2024年8月1日，Driven Brands Inc.(纳斯达克股票代码:DRVN)在其2024年第二季度财报电话会议上宣布收入温和增长。这家汽车服务提供商报告称，营收增长1%，至6.12亿美元，原因是净增115家新店，同店销售额增长0.5%。调整后EBITDA达到1.522亿美元，摊薄后每股收益(EPS)为0.35美元。

该公司对减少债务的关注是显而易见的，因为它的目标是到2024年底将杠杆率降至4.5倍以下。主要增长动力包括Take 5 Oil Change和Auto Glass Now细分市场，以及Driven Advantage在线市场。尽管面临洗车业务领域的挑战和宏观经济的不确定性，但Driven Brands调整了全年预期，目标收入在23.5亿美元至24.5亿美元之间，调整后的EBITDA在5.35亿美元至5.65亿美元的中高端。

关键的外卖

• 由于新店开业和同店销售的增长，收入增长了1%，达到6.12亿美元。
• 调整后EBITDA为1.522亿美元，摊薄后每股收益为0.35美元。
• 该公司计划到2024年底将杠杆率降至4.5倍以下。
• 5 .换油和汽车玻璃部门报告了强劲的表现。
• 2024年上半年，Driven Brands增加了1500名客户，销售额增长了1.7亿美元。
• 全年营收预期调整至23.5亿美元至24.5亿美元，调整后EBITDA预计在5.35亿美元至5.65亿美元的中上区间。

公司前景

• Driven Brands预计到2024年底，杠杆率将低于4.5倍。
• 全年同店销售增长预期下调至1%至3%。
• 全年营收预计在23.5亿美元至24.5亿美元之间。
• 调整后的EBITDA预计在5.35亿美元至5.65亿美元之间。
• 该公司专注于产生自由现金流并积极管理其投资组合。

悲观的亮点

• 由于零售疲软和恶劣的天气，洗车部门经历了同店销售额的下降。
• PC&G部门的全系统销售额下降了3.4%。
• 碰撞业务受冰雹和行业疲软影响。
• 由于洗车业务和宏观经济的挑战，调整了全年展望经济的不确定性。

乐观的亮点

• 16日有限公司Take 5 Oil Change连续几个季度的同店销售增长。
• 通过新公司实现汽车玻璃领域的增长与保险公司和汽车租赁公司签订合同。
• 驱动优势市场显示出客户和销售额的显著增长。
• 平台服务部门的销售额增长了6.8%，调整后的EBITDA增长了12.4%。

错过

• 洗车部门的同店销售额在2024年第二季度下降。
• PC&G部门的同店销售额下降了0.5%。

问答集锦

• 驱动品牌担保公司与六个区域签订合同三家保险公司和两家汽车租赁公司为其经营玻璃业务。
• 成本轨迹没有重大变化;劳动环境政府已经稳定下来。
• 预计维护和平台服务业务将增长，预计下半年增长80%。
• 出于战略考虑，该公司对Take 5 Rewards计划的推出持谨慎态度估值。
• 飓风贝丽尔影响了休斯顿和德克萨斯地区的商业，导致商店关闭。

尽管在2024年第二季度遇到了逆风，但Driven Brands Inc.仍然专注于保持其增长轨迹。公司的战略举措和多元化的业务部门为面对行业挑战和更广泛的经济状况提供了弹性基础。

InvestingPro见解

驱动品牌公司(纳斯达克股票代码:DRVN)在最近的收益报告中显示收入适度增长，显示其在充满挑战的经济环境中的弹性。为了让读者更深入地了解该公司的财务状况，我们从InvestingPro获取了实时数据，这些数据揭示了该公司的市场表现和估值。

InvestingPro数据:

• 市值(调整后):22.3亿美元

• 市盈率(调整后)LTM: -41.73

• 收入LTM: 23.18亿美元

该公司的市值为22.3亿美元，反映了投资者的情绪和市场上驱动品牌的规模。尽管过去12个月的市盈率为负，这通常表明该公司缺乏盈利能力，但该公司同期的收入为23.18亿美元，这表明其运营规模相当大。

InvestingPro小贴士:

• 过去12个月的市净率NTHS为2.36，表明该公司的市值略高于其账面价值，这可能是投资者信任的标志对公司未来增长前景的信心。

• 在过去的12个月里，驱动品牌的毛利率为41.13%，在公司成立之前，它的核心业务一直保持着强劲的盈利能力考虑间接成本。

这些InvestingPro提示强调了该公司维持健康毛利率的能力，这对其长期财务稳定至关重要。此外，市净率还能让我们了解市场对公司净资产的估值。

对于寻求更全面分析的投资者，InvestingPro提供了关于Driven Brands Inc.的额外提示，可以通过其平台访问。在最新的更新中，有5个更多的InvestingPro提示可用，为那些考虑投资驱动品牌或监控其表现的人提供有价值的指导。

全反式脚本-高地HFR事件驱动(DRVN) Q2 2024:

接线员:早上好，女士们，先生们，欢迎来到驱动品牌公司。2024年第二季度财报电话会议。【操作说明】。这通电话的录音时间是2024年8月1日。现在我想把会议交给克里斯·汤普森先生，财政部和投资者关系高级主管。请继续。

