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Mar 26, 2022
Driven Brands Q1 2022 Earnings Report
Driven Brands reported strong first quarter results with significant same-store sales and net store growth, alongside robust operating income and earnings per share growth.
Key Takeaways
Driven Brands Holdings Inc. reported a 42% increase in revenue to $468.3 million for the first quarter, driven by same-store sales and net store growth. The company added 114 net new stores and saw a 15.6% increase in consolidated same-store sales. Earnings per diluted share were $0.20, while adjusted earnings per diluted share were $0.28, a 47% increase year-over-year.
Revenue increased 42% versus the prior year, driven by same-store sales and net store growth.
Consolidated same-store sales increased 15.6% for the quarter, and all segments posted positive same-store sales.
The Company added 114 net new stores during the quarter.
Net income in the first quarter was $34.4 million.
Driven Brands
Driven Brands
Driven Brands Revenue by Segment
Revenue by Segment
Franchise royalties and fees Revenue
CapyFin.comCompany-operated store sales Revenue
CapyFin.comIndependently-operated store sales Revenue
CapyFin.comAdvertising contributions Revenue
CapyFin.comSupply and other Revenue
CapyFin.com Forward Guidance
The Company provided guidance for the fiscal year ending December 31, 2022 on February 16, 2022 and will provide updated guidance in connection with the release of its second quarter results:
Positive Outlook
- Revenue of approximately $1.9 billion.
- Adjusted EBITDA of approximately $465 million.
- Adjusted Earnings per Share of approximately $1.04.
- Mid-single-digit same-store sales growth.
- Net store growth of approximately 225
Challenges Ahead
- The above guidance includes the impact of the 79 acquired Auto Glass Now stores and the 53rd week in fiscal year 2022.
- The impact of the extra week is expected to yield approximately $16 million in revenue, $4 million in Adjusted EBITDA and approximately $0.02 in Adjusted Earnings Per Share.
- Maintenance: approximately 145 stores of which 65% will be franchised and 35% will be company-operated
- Car Wash: approximately 45 stores which will be company-operated
- Paint, Collision & Glass: approximately 35 stores which will be company-operated.
Revenue & Expenses
Visualization of income flow from segment revenue to net income