On Thursday, Driven Brands Hldgs (NASDAQ: DRVN) discussed first-quarter financial results during its earnings call. The full transcript is provided below.

在周四，Driven Brands Hldgs（纳斯达克：DRVN）在其财报电话会议上讨论了 2026 年第一季度的财务结果。完整的会议记录如下。

Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more.

Benzinga API 提供实时访问财报电话会议记录和财务数据。访问 https://www.benzinga.com/apis/ 了解更多信息。

The full earnings call is available at https://events.q4inc.com/attendee/362081124

完整的财报电话会议可在 https://events.q4inc.com/attendee/362081124 获取。

Summary

摘要

Driven Brands Holdings reported a 6% growth in system-wide sales, 8% growth in revenue, and 2% growth in same-store sales for Q1 2026.

Driven Brands Holdings 报告称，系统销售增长 6%，收入增长 8%，同店销售增长 2%，2026 年第一季度表现良好。

The company achieved an adjusted EBITDA margin of 21.5% and aims to reduce net leverage to 3 times by year-end.

公司实现了 21.5% 的调整后 EBITDA 利润率，并计划在年末将净杠杆降低至 3 倍。

Take 5 oil change showed strong performance with a 14% increase in system-wide sales and plans to expand to over 2,500 locations.

Take 5 油更换业务表现强劲，系统销售增长 14%，计划扩展到超过 2500 个地点。

The company reiterated its full-year 2026 guidance with expected revenue of $1.95 to $2.05 billion and adjusted EBITDA of $430 to $460 million.

公司重申了 2026 年的全年指引，预计收入为 19.5 亿至 20.5 亿美元，调整后 EBITDA 为 4.3 亿至 4.6 亿美元。

Driven Brands appointed Bart Lecount as Chief Marketing Officer to enhance marketing capabilities.

Driven Brands 任命 Bart Lecount 为首席营销官，以增强营销能力。

The automotive aftermarket remains resilient, though there is a moderation in traffic among newer and value-oriented customers.

汽车后市场依然强劲，尽管新客户和注重性价比的客户的流量有所减缓。

Management continues to focus on reducing net leverage and strengthening financial foundations.

管理层继续专注于降低净杠杆并加强财务基础。

Franchise brands achieved a 60% adjusted EBITDA margin, with Meineke driving strong same-store sales.

特许经营品牌实现了 60% 的调整后 EBITDA 利润率，Meineke 驱动了强劲的同店销售。

Auto Glass Now reported a 7% increase in same-store sales with plans to expand carrier relationships.

Auto Glass Now 报告称同店销售增长 7%，并计划扩展承运人关系。

The company faces potential moderation in sales growth due to macroeconomic pressures but remains confident in achieving full-year targets.

公司面临由于宏观经济压力导致的销售增长潜在减缓，但对实现全年目标仍然充满信心。

Full Transcript

完整会议记录

JL (Operator)

JL（主持人）

Thank you for standing by. My name is JL and I will be your conference operator today. At this time I would like to welcome everyone to the Driven Brands first quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press Star followed by the number one on your telephone keypad.

感谢您的耐心等待。我是 JL，今天将担任您的会议主持人。此时，我想欢迎大家参加 Driven Brands 2026 年第一季度财报电话会议。所有线路已静音，以防止背景噪音。在发言者发言后，将进行问答环节。如果您想在此期间提问，只需按电话键盘上的星号，然后按数字一。

If you would like to withdraw your question, simply press Star one again. We'd now like to turn the conference over to Steve Alexander Investor Relations. You may begin.

如果您想撤回您的问题，只需再次按星号一。现在我们将会议转交给投资者关系的 Steve Alexander。请开始。

Steve Alexander (Investor Relations)

Steve Alexander（投资者关系）

Good Morning. Welcome to Driven Brands Hldgs first quarter 2026 earnings conference call. The earnings release and Net Leverage ratio reconciliation are available for download on our website@investors.drivenbrands.com on the call with me today are Danny Rivera, President and Chief Executive Officer and Mike Diamond, Executive Vice President and Chief Financial Officer. In a moment, Danny and Mike will walk you through our financial and operating performance for the quarter.

早上好。欢迎参加 Driven Brands Hldgs 2026 年第一季度财报电话会议。财报和净杠杆比率的对账可在我们的网站上下载 @investors.drivenbrands.com。今天与我在电话会议上的是 Danny Rivera，董事总经理兼首席执行官，以及 Mike Diamond，执行副总裁兼首席财务官。稍后，Danny 和 Mike 将为您介绍我们本季度的财务和运营表现。

Before we begin our remarks, I would like to remind you that management will refer to certain non GAAP financial measures you can find the reconciliations to. The most directly comparable GAAP financial measures are on the Company's investor relations website and in its filings with the securities and Exchange Commission. During this call we will also make forward looking statements regarding our current plans, beliefs and expectations. These statements are not guarantees of future performance and are subject to a number of risks and uncertainties and other factors that could cause actual results and events to differ materially from results and events contemplated by these forward looking statements. Please see our earnings release and our filings with the securities and Exchange Commission for more information. Today's prepared remarks will be followed by question and answer session. We ask that you limit yourself to one question and one follow up. Now I'll turn the call over to Danny.

在我们开始发言之前，我想提醒您，管理层将提及某些非 GAAP 财务指标，您可以找到相关的对账信息。最直接可比的 GAAP 财务指标在公司的投资者关系网站和向证券交易委员会的备案文件中。此次电话会议中，我们还将做出关于我们当前计划、信念和预期的前瞻性陈述。这些陈述并不保证未来的表现，并且受到多种风险和不确定性以及其他因素的影响，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有实质性差异。有关更多信息，请参见我们的财报和向证券交易委员会的备案文件。今天的准备发言后将进行问答环节。我们要求您限制提问为一个问题和一个后续问题。现在我将电话转交给 Danny。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席执行官

Good morning and thank you for joining us to discuss Driven Brands 2026 First Quarter Results. Q1 was a solid quarter for Driven as we continued to execute our growth and cash strategy for the quarter. We grew system wide sales 6%, revenue 8%, same store sales 2% and adjusted EBITDA 2% while delivering adjusted EBITDA margins of 21.5%. The quarter was highlighted by take five oil changes, 23rd consecutive quarter of same store sales growth, improvement from our franchise segment and further progress reducing Net leverage.

