Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2020 Results

Mar 10, 2021
Supporting Materials:

CHARLOTTE, N.C., March 10, 2021 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or “the Company”) today reported financial results for the fourth quarter and fiscal year ended December 26, 2020.

For the fourth quarter, system-wide sales were $935.1 million, an increase of 24% versus the prior year, with 36% net store growth and a decline in same-store sales of 3.4%. Revenue was $288.5 million, an increase of 58% versus the prior year. Loss per share was $(0.06) for the fourth quarter, while adjusted earnings per share2 was $0.01.

For fiscal year 2020, system-wide sales were $3.4 billion, an increase of 16% versus the prior year, with 36% net store growth and a decline in same-store sales of 5.6%. Revenue was $904.2 million, an increase of 51% versus the prior year. Loss per share was $(0.04) for the fiscal year, while adjusted earnings per share2 was $0.42.

“Our fourth quarter results are a testament to the strength and diversity of the Driven Brands portfolio and the hard work the team has demonstrated throughout 2020,” said Jonathan Fitzpatrick, president and chief executive officer. “Our employees and franchisees continued to adapt to the ever-changing needs of the past year, meeting our expectations and delivering industry-leading results.

“Given our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation, I am confident that we are well positioned for growth in 2021 and to maximize long-term value for all of our stakeholders.”

Fourth Quarter Highlights

  • The Company added 42 net new stores during the quarter, with the addition of 23 stores in the Maintenance segment, 13 stores in the Car Wash segment, and 6 stores in the Paint, Collision, and Glass segment.  
  • Same-store sales declined 3.4% for the quarter. Same-store sales increased in the Maintenance and Platform Services segments, while same-store sales declined in the Paint, Collision, and Glass segment as roadways were less congested due to the COVID-19 pandemic, which resulted in fewer accidents and therefore fewer collision repairs. This compares with consolidated same-store sales growth of 5.4% in the fourth quarter of 2019.
  • Revenue increased 58% versus the prior year, primarily driven by the acquisition of International Car Wash Group (“ICWG”) in the third quarter of 2020, which added 939 stores to the portfolio.
  • The Company recorded a net loss in the fourth quarter of $(7.5) million.
  • Adjusted Net Income1 was $1.6 million, an increase of 3% versus the prior year.
  • Adjusted EBITDA3 was $65.9 million, more than double that of the prior year.

Key Fourth Quarter 2020 Performance Indicators by Segment

  System-wide Sales
(in millions) 
Store Count Same-Store Sales Revenue
(in millions)
Segment Adjusted EBITDA4
(in millions)
Maintenance $ 247.8   1,394   1.2 % $ 111.0   $ 32.2  
Car Wash 88.0   952   N/A*   90.5   25.4  
Paint, Collision, and Glass 537.2   1,682   (7.3 )% 44.4   16.2  
Platform Services 62.1   199   9.5 % 32.8   12.7  
Corporate / Other   N/A   N/A   N/A   9.8    
Total $ 935.1   4,227   (3.4 )% $ 288.5    

*Car Wash will not be included in same-store sales until the one-year anniversary of the ICWG acquisition in the third quarter of 2021.

Capital and Liquidity
The Company ended the fourth quarter with $188.4 million in cash, cash equivalents, and restricted cash, as well as $155.8 million of undrawn capacity on its revolving credit facilities.

In January 2021, the Company sold 31.8 million shares of its common stock in its initial public offering and received net proceeds of $651.6 million. Those proceeds, together with cash on hand, were used to repay $721.9 million of outstanding debt assumed in the ICWG acquisition. The remaining long-term debt portfolio totals $1.5 billion, and has a weighted average fixed annual interest rate of 4.0% and a weighted average remaining term of six years.

In February 2021, the Company’s underwriters exercised their over-allotment option to purchase 4.8 million additional shares of common stock. The Company received net proceeds of $99.2 million, and used $43.0 million of such proceeds to purchase 2.1 million shares of common stock from existing stockholders. The Company intends to use the remaining net proceeds of $56.2 million for general corporate purposes.

