Valvoline Inc (VVV) 2025 Q2 法說會逐字稿

Hello everyone and thank you for joining the Volvo's second quarter 2025 earnings conference call and webcast. My name is Marie, and I will be coordinating your call today. (Operator Instructions) I will now hand over to your host, Elizabeth Clevinger of investor relations, to begin. Please go ahead.

大家好，感謝您參加沃爾沃 2025 年第二季財報電話會議和網路廣播。我叫瑪麗，今天我將負責協調您的通話。（操作員指示）現在我將把主持人、投資者關係部的伊麗莎白·克萊文傑 (Elizabeth Clevinger) 交給她開始。請繼續。

Thank you. Good morning and welcome to Valvoline's second quarter fiscal 2025 conference call and webcast. This morning, Valvoline released the results for the secondnd quarter ended March 31, 2025. This presentation should be viewed in conjunction with that earnings release, a copy of which is available on our investors relations website at investors.valvoline.com.

謝謝。早安，歡迎參加 Valvoline 2025 財年第二季電話會議和網路廣播。今天上午，Valvoline 發布了截至 2025 年 3 月 31 日的第二季業績。本簡報應與該收益報告一起閱讀，收益報告副本可在我們的投資者關係網站 investors.valvoline.com 上取得。

Please note that these results are preliminary until we file our Form 10-Q with the Securities and Exchange Commission. On this morning's call is Lori Flees, our President and CEO, and Mary Meixelsperger, our CFO.

請注意，在我們向美國證券交易委員會提交 10-Q 表之前，這些結果都是初步的。參加今天早上電話會議的是我們的總裁兼執行長 Lori Flees 和財務長 Mary Meixelsperger。

As shown on slide 2, any of our remarks today that are not statements of historical fact or forward-looking statements. These forward-looking statements are based on current assumptions as of the date of this presentation and are subject to certain risk and uncertainties that may cause actual results to differ materially from such statements.

如投影片 2 所示，我們今天的任何評論都不是歷史事實陳述或前瞻性陳述。這些前瞻性陳述是基於截至本簡報發布之日的當前假設，並受某些風險和不確定性的影響，可能導致實際結果與此類陳述有重大差異。

Traveling assumes no obligation to update any forward-looking statements unless required by law. In this presentation and in our remarks, we will be discussing our results on an adjusted non-GAAP basis unless otherwise noted. Non-GAAP results are adjusted for key items, which are unusual, non-operational, or restructuring in nature.

除非法律要求，否則 Traveling 不承擔更新任何前瞻性聲明的義務。在本次演示和我們的評論中，除非另有說明，我們將根據調整後的非 GAAP 基礎討論我們的結果。非公認會計準則結果根據關鍵項目進行調整，這些項目本質上是不尋常的、非營運的或重組的。

We believe this approach enhances the understanding of our ongoing business. A reconciliation of our GAAP to adjusted, non-GAAP results, and the discussion of management's use of non-GAAP in key business measures is included in the presentation appendix. The information provided is used by management and may not be comparable to similar measures used by other companies. With that, I'll turn it over to Lori.

我們相信這種方法可以增強我們對正在進行的業務的理解。演示附錄中包含了我們的 GAAP 與調整後的非 GAAP 結果的對賬，以及管理層在關鍵業務指標中使用非 GAAP 的討論。所提供的資訊由管理階層使用，可能無法與其他公司使用的類似措施進行比較。說完這些，我就把話題交給 Lori。

Thanks, Elizabeth, and thank you for joining us today. I'd like to start with a quick look at our second quarter highlights on slide 3. Our system-wide sales increased 11% to $826 million and our same store sales growth for the quarter was 5.8%. Total net sales increased 11% to $403 million when adjusted for the impact of refranchising. Adjusted EBITDA increased 6%, also including the impact of refranchising.

謝謝，伊麗莎白，謝謝您今天加入我們。首先我想快速瀏覽一下投影片 3 上我們第二季的亮點。我們的全系統銷售額成長 11%，達到 8.26 億美元，本季同店銷售額成長 5.8%。經重新特許經營的影響調整後，總淨銷售額成長 11%，達到 4.03 億美元。調整後的 EBITDA 成長了 6%，其中也包括重新特許經營的影響。

Our system-wide store count is now 2,078, up 8% over the prior year. And we announced this morning that Kevin Willis would be joining our team as CFO effective May 19th. Before I provide an update on our strategic priorities, I want to cover a couple of topics that are top of mind given the current market environment.

我們全系統的商店數量目前為 2,078 家，比前一年增長 8%。我們今天上午宣布，凱文威利斯 (Kevin Willis) 將於 5 月 19 日加入我們的團隊，擔任財務長。在介紹我們的策略重點之前，我想先談談幾個在目前市場環境下最受關注的議題。

First, on slide 4, I want to provide our current assessment on tariffs. With what we know today, we expect the impact to be minimal. We put together a cross-functional team more than six months ago to collaborate with our suppliers.

首先，在第 4 張投影片上，我想提供我們目前對關稅的評估。根據我們目前掌握的情況，我們預期影響將微乎其微。六個多月前，我們組建了一支跨職能團隊，與我們的供應商合作。

Our largest product cost is finished lubricants, which are primarily composed of base oils and additives. It's our understanding that base oils remain exempt from tariffs as of now, and we expect most additives to remain exempt from tariffs as well.

我們最大的產品成本是成品潤滑油，主要由基礎油和添加劑組成。據我們了解，截至目前，基礎油仍免徵關稅，我們預計大多數添加劑也將繼續免關稅。

The next largest supply category is ancillary products like filters and wipers. We've worked with our suppliers to shift the majority of our supply from China to Vietnam, and we continue to review alternate sources to optimize our flexibility.

下一個最大的供應類別是過濾器和雨刷等輔助產品。我們已與供應商合作，將大部分供應從中國轉移到越南，並將繼續審查替代來源以優化我們的靈活性。

When we look at our inventory on hand and factor in the 90 day pause on the reciprocal tariffs, we do not expect a significant change in cost for fiscal year 2025. And we continue to look at other areas of spend to evaluate any tariff impact. As it relates to construction materials and equipment for our store additions, we expect a single digit percentage increase on new store capital cost.

當我們查看現有庫存並考慮到 90 天的互惠關稅暫停期時，我們預計 2025 財年的成本不會發生重大變化。我們將繼續關注其他支出領域，以評估關稅的影響。由於這與我們增建商店的建築材料和設備有關，我們預計新店資本成本將出現個位數的百分比成長。

As it relates to other costs like store maintenance and technology, we expect a low single digit increase as well. In total, for fiscal year 2025, we expect an operating cost impact of less than $4 million system-wide. This includes the impact on franchisees but excludes any additional mitigating actions.

由於它與商店維護和技術等其他成本有關，我們預計也會有一個低個位數的成長。整體而言，我們預計 2025 財年全系統的營運成本影響將不到 400 萬美元。這包括對特許經營商的影響，但不包括任何額外的緩解措施。

And we estimate the annualized impact to be about 1% to 2% increase to our cost of sales, which we will mitigate through cost reduction efforts, alternative supply strategies, or pricing pass through to customers. As a result, we feel very well positioned to navigate the changes as they come.

我們估計年化影響將導致我們的銷售成本增加約 1% 至 2%，我們將透過降低成本、制定替代供應策略或將價格轉嫁給客戶來緩解這一影響。因此，我們感覺自己已經做好了充分的準備來應對即將到來的變化。

The other topic is around the macro uncertainty and state of the consumer. It's important to remember that we are a strong business in a very resilient industry with a lot of growth potential. Our industry has strong fundamentals and resilient long-term demand drivers.

另一個主題是關於宏觀不確定性和消費者狀況。重要的是要記住，我們是一個在極具彈性的行業中擁有巨大成長潛力的強大企業。我們的產業擁有強勁的基本面和有彈性的長期需求驅動力。

Customers are continuing to drive more, keep their vehicles longer, and seek convenience, and we have not seen evidence of deferral of service or trade down from our customers. We are well positioned within the industry to provide customers the quick, easy, trusted service necessary to maintain their vehicles.

客戶繼續駕駛更多車輛、延長車輛使用時間並尋求便利，我們尚未看到客戶推遲服務或降低價格的證據。我們在業界佔據有利地位，可以為客戶提供維護車輛所需的快速、簡單、可靠的服務。

Our powerful brand, superior service experience, strong franchise partnerships, and robust customer data differentiate us from our competitors and position us to meet customers' needs for preventative vehicle maintenance. As we look at the total available market, there is considerable opportunity for growth, considering we currently only have about 5% of the overall market share related to the do it for me oil changes.

我們強大的品牌、卓越的服務經驗、強大的特許經營合作夥伴關係以及豐富的客戶數據使我們在競爭中脫穎而出，並使我們能夠滿足客戶對預防性車輛維護的需求。從整體可用市場來看，考慮到我們目前僅佔有與「幫我換油」相關的整體市場份額的 5% 左右，因此存在相當大的成長機會。

Now, let me provide an update on some of our strategic priorities. This quarter, we saw growth in our business across all quartiles of household income and growth in NOCR across all store quartiles. We had healthy transaction growth across our business, including for our mature store base.

現在，讓我介紹一下我們的一些策略重點的最新情況。本季度，我們的業務在所有家庭收入四分位數中均有所成長，所有商店四分位數的 NOCR 均有所成長。我們的整個業務，包括成熟的門市基礎，都實現了健康的交易成長。

Our marketing sophistication is a key competitive advantage that helps us drive strong demand. We recently completed the transition of our customer and marketing database into the cloud, which will enable us to deliver increased efficiency and personalization of our marketing spend.

我們的行銷成熟度是幫助我們推動強勁需求的關鍵競爭優勢。我們最近完成了客戶和行銷資料庫向雲端的轉換，這將使我們能夠提高行銷支出的效率和個人化。

And we had a great launch of university athletic partnerships in two company markets of Ohio and Tennessee, during March Madness, targeted towards new customer acquisitions. We also continue to make progress on talent management, with rolling twelve-month attrition rates remaining low and wage inflation moderating.

