Group 1 - The article recommends a buy rating for Driven Brands Holdings (NASDAQ: DRVN) due to strong performance from Take 5 and the sale of its US car wash [1] - The investment approach focuses on fundamentals-based value investing, emphasizing long-term durability and affordability [1] - There is a common misconception that low multiple stocks are necessarily cheap, but the article argues for a focus on companies with steady long-term growth and robust balance sheets [1] Group 2 - The article acknowledges the risks associated with investing in successful companies, particularly the potential to overpay [1] - It highlights that in certain situations, the vast development runway of a company can make immediate price less significant [1]

Segment Analysis - The discussion focuses on the quick lube model and its differentiation from traditional local repair shops [1] - Take 5 is highlighted as a diversified auto services business, emphasizing its unique value proposition to customers [1]

Financial Data and Key Metrics Changes - Driven Brands reported approximately $6.5 billion in system-wide sales and $2 billion in revenue, primarily from non-discretionary services [4][5] - The company aims for mid-30% EBITDA margins, with some quarter-over-quarter variations noted [41][42] Business Line Data and Key Metrics Changes - Take 5 Oil Change has grown from 40 units in 2016 to 1,300 locations today, with system-wide sales expected to reach $1.4 billion [9] - Same-store sales growth for Take 5 has been in the mid to high single-digit range, driven by store maturation, new store openings, and increased ticket sizes [12][13][14] - Non-oil change revenue currently accounts for about 20% of sales, with an attach rate in the upper 40% [15][17] Market Data and Key Metrics Changes - The collision repair industry is facing a 10% year-over-year decline in estimate counts, attributed to claim avoidance and high total loss rates [48] - The average age of vehicles in the U.S. is at an all-time high of 12.8 years, benefiting maintenance businesses like Meineke [54] Company Strategy and Development Direction - Driven Brands focuses on growth through Take 5, with plans to open over 150 new locations annually, primarily through franchising [25][36] - The company is committed to maintaining its promise of a 10-minute oil change experience while exploring new service offerings that fit operational and financial criteria [26][27] Management's Comments on Operating Environment and Future Outlook - Management reiterated a positive outlook for the second half of the year despite some headwinds, particularly in discretionary spending [69] - The company believes it can thrive in the automotive service market through the 2020s and 2030s, even with the rise of electric vehicles [31] Other Important Information - Driven Brands operates a diversified platform, with only one business segment exposed to electric vehicles, while the rest remain EV-agnostic [29] - The franchise segment generates robust cash flow and EBITDA margins north of 60%, which supports growth in other areas [43][44] Q&A Session Summary Question: What is the outlook for the core consumer in the second half of the year? - Management reiterated their outlook, noting some headwinds but feeling comfortable with their projections [69] Question: How does pricing impact your business? - The company has not had to pass along price increases due to its non-discretionary nature, with growth driven by premiumization rather than price hikes [72] Question: What is the expectation for market consolidation in the industry? - The trend of consolidation among a few players acquiring smaller ones is expected to continue, without significant acceleration [74]

Financial Data and Key Metrics Changes - Driven Brands reported approximately $6.5 billion in system-wide sales and $2 billion in revenue, primarily from non-discretionary services [4][5] - The company aims for mid-30% EBITDA margins, with some quarter-over-quarter variations noted [42][43] Business Line Data and Key Metrics Changes - Take 5 Oil Change has grown from 40 units in 2016 to 1,300 locations today, with system-wide sales projected to reach $1.4 billion [9] - Same-store sales growth for Take 5 has been consistent in the mid to high single-digit range, driven by store maturation, advertising, and premiumization of services [12][14] - Non-oil change revenue currently accounts for about 20% of total revenue, with an attach rate in the upper 40% [15][16] Market Data and Key Metrics Changes - The collision repair industry is facing a 10% year-over-year decline in estimate