Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2023 Results

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PR Newswire

CHARLOTTE, N.C., Feb. 22, 2024

--Fiscal 2023 revenue increased 13% powered by 7% same-store sales growth and 4% net store growth--
--Achieved 12 consecutive quarters of same store sales growth--
--Issues fiscal year 2024 financial outlook--

CHARLOTTE, N.C., Feb. 22, 2024 /PRNewswire/ -- Driven Brands Holdings Inc. (NASDAQ: DRVN) ("Driven Brands" or the "Company") today reported financial results for the fourth quarter and fiscal year ended December 30, 2023.

Fiscal Year 2023 Highlights

For the fiscal year, Driven Brands delivered revenue of $2.3 billion, up 13% versus the prior year. System-wide sales were $6.3 billion, up 12% versus the prior year driven by 7% same-store sales growth and 4% net store growth. The Company added 183 net new stores during fiscal 2023.

During the fiscal year, the Company recognized an $851.0 million non-cash goodwill impairment in the Car Wash segment as well as $132.9 million in non-cash asset impairment charges and lease terminations. These drove a Net Loss of $745.0 million or a Net Loss of $4.53 per diluted share versus Net Income of $43.2 million or Net Income of $0.25 per diluted share in the prior year. Adjusted Net Income¹ was $155.9 million and Adjusted EPS¹ was $0.93, a decrease of 25% and 24%, respectively from the prior year. Adjusted EBITDA¹ was $535.1 million, up 4% versus the prior year. Cash provided by operating activities increased 19% to $235.2 million compared to $197.2 million in the prior year.

"We are happy to announce that we delivered on our updated 2023 outlook for all financial metrics, while also pivoting our strategy and adapting to the dynamic market. In the fourth quarter, our performance was driven by strong execution in our Maintenance segment, specifically in our industry-leading Take 5 Oil Change business, and we're encouraged by the progress made in our U.S. Glass and U.S. Car Wash businesses," said Jonathan Fitzpatrick, President and Chief Executive Officer.

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"Our goals in the second half of 2023 were to deliver on our full-year outlook and set ourselves up for a successful 2024, and we did just that. In 2024, we are focused on accelerating growth, reducing debt, and making sure that Driven has the right assets to execute on both our short- and long-term goals," Fitzpatrick concluded.

Fourth Quarter 2023 Highlights

For the fourth quarter, Driven Brands delivered revenue of $553.7 million, up 3% versus the prior year. System-wide sales were $1.5 billion, up 3% versus the prior year driven by 4% same-store sales growth. Net Loss was $13.1 million or a Net Loss of $0.08 per diluted share versus Net Income of $27.4 million, or $0.16 per diluted share in the prior year. Adjusted Net Income was $30.7 million and Adjusted EPS was $0.19, a decrease of 27% and 24%, respectively from the prior year. Adjusted EBITDA was $129.0 million, down 1% versus the prior year.

Fiscal Year 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	$ 1,899.8	1,786	9.2 %	$ 960.4	$ 332.8
Car Wash	591.8	1,108	(5.6) %	597.7	143.0
Paint, Collision & Glass	3,389.6	1,888	11.4 %	500.4	141.5
Platform Services²	402.6	206	N/A	216.0	80.6
Corporate / Other	N/A	N/A	N/A	29.5
Total	$ 6,283.7	4,988	7.4 %	$ 2,304.0

Fourth 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	$ 470.8	1,786	4.7 %	$ 246.0	$ 87.5
Car Wash	131.9	1,108	(3.3) %	133.2	31.0
Paint, Collision & Glass	835.3	1,888	6.4 %	117.0	31.7
Platform Services²	74.7	206	N/A	50.7	18.6
Corporate / Other	N/A	N/A	N/A	6.7
Total	$ 1,512.7	4,988	3.9 %	$ 553.7

Capital and Liquidity

The Company ended the fourth quarter with total liquidity of $319.0 million consisting of $176.5 million in cash and cash equivalents and $142.5 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 the Company's variable funding note borrowing capacity when the Company elects to exercise them, assuming certain conditions continue to be met.

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