Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2021 Results

Feb 16, 2022

Delivers Strong Same-Store Sales and Net Store Growth

Reports Robust Operating Income and Earnings per Share Growth

Provides Fiscal 2022 Guidance

CHARLOTTE, N.C., Feb. 16, 2022 (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 25, 2021.

For the fourth quarter, revenue was $391.9 million, an increase of 36% versus the prior year. System-wide sales were $1.2 billion, an increase of 26% versus the prior year, with 6% net store growth and an increase in consolidated same-store sales of 16.4%.

The $(0.23) loss per diluted share in the fourth quarter was driven by a $56 million one-time transaction expense associated with the acquisition of Auto Glass Now (“AGN”), which closed on December 30, 2021.

Adjusted earnings per diluted share2 was $0.18 for the fourth quarter.

For fiscal year 2021, revenue was $1.5 billion, an increase of 62% versus the prior year. System-wide sales were $4.5 billion, an increase of 35% versus the prior year, with 6% net store growth and an increase in consolidated same-store sales of 17.1%.

Earnings per diluted share was $0.06 for the fiscal year.

Adjusted earnings per diluted share2 was $0.88 for the fiscal year.

“Our results are a testament to the strength and diversity of the Driven Brands portfolio and the hard work the team has demonstrated throughout 2021,” said Jonathan Fitzpatrick, president and chief executive officer. “Our employees and franchisees continued to adapt to an ever-changing landscape, exceeding our expectations and delivering industry-leading results.

“We are pleased to release our fiscal 2022 guidance5 of approximately $465 million of Adjusted EBITDA. With our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation, we are well positioned to maximize long-term value for all of our stakeholders.”

___________
5 See Disclosure Regarding Non-GAAP Financial Measures

Fourth Quarter Highlights

  • Revenue increased 36% versus the prior year, driven by same-store sales growth and net store growth.
  • Consolidated same-store sales increased 16.4% for the quarter and all segments posted positive same-store sales.
  • The Company added 102 net new stores during the quarter.
  • The Company recorded a net loss in the fourth quarter of $(38.8) million, driven by a $56 million one-time transaction expense associated with the acquisition of AGN.
  • Adjusted Net Income1 was $31.2 million.
  • Adjusted EBITDA3 was $85.0 million.

Fourth Quarter 2021 Key Performance Indicators by Segment

  System-wide
Sales
(in millions)
Store Count* Same-Store
Sales
Revenue
(in millions)
Segment Adjusted
EBITDA
4
(in millions)
Maintenance $ 330.8 1,505 25.7 % $ 159.5 $ 46.2
Car Wash   124.0 1,058 6.2 %   125.3   37.8
Paint, Collision & Glass   643.4 1,648 11.4 %   59.6   21.2
Platform Services   84.0 201 35.2 %   40.3   12.1
Corporate / Other N/A N/A N/A   7.2  
Total $ 1,182.2 4,412 16.4 % $ 391.9  

*Drive N Style is currently held for sale. As a result, 62 stores have been removed from Maintenance store count. Net store growth percentages reflect this change in both current and prior year periods.

Capital and Liquidity

During the fourth quarter, the Company closed on a $500 million term loan. The proceeds from this issuance will be used for general corporate purposes, including acquisitions.

The Company ended the fourth quarter with total liquidity of $920.6 million, which included $523.4 million in cash and cash equivalents and $397.2 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility.

Fiscal Year 2022 Guidance

The Company is providing the following guidance5 for the fiscal year ending December 31, 2022:

  • Revenue of approximately $1.9 billion.
  • Adjusted EBITDA3 of approximately $465 million.
  • Adjusted Earnings per Share2 of approximately $1.04.

The above 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 EBITDA3 and approximately $0.02 in Adjusted Earnings Per Share2.

The Company also expects:

  • Mid-single-digit same-store sales growth.
  • Net store growth of approximately 225:
    • 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.

The Company has not included future M&A in its guidance for fiscal year 2022.

___________
5 See Disclosure Regarding Non-GAAP Financial Measures

Conference Call

Driven Brands will host a conference call to discuss fourth quarter and fiscal year 2021 results and its guidance for fiscal year 2022 today, Wednesday, February 16, 2022 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 26, 2022.

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 4,400 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates more than $1 billion in revenue from more than $4 billion in system-wide sales.

Contacts

Shareholder/Analyst inquiries: Media inquiries:
Rachel Webb Taylor Blanchard
rachel.webb@drivenbrands.com taylor.blanchard@drivenbrands.com
(704) 644-8125 (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 Annual Report on Form 10-K for the fiscal year ended December 26, 2020, as supplemented by the “Risk Factors” section in our Quarterly Report on Form 10-Q for the quarter ended September 25, 2021, 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, and Adjusted EBITDA3. 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 Earnings Per Share2 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 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 (loss) 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.

