Driven Brands Holdings Inc. Reports Third Quarter Results

Rhea-AI Summary

Driven Brands Holdings reported impressive Q3 2021 results with revenue reaching $371.1 million, a 39% increase from the prior year. System-wide sales totaled $1.2 billion, reflecting a 28% growth, while same-store sales surged 12.8%. The company added 53 net new stores, leading to a net income of $33.1 million, a remarkable 712% increase year-over-year. Adjusted EBITDA rose 42% to $98.0 million. Driven Brands has raised its FY 2021 guidance, expecting revenues of approximately $1.4 billion.

Positive

• Revenue increased by 39% year-over-year to $371.1 million.
• Net income rose to $33.1 million, a 712% increase from the previous year.
• Added 53 net new stores during the quarter.
• Raised FY 2021 guidance to approximately $1.4 billion in revenue.

Negative

• None.

Delivers Strong Same-Store Sales Growth and Adds 53 Net New Stores

Reports Robust Operating Income and Earnings per Share Growth

Raises Fiscal Year 2021 Guidance

CHARLOTTE, N.C., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or “the Company”) today reported financial results for the third quarter ended September 25, 2021.

For the third quarter, revenue was $371.1 million, an increase of 39% versus the prior year. System-wide sales were $1.2 billion, an increase of 28% versus the prior year, with 4% net store growth and an increase in consolidated same-store sales of 12.8%.

Earnings per share was $0.19 for the third quarter, an increase of 375% versus the prior year.

Adjusted earnings per share² was $0.26, an increase of 30% versus the prior year.

“This is our third quarter as a public company and we have consistently outperformed expectations,” said Jonathan Fitzpatrick, president and CEO. “Our employees and franchisees have shown tremendous flexibility and a relentless focus on operational excellence, and I am proud of our entire team.” Fitzpatrick added.

“We expect to end fiscal year 2021 strong, and with our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation, our business model remains well-positioned to maximize long-term value for all of our stakeholders.”

Third Quarter Highlights

• Revenue increased 39% versus the prior year, driven by positive same-store sales growth and net store growth.
• Consolidated same-store sales increased 12.8% for the quarter, and all segments posted positive same-store sales growth.
• The Company added 53 net new stores during the quarter.
• The Company recorded net income in the third quarter of $33.1 million, an increase of 712% versus the prior year.
• Adjusted Net Income¹ was $43.5 million, an increase of 96% versus the prior year.
• Adjusted EBITDA³ was $98.0 million, an increase of 42% versus the prior year.

Third Quarter 2021 Key Performance Indicators by Segment

	System-wide Sales (in millions)			Store Count	Same-Store Sales*		Revenue (in millions)			Segment Adjusted EBITDA4 (in millions)
Maintenance	$	333.8		1,506	17.0	%	$	144.5		$	47.9
Car Wash	122.0			1,018	6.2	%	123.6			38.0
Paint, Collision & Glass	620.3			1,647	10.8	%	50.6			22.0
Platform Services	120.3			201	15.8	%	42.1			16.3
Corporate / Other		N/A		N/A	N/A		10.3
Total	$	1,196.4		4,372	12.8	%	$	371.1

^{*Car Wash same-store sales reflects performance for the full quarter. Total same-store sales includes Car Wash performance on a pro-rata basis beginning in August.}

Capital and Liquidity

The Company ended the third quarter with total liquidity of $268.3 million, which included $115.5 million in cash, cash equivalents and restricted cash, and $152.8 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility.

Subsequent to quarter end, the Company closed on a $450 million whole business securitization issuance. The proceeds from the issuance were used to repay the outstanding balance on the revolving credit facility and the remainder will be used for general corporate purposes, including future acquisitions.

Guidance
The Company has raised its guidance for fiscal year 2021 to account for the strong operating performance in the third quarter. The following guidance reflects the Company’s current expectations for the fiscal year ending December 25, 2021:

• Revenue of approximately $1.4 billion
• Adjusted EBITDA³ of approximately $350 million
• Adjusted Earnings per Share² of approximately $0.84
• Approximately 15% same-store sales growth, with positive same-store sales across all segments
• Net store growth of approximately 200, driven by franchise and company-operated store growth as well as tuck-in acquisitions completed through the third quarter.

Conference Call
Driven Brands will host a conference call to discuss third quarter 2021 results today, Wednesday, October 27, 2021 at 9:00am 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 until February 15, 2022.

About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,300 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates more than $1 billion in revenue from more than $4 billion in system-wide sales.

