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

在週四，Driven Brands Hldgs（納斯達克：DRVN）在其財報電話會議上討論了 2026 年第一季度的財務結果。完整的會議記錄如下。

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

Benzinga API 提供實時訪問財報電話會議記錄和財務數據。訪問 https://www.benzinga.com/apis/ 瞭解更多信息。

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

完整的財報電話會議可在 https://events.q4inc.com/attendee/362081124 獲取。

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 報告稱，系統銷售增長 6%，收入增長 8%，同店銷售增長 2%，2026 年第一季度表現良好。

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

公司實現了 21.5% 的調整後 EBITDA 利潤率，並計劃在年末將淨槓桿降低至 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 油更換業務表現強勁，系統銷售增長 14%，計劃擴展到超過 2500 個地點。

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，預計收入為 19.5 億至 20.5 億美元，調整後 EBITDA 為 4.3 億至 4.6 億美元。

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

Driven Brands 任命 Bart Lecount 為首席營銷官，以增強營銷能力。

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

汽車後市場依然強勁，儘管新客户和注重性價比的客户的流量有所減緩。

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

管理層繼續專注於降低淨槓桿並加強財務基礎。

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

特許經營品牌實現了 60% 的調整後 EBITDA 利潤率，Meineke 驅動了強勁的同店銷售。

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

Auto Glass Now 報告稱同店銷售增長 7%，並計劃擴展承運人關係。

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

公司面臨由於宏觀經濟壓力導致的銷售增長潛在減緩，但對實現全年目標仍然充滿信心。

Full Transcript

完整會議記錄

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.

感謝您的耐心等待。我是 JL，今天將擔任您的會議主持人。此時，我想歡迎大家參加 Driven Brands 2026 年第一季度財報電話會議。所有線路已靜音，以防止背景噪音。在發言者發言後，將進行問答環節。如果您想在此期間提問，只需按電話鍵盤上的星號，然後按數字一。

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.

如果您想撤回您的問題，只需再次按星號一。現在我們將會議轉交給投資者關係的 Steve Alexander。請開始。

Steve Alexander (Investor Relations)

Steve Alexander（投資者關係）

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。歡迎參加 Driven Brands Hldgs 2026 年第一季度財報電話會議。財報和淨槓桿比率的對賬可在我們的網站上下載 @investors.drivenbrands.com。今天與我在電話會議上的是 Danny Rivera，董事總經理兼首席執行官，以及 Mike Diamond，執行副總裁兼首席財務官。稍後，Danny 和 Mike 將為您介紹我們本季度的財務和運營表現。

Before we begin our remarks, I would like to remind you that management will refer to certain non GAAP financial measures you can find the reconciliations to. The most directly comparable GAAP financial measures 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.

在我們開始發言之前，我想提醒您，管理層將提及某些非 GAAP 財務指標，您可以找到相關的對賬信息。最直接可比的 GAAP 財務指標在公司的投資者關係網站和向證券交易委員會的備案文件中。此次電話會議中，我們還將做出關於我們當前計劃、信念和預期的前瞻性陳述。這些陳述並不保證未來的表現，並且受到多種風險和不確定性以及其他因素的影響，這些因素可能導致實際結果和事件與這些前瞻性陳述所設想的結果和事件有實質性差異。有關更多信息，請參見我們的財報和向證券交易委員會的備案文件。今天的準備發言後將進行問答環節。我們要求您限制提問為一個問題和一個後續問題。現在我將電話轉交給 Danny。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席執行官

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，感謝您加入我們討論 Driven Brands 2026 年第一季度的業績。第一季度對 Driven 來説是一個穩健的季度，因為我們繼續執行我們的增長和現金戰略。我們實現了系統銷售增長 6%，收入增長 8%，同店銷售增長 2%，調整後 EBITDA 增長 2%，同時交付了 21.5% 的調整後 EBITDA 利潤率。本季度的亮點是 Take 5 油更換，連續第 23 個季度實現同店銷售增長，特許經營部門的改善以及進一步減少淨槓桿的進展。

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.

