CHARLOTTE, NC — Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or “the Company”) 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 share 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 share 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 guidance 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.”
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 Income was $31.2 million.
- Adjusted EBITDA was $85.0 million.
For additional details, view the full press release on the Driven Brands website.