Contacts
Shareholder/Analyst inquiries: Rachel Webb rachel.webb@drivenbrands.com (704) 644-8125		Media inquiries: Media media@drivenbrands.com (704) 644-8129

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, plans, objectives of management, and expected market growth are forward-looking statements. In particular, forward-looking statements include, among other things, statements relating to: (i) our strategy, outlook and growth prospects; (ii) our operational and financial targets and dividend policy; (iii) general economic trends and trends in the industry and markets; and (iv) the competitive environment in which we operate. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 26, 2020, as supplemented by the “Risk Factors” section in our Quarterly Report on Form 10-Q for the quarter ended June 26, 2021, and in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

Forward-looking statements represent our estimates and assumptions only as of the date on which they are made, and we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Disclosure Regarding Non-GAAP Financial Measures

In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company has included certain non-GAAP financial measures in this release, including Adjusted Net Income¹, Adjusted Earnings Per Share², and Adjusted EBITDA³. Management believes these non-GAAP financial measures are useful because they enable management, investors, and others to assess the operating performance of the Company and its segments. Please refer to the Reconciliation of Non-GAAP Financial Information tables located in the financial supplement in this release.

This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted Earnings Per Share² and Adjusted EBITDA³. These measures will differ from net income, determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We do not provide guidance for net income, determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA³ to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income.

___________
¹ “Adjusted Net Income” is calculated by eliminating from net income the adjustments described for Adjusted EBITDA, amortization related to acquired intangible assets and the tax effect of the adjustments. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.
² “Adjusted Earnings Per Share” represents Adjusted Net Income divided by weighted average shares (basic and diluted). Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.
³ “Adjusted EBITDA” represents earnings before interest expense, income tax expense, and depreciation and amortization, with further adjustments for acquisition-related costs, straight-line rent, equity compensation, loss on debt extinguishment and certain non-recurring, non-core, infrequent or unusual charges. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.
⁴ “Segment Adjusted EBITDA” is defined as Adjusted EBITDA with a further adjustment for store opening costs. Corporate & Other costs are not allocated across segments. Segment Adjusted EBITDA is a supplemental measure of operating performance of our segments and may not be comparable to similar measures reported by other companies. Please refer to reconciliation to Adjusted EBITDA located in the financial supplement in this release.

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

		Three months ended								Nine months ended
(in thousands, except per share amounts)		September 25, 2021				September 26, 2020				September 25, 2021				September 26, 2020
Revenue:
Franchise royalties and fees		$	38,953			$	36,520			$	107,240			$	94,214
Company-operated store sales		213,755				140,788				603,808				323,339
Independently-operated store sales		47,941				30,595				160,483				30,595
Advertising contributions		19,762				14,927				56,665				42,429
Supply and other revenue		50,737				44,932				147,199				125,115
Total revenue		371,148				267,762				1,075,395				615,692
Operating expenses:
Company-operated store expenses		130,520				85,668				367,095				202,333
Independently-operated store expenses		27,764				17,995				89,664				17,995
Advertising expenses		19,762				14,927				56,665				42,429
Supply and other expenses		28,330				25,813				80,417				70,167
Selling, general and administrative expenses		71,565				56,586				218,549				153,107
Acquisition costs		636				12,076				2,674				13,287
Store opening costs		666				119				1,360				1,921
Depreciation and amortization		28,447				16,221				78,722				32,656
Asset impairment charges and lease terminations		(270		)		321				3,161				6,732
Total operating expenses		307,420				229,726				898,307				540,627
Operating income		63,728				38,036				177,088				75,065
Other expenses, net:
Interest expense, net		17,688				29,594				52,390				64,973
(Gain) loss on foreign currency transactions, net		1,074				(2,230		)		6,356				55
Loss on debt extinguishment		—				673				45,576				673
Total other expenses, net		18,762				28,037				104,322				65,701
Net income before taxes		44,966				9,999				72,766				9,364
Income tax expense		11,880				5,888				24,445				6,109
Net income		$	33,086			$	4,111			$	48,321			$	3,255
Net income (loss) attributable to non-controlling interests		$	(38	)		$	32			$	(68	)		$	(34	)
Net income attributable to Driven Brands Holdings Inc.		$	33,124			$	4,079			$	48,389			$	3,289
Earnings per share(1):
Basic		$	0.20			$	0.04			$	0.30			$	0.03
Diluted		$	0.19			$	0.04			$	0.29			$	0.03
Weighted average shares outstanding(1):
Basic		162,635				111,950				160,030				96,643
Diluted		166,630				111,950				163,968				96,643

(1) Share and per share amounts for the three and nine months ended September 26, 2020 have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021.