我們仍然專注於降低淨槓桿並加強我們的財務基礎。淨槓桿在本季度結束時為 3.2 倍，我們仍在按計劃實現年末 3 倍的目標。我們的優先事項仍然是首先達到這一目標，之後我們打算為投資者提供一個清晰的長期資本配置優先事項框架。我們還在增強我們的財務和會計能力、加強流程和改善控制方面取得了進展。

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.

儘管還有更多工作要做，但我們正在建立一個更強大、更具可擴展性的基礎，以支持 Driven Brands 的下一個增長階段。汽車後市場仍然是消費經濟中最具韌性的領域之一。我們繼續受益於長期行業趨勢，包括老化的汽車車隊、不斷增長的汽車保有量、日益複雜的車輛以及消費者更長時間地保留車輛。整體需求在我們的業務中依然健康。

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，我們注意到新客户和更注重性價比的客户的流量有所減緩，特別是年收入低於 50,000 美元或面臨更大通貨膨脹和生活成本壓力的家庭。然而，我們的核心客户羣依然強勁，我們繼續看到較高的平均消費、健康的高端產品組合和良好的附加銷售率。我們服務的必要性結合行業的長期利好趨勢增強了我們對業務的信心。

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.

在轉向 Take Five 之前，我想強調我們最近進行的一項重要投資，以加強我們的管理團隊和長期能力。Bart Lecount 最近加入 Driven Brands 擔任首席營銷官，這是一個新設立的職位，體現了我們將營銷建設為核心企業能力的承諾。Bart 擁有超過 20 年的營銷和品牌建設經驗，曾在包括百事可樂和餐飲品牌國際公司等領先消費品牌中擔任營銷負責人，負責 Popeyes 的營銷。

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%.

我們將營銷領導權集中在 Bart 之下，以建立一個更為整合、數據驅動和可擴展的營銷組織，從而加速增長、提高客户獲取效率、增強客户留存率並提升我們品牌的價值。轉向 Take 5 油更換，Take 5 交出了又一個強勁的季度，系統銷售增長 14%，收入增長 10%，同店銷售增長 4.5%，在兩年基礎上增長 12.5%，調整後的 EBITDA 增長 14%，同時年同比擴展利潤率 120 個基點，調整後的 EBITDA 利潤率為 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.

我們相信 Take 5 的表現繼續反映出其差異化客户體驗的強大。我們的 “留在車內” 模式結合快速、友好和簡單的服務體驗，繼續受到消費者的青睞。強大的運營執行、優質化、不斷提高的附加率和有序的營銷進一步支持了客户獲取、留存和盈利增長。Take Five 仍處於其增長旅程的早期階段。

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.

目前大約有 1400 個網點，未來有望超過 2500 個網點，我們繼續看到前方有大量的市場機會。重要的是，我們也繼續看到吸引人的單店經濟和新店投資的回報，無論是在公司還是特許經營發展方面。我們的特許經營部門再次交出了強勁的盈利能力，調整後的 EBITDA 利潤率為 60%，同時在本季度實現同店銷售增長 1%。

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

業績繼續由 Meineke 領銜，該部門的同店銷售從第四季度開始逐步改善。我們預計特許經營品牌將在 2026 年繼續產生強勁的利潤和現金流，儘管我們預計該部門的同店銷售將從第一季度的結果中回落。汽車玻璃部門也交出了強勁的季度業績，收入增長 6%，同店銷售增長 7%，調整後的 EBITDA 增長 12%，同時利潤率擴展 40 個基點至 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.

