Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2024 Results
Driven Brands (NASDAQ: DRVN) reported its fourth quarter and fiscal year 2024 results, with annual revenue increasing 2% to $2.3 billion, driven by 1% same-store sales growth and 4% net store growth. System-wide sales rose 4% to $6.5 billion. The company reported a net loss of $292 million ($1.82 per diluted share) for fiscal 2024, compared to a $745 million loss in 2023. Adjusted EBITDA grew 7% to $553 million, while Adjusted Net Income was $186 million ($1.14 per diluted share).
The company announced a definitive agreement to sell its U.S. car wash business to Whistle Express Car Wash. Take 5 Oil Change, Driven's flagship brand, delivered 16% revenue growth and 7% same-store sales growth for the year. The company also announced a CEO transition, with Daniel Rivera appointed as President and CEO effective May 9, 2025, while current CEO Jonathan Fitzpatrick will become Non-Executive Chair.
For fiscal year 2025, Driven Brands expects same-store sales growth of 1-3% and net store growth of approximately 175-200 locations.
Driven Brands (NASDAQ: DRVN) ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024, con un aumento annuale del fatturato del 2% a 2,3 miliardi di dollari, sostenuto da una crescita delle vendite comparabili dell'1% e da una crescita netta dei punti vendita del 4%. Le vendite a livello di sistema sono aumentate del 4% a 6,5 miliardi di dollari. L'azienda ha registrato una perdita netta di 292 milioni di dollari (1,82 dollari per azione diluita) per l'anno fiscale 2024, rispetto a una perdita di 745 milioni di dollari nel 2023. EBITDA rettificato è cresciuto del 7% a 553 milioni di dollari, mentre Reddito netto rettificato è stato di 186 milioni di dollari (1,14 dollari per azione diluita).
L'azienda ha annunciato un accordo definitivo per vendere la sua attività di autolavaggio negli Stati Uniti a Whistle Express Car Wash. Take 5 Oil Change, il marchio di punta di Driven, ha registrato una crescita del fatturato del 16% e una crescita delle vendite comparabili del 7% per l'anno. L'azienda ha anche annunciato una transizione nel ruolo di CEO, con Daniel Rivera nominato Presidente e CEO con effetto dal 9 maggio 2025, mentre l'attuale CEO Jonathan Fitzpatrick diventerà Presidente non esecutivo.
Per l'anno fiscale 2025, Driven Brands prevede una crescita delle vendite comparabili dell'1-3% e una crescita netta dei punti vendita di circa 175-200 località.
Driven Brands (NASDAQ: DRVN) informó sobre los resultados del cuarto trimestre y del año fiscal 2024, con un aumento del 2% en los ingresos anuales, alcanzando los 2.3 mil millones de dólares, impulsado por un crecimiento del 1% en las ventas de tiendas comparables y un crecimiento neto del 4% en el número de tiendas. Las ventas a nivel del sistema aumentaron un 4% a 6.5 mil millones de dólares. La compañía reportó una pérdida neta de 292 millones de dólares (1.82 dólares por acción diluida) para el año fiscal 2024, en comparación con una pérdida de 745 millones de dólares en 2023. EBITDA ajustado creció un 7% a 553 millones de dólares, mientras que Ingreso neto ajustado fue de 186 millones de dólares (1.14 dólares por acción diluida).
La compañía anunció un acuerdo definitivo para vender su negocio de lavado de autos en EE. UU. a Whistle Express Car Wash. Take 5 Oil Change, la marca insignia de Driven, logró un crecimiento del 16% en ingresos y un crecimiento del 7% en ventas de tiendas comparables durante el año. La compañía también anunció una transición en la dirección, con Daniel Rivera nombrado Presidente y CEO a partir del 9 de mayo de 2025, mientras que el actual CEO Jonathan Fitzpatrick se convertirá en Presidente no ejecutivo.
Para el año fiscal 2025, Driven Brands espera un crecimiento en las ventas de tiendas comparables del 1-3% y un crecimiento neto de aproximadamente 175-200 ubicaciones.
드리븐 브랜드스 (NASDAQ: DRVN)는 2024 회계연도 4분기 및 연간 실적을 보고하며 연간 수익이 2% 증가한 23억 달러에 달했다고 발표했습니다. 이는 동일 매장 매출이 1% 증가하고 순 매장 수가 4% 증가한 데 기인합니다. 시스템 전체 매출은 4% 증가하여 65억 달러에 달했습니다. 이 회사는 2024 회계연도에 2억 9,200만 달러(희석 주당 1.82달러)의 순손실을 기록했으며, 이는 2023년의 7억 4,500만 달러 손실과 비교됩니다. 조정된 EBITDA는 7% 증가하여 5억 5,300만 달러에 달했으며, 조정된 순이익은 1억 8,600만 달러(희석 주당 1.14달러)였습니다.
회사는 미국의 세차 사업을 Whistle Express Car Wash에 매각하기 위한 최종 계약을 발표했습니다. Take 5 Oil Change, 드리븐의 주력 브랜드는 연간 16%의 수익 성장과 7%의 동일 매장 매출 성장을 달성했습니다. 또한 회사는 CEO 전환을 발표하며, 다니엘 리베라가 2025년 5월 9일부터 사장 겸 CEO로 임명되고, 현재 CEO인 조너선 피츠패트릭은 비상근 의장이 될 것이라고 밝혔습니다.
2025 회계연도에 대해 드리븐 브랜드스는 동일 매장 매출 성장률을 1-3%로, 순 매장 수를 약 175-200개로 예상하고 있습니다.
Driven Brands (NASDAQ: DRVN) a annoncé ses résultats pour le quatrième trimestre et l'année fiscale 2024, avec un chiffre d'affaires annuel en hausse de 2% à 2,3 milliards de dollars, soutenu par une croissance des ventes en magasins comparables de 1% et une croissance nette des points de vente de 4%. Les ventes à l'échelle du système ont augmenté de 4% pour atteindre 6,5 milliards de dollars. L'entreprise a enregistré une perte nette de 292 millions de dollars (1,82 dollar par action diluée) pour l'année fiscale 2024, contre une perte de 745 millions de dollars en 2023. EBITDA ajusté a augmenté de 7% pour atteindre 553 millions de dollars, tandis que Revenu net ajusté s'est élevé à 186 millions de dollars (1,14 dollar par action diluée).