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)	September 25, 2021				December 26, 2020
Assets
Current assets:
Cash and cash equivalents	$	115,365			$	172,611
Restricted cash	135				15,827
Accounts and notes receivable, net	110,907				84,805
Inventory	44,259				43,039
Prepaid and other assets	26,022				25,070
Income tax receivable	2,619				3,055
Advertising fund assets, restricted	39,698				29,276
Total current assets	339,005				373,683
Notes receivable, net	2,748				3,828
Property and equipment, net	1,121,204				827,392
Operating lease right-of-use assets	905,527				884,927
Deferred commissions	9,878				8,661
Intangibles, net	817,665				829,308
Goodwill	1,810,085				1,727,351
Total assets	$	5,006,112			$	4,655,150
Liabilities and shareholders' equity
Current liabilities:
Accounts payable	$	72,458			$	67,802
Accrued expenses and other liabilities	217,589				190,867
Income taxes payable	2,791				3,513
Current portion of long-term debt	18,342				22,988
Advertising fund liabilities	25,457				20,276
Total current liabilities	336,637				305,446
Long-term debt, net	1,677,337				2,102,219
Deferred tax liability	261,906				249,043
Operating lease liabilities	843,925				818,001
Income tax receivable liability	155,970				—
Deferred revenue	24,770				20,757
Accrued expenses and other long-term liabilities	30,070				53,324
Total liabilities	3,330,615				3,548,790
Common stock	1,674				565
Additional paid-in capital	1,604,342				1,055,172
Retained earnings	80,364				31,975
Accumulated other comprehensive income (loss)	(12,047		)		16,528
Total shareholders' equity attributable to Driven Brands Holdings Inc.	1,674,333				1,104,240
Non-controlling interests	1,164				2,120
Total shareholders' equity	1,675,497				1,106,360
Total liabilities and shareholders' equity	$	5,006,112			$	4,655,150

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine months ended
(in thousands)	September 25, 2021				September 26, 2020
Net income	$	48,321			$	3,255
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	78,722				32,656
Non-cash lease cost	56,563				26,254
Gain on foreign denominated transactions	9,301				55
Loss on derivatives not designed as hedges	(2,945		)		—
Bad debt expense	2,535				4,829
Asset impairment costs	3,161				6,732
Amortization of deferred financing costs and bond discounts	5,139				7,176
Benefit (provision) for deferred income taxes	15,898				(4,524		)
Loss on extinguishment of debt	45,576				—
Other, net	4,257				2,239
Changes in assets and liabilities, net of acquisitions:
Accounts and notes receivable, net	(28,787		)		(12,349		)
Inventory	(3,279		)		(1,328		)
Prepaid and other assets	(18,414		)		1,755
Advertising fund assets and liabilities, restricted	5,818				(554		)
Deferred commissions	(1,205		)		(1,810		)
Deferred revenue	3,983				3,438
Accounts payable	(2,405		)		10,311
Accrued expenses and other liabilities	23,397				8,926
Income tax receivable	(320		)		7,551
Operating lease liabilities	(47,821		)		(28,157		)
Cash provided by operating activities	197,495				66,455
Cash flows from investing activities:
Capital expenditures	(91,294		)		(35,124		)
Cash used in business acquisitions, net of cash acquired	(444,121		)		8,575
Proceeds from sale-leaseback transactions	66,391				—
Proceeds from sale of At-Pac business	1,532				—
Proceeds from disposal of property and equipment	5,471				—
Cash used in investing activities	(462,021		)		(26,549		)
Cash flows from financing activities:
Payment of contingent consideration related to acquisitions	—				(2,783		)
Payment of debt extinguishment and issuance costs	(2,153		)		(12,639		)
Proceeds from the issuance of long-term debt	—				175,000
Repayment of long-term debt	(716,542		)		(11,619		)
Proceeds from revolving lines of credit and short-term debt	441,800				152,101
Repayments of revolving lines of credit and short-term debt	(212,800		)		(191,600		)
Repayment of principal portion of finance lease liability	(1,760		)		(731		)
Proceeds from failed sale-leaseback transactions	—				3,432
Proceeds from initial public offering, net of underwriting discounts	661,500				—
Net proceeds from underwriters' exercise of over-allotment option	99,225				—
Repurchases of common stock	(43,040		)		—
Payment for termination of interest rate swaps	(21,826		)		—
Stock option exercises	339				—
Other, net	102				—
Cash provided by financing activities	204,845				111,161
Effect of exchange rate changes on cash	(2,285		)		468
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted	(61,966		)		151,535
Cash and cash equivalents, beginning of period	172,611				34,935
Cash included in advertising fund assets, restricted, beginning of period	19,369				23,091
Restricted cash, beginning of period	15,827				—
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period	207,807				58,026
Cash and cash equivalents, end of period	115,365				184,356
Cash included in advertising fund assets, restricted, end of period	30,341				25,205
Restricted cash, end of period	135				—
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period	$	145,841			$	209,561

