Volume has been a slight negative, although we’re actually pretty encouraged that it’s up 2% to 3% on a same-store basis, as of late June and July. So I think revenue-wise, I’m actually pretty pleased with where Pep Boys is, the service company. As I look towards the next several quarters, they have — they started in late 2022, dipping their feet back in the water of opening greenfields. So I know the CEO is currently in Indianapolis, celebrating the opening of I think its two locations there, and they’ve sort of been on a little bit of a road show. So as I look to the future, I think some of the volume issues are going to be ameliorated by the increased greenfields and I’ve said, going forward, we need to have more. It’s just the company wasn’t necessarily in a position to really commit to that.
I’ve also taken a look at store or rather Scott has — the CEO has taken a look at store hours, looked at refining the marketing, really dialing the marketing spend in. So we’re actually pretty encouraged by what we’re seeing in terms of same-store sales volume potential. So that’s sort of along with it, but you asked about EBITDA. EBITDA, roughly speaking, was up in quarter one versus prior year. In quarter two, it’s flat versus prior year, which is great. That’s in line with plan. The team has been focused on a whole host of execution actions, and we’re actually very pleased at what they’ve done with cash generation. Cash was our first and foremost priority to get the company generating cash and the difference year-over-year couldn’t be starter.
So I’m less worried about major EBITDA, at least in the first half, Andrew, than I was about cash. Now there’s rock solid in terms of what they’re generating, very pleased that’s going to continue. As I looked at Q3 and Q4, that’s where I think I anticipate being able to provide better and clearer news in terms of EBITDA growing, right? So short version, EBITDA has been basically flat to slightly up depending on whether you’re looking at Q1, Q2. Cash generation is up very substantially. Revenue, although slightly down, that doesn’t account for new greenfields and that shows an offset from a number of stores that were closed. So wordy, but hope — does that help?
Andrew Berg: Yes. No, that definitely helps. And it’s nice to hear that you guys are making some progress there, especially from the cash generation side, and we look forward to hopefully seeing that EBITDA growth in the next couple of quarters? That’s all I had. I appreciate all the color today guys.
David Willetts: Thanks Andrew.
Operator: Thank you. And with that, I will end the Q&A queue. I’ll pass it back to David Willetts for final comments.
David Willetts: All right. We appreciate everyone’s time today. Thank you for dialing in or joining us on the webcast. We look forward to talking to you in roughly another three months for quarter three results. Everyone, have a good day. Take care.
Operator: Thank you, everyone, for participating in today’s conference. This does conclude the program and you may now disconnect.
