Business
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
About this update from Driven Brands Holdings Inc.
[{"type":"text","content":"--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--\nCHARLOTTE, 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.\n\n \n \n \n \n \n \n\n \nFor 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.\nNet 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.\n\"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 $850 million by the end of 2026.\" \nSecond Quarter 2023 Key Performance Indicators by Segment\nSystem-wide Sales \n(in millions)\nStore Count\nSame-Store \nSales\nRevenue\n(in millions)\nSegment Adjusted \nEBITDA1\n(in millions)\nMaintenance\n$ 484.6\n1,694\n10.2 %\n$ 242.3\n$ 85.8\nCar Wash\n163.2\n1,131\n(4.0) %\n164.8\n43.3\nPaint, Collision & Glass\n892.5\n1,905\n12.2 %\n133.2\n41.2\nPlatform Services\n118.7\n208\n(11.3) %\n57.3\n22.5\nCorporate / Other\n...