在瘋狂三月期間，我們在俄亥俄州和田納西州兩個公司市場建立了大學體育合作夥伴關係，旨在吸引新客戶。我們在人才管理方面也持續取得進展，連續十二個月的人員流失率維持在低位，薪資通膨也正在放緩。

To enhance capabilities, we successfully implemented the first phase of our HRIS system, Workday. This new platform enables further development of our labor management capabilities and improves our ability to engage directly with our over 11,000 team members.

為了增強能力，我們成功實施了 HRIS 系統 Workday 的第一階段。這個新平台進一步發展了我們的勞動力管理能力，並提高了我們與 11,000 多名團隊成員直接互動的能力。

As we approach the summer drive season, our team is staffed and ready to deliver outstanding customer experience. Given about 80% of the customers we serve are customers we served before, delivering a consistent and high quality experience is fundamental to our growth.

隨著夏季駕駛季節的臨近，我們的團隊已做好準備，為客戶提供卓越的體驗。鑑於我們服務的客戶中約有 80% 是我們以前服務過的客戶，因此提供一致且高品質的體驗對於我們的成長至關重要。

We are pleased to report that based on over a million surveys in the past 12 months, our customers have increased their rating of Valvoline and change to 4.7 out of 5 stars. I want to thank our company and franchise store teams for the work they do every day to deliver best in class service to our guests.

我們很高興地報告，根據過去 12 個月內超過一百萬份的調查，我們的客戶對 Valvoline 的評分提高了，達到 5 星中的 4.7 星。我要感謝我們公司和特許經營店團隊每天的努力，為我們的客人提供一流的服務。

On accelerating network growth, this quarter, we added another 33 net new store editions, bringing our year-to-date total to 68. Our pipeline for the year is more back half loaded than we would have liked. However, when we look at stores already in construction and the acquisition pipeline for both company and franchisees, we have confidence in our ability to deliver store editions well within our guidance range.

在加速網路成長的同時，本季我們又增加了 33 家新店，使年初至今的總數達到 68 家。我們今年的管道負荷比我們預想的要高出一半。然而，當我們審視已在建的商店以及公司和特許經營商的收購管道時，我們有信心在指導範圍內提供商店版本。

During the quarter, we announced that we would be adding approximately 200 additional stores through the acquisition of Breeze Autocare. In early April, we received a second request from the FTC. We remain excited about this opportunity, and we continue to work to gain approval to close the transaction.

本季度，我們宣布將透過收購 Breeze Autocare 增加約 200 家門市。四月初，我們收到了聯邦貿易委員會的第二份請求。我們對這個機會仍然感到興奮，我們將繼續努力獲得批准以完成交易。

While we do not have complete control over the timeline, we hope we can close the transaction in the second half of fiscal 2025. Before I wrap up my comments on accelerating network growth, I want to give an update on what we're seeing in the markets that we refranchised on slide 7.

雖然我們無法完全掌控時間表，但我們希望能夠在 2025 財年下半年完成交易。在我結束關於加速網路成長的評論之前，我想先介紹一下我們在第 7 張投影片中重新授權的市場中看到的情況。

You'll recall during Q4 of last year in Q1 of this year, we completed three refranchising transactions, which included bringing on a new franchise partner in our Central and West Texas market. These transactions deliver shareholder value when the sum of the transaction price combined with the present value of the future cash flow streams from existing and committed store growth represents a higher overall even multiple than our current trading.

您會記得，在去年第四季度和今年第一季度，我們完成了三項再特許經營交易，其中包括在我們的中部和西部德克薩斯州市場引入新的特許經營合作夥伴。當交易價格與現有和承諾的門市成長所產生的未來現金流的現值總和比我們目前的交易更高時，這些交易就會帶來股東價值。

The key factor is delivering on the committed store growth. So, I'd like to provide an update on that. Well, we are just a few months in, we're already seeing the new store pipeline grow from these pre-franchise markets. And we expect to have double digit additions by the end of the year.

關鍵因素是實現承諾的門市成長。因此，我想提供一下最新情況。嗯，僅僅幾個月的時間，我們就已經看到新店通路從這些特許經營前市場中不斷增長。我們預計到今年年底，新增員工人數將達到兩位數。

We also have two new franchise partners that joined the system in the last 2 years and have now ramped their pipeline from one store every couple of years to already opening four new stores this year, and their pipeline growth is exciting.

在過去的兩年裡，我們還有兩個新的特許經營合作夥伴加入了該系統，現在他們的門市數量已經從每隔幾年開設一家店增加到今年已經開設了四家新店，他們的門市增長令人興奮。

I'm pleased with the momentum that we have been able to create with our franchise partners to accelerate network growth. While these re-franchising transactions will create long-term shareholder value, they do create near-term comparison challenges. So Mary will provide additional information on how these transactions impact our financial comparisons as she reviews the results.

我很高興我們能夠與特許經營合作夥伴一起創造加速網路成長的勢頭。雖然這些重新特許經營交易將創造長期股東價值，但它們確實帶來了短期比較挑戰。因此，瑪麗在審查結果時將提供有關這些交易如何影響我們的財務比較的更多資訊。

But before I turn it over to Mary to take us through our financial results in more detail, I'd like to thank her for her dedicated service to Valvoline since the company's IPO in 2016. I want to personally thank her for her leadership and the many ways she supported me as I joined the company and then stepped into the CEO role.

但在請瑪麗更詳細地介紹我們的財務表現之前，我想感謝她自 2016 年公司首次公開募股以來對 Valvoline 的忠誠服務。我要親自感謝她的領導能力以及在我加入公司並擔任執行長期間給予我的多種支持。

While she'll be supporting the transition, we want to take this opportunity to wish her all the best in her much-deserved retirement. With that, I'll turn it over to Mary.

雖然她會支持這項過渡，但我們想藉此機會祝福她在當之無愧的退休生活中一切順利。說完這些，我就把麥克風交給瑪莉。

Thanks, Lori. It’s been an honor and a privilege to be part of the Valvoline team. I'm looking forward to my retirement, and I'm grateful to have had the opportunity to work with amazing teammates and franchisees over the past nine years.

謝謝，洛瑞。能夠成為 Valvoline 團隊的一員是我的榮幸。我期待著退休，並且很感激過去九年有機會與出色的隊友和加盟商一起工作。

Let's now turn to take a look at the financial results for the second quarter. Net sales for the quarter increased 4% on a reported basis and 11% when adjusted for the impacts of re-franchising. System-wide same store sales increased 5.8% and 14% on a two year stack.

現在讓我們來看看第二季的財務表現。本季淨銷售額按報告基礎計算成長了 4%，經重新特許經營的影響調整後成長了 11%。全系統同店銷售額在兩年內分別成長了 5.8% 及 14%。

For the quarter, approximately 1/3 of the comp growth came from transactions, despite the impact of leap day and the shift of the Easter holiday during the quarter, which had a combined net 50 basis point headwind for the comp.

本季度，儘管受到閏日和復活節假期的影響，公司業績在本季淨下滑 50 個基點，但公司約 1/3 的成長來自於交易。

On the ticket side, premiumization and net pricing were significant contributors. NOCR service penetration was also positive and as expected, did decelerate as we lapped the training initiatives put in place in late Q1 of last year.

在票房方面，高端化和淨定價是重要的貢獻因素。NOCR 服務滲透率也呈正增長，正如預期的那樣，隨著我們完成去年第一季末實施的培訓計劃，滲透率確實有所下降。

Turning to the next slide, we'll take a look at the financial drivers for the quarter. Gross margin rate declined 30 basis points year over year to 37.3%. During the quarter, there was de-leverage on product cost and store expenses, primarily driven by depreciation from new stores.

翻到下一張投影片，我們來看看本季的財務驅動因素。毛利率年減30個基點至37.3%。本季，產品成本和店面費用出現去槓桿化，主要原因是新店折舊。

These items were partly offset by leverage and labor due to top line growth, moderating wage inflation, and continued strong labor management. As we shared at the end of fiscal year 2024, we would expect maturing stores to add about $70 million of additional EBITDA over time.

由於營業收入成長、薪資通膨放緩以及勞動力管理持續強勁，這些項目被槓桿和勞動力部分抵消。正如我們在 2024 財年末所分享的那樣，我們預計成熟的商店將隨著時間的推移增加約 7000 萬美元的額外 EBITDA。

SG&A as a percentage of sales increased 150 basis points to 19.3%. The deleverage is primarily driven by the impact of re-franchising while technology investments account for most of the remainder. Our adjusted EBITDA margin of 25.9% is 110 basis point decrease over the prior year.

銷售、一般及行政費用佔銷售額的百分比增加了 150 個基點，達到 19.3%。去槓桿主要受特許經營權再授權的影響，其餘大部分則來自技術投資。我們的調整後 EBITDA 利潤率為 25.9%，比前一年下降了 110 個基點。

On slide 11, we'll take a look at overall profitability. As Lori mentioned, the refranchising transactions impact the comparisons to the prior year. Adjusted EBITDA is $104 million, a 6% increase over the prior year on a recast basis. During the quarter, adjusted net income of $44 million increased 3%, taking into account re-franchising.

在第 11 張投影片上，我們將了解整體獲利能力。正如 Lori 所提到的，重新特許經營交易會影響與前一年的比較。調整後的 EBITDA 為 1.04 億美元，按重算比上年增長 6%。本季度，考慮到重新特許經營的影響，調整後的淨收入為 4,400 萬美元，成長 3%。

On a GAAP basis, net income for the quarter is 3$8 million. Adjusted EPS of $0.34 per share also increased 3% considering the re-franchising impacts. Turning to slide 12, we'll take a look at the balance sheet and cash flow. Net debt increased $44 million during the quarter from additional borrowings on the revolver.

根據 GAAP 計算，本季淨收入為 3,800 萬美元。考慮到重新特許經營的影響，調整後的每股盈餘也成長了 3%，為 0.34 美元。翻到第 12 張投影片，我們來看看資產負債表和現金流量。由於循環信貸的額外借款，本季淨債務增加了 4,400 萬美元。

We ended the quarter at 3.4 times leverage ratio on a rating agency adjusted basis. Looking at cash flow impact, excluding growth, the caps decreased 1% and was also negatively impacted by the refranchising transactions. Our capital allocation priorities remain the same.

