Original Article By: Driven Brands Holdings Inc.
–Achieved 13 consecutive quarters of same store sales growth–
–Maintenance segment delivered 5% same store sales growth driven by 7% in Take 5 Oil Change–
–Net Income of $4 million and Adjusted EBITDA of $131 million–
–Announces CFO transition–
–Reaffirms Fiscal Year 2024 Outlook–
CHARLOTTE, N.C.–(BUSINESS WIRE)– Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) today reported financial results for the first quarter ending March 30, 2024.
For the first quarter, Driven Brands delivered revenue of $572 million, up 2% versus the prior year. System-wide sales were $1.6 billion, up 7% versus the prior year primarily driven by 0.7% same store sales growth and 144 net new units.
Net Income was $4.3 million or $0.03 per diluted share versus $29.7 million or $0.17 per diluted share in the prior year. Adjusted Net Income1 was $38.1 million or $0.23 per diluted share versus $39.1 million or $0.23 per diluted share in the prior year. Adjusted EBITDA was $131.0 million up 6% versus the prior year. Cash provided by operating activities increased $23.5 million or 64% to $60.3 million compared to $36.8 million in the prior year.
“We are pleased with our strong performance in the first quarter of 2024. The Maintenance segment once again delivered exceptional results, largely driven by Take 5 Oil Change, which saw same store sales growth of 7%. We increased total company revenue, managed expenses and achieved our 13th consecutive quarter of same store sales growth,” said Jonathan Fitzpatrick, President and Chief Executive Officer.
“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.
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 5,000 locations across 13 countries, and services approximately 70 million vehicles annually. Driven Brands’ network generates approximately $2.3 billion in annual revenue from approximately $6.4 billion in system-wide sales.