隨着我們擴大承運人關係、增加市場份額並利用我們在平台上建立的規模，我們繼續看到顯著的長期增長機會。總結三點關鍵要點。首先，Take Five 繼續驗證我們的長期投資理論。該業務正在實現強勁增長，擴展利潤率，並且仍處於通往超過 2500 個網點的早期階段。其次，我們仍在按計劃實現到年底淨槓桿三倍的目標，同時繼續加強公司的財務基礎。

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，我們將繼續保持資本的有序配置和積極管理我們的投資組合，將資源集中在我們最高增長、最高回報的機會，以創造長期股東價值。基於我們第一季度的表現，我們重申 2026 年的全年指導，預計收入為 19.5 億至 20.5 億美元，調整後的 EBITDA 為 4.3 億至 4.6 億美元，同店銷售持平至增長 2%，以及 160 至 190 個淨新單位。我想真誠地感謝我們的團隊和特許經營合作伙伴的持續承諾、執行和支持。

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

接下來我將把時間交給我的合作伙伴和 Driven 的首席財務官 Mike。

Mike Diamond — Chief Financial Officer

Mike Diamond — 首席財務官

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.

謝謝你，Danny，大家早上好。我想先更新一下我們在改善財務報告內部控制中的重大缺陷方面的進展。提醒一下，這是一個多季度的過程。然而，我們的團隊在執行每個重大缺陷的詳細整改工作計劃方面取得了重要的早期進展，我們仍然致力於在前進過程中加強我們的控制環境。轉向我們的財務業績，提醒一下，由於我們剝離了美國和國際洗車業務，這些業務的業績被納入停業業務，並且在今天提供的季度財務細節中未包含，除非另有説明。在第一季度，Driven 記錄了 2.1% 的同店銷售增長，並增加了 29 個淨新單位。公司系統的銷售在第一季度增長了 5.8%，達到了 16 億美元。第一季度的總收入為 4.844 億美元，同比增長 8.2%。第一季度的運營費用同比增加了 2410 萬美元，主要是由於公司運營門店的費用增加 810 萬美元，以及 910 萬美元的非經常性重述費用，低於我們最初的預期。

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.

根據對重述工作時間的詳細審查，我們看到一些重述費用從第一季度轉移到第二季度，與最初的預期相比。我們仍然預計全年非經常性重述費用將在 3500 萬至 4500 萬美元之間。第一季度的銷售和管理費用為 1.318 億美元，佔系統銷售的 8.4%，不包括第一季度的重述費用。銷售和管理費用同比下降 190 萬美元，佔系統銷售的 7.8%，符合我們的預期，作為一個多業務平台，涵蓋特許經營和公司運營。

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.

第一季度的運營收入增加了 1270 萬美元，達到了 6740 萬美元，主要是由於收入的增加。調整後的 EBITDA 在本季度增長了 1.7%，達到了 1.041 億美元。第一季度的調整後 EBITDA 利潤率為 21.5%，較 2025 年第一季度下降了大約 140 個基點。排除重述費用後，調整後的 EBITDA 利潤率將增長約 50 個基點。利息費用下降了 1280 萬美元，降至 2350 萬美元，主要是由於持續的債務償還。

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.

本季度的所得税費用為 940 萬美元。持續經營的淨收入為 2380 萬美元。本季度調整後的持續經營淨收入為 4900 萬美元。本季度的調整後攤薄每股收益為 0.30 美元。我們各個業務部門的第一季度表現包括 Take 5 同店銷售增長 4.5%，並在本季度新增 29 個淨單位，繼續執行其特許經營和公司新單位的管道。

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.

調整後的息税折舊攤銷前利潤（EBITDA）增長了 13.6%，達到 1.095 億美元，主要得益於銷售增長和 2025 年第一季度約 450 萬美元的庫存估值費用的消除。調整庫存估值費用後，Take 5 的調整後 EBITDA 增長了約 8.5%。特許經營品牌的同店銷售增長了 0.9%。由於出售了我們剩餘的兩家公司運營的碰撞維修地點，收入下降了 40 萬美元。

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.

