Driven Brands Holdings Inc. Reports Strong Third Quarter Results; Raises Full Year Guidance Reflecting Outperformance

Revenue Increased 39% Powered by 12% Same-Store Sales and Net Store Growth

Operating Profit Increased by 50% Enabled by Significant Operating Leverage

Guidance Increase Reflects Powerful Customer Value Proposition and Resilient Needs-Based Industry

CHARLOTTE, N.C., Oct. 26, 2022 /PRNewswire/ — Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) today reported financial results for the third quarter ended September 24, 2022.

For the third quarter, revenue increased 39% versus the prior year to $516.6 million. System-wide sales increased 22% versus the prior year to $1.5 billion, with 9% net store growth and an increase in consolidated same-store sales of 11.9%.

Net Income increased 16% versus the prior year to $38.4 million or $0.23 per diluted share in the third quarter.

Adjusted Net Income increase 26% to $55.0 million or $0.32 per diluted share.

“We continue to have solid momentum entering the fourth quarter, building on our strong performance year-to-date. We are growing, taking share and generating cash, leveraging our proven playbook for growth with a robust pipeline of franchise and greenfield openings,” said Jonathan Fitzpatrick, President and CEO.

“The benefits of our scale and breadth of our offering deepen our competitive moat and differentiate our business, driving unit expansion, same store sales growth, and cost savings. Our continued execution combined with the strength of our business model gives us confidence that we are on track to meet or exceed our long-term plan.” 

Third Quarter Highlights Comparisons are third quarter of 2022 ended September 24, 2022 versus third quarter of 2021 ended September 25, 2021 unless otherwise noted

Revenue increased 39% to $516.6 million, driven by same-store sales and net store growth.
Consolidated same-store sales increased 11.9%.
The Company added 101 net new stores during the quarter.
Net Income increased 16% to $38.4 million.
Adjusted Net Income1 increased 26% to $55.0 million.
Adjusted EBITDA3 increased 32% to $129.4 million.

Third Quarter 2022 Key Performance Indicators by Segment

System-wide Sales
(in millions)

Store Count

Same-Store Sales

Revenue

(in millions)

Segment Adjusted
EBITDA4

(in millions)

Maintenance

$                          411.4

1,597

14.4 %

$                  200.8

$                            68.8

Car Wash

138.7

1,086

(9.0) %

140.3

39.1

Paint, Collision & Glass

781.2

1,822

15.7 %

113.3

38.9

Platform Services

130.8

202

8.7 %

52.0

19.8

Corporate / Other

N/A

N/A

N/A

10.2

Total

$                       1,462.1

4,707

11.9 %

$                  516.6

*Car Wash same-store sales declined 9.0% in the third quarter. Foreign exchange rate movement had a 560 basis point negative impact. The impact of foreign exchange rate movement on the remaining segments was not significant.

Capital and LiquidityThe Company ended the third quarter with total liquidity of $287.6 million, consisting of $190.4 million in cash and cash equivalents, and $97.2 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility.

Subsequent to the end of the quarter, the Company closed on a $365 million whole business securitization transaction. Proceeds from the offering were used for general corporate purposes, including the repayment of the revolving credit facilities creating capacity to invest in continued growth.

Fiscal Year 2022 GuidanceThe Company has raised its guidance for the fiscal year to account for its strong operating performance and M&A activity in the third quarter of 2022, while keeping fourth quarter expectations unchanged. The following guidance reflects the Company’s current expectations for the fiscal year ending December 31, 2022:

Revenue of approximately $2.0 billion.
Adjusted EBITDA5 of approximately $503 million.
Adjusted earnings per share5 of approximately $1.21.

The above guidance includes the impact of the 53rd week in fiscal year 2022. The impact of the extra week is expected to yield approximately $25 million in revenue, $5 million in Adjusted EBITDA5 and approximately $0.02 in Adjusted Earnings Per Share5.