克里斯·汤普森:大家早上好，欢迎来到Driven Brands 2024年第二季度财报电话会议。收益发布和杠杆率调节可在我们的网站上下载:invests.drivenbrands.com。今天与我通话的是总裁兼首席执行官乔纳森·菲茨帕特里克，执行副总裁兼首席运营官丹尼·里维拉，高级副总裁兼临时首席财务官乔尔·阿诺。稍后，乔纳森、丹尼和乔尔将向大家介绍本季度的财务和经营业绩。在我们开始讲话之前，我想提醒您，管理层将参考某些非公认会计准则财务指标。你可以在公司的投资者关系网站和向美国证券交易委员会提交的文件中找到与最直接可比的GAAP财务指标的对账。在本次电话会议期间，我们也可能就我们当前的计划、信念和期望做出前瞻性陈述。这些陈述不是对未来业绩的保证，而是受到许多风险、不确定性和其他因素的影响，这些因素可能导致实际结果和事件与这些前瞻性陈述所设想的结果和事件产生重大差异。有关更多信息，请参阅我们的收益发布和我们向证券交易委员会提交的文件。今天准备好的发言之后将有一个问答环节。我们要求你只回答一个问题和一个后续问题。现在，我把话筒交给乔纳森。

Jonathan Fitzpatrick: Good morning. We appreciate everyone joining us today to discuss Driven Brands second quarter 2024 financial results. To begin, I want to acknowledge the hard work and strong execution by our more than 10,000 Driven Brands team members and their amazing franchisees for how they continue to navigate an extremely dynamic macroeconomic environment. After a very thorough national search, I'm delighted to announce that Mike Diamond has joined Driven as our CFO. Although Mike will officially start in a couple of weeks, he is here with me today. Mike has a terrific background in multi-unit businesses, and was most recently CFO at the Michaels Companies (NASDAQ:MIK). And you can read about Mike's background in our earnings release. We're super excited to have him join the team. I also want to take a moment to recognize and thank Joel Arnao, our Senior Vice President of Finance, who has done such a terrific job as interim CFO over this past quarter. My focus continues to be on delivering our outlook for 2024, and using excess free cash flow to pay down debt with a year-end target of less than 4.5x levered and a year-end 2026 target of less than 3x. And finally, active portfolio management. I will start with a review of some of our second quarter 2024 highlights and corporate initiatives, and then turn it over to Danny, who will discuss our operating segments, and then Joel, who will detail our second quarter financial results and full-year outlook. For Q2 2024, we delivered revenue of $612 million, up 1% versus the prior year, supported by 115 net new stores and 0.5% same-store sales growth, our 14th consecutive quarter of positive same-store sales growth, and adjusted EBITDA of $152.2 million, resulting in diluted adjusted EPS of $0.35. We continue to be pleased by the performance of our Take 5 Oil Change and franchise businesses, all being key contributors to a solid Q2 2024. And it is worth noting that on a two-year basis, Driven delivered 8.1% same-store sales growth. Our PC&G segment, which represents more than 50% of that comp, delivered a two-year comp of 11.7%. And Take 5 Oil Change, our biggest and fastest-growing business, delivered a two-year comp of 23.5%. Now, as I mentioned on Q1 earnings call, we still believe that the ongoing inflationary environment will likely continue to pressure consumer spending throughout the balance of 2024, and that lower income households will be the most impacted. We saw that it impacted our Q2 results, and we are taking this into account in our updated expectations. Now, we believe that this pressure will be somewhat offset by strength in our commercial business and our needs-based businesses. We remain focused on delivering our 2024 outlook despite this ongoing consumer uncertainty. Joel will provide more details on our 2024 outlook shortly. I'd now like to spend a few minutes on some key corporate initiatives. We began the migration to our new ERP platform at the start of Q3. And so far, we're pleased with the progress of the implementation. This is testament to the hard work and extensive preparation from the entire team, led by our Chief Information Officer, Karen Conrad. The team is continuing to make good progress on divesting U.S. Car Wash pipeline properties. In Q1, we received approximately $33 million of proceeds. And in Q2, we received an incremental approximate $66 million, for a total of approximately $100 million. Year-to-date, we are now at $107 million of proceeds. Our previous target was at least $100 million for fiscal 2024. Now that we've achieved that, we're confident in delivering at least another $50 million in U.S. Car Wash divestitures in the second half of 2024. Now, as I previously mentioned, reducing our overall leverage is one of my primary objectives. Our goal is to finish the year at less than 4.5x. While we saw a moderate reduction from Q1 to Q2, we remain on target to achieve our goal by the end of 2024, and will continue to focus on paying down debt towards our long-term target of less than 3x levered by year-end 2026. I'm pleased to report that we successfully refinanced $258 million of WBS notes, which were coming due in April 2025, by issuing new $275 million seven-year notes, essentially leverage-neutral. We also increased our liquidity through the addition of $400 million of variable funding notes, which replaced our $115 million variable funding notes from 2019. Our variable funding notes remain fully undrawn. Our debt stack is comprised of approximately 80% WBS notes, with a blended fixed rate of 4.5% and a weighted average maturity of 3.6 years. There are no maturities coming due until Q2 2026. Now, let