早上好，感谢您加入我们讨论 Driven Brands 2026 年第一季度的业绩。第一季度对 Driven 来说是一个稳健的季度，因为我们继续执行我们的增长和现金战略。我们实现了系统销售增长 6%，收入增长 8%，同店销售增长 2%，调整后 EBITDA 增长 2%，同时交付了 21.5% 的调整后 EBITDA 利润率。本季度的亮点是 Take 5 油更换，连续第 23 个季度实现同店销售增长，特许经营部门的改善以及进一步减少净杠杆的进展。

We remain focused on reducing net leverage and strengthening our financial foundation. Net Leverage finished the quarter at 3.2 times and we remain on track to achieve our target of three times by year end. Our priority remains reaching that target first, after which we intend to provide investors with a clear framework for our long term capital allocation priorities. We also continue to make progress enhancing our finance and accounting capabilities, strengthening processes and improving controls.

我们仍然专注于降低净杠杆并加强我们的财务基础。净杠杆在本季度结束时为 3.2 倍，我们仍在按计划实现年末 3 倍的目标。我们的优先事项仍然是首先达到这一目标，之后我们打算为投资者提供一个清晰的长期资本配置优先事项框架。我们还在增强我们的财务和会计能力、加强流程和改善控制方面取得了进展。

While there is more work ahead, we are building a stronger and more scalable foundation to support the next chapter of growth at Driven Brands. The automotive aftermarket remains one of the most resilient corners of the consumer economy. We continue to benefit from long term industry trends including an aging vehicle fleet, a growing car park, increasing vehicle complexity and consumers keeping vehicles longer. Overall demand remains healthy across our businesses.

尽管还有更多工作要做，但我们正在建立一个更强大、更具可扩展性的基础，以支持 Driven Brands 的下一个增长阶段。汽车后市场仍然是消费经济中最具韧性的领域之一。我们继续受益于长期行业趋势，包括老化的汽车车队、不断增长的汽车保有量、日益复杂的车辆以及消费者更长时间地保留车辆。整体需求在我们的业务中依然健康。

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

在 Take Five 中，我们注意到新客户和更注重性价比的客户的流量有所减缓，特别是年收入低于 50,000 美元或面临更大通货膨胀和生活成本压力的家庭。然而，我们的核心客户群依然强劲，我们继续看到较高的平均消费、健康的高端产品组合和良好的附加销售率。我们服务的必要性结合行业的长期利好趋势增强了我们对业务的信心。

Before turning to Take Five, I'd like to highlight an important investment we recently made to strengthen our management team and long term capabilities. Bart Lecount has recently joined Driven Brands as our Chief Marketing Officer, a newly created position demonstrating our commitment to building marketing into a core enterprise capability. Bart brings more than 20 years of marketing and brand building experience from leading consumer brands including PepsiCo and Restaurant Brands International where he led marketing for Popeyes.

在转向 Take Five 之前，我想强调我们最近进行的一项重要投资，以加强我们的管理团队和长期能力。Bart Lecount 最近加入 Driven Brands 担任首席营销官，这是一个新设立的职位，体现了我们将营销建设为核心企业能力的承诺。Bart 拥有超过 20 年的营销和品牌建设经验，曾在包括百事可乐和餐饮品牌国际公司等领先消费品牌中担任营销负责人，负责 Popeyes 的营销。

We have centralized marketing leadership under BART to build a more integrated, data driven and scalable marketing organization that can accelerate growth, improve customer acquisition efficiency, strengthen customer retention and enhance the value of our brands. Turning to Take 5 oil change Take 5 delivered another strong quarter growing system wide sales 14% revenue 10% same store sales 4.5% 12.5% on a two year basis and adjusted EBITDA by 14% while expanding margins year over year by 120 basis points resulting in adjusted EBITDA margins of 33.9%.

我们将营销领导权集中在 Bart 之下，以建立一个更为整合、数据驱动和可扩展的营销组织，从而加速增长、提高客户获取效率、增强客户留存率并提升我们品牌的价值。转向 Take 5 油更换，Take 5 交出了又一个强劲的季度，系统销售增长 14%，收入增长 10%，同店销售增长 4.5%，在两年基础上增长 12.5%，调整后的 EBITDA 增长 14%，同时年同比扩展利润率 120 个基点，调整后的 EBITDA 利润率为 33.9%。

We believe Take 5's performance continues to reflect the strength of its differentiated customer experience. Our stay in your car model combined with a fast, friendly and simple service experience continues to resonate with consumers. Strong operational execution, premiumization, increasing attachment rates and disciplined marketing further support customer acquisition, retention and profitable growth. Take Five also remains early in its growth journey.

我们相信 Take 5 的表现继续反映出其差异化客户体验的强大。我们的 “留在车内” 模式结合快速、友好和简单的服务体验，继续受到消费者的青睐。强大的运营执行、优质化、不断提高的附加率和有序的营销进一步支持了客户获取、留存和盈利增长。Take Five 仍处于其增长旅程的早期阶段。

With approximately 1400 locations today and a path to more than 2,500 locations over time, we continue to see substantial white space opportunity ahead. Importantly, we also continue to see attractive unit level economics and returns on new store investments across both company and franchise development. Our franchise segment once again delivered robust profitability, generating adjusted ebitda margins of 60% while growing same store sales 1% during the quarter.

目前大约有 1400 个网点，未来有望超过 2500 个网点，我们继续看到前方有大量的市场机会。重要的是，我们也继续看到吸引人的单店经济和新店投资的回报，无论是在公司还是特许经营发展方面。我们的特许经营部门再次交出了强劲的盈利能力，调整后的 EBITDA 利润率为 60%，同时在本季度实现同店销售增长 1%。

Results continue to be led by Meineke, with same store sales for the segment sequentially improving from the fourth quarter. We expect franchise brands to continue generating strong margins and cash flow throughout 2026, although we anticipate same store sales for the segment to moderate from our first quarter results. Auto Glass now also delivered a strong quarter, growing revenue 6% same store sales 7% adjusted EBITDA 12% while expanding margins 40 basis points to 9.4%.