根據評級機構調整後的數據，本季末我們的槓桿率為 3.4 倍。從現金流影響來看，不包括成長，上限下降了 1%，也受到再特許經營交易的負面影響。我們的資本配置重點維持不變。

First, to fund growth. Second, to stay within our target leverage ratio, and third, to return cash to shareholders via share repurchases. As we mentioned last quarter, our share repurchases for Q2 were $21 million and brought our year-to-date total to $60 million. Share repurchases have been paused in anticipation of completing the Breeze's acquisition.

第一，為成長提供資金。第二，維持我們的目標槓桿率；第三，透過股票回購向股東回饋現金。正如我們上個季度提到的，我們第二季的股票回購金額為 2,100 萬美元，使我們年初至今的股票回購總額達到 6,000 萬美元。為了完成 Breeze 的收購，股票回購已暫停。

I'll now turn it back over to Lori for some closing remarks.

現在我將把發言權交還給 Lori，請她做最後的總結發言。

Thanks, Mary. I'm pleased with the performance of our business in Q2. Our resilient and durable business is built to deliver growth despite the macro-environment uncertainty. We anticipate the potential tariff increases will have a minimal impact in fiscal 2025, and we will continue to take actions to mitigate, including the flexibility to adjust pricing when needed.

謝謝，瑪麗。我對我們第二季的業務表現感到滿意。儘管宏觀環境不確定，我們堅韌而持久的業務仍能成長。我們預計潛在的關稅上調對 2025 財年的影響將微乎其微，我們將繼續採取措施緩解影響，包括在需要時靈活調整價格。

With the continued customer demand for our non-discretionary services, we remain confident in the business momentum. And our reaffirming guidance. With that, I'll turn it back over to Elizabeth for Q&A.

隨著客戶對我們的非全權委託服務的需求持續成長，我們對業務發展動能充滿信心。以及我們重申的指引。說完這些，我將把問題交還給伊莉莎白進行問答。

Thank you, Lori. Before we start the Q&A, I'd like to remind everyone to limit your question to one in a follow-up so that we can get to everyone on the line. [Mary], can you please open the line?

謝謝你，洛瑞。在我們開始問答之前，我想提醒大家在後續的問答中將問題限制為一個，以便我們能夠聯繫到每個人。 [瑪莉]，你能接通電話嗎？

(Operator Instructions)

（操作員指示）

Michael Harrison, Seaport Global Securities LLC

麥可哈里森，Seaport Global Securities LLC

Hi, good morning.

嗨，早安。

Morning, Mike.

早上好，麥克。

I apologize if I missed this, but, can you break out the 5.8% same store sales between ticket and car count? I know you mentioned that non-oil change revenue was decelerating in terms of the average ticket contribution, and it sounds like there was some day mix headwind to the car count, but how roughly how did that break out?

如果我錯過了這一點，我很抱歉，但是，您能否將票數和汽車數量之間的 5.8% 同店銷售額分開列出來？我知道您提到非換油收入在平均車票貢獻方面正在減速，這聽起來像是汽車數量受到了某種日間組合阻力的影響，但這大致是如何爆發的呢？

Yeah, Mike, we said that transactions drove about 1/3 of the overall comp and 2/3 were driven by ticket. Transactions were adversely impacted by the net impact of weekday offset by the Easter shift. So, the Easter shift last year we were closed on one. Sunday that we were open this year.

是的，麥克，我們說過，交易推動了整體收入的約 1/3，而 2/3 則由票務推動。交易受到復活節班次抵消的工作日淨影響的不利影響。因此，去年復活節期間我們只安排了一次輪班。這是我們今年營業的星期日。

So the net headwind from the combination of those two things was about 50 basis points to the overall comp and most of that would have been on transactions. So if you were to adjust transactions for that, we would have been closer to 50/50 in terms of transaction growth versus ticket growth. So, it was pretty fairly balanced for the quarter, which we're pleased to see continued growth in transactions.

因此，這兩件事結合起來對整體業績造成的淨不利影響約為 50 個基點，其中大部分都來自交易。因此，如果要調整交易量，交易量成長與票務量成長的比例將更接近 50/50。因此，本季的交易情況相當平衡，我們很高興看到交易量持續成長。

All right, thanks for the detail there. And then, just in terms of the EBITDA margin decline compared to the prior year, it seems like that's kind of related to what's going on with SG&A costs and you mentioned the refranchising impact on SG&A costs.

好的，謝謝你的詳細說明。然後，僅就 EBITDA 利潤率與前一年相比的下降而言，這似乎與銷售、一般和行政費用的情況有關，您提到了重新特許經營對銷售、一般和行政費用的影響。

And I'm just curious, is that An area where you're going to be taking some cost actions at some point in the rest of the year, or is it something that we just need to see you kind of grow into in terms of additional store growth over time? Any thoughts on how we should see that SG&A as a percent of sales trend in the second half and into next year would be very helpful.

我只是好奇，這是您將在今年剩餘時間的某個時候採取一些成本行動的領域嗎？還是我們只是需要看到您在一段時間內額外門市的成長方面有所成長？關於我們應該如何看待下半年和明年銷售、一般及行政費用佔銷售額百分比趨勢的任何想法都將非常有幫助。

Yeah, so when we set guidance for this year, we knew this was going to be a bit of a reset year. The refranchising transactions combined with some of the technology investments that we've made, we knew that we were going to see some leverage in SG&A. My expectation is as we move forward.

是的，所以當我們為今年設定指導方針時，我們就知道這將是一個重置的一年。特許經營權再授權交易與我們進行的一些技術投資相結合，我們知道我們將在銷售、一般和行政費用方面看到一些槓桿作用。我的期望是，隨著我們不斷前進。

We'll see that SG&A increase moderate and we'll be lacking the impact of the refranchising transactions. So, I would expect over time that we should see some more less challenges in relationship to be leverage on the SG&A line. Anything you'd add, Lori?

我們將看到銷售、一般及行政費用 (SG&A) 成長溫和，並且我們將缺乏再特許經營交易的影響。因此，我預期隨著時間的推移，我們會看到在銷售、一般和行政費用方面出現更多、更少的挑戰。您還有什麼要補充的嗎，Lori？

No, Mike, I think Mary has it exactly right. This year we talked about being are set year because of the decrease in the top line and a lot of the cost to support the full network continuing combined with the a step up on the technology side, which is not. Those kind of step ups are ones that we foresee continuing to have to make.

不，麥克，我認為瑪麗說得完全正確。我們談到今年的業績將會下滑，因為營收下降，而且支援整個網路的成本持續增加，再加上技術方面的進步，但事實並非如此。我們預見到這些進步仍需持續進行。

And so, when we talked about the long-term algorithm, we talked about SG&A growing at a lower percentage than the sales growth, but this year because of the change on the re-franchising impacting the top line of that put pressure.

因此，當我們談論長期演算法時，我們談論的是銷售、一般和行政費用的成長百分比低於銷售額的成長百分比，但今年由於重新特許經營的變化影響了營收，這帶來了壓力。

But we don't expect that to continue. We expect to get back towards leveraging our SG&A as we continue to accelerate network growth and drive the core business.

但我們並不認為這種情況會持續下去。隨著我們繼續加速網路成長並推動核心業務，我們期望重新利用銷售、一般及行政費用。

And Mike, on your question on cost, we're keenly aware of the need for cost efficiency and cost management. So, it's an area that gets a lot of attention internally, as we think about, balancing our growth initiatives, with the type of, investments that we need.

麥克，關於你提到的成本問題，我們敏銳地意識到了成本效率和成本管理的必要性。因此，當我們考慮平衡我們的成長計劃和我們需要的投資類型時，這是一個受到內部廣泛關注的領域。

Certainly we've made some big investments on the technology side with our new ERP, our new HRIS system, the new platforming to the cloud of our marketing database, and continued work that we're doing around, some of the replatforming the techno the store level technology as well, but as you, as we think about the management of overall cost, it certainly is an area.

當然，我們在技術方面進行了一些重大投資，包括新的 ERP、新的 HRIS 系統、行銷資料庫雲端的新平台，以及我們正在進行的持續工作，其中包括一些技術平台的重新建構以及商店級技術，但正如您所說，當我們考慮總體成本管理時，這當然是一個領域。

We're paying a lot of attention to it and, really wanting to drive efficiencies. When you implement some of these systems, you're basically implementing them, at kind of a minimum viable product level and then being able to start really leveraging your capabilities over time.

我們對此非常關注，並真心希望提高效率。當您實施其中一些系統時，您基本上是在最低可行產品層級上實施它們，然後能夠隨著時間的推移開始真正利用您的能力。

And I see there being real opportunities for the organization to be able to take advantage of some of the cost efficiencies and labor management as well as in some of the GNA categories, to better automation, etc, from some of these investments that we've made over time.

我看到，透過我們長期以來進行的一些投資，該組織有真正的機會利用一些成本效率和勞動力管理以及一些 GNA 類別，以實現更好的自動化等。

All right. Thanks very much.

好的。非常感謝。

Steven Shemesh, RBC Capital Markets

加拿大皇家銀行資本市場 Steven Shemesh

Great, thank you for taking the question. Just higher level, there's obviously a lot of hesitation around the state of the consumer right now. So, against that backdrop, can you maybe just provide a little perspective on the cadence of comps throughout the quarter and what you guys are seeing quarter to date?

太好了，謝謝你回答這個問題。從更高層次來看，目前消費者的狀況顯然有許多猶豫。那麼，在這樣的背景下，您能否對整個季度的業績節奏以及本季迄今的業績表現提供一些看法？

Yeah, you'd be happy to do that. We did see a week or February that we was driven primarily by really challenging weather in certain mostly company geographies. But other than that, we saw some pretty consistent, January and March. And we're pleased with the continued strength of the business as we come through April here and then the early first week in May.