第一季度的調整後 EBITDA 為 4140 萬美元，減少了 150 萬美元，主要由於技術成本增加和對人員的選擇性投資以推動未來增長。汽車玻璃在第一季度報告的同店銷售增長為 7.2%，我們在零售、商業和保險業務中看到了連續增長。調整後 EBITDA 增加了 60 萬美元，達到 590 萬美元。關於現金流和槓桿，我們的現金流量表顯示了包括已終止業務在內的現金流的綜合視圖。

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.

第一季度的淨資本支出為 2690 萬美元，減少了 3220 萬美元，主要是由於我們出售的洗車業務的資本支出消失。第一季度的自由現金流（定義為經營現金流減去淨資本支出）為 3030 萬美元，比 2025 年第一季度增加了 1300 萬美元。我們在本季度結束時的淨槓桿為 3.2 倍，並且仍在按計劃實現年末 3 倍的目標，現金流生成強勁。今天我們重申了之前在 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.

作為提醒，我們繼續預計收入為 19.5 億至 20.5 億美元，調整後的 EBITDA 為 4.3 億至 4.6 億美元，其中包括 3500 萬至 4500 萬美元的預計非經常性重述費用，我們不打算將其計入 2026 年的調整後 EBITDA，調整後的攤薄每股收益為 1.15 至 1.25 美元，同店銷售持平至 2%，淨店鋪增長在 160 至 190 個單位之間，淨資本支出約佔收入的 6.5%，自由現金流在 1.25 億至 1.45 億美元之間。

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.

隨着我們接近第二季度末，我們想提供一些關於第二季度表現的説明。我們預計所有品牌的銷售將有所減緩。我們預計第二季度 Take 5 的同店銷售增長在中間的 3% 範圍內，這將代表大約 10% 的兩年疊加增長。反映出新客户和低收入家庭的減緩，我們預計特許經營品牌的同店銷售將低於第一季度的 0.9% 增長。考慮到 MAKO 和碰撞重述費用的恢復性質，我們預計第二季度的重述費用將超過 1500 萬美元。

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%.

第一季度的增長主要是由於本季度進行了完整的三個月重述工作，包括提交我們的 10K 和第一季度 10Q 的重述財務報告，持續改進我們的內部控制和相關法律費用。重要的是，這些費用是非經常性的，不反映業務的基本盈利能力。調整後的 EBITDA 因此，我們預計調整後的 EBITDA 利潤率將相對於第一季度的 21.5% 受到壓力。

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.

總的來説，我們在第一季度表現良好，所有三個業務部門的同店銷售增長，並且儘管有非經常性的重述費用，第一季度的調整後 EBITDA 仍然增長。然而，我們認識到消費者面臨的宏觀壓力，並且在第二季度保持適度謹慎，因為我們看到 Take 5 和特許經營品牌的收入減緩。重要的是，我們仍在按計劃實現我們的全年展望，該展望旨在反映廣泛的宏觀情景。

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

那麼，我現在將把時間交給操作員，我們很高興回答您的問題。

JL (Operator)

JL（操作員）

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.

謝謝。現在可以開始提問。如果您已經撥入並希望提問，請按電話鍵盤上的星號 1 以舉手並加入隊列。如果您希望撤回您的問題，只需再次按星號 1。如果您被叫到提問並通過設備的揚聲器收聽，請拿起聽筒並確保在提問時您的電話沒有靜音。

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.

我們要求您在今天的會議中限制自己提問一個問題和一個後續問題，如果時間允許，請再次排隊進行後續問題。您的第一個問題來自高盛的 Mark Jordan。您的線路已開啓。

Mark Jordan (Equity Analyst)

Mark Jordan（股票分析師）

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。非常感謝您接受我的提問。您能否談談您看到的某些客户流量減緩的情況，以及在第二季度的趨勢如何？如果您能談談您其他的人口統計數據，除了新客户和低收入客户之外的情況。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席執行官