业绩继续由 Meineke 领衔，该部门的同店销售从第四季度开始逐步改善。我们预计特许经营品牌将在 2026 年继续产生强劲的利润和现金流，尽管我们预计该部门的同店销售将从第一季度的结果中回落。汽车玻璃部门也交出了强劲的季度业绩，收入增长 6%，同店销售增长 7%，调整后的 EBITDA 增长 12%，同时利润率扩展 40 个基点至 9.4%。

We continue to see significant long term growth opportunity as we expand carrier relationships, grow market share and leverage the scale we've built across the platform close with three key takeaways. First, Take five continues to validate our long term investment thesis. The business is delivering strong growth, expanding margins and remains early in its Runway toward more than 2,500 locations. Second, we remain on track to achieve our target of three times net leverage by year end while continuing to strengthen the company's financial foundation.

随着我们扩大承运人关系、增加市场份额并利用我们在平台上建立的规模，我们继续看到显著的长期增长机会。总结三点关键要点。首先，Take Five 继续验证我们的长期投资理论。该业务正在实现强劲增长，扩展利润率，并且仍处于通往超过 2500 个网点的早期阶段。其次，我们仍在按计划实现到年底净杠杆三倍的目标，同时继续加强公司的财务基础。

Third, we will remain disciplined allocators of capital and active managers of our portfolio, concentrating our resources on our highest growth, highest return opportunities to create long term shareholder value. Based on our first quarter performance, we are reiterating our full year 2026 guidance of revenue of 1.95 to $2.05 billion adjusted EBITDA of 430 to $460 million same store sales of flat to 2% and 160 to 190 net new units. I want to sincerely thank our team and our franchise partners for their continued commitment, execution and support.

第三，我们将继续保持资本的有序配置和积极管理我们的投资组合，将资源集中在我们最高增长、最高回报的机会，以创造长期股东价值。基于我们第一季度的表现，我们重申 2026 年的全年指导，预计收入为 19.5 亿至 20.5 亿美元，调整后的 EBITDA 为 4.3 亿至 4.6 亿美元，同店销售持平至增长 2%，以及 160 至 190 个净新单位。我想真诚地感谢我们的团队和特许经营合作伙伴的持续承诺、执行和支持。

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

接下来我将把时间交给我的合作伙伴和 Driven 的首席财务官 Mike。

Mike Diamond — Chief Financial Officer

Mike Diamond — 首席财务官

Thank you Danny and good morning everyone. I want to begin with an update on our progress toward remediating the material weaknesses in our internal control over financial reporting. As a reminder, this is a multi quarter process. However, our team has made meaningful early progress executing against detailed remediation work plans for each material weakness and we remain committed to strengthening our control environment as we move forward. Turning to our financial results, a reminder that with the divestiture of both our US and international car wash businesses, the results for those businesses are included in discontinued operations and and are not included in quarterly financial details provided today unless Otherwise noted. For Q1 Driven recorded same store sales growth of 2.1% and added 29 net new units. System wide sales for the company grew 5.8% in Q1 to $1.6 billion. Total revenue for Q1 was $484.4 million, an increase of 8.2% year over year. Q1 operating expenses increased $24.1 million year over year, Driven primarily by $8.1 million in higher company operated store expenses from higher sales in more stores and $9.1 million in non recurring restatement costs which were below our initial expectations.

谢谢你，Danny，大家早上好。我想先更新一下我们在改善财务报告内部控制中的重大缺陷方面的进展。提醒一下，这是一个多季度的过程。然而，我们的团队在执行每个重大缺陷的详细整改工作计划方面取得了重要的早期进展，我们仍然致力于在前进过程中加强我们的控制环境。转向我们的财务业绩，提醒一下，由于我们剥离了美国和国际洗车业务，这些业务的业绩被纳入停业业务，并且在今天提供的季度财务细节中未包含，除非另有说明。在第一季度，Driven 记录了 2.1% 的同店销售增长，并增加了 29 个净新单位。公司系统的销售在第一季度增长了 5.8%，达到了 16 亿美元。第一季度的总收入为 4.844 亿美元，同比增长 8.2%。第一季度的运营费用同比增加了 2410 万美元，主要是由于公司运营门店的费用增加 810 万美元，以及 910 万美元的非经常性重述费用，低于我们最初的预期。

Based on a detailed review of the timing of restatement work performed, we saw some restatement cost shift from Q1 to Q2 versus initial expectations. We still anticipate the full year non recurring restatement costs to be between 35 and $45 million. SG&A for Q1 was $131.8 million or 8.4% of system wide sales excluding the Q1 restatement costs. SG&A declined $1.9 million year over year and was 7.8% of system wide sales in line with our expectations as a growing multi business platform with both franchise and company operations.

根据对重述工作时间的详细审查，我们看到一些重述费用从第一季度转移到第二季度，与最初的预期相比。我们仍然预计全年非经常性重述费用将在 3500 万至 4500 万美元之间。第一季度的销售和管理费用为 1.318 亿美元，占系统销售的 8.4%，不包括第一季度的重述费用。销售和管理费用同比下降 190 万美元，占系统销售的 7.8%，符合我们的预期，作为一个多业务平台，涵盖特许经营和公司运营。

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

第一季度的运营收入增加了 1270 万美元，达到了 6740 万美元，主要是由于收入的增加。调整后的 EBITDA 在本季度增长了 1.7%，达到了 1.041 亿美元。第一季度的调整后 EBITDA 利润率为 21.5%，较 2025 年第一季度下降了大约 140 个基点。排除重述费用后，调整后的 EBITDA 利润率将增长约 50 个基点。利息费用下降了 1280 万美元，降至 2350 万美元，主要是由于持续的债务偿还。

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

本季度的所得税费用为 940 万美元。持续经营的净收入为 2380 万美元。本季度调整后的持续经营净收入为 4900 万美元。本季度的调整后摊薄每股收益为 0.30 美元。我们各个业务部门的第一季度表现包括 Take 5 同店销售增长 4.5%，并在本季度新增 29 个净单位，继续执行其特许经营和公司新单位的管道。

Adjusted EBITDA grew 13.6% to $109.5 million, Driven by sales growth and the lapping of a roughly $4.5 million inventory valuation charge in Q1 of 2025 stemming from our restatement. Adjusting for the inventory valuation charge, take five Adjusted EBITDA grew roughly eight and a half percent. Franchise Brands reported a 0.9% increase in same store sales. Revenue declined $0.4 million Driven by the sale of our two remaining company operated collision locations.

