EX-99.1 2 eh220226348_ex9901.htm EXHIBIT 99.1

EXHIBIT 99.1

 

 

 

Driven Brands Holdings Inc.

Reports Fourth Quarter and Fiscal Year 2021 Results

Delivers Strong Same-Store Sales and Net Store Growth

Reports Robust Operating Income and Earnings per Share Growth

Provides Fiscal 2022 Guidance

 

Charlotte, N.C. (February 16, 2022) - Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or “the Company”) today reported financial results for the fourth quarter and fiscal year ended December 25, 2021.

 

For the fourth quarter, revenue was $391.9 million, an increase of 36% versus the prior year. System-wide sales were $1.2 billion, an increase of 26% versus the prior year, with 6% net store growth and an increase in consolidated same-store sales of 16.4%.

 

The $(0.23) loss per diluted share in the fourth quarter was driven by a $56 million one-time transaction expense associated with the acquisition of Auto Glass Now (“AGN”), which closed on December 30, 2021.

 

Adjusted earnings per diluted share2 was $0.18 for the fourth quarter.

 

For fiscal year 2021, revenue was $1.5 billion, an increase of 62% versus the prior year. System-wide sales were $4.5 billion, an increase of 35% versus the prior year, with 6% net store growth and an increase in consolidated same-store sales of 17.1%.

 

Earnings per diluted share was $0.06 for the fiscal year.

 

Adjusted earnings per diluted share2 was $0.88 for the fiscal year.

 

“Our results are a testament to the strength and diversity of the Driven Brands portfolio and the hard work the team has demonstrated throughout 2021,” said Jonathan Fitzpatrick, president and chief executive officer. “Our employees and franchisees continued to adapt to an ever-changing landscape, exceeding our expectations and delivering industry-leading results.

 

“We are pleased to release our fiscal 2022 guidance5 of approximately $465 million of Adjusted EBITDA. With our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation, we are well positioned to maximize long-term value for all of our stakeholders.”

 

 

 

___________

5 See Disclosure Regarding Non-GAAP Financial Measures

 

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Fourth Quarter Highlights

•Revenue increased 36% versus the prior year, driven by same-store sales growth and net store growth.
•Consolidated same-store sales increased 16.4% for the quarter and all segments posted positive same-store sales.
•The Company added 102 net new stores during the quarter.
•The Company recorded a net loss in the fourth quarter of $(38.8) million, driven by a $56 million one-time transaction expense associated with the acquisition of AGN.
•Adjusted Net Income1 was $31.2 million.
•Adjusted EBITDA3 was $85.0 million.

 

Fourth 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  $330.8    1,505    25.7%  $159.5   $46.2 
Car Wash   124.0    1,058    6.2%   125.3    37.8 
Paint, Collision & Glass   643.4    1,648    11.4%   59.6    21.2 
Platform Services   84.0    201    35.2%   40.3    12.1 
Corporate / Other   N/A    N/A    N/A    7.2      
Total  $1,182.2    4,412    16.4%  $391.9      

*Drive N Style is currently held for sale. As a result, 62 stores have been removed from Maintenance store count. Net store growth percentages reflect this change in both current and prior year periods.

 

Capital and Liquidity

During the fourth quarter, the Company closed on a $500 million term loan. The proceeds from this issuance will be used for general corporate purposes, including acquisitions.

 

The Company ended the fourth quarter with total liquidity of $920.6 million, which included $523.4 million in cash and cash equivalents and $397.2 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility.

 

Fiscal Year 2022 Guidance

The Company is providing the following guidance5 for the fiscal year ending December 31, 2022:

•Revenue of approximately $1.9 billion.
•Adjusted EBITDA3 of approximately $465 million.
•Adjusted Earnings per Share2 of approximately $1.04.

The above guidance includes the impact of the 79 acquired AGN stores and the impact of the 53rd week in fiscal year 2022. The impact of the extra week is expected to yield approximately

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$16 million in revenue, $4 million in Adjusted EBITDA3 and approximately $0.02 in Adjusted Earnings Per Share2.

The Company also expects:

•Mid-single-digit same-store sales growth.
•Net store growth of approximately 225:
◦Maintenance: approximately 145 stores of which 65% will be franchised and 35% will be company-operated
◦Car Wash: approximately 45 stores which will be company-operated
◦Paint, Collision & Glass: approximately 35 stores which will be company-operated.

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

___________

5 See Disclosure Regarding Non-GAAP Financial Measures

 

Conference Call

Driven Brands will host a conference call to discuss fourth quarter and fiscal year 2021 results and its guidance for fiscal year 2022 today, Wednesday, February 16, 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 April 26, 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 4,400 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: Media inquiries:
Rachel Webb Taylor Blanchard
rachel.webb@drivenbrands.com taylor.blanchard@drivenbrands.com
(704) 644-8125 (704) 644-8129

 

 

 

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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 September 25, 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

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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.

 

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1 “Adjusted Net Income” is calculated by eliminating from net income (loss) 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.

 

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

   Three Months Ended  Year Ended
(in thousands, except per share amounts)  December 25,
2021		  December 26,
2020		  December 25,
2021		  December 26,
2020
Revenue:            
Franchise royalties and fees  $37,173   $22,912   $144,413   $117,126 
Company-operated store sales   239,838    165,928    843,646    489,267 
Independently-operated store sales   43,763    36,598    204,246    67,193 
Advertising contributions   18,934    17,243    75,599    59,672 
Supply and other revenue   52,177    45,827    199,376    170,942 
Total revenue   391,885    288,508    1,467,280    904,200 
Operating expenses:                    
Company-operated store expenses   148,742    103,575    515,837    305,908 
Independently-operated store expenses   24,451    23,056    114,115    41,051 
Advertising expenses   18,100    19,560    74,765    61,989 
Supply and other expenses   31,901    23,213    112,318    93,380 
Selling, general and administrative expenses   73,714    65,170    292,263    218,277 
Acquisition costs   59,712    2,395    62,386    15,682 
Store opening costs   1,137    1,007    2,497    2,928 
Depreciation and amortization   34,055    29,458    112,777    62,114 
Asset impairment charges   96    1,410    3,257    8,142 
Total operating expenses   391,908    268,844    1,290,215    809,471 
Operating income (loss)   (23)   19,664    177,065    94,729 
Other income (expense), net:                    
Interest expense, net   23,524    30,673    75,914    95,646 
Loss (gain) on foreign currency transactions, net   14,327    (13,618)   20,683    (13,563)
Loss on debt extinguishment   —      4,817    45,576    5,490 
Total other expenses, net   37,851    21,872    142,173    87,573 
Income (loss) before taxes   (37,874)   (2,208)   34,892    7,156 
Income tax expense   911    5,263    25,356    11,372 
Net income (loss)   (38,785)   (7,471)   9,536    (4,216)
Net income (loss) attributable to non-controlling interests   (28)   17    (96)   (17)
Net income (loss) attributable to Driven Brands Holdings Inc.  $(38,757)  $(7,488)  $9,632   $(4,199)
                     
Earnings (loss) per share(1)                    
Basic  $(0.23)  $(0.06)  $0.06   $(0.04)
Diluted  $(0.23)  $(0.06)  $0.06   $(0.04)
                     
Weighted average shares outstanding(1)                    
Basic   162,646    127,256    160,684    104,318 
Diluted   162,646    127,256    164,644    104,318 

 

(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.
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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

       
(in thousands)  December 25, 2021  December 26, 2020
Assets          
Current assets:          
Cash and cash equivalents  $523,414   $172,611 
Restricted cash   792    15,827 
Accounts and notes receivable, net   117,903    84,805 
Inventory   46,990    43,039 
Prepaid and other assets   24,326    25,070 
Income tax receivable   1,539    3,055 
Assets held for sale   3,275    —   
Advertising fund assets, restricted   45,360    29,276 
Total current assets   763,599    373,683 
Notes receivable, net   3,182    3,828 
Property and equipment, net   1,350,984    827,392 
Operating lease right-of-use assets   995,625    884,927 
Deferred commissions   10,567    8,661 
Intangibles, net   816,183    829,308 
Goodwill   1,910,392    1,727,351 
Total assets  $5,850,532   $4,655,150 
Liabilities and shareholders' equity          
Current liabilities:          
Accounts payable  $83,033   $67,802 
Accrued expenses and other liabilities   297,620    190,867 
Income taxes payable   5,726    3,513 
Current portion of long-term debt   23,040    22,988 
Advertising fund liabilities   26,441    20,276 
Total current liabilities   435,860    305,446 
Long-term debt, net   2,359,324    2,102,219 
Operating lease liabilities   931,604    818,001 
Deferred tax liabilities   255,558    249,043 
Deferred revenue   37,576    20,757 
Income tax receivable liability   155,970    —   
Long-term accrued expenses and other liabilities   29,398    53,324 
Total liabilities   4,205,290    3,548,790 
Common stock   1,674    565 
Additional paid-in capital   1,605,890    1,055,172 
Retained earnings   41,607    31,975 
Accumulated other comprehensive income (loss)   (5,028)   16,528 
Total shareholders' equity attributable to Driven Brands Holdings Inc.   1,644,143    1,104,240 
Non-controlling interests   1,099    2,120 
Total shareholders' equity   1,645,242    1,106,360 
Total liabilities and shareholders' equity  $5,850,532   $4,655,150 

 

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

   Fiscal year ended
(in thousands)  December 25,
2021		  December 26,
2020
Net income (loss)  $9,536   $(4,216)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization   112,777    62,114 
Noncash lease cost   70,143    49,348 
Loss (gain) on foreign denominated transactions   25,324    (23,245)
Bad debt expense   1,854    7,059 
Asset impairment costs   3,257    8,142 
Amortization of deferred financing costs and bond discounts   7,002    10,890 
Loss (gain) on foreign currency derivative   (4,642)   10,033 
Provision for deferred income taxes   9,866    3,936 
Loss on extinguishment of debt   45,576    5,490 
Other, net   (9,235)   1,408 
Changes in assets and liabilities:          
Accounts and notes receivable, net   (35,912)   (11,782)
Inventory   (5,723)   (2,904)
Prepaid and other assets   (30,260)   (5,658)
Advertising fund assets and liabilities, restricted   9,386    (369)
Deferred commissions   (1,899)   (1,927)
Deferred revenue   6,678    6,278 
Accounts payable   6,905    (4,454)
Accrued expenses and other liabilities   119,051    15,956 
Income tax receivable   4,466    3,734 
Operating lease liabilities   (60,323)   (45,847)
Cash provided by operating activities   283,827    83,986 
Cash flows from investing activities:          
Capital expenditures   (160,760)   (52,459)
Cash used in business acquisitions, net of cash acquired   (800,829)   (105,031)
Proceeds from sale-leaseback transactions   144,134    100,174 
Proceeds from disposition of business   1,529    —   
Proceeds from disposal of fixed assets   990    —   
Cash used in investing activities   (814,936)   (57,316)
Cash flows from financing activities:          
Payment of contingent consideration related to acquisitions   —      (2,783)
Payment of debt issuance cost   (19,756)   (22,932)
Proceeds from the issuance of long-term debt   950,000    625,000 
Repayment of long-term debt   (721,500)   (448,213)
Proceeds from revolving lines of credit and short-term debt   526,800    391,301 
Repayments of revolving lines of credit and short-term debt   (544,800)   (432,800)
Repayment of principal portion of finance lease liability   (2,199)   (595)
Proceeds from failed sale-leaseback transactions   538    5,633 
Proceeds from initial public offering, net of underwriting discounts   661,500    —   
Net proceeds from follow-on public offering   99,225    —   
Repurchases of common stock   (43,040)   —   
Proceeds from stock option exercises   505    —   
Payments for termination of interest rate swaps   (21,826)   —   
Proceeds from issuance of equity shares   —      2,609 
Other, net   89    1,423 
Cash provided by financing activities   885,536    118,643 
Effect of exchange rate changes on cash   558    4,468 
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted   354,985    149,781 
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   523,414    172,611 
Cash included in advertising fund assets, restricted, end of period   38,586    19,369 
Restricted cash, end of period   792    15,827 
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period  $562,792   $207,807 

 

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

Adjusted Net Income/Adjusted Earnings Per Share   
             
   Three Months Ended  Year Ended
(in thousands, except per share amounts)  December 25, 2021  December 26, 2020  December 25, 2021  December 26, 2020
Net income (loss)  $(38,785)  $(7,471)  $9,536   $(4,216)
Acquisition related costs(a)   59,712    2,395    62,386    15,682 
Non-core items and project costs, net(b)   1,746    6,962    5,656    6,036 
Sponsor management fees(c)   —      543    —      5,900 
Straight-line rent adjustment(d)   3,228    4,026    11,619    7,150 
Equity-based compensation expense(e)   1,357    815    4,301    1,323 
Foreign currency transaction loss (gain), net(f)   14,327    (13,618)   20,683    (13,563)
Bad debt expense (recovery)(g)   (3,183)   359    (3,183)   3,201 
Asset sale leaseback (gain) loss, impairment and closed store expenses(h)   (11,940)   1,690    (8,935)   9,311 
Loss on debt extinguishment(i)   —      4,817    45,576    5,490 
Amortization related to acquired intangible assets(j)   4,676    5,507    18,551    17,200 
Provision for uncertain tax positions(k)   (62)   (696)   (313)   2,114 
Valuation allowance for deferred tax asset(l)   4,400    668    4,400    668 
Adjusted net income before tax impact of adjustments   35,476    5,997    170,277    56,296 
Tax impact of adjustments(m)   (4,314)   (4,429)   (23,282)   (12,890)
Adjusted net income   31,162    1,568    146,995    43,406 
Net income (loss) attributable to non-controlling interest   (28)   17    (96)   (17)
Adjusted net income attributable to Driven Brands Holdings Inc.  $31,190   $1,551   $147,091   $43,423 
                     
Adjusted earnings per share(1)                    
Basic  $0.19   $0.01   $0.90   $0.42 
Diluted   0.18    0.01    0.88    0.42 
                     
Weighted average shares outstanding(1)                    
Basic   162,646    127,256    160,684    104,318 
Diluted   166,671    127,256    164,644    104,318 

 

(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.

 

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

Adjusted EBITDA   
             
   Three Months Ended  Year Ended
(in thousands)  December 25, 2021  December 26, 2020  December 25, 2021  December 26, 2020
Net income (loss)  $(38,785)  $(7,471)  $9,536   $(4,216)
Income tax expense (benefit)   911    5,263    25,356    11,372 
Interest expense, net   23,524    30,673    75,914    95,646 
Depreciation and amortization   34,055    29,458    112,777    62,114 
EBITDA   19,705    57,923    223,583    164,916 
Acquisition related costs(a)   59,712    2,395    62,386    15,682 
Non-core items and project costs, net(b)   1,746    6,962    5,656    6,036 
Sponsor management fees(c)   —      543    —      5,900 
Straight-line rent adjustment(d)   3,228    4,026    11,619    7,150 
Equity-based compensation expense(e)   1,357    815    4,301    1,323 
Foreign currency transaction loss (gain), net(f)   14,327    (13,618)   20,683    (13,563)
Bad debt expense (recovery)(g)   (3,183)   359    (3,183)   3,201 
Asset sale leaseback (gain) loss, impairment and closed store expenses(h)   (11,940)   1,690    (8,935)   9,311 
Loss on debt extinguishment(i)   —      4,817    45,576    5,490 
Adjusted EBITDA  $84,952   $65,912   $361,686   $205,446 

 

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, (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.
c.Includes management fees paid to Roark Capital Management, LLC.
d.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.
e.Represents non-cash equity-based compensation expense.
f.Represents foreign currency transaction loss (gains), net that primarily related to the remeasurement of our intercompany loans which are partially offset by unrealized loss (gains) on remeasurement of cross currency swaps.
g.Represents bad debt expense (recovery) related to uncollectible receivables outside of normal operations.
h.Relates to (gain) loss on sale leasebacks, the discontinuation of the use of the Pro Oil trade name as those locations were transitioned to the Take 5 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 their respective lease termination dates.
i.Represents the write-off of debt issuance costs and prepayment penalties 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 prior year Canadian tax positions, inclusive of interest and penalties.
l.Represents the establishment of a valuation allowance for certain deferred tax assets negatively impacted by strategic transactions.
m.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.

 

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

   Three Months Ended  Year Ended
(in thousands)  December 25, 2021  December 26, 2020 

December 25,

2021

  December 26, 2020
Segment Adjusted EBITDA:                    
Maintenance  $46,178   $32,185   $179,073   $114,764 
Car Wash   37,841    25,398    153,064    43,137 
Paint, Collision & Glass   21,197    16,157    82,731    66,276 
Platform Services   12,090    12,668    56,954    49,408 
Corporate and other   (31,217)   (19,489)   (107,639)   (65,211)
Store opening costs   (1,137)   (1,007)   (2,497)   (2,928)
     Adjusted EBITDA  $84,952   $65,912   $361,686   $205,446 

 

 

 

 

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)

   Three Months Ended December 25, 2021
(in thousands)  Maintenance  Car Wash 

Paint,

Collision &

Glass

 

Platform

Services

  Total
System-wide Sales                         
Franchise stores  $192,769   $—      622,649   $82,922   $898,340 
Company-operated stores   138,000    80,260    20,746    1,126    240,132 
Independently-operated stores   —      43,763    —      —      43,763 
Total System-wide Sales  $330,769   $124,023   $643,395   $84,048   $1,182,235 
                          
Store Count (in whole numbers)                         
Franchise stores   962    —      1,608    200    2,770 
Company-operated stores   543    330    40    1    914 
Independently-operated stores   —      728    —      —      728 
Total Store Count   1,505    1,058    1,648    201    4,412 
                          
    Three Months Ended December 26, 2020 
(in thousands)   Maintenance    Car Wash    

Paint,

Collision &

Glass

    

Platform

Services

    Total 
System-wide Sales                         
Franchise stores  $149,836   $—     $521,456   $61,234   $732,526 
Company-operated stores   97,927    51,383   $15,788   $935    166,033 
Independently-operated stores   —      36,598    —      —      36,598 
Total System-wide Sales  $247,763   $87,981   $537,244   $62,169   $935,157 
                          
Store Count (in whole numbers)                         
Franchise stores   903    —      1,652    198    2,753 
Company-operated stores   491    216    30    1    738 
Independently-operated stores   —      736    —      —      736 
Total Store Count   1,394    952    1,682    199    4,227 

The 62 Drive N Style stores are included in the Maintenance store count for the three months ended December 26, 2020 as previously reported, but are not included in store count for the three months ended December 25, 2021 as they are held for sale.

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