 

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

    Three Months Ended   Year Ended
(in thousands, except per share amounts)   December 25,
2021
  December 26,
2020
  December 25,
2021
  December 26,
2020
Revenue:                
Franchise royalties and fees   $ 37,173     $ 22,912     $ 144,413     $ 117,126  
Company-operated store sales     239,838       165,928       843,646       489,267  
Independently-operated store sales     43,763       36,598       204,246       67,193  
Advertising contributions     18,934       17,243       75,599       59,672  
Supply and other revenue     52,177       45,827       199,376       170,942  
Total revenue     391,885       288,508       1,467,280       904,200  
Operating expenses:                
Company-operated store expenses     148,742       103,575       515,837       305,908  
Independently-operated store expenses     24,451       23,056       114,115       41,051  
Advertising expenses     18,100       19,560       74,765       61,989  
Supply and other expenses     31,901       23,213       112,318       93,380  
Selling, general and administrative expenses     73,714       65,170       292,263       218,277  
Acquisition costs     59,712       2,395       62,386       15,682  
Store opening costs     1,137       1,007       2,497       2,928  
Depreciation and amortization     34,055       29,458       112,777       62,114  
Asset impairment charges     96       1,410       3,257       8,142  
Total operating expenses     391,908       268,844       1,290,215       809,471  
Operating income (loss)     (23 )     19,664       177,065       94,729  
Other income (expense), net:                
Interest expense, net     23,524       30,673       75,914       95,646  
Loss (gain) on foreign currency transactions, net     14,327       (13,618 )     20,683       (13,563 )
Loss on debt extinguishment           4,817       45,576       5,490  
Total other expenses, net     37,851       21,872       142,173       87,573  
Income (loss) before taxes     (37,874 )     (2,208 )     34,892       7,156  
Income tax expense     911       5,263       25,356       11,372  
Net income (loss)     (38,785 )     (7,471 )     9,536       (4,216 )
Net income (loss) attributable to non-controlling interests     (28 )     17       (96 )     (17 )
Net income (loss) attributable to Driven Brands Holdings Inc.   $ (38,757 )   $ (7,488 )   $ 9,632     $ (4,199 )
                 
Earnings (loss) per share(1)                
Basic   $ (0.23 )   $ (0.06 )   $ 0.06     $ (0.04 )
Diluted   $ (0.23 )   $ (0.06 )   $ 0.06     $ (0.04 )
                 
Weighted average shares outstanding(1)                
Basic     162,646       127,256       160,684       104,318  
Diluted     162,646       127,256       164,644       104,318  

(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 25,
2021
  December 26,
2020
Assets      
Current assets:      
Cash and cash equivalents $ 523,414     $ 172,611
Restricted cash   792       15,827
Accounts and notes receivable, net   117,903       84,805
Inventory   46,990       43,039
Prepaid and other assets   24,326       25,070
Income tax receivable   1,539       3,055
Assets held for sale   3,275      
Advertising fund assets, restricted   45,360       29,276
Total current assets   763,599       373,683
Notes receivable, net   3,182       3,828
Property and equipment, net   1,350,984       827,392
Operating lease right-of-use assets   995,625       884,927
Deferred commissions   10,567       8,661
Intangibles, net   816,183       829,308
Goodwill   1,910,392       1,727,351
Total assets $ 5,850,532     $ 4,655,150
Liabilities and shareholders' equity      
Current liabilities:      
Accounts payable $ 83,033     $ 67,802
Accrued expenses and other liabilities   297,620       190,867
Income taxes payable   5,726       3,513
Current portion of long-term debt   23,040       22,988
Advertising fund liabilities   26,441       20,276
Total current liabilities   435,860       305,446
Long-term debt, net   2,359,324       2,102,219
Operating lease liabilities   931,604       818,001
Deferred tax liabilities   255,558       249,043
Deferred revenue   37,576       20,757
Income tax receivable liability   155,970      
Long-term accrued expenses and other liabilities   29,398       53,324
Total liabilities   4,205,290       3,548,790
Common stock   1,674       565
Additional paid-in capital   1,605,890       1,055,172
Retained earnings   41,607       31,975
Accumulated other comprehensive income (loss)   (5,028 )     16,528
Total shareholders' equity attributable to Driven Brands Holdings Inc.   1,644,143       1,104,240
Non-controlling interests   1,099       2,120
Total shareholders' equity   1,645,242       1,106,360
Total liabilities and shareholders' equity $ 5,850,532     $ 4,655,150

 

