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Core Viewpoint - Rave Restaurant Group, Inc. (RAVE) and Papa John's International, Inc. (PZZA) operate in the same quick-service pizza category but utilize different business models, with RAVE focusing on a franchise-driven approach while PZZA combines company-owned and franchised locations [1][2] Group 1: Stock Performance & Valuation - RAVE has outperformed PZZA in stock performance, with RAVE down 5.1% over the past three months compared to PZZA's 24.6% decline [3] - Over the past year, RAVE's stock has decreased by 2.7%, while PZZA has seen a more significant drop of 35.3% [3] - RAVE's trailing 12-month enterprise value-to-sales (EV/S) ratio is 2.3X, above its five-year median of 1.9X, while PZZA's ratio is 0.8X, below its median of 1.5X [4] Group 2: Factors Driving Rave Restaurant Stock - RAVE's Pizza Inn brand has shown positive comparable store sales growth and modest increases in domestic retail sales, supported by stable buffet operations and promotional initiatives [5] - The franchise-based model allows RAVE to generate revenue through franchise royalties and supplier incentives, maintaining stable revenue streams without the full operating costs of restaurant ownership [6] - RAVE has a strong financial position with consistent profitability, no debt, and significant liquidity, enabling it to support franchise development and sustain operations [7] Group 3: Factors Driving Papa John's Stock - Papa John's operates a large global system with both company-owned and franchised locations, allowing for expansion and generating royalty revenues [8] - The vertically integrated supply chain helps maintain product quality and operational efficiency, strengthening brand consistency [9] - Papa John's strategy focuses on brand strengthening, product innovation, and enhancing customer engagement through marketing and technology investments [10][12] Group 4: Investment Considerations - RAVE's market performance suggests increasing investor confidence in its franchise-heavy model, leading to a richer valuation compared to historical levels [13] - PZZA's weaker stock performance reflects investor caution due to execution challenges and competitive pressures, despite its discounted valuation potentially signaling upside [14] - The contrast between RAVE's stability and PZZA's turnaround potential indicates that RAVE may currently be the better investment choice [15]

One of the Leading Global Franchisors of Boutique Health & Wellness Brands INVESTOR PRESENTATION As of December 31, 2025 | Reported on February 26, 2026 Legal Disclaimer The information contained in this presentation is provided solely for the purpose of acquainting the readers with Xponential Fitness, Inc. (the "Company," "Xponential" or "we") and its business operations, strategies and financial performance. This presentation and any accompanying information contained in this presentation is provided sole ...

Financial Data and Key Metrics Changes - For Q4 2025, total revenues were approximately $599 million, with cabozantinib franchise net product revenues of $546.6 million, and CABOMETYX net product revenues at $544.7 million [15][18] - Gross-to-net for the cabozantinib franchise in Q4 2025 was 28.5%, lower than the previous quarter, primarily due to lower PHS and 340B volume [15][16] - GAAP net income for Q4 2025 was approximately $244.5 million, or $0.92 per share basic, and $0.88 per share diluted [17] - Non-GAAP net income was approximately $259.5 million, or $0.97 per share basic, and $0.94 per share diluted [18] - Cash and marketable securities at year-end 2025 were approximately $1.66 billion, with $954 million spent on share repurchases during the fiscal year [18][19] Business Line Data and Key Metrics Changes - The cabozantinib business maintained strong performance, with U.S. CABO franchise net product revenues growing 17% to approximately $2.12 billion for the full year 2025 [10] - CABOMETYX continued to be the leading TKI for renal cell carcinoma (RCC) and the market leader for neuroendocrine tumors in the oral second-line-plus segment [20] - CABOMETYX TRX volume grew 15% in Q4 2025 compared to Q4 2024, outpacing the market basket growth rate of 7% [21] Market Data and Key Metrics Changes - CABOMETYX's market share in the oral TKI market increased from 43% to 46% from Q4 2024 to Q4 2025 [20] - CABOMETYX revenue in neuroendocrine tumors exceeded $100 million in 2025, indicating strong market demand [23] Company Strategy and Development Direction - The company aims to build a multi-franchise business in solid tumor oncology, focusing on cabozantinib and zanzalintinib, with a strategy that encompasses products, tumor indications, and modalities [8][9] - The company is preparing for the potential launch of zanzalintinib in colorectal cancer (CRC) and has expedited the build-out of its GI sales team to support this initiative [11][23] - Business development activities are focused on late-stage assets in GU and GI spaces, with an emphasis on pay-for-success transactions [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026 being a transformational year, with expectations for continued growth in cabozantinib and the potential launch of zanzalintinib [35] - The company is actively engaging with regulators regarding the NDA for zanzalintinib, with a PDUFA target action date set for December 3, 2026 [26][28] Other Important Information - The company reported a sequential increase in operating expenses due to higher manufacturing costs, NDA filing fees, and personnel expenses [16][17] - The company has approximately $590 million remaining under its stock repurchase plan authorized in October 2025 [19] Q&A Session Summary Question: Duration of small manufacturer discount for Zanza and share repurchase cadence - Management indicated that the small manufacturer exemptions are tied to having a single product as the majority revenue source, which is expected to remain for the foreseeable future [39] - Share repurchases will continue as long as the company feels undervalued, with a commitment to complete the remaining authorization this year [40] Question: 340B purchasing behavior and Part D redesign impact - Management noted variability in 340B purchasing behavior and expects this to continue, which could impact gross-to-net [42] - The company plans to optimize its channel for Zanza based on experiences from cabozantinib [44] Question: STELLAR-316 population size and timeline - The estimated population for STELLAR-316 is around 20,000-25,000 patients who are MRD positive after definitive therapy [47] Question: Revenue potential for NET and market dynamics - Management expressed confidence in the growth potential for neuroendocrine tumors, emphasizing the importance of community outreach and the expansion of the GI sales team [51] Question: Non-clear cell RCC market size and outcomes - Non-clear cell RCC represents approximately 20% of RCC, and the company is optimistic about the potential benefits of its pivotal study in this underserved population [82]