counts, attributed to claim avoidance and high total loss rates [49] - The average age of vehicles in the U.S. is at an all-time high, benefiting vehicle maintenance services like Meineke [55] Company Strategy and Development Direction - Driven Brands focuses on growth through new unit openings, targeting 150+ locations annually, with a preference for a 2:1 ratio of franchise to company-operated stores [25][36] - The company is committed to maintaining its promise of a 10-minute oil change experience while exploring new service offerings that align with operational and financial fit [26][27] Management's Comments on Operating Environment and Future Outlook - Management reiterated a positive outlook for the second half of the year despite some headwinds, particularly in discretionary spending [70] - The company believes it can thrive in the automotive service market through the 2020s and 2030s, even with the rise of electric vehicles [31] Other Important Information - Driven Brands operates a diversified platform, with only a portion of its business exposed to electric vehicles, while the rest remains EV-agnostic [29] - The company has a strong cash flow generation from its franchise segment, which supports growth initiatives in higher-margin businesses like Take 5 [44][58] Q&A Session Summary Question: What is the outlook for the core consumer in the second half of the year? - Management reiterated their outlook for the second half, noting some headwinds but feeling comfortable with their projections [70] Question: How do you see pricing elasticity affecting your business? - The company noted that it operates in a non-discretionary market, allowing for price adjustments without significant elasticity response [73][74] Question: What are the expectations for market consolidation in the industry? - Management expects the trend of consolidation among a few players to continue, without significant acceleration [75]

Financial Data and Key Metrics Changes - Driven Brands reported approximately $6.5 billion in system-wide sales and $2 billion in revenue, primarily from non-discretionary services [4][5] - The company aims for mid-30% EBITDA margins, with some quarter-over-quarter variations noted [42][43] Business Line Data and Key Metrics Changes - Take 5 Oil Change has grown from 40 units in 2016 to 1,300 locations today, with system-wide sales projected to reach $1.4 billion [9] - Same-store sales growth for Take 5 has been consistent in the mid to high single-digit range, driven by store maturation, advertising, and premiumization of services [12][14] - Non-oil change revenue currently accounts for about 20% of total revenue, with an attach rate in the upper 40% [15][16] Market Data and Key Metrics Changes - The collision repair industry is facing a 10% year-over-year decline in estimate counts due to claim avoidance and high total loss rates, but Driven Brands is gaining market share [49][50] - The average age of vehicles in the U.S. is at an all-time high, benefiting vehicle maintenance services like Meineke [55] Company Strategy and Development Direction - Driven Brands plans to open over 150 new locations annually, with a focus on franchise growth, aiming for a two-to-one ratio of franchise to company-operated stores [25][36] - The company is committed to maintaining its promise of a 10-minute oil change experience while exploring new service offerings that fit operational and financial criteria [26][27] Management's Comments on Operating Environment and Future Outlook - Management reiterated a positive outlook for the second half of the year despite some headwinds, particularly in discretionary spending [70] - The company believes it can thrive in the automotive service market through the 2020s and 2030s, even with the rise of electric vehicles [31] Other Important Information - Driven Brands' franchise segment generates robust cash flow with EBITDA margins exceeding 60%, which supports growth in other areas like Take 5 [44][58] - The company is leveraging its position in the fragmented auto glass market, focusing on insurance and commercial opportunities for growth [63][66] Q&A Session Summary Question: What is the outlook for the core consumer in the second half of the year? - Management reiterated their outlook for the second half, noting some headwinds but feeling comfortable with their projections [70] Question: How do you see pricing elasticity affecting your business? - The company noted that they operate in a non-discretionary market, allowing them to pass along prices if necessary, but they have not had to do so significantly [73][74] Question: What are your expectations for market consolidation in the industry? - Management expects the trend of consolidation among a few players to continue, without significant acceleration or deceleration [75]