是的，你會很樂意這麼做。我們確實看到，二月的某一周，我們主要受到某些公司所在地的惡劣天氣的影響。但除此之外，我們在一月和三月看到了一些相當一致的情況。我們對 4 月以及 5 月初第一週的業務持續強勁表現感到滿意。

Yeah, I would just add that this industry is a very resilient, has very resilient demand because it's non-discretionary. And there are a lot of underlining and positive tailwinds that we get from consumers, driving more miles and that's, back to close to pre-COVID levels and growing, keeping their vehicles longer and looking for convenience.

是的，我只想補充一點，這個行業非常有彈性，需求也非常有彈性，因為它是非自由支配的。我們從消費者那裡獲得了很多積極的推動力，他們駕駛的里程數增加了，回到了接近疫情之前的水平，並且還在不斷增長，他們使用車輛的時間更長，並且追求便利性。

So, those things all bode very well in terms of the underlying factors that are driving our business. I would just reiterate based on my prepared remarks. We continue to not see customers trading down or deferring their service overall, and we look at that by income demographic segment as well as store performance tiers and overall, we saw growth across every dimension that we look at, and that was on a transaction basis as well as on the NOCR basis.

因此，從推動我們業務發展的根本因素來看，這些事情都是非常好的預兆。我只是想根據我準備好的發言重申一下。我們仍然沒有看到客戶整體上降低消費水平或推遲使用服務，我們根據收入人口統計細分以及商店績效層級來觀察，總體而言，我們看到我們所觀察的每個維度都在增長，無論是基於交易還是基於 NOCR。

Got it. That's very helpful. And then just a follow up on gross margin. Are you seeing any impact from base oil deflation, any benefit at this point, and maybe just a refresher on how exactly your contracts work and when that would actually flow through the P&L?

知道了。這非常有幫助。然後只是跟進毛利率。您是否看到了基礎油通貨緊縮的影響，目前有什麼好處，也許只是重新回顧一下您的合約究竟如何運作以及何時會真正流入損益表？

Yeah, we've seen some, we saw some modesty leverage in product cost in the quarter which, were impacted to some degree by some of the reductions that we saw in waste oil collection benefits. We also, as we look forward, there's been about a $10 a barrel decline in crude. And we know that over the longer-term time frame base oils tend to follow crude.

是的，我們看到本季產品成本出現了一些適度的槓桿，這在一定程度上受到了廢油收集效益減少的影響。我們也展望未來，原油價格每桶下跌了約 10 美元。我們知道，從長期來看，基礎油的價格往往會跟隨原油的價格。

As we're looking forward, see, we haven't really seen, that benefits start coming through. Certainly the indexes haven't adjusted but, we'll continue to monitor it closely with our primary supplier. I'll remind you that we're kind of in that high demand season for lubricants.

正如我們所期待的，我們還沒有真正看到，好處開始顯現。當然，指數還沒有調整，但我們會繼續與我們的主要供應商密切監控。我要提醒您，我們正處於潤滑油需求旺盛的季節。

So I'm not terribly surprised, but I'm hopeful that over time we'll see some nice tailwinds, from declining product cost and all of that again is offset by some of the other uncertainties, as that, can reduce broader consumer demand for crude can continue to drive down those product costs, whereas, if there's any kind of refinery interruptions or turnarounds and those types of things can tighten demand.

所以我並不感到非常驚訝，但我希望隨著時間的推移，我們會看到一些良好的順風，從產品成本下降，所有這些都會被其他一些不確定因素所抵消，因為這些可以減少更廣泛的消費者對原油的需求，可以繼續降低這些產品成本，而如果出現任何類型的煉油廠中斷或週轉，這些類型的事情可能會收緊需求。

And so, we keep a close eye on it with our supplier, but, right now, we haven't seen in any specifics as it relates to the balance of the year, in terms of, and nor have we baked anything in our guidance for, potential future reductions. I'll just add.

因此，我們與供應商密切關注此事，但目前，我們還沒有看到與今年餘額相關的任何具體細節，也沒有在我們的指導下列出任何有關未來潛在減產的內容。我僅補充一點。

I'll just add Steve, that 53% roughly of our store base is franchise operators and based on the contracts that we have with them, we pass that through on a penny adjusted basis when the index comes through.

我只想補充一點，史蒂夫，我們的商店大約有 53% 是特許經營商，根據我們與他們簽訂的合同，當指數公佈時，我們會以美分調整的方式將其轉嫁出去。

So, you have a few things that counter any base soil impact or tailwind that we might get in margin one. We pass it through the franchisees to waste soil, so tends to move up and down as base index changes. So, there are a lot of things that will negate having the tailwind, but obviously, we'll look and continue to work with our supplier to lower our product costs.

因此，您需要做一些事情來抵消我們可能在第一邊緣遇到的任何基礎土壤影響或順風。我們透過特許經營商將其轉交給廢土，因此隨著基礎指數的變化，其價格往往會上下波動。因此，有許多因素會抵消順風的優勢，但顯然，我們會尋求並繼續與我們的供應商合作，以降低我們的產品成本。

Got it. Thanks very much and best wishes, Mary.

知道了。非常感謝，並致以最良好的祝愿，瑪麗。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley

古特曼（Simeon Gutman），摩根士丹利

Hey, good morning, everyone, and, congratulations, Mary. My first question, I heard the comments, quarter to date sounded fine. If we take the run rate that you did in the second quarter and then add back 50 basis points, is that like holding everything else constant, which I realize there's a lot of assumption in there. That should be, the baseline run rate going forward for comps through the second half of the year.

嘿，大家早安，恭喜你，瑪麗。我的第一個問題是，我聽到了評論，本季迄今為止聽起來不錯。如果我們採用您在第二季度的運行率，然後再加回 50 個基點，這是否等於保持其他所有因素不變，我意識到這其中有很多假設。這應該是今年下半年可比該公司的基準運行率。

Simeon, there's other things that come into play, certainly laughing last year's numbers both from a transaction and a ticket perspective come into play. We're laughing some of the initiatives on tickets for NFCR. Although we're still seeing positive NFCR penetration, we're lapping some weaker transaction numbers from last year which are helping our.

西緬，還有其他因素在起作用，當然，從交易和門票的角度來看，去年的數字也起了作用。我們對 NFCR 門票上的一些舉措感到好笑。儘管我們仍然看到積極的 NFCR 滲透率，但我們正在彌補去年的一些較弱的交易數據，這對我們有幫助。

We also are entering into summer dry season and we certainly expect strong growth from a summer dry season perspective, and always working on, marketing initiatives that'll help us to drive higher levels of new customer acquisition as well as existing customer retention.

我們也即將進入夏季旱季，從夏季旱季的角度來看，我們當然預計會有強勁的增長，並且我們始終致力於營銷活動，以幫助我們推動更高水平的新客戶獲取以及現有客戶的保留。

So, I would certainly say that you could think of that is certainly being part of a range, but, our expectations of our guidance for same store sales for the full year in that 5% to 7% range still hold.

因此，我肯定會說，您可以認為這肯定是一個範圍的一部分，但是，我們對全年同店銷售額增長 5% 至 7% 範圍的預期仍然保持不變。

Okay. And my follow up, the franchise store comp being a bit ahead of the company owned, we've seen spreads like this before, so it may just be, seasonal location. Can you just talk about simplistically, I guess on paper, you can argue that you should franchise more.

好的。我的後續觀察是，特許經營店的銷售額略高於公司自有店，我們之前也見過類似的差距，所以這可能只是季節性因素。您能否簡單地談談，我想從理論上講，您可以爭辯說您應該更多地特許經營。

And then should the rate of refranchising this year puts that spread even a little bit higher, what should we expect with that spread and how do we read it? Like, how should we look at it?

那麼，如果今年的特許經營權再授權率使這一利差進一步擴大，那麼我們應該對這利差抱有怎樣的期望，又該如何解讀它呢？例如，我們該如何看待它？

Yeah, it's a good question, Simeon and what I would say is year over year comparisons always have a play, but when we look at the comparison and what really drove the difference between the two is it was net pricing. And when we look at our franchise-based system by system, they have done pricing changes at different times and so we just see that is the biggest difference driver between the two comps is the number of system changes pricing changes that have happened on the franchise side that have not fully lacked a full year.

是的，這是個好問題，西緬，我想說的是，逐年比較總是有影響的，但是當我們進行比較時，真正導致兩者之間差異的因素是淨定價。當我們逐一查看基於特許經營的系統時，我們會發現它們在不同的時間進行了價格調整，因此我們看到，兩家公司之間最大的差異驅動因素是特許經營方面發生的系統變化和價格變化的數量，而這些變化並沒有完全持續一整年。

So, going back to the last question you have, that does have an impact on the go forward. Some of those will lapse, some of them will not. Our franchisees have full pricing authority for their businesses. We can do benchmarking in the marketplace broadly with dealers and other competitors, and we provide that information to them, but they decide when those pricing actions need to get taken.

所以，回到你最後一個問題，這確實對未來有影響。其中一些將會失效，而有些則不會。我們的特許經營商對其業務擁有完全的定價權。我們可以在市場上與經銷商和其他競爭對手進行廣泛的基準測試，並將這些資訊提供給他們，但他們決定何時採取這些定價行動。

I'll also just remind you that some of our franchisees are in different geographic areas and so as they have labor, other inflationary pressures, they may pass that through more quickly than we might see in the central part of the US where most of our company stores operate.

我還要提醒您，我們的一些特許經營商位於不同的地理區域，因此由於他們面臨勞動力和其他通膨壓力，他們可能會比我們公司大多數門市所在的美國中部地區更快地承受這些壓力。

Okay, thanks, Lori. Good luck.

好的，謝謝，洛瑞。祝你好運。

Thank you.

謝謝。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科 (Max Rakhlenko)，考恩 (Cowen) TD。

Great, thanks a lot and congrats on a nice quarter. Can you guys first discuss the pricing environment that, you're seeing and whether peers are starting to move their price points around and then bigger picture, how do you think the competitive environment could evolve if the backdrop were to soften?

