。

Now let me provide some details on the second-quarter numbers. For simplicity, I'll be referring to adjusted numbers only, which exclude items such as stock-based compensation and gain or loss from the disposition of assets. The reconciliation of adjusted figures can be found in our 8-K filing and earnings press release.

現在讓我提供一些有關第二季數據的詳細資訊。為了簡單起見，我將僅引用調整後的數字，其中不包括股票薪酬和資產處置收益或損失等項目。調整後的數字可以在我們的 8-K 文件和收益新聞稿中找到。

Net revenues increased 4%, driven by a combination of 1.2% comparable store sales growth and the contribution of incremental revenue from new store openings over the past 12 months. UWC comps increased mid-single digits, partially offset by softer-than-expected retail comps, which decreased low double digits. As we shared on our last two earnings calls, retail performance in Q4 2024 and Q1 2025 was enhanced by favorable weather patterns that supported elevated consumer demand.

淨收入成長 4%，主要得益於同店銷售額成長 1.2% 以及過去 12 個月新店開幕帶來的增量收入貢獻。UWC 同店銷售額成長了中等個位數，但零售銷售額因低於預期而下降了低兩位數，部分抵消了這一增長。正如我們在前兩次財報電話會議上所分享的那樣，2024 年第四季和 2025 年第一季的零售業績因有利的天氣模式支持了消費者需求的成長而得到提升。

In Q2, the absence of similar tailwinds, coupled with signs of tightening discretionary spend contributed to a moderation in growth. Despite the traffic challenges, we were pleased to grow UWC membership by 5% over last year, with our churn levels remaining in line with historical levels and our expectations. Sales were fairly consistent throughout the quarter, with May being the relatively stronger month. Recall that the Easter holiday created a slight headwind to our Q2 comp in April. EWC sales represented 76% of total wash sales, and we ended the quarter with more than 2.2 million UWC members.

在第二季度，由於缺乏類似的順風因素，加上有跡象顯示可自由支配的支出有所收緊，導致經濟成長放緩。儘管面臨流量挑戰，我們仍然很高興看到 UWC 會員數量比去年增長了 5%，而我們的流失率仍然與歷史水平和我們的預期一致。整個季度的銷售額相當穩定，其中五月份的銷售額相對較強。回想一下，復活節假期對我們四月第二季的表現造成了輕微的阻力。EWC 銷售額佔洗車總銷售額的 76%，本季末我們有超過 220 萬名 UWC 會員。

At the end of the quarter, the membership split among base, platinum and titanium was approximately 42%, 35% and 23%, respectively. Since the end of Q2, we've seen an uptick in titanium sign-ups and capture rates, driven by strong consumer response to a targeted trial promotion, which we believe can drive titanium penetration modestly higher even when factoring in our expectations for churn.

截至本季末，基礎會員、白金會員和鈦金會員的佔比分別約為 42%、35% 和 23%。自第二季末以來，我們看到鈦金屬註冊量和捕獲率上升，這得益於消費者對有針對性的試用促銷活動的強烈反應，我們相信，即使考慮到我們對客戶流失的預期，這也能推動鈦金屬滲透率略有提高。

Finally, Express revenue per member in Q2 increased approximately 4% to $29.23, driven primarily by the successful rollout of price increases to our base membership tier. While we typically don't provide a lot of intra-quarter commentary, July comp store sales have shown an encouraging improvement. Retail is trending less negative and EWC is outperforming its Q2 run rate. It's important to note that July was expected to be a stronger month given that it represents the most favorable year-over-year comparison for the third quarter.

最後，第二季 Express 每位會員的收入成長了約 4%，達到 29.23 美元，這主要得益於我們成功提高基礎會員等級的價格。雖然我們通常不會提供許多季度內評論，但七月份同店銷售額已顯示出令人鼓舞的成長。零售業的負面趨勢正在減弱，EWC 的表現優於第二季的運作率。值得注意的是，7 月預計表現會更加強勁，因為與第三季相比，7 月的年比表現最為有利。

Total operating expenses were $178 million in the quarter. As a percentage of revenue, total operating expenses increased 200 basis points to 67.2%, primarily due to sales deleverage given our low variable cost structure. That said, our team remains focused and disciplined, continually exploring new ways to optimize costs and maximize operational leverage.

本季總營運費用為 1.78 億美元。作為收入的百分比，總營運費用增加了 200 個基點，達到 67.2%，這主要是由於我們的低變動成本結構導致銷售去槓桿。儘管如此，我們的團隊仍然保持專注和紀律，不斷探索優化成本和最大化營運槓桿的新方法。

Labor and chemicals increased 20 basis points to 27.6% as we lapped the efficiencies we realized from our optimized labor model and savings in chemical costs and absorbed higher labor rates. Other store operating expenses increased 160 basis points to 32.6%, primarily driven by higher cash rent expense related to our new store growth in sale leasebacks as well as higher utilities, particularly electricity where rates have been increasing. In addition, our investment into equipment and facilities maintenance to maintain our industry-leading wash infrastructure is also being impacted by higher materials costs.

由於我們充分利用了優化勞動力模式所實現的效率以及化學品成本的節省並吸收了更高的勞動力率，勞動力和化學品成本增加了 20 個基點，達到 27.6%。其他門市營運費用增加 160 個基點至 32.6%，主要原因是新店售後回租成長導致的現金租金支出增加以及公用事業費用增加，尤其是電費上漲。此外，我們為維護業界領先的洗滌基礎設施而對設備和設施維護的投資也受到材料成本上漲的影響。

G&A expense increased 10 basis points to 6.9%, driven primarily by the shift of roughly $1.6 million of planned marketing spend from Q1 into Q2, which we discussed on our last call. To add to John's earlier comments, we are very encouraged by our media tests, which drove a meaningful comp lift in the six markets compared to the control group. These positive results exceeded our expectations and arms with the conviction to broaden the scope of our testing and ramp up our marketing investments over time.

一般及行政費用增加 10 個基點至 6.9%，主要原因是計劃中的約 160 萬美元行銷支出從第一季度轉移到第二季度，我們在上次電話會議上討論過這個問題。補充約翰先前的評論，我們的媒體測試讓我們非常鼓舞，與對照組相比，這六個市場的銷售額有了顯著的提升。這些積極的結果超出了我們的預期，並讓我們有信心擴大測試範圍並逐步增加我們的行銷投資。

EBITDA decreased 2% to $87 million and EBITDA margin decreased 200 basis points to 32.8%. Although, we remain focused on controlling expenses, our EBITDA margin faced headwinds this quarter due to sales deleverage and a challenging year-over-year comparison.

EBITDA 下降 2% 至 8,700 萬美元，EBITDA 利潤率下降 200 個基點至 32.8%。儘管我們仍然專注於控制費用，但由於銷售去槓桿和同比挑戰，本季我們的 EBITDA 利潤率面臨阻力。

Second quarter interest expense decreased 25% to $15 million, primarily due to lower average interest rates year over year and lower borrowings compared to last year. Of note, we executed a float to fixed interest rate swap in April for $250 million which effectively fixes approximately 30% of our floating interest rate exposure at 3.369%, plus 250 basis points as compared to SOFR plus 250 basis points bringing even more predictability to our cash flows over the next couple of years. Finally, second quarter net income and net income per diluted share were $37 million and $0.11, respectively.