Guidance

Long-term Targets
The following long-term targets reflect the Company’s expectations through 2024:

  • Same-store sales: Low-single-digit growth
  • Revenue: Low-double-digit growth
  • Adjusted EBITDA3: Low-double-digit growth
  • Adjusted Net Income1: Mid-to-high teens growth

Fiscal Year 2021
The Company is providing the following guidance for the fiscal year ending December 25, 2021:

  • Net Store Growth:
    • Maintenance: 80 to 90 stores; driven by roughly equal parts franchise and company-operated store growth;
    • Car Wash: 20 to 30 stores; driven primarily by company-operated store growth; and
    • Paint, Collision, and Glass: 60 to 70 stores; driven by franchise store growth.
  • Positive same-store sales growth
  • Adjusted EBITDA3 as a percentage of revenue of approximately 23%, consistent with fiscal year 2020.

Conference Call
Driven Brands will host a conference call to discuss fourth quarter and fiscal year 2020 results and its guidance for fiscal year 2021 today, Wednesday, March 10, 2021 at 9:00am ET. The call will be available by webcast and can be accessed by visiting Driven Brands’ Investor Relations website at investors.drivenbrands.com. A replay of the call will be available until April 27, 2021.

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®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,200 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates more than $900 million in revenue from more than $3 billion in system-wide sales.

Contacts

Shareholder/Analyst inquiries:
Rachel Webb
rachel.webb@drivenbrands.com
(704) 644-8125
               Media inquiries:
media@drivenbrands.com
(704) 644-8129
     

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, plans, objectives of management, 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; and (iv) 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 final prospectus filed with the Securities and Exchange Commission on January 19, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended, and in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

Forward-looking statements represent our estimates and assumptions only as of the date on which they are made, and we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Disclosure Regarding Non-GAAP Financial Measures

In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company has included certain non-GAAP financial measures in this release, including Adjusted Net Income1, Adjusted Earnings Per Share2, Adjusted EBITDA3 and Acquisition Adjusted EBITDA5. Management believes these non-GAAP financial measures are useful because they enable management, investors, and others to assess the operating performance of the Company and its segments. Please refer to the Reconciliation of Non-GAAP Financial Information tables located in the financial supplement in this release.

This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted Net Income1 and Adjusted EBITDA3. These measures will differ from net income, determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We do not provide guidance for net income, determined in accordance with GAAP, or a reconciliation of guidance for Adjusted Net Income1 or Adjusted EBITDA3 to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income.

___________
1 “Adjusted Net Income” is calculated by eliminating from net income the adjustments described for Adjusted EBITDA, amortization related to acquired intangible assets and the tax effect of the adjustments. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.
2 “Adjusted Earnings Per Share” represents Adjusted Net Income divided by weighted average shares (basic and diluted). Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.
3 “Adjusted EBITDA” represents earnings before interest expense, income tax expense, and depreciation and amortization, with further adjustments for acquisition-related costs, straight-line rent, equity compensation, loss on debt extinguishment and certain non-recurring, non-core, infrequent or unusual charges. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.
4 “Segment Adjusted EBITDA” is defined as Adjusted EBITDA with a further adjustment for store opening costs. Corporate & Other costs are not allocated across segments. Segment Adjusted EBITDA is a supplemental measure of operating performance of our segments and may not be comparable to similar measures reported by other companies. Please refer to reconciliation to Adjusted EBITDA located in the financial supplement in this release.
5 “Acquisition Adjusted EBITDA” represents Adjusted EBITDA for the applicable period as adjusted to give effect to management’s estimates of a full period of Adjusted EBITDA from any businesses acquired in such period as if such acquisitions had been completed on the first day of such period. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.