L'entreprise a annoncé un accord définitif pour vendre son activité de lavage de voitures aux États-Unis à Whistle Express Car Wash. Take 5 Oil Change, la marque phare de Driven, a enregistré une croissance du chiffre d'affaires de 16% et une croissance des ventes en magasins comparables de 7% pour l'année. L'entreprise a également annoncé une transition de direction, avec Daniel Rivera nommé Président et CEO à compter du 9 mai 2025, tandis que l'actuel CEO Jonathan Fitzpatrick deviendra Président non exécutif.
Pour l'année fiscale 2025, Driven Brands s'attend à une croissance des ventes en magasins comparables de 1-3% et une croissance nette d'environ 175-200 emplacements.
Driven Brands (NASDAQ: DRVN) hat die Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht, wobei der Jahresumsatz um 2% auf 2,3 Milliarden US-Dollar gestiegen ist, unterstützt durch ein Wachstum der Same-Store-Verkäufe von 1% und einem Nettowachstum der Filialen von 4%. Die systemweiten Verkäufe stiegen um 4% auf 6,5 Milliarden US-Dollar. Das Unternehmen meldete einen Nettoverlust von 292 Millionen US-Dollar (1,82 US-Dollar pro verwässerter Aktie) für das Geschäftsjahr 2024, im Vergleich zu einem Verlust von 745 Millionen US-Dollar im Jahr 2023. Bereinigtes EBITDA wuchs um 7% auf 553 Millionen US-Dollar, während Bereinigter Nettoertrag 186 Millionen US-Dollar (1,14 US-Dollar pro verwässerter Aktie) betrug.
Das Unternehmen gab eine endgültige Vereinbarung bekannt, sein US-Autowaschgeschäft an Whistle Express Car Wash zu verkaufen. Take 5 Oil Change, die Hauptmarke von Driven, erzielte im Jahr ein Umsatzwachstum von 16% und ein Wachstum der Same-Store-Verkäufe von 7%. Das Unternehmen kündigte außerdem einen CEO-Wechsel an, bei dem Daniel Rivera ab dem 9. Mai 2025 als Präsident und CEO ernannt wird, während der aktuelle CEO Jonathan Fitzpatrick zum nicht geschäftsführenden Vorsitzenden wird.
Für das Geschäftsjahr 2025 erwartet Driven Brands ein Wachstum der Same-Store-Verkäufe von 1-3% und ein Nettowachstum von etwa 175-200 Standorten.
- Revenue increased 2% to $2.3 billion in fiscal 2024
- System-wide sales rose 4% to $6.5 billion
- Adjusted EBITDA grew 7% to $553 million
- Adjusted Net Income increased to $186 million ($1.14 per share) vs $142 million ($0.85 per share) in 2023
- Take 5 Oil Change delivered 16% revenue growth and 7% same-store sales growth
- 16th consecutive quarter of same-store sales growth
- Net store count increased by 4%
- Achieved full-year leverage target
- Net loss of $292 million ($1.82 per diluted share) for fiscal 2024
- Q4 net loss of $312 million ($1.94 per diluted share)
- Selling U.S. car wash business, reducing overall business footprint
- CEO transition announced, creating potential leadership uncertainty
Insights
Driven Brands' Q4 and fiscal 2024 results reveal a company in strategic transition, balancing modest growth with significant structural changes. The company delivered 2% revenue growth to $2.3 billion for fiscal 2024, with system-wide sales increasing 4% to $6.5 billion, driven by 1% same-store sales growth and 4% store count expansion.
The headline announcement of the U.S. car wash business divestiture marks a significant strategic pivot. This move aligns with CEO Fitzpatrick's stated focus on "delivering on our outlook, reducing debt and active portfolio management." The divestiture will substantially reshape Driven's financial profile, as evidenced by the 2025 guidance of $2.0-$2.1 billion in revenue and $490-$510 million in Adjusted EBITDA – both below 2024 levels. This suggests the car wash segment represented approximately 10-15% of revenue and EBITDA.
Take 5 Oil Change emerges as the company's growth engine, delivering impressive 16% revenue growth and 7% same-store sales growth for the year. The forthcoming re-segmentation to create a dedicated Take 5 segment underscores its strategic importance. Meanwhile, consolidating most franchise operations into a single segment (over 99% franchised) points to operational streamlining and potentially more predictable cash flows.
The persistent gap between GAAP losses and adjusted metrics demands scrutiny. While the company posted a $292 million net loss for 2024 (improving from $745 million in 2023), Adjusted Net Income was $186 million. This $478 million difference suggests significant recurring non-operational adjustments. Similarly, Q4's net loss widened dramatically to $312 million from $13 million year-over-year, while Adjusted Net Income improved to $48 million.
The announced CEO transition, with Daniel Rivera replacing Jonathan Fitzpatrick in May 2025, comes at a pivotal moment as the company refocuses its portfolio. Fitzpatrick's continuation as Non-Executive Chair and Special Advisor suggests an orderly transition rather than an abrupt change in direction.
With $648.7 million in total liquidity, Driven Brands appears well-positioned to navigate this transition period. The 2025 guidance of 1-3% same-store sales growth and 175-200 net new units indicates continued organic growth, albeit modest. Investors should watch how proceeds from the car wash divestiture impact the company's leverage and future capital allocation strategy.
This strategic realignment represents a potentially positive shift toward focusing on higher-margin, more predictable business segments while addressing balance sheet concerns. The success of this approach will largely depend on continued strong performance from Take 5 and effective integration of the remaining business segments under the new leadership structure.
