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Driven Brands Holdings Inc. (DRVN)

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Previous Close25.44
Open25.36
Bid25.20 x 1100
Ask25.36 x 900
Day's Range25.07 - 25.50
52 Week Range22.26 - 35.56
Volume53,973
Avg. Volume932,900
Market Cap4.234B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est34.57
  • 3 Underperforming IPO Stocks Worth a Second Look
    Barrons.com

    3 Underperforming IPO Stocks Worth a Second Look

    Consumer-oriented companies Leslie's, Driven Brands and Petco have sound fundamentals that make them good buys, says Baird analyst Peter Benedict.

  • Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2020 Results
    GlobeNewswire

    Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2020 Results

    CHARLOTTE, N.C., March 10, 2021 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or “the Company”) today reported financial results for the fourth quarter and fiscal year ended December 26, 2020. For the fourth quarter, system-wide sales were $935.1 million, an increase of 24% versus the prior year, with 36% net store growth and a decline in same-store sales of 3.4%. Revenue was $288.5 million, an increase of 58% versus the prior year. Loss per share was $(0.06) for the fourth quarter, while adjusted earnings per share2 was $0.01. For fiscal year 2020, system-wide sales were $3.4 billion, an increase of 16% versus the prior year, with 36% net store growth and a decline in same-store sales of 5.6%. Revenue was $904.2 million, an increase of 51% versus the prior year. Loss per share was $(0.04) for the fiscal year, while adjusted earnings per share2 was $0.42. “Our fourth quarter results are a testament to the strength and diversity of the Driven Brands portfolio and the hard work the team has demonstrated throughout 2020,” said Jonathan Fitzpatrick, president and chief executive officer. “Our employees and franchisees continued to adapt to the ever-changing needs of the past year, meeting our expectations and delivering industry-leading results. “Given our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation, I am confident that we are well positioned for growth in 2021 and to maximize long-term value for all of our stakeholders.” Fourth Quarter Highlights The Company added 42 net new stores during the quarter, with the addition of 23 stores in the Maintenance segment, 13 stores in the Car Wash segment, and 6 stores in the Paint, Collision, and Glass segment. Same-store sales declined 3.4% for the quarter. Same-store sales increased in the Maintenance and Platform Services segments, while same-store sales declined in the Paint, Collision, and Glass segment as roadways were less congested due to the COVID-19 pandemic, which resulted in fewer accidents and therefore fewer collision repairs. This compares with consolidated same-store sales growth of 5.4% in the fourth quarter of 2019.Revenue increased 58% versus the prior year, primarily driven by the acquisition of International Car Wash Group (“ICWG”) in the third quarter of 2020, which added 939 stores to the portfolio.The Company recorded a net loss in the fourth quarter of $(7.5) million.Adjusted Net Income1 was $1.6 million, an increase of 3% versus the prior year.Adjusted EBITDA3 was $65.9 million, more than double that of the prior year. Key Fourth Quarter 2020 Performance Indicators by Segment System-wide Sales(in millions) Store CountSame-Store SalesRevenue(in millions)Segment Adjusted EBITDA4(in millions)Maintenance$247.8 1,394 1.2%$111.0 $32.2 Car Wash88.0 952 N/A* 90.5 25.4 Paint, Collision, and Glass537.2 1,682 (7.3)%44.4 16.2 Platform Services62.1 199 9.5%32.8 12.7 Corporate / Other N/A N/A N/A 9.8 Total$935.1 4,227 (3.4)%$288.5 *Car Wash will not be included in same-store sales until the one-year anniversary of the ICWG acquisition in the third quarter of 2021. Capital and LiquidityThe Company ended the fourth quarter with $188.4 million in cash, cash equivalents, and restricted cash, as well as $155.8 million of undrawn capacity on its revolving credit facilities. In January 2021, the Company sold 31.8 million shares of its common stock in its initial public offering and received net proceeds of $651.6 million. Those proceeds, together with cash on hand, were used to repay $721.9 million of outstanding debt assumed in the ICWG acquisition. The remaining long-term debt portfolio totals $1.5 billion, and has a weighted average fixed annual interest rate of 4.0% and a weighted average remaining term of six years. In February 2021, the Company’s underwriters exercised their over-allotment option to purchase 4.8 million additional shares of common stock. The Company received net proceeds of $99.2 million, and used $43.0 million of such proceeds to purchase 2.1 million shares of common stock from existing stockholders. The Company intends to use the remaining net proceeds of $56.2 million for general corporate purposes. Guidance Long-term TargetsThe following long-term targets reflect the Company’s expectations through 2024: Same-store sales: Low-single-digit growthRevenue: Low-double-digit growthAdjusted EBITDA3: Low-double-digit growthAdjusted Net Income1: Mid-to-high teens growth Fiscal Year 2021The Company is providing the following guidance for the fiscal year ending December 25, 2021: Net Store Growth:• Maintenance: 80 to 90 stores; driven by roughly equal parts franchise and company-operated store growth;• Car Wash: 20 to 30 stores; driven primarily by company-operated store growth; and• Paint, Collision, and Glass: 60 to 70 stores; driven by franchise store growth.Positive same-store sales growthAdjusted EBITDA3 as a percentage of revenue of approximately 23%, consistent with fiscal year 2020. Conference CallDriven Brands will host a conference call to discuss fourth quarter and fiscal year 2020 results and its guidance for fiscal year 2021 today, Wednesday, March 10, 2021 at 9:00am ET. The call will be available by webcast and can be accessed by visiting Driven Brands’ Investor Relations website at investors.drivenbrands.com. A replay of the call will be available until April 27, 2021. About Driven BrandsDriven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,200 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates more than $900 million in revenue from more than $3 billion in system-wide sales. Contacts Shareholder/Analyst inquiries:Rachel Webbrachel.webb@drivenbrands.com(704) 644-8125 Media inquiries:media@drivenbrands.com(704) 644-8129 Disclosure Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this press release, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, and expected market growth are forward-looking statements. In particular, forward-looking statements include, among other things, statements relating to: (i) our strategy, outlook and growth prospects; (ii) our operational and financial targets and dividend policy; (iii) general economic trends and trends in the industry and markets; and (iv) the competitive environment in which we operate. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our final prospectus filed with the Securities and Exchange Commission on January 19, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended, and in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements represent our estimates and assumptions only as of the date on which they are made, and we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Disclosure Regarding Non-GAAP Financial Measures In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company has included certain non-GAAP financial measures in this release, including Adjusted Net Income1, Adjusted Earnings Per Share2, Adjusted EBITDA3 and Acquisition Adjusted EBITDA5. Management believes these non-GAAP financial measures are useful because they enable management, investors, and others to assess the operating performance of the Company and its segments. Please refer to the Reconciliation of Non-GAAP Financial Information tables located in the financial supplement in this release. This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted Net Income1 and Adjusted EBITDA3. These measures will differ from net income, determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We do not provide guidance for net income, determined in accordance with GAAP, or a reconciliation of guidance for Adjusted Net Income1 or Adjusted EBITDA3 to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income. ___________1 “Adjusted Net Income” is calculated by eliminating from net income the adjustments described for Adjusted EBITDA, amortization related to acquired intangible assets and the tax effect of the adjustments. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.2 “Adjusted Earnings Per Share” represents Adjusted Net Income divided by weighted average shares (basic and diluted). Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.3 “Adjusted EBITDA” represents earnings before interest expense, income tax expense, and depreciation and amortization, with further adjustments for acquisition-related costs, straight-line rent, equity compensation, loss on debt extinguishment and certain non-recurring, non-core, infrequent or unusual charges. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.4 “Segment Adjusted EBITDA” is defined as Adjusted EBITDA with a further adjustment for store opening costs. Corporate & Other costs are not allocated across segments. Segment Adjusted EBITDA is a supplemental measure of operating performance of our segments and may not be comparable to similar measures reported by other companies. Please refer to reconciliation to Adjusted EBITDA located in the financial supplement in this release.5 “Acquisition Adjusted EBITDA” represents Adjusted EBITDA for the applicable period as adjusted to give effect to management’s estimates of a full period of Adjusted EBITDA from any businesses acquired in such period as if such acquisitions had been completed on the first day of such period. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release. DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Year Ended(in thousands, except per share amounts)December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019Revenue: Franchise royalties and fees$22,912 $24,285 $117,126 $111,170 Company-operated store sales165,928 93,980 489,267 329,110 Independently-operated store sales36,598 — 67,193 — Advertising contributions17,243 29,478 59,672 66,270 Supply and other revenue45,827 34,957 170,942 93,723 Total revenue288,508 182,700 904,200 600,273 Operating expenses: Company-operated store expenses103,575 63,607 305,908 223,683 Independently-operated store expenses23,056 — 41,051 — Advertising expenses19,560 32,987 61,989 69,779 Supply and other expenses23,213 18,018 93,380 53,005 Selling, general and administrative expenses65,170 43,785 218,277 142,249 Acquisition costs2,395 7,303 15,682 11,595 Store opening costs1,007 2,862 2,928 5,721 Depreciation and amortization29,458 8,992 62,114 24,220 Asset impairment charges1,410 — 8,142 — Total operating expenses268,844 177,554 809,471 530,252 Operating income19,664 5,146 94,729 70,021 Other income (expense), net: Interest expense, net(30,673) (17,023) (95,646) (56,846)Gain of foreign currency transactions, net13,618 — 13,563 — Loss on debt extinguishment(4,817) (595) (5,490) (595)Total other expenses, net(21,872) (17,618) (87,573) (57,441)Income (loss) before taxes(2,208) (12,472) 7,156 12,580 Income tax expense (benefit)5,263 (1,887) 11,372 4,830 Net income (loss)(7,471) (10,585) (4,216) 7,750 Net income (loss) attributable to non-controlling interests17 19 (17) 19 Net income (loss) attributable to Driven Brands Holdings Inc.$(7,488) $(10,604) $(4,199) $7,731 Earnings (loss) per share(1) Basic and diluted$(0.06) $(0.12) $(0.04) $0.09 Weighted average shares outstanding(1) Basic and diluted127,256 88,990 104,318 88,990 (1) Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021. DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands)December 26, 2020 December 28, 2019Assets Current assets: Cash and cash equivalents$172,611 $34,935 Restricted cash15,827 — Accounts and notes receivable, net84,805 74,131 Inventory43,039 26,149 Prepaid and other assets25,071 14,491 Income tax receivable5,924 4,607 Advertising fund assets, restricted27,276 31,011 Total current assets374,553 185,324 Notes receivable, net3,828 7,178 Property and equipment, net827,392 134,381 Operating lease right-of-use assets884,927 — Deferred commissions8,661 6,721 Intangibles, net829,308 672,017 Goodwill1,727,351 870,619 Total assets$4,656,020 $1,876,240 Liabilities and shareholders'/members’ equity Current liabilities: Accounts payable$67,802 $58,917 Accrued expenses and other liabilities190,867 66,035 Income taxes payable6,383 — Current portion of long-term debt22,988 13,050 Advertising fund liabilities18,276 20,825 Total current liabilities306,316 158,827 Long-term debt, net2,102,219 1,301,913 Operating lease liabilities818,001 — Deferred tax liabilities249,043 111,355 Deferred revenue20,757 14,267 Accrued expenses and other long-term liabilities53,324 — Total liabilities3,549,660 1,586,362 Shareholders'/Members’ equity1,087,712 284,788 Accumulated other comprehensive income16,528 3,626 Total shareholders'/members’ equity attributable to Driven Brands Holdings Inc.1,104,240 288,414 Non-controlling interests2,120 1,464 Total shareholders'/members’ equity1,106,360 289,878 Total liabilities and shareholders'/members’ equity$4,656,020 $1,876,240 DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Fiscal year ended(in thousands)December 26, 2020 December 28, 2019Net income (loss)$(4,216) $7,750 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization62,114 24,220 Noncash lease cost38,232 — Gain on foreign denominated transactions(23,245) — Bad debt expense7,059 1,685 Asset impairment costs8,142 — Amortization of deferred financing costs and bond discounts10,890 3,682 Loss on derivatives not designated as hedges10,033 — Provision for deferred income taxes5,989 3,169 Loss on