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    Phillip Blee • William Blair & Company, L.L.C.

    Phillip Blee's questions to Yeti Holdings Inc (YETI) leadership

    Phillip Blee's questions to Yeti Holdings Inc (YETI) leadership • Q2 2025

    Question

    Phillip Blee of William Blair & Company inquired about the second-half outlook, specifically the mix between volume and price, and the company's ability to meet the viral demand for the Camino tote bag.

    Answer

    CFO Mike McMullen clarified that the outlook is primarily volume-driven, as recent price actions were minor. He cited confidence from international strength, momentum in the bags business, and an expected Q4 Drinkware recovery. CEO Matt Reintjes added that YETI is bullish on the long-term potential of its bags category, is investing in its expansion, and is working to optimize Camino supply while focusing on sustainable growth for the entire portfolio.

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    Phillip Blee's questions to Yeti Holdings Inc (YETI) leadership • Q3 2024

    Question

    Phillip Blee inquired about YETI's expectations for the upcoming holiday season, including current trends and the promotional environment, and asked for a breakdown of the drivers behind gross margin improvements.

    Answer

    CEO Matt Reintjes stated YETI is well-positioned for the holidays, noting the promotional environment is not unusual and YETI's cadence is consistent. CFO Mike McMullen explained that while Q4 gross margin is expected to be flat due to transitory factors like lapping price decreases and freight surcharges, the company remains focused on driving long-term margin expansion.

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    Phillip Blee's questions to Traeger Inc (COOK) leadership

    Phillip Blee's questions to Traeger Inc (COOK) leadership • Q2 2025

    Question

    Phillip Blee of William Blair asked for color on the consumer and wholesale channel reaction to recent price increases and inquired about the progress and timeline for reducing manufacturing exposure to China.

    Answer

    CEO Jeremy Andrus explained that while sell-in was affected by timing shifts, consumer sell-through was robust and modestly positive in units, beating expectations despite a shift to lower price points. He noted that by 2026, Traeger expects to be almost entirely diversified outside of China for manufacturing. CFO Joey Hord added that the cost savings from tariff mitigation efforts are structural and permanent in nature, designed to yield benefits for years to come.

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    Phillip Blee's questions to Traeger Inc (COOK) leadership • Q3 2024

    Question

    Phillip Blee of William Blair asked why only half of the full-year gross margin guidance increase is flowing through to EBITDA and requested more color on the new product pipeline for next year.

    Answer

    CFO Dom Blosil explained the differential is due to Q4's heavy weighting toward the MEATER business, which requires higher variable marketing and demand creation spending. CEO Jeremy Andrus added that the product pipeline will deliver more consistent newness across all categories in 2025 and beyond, driven by multi-year investments in product development.

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    Phillip Blee's questions to Mister Car Wash Inc (MCW) leadership

    Phillip Blee's questions to Mister Car Wash Inc (MCW) leadership • Q2 2025

    Question

    Phillip Blee from William Blair inquired about the percentage of stores negatively impacted by competitive openings and how comps perform based on the age of that competition. He also asked if the company has seen any business impact from increased immigration enforcement efforts.

    Answer

    CFO Jedidiah Gold stated that roughly one-third of stores have a competitor that opened within three miles, a lower rate than in prior years. He detailed that stores with newer competition see negative comps, while those without competition see mid-single-digit positive comps, with a consistent recovery curve over time. CEO John Lai firmly stated that immigration enforcement has no impact on their business, as they have used the E-Verify program for over 20 years.

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    Phillip Blee's questions to Mister Car Wash Inc (MCW) leadership • Q1 2025

    Question

    Phillip Blee asked if a weaker retail revenue outlook implies flatter membership growth and questioned the potential for higher churn in a recession. He also inquired about the risk of material delays for greenfield expansion.

    Answer

    CFO Jedidiah Gold clarified that the company still expects positive low single-digit comp store member growth for the year. He noted that while a small, temporary churn increase from the price change is factored in, they do not anticipate elevated churn in a recession, citing the subscription's historical resilience. On development, Gold stated the pipeline is largely set and they do not expect material delays.

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    Phillip Blee's questions to Mister Car Wash Inc (MCW) leadership • Q4 2024

    Question

    Phillip Blee noted the strong earnings outlook relative to the sales guidance and asked about confidence in expense control versus labor pressures, as well as the potential for margin upside. He also asked if share gains from industry rationalization are materializing.

    Answer

    CFO Jed Gold expressed confidence in the EBITDA outlook, noting they are anniversarying prior-year cost optimizations. He expects modest margin expansion driven by Titanium in H1 and base price increases in H2. CEO John Lai tempered this by stating margin expansion is not the top priority over investing in human capital. Regarding rationalization, Lai said no material share gains have been realized yet, but they are on the 'precipice' of seeing opportunities.

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    Phillip Blee's questions to Driven Brands Holdings Inc (DRVN) leadership

    Phillip Blee's questions to Driven Brands Holdings Inc (DRVN) leadership • Q1 2025

    Question

    Phillip Blee asked if the Franchise Brands' EBITDA margin contraction was solely due to lower comps and what level of sales is needed for leverage. He also inquired about the outlook's assumptions for consumer health.

    Answer

    EVP and CFO Michael Diamond confirmed the margin pressure was driven by the sales decline, noting that the franchise model gains leverage quickly with sales growth. Regarding consumer health, he emphasized the portfolio's defensive nature, highlighting that oil changes are non-optional and that an aging car park in a downturn provides a natural hedge for the company's repair businesses.

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    Phillip Blee's questions to Driven Brands Holdings Inc (DRVN) leadership • Q4 2024

    Question

    Phillip Blee inquired about the operational separation of the U.S. Carwash business, including potential labor synergies, and asked about the long-term plan for the international car wash segment and any renewed appetite for M&A.

    Answer

    President & CEO Jonathan Fitzpatrick stated there would be no significant employee overlap from the car wash sale but that some SG&A synergies might be realized over time. He described the international car wash business as stable and well-performing, which they will continue to operate while remaining under the umbrella of 'active portfolio management.' He added that the company's current focus is on organic growth, with no significant M&A modeled for 2025.

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    Phillip Blee's questions to Arhaus Inc (ARHS) leadership

    Phillip Blee's questions to Arhaus Inc (ARHS) leadership • Q4 2024

    Question

    Phillip Blee inquired about the low implied EBITDA flow-through in the 2025 guidance and asked about plans for store relocations and refreshes this year.

    Answer

    An executive attributed the EBITDA pressure to system investments, showroom expansion costs, and baked-in assumptions for tariffs and promotions. John Reed, CEO, confirmed that store refreshes and relocations are a key strategy, citing the 'phenomenal' sales growth at the recently remodeled Naples store. He expects a similar pace of remodels as last year, with capital budgeted accordingly.

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    Phillip Blee's questions to Floor & Decor Holdings Inc (FND) leadership

    Phillip Blee's questions to Floor & Decor Holdings Inc (FND) leadership • Q3 2024

    Question

    Phillip Blee of William Blair & Company inquired about the potential impact of rising freight costs in 2025 and how well the company is insulated from spot market volatility due to its contracted capacity.

    Answer

    President Trevor Lang explained that the majority of freight rates are on long-term contracts, which will be renegotiated in late winter/early spring. He noted that the company is not paying spot market rates today. If contract rates rise, he expects the market to be rational, allowing for price pass-throughs. Due to inventory turns, any retail price impact from higher freight would likely not be seen until late Q3 or Q4 of 2025.

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