--Fiscal 2024 Revenue increased
--16th consecutive quarter of same store sales growth--
--Take 5 Oil Change delivers full year revenue growth of
--Announces definitive agreement to sell
--Announces CEO transition--
--Issues fiscal year 2025 outlook excluding
For fiscal year 2024, Driven Brands delivered revenue of
Net loss for fiscal 2024 was
“Fiscal year 2024 was a year of growth and strong execution for Driven Brands, led by our flagship brand Take 5 Oil Change. We are proud of the results, as we delivered Adjusted EBITDA and same store sales in line with our full-year outlook, while also achieving our full-year leverage target. These results are directly attributable to more than 10,000 Driven Brands team members and franchisees who consistently deliver an exceptional customer experience,” said Jonathan Fitzpatrick, President and Chief Executive Officer.
“Looking ahead to 2025 our focus is clear: delivering on our outlook, reducing debt and active portfolio management,” Fitzpatrick concluded.
Sale of
In a separate release today, Driven Brands announced that it has entered into a definitive agreement to sell its
Fourth Quarter 2024 Highlights
For the fourth quarter, Driven Brands delivered revenue of
Net loss for the fourth quarter was
Fiscal Year 2024 Key Performance Indicators by Segment
|
System-wide Sales (in millions) |
Store Count |
Same-Store Sales2 |
Revenue (in millions) |
Adjusted EBITDA (in millions) |
||||||||
Maintenance |
$ |
2,104.0 |
1,960 |
4.5 |
% |
$ |
1,104.1 |
$ |
385.9 |
|
|||
Car Wash |
|
580.6 |
1,102 |
(0.9 |
)% |
|
587.2 |
|
117.1 |
|
|||
Paint, Collision & Glass |
|
3,450.7 |
1,912 |
0.8 |
% |
|
424.6 |
|
133.5 |
|
|||
Platform Services |
|
374.2 |
205 |
N/A |
|
|
207.5 |
|
83.9 |
|
|||
Corporate / Other |
|
N/A |
N/A |
N/A |
|
|
16.1 |
|
(167.7 |
) |
|||
Total |
$ |
6,509.3 |
5,179 |
1.3 |
% |
$ |
2,339.6 |
|
552.7 |
|
|||
Fourth Quarter 2024 Key Performance Indicators by Segment
|
System-wide Sales (in millions) |
Store Count |
Same-Store Sales2 |
Revenue (in millions) |
Adjusted EBITDA (in millions) |
||||||||
Maintenance |
$ |
532.9 |
1,960 |
6.0 |
% |
$ |
286.3 |
|
$ |
98.3 |
|
||
Car Wash |
|
141.4 |
1,102 |
7.9 |
% |
|
143.4 |
|
|
28.7 |
|
||
Paint, Collision & Glass |
|
849.2 |
1,912 |
1.0 |
% |
|
97.3 |
|
|
33.0 |
|
||
Platform Services |
|
72.2 |
205 |
N/A |
|
|
40.2 |
|
|
16.3 |
|
||
Corporate / Other |
|
N/A |
N/A |
N/A |
|
|
(3.1 |
) |
|
(45.6 |
) |
||
Total |
$ |
1,595.6 |
5,179 |
2.9 |
% |
|
564.1 |
|
|
130.7 |
|
||
Capital and Liquidity
The Company ended the fourth quarter with total liquidity of
Fiscal Year 2025 Outlook
The following guidance reflects the Company’s expectations for fiscal year 2025 ending December 27, 2025.
|
2024 Results |
2025 Outlook excluding
|
Revenue |
|
|
Adjusted EBITDA1 |
|
|
Adjusted EPS1 |
|
|
The Company also expects:
-
Same-store sales growth of
1% -3% - Net store growth of approximately 175 - 200
Note: 2025 Outlook excludes the impact of any potential M&A and divestitures other than the sale of the
Chief Executive Officer Transition
In a separate release today, the Company announced that the Board has appointed Daniel Rivera as the Company’s President and Chief Executive Officer (“CEO”) effective as of May 9, 2025. The Board has also appointed Mr. Rivera to serve on the Board following his appointment as President and CEO. Mr. Fitzpatrick will remain on the Board and has been appointed as Non-Executive Chair as of May 9, 2025, and has also agreed to serve as a Special Advisor to Mr. Rivera for the remainder of 2025 to ensure a smooth transition. Neal Aronson, the current Chairman of the Board, will continue to serve as a director.
Re-segmentation
In the first quarter of 2025, the Company changed its operating segments, which will result in a change to its reportable segments. As a result, and as it will report in its first quarter 2025 Quarterly Report on Form 10-Q filing, the Company will have the following reportable segments: Take 5, Franchise Brands, International Car Wash, and Corporate and Other.
The Take 5 segment will be comprised primarily of both our company and franchise-operated Take 5 Oil Change business.
The Franchise Brands segment will be comprised of the Company’s portfolio of franchised brands, which include CARSTAR, Meineke, Maaco, 1-800 Radiator, along with other smaller brands. The Franchise Brands segment will be over
The International Car Wash segment will be comprised of our remaining car wash business based outside of
The Corporate and Other segment will be comprised of our
In mid-March, the Company plans to issue a recast of fiscal 2024 quarters to assist in the analysis of fiscal 2025 results on its Investor Relations website.
1 Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA and Adjusted EPS are made in a manner consistent with the relevant definitions and assumptions noted herein.
2 The Company does not provide same store sales results for the Platform Services segment because it only applied to the 1-800-Radiator brand which is not a representative indicator of the segment’s performance. 1-800-Radiator’s same store sales performance is included in the Company’s overall same store sales results.
Conference Call
Driven Brands will host a conference call to discuss fourth quarter and fiscal year 2024 results today, Tuesday, February 25, at 8:30 a.m. ET. The call will be available by webcast and can be accessed by visiting Driven Brands’ Investor Relations website at investors.drivenbrands.com. A replay of the call will be available for at least three months.
