Thank you for joining us. I’m Joel, your conference operator today. I’d like to welcome everyone to the second quarter Planet Fitness Earnings Call. Now, I will hand the conference over to Stacey Caravella, VP of Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. Speaking on today's call will be Planet Fitness Chief Executive Officer, Colleen Keating; and Chief Financial Officer, Jay Stasz. They will be available for questions during the Q&A session following the prepared remarks. Today's call is being webcast live and recorded for replay. Before I turn the call over to Colleen, I'd like to remind everyone that the language on forward-looking statements included in our earnings release also applies to our comments made during the call. Our release can be found on our investor website along with any reconciliation of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures. Now I will turn the call over to Colleen.

Thank you, Stacey, and thank you, everyone, for joining us for the Planet Fitness Second Quarter Earnings Call. We're excited to be joining you from the New York Stock Exchange, where we will be ringing the closing bell today in celebration of our tenth anniversary as a public company. Over the past decade, through a steadfast commitment to our mission and purpose, we've added nearly 14 million members, expanded our global footprint by more than 1,700 clubs and established a presence in all 50 states and four additional countries. Today, we have 2,762 clubs and 20.8 million members around the planet. We are proud of our accomplishments and confident in our even greater opportunity ahead as consumers increasingly prioritize their health and well-being. Planet Fitness is uniquely positioned to meet that demand with our judgment-free, high-quality and affordable fitness experience. Our reach is unparalleled, with a Planet Fitness club within a 12-minute drive of 170 million people in the U.S. At the same time, with population growth and deurbanization over the past several years, we see increasing opportunities to bring Planet Fitness' high-value offering to an ever-growing community of fitness-minded consumers in more geographies than ever before. Gen Z continues to be the fastest-growing segment of our membership. The ongoing success of initiatives like our High School Summer Pass, now in its fifth year, has already outpaced last year's sign-ups and workouts, highlighting the continued strength and potential of our model. Gen Z is highly fitness aware, and there are still three years of this population that aren't yet of age to join our clubs. In fact, we have twice the unaided awareness versus our next closest gym peer and that gap is even greater among Gen Zs. And the next generation, Gen Alpha, is expected to be even more focused on health and well-being. In the second quarter, we delivered strong financial performance and remain confident in our full year outlook for 2025. We ended the quarter with approximately 20.8 million members, an 8.2% systemwide same club sales growth. We added 23 new clubs ending the quarter with a global club count of 2,762. I'd now like to review the progress we've made on our four strategic imperatives during the second quarter. As a reminder, these four strategic imperatives are: redefining our brand promise and communicating it through our marketing; enhancing our member experience; refining our product and optimizing our format; and accelerating new club growth. Let me start with redefining our brand promise. In the second quarter, we continued with our 'We Are All Strong On This Planet' marketing campaign that highlights our best-in-class strength equipment, our welcoming atmosphere, and the supportive community that we offer. We continue to see strong black card penetration with 65.8% of our membership at that tier as of the end of the quarter, a 340 basis point increase from the second quarter of last year. Consumers continue to recognize the value of the Black Card, with the gap between the Classic and Black Card memberships only $10. That said, it's not a question of if, it's a question of when we implement a Black Card price increase. We wanted to anniversary the Classic Card price increase and will evaluate the impact of the online cancel functionality before making a timing decision on a Black Card price change. Now to member experience and format optimization. Our commitment to providing a positive member experience starts with a member's very first interaction with our brand. For many on the goals, that initial connection is being forged this summer. As I noted earlier, high school summer pass initial results are outpacing last year's. It's exciting to see so many young people embracing their fitness journeys and, even more so, that they're choosing Planet Fitness to support them along the way. In line with our members first philosophy, we completed our national rollout of the online cancel functionality in May despite the Federal Appeals Court ruling that blocked the click-to-cancel roll. We are proud to lead by doing the right thing for our members and simplifying their ability to manage their membership with us. As a reminder, this was an option that we offered in more than 35% of our system before the end of Q1, including all of our corporate clubs, where we enabled it more than a year ago. We are seeing a higher attrition rate now that this functionality is live across our system. This is contemplated in our same club sales outlook that Jay will address in his comments. In alignment with our core values and commitment to integrity and excellence, we believe this is the right thing to do, both to support our members and their experience and as the industry leader. In Q2, we once again had a mid-30% rejoin rate and believe that allowing members to more easily manage their membership will only benefit us when they think about rejoining a club in the future. And finally, our efforts to accelerate new club growth. We are steadfastly focused on unit economics and believe that franchisee success fuels franchisor success. We continue to refine our product offering and operational efficiencies to maximize the economic value proposition while delivering the most relevant on-brand experience for our members. Our goal is to drive the top line while enhancing the bottom line to realize the tremendous growth opportunity we have in the U.S. and beyond. Internationally, Jay and I were in Spain in July to celebrate the opening of our ninth club located in Madrid Chamartin. The milestone came just a week after the one-year anniversary of our first club in Spain. It was incredible to experience firsthand how the brand is being brought to life by the team in both newly built and a couple of conversion clubs. Seeing our brands continue to grow in new markets is extremely rewarding and a testament to our global appeal. Our success in bringing the brand to life in Europe is another proof point to support the long-term club growth opportunities for Planet Fitness. We look forward to providing more insight into our strategy for both domestic and international growth at our Investor Day in November. Earlier this week, we executed an agreement for the sale of our eight corporate clubs in California to a franchisee in the market. This transaction reflects our commitment to recycling capital where appropriate and advancing our asset-light model. This sale also allows us to focus our resources on our corporate-owned clubs on the East Coast, where we are more densely concentrated and, therefore, can operate more efficiently. Now I will turn it over to Jay.

