Driven Brands Holdings Inc. Reports Second Quarter Results

–Revenue increased 19% powered by 8% same-store sales growth and 7% net store growth—-Net Income increased to $38 million vs a Net Loss of $57 million in prior year—- Adjusted EBITDA1 increased 12% to $151 million—-Updates Full Year 2023 Guidance–

CHARLOTTE, N.C., Aug. 2, 2023 /PRNewswire/ — Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) today reported financial results for the second quarter ended July 1, 2023.

For the second quarter, Driven Brands delivered revenue of $606.9 million, up 19 percent versus the prior year. System-wide sales were $1.7 billion, up 18 percent versus the prior year driven by 8 percent same-store sales growth and 7 percent net store growth. The company added 74 new stores in the quarter.

Net Income increased to $37.7 million or $0.22 per diluted share versus a Net Loss in the prior year. Adjusted Net Income1 decreased 18 percent to $49.1 million or $0.29 per diluted share1, and Adjusted EBITDA1 increased 12 percent to $151.0 million. Cash provided by operating activities for the six months ended July 1, 2023, was $114.6 million compared to $75.4 million in the prior year.

“The power of our portfolio approach continues to be evident, as our needs-based businesses helped us deliver a solid quarter despite the performance of our Car Wash segment, which has been impacted by softer consumer demand, and our U.S. glass business, which has been impacted by integration delays. While we continued to deliver positive same-store sales growth and net store growth in both the quarter and the first half, we are updating our full-year guidance to reflect these weaker than anticipated performances,” said Jonathan Fitzpatrick, President and Chief Executive Officer. “I remain confident in Driven’s mid- and long-term strategy and in achieving our long-term Adjusted EBITDA target of at least $850 million by the end of 2026.”  

Second Quarter 2023 Key Performance Indicators by Segment

System-wide Sales

(in millions)

Store Count

Same-Store

Sales

Revenue

(in millions)

Segment Adjusted

EBITDA1

(in millions)

Maintenance

$                          484.6

1,694

10.2 %

$                  242.3

$                            85.8

Car Wash

163.2

1,131

(4.0) %

164.8

43.3

Paint, Collision & Glass

892.5

1,905

12.2 %

133.2

41.2

Platform Services

118.7

208

(11.3) %

57.3

22.5

Corporate / Other

N/A   

N/A   

N/A 

9.3

Total

$                       1,659.0

4,938

7.6 %

$                  606.9

Capital and Liquidity

The Company ended the second quarter with total liquidity of $492.6 million consisting of $212.1 million in cash and cash equivalents, and $280.5 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility. This does not include the additional $135.0 million Series 2022 Class A-1 Notes that expand its variable funding note borrowing capacity when the Company elects to exercise it, assuming certain conditions continue to be met.

Fiscal Year 2023 Guidance

Based on weaker than anticipated performance in the Car Wash segment and U.S. glass business, the Company is updating its guidance for fiscal year 2023.

Prior Guidance

Updated Guidance

Revenue

$2.35 billion

$2.30 billion

Adjusted EBITDA1

$590 million

$535 million

Adjusted EPS1

$1.21

$0.92

Note: The Company has not included future M&A in its guidance for fiscal year 2023.

____________

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.

Conference Call

Driven Brands will host a conference call to discuss second quarter 2023 results today, Wednesday, August 2, 2023, at 8:30am 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 October 31, 2023.

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®, Take 5 Car Wash®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven Brands has more than 4,900 locations across 14 countries, and services over 70 million vehicles annually. Driven Brands’ network generates approximately $2.2 billion in annual revenue from more than $6.1 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 31, 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.

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

Three months ended

Six months ended

(in thousands, except per share amounts)

July 1, 2023

June 25, 2022

July 1, 2023

June 25, 2022

Revenue:

Franchise royalties and fees

$             49,805

$             44,850

$             93,320

$             82,738

Company-operated store sales

394,578

323,885

770,644

616,276

Independently-operated store sales

61,533

54,942

114,065

118,031

Advertising contributions

24,749

22,091

46,426

41,789

Supply and other revenue

76,186

62,856

144,863

118,113

Total revenue

606,851

508,624

1,169,318

976,947

Operating expenses:

Company-operated store expenses

257,040

192,939

500,449

370,806

Independently-operated store expenses

31,958

28,843

61,322

62,142

Advertising expenses

24,749

22,091

46,426

41,789

Supply and other expenses

42,106

35,800

79,372

68,574

Selling, general and administrative expenses

96,815

97,977

209,143

190,197

Acquisition costs

3,750

3,338

5,597

7,656

Store opening costs

1,377

666

2,402

1,172

Depreciation and amortization

45,419

38,087

83,617

71,110

Trade name impairment

125,450

125,450

Asset impairment charges and lease terminations

6,044

(882)