第二季利息支出下降 25% 至 1,500 萬美元，主要原因是平均利率年減且借款額較去年同期減少。值得注意的是，我們在 4 月執行了一筆價值 2.5 億美元的浮動利率與固定利率互換交易，這實際上將我們約 30% 的浮動利率敞口固定在 3.369%，加上 250 個基點（與 SOFR 加上 250 個基點相比），從而為我們未來的幾年來預測現金流的可預測性。最後，第二季淨收入和每股攤薄淨收入分別為 3,700 萬美元和 0.11 美元。

Moving on to some balance sheet and cash flow highlights. At the end of the quarter, cash and cash equivalents were $26 million and outstanding long-term debt was $853 million a $72 million year-over-year decrease and a modest decrease from Q1. As a result, we continue to expect our net leverage ratio to improve to under 2.5 times adjusted EBITDA by the end of the year. Our balance sheet remains healthy and flexible, and we continue to self-fund our growth and expansion while opportunistically reducing debt when feasible.

接下來討論一些資產負債表和現金流量重點。截至本季末，現金及現金等價物為 2,600 萬美元，未償還長期債務為 8.53 億美元，年減 7,200 萬美元，較第一季略有下降。因此，我們繼續預期今年年底我們的淨槓桿率將改善至調整後 EBITDA 的 2.5 倍以下。我們的資產負債表依然健康且靈活，我們將繼續自籌資金實現成長和擴張，同時在可行的情況下適時減少債務。

On that note, while our greenfield program currently remains the highest and best allocation of capital, it is equally important to underscore the consistent and strong cash-generating capacity of this business, which reinforces our financial resilience and enhances our long-term value creation for shareholders. We held off on executing sale leasebacks in Q2 as we awaited clarity on the One Big Beautiful Bill Act. As we suspected, following its passage and the restoration of 100% bonus depreciation incentive to buyers versus 40% prior, we've seen a marked increase in demand for our assets.

就此而言，雖然我們的綠地計畫目前仍然是最高和最佳的資本配置，但同樣重要的是要強調該業務持續強勁的現金創造能力，這增強了我們的財務彈性並提高了我們為股東創造的長期價值。由於等待《一項偉大的美麗法案》的明確消息，我們在第二季推遲了售後回租的執行。正如我們所料，在法案通過並恢復對買家 100% 的獎金折舊激勵（之前為 40%）後，我們看到對我們資產的需求明顯增加。

We are now entering into deals on significantly improved terms compared to last year. Given the strength of our sites, operational excellence, strong credit profile, and positive market conditions we believe we'll be able to execute deals on advantageous terms.

與去年相比，我們現在達成的交易條款有了顯著改善。鑑於我們場地的實力、卓越的營運、良好的信用狀況以及積極的市場條件，我們相信我們將能夠以有利的條件達成交易。

Now I'll provide an update to our full year outlook. I'll start by saying we remain highly confident in the long-term strength of our business and our position as the category leader in the carwash industry. Our fundamentals are solid, our strategy is sound and our growth opportunities remain compelling. That said, we continue to monitor evolving consumer dynamics particularly as near-term macroeconomic headwinds and sentiment shifts could create greater volatility in discretionary services spending.

現在我將更新我們的全年展望。首先我要說的是，我們對我們的業務的長期實力以及我們作為洗車行業領導者的地位仍然充滿信心。我們的基礎堅實，我們的策略合理，我們的成長機會依然引人注目。儘管如此，我們仍將繼續監測不斷變化的消費者動態，特別是因為近期宏觀經濟逆風和情緒變化可能會導致可自由支配的服務支出更大波動。

In Q2, these pressures were most apparent within our non-subscription segment. Given this backdrop, we are modestly revising the upper end of our full-year guidance for comp revenue, adjusted EBITDA, and adjusted EPS to reflect both our Q2 performance and a more cautious outlook on retail consumer behavior for the remainder of the year.

在第二季度，這些壓力在我們的非訂閱領域最為明顯。有鑑於此背景，我們適度修改了全年營業收入、調整後息稅折舊攤銷前利潤和調整後每股收益的預期上限，以反映我們第二季度的業績以及對今年剩餘時間零售消費者行為更為謹慎的展望。

The low end of our guidance range is unchanged. Regarding the tariff environment, as we've previously noted, our direct exposure remains limited. However, we continue to take a measured view of overall impact given the potential for indirect exposure and downstream economic effects on consumer behavior.

我們的指導範圍的低端保持不變。關於關稅環境，正如我們之前指出的，我們的直接風險敞口仍然有限。然而，考慮到間接影響和對消費者行為的下游經濟影響的可能性，我們繼續對整體影響採取審慎的看法。

Taking that all into consideration, let me provide additional context and color to assist you for modeling purposes. As the low end of our guidance remains the same, my comments will refer only to the high end of the range.

考慮到所有這些因素，讓我提供額外的背景和顏色來幫助您進行建模。由於我們的指導的低端保持不變，我的評論將僅參考該範圍的高端。

First, within comparable store sales, we assume retail trends in the back half of the year will remain consistent with the negative low double-digit performance we observed in Q2. Breaking that down further, we anticipate total comparable store sales growth to be stronger in Q3 relative to Q4 given the more difficult year-over-year comparison we faced in the fourth quarter.

首先，在可比店銷售中，我們假設下半年的零售趨勢將與我們在第二季度觀察到的負低兩位數表現一致。進一步細分，考慮到第四季面臨的同比困難，我們預計第三季同店銷售額總成長將比第四季更強勁。

Second, as we've now lapped the titanium rollout from last year, we anticipate the implementation of pricing adjustments on our base membership will continue to support revenue per member. This reflects our broader strategy for enhancing membership value while optimizing price to benefit alignment across our offerings.

其次，由於我們現在已經完成了去年推出的鈦金產品，我們預計對基本會員實施的價格調整將繼續支持每位會員的收入。這反映了我們提高會員價值同時優化價格以符合我們產品利益的更廣泛策略。

Third, we have slightly moderated new store openings for 2025 to reflect the disciplined approach to capital deployment, prioritizing high-performing markets, and optimizing return on investment as we scale with intention. This, coupled with the timing of certain deals implies that we now expect to land around the low end of our planned new store openings for 2025 and with noncomparable store sales expected to come in modestly below prior expectations.

第三，我們略微調整了 2025 年的新店開設數量，以體現嚴謹的資本配置方式、優先考慮高績效市場以及在有意擴大規模的同時優化投資回報率。這一點，再加上某些交易的時間安排，意味著我們現在預計 2025 年新店開業數量將處於計劃的低端左右，而非可比店面銷售額預計將略低於先前的預期。

Our revised CapEx plan for this year reflects the adjustments in store openings and provides us with increased flexibility to deploy cash, including the option to reduce debt. For even more details, the full list of our outlook ranges for 2025 can be found in the table in today's earnings release.

我們今年修訂的資本支出計畫反映了門市開設的調整，並為我們提供了更大的現金部署彈性，包括減少債務的選擇。如需了解更多詳細信息，請參閱今天的收益報告表格中我們對 2025 年展望範圍的完整列表。

In summary, as we navigate the ongoing shifts in the industry and look ahead to future trends, our solid foundation gives us confidence in our long-term prospects, even amid challenging macroeconomic conditions. We continue to lead this space with unmatched operational execution and an experienced management team whose capabilities set us apart. Backed by a powerful brand, a passionate team, and a market-leading subscription model, we are exceptionally positioned to benefit from the changing tides within the car wash sector and deliver lasting value to our shareholders.

總而言之，當我們應對產業持續變化並展望未來趨勢時，即使在充滿挑戰的宏觀經濟條件下，我們堅實的基礎也使我們對長期前景充滿信心。我們將繼續憑藉無與倫比的營運執行力和經驗豐富的管理團隊引領這一領域，他們的能力使我們脫穎而出。憑藉強大的品牌、充滿熱情的團隊和市場領先的訂閱模式，我們擁有得天獨厚的優勢，可以從洗車行業的變化中獲益，並為股東創造持久的價值。

Operator, that concludes our prepared remarks, and we will now open the call for questions.