 

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

  Three Months Ended   Year Ended
(in thousands, except per share amounts) December 26, 2020   December 28, 2019   December 26, 2020   December 28, 2019
Revenue:              
Franchise royalties and fees $ 22,912     $ 24,285     $ 117,126     $ 111,170  
Company-operated store sales 165,928     93,980     489,267     329,110  
Independently-operated store sales 36,598         67,193      
Advertising contributions 17,243     29,478     59,672     66,270  
Supply and other revenue 45,827     34,957     170,942     93,723  
Total revenue 288,508     182,700     904,200     600,273  
Operating expenses:              
Company-operated store expenses 103,575     63,607     305,908     223,683  
Independently-operated store expenses 23,056         41,051      
Advertising expenses 19,560     32,987     61,989     69,779  
Supply and other expenses 23,213     18,018     93,380     53,005  
Selling, general and administrative expenses 65,170     43,785     218,277     142,249  
Acquisition costs 2,395     7,303     15,682     11,595  
Store opening costs 1,007     2,862     2,928     5,721  
Depreciation and amortization 29,458     8,992     62,114     24,220  
Asset impairment charges 1,410         8,142      
Total operating expenses 268,844     177,554     809,471     530,252  
Operating income 19,664     5,146     94,729     70,021  
Other income (expense), net:              
Interest expense, net (30,673 )   (17,023 )   (95,646 )   (56,846 )
Gain of foreign currency transactions, net 13,618         13,563      
Loss on debt extinguishment (4,817 )   (595 )   (5,490 )   (595 )
Total other expenses, net (21,872 )   (17,618 )   (87,573 )   (57,441 )
Income (loss) before taxes (2,208 )   (12,472 )   7,156     12,580  
Income tax expense (benefit) 5,263     (1,887 )   11,372     4,830  
Net income (loss) (7,471 )   (10,585 )   (4,216 )   7,750  
Net income (loss) attributable to non-controlling interests 17     19     (17 )   19  
Net income (loss) attributable to Driven Brands Holdings Inc. $ (7,488 )   $ (10,604 )   $ (4,199 )   $ 7,731  
               
Earnings (loss) per share(1)              
Basic and diluted $ (0.06 )   $ (0.12 )   $ (0.04 )   $ 0.09  
               
Weighted average shares outstanding(1)              
Basic and diluted 127,256     88,990     104,318     88,990  
                       

(1) Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021.

 

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands) December 26, 2020   December 28, 2019
Assets      
Current assets:      
Cash and cash equivalents $ 172,611     $ 34,935  
Restricted cash 15,827      
Accounts and notes receivable, net 84,805     74,131  
Inventory 43,039     26,149  
Prepaid and other assets 25,071     14,491  
Income tax receivable 5,924     4,607  
Advertising fund assets, restricted 27,276     31,011  
Total current assets 374,553     185,324  
Notes receivable, net 3,828     7,178  
Property and equipment, net 827,392     134,381  
Operating lease right-of-use assets 884,927      
Deferred commissions 8,661     6,721  
Intangibles, net 829,308     672,017  
Goodwill 1,727,351     870,619  
Total assets $ 4,656,020     $ 1,876,240  
Liabilities and shareholders'/members’ equity      
Current liabilities:      
Accounts payable $ 67,802     $ 58,917  
Accrued expenses and other liabilities 190,867     66,035  
Income taxes payable 6,383      
Current portion of long-term debt 22,988     13,050  
Advertising fund liabilities 18,276     20,825  
Total current liabilities 306,316     158,827  
Long-term debt, net 2,102,219     1,301,913  
Operating lease liabilities 818,001      
Deferred tax liabilities 249,043     111,355  
Deferred revenue 20,757     14,267  
Accrued expenses and other long-term liabilities 53,324      
Total liabilities 3,549,660     1,586,362  
Shareholders'/Members’ equity 1,087,712     284,788  
Accumulated other comprehensive income 16,528     3,626  
Total shareholders'/members’ equity attributable to Driven Brands Holdings Inc. 1,104,240     288,414  
Non-controlling interests 2,120     1,464  
Total shareholders'/members’ equity 1,106,360     289,878  
Total liabilities and shareholders'/members’ equity $ 4,656,020     $ 1,876,240  
               

 