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，我們繼續看到兩個非常特定的客户羣體的減緩。一個是新客户，另一個是更注重價值的客户。我們在幾周前的第一次財報電話中提到過這一點。老實説，從趨勢的角度來看，沒有變化，情況在這方面相對穩定。我認為，重要的是在您問題的後半部分，當我們查看我們的核心客户時，坦率地説，當我們查看所有其他客户類型時，我們看到的是韌性，對吧？所以最終，消費支出在上升，附加率在上升，優質化在上升。因此，我會總結説，通常來説，我們看到的是一個韌性的消費者，但在兩個特定羣體中有所減緩。

Mark Jordan (Equity Analyst)

馬克·喬丹（股票分析師）

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。如果我可以繼續問一下，關於第一季度的同比增長，以及在整個季度中 Take Five 的趨勢如何，我不知道您是否願意透露，但票務和客流量在本季度的貢獻如何。

Danny R. Rivera — Chief Executive Officer

丹尼·R·里維拉 — 首席執行官

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，我們通常不拆分銷售數據，也不提供公司內部或季度內的數字。但我想説的是，Take Five 在今年開局良好。所以本季度的同比增長為 4.5%，兩年基礎上為 12.5%。我們繼續看到這個業務的增長和良好表現，從航空和客流量的角度來看。正如我所説，我們不拆分這些數據。但我想説，主要的增長確實是在航空方面。我們繼續看到客單價和附加率的改善。我們的 NPS 評分保持在 70 多分。因此，我們不僅在客單價方面提供服務，而且以客户滿意的方式進行服務。所以 Take Five 在今年開局強勁。

Mark Jordan (Equity Analyst)

馬克·喬丹（股票分析師）

Perfect. Thank you very much.

完美，非常感謝。

JL (Operator)

JL（運營商）

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

您的下一個問題來自威廉·布萊爾的菲利普·布利，您的線路已開啓。

Philip Blee (Equity Analyst)

菲利普·布利（股票分析師）

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，問題來了。本季度特許經營品牌的同比增長轉為正值。您能否談談這種增長的可持續性，以及您在碰撞領域看到的具體情況。您是否看到保險費進入通縮領域後有所緩解，您如何看待該領域可能存在的被壓抑的需求，或者是什麼關鍵因素能夠真正穩定該領域的未來發展？

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，我想説幾件事。我們很高興本季度開局良好，1% 的同比增長是不錯的。正如我們在準備的發言中提到的，我們預計該領域在下半年會有所減緩。整體故事並沒有太大變化。如果您看看特許經營品牌，我們有三個主要業務。Mako 在去年底表現疲軟。

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.

這種疲軟在今年第一季度持續存在，儘管我們在該業務的零售方面看到了一些改善。Meineke 在一段時間內表現強勁，這種強勁在 2025 年顯而易見，這種勢頭延續到了第一季度。季度間的變化主要體現在碰撞領域。因此，在第一季度，我們看到行業的表現比第四季度有所回升。我們繼續超越整體行業，超出 100 到 300 個基點。

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.

這種情況在第一季度並沒有改變，我們也不預計這種情況會很快改變。但當我們展望 2026 年整個碰撞行業時，我們真正期待的是一個穩定的年份，而不是反彈的一年。因此，我們預計行業在下半年會減緩，整體領域也會在下半年趨於平穩。我總是喜歡回顧。所以，這就是特許經營品牌的情況。

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.

但重要的是要記住，對我們來説，特許經營品牌的核心是現金。因此，當我們考慮增長和現金的框架時，我喜歡看到 1% 的同比增長，顯然。但歸根結底，我更喜歡的是 60% 的利潤率。無論下半年收入的減緩如何，我們仍然預計該領域會保持強勁的利潤率。好的，太好了。然後説到現金，您重申了到年底達到三倍槓桿的目標。

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.

