Unlock stock picks and a broker-level newsfeed that powers Wall Street.
Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2024 Results

In This Article:

--Fiscal 2024 Revenue increased 2% powered by 1% same store sales growth and 4% net store growth--

--16th consecutive quarter of same store sales growth--

--Take 5 Oil Change delivers full year revenue growth of 16% and same store sales growth of 7%--

--Announces definitive agreement to sell U.S. car wash business--

--Announces CEO transition--

--Issues fiscal year 2025 outlook excluding U.S. car wash--

CHARLOTTE, N.C., February 25, 2025--(BUSINESS WIRE)--Driven Brands Holdings Inc. (NASDAQ: DRVN) ("Driven Brands" or the "Company") today reported financial results for the fourth quarter and fiscal year ending December 28, 2024.

For fiscal year 2024, Driven Brands delivered revenue of $2.3 billion, an increase of 2% versus the prior year. System-wide sales increased 4% to $6.5 billion, driven by a 1% increase in same-store sales and 4% increase in store count.

Net loss for fiscal 2024 was $292 million or $1.82 loss per diluted share versus a net loss of $745 million or $4.53 loss per diluted share in the prior year. Adjusted Net Income1 was $186 million or $1.14 per diluted share versus $142 million or $0.85 per diluted share in the prior year. Adjusted EBITDA1 was $553 million, up 7% versus the prior year.

"Fiscal year 2024 was a year of growth and strong execution for Driven Brands, led by our flagship brand Take 5 Oil Change. We are proud of the results, as we delivered Adjusted EBITDA and same store sales in line with our full-year outlook, while also achieving our full-year leverage target. These results are directly attributable to more than 10,000 Driven Brands team members and franchisees who consistently deliver an exceptional customer experience," said Jonathan Fitzpatrick, President and Chief Executive Officer.

"Looking ahead to 2025 our focus is clear: delivering on our outlook, reducing debt and active portfolio management," Fitzpatrick concluded.

Sale of U.S. Car Wash Business

In a separate release today, Driven Brands announced that it has entered into a definitive agreement to sell its U.S. car wash business to Express Wash Operations, LLC dba Whistle Express Car Wash.

Fourth Quarter 2024 Highlights

For the fourth quarter, Driven Brands delivered revenue of $564 million, up 2% versus the prior year. System-wide sales were $1.6 billion, up 5% versus the prior year primarily driven by 3% same store sales growth and 191 net new units.

Net loss for the fourth quarter was $312 million or $1.94 loss per diluted share versus a net loss of $13 million or $0.08 loss per diluted share in the prior year. Adjusted Net Income1 was $48 million or $0.30 per diluted share versus $28 million or $0.17 per diluted share in the prior year. Adjusted EBITDA1 was $131 million, up 5% versus the prior year.