Schedule of Segment Results |
Segment results for the three and six months ended June 28, 2025 and June 29, 2024 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 28, 2025 | (in thousands) | Take 5 | | Franchise Brands | | Car Wash | | | | | Total | Franchise royalties and fees | $ | 9,547 | | | $ | 39,633 | | | $ | — | | | | | | $ | 49,180 | | Company-operated store sales | 257,449 | | | 4,654 | | | — | | | | | | 262,103 | | Independently-operated store sales | — | | | — | | | 71,791 | | | | | | 71,791 | | | | | | | | | | | | | Supply and other revenue | 37,228 | | | 30,321 | | | 1,579 | | | | | | 69,128 | | Total segment net revenue | $ | 304,224 | | | $ | 74,608 | | | $ | 73,370 | | | | | | $ | 452,202 | | | | | | | | | | | | | Corporate and Other revenue | | | | | | | | | | 98,786 | | Total consolidated net revenue | | | | | | | | | | $ | 550,988 | | | | | | | | | | | | | Other segment items | 196,071 | | | 29,165 | | | 46,073 | | | | | | | Reportable segment Adjusted EBITDA | $ | 108,153 | | | $ | 45,443 | | | $ | 27,297 | | | | | | $ | 180,893 | | | | | | | | | | | | | Less: | | | | | | | | | | | Corporate and Other loss | | | | | | | | | | 37,654 | | Depreciation and amortization | | | | | | | | | | 34,903 | | Interest expense, net | | | | | | | | | | 31,359 | | Acquisition related costs(a) | | | | | | | | | | 983 | | Non-core items and project costs, net(b) | | | | | | | | | | 8,969 | | Cloud computing amortization(c) | | | | | | | | | | 7,255 | | Share-based compensation expense(d) | | | | | | | | | | 11,290 | | Foreign currency transaction (gain), net(e) | | | | | | | | | | (12,197) | | | | | | | | | | | | | Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses(f) | | | | | | | | | 41,727 | | Income before taxes from continuing operations | | | | | | | | | | $ | 18,950 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 29, 2024 | (in thousands) | Take 5 | | Franchise Brands | | Car Wash | | | | | Total | Franchise royalties and fees | $ | 6,327 | | | $ | 43,702 | | | $ | — | | | | | | $ | 50,029 | | Company-operated store sales | 230,809 | | | 5,143 | | | — | | | | | | 235,952 | | Independently-operated store sales | — | | | — | | | 60,280 | | | | | | 60,280 | | | | | | | | | | | | | Supply and other revenue | 28,148 | | | 32,177 | | | 1,406 | | | | | | 61,731 | | Total segment net revenue | $ | 265,284 | | | $ | 81,022 | | | $ | 61,686 | | | | | | $ | 407,992 | | | | | | | | | | | | | Corporate and Other revenue | | | | | | | | | | 110,804 | | Total consolidated net revenue | | | | | | | | | | $ | 518,796 | | | | | | | | | | | | | Other segment items | 166,876 | | | 26,818 | | | 39,471 | | | | | | | Reportable segment Adjusted EBITDA | $ | 98,408 | | | $ | 54,204 | | | $ | 22,215 | | | | | | $ | 174,827 | | Less: | | | | | | | | | | | Corporate and Other loss | | | | | | | | | 31,382 | | Depreciation and amortization | | | | | | | | | | 32,824 | | Interest expense, net | | | | | | | | | | 31,816 | | Acquisition related costs(a) | | | | | | | | | | 264 | | Non-core items and project costs, net(b) | | | | | | | | | | 5,031 | | Cloud computing amortization(c) | | | | | | | | | | 1,069 | | Share-based compensation expense(d) | | | | | | | | | | 10,982 | | Foreign currency transaction loss, net(e) | | | | | | | | | | 681 | | | | | | | | | | | | | Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses(f) | | | | | | | | | 3,201 | | Income before taxes from continuing operations | | | | | | | | | | $ | 57,577 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 28, 2025 | (in thousands) | Take 5 | | Franchise Brands | | Car Wash | | | | | Total | Franchise royalties and fees | $ | 17,904 | | | $ | 75,986 | | | $ | — | | | | | | $ | 93,890 | | Company-operated store sales | 508,249 | | | 8,646 | | | — | | | | | | 516,895 | | Independently-operated store sales | — | | | — | | | 138,431 | | | | | | 138,431 | | | | | | | | | | | | | Supply and other revenue | 71,513 | | | 61,659 | | | 2,965 | | | | | | 136,137 | | Total segment net revenue | $ | 597,666 | | | $ | 146,291 | | | $ | 141,396 | | | | | | $ | 885,353 | | | | | | | | | | | | | Corporate and Other revenue | | | | | | | | | | 181,798 | | Total consolidated net revenue | | | | | | | | | | $ | 1,067,151 | | | | | | | | | | | | | Other segment items | 388,595 | | | 56,465 | | | 89,711 | | | | | | | Reportable segment Adjusted EBITDA | $ | 209,071 | | | $ | 89,826 | | | $ | 51,685 | | | | | | $ | 350,582 | | Less: | | | | | | | | | | | Corporate and Other loss | | | | | | | | | 82,245 | | Depreciation and amortization | | | | | | | | | | 68,055 | | Interest expense, net | | | | | | | | | | 67,893 | | Acquisition related costs(a) | | | | | | | | | | 998 | | Non-core items and project costs, net(b) | | | | | | | | | | 14,213 | | Cloud computing amortization(c) | | | | | | | | | | 9,136 | | Share-based compensation expense(d) | | | | | | | | | | 23,078 | | Foreign currency transaction (gain), net(e) | | | | | | | | | | (11,987) | | | | | | | | | | | | | Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses(f) | | | | | | | | | 53,480 | | Income before taxes from continuing operations | | | | | | | | | | $ | 43,471 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 29, 2024 | (in thousands) | Take 5 | | Franchise Brands | | Car Wash | | | | | Total | Franchise royalties and fees | $ | 12,053 | | | $ | 83,021 | | | $ | — | | | | | | $ | 95,074 | | Company-operated store sales | 451,680 | | | 9,612 | | | — | | | | | | 461,292 | | Independently-operated store sales | — | | | — | | | 113,327 | | | | | | 113,327 | | | | | | | | | | | | | Supply and other revenue | 56,012 | | | 64,717 | | | 2,847 | | | | | | 123,576 | | Total segment net revenue | $ | 519,745 | | | $ | 157,350 | | | $ | 116,174 | | | | | | $ | 793,269 | | | | | | | | | | | | | Corporate and Other revenue | | | | | | | | | | 207,519 | | Total consolidated net revenue | | | | | | | | | | $ | 1,000,788 | | | | | | | | | | | | | Other segment items | 332,449 | | | 55,557 | | | 75,974 | | | | | | | Reportable segment Adjusted EBITDA | $ | 187,296 | | | $ | 101,793 | | | $ | 40,200 | | | | | | $ | 329,289 | | Less: | | | | | | | | | | | Corporate and Other loss | | | | | | | | | 63,052 | | Depreciation and amortization | | | | | | | | | | 63,940 | | Interest expense, net | | | | | | | | | | 75,567 | | Acquisition related costs(a) | | | | | | | | | | 1,965 | | Non-core items and project costs, net(b) | | | | | | | | | | 9,742 | | Cloud computing amortization(c) | | | | | | | | | | 2,414 | | Share-based compensation expense(d) | | | | | | | | | | 22,843 | | Foreign currency transaction loss, net(e) | | | | | | | | | | 5,002 | | | | | | | | | | | | | Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses(f) | | | | | | | | | 7,177 | | Income before taxes from continuing operations | | | | | | | | | | $ | 77,587 | |
(a)Consists of acquisition costs as reflected within the consolidated statements of operations, including legal, consulting, and other fees, and expenses incurred in connection with acquisitions completed during the applicable period, as well as inventory rationalization expenses incurred in connection with acquisitions. As acquisitions occur in the future we expect to incur similar costs and, under U.S. GAAP, such costs relating to acquisitions are expensed as incurred and not capitalized. (b)Consists of discrete items and project costs, including third party professional costs associated with strategic transformation initiatives as well as non-recurring payroll-related costs. (c)Includes non-cash amortization expenses relating to cloud computing arrangements. (d)Represents non-cash share-based compensation expense. (e)Represents foreign currency transaction (gains) losses, net that primarily related to the remeasurement of our intercompany loans as well as gains and losses on cross currency swaps and forward contracts. (f)Consists of the following items (i) (gains) losses, net on sale leasebacks, disposal of assets, or sale of business; (ii) net losses (gains) on sale for assets held for sale; (iii) impairment of certain fixed assets and operating lease right-of-use assets related to closed and underperforming locations, lease exit costs and other costs associated with stores that were closed prior to the respective lease termination dates; and (iv) unrealized loss on fair value of the Seller Note Receivable.
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