Driven Brands Holdings Inc. Reports First Quarter 2024 Results
--Achieved 13 consecutive quarters of same store sales growth--
--Maintenance segment delivered 5% same store sales growth driven by 7% in
--Net Income of
--Announces CFO transition--
--Reaffirms Fiscal Year 2024 Outlook--
For the first quarter,
Net Income was
“We are pleased with our strong performance in the first quarter of 2024. The Maintenance segment once again delivered exceptional results, largely driven by
“Looking ahead to the remainder of 2024, we are confident in our full-year outlook and committed to prudently deploying capital and paying down debt,” Fitzpatrick concluded.
First Quarter 2024 Key Performance Indicators by Segment
|
System-wide Sales
|
Store Count |
Same-Store
|
Revenue (in millions) |
Segment Adjusted
|
||||
Maintenance |
$ |
499.7 |
1,814 |
4.8 |
% |
$ |
261.7 |
$ |
91.4 |
Car Wash |
|
143.3 |
1,106 |
(7.4 |
)% |
|
144.7 |
|
29.1 |
Paint, Collision & Glass |
|
882.1 |
1,883 |
1.3 |
% |
|
106.4 |
|
30.8 |
Platform Services |
|
78.0 |
205 |
N/A |
|
|
53.8 |
|
19.9 |
Corporate / Other |
|
N/A |
N/A |
N/A |
|
|
5.6 |
|
|
Total |
$ |
1,603.1 |
5,008 |
0.7 |
% |
$ |
572.2 |
Capital and Liquidity
The Company ended the first quarter with total liquidity of
CFO Transition
Mr. Ferrera’s resignation will be effective after the filing of the Company’s quarterly report on Form 10-Q for the first quarter of 2024.
Effective upon Mr. Ferrera’s departure,
Mr. Ferrera’s resignation does not reflect any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, or any issues regarding the Company’s accounting policies or practices.
Fiscal Year 2024 Outlook
The Company reaffirms its financial outlook for fiscal year 2024:
|
2024 Outlook |
Revenue |
|
Adjusted EBITDA 1 |
|
Adjusted EPS 1 |
|
Note: The Company has not included potential future M&A in its outlook for fiscal year 2024.
___________
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
About
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 Press Release, 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 outlook, 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; (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
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||
|
Three Months Ended |
|||||
(in thousands, except per share amounts) |
|
|
|
|||
Revenue: |
|
|
|
|||
Franchise royalties and fees |
$ |
45,045 |
|
$ |
43,515 |
|
Company-operated store sales |
|
374,456 |
|
|
376,066 |
|
Independently-operated store sales |
|
53,047 |
|
|
52,532 |
|
Advertising contributions |
|
24,070 |
|
|
21,677 |
|
Supply and other revenue |
|
75,608 |
|
|
68,677 |
|
Total net revenue |
|
572,226 |
|
|
562,467 |
|
Operating Expenses: |
|
|
|
|||
Company-operated store expenses |
|
242,053 |
|
|
243,409 |
|
Independently-operated store expenses |
|
29,355 |
|
|
29,364 |
|
Advertising expenses |
|
24,070 |
|
|
21,677 |
|
Supply and other expenses |
|
36,216 |
|
|
37,266 |
|
Selling, general, and administrative expenses |
|
116,402 |
|
|
112,328 |
|
Acquisition related costs |
|
1,794 |
|
|
1,847 |
|
Store opening costs |
|
1,263 |
|
|
1,025 |
|
Depreciation and amortization |
|
43,229 |
|
|
38,198 |
|
Asset impairment charges and lease terminations |
|
19,326 |
|
|
167 |
|
Total operating expenses |
|
513,708 |
|
|
485,281 |
|
Operating income |
|
58,518 |