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

  Fiscal year ended
(in thousands) December 25,
2021
  December 26,
2020
Net income (loss) $ 9,536     $ (4,216 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization   112,777       62,114  
Noncash lease cost   70,143       49,348  
Loss (gain) on foreign denominated transactions   25,324       (23,245 )
Bad debt expense   1,854       7,059  
Asset impairment costs   3,257       8,142  
Amortization of deferred financing costs and bond discounts   7,002       10,890  
Loss (gain) on foreign currency derivative   (4,642 )     10,033  
Provision for deferred income taxes   9,866       3,936  
Loss on extinguishment of debt   45,576       5,490  
Other, net   (9,235 )     1,408  
Changes in assets and liabilities:      
Accounts and notes receivable, net   (35,912 )     (11,782 )
Inventory   (5,723 )     (2,904 )
Prepaid and other assets   (30,260 )     (5,658 )
Advertising fund assets and liabilities, restricted   9,386       (369 )
Deferred commissions   (1,899 )     (1,927 )
Deferred revenue   6,678       6,278  
Accounts payable   6,905       (4,454 )
Accrued expenses and other liabilities   119,051       15,956  
Income tax receivable   4,466       3,734  
Operating lease liabilities   (60,323 )     (45,847 )
Cash provided by operating activities   283,827       83,986  
Cash flows from investing activities:      
Capital expenditures   (160,760 )     (52,459 )
Cash used in business acquisitions, net of cash acquired   (800,829 )     (105,031 )
Proceeds from sale-leaseback transactions   144,134       100,174  
Proceeds from disposition of business   1,529        
Proceeds from disposal of fixed assets   990        
Cash used in investing activities   (814,936 )     (57,316 )
Cash flows from financing activities:      
Payment of contingent consideration related to acquisitions         (2,783 )
Payment of debt issuance cost   (19,756 )     (22,932 )
Proceeds from the issuance of long-term debt   950,000       625,000  
Repayment of long-term debt   (721,500 )     (448,213 )
Proceeds from revolving lines of credit and short-term debt   526,800       391,301  
Repayments of revolving lines of credit and short-term debt   (544,800 )     (432,800 )
Repayment of principal portion of finance lease liability   (2,199 )     (595 )
Proceeds from failed sale-leaseback transactions   538       5,633  
Proceeds from initial public offering, net of underwriting discounts   661,500        
Net proceeds from follow-on public offering   99,225        
Repurchases of common stock   (43,040 )      
Proceeds from stock option exercises   505        
Payments for termination of interest rate swaps   (21,826 )      
Proceeds from issuance of equity shares         2,609  
Other, net   89       1,423  
Cash provided by financing activities   885,536       118,643  
Effect of exchange rate changes on cash   558       4,468  
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted   354,985       149,781  
Cash and cash equivalents, beginning of period   172,611       34,935  
Cash included in advertising fund assets, restricted, beginning of period   19,369       23,091  
Restricted cash, beginning of period   15,827        
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period   207,807       58,026  
Cash and cash equivalents, end of period   523,414       172,611  
Cash included in advertising fund assets, restricted, end of period   38,586       19,369  
Restricted cash, end of period   792       15,827  
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period $ 562,792     $ 207,807  

 

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 25,
2021
  December 26,
2020
  December 25,
2021
  December 26,
2020
Net income (loss)   $ (38,785 )   $ (7,471 )   $ 9,536     $ (4,216 )
Acquisition related costs(a)     59,712       2,395       62,386       15,682  
Non-core items and project costs, net(b)     1,746       6,962       5,656       6,036  
Sponsor management fees(c)           543             5,900  
Straight-line rent adjustment(d)     3,228       4,026       11,619       7,150  
Equity-based compensation expense(e)     1,357       815       4,301       1,323  
Foreign currency transaction loss (gain), net(f)     14,327       (13,618 )     20,683       (13,563 )
Bad debt expense (recovery)(g)     (3,183 )     359       (3,183 )     3,201  
Asset sale leaseback (gain) loss, impairment and closed store expenses(h)     (11,940 )     1,690       (8,935 )     9,311  
Loss on debt extinguishment(i)           4,817       45,576       5,490  
Amortization related to acquired intangible assets(j)     4,676       5,507       18,551       17,200  
Provision for uncertain tax positions(k)     (62 )     (696 )     (313 )     2,114  
Valuation allowance for deferred tax asset(l)     4,400       668       4,400       668  
Adjusted net income before tax impact of adjustments     35,476       5,997       170,277       56,296  
Tax impact of adjustments(m)     (4,314 )     (4,429 )     (23,282 )     (12,890 )
Adjusted net income     31,162       1,568       146,995       43,406  
Net income (loss) attributable to non-controlling interest     (28 )     17       (96 )     (17 )
Adjusted net income attributable to Driven Brands Holdings Inc.   $ 31,190     $ 1,551     $ 147,091     $ 43,423  
                 