About Driven Brands
Driven Brands™, headquartered in
Disclosure Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this Press Release, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, trends, plans, objectives of management, impact of accounting standards and outlook, impairments, and expected market growth are forward-looking statements. In particular, forward-looking statements include, among other things, statements relating to: (i) the completion of the sale of our
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
(in thousands, except per share amounts) |
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
Net Revenue: |
|
|
|
|
|
|
|
||||||||
Franchise royalties and fees |
$ |
44,085 |
|
|
$ |
49,685 |
|
|
$ |
188,634 |
|
|
$ |
190,367 |
|
Company-operated store sales |
|
387,663 |
|
|
|
366,668 |
|
|
|
1,544,932 |
|
|
|
1,526,353 |
|
Independently-operated store sales |
|
49,110 |
|
|
|
38,748 |
|
|
|
212,396 |
|
|
|
196,395 |
|
Advertising contributions |
|
25,512 |
|
|
|
25,303 |
|
|
|
101,316 |
|
|
|
98,850 |
|
Supply and other revenue |
|
57,747 |
|
|
|
73,273 |
|
|
|
292,310 |
|
|
|
292,064 |
|
Total net revenue |
|
564,117 |
|
|
|
553,677 |
|
|
|
2,339,588 |
|
|
|
2,304,029 |
|
Operating Expenses: |
|
|
|
|
|
|
|
||||||||
Company-operated store expenses |
|
254,790 |
|
|
|
241,741 |
|
|
|
993,090 |
|
|
|
1,004,472 |
|
Independently-operated store expenses |
|
30,632 |
|
|
|
21,983 |
|
|
|
121,325 |
|
|
|
109,078 |
|
Advertising expenses |
|
25,813 |
|
|
|
23,743 |
|
|
|
101,617 |
|
|
|
97,290 |
|
Supply and other expenses |
|
27,098 |
|
|
|
40,248 |
|
|
|
139,658 |
|
|
|
158,436 |
|
Selling, general, and administrative expenses |
|
162,346 |
|
|
|
118,924 |
|
|
|
554,775 |
|
|
|
462,117 |
|
Depreciation and amortization |
|
48,893 |
|
|
|
46,040 |
|
|
|
180,112 |
|
|
|
175,296 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
850,970 |
|
Asset impairment charges and lease terminations |
|
333,308 |
|
|
|
15,453 |
|
|
|
389,242 |
|
|
|
132,903 |
|
Total operating expenses |
|
882,880 |
|
|
|
508,132 |
|
|
|
2,479,819 |
|
|
|
2,990,562 |
|
Operating (loss) income |
|
(318,763 |
) |
|
|
45,545 |
|
|
|
(140,231 |
) |
|
|
(686,533 |
) |
Other expenses, net: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
37,719 |
|
|
|
43,892 |
|
|
|
156,964 |
|
|
|
164,196 |
|
Foreign currency transaction loss (gain), net |
|
14,472 |
|
|
|
(3,081 |
) |
|
|
20,239 |
|
|
|
(3,078 |
) |
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
205 |
|
|
|
— |
|
Other expense, net |
|
52,191 |
|
|
|
40,811 |
|
|
|
177,408 |
|
|
|
161,118 |
|
(Loss) income before taxes |
|
(370,954 |
) |
|
|
4,734 |
|
|
|
(317,639 |
) |
|
|
(847,651 |
) |
Income tax (benefit) expense |
|
(58,985 |
) |
|
|
17,883 |
|
|
|
(25,143 |
) |
|
|
(102,689 |
) |
Net loss |
|
(311,969 |
) |
|
|
(13,149 |
) |
|
|
(292,496 |
) |
|
|
(744,962 |
) |
|
|
|
|
|
|
|
|
||||||||
Loss per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(1.91 |
) |
|
$ |
(0.08 |
) |
|
$ |
(1.79 |
) |
|
$ |
(4.50 |
) |
Diluted |
$ |
(1.94 |
) |
|
$ |
(0.08 |
) |
|
$ |
(1.82 |
) |
|
$ |
(4.53 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
160,424 |
|
|
|
159,573 |
|
|
|
160,319 |
|
|
|
161,917 |
|
Diluted |
|
160,424 |
|
|
|
159,573 |
|
|
|
160,319 |
|
|
|
161,917 |
|
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
(in thousands, except share and per share amounts) |
December 28, 2024 |
|
December 30, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
169,954 |
|
|
$ |
176,522 |
|
Restricted cash |
|
358 |
|
|
|
657 |
|
Accounts and notes receivable, net |
|
179,609 |
|
|
|
151,259 |
|
Inventory |
|
67,527 |
|
|
|
83,171 |
|
Prepaid and other assets |
|
42,271 |
|
|
|
46,714 |
|
Income tax receivable |
|
13,706 |
|
|
|
15,928 |
|
Assets held for sale |
|
134,297 |
|
|
|
301,229 |
|
Advertising fund assets, restricted |
|
49,716 |
|
|
|
45,627 |
|
Total current assets |
|
657,438 |
|
|
|
821,107 |
|
Other assets |
|
125,422 |
|
|
|
56,565 |
|
Property and equipment, net |
|
1,024,168 |
|
|
|
1,438,496 |
|
Operating lease right-of-use assets |
|
1,370,355 |
|
|
|
1,389,316 |
|
Deferred commissions |
|
7,246 |
|
|
|
6,312 |
|
Intangibles, net |
|
665,896 |
|
|
|
739,402 |
|
Goodwill |
|
1,403,056 |
|
|
|
1,455,946 |
|
Deferred tax assets |
|
8,206 |
|
|
|
3,660 |
|
Total assets |
$ |
5,261,787 |
|
|
$ |
5,910,804 |
|
Liabilities and shareholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
95,260 |
|
|
$ |
67,526 |
|
Accrued expenses and other liabilities |
|
253,880 |
|
|
|
242,171 |
|
Income tax payable |
|
6,860 |
|
|
|
5,404 |
|
Current portion of long-term debt |
|
33,189 |
|
|
|
32,673 |
|
Income tax receivable liability |
|
22,676 |
|
|
|
56,001 |
|
Advertising fund liabilities |
|
22,030 |
|
|
|
23,392 |
|
Total current liabilities |
|
433,895 |
|
|
|
427,167 |
|
Long-term debt |
|
2,660,355 |
|
|
|
2,910,812 |
|
Deferred tax liabilities |
|
87,485 |
|
|
|
154,742 |
|
Operating lease liabilities |
|
1,303,033 |
|
|
|
1,332,519 |