me spend a few minutes on our growth priorities, Take 5 Oil Change, Auto Glass Now, and Driven Advantage. Take 5 continues to deliver very strong results. Q2 2024 marks the 16th consecutive quarter of positive same-store sales growth. Revenue grew by 16% and EBITDA grew by 22% compared to Q2 2023. Additionally, Mo Khalid and the team grew margins by approximately 170 basis points over Q1. The team remains focused on executing the Take 5 playbook to drive sales while maintaining strong operational efficiency and satisfied customers, manifested in our net promoter score of 77%. Take 5 Oil Change has seen robust unit growth, adding 68 new units year-to-date, a majority of which are asset-light franchises. We also expect to add approximately 100 additional stores in the second half. At the end of the quarter, 37% of Take 5 stores are franchised. Over a two-year period, our franchise store count has almost doubled, and we anticipate franchisees to account for approximately 50% of total locations over time. Our unit economics continue to attract new franchisees and drive our existing franchisees to sign new development agreements. Now, looking at the last eight quarters for Take 5 Oil Change, some KPIs measured on a two-year CAGR include; franchise unit growth of 39.9%, company unit growth of 10.1%, for a combined unit growth of 18.8%, system-wide sales growth of 24.8%, and net revenue growth of 20.3%. In summary, very strong performance across all metrics. Now, switching to our US glass business, Auto Glass Now. We remain excited about the medium- and longer-term prospects for this business, and know that it will take time to build scale and momentum. Earning insurance and commercial business can take time, and we want to do it right because of the importance of long-term sustainable partnerships. Now, revenue for AGN is blended approximately one-third retail, one-third commercial, and one-third insurance. And over time, we expect to grow the commercial and insurance revenue faster than our retail business. So, let's start with our retail customers. These are typically out-of-pocket pay with an average check of approximately $300. Now, in order to capture additional retail revenue, we rolled out the online estimator in late Q2, allowing customers to avoid coming to the shops for quotes, and we are very pleased with the early adoption rates. Next are commercial customers who are owners and managers of large fleets of vehicles. The average check is approximately $400, with a calibration attachment rate of approximately 31%. We're pleased to have signed contracts with two major national car rental companies in Q2, and we'll start seeing that volume materialize in the second half of 2024. Finally, our insurance customers have an average check of approximately $650 and calibration attachment rate of approximately 42%. I'm also pleased to report that we finalized six new agreements with regional partners in Q2. And this volume will start flowing in the second half of 2024. We also have a growing pipeline of regional and national carriers and are currently in multiple RFPs. The momentum and interest continue to build with carriers, presenting increasing medium and long-term opportunities. And as I have mentioned multiple times over the past several quarters, it will take time to build this business. However, we remain very optimistic about the future of this nascent category. Driven Advantage is our online marketplace where our company stores, franchisees, and affiliates can purchase over 90,000 SKUs from more than 50 vendor partners, ranging from office supplies to paint, oil, and equipment. Since its launch in Q1 2023, Approximately 80% of eligible locations have already begun purchasing products and services on the platform. While the majority of revenue and contribution benefits from Driven Advantage show up in our operating segments, some highlights from the first half of 2024 include, we've added 1,500 customers in the first half of 2024, almost entirely from our franchisees and affiliates. Sales in the first half of 2024 were up approximately $170 million, up from $70 million in the first half of 2023. We launched new capabilities to further increase sales, like automatic reordering, vendor promotions, and are now generating advertising revenue from our vendor partners. We also see a growing interest in the industry as more third parties see the platform, both from automotive suppliers looking to sell on Driven Advantage, and from other automotive companies looking to use Driven Advantage at their own locations. This is a uniquely powerful platform that we have created that benefits our franchisees, company stores, vendor partners, and Driven. Now, my focus in 2024 again is on delivering our outlook, reducing debt, and actively managing the portfolio. We have a platform that generates high steady-state returns with a long runway for reinvestment at attractive returns. And we're incredibly motivated to see our valuation mirror our results over time. Now, let me hand it over to my partner, Danny, our Chief Operating Officer, to discuss our key business segments.