Financial Data and Key Metrics Changes - Driven Brands reported a revenue increase of 6% year-over-year, totaling $551 million for Q2 2025 [9][18] - Adjusted EBITDA for the quarter was $143.2 million, reflecting a slight decrease of approximately $200,000 compared to the previous year [19][20] - The adjusted EBITDA margin decreased by roughly 160 basis points to 26% due to increased operating expenses [20] - Net income from continuing operations was $11.8 million, with adjusted net income of $59.1 million, leading to an adjusted diluted EPS of $0.36, down $0.01 from the previous year [20] Business Line Data and Key Metrics Changes - The Take Five Oil Change segment, which represents about 75% of the company's overall adjusted EBITDA, saw same-store sales increase by 6.6% and revenue growth of 14.7% [21] - Franchise Brands experienced a 1.5% decline in same-store sales, although this marked a sequential improvement from Q1 [22] - The Car Wash segment reported same-store sales growth of 19.4%, with adjusted EBITDA increasing to $27.3 million [23] Market Data and Key Metrics Changes - System-wide sales increased by 3.1% to $1.6 billion, supported by the addition of 52 net new stores in Q2 [18] - The company added 184 net new stores over the last twelve months, with 41 new stores opened in the current quarter [9][18] Company Strategy and Development Direction - The company remains focused on delivering consistent growth, particularly through the Take Five segment, and aims to reduce leverage to three times by 2026 [13][14] - Driven Brands is committed to expanding its service offerings, including the rollout of differential services across locations [10][11] - The company plans to continue opening over 150 new locations annually, enhancing brand awareness and customer loyalty [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite a dynamic macro environment, noting strong performance in the Take Five segment and market share gains in Collision and Mako [12][29] - The company anticipates ongoing softness in the Collision and Mako segments due to discretionary spending pullbacks among lower-income consumers [12][29] - For the full year, the company reiterated its revenue guidance of $2.05 billion to $2.15 billion and adjusted EBITDA of $520 million to $550 million [29][30] Other Important Information - The company successfully monetized a seller note from its U.S. Car Wash transaction for $113 million, which was used to retire its term loan and reduce net leverage to 3.9 times on a pro forma basis [13][26] - Driven Brands has paid down approximately $700 million of debt since the end of 2023, reducing net leverage from five times to 3.9 times [14][26] Q&A Session Summary Question: Can you dive deeper into the traffic versus ticket side within Take Five? - Management indicated satisfaction with the comps for Take Five, noting strong performance in both traffic and ticket metrics, with non-oil change revenue being a significant driver [34][36] Question: What are the profitability implications for the Take Five segment in the back half of the year? - Management expressed confidence in maintaining mid-30s margins for Take Five, despite some expected variability due to increased repair and maintenance costs [38][39] Question: How much of the strength in the Car Wash business is attributed to internal initiatives? - Management acknowledged that both internal initiatives and favorable weather contributed to the Car Wash segment's strong performance, but anticipated moderation in growth due to weather conditions [47][50] Question: What is the outlook for non-oil change services? - Management sees significant growth potential in non-oil change services, with attachment rates improving and new services being introduced [54][56] Question: Can you provide insights on the collision industry softness? - Management noted that the collision industry is facing challenges due to claim avoidance and high total loss rates, but Driven Brands is gaining market share [66][68] Question: What is the current state of franchisee profitability in the Mako and Collision segments? - Management reported that while some franchisees are facing challenges, the overall health of the franchise system remains strong, with some closures but net positive growth in Q2 [82][83]