太好了，非常感謝，恭喜本季取得良好業績。你們能否先討論一下你們所看到的定價環境，以及同行是否開始調整其價格點，然後從更大的角度來看，如果背景變得柔和，您認為競爭環境將如何發展？

Yeah, on the pricing environment, we're not actually seeing any significant changes from the competition, and I say that very broadly by looking at the way dealers are competing, the way, auto repair shops or tire centers who also do all changes our pricing, as well as like the retail auto service centers, and quick loops.

是的，在定價環境方面，我們實際上並沒有看到競爭對手發生任何重大變化，我透過觀察經銷商的競爭方式、汽車修理廠或輪胎中心的競爭方式，以及零售汽車服務中心和快速環路等方式來概括地說。

What we would say is there's, we do look at pricing and we are watching to see if, given the tariff related environment, if there are folks that are changing their pricing, we're not seeing it pervasive. But it is a very fragmented marketplace and so it's something that you do have to watch and look at in detail by region, but we're not seeing significant pricing changes.

我們想說的是，我們確實在關注定價，我們正在觀察，考慮到關稅相關的環境，是否有人改變他們的定價，我們並沒有看到這種情況普遍存在。但這是一個非常分散的市場，因此你必須根據地區進行詳細觀察，但我們並沒有看到顯著的價格變化。

We do, we have seen over the past year some competitive spots where they have caught up to the market, but I don't think they're going beyond or significantly outpacing the market from a pricing increase perspective.

我們確實看到，在過去的一年裡，他們在一些競爭點上趕上了市場，但從價格上漲的角度來看，我認為他們並沒有超越或顯著超過市場。

As it relates to the competitive environment continue to say that we don't see any significant changes in terms of the competitive landscape. Again, it's very fragmented, so it's difficult to see anything meaningful happening across the entire market, but we're not really seeing anything significantly different.

就競爭環境而言，我們繼續說我們沒有看到競爭格局發生任何重大變化。再說一次，它非常分散，因此很難看到整個市場發生任何有意義的事情，但我們並沒有真正看到任何顯著的差異。

We do expect that marketing spend, we're all for the industry will increase as we move into summer drive, just looking at Google search, the number of searches for oil change near me goes up at this time of year and therefore it's got a great return on investment for not just us but others, to spend in marketing in that way.

我們確實預計，隨著進入夏季，我們對整個行業的營銷支出都會增加，只需查看谷歌搜索，每年的這個時候，“我附近換油”的搜索次數都會增加，因此，不僅對我們，而且對其他人來說，以這種方式在營銷上投入都會獲得巨大的投資回報。

But when we step back, we know that we're going to continue to win share and grow transactions across geographies and even in our mature stores, which we've done.

但當我們退一步思考時，我們知道我們將繼續贏得份額，並在各個地區甚至在我們成熟的商店中增加交易量，我們已經做到了。

Got it, appreciate all the color. I will go ahead. Okay, so next question. Just curious, because the pricing component of ticket accelerate in 2Q, and if so, what do you attribute that to?

明白了，欣賞所有的色彩。我先走了。好的，下一個問題。只是好奇，因為機票定價部分在第二季度加速，如果是這樣，您將其歸因於什麼？

I missed that question. Can you, I missed the start of that question. Sorry, can you repeat it?

我錯過了那個問題。你能嗎，我錯過了這個問題的開頭。抱歉，您能再說一次嗎？

Oh, did the pricing component of ticket accelerate in 2Q, and if it did, what do you attribute that to?

哦，第二季機票定價部分是否加速了？如果加速了，您認為這是什麼原因造成的？

The pricing component of ticket overall, was strong. I don't think it was accelerated relative to past performance. It was largely consistent. And when we look at the contributors in Q2, I think Mary covered this premium mix, premiumization, and net pricing were the two main contributors, contributing roughly equally to the ticket overall, but NOCR was also a positive contribution.

整體而言，門票定價部分錶現強勁。我認為與過去的表現相比它並沒有加速。整體來說還是比較一致的。當我們查看第二季度的貢獻者時，我認為瑪麗涵蓋了高端組合、高端化和淨定價兩個主要貢獻者，對整體票房的貢獻大致相同，但 NOCR 也做出了積極的貢獻。

And I think the biggest change as it relates to ticket from Q2 relative to Q1 is on the company side we lapped the NOCR initiatives which were such a huge contributor to our, not huge, but a significant contributor to our same store sales comp over the last four quarters. It's still positive. It's just not at the same magnitude as it has been.

我認為，與第一季相比，第二季的最大變化是，在公司方面，我們採用了 NOCR 計劃，這對我們過去四個季度的同店銷售額貢獻巨大，雖然不是很大，但卻是顯著的貢獻。這仍然是積極的。只是其規模與以前不同了。

Got it. Thanks a lot in best regards.

知道了。謹致以最誠摯的謝意。

Steven Zaccone, Citi

史蒂文‧扎科內，花旗銀行

Hi, this is Ariana Warden on the student's account. Thank you for taking our questions. The first question is, what can we expect with the drivers of change sales growth in the second half between ticket and transaction?

你好，我是學生帳戶的 Ariana Warden。感謝您回答我們的問題。第一個問題是，對於下半年票房和交易量之間變化的銷售成長驅動因素，我們可以期待什麼？

I just, you're a little muffled. Let me just clarify. I think your question was, what do we see the drivers for future growth in the company as it relates to a balance between ticket and transaction, is that right?

我只是，你有點悶悶不樂。讓我澄清一下。我認為您的問題是，在票務和交易之間的平衡方面，我們認為公司未來成長的驅動力是什麼，對嗎？

Yeah, same for sales growth in the second half.

是的，下半年的銷售成長也是一樣。

Oh, in the second half yeah. Okay, thanks for clarifying. I'll ask Mary to comment, but as we've been saying throughout the year, we see a really nice balance between transaction an ticket, for the entire year, more so than what we've been in the past as we've lapped a number of initiatives from pricing as well as NOCR growth.

哦，是的，在下半場。好的，謝謝你的澄清。我會請瑪麗發表評論，但正如我們全年所說的那樣，我們看到全年交易量和票務量之間的平衡非常好，比過去更加平衡，因為我們已經採取了許多定價舉措以及 NOCR 增長。

So I think as you look forward to the back half of the year, we continue to expect a balance between transaction growth and ticket growth. So I'll just restate, when we look at Q2 performance, we saw growth in transactions across our store quartile, even in our mature store.

因此，我認為，當您展望下半年時，我們將繼續期待交易成長和票務成長之間的平衡。因此，我只想重申一下，當我們回顧第二季度的業績時，我們發現整個商店的交易量都在增長，甚至在我們成熟的商店也是如此。

We're continuing to grow vehicle serve per day, so and that's exactly what we're trying to do is we're trying to grow the number of transactions we have in our existing stores, ramp up new stores while continuing to give great service which will drive that ticket component as well.

我們將繼續增加每天的車輛服務量，因此，這正是我們正在嘗試做的，我們正在嘗試增加現有商店的交易量，增加新商店的數量，同時繼續提供優質服務，這也將推動票務部分的增長。

Got it, thank you. And then my follow up is, can you talk a bit more about ghost margin performance, in the second quarter, and how to perform versus your own expectations, and if your full year view on ghost margin being flattish year over year has changed at all?

知道了，謝謝。然後我的後續問題是，您能否再多談談第二季度的幽靈利潤率表現，以及與您的預期相比表現如何，以及您對全年幽靈利潤率同比持平的看法是否有所改變？

Yeah, gross margin overall was, pretty much in line with our expectations. If you look at the impact of new store depreciation, gross margin would have actually been up 10 basis points if you exclude the impact of new store depreciation.

是的，整體毛利率基本上符合我們的預期。如果你考慮新店折舊的影響，那麼如果排除新店折舊的影響，毛利率實際上會上升 10 個基點。

So, we had talked about, margin over the year being, relatively flat year over year in our, last quarter's call and then, when we set guidance originally, so, we did see, overall, a little bit of the leverage in the quarter, but it was pretty much consistent with, what we expected.

因此，我們在上個季度的電話會議上談到，全年利潤率與去年同期相比相對持平，然後，當我們最初設定指導時，我們確實看到，總體而言，本季度有一點槓桿作用，但這與我們的預期基本一致。

David Bellinger, Mizuho Securities

瑞穗證券的戴維貝林格

Hey, good morning. Thanks for the question, Mary, thanks for all your help over the years. First one, just another crack on the SG&A side, are there any areas of the business where you're seeing OpEx overages are running hotter than your internal plan, and then should we expect you to leverage SG&A as you go into fiscal 2026?

嘿，早安。謝謝你的提問，瑪麗，謝謝你多年來的幫助。首先，關於銷售、一般和行政費用 (SG&A) 方面的另一個問題，您是否發現業務中有哪些領域的營運支出超支超過了您的內部計劃，然後我們是否應該預期您在進入 2026 財年時會利用銷售、一般和行政費用 (SG&A)？

So we are not seeing any hot areas of SG&A overages relative to how we planned the year. I think we're doing a good job of managing SG&A relative to what our expectations, for the year were when we set guidance. So I think the answer to your first question is no, nothing happening that's a surprise there.

因此，相對於我們今年的計劃，我們沒有看到任何銷售、一般和行政費用超支的熱點領域。我認為，相較於我們設定指導時的預期，我們在管理銷售、一般及行政費用方面做得很好。所以我認為你的第一個問題的答案是否定的，沒有發生任何令人驚訝的事情。

And again, the biggest challenges we've been faced with in that de-leverage has been the refranchising as well as the technology investments. On the technology side, we went from legacy systems that had been in place and fully depreciated and amortized to, both the implementation costs as well.

再次強調，我們在去槓桿過程中面臨的最大挑戰是特許經營權的再授予以及技術投資。在技​​術方面，我們從已經到位並已完全折舊和攤銷的遺留系統轉向實施成本。

As the operating cost for new systems on new platforms that were significantly higher, so we see a one-time step up related to those investments that we've made on the technology side. As it relates to moving forward, we'll provide guidance at the appropriate time, but I think Lori mentioned earlier in this call that we do expect SG&A growth to moderate, and to be below, where we see sales growth going forward.