Core Insights - TGI Fridays is focusing on a growth strategy that includes expanding into non-traditional spaces such as hotels and airports, aiming for 1,000 units and $2 billion in revenue by 2030 [5][7] - The company has seen significant opportunities in Asia and the Middle East, particularly with its hotel partnerships [1][4] Hotel Strategy - Adding full-service branded restaurants like Fridays to limited-service hotels can triple or quadruple food and beverage revenue, allowing hotels to charge higher nightly rates [2] - The hotel strategy was inspired by Fridays' success in airports, where the chain operates high-volume restaurants [3] - TGI Fridays has opened locations in hotels such as Hilton Garden Inn and Courtyard Marriott, with 10 to 15 hotel locations globally [4] Franchise Development - TGI Fridays has signed 150 restaurant and development agreements globally in the past six months, with plans to double that amount this year [5] - The company is focused on boosting franchise profitability, conducting quarterly business reviews and biannual franchisee reviews to help operators improve their financial health [11][12] - Franchised restaurants in the U.S. declined from 152 at the start of 2022 to 81 by the end of 2024, indicating challenges in the franchise model [9] Menu Innovation - TGI Fridays is leveraging its global reach to innovate its menu, appealing to younger consumers with diverse flavor profiles [18] - The company has engaged its team members in a global innovation contest to generate new menu ideas, enhancing creativity and team morale [19][20] Employee Experience - Recent ratings on platforms like Google and Yelp indicate improved customer experiences, attributed to better service from staff [21] - The company emphasizes hiring for personality and enhancing employee training, with a high percentage of managers promoted from within [23] - TGI Fridays is committed to setting higher standards of excellence, which is believed to boost employee retention and create a culture of recognition [24]

Group 1 - BrakeTime is focusing on expanding its foodservice offerings, particularly through partnerships with quick-service restaurants (QSRs) as part of its growth strategy [3][6] - The company has signed a franchise agreement with Burger King, which will include both BrakeTime-adjacent and standalone locations, starting in Illinois and Texas [4][6] - The franchise agreement aligns with BrakeTime's goal to enhance its foodservice capabilities, with a target to build out these offerings by 2026 [6] Group 2 - The financial requirements to become a Burger King franchisee include $500,000 in liquid assets and a total net worth of at least $1 million, along with an upfront fee of $50,000 for a 20-year agreement [5] - Franchisees are also obligated to pay a royalty fee of 4.5% of their sales and contribute 4% of their sales to the Burger King Advertising Fund [5]

