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Driven Brands Holdings Inc. (NASDAQ: DRVN) is the largest automotive services company in North America, headquartered in Charlotte, NC. The company operates across four key verticals: repair & maintenance, paint & collision, distribution, and quick lube. Driven Brands is the parent company of some of the most recognized automotive aftermarket brands, including Meineke Car Care Centers, Maaco, CARSTAR, Take 5 Oil Change, 1-800-Radiator & A/C, and many others.
With over 4,900 locations across 14 countries, Driven Brands services more than 70 million vehicles annually. In 2023, the company reported a revenue of $2.3 billion, driven by strong execution in its Maintenance segment, particularly in its industry-leading Take 5 Oil Change business.
Recently, Driven Brands announced its financial results for Q3 2023, during which it delivered a revenue of $581.0 million, up 12% from the prior year. The company added 55 new stores and saw significant growth in its key performance indicators. However, it faced challenges in its Car Wash segment, which experienced an $851 million non-cash goodwill impairment. Despite these setbacks, Driven Brands remains focused on operational improvements and strategic growth initiatives.
Driven Brands is committed to enhancing shareholder returns. In August 2023, the company authorized a $50 million share repurchase program, reflecting its confidence in future growth. The company also maintains a robust liquidity position, ending Q3 with $386.8 million in total liquidity.
Recent Highlights:
- Q3 2023 revenue of $581.0 million, up 12% year-over-year.
- Added 55 new stores in Q3 2023.
- $851 million non-cash goodwill impairment in the Car Wash segment.
- $50 million share repurchase program initiated in August 2023.
- Total liquidity of $386.8 million as of Q3 2023.
For more information, visit www.drivenbrands.com.
Driven Brands Holdings (NASDAQ: DRVN) has announced its participation in the Morgan Stanley Global Consumer & Retail Conference in New York. The company's fireside chat is scheduled for December 4, 2024, at 11:00 a.m. ET. The event will be webcast live on the company's Investor Relations website and remain available for replay for at least 30 days.
As North America's largest automotive services company, Driven Brands operates over 5,100 locations across 14 countries, serving approximately 70 million vehicles annually. The company's network, which includes brands like Take 5 Oil Change, Meineke, and Maaco, generates about $2.3 billion in annual revenue from $6.4 billion in system-wide sales.
Driven Brands Holdings (NASDAQ: DRVN) reported Q3 2024 results with revenue of $592 million, up 2% year-over-year, and system-wide sales of $1.6 billion. The company posted a net loss of $14.9 million ($0.09 per share), compared to a loss of $799.3 million in the prior year. Adjusted EBITDA grew 14% to $138.8 million. Take 5 Oil Change showed strong performance with 15% revenue growth and 5% same-store sales growth. The company achieved its net leverage target of 4.5x ahead of schedule and reaffirmed its FY24 outlook, expecting revenue of $2.33-2.43 billion and Adjusted EBITDA of $529-559 million.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced its plans to release third quarter 2024 earnings before the market opens on October 31, 2024. Following the release, the company will host a conference call at 8:30 a.m. ET to discuss its financial and operating performance. Investors and interested parties can access the live webcast of the conference call through Driven Brands' Investor Relations webpage at investors.drivenbrands.com. For those unable to attend the live event, an archived replay of the conference call will be made available on the same day and will remain accessible until at least February 28, 2025, via the company's Investor Relations webpage.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced the sale of its Canadian distribution business, primarily operated under the PH Vitres d'Auto brand, to PGW Auto Glass. The transaction, effective August 31, 2024, is expected to have minimal impact on the company's fiscal year 2024 outlook. Net proceeds will be used to pay down debt. The sale aligns with Driven Brands' active portfolio management strategy and is anticipated to be margin rate accretive. The Canadian distribution business was part of the Company's Platform Services segment. Driven Brands will provide further details and update its full-year outlook during the Q3 earnings call.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced its participation in the 31st Annual Goldman Sachs Global Retailing Conference in New York. The company's fireside chat is scheduled for September 5, 2024, at 1:50 p.m. ET. The event will be webcast live on Driven Brands' Investor Relations website and will be available for replay for at least 30 days.
Driven Brands is North America's largest automotive services company, offering a range of services including paint, collision, glass, vehicle repair, oil change, maintenance, and car wash. The company operates over 5,000 locations across 13 countries, servicing approximately 70 million vehicles annually. Driven Brands' network generates about $2.3 billion in annual revenue from approximately $6.4 billion in system-wide sales.
PARC Auto, backed by Kian Capital, has become the largest Meineke franchisee in just over a year since its formation. The company has expanded from 15 to 35 locations through new store openings and acquisitions, entering markets in Florida, Indiana, Texas, and Oregon. PARC Auto recently received the Growth Award at the annual Meineke Conference.
The company has strengthened its executive team with the addition of Russ Bowling as Chief Operating Officer, complementing the recent appointments of Don Hill as CEO and Tara Simecek as CFO. PARC Auto plans to continue its growth strategy, focusing on building density in target markets and maintaining high-quality service standards.
Driven Brands Holdings Inc. (NASDAQ: DRVN), North America's largest automotive services company, has appointed Michael Diamond as Executive Vice President and Chief Financial Officer, effective August 9, 2024. Diamond, with extensive financial and multi-unit experience, most recently served as CFO of The Michaels Companies and previously held senior finance roles at Yum! Brands.
Jonathan Fitzpatrick, President and CEO, expressed excitement about Diamond joining the team, citing his proven leadership and expertise in driving growth strategies and M&A. The company thanked Joel Arnao, who served as Interim CFO since May 2024 and will continue as SVP of FP&A, Investor Relations, and Treasury.
Driven Brands operates over 5,000 locations across 13 countries, servicing approximately 70 million vehicles annually. The network generates about $2.3 billion in annual revenue from $6.4 billion in system-wide sales.
Driven Brands Holdings Inc. (NASDAQ: DRVN) reported Q2 2024 results, marking its 14th consecutive quarter of same-store sales growth. Key highlights include:
- Revenue of $612 million, up 1% year-over-year
- System-wide sales of $1.7 billion, up 1%
- Net Income of $30.2 million or $0.18 per diluted share
- Adjusted EBITDA of $152.2 million, up 4%
- Take 5 Oil Change: 16% revenue growth, 6% same-store sales growth, 19% unit growth
The company updated its FY2024 outlook, expecting revenue at the low end of $2.35-$2.45 billion, Adjusted EBITDA in the mid to high end of $535-$565 million, and Adjusted EPS at the high end of $0.88-$1.00. Driven Brands also announced the appointment of Michael Diamond as CFO, effective August 9, 2024.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has successfully closed a $275 million securitization issuance of Series 2024-1 Fixed Rate Senior Secured Notes, Class A-2. The notes, maturing in October 2054 with an anticipated repayment date in October 2031, were priced at a 6.372% coupon. The proceeds will refinance existing debt, cover transaction fees, and support general corporate purposes. Additionally, Driven Brands increased its Variable Funding Notes capacity by $400 million through Series 2024-1 Class A-1 Notes.
This marks Driven Brands' eleventh whole business securitization issuance. Both note series received ratings of BBB from Kroll Bond Rating Agency and BBB- from S&P Global Ratings. The offering was made to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced its plans to release second quarter 2024 earnings before the market opens on August 1, 2024. Following the release, the company will host a conference call at 8:30 a.m. ET to discuss financial and operating performance. Investors can access the live webcast of the conference call on Driven Brands' Investor Relations webpage. An archived replay of the call will be available on the same webpage until at least October 31, 2024.
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