由於新平台上新系統的營運成本明顯較高，因此我們看到與我們在技術方面所做的投資相關的一次性提升。至於未來的發展，我們將在適當的時候提供指導，但我認為 Lori 在這次電話會議中早些時候提到過，我們確實預計銷售、一般及行政費用的增長將會放緩，並低於我們預期的未來銷售增長水平。

So, we would expect that we'll see some leverage in SG&A moving forward in the New Year again.

因此，我們預計新的一年我們將再次看到銷售、一般及行政費用 (SG&A) 方面的一些槓桿作用。

Yes, got it. Thanks for that. And then, just a follow up on an earlier one. It was still a little unclear. How do lower oil prices impact your gross margins? And can you talk about the amount and timing of any impact that you might, see?

是的，明白了。謝謝。然後，只是對之前內容的跟進。還是有點不清楚。油價下跌對你們的毛利率有何影響？您能談談可能產生的影響的程度和時間嗎？

Yeah, so, again, lubricants, generally trail, the pricing for lubricants generally trail or in specifically base oils and additives that go into the makeup of lubricants generally trail the broader market for food. So, over time, it's, they're very poorly correlated. So over time, as you see changes in crude either up or down.

是的，所以，再說一次，潤滑劑的定價通常落後，或者特別是潤滑劑成分中的基礎油和添加劑通常落後於食品的廣泛市場。因此，隨著時間的推移，它們的相關性變得很差。因此，隨著時間的推移，你會看到原油價格上漲或下跌。

If those changes stay in place for a protracted period of time, you generally will see the cost of lubricants either go up or down over the longer-term time frame. So, that's what we have seen and experienced in the business.

如果這些變化持續一段時間，您通常會看到潤滑油的成本在長期內上升或下降。這就是我們在業務中看到和經歷的。

Where we are right now is certainly short term have seen declines in crude those have not flowed through to the index base oil index prices yet nor, are we -- has our supplier communicated that they're seeing, significant, opportunities moving forward for lower costs, but, we still believe that if crude stays at this depressed level over time that we should see some tailwinds.

我們現在的情況是，短期內原油價格肯定有所下跌，但這些下跌尚未傳導至基礎油指數價格，我們的供應商也沒有表示他們看到了降低成本的重大機會，但我們仍然相信，如果原油價格長期維持在低迷水平，我們應該會看到一些順風。

And those aren't necessarily passed on to consumers, right? You would hold your pricing firm or is that a leverage you could play if we do get more pro promotional in any way?

但這些不一定會轉嫁給消費者，對嗎？您會堅持自己的定價策略嗎？或者如果我們以任何方式獲得更多的專業促銷，這是您可以發揮的槓桿作用嗎？

Yeah, we haven't, I don't think across the industry you've seen people lower their posted prices. You can make decisions around reinvesting some of that to drive more growth, but posted prices haven't really come down as base oil or crude prices vary in the same way though,

是的，我們沒有，我認為在整個行業中你都沒有看到有人降低標價。你可以決定將其中一部分進行再投資，以推動更多成長，但由於基礎油或原油價格以相同的方式變化，公佈的價格並沒有真正下降，

when we've always talked about when the base oil prices go up, we have to pass that through to franchisees, which is an offset, and we look to pass that through to consumers. But typically it's not the reverse. When the base oil prices come down, you don't see people clawing back their pricing, and we haven't had a history of doing that either and wouldn't plan to do so.

當我們總是談論基礎油價格上漲時，我們必須將其轉嫁給特許經營商，這是一種抵消，我們希望將其轉嫁給消費者。但通常情況並非相反。當基礎油價格下降時，你不會看到有人收回他們的定價，我們也沒有這樣做過，也不打算這樣做。

The other thing I would remind you of, David, is, our largest component of our cost of goods sale, sold is our labor cost well as well as our store expenses. So, product costs are a lesser component of the total cost of goods sold. So it does have an impact, both up and down in terms of margins, but it's certainly we spent a lot of time looking at the larger aspects of our overall cost of goods sold in terms of managing our margins.

大衛，我想提醒你的另一件事是，我們商品銷售成本中最大的組成部分是勞動力成本以及商店費用。因此，產品成本是銷售商品總成本中較小的組成部分。因此，它確實會對利潤率產生影響，無論是上升還是下降，但從管理利潤率的角度來看，我們確實花了很多時間研究整體銷售成本的更大方面。

Yeah, very helpful commentary. Thanks again, Mary.

是的，非常有用的評論。再次感謝你，瑪麗。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Good morning. This is Mark Jordan on for Kate. Thank you for taking our questions. It sounds like non-oil change revenue continues to be a tail end here, but maybe in the near term it'll be less so as we have last year's initiatives. So, can you remind us what your penetration is right now with non-oil change and how that varies by quartile?

早安.這是馬克喬丹為凱特報道的。感謝您回答我們的問題。聽起來非石油收入在這裡仍然處於尾聲，但也許在短期內情況會有所好轉，因為我們去年採取了舉措。那麼，您能否提醒我們一下，目前非換油的滲透率是多少，以及四分位數的變化如何？

I'll start and then I'll ask Mary. We actually don't share the details on penetration rate. What I can say is that our penetration rate has been growing across our nano change revenue services, and it did increase this last quarter as well.

我先開始，然後我會問瑪麗。我們實際上並沒有分享有關滲透率的詳細資訊。我可以說的是，我們的奈米變革收入服務的滲透率一直在增長，上個季度也確實有所增長。

When we look at, what services increased in penetration, the visual elements of our nano change revenue services are the ones that have been increasing and continue to pick up. Those are the things that we can physically show the customer, how the performance of those items are doing, windshield wipers, blades, battery, air filters, cabin air filters, etc.

當我們觀察哪些服務的滲透率有所提高時，我們發現奈米變革收入服務的視覺元素一直在增加，並且還在繼續回升。這些都是我們可以實際向客戶展示的東西，以及它們的性能如何，例如雨刷、刮水片、電池、空氣過濾器、車廂空氣過濾器等。

That's the biggest component and the reason it's the biggest component is also because it’s the things that the customer needs more regularly, as miles driven go up. The need for those in the frequency of those also increases with smiles driven.

這是最大的組成部分，它之所以成為最大的組成部分，也是因為隨著行駛里程的增加，客戶越來越需要這些東西。隨著微笑的驅使，對這些頻率的需求也會增加。

So we continue to grow our penetration. We look at it both from an income demographic as well as from a store performance demographic, and on an income demographic. In stores with lower income demographics, there is some difference, but we continue to increase penetration even in those.

因此，我們將繼續擴大我們的滲透率。我們從收入人口統計和商店績效人口統計數據以及收入人口統計數據兩個角度來看待這個問題。在收入較低的商店中，存在一些差異，但即使在這些商店中，我們仍會繼續提高滲透率。

And that's really, we attribute that to operating excellence of our process and just making sure that we can communicate what is needed and show the customers. So, when our team follows the process, that process sells those services on its own. And we don't have to do a heavy sales approach. You just need to show the customer the performance of the items.

這確實歸功於我們流程的卓越運營，並確保我們能夠傳達所需內容並向客戶展示。因此，當我們的團隊遵循流程時，流程會自行銷售這些服務。我們不需要採取大力推銷的方式。您只需要向客戶展示物品的性能。

Yeah, and I think importantly, Lori, we're seeing growth and core not change revenue impact the ticket across every quartile. So even though we do have differences in performance by quartile, there's growth across all four quartiles, which we really like to see. Yeah.

是的，我認為重要的是，洛里，我們看到成長和核心收入（而不是變化收入）影響每個四分位數的票價。因此，儘管我們在四分位數的表現上確實存在差異，但所有四個四分位數都在成長，這是我們非常樂意看到的。是的。

And we've seen it increase in penetration for low-income household demographic stores, pretty consistent with the high income. So, and part of that is educating our team on the importance of these items and not underselling them to consumers in those areas because it does drive safety for our customers.

我們看到低收入家庭人口商店的滲透率有所提高，與高收入者的滲透率相當一致。因此，其中一部分就是教育我們的團隊這些物品的重要性，並且不要以低價向這些地區的消費者出售這些物品，因為這確實能確保我們客戶的安全。

So, really just educating our team on why these are important and ensuring that they have the right stock and they can do them quickly. They're driving convenience and ease for our customers. Those things actually really matter.

因此，實際上只是教育我們的團隊為什麼這些很重要，並確保他們擁有正確的庫存並且能夠快速完成它們。他們為我們的客戶帶來了便利和輕鬆。這些事情確實非常重要。

Lori, you mentioned earlier as well that one of the big differences in having lower turnover in the right talent in the right places is we actually, with the right talent that's well trained, we see higher NLCR penetration. which is driven by that training and the education of the customer on the service services being provided.

洛里，你之前也提到過，在合適的職位上配備合適的人才，降低人員流動率的一大區別在於，實際上，透過配備經過良好培訓的合適人才，我們可以看到更高的 NLCR 滲透率。這是由培訓和對客戶所提供的服務進行教育所推動的。

So, you mentioned earlier, we're really well positioned going into the summer dry season. With talent, we're feeling really good about the position where we are right now.

所以，您之前提到過，我們已經為進入夏季旱季做好了充分的準備。憑藉著人才，我們對目前的地位感到非常滿意。

Perfect, thank you for that. And then, I guess it sounds like you're not seeing any changes in customer behavior, which is good to hear, but if we think about the potential for, maybe a softer macro at some point, would you expect to see some degree of deferral with oil change intervals maybe extending out a month or two or another 1,000 miles, and would you expect to see, certain of these attachment rates for some non-oil change services come under pressure?

非常好，謝謝你。然後，我想聽起來您似乎沒有看到客戶行為有任何變化，這是件好事，但如果我們考慮一下潛在的可能，也許在某個時候宏觀經濟會更疲軟，您是否預計會看到一定程度的延期，換油間隔可能會延長一兩個月或再延長 1,000 英里，您是否預計會看到某些非換油服務的附加率面臨壓力？

Before I came to Valvoline, that would have been my assumption but part of what you have to understand how the customer's thinking about it is as the price of a new vehicle or changing their vehicle is increasing. So, the worry about what the outlay would be for upgrading their vehicle and or repairing their vehicle if they didn't maintain it.