Company Performance - Driven Brands Holdings Inc. reported quarterly earnings of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, and showing a slight increase from $0.35 per share a year ago, resulting in an earnings surprise of +5.88% [1] - The company posted revenues of $550.99 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.07%, although this represents a decline from year-ago revenues of $611.57 million [2] - Over the last four quarters, Driven Brands has consistently surpassed consensus EPS estimates, achieving this four times [2] Stock Performance and Outlook - Driven Brands shares have increased approximately 5.3% since the beginning of the year, while the S&P 500 has gained 7.6% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $532.17 million, and for the current fiscal year, it is $1.21 on revenues of $2.1 billion [7] Industry Context - The Automotive - Retail and Wholesale - Parts industry, to which Driven Brands belongs, is currently ranked in the bottom 16% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Driven Brands reported a revenue increase of 6% year-over-year, totaling $551 million for Q2 2025 [17][18] - Adjusted EBITDA for the quarter was $143.2 million, reflecting a slight decrease of approximately $200,000 compared to Q2 2024 [18] - The adjusted EBITDA margin decreased by roughly 160 basis points to 26% due to increased operating expenses [19] - Net income from continuing operations was $11.8 million, with adjusted net income of $59.1 million, resulting in adjusted diluted EPS of $0.36, down $0.01 from the previous year [19] Business Line Data and Key Metrics Changes - The Take Five Oil Change segment, which represents about 75% of overall adjusted EBITDA, achieved same-store sales growth of 6.6% and revenue growth of 14.7% [20] - Franchise Brands experienced a 1.5% decline in same-store sales, although this marked a sequential improvement from Q1 2025 [21] - The Car Wash segment reported same-store sales growth of 19.4%, with adjusted EBITDA increasing to $27.3 million and adjusted EBITDA margin rising to 37% [22] Market Data and Key Metrics Changes - System-wide sales increased by 3.1% to $1.6 billion, supported by the addition of 52 net new stores in Q2 2025 [17] - The company added 184 net new stores over the last twelve months, with 41 new stores opened in the current quarter [7][17] - The collision industry remains under pressure, with Driven Brands gaining market share despite overall industry softness [11][66] Company Strategy and Development Direction - The company aims to reduce net leverage to three times by 2026, having already paid down nearly $700 million of debt since the end of 2023 [12][13] - Driven Brands is focused on delivering consistent growth through Take Five, generating strong free cash flow from Franchise Brands, and executing on its deleveraging plan [7][14] - The company is expanding its service offerings, including the rollout of differential fluid service, which is expected to enhance non-oil change revenue [9][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite a dynamic macro environment, noting strong performance in the Take Five segment and sequential improvement in Franchise Brands [27] - The company anticipates ongoing softness in the collision and Mako segments due to discretionary spending pullbacks among lower-income consumers [11][27] - For the full year 2025, the company reiterated its revenue guidance of $2.05 billion to $2.15 billion and adjusted EBITDA of $520 million to $550 million [27][28] Other Important Information - The company successfully monetized a seller note from the U.S. Car Wash transaction for $113 million, which was used to retire its term loan and reduce its revolving credit facility [12][22] - Free cash flow for the quarter was $31.9 million, driven by strong operating performance [23] - The company expects net store growth between 175 and 200 units for the year, with capital expenditures projected to be between 6.5% and 7.5% of revenue [28] Q&A Session Summary Question: Can you dive deeper into the traffic versus ticket side within Take Five? - Management indicated satisfaction with the 7% same-store sales growth and noted that both traffic and ticket metrics are performing well [32][34] Question: What are the profitability implications for the Take Five segment in the back half of the year? - Management expressed confidence in maintaining mid-30s margins, despite some expected variability due to increased costs [36][37] Question: How much of the strength in the Car Wash business is due to internal initiatives? - Management acknowledged both internal initiatives and favorable weather as contributing factors, but anticipated moderation in growth rates in the back half of the year [46][48] Question: What is the outlook for non-oil change services? - Management sees significant growth potential in non-oil change services, with attachment rates continuing to improve [51][56] Question: Can you comment on the collision industry softness? - Management noted that the collision industry is facing challenges due to claim avoidance and high total loss rates, but Driven Brands is gaining market share [65][66] Question: What is the competitive dynamic for the Take Five business? - Management highlighted Take Five's unique value proposition of a quick, convenient service, which continues to attract customers and franchisee interest [116]