调整后的息税折旧摊销前利润（EBITDA）增长了 13.6%，达到 1.095 亿美元，主要得益于销售增长和 2025 年第一季度约 450 万美元的库存估值费用的消除。调整库存估值费用后，Take 5 的调整后 EBITDA 增长了约 8.5%。特许经营品牌的同店销售增长了 0.9%。由于出售了我们剩余的两家公司运营的碰撞维修地点，收入下降了 40 万美元。

Adjusted EBITDA was $41.4 million in Q1, a decrease of $1.5 million Driven by increased technology costs and select investments in people to drive future growth. Auto Glass now reported same store sales growth of 7.2% in Q1 as we saw sequential growth across our retail, commercial and insurance business. Adjusted EBITDA increased $0.6 million to $5.9 million. Turning to cash flow and leverage, our cash flow statement shows a consolidated view of cash flows inclusive of discontinued operations.

第一季度的调整后 EBITDA 为 4140 万美元，减少了 150 万美元，主要由于技术成本增加和对人员的选择性投资以推动未来增长。汽车玻璃在第一季度报告的同店销售增长为 7.2%，我们在零售、商业和保险业务中看到了连续增长。调整后 EBITDA 增加了 60 万美元，达到 590 万美元。关于现金流和杠杆，我们的现金流量表显示了包括已终止业务在内的现金流的综合视图。

Net Capital expenditures for Q1 were $26.9 million, a decrease of $32.2 million primarily Driven by the lapping of CapEx from our divested car wash businesses. Q1 free cash flow defined as operating cash flow less net capital expenditures was $30.3 million, an increase of $13 million from Q1 2025. We ended the quarter at 3.2 times net leverage and remain on track to achieve our target of three times by year end with strong cash flow generation. Today we are reiterating our full year 2026 outlook that was previously shared on May 19th.

第一季度的净资本支出为 2690 万美元，减少了 3220 万美元，主要是由于我们出售的洗车业务的资本支出消失。第一季度的自由现金流（定义为经营现金流减去净资本支出）为 3030 万美元，比 2025 年第一季度增加了 1300 万美元。我们在本季度结束时的净杠杆为 3.2 倍，并且仍在按计划实现年末 3 倍的目标，现金流生成强劲。今天我们重申了之前在 5 月 19 日分享的 2026 年全年展望。

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

作为提醒，我们继续预计收入为 19.5 亿至 20.5 亿美元，调整后的 EBITDA 为 4.3 亿至 4.6 亿美元，其中包括 3500 万至 4500 万美元的预计非经常性重述费用，我们不打算将其计入 2026 年的调整后 EBITDA，调整后的摊薄每股收益为 1.15 至 1.25 美元，同店销售持平至 2%，净店铺增长在 160 至 190 个单位之间，净资本支出约占收入的 6.5%，自由现金流在 1.25 亿至 1.45 亿美元之间。

As we approach the end of Q2, we want to provide a few notes on Q2 performance. Sales we expect moderation across all of our brands in Q2. We expect Q2 take 5 same store sales growth in the mid 3% range which would represent approximately 10% on a 2 year stack. Reflecting the moderation from newer customers and lower income households, we expect franchise brand same store sales to moderate as compared to the 0.9% growth in Q1 compared to given the even nature of recovery for both MAKO and collision restatement costs, we expect restatement costs to exceed $15 million in Q2.

随着我们接近第二季度末，我们想提供一些关于第二季度表现的说明。我们预计所有品牌的销售将有所减缓。我们预计第二季度 Take 5 的同店销售增长在中间的 3% 范围内，这将代表大约 10% 的两年叠加增长。反映出新客户和低收入家庭的减缓，我们预计特许经营品牌的同店销售将低于第一季度的 0.9% 增长。考虑到 MAKO 和碰撞重述费用的恢复性质，我们预计第二季度的重述费用将超过 1500 万美元。

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

第一季度的增长主要是由于本季度进行了完整的三个月重述工作，包括提交我们的 10K 和第一季度 10Q 的重述财务报告，持续改进我们的内部控制和相关法律费用。重要的是，这些费用是非经常性的，不反映业务的基本盈利能力。调整后的 EBITDA 因此，我们预计调整后的 EBITDA 利润率将相对于第一季度的 21.5% 受到压力。

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

总的来说，我们在第一季度表现良好，所有三个业务部门的同店销售增长，并且尽管有非经常性的重述费用，第一季度的调整后 EBITDA 仍然增长。然而，我们认识到消费者面临的宏观压力，并且在第二季度保持适度谨慎，因为我们看到 Take 5 和特许经营品牌的收入减缓。重要的是，我们仍在按计划实现我们的全年展望，该展望旨在反映广泛的宏观情景。

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

那么，我现在将把时间交给操作员，我们很高兴回答您的问题。

JL (Operator)

JL（操作员）

Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question,, please press Star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press Star one again. If you are called upon to ask a question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question.

谢谢。现在可以开始提问。如果您已经拨入并希望提问，请按电话键盘上的星号 1 以举手并加入队列。如果您希望撤回您的问题，只需再次按星号 1。如果您被叫到提问并通过设备的扬声器收听，请拿起听筒并确保在提问时您的电话没有静音。

We do request for today's session that you please limit yourself to one question and one follow up and queue back up for any follow up questions if time permits. Your first question comes from the line of Mark Jordan of Goldman Sachs. Your line is open.

我们要求您在今天的会议中限制自己提问一个问题和一个后续问题，如果时间允许，请再次排队进行后续问题。您的第一个问题来自高盛的 Mark Jordan。您的线路已开启。

Mark Jordan (Equity Analyst)

Mark Jordan（股票分析师）

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

早上好。非常感谢您接受我的提问。您能否谈谈您看到的某些客户流量减缓的情况，以及在第二季度的趋势如何？如果您能谈谈您其他的人口统计数据，除了新客户和低收入客户之外的情况。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席执行官

customers yeah, hey Mark, it's Danny. So yeah, look we continue to see a bit of moderation with two very specific groups of customers. So it's newer customers and more value oriented customers. We mentioned this for the first time last earning call a few weeks ago. Honestly, nothing's changed from a trends perspective, things are pretty stable on that front. I think importantly to the second half of your question, when we look at our core customer, when we look frankly across all other customer types, what we're seeing is resilience, right? So ultimately check is up, attachment rates are up Premiumization is up. So I'd summarize it as generally speaking, we're seeing a resilient consumer with a bit of moderation across two specific groups.