Core Insights - Domino's Pizza is the largest pizza chain globally and has recently gained recognition as a Warren Buffett stock, indicating its potential as a solid investment opportunity [1] Company Overview - Domino's operates 21,700 stores across 90 markets, making it a leader in the pizza industry. The business model is characterized by low setup costs and a simple menu, making it suitable for developed markets [2] - 99% of Domino's stores are franchised, generating most of its revenue from franchise fees rather than direct pizza sales. The company continues to expand, opening 214 new stores in the third quarter of fiscal 2025, primarily internationally [3] Financial Performance - In the third quarter, global retail sales rose by 6.3% year-over-year, with U.S. comparable sales increasing by 5.3%. Overall company sales grew by 6.2%, and operating income saw a 12.2% increase, largely driven by higher food delivery prices and franchise fees [6][4] - The U.S. market showed stronger performance with comparable sales up 5.2%, while international comparable sales increased by 1.7%, but total international sales grew by 5.7% due to new store openings [7] Stock Performance - Domino's stock has underperformed the market in the current year but has outperformed over the past decade. The current stock price is $416.55, with a market cap of $14 billion [5][8] - The company offers a growing dividend with a yield of 1.6%, which is considered high for Domino's, reflecting its stable market position and potential as a reliable investment [10]

Core Insights - European Wax Center, Inc. reported solid third-quarter performance, focusing on traffic growth, franchisee profitability, and disciplined expansion [3][6][9] - The company ended the quarter with 1,053 centers, a 1.0% decrease from the previous year [6][7] - System-wide sales were $238.2 million, down 0.8% from $240.2 million in the prior year [6][7] - Total revenue decreased by 2.2% to $54.2 million compared to $55.4 million in the prior year [6][7] - Same-store sales increased by 0.2% [6][7] - GAAP net income rose 164.4% to $5.4 million, while adjusted net income increased by 14.2% to $10.7 million [6][7] - Adjusted EBITDA grew by 9.6% to $20.2 million, with an adjusted EBITDA margin of 37.2% [6][7] Financial Performance - Year-to-date system-wide sales were flat at $721.7 million compared to the prior year-to-date period [7] - Total revenue for the first three quarters decreased by 3.4% to $161.5 million [7] - Selling, general and administrative expenses decreased by 25.4% to $13.0 million [7] - Interest expense increased slightly to $6.5 million from $6.3 million in the prior year [7] - The effective tax rate decreased to 27.4% from 28.7% in the prior year [7] Balance Sheet and Cash Flow - The company ended the quarter with $73.6 million in cash and cash equivalents and $6.4 million in restricted cash [8] - Net cash provided by operating activities totaled $17.3 million during the quarter [8] - The company repurchased approximately 1.2 million shares for $4.6 million, with cumulative repurchases reaching $45.9 million under a $50 million authorization [7][8] Fiscal 2025 Outlook - The company reiterated its fiscal 2025 outlook for system-wide sales between $940 million and $950 million [9] - Franchisees are expected to open 12 new centers while closing 35 to 40 centers, resulting in a net decrease of 23 to 28 centers for the fiscal year [10]

Company Overview - Domino's Pizza operates over 21,000 locations globally, with 99% being franchise-owned, generating revenue through royalties and franchise fees, resulting in a high-margin business model [2] - Wingstop has over 2,800 locations worldwide, with 98% franchise ownership, also benefiting from a high-margin, asset-light business model [7] Revenue Generation - Domino's generates 60% of its revenue from its supply chain, providing equipment and food to franchisees, sharing half of its pre-tax supply chain profit with them [3][4] - Wingstop does not operate a supply chain but has strong demand for new franchise locations due to attractive unit economics, with U.S. locations averaging $2.1 million in annual revenue [9][10] Growth Potential - Wingstop is opening over 400 new locations this year, with a record pipeline for future openings, and aims to grow from 2,400 to 6,000 locations in the U.S. [11][14] - Wingstop has increased same-store sales for 21 consecutive years, with potential to grow average annual sales volume per location to $3 million [14] Market Performance - Wingstop is currently experiencing a decline in stock price, down over 40% from its highs, trading at a low price-to-earnings (P/E) valuation [16] - In contrast, Domino's is growing revenue at a single-digit growth rate, while Wingstop is expected to sustain double-digit growth [15]

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]