6,211

16

Total operating expenses

509,258

544,309

994,539

938,912

Operating income (loss)

97,593

(35,685)

174,779

38,035

Other expenses, net:

Interest expense, net

40,871

26,270

79,012

51,623

(Gain) loss on foreign currency transactions, net

(1,302)

13,937

(2,977)

14,908

Total other expenses, net

39,569

40,207

76,035

66,531

Net income (loss) before taxes

58,024

(75,892)

98,744

(28,496)

Income tax expense

20,275

(18,848)

31,246

(5,880)

Net income (loss)

37,749

(57,044)

67,498

(22,616)

Net income (loss) attributable to non-controlling interests

(15)

Net income (loss) attributable to Driven Brands Holdings Inc.

$             37,749

$            (57,044)

$             67,498

$            (22,601)

Earnings (loss) per share:

Basic

$                  0.23

$                (0.34)

$                  0.41

$                (0.14)

Diluted

$                  0.22

$                (0.34)

$                  0.40

$                (0.14)

Weighted average shares outstanding:

Basic

162,911

162,781

162,848

162,772

Diluted

166,888

162,781

166,882

162,772

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share amounts)

July 1, 2023

December 31, 2022

Assets

Current assets:

Cash and cash equivalents

$                 212,123

$                 227,110

Restricted cash

657

792

Accounts and notes receivable, net

200,377

179,888

Inventory

83,036

72,040

Prepaid and other assets

52,353

40,084

Income tax receivable

14,344

15,075

Advertising fund assets, restricted

51,210

36,421

Total current assets

614,100

571,410

Other assets

36,923

30,561

Property and equipment, net

1,677,804

1,545,738

Operating lease right-of-use assets

1,449,708

1,299,189

Deferred commissions

6,400

7,121

Intangibles, net

755,990

765,903

Goodwill

2,299,953

2,277,065

Deferred tax assets

3,030

2,911

Total assets

$              6,843,908

$              6,499,898

Liabilities and shareholders’ equity

Current liabilities:

Accounts payable

$                   81,751

$                   60,606

Accrued expenses and other liabilities

311,352

317,318

Income tax payable

3,145

4,454

Current portion of long-term debt

32,044

32,986

Income tax receivable liability

53,781

53,328

Advertising fund liabilities

36,910

36,726

Total current liabilities

518,983

505,418

Long-term debt

2,779,511

2,705,281

Deferred tax liabilities

297,884

276,749

Operating lease liabilities

1,320,670

1,177,501

Income tax receivable liability

117,915

117,915

Deferred revenue

31,132

30,046

Long-term accrued expenses and other liabilities

30,155

33,419

Total liabilities

5,096,250

4,846,329

Preferred Stock $0.01 par value; 100,000,000 shares authorized; none issued or outstanding

Common stock, $0.01 par value, 900,000,000 shares authorized: and 167,366,561

and 167,404,047 shares outstanding; respectively

1,674

1,674

Additional paid-in capital

1,637,945

1,628,904

Retained earnings

152,293

84,795

Accumulated other comprehensive loss

(44,898)

(62,435)

Total shareholders’ equity attributable to Driven Brands Holdings Inc.

1,747,014

1,652,938

Non-controlling interests

644

631

Total shareholders’ equity

1,747,658

1,653,569

Total liabilities and shareholders’ equity

$              6,843,908

$              6,499,898

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended

(in thousands)

July 1, 2023

June 25, 2022

Net income (loss)

$                67,498

$              (22,616)

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

Depreciation and amortization

83,617

71,110

Trade name impairment

125,450

Equity-based compensation expense

7,049

6,851

(Gain) loss on foreign denominated transactions

(1,723)

14,908

(Gain) loss on foreign currency derivatives

(1,254)

Loss (gain) on sale of businesses, fixed assets, and sale-leaseback transactions

(12,230)

(9,059)

Amortization of interest rate hedge

(1,039)

Bad debt expense

602

936

Asset impairment costs

6,211

16

Amortization of deferred financing costs and bond discounts

4,343

4,565

Provision (benefit) for deferred income taxes

18,812

(31,908)

Other, net

9,641

9,681

Changes in assets and liabilities, net of acquisitions:

Accounts and notes receivable, net

(30,373)

(59,579)

Inventory

(11,108)

(6,899)

Prepaid and other assets

(7,894)

(19,082)

Advertising fund assets and liabilities, restricted

(8,768)

(1,321)

Other Assets

(25,456)

(1,882)

Deferred commissions

330

(178)

Deferred revenue

1,585

497

Accounts payable

16,231

20,209

Accrued expenses and other liabilities

(1,171)

(45,950)

Income tax receivable

(320)

19,640

Cash provided by operating activities

114,583

75,389

Cash flows from investing activities:

Capital expenditures

(320,071)

(148,763)

Cash used in business acquisitions, net of cash acquired

(44,868)

(394,388)

Proceeds from sale-leaseback transactions

143,622

56,083

Proceeds from sale or disposal of businesses and fixed assets

217

2,183

Cash used in investing activities

(221,100)

(484,885)

Cash flows from financing activities:

Repayment of long-term debt

(13,961)

(9,682)

Proceeds from revolving lines of credit and short-term debt

230,000

105,000

Repayments of revolving lines of credit and short-term debt

(120,000)

Repayment of principal portion of finance lease liability

(1,889)

(1,156)

Stock option exercises

1,758

Other, net

(64)

152

Cash provided by financing activities

95,128

94,314

Effect of exchange rate changes on cash

2,087

(4,454)

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

assets, restricted

(9,302)

(319,636)

Cash and cash equivalents, beginning of period

227,110

523,414

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

32,871

38,586

Restricted cash, beginning of period

792

792

Cash, cash equivalents, restricted cash, and cash included in advertising fund assets,

restricted, beginning of period

260,773

562,792

Cash and cash equivalents, end of period

212,123

197,853

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

38,691

44,511

Restricted cash, end of period

657

792

Cash, cash equivalents, restricted cash, and cash included in advertising fund assets,

restricted, end of period

$              251,471

$              243,156

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 Guidance

Driven Brands includes Adjusted EBITDA and Adjusted EPS in the Company’s Fiscal Year 2023 Guidance. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures and have not been reconciled 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 and in our filings with the SEC.

Adjusted Net Income and Adjusted Earnings Per Share

Adjusted net income attributable to Driven Brands Holdings Inc. (“Adjusted Net Income”) and Adjusted diluted earnings per share attributable to Driven Brands common stockholders (“Adjusted Earnings Per Share”) 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 Earnings Per Share 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 and six months ended July 1, 2023, compared to the three and six months ended June 25, 2022.

Net Income (Loss) to Adjusted Net Income and Adjusted Earnings Per Share (Unaudited)

Three months ended

Six months ended

(in thousands, except per share amounts)

July 1, 2023

June 25, 2022

July 1, 2023

June 25, 2022

Net income (loss)

$              37,749

$              (57,044)

$                67,498

$              (22,616)

Acquisition related costs(a)

3,750

3,338

5,597

7,656

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

2,803

1,719

4,627

2,585

Straight-line rent adjustment(c)

4,638

4,217

9,003

8,310

Equity-based compensation expense(d)

4,485

4,233

7,049

6,851

Foreign currency transaction (gain) loss,

net(e)

(1,302)

13,937

(2,977)

14,908

Trade name impairment(f)

125,450

125,450

Asset sale leaseback loss (gain),

impairment and closed store expenses(g)

(7,680)

(5,938)

(5,836)

(6,062)

Amortization related to acquired

intangible assets(h)

8,276

5,930

14,312

11,072

Provision for uncertain tax positions(i)

76

Adjusted net income before tax impact of

adjustments

52,719

95,842

99,273

148,230

Tax impact of adjustments(j)

(3,577)

(36,184)

(7,790)

(40,796)

Adjusted net income

49,142

59,658

91,483

107,434

Net loss attributable to non-controlling

interest

(15)

Adjusted Net Income attributable to

Driven Brands Holdings Inc.

$              49,142

$                59,658

$                91,483

$              107,419

Adjusted Earnings Per Share

Basic1

$                   0.30

$                     0.36

$                     0.55

$                     0.65

Diluted1

$                   0.29

$                     0.35

$                     0.54

$                     0.63

Weighted average shares outstanding

Basic

162,911

162,781

162,848

162,772

Diluted

166,888

166,659

166,882

166,692

(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 million and $2 million for the three and six months ended July 1, 2023, respectively, and

Adjusted Net Income attributable to participating securities used in the diluted earnings per share calculation was $1 million and

$2 million for the three and six months ended July 1, 2023, respectively.

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 31, 2022, filed with the SEC on March 1, 2023, for additional information on Adjusted EBITDA. The tables below reflect the calculation of Adjusted EBITDA for the three and six months ended July 1, 2023, compared to the three and six months ended June 25, 2022.

Net Income (Loss) to Adjusted EBITDA Reconciliation (Unaudited)

Three months ended

Six months ended

(in thousands)

July 1, 2023

June 25, 2022

July 1, 2023

June 25, 2022

Net income (loss)

$                37,749

$              (57,044)

$                67,498

$              (22,616)

Income tax expense (benefit)

20,275

(18,848)

31,246

(5,880)

Interest expense, net

40,871

26,270

79,012

51,623

Depreciation and amortization

45,419

38,087

83,617

71,110

EBITDA

144,314

(11,535)

261,373

94,237

Acquisition related costs(a)

3,750

3,338

5,597

7,656

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

2,803

1,719

4,627

2,585

Straight-line rent adjustment(c)

4,638

4,217

9,003

8,310

Equity-based compensation expense(d)

4,485

4,233

7,049

6,851

Foreign currency transaction (gain) loss,

net(e)

(1,302)

13,937

(2,977)

14,908

Trade name impairment(f)

125,450

125,450

Asset impairment and closed store

expenses(g)

(7,680)

(5,938)

(5,836)

(6,062)

Adjusted EBITDA

$              151,008

$              135,421

$              278,836

$              253,935

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 U.S. GAAP, such costs relating to

acquisitions are expensed as incurred and not capitalized.

(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)

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, which are partially offset by unrealized gains and losses on remeasurement of cross currency

swaps and forward contracts.

(f)

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

(g)

Relates to (gains) losses, net on sale leasebacks, impairment of certain fixed assets and operating lease right-of-use

assets related to closed locations, and lease exit costs and other costs associated with stores that were closed prior

to the respective lease termination dates.

(h) 

Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the

unaudited consolidated statements of operations.

(i) 

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

(j)   

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. 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

Six months ended

(in thousands)

July 1, 2023

June 25, 2022

July 1, 2023

June 25, 2022

Segment Adjusted EBITDA:                                                                                             

Maintenance

$             85,753

$             64,076

$          158,739

$           116,561

Car Wash

43,263

53,677

87,572

109,397

Paint, Collision & Glass

41,249

32,916

76,961

61,928

Platform Services

22,537

20,541

39,567

34,706

Corporate and other

(40,417)

(35,205)

(81,601)

(67,485)

Store opening costs

(1,377)

(666)

(2,402)

(1,172)

     Adjusted EBITDA

$           151,008

$           135,339

$          278,836

$           253,935

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS

(UNAUDITED)

Three months ended July 1, 2023

(in thousands)

Maintenance

Car Wash

Paint,

Collision &

Glass

Platform

Services

Total

System-wide Sales

Franchise stores

$        278,951

$                  —

$        806,420

$        117,548

$    1,202,919

Company-operated stores

205,673

101,615

86,110

1,180

394,578

Independently operated Stores

61,533

61,533

Total System-wide Sales

$        484,624

$        163,148

$        892,530

$        118,728

$    1,659,030

Store Count (in whole numbers)

Franchise stores

1,084

1,657

207

2,948

Company-operated stores

610

415

248

1

1,274

Independently operated Stores

716

716

Total Store Count

1,694

1,131

1,905

208

4,938

Three months ended June 25, 2022

(in thousands)

Maintenance

Car Wash

Paint,

Collision &

Glass

Platform

Services

Total

System-wide Sales

Franchise stores

$        230,505

$                  —

$        672,616

$        129,928

$    1,033,049

Company-operated stores

168,648

101,796

52,049

1,392

323,885

Independently operated Stores

54,942

54,942

Total System-wide Sales

$        399,153

$        156,738

$        724,665

$        131,320

$    1,411,876

Store Count (in whole numbers)

Franchise stores

1,001

1,611

201

2,813

Company-operated stores

558

356

160

1

1,075

Independently operated Stores

718

718

Total Store Count

1,559

1,074

1,771

202

4,606

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)

Six months ended July 1, 2023

(in thousands)

Maintenance

Car Wash

Paint,

Collision &

Glass

Platform

Services

Total

System-wide Store sales

Franchise stores

$        525,634

$             —

$    1,544,983

$        206,651

$    2,277,268

Company-operated stores

400,933

204,061

163,589

2,061

770,644

Independently operated Stores

114,065

114,065

Total System-wide Sales

$        926,567

$        318,126

$    1,708,572

$        208,712

$    3,161,977

Store Count (in whole numbers)

Franchise stores

1,084

1,657

207

2,948

Company-operated stores

610

415

248

1

1,274

Independently operated Stores

716

716

Total Store Count

1,694

1,131

1,905

208

4,938

Six months ended June 25, 2022

(in thousands)

Maintenance

Car Wash

Paint,

Collision &

Glass

Platform

Services

Total

System-wide Store sales

Franchise stores

$        430,789

$                  —

$    1,291,585

$        219,570

$    1,941,944

Company-operated stores

325,476

196,291

91,965

$            2,544

616,276

Independently operated Stores

118,031

118,031

Total System-wide Sales

$        756,265

$        314,322

$    1,383,550

$        222,114

$    2,676,251

Store Count (in whole numbers)

Franchise stores

1,001

1,611

201

2,813

Company-operated stores

558

356

160

1

1,075

Independently operated Stores

718

718

Total Store Count

1,559

1,074

1,771

202

4,606

SOURCE Driven Brands


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