客户，好的，Mark，我是 Danny。是的，我们继续看到两个非常特定的客户群体的减缓。一个是新客户，另一个是更注重价值的客户。我们在几周前的第一次财报电话中提到过这一点。老实说，从趋势的角度来看，没有变化，情况在这方面相对稳定。我认为，重要的是在您问题的后半部分，当我们查看我们的核心客户时，坦率地说，当我们查看所有其他客户类型时，我们看到的是韧性，对吧？所以最终，消费支出在上升，附加率在上升，优质化在上升。因此，我会总结说，通常来说，我们看到的是一个韧性的消费者，但在两个特定群体中有所减缓。

Mark Jordan (Equity Analyst)

马克·乔丹（股票分析师）

Okay, perfect. And if I could just follow on, you know, on the 1Q comp and maybe how it trended for take five throughout the quarter and you know, I don't know if you'd be willing to give it but how ticket and traffic contributed for the quarter as well.

好的，完美。如果我可以继续问一下，关于第一季度的同比增长，以及在整个季度中 Take Five 的趋势如何，我不知道您是否愿意透露，但票务和客流量在本季度的贡献如何。

Danny R. Rivera — Chief Executive Officer

丹尼·R·里维拉 — 首席执行官

Yeah, we typically don't, don't break out the sales tree and we don't go intra company or intra quarter numbers. But look, what I'd say is it was a solid start to the year for take five. Right. So 4.5% comps for the quarter, 12.5% on a two year basis. We continue to see that business grow and do well ultimately from an aero and traffic perspective. Like I said, we don't break it out. But I mean look, the material gain there is really on the arrow side. We continue to see improvement in check improvement in attachment rates. Our NPS scores remain in the high 70s. So not only are we delivering the services on the kind of check side of the equation, but we're doing so in a way where customers are happy. So strong start to the year for Take five.

是的，我们通常不拆分销售数据，也不提供公司内部或季度内的数字。但我想说的是，Take Five 在今年开局良好。所以本季度的同比增长为 4.5%，两年基础上为 12.5%。我们继续看到这个业务的增长和良好表现，从航空和客流量的角度来看。正如我所说，我们不拆分这些数据。但我想说，主要的增长确实是在航空方面。我们继续看到客单价和附加率的改善。我们的 NPS 评分保持在 70 多分。因此，我们不仅在客单价方面提供服务，而且以客户满意的方式进行服务。所以 Take Five 在今年开局强劲。

Mark Jordan (Equity Analyst)

马克·乔丹（股票分析师）

Perfect. Thank you very much.

完美，非常感谢。

JL (Operator)

JL（运营商）

Your next question comes from the line of Philip Blee of William Blair. Your line is open.

您的下一个问题来自威廉·布莱尔的菲利普·布利，您的线路已开启。

Philip Blee (Equity Analyst)

菲利普·布利（股票分析师）

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

嘿，大家好，问题来了。本季度特许经营品牌的同比增长转为正值。您能否谈谈这种增长的可持续性，以及您在碰撞领域看到的具体情况。您是否看到保险费进入通缩领域后有所缓解，您如何看待该领域可能存在的被压抑的需求，或者是什么关键因素能够真正稳定该领域的未来发展？

Yeah. Hey Philip, a few different things I'd say to your point. We're happy it's a solid start to the quarter. 1% comps is good. As we iterated in our prepared remarks, we're expecting some moderation for the segment towards the back half of the year. Year. The underlying kind of story, so to speak really hasn't changed a whole lot. So if you look underlying franchise brands, we've got three kind of main businesses. Mako has been soft, it was soft tail end of last year.

是的，嘿，菲利普，我想说几件事。我们很高兴本季度开局良好，1% 的同比增长是不错的。正如我们在准备的发言中提到的，我们预计该领域在下半年会有所减缓。整体故事并没有太大变化。如果您看看特许经营品牌，我们有三个主要业务。Mako 在去年底表现疲软。

That softness has consisted or has persisted so to speak into Q1 of this year. Although we are seeing a bit of improvement on the retail side of that business. Meineke has been strong for Some time now that strength was evident in 2025 and that momentum has carried forward into Q1. The change really sequentially, quarter over quarter was really collision. So Q1 we saw the industry pick up a little bit from where it was in Q4. We continue to outperform the general industry anywhere between 100 to 300 basis points.

这种疲软在今年第一季度持续存在，尽管我们在该业务的零售方面看到了一些改善。Meineke 在一段时间内表现强劲，这种强劲在 2025 年显而易见，这种势头延续到了第一季度。季度间的变化主要体现在碰撞领域。因此，在第一季度，我们看到行业的表现比第四季度有所回升。我们继续超越整体行业，超出 100 到 300 个基点。

That really hasn't changed into Q1 and we don't expect that to change here anytime soon. But as we look at the collision industry for the entire year of 2026, what we're really expecting is a year of stabilization, not so much a year of bounce back. So we expect the industry to moderate towards the back half of the year and in turn the overall then the segment will tend to moderate into the back half of the year. I always like to go back to. So that's, you know, loosely speaking how things are shaking out for franchise brands.

这种情况在第一季度并没有改变，我们也不预计这种情况会很快改变。但当我们展望 2026 年整个碰撞行业时，我们真正期待的是一个稳定的年份，而不是反弹的一年。因此，我们预计行业在下半年会减缓，整体领域也会在下半年趋于平稳。我总是喜欢回顾。所以，这就是特许经营品牌的情况。

But important to remember for us, franchise brands is all about cash. So as we think about the framework of growth in cash, I love it when we post a 1% comp quarter obviously. But at the end of the day what I love more is 60% margins. And irrespective of the moderation of the top line into the, into the back half of the year, we continue to expect really strong margins from that, from that segment. Okay, great. That, that's excellent. And then speaking of cash, so you reiterated your target to reach a three times then leverage point by the year or by year end.