Thanks, Colleen. We're pleased to deliver another quarter of strong results, and we're on track to achieve our full year growth targets. We are well positioned for the long term to further expand our leading market share given the strength of our value proposition in the fitness industry, combined with the proven resilience of our asset-light business model. Demand for our offering is strong, as evidenced by our 16 straight quarters of mid-single-digit or higher same club sales growth. Before I review our second quarter financial performance, I'd like to address three topics: the rollout of online membership management, the agreement to sell our California clubs to a local franchisee in the market, and our latest thinking on tariffs. We remain committed to delivering a great member experience, and we want to make the cancellation process seamless at the join process. As Colleen noted, we now provide our members the ability to manage their membership conveniently online. As you recall, more than 35% of our system had online cancel functionality before the end of Q1, including all of our corporate clubs, where we enabled them more than one year ago. As a reminder, generally, the largest impact of the attrition rate occurs in the first couple of months after implementing this functionality and diminishes as time goes on. We're seeing a slightly elevated cancel rate in both the clubs that had online cancel before Q2 and those that rolled out during the quarter. The rate is up less in the legacy cohort of clubs compared to the others. These impacts are included in our outlook in same club sales growth guidance for the year. Now to the agreement to sell our California corporate clubs, we continue to believe in our asset-light, highly franchised model and reiterate our plans to own approximately 10% of the fleet. To contextualize the impact of the sale of these clubs, we expected these clubs to contribute approximately $7 million to our revenue and approximately $2 million to our adjusted EBITDA for the balance of the year, assuming an end of August close. These impacts are also contemplated in our outlook for the year. Finally, given that our fitness brand sells an experience, we are generally less impacted by tariffs and have implemented mitigation plans such as leveraging our scale to negotiate with manufacturers, exploring alternative markets for producing products, and bringing equipment into the U.S. on an accelerated basis. Now to our second quarter results. All of my comments regarding our second quarter performance will be comparing Q2 2025 to Q2 of last year unless otherwise noted. We opened 23 new clubs compared to 18. We delivered system-wide same club sales growth of 8.2% in the second quarter. Franchise same club sales increased 8.3% and corporate same club sales increased 7.0%. Approximately 70% of our Q2 comp increase was driven by rate growth with the balance driven by net membership growth. Black Card penetration was 65.8% at the end of the quarter, an increase of 340 basis points from the prior year and a sequential increase of approximately 90 basis points from Q1. For the second quarter, total revenue was $340.9 million compared to $300.9 million, an increase of 13.3%. The increase was driven by revenue growth across all three segments. An 11% increase in franchise segment revenue was primarily due to higher royalty revenue from increased same club sales as well as new clubs, and an increase in national ad funds as well as franchisee fees. For the second quarter, the average royalty rate was 6.7%, up from 6.6% in the prior year. The 10.8% increase in revenue in the corporate owned club segment was primarily driven by increased same club sales as well as sales from new clubs. Equipment segment revenue increased 21.5%. The increase was primarily driven by higher revenue from replacement equipment sales. We