|
Income tax receivable liability |
|
110,935 |
|
|
|
117,915 |
|
Deferred revenue |
|
31,314 |
|
|
|
30,507 |
|
Long-term accrued expenses and other liabilities |
|
27,436 |
|
|
|
30,419 |
|
Total liabilities |
|
4,654,453 |
|
|
|
5,004,081 |
|
Preferred Stock |
|
— |
|
|
|
— |
|
Common stock, |
|
1,638 |
|
|
|
1,640 |
|
Additional paid-in capital |
|
1,699,851 |
|
|
|
1,652,401 |
|
Accumulated deficit |
|
(1,002,583 |
) |
|
|
(710,087 |
) |
Accumulated other comprehensive loss |
|
(91,572 |
) |
|
|
(37,875 |
) |
Total shareholders’ equity attributable to Driven Brands Holdings Inc. |
|
607,334 |
|
|
|
906,079 |
|
Non-controlling interests |
|
— |
|
|
|
644 |
|
Total shareholders' equity |
|
607,334 |
|
|
|
906,723 |
|
Total liabilities and shareholders' equity |
$ |
5,261,787 |
|
|
$ |
5,910,804 |
|
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||
|
Year Ended |
||||||
(in thousands) |
December 28, 2024 |
|
December 30, 2023 |
||||
Net loss |
$ |
(292,496 |
) |
|
$ |
(744,962 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
180,112 |
|
|
|
175,296 |
|
Goodwill impairment |
|
— |
|
|
|
850,970 |
|
Share-based compensation expense |
|
48,139 |
|
|
|
15,300 |
|
Loss (gain) on foreign denominated transactions |
|
29,413 |
|
|
|
(2,022 |
) |
Gain on foreign currency derivatives |
|
(9,174 |
) |
|
|
(1,056 |
) |
Loss on sale and disposal of businesses, fixed assets, and sale-leaseback transactions |
|
35,722 |
|
|
|
4,909 |
|
Reclassification of interest rate hedge to income |
|
(2,094 |
) |
|
|
(2,077 |
) |
Bad debt expense |
|
6,672 |
|
|
|
1,938 |
|
Asset impairment charges and lease terminations |
|
389,242 |
|
|
|
132,903 |
|
Amortization of deferred financing costs and bond discounts |
|
9,759 |
|
|
|
10,307 |
|
Amortization of cloud computing |
|
8,270 |
|
|
|
1,923 |
|
Provision for deferred income taxes |
|
(66,594 |
) |
|
|
(125,804 |
) |
Loss on extinguishment of debt |
|
205 |
|
|
|
— |
|
Other, net |
|
(22,648 |
) |
|
|
22,320 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
||||
Accounts and notes receivable, net |
|
(48,190 |
) |
|
|
13,561 |
|
Inventory |
|
2,618 |
|
|
|
(11,731 |
) |
Prepaid and other assets |
|
3,467 |
|
|
|
(6,877 |
) |
Advertising fund assets and liabilities, restricted |
|
(5,031 |
) |
|
|
(16,861 |
) |
Other assets |
|
(85,491 |
) |
|
|
(39,814 |
) |
Deferred commissions |
|
934 |
|
|
|
418 |
|
Deferred revenue |
|
832 |
|
|
|
1,937 |
|
Accounts payable |
|
29,397 |
|
|
|
7,390 |
|
Accrued expenses and other liabilities |
|
17,588 |
|
|
|
(52,854 |
) |
Income tax receivable |
|
10,795 |
|
|
|
53 |
|
Cash provided by operating activities |
|
241,447 |
|
|
|
235,167 |
|
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(288,504 |
) |
|
|
(596,478 |
) |
Cash used in business acquisitions, net of cash acquired |
|
(2,990 |
) |
|
|
(59,574 |
) |
Proceeds from sale leaseback transactions |
|
51,371 |
|
|
|
194,658 |
|
Proceeds from sale or disposal of businesses and fixed assets |
|
299,142 |
|
|
|
9,987 |
|
Cash provided by (used in) investing activities |
|
59,019 |
|
|
|
(451,407 |
) |
Cash flows from financing activities: |
|
|
|
||||
Payment of debt extinguishment and issuance costs |
|
(9,646 |
) |
|
|
— |
|
Proceeds from the issuance of long-term debt |
|
274,794 |
|
|
|
— |
|
Repayment of long-term debt |
|
(465,443 |
) |
|
|
(27,971 |
) |
Proceeds from revolving lines of credit and short-term debt |
|
46,000 |
|
|
|
378,000 |
|
Repayment of revolving lines of credit and short-term debt |
|
(104,000 |
) |
|
|
(130,000 |
) |
Repayment of principal portion of finance lease liability |
|
(3,931 |
) |
|
|
(5,165 |
) |
Payment of Tax Receivable Agreement |
|
(38,374 |
) |
|
|
— |
|
Acquisition of non-controlling interest |
|
(644 |
) |
|
|
— |
|
Share repurchases |
|
— |
|
|
|
(49,956 |
) |
Tax obligations for share-based compensation |
|
(1,593 |
) |
|
|
— |
|
Stock option exercises |
|
— |
|
|
|
6,117 |
|
Other, net |
|
— |
|
|
|
(326 |
) |
Cash (used in) provided by financing activities |
|
(302,837 |
) |
|
|
170,699 |
|
Effect of exchange rate changes on cash |
|
(4,103 |
) |
|
|
484 |
|
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted |
|
(6,474 |
) |
|
|
(45,057 |
) |
Cash and cash equivalents, beginning of period |
|
176,522 |
|
|
|
227,110 |
|
Cash included in advertising fund assets, restricted, beginning of period |
|
38,537 |
|
|
|
32,871 |
|
Restricted cash, beginning of period |
|
657 |
|
|
|
792 |
|
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period |
|
215,716 |
|
|
|
260,773 |
|
Cash and cash equivalents, end of period |
|
169,954 |
|
|
|
176,522 |
|
Cash included in advertising fund assets, restricted, end of period |
|
38,930 |
|
|
|
38,537 |
|
Restricted cash, end of period |
|
358 |
|
|
|
657 |
|
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period |
$ |
209,242 |
|
|
$ |
215,716 |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this earnings release to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.
