
	Three Months Ended June 28, 2025
(in thousands, except per share amounts)	As Previously Reported		Restatement Impacts		As Restated		Discontinued Operations Reclassification Impacts		As Restated and Recast
Net revenue:
Franchise royalties and fees	$	49,180	$	—	$	49,180	$	—	$	49,180
Company-operated store sales	333,280		—		333,280		—		333,280
Independently-operated store sales	71,791		—		71,791		(71,791)		—
Advertising contributions	27,041		—		27,041		—		27,041
Supply and other revenue	69,696		(2,405)		67,291		(1,579)		65,712
Total net revenue	550,988		(2,405)		548,583		(73,370)		475,213
Operating expenses:
Company-operated store expenses	190,396		1,926		192,322		—		192,322
Independently-operated store expenses	38,060		3		38,063		(38,063)		—
Advertising expenses	27,040		—		27,040		—		27,040
Supply and other expenses	39,359		797		40,156		(1,003)		39,153
Selling, general, and administrative expenses	183,118		(21,443)		161,675		(11,155)		150,520


Depreciation and amortization	34,903		411		35,314		(16,185)		19,129



Total operating expenses	512,876		(18,306)		494,570		(66,406)		428,164
Operating income	38,112		15,901		54,013		(6,964)		47,049
Other expenses, net:
Interest expense, net	31,359		(89)		31,270		(124)		31,146
Foreign currency transaction (gain) loss, net	(12,197)		3,538		(8,659)		—		(8,659)

Other expenses, net	19,162		3,449		22,611		(124)		22,487
Income before taxes from continuing operations	18,950		12,452		31,402		(6,840)		24,562
Income tax expense	7,141		4,450		11,591		(3,461)		8,130
Net income (loss) from continuing operations	$	11,809	$	8,002	$	19,811	$	(3,379)	$	16,432
Gain on sale of discontinued operations, net of tax	37,367		1,581		38,948		—		38,948
Net (loss) income from discontinued operations, net of tax	(1,612)		(3,103)		(4,715)		3,379		(1,336)
Net income	$	47,564	$	6,480	$	54,044	$	—	$	54,044




Basic earnings (loss) per share:
Continuing Operations	$	0.07	$	0.05	$	0.12	$	(0.02)	$	0.10
Discontinued Operations	0.22		(0.01)		0.21		0.02		0.23
Net basic earnings per share	$	0.29	$	0.04	$	0.33	$	—	$	0.33

Diluted earnings (loss) per share:
Continuing Operations	$	0.07	$	0.05	$	0.12	$	(0.02)	$	0.10
Discontinued Operations	0.22		(0.01)		0.21		0.02		0.23
Net diluted earnings per share	$	0.29	$	0.04	$	0.33	$	—	$	0.33

Weighted average shares outstanding
Basic	162,833		—		162,833		—		162,833
Diluted	164,150		—		164,150		—		164,150


	Six Months Ended June 28, 2025
(in thousands, except per share amounts)	As Previously Reported		Restatement Impacts		As Restated		Discontinued Operations Reclassification Impacts		As Restated and Recast
Net revenue:
Franchise royalties and fees	$	93,890	$	—	$	93,890	$	—	$	93,890
Company-operated store sales	647,411		—		647,411		—		647,411
Independently-operated store sales	138,431		—		138,431		(138,431)		—
Advertising contributions	52,366		—		52,366		—		52,366
Supply and other revenue	135,053		(2,930)		132,123		(2,965)		129,158
Total net revenue	1,067,151		(2,930)		1,064,221		(141,396)		922,825
Operating expenses:
Company-operated store expenses	372,262		7,183		379,445		—		379,445
Independently-operated store expenses	74,535		15		74,550		(74,550)		—
Advertising expenses	52,365		—		52,365		—		52,365
Supply and other expenses	74,387		2,121		76,508		(1,918)		74,590
Selling, general, and administrative expenses	326,170		(31,642)		294,528		(19,349)		275,179


Depreciation and amortization	68,055		800		68,855		(29,415)		39,440



Total operating expenses	967,774		(21,523)		946,251		(125,232)		821,019
Operating income	99,377		18,593		117,970		(16,164)		101,806
Other expenses, net:
Interest expense, net	67,893		(217)		67,676		(264)		67,412
Foreign currency transaction (gain) loss, net	(11,987)		2,857		(9,130)		—		(9,130)

