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01.11.2023 11:55:00
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Driven Brands Holdings Inc. Reports Third Quarter Results
--Revenue increased 12% powered by 6% same-store sales growth and 6% net store growth--
--Reaffirms fiscal year 2023 financial outlook--
CHARLOTTE, N.C., Nov. 1, 2023 /PRNewswire/ -- Driven Brands Holdings Inc. (NASDAQ: DRVN) ("Driven Brands" or the "Company") today reported financial results for the third quarter ended September 30, 2023.
For the third quarter, Driven Brands delivered revenue of $581.0 million, up 12 percent versus the prior year. System-wide sales were $1.6 billion, up 10 percent versus the prior year driven by 6 percent same-store sales growth and 6 percent net store growth. The Company added 55 net new stores in the quarter.
During the third quarter, we had an $851 million non-cash goodwill impairment in the Car Wash segment as well as $111 million in non-cash asset impairment charges and lease terminations. This drove a Net Loss of $799.3 million or a Net Loss of $4.83 per diluted share versus Net Income of $38.4 million in the prior year. Adjusted Net Income1 decreased 39 percent to $33.7 million or $0.20 per diluted share1, and Adjusted EBITDA1 decreased 2 percent to $127.2 million. Cash provided by operating activities for the nine months ended September 30, 2023, increased 26 percent to $212.0 million compared to $167.7 million in the prior year.
"This quarter, we continued to see meaningful growth and strong operational performance across our portfolio excluding our US Car Wash and Glass businesses. I'm delighted to report we recently opened our 300th franchised Take 5 Oil Change location and I'm looking forward to celebrating our 1,000th location in the fourth quarter," said Jonathan Fitzpatrick, President and Chief Executive Officer.
"As discussed at our Investor Day on September 20, we remain focused on operational improvements in the US Car Wash business, while making steady progress on the US Glass integration. Given continued weak consumer demand and increasing competition in the US Car Wash sector, we are strategically pausing capital investment in this business. Looking ahead to 2024, the Driven Brands team is prioritizing continued progress in our US Car Wash and US Glass businesses, disciplined deployment of capital, and generating free cash flow, which will primarily be used to pay down debt."
Third Quarter 2023 Key Performance Indicators by Segment
System-wide Sales | Store Count | Same-Store | Revenue (in millions) | Segment Adjusted (in millions) | |
Maintenance | $ 502.5 | 1,732 | 9.1 % | $ 244.4 | $ 86.5 |
Car Wash | 141.7 | 1,133 | (4.0) % | 142.8 | 24.4 |
Paint, Collision & Glass | 845.6 | 1,920 | 8.6 % | 129.4 | 32.8 |
Platform Services | 119.2 | 208 | (4.6) % | 55.9 | 22.4 |
Corporate / Other | N/A | N/A | N/A | 8.5 | |
Total | $ 1,609.0 | 4,993 | 6.4 % | $ 581.0 |
Capital and Liquidity
The Company ended the third quarter with total liquidity of $386.8 million consisting of $211.3 million in cash and cash equivalents, and $175.5 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 it, assuming certain conditions continue to be met.
Share Repurchase Program
During the three months ended September 30, 2023, the Company repurchased 3,601,694 shares of its common stock for approximately $50 million at an average price of $13.87, completing the repurchase authorization approved by the Board of Directors in August 2023. All repurchases were made on the open market.
Fiscal Year 2023 Outlook
The Company reaffirms its financial outlook for fiscal year 2023.
Current Outlook | |
Revenue | ~$2.30 billion |
Adjusted EBITDA1 | ~$535 million |
Adjusted EPS1 | ~$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 third quarter 2023 results today, Wednesday, November 1, 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 for three months.
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 $2.3 billion in annual revenue from approximately $6.2 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 Quarterly Report, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, trends, plans, objectives of management, impact of accounting standards and guidance, impairments, 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; (iv) the risks and costs associated with the integration of, and our ability to integrate, our stores and business units successfully to achieve anticipated synergies; (v) the proper application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments and (vi) 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 as well as 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.
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES | |||||||
Three months ended | Nine months ended | ||||||
(in thousands, except per share amounts) | September 30, | September 24, | September 30, | September 24, | |||
Revenue: | |||||||
Franchise royalties and fees | $ 47,362 | $ 45,562 | $ 140,682 | $ 128,300 | |||
Company-operated store sales | 389,041 | 341,211 | 1,159,685 | 957,487 | |||
Independently-operated store sales | 43,582 | 40,469 | 157,647 | 158,500 | |||
Advertising contributions | 27,121 | 22,018 | 73,547 | 63,807 | |||
Supply and other revenue | 73,928 | 67,334 | 218,791 | 185,447 | |||
Total revenue | 581,034 | 516,594 | 1,750,352 | 1,493,541 | |||
Operating Expenses: | |||||||
Company-operated store expenses | 262,282 | 209,562 | 762,731 | 580,368 | |||
Independently-operated store expenses | 25,773 | 23,254 | 87,095 | 85,396 | |||
Advertising expenses | 27,121 | 22,018 | 73,547 | 63,807 | |||
Supply and other expenses | 38,816 | 41,042 | 118,188 | 109,616 | |||
Selling, general, and administrative | 123,012 | 82,460 | 332,155 | 272,657 | |||
Acquisition related costs | 1,667 | 2,325 | 7,264 | 9,981 | |||
Store opening costs | 1,372 | 753 | 3,774 | 1,925 | |||
Depreciation and amortization | 45,639 | 36,518 | 129,256 | 107,628 | |||
Goodwill impairment | 850,970 | — | 850,970 | — | |||
Trade name impairment | — | — | — | 125,450 | |||
Asset impairment charges and lease | 111,239 | 2,894 | 117,450 | 2,910 | |||
Total operating expenses | 1,487,891 | 420,826 | 2,482,430 | 1,359,738 | |||
Operating (loss) income | (906,857) | 95,768 | (732,078) | 133,803 | |||
Other expenses, net: | |||||||
Interest expense, net | 41,292 | 27,323 | 120,304 | 78,946 | |||
Loss on foreign currency transactions | 2,980 | 15,582 | 3 | 30,490 | |||
Other expense, net | 44,272 | 42,905 | 120,307 | 109,436 | |||
(Loss) income before taxes | (951,129) | 52,863 | (852,385) | 24,367 | |||
Income tax (benefit) expense | (151,818) | 14,472 | (120,572) | 8,592 | |||
Net (loss) income | (799,311) | 38,391 | (731,813) | 15,775 | |||
Net loss attributable to non-controlling interest | — | — | — | (15) | |||
Net (loss) income attributable to Driven | $ (799,311) | $ 38,391 | $ (731,813) | $ 15,790 | |||
(Loss) earnings per share: | |||||||
Basic | $ (4.82) | $ 0.23 | $ (4.40) | $ 0.10 | |||
Diluted | $ (4.83) | $ 0.23 | $ (4.41) | $ 0.09 | |||
Weighted average shares outstanding | |||||||
Basic | 162,398 | 162,760 | 162,698 | 162,768 | |||
Diluted | 162,398 | 166,831 | 162,698 | 166,663 | |||
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| |||
(in thousands, except share and per share amounts) | September 30, 2023 | December 31, 2022 | |
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 211,280 | $ 227,110 | |
Restricted cash | 657 | 792 | |
Accounts and notes receivable, net | 165,573 | 179,888 | |
Inventory | 83,423 | 72,040 | |
Prepaid and other assets | 42,208 | 40,084 | |
Income tax receivable | 19,641 | 15,075 | |
Assets held for sale | 271,006 | — | |
Advertising fund assets, restricted | 63,983 | 36,421 | |
Total current assets | 857,771 | 571,410 | |
Other assets | 42,273 | 30,561 | |
Property and equipment, net | 1,408,970 | 1,545,738 | |
Operating lease right-of-use assets | 1,394,384 | 1,299,189 | |
Deferred commissions | 6,072 | 7,121 | |
Intangibles, net | 741,732 | 765,903 | |
Goodwill | 1,433,775 | 2,277,065 | |
Deferred tax assets | 2,817 | 2,911 | |
Total assets | $ 5,887,794 | $ 6,499,898 | |
Liabilities and shareholders' equity | |||
Current liabilities: | |||
Accounts payable | $ 90,440 | $ 60,606 | |
Accrued expenses and other liabilities | 256,347 | 317,318 | |
Income tax payable | 3,546 | 4,454 | |
Current portion of long-term debt | 31,869 | 32,986 | |
Income tax receivable liability | 54,791 | 53,328 | |
Advertising fund liabilities | 38,341 | 36,726 | |
Total current liabilities | 475,334 | 505,418 | |
Long-term debt | 2,877,059 | 2,705,281 | |
Deferred tax liabilities | 141,965 | 276,749 | |
Operating lease liabilities | 1,334,539 | 1,177,501 | |
Income tax receivable liability | 117,915 | 117,915 | |
Deferred revenue | 30,525 | 30,046 | |
Long-term accrued expenses and other liabilities | 29,530 | 33,419 | |
Total liabilities | 5,006,867 | 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 163,959,225 and | 1,639 | 1,674 | |
Additional paid-in capital | 1,646,831 | 1,628,904 | |
Retained (deficit) earnings | (696,938) | 84,795 | |
Accumulated other comprehensive loss | (71,236) | (62,435) | |
Total shareholders' equity attributable to Driven Brands Holdings Inc. | 880,296 | 1,652,938 | |
Non-controlling interests | 631 | 631 | |
Total shareholders' equity | 880,927 | 1,653,569 | |
Total liabilities and shareholders' equity | $ 5,887,794 | $ 6,499,898 | |
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||
Nine Months Ended | |||
(in thousands) | September 30, | September 24, | |
Net (loss) income | $ (731,813) | $ 15,775 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 129,256 | 107,628 | |
Goodwill impairment | 850,970 | — | |
Trade name impairment | — | 125,450 | |
Equity-based compensation expense | 9,730 | 12,159 | |
Loss on foreign denominated transactions | 3,706 | 30,490 | |
Gain on foreign currency derivatives | (3,704) | (2,981) | |
Loss (gain) on sale and disposal of businesses, fixed assets, and sale-leaseback transactions | 1,730 | (12,183) | |
Reclassification of interest rate hedge to income | (1,358) | — | |
Bad debt expense | 1,244 | 1,011 | |
Asset impairment costs | 117,450 | 2,910 | |
Amortization of deferred financing costs and bond discounts | 6,287 | 6,807 | |
Benefit for deferred income taxes | (134,266) | (38,216) | |
Other, net | 24,422 | 15,620 | |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts and notes receivable, net | 2,464 | (40,296) | |
Inventory | (12,531) | (17,898) | |
Prepaid and other assets | (3,909) | 850 | |
Advertising fund assets and liabilities, restricted | (10,923) | (4,612) | |
Other Assets | (29,210) | (3,767) | |
Deferred commissions | 658 | 917 | |
Deferred revenue | 1,961 | 2,222 | |
Accounts payable | 24,913 | (12,321) | |
Accrued expenses and other liabilities | (29,442) | (59,844) | |
Income tax receivable | (5,612) | 37,931 | |
Cash provided by operating activities | 212,023 | 167,652 | |
Cash flows from investing activities: | |||
Capital expenditures | (482,633) | (276,222) | |
Cash used in business acquisitions, net of cash acquired | (53,641) | (652,085) | |
Proceeds from sale-leaseback transactions | 172,230 | 150,112 | |
Proceeds from sale or disposal of businesses and fixed assets | 2,837 | 6,427 | |
Cash used in investing activities | (361,207) | (771,768) | |
Cash flows from financing activities: | |||
Repayment of long-term debt | (20,969) | (15,772) | |
Proceeds from revolving lines of credit and short-term debt | 335,000 | 300,000 | |
Repayments of revolving lines of credit and short-term debt | (120,000) | — | |
Repayment of principal portion of finance lease liability | (2,020) | (2,229) | |
Share repurchases | (49,945) | — | |
Stock option exercises | 6,117 | — | |
Other, net | (322) | 581 | |
Cash provided by financing activities | 147,861 | 282,580 | |
Effect of exchange rate changes on cash | 365 | (7,705) | |
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund | (958) | (329,241) | |
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, | 260,773 | 562,792 | |
Cash and cash equivalents, end of period | 211,280 | 190,373 | |
Cash included in advertising fund assets, restricted, end of period | 47,877 | 42,386 | |
Restricted cash, end of period | 657 | 792 | |
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, | $ 259,814 | $ 233,551 | |
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 nine months ended September 30, 2023, compared to the three and nine months ended September 24, 2022.