但重要的是要记住，对我们来说，特许经营品牌的核心是现金。因此，当我们考虑增长和现金的框架时，我喜欢看到 1% 的同比增长，显然。但归根结底，我更喜欢的是 60% 的利润率。无论下半年收入的减缓如何，我们仍然预计该领域会保持强劲的利润率。好的，太好了。然后说到现金，您重申了到年底达到三倍杠杆的目标。

So after you hit your target, can you just talk a bit more about your plans for free cash flow? Are there areas of the business that you need to catch up or that maybe need a bit more investment, more debt pay down on the horizon or is there some shareholder returns that you're thinking about? Thank you.

那么在您达到目标后，您能否谈谈自由现金流的计划？是否有业务领域需要赶上，或者可能需要更多投资，更多的债务偿还，或者您在考虑一些股东回报？谢谢。

Mike Diamond — Chief Financial Officer

迈克·戴蒙 — 首席财务官

Hey Phil, this is Mike. I'll take that one. You know, we have stated historically that we are continuing to evaluate our options once we get down to three times. For now the focus remains on getting to that important milestone. I'll respond to the one part of your question. I don't think there's any sort of deferred capex or anything we need to go into to catch up. The good news is we have many different ways we can go. We have very high return, predictable investments in our Take 5 infrastructure with opportunities to grow there. There's also possibility of returning cash to shareholders. I think our debt is fixed rate and fairly low. So I'm not sure once we get to three times if there's a ton of appetite to delever significantly further. But it's something that we're obviously focused on focused on right now.

嘿，菲尔，我是迈克。我来回答这个问题。我们历史上曾表示，一旦我们降到三倍杠杆，我们将继续评估我们的选择。目前的重点仍然是达到这个重要的里程碑。我会回应您问题的一部分。我认为没有任何延迟的资本支出或需要赶上的事情。好消息是我们有很多不同的选择。我们在 Take 5 基础设施中有非常高回报、可预测的投资机会。还有可能将现金返还给股东。我认为我们的债务是固定利率且相对较低的。因此，我不确定一旦我们达到三倍杠杆，是否会有很大的意愿进一步降低杠杆。但这显然是我们目前关注的重点。

The main focus in the short term is getting down to that three times. But in the background we're working on what that plan is. And as we get closer to the end of the year, we'll be in a position to communicate.

短期内的主要关注点是降到三倍杠杆。但在此背景下，我们正在制定计划。随着年底的临近，我们将能够进行沟通。

Philip Blee (Equity Analyst)

菲利普·布利（股票分析师）

Excellent. Thank you guys.

非常好，谢谢你们。

JL (Operator)

JL（运营商）

Your next question comes from line of Simeon Gutman of Morgan Stanley. Your line is open.

您的下一个问题来自摩根士丹利的西门·古特曼，您的线路已开启。

Skylar Lieutenant

斯凯拉·中尉

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

嘿，早上好。我是斯凯拉·中尉，代替西门·古特曼提问。感谢您接受我们的提问，首先关于今年剩余时间的 EBITDA 利润率的走势，是否有上行的可能性，以及您预期的一些利弊是什么？

Mike Diamond — Chief Financial Officer

迈克·戴蒙 — 首席财务官

Yeah, I mean there's a couple of different things that go into that morning, Skyler. I would say first of all, there's a little bit of seasonality in our business. And so, you know, if you think about Q2 and Q3 historically have a little bit more sales as that's peak driving season. That's going to be offset by some of our restatement costs. And so if you think about the commentary we gave on the prepared remarks, we expect restatement costs to be higher in Q2 just given the fact that it's a full three months. We've got obviously the K and the Q, we've got whole business securitization financials. So there's a little bit of puts and takes.

是的，Skyler，我的意思是，这个早晨有几个不同的因素。我首先想说的是，我们的业务有一些季节性。因此，如果你考虑历史上第二季度和第三季度的销售情况，通常会有更多的销售，因为那是驾驶的高峰季节。这将会被我们的一些重述成本所抵消。所以如果你考虑我们在准备发言中所给出的评论，我们预计第二季度的重述成本会更高，因为这是完整的三个月。我们显然有 K 和 Q，还有整个业务的证券化财务。因此，这里有一些利弊的权衡。

I think there is an ability to leverage off of our fixed costs, particularly as we move into Q3 and see higher sales in Q3 and what is a seasonal be high time. But my job, our job is to make sure we get the restatement and the remediation plan right. And so we will spend the dollars necessary there to make sure we get that plan right. So that's, I mean, that's a little bit of the yin and yang of that equation.

我认为在我们进入第三季度并看到第三季度的销售增长时，有能力利用我们的固定成本，尤其是在这个季节性高峰期。但我的工作，我们的工作是确保我们正确地进行重述和补救计划。因此，我们会在这方面花费必要的资金，以确保我们能把计划做好。所以，这就是这个方程式的一点阴阳之道。

Skylar Lieutenant

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

好的，非常感谢。那么，考虑到你们在 Take five 方面看到的一些较软的流量趋势，你能谈谈你们如何考虑定价以及在不影响需求的情况下你们有多少灵活性吗？谢谢。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席执行官

Yeah, I'll take that one. I mean, look, I think what you're getting at is promotional activity the way that we've thought about promotions historically. I mean, look, we've never shied away from it. It's an arrow in the quiver, so to speak. It's something that we've used surgically over time, depending on certain use cases. When I think about some of the moderation that we're seeing right now we're talking about moderation with two very specific groups of customers that are very readily identifiable. That sounds like a use case where, you know, the arrow, so to speak, of surgical promotions tends to make sense. And so, you know, we will continue to use the tools at our disposal. I wouldn't take that as any kind of a broad shift in pricing strategy or anything like that.

是的，我来回答这个问题。我的意思是，看看你所提到的促销活动，我们历史上对促销的思考方式。我的意思是，我们从来没有回避过这点。这是我们的一项策略，可以说是我们的武器之一。这是我们根据特定的使用案例在时间上进行的精准使用。当我想到我们现在看到的一些适度时，我们正在谈论的是两个非常具体的客户群体，他们非常容易识别。这听起来像是一个使用案例，在这种情况下，所谓的精准促销是有意义的。因此，我们将继续使用我们手头的工具。我不会将其视为任何广泛的定价策略或其他方面的转变。

We don't go to market as a low cost alternative or anything. So there's no strategic shift that we're contemplating, just, you know, using surgical promotional activities where it makes sense.

我们并不是以低成本替代品的身份进入市场。因此，我们并没有考虑任何战略转变，只是，在合适的情况下使用精准的促销活动。

Skylar Lieutenant

Okay, thank you.

