Driven Brands Holdings was able to turn a $19.93 million net loss from a year ago into $34.43 million in net income for the first quarter of 2022 — a difference of $54.36 million — as total revenue rose 42.2% to $468.32 million year over year. This breaks down as …
• $292.39 million in company-operated store sales — up 59.0%.
• $63.09 million in independently operated store sales — up 12.3%
• $55.26 million in supply and other revenue — 32.4%.
• $37.89 million in franchise royalties and fees — up 24.6%
• $19.70 million in advertising fund contributions — up 14.2%.
Driven Brands’ total system-wide sales grew 26.1% to $1.26 billion with 8% net store growth and an increase in consolidated same-store sales of 15.6%. Notably, all segments posted positive same-store sales.
MAINTENANCE SEGMENT … Maintenance system-wide sales grew 28.5% to $357.11 million with franchised store sales up 22.3% and company-operated store sales up 37.5%. Same-store sales rose 19.2% on top of a 16.5% increase a year ago for a two-year stack of +35.7%.
Segment adjusted EBITDA increased 29.8% to $52.48 million.
Driven’s Maintenance segment includes Meineke Car Care Centers, Take 5 Oil Change, Merlin 200,00 Miles and Econo Lube N’ Tune & Brakes.
PLATFORM SERVICES … Platform services system-wide sales grew 30.9% to $90.79 million with franchised store sales up 31.1% and company-operated store sales up 17.2% on a year-over-year basis. Same-store rose 30.9% on top of a 22.0% increase a year ago for a two-year stack of +52.9%.
Segment-adjusted EBITDA grew 28.6% to $14.17 million.
Driven’s Platform Services segment includes 1-800 Radiator, PH Vitres d’Autos and the Automotive Training Institute.
ELSEWHERE … Paint, collision and glass (PC&G) system-wide sales increased 21.5% to $658.97 million. Same-store sales grew 13.7% up against a 9.4% decrease a year ago for a two-year stack of +4.3%.
Segment-adjusted EBITDA rose 64.5% to $29.01 million.
Driven’s PC&G segment includes Maaco, Carstar, ABRA, VitroPlus, Uniglass, Docteur du Pare-brise and Go Glass.
Car wash system-wide sales rose 39.2% to $157.58 million with same-store sales up 6.6% year over year.
Segment-adjusted EBITDA climbed 63.1% to $55.72 million.
Driven’s Car Wash segment includes Car Wash USA Express, Goo-Goo 3 Minute Express Wash, Supersonic and IMO.