在我加入 Valvoline 之前，我曾經有過這樣的假設，但你必須了解客戶對此的看法，因為新車或更換車輛的價格正在上漲。因此，他們擔心如果不保養車輛，升級或修理車輛需要花費多少錢。

The price of those things is actually, I think, created the demand or the realization from the costs for most of the customers. I'm not saying that everybody will defer, but for most customers. They will continue to maintain the vehicle they have to lower their overall sort of outlay of cash.

我認為，這些東西的價格實際上是由大多數客戶的需求或成本實現的。我並不是說每個人都會推遲，但對於大多數客戶來說。他們將繼續維護現有的車輛，以降低整體現金支出。

So, as customers are driving more and as they're keeping their vehicles longer, I think some of the macro uncertainty and tariff implications create more uncertainty around large repair bills and or car vehicle replacement or upgrades that actually create the resiliency in our industry. So I would say, it feels like they're more resistant, more resistant to defer trade down.

因此，隨著客戶駕駛次數增多，車輛使用時間延長，我認為一些宏觀不確定性和關稅影響會在大額維修費用或汽車更換或升級方面產生更多不確定性，而這實際上增強了我們行業的彈性。所以我想說，感覺他們更抗拒，更抗拒推遲降價交易。

Although I know that's not going to be the case for 100% of customers. When we look at the customers that we serve, we don't see it, and we continue to watch for it.

儘管我知道並不是 100% 的客戶都是這樣的。當我們觀察我們所服務的客戶時，我們沒有看到這一點，因此我們會繼續尋找它。

Perfect. Thank you very much.

完美的。非常感謝。

Thomas Wendler, Stephens Inc.

托馬斯溫德勒，史蒂芬斯公司

Hey, good morning, everyone. Maybe just one more from me. Hey, as we think about the development agreements you have, how should we be thinking of the pace of new locations there? I think you noted 20 new stores and 25, and then you've kind of talked around the franchisee going from one to four new locations a year. Just any color on that?

嘿，大家早安。也許我再說一個。嘿，當我們考慮你們的開發協議時，我們應該如何考慮那裡新地點的步伐？我想您提到了 20 家新店和 25 家新店，然後您還談到了特許經營商每年從一家新店擴展到四家新店的情況。上面有什麼顏色嗎？

Yeah, and the reason why we gave the update is because we always expected that when we reframe the franchise the market or when there is a franchisee change in ownership, it does take time to build momentum. And so as we're just a few months in, we're already seeing that momentum change in a very positive way.

是的，我們之所以發布更新信息，是因為我們一直預計，當我們重新構建特許經營市場或特許經營商所有權發生變化時，確實需要時間來積累勢頭。僅僅幾個月之後，我們已經看到這種勢頭發生了非常積極的變化。

And I don't want to say that three or four stores is enough for us to declare victory, but it is coming very quickly. The opportunities in the marketplace to grow and put more stores on just given our stores only cover 35% of the population.

我不想說三四家店就足以讓我們宣布勝利，但它來得很快。鑑於我們的商店僅覆蓋 35% 的人口，市場上還有發展和開設更多商店的機會。

We're seeing that momentum accelerate and when we laid out our overall strategy to accelerate network growth, which included refranchising and changing out franchise ownership with franchisees that have more opportunity in their market, but we're not investing appropriately against that opportunity.

我們看到這種勢頭正在加速，當我們制定加速網路成長的整體策略時，其中包括重新特許經營和與在其市場上擁有更多機會的特許經營商更換特許經營所有權，但我們並沒有針對這一機會進行適當的投資。

We knew that we it would take us a couple of years to get those in place and then the momentum will start to build, and that's exactly what we're seeing. While this year, the delivery in the first half is lower than what might have been expected, we look at the construction that's underway and the pipeline of acquisitions, we feel very strong for guidance and we feel, we still feel very good about the momentum we have to get to our 250 new units per year by FY27.

我們知道我們需要幾年的時間來實現這些目標，然後勢頭才會開始增強，而這正是我們所看到的。雖然今年上半年的交付量低於預期，但從正在進行的建設和收購計劃來看，我們感覺前景非常樂觀，而且我們仍然對 2027 財年達到每年 250 個新單位的勢頭感到非常樂觀。

So, I think the development agreements help, we have carrots and sticks in those agreements and they've been serving us well and we continue to ask our franchise partners what we can do to support them and their growth.

因此，我認為開發協議是有幫助的，這些協議中既有胡蘿蔔，也有大棒，而且它們對我們很有幫助，我們也會繼續詢問我們的特許經營合作夥伴我們可以做些什麼來支持他們和他們的成長。

Perfect, I appreciate the color.

完美，我很欣賞這個顏色。

Chris O'Cull, Stifel Nicolaus and Company, Incorporated

克里斯·奧卡爾（Chris O'Cull），Stifel Nicolaus and Company, Incorporated

Thanks. Good morning, guys. Lori, I had a question about the Breeze Autocare system. Can you talk a little bit about the level of investment needed to integrate that system and I'm thinking about rebranding technology investments, but just curious what you discovered during your due diligence.

謝謝。大家早安。洛里，我有一個關於 Breeze Autocare 系統的問題。您能否談談整合該系統所需的投資水準？我正在考慮重新打造技術投資，但只是好奇您在盡職調查期間發現了什麼。

Yeah, thanks for the question on Breeze. I was wondering if anyone was going to ask because it's a pretty exciting opportunity for us to grow our network at a considerable clip with just one transaction, and we continue to be very excited about Breeze.

是的，感謝您在 Breeze 上提出的問題。我想知道是否有人會問，因為這對我們來說是一個非常令人興奮的機會，只需一次交易就可以大幅擴展我們的網絡，而且我們對 Breeze 繼續感到非常興奮。

It's a well-run business that compliments us from a geographic perspective. Our main focus right now is to work with the FTC to close the transaction, and obviously we look forward to providing more updates once we can get to that point.

從地理角度來看，這是一個運作良好的企業，對我們來說是一種褒揚。我們現在的主要重點是與聯邦貿易委員會合作完成交易，顯然，我們期待在完成這一步驟後提供更多更新資訊。

I think as we do our diligence we look at every location and we look at it as if we were running it like we run our current network and how much upside we would expect to drive with our brand with our marketing sophistication, our fleet sales activity.

我認為，當我們盡職盡責時，我們會考察每一個地點，就像我們在運營當前網絡一樣來看待它，我們期望透過我們的行銷成熟度、我們的車隊銷售活動為我們的品牌帶來多大的成長。

There always are implementation costs, but I think the platforms we've been investing in that Mary talked about earlier, our ERP system, our HRS system. Even moving the marketing data into the cloud, which allows us to integrate data in more quickly, more seamlessly.

總是有實施成本，但我認為我們一直在投資的平台，正如瑪麗之前提到的，我們的 ERP 系統，我們的 HRS 系統。甚至將行銷資料轉移到雲端，這使我們能夠更快、更無縫地整合資料。

All of those things will drive a more efficient, integration over time, but obviously, our main focus is to work with the FTC closely so that we can close the transaction. And then I, I'll be excited when that day comes and we can talk more about the forward, looking plans that we have for the combined business.

隨著時間的推移，所有這些都將推動更有效率的整合，但顯然，我們的主要重點是與聯邦貿易委員會密切合作，以便我們能夠完成交易。當那一天到來時，我會很興奮，我們可以更多地談論合併後業務的前瞻性計劃。

Okay, thank you.

好的，謝謝。

Justin Kleber, Robert W. Baird & Co., Inc.

賈斯汀·克萊伯（Justin Kleber），羅伯特·W·貝爾德公司（Robert W. Baird & Co., Inc.）

Hey, good morning. Thanks everyone for taking the questions. Curious if you gave any thought to tightening the comp outlook like you did last year after 2Q. It doesn't sound to me like the business is getting any more volatile, but the implied back cap guide is pretty wide and it looks like it would include something below 4% at the low end.

嘿，早安。感謝大家回答問題。好奇您是否考慮過像去年第二季後那樣收緊公司前景。在我看來，這項業務似乎並沒有變得更加不穩定，但隱含的後蓋指南相當寬泛，看起來它會包括低於 4% 的低端。

I assume you're not planning the business at that level, but it's just trying to understand what the biggest swing factors are in your view as it relates to the second half comp. Is it more about transactions or is it more about tickets?

我認為您沒有在那個層面上規劃業務，而只是想了解您認為與下半年業績相關的最大波動因素是什麼。它更多的是關於交易還是更多的是關於票務？

Yeah, good question. We didn't narrow our guidance. I think it was important for us to reaffirm our guidance. And you'll remember, the first half of the year typically contributes 40% to 45% of our year from a profit standpoint, and 55% to 60% of it come during the dry season, which is Q3, Q4. So I think given how much we have ahead of us, I think we just didn't feel that now is the right time to narrow guidance.

是的，好問題。我們並沒有縮小指導範圍。我認為重申我們的指導方針對我們來說很重要。您會記得，從利潤的角度來看，上半年通常占我們全年利潤的 40% 到 45%，其中 55% 到 60% 來自旱季，即第三季和第四季。因此，考慮到我們面臨的挑戰，我認為我們只是覺得現在不是縮小指導範圍的正確時機。

I will say that we feel very confident on all elements of our guidance. So I think we feel very good that the momentum of our business is on track, and we expect to deliver within the guidance on every element. Mary, would you have anything to add to that?

我想說的是，我們對我們的指導的所有要素都非常有信心。因此，我認為我們對業務發展勢頭感到十分滿意，並且我們期望在各個方面都達到預期目標。瑪麗，你還有什麼要補充的嗎？

No, I think it's a good summary.

不，我認為這是一個很好的總結。

Got it. Okay, thanks for that. And then just a modeling question as we think about the third quarter, and it sounds like you're going to have an Easter shift headwind. I don't know if there's any other offsetting day mix impacts, but just how are you thinking about or how should we think about the headwind to the comp from Easter moving into fiscal 3Q this year.