Non-GAAP Financial Measures in Outlook
Driven Brands includes Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”) and Adjusted Earnings per Share (“Adjusted EPS”) in the Company’s Fiscal Year 2025 Outlook. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures and have not been reconciled to the most comparable GAAP financial measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide an outlook for the comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA and Adjusted EPS are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.
Adjusted Net Income and Adjusted Earnings Per Share
Adjusted Net Income and Adjusted EPS are considered non-GAAP financial measures under the SEC’s rules because they exclude certain amounts included in the net income attributable to Driven Brands common stockholders and diluted earnings per share attributable to Driven Brands common stockholders calculated in accordance with GAAP. Management believes that Adjusted Net Income and Adjusted EPS are meaningful measures to share with investors because they facilitate comparison of the current period performance with that of the comparable prior period. In addition, Adjusted Net Income and Adjusted EPS afford investors a view of what management considers to be Driven Brands’ core earnings performance as well as the ability to make a more informed assessment of such earnings performance with that of the prior period.
The tables below reflect the calculation of Adjusted Net Income and Adjusted Earnings Per Share for the three months and year ended December 28, 2024, compared to the three months and year ended December 30, 2023.
Net Loss to Adjusted Net Income and Adjusted Earnings Per Share (Unaudited)
|
Three Months Ended |
|
Year Ended |
||||||||||||
(in thousands, except per share data) |
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
Net loss |
$ |
(311,969 |
) |
|
$ |
(13,149 |
) |
|
$ |
(292,496 |
) |
|
$ |
(744,962 |
) |
Acquisition related costs(a) |
|
866 |
|
|
|
5,910 |
|
|
|
2,325 |
|
|
|
13,174 |
|
Non-core items and project costs, net(b) |
|
2,140 |
|
|
|
1,230 |
|
|
|
18,403 |
|
|
|
7,343 |
|
Cloud computing amortization(c) |
|
4,834 |
|
|
|
932 |
|
|
|
8,270 |
|
|
|
1,923 |
|
Share-based compensation expense(d) |
|
12,498 |
|
|
|
5,570 |
|
|
|
48,139 |
|
|
|
15,300 |
|
Foreign currency transaction loss (gain), net(e) |
|
14,472 |
|
|
|
(3,081 |
) |
|
|
20,239 |
|
|
|
(3,078 |
) |
Asset sale leaseback (gain) loss, net, impairment and closed store expenses(f) |
|
380,238 |
|
|
|
19,777 |
|
|
|
435,703 |
|
|
|
990,384 |
|
Loss on debt extinguishment (g) |
|
— |
|
|
|
— |
|
|
|
205 |
|
|
|
— |
|
Amortization related to acquired intangible assets(h) |
|
6,162 |
|
|
|
5,192 |
|
|
|
25,690 |
|
|
|
28,756 |
|
Provision for uncertain tax positions(i) |
|
— |
|
|
|
(354 |
) |
|
|
— |
|
|
|
(354 |
) |
Valuation allowance for deferred tax asset(j) |
|
41,990 |
|
|
|
17,729 |
|
|
|
51,186 |
|
|
|
17,729 |
|
Adjusted net income before tax impact of adjustments |
|
151,231 |
|
|
|
39,756 |
|
|
|
317,664 |
|
|
|
326,215 |
|
Tax impact of adjustments(k) |
|
(102,794 |
) |
|
|
(11,971 |
) |
|
|
(131,337 |
) |
|
|
(183,754 |
) |
Adjusted net income |
|
48,437 |
|
|
|
27,785 |
|
|
|
186,327 |
|
|
|
142,461 |
|
|
|
|
|
|
|
|
|
||||||||
Loss per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(1.91 |
) |
|
$ |
(0.08 |
) |
|
$ |
(1.79 |
) |
|
$ |
(4.50 |
) |
Diluted |
$ |
(1.94 |
) |
|
$ |
(0.08 |
) |
|
$ |
(1.82 |
) |
|
$ |
(4.53 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted earnings per share(1) |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.30 |
|
|
$ |
0.17 |
|
|
$ |
1.14 |
|
|
$ |
0.86 |
|
Diluted |
$ |
0.30 |
|
|
$ |
0.17 |
|
|
$ |
1.14 |
|
|
$ |
0.85 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
160,424 |
|
|
|
159,573 |
|
|
|
160,319 |
|
|
|
161,917 |
|
Diluted |
|
160,424 |
|
|
|
159,573 |
|
|
|
160,319 |
|
|
|
161,917 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding for Adjusted Net Income |
|
|
|
|
|
|
|
||||||||
Basic |
|
160,424 |
|
|
|
159,573 |
|
|
|
160,319 |
|
|
|
161,917 |
|
Diluted |
|
161,778 |
|
|
|
161,361 |
|
|
|
161,210 |
|
|
|
164,100 |
|
(1) |
Adjusted Earnings Per Share is calculated under the two-class method. Under the two-class method, adjusted earnings per share is calculated using adjusted net income attributable to common shares, which is derived by reducing adjusted net income by the amount attributable to participating securities. Adjusted Net Income attributable to participating securities used in the basic earnings per share calculation was |
Adjusted EBITDA
Adjusted EBITDA is considered a non-GAAP financial measure under the Securities and Exchange Commission’s (“SEC”) rules because it excludes certain amounts included in net income calculated in accordance with GAAP. Management believes that Adjusted EBITDA is a meaningful measure to share with investors because it facilitates comparison of the current period performance with that of the comparable prior period. In addition, Adjusted EBITDA affords investors a view of what management considers to be Driven Brand’s core operating performance as well as the ability to make a more informed assessment of such operating performance as compared with that of the prior period.