Other expenses, net	55,906		2,640		58,546		(264)		58,282
Income before taxes from continuing operations	43,471		15,953		59,424		(15,900)		43,524
Income tax expense	14,172		5,442		19,614		(6,030)		13,584
Net income from continuing operations	$	29,299	$	10,511	$	39,810	$	(9,870)	$	29,940
Gain on sale of discontinued operations, net of tax	37,367		1,581		38,948		—		38,948
Net loss (income) from discontinued operations, net of tax	(13,596)		(1,192)		(14,788)		9,870		(4,918)
Net income	$	53,070	$	10,900	$	63,970	$	—	$	63,970




Basic earnings (loss) per share:
Continuing Operations	$	0.18	$	0.06	$	0.24	$	(0.06)	$	0.18
Discontinued Operations	0.15		0.00		0.15		0.06		0.21
Net basic earnings per share	$	0.33	$	0.06	$	0.39	$	—	$	0.39

Diluted earnings (loss) per share:
Continuing Operations	$	0.18	$	0.06	$	0.24	$	(0.06)	$	0.18
Discontinued Operations	0.15		0.00		0.15		0.06		0.21
Net diluted earnings per share	$	0.33	$	0.06	$	0.39	$	—	$	0.39

Weighted average shares outstanding
Basic	161,701		—		161,701		—		161,701
Diluted	162,984		—		162,984		—		162,984


	Three Months Ended June 28, 2025
	As Previously Reported			Restatement Impacts			As Restated
(in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount
Preferred stock, $0.01 par value per share	—	$	—	—	$	—	—	$	—
Common stock, $0.01 par value per share
Balance at beginning of period	164,274,617	$	1,643	—	$	—	164,274,617	$	1,643



Balance at end of period	164,274,617	$	1,643	—	$	—	164,274,617	$	1,643
Additional paid-in capital
Balance at beginning of period		$	1,709,580		$	8,244		$	1,717,824
Share-based compensation expense		11,290			(578)			10,712

Tax obligations for share-based compensation		(45)			—			(45)
Balance at end of period		$	1,720,825		$	7,666		$	1,728,491
Accumulated deficit
Balance at beginning of period		$	(997,077)		$	(86,367)		$	(1,083,444)
Net income		47,564			6,480			54,044
Balance at end of period		$	(949,513)		$	(79,887)		$	(1,029,400)
Accumulated other comprehensive loss
Balance at beginning of period		$	(70,903)		$	16,315		$	(54,588)
Other comprehensive income (loss)		41,343			(2,428)			38,915
Balance at end of period		$	(29,560)		$	13,887		$	(15,673)
Total shareholders’ equity		$	743,395		$	(58,334)		$	685,061


	Six Months Ended June 28, 2025
	As Previously Reported			Restatement Impacts			As Restated
(in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount
Preferred stock, $0.01 par value per share	—	$	—	—	$	—	—	$	—
Common stock, $0.01 par value per share
Balance at beginning of period	163,842,248	$	1,638	—	$	—	163,842,248	$	1,638
Stock issued relating to Employee Stock Purchase Plan	44,693	1		—	—		44,693	1
Shares issued for exercise/vesting of share-based compensation awards	393,284	4		—	—		393,284	4
Forfeiture of restricted stock awards	(5,608)	—		—	—		(5,608)	—
Balance at end of period	164,274,617	$	1,643	—	$	—	164,274,617	$	1,643
Additional paid-in capital
Balance at beginning of period		$	1,699,851		$	7,722		$	1,707,573
Share-based compensation expense		23,078			(56)			23,022
Stock issued relating to Employee Stock Purchase Plan		523			—			523
Tax obligations for share-based compensation		(2,627)			—			(2,627)
Balance at end of period		$	1,720,825		$	7,666		$	1,728,491
Accumulated deficit
Balance at beginning of period		$	(1,002,583)		$	(90,787)		$	(1,093,370)
Net income		53,070			10,900			63,970
Balance at end of period		$	(949,513)		$	(79,887)		$	(1,029,400)
Accumulated other comprehensive loss
Balance at beginning of period		$	(91,572)		$	19,501		$	(72,071)
Other comprehensive income (loss)		62,012			(5,614)			56,398
Balance at end of period		$	(29,560)		$	13,887		$	(15,673)
Total shareholders’ equity		$	743,395		$	(58,334)		$	685,061