|
|
77,186 |
|
Other expenses, net: |
|
|
|
|||
Interest expense, net |
|
43,772 |
|
|
38,141 |
|
Loss (gain) on foreign currency transactions |
|
4,321 |
|
|
(1,675 |
) |
Other expense, net |
|
48,093 |
|
|
36,466 |
|
Income before taxes |
|
10,425 |
|
|
40,720 |
|
Income tax expense |
|
6,164 |
|
|
10,971 |
|
Net income |
|
4,261 |
|
|
29,749 |
|
Net income attributable to non-controlling interest |
|
— |
|
|
— |
|
Net income attributable to |
$ |
4,261 |
|
$ |
29,749 |
|
|
|
|
|
|||
Earnings per share: |
|
|
|
|||
Basic |
$ |
0.03 |
|
$ |
0.18 |
|
Diluted |
$ |
0.03 |
|
$ |
0.17 |
|
Weighted average shares outstanding |
|
|
|
|||
Basic |
|
159,631 |
|
|
162,784 |
|
Diluted |
|
160,604 |
|
|
166,874 |
|
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
(in thousands, except share and per share amounts) |
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
165,513 |
|
|
$ |
176,522 |
|
Restricted cash |
|
657 |
|
|
|
657 |
|
Accounts and notes receivable, net |
|
165,992 |
|
|
|
151,259 |
|
Inventory |
|
82,875 |
|
|
|
83,171 |
|
Prepaid and other assets |
|
49,901 |
|
|
|
46,714 |
|
Income tax receivable |
|
7,337 |
|
|
|
15,928 |
|
Assets held for sale |
|
290,818 |
|
|
|
301,229 |
|
Advertising fund assets, restricted |
|
52,711 |
|
|
|
45,627 |
|
Total current assets |
|
815,804 |
|
|
|
821,107 |
|
Other assets |
|
90,175 |
|
|
|
56,565 |
|
Property and equipment, net |
|
1,425,882 |
|
|
|
1,438,496 |
|
Operating lease right-of-use assets |
|
1,383,400 |
|
|
|
1,389,316 |
|
Deferred commissions |
|
6,643 |
|
|
|
6,312 |
|
Intangibles, net |
|
729,354 |
|
|
|
739,402 |
|
|
|
1,435,618 |
|
|
|
1,455,946 |
|
Deferred tax assets |
|
3,453 |
|
|
|
3,660 |
|
Total assets |
$ |
5,890,329 |
|
|
$ |
5,910,804 |
|
Liabilities and shareholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
82,843 |
|
|
$ |
67,526 |
|
Accrued expenses and other liabilities |
|
246,522 |
|
|
|
242,171 |
|
Income tax payable |
|
2,022 |
|
|
|
5,404 |
|
Current portion of long-term debt |
|
33,020 |
|
|
|
32,673 |
|
Income tax receivable liability |
|
41,437 |
|
|
|
56,001 |
|
Advertising fund liabilities |
|
33,208 |
|
|
|
23,392 |
|
Total current liabilities |
|
439,052 |
|
|
|
427,167 |
|
Long-term debt |
|
2,905,033 |
|
|
|
2,910,812 |
|
Deferred tax liabilities |
|
149,931 |
|
|
|
154,742 |
|
Operating lease liabilities |
|
1,319,936 |
|
|
|
1,332,519 |
|
Income tax receivable liability |
|
108,215 |
|
|
|
117,915 |
|
Deferred revenue |
|
32,159 |
|
|
|
30,507 |
|
Long-term accrued expenses and other liabilities |
|
29,187 |
|
|
|
30,419 |
|
Total liabilities |
|
4,983,513 |
|
|
|
5,004,081 |
|
Preferred Stock |
|
— |
|
|
|
— |
|
Common stock, |
|
1,641 |
|
|
|
1,640 |
|
Additional paid-in capital |
|
1,664,764 |
|
|
|
1,652,401 |
|
Retained (deficit) earnings |
|
(705,826 |
) |
|
|
(710,087 |
) |
Accumulated other comprehensive loss |
|
(54,407 |
) |
|
|
(37,875 |
) |
Total shareholders’ equity attributable to |
|
906,172 |
|
|
|
906,079 |
|
Non-controlling interests |
|
644 |
|
|
|
644 |
|
Total shareholders' equity |
|
906,816 |
|
|
|
906,723 |
|
Total liabilities and shareholders' equity |
$ |
5,890,329 |
|
|
$ |
5,910,804 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||
|
Three Months Ended |
||||||
(in thousands) |
|
|
|
||||
Net income |
$ |
4,261 |
|
|
$ |