那麼在您達到目標後，您能否談談自由現金流的計劃？是否有業務領域需要趕上，或者可能需要更多投資，更多的債務償還，或者您在考慮一些股東回報？謝謝。

Mike Diamond — Chief Financial Officer

邁克·戴蒙 — 首席財務官

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，菲爾，我是邁克。我來回答這個問題。我們歷史上曾表示，一旦我們降到三倍槓桿，我們將繼續評估我們的選擇。目前的重點仍然是達到這個重要的里程碑。我會回應您問題的一部分。我認為沒有任何延遲的資本支出或需要趕上的事情。好消息是我們有很多不同的選擇。我們在 Take 5 基礎設施中有非常高回報、可預測的投資機會。還有可能將現金返還給股東。我認為我們的債務是固定利率且相對較低的。因此，我不確定一旦我們達到三倍槓桿，是否會有很大的意願進一步降低槓桿。但這顯然是我們目前關注的重點。

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.

短期內的主要關注點是降到三倍槓桿。但在此背景下，我們正在制定計劃。隨着年底的臨近，我們將能夠進行溝通。

Philip Blee (Equity Analyst)

菲利普·布利（股票分析師）

Excellent. Thank you guys.

非常好，謝謝你們。

JL (Operator)

JL（運營商）

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

您的下一個問題來自摩根士丹利的西門·古特曼，您的線路已開啓。

Skylar Lieutenant

斯凱拉·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。我是斯凱拉·中尉，代替西門·古特曼提問。感謝您接受我們的提問，首先關於今年剩餘時間的 EBITDA 利潤率的走勢，是否有上行的可能性，以及您預期的一些利弊是什麼？

Mike Diamond — Chief Financial Officer

邁克·戴蒙 — 首席財務官

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，這個早晨有幾個不同的因素。我首先想説的是，我們的業務有一些季節性。因此，如果你考慮歷史上第二季度和第三季度的銷售情況，通常會有更多的銷售，因為那是駕駛的高峰季節。這將會被我們的一些重述成本所抵消。所以如果你考慮我們在準備發言中所給出的評論，我們預計第二季度的重述成本會更高，因為這是完整的三個月。我們顯然有 K 和 Q，還有整個業務的證券化財務。因此，這裏有一些利弊的權衡。

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.

我認為在我們進入第三季度並看到第三季度的銷售增長時，有能力利用我們的固定成本，尤其是在這個季節性高峰期。但我的工作，我們的工作是確保我們正確地進行重述和補救計劃。因此，我們會在這方面花費必要的資金，以確保我們能把計劃做好。所以，這就是這個方程式的一點陰陽之道。

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，非常感謝。那麼，考慮到你們在 Take five 方面看到的一些較軟的流量趨勢，你能談談你們如何考慮定價以及在不影響需求的情況下你們有多少靈活性嗎？謝謝。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席執行官

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，我來回答這個問題。我的意思是，看看你所提到的促銷活動，我們歷史上對促銷的思考方式。我的意思是，我們從來沒有迴避過這點。這是我們的一項策略，可以説是我們的武器之一。這是我們根據特定的使用案例在時間上進行的精準使用。當我想到我們現在看到的一些適度時，我們正在談論的是兩個非常具體的客户羣體，他們非常容易識別。這聽起來像是一個使用案例，在這種情況下，所謂的精準促銷是有意義的。因此，我們將繼續使用我們手頭的工具。我不會將其視為任何廣泛的定價策略或其他方面的轉變。

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.

我們並不是以低成本替代品的身份進入市場。因此，我們並沒有考慮任何戰略轉變，只是，在合適的情況下使用精準的促銷活動。

Skylar Lieutenant

Okay, thank you.

好的，謝謝。

JL (Operator)

JL (操作員)

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

下一個問題來自 Benchmark Stonex 的 Mike Albanese。您的線路已開啓。

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，謝謝。早上好，大家。感謝你們回答我的問題。只是，排除重述成本，現在我們正在以更乾淨的投資組合和更多的銷售可見性出現，你們是否看到減少 GNA 的機會，還是你們的預期更多是隨着增長而利用？

Mike Diamond — Chief Financial Officer

Mike Diamond — 首席財務官

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。所以我想我會在 SG&A 上説幾件事。首先，我想讓你瞭解我們如何看待 SG&A。我們認為，對於像我們這樣的多業務平台，SG&A 的最佳指標是系統銷售的百分比。對吧。我們這樣做是因為這最好地規範了公司運營和特許經營之間的所有權差異，以及我們在不同特許經營組合中可能收到的不同特許權使用費。

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.