好的，谢谢。

JL (Operator)

JL (操作员)

Your next question comes from line of Mike Albanese of benchmark Stonex. Your line is open.

下一个问题来自 Benchmark Stonex 的 Mike Albanese。您的线路已开启。

Mike Albanese

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

嘿，谢谢。早上好，大家。感谢你们回答我的问题。只是，排除重述成本，现在我们正在以更干净的投资组合和更多的销售可见性出现，你们是否看到减少 GNA 的机会，还是你们的预期更多是随着增长而利用？

Mike Diamond — Chief Financial Officer

Mike Diamond — 首席财务官

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

是的，嘿，Mike，早上好。所以我想我会在 SG&A 上说几件事。首先，我想让你了解我们如何看待 SG&A。我们认为，对于像我们这样的多业务平台，SG&A 的最佳指标是系统销售的百分比。对吧。我们这样做是因为这最好地规范了公司运营和特许经营之间的所有权差异，以及我们在不同特许经营组合中可能收到的不同特许权使用费。

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

当你从这个角度来看，并排除重述成本时，你会发现，实际上这一季度的同比有所下降。因此，我们认为我们在管理这方面做得不错，以帮助我们支持增长。我认为第二部分，可能是你问题的关键，Danny 和我将始终努力在支持未来增长的同时尽可能高效地运营。因此，我认为绝对有机会继续利用我们现有的固定成本，因为我们的各项业务将继续增长。

And Danny and I will also, you know, challenge ourselves to make sure we're being as efficient as possible with the dollars we spend.

Danny 和我也会挑战自己，确保我们在支出上尽可能高效。

Mike Albanese

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

明白了。这很有帮助。谢谢。关于系统销售百分比的指标，你想给出一个具体的数字，还是我可以根据上个季度的情况来推算？我的意思是，我该如何量化这个？

Mike Diamond — Chief Financial Officer

Mike Diamond — 首席财务官

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

是的，我的意思是，我认为我们在排除重述成本的情况下感到舒适。那大约是系统销售的 7.8%。显然，正如我提到的，考虑到季节性，第二季度和第三季度的销售通常会稍高，我们仍然有固定成本。因此，我认为目前我们认为的就是这个。正如我刚才提到的，我认为总是有机会更好地利用我们的固定成本，并继续提高效率。

Mike Albanese

Got it. Thank you. That was helpful.

明白了。谢谢。这很有帮助。

Mike Diamond — Chief Financial Officer

Mike Diamond — 首席财务官

Thanks, Mike.

谢谢，Mike。

JL (Operator)

JL (操作员)

Your next question. Your next question comes from line of. Craig Kennison of Baird. Your line is open.

下一个问题。下一个问题来自 Baird 的 Craig Kennison。您的线路已开启。

Craig Kennison (Equity Analyst)

Craig Kennison (股票分析师)

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

嘿，早上好。感谢你们回答我的问题。我想跟进你们之前的评论。在碰撞市场中，我想知道你们为什么预计下半年的趋势会适度变化，以及在保险业务疲软的情况下，你们能做些什么来捕捉更多的客户支付机会？

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席执行官

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

你好，Craig。这是个很好的问题。首先，我先回答第二部分。实际上，我们确实捕获了更多的客户自费。这已经成为我们业务中一个不断增长的部分，而我们作为 Driven Brands 在这方面具有独特的优势。当你考虑到 Mako 这一部分时，如果有客户不想通过保险来处理，比如他们发生了一些轻微的碰撞，不想支付或冒着保费上涨的风险，他们可能会选择自费，Mako 在这方面是一个非常实际的替代方案。因此，Mako 实际上有很多客户自费的情况。所以我们在捕获这一部分业务上有一定的独特优势。

As far as why do we expect the moderation of the industry? That's just based on the data that we're seeing. We saw sequential improvement, Q1 over Q4, but as we look at the data that's available, if we look at just what's happening with inflation in the country, some of the most recent numbers, our expectation again is that that 2026 is a year of stabilization over 2025, not so much a bounce back year. And so we expect a bit of moderation going into the back half of the year.

至于我们为什么预期行业会有所缓和，这只是基于我们所看到的数据。我们看到第一季度相比第四季度有连续的改善，但当我们查看可用的数据时，如果我们仅仅关注国家的通货膨胀情况，以及一些最新的数字，我们再次预期 2026 年将是一个稳定的年份，而不是 2025 年的反弹年。因此，我们预计在下半年会有一些缓和。

Craig Kennison (Equity Analyst)

Craig Kennison（股票分析师）

Thank you. And do you have any ability to push harder on alternative parts in order to lower repair costs and maybe make a dent in that trend? We do. I mean, look, one of the really nice things about our business compared to some of our competitors in that space is that we've got a franchise model. So we've got owner operators on the ground. Having owners on the ground covers all manner of sin and Those folks are very cognizant of not just delivering an amazing experience for the customers and for our carriers, but also they're very cognizant of making sure that they're taking the appropriate steps to maximize profitability.

谢谢你。你们是否有能力在替代零件方面加大力度，以降低维修成本，并可能对这一趋势产生影响？我们有。我的意思是，相比于我们在这个领域的一些竞争对手，我们的业务有一个非常好的优势，那就是我们有特许经营模式。因此，我们在现场有业主运营商。现场的业主能够覆盖各种情况，这些人非常清楚不仅要为客户和我们的承运人提供出色的体验，而且还要确保采取适当的步骤来最大化盈利能力。

Thank you.

谢谢。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席执行官

Our pleasure.

我们的荣幸。

JL (Operator)

JL（运营商）

Your next question comes from the line of Peter Keith of Piper Sandler. Your line is open.

你的下一个问题来自 Piper Sandler 的 Peter Keith。你的线路已开启。

Sarah Moore

Good morning, this is Sarah Moore and I'm for Peter Keith. Thanks for taking your question first. Just regarding the CRM database, given the breadth of your customer data across the segments, what is the current strategy for utilizing the database as a marketing engine for Take five?