completed 19 new club placements this quarter compared to 18 last year. For the quarter, replacement equipment accounted for 87% of total equipment revenue compared to 84%. Our cost of revenue, which primarily relates to the cost of equipment sales to franchisee-owned clubs, amounted to $59.4 million compared to $51.9 million. Club operations expense, which relates to our corporate-owned club segment, increased 10.4% to $77.4 million from $70.2 million. The increase was primarily due to operating expenses from 25 new clubs opened since April 1 of '24. SG&A for the quarter was $35.5 million compared to $31.6 million, while adjusted SG&A was $33.9 million compared to $30.1 million, an increase of 12.4%. The primary driver of the increase to adjusted SG&A was higher compensation expense from recent executive hires. National advertising fund expense was $22.8 million compared to $20.1 million, an increase of 6.7%. Net income was $58.3 million. Adjusted net income was $72.6 million, and adjusted net income per diluted share was $0.86. Adjusted EBITDA was $147.6 million, an increase of 15.8% year-over-year, and adjusted EBITDA margin was 43.3% compared to $127.5 million with adjusted EBITDA margin of 42.4%. By segment, franchise adjusted EBITDA was $86.5 million and adjusted EBITDA margin increased from 71.9% to 72.3%. Corporate club adjusted EBITDA was $56.6 million, and adjusted EBITDA margin increased from 39.5% to 40.7%. Equipment adjusted EBITDA was $26.4 million, and adjusted EBITDA margin increased from 27.4% to 32.1%. Now turning to the balance sheet. As of June 30, 2025, we had total cash, cash equivalents and marketable securities of $582.5 million compared to $529.5 million on December 31, 2024, which included $56.5 million of restricted cash in each period. Moving on to our 2025 outlook, which we provided in our press release this morning. As I noted earlier, our outlook assumes tariffs at the current levels. We continue to expect between 160 and 170 new clubs, which include both franchise and corporate locations. We expect that the quarterly cadence will be weighted towards the fourth quarter of 2025, even more so than last year. We continue to expect between 130 and 140 equipment placements in new franchise clubs. And again, we expect a similar case to our openings. Lastly, we are reiterating our growth targets, with the exception of same club sales growth, which we are narrowing to approximately 6% growth from the previous 5% to 6% growth range. We continue to expect the following growth over fiscal year 2024 results: revenue to grow approximately 10%; adjusted EBITDA to grow approximately 10%; adjusted net income to increase in the 8% to 9% range; adjusted net income per diluted share to grow in the 11% to 12% range based on adjusted diluted weighted average shares outstanding of approximately 84.5 million, inclusive of approximately 1 million shares we expect to repurchase in 2025 in line with what we've previously communicated. Let me speak to the drivers for the implied sequential slowdown in same club sales growth in the second half of the year. First, we rolled over the Classic Card price increase on June 28. So while we will continue to get rate benefit from it given our subscription model and tenure of our members, the benefit moderates over this time. Second, we forecast an elevated attrition rate in the back half of the year since our national rollout of online cancellation. Lastly, the continuing volatile macroeconomic environment. Finally, we continue to expect that re-equip sales will make up approximately 70% of total equipment segment revenue. 2025 net interest expense of approximately $86 million, inclusive of the annualized impact of our 2024 refinancing, the D&A to be flat to 24%, and CapEx to be up approximately 20%. I will now turn the call back to the operator to open it up for Q&A.

