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

    ソース: Nasdaq GlobeNewswire / 16 2 2022 07:00:01   America/New_York

    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$330.81,50525.7%$159.5$46.2
    Car Wash 124.01,0586.2% 125.3 37.8
    Paint, Collision & Glass 643.41,64811.4% 59.6 21.2
    Platform Services 84.020135.2% 40.3 12.1
    Corporate / OtherN/AN/AN/A 7.2 
    Total$1,182.24,41216.4%$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 WebbTaylor Blanchard
    rachel.webb@drivenbrands.comtaylor.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.


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