接線員，我們的準備好的發言到此結束，現在我們將開始提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

[Andre Heinbockel], Guggenheim.

[安德烈·海因博克爾]，古根漢。

Just on marketing, right, so you've seen enough in the six markets. What do you think is -- when you think about promotions versus brand awareness, right? What do you think the -- it's more -- there's more fruitful. And then you think about -- you clearly have room to raise marketing spend, how do you think about balancing that versus the current macros are you kind of spending into a void if you raise today given the macro backdrop and tends do you hold off on that or no?

僅就行銷而言，對，所以您已經對六個市場了解得足夠多了。當您考慮促銷與品牌知名度時，您認為是什麼？您認為這會更有成效嗎？然後你想想——你顯然有增加行銷支出的空間，你如何考慮平衡這一點與當前的宏觀經濟？考慮到宏觀背景和趨勢，如果你今天增加支出，你是否會產生支出空白？你會推遲增加支出嗎？

Yes. John, good to hear from you. So to answer your first part of your question, I think our approach has been initially focusing on awareness to generate trial then ultimately haven't adopted our service as part of the regular purchasing pattern, transitioning them ultimately into membership, which is our primary goal. But when we look at the blend from a campaign standpoint, and I want to emphasize the word blend, it really was a mix of awareness, also highlighted some of our virtues without getting overly promotional.

是的。約翰，很高興收到你的來信。因此，要回答您問題的第一部分，我認為我們的方法最初是專注於提高知名度以產生試用，然後最終沒有將我們的服務作為常規購買模式的一部分，最終將其轉變為會員，這是我們的主要目標。但是，當我們從活動的角度來看待這種混合時，我想強調「混合」這個詞，它實際上是一種意識的混合，也突出了我們的一些優點，但不會過度宣傳。

That said, we did tinker with some percentage off and dollar-off offers -- and we had some interesting results across all of those different campaigns. And then I also -- so again, it's a little bit more nuanced than that. There's multiple channels that we tested and in those different channels, we saw some encouraging results.

也就是說，我們確實嘗試了一些百分比折扣和美元折扣優惠——並且在所有這些不同的活動中我們都得到了一些有趣的結果。然後我也 — — 所以再說一次，它比那更微妙一些。我們測試了多個管道，在這些不同的管道中，我們看到了一些令人鼓舞的結果。

So in short, this is probably the most significant data that we've seen that is evolving us to say, hey, there's something here, it's starting to move the needle. We want to turn up the knob, but we want to do it in a responsible way.

簡而言之，這可能是我們所見過的最重要的數據，它讓我們知道，嘿，這裡有一些東西，它開始發揮作用了。我們想要加大力度，但我們希望以負責任的方式去做。

And so to the second part of your question, which is when are we going to start increasing our ad spend. We're going to expand our testing and move into some new markets. But we're still tinkering and we're still iterating around how to fine-tune both messages and offers because we don't have the magic bullet, but what we're seeing is extremely encouraging.

那麼，對於你問題的第二部分，也就是我們什麼時候開始增加廣告支出。我們將擴大測試範圍並進入一些新市場。但我們仍在不斷改進，仍在反覆思考如何微調訊息和優惠，因為我們沒有靈丹妙藥，但我們所看到的卻令人非常鼓舞。

And then a quick follow-up, right? Some of your competitors have been more aggressive, right, with regard to membership pricing. Have you seen that now begin to kind of move more towards where you're priced? Is there more rationality from those competitors?

然後快速跟進，對嗎？在會員定價方面，你們的一些競爭對手更加激進。您是否發現現在開始向您的定價靠攏了？這些競爭對手是否更理性？

Absolutely. I think at the end of the day, we believe that discounts can actually destroy value over time and dilute your brand equity. And those that are overly promotional from a discount standpoint can ultimately -- it can end up biting them. And so that's why we've been so cautious throughout this entire process and speaking to, again, the virtues of our value prop versus leaning too heavily on price. So a short answer to your question is there is some rationality setting in and we're seeing just less activity.

絕對地。我認為，最終我們相信折扣實際上會隨著時間的推移破壞價值並削弱你的品牌資產。而那些從折扣角度過度促銷的商家最終可能會自食其果。這就是為什麼我們在整個過程中都如此謹慎，並再次強調我們的價值主張的優點，而不是過度依賴價格。所以對你的問題的簡短回答是，有一些理性因素正在形成，我們看到的活動正在減少。

Okay. Thank you.

好的。謝謝。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

First, just you mentioned an increase in titanium sign-ups during July based on some of these promotional offers. I assume it's too early to tell, but just -- how are you thinking about those members opting to sign up for titanium and then ultimately sticking with the plan once the promotional offer expires?

首先，您剛才提到，由於一些促銷活動，7 月鈦金註冊量有所增加。我認為現在下結論還為時過早，但是——您如何看待那些選擇註冊鈦金計劃並在促銷優惠到期後最終堅持使用該計劃的會員？

Yes, Justin, it's Jed here. And yes, we have seen and we're encouraged with the trend that we've seen post Q2, where we've put a concerted effort and some messaging behind titanium just to help drive some -- a little bit of improvement in that titanium mix. We believe that the overall capture is going to prove sticky and that -- while we do expect a little bit of fallout consistent with what we've seen in the past when we run promotions like this, we believe that we've adequately captured that.

是的，賈斯汀，我是傑德。是的，我們已經看到並且對第二季度後看到的趨勢感到鼓舞，我們在鈦方面付出了齊心協力和一些信息，只是為了幫助推動鈦組合的一點點改善。我們相信，整體捕獲效果將會很顯著，儘管我們確實預計會出現一些與我們過去進行此類促銷時所見一致的後果，但我們相信我們已經充分捕獲了這些後果。

And -- so we're sitting at the mid-20% range today. We believe we can drive that just a little bit higher. But listen, it's going to be over time. And -- we've captured obviously the low-hanging fruit with the initial rollout, but we still see some potential there for titanium.

所以 — — 我們今天的利率處於 20% 左右的範圍內。我們相信我們可以將這一目標再提高一點點。但聽著，這還需要時間。而且——我們在最初的推廣中顯然已經獲得了唾手可得的成果，但我們仍然看到鈦金屬的一些潛力。

Okay. That's good to hear. And then just a shorter-term question. Since you mentioned it, Jed, in your remarks, you talked about July and some encouraging trends. I don't know if you're willing to put a finer point on how July trended relative to 2Q's comp and maybe how that retail business is trending relative to the down low-double digits for 2Q?

好的。聽到這個消息真好。然後只是一個短期問題。既然你提到了這一點，傑德，在你的演講中，你談到了七月和一些令人鼓舞的趨勢。我不知道您是否願意更詳細地說明 7 月相對於第二季的趨勢如何，以及零售業務相對於第二季的低兩位數下降趨勢如何？

Yes. As we look at the quarter, overall, for the quarter for Q2, it was comps were relatively consistent. And then as I said in my prepared remarks, we picked up just a little bit of momentum in July. The big driver, right, we are seeing some strength, but we also got to stay grounded here. We are -- we do have a softer lap in July of 2024.

是的。當我們回顧本季時，總體而言，對於第二季而言，其年比數據相對一致。正如我在準備好的發言中所說的那樣，我們在七月獲得了一點發展勢頭。最大的驅動力，對的，我們看到了一些力量，但我們也必須腳踏實地。我們——我們在 2024 年 7 月確實有一個更輕鬆的圈速。

So encouraged with the trend, but we also expected it to be one of the stronger months on the year. And when you break that down, just looking at retail during the quarter, once again, retail was -- during Q1, if you recall, we were positive mid-single digits retail. And during Q2, retail was fairly consistent throughout the months where it was down negative low-double digits. In July, we've seen retail improve. But once again, we have a softer retail lap that we're lapping.