The Company also expects:

Low-double-digit same-store sales growth.
Net store growth of approximately 370:

Maintenance: approximately 135 stores of which 75% will be franchised and 25% will be Company-operated
Car Wash: approximately 45 stores which will be Company-operated
Paint, Collision & Glass: approximately 190 stores of which 5% will be franchised and 95% will be Company-operated.

The Company has not included future M&A in its guidance for fiscal year 2022.

Conference CallDriven Brands will host a conference call to discuss third quarter 2022 results today, Wednesday, October 26, 2022, 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 21, 2023.

About Driven BrandsDriven 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®, Take 5 Car Wash®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven Brands has more than 4,700 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates approximately $1.9 billion in annual revenue from more than $5.3 billion in system-wide sales.

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 25, 2021, our Quarterly Report on Form 10-Q for the fiscal quarter ended June 25, 2022, 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 Share5 and Adjusted EBITDA5. These measures will differ from net income, determined in accordance with GAAP, in ways similar to those described in the Reconciliation of Non-GAAP Financial Information tables in this release. We do not provide guidance for net income, determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA5 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 Reconciliation of Non-GAAP Information 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 Reconciliation of Non-GAAP Information 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 Reconciliation of Non-GAAP Information 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 Adjusted EBITDA and Segment Adjusted EBITDA Reconciliation located in the financial supplement in this release.
5 We have not reconciled Adjusted EBITDA and Adjusted Earnings Per Share outlook to the most comparable GAAP outlook 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 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.

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three months ended

Nine months ended

(in thousands, except per share amounts)

September 24,
2022

September 25,
2021

September 24,
2022

September 25,
2021

Revenue:

Franchise royalties and fees

$             45,562

$             38,953

$           128,300

$           107,240

Company-operated store sales

341,211

213,755

957,487

603,808

Independently-operated store sales

40,469

47,941

158,500

160,483

Advertising contributions

22,018

19,762

63,807

56,665

Supply and other revenue

67,334

50,737

185,447

147,199

Total revenue

516,594

371,148

1,493,541

1,075,395

Operating expenses:

Company-operated store expenses

209,562

130,520

580,368

367,095

Independently-operated store expenses

23,254

27,764

85,396

89,664

Advertising expenses

22,018

19,762

63,807

56,665

Supply and other expenses

41,042

28,330

109,616

80,417

Selling, general and administrative expenses

82,460

71,565

272,657

218,549

Acquisition costs

2,325

636

9,981

2,674

Store opening costs

753

666

1,925

1,360

Depreciation and amortization

36,518

28,447

107,628

78,722

Trade name impairment

125,450

Asset impairment charges and lease terminations

2,894

(270)

2,910

3,161

Total operating expenses

420,826

307,420

1,359,738

898,307

Operating income

95,768

63,728

133,803

177,088

Other expenses, net:

Interest expense, net

27,323

17,688

78,946

52,390

Loss on foreign currency transactions, net

15,582

1,074

30,490

6,356

Loss on debt extinguishment

45,576

Total other expenses, net

42,905

18,762

109,436

104,322

Net income before taxes

52,863

44,966

24,367

72,766

Income tax expense

14,472

11,880

8,592

24,445

Net income

38,391

33,086

15,775

48,321

Net loss attributable to non-controlling interests

$                     —

$                   (38)

(15)

(68)

Net income attributable to Driven Brands Holdings Inc.

$             38,391

$             33,124

$             15,790

$             48,389

Earnings per share(1):

Basic

$                  0.23

$                  0.20

$                  0.10

$                  0.30

Diluted

$                  0.23

$                  0.19

$                  0.09

$                  0.29

Weighted average shares outstanding:

Basic

162,760

162,635

162,768

160,030

Diluted

166,831

166,630

166,663

163,968

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES 

CONSOLIDATED BALANCE SHEETS (UNAUDITED) 

(in thousands)

September 24, 2022

December 25, 2021

Assets

Current assets:

Cash and cash equivalents

$               190,373

$                523,414

Restricted cash

792

792

Accounts and notes receivable, net

156,194

117,903

Inventory

62,569

46,990

Prepaid and other assets

53,456

24,326

Income tax receivable

5,070

6,867

Advertising fund assets, restricted

53,233

45,360

Assets held for sale

3,275

Total current assets

521,687

768,927

Notes receivable, net

6,636

3,182

Property and equipment, net

1,693,353

1,350,984

Operating lease right-of-use assets

1,089,693

995,625

Deferred commissions

9,607

10,567

Intangibles, net

717,959

816,183

Goodwill

2,082,572

1,910,392

Deferred tax assets

1,165

1,509

Total assets

$            6,122,672

$             5,857,369

Liabilities and shareholders’ equity

Current liabilities:

Accounts payable

$                 79,392

$                  83,033

Accrued expenses and other liabilities

266,223

297,620

Income taxes payable

48,264

11,054

Current portion of long-term debt

23,836

26,044

Income tax receivable liability

24,255

24,255

Advertising fund liabilities

26,738

26,441

Total current liabilities

468,708

468,447

Long-term debt, net

2,656,520

2,356,320

Deferred tax liability

211,554

257,067

Operating lease liabilities

1,024,694

931,604

Income tax receivable liability

131,715

131,715

Deferred revenue

42,024

37,576

Accrued expenses and other long-term liabilities

22,505

29,398

Total liabilities

4,557,720

4,212,127

Common stock

1,677

1,674

Additional paid-in capital

1,620,480

1,605,890

Retained earnings

57,397

41,607

Accumulated other comprehensive loss

(115,233)

(5,028)

Total shareholders’ equity attributable to Driven Brands Holdings Inc.

1,564,321

1,644,143

Non-controlling interests

631

1,099

Total shareholders’ equity

1,564,952

1,645,242

Total liabilities and shareholders’ equity

$            6,122,672

$             5,857,369

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine months ended

(in thousands)

September 24,
2022

September 25,
2021

Net income

$                15,775

$                48,321

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

107,628

78,722

Trade name impairment

125,450

Non-cash lease cost

65,075

56,563

Loss on foreign denominated transactions

30,490

9,301

Gain on foreign currency derivatives

(2,945)

Bad debt expense

1,011

2,535

Asset impairment costs

2,910

3,161

Amortization of deferred financing costs and bond discounts

6,807

5,139

Benefit (provision) for deferred income taxes

(38,216)

15,898

Loss on extinguishment of debt

45,576

Other, net

312

4,257

Changes in assets and liabilities, net of acquisitions:

Accounts and notes receivable, net

(44,063)

(28,787)

Inventory

(17,898)

(3,279)

Prepaid and other assets

850

(18,414)

Advertising fund assets and liabilities, restricted

(4,612)

5,818

Deferred commissions

917

(1,205)

Deferred revenue

2,222

3,983

Accounts payable

(12,321)

(3,903)

Accrued expenses and other liabilities

(59,844)

25,595

Income tax receivable

37,931

(320)

Operating lease liabilities

(52,772)

(47,821)

Cash provided by operating activities

167,652

198,195

Cash flows from investing activities:

Capital expenditures

(276,222)

(93,627)

Cash used in business acquisitions, net of cash acquired

(652,085)

(442,488)

Proceeds from sale-leaseback transactions

150,112

66,391

Proceeds from sale of company-operated stores

1,532

Proceeds from disposition of Denmark car wash operation

1,551

Proceeds from disposal of property and equipment

4,876

5,471

Cash used in investing activities

(771,768)

(462,721)

Cash flows from financing activities:

Payment of debt extinguishment and issuance costs

(2,153)

Repayment of long-term debt

(15,772)

(716,542)

Proceeds from revolving lines of credit and short-term debt

300,000

441,800

Repayments of revolving lines of credit and short-term debt

(212,800)

Repayment of principal portion of finance lease liability

(2,229)

(1,760)

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

651

339

Other, net

(70)

102

Cash provided by financing activities

282,580

204,845

Effect of exchange rate changes on cash

(7,705)

