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Driven Brands Holdings Inc. (NASDAQ: DRVN) is the largest automotive services company in North America, headquartered in Charlotte, NC. The company operates across four key verticals: repair & maintenance, paint & collision, distribution, and quick lube. Driven Brands is the parent company of some of the most recognized automotive aftermarket brands, including Meineke Car Care Centers, Maaco, CARSTAR, Take 5 Oil Change, 1-800-Radiator & A/C, and many others.
With over 4,900 locations across 14 countries, Driven Brands services more than 70 million vehicles annually. In 2023, the company reported a revenue of $2.3 billion, driven by strong execution in its Maintenance segment, particularly in its industry-leading Take 5 Oil Change business.
Recently, Driven Brands announced its financial results for Q3 2023, during which it delivered a revenue of $581.0 million, up 12% from the prior year. The company added 55 new stores and saw significant growth in its key performance indicators. However, it faced challenges in its Car Wash segment, which experienced an $851 million non-cash goodwill impairment. Despite these setbacks, Driven Brands remains focused on operational improvements and strategic growth initiatives.
Driven Brands is committed to enhancing shareholder returns. In August 2023, the company authorized a $50 million share repurchase program, reflecting its confidence in future growth. The company also maintains a robust liquidity position, ending Q3 with $386.8 million in total liquidity.
Recent Highlights:
- Q3 2023 revenue of $581.0 million, up 12% year-over-year.
- Added 55 new stores in Q3 2023.
- $851 million non-cash goodwill impairment in the Car Wash segment.
- $50 million share repurchase program initiated in August 2023.
- Total liquidity of $386.8 million as of Q3 2023.
For more information, visit www.drivenbrands.com.
Driven Brands Holdings (NASDAQ: DRVN) is set to announce its Q1 2023 earnings on May 3, 2023, before market opening. Following the earnings release, a conference call will occur at 8:30 a.m. ET to discuss the company’s financial and operational performance. Driven Brands, headquartered in Charlotte, NC, is the largest automotive services provider in North America, with over 4,800 locations and servicing more than 70 million vehicles annually. The company generates approximately $2 billion in annual revenue from over $5.6 billion in system-wide sales. Investors can access the conference call via the Investor Relations webpage, with an archived replay available until July 1, 2023.
Driven Brands Holdings announced its participation in the UBS Global Consumer and Retail Conference 2023 on March 15, 2023, at 9:00 a.m. Eastern Time. Investors can access the live audio webcast on the Driven Brands Investor Relations page. A replay will be available until at least April 15, 2023.
Driven Brands is the largest automotive services company in North America, with over 4,800 locations and annual revenues of approximately $2 billion. The company serves over 50 million vehicles annually, offering services like oil changes, collision repair, and car washes.
Driven Brands Holdings, trading under NASDAQ: DRVN, announced its participation at the Bank of America Securities 2023 Consumer & Retail Conference on March 14, 2023, at approximately 9:40 a.m. ET. A live audio webcast of the presentation will be accessible via the Investor Relations webpage. The replay will be available until at least April 14, 2023. Driven Brands, headquartered in Charlotte, NC, is North America's largest automotive services company, boasting over 4,800 locations and servicing more than 50 million vehicles annually, generating around $2 billion in annual revenue.
Driven Brands reported a 39% increase in revenue for fiscal 2022, reaching $2 billion, fueled by a 14% growth in same-store sales and 9% net store growth. In Q4 alone, revenue was $539.7 million, up 38% year-over-year, with net income of $27.4 million, or $0.16 per diluted share. Adjusted Net Income rose 35% to $42.2 million or $0.25 per diluted share. The company's 2023 guidance suggests revenue of approximately $2.35 billion and same-store sales growth of 5% to 7%, indicating strong momentum moving forward.
Driven Brands Holdings Inc. (NASDAQ: DRVN) will announce its fourth quarter and year-end 2022 earnings on February 22, 2023, before market opening. Following the announcement, a conference call is scheduled at 8:30 a.m. ET to discuss financial performance. The call will be accessible via a live webcast on the company’s Investor Relations webpage, with an archived replay available until May 2, 2023. Driven Brands, headquartered in Charlotte, NC, is the largest automotive services company in North America, generating approximately $1.9 billion in annual revenue from over $5.3 billion in system-wide sales.
Driven Brands Holdings (NASDAQ: DRVN) has announced the grand opening of its tenth Take 5 co-development site in Concord, North Carolina. The company is on track to double its franchise footprint by signing its 1,000th Take 5 Oil Change franchise license. Driven Brands aims to complete the rebranding of over 200 car wash locations to the Take 5 brand by the end of this year, emphasizing a streamlined car care experience that integrates oil changes and car washes. The initiative is projected to lead to significant operational synergies and has a pipeline of over 50 new co-developed locations planned for the next two years.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has appointed Danny Rivera as Chief Operating Officer, effective February 20, 2023. Rivera, with over two decades of experience, aims to enhance operations and integrate offerings within the company. He takes over from Mo Khalid, who returns as Executive Vice President & Group President, Maintenance, overseeing brands like Take 5 Quick Lube and Meineke. Driven Brands, the largest automotive services company in North America, reported approximately $1.9 billion in annual revenue and operates over 4,700 locations. The restructuring is expected to leverage a customer base of more than 29 million, boosting growth in the Maintenance segment.
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