Simeon Gutman
Morgan Stanley, Research Division
Hi, everyone. It’s Simeon Gutman. I’m Morgan Stanley’s hardline, broadline and food retail analyst. We’re in the home stretch and we get treated by Driven Brands, represented by Danny Rivera, President and CEO; Mike Diamond, Executive VP and CFO.
I’m just going to grab my disclosures real quick. I’m going to read disclosures, make a very quick introduction and then ask the first question. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative.
This — I guess it’s rare where companies have transformation almost at this conference. This is an example of a minor but important transformation that I think the market has been waiting for a cluster of brands that are all leading in their subsegments. There was some growth challenges in one part of this business, and it actually led to a little bit of maybe a bloated balance sheet, which has been slowly getting cleaned up, and this feels like the last step. So without taking the thunder, I want to talk about the announcement you made today and then I’ll sit down and ask the first question.
Daniel Rivera
President, CEO & Director
Thank you. Yes. So to Simeon’s point, he was — well, first and foremost, thank you for the invite. Mike and I love being here talking about Driven. So yes, we sold our U.S. — our international car wash business. And I think — so if you take several steps back, right, what we’ve been saying about Driven for a
