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Dec 25, 2021
Driven Brands Q4 2021 Earnings Report
Driven Brands reported strong same-store sales and net store growth, along with robust operating income and earnings per share growth.
Key Takeaways
Driven Brands reported a 36% increase in revenue to $391.9 million for the fourth quarter of 2021. System-wide sales increased by 26% to $1.2 billion, with a 6% net store growth and a 16.4% increase in consolidated same-store sales. The company reported a loss per diluted share of $(0.23), impacted by a one-time transaction expense. Adjusted earnings per diluted share was $0.18 for the fourth quarter.
Revenue increased by 36% compared to the prior year, reaching $391.9 million.
System-wide sales grew by 26% year-over-year, totaling $1.2 billion.
Consolidated same-store sales increased by 16.4%.
Adjusted earnings per diluted share was $0.18 for the fourth quarter.
Forward Guidance
The company is providing fiscal year 2022 guidance of approximately $465 million of Adjusted EBITDA. The guidance includes the impact of the 79 acquired AGN stores and the impact of 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. The company has not included future M&A in its guidance for fiscal year 2022.
Positive Outlook
- Approximately $465 million of Adjusted EBITDA.
- Includes impact of 79 acquired AGN stores.
- Includes impact of 53rd week in fiscal year 2022.
- Extra week expected to yield approximately $16 million in revenue.
- Extra week expected to yield approximately $4 million in Adjusted EBITDA.
Challenges Ahead
- Guidance has not included future M&A for fiscal year 2022.
- Not able to predict with reasonable certainty the amount or nature of all items that will be included in net income.
Historical Earnings Impact
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