知道了。好的，謝謝。當我們考慮第三季時，這只是一個建模問題，聽起來您將面臨復活節轉變的逆風。我不知道是否有其他抵消日組合的影響，但您如何看待或我們應該如何看待復活節對今年第三財季公司造成的不利影響。

Yeah, sure, we had a little bit of a Benefit in Q2, from Easter where we were closed on a Sunday last year. This year we were closed on a Sunday in April. The benefit that we saw in the month of March, excuse me, in the quarter related to that was about 80 basis points, which offset the 130 basis points from weekday.

是的，當然，我們在第二季度獲得了一些好處，因為去年復活節期間我們週日休息。今年四月的一個星期天我們休息。對不起，我們在 3 月看到的收益與此相關的季度約為 80 個基點，抵消了工作日的 130 個基點。

So that was a net 50 basis point headwinds in the second quarter. So, we'll see a little bit, that reverse head wind on the Easter shift, in the third quarter, but overall, we've got that pretty well factored into our guidance and expectations when we plan the quarter.

因此，第二季淨逆風為 ​​50 個基點。因此，我們將在第三季度看到一點復活節期間的逆風，但總體而言，我們在規劃本季時已經將其充分納入我們的指導和預期中。

All right. Thanks so much.

好的。非常感謝。

Peter Keith, Piper Sandler Companies

彼得·基思（Peter Keith），Piper Sandler 公司

Hey, thanks. Good morning, everyone. On the re-franchising, I don't think it was quantified, but is there a way that you could give us the lost sales and EBITDA in the quarter from the refranchising and what those numbers will then look like for Q3 so we can make sure we get our model set appropriately?

嘿，謝謝。大家早安。關於重新特許經營，我認為它沒有被量化，但是有沒有辦法告訴我們重新特許經營導致的本季度銷售損失和 EBITDA，以及這些數字在第三季度會是什麼樣子，以便我們確保我們的模型設置得當？

Yeah, so, in the press release that we issued this morning, we included a chart that shows, both revenue and adjusted EBITDA recast, for, last year as if the refraranchising had occurred, and had been in place last year, and, of course, for, the current year as, we reported it.

是的，在我們今天早上發布的新聞稿中，我們添加了一個圖表，顯示了去年的收入和調整後的 EBITDA 重算，就好像重新特許經營已經發生並且去年已經到位一樣，當然，也顯示了今年的收入和調整後的 EBITDA，正如我們報告的那樣。

So, you can actually see that, the impact on, revenues and even kind of detailed out there and for the quarter, we had, an impact, even the recast, for the refranchising was, up 6%, and other than that, I think that chart that's in the press release should be able to help you with that modeling question.

因此，您實際上可以看到，這對收入的影響，甚至對本季度的影響也很大，即使是重塑，特許經營也增長了 6%，除此之外，我認為新聞稿中的圖表應該能夠幫助您解決這個建模問題。

Okay. Thank you for that. We're swimming in a lot of burning this morning, so I'll take a closer look once the call concludes. What about on the EBITDA margin decline, including the refranchising for the rest of the year and all the various puts and takes?

好的。謝謝你。今天早上我們正處於大火之中，因此通話結束後我會仔細查看一下。那麼 EBITDA 利潤率下降的情況如何呢，包括今年剩餘時間的特許經營權的重新確定以及各種收益和利得？

Is this the low water mark for year on year EBITDA down margin decline and perhaps there's continued decline, but just not to the tune of what we saw in Q2?

這是 EBITDA 利潤率年減的最低點嗎？或許還會繼續下降，但只是不會達到我們在第二季看到的情況？

Yeah, I think if you just look at your modeling relative to, the guidance that we provided. You should be able to see the overall impact. We reiterated our guidance that the $450 to $470 million that you get, and we've reiterated our net revenue guidance as well in the $1.67 billion to 1.73 billion range. So, I just think, if you look at that from a quarterly basis and do your math, you should be able to see that play out.

是的，我認為如果你只看一下相對於我們提供的指導的建模。您應該能夠看到整體影響。我們重申了我們的預期，您將獲得 4.5 億至 4.7 億美元的收入，並且我們也重申了我們的淨收入預期，即 16.7 億美元至 17.3 億美元之間。所以，我只是認為，如果你從季度角度來看待這個問題並進行計算，你應該能夠看到結果。

I would expect that the leverage and SG&A will moderate in the back half of the year. So, helping me with it. that math a little bit, I think that we should see some improvement in the EBITDA margins in the back half of the year.

我預期槓桿率和銷售、一般及行政費用將在下半年有所緩和。所以，幫助我吧。經過一些計算，我認為我們應該會看到下半年 EBITDA 利潤率有所改善。

Okay. Thank you very much.

好的。非常感謝。

David Lantz , Wells Fargo Securities, LLC

富國證券有限責任公司 David Lantz

Hey, good morning, and thanks for taking my questions. Can you talk about the cadence of new store openings in the second half of the year and if the demand proves shoppier than expected on the back of tariffs, would you contemplate pushing any of those openings to '26?

嘿，早上好，感謝您回答我的問題。您能否談談今年下半年新店開幕的節奏？如果在關稅的推動下，購物需求比預期的要高，您是否會考慮將任何一家新店開業時間推遲到 2026 年？

Yeah, good question. As I mentioned. We did 33 new store editions for the quarter and we're at 68 for the year. It's a little slower start than what we had in FY24, I think largely just given the timing of M&A closure closings.

是的，好問題。正如我所提到的。本季我們推出了 33 個新商店版本，全年共推出 68 個新商店版本。與 24 財年相比，今年的起步要慢一些，我認為這主要是因為併購結束的時間。

But when we look at our like what units are in construction, meaning they're already broke ground, they're already moving forward and all the work we've done in the past 18 months around, permitting support to work with cities to make sure as we get trades, done and they have to be approved before we can move forward, I think we feel pretty strong about the timing of those construction openings.

但是，當我們看看哪些單位正在建設中，這意味著它們已經破土動工，它們已經在向前推進，以及我們在過去 18 個月中所做的所有工作，允許支持與城市合作，以確保我們完成交易，並且在我們繼續前進之前必須獲得批准，我認為我們對這些建設開放的時機感到非常強烈。

Obviously, they can always move, a week or two around, but in general, we feel good about those and then when you look at the acquisition pipeline, both for us and for franchisees in terms of those that are already under LOI or we, actively negotiating the final details on, when we add all of those up with some wiggle room as we always would have, we feel pretty comfortable in our guide of 160 to 185 for the year.

顯然，他們隨時都有可能變動，大概一兩週左右，但總的來說，我們對此感覺良好，然後當你查看收購渠道時，無論是對於我們還是對於特許經營商而言，對於已經簽訂了意向書 (LOI) 的特許經營商，或者我們正在積極協商最終細節，當我們將所有這些加在一起並留有一些迴旋餘地（我們一直對我們所做的那樣

And that will be well within that range. I don't think you mentioned it. I don't think we mentioned it. We did have a couple of closures on the franchise side, and that's pretty unusual to have 2.25%. But these related to lease expires and we typically have them from lease expires or store relocations. It's very rare given the profitability of our stores across the network, but we did have two this quarter which we factored into the numbers I shared.

並且這將完全在該範圍內。我認為你沒有提到它。我認為我們沒有提到它。我們在特許經營方面確實關閉了幾家店，2.25% 的關閉率相當不尋常。但這些與租約到期有關，我們通常會在租約到期或商店搬遷時遇到這些問題。考慮到我們整個網路商店的獲利能力，這種情況非常罕見，但本季我們確實有兩家店，我們將其計入了我分享的數據中。

Got it. That's helpful. And then on gross margin, it seems like expectations are still flat for the year, but is there anything we should keep in mind in Q3 and Q4 as we're modeling outside of the compares?

知道了。這很有幫助。然後就毛利率而言，似乎今年的預期仍然持平，但是在我們進行比較之外的建模時，我們應該記住第三季和第四季的什麼嗎？

Just the fact that we're going into summer dry season just kind of naturally with higher sales expectation will help us with, a little bit of leverage there on the margin side. If you look at the cadence of margin rates over the four quarters over the last few years, typically the back half of the years has stronger margin rates in the front half of the year, and we certainly expect that again this year.

事實上，我們即將進入夏季旱季，銷售預期會更高，這將有助於我們在利潤方面獲得一些優勢。如果觀察過去幾年四個季度的保證金率變化節奏，通常下半年的保證金率會比上半年更高，我們預計今年肯定還會如此。

Got it. Thank you.

知道了。謝謝。

We currently have no further questions, so I will hand back to Lori please for closing remarks.

我們目前沒有其他問題，因此請將發言權交還給 Lori 作結束語。

Thank you. I appreciate all the great questions today. I wanted to take a minute on behalf of the entire Valvoline team to extend a heartfelt thanks to Mary once again for her exceptional partnership and leadership on the Valvoline team.

謝謝。我感謝今天提出的所有重要問題。我想代表整個 Valvoline 團隊再次向 Mary 表達衷心的感謝，感謝她為 Valvoline 團隊提供的卓越合作和領導。

We certainly would not be the company we are today without having had Mary's expertise and just thoughtful leadership on the team. Additionally, we're thrilled to welcome Kevin, who brings deep financial expertise, and when will undoubtedly hit the ground running with our teams, given his past experience with Valvoline.

如果沒有瑪麗的專業知識和團隊的深思熟慮的領導，我們肯定不會擁有今天的公司。此外，我們很高興歡迎 Kevin 的加入，他擁有深厚的金融專業知識，鑑於他過去在 Valvoline 的經驗，他無疑將與我們的團隊一起努力。

We delivered a very strong quarter, in line with our expectations. That's why we're reinforcing or reconfirming our guidance, and we feel good about the momentum of the business. With our differentiated service model, we’re really in good shape to continue driving market share gains and delivering strong profitable growth. So I appreciate the time that you've all spent today with us.

我們本季的業績非常強勁，符合我們的預期。這就是我們加強或重新確認我們的指導的原因，我們對業務的發展勢頭感到滿意。憑藉我們差異化的服務模式，我們確實能夠繼續推動市場份額的成長並實現強勁的獲利成長。我很感謝大家今天與我們共度的時光。

This concludes today's call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路了。