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Sep 28, 2024
Driven Brands Q3 2024 Earnings Report
Driven Brands' Q3 2024 results, featuring the 15th consecutive quarter of same-store sales growth and Take 5 Oil Change's strong revenue and same-store sales growth, were reported.
Key Takeaways
Driven Brands reported Q3 2024 revenue of $592 million, a 2% increase year-over-year. System-wide sales grew by 2% to $1.6 billion, driven by same-store sales growth of 1.1% and 56 net new units. The company posted a net loss of $14.9 million, but adjusted EBITDA increased by 14% to $138.8 million.
Driven Brands achieved its 15th consecutive quarter of same store sales growth.
Take 5 Oil Change delivered 15% revenue growth and 5% same store sales growth.
The company achieved its net leverage target of 4.5x ahead of schedule.
Driven Brands re-affirmed its FY24 revenue, adjusted EBITDA and adjusted EPS outlook excluding disposition.
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 is re-affirming its prior outlook; the following reflects the impact of sale of our Canadian distribution business, which is expected to reduce full-year revenue by approximately $18 million and adjusted EBITDA by approximately $6 million.
Positive Outlook
- Revenue ~$2.33 - $2.43 billion
- Adjusted EBITDA1 ~$529 - $559 million
- Adjusted EPS1 ~$0.88 - $1.00
- Same-store sales growth of 1% to 3%
- Net store growth of approximately 205 to 220
Revenue & Expenses
Visualization of income flow from segment revenue to net income