Danny Rivera: Thanks, Jonathan. Before diving into our results, I want to acknowledge our Driven employees and franchisees who embody our model of dream big, work hard, and continue to deliver results for our shareholders and our brand leaders. While the team here works to strategically position Driven for future growth, Driven's success is ultimately defined by the boots on the ground employees and franchisees at our more than 5,000 locations who work tirelessly to delight our customers. I'd like to begin by restating that my priorities for 2024 remain unchanged, ensure Take 5 continues to deliver against our (indiscernible), improve the trajectory of Auto Glass Now and our U.S. Car Wash business, continue to grow Driven Advantage, and make certain that our legacy franchise brands generate consistent growth that continues to produce EBITDA margins in excess of 50%. Turning to our Q2 results, I am happy with the results the team delivered. We achieved year-over-year growth in revenue, adjusted EBITDA, and adjusted EBITDA margin, while continuing our streak of 14 straight quarters of positive same-store sales. Take 5 continues to deliver against our expectations and is the major driver of our revenue and adjusted EBITDA growth in Q2. Our B2B channel also remains strong, with consistent, steady, and predictable business from our commercial and insurance partners. As a reminder, about 50% of our system-wide sales come from commercial B2B customers. While Auto Glass Now and our U.S. Car Wash business are not yet fully firing on all cylinders, the businesses are steadily moving in the right direction. Both businesses saw sequential growth in revenue and adjusted EBITDA for the past two quarters. Our legacy franchise brands like Meineke, Maaco, CARSTAR, and 1-800-Radiator, all continue to steadily perform and drive adjusted EBITDA margins in excess of 50%. Turning now to our Maintenance segment, which had year-over-year and sequential increases in system-wide sales, revenue, adjusted EBITDA, and adjusted EBITDA margin. Performance in our Maintenance segment continues to be driven by the strength of Take 5 Oil Change. In Q2 versus the prior year, Take 5 achieved a 15.6% increase in revenue and a 22.3% increase in adjusted EBITDA, while adjusted EBITDA margin expanded 191 basis points. In the quarter, we opened 40 units, split between 15 company-owned and 25 franchised. Over the past 12 months, we have grown the number of Take 5 units by about 20% and remain on track for our target of 150 openings each year for the next three years. Additionally, we achieved positive same-store sales of 5.7%, resulting in a two-year same-store sales stack of 23.5%. This business continues to grow sales through natural ticket growth in premium oil and our low-pressure selling environment. In the quarter, we achieved a record premium mix and continue to see year-over-year growth in ancillary attachment rates. Mo Khalid, president of Take 5, and the team continue to deliver strong financial results, while simultaneously delighting our customers with NPS scores in the upper 70s. Looking to our PC&G segment, Q2 delivered revenue of $112 million, adjusted EBITDA of $35 million, and adjusted EBITDA margin of 31.4%, all of which represents sequential improvements versus the prior quarter. Q2 same-store sales were down 0.5%. However, our two-year same-store sales stack is 11.7%, demonstrating strong and consistent execution. The softness in revenue is mostly due to the re-franchising of 12 company-owned locations and comping over a record quarter in 2023 caused by hailstorms that disproportionately grew our business. Moving over to Auto Glass Now, our company-owned North American glass business. As we've previously stated, Auto Glass Now is a multi-year journey. That being said, I'm happy with the progress and momentum the team is building. In Q2, we sequentially grew revenue and adjusted EBITDA while seeing meaningful margin expansion. As part of our growth strategy, we continue to focus on signing insurance carriers as well as major commercial partners. In just Q2, Auto Glass Now added six regional insurance carriers to its portfolio while also signing agreements with two national rental car providers. We remain bullish on this business and industry, and feel good about the momentum and sequential improvements Michael Macaluso and the team are delivering. Shifting to our Platform Services segment, this segment continues to deliver year-over-year growth, as revenue and adjusted EBITDA increased 6.8% and 12.4%, respectively, while adjusted EBITDA margins increased 206 basis points to 41.3%. As Jonathan mentioned, Driven Advantage, our in-house procurement platform, continues to grow as well. This quarter, we saw a total of $89 million in sales go through the platform, which represents sequential growth of 14%. This growth is Driven by the expansion of our offerings and continued adoption from our franchisees, with approximately 80% of all eligible franchisees using the platform. Many thanks to Kyle Marshall and his team for the continued strong performance. Lastly, I would like to discuss our Car Wash segment. We continue to work hard to turn this segment around, and continue to see progress and momentum. In the quarter, we sequentially grew revenue and adjusted EBITDA by 8.4% and 15.9%, respectively, while also growing adjusted EBITDA margins by 139 basis points. Q2 presented some strong headwinds, particularly for our U.S. Car Wash business, with 44% of the calendar days in the quarter experiencing heavy rain. We were able to overcome some of these headwinds with our continued focus on membership. As I've mentioned before, Tim Austin and our U.S. Car Wash team, remain extremely focused on growing our membership business, and we've seen significant improvement throughout the year. Year-to-date, we've nearly tripled our conversion rate of retail customers to members, and have added over 200,000 new members. Our international Car Wash business, led by Tracy Gehlan, delivered sequential margin expansion and continues to deliver solid financial results across the board. Overall, I am pleased with the progress that we made this quarter, particularly considering the softer consumer environment. We delivered another strong quarter, with year-over-year growth in same-store sales, revenue, EBITDA, and EBITDA margins. When it comes to our business priorities, Take 5 Oil Change continues to deliver exceptional results. Auto Glass Now and U.S. Car Wash continue to show sequential momentum. Driven Advantage continues to grow and is on track to deliver our 2026 EBITDA plans, and our legacy franchise businesses continue to predictably grow and generate cash. I'd once again like to thank the thousands of employees and franchisees that worked hard to put together a strong quarter. With that, I will turn it over to my partner, Joel.