29,749 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
43,229 |
|
|
|
38,198 |
|
Equity-based compensation expense |
|
11,861 |
|
|
|
2,564 |
|
Loss on foreign denominated transactions |
|
7,574 |
|
|
|
161 |
|
Gain on foreign currency derivatives |
|
(3,253 |
) |
|
|
(1,836 |
) |
(Gain) loss on sale and disposal of businesses, fixed assets, and sale-leaseback transactions |
|
(12,913 |
) |
|
|
1,671 |
|
Reclassification of interest rate hedge to income |
|
(519 |
) |
|
|
(519 |
) |
Bad debt expense |
|
2,070 |
|
|
|
82 |
|
Asset impairment costs |
|
19,326 |
|
|
|
167 |
|
Amortization of deferred financing costs and bond discounts |
|
1,954 |
|
|
|
1,850 |
|
Amortization of cloud computing |
|
1,345 |
|
|
|
— |
|
Benefit for deferred income taxes |
|
(2,807 |
) |
|
|
4,650 |
|
Other, net |
|
10,669 |
|
|
|
4,043 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
||||
Accounts and notes receivable, net |
|
(17,351 |
) |
|
|
(44,084 |
) |
Inventory |
|
(1,005 |
) |
|
|
(5,473 |
) |
Prepaid and other assets |
|
(4,270 |
) |
|
|
(13,867 |
) |
Advertising fund assets and liabilities, restricted |
|
7,650 |
|
|
|
906 |
|
Other Assets |
|
(33,300 |
) |
|
|
(7,382 |
) |
Deferred commissions |
|
(331 |
) |
|
|
455 |
|
Deferred revenue |
|
1,659 |
|
|
|
161 |
|
Accounts payable |
|
14,165 |
|
|
|
25,597 |
|
Accrued expenses and other liabilities |
|
6,293 |
|
|
|
(960 |
) |
Income tax receivable |
|
3,976 |
|
|
|
659 |
|
Cash provided by operating activities |
|
60,283 |
|
|
|
36,792 |
|
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(89,483 |
) |
|
|
(169,155 |
) |
Cash used in business acquisitions, net of cash acquired |
|
(2,024 |
) |
|
|
(29,307 |
) |
Proceeds from sale-leaseback transactions |
|
4,550 |
|
|
|
16,772 |
|
Proceeds from sale or disposal of businesses and fixed assets |
|
52,677 |
|
|
|
— |
|
Cash used in investing activities |
|
(34,280 |
) |
|
|
(181,690 |
) |
Cash flows from financing activities: |
|
|
|
||||
Repayment of long-term debt |
|
(7,616 |
) |
|
|
(7,002 |
) |
Proceeds from revolving lines of credit and short-term debt |
|
46,000 |
|
|
|
140,000 |
|
Repayments of revolving lines of credit and short-term debt |
|
(46,000 |
) |
|
|
(25,000 |
) |
Payment of Tax Receivable Agreement |
|
(24,718 |
) |
|
|
— |
|
Repayment of principal portion of finance lease liability |
|
(886 |
) |
|
|
(854 |
) |
Stock option exercises |
|
— |
|
|
|
1,380 |
|
Other, net |
|
— |
|
|
|
(32 |
) |
Cash (used in) provided by financing activities |
|
(33,220 |
) |
|
|
108,492 |
|
Effect of exchange rate changes on cash |
|
1,133 |
|
|
|
2,392 |
|
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted |
|
(6,084 |
) |
|
|
(34,014 |
) |
Cash and cash equivalents, beginning of period |
|
176,522 |
|
|
|
227,110 |
|
Cash included in advertising fund assets, restricted, beginning of period |
|
38,537 |
|
|
|
32,871 |
|
Restricted cash, beginning of period |
|
657 |
|
|
|
792 |
|
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period |
|
215,716 |
|
|
|
260,773 |
|
Cash and cash equivalents, end of period |
|
165,513 |
|
|
|
190,841 |
|
Cash included in advertising fund assets, restricted, end of period |
|
43,462 |
|
|
|
35,126 |
|
Restricted cash, end of period |
|
657 |
|
|
|
792 |
|
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period |
$ |
209,632 |
|
|
$ |
226,759 |
|
