Driven Brands Holdings Inc. has reported financial results for the fourth quarter and fiscal year ended Dec. 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 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 CEO. “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.”
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 guidance for the fiscal year ending Dec. 31, 2022:
- Revenue of approximately $1.9 billion.
- Adjusted EBITDA of approximately $465 million.
- Adjusted Earnings per Share of approximately $1.04.