這一趨勢令人鼓舞，但我們也預計這將是今年表現更強勁的月份之一。如果你仔細分析一下，只看本季的零售額，你會發現，如果你還記得的話，第一季的零售額是正的中位數。在第二季度，零售額在幾個月內保持了相當穩定的下降趨勢，降幅低於兩位數。七月份，我們看到零售業有所改善。但再一次，我們面臨的零售情況更加嚴峻。

Okay. Fair enough. Thanks, guys. Best of luck.

好的。很公平。謝謝大家。祝你好運。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Jed, my question is on the new unit performance. I was just hoping maybe you could provide an update on the performance of new washes, including the performance relative to your underwriting targets? And any changes in the speed at which they ramp up?

傑德，我的問題是關於新單位的表現。我只是希望您能提供有關新洗錢表現的最新信息，包括相對於承保目標的表現？他們的上升速度有什麼變化嗎？

Yes, Chris, overall, we're happy with how the new builds continue to perform. There are certain cases where the stores are taking just a little bit longer to ramp than some of our very early vintages and really four reasons for this, competition's just a little bit denser in some of those areas. We strategically opened ahead of the main trade area, opening a store where we saw the development trending.

是的，克里斯，總的來說，我們對新版本的持續表現感到滿意。在某些情況下，商店的產能提升所需的時間比我們早期的一些年份的產品要長一點，這有四個原因，其中一些地區的競爭更加激烈。我們策略性地在主要貿易區之前開業，在我們看到發展趨勢的地方開設商店。

There's a little bit of self-cannibalization where we're intentionally playing just a little bit of defense to densify our existing market. And then there's a handful where the site was -- it's a less than optimal site or site layout. And those are the ones that we're really going to school on to learn from to avoid making some of those same mistakes going forward.

我們採取了一點自我蠶食的策略，即我們故意採取一點防禦措施來強化我們現有的市場。還有一些站點的情況——站點或站點佈局不太理想。這些都是我們要認真學習的，以避免將來犯下同樣的錯誤。

Overall, some of these stores that may be a little bit slower to ramp, we believe that they're going to get there. It's just taking a little bit longer for a small hand of the fan full of these than what we initially would have liked. And I think this is where -- Chris, going back to just one other point there, this is where on the last call, we talked about just getting a little bit more strategic, even more surgical in our site selection, incorporating even more data more tools to bring some more -- even more precision to the site selection process.

總體而言，有些商店的成長速度可能會慢一些，但我們相信它們會成功。用小手將這些東西裝滿風扇所花的時間比我們最初希望的要長一點。我認為這就是——克里斯，回到另一個觀點，在上次電話會議上，我們談到在選址方面要更具戰略性，甚至更加精準，結合更多的數據和工具，為選址過程帶來更多——甚至更多的精確度。

Okay. Fair enough. John, is M&A becoming a more compelling opportunity? It sounds like with valuations may be starting to rationalize. And if so, I'm just curious, how do you think about the potential sizing of acquisitions the company would be willing to take on from both a capital and an integration perspective.

好的。很公平。約翰，併購是否正成為一個更引人注目的機會？聽起來估值可能開始合理化。如果是這樣，我只是好奇，從資本和整合的角度來看，您如何看待公司願意承擔的收購的潛在規模。

Yes. Chris, so we definitely see M&A as a key part of our growth opportunity over the next several years, trying to predict when and who will be available kind of be a full Zaron because oftentimes, it's dependent upon the seller and their intent. So we remain opportunistic and remain open and we are evaluating and looking at a lot of things that are coming across our desk.

是的。克里斯，所以我們肯定將併購視為未來幾年成長機會的關鍵部分，試圖預測何時以及誰將成為一個完整的 Zaron，因為很多時候，這取決於賣方及其意圖。因此，我們保持機會主義和開放態度，並且正在評估和研究我們遇到的許多事情。

I think it's important to note that we have really prioritized quality assets. We look for businesses where we see a clear strategic why with an upside potential where it could be accretive for us, even if we have to lean in a little bit from a multiple standpoint.

我認為值得注意的是，我們確實優先考慮優質資產。我們尋找那些具有明確策略目標和上行潛力的企業，這些企業可以為我們帶來增值，即使我們必須從多重角度稍微傾斜。

But as we've shared on previous calls, we've seen a contraction in multiples year over year, the height of the craziness was, I think, 2022, 2023-ish time frame. But since then, multiples have come down to more powerable levels. And when we see something that makes sense, I think we're in a great position to strike when the iron is hot.

但正如我們在之前的電話會議中所分享的那樣，我們看到逐年萎縮的倍數，我認為瘋狂的頂峰是在 2022 年、2023 年左右的時間範圍內。但自此以後，倍數已降至更強勁的水平。當我們看到有意義的事情時，我認為我們處於有利位置，可以趁熱打鐵。

Again, I want to overstate that buying business is one thing, improving what you bought is another. And that's really where we excel. So the post-acquisition integration and the things that we do to improve, standardize and lift that customer experience take some time. Oftentimes, it could be up to a year before we get the business to where it needs to be.

再次強調，購買業務是一回事，改善購買的業務又是另一回事。這正是我們的優勢。因此，收購後的整合以及我們為改善、標準化和提升客戶體驗所做的工作需要一些時間。通常，我們可能需要長達一年的時間才能使業務達到預期目標。

So it's definitely a long game, and that requires patients, but we have proven over the 100 businesses that we've acquired over time that we have this really strong track record of M&A. So that's, in short, kind of our view. And over the next two to five years as we look at our growth trajectory and what our potential could be, it's going to be this blend of greenfields, which we're very focused on right now and M&A, which has always been a strong muscle for us. And the fact that we have both options available to us, I think it's going to put us in a great position.

所以這絕對是一場持久戰，需要耐心，但我們已經透過收購 100 多家企業證明了我們在併購方面擁有非常出色的業績記錄。簡而言之，這就是我們的觀點。在未來兩到五年內，當我們審視我們的成長軌跡和潛力時，我們會發現我們將綠地投資（我們目前非常關注）與併購（這一直是我們的強項）結合在一起。事實上，我們擁有這兩種選擇，我認為這將使我們處於非常有利的地位。

Any comments on the potential sizing or limitations with your all capabilities in terms of what you potentially look at?

就您可能考慮的所有能力而言，您對潛在規模或限制有何評論？

No, I think the days of the whole kit and caboodle and all are nothing maybe over given just some of the eclectic portfolios that have been assembled with little sense around densification and how you support those far-flung locations. So we look at everything through a regional lens and the markets that we're currently in.

不，我認為，考慮到一些不拘一格的投資組合在組建時幾乎沒有考慮密集化以及如何支持那些遙遠的地區，全套工具和一切的時代可能還沒有結束。因此，我們從區域角度和我們目前所在的市場來看待一切。

Our primary goal is to densify infill, fortress and strengthen while we also look for adjacencies. That said, if there's a new market that is opening up -- through M&A, it does offer us an opportunity to act as a beachhead, if you will, to move into that new MSA if we deem it attractive.

我們的主要目標是增強填充、防禦和加強，同時尋找鄰接關係。也就是說，如果有一個新的市場透過併購開放，它確實為我們提供了一個機會，讓我們可以充當灘頭陣地，如果我們認為它有吸引力，我們就可以進入新的 MSA。

That's great. Helpful color. Thanks, guys.

那太棒了。有用的顏色。謝謝大家。

Robert Ohmes, Bank of America.

美國銀行的羅伯特‧歐姆斯 (Robert Ohmes)。

This is [Vicki Lee] on for Robby Ohmes. And also thank you for using our car spending data in your prepared remarks. First question, can you give us more color on your investments in repairs and maintenance? And what's the average lift you expect to see after these remodels?