Joel Arnao: Thanks, Danny, and good morning, everyone. I'd like to start by thanking Jonathan, Danny, and the entire Driven Brands team for their support the past three months. It's been an incredible opportunity to lead the Driven Brands finance team. I am extremely proud of what we have accomplished this quarter. In addition, I've had the opportunity to meet with Mike several times, and I am confident that he will be a great addition to the team. I'm looking forward to working with him to deliver strong results in 2024 and beyond. First, I will discuss second quarter results before moving on to the full-year outlook. On a consolidated basis, we delivered our 14th straight quarter of positive same-store sales. Our system-wide sales reached $1.7 billion, representing a 0.6% increase from the previous year. This growth was driven by a 0.5% increase in same-store sales and 2% net store growth. Total revenue for the quarter increased 0.8% to $611.6 million, and adjusted EBITDA increased 4% to $152.2 million. Adjusted EBITDA margin increased 77 basis points to 24.9%, primarily Driven by margin improvement in maintenance. Now, I will discuss performance at each of our segments. In our Maintenance segment, system-wide sales increased 10.5% to $535 million, driven by a 4.3% increase in same-store sales and 159 new store openings versus the second quarter 2023. Take 5’s continued sales execution, including same-store sales of 5.7%, were underscored by record premium oil mix of approximately 90% and year-over-year improvement in attachment rates. We added 40 net new Take 5 oil chain stores during the quarter, with 25 franchise and 15 company-owned stores. The Maintenance segment sales growth, coupled with disciplined operational improvements, led to a 21.4% increase in adjusted EBITDA to $102.9 million. Adjusted EBITDA margin expanded 203 basis points to 37%, driven primarily by Take 5 Oil Change. In our Car Wash segment, same-store sales declined 4.1% due to retail softness and inclement weather in our U.S. Car Wash business. For the quarter, sales were $156.9 million, and adjusted EBITDA was $33.8 million. Although the decrease in revenue and adjusted EBITDA versus Q2 2023 was driven by our U.S. Car Wash operations, we saw comp trends improve sequentially quarter-over-quarter due to our new membership pricing strategy. As Danny mentioned earlier, year-to-date, our membership count grew by over 200,000 new members. In our PC&G segment, system-wide sales were $862.2 million, a decrease of 3.4% versus the prior year period. Same-store sales declined 0.5%. Revenue for the segment was $112 million, and adjusted EBITDA was $35.2 million, a decrease of 15.9%, and 14.3%, respectively. These results were primarily driven by our Collision business. The decrease in same-store sales was driven by two main factors, lapping Q2 2023 hailstorms, and 2024 industry softness. The decrease in revenue was additionally impacted by re-franchising of 12 company-owned locations, which lowered revenue by approximately $13 million and adjusted EBITDA by approximately $2 million. In our Platform Services segment, sales grew 6.8% to $61.2 million, and adjusted EBITDA increased 12.4% to $25.3 million. Adjusted EBITDA margin increased 206 basis points to 41.3%, which was due to improved variable cost management. Now, I will focus on key components below adjusted EBITDA. Depreciation and amortization expenses totaled $45 million for the quarter, reflecting a $1 million decrease from the prior year, as we dispose of our U.S. Car Wash assets held for sale. Interest expense declined to $32 million, primarily due to a one-time reduction in the estimated interest on our tax receivable agreement liability, and improved interest rates on our cash deposits. Net income for the second quarter was $30.2 million versus $37.7 million in Q2 2023. Adjusted net income was $58 million for the quarter, resulting in an adjusted diluted EPS for the quarter of $0.35. both are up versus prior due to strong EBITDA growth and continued debt reduction. At the end of the second quarter, we have $316 million in liquidity, comprised of $149 million in cash and cash equivalents, along with $167 million of undrawn capacity under our variable funding securitization senior notes, and a revolving credit facility. On Monday, we closed an offering of $275 million in series 2024 class A2 senior notes to refinance our series 2018-1 class A2 senior notes. In conjunction with these notes, we increased our total variable funding note capacity to over $500 million. As a reminder, our debt stack is comprised of approximately 80% whole business securitization notes, with a blended fixed rate of 4.5% and a weighted average maturity of 3.6 years. There are no maturities coming due until Q2 2026. Throughout the quarter, we continued to make meaningful progress paying down our credit facilities. In addition to a $25 billion reduction on our drawn revolver balance, we chose to make a $20 million prepayment to our term loan principal balance to reduce our higher interest rate debt. As of Q2, we paid down $80 million of principal across our revolver and term loan from our inter-quarter peak in Q1. But we haven't stopped there. In July, we were able to make another $20 million of optional prepayments to our term loan principal balance, and expect to build on this momentum in the second half of the year, as we focus on getting our net leverage below 4.5x. At the end of the quarter, our net leverage ratio improved sequentially from the prior quarter. As of Q2 2024, our net leverage was 4.8x, down from 4.9x in Q1, and 5x at the end of 2023. We plan to continue to delever throughout the year, thanks to improved cash flow from organic adjusted EBITDA growth and proceeds from the sale of U.S. Car Wash pipeline sites. In the second quarter, we generated $66 million of assets held for sale, bringing our total through Q2 to $100 million. As Jonathan mentioned, year-to-date, we have sold $107 million in assets held for sale, and expect to sell an additional $50 million in 2024. Now, I will provide a brief update on our ERP implementation. I'm happy to share that our new ERP system went live in July. We are taking an incremental approach to the implementation, and will continue to shift our brands onto the new system. Now, I would like to update our full-year outlook. based primarily on continued softness in the U.S. Car Wash business, collision industry trends, and macroeconomic uncertainty, we are adjusting our same-store sales growth outlook for the year to 1% to 3% from 3% to 5%. We also expect to come in at the lower end of our original revenue outlook of $2.35 billion to $2.45 billion. Maintenance and Platform Services segments drove adjusted EBITDA growth through the first half of 2024. We expect these trends to continue in the back half of 2024, along with moderate improvement in our other segments. For the full year, we now expect adjusted EBITDA to come in at the mid to upper end of the original range of $535 million to $565 million. We expect adjusted diluted EPS to come in at the higher end of our original range of $0.88 to $1. We are reaffirming our original outlook, a net store growth of approximately 205 to 220 stores during the year. We continue to expect depreciation and amortization expenses of approximately $175 million, and interest expenses of approximately $170 million. Our effective tax rate is expected to be approximately 35% in 2024, which is in line with our 2022 effective tax rate. We continue to expect gross capital investments to be approximately $260 million for the full year, with approximately $40 million of sale leasebacks. This results in net CapEx of approximately $220 million. For the rest of the year, as Jonathan mentioned before, we are focused on generating free cash flow and reducing debt. We continue to expect net leverage to be below 4.5x by year-end. Now, I would like to provide more color on the third quarter. We expect our third quarter year-over-year revenue growth to be in the low single digits, and our adjusted EBITDA growth to be in the low double digits. Now, I will turn it back over to the operator.