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

  Fiscal year ended
(in thousands) December 26, 2020   December 28, 2019
Net income (loss) $ (4,216 )   $ 7,750  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 62,114     24,220  
Noncash lease cost 38,232      
Gain on foreign denominated transactions (23,245 )    
Bad debt expense 7,059     1,685  
Asset impairment costs 8,142      
Amortization of deferred financing costs and bond discounts 10,890     3,682  
Loss on derivatives not designated as hedges 10,033      
Provision for deferred income taxes 5,989     3,169  
Loss on extinguishment of debt 5,490     595  
Other, net 1,408     1,757  
Changes in assets and liabilities:      
Accounts and notes receivable, net (11,782 )   (7,173 )
Inventory (2,904 )   (5,452 )
Prepaid and other assets (5,658 )   (2,313 )
Advertising fund assets and liabilities, restricted (369 )   6,492  
Deferred commissions (1,927 )   (1,958 )
Deferred revenue 6,278     2,524  
Accounts payable (6,778 )   13,849  
Accrued expenses and other liabilities 15,956     (7,617 )
Income tax receivable 3,734     162  
Operating lease liabilities (34,448 )    
Cash provided by operating activities 83,998     41,372  
Cash flows from investing activities:      
Capital expenditures (52,459 )   (28,230 )
Cash used in business acquisitions, net of cash acquired (105,031 )   (454,193 )
Proceeds from sale-leaseback transactions 100,174      
Cash used in investing activities (57,316 )   (482,423 )
Cash flows from financing activities:      
Payment of contingent consideration related to acquisitions (2,783 )    
Payment of debt issuance cost (22,932 )   (14,056 )
Proceeds from the issuance of long-term debt 625,000     575,000  
Repayment of long-term debt (448,213 )   (10,988 )
Repayments of revolving lines of credit and short-term debt (432,800 )   59,499  
Proceeds from revolving lines of credit and short-term debt 391,301      
Repayment of principal portion of finance lease liability (595 )    
Distribution to Driven Investor LLC     (163,000 )
Contributions     75  
Proceeds from failed sale-leaseback transactions 5,633      
Proceeds from issuance of equity shares 2,000      
Other, net 2,032      
Cash provided by financing activities 118,643     446,530  
Effect of exchange rate changes on cash 4,456     (120 )
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted 149,781     5,359  
Cash and cash equivalents, beginning of period 34,935     37,530  
Cash included in advertising fund assets, restricted, beginning of period 23,091     15,137  
Restricted cash, beginning of period      
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period 58,026     52,667  
Cash and cash equivalents, end of period 172,611     34,935  
Cash included in advertising fund assets, restricted, end of period 19,369     23,091  
Restricted cash, end of period 15,827      
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period $ 207,807     $ 58,026  
               

 

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

Adjusted Net Income/Adjusted Earnings Per Share    
               
  Three Months Ended   Year Ended
(in thousands, except per share amounts) December 26, 2020   December 28, 2019   December 26, 2020   December 28, 2019
Net income (loss) $ (7,471 )   $ (10,585 )   $ (4,216 )   $ 7,750  
Acquisition related costs(a) 2,395     8,205     15,682     12,497  
Non-core items and project costs, net(b) 6,962     1,259     6,036     6,644  
Sponsor management fees(c) 543     538     5,900     2,496  
Straight-line rent adjustment(d) 4,026     (143 )   7,150     2,172  
Equity-based compensation expense(e) 815     298     1,323     1,195  
Foreign currency transaction gain, net(f) (13,618 )       (13,563 )    
Bad debt expense(g) 359         3,201      
Asset impairment and closed store expenses(h) 1,690         9,311      
Loss on debt extinguishment(i) 4,817     595     5,490     595  
Amortization related to acquired intangible assets(k) 5,507     3,814     17,200     11,314  
Provision for uncertain tax positions(l) (696 )       2,114      
Valuation allowance for deferred tax asset(m) 668         668      
Adjusted net income before tax impact of adjustments 5,997     3,981     56,296     44,663  
Tax impact of adjustments(n) (4,429 )   (2,459 )   (12,890 )   (8,046 )
Adjusted net income 1,568     1,522     43,406     36,617  
Net income (loss) attributable to non-controlling interest 17     19     (17 )   19  
Adjusted net income attributable to Driven Brands Holdings Inc. $ 1,551     $ 1,503     $ 43,423     $ 36,598  
               
Adjusted earnings per share(1)              
Basic and diluted $ 0.01     $ 0.02     $ 0.42     $ 0.41  
               
Weighted average shares outstanding(1)              
Basic and diluted 127,256     88,990     104,318     88,990  
                       

(1) Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021.