我是 [Vicki Lee]，為 Robby Ohmes 報道。同時也感謝您在準備好的評論中使用我們的汽車支出數據。第一個問題，能否詳細介紹一下您在維修和保養方面的投資？您預期這些改造之後的平均提升幅度是多少？

Yes, Vicki, when we look at the -- so the repairs and maintenance that we highlighted, this is all part of, as we think about maintaining an industry best facility -- and so we're going to continue to make these investments as time goes on. It's what hits that repairs and maintenance line are those items that are below a CapEx threshold and aren't capitalized, but we deem necessary just in some of the day-to-day upkeep of making sure that the uptime of our wash continues to be best-in-class and the quality of our assets also continues to be best-in-class.

是的，維琪，當我們看到——我們所強調的維修和保養，這都是我們考慮維護行業最佳設施的一部分——因此，隨著時間的推移，我們將繼續進行這些投資。維修和保養項目低於資本支出門檻，且未資本化，但我們認為在日常維護中有必要確保我們的清洗正常運行時間繼續保持最佳水平，並且我們的資產質量也繼續保持最佳水平。

And Jed, if I can just add, too. We're so proud of the fact that our businesses are running like a top, this is a well-oiled machine, and we have never sweat the asset. We have never neglected the business. we continue to reinvest. When we're running high-volume car washes, there's a lot of wear and tear, and our businesses are in that top quartile from a volume perspective.

還有傑德，如果我可以補充的話。我們為我們的業務運作如陀螺般順暢而感到自豪，這是一台運轉良好的機器，我們從未為資產付出過任何努力。我們從未忽視過業務。我們將繼續進行再投資。當我們進行大批量洗車時，磨損會非常嚴重，從數量上看，我們的業務處於前四分之一。

So if anything, we're ahead of the curve to make sure that nothing is deferred, nothing has kicked down the road. I mean you compare that to some of the businesses out there that have, quite frankly, run out of cash to support their core infrastructure. All those things catch up to you from a customer experience standpoint, and we are determined never to let that happen in Mister Car Wash.

因此，無論怎樣，我們都會走在時代的前列，確保沒有任何事情被推遲，沒有任何事情被擱置。我的意思是，你可以將其與一些坦率地說已經耗盡現金來支持其核心基礎設施的企業進行比較。從客戶體驗的角度來看，所有這些事情都會對您造成影響，我們決心絕不讓這種事情在 Mister Car Wash 發生。

That's helpful. And as you look across the US, can you talk about your white-space opportunities? And what is the biggest challenge you think when you expand into new markets?

這很有幫助。放眼美國，您能談談您的空白領域機會嗎？您認為拓展新市場時面臨的最大挑戰是什麼？

Okay. Well, you're sneaking in a couple of extra questions there on top of repair and maintenance, I tip my hat to you. And that's a big one. I don't know if we have enough time to talk about that on this call. But listen, the US car park is large. The carwash industry is large, but we think that there's ample runway for growth ahead of us.

好的。好吧，除了維修和保養之外，您還偷偷地提出了幾個額外的問題，我向您致敬。這是一個大問題。我不知道我們是否有足夠的時間在這次通話中討論這個問題。但是聽著，美國的停車場很大。洗車產業規模大，但我們認為未來還有充足的成長空間。

We still believe that we can double our footprint over time and that will be probably a combination of greenfield as well as M&A. And again, we're agnostic to both. And we're on this march. And so as we continue to grow, it's been kind of an elusive local task to try to get your arms around. Exactly what is the specific number of car washes in the United States.

我們仍然相信，隨著時間的推移，我們的足跡可以擴大一倍，而這很可能是綠地投資和併購的結合。再次強調，我們對這兩者都持不可知論態度。我們正在進行這場遊行。因此，隨著我們不斷成長，試著讓大家理解這已經成為一項難以捉摸的在地任務。到底美國洗車場的具體數量是多少。

I mean oddly one of the more debated topics. But in our own estimates, we think that we can continue to grow. If we have 520 stores today, we think 1,000 is within our target. When we get there, we will have to reset the target and recalibrate.

我的意思是，這很奇怪，也是爭論最多的話題之一。但根據我們自己的估計，我們認為我們可以繼續成長。如果我們今天有 520 家商店，我們認為 1,000 家就在我們的目標之內。當我們到達那裡時，我們將必須重新設定目標並重新校準。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

John, you noted that you believe the industry grew 5%, Mister grew up 4%. So just mathematically, grew a little slower than the industry in the most recent quarter. So A, why do you think that was? And B, if there was some share leakage, who do you think there was share leakage too? And how do you respond?

約翰，您說過，您認為該行業增長了 5%，而先生增長了 4%。因此從數學上講，最近一個季度的成長速度比行業平均略慢。那麼 A，你認為這是為什麼呢？並且 B，如果存在一些股份洩漏，您認為還有哪些人有股份洩漏？您如何回應？

Yes. Michael, great question. So that -- you're referring to the BofA credit card data. Maybe you don't want to reference another bank. But the data that we sourced that I think was widely available is the aggregate data for the industry. And so if there's new stores coming into the space, they're looking at total spend across the entire carwash industry.

是的。邁克爾，好問題。所以—您指的是美國銀行信用卡資料。也許您不想參考其他銀行。但我認為我們所獲得的廣泛可用的數據是該行業的匯總數據。因此，如果有新店進入該領域，他們會關注整個洗車行業的總支出。

From a same-store sales standpoint, we don't have, nor do you a benchmark to say what are our competitors doing today to say that we're either underperforming or over-performing. So that's how I'd respond.

從同店銷售額的角度來看，我們沒有基準，你也沒有基準來判斷我們的競爭對手今天的表現如何，從而判斷我們的表現是低於預期還是高於預期。這就是我的回應。

Got you. In response to the slower retail trends, do you think you're seeing any evidence that the consumer is taking a pause because of some of the pricing that's passed through? And does that motivate you to want to shift any of the pricing that you have pushed through?

明白了。針對零售趨勢放緩的問題，您是否認為看到任何證據表明消費者因為部分定價而暫停購物？這是否會促使您想要改變已經推行的定價？

Yes, Michael, the short answer is no. The pricing is performing right in line with what we expected from test. The slowdown that we're seeing, it's on the retail side. As a reminder, the price increase that we took was the EWC base price increase -- and so that consumer behaves very differently. And like I said, it's performing in line with test.

是的，邁克爾，簡短的回答是「不」。定價表現與我們測試所預期的一致。我們看到的放緩發生在零售方面。提醒一下，我們採取的價格上漲是 EWC 基本價格上漲——因此消費者的行為會大不相同。正如我所說的，它的表現與測試一致。

The retail softness that we're seeing. I think it's a couple of things. When you look at Q1, in particular, we had some really nice weather tailwinds and the LAP was really soft. And we expected some slowdown from that mid-single digit to what we saw in Q2, but it was just a little bit more pronounced than what we actually expected.

我們看到零售業的疲軟。我認為有幾件事。特別是當你看 Q1 時，我們遇到了非常好的天氣順風，而且 LAP 非常柔軟。我們預計成長速度會從中等個位數放緩至第二季的水平，但比我們實際預期的要明顯一些。

One hypothesis or school of thought out there that we've heard is that some consumers with all the news of tariffs, shifted their spending more toward goods in anticipation of tariff impact versus services. Like we said, we are encouraged to see a little bit of improvement in July.

我們聽到的一個假設或觀點是，一些消費者在得知關稅消息後，由於預期關稅的影響，將支出更多地轉向商品而非服務。正如我們所說的，我們很高興看到七月份的情況有所改善。

Yes. Jed, if I could just add a little color to that too. When we look at our $10 price point on average for retail, it's a tremendous value and it's a very successful price point to almost every motorist out there. But Michael, we are thinking about, hey, is there perhaps in this current period, people that are more discerning, maybe being a little more judicious with their spend.

是的。傑德，如果我也可以給它一點顏色的話。當我們看到我們零售價平均為 10 美元時，這是一個巨大的價值，對於幾乎所有駕駛者來說都是一個非常成功的價格點。但是邁克爾，我們在想，嘿，在當前這個時期，人們是否可能更有辨別力，在消費方面可能更加明智。

And a fun story that I want to share with you is I was talking to my daughter-in-law who occasionally would go get her nails done. She said, hey, I want to save some money. So I did my nails myself at home. And oh my god, it took me like 1.5 hours to get my nails done. And after she was done doing it. She said, I'll never do it again. I got to go back to the nail salon.

我想與你們分享一個有趣的故事，我和我的媳婦聊天，她偶爾會去修指甲。她說，嘿，我想省點錢。所以我在家自己修指甲。天哪，我花了 1.5 小時才修好指甲。當她做完這件事之後。她說：“我再也不會這樣做了。”我得回美甲沙龍了。

And if you talk to anyone that's washed their car in their home, after an 1.5 hours of washing your car, you're sweating your hot, the car doesn't look that great, and you do the calculus and say, I'm going to go to express car wash in 10 minutes. I'm in and out for $10, -- my time is worth a whole lot more.

如果你和任何在家洗車的人交談，你會發現，經過 1.5 小時的洗車後，你已經汗流浹背，車子看起來也不太好，你計算了一下後說，我 10 分鐘後要去快速洗車處。我進進出出只花了 10 美元——而我的時間卻值更多錢。

So again, we're -- everything about the Express exterior carwash speaks to speed, convenience, tremendous value. And we think over time, this is all cyclic and the consumer will come back retail consumer. And by the way, if my nail salon analogy didn't land, forgive me, but you resonate with me.

所以，我們再次強調——快速外部洗車的一切都體現了速度、便利性和巨大的價值。我們認為，隨著時間的推移，這一切都是週期性的，消費者將回歸零售消費者。順便說一句，如果我的美甲沙龍類比沒有引起我的共鳴，請原諒我，但你確實引起了我的共鳴。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

John, the nail salon referenced to land with me for what it's worth. Maybe first question for Jed. Do you have any sense or could you quantify what you think the weather impact was during Q2? And was it a more significant weather impact quarter than maybe what we've seen over the last year or two?

約翰，這家美甲沙龍提到要跟我一起去，不管它值多少錢。這可能是傑德的第一個問題。您是否有任何感覺或您能否量化您認為第二季度的天氣影響？與過去一兩年相比，本季的天氣影響是否更為顯著？

Yes. When we look, Peter, at Q2, first of all, let's just level set. This is where we're grateful for the subscription business. 75% of the business is subscription. We collect, as you know, those subscription fees, whether it's good weather or bad weather and it really helps insulate us from these trends. It's this -- the 25% of the business that's retail that tends to have some correlation with weather.

是的。彼得，當我們看 Q2 時，首先，讓我們進行水平設定。這正是我們感謝訂閱業務的地方。 75％的業務是訂閱。如您所知，無論天氣好壞，我們都會收取這些訂閱費，這確實有助於我們免受這些趨勢的影響。正是如此——25% 的零售業務往往與天氣有某種關聯。

And so when we look at Q2, it was more the lack of a weather tailwind. There was maybe a slight headwind, weather headwind, but it wasn't significant during -- at least a headwind during Q2. I wish measuring whether the impact of weather was a perfect science. We've looked at this a lot of different ways. And without a doubt, it was a benefit in Q2 and we didn't have that same benefit when we went into Q1, which we're seeing some signs of a little bit of a tepid consumer during Q2, and we would point to more of that than the weather impact.

因此，當我們回顧第二季度時，我們發現更多的是缺乏天氣順風。可能有輕微的逆風，天氣逆風，但並不明顯 - 至少在第二季度沒有逆風。我希望測量天氣的影響是否是一門完美的科學。我們從很多不同的角度來看這個問題。毫無疑問，這在第二季度帶來了好處，而進入第一季時我們並沒有獲得同樣的好處，我們在第二季度看到了一些消費者不溫不火的跡象，我們認為這比天氣影響更重要。

We've calibrated that into our outlook. And as we look at the second half, what we've built into the second half is the same trend that we saw during the second quarter. And this really is Peter were, and we touched on it on the first question, we're encouraged with the marketing that we saw, and it gives us just a touch of optimism in our ability to actually drive that retail consumer behavior. But still early days. We're going to do another round of testing and really fine-tune our approach there.

我們已經將其調整到我們的展望中。當我們展望下半年時，我們發現下半年出現的趨勢與第二季的趨勢相同。這確實是彼得所說的，我們在第一個問題中就談到了這一點，我們對所看到的行銷感到鼓舞，這讓我們對我們真正推動零售消費者行為的能力感到樂觀。但仍處於早期階段。我們將進行另一輪測試並真正調整我們的方法。

Okay. And maybe I'll ask a follow-up on that and to John. So the marketing does sound encouraging with the six markets maybe are you cracking the whip a little bit harder? Do you want the team to try to move faster on the testing and the marketing. You've got something that seems to work in a tepid environment. Can you pick up that pace and get that marketing rolled out to more markets faster.

好的。也許我會就此問題向約翰詢問後續情況。因此，針對這六個市場的行銷確實聽起來令人鼓舞，也許你會加強？您是否希望團隊在測試和行銷方面加快步伐？你得到了一些似乎可以在溫和的環境中發揮作用的東西。您能否加快步伐，更快地將行銷推廣到更多市場？

Short answer, yes. And -- but we want to be intentional and deliberate in a very measured way, expand while we tinker and iterate upon what's working as well as the things that didn't work. So this has been very much a launch-and-learn and then refine and continue to build upon things that are actually moving the needle. So our goal today is to expand the test into some additional markets.

簡短的回答是，是的。而且 — — 但我們希望以一種非常慎重的方式有意而為之，在對有效和無效的事情進行修補和迭代的同時進行擴展。因此，這在很大程度上是一個啟動和學習的過程，然後進行改進並繼續發展真正能帶來推動作用的事情。所以我們今天的目標是將測試擴展到一些其他市場。

So we're not going to go hog wild and just throw a whole bunch of money against the wall. But as we've discussed on previous calls, our ad spend as a percentage of revenue is very miniscule. And when compared to other operators that are spending on a much larger percentage, what we don't want to do is what we call spray and pray and just throw money at it. We hold ourselves to the highest standard from a return on ad spend perspective and really want to measure how promotionally effective each campaign is in some of those campaigns, as you can imagine, are hard to measure.

所以我們不會瘋狂地投入大量資金。但正如我們在之前的電話會議中討論過的，我們的廣告支出佔收入的比例非常小。與其他花費比例較大的業者相比，我們不想做的就是盲目地投入資金。我們從廣告支出報酬率的角度對自己要求最高，並且真正想要衡量每個廣告活動的促銷效果，正如您所想像的，有些廣告活動的促銷效果很難衡量。

Peter, just to put a little bit finer point as we think about the goals of what it is we're testing is we want to see comp growth net of control. And so to John's point, there's a lot of different messages that you can test. And then there's a lot of different channels to communicate those messages to consumers. And that's the piece that we're continuing -- making sure we're learning and then institutionalizing these learnings and doing that as quickly as we can.

彼得，當我們思考我們正在測試的目標時，為了更準確地說明這一點，我們希望看到控製網路的競爭成長。正如約翰所說，有很多不同的資訊可供測試。然後有很多不同的管道將這些訊息傳達給消費者。這就是我們正在繼續做的事情——確保我們正在學習，然後將這些學習制度化，並儘快做到這一點。

Okay. Very helpful. Thank you.