早上好，我是 Sarah Moore，代表 Peter Keith 提问。感谢你们首先回答我的问题。关于 CRM 数据库，考虑到你们在各个细分市场的客户数据广度，当前的策略是什么，以利用该数据库作为 Take five 的营销引擎？

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席执行官

Hey Sarah, it's Danny. It's a great question. So I'd say number one part of the benefit of Driven Brands is we're a portfolio. We've got a nice platform and some of the services that we provide are at the platform level. So we have the benefit of we pool money together, we create a world class capability. CRM happens to be one of those areas where we've got one CRM platform that's leveraged across all of the brands. So it's one of those areas where the synergies of Driven brands tends to really shine. Where some of our smaller brands probably wouldn't be able to on their own afford a solution like the one that we have in our CRM engine at the platform level. We've been using that engine for a long time now to drive frequency, to drive repeat business. It's different obviously by business. So we've got a collection of use cases, let's say on the Take five side.

嘿，Sarah，我是 Danny。这是个很好的问题。所以我想说，Driven Brands 的一个主要好处是我们是一个组合公司。我们有一个不错的平台，我们提供的一些服务是在平台层面上。因此，我们的好处是我们将资金汇集在一起，创造出世界级的能力。CRM 恰好是我们在所有品牌中使用的一个领域。因此，这是一个 Driven Brands 的协同效应真正闪耀的领域。我们的一些小品牌可能无法单独承担我们在平台层面上拥有的 CRM 引擎的解决方案。我们已经使用这个引擎很长时间了，以推动频率和重复业务。显然，不同的业务有所不同。因此，我们在 Take five 方面有一系列的使用案例。

Some of the more basic ones are going to be your typical oil change reminders where we will remind customers that they're due for an oil change. We do have proprietary algorithms in that CRM engine as far as how we do those reminders when we do those reminders and it's not, it's not a one size fits all, but it's a fairly complicated set of algorithms to try to personalize that as much as possible. We've got different journeys on the Meinekey side, let's say we've got different journeys on the Mako side. So the really neat thing is we have a very sophisticated platform that we leverage across all of the businesses.

一些更基本的案例将是你典型的换油提醒，我们会提醒客户他们该换油了。我们在 CRM 引擎中确实有专有算法，关于我们如何进行这些提醒、何时进行这些提醒，这并不是一刀切的，但这是一个相当复杂的算法集合，尽量使其个性化。我们在 Meinekey 方面有不同的客户旅程，在 Mako 方面也有不同的客户旅程。因此，真正有趣的是，我们有一个非常复杂的平台，可以在所有业务中利用。

Sarah Moore

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

好的，谢谢。那么关于碰撞领域，我们听说交易活动有所改善，但行业票据似乎保持平稳。你能提供关于碰撞市场的任何更新吗？

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席执行官

I'm not sure that I can provide anything more than I've already provided. I mean, as I think about it again, 2026 year of stabilization over 2025 sequential improvement Q1 over Q4. We expect the overall industry to moderate a bit into the back half of the year. Importantly for us, you know, we've historically outperformed the industry anywhere between 100 to 300 basis points. We continue to do so in Q1. We expect that to continue into the back half of the year year. And given that collision for us as part of our franchise brand segment, we expect to continue to see really strong margins on that side of the business, which is ultimately the important part, you know, filling in the cash part of the growth and cash framework for driven brands.

我不确定我能提供的比我已经提供的更多的信息。我的意思是，当我再次考虑时，2026 年是一个稳定的年份，相比于 2025 年第一季度与第四季度的连续改善。我们预计整体行业在下半年会有所缓和。对我们来说，重要的是，你知道，我们历史上在行业中表现优于 100 到 300 个基点。我们在第一季度继续这样做。我们预计这将持续到下半年。考虑到碰撞对我们来说是特许经营品牌的一部分，我们预计在这一业务方面将继续看到非常强的利润率，这最终是重要的部分，你知道，填补 Driven Brands 的增长和现金框架中的现金部分。

Sarah Moore

Okay, thank you.

好的，谢谢。

JL (Operator)

JL（运营商）

Your next question comes from the line of Tristan Thomas Martin of BMO Capital Markets. Your line is open. Hey, good morning.

你的下一个问题来自 BMO 资本市场的 Tristan Thomas Martin。你的线路已开启。早上好。

Tristan Thomas Martin (Equity Analyst)

Tristan Thomas Martin（股票分析师）

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

我只是好奇。你提到交通流量的缓和，对吧？低收入和新客户。这只是他们推迟换油，还是他们可能尝试自己动手？对此的任何解释都将不胜感激。还有，关于家庭收入低于 50,000 的客户的疲软情况，这与您核心客户的家庭收入相比如何？谢谢。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席执行官

Hey there. So I guess a couple different things there. We are calling out some moderation traffic. I just want to be specific specifically with those two groups of customers. As I mentioned a second ago, when we look at our core customer, which is going to have a higher household income, and I'm not going to get into in a ton of specifics as to exactly where we price things at, but it's certainly more than, you know, $50,000. We're seeing overall resilience across the board in all groups. Other than really those two very specific groups, what we're seeing ultimately is a bit more churn out of those groups than anything else. So if the question is are we seeing intervals go up? No. Oil change intervals have been stable for some time now. We haven't really seen any material change to oil change intervals for some time. And that's not what we're seeing today.

你好。我想这里有几个不同的事情。我们正在关注一些中等流量。我想具体说明这两类客户。正如我刚才提到的，当我们看我们的核心客户时，他们的家庭收入会更高，我不会详细说明我们具体的定价，但肯定超过了 5 万美元。我们看到所有群体整体上都有韧性。除了那两类非常特定的群体外，我们看到的最终是这两个群体的流失率比其他任何群体都要高。所以如果问题是我们是否看到间隔增加？没有。换油间隔已经稳定了一段时间。我们并没有看到换油间隔有任何实质性的变化，这也是我们今天看到的情况。

This is not a elongation, so to speak, of when customers are coming in. What we're seeing is with two very specific types of customers, a bit more churn.

这并不是说客户进店的时间延长。我们看到的是两类非常特定的客户流失率稍微高一些。

Tristan Thomas Martin (Equity Analyst)

Tristan Thomas Martin（股票分析师）

Great. Thank you.

很好，谢谢。

JL (Operator)

JL（主持人）

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

没有进一步的问题，这次问答环节和今天的电话会议到此结束。感谢您的参与。您现在可以断开连接。

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Driven Brands Holdings 2026 年第一季度财报电话会议：完整记录