(Unaudited)


	Six Months Ended June 28, 2025
(in thousands)	As Previously Reported		Restatement Impacts		As Restated
Net income	$	53,070	$	10,900	$	63,970
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	70,281		800		71,081
Share-based compensation expense	23,078		(56)		23,022
(Gain) loss on foreign denominated transactions	(17,630)		4,287		(13,343)
Loss (gain) on foreign currency derivatives	5,643		(1,430)		4,213
Gain on sale and disposal of businesses, fixed assets, and sale leaseback transactions	(27,694)		(21,841)		(49,535)
Loss on fair value of seller note receivable	17,000		—		17,000
Reclassification of interest rate hedge to income	(1,033)		—		(1,033)
Bad debt expense	9,293		(22)		9,271
Asset impairment charges and lease terminations	18,460		6,115		24,575
Amortization of deferred financing costs and bond discounts	6,206		—		6,206
Amortization of cloud computing	9,136		(3,307)		5,829
Provision for deferred income taxes	2,215		9,132		11,347
Other, net	(3,631)		(1,372)		(5,003)
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable, net	(40,742)		(3,553)		(44,295)
Inventory	773		1,067		1,840
Prepaid and other assets	(6,322)		3,160		(3,162)
Advertising fund assets and liabilities, restricted	(11,599)		—		(11,599)
Other assets	(104)		254		150
Deferred commissions	303		—		303
Deferred revenue	(1,164)		230		(934)
Accounts payable	28,707		1,167		29,874
Accrued expenses and other liabilities	22,661		(12,521)		10,140
Income tax receivable	(1,380)		2,066		686
Cash provided by (used in) operating activities	155,527		(4,924)		150,603
Cash flows from investing activities:
Capital expenditures	(127,622)		2,981		(124,641)
Cash used in business acquisitions, net of cash acquired	(6,034)		—		(6,034)
Proceeds from sale leaseback transactions	22,810		—		22,810
Proceeds from sale or disposal of businesses and fixed assets, net of cash sold	268,398		(2,265)		266,133
Cash provided by (used in) investing activities	157,552		716		158,268
Cash flows from financing activities:
Payment of debt extinguishment and issuance costs	(1,414)		—		(1,414)
Repayment of long-term debt	(305,446)		—		(305,446)
Proceeds from revolving lines of credit and short-term debt	65,000		—		65,000
Repayment of revolving lines of credit and short-term debt	(75,000)		—		(75,000)
Repayment of principal portion of finance lease liability	(2,440)		(700)		(3,140)


Tax obligations for share-based compensation	(2,582)		—		(2,582)

Cash used in financing activities	(321,882)		(700)		(322,582)
Effect of exchange rate changes on cash	5,464		—		5,464
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted	(3,339)		(4,908)		(8,247)
Cash and cash equivalents, beginning of period	169,954		(28,144)		141,810
Cash included in advertising fund assets, restricted, beginning of period	38,930		—		38,930
Restricted cash, beginning of period	358		—		358
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period	209,242		(28,144)		181,098


Cash and cash equivalents, end of period	166,131		(33,052)		133,079
Cash included in advertising fund assets, restricted, end of period	39,438		—		39,438
Restricted cash, end of period	334		—		334
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period	$	205,903	$	(33,052)	$	172,851

Supplemental cash flow disclosures - non-cash items:
Capital expenditures included in accrued expenses and other liabilities	6,418		(950)		5,468

Supplemental cash flow disclosures - US Car Wash:
Depreciation and amortization	2,226		—		2,226
Capital expenditures	2,948		1,709		4,657
Loss on sale or disposal of assets	7,634		—		7,634
Asset impairment	553		(77)		476

Supplemental cash flow disclosures - International Car Wash:
Depreciation and amortization	29,415		—		29,415
Capital expenditures	13,430		—		13,430
(Gain) on sale or disposal of assets	(199)		—		(199)
Asset impairment	133		—		133