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    Christian Carlino • JPMorgan Chase & Co.

    Christian Carlino's questions to Advance Auto Parts Inc (AAP) leadership

    Christian Carlino's questions to Advance Auto Parts Inc (AAP) leadership • Q2 2025

    Question

    Christian Carlino from JPMorgan inquired about the competitive response to tariffs, potential market share gains, and whether a specific gross margin headwind from tariffs is factored into H2 guidance.

    Answer

    CEO Shane O'Kelly and CFO Ryan Grimsland characterized the industry's response to tariffs as rational, with peers also taking price actions. Grimsland confirmed that low to mid-single-digit inflation is expected in H2, driven by tariffs, and that the guidance range embeds various scenarios for consumer elasticity, but he did not quantify a discrete headwind.

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    Christian Carlino's questions to Driven Brands Holdings Inc (DRVN) leadership

    Christian Carlino's questions to Driven Brands Holdings Inc (DRVN) leadership • Q2 2025

    Question

    Christian Carlino of JPMorgan asked about changes in consumer behavior amid tariff news and whether guidance assumes further softening, and also inquired about the competitive landscape for Take 5, including private equity interest.

    Answer

    President & CEO Danny Rivera stated there were no material changes in consumer behavior beyond previously noted softness in collision and with lower-income consumers. EVP & CFO Mike Diamond confirmed the guidance range reflects this uncertainty. Rivera added that the competitive landscape for quick lubes has been stable, as scaling the business is 'harder than it looks,' which has limited new entrants.

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    Christian Carlino's questions to Driven Brands Holdings Inc (DRVN) leadership • Q1 2025

    Question

    Christian Carlino asked if competitors in the quick lube space were becoming more price-competitive and inquired about the risk of consumers trading down from Take 5's premium service to other channels due to inflation.

    Answer

    EVP and COO Danny Rivera responded that there have been no material changes in the competitive pricing environment. He addressed the trade-down risk by highlighting Take 5's strong value proposition—a unique, convenient 10-minute service with high customer satisfaction—and stated that performance data shows no evidence of customers shifting to other channels.

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    Christian Carlino's questions to Driven Brands Holdings Inc (DRVN) leadership • Q4 2024

    Question

    Christian Carlino asked why Autoglass Now is not a standalone segment, sought to bridge the gap from the prior $850M EBITDA target to the current outlook, and questioned the implied flat margins in 2025 guidance.

    Answer

    President & CEO Jonathan Fitzpatrick explained the prior $850M target is no longer relevant due to portfolio changes like divestitures. EVP & CFO Michael Diamond added that Autoglass Now is being incubated in 'Corporate and Other' due to its current size. Regarding 2025 margins, he described the guidance as 'appropriately prudent' given the macro environment and potential tariff impacts, which they have some ability to price for.

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    Christian Carlino's questions to Driven Brands Holdings Inc (DRVN) leadership • Q3 2024

    Question

    Christian Carlino from JPMorgan asked about the reasons for the decline in Maintenance segment franchise AUVs in Q3. He also inquired about the progress of the glass business, asking what inning the 'turnaround' was in and what operational changes remained.

    Answer

    COO Danny Rivera explained the franchise AUV decline was a mathematical result of a smaller store base with a higher mix of new, ramping locations, not a performance issue. CEO Jonathan Fitzpatrick rejected the 'turnaround' label for the glass business, stating it is now the #2 player in the U.S. and the focus has shifted entirely from integration to driving top-line growth.

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    Christian Carlino's questions to Mister Car Wash Inc (MCW) leadership

    Christian Carlino's questions to Mister Car Wash Inc (MCW) leadership • Q2 2025

    Question

    Christian Carlino from JPMorgan asked about the balance between member count growth and revenue per member in the updated guidance, and whether the guidance revision was driven by the retail or membership business. He also inquired about the drivers of the implied margin expansion in the second half of the year.

    Answer

    CFO Jedidiah Gold clarified that the guidance revision was driven entirely by softness in the retail business, not membership. He noted that revenue per member is the primary driver of UWC comp growth. For the second half, Gold attributed the expected margin expansion to lapping the Q2 marketing spend pull-forward and ongoing cost optimization initiatives, which gain leverage as sales improve.

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    Christian Carlino's questions to Mister Car Wash Inc (MCW) leadership • Q4 2024

    Question

    Christian Carlino asked why some previously planned store openings were removed from the 2025 pipeline under the new 'surgical' approach and what this means for long-term growth. He also asked about the high-level industry implications of slowing openings and competitor distress.

    Answer

    CEO John Lai explained that the pipeline was reassessed against a more competitive backdrop, and they tightened criteria to ensure a higher success rate. CFO Jed Gold added that some sites were removed after rescoring, while others were simply delayed into 2026 due to permitting. Lai predicted long-term regional consolidation into 3-5 dominant players, with Mister Car Wash well-positioned to be one of them and capitalize on M&A opportunities.

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    Christian Carlino's questions to Mister Car Wash Inc (MCW) leadership • Q3 2024

    Question

    Christian Carlino asked for management's sense of the overall car wash market growth and Mister Car Wash's relative performance. He also inquired about the sustainable level of wage growth for the company over time.

    Answer

    Executive John Lai commented that the pace of new competitor openings is receding but did not have insight into their performance. On wages, executive Jedidiah Gold stated that Q3 wage inflation was 4.3%, below the 6% they had modeled, and expects a similar rate in Q4. He emphasized that competitive pay is a key part of their strategy to retain top talent.

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    Christian Carlino's questions to Hasbro Inc (HAS) leadership

    Christian Carlino's questions to Hasbro Inc (HAS) leadership • Q1 2025

    Question

    Christian Carlino of JPMorgan Chase & Co. asked about the potential impact of a 145% China tariff on toy spending, current conversations with retailers, and how cost pressures are being shared across the supply chain.

    Answer

    CEO Chris Cocks compared the potential consumer spending impact to the 2008-2009 recession, noting the toy category's historical resilience. CFO & COO Gina Goetter described retailer conversations as fluid, with active discussions on inventory phasing but no major order cancellations. Cocks added that Hasbro's domestic sourcing provides a buffer and they are observing a shift from direct import to domestic shipments, which affects order timing.

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    Christian Carlino's questions to Genuine Parts Co (GPC) leadership

    Christian Carlino's questions to Genuine Parts Co (GPC) leadership • Q1 2025

    Question

    Christian Carlino, on for Christopher Horvers, asked about the drivers for the improved comparable sales in the Motion (Industrial) business and whether customers were pausing or accelerating capital projects. He also inquired about U.S. NAPA trends in markets with competitor closures and the reasons for slower performance among independent owners.

    Answer

    CEO William Stengel explained that the Motion business saw encouraging activity in capital-related projects and strength in corporate and local MRO accounts, reflecting a destocking cycle ending. Regarding U.S. NAPA, he noted varied dynamics in markets with competitor changes and saw sequential improvement with independent owners toward the end of the quarter, attributing some choppiness to market dynamics.

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