接线员:[接线员说明]我们的第一个问题来自摩根士丹利的西蒙·古特曼。

西蒙·古特曼:大家早上好。我想从洗车开始问。大概是EBITDA的20%到25%很好奇你是怎么想的。这是一条漫长而曲折的道路。看起来有点稳定了。不知道这对整个投资组合和未来的EBITDA增长有多大的战略意义。

乔纳森·菲茨帕特里克:嗨，西蒙，我是乔纳森。好问题。我认为有几件事。一是，我们将保持投资者日以来的立场，即我们不会在该业务中部署增量增长资本。我对我们的洗车业务总裁蒂姆·奥斯汀和丹尼在稳定业务方面所取得的进展感到非常高兴，我们开始看到连续的增长。我还提到，我们仍在评估洗车业务在我们投资组合中的长期可持续性。就我们愿意公开做出的决定而言，我们还没有到那个地步，但我们再次对丹尼和蒂姆在2024年的业务稳定感到高兴。

西蒙·古特曼:好的。然后转到维护，我想有两个部分，利润正呈爆炸式增长。也许我错过了关于是什么推动了这一点的评论，而Take 5看起来有点慢，可能是粉笔。再一次，我可能遗漏了一些评论，但罪魁祸首是什么?是暂时的天气，等等?

乔纳森•菲茨帕特里克:是的，我认为莫•哈立德和Take 5团队在利润率扩张方面做得非常出色。我觉得有很多原因，西蒙。一个是卓越的运营效率，继续推动优质石油组合，附接率，这些都是利润增长的因素。我们显然也有更多的特许经营店加入到这个组合中，这显然有助于杠杆作用。就你对第一季度到第二季度同店销售额的评论而言，确实有微小的变化。我们没有看到该业务的轨迹发生任何变化，并且对Take 5 all的全年前景仍然非常有信心。

西蒙·古特曼:好的。谢谢。祝你好运。

接线员:下一个问题是来自Baird的Justin Kleber。

贾斯汀·克莱伯:嗨，伙计们。早上好。谢谢你回答这个问题。第一个是关于洗车的，你上个季度谈到的测试，你降低了订阅价格，使其与单次洗涤保持一致。我很好奇你们今天是否在整个连锁店都采用这种定价结构。你有没有看到任何回应，来自这些行动的竞争性回应?从长期来看，你对这种定价策略的看法。这是可持续的吗?或者你认为随着时间的推移，订阅和零售之间的差距会重新拉大吗?

丹尼:嘿，贾斯汀，我是丹尼。谢谢你的问题。所以，简短的回答是肯定的，我们已经在全国范围内部署了这种定价策略。正如我在事先准备好的讲话中提到的，我们对我们所看到的结果感到非常满意。我们的转化率翻了三倍。到目前为止，我们已经增加了20万会员。所以，它的运作完全如我们所愿。我们没有看到对我们所做的任何大规模或有意义的回应。至于我们将这样的战略部署多久，我想说，从短期到中期来看，这对我们来说很有意义。我们想扩大我们的会员基础。它对冲了这个行业对天气的自然敏感性，总的来说，在我们保持固定成本的同时，我们将继续增加会员收入，这将增加我们的利润率。所以，我们的策略正如我们所希望的那样发挥作用，我们认为它将在今年下半年继续增加经济效益。

贾斯汀·克莱伯:很好。谢谢你，丹尼。还有一个关于玻璃生意的问题。乔纳森，你谈到了六个，我记得是六个地区保险公司和两个租车公司的合同。我猜，你能描述一下，有多少保险和租赁公司合同是潜在的AGN客户，从商业和保险的渗透角度来看，你现在的立场是什么，相对于该业务的最终目标?谢谢,伙计们。

乔纳森·菲茨帕特里克:是的，我会尽我所能给你解释一下，贾斯汀。全国范围内的汽车租赁业务都集中在一些非常熟悉的名字上，我们对团队所做的工作感到非常满意，他们将其中两个名字添加到我们的AGN投资组合中。在这方面，我们预计未来在多个商业领域会有持续的增长，不仅仅是租赁，我们还会考虑商业客户，然后是车队管理客户。因此，在商业领域有多个层面。在区域保险方面，我很高兴在第二季度签订了六个区域合同。一旦我们签订了合同，我们就必须激活这些合同，然后在下半年的过程中，我们的收入就会流失。准确地说，大约有300家地区保险公司，抱歉，应该是3000多家地区保险公司。所以，这只是冰山一角。所以，我们对我们正在建立的势头感到很高兴。我想再次指出的是，我们还处于建立这项业务的早期阶段。我们认为随着时间的推移，这对我们来说将是一项非凡的业务，但我们对2024年迄今为止取得的进展感到非常满意。

贾斯汀·克莱伯:明白了。谢谢你的颜色，祝你第三季度好运。

接线员:下一个问题来自美国银行的罗比·欧姆斯。

Robby Ohmes:哦，谢谢你回答我的问题。我的问题是关于PCG的。我想知道你们能不能多给点评论谈谈你们对下半年的看法以及目前的不利因素，当你们想到不利因素时，是大额延期付款还是该领域正在发生的事情，我们什么时候能看到EBITDA恢复增长?