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 Outlook
Adjusted Net Income and Adjusted Earnings Per Share
Adjusted Net Income and Adjusted EPS are considered non-GAAP financial measures under the SEC’s rules because they exclude certain amounts included in the net income attributable to
The tables below reflect the calculation of Adjusted Net Income and Adjusted Earnings Per Share for the three months ended
Net Income to Adjusted Net Income and Adjusted Earnings Per Share (Unaudited)
|
Three Months Ended |
||||||
(in thousands, except per share data) |
|
|
|
||||
Net income |
$ |
4,261 |
|
|
$ |
29,749 |
|
Acquisition related costs(a) |
|
1,794 |
|
|
|
1,847 |
|
Non-core items and project costs, net(b) |
|
4,711 |
|
|
|
1,824 |
|
Cloud computing amortization(c) |
|
1,345 |
|
|
|
— |
|
Equity-based compensation expense(d) |
|
11,861 |
|
|
|
2,564 |
|
Foreign currency transaction loss (gain), net(e) |
|
4,321 |
|
|
|
(1,675 |
) |
Asset sale leaseback (gain) loss, impairment and closed store expenses(f) |
|
9,560 |
|
|
|
1,844 |
|
Amortization related to acquired intangible assets(g) |
|
7,020 |
|
|
|
6,036 |
|
Valuation allowance for deferred tax asset(h) |
|
1,134 |
|
|
|
— |
|
Adjusted net income before tax impact of adjustments |
|
46,007 |
|
|
|
42,189 |
|
Tax impact of adjustments(i) |
|
(7,885 |
) |
|
|
(3,085 |
) |
Adjusted net income |
|
38,122 |
|
|
|
39,104 |
|
Net income attributable to non-controlling interest |
|
— |
|
|
|
— |
|
Adjusted net income attributable to |
$ |
38,122 |
|
|
$ |
39,104 |
|
|
|
|
|
||||
Earnings per share |
|
|
|
||||
Basic |
$ |
0.03 |
|
|
$ |
0.18 |
|
Diluted |
$ |
0.03 |
|
|
$ |
0.17 |
|
|
|
|
|
||||
Adjusted earnings per share(1) |
|
|
|
||||
Basic |
$ |
0.23 |
|
|
$ |
0.24 |
|
Diluted |
$ |
0.23 |
|
|
$ |
0.23 |
|
|
|
|
|
||||
Weighted average shares outstanding for Net Income |
|
|
|
||||
Basic |
|
159,631 |
|
|
|
162,784 |
|
Diluted |
|
160,604 |
|
|
|
166,874 |
|
(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 and diluted earnings per share calculation was less than |
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
Net Income to Adjusted EBITDA Reconciliation (Unaudited)
|
|
|
|
|||
|
Three Months Ended |
|||||
(in thousands) |
|
|
|
|||
Net income |
$ |
4,261 |
|
$ |
29,749 |
|
Income tax expense |
|
6,164 |
|
|
10,971 |
|
Interest expense, net |
|
43,772 |
|
|
38,141 |
|
Depreciation and amortization |
|
43,229 |
|
|
38,198 |
|
EBITDA |
|
97,426 |
|
|
117,059 |
|
Acquisition related costs(a) |
|
1,794 |
|
|
1,847 |
|
Non-core items and project costs, net(b) |
|
4,711 |
|
|
1,824 |
|
Cloud computing amortization(c) |
|
1,345 |
|
|
— |
|
Equity-based compensation expense(d) |
|
11,861 |
|
|
2,564 |
|
Foreign currency transaction loss (gain), net(e) |
|
4,321 |
|
|
(1,675 |
) |
Asset sale leaseback (gain) loss, impairment and closed store expenses(f) |
|
9,560 |
|
|
1,844 |
|
Adjusted EBITDA |
$ |
131,018 |
|
$ |
123,463 |
|
Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share Footnotes
(a) |
Consists of acquisition costs as reflected within the 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 |
|
(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) |
Includes non-cash amortization expenses relating to cloud computing arrangements. |
|
(d) |
Represents non-cash equity-based compensation expense. |
|
(e) |