Net (Loss) Income to Adjusted Net Income and Adjusted Earnings Per Share (Unaudited) | |||||||
Three months ended | Nine months ended | ||||||
(in thousands, except per share amounts) | September 30, | September 24, | September 30, | September 24, | |||
Net (loss) income | $ (799,311) | $ 38,391 | $ (731,813) | $ 15,775 | |||
Acquisition related costs(a) | 1,667 | 2,325 | 7,264 | 9,981 | |||
Non-core items and project costs, net(b) | 1,486 | 851 | 6,113 | 3,436 | |||
Straight-line rent adjustment(c) | 5,193 | 3,220 | 14,196 | 11,530 | |||
Cloud computing amortization(d) | 991 | — | 991 | — | |||
Equity-based compensation expense(e) | 2,681 | 5,308 | 9,730 | 12,159 | |||
Foreign currency transaction (gain) loss, | 2,980 | 15,582 | 3 | 30,490 | |||
Bad debt recovery(g) | — | (449) | — | (449) | |||
Goodwill impairment(h) | 850,970 | — | 850,970 | — | |||
Trade name impairment(i) | — | — | — | 125,450 | |||
Asset sale leaseback (gain) loss, | 125,473 | (14,186) | 119,637 | (20,248) | |||
Amortization related to acquired | 9,252 | 7,212 | 23,564 | 18,284 | |||
Provision for uncertain tax positions(l) | — | — | — | 76 | |||
Adjusted net income before tax impact | 201,382 | 58,254 | 300,655 | 206,484 | |||
Tax impact of adjustments(m) | (167,662) | (3,290) | (175,452) | (44,086) | |||
Adjusted net income | 33,720 | 54,964 | 125,203 | 162,398 | |||
Net loss attributable to non-controlling | — | — | — | (15) | |||
Adjusted Net Income attributable to | $ 33,720 | $ 54,964 | $ 125,203 | $ 162,413 | |||
Adjusted Earnings Per Share | |||||||
Basic1 | $ 0.20 | $ 0.33 | $ 0.75 | $ 0.98 | |||
Diluted1 | $ 0.20 | $ 0.32 | $ 0.74 | $ 0.96 | |||
Weighted average shares outstanding | |||||||
Basic | 162,398 | 162,760 | 162,698 | 162,768 | |||
Diluted | 165,850 | 166,831 | 166,557 | 166,663 | |||
(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 $3 million for the three and nine months ended September 30, 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 nine months ended September 30, 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 nine months ended September 30, 2023, compared to the three and nine months ended September 24, 2022.
Net Income (Loss) to Adjusted EBITDA Reconciliation (Unaudited) | |||||||
Three months ended | Nine months ended | ||||||
(in thousands) | September 30, | September 24, | September 30, | September 24, | |||
Net (loss) income | $ (799,311) | $ 38,391 | $ (731,813) | $ 15,775 | |||
Income tax (benefit) expense | (151,818) | 14,472 | (120,572) | 8,592 | |||
Interest expense, net | 41,292 | 27,323 | 120,304 | 78,946 | |||
Depreciation and amortization | 45,639 | 36,518 | 129,256 | 107,628 | |||
EBITDA | (864,198) | 116,704 | (602,825) | 210,941 | |||
Acquisition related costs(a) | 1,667 | 2,325 | 7,264 | 9,981 | |||
Non-core items and project costs, net(b) | 1,486 | 851 | 6,113 | 3,436 | |||
Straight-line rent adjustment(c) | 5,193 | 3,220 | 14,196 | 11,530 | |||
Cloud computing amortization(d) | 991 | — | 991 | — | |||
Equity-based compensation expense(e) | 2,681 | 5,308 | 9,730 | 12,159 | |||
Foreign currency transaction (gain) | 2,980 | 15,582 | 3 | 30,490 | |||
Bad debt recovery(g) | — | (449) | — | (449) | |||
Goodwill impairment(h) | 850,970 | — | 850,970 | — | |||
Trade name impairment(i) | — | — | — | 125,450 | |||
Asset sale leaseback (gain) loss, | 125,473 | (14,186) | 119,637 | (20,248) | |||
Adjusted EBITDA | $ 127,243 | $ 129,355 | $ 406,079 | $ 383,290 | |||
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) | Includes non-cash amortization expenses relating to the amortization of cloud computing arrangements. |
(e) | Represents non-cash equity-based compensation expense. |
(f) | 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. |
(g) | Represents the recovery of previously uncollectible receivables outside of normal operations. |
(h) | Relates to goodwill impairment charges within the Car Wash segment. |
(i) | Certain indefinite-lived Car Wash trade names were impaired as the Company elected to discontinue their use. |