乔纳森·菲茨帕特里克:是的，谢谢，罗比。我先开始，丹尼或乔尔可能会跳到最上面。但是当我们看到下半年，抱歉，是第二季度PC&G的疲软时，我想说的是，这主要是围绕着美国碰撞，这是我们100%的特许经营业务。这种疲软的部分原因是，今年以来，全行业申请失业救济人数下降了个位数左右。然而，德赖德的索赔额降到了个位数以下。因此，我们认为它的表现优于大盘。第二个因素是，二手车价格已恢复到更为正常的水平，从而增加了全损的频率。话虽如此，我们认为碰撞顺风将在今年下半年消散。所以，我认为这是一种短期的逆风。我就讲到这里。

Robby Ohmes:接下来，我们可以了解一下贵公司业务成本压力的最新情况吗?薪资前景从现在开始有所改善了吗?是否有任何成本压力得到缓解，从而支持下半年更好的EBITDA增长?

乔纳森·菲茨帕特里克:是的，我认为没有重大的变化，罗比。我的意思是，我认为与两、三、四个季度前相比，劳动环境肯定已经稳定下来了。我们的投入成本，就商品成本而言，通常是，我们在这里有很好的可视性。因此，我们没有看到任何重大的缓和，但我们也没有看到任何可能的价格上涨。因此，就总体成本而言，感觉今年下半年将与上半年非常相似。

罗比:太好了。非常感谢。

接线员:下一个问题来自巴克莱银行的塞思·西格曼。

Seth Sigman:很好。大家早上好。本季度进展不错。我想谈谈指导。因此，您将EBITDA指导缩小到范围的高端，这是很高兴看到的。你能详细说明一下下半年的情况吗?也许是一些潜在的假设?因为如果我没记错的话，你之前假设大部分的EBITDA增长，我认为80%的EBITDA增长将在下半年出现。看来上半场的表现更好。你并没有真正提高后半部分。但如果我没记错的话，你还谈到，第三季度的EBITDA增长率低至两位数。也许这能帮助我们理解其中的一些假设。这将是一个良好的开端。谢谢。

乔尔:嘿，赛斯，我是乔尔。我重申一下之前在脚本中说过的话。今年下半年，维修和个人电脑业务继续增长，抱歉，应该是平台服务业务，我们预计其他业务部门，如洗车业务和个人电脑& g业务也会有所改善，这是与去年同期相比的。我们仍将在今年下半年看到80%的增长。因此，这与我们在第四季度和第一季度所传达的信息是一致的，但我们对之前给出的前景感觉良好。

赛斯·西格曼:明白了。好吧。我想还有一个关于玻璃的问题。我的意思是，如果你能花点时间在这里的基础设施上。请帮助我们准确地了解这一时机，以及您如何对这一细分市场的第二季度进行分类?这似乎仍然是一个过渡期，所以我们还没有看到它的全部潜力，但有没有办法确定这部分细分市场将如何在今年下半年加速发展?我想那会很有帮助。谢谢。

乔尔·阿瑙:是的，赛斯，我们通常不会给出任何细分指导，但我想说——我想指出两件事。第一，这对我们来说是一个长期的计划，我们还在起步阶段，我们正在取得很大的进展。迈克•麦卡卢索(Mike Macaluso)负责该业务，他已经安排好了所有必要的人员、流程和系统，现在可以专注于增加收入，创造真正稳定的利润。所以，我认为，就像我在第一季度所说的，今天我要再次重申，这是关于业务的未来增长和未来利润，但这需要时间，我们对2024年迄今为止的进展非常满意。

接线员:下一个问题来自Canaccord Genuity公司的布莱恩·麦克纳马拉。

麦迪逊·卡利南:早上好。我是麦迪逊·卡利南，找布莱恩。谢谢你回答我们的问题。因此，今年到目前为止，你们已经为战略转型计划支付了980万美元的咨询费。我们很好奇，这是否与任何试图出售或货币化洗车资产的计划有关，以加速去杠杆化进程。谢谢。

乔纳森·菲茨帕特里克:谢谢，麦迪逊，问得好。并且我仍然致力于组织中积极的投资组合管理。我认为重要的是，当我们公开宣布某件事时，我们要对它对员工、对投资者、对我们可能运行的任何潜在流程或假设流程的潜在影响感到放心。所以，我们没有宣布任何事情，并不意味着我们没有在后台忙着工作。显然，当时机成熟时，我们将讨论这些细节。

麦迪逊·卡利南:太好了。谢谢你！

接线员:下一个问题来自摩根大通的克里斯蒂安·卡里诺。

Christian Carlino:嗨。早上好。谢谢你回答我们的问题。当你加入这些区域保险协议时，我们应该如何考虑玻璃单元的潜在提升?这不是关于今年和你们最近达成的协议的问题，更多的是关于成熟的auv是什么样子的，就像你在网站上说的那样，你已经收购了大约300万美元的auv。那么，随着时间的推移，当你扩大这些保险协议的时候，你是否期望事情会发生变化呢?

丹尼·里维拉:是的。嘿，克里斯，我是丹尼。听着，我不打算讨论我们将从任何一个或几个区域协议中看到多少增量。我想我要做的是退一步说，我们一直在说AGN业务，现在我们已经完成了整合，我们正在建立这项业务，我们正在建立这项业务的势头，我们已经说过我们想要真正专注于建立一个区域保险和商业。Q2对我们来说是一个机会，不仅是说我们想要这样做，而且事实上，我们已经这样做了，对吧?所以，现在我们在一个季度内已经找到了六家不同的地区性保险公司，两家全国性的汽车租赁公司，这就是我们希望在未来继续增长的动力。所以，我们对进展感到高兴。这正是我们说过我们要做的，我们希望做的，我们很高兴地宣布，这不再是理论上的，但我们正在达成协议，我们希望继续这样做。

Christian Carlino:明白了。我想，就高层次而言，你如何诊断你从消费者那里看到的情况?与第一季度相比，消费者是疲软了，还是持平了，你预计情况会好转?延期维修有什么问题吗?我想，在多大程度上，像更高的保险费这样的事情只是在广泛地施压汽车支出?