當你從這個角度來看，並排除重述成本時，你會發現，實際上這一季度的同比有所下降。因此，我們認為我們在管理這方面做得不錯，以幫助我們支持增長。我認為第二部分，可能是你問題的關鍵，Danny 和我將始終努力在支持未來增長的同時儘可能高效地運營。因此，我認為絕對有機會繼續利用我們現有的固定成本，因為我們的各項業務將繼續增長。

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 和我也會挑戰自己，確保我們在支出上儘可能高效。

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。這很有幫助。謝謝。關於系統銷售百分比的指標，你想給出一個具體的數字，還是我可以根據上個季度的情況來推算？我的意思是，我該如何量化這個？

Mike Diamond — Chief Financial Officer

Mike Diamond — 首席財務官

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，我認為我們在排除重述成本的情況下感到舒適。那大約是系統銷售的 7.8%。顯然，正如我提到的，考慮到季節性，第二季度和第三季度的銷售通常會稍高，我們仍然有固定成本。因此，我認為目前我們認為的就是這個。正如我剛才提到的，我認為總是有機會更好地利用我們的固定成本，並繼續提高效率。

Mike Albanese

Got it. Thank you. That was helpful.

明白了。謝謝。這很有幫助。

Mike Diamond — Chief Financial Officer

Mike Diamond — 首席財務官

Thanks, Mike.

謝謝，Mike。

JL (Operator)

JL (操作員)

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

下一個問題。下一個問題來自 Baird 的 Craig Kennison。您的線路已開啓。

Craig Kennison (Equity Analyst)

Craig Kennison (股票分析師)

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。感謝你們回答我的問題。我想跟進你們之前的評論。在碰撞市場中，我想知道你們為什麼預計下半年的趨勢會適度變化，以及在保險業務疲軟的情況下，你們能做些什麼來捕捉更多的客户支付機會？

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席執行官

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。這是個很好的問題。首先，我先回答第二部分。實際上，我們確實捕獲了更多的客户自費。這已經成為我們業務中一個不斷增長的部分，而我們作為 Driven Brands 在這方面具有獨特的優勢。當你考慮到 Mako 這一部分時，如果有客户不想通過保險來處理，比如他們發生了一些輕微的碰撞，不想支付或冒着保費上漲的風險，他們可能會選擇自費，Mako 在這方面是一個非常實際的替代方案。因此，Mako 實際上有很多客户自費的情況。所以我們在捕獲這一部分業務上有一定的獨特優勢。

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.

至於我們為什麼預期行業會有所緩和，這只是基於我們所看到的數據。我們看到第一季度相比第四季度有連續的改善，但當我們查看可用的數據時，如果我們僅僅關注國家的通貨膨脹情況，以及一些最新的數字，我們再次預期 2026 年將是一個穩定的年份，而不是 2025 年的反彈年。因此，我們預計在下半年會有一些緩和。

Craig Kennison (Equity Analyst)

Craig Kennison（股票分析師）

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.

謝謝你。你們是否有能力在替代零件方面加大力度，以降低維修成本，並可能對這一趨勢產生影響？我們有。我的意思是，相比於我們在這個領域的一些競爭對手，我們的業務有一個非常好的優勢，那就是我們有特許經營模式。因此，我們在現場有業主運營商。現場的業主能夠覆蓋各種情況，這些人非常清楚不僅要為客户和我們的承運人提供出色的體驗，而且還要確保採取適當的步驟來最大化盈利能力。

Thank you.

謝謝。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席執行官

Our pleasure.