好的。非常有幫助。謝謝。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

This is Zack on for Simeon. With respect to the 2025 guidance, can you provide a little more context for what you're assuming is driving the negative low double-digit decline in retail comps in the back half. Is there anything to call out from income cohorts or just whether year-over-year compare is anything to help us understand that dynamic?

這是 Zack 為西緬 (Simeon) 表演的。關於 2025 年的指導，您能否提供更多背景信息，說明您認為導致下半年零售額出現低兩位數負下降的原因。從收入群來看，有什麼需要注意的嗎？或者同比比較有助於我們理解這種動態？

Yes, Zach. We started with really taking that Q2 trend and extrapolating that out through Q3 and Q4. A little bit of softness when we look at the -- those consumers in the lower quadrant, lower income demographic. There's little pockets where we see some weather.

是的，札克。我們首先真正了解了第二季的趨勢，然後推斷出第三季和第四季的趨勢。當我們觀察那些處於下象限、低收入者的消費者時，會發現有點疲軟。在一些小地方，我們可以看到一些天氣變化。

Interesting to note, when we break our interior -- we've got 63 interior clean sites, and those interior Clean sites underperformed relative to expectations, they're typically a bigger contributor of retail. So if you look at the Express sites only, a little bit better performance on the retail side, I think as you look ahead to Q3, Q4, I also want to make sure we note, we do have a really strong lap in October of 2024 that we're going to be up against that we factored into the guidance as well.

值得注意的是，當我們打破內部格局時——我們有 63 個內部清潔站點，這些站點的表現低於預期，它們通常是零售業的更大貢獻者。因此，如果您只看 Express 網站，零售方面的業績會稍微好一些，我想，當您展望第三季度和第四季度時，我還想確保我們注意到，我們在 2024 年 10 月確實有一個非常強勁的勢頭，我們將面臨這一挑戰，我們也將其納入了指導範圍。

That's helpful. And then if I could just follow up on the essentially the sensitivity of your customers to the base pricing most of them have been rolled out. You mentioned it was in line with your expectations. Is there any more color you can give on the progression of how the response might initially compare to the way it normalizes, whether two or three months after an initial downturn?

這很有幫助。然後，如果我可以跟進客戶對基本定價的敏感度，其中大多數已經推出。您提到這符合您的預期。您能否進一步說明一下，最初的應對措施與正常化情況（無論是在最初的低迷之後兩三個月）的進展情況相比如何？

Yes. So to date, the rollout, it's gone as planned with strong member and new customer adoption that like we said, the rollouts and the results are in line with our expectations and what we've observed -- we did a few different test markets late 2024 and then it's been a phased rollout throughout 2025. And while we see a slight uptick in the churn, it about four to six weeks, those churn levels are back down in line with our historic average.

是的。因此，到目前為止，推出工作已按計劃進行，會員和新客戶都紛紛採用，就像我們所說的那樣，推出工作和結果符合我們的預期和觀察到的情況——我們在 2024 年底在幾個不同的測試市場進行了測試，然後在 2025 年分階段推出。雖然我們看到客戶流失率略有上升，但大約四到六週後，客戶流失率又回落到歷史平均值。

As we've said, that price increase is just on the base membership -- we do have a handful of markets that we still need to take the base price increase on that we'll see a little bit more impact in the second half of the year. But largely, we've taken it in all of the markets. One thing to note when taking a price increase in subscription like this, it is about a 45-day lag for your existing subscription customers before they recharge 45 days on average before they recharge at that new higher price.

正如我們所說，價格上漲僅針對基本會員——我們確實有少數市場需要提高基本價格，我們將在今年下半年看到更大的影響。但總體而言，我們已經將其應用於所有市場。像這樣提高訂閱價格時需要注意的一點是，現有訂閱客戶在以新的更高價格充值之前平均需要等待 45 天左右。

So there is just a little bit of a lag when we take a price increase like this. So performing in line with what we expected. We have got the question, do we see people trade up into that platinum package as a result of the base price increase. We are not seeing any of that. It has not been factored into the guidance, but the outlook factors in our the price increase as we saw in test and that's what we're seeing here now today.

因此，當我們接受這樣的價格上漲時，就會有一點點滯後。因此表現符合我們的預期。我們的問題是，由於基礎價格上漲，我們是否會看到人們升級到白金套餐。我們沒有看到任何這樣的情況。它沒有被計入指導中，但正如我們在測試中看到的那樣，前景因素影響了價格上漲，這就是我們今天所看到的。

Phillip Blee, William Blair.

菲利普·布利、威廉·布萊爾。

Can you share what percentage of your stores were negatively impacted by competitive intrusion during the quarter? And then, Jed, you briefly touched on this during your remarks. But -- can you share a bit more about how comps look for those stores based on how long ago the competitive intrusion occurred. So if a competitor opened in the past year, what are those stores comping at versus a store have competitive intrusion year, two years or even no competitive intrusion? Just trying to gauge how quickly that recovery ramps up.

您能否分享一下本季有多少比例的商店受到競爭入侵的負面影響？然後，傑德，您在發言中簡要地談到了這一點。但是—您能否根據競爭入侵發生的時間長短，分享一下同類公司如何尋找這些商店的資訊。那麼，如果競爭對手在過去一年開業，那麼這些商店的競爭情況與一年、兩年甚至沒有競爭入侵的商店相比如何？只是想衡量一下復甦的速度有多快。

Yes. So when we look at the number of our existing stores that had a competitor open within a three-mile radius, it's roughly 13 of the stores. We tend to track this with a couple of different data sources. Some of it's crowd sourced through our field team, but then we also have a system where we look at this. And -- so it's significantly less than where we were two years ago.

是的。因此，當我們查看現有商店的數量時，發現在三英里半徑範圍內有競爭對手的商店大約有 13 家。我們傾向於使用幾個不同的資料來源來追蹤這一點。其中一些是透過我們的現場團隊眾包的，但我們也有一個系統來查看這些內容。所以 — — 它比兩年前少了很多。

If you recall, two years ago, they were on average 30 stores. per quarter that we're being open. So we are definitely seeing a slowdown of new competitors coming in. And then when we look at the breakdown of stores that have a competitor within a three-mile radius and then start to age those competitors, those stores where the competition was less than one-year old, they were at negative low-single digit total comp compared to the all-in system average of plus 1.2%.

如果你還記得的話，兩年前，我們平均每季開設 30 家商店。因此，我們確實看到新競爭對手的加入正在放緩。然後，當我們查看在三英里半徑範圍內有競爭對手的商店的細分情況，然後開始計算這些競爭對手的年齡時，那些競爭對手成立不到一年的商店，與全包系統平均值加 1.2% 相比，它們的總收入為負低個位數。

And then when we go to the other side of the spectrum, those sites without any competition, they comped at a positive mid-single digit -- and then everything else follows in a nice curve, very consistent pattern in what we've seen quarter after quarter after quarter. And this is what gives us confidence is longer term, and it's a testament to the great operations of Mister and the consumer finds their way back over time.

然後，當我們轉到另一端時，那些沒有任何競爭的網站，它們的營收為正的中等個位數——然後其他一切都遵循一條漂亮的曲線，非常一致的模式，正如我們所看到的，一個季度又一個季度。這給了我們長期的信心，也證明了 Mister 的出色運營，消費者隨著時間的推移找到了回歸的途徑。

Okay. Great. Very helpful. And then car wash has been an industry that some politicians have recently highlighted as one that has faced incremental headwinds from some amped up immigration enforcement efforts. Just curious if you've seen any of this impact to your business at all or whether or not this could be actually more of a hindrance to some of your peers and in turn be a benefit to you?