I guess Colleen and Jay, maybe give us some perspective on where we stand with the proportion of clubs that have been kind of under the new layout with more strength equipment relative to cardio? And what trends or items you may see that are different in those clubs versus the older format from an equipment perspective, whether it be membership, black card penetration, attrition, et cetera? It would be very helpful to understand as you're moving into this new format or from an equipment perspective, what trends are the same or different from the older more cardio focused floor layout?

Randy, great to talk with you. Thanks for the question. So by the end of this year, we will have more than 70% of our clubs on some version of format optimization, so some optimized floor plan and mix of equipment. As you know, at the end of last year, we had 65% of the estate opt in to add plate-loaded equipment. So those were at least three new pieces of plate-loaded equipment in the clubs and then we've got even more clubs adding that this year. So we'll be well over 70%, not just with the plate loaded, but with the more balanced mix of cardio and strength. And to your question about the specific mix of equipment. It really is about a 50-50 mix of cardio and strength. So we'll still have a strong complement of cardio equipment in our clubs. We find many of our members like mixed modality. However, we've increased the amount of floor space dedicated to strength equipment and augmented that. So really seeing a more balanced mix of cardio and strength. And even within the cardio, adding things like more stair climbers because those are getting a high level of utilization; treadmills still got a high level of utilization and dialing back things like arc trainers and ellipticals, where we'll still have a complement of them, but gearing it more toward what we're seeing from a usage perspective from our members.

Great. And then I know there was some talk in the past about adding new types of amenities to the Black Card kind of member area, whether it be Red Light, Cold Plunge, Spray Tan, et cetera. Can you update us on where we stand with that? And any learnings, if any clubs have those amenities at all, if you're seeing anything that's different from a trend perspective versus clubs, obviously, that don't have those yet?

Yes, we have several clubs where we're testing new Black Card amenities. You're correct in mentioning various options currently in trial. We are testing Red Light and Red Light hybrid in some clubs, as well as exploring spray tanning as an alternative to UV tanning. It's too early to determine which amenities we will advance, as we are still in the pilot phase and analyzing their usage. Nonetheless, we recognize that recovery and renewal are significant aspects of our members' fitness routines, and we will continue to assess options that can improve our members' experience.

Colleen, I wanted to start with the 170 million person total addressable market. You're within 12 minutes of how do you think about density? Is the opportunity influenced by density in some of those existing urban markets compared to less dense rural areas? How do you balance the two? I assume you aim to focus more on densification in urban areas, but please share your thoughts.

Yes. Thank you for the question, John. We have identified that deurbanization and growth in the suburbs provide us with new market opportunities where we can support our traditional 20,000 square foot clubs. Additionally, we have been experimenting with smaller footprints in infill and more rural locations to make the Planet Fitness experience accessible to more potential members.

Okay. And maybe a follow-up. I know you're in the early stages of what you want to do with your marketing structure. But is there any thought or have you given any thought to how you want local national to kind of be set up because I think the idea was maybe you do more national, a little less local and then there's marketing savings longer term. I don't know if there's been any update on that.

Yes. So from a marketing standpoint, we launched our new campaign this year. And based on what we've seen from our member July numbers, we're confident that the new marketing messaging is landing. So you've seen the campaign around we're all strong on this planet and growing stronger together. That messaging is very much resonating. I will say specifically, we're doing more national marketing, driving the brand and bringing the brand promise to life. And at the local and hyperlocal level, we still believe that's an important complement to the national marketing. So very much in balance. I mentioned that we're seeing increased participation, increased volume as well as utilization with High School Summer Pass this summer. And there's an example of where we amped up marketing with influencers to target this particular customer demographic and it's proven quite successful in the numbers we're seeing with the High School Summer Pass participation in the summer. So with our new Chief Marketing Officer, who just came aboard in February, you'll start to see us experimenting with the new marketing mix again, balance of local and national. And at the national level, we do think there's an opportunity for us to buy more efficiently and aggregate our spend.

Great. So first, Jay, can you speak to maintaining the comp guide? I know you provided some color, but just any additional comments because should churn normalize in 3Q, given your prior comments on Click-to-Cancel? And then you should still see a benefit from the Classic Card price increase given how churn works? And then I do think that the headwind from 1Q's Black Card promo, should I believe continue to reverse? So just any more color on the conservatism for the 2H guide?

Yes, Max, thanks for the question. And yes, I mean, to your point, obviously, the Classic Card price increase, we will continue to get that benefit. We will continue to get that, but it diminishes over time over the tenure of the membership. To your point on click-to-cancel, as we said, what we're seeing is slightly elevated than what we had initially modeled. Now we recast that, and it is baked into our full year outlook and the comp guidance. And as far as it moderating, we would expect that. I mean it is still early. We're still within the first three months of the full rollout. So we're still in the early phases of that. But we've updated our forecast and we've contemplated that. So we think what we've got in there is appropriate. And then the last pillar, just given the macroeconomic environment, we do think it makes sense to maintain some level of conservatism in the guide going forward. So all that culminated in what we spoke about today.

