Driven Brands reports record year of revenue, profitability - Professional Carwashing & Detailing

Driven Brands reports record year of revenue, profitability

CHARLOTTE, N.C. — Driven Brands delivered revenue of $2.0 billion, up 39% versus the prior year.

CHARLOTTE, N.C. — Driven Brands Holdings Inc. recently reported financial results for the fourth quarter and fiscal year ended Dec. 31, 2022.

According to a press release, for the fiscal year, Driven Brands delivered revenue of $2.0 billion, up 39% versus the prior year. System-wide sales were $5.6 billion, up 24% versus the prior year with 14% same-store sales growth and 9% net store growth.

Net income increased $33.6 million versus the prior year to $43.2 million or $0.25 per diluted share inclusive of a $125.5 million one-time non-cash impairment charge related to intangible assets in the second quarter as a result of the company’s decision to re-brand its U.S. carwash business.

Adjusted Net Income increased 41% to $207.9 million or $1.22 per diluted share, while Adjusted EBITDA increased 42% from the prior year to $513.8 million.

“2022 was a year of record performance and significant strategic progress for Driven Brands,” said Jonathan Fitzpatrick, president and chief executive officer. “We deepened our competitive moat as our differentiated offering resonated with our customers. We gained significant market share in this large and growing $350 billion needs-based automotive services category, and we are leveraging our proven playbook to drive long-term, sustainable growth. “Building on our strong performance last year, we entered the first quarter of 2023 with momentum, excellent visibility into our expense base and a robust development pipeline that provides us with strong line of sight to multi-year growth,” Fitzpatrick continued. “Our guidance reflects that momentum, our continued confidence in our business model, the resilience of the category and a track record of execution.”

For the fourth quarter, Driven Brands delivered revenue of $539.7 million, up 38% versus the prior year.

 System-wide sales were $1.5 billion, up 24% versus the prior year with 11% same-store sales growth and 9% net store growth.

Net income increased $66.2 million versus the prior year to $27.4 million or $0.16 per diluted share.

Adjusted Net Income increased 35% to $42.2 million or $0.25 per diluted share, while Adjusted EBITDA increased 54% from the prior year to $130.5 million.

Fiscal Year 2022 Highlights
Comparisons are fiscal year 2022 ended December 31, 2022 versus fiscal year 2021 ended December 25, 2021 unless otherwise noted

  • Revenue increased 39% to $2.0 billion, driven by same-store sales and net store growth.
  • Consolidated same-store sales increased 14%.
  • The Company added 393 net new stores during the year.
  • Net income increased $33.6 million to $43.2 million or $0.25 per diluted share.
  • Adjusted Net Income increased 41% to $207.9 million or $1.22 per diluted share.
  • Adjusted EBITDA increased 42% to $513.8 million.

More information can be found HERE. https://investors.drivenbrands.com/news-and-events/news/news-details/2023/Driven-Brands-Holdings-Inc.-Reports-Record-Year-of-Revenue-and-Profitability-in-Fiscal-2022-Issues-Fiscal-2023-Guidance/default.aspx

You May Also Like

Mint Eco Car Wash and Detail Center wins three awards

WEST PALM BEACH, Fla. — Awards are from two of South Florida’s largest publications, The Palm Beach Post and South Florida Business Journal.

Mint Eco Car Wash logo

WEST PALM BEACH, Fla. — According to a press release, Mint Eco Car Wash received three prestigious awards from two of South Florida’s largest publications in a press release.

For the third year in a row, Mint Eco has been awarded the title of "Best Car Wash and Auto Detailer in Palm Beach County" by the Palm Beach Post.

Express Wash Concepts hosts inaugural Washy Awards

COLUMBUS, Ohio — The Washy Awards recognized exceptional sites and team member contributions, as well as long term service anniversaries.

Soapy Joe’s to celebrate ninth Soapy Joe’s Day

SAN DIEGO — Soapy Joe’s celebration also includes sign-ups for free Magic Joe carwashes and trying to break a world record.

Soapy Joe's to celebrate ninth Soapy Joe's Day
International Carwash Association welcomes Ben Higgs

WHEATON, Ill. — Higgs brings extensive experience from the auto dealer market to enhance the renowned LEAD carwash manager training program.

ica welcomes ben higgs
D&S Car Wash Supply acquires WashCard Systems

HIGH RIDGE, Mo. — WashCard develops payment hardware and software technology for the carwash sector, including tap-based payment methods.

Other Posts

Spark Car Wash Mount Holly hosts ribbon cutting with mayor

MOUNT HOLLY, N.J. — Mayor Chris Banks celebrated the opening of the new Spark Car Wash in the Mount Holly/Lumberton, New Jersey area. 

ScrubaDub, Cradles to Crayons help kids’ shoe needs

BOSTON — The program aims to provide proper footwear to local children living in homeless or low-income situations.

Car Wash Convos™ highlights University of Tennessee softball star

KNOXVILLE, Tenn. — In this episode, Kiki Milloy shares how her parents inspired her competitive spirit on the field.

Kiki Milloy Car Wash Convos
Metro Express Car Wash to celebrate its 50th anniversary  

GARDEN CITY, Idaho — The celebration will honor Metro Express Car Wash’s history and support the Boys and Girls Club of Ada County.

Metro Express announces 2 new locations in Idaho