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    Tom Wendler • Stephens Inc.

    Tom Wendler's questions to Valvoline Inc (VVV) leadership

    Tom Wendler's questions to Valvoline Inc (VVV) leadership • Q2 2025

    Question

    Tom Wendler asked about the expected pace of new store openings from development agreements, especially in recently refranchised markets.

    Answer

    CEO Lori Flees noted that while it takes time for new franchise partners to ramp up, they are already seeing positive momentum and an accelerating pipeline. She expressed strong confidence in meeting the full-year new unit guidance of 160-185 stores and the long-term target of 250 units per year by fiscal 2027.

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    Tom Wendler's questions to Valvoline Inc (VVV) leadership • Q1 2025

    Question

    Tom Wendler asked for more detail on the impact of waste oil pricing on Q2 margins and how the company would be affected by rising crude oil prices.

    Answer

    CFO Mary Meixelsperger reiterated that the impact from waste oil in Q2 and beyond is expected to be negligible, as lower recoveries should be offset by lower product costs. Regarding rising crude prices, she explained there is a lag before it affects lubricant costs and that any significant impact wouldn't be felt until the back half of the year. She noted the company could use efficiencies or pricing to offset increases, as the market typically behaves rationally.

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    Tom Wendler's questions to Valvoline Inc (VVV) leadership • Q4 2024

    Question

    Tom Wendler from Stephens asked about the quantitative impact of the new same-store sales calculation method on the FY25 outlook and the company's expected level of share repurchase activity in the upcoming fiscal year.

    Answer

    CFO Mary Meixelsperger explained that the updated same-store sales calculation, which added 40 basis points in FY24, is expected to contribute over 50 basis points to the reported comp in fiscal 2025. She also stated that the company has guided to $40 million to $70 million in share repurchases for FY25, contingent on market conditions and other capital deployment opportunities.

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    Tom Wendler's questions to Mister Car Wash Inc (MCW) leadership

    Tom Wendler's questions to Mister Car Wash Inc (MCW) leadership • Q1 2025

    Question

    Tom Wendler asked if customers who churned after the price increase are expected to return once they see the new price is in line with the market, and what that timeline might look like.

    Answer

    CEO John Lai clarified the churn uptick was slight, temporary, and immaterial, with levels returning to normal in the second month. CFO Jedidiah Gold noted that since this is their first major UWC price increase, they lack historical data on customer return patterns and have not modeled any, though it's plausible. Lai added that churned members often convert to retail customers rather than being lost entirely.

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