Financial Performance - The net leverage ratio as of Q2 2025 was 4.1x[1,2] - Net loss for the six months ended December 28, 2024, was $326.916 million, while net income for the six months ended June 28, 2025, was $29.299 million[1] - Interest expense, net, for the six months ended December 28, 2024, was $81.396 million, and for the six months ended June 28, 2025, was $67.893 million[1] - Depreciation and amortization for the six months ended December 28, 2024, was $92.250 million, and for the six months ended June 28, 2025, was $68.055 million[1] - Adjusted EBITDA for the twelve months ended June 28, 2025, was $537.822 million[1] - Debt Agreement Adjusted EBITDA for the twelve months ended June 28, 2025, was $532.968 million[1] Debt and Cash Flow - Total debt as of June 28, 2025, was $2.376724 billion[1] - Cash and cash equivalents as of June 28, 2025, were $166.131 million[1] - Net debt as of June 28, 2025, was $2.210593 billion[1] Adjustments to EBITDA - Pro forma EBITDA adjustments resulted in a decrease of $23.535 million[1] - Run rate adjustments related to store openings and closings resulted in an increase of $11.395 million[1] - Other adjustments permitted under the Debt Agreement resulted in an increase of $7.287 million[1]

Second Quarter 2025 Financial Results Overview [Executive Summary and Key Highlights](index=1&type=section&id=Executive%20Summary%20and%20Key%20Highlights) Driven Brands achieved its 18th consecutive quarter of same store sales growth, with Q2 2025 revenue up 6.2% to $551.0 million and system-wide sales up 3.1% to $1.6 billion - Achieved **18th consecutive quarter of same store sales growth**[1](index=1&type=chunk) - Take 5 segment delivered **15% revenue growth** and **7% same store sales growth**[1](index=1&type=chunk) - Pro forma net leverage ratio of **3.9x Adjusted EBITDA** post sale of U.S. car wash seller note[1](index=1&type=chunk) Q2 2025 Key Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :-------- | :-------- | :--------- | | Revenue | $551.0M | $518.8M | +6.2% | | System-wide Sales | $1.6B | $1.58B | +3.1% | | Same Store Sales Growth | 1.7% | N/A | N/A | | Store Count Growth | 3.9% | N/A | N/A | | Net Income from Continuing Operations | $11.8M | $37.2M | -68.3% | | Diluted EPS from Continuing Operations | $0.07 | $0.22 | -68.2% | | Adjusted Net Income | $59.1M | $60.4M | -2.15% | | Adjusted Diluted EPS | $0.36 | $0.37 | -2.7% | | Adjusted EBITDA | $143.2M | $143.4M | -0.14% | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Danny Rivera highlighted consistent performance, successful debt reduction, and the strength of the diversified platform, expressing confidence in sustainable growth and leverage reduction - Achieved pro forma net leverage of **3.9x** following the sale of the U.S. car wash seller note in July[3](index=3&type=chunk) - Take 5 Oil Change delivered its **20th consecutive quarter of same store sales growth**[3](index=3&type=chunk) - Key priorities include driving continued growth, generating robust free cash flow, and reducing leverage[4](index=4&type=chunk) [Q2 2025 Key Performance Indicators by Segment](index=1&type=section&id=Q2%202025%20Key%20Performance%20Indicators%20by%20Segment) Take 5 and Car Wash segments showed strong performance with significant same store sales and revenue growth, while Franchise Brands maintained a large system-wide sales base Q2 2025 Key Performance Indicators by Segment | Segment | System-wide Sales (in millions) | Store Count | Same Store Sales | Revenue (in millions) | Adjusted EBITDA (in millions) | | :---------------- | :------------------------------ | :---------- | :--------------- | :-------------------- | :---------------------------- | | Take 5 | $406.6 | 1,244 | 6.6 % | $304.2 | $108.2 | | Franchise Brands | $1,075.2 | 2,673 | (1.5) % | $74.6 | $45.4 | | Car Wash | $71.8 | 718 | 19.4 % | $73.4 | $27.3 | | Corporate and Other | $71.2 | 214 | N/A | $98.8 | $(37.7) | | Total | $1,624.8 | 4,849 | 1.7 % | $551.0 | $143.2 | Financial Statements [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Total net revenue increased by 6.2% to $551.0 million in Q2 2025, but operating income and net income from continuing operations significantly decreased due to higher expenses Q2 2025 Consolidated Statements of Operations Highlights | Metric (in thousands) | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | Change (%) | | :-------------------------------- | :------------------------------- | :------------------------------- | :--------- | | Total Net Revenue | $550,988 | $518,796 | +6.2% | | Operating Income | $38,112 | $90,074 | -57.6% | | Net Income from Continuing Operations | $11,809 | $37,217 | -68.3% | | Diluted EPS from Continuing Operations | $0.07 | $0.22 | -68.2% | | Net Income | $47,564 | $30,159 | +57.7% | | Net Diluted EPS | $0.29 | $0.18 | +61.1% | - Selling, general, and administrative expenses increased from **$119.8 million** in Q2 2024 to **$183.1 million** in Q2 2025[17](index=17&type=chunk) - Gain on sale of discontinued operations, net of tax, contributed **$37.367 million** to net income in Q2 2025[17](index=17&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $4.28 billion as of June 28, 2025, primarily due to divestitures, while total liabilities also fell significantly, and shareholders' equity increased Consolidated Balance Sheet Highlights | Metric (in thousands) | June 28, 2025 | December 28, 2024 | Change (%) | | :-------------------------------- | :-------------- | :---------------- | :--------- | | Total Assets | $4,283,514 | $5,261,787 | -18.6% | | Total Liabilities | $3,540,119 | $4,654,453 | -23.9% | | Total Shareholders' Equity | $743,395 | $607,334 | +22.4% | | Cash and Cash Equivalents | $166,131 | $149,573 | +11.1% | | Long-term Debt | $2,094,535 | $2,656,308 | -21.2% | - The balance sheet reflects the divestiture of the U.S. car wash business, with "Assets held for sale" decreasing and "Seller note receivable" appearing at **$113.0 million**[19](index=19&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased to $155.5 million for the six months ended June 28, 2025, while investing activities significantly improved, and financing activities saw a substantial increase in debt repayment Six Months Ended June 28, 2025 Cash Flow Highlights | Metric (in thousands) | Six Months Ended June 28, 2025 | Six Months Ended June 29, 2024 | Change (%) | | :-------------------------------- | :------------------------------- | :------------------------------- | :--------- | | Net Cash Provided by Operating Activities | $155,527 | $107,224 | +45.1% | | Cash Provided by (Used in) Investing Activities | $157,552 | $(34,026) | N/A (significant improvement) | | Cash Used in Financing Activities | $(321,882) | $(102,063) | +215.4% | | Proceeds from sale or disposal of businesses and fixed assets | $259,585 | $112,845 | +130.0% | | Repayment of long-term debt | $(305,446) | $(34,005) | +798.2% | Capital and Liquidity [Liquidity Position](index=2&type=section&id=Liquidity%20Position) Driven Brands ended Q2 2025 with total liquidity of $654.8 million, including cash and undrawn capacity from its variable funding securitization senior notes and revolving credit facility Q2 2025 Liquidity Position | Metric | Amount (in millions) | | :-------------------------------- | :------------------- | | Total Liquidity | $654.8 | | Cash and Cash Equivalents | $166.1 | | Undrawn Capacity (VFN & Revolver) | $488.7 | | Additional VFN Borrowing Capacity | $135.0 | [Seller Note Divestiture](index=2&type=section&id=Seller%20Note%20Divestiture) Driven Brands divested its U.S. car wash seller note for $113.0 million in cash, using proceeds to reduce debt and achieve a pro forma net leverage ratio of 3.9x Adjusted EBITDA - Divested seller note for **$113.0 million** in cash proceeds on July 25, 2025[8](index=8&type=chunk) - Net proceeds used to pay off outstanding term loan principal and **$65.0 million** of revolving credit facility[8](index=8&type=chunk) - Achieved pro forma net leverage of **3.9x Adjusted EBITDA** after debt reduction[8](index=8&type=chunk) Fiscal Year 2025 Outlook [Reaffirmed Financial Outlook](index=2&type=section&id=Reaffirmed%20Financial%20Outlook) Driven Brands reaffirmed its fiscal year 2025 financial outlook, projecting revenue between $2.05 billion and $2.15 billion, Adjusted EBITDA between $520 million and $550 million, and Adjusted Diluted EPS between $1.15 and $1.25 - Reaffirmed fiscal year 2025 financial outlook[9](index=9&type=chunk) Fiscal Year 2025 Financial Outlook | Metric | 2025 Outlook | | :-------------------- |