Business
Driven Brands Holdings Inc. Reports Record Year of Revenue and Profitability in Fiscal 2022; Issues Fiscal 2023 Guidance
Fiscal 2022 revenue increased 39 percent powered by 14 percent same-store sales growth and 9 percent net store growthMomentum continued in fourth quarter with
About this update from Driven Brands Holdings Inc.
[{"type":"text","content":"Fiscal 2022 revenue increased 39 percent powered by 14 percent same-store sales growth and 9 percent net store growthMomentum continued in fourth quarter with the seventh consecutive quarter of double-digit same store-sales growthFiscal 2023 guidance reflects powerful customer value proposition and resilient needs-based industryCHARLOTTE, N.C., Feb. 22, 2023 /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 31, 2022.\n\n \n \n \n \n \n \n\n \nFor the fiscal year, Driven Brands delivered revenue of $2.0 billion, up 39 percent versus the prior year. System-wide sales were $5.6 billion, up 24 percent versus the prior year with 14 percent same-store sales growth and 9 percent net store growth. \nNet income increased $33.6 million versus the prior year to $43.2 million or $0.25 per diluted share inclusive of a $125.5 million one-time non-cash impairment charge related to intangible assets in the second quarter as a result of the Company's decision to re-brand its U.S. car wash business. Adjusted Net Income1 increased 41 percent to $207.9 million or $1.22 per diluted share1, while Adjusted EBITDA1 increased 42 percent from the prior year to $513.8 million.\n\"2022 was a year of record performance and significant strategic progress for Driven Brands. We deepened our competitive moat as our differentiated offering resonated with our customers,\" said Jonathan Fitzpatrick, President and Chief Executive Officer. \"We gained significant market share in this large and growing $350 billion needs-based automotive services category, and we are leveraging our proven playbook to drive long-term, sustainable growth. \n\"Building on our strong performance last year, we entered the first quarter of 2023 with momentum, excellent visibility into our expense base and a robust development pipeline that provides us with strong line of sight to multi-year growth. Our guidance reflects that momentum, our continued confidence in our business model, the resilience of the category, and a track record of execution.\" \nFor the fourth quarter, Driven Brands delivered revenue of $539.7 million, up 38 percent versus the prior year. System-wide sales were $1.5 billion, up 24 percent versus the prior year with 11 percent same-store...