Got it. That's helpful. And then, Colleen, I saw that you recently announced that you're looking to add a director of franchise sales. So your franchise space has been shrinking. And I believe we've been close to new entrants for many years now as the white space has been divvied off. And there has been M&A inside the system. So what's the mechanism to add new franchisees into the fold besides new ones entering through M&A such as the Flynn Group and others? And is it more for U.S. or international franchisees? And just how should we think about the acceleration in openings from this?

Yes, Max, one of the things we've said is that to achieve our full growth ambition, we believe we'll need more franchisees in the system. We also know that there are several of our larger franchisees that are approaching the end of their fund horizon and may be looking to transact. In support of those franchisees as well, we want to be cultivating prospective new franchisee relationships. You might want to come into the system and grow with the growth of Planet Fitness.

Colleen, as we think about the TAM and going into the Analyst Day, like how do you think about the local and regional HVLP competition? I mean we are seeing some of the incumbent brands with very well-capitalized operators and backers coming into the market. Curious to hear your thoughts. And I have a follow-up.

So Rahul, nice to hear from you. Gosh, when I think about the TAM, I think about the growth of Gen Z and how fitness-minded they are and that they are the fastest-growing segment of our membership and the fact that several years of Gen Z haven't even aged into our membership opportunity yet. So I think the TAM is going to continue to grow. And with Gen Alpha also coming up behind by all accounts today, it's going to be at least as, if not more, focused on health and wellness and well-being. And when I think about the landscape, I tend to say peers in the space. You're right that there are a lot of local and regional players. When you think about the 31,000 gyms and clubs that are in the U.S. today, if you take us and our next largest peer in the space combined, we're together only about slightly more than 10% of that. So it's a big landscape. And at the same time, I think our biggest competitor is fear of walking in the front door and that's what makes Planet Fitness so uniquely positioned coming into any market uniquely positioned is our welcoming environment, no gymtimidation, and that we're uniquely positioned to meet members wherever they're at on their fitness journey, whether they're a beginner or whether they're an advanced gym-goer who's training for a marathon.

I appreciate the information. I would like to learn more about the situation in Spain. How are the unit economics comparing to the U.S. since you have one or two gyms that have been operating for nearly a year? Additionally, could you provide any updates on the refranchising situation there?

Happy to. So from a Spain perspective, we are thrilled with the way the clubs are ramping in Spain. In particular, you mentioned the first club that has just been open a year. When we look at that club's ramp and we compare it to a domestic ramp, the Spain clubs, inclusive of that first one that opened, are ramping like our domestic clubs, which is quite remarkable considering we only brought the brand to Spain just a year ago. So we're feeling really good about our entree into Europe, really good about the Spain performance, and we're in the very, very, very early days of having some conversation about transacting in Spain. But it is our intention to recycle that capital to bring a franchise partner into Spain. We built it on our balance sheet as a proof of concept, and it's proving really well.

I just want to follow up. I know you mentioned, Jay, in the back half now assuming higher churn continues. Could you maybe just talk about some plans you're embedding to help offset that, whether there are some demand centric initiatives that could help near term and then longer term? Just what are the key initiatives you're looking at to help drive unit economics still higher here?

Yes, that's a broad question. This seems to be a significant moment for us. When we consider click-to-cancel or the ability to manage membership online, our priority is putting members first, which aligns with our core values. This decision, though not required, reflects that commitment and reinforces our position as an industry leader. Regarding opportunities, it’s still early for detailed commentary, but we've conducted some tests on marketing within the join flow and noted positive results. Colleen highlighted the High School Summer Pass, which we believe will continue to perform well. Our second-quarter results show that our marketing strategies are effective, and the upgrades in our clubs are resonating across all types of gyms, making us quite satisfied. We are managing click-to-cancel, and it’s slightly better than our initial estimates. We have incorporated this into our outlook and comp guidance, so we are optimistic about our current position.

Okay. And then just two follow-ups as we think about the next few months here. Any opportunity to better monetize and convert the High School Summer Pass? And then Colleen, just on pricing, I think we're within a window of a few months where you'd probably make the decision for this year or not. What else do you need to see? Or what are you looking at specifically as you collectively make that decision?