extinguishment of debt5,490 595 Other, net1,408 1,757 Changes in assets and liabilities: Accounts and notes receivable, net(11,782) (7,173)Inventory(2,904) (5,452)Prepaid and other assets(5,658) (2,313)Advertising fund assets and liabilities, restricted(369) 6,492 Deferred commissions(1,927) (1,958)Deferred revenue6,278 2,524 Accounts payable(6,778) 13,849 Accrued expenses and other liabilities15,956 (7,617)Income tax receivable3,734 162 Operating lease liabilities(34,448) — Cash provided by operating activities83,998 41,372 Cash flows from investing activities: Capital expenditures(52,459) (28,230)Cash used in business acquisitions, net of cash acquired(105,031) (454,193)Proceeds from sale-leaseback transactions100,174 — Cash used in investing activities(57,316) (482,423)Cash flows from financing activities: Payment of contingent consideration related to acquisitions(2,783) — Payment of debt issuance cost(22,932) (14,056)Proceeds from the issuance of long-term debt625,000 575,000 Repayment of long-term debt(448,213) (10,988)Repayments of revolving lines of credit and short-term debt(432,800) 59,499 Proceeds from revolving lines of credit and short-term debt391,301 — Repayment of principal portion of finance lease liability(595) — Distribution to Driven Investor LLC— (163,000)Contributions— 75 Proceeds from failed sale-leaseback transactions5,633 — Proceeds from issuance of equity shares2,000 — Other, net2,032 — Cash provided by financing activities118,643 446,530 Effect of exchange rate changes on cash4,456 (120)Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted149,781 5,359 Cash and cash equivalents, beginning of period34,935 37,530 Cash included in advertising fund assets, restricted, beginning of period23,091 15,137 Restricted cash, beginning of period— — Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period58,026 52,667 Cash and cash equivalents, end of period172,611 34,935 Cash included in advertising fund assets, restricted, end of period19,369 23,091 Restricted cash, end of period15,827 — Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period$207,807 $58,026 DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED) Adjusted Net Income/Adjusted Earnings Per Share Three Months Ended Year Ended(in thousands, except per share amounts)December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019Net income (loss)$(7,471) $(10,585) $(4,216) $7,750 Acquisition related costs(a)2,395 8,205 15,682 12,497 Non-core items and project costs, net(b)6,962 1,259 6,036 6,644 Sponsor management fees(c)543 538 5,900 2,496 Straight-line rent adjustment(d)4,026 (143) 7,150 2,172 Equity-based compensation expense(e)815 298 1,323 1,195 Foreign currency transaction gain, net(f)(13,618) — (13,563) — Bad debt expense(g)359 — 3,201 — Asset impairment and closed store expenses(h)1,690 — 9,311 — Loss on debt extinguishment(i)4,817 595 5,490 595 Amortization related to acquired intangible assets(k)5,507 3,814 17,200 11,314 Provision for uncertain tax positions(l)(696) — 2,114 — Valuation allowance for deferred tax asset(m)668 — 668 — Adjusted net income before tax impact of adjustments5,997 3,981 56,296 44,663 Tax impact of adjustments(n)(4,429) (2,459) (12,890) (8,046)Adjusted net income1,568 1,522 43,406 36,617 Net income (loss) attributable to non-controlling interest17 19 (17) 19 Adjusted net income attributable to Driven Brands Holdings Inc.$1,551 $1,503 $43,423 $36,598 Adjusted earnings per share(1) Basic and diluted$0.01 $0.02 $0.42 $0.41 Weighted average shares outstanding(1) Basic and diluted127,256 88,990 104,318 88,990 (1) Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021. DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED) Adjusted EBITDA and Acquisition Adjusted EBITDA Three Months Ended Year Ended(in thousands)December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019Net income (loss)$(7,471) $(10,585) $(4,216) $7,750 Income tax expense (benefit)5,263 (1,887) 11,372 4,830 Interest expense, net30,673 17,023 95,646 56,846 Depreciation and amortization29,458 8,992 62,114 24,220 EBITDA57,923 13,543 164,916 93,646 Acquisition related costs(a)2,395 8,205 15,682 12,497 Non-core items and project costs, net(b)6,962 1,259 6,036 6,644 Sponsor management fees(c)543 538 5,900 2,496 Straight-line rent adjustment(d)4,026 (143) 7,150 2,172 Equity-based compensation expense(e)815 298 1,323 1,195 Foreign currency transaction gain, net(f)(13,618) — (13,563) — Bad debt expense(g)359 — 3,201 — Asset impairment and closed store expenses(h)1,690 — 9,311 — Loss on debt extinguishment(i)4,817 595 5,490 595 Adjusted EBITDA$65,912 $24,295 205,446 $119,245 EBITDA adjustments related to acquisitions(j) 63,690 