Please see the company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed with the SEC on February 28, 2024, for additional information on Adjusted EBITDA. The tables below reflect the calculation of Adjusted EBITDA for the three months and year ended December 28, 2024, compared to the three months and year ended December 30, 2023.
Net Loss to Adjusted EBITDA Reconciliation (Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
(in thousands) |
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
Net loss |
$ |
(311,969 |
) |
|
$ |
(13,149 |
) |
|
$ |
(292,496 |
) |
|
$ |
(744,962 |
) |
Income tax (benefit) expense |
|
(58,985 |
) |
|
|
17,883 |
|
|
|
(25,143 |
) |
|
|
(102,689 |
) |
Interest expense, net |
|
37,719 |
|
|
|
43,892 |
|
|
|
156,964 |
|
|
|
164,196 |
|
Depreciation and amortization |
|
48,893 |
|
|
|
46,040 |
|
|
|
180,112 |
|
|
|
175,296 |
|
EBITDA |
|
(284,342 |
) |
|
|
94,666 |
|
|
|
19,437 |
|
|
|
(508,159 |
) |
Acquisition related costs(a) |
|
866 |
|
|
|
5,910 |
|
|
|
2,325 |
|
|
|
13,174 |
|
Non-core items and project costs, net(b) |
|
2,140 |
|
|
|
1,230 |
|
|
|
18,403 |
|
|
|
7,343 |
|
Cloud computing amortization(c) |
|
4,834 |
|
|
|
932 |
|
|
|
8,270 |
|
|
|
1,923 |
|
Share-based compensation expense(d) |
|
12,498 |
|
|
|
5,570 |
|
|
|
48,139 |
|
|
|
15,300 |
|
Foreign currency transaction loss (gain), net(e) |
|
14,472 |
|
|
|
(3,081 |
) |
|
|
20,239 |
|
|
|
(3,078 |
) |
Asset sale leaseback (gain) loss, net, impairment and closed store expenses(f) |
|
380,238 |
|
|
|
19,777 |
|
|
|
435,703 |
|
|
|
990,384 |
|
Loss on debt extinguishment (g) |
|
— |
|
|
|
— |
|
|
|
205 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
130,706 |
|
|
$ |
125,004 |
|
|
$ |
552,721 |
|
|
$ |
516,887 |
|
Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share Footnotes
(a) |
Consists of acquisition costs as reflected within the unaudited consolidated statements of operations, including legal, consulting and other fees, and expenses incurred in connection with acquisitions completed during the applicable period, as well as inventory rationalization expenses incurred in connection with acquisitions. We expect to incur similar costs in connection with other acquisitions in the future and, under |
(b) |
Consists of discrete items and project costs, including third party consulting and professional fees associated with strategic transformation initiatives as well as non-recurring payroll-related costs. |
(c) |
Includes non-cash amortization expenses relating to cloud computing arrangements. |
(d) |
Represents non-cash share-based compensation expense. |
(e) |
Represents foreign currency transaction (gains) losses, net that primarily related to the remeasurement of our intercompany loans as well as gains and losses on cross currency swaps and forward contracts. |
(f) |
Relates to (gains) losses, net on sale leasebacks, impairment of certain fixed assets and operating lease right-of-use assets related to closed and underperforming locations, assets held for sale, lease exit costs and other costs associated with stores that were closed prior to the respective lease termination dates, as well as goodwill impairment within the Car Wash segment. |
(g) |
Represents charges incurred related to the Company’s partial repayment of Senior Secured Notes in conjunction with the sale of its Canadian distribution business. |
(h) |
Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the unaudited consolidated statement of operations. |
(i) |
Represents amounts recorded for uncertain tax positions, inclusive of interest and penalties. |
(j) |
Represents valuation allowances on income tax carryforwards in certain domestic jurisdictions that are not more likely than not to be realized. |
(k) |
Represents the tax impact of adjustments associated with the reconciling items between Net Loss and Adjusted Net Income, excluding the provision for uncertain tax positions. To determine the tax impact of the deductible reconciling items, we utilized statutory income tax rates ranging from |
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (UNAUDITED) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
(in thousands) |
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
Maintenance |
$ |
98,305 |
|
|
$ |
85,279 |
|
|
$ |
385,853 |
|
|
$ |
325,593 |
|
Car Wash |
|
28,673 |
|
|
|
27,501 |
|
|
|
117,140 |
|
|
|
128,050 |
|
Paint, Collision & Glass |
|
33,013 |
|
|
|
31,346 |
|
|
|
133,519 |
|
|
|
139,590 |
|
Platform Services |
|
16,270 |
|
|
|
18,568 |
|
|
|
83,918 |
|
|
|
80,492 |
|
Corporate and other |
|
(45,555 |
) |
|
|
(37,690 |
) |
|
|
(167,709 |
) |
|
|
(156,838 |
) |
Adjusted EBITDA |
$ |
130,706 |
|
|
$ |
125,004 |
|
|
$ |
552,721 |
|
|
$ |
516,887 |
|
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED) |