(j) | Relates to (gains) losses, net on sale leasebacks, impairment of certain fixed assets and operating lease right-of-use assets related to closed and underperforming locations, assets held for sale, and lease exit costs and other costs associated with stores that were closed prior to the respective lease termination dates. |
(k) | Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the unaudited consolidated statements of operations. |
(l) | Represents uncertain tax positions recorded for tax positions, inclusive of interest and penalties. |
(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. 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 30, | September 24, | September 30, | September 24, | |||
Segment Adjusted EBITDA: | |||||||
Maintenance | $ 86,493 | $ 68,763 | $ 245,232 | $ 185,324 | |||
Car Wash | 24,429 | 39,098 | 112,001 | 148,495 | |||
Paint, Collision & Glass | 32,763 | 38,919 | 109,724 | 100,847 | |||
Platform Services | 22,417 | 19,765 | 61,984 | 54,471 | |||
Corporate and other | (37,487) | (36,437) | (119,088) | (103,922) | |||
Store opening costs | (1,372) | (753) | (3,774) | (1,925) | |||
Adjusted EBITDA | $ 127,243 | $ 129,355 | $ 406,079 | $ 383,290 | |||
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED) | ||||||||||
Three months ended September 30, 2023 | ||||||||||
(in thousands) | Maintenance | Car Wash | Paint, Collision & Glass | Platform Services | Total | |||||
System-wide Sales | ||||||||||
Franchise stores | $ 298,022 | $ — | $ 760,437 | $ 117,957 | $ 1,176,416 | |||||
Company-operated stores | 204,460 | 98,132 | 85,207 | 1,242 | 389,041 | |||||
Independently operated stores | — | 43,582 | — | — | 43,582 | |||||
Total System-wide Sales | $ 502,482 | $ 141,714 | $ 845,644 | $ 119,199 | $ 1,609,039 | |||||
Store Count (in whole numbers) | ||||||||||
Franchise stores | 1,108 | — | 1,662 | 207 | 2,977 | |||||
Company-operated stores | 624 | 418 | 258 | 1 | 1,301 | |||||
Independently operated stores | — | 715 | — | — | 715 | |||||
Total Store Count | 1,732 | 1,133 | 1,920 | 208 | 4,993 | |||||
Three months ended September 24, 2022 | ||||||||||
(in thousands) | Maintenance | Car Wash | Paint, Collision & Glass | Platform Services | Total | |||||
System-wide Sales | ||||||||||
Franchise stores | $ 239,290 | $ — | $ 711,816 | $ 129,320 | $ 1,080,426 | |||||
Company-operated stores | 172,162 | 98,235 | 69,383 | 1,431 | 341,211 | |||||
Independently operated stores | — | 40,469 | — | — | 40,469 | |||||
Total System-wide Sales | $ 411,452 | $ 138,704 | $ 781,199 | $ 130,751 | $ 1,462,106 | |||||
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 | |||||
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED) | ||||||||||
Nine months ended September 30, 2023 | ||||||||||
(in thousands) | Maintenance | Car Wash | Paint, Collision & Glass | Platform Services | Total | |||||
System-wide Sales | ||||||||||
Franchise stores | $ 823,656 | $ — | $ 2,305,420 | $ 324,608 | $ 3,453,684 | |||||
Company-operated stores | 605,393 | 302,193 | 248,796 | 3,303 | 1,159,685 | |||||
Independently operated stores | — | 157,647 | — | — | 157,647 | |||||
Total System-wide Sales | $ 1,429,049 | $ 459,840 | $ 2,554,216 | $ 327,911 | $ 4,771,016 | |||||
Store Count (in whole numbers) | ||||||||||
Franchise stores | 1,108 | — | 1,662 | 207 | 2,977 | |||||
Company-operated stores | 624 | 418 | 258 | 1 | 1,301 | |||||
Independently operated stores | — | 715 | — | — | 715 | |||||
Total Store Count | 1,732 | 1,133 | 1,920 | 208 | 4,993 | |||||
Nine months ended September 24, 2022 | ||||||||||
(in thousands) | Maintenance | Car Wash | Paint, Collision & Glass | Platform Services | Total | |||||
System-wide Sales | ||||||||||
Franchise stores | $ 670,079 | $ — | $ 2,003,401 | $ 348,890 | $ 3,022,370 | |||||
Company-operated stores | 497,638 | 294,526 | 161,348 | $ 3,975 | 957,487 | |||||
Independently operated stores | — | 158,500 | — | — | 158,500 | |||||
Total System-wide Sales | $ 1,167,717 | $ 453,026 | $ 2,164,749 | $ 352,865 | $ 4,138,357 | |||||
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 | |||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/driven-brands-holdings-inc-reports-third-quarter-results-301973457.html
SOURCE Driven Brands
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