我們的榮幸。

JL (Operator)

JL（運營商）

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

你的下一個問題來自 Piper Sandler 的 Peter Keith。你的線路已開啓。

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 提問。感謝你們首先回答我的問題。關於 CRM 數據庫，考慮到你們在各個細分市場的客户數據廣度，當前的策略是什麼，以利用該數據庫作為 Take five 的營銷引擎？

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席執行官

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。這是個很好的問題。所以我想説，Driven Brands 的一個主要好處是我們是一個組合公司。我們有一個不錯的平台，我們提供的一些服務是在平台層面上。因此，我們的好處是我們將資金彙集在一起，創造出世界級的能力。CRM 恰好是我們在所有品牌中使用的一個領域。因此，這是一個 Driven Brands 的協同效應真正閃耀的領域。我們的一些小品牌可能無法單獨承擔我們在平台層面上擁有的 CRM 引擎的解決方案。我們已經使用這個引擎很長時間了，以推動頻率和重複業務。顯然，不同的業務有所不同。因此，我們在 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.

一些更基本的案例將是你典型的換油提醒，我們會提醒客户他們該換油了。我們在 CRM 引擎中確實有專有算法，關於我們如何進行這些提醒、何時進行這些提醒，這並不是一刀切的，但這是一個相當複雜的算法集合，儘量使其個性化。我們在 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，我們有一個非常複雜的平台，可以在所有業務中利用。

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，謝謝。那麼關於碰撞領域，我們聽説交易活動有所改善，但行業票據似乎保持平穩。你能提供關於碰撞市場的任何更新嗎？

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席執行官

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.

我不確定我能提供的比我已經提供的更多的信息。我的意思是，當我再次考慮時，2026 年是一個穩定的年份，相比於 2025 年第一季度與第四季度的連續改善。我們預計整體行業在下半年會有所緩和。對我們來説，重要的是，你知道，我們歷史上在行業中表現優於 100 到 300 個基點。我們在第一季度繼續這樣做。我們預計這將持續到下半年。考慮到碰撞對我們來説是特許經營品牌的一部分，我們預計在這一業務方面將繼續看到非常強的利潤率，這最終是重要的部分，你知道，填補 Driven Brands 的增長和現金框架中的現金部分。

Sarah Moore

Okay, thank you.

好的，謝謝。

JL (Operator)

JL（運營商）

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

你的下一個問題來自 BMO 資本市場的 Tristan Thomas Martin。你的線路已開啓。早上好。

Tristan Thomas Martin (Equity Analyst)

Tristan Thomas Martin（股票分析師）

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。你提到交通流量的緩和，對吧？低收入和新客户。這只是他們推遲換油，還是他們可能嘗試自己動手？對此的任何解釋都將不勝感激。還有，關於家庭收入低於 50,000 的客户的疲軟情況，這與您核心客户的家庭收入相比如何？謝謝。

Danny R. Rivera — Chief Executive Officer

Danny R. Rivera — 首席執行官

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。我想這裏有幾個不同的事情。我們正在關注一些中等流量。我想具體説明這兩類客户。正如我剛才提到的，當我們看我們的核心客户時，他們的家庭收入會更高，我不會詳細説明我們具體的定價，但肯定超過了 5 萬美元。我們看到所有羣體整體上都有韌性。除了那兩類非常特定的羣體外，我們看到的最終是這兩個羣體的流失率比其他任何羣體都要高。所以如果問題是我們是否看到間隔增加？沒有。換油間隔已經穩定了一段時間。我們並沒有看到換油間隔有任何實質性的變化，這也是我們今天看到的情況。

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.

這並不是説客户進店的時間延長。我們看到的是兩類非常特定的客户流失率稍微高一些。

Tristan Thomas Martin (Equity Analyst)

Tristan Thomas Martin（股票分析師）

Great. Thank you.

很好，謝謝。

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.

沒有進一步的問題，這次問答環節和今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

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Driven Brands Holdings 2026 年第一季度財報電話會議：完整記錄