 

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

Adjusted EBITDA and Acquisition Adjusted EBITDA    
               
  Three Months Ended   Year Ended
(in thousands) December 26, 2020   December 28, 2019   December 26, 2020   December 28, 2019
Net income (loss) $ (7,471 )   $ (10,585 )   $ (4,216 )   $ 7,750  
Income tax expense (benefit) 5,263     (1,887 )   11,372     4,830  
Interest expense, net 30,673     17,023     95,646     56,846  
Depreciation and amortization 29,458     8,992     62,114     24,220  
EBITDA 57,923     13,543     164,916     93,646  
Acquisition related costs(a) 2,395     8,205     15,682     12,497  
Non-core items and project costs, net(b) 6,962     1,259     6,036     6,644  
Sponsor management fees(c) 543     538     5,900     2,496  
Straight-line rent adjustment(d) 4,026     (143 )   7,150     2,172  
Equity-based compensation expense(e) 815     298     1,323     1,195  
Foreign currency transaction gain, net(f) (13,618 )       (13,563 )    
Bad debt expense(g) 359         3,201      
Asset impairment and closed store expenses(h) 1,690         9,311      
Loss on debt extinguishment(i) 4,817     595     5,490     595  
Adjusted EBITDA $ 65,912     $ 24,295     205,446     $ 119,245  
EBITDA adjustments related to acquisitions(j)         63,690      
Acquisition Adjusted EBITDA         $ 269,136      
                   
  1. Consists of acquisition costs as reflected within the consolidated statement 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 U.S. GAAP, such costs relating to acquisitions are expensed as incurred and not capitalized.
  2. Consists of discrete items and project costs, including (i) third-party consulting and professional fees associated with strategic transformation initiatives, (ii) wage subsidies received directly attributable to the COVID-19 pandemic and (iii) other miscellaneous expenses, including non-capitalizable expenses relating to the Company’s initial public offering and other strategic transactions.
  3. Includes management fees paid to Roark Capital Management, LLC.
  4. Consists of the non-cash portion of rent expense, which reflects the extent to which our straight-line rent expense recognized under U.S. GAAP exceeds or is less than our cash rent payments.
  5. Represents non-cash equity-based compensation expense.
  6. Represents foreign currency transaction gains, net that primarily related to the remeasurement of our intercompany loans. These gains are slightly offset by unrealized losses on remeasurement of cross currency swaps.
  7. Represents bad debt expense related to uncollectible receivables outside of normal operations.
  8. Relates to the discontinuation of the use of the Pro Oil trade name as those locations were transitioned to the Take 5 trade name, as well as impairment of certain fixed assets and operating lease right-of-use assets related to closed locations. Also represents lease exit costs and other costs associated with stores that were closed prior to their respective lease termination dates.
  9. Represents the write-off of debt issuance costs and prepayment penalties associated with early termination of debt.
  10. Represents our estimate of our anticipated annual operating results, including, without limitation, our estimates of the contribution of businesses acquired in 2020 if such acquisitions had occurred on the first day of the fiscal year.
  11. Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statements of operations.
  12. Represents uncertain tax positions recorded for prior year Canadian tax positions, inclusive of interest and penalties.
  13. Represents the establishment of a valuation allowance for certain deferred tax assets negatively impacted by strategic transactions.
  14. 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 and valuation allowance for certain deferred tax assets. To determine the tax impact of the deductible reconciling items, we utilized statutory income tax rates ranging from 9% to 38%, depending upon the tax attributes of each adjustment and the applicable jurisdiction.

 

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

  Three Months Ended   Year Ended
(in thousands) December 26, 2020   December 28, 2019   December 26, 2020   December 28, 2019
Segment Adjusted EBITDA:              
Maintenance $ 32,185     $ 19,342     $ 114,764     $ 81,732  
Car Wash 25,398         43,137      
Paint, Collision & Glass 16,157     15,072     66,276     60,444  
Platform Services 12,668     6,991     49,408     26,413  
Corporate and other (19,489 )   (14,248 )   (65,211 )   (43,623 )
Store opening costs (1,007 )   (2,862 )   (2,928 )   (5,721 )
Adjusted EBITDA $ 65,912     $ 24,295     $ 205,446     $ 119,245