(2,285)

Net change in cash, cash equivalents, restricted cash, and cash included in
advertising fund assets, restricted

(329,241)

(61,966)

Cash and cash equivalents, beginning of period

523,414

172,611

Cash included in advertising fund assets, restricted, beginning of period

38,586

19,369

Restricted cash, beginning of period

792

15,827

Cash, cash equivalents, restricted cash, and cash included in advertising fund
assets, restricted, beginning of period

562,792

207,807

Cash and cash equivalents, end of period

190,373

115,365

Cash included in advertising fund assets, restricted, end of period

42,386

30,341

Restricted cash, end of period

792

135

Cash, cash equivalents, restricted cash, and cash included in advertising fund
assets, restricted, end of period

$              233,551

$              145,841

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 24,
2022

September 25,
2021

September 24,
2022

September 25,
2021

Net income

$             38,391

$            33,086

$            15,775

$            48,321

Acquisition related costs(a)

2,325

636

9,981

2,674

Non-core items and project costs, net(b)

851

1,357

3,436

3,910

Straight-line rent adjustment(c)

3,220

2,548

11,530

8,391

Equity-based compensation expense(d)

5,308

933

12,159

2,944

Foreign currency transaction loss, net(e)

15,582

1,074

30,490

6,356

Bad debt recovery(f)

(449)

(449)

Trade name impairment(g)

125,450

Asset sale leaseback (gain) loss, impairment and closed store expenses(h)

(14,186)

313

(20,248)

3,005

Loss on debt extinguishment(i)

45,576

Amortization related to acquired intangible assets(j)

7,212

4,665

18,284

13,875

Provision for uncertain tax positions(k)

(251)

76

(251)

Adjusted net income before tax impact of adjustments

58,254

44,361

206,484

134,801

Tax impact of adjustments(l)

(3,290)

(886)

(44,086)

(18,968)

Adjusted net income

54,964

43,475

162,398

115,833

Net loss attributable to non-controlling interest

(38)

(15)

(68)

Adjusted net income attributable to Driven Brands Holdings Inc.

$             54,964

$            43,513

$          162,413

$          115,901

Adjusted earnings per share

     Basic(1)

$                 0.33

$                 0.26

$                 0.98

$                 0.71

     Diluted(1)

$                 0.32

$                 0.26

$                 0.96

$                 0.69

Weighted average shares outstanding

     Basic

162,760

162,635

162,768

160,030

     Diluted

166,831

166,630

166,663

163,968

(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 $1.2 million and $3.4 million for the three and nine months ended September 24, 2022, respectively, and adjusted net income attributable to participating securities used in the diluted earnings per share calculation was $1.0 million and $3.1 million for the three and nine months ended September 24, 2022, 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 24,
2022

September 25,
2021

September 24,
2022

September 25,
2021

Net income

38,391

$                33,086

$                15,775

$                48,321

Income tax expense

14,472

11,880

8,592

24,445

Interest expense, net

27,323

17,688

78,946

52,390

Depreciation and amortization

36,518

28,447

107,628

78,722

EBITDA

116,704

91,101

210,941

203,878

Acquisition related costs(a)

2,325

636

9,981

2,674

Non-core items and project costs, net(b)

851

1,357

3,436

3,910

Straight-line rent adjustment(c)

3,220

2,548

11,530

8,391

Equity-based compensation expense(d)

5,308

933

12,159

2,944

Foreign currency transaction loss, net(e)

15,582

1,074

30,490

6,356

Bad debt recovery(f)

(449)

(449)

Trade name impairment(g)

125,450

Asset sale leaseback (gain) loss, impairment and closed store expenses(h)

(14,186)

313

(20,248)

3,005

Loss on debt extinguishment(i)

45,576

Adjusted EBITDA

$              129,355

$                97,962

$              383,290

$              276,734

a.

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.

b.

Consists of discrete items and project costs, including (i) third-party consulting and professional fees associated with strategic transformation initiatives, and (ii) other miscellaneous expenses, including non-capitalizable expenses relating to the Company’s initial public offering and other strategic transactions

c.

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.

d.

Represents non-cash equity-based compensation expense.

e.

Represents foreign currency transaction gains/losses, net that primarily related to the remeasurement of our intercompany loans. These losses are partially offset by unrealized gains/losses on remeasurement of cross currency swaps and forward contracts.

f.

Represents the recovery of previously uncollectible receivables outside of normal operations

g.

Relates to an impairment of certain Car Wash trade names as the Company elected to discontinue their use.

h.

Relates to (gain) loss on sale leasebacks, the discontinuation of the use of a trade name, as well as 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 the respective lease termination dates.

i.

Represents the write-off of debt issuance costs associated with early termination of debt.

j.

Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statements of operations.

k.

Represents uncertain tax positions recorded for tax positions, inclusive of interest and penalties.

l.

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 36%, depending upon the tax attributes of each adjustment and the applicable jurisdiction.

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

Three months ended

Nine months ended

(in thousands)

September 24,
2022

September 25,
2021

September 24,
2022

September 25,
2021

Segment Adjusted EBITDA:                                                                                             

Maintenance

$             68,763

$             47,894

$          185,324

$           132,895

Car Wash

39,098

37,999

148,495

115,223

Paint, Collision & Glass

38,919

22,039

100,847

61,534

Platform Services

19,765

16,254

54,471

44,864

Corporate and other

(36,437)

(25,558)

(103,922)

(76,422)

Store opening costs

(753)

(666)

(1,925)

(1,360)

     Adjusted EBITDA

$           129,355

$             97,962

$          383,290

$           276,734

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)

Three months ended September 24, 2022

(in thousands)

Maintenance

Car Wash

Paint,

Collision &

Glass

Platform

Services

Total

System-wide Store sales

Franchise stores

$        239,290

$             —

711,816

$        129,320

$    1,080,426

Company-operated stores

172,162

98,235

69,413

1,431

341,241

Independently operated Stores

40,469

40,469

Total System-wide Sales

$        411,452

$        138,704

$        781,229

$        130,751

$    1,462,136

Store Count (in whole numbers)

Franchise stores

1,023

1,625

201

2,849

Company-operated stores

574

369

197

1

1,141

Independently operated Stores

717

717

Total Store Count

1,597

1,086

1,822

202

4,707

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

62 Drive N Style stores are included in the Maintenance store count for the three months ended September 25, 2021 as previously reported, but none are included in store count for the three months ended September 24, 2022 as they are held for sale.

Nine months ended September 24, 2022

(in thousands)

Maintenance

Car Wash

Paint,

Collision &

Glass

Platform

Services

Total

System-wide Store sales

Franchise stores

$        670,079

$             —

$    2,003,401

$        348,890

$    3,022,370

Company-operated stores

497,638

294,526

161,531

3,975

957,670

Independently operated Stores

158,500

158,500

Total System-wide Sales

$    1,167,717

$        453,026

$    2,164,932

$        352,865

$    4,138,540

Store Count (in whole numbers)

Franchise stores

1,023

1,625

201

2,849

Company-operated stores

574

369

197

1

1,141

Independently operated Stores

717

717

Total Store Count

1,597

1,086

1,822

202

4,707

Nine months ended September 25, 2021

(in thousands)

Maintenance

Car Wash

Paint,

Collision &

Glass

Platform

Services

Total

System-wide Store sales

Franchise stores

$        567,155

$                  —

$    1,722,641

$        303,209

$    2,593,005

Company-operated stores

365,735

196,858

37,672

$            3,911

604,176

Independently operated Stores

160,483

160,483

Total System-wide Sales

$        932,890

$        357,341

$    1,760,313

$        307,120

$    3,357,664

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

62 Drive N Style stores are included in the Maintenance store count for the nine months ended September 25, 2021 as previously reported, but none are included in store count for the nine months ended September 24, 2022 as they are held for sale.

SOURCE Driven Brands


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