Certainly. From a conversion perspective on the High School Summer Pass, we experienced a higher conversion percentage last year compared to the previous year. Although it's too early to provide specific details for this year, we anticipate seeing the conversion in the fall. All signs indicate that both utilization and participation have significantly increased this year compared to last year, which is promising. If we assume that the conversion percentage remains the same, or even improves as we saw last year, the outlook appears positive. Regarding the Black Card pricing, we previously mentioned that it was a matter of timing rather than a decision on whether to implement it. We wanted to get past the anniversary of the Classic Card price increase, which took place at the end of Q2, and complete the rollout of our online membership management, now known as Click to Cancel. This initiative aims to give our members more control over their memberships. We have noticed a slight uptick in churn since this rollout, which is relatively minor in the range of tens of basis points, not hundreds. Given our experience in test markets, we expect this churn to moderate over time. Therefore, we prefer to wait and see how this plays out before deciding on the timing for the Black Card price increase.

Just want to follow up, Colleen, on that last answer you gave about click-to-cancel, it's still early, obviously, but do you have data on how quickly cancel rates actually go back to normal after the implementation of click to cancel? Or do they stay slightly elevated permanently?

Generally speaking, after about 12 weeks, they moderate. Now there have been a couple of exceptions. We've talked about Tennessee, a couple of exceptions where it's remained a bit elevated for a longer period of time. But generally speaking, we see a moderation about 12 weeks after rollout. The difference here is that this is a nationwide rollout as opposed to in smaller cohorts as we've done in the past. So it remains to be seen if this behaves like the prior test and prior rollout environments. But we're still in that window because it was mid-May. So we're still within that 12-week window of rollout, and we'll monitor it.

Yes, Joe, this is Jay. And as we said on the call, it's 70-30. We're not guiding beyond 25%. I think especially right now, as we think about the back half of the year, we're going to be more consistent with the 70-30 versus getting back to an even split. And as we think about Q3, historically not a large increase in membership type of quarter. So I would expect in Q3 for that 70-30 need be more skewed. We'll give longer-term guidance at our Investor Day in November.

Colleen, I was hoping you could provide an update on the progress on reducing investment costs for new units.

Happy to. So as you know, the more balanced cardio and strength package for starters reduces the build cost for our franchisees. We've also done things like shrinking the lobby, where we're today seeing well over 80% of our joins come either online or through the app. We determined that we don't need as large a lobby because we're not doing the sign-ups in the lobby. So dedicating more of that space to the gym floor and shrinking the lobby reduces the build cost because, obviously, tile is expensive. We're looking at locker room sizes and shrinking the locker room sizes a bit to dedicate more space to the gym floor. That too reduces build cost, building a smaller front desk, which we think actually creates a more welcoming environment for our members. So things structurally that we're able to do from a construction cost standpoint are helping the unit economics. But at the end of the day, the biggest thing is this business is a top-line play. And when we drive the top line for our franchisees, that's the thing we do that's most accretive to their unit economics. So we're really encouraged by the join volume that we've seen this year. We're really encouraged that our marketing is landing and that our product offering is really resonating with consumers, particularly Gen Z, a younger consumer as we think about kind of longer-term lifetime value.

Makes sense. And then do you believe adding some of these high-value services like trade gaining could unlock the potential for an additional pricing tier?

We are not discussing additional pricing tiers at this time. Instead, we are considering when we might increase the pricing for the Black Card. We will be thoughtful in our approach, ensuring we deliver high value to our members. Our focus remains on the offering to stay relevant while pricing in a manner that benefits our franchisees and provides significant value to our members.

I want to follow up maybe on Gen Z in terms of the differences and how they behave versus other demographics? Are you seeing them tend to join it more White Card versus Black Card? Any differences in utilization or churn? Just kind of curious on how they look.

While we haven't analyzed the utilization by generational cohort in detail, we have mentioned that overall utilization is on the rise. Previously, our active members used the club about 6 times a month, but now that number is in the high to mid-6s. This trend suggests that Gen Z is becoming the fastest-growing segment of our membership, coupled with increased usage. Additionally, I mentioned the High School Summer Pass earlier, which is predominantly utilized by Gen Z. Not only is participation increasing, but utilization is also higher. These points are important to consider. Thank you. In closing, I am encouraged by our performance during the first half of 2025. We continue to be a highly attractive franchise system that generates strong and stable free cash flow for long-term sustainable growth and increased shareholder value. Thank you.

This concludes today's conference call. You may now disconnect.