乔纳森·菲茨帕特里克:是的，克里斯蒂安，我是乔纳森，我要那个。我们不是经济学家，但我们会告诉你我们对世界的看法。我们当然不认为今年下半年与上半年有太大的变化。我想说这就是我们思考问题的方式。我们对同店销售和营收的预期，显然反映了我们对下半年消费者支出环境不变的看法。另外两个部分是我们美国洗车业务的持续疲软，以及我们在第二季度看到的碰撞业务的一些不利因素。所以，我认为这是我们对今年下半年的最好估计。因此，最终消费者支出环境不会发生重大变化。

Christian Carlino:明白了。非常感谢。祝你好运。

接线员:下一个问题来自Piper Sandler公司的彼得·基思。

彼得·基思:嘿，谢谢。大家早上好。因此，我们注意到汽车维修仍然是消费经济中通货膨胀率较高的领域之一。我想从《驱动》的投资组合来看，我很好奇，你是否看到，我猜，门票的上涨只是伴随着普遍的通货膨胀?这种情况在哪里发生得最严重呢?

乔纳森·菲茨帕特里克:是的，彼得，显然我们没有在任何细分市场中单独列出门票，但我认为，众所周知，在过去的几年里，我们几乎在所有细分市场都看到了门票的增长。我认为这更多的是由于车辆的复杂性，车辆的年龄，维修的复杂性，而不是价格。正如我过去多次提到的那样，在接下来的几年里，我们看不到任何变化，因为行驶里程，车辆的年龄，以及维修的复杂性。因此，我们认为在ARO，或平均订单修复，将继续增长，我们展望未来。

彼得·基思:好吧，有道理。我想了解一下Take 5 Rewards的最新情况以及你是如何看待Quick Lube和Car Wash这两个项目的，特别是考虑到今天对Car Wash的战略评估。

丹尼·里维拉:是的。嗨,彼得。所以，就你的观点而言，考虑到战略评估以及乔纳森从投资组合管理的角度考虑的一些事情，我们对这个项目非常谨慎。所以，从推出的意义上说，没有任何改变。有几个不同的市场。我们对在这些市场上看到的结果非常满意，无论是从运营角度，还是从团队部署解决方案的能力，以及消费者对解决方案的反应来看。我们只是有条不紊地推进这个项目。

彼得·基思:好的。谢谢。

接线员:下一个问题来自威廉·布莱尔的菲利普·布莱尔。

塞布丽娜:嗨，我是塞布丽娜。谢谢你回答我们的问题。我知道我们刚刚谈到了流量与支票的对比，但除了石油之外，客户还会购买哪些辅助类别，然后这种频率是多少，然后它对平均支票的影响是什么?

乔纳森·菲茨帕特里克:是的，我想我明白你的问题了，塞布丽娜，我会尽力回答的。所以，如果我们看看我们的Take 5换油业务，在过去的几年里，有两个主要的驱动因素推动着平均支票的增长。一个是继续转向我们所说的优质混合石油，这将被定义为半合成或全合成石油。我认为，在本季度，我们约有90%的客户购买优质石油组合。第二个组成部分是我们所说的五大辅助产品的附着率，我们的附着率大约是40%。这是我们公司和加盟店真正的执行力。所以，我认为我们没有看到任何实质性的变化在这些轨迹和这两种检查构建的部分。显然，在90%的优质石油组合中，未来不会有大幅增长，但我们确实认为五大石油公司有机会继续建立40%左右的附属率。

塞布丽娜:明白了。这是有帮助的。谢谢你！

接线员:[接线员说明]。最后一个问题来自BMO资本市场的William Staudinger。

William Staudinger:大家早上好。你能谈谈你从商业客户和零售客户那里看到的需求趋势吗?

乔纳森·菲茨帕特里克:是的，威廉，首先欢迎来到《驱动》的报道领域。好问题。我认为驱动品牌最美妙的事情之一是，我们大约50%的系统销售来自我们的商业合作伙伴。这是我们多年来一直关注的焦点。从本质上讲，商业客户使用他们的车辆是为了创收或完成他们必须做的工作。因此，我们通常会看到来自商业客户的非常粘滞、可预测的收入需求，到目前为止，我们在2024年还没有看到任何改变。

William Staudinger:好的，谢谢。你们的企业有没有受到7月份袭击德克萨斯州的飓风“贝丽尔”的影响?

丹尼·里维拉:是的。嘿，威廉，我是丹尼。所以，我们可能会在下次财报电话会议上讨论更多，但简短的答案是肯定的。我的意思是，我们在休斯顿和德克萨斯地区有很多品牌。当然，当飓风Beryl(不是双关语)在那里肆虐时，我们关闭了许多商店好几天。所以，我们将在下次财报中提供更多的更新，但是，确实对我们有一点影响。

Staudinger:好的。谢谢,伙计们。

接线员:现在没有其他问题了。女士们先生们，今天的电话会议到此结束。我们感谢您的参与，并请您断开您的线路。祝你们都过得愉快。

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