Slides
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Adj. EBITDA Margin1 5.5% 7.6% Operating Income Margin 0.2% 2.9%
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Full Year 2025 Outlook2 Current Prior (as of 6/5/25) Net sales Down low single digits y/y Down low single digits y/y Adjusted EBITDA $385M to $395M $375M to $390M Net interest expense ~$130M ~$130M Capital expenditures ~$125M to $130M ~$125M to $130M Depreciation and Amortization ~$200M ~$200M Net Store Closures ~25 20-30 Q3 2025 Outlook2 Net sales Down low single digits y/y Adjusted EBITDA $92M to $94M
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Non-GAAP Measures and Other Definitions
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(dollars in thousands) Reconciliation of Net Income (Loss) Attributable to Class A and B-1 Common Stockholders to Adjusted EBITDA August 2, 2025 August 3, 2024 Net income (loss) attributable to Class A and B-1 common stockholders 13,972$ (24,823)$ Add (deduct): Interest expense, net 32,388 36,133 Income tax expense (benefit) 746 (4,651) Depreciation and amortization 49,284 49,718 Income from equity method investees (4,084) (4,191) Asset impairments and write offs 76 3,561 Equity-based compensation 8,789 11,914 Other non-operating loss — — Mexico joint venture EBITDA (1) 10,360 9,902 Acquisition and divestiture-related costs (2) — — Other costs (3) 2,329 5,960 Adjusted EBITDA 113,860$ 83,523$ Net sales 1,488,529$ 1,523,755$ Net margin (4) 0.9% (1.6%) Adjusted EBITDA Margin 7.6% 5.5% 13 Weeks Ended
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(in thousands) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024 Net cash provided by operating activities 85,892$ 69,370$ 70,438$ 60,956$ Cash paid for fixed assets (32,104) (27,388) (60,516) (60,029) Free Cash Flow 53,788$ 41,982$ 9,922$ 927$ 13 Weeks Ended 26 Weeks Ended
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(dollars in thousands) August 2, 2025 February 1, 2025 August 3, 2024 Total debt: Senior secured credit facilities, net, including current portion 1,580,688$ 1,578,091$ 1,575,630$ Finance leases, including current portion 12,012 13,793 14,839 Total debt 1,592,700 1,591,884 1,590,469 Less: cash and cash equivalents (188,748) (165,756) (127,620) Net Debt 1,403,952$ 1,426,128$ 1,462,849$
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August 2, 2025 August 3, 2024 July 29, 2023 % Change (1 yr) % Change (2 yr) Consumables 729,918$ 744,766$ 734,077$ (2%) (1%) Supplies and companion animals 495,687 518,983 544,521 (4%) (9%) Services and other 262,924 260,006 252,136 1% 4% Net sales 1,488,529$ 1,523,755$ 1,530,734$ (2%) (3%) 13 Weeks Ended