||||||||||||||
|
Three Months Ended December 28, 2024 |
|||||||||||||
(in thousands) |
Maintenance |
|
Car Wash |
|
Paint, Collision & Glass |
|
Platform Services |
|
Total |
|||||
System-wide Sales |
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
$ |
295,090 |
|
$ |
— |
|
$ |
792,420 |
|
$ |
71,342 |
|
$ |
1,158,852 |
Company-operated stores |
|
237,818 |
|
|
92,269 |
|
|
56,750 |
|
|
826 |
|
|
387,663 |
Independently operated stores |
|
— |
|
|
49,110 |
|
|
— |
|
|
— |
|
|
49,110 |
Total System-wide Sales |
$ |
532,908 |
|
$ |
141,379 |
|
$ |
849,170 |
|
$ |
72,168 |
|
$ |
1,595,625 |
|
|
|
|
|
|
|
|
|
|
|||||
Store Count (in whole numbers) |
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
|
1,242 |
|
|
— |
|
|
1,683 |
|
|
204 |
|
|
3,129 |
Company-operated stores |
|
718 |
|
|
382 |
|
|
229 |
|
|
1 |
|
|
1,330 |
Independently operated stores |
|
— |
|
|
720 |
|
|
— |
|
|
— |
|
|
720 |
Total Store Count |
|
1,960 |
|
|
1,102 |
|
|
1,912 |
|
|
205 |
|
|
5,179 |
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended December 30, 2023 |
|||||||||||||
(in thousands) |
Maintenance |
|
Car Wash |
|
Paint, Collision & Glass |
|
Platform Services |
|
Total |
|||||
System-wide Sales |
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
$ |
266,801 |
|
$ |
— |
|
$ |
766,717 |
|
$ |
73,778 |
|
$ |
1,107,296 |
Company-operated stores |
|
203,963 |
|
|
93,164 |
|
|
68,632 |
|
|
909 |
|
|
366,668 |
Independently operated stores |
|
— |
|
|
38,748 |
|
|
— |
|
|
— |
|
|
38,748 |
Total System-wide Sales |
$ |
470,764 |
|
$ |
131,912 |
|
$ |
835,349 |
|
$ |
74,687 |
|
$ |
1,512,712 |
|
|
|
|
|
|
|
|
|
|
|||||
Store Count (in whole numbers) |
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
|
1,134 |
|
|
— |
|
|
1,647 |
|
|
205 |
|
|
2,986 |
Company-operated stores |
|
652 |
|
|
391 |
|
|
241 |
|
|
1 |
|
|
1,285 |
Independently operated stores |
|
— |
|
|
717 |
|
|
— |
|
|
— |
|
|
717 |
Total Store Count |
|
1,786 |
|
|
1,108 |
|
|
1,888 |
|
|
206 |
|
|
4,988 |
|
|
Year Ended December 28, 2024 |
|||||||||||||
(in thousands) |
|
Maintenance |
|
Car Wash |
|
Paint, Collision & Glass |
|
Platform Services |
|
Total |
|||||
System-wide Sales |
|
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
|
$ |
1,183,406 |
|
$ |
— |
|
$ |
3,198,498 |
|
$ |
370,086 |
|
$ |
4,751,990 |
Company-operated stores |
|
|
920,548 |
|
|
368,158 |
|
|
252,162 |
|
|
4,064 |
|
|
1,544,932 |
Independently operated stores |
|
|
— |
|
|
212,396 |
|
|
— |
|
|
— |
|
|
212,396 |
Total System-wide Sales |
|
$ |
2,103,954 |
|
$ |
580,554 |
|
$ |
3,450,660 |
|
$ |
374,150 |
|
$ |
6,509,318 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Store Count (in whole numbers) |
|
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
|
|
1,242 |
|
|
— |
|
|
1,683 |
|
|
204 |
|
|
3,129 |
Company-operated stores |
|
|
718 |
|
|
382 |
|
|
229 |
|
|
1 |
|
|
1,330 |
Independently operated stores |
|
|
— |
|
|
720 |
|
|
— |
|
|
— |
|
|
720 |
Total Store Count |
|
|
1,960 |
|
|
1,102 |
|
|
1,912 |
|
|
205 |
|
|
5,179 |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Year Ended December 30, 2023 |
|||||||||||||
(in thousands) |
|
Maintenance |
|
Car Wash |
|
Paint, Collision & Glass |
|
Platform Services |
|
Total |
|||||
System-wide Sales |
|
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
|
$ |
1,090,457 |
|
$ |
— |
|
$ |
3,072,137 |
|
$ |
398,386 |
|
$ |
4,560,980 |
Company-operated stores |
|
|
809,356 |
|
|
395,357 |
|
|
317,428 |
|
$ |
4,212 |
|
|
1,526,353 |
Independently operated stores |
|
|
— |
|
|
196,395 |
|
|
— |
|
|
— |
|
|
196,395 |
Total System-wide Sales |
|
$ |
1,899,813 |
|
$ |
591,752 |
|
$ |
3,389,565 |
|
$ |
402,598 |
|
$ |
6,283,728 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Store Count (in whole numbers) |
|
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
|
|
1,134 |
|
|
— |
|
|
1,647 |
|
|
205 |
|
|
2,986 |
Company-operated stores |
|
|
652 |
|
|
391 |
|
|
241 |
|
|
1 |
|
|
1,285 |
Independently operated stores |
|
|
— |
|
|
717 |
|
|
— |
|
|
— |
|
|
717 |
Total Store Count |
|
|
1,786 |
|
|
1,108 |
|
|
1,888 |
|
|
206 |
|
|
4,988 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250225842070/en/
Shareholder/Analyst inquiries:
Dawn Francfort
ICR, Inc.
investors@drivenbrands.com
(203) 682-8200
Media inquiries:
Taylor Blanchard
taylor.blanchard@drivenbrands.com
(704) 644-8129
Source: Driven Brands
FAQ
What were Driven Brands' (DRVN) key financial results for fiscal year 2024?
Why is Driven Brands (DRVN) selling its U.S. car wash business?
Who will replace Jonathan Fitzpatrick as CEO of Driven Brands (DRVN)?
What is Driven Brands' (DRVN) financial outlook for 2025?
How did Take 5 Oil Change perform for Driven Brands (DRVN) in 2024?
What changes is Driven Brands (DRVN) making to its reporting segments in 2025?