Adjusted earnings per share(1)                
Basic   $ 0.19     $ 0.01     $ 0.90     $ 0.42  
Diluted     0.18       0.01       0.88       0.42  
                 
Weighted average shares outstanding(1)                
Basic     162,646       127,256       160,684       104,318  
Diluted     166,671       127,256       164,644       104,318  

(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    
                 
    Three Months Ended   Year Ended
(in thousands)   December 25,
2021
  December 26,
2020
  December 25,
2021
  December 26,
2020
Net income (loss)   $ (38,785 )   $ (7,471 )   $ 9,536     $ (4,216 )
Income tax expense (benefit)     911       5,263       25,356       11,372  
Interest expense, net     23,524       30,673       75,914       95,646  
Depreciation and amortization     34,055       29,458       112,777       62,114  
EBITDA     19,705       57,923       223,583       164,916  
Acquisition related costs(a)     59,712       2,395       62,386       15,682  
Non-core items and project costs, net(b)     1,746       6,962       5,656       6,036  
Sponsor management fees(c)           543             5,900  
Straight-line rent adjustment(d)     3,228       4,026       11,619       7,150  
Equity-based compensation expense(e)     1,357       815       4,301       1,323  
Foreign currency transaction loss (gain), net(f)     14,327       (13,618 )     20,683       (13,563 )
Bad debt expense (recovery)(g)     (3,183 )     359       (3,183 )     3,201  
Asset sale leaseback (gain) loss, impairment and closed store expenses(h)     (11,940 )     1,690       (8,935 )     9,311  
Loss on debt extinguishment(i)           4,817       45,576       5,490  
Adjusted EBITDA   $ 84,952     $ 65,912     $ 361,686     $ 205,446  

 

  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 loss (gains), net that primarily related to the remeasurement of our intercompany loans which are partially offset by unrealized loss (gains) on remeasurement of cross currency swaps.
  7. Represents bad debt expense (recovery) related to uncollectible receivables outside of normal operations.
  8. Relates to (gain) loss on sale leasebacks, 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. Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statements of operations.
  11. Represents uncertain tax positions recorded for prior year Canadian tax positions, inclusive of interest and penalties.
  12. Represents the establishment of a valuation allowance for certain deferred tax assets negatively impacted by strategic transactions.
  13. 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 25,
2021
  December 26,
2020
  December 25,
2021
  December 26,
2020
Segment Adjusted EBITDA:                
Maintenance   $ 46,178     $ 32,185     $ 179,073     $ 114,764  
Car Wash     37,841       25,398       153,064       43,137  
Paint, Collision & Glass     21,197       16,157       82,731       66,276  
Platform Services     12,090       12,668       56,954       49,408  
Corporate and other     (31,217 )     (19,489 )     (107,639 )     (65,211 )
Store opening costs     (1,137 )     (1,007 )     (2,497 )     (2,928 )
Adjusted EBITDA   $ 84,952     $ 65,912     $ 361,686     $ 205,446  

 

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)

    Three Months Ended December 25, 2021
(in thousands)   Maintenance   Car Wash   Paint,
Collision &
Glass
  Platform
Services
  Total
System-wide Sales                    
Franchise stores   $ 192,769   $     622,649   $ 82,922   $ 898,340
Company-operated stores     138,000     80,260     20,746     1,126     240,132
Independently-operated stores         43,763             43,763
Total System-wide Sales   $ 330,769   $ 124,023   $ 643,395   $ 84,048   $ 1,182,235
                     
Store Count (in whole numbers)                    
Franchise stores     962         1,608     200     2,770
Company-operated stores     543     330     40     1     914
Independently-operated stores         728             728
Total Store Count     1,505     1,058     1,648     201     4,412
                     
    Three Months Ended December 26, 2020
(in thousands)   Maintenance   Car Wash   Paint,
Collision &
Glass
  Platform
Services
  Total
System-wide Sales                    
Franchise stores   $ 149,836   $   $ 521,456   $ 61,234   $ 732,526
Company-operated stores     97,927     51,383   $ 15,788   $ 935     166,033
Independently-operated stores         36,598             36,598
Total System-wide Sales   $ 247,763   $ 87,981   $ 537,244   $ 62,169   $ 935,157
                     
Store Count (in whole numbers)                    
Franchise stores     903         1,652     198     2,753
Company-operated stores     491     216     30     1     738
Independently-operated stores         736             736
Total Store Count     1,394     952     1,682     199     4,227


The 62 Drive N Style stores are included in the Maintenance store count for the three months ended December 26, 2020 as previously reported, but are not included in store count for the three months ended December 25, 2021 as they are held for sale.