好的。偉大的。非常有幫助。最近，一些政治人物強調洗車產業因移民執法力度加大而面臨越來越大的阻力。我只是好奇，您是否已經看到這對您的業務有任何影響，或者這是否實際上會對您的一些同行造成更大的阻礙，從而對您有利？

Yes. No. Absolutely not. We participated in the e-verified program back when it was a pilot program over 20 years ago. And so we go by rules and we are highly confident that our workforce is documented to work in the United States. So we don't see any immigration enforcement issues as any impediment to our ability to operate. So short answer is no.

是的。不。絕對不是。早在 20 多年前電子驗證計畫還處於試點階段時，我們就參與其中了。因此，我們遵守規定，我們非常有信心我們的員工有在美國工作的記錄。因此，我們認為任何移民執法問題都不會妨礙我們的行動能力。所以簡短的回答是「不」。

Right. Great. Thank you very much. Best of luck.

正確的。偉大的。非常感謝。祝你好運。

Bobby Griffin, Raymond James.

鮑比·格里芬、雷蒙德·詹姆斯。

Just curious, based on kind of your early learnings from the pricing initiatives. How does it change how you guys view price as one of the tools that you can use to drive comps going forward? And do you -- does like the success of this initial pricing increase, is that create an opportunity for more of a pricing optimization type of work throughout the tiers of your membership?

只是好奇，基於您從定價計劃中早期了解到的情況。它如何改變你們對價格的看法，將價格視為推動未來公司發展的工具之一？您是否喜歡這次首次漲價的成功，這是否為您在各個會員等級中開展更多價格優化工作創造了機會？

Yes. Good question. So our pricing cadence has been somewhat episodic and definitely is lagging inflation for sure. And we're kind of happy with this conservative approach, to be honest with you. You might argue that we're leaving money on the table.

是的。好問題。因此，我們的定價節奏有些不規律，而且肯定落後於通貨膨脹。說實話，我們對這種保守的做法感到滿意。你可能會說我們浪費了金錢。

But our thought process is that we want to appeal to a broad array of consumers, both high end and work in glass. -- because one loves a car wash. And so to that end, we wanted to continue to offer extreme value for those that perhaps had less discretionary income, but then also have premium services for those that are less price sensitive and across that array. We think that we're highly competitive.

但我們的想法是，我們希望吸引廣泛的消費者，包括高端消費者和玻璃製品消費者——因為人們喜歡洗車。因此，為了達到這個目的，我們希望繼續為那些可支配收入較少的人提供極高的價值，同時也為那些對價格不太敏感的人提供優質服務。我們認為我們的競爭力很強。

So we think that there are definitely opportunities going forward. Our conservative approach could be perhaps optimized over time. We are definitely looking inside all areas of our business to see how we can create more value and drive revenue and pricing certainly is one of those levers.

因此我們認為未來肯定存在機會。我們的保守方法也許會隨著時間的推移而優化。我們確實在審視業務的各個領域，以了解如何創造更多價值並推動收入成長，而定價無疑是其中的一個槓桿。

But I'll say this, it's one of the easiest levers to press -- and for us, what we want to do is earn a price increase by creating more value to our customers, which is why we focus more on the R&D innovation side so that we can deliver something new and exciting and better when we do launch a new price increase.

但我要說的是，這是最容易按下的槓桿之一——對我們來說，我們想要做的是透過為客戶創造更多價值來獲得價格上漲，這就是為什麼我們更加註重研發創新方面，以便我們能夠在推出新的價格上漲時提供一些新的、令人興奮的、更好的產品。

Christian Carlino, JPMorgan.

摩根大通的克里斯蒂安·卡利諾。

Now that you have the full rate of the base price increase flowing through in the back half and you're annualizing the titanium rollout and the platinum changes from last year. How are you thinking about member counts versus revenue per member in the updated guide? And does the guide assume any change in the membership outlook? Or was it all the retail business that drove the revision?

現在，你已經了解了下半年基本價格上漲的全部幅度，並且正在將鈦的推出和去年的鉑金變化進行年度化。在更新後的指南中，您如何看待會員數量與每位會員的收入？該指南是否假設會員前景會發生任何變化？還是所有零售業務都推動了這項修改？

Yes. The biggest driver there, Christian, is that retail. As we think about membership and as we've seen the price increase that we've taken revenue per member is when you look at the UWC comp, revenue per member is the biggest driver there. But the guidance revision is being driven by that -- the retail softness that we saw during the quarter.

是的。克里斯蒂安，最大的驅動力是零售業。當我們考慮會員資格時，我們看到價格上漲，當你看 UWC 時，每位會員的收入是最大的動力。但指導方針的修改是受此影響——我們在本季看到了零售業的疲軟。

Got it. That's helpful. And on the margin front, it looks like you're implying pretty solid margin expansion in the back half despite softer comps. So could you talk about what's driving this? Was there any expenses pulled forward into 2Q or just generally tightening about anything there?

知道了。這很有幫助。從利潤率來看，儘管可比銷售額較弱，但您暗示下半年利潤率將實現相當穩健的成長。那麼你能談談是什麼推動了這現象嗎？是否有任何費用提前到第二季度，或者只是總體上收緊了某些費用？

Yes. The biggest expense that we -- and we talked about this on our Q1 call was the pull forward of the marketing spend from the Q2 marketing test that we ran that hit in Q2. We do expect some margin expansion Q3, Q4 on a year-over-year basis. We did expect some -- we had such a strong Q2. We were expecting Q2 margin to be down just a little bit from where we were in 2024. It was just a little bit more pronounced because of the sales deleverage.

是的。我們最大的支出——我們在第一季電話會議上討論過這一點——是將我們在第二季進行的行銷測試中的行銷支出提前。我們確實預計第三季和第四季的利潤率將比去年同期擴大。我們確實有所期待——我們的第二季表現非常強勁。我們預計第二季的利潤率將比 2024 年的水準略有下降。由於銷售去槓桿，這現象變得更加明顯。

But with a low variable cost model like this, sales go a long way in helping drive that margin line. As we look at Q3, Q4, we're constantly looking at little initiatives and opportunities to optimize our cost structure we recognize that there's -- as we go take different contracts to RFP to try and get best pricing and trying to optimize our supplier base and leveraging the scale of Mister Carwash to get more favorable pricing, those little things start to add up and helping drive some margin expansion.

但有了這樣的低變動成本模型，銷售額對於推動利潤線將會發揮很大的幫助。當我們展望第三季度和第四季度時，我們不斷尋找小舉措和機會來優化我們的成本結構，我們意識到——當我們將不同的合約提交 RFP 以嘗試獲得最佳定價並嘗試優化我們的供應商基礎並利用 Mister Carwash 的規模來獲得更優惠的價格時，這些小事開始累積起來並有助於推動利潤率的擴大。

Got it. Thank you very much.

知道了。非常感謝。

Sorry, go ahead, operator.

抱歉，請繼續，接線生。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back to John Lai for closing remarks.

謝謝。我們的問答環節到此結束。現在請 John Lai 致閉幕詞。

Thank you, operator, and thank you, everyone, for joining the call today. As we look at our business over the long term, we've never been more optimistic with competitive dynamics shifting in our favor competition moderating we believe we're super positioned to capitalize on all the opportunities in front of us, and the best is yet to come. So thanks, everybody.

謝謝接線生，也謝謝大家今天參加電話會議。當我們從長遠角度看待我們的業務時，我們從未像現在這樣樂觀，因為競爭態勢正在轉向對我們有利，競爭正在緩和，我們相信我們完全有能力利用擺在我們面前的所有機會，而且最好的還在後頭。謝謝大家。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。