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

Adjusted Net Income and Adjusted Earnings Per Share
		Three months ended								Nine months ended
(in thousands, except per share amounts)		September 25, 2021				September 26, 2020				September 25, 2021				September 26, 2020
Net income		$	33,086			$	4,111			$	48,321			$	3,255
Acquisition related costs(a)		636				12,076				2,674				13,287
Non-core items and project costs, net(b)		1,357				(2,690		)		3,910				(926		)
Sponsor management fees(c)		—				4,278				—				5,357
Straight-line rent adjustment(d)		2,548				485				8,391				3,124
Equity-based compensation expense(e)		933				(182		)		2,944				508
Foreign currency transaction (gain) loss, net(f)		1,074				(2,230		)		6,356				55
Bad debt expense(g)		—				—				—				2,842
Asset impairment and closed store expenses(h)		313				741				3,005				7,621
Loss on debt extinguishment(i)		—				673				45,576				673
Amortization related to acquired intangible assets(j)		4,665				4,043				13,875				11,693
Provision for uncertain tax positions(k)		(251		)		2,810				(251		)		2,810
Adjusted net income before tax impact of adjustments		44,361				24,115				134,801				50,299
Tax impact of adjustments(l)		(886		)		(1,839		)		(18,968		)		(8,461		)
Adjusted net income		43,475				22,276				115,833				41,838
Net (loss) income attributable to non-controlling interest		(38		)		32				(68		)		(34		)
Adjusted net income attributable to Driven Brands Holdings Inc.		$	43,513			$	22,244			$	115,901			$	41,872
Adjusted earnings per share(m)
Basic(2)		$	0.26			$	0.20			$	0.71			$	0.43
Diluted(2)		$	0.26			$	0.20			$	0.69			$	0.43
Weighted average shares outstanding(m)
Basic		162,635				111,950				160,030				96,643
Diluted		166,630				111,950				163,968				96,643

(1) Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021.

(2) Adjusted earnings per share for the three and nine months ended September 25, 2021 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 $0.9 million and $2.5 million for the three and nine months ended September 25, 2021, respectively, and adjusted net income attributable to participating securities used in the diluted earnings per share calculation was $0.8 million and $2.3 million for the three and nine months ended September 25, 2021, respectively.

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

Net Income to Adjusted EBITDA Reconciliation
		Three months ended								Nine months ended
(in thousands)		September 25, 2021				September 26, 2020				September 25, 2021				September 26, 2020
Net income		33,086				$	4,111			$	48,321			$	3,255
Income tax expense		11,880				5,888				24,445				6,109
Interest expense, net		17,688				29,594				52,390				64,973
Depreciation and amortization		28,447				16,221				78,722				32,656
EBITDA		91,101				55,814				203,878				106,993
Acquisition related costs(a)		636				12,076				2,674				13,287
Non-core items and project costs, net(b)		1,357				(2,690		)		3,910				(926		)
Sponsor management fees(c)		—				4,278				—				5,357
Straight-line rent adjustment(d)		2,548				485				8,391				3,124
Equity-based compensation expense(e)		933				(182		)		2,944				508
Foreign currency transaction (gain)/loss, net(f)		1,074				(2,230		)		6,356				55
Bad debt expense(g)		—				—				—				2,842
Asset impairment and closed store expenses(h)		313				741				3,005				7,621
Loss on debt extinguishment(i)		—				673				45,576				673
Adjusted EBITDA		$	97,962			$	68,965			$	276,734			$	139,534