Acquisition Adjusted EBITDA $269,136 Consists of acquisition costs as reflected within the consolidated statement of operations, including legal, consulting and other fees and expenses incurred in connection with acquisitions completed during the applicable period, as well as inventory rationalization expenses incurred in connection with acquisitions. We expect to incur similar costs in connection with other acquisitions in the future and, under U.S. GAAP, such costs relating to acquisitions are expensed as incurred and not capitalized.Consists of discrete items and project costs, including (i) third-party consulting and professional fees associated with strategic transformation initiatives, (ii) wage subsidies received directly attributable to the COVID-19 pandemic and (iii) other miscellaneous expenses, including non-capitalizable expenses relating to the Company’s initial public offering and other strategic transactions.Includes management fees paid to Roark Capital Management, LLC.Consists of the non-cash portion of rent expense, which reflects the extent to which our straight-line rent expense recognized under U.S. GAAP exceeds or is less than our cash rent payments.Represents non-cash equity-based compensation expense.Represents foreign currency transaction gains, net that primarily related to the remeasurement of our intercompany loans. These gains are slightly offset by unrealized losses on remeasurement of cross currency swaps.Represents bad debt expense related to uncollectible receivables outside of normal operations.Relates to the discontinuation of the use of the Pro Oil trade name as those locations were transitioned to the Take 5 trade name, as well as impairment of certain fixed assets and operating lease right-of-use assets related to closed locations. Also represents lease exit costs and other costs associated with stores that were closed prior to their respective lease termination dates.Represents the write-off of debt issuance costs and prepayment penalties associated with early termination of debt.Represents our estimate of our anticipated annual operating results, including, without limitation, our estimates of the contribution of businesses acquired in 2020 if such acquisitions had occurred on the first day of the fiscal year.Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statements of operations.Represents uncertain tax positions recorded for prior year Canadian tax positions, inclusive of interest and penalties.Represents the establishment of a valuation allowance for certain deferred tax assets negatively impacted by strategic transactions.Represents the tax impact of adjustments associated with the reconciling items between net income and Adjusted Net Income, excluding the provision for uncertain tax positions and valuation allowance for certain deferred tax assets. To determine the tax impact of the deductible reconciling items, we utilized statutory income tax rates ranging from 9% to 38%, depending upon the tax attributes of each adjustment and the applicable jurisdiction. DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED) Three Months Ended Year Ended(in thousands)December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019Segment Adjusted EBITDA: Maintenance$32,185 $19,342 $114,764 $81,732 Car Wash25,398 — 43,137 — Paint, Collision & Glass16,157 15,072 66,276 60,444 Platform Services12,668 6,991 49,408 26,413 Corporate and other(19,489) (14,248) (65,211) (43,623)Store opening costs(1,007) (2,862) (2,928) (5,721) Adjusted EBITDA$65,912 $24,295 $205,446 $119,245

  • Driven Brands Holdings Inc. to Report Fourth Quarter and Fiscal Year 2020 Results on March 10, 2021
    GlobeNewswire

    Driven Brands Holdings Inc. to Report Fourth Quarter and Fiscal Year 2020 Results on March 10, 2021

    CHARLOTTE, N.C., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands”) will release fourth quarter and fiscal year 2020 financial results before the market opens on March 10, 2021. Following the release, Driven Brands will host a conference call at 9:00 a.m. ET to review the financial results. The conference call will be available via live webcast on Driven Brands’ Investor Relations webpage at investors.drivenbrands.com. A webcast replay of the call will be available later the same day until April 27, 2021. About Driven Brands Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,100 centers across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates approximately $900 million in revenue from more than $3 billion in system-wide sales. Contacts Shareholder/Analyst inquiries:Rachel Webbrachel.webb@drivenbrands.com(704) 644-8125 Media inquiries:media@drivenbrands.com(704) 644-8129