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    David Lantz • Wells Fargo

    David Lantz's questions to Valvoline Inc (VVV) leadership

    David Lantz's questions to Valvoline Inc (VVV) leadership • Q2 2025

    Question

    David Lantz asked about the cadence of new store openings in the second half and whether they might be delayed by softer demand. He also inquired about key factors for gross margin modeling in Q3 and Q4.

    Answer

    CEO Lori Flees expressed confidence in the back-half loaded store opening schedule, citing a strong pipeline of units under construction and acquisitions. CFO Mary Meixelsperger advised that gross margins are typically stronger in the second half of the year due to higher sales leverage during the summer drive season.

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    David Lantz's questions to Valvoline Inc (VVV) leadership • Q1 2025

    Question

    David Lantz asked about the outlook for SG&A per store trends given franchising activity and inquired about the performance of the fleet business.

    Answer

    CFO Mary Meixelsperger attributed expected SG&A deleverage primarily to technology investments, such as new ERP and HRIS systems, to support a pure-play retail model. CEO Lori Flees described the fleet business as strong, with growth outpacing consumer transactions. She noted a focus on increasing penetration with existing accounts and expanding support for franchisees to capture more fleet business.

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    David Lantz's questions to Valvoline Inc (VVV) leadership • Q4 2024

    Question

    David Lantz of Wells Fargo inquired about the company vs. franchise split within the FY25 new unit guidance, the expected opening cadence, and the growth outlook for the Fleet business.

    Answer

    CEO Lori Flees confirmed the FY25 new unit guidance of 160-185 stores includes approximately 100 company-operated stores. She expects a more even quarterly opening cadence due to a higher mix of new builds providing better visibility. For the Fleet business, Flees anticipates it will continue to grow faster than the consumer segment, driven by successful investments in its B2B sales force.

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    David Lantz's questions to Petco Health and Wellness Company Inc (WOOF) leadership

    David Lantz's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q4 2025

    Question

    David Lantz, on behalf of Wells Fargo, asked about the expected cadence of performance from Q2 to Q4, the timing of store closures, and the performance drivers for the Fresh & Frozen food category.

    Answer

    CFO Sabrina Simmons outlined that the goal for each quarter is to expand gross margin and leverage SG&A on a year-over-year basis. CEO Joel Anderson suggested the timing of store closures would be roughly one-third in the first half and two-thirds in the second half of the year. He also noted that Fresh & Frozen is a fast-growing category where Petco has a strong position and sees it as a potential future growth lever.

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    David Lantz's questions to Mister Car Wash Inc (MCW) leadership

    David Lantz's questions to Mister Car Wash Inc (MCW) leadership • Q3 2024

    Question

    David Lantz asked for an update on the M&A market, including whether acquisition multiples are trending down. He also asked about the key factors to consider when modeling G&A expenses for the fourth quarter.

    Answer

    Executive John Lai reported that the M&A market has been quiet, with multiples coming down to the low-double-digit or high-single-digit range. Executive Jedidiah Gold advised that G&A in Q4 would see a modest uptick of about $1 million over Q3, driven by incremental investments in marketing, headcount, and systems.

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