1. Consists of acquisition costs as reflected within the consolidated statement 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 U.S. GAAP, such costs relating to acquisitions are expensed as incurred and not capitalized.
2. Consists of discrete items and project costs, including (i) third-party consulting and professional fees associated with strategic transformation initiatives, (ii) wage subsidies received directly attributable to the COVID-19 pandemic and (iii) other miscellaneous expenses, including non-capitalizable expenses relating to the Company’s initial public offering and other strategic transactions.
3. Includes management fees paid to Roark Capital Management, LLC.
4. Consists of the non-cash portion of rent expense, which reflects the extent to which our straight-line rent expense recognized under U.S. GAAP exceeds or is less than our cash rent payments.
5. Represents non-cash equity-based compensation expense.
6. Represents foreign currency transaction gains/losses, net that primarily related to the remeasurement of our intercompany loans. For the nine months ended September 25, 2021, these losses are offset by unrealized gains on remeasurement of cross currency swaps.
7. Represents bad debt expense related to uncollectible receivables outside of normal operations.
8. Relates to the impairment of certain fixed assets and operating lease right-of-use assets related to closed locations. Also represents lease exit costs and other costs associated with stores that were closed prior to their respective lease termination dates.
9. Represents the write-off of debt issuance costs associated with early termination of debt.
10. Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statements of operations.
11. Represents uncertain tax positions recorded for Canadian tax positions, inclusive of interest and penalties.
12. Represents the tax impact of adjustments associated with the reconciling items between net income and Adjusted Net Income, excluding the provision for uncertain tax positions and valuation allowance for certain deferred tax assets. To determine the tax impact of the deductible reconciling items, we utilized statutory income tax rates ranging from 9% to 38%, depending upon the tax attributes of each adjustment and the applicable jurisdiction.
13. Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021.

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

		Three months ended								Nine months ended
(in thousands)		September 25, 2021				September 26, 2020				September 25, 2021				September 26, 2020
Segment Adjusted EBITDA:
Maintenance		$	47,894			$	34,774			$	132,895			$	82,579
Car Wash		37,999				17,739				115,223				17,739
Paint, Collision & Glass		22,039				23,231				61,534				50,119
Platform Services		16,254				13,306				44,864				36,740
Corporate and other		(25,558		)		(19,966		)		(76,422		)		(45,722		)
Store opening costs		(666		)		(119		)		(1,360		)		(1,921		)
Adjusted EBITDA		$	97,962			$	68,965			$	276,734			$	139,534

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)

		Three months ended September 25, 2021
(in thousands)		Maintenance				Car Wash				Paint, Collision & Glass				Platform Services				Total
System-wide Store sales
Franchise stores		$	208,218			$	—			607,579				$	118,825			$	934,622
Company-operated stores		125,561				74,105				12,723				1,465				213,854
Independently Operated Stores		—				47,941				—				—				47,941
Total System-wide Sales		$	333,779			$	122,046			$	620,302			$	120,290			$	1,196,417
Store Count (in whole numbers)
Franchise stores		992				—				1,617				200				2,809
Company-operated stores		514				286				30				1				831
Independently Operated Stores		—				732				—				—				732
Total Store Count		1,506				1,018				1,647				201				4,372
		Three months ended September 26, 2020
(in thousands)		Maintenance				Car Wash				Paint, Collision & Glass				Platform Services				Total
System-wide Store sales
Franchise stores		$	166,302			$	—			$	496,812			$	102,171			$	765,285
Company-operated stores		101,023				28,586				$	9,556			$	1,686			140,851
Independently Operated Stores		—				30,595				—				—				30,595
Total System-wide Sales		$	267,325			$	59,181			$	506,368			$	103,857			$	936,731
Store Count (in whole numbers)
Franchise stores		896				—				1645				198				2,739
Company-operated stores		475				199				31				1				706
Independently Operated Stores		—				740				—				—				740
Total Store Count		1,371				939				1,676				199				4,185

FAQ

What were the Q3 2021 earnings for Driven Brands (DRVN)?

Driven Brands reported Q3 2021 earnings of $371.1 million, a 39% increase year-over-year.

How much did Driven Brands (DRVN) increase net income in Q3 2021?

Net income for Q3 2021 rose to $33.1 million, a 712% increase compared to the previous year.

What guidance did Driven Brands (DRVN) provide for FY 2021?

Driven Brands raised its FY 2021 guidance to approximately $1.4 billion in revenue.

How many new stores did Driven Brands (DRVN) open in Q3 2021?

Driven Brands opened 53 net new stores in Q3 2021.

What was the same-store sales growth for Driven Brands (DRVN) in Q3 2021?

Same-store sales growth for Driven Brands in Q3 2021 was 12.8%.