Represents foreign currency transaction (gains) losses, net that primarily related to the remeasurement of our intercompany loans as well as gains and losses on cross currency swaps and forward contracts. |
|
(f) |
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. |
|
(g) |
Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the unaudited consolidated statement of operations. |
|
(h) |
Represents valuation allowances on income tax carryforwards in certain domestic jurisdictions that are not more likely than not to be realized. |
|
(i) |
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. |
ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED) |
|||||||
|
Three Months Ended |
||||||
(in thousands) |
|
|
|
||||
Segment Adjusted EBITDA: |
|
|
|
||||
Maintenance |
$ |
91,436 |
|
|
$ |
72,233 |
|
Car Wash |
|
29,134 |
|
|
|
41,048 |
|
Paint, Collision & Glass |
|
30,820 |
|
|
|
35,450 |
|
Platform Services |
|
19,871 |
|
|
|
17,008 |
|
Corporate and other |
|
(38,980 |
) |
|
|
(41,251 |
) |
Store opening costs |
|
(1,263 |
) |
|
|
(1,025 |
) |
Adjusted EBITDA |
$ |
131,018 |
|
|
$ |
123,463 |
|
ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED) |
||||||||||||||
|
Three Months Ended |
|||||||||||||
(in thousands) |
Maintenance |
|
Car Wash |
|
Paint,
|
|
Platform
|
|
Total |
|||||
System-wide Sales |
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
$ |
278,861 |
|
$ |
— |
|
$ |
819,615 |
|
$ |
77,152 |
|
$ |
1,175,628 |
Company-operated stores |
|
220,871 |
|
|
90,227 |
|
|
62,509 |
|
|
849 |
|
|
374,456 |
Independently operated stores |
|
— |
|
|
53,047 |
|
|
— |
|
|
— |
|
|
53,047 |
Total System-wide Sales |
$ |
499,732 |
|
$ |
143,274 |
|
$ |
882,124 |
|
$ |
78,001 |
|
$ |
1,603,131 |
|
|
|
|
|
|
|
|
|
|
|||||
Store Count (in whole numbers) |
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
|
1,153 |
|
|
— |
|
|
1,650 |
|
|
204 |
|
|
3,007 |
Company-operated stores |
|
661 |
|
|
388 |
|
|
233 |
|
|
1 |
|
|
1,283 |
Independently operated stores |
|
— |
|
|
718 |
|
|
— |
|
|
— |
|
|
718 |
Total Store Count |
|
1,814 |
|
|
1,106 |
|
|
1,883 |
|
|
205 |
|
|
5,008 |
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended |
|||||||||||||
(in thousands) |
Maintenance |
|
Car Wash |
|
Paint, Collision & Glass |
|
Platform Services |
|
Total |
|||||
System-wide Sales |
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
$ |
246,683 |
|
$ |
— |
|
$ |
738,563 |
|
$ |
89,103 |
|
$ |
1,074,349 |
Company-operated stores |
|
195,260 |
|
|
102,446 |
|
|
77,479 |
|
|
881 |
|
|
376,066 |
Independently operated stores |
|
— |
|
|
52,532 |
|
|
— |
|
|
— |
|
|
52,532 |
Total System-wide Sales |
$ |
441,943 |
|
$ |
154,978 |
|
$ |
816,042 |
|
$ |
89,984 |
|
$ |
1,502,947 |
|
|
|
|
|
|
|
|
|
|
|||||
Store Count (in whole numbers) |
|
|
|
|
|
|
|
|
|
|||||
Franchise stores |
|
1,067 |
|
|
— |
|
|
1,642 |
|
|
204 |
|
|
2,913 |
Company-operated stores |
|
599 |
|
|
400 |
|
|
235 |
|
|
1 |
|
|
1,235 |
Independently operated stores |
|
— |
|
|
716 |
|
|
— |
|
|
— |
|
|
716 |
Total Store Count |
|
1,666 |
|
|
1,116 |
|
|
1,877 |
|
|
205 |
|
|
4,864 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502248037/en/
Shareholder/Analyst inquiries:
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(203) 682-8200
Media inquiries:
taylor.blanchard@drivenbrands.com
(704) 644-8129
Source: