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    Mark Jordan • Goldman Sachs Group, Inc.

    Mark Jordan's questions to Valvoline Inc (VVV) leadership

    Mark Jordan's questions to Valvoline Inc (VVV) leadership • Q3 2025

    Question

    Mark Jordan from Goldman Sachs inquired about the wide range of outcomes implied by the full-year same-store sales guidance for Q4 and requested a breakdown of the ticket growth drivers, specifically NOCR, net pricing, and premiumization.

    Answer

    CFO J. Kevin Willis clarified that while the math suggests a wide range for Q4 comps, the company is focused on the midpoint of its narrowed guidance. He noted that April and May performed as expected, while June saw a slower start to the summer season. Regarding ticket drivers, Willis confirmed that premiumization, net pricing, and increased NOCR service penetration all contributed to the increase but declined to provide a specific quantitative breakdown.

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    Mark Jordan's questions to Driven Brands Holdings Inc (DRVN) leadership

    Mark Jordan's questions to Driven Brands Holdings Inc (DRVN) leadership • Q2 2025

    Question

    Mark Jordan of Goldman Sachs inquired about the slower pace of franchise unit growth for Take 5 year-to-date and asked how comps for the segment progressed through the quarter.

    Answer

    EVP & CFO Mike Diamond explained that the unit growth mix is typical, with corporate stores opening earlier in the year and franchise openings weighted to the second half, expecting a roughly 50/50 mix for the full year. He described Q2 comps as 'fairly consistent,' with minor weather impacts, and reiterated that the business is expected to moderate as it grows over a larger base.

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    Mark Jordan's questions to Driven Brands Holdings Inc (DRVN) leadership • Q1 2025

    Question

    Mark Jordan, on behalf of Kate McShane, asked about the monthly performance trend for Take 5's same-store sales during Q1 and any observable trends quarter-to-date.

    Answer

    EVP and CFO Michael Diamond declined to provide intra-quarter specifics but noted that Q1's performance was broadly consistent and that the company's reiterated full-year outlook reflects results through April. He repeated that the expectation for moderation is based on the challenge of growing over an increasingly large base of stores.

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    Mark Jordan's questions to Lithia Motors Inc (LAD) leadership

    Mark Jordan's questions to Lithia Motors Inc (LAD) leadership • Q2 2025

    Question

    Mark Jordan of Goldman Sachs questioned the aftersales segment's performance, asking how much of the same-store sales growth was attributable to lapping last year's CDK outage. He also asked if tariff-related inflation impacted results and was factored into the full-year outlook.

    Answer

    President & CEO Bryan DeBoer estimated that just over 50% of the aftersales same-store sales growth was due to the easy comparison from the prior year's CDK outage, with the rest driven by outperformance in customer pay and warranty work. He stated that tariff impacts were minimal in the quarter, as evidenced by higher labor mix driving margin expansion.

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    Mark Jordan's questions to Lithia Motors Inc (LAD) leadership • Q1 2025

    Question

    Mark Jordan, on for Kate McShane, asked about the potential impact of tariffs on imported parts on the aftersales business margins and whether the company anticipates any deferred maintenance from customers. He also inquired if the $2 billion to $4 billion acquired revenue target for the year remains intact.

    Answer

    President and CEO Bryan DeBoer stated that the impact on the aftersales business from tariffs is expected to be minimal, as maintenance is non-discretionary and Lithia offers affordable options. Regarding capital allocation, DeBoer clarified that acquired revenue for the year would likely be closer to $2 billion due to a near-term focus on opportunistic share repurchases, but the $2 billion to $4 billion target remains for future years.

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    Mark Jordan's questions to Autozone Inc (AZO) leadership

    Mark Jordan's questions to Autozone Inc (AZO) leadership • Q1 2025

    Question

    Mark Jordan, on behalf of Kate McShane from Goldman Sachs, questioned the lower-than-expected share repurchase volume, the future capital allocation strategy, and whether the company would accelerate purchases ahead of potential tariffs.

    Answer

    CFO Jamere Jackson reaffirmed the company's capital allocation policy, targeting a 2.5x leverage ratio and returning cash to shareholders, with no change in strategy. Executive Philip Daniele confirmed that the merchandising team is evaluating opportunities to accelerate purchases where it makes sense, given their low-turning inventory.

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