• Driven Brands Holdings Inc. Reports Second Quarter Results

    Source: Nasdaq GlobeNewswire / 27 Jul 2022 06:00:02   America/Chicago

    Delivers Strong Same-Store Sales and Net Store Growth

    Reports Robust Operating Income Growth

    Raises Fiscal Year 2022 Guidance

    CHARLOTTE, N.C., July 27, 2022 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) today reported financial results for the second quarter ended June 25, 2022.

    For the second quarter, revenue was $508.6 million, an increase of 36% versus the prior year. System-wide sales were $1.4 billion, an increase of 22% versus the prior year, with 7% net store growth and an increase in consolidated same-store sales of 13.2%.

    The $(0.34) loss per diluted share in the second quarter was driven by a $125.5 million one-time non-cash impairment charge related to intangible assets as a result of the Company’s decision to re-brand its U.S. car wash business.

    Adjusted earnings per diluted share2 was $0.35.

    “We delivered strong results in the second quarter. These results are a testament to the resilience of our needs-based service offering and our ability to drive sustainable growth and cash flow leveraging a proven playbook,” said Jonathan Fitzpatrick, president and CEO.

    “We have significant momentum across our business capitalizing on the benefits of our scale, the quality of our offerings, the strength of our brands, our best-in-category data and marketing capabilities, and our ability to generate robust cash flow. We are delivering against our Dream Big plan of at least $850 million of adjusted EBITDA by the end of 2026, demonstrating our ability to drive significant shareholder value over time.”

    Second Quarter Highlights

    • Revenue increased 36% versus the prior year, driven by same-store sales and net store growth.
    • Consolidated same-store sales increased 13.2% for the quarter.
    • The Company added 80 net new stores during the quarter.
    • The Company recorded a net loss in the second quarter of $(57.0) million, driven by a $125.5 million one-time non-cash impairment charge related to intangible assets as a result of the Company’s decision to re-brand its U.S. car wash business.
    • Adjusted Net Income1 was $59.7 million.
    • Adjusted EBITDA3 was $135.4 million.

    Second Quarter 2022 Key Performance Indicators by Segment

     System-wide Sales (in millions)Store CountSame-Store SalesRevenue
    (in millions)    		Segment Adjusted EBITDA4
    (in millions)
    Maintenance $        399.2 1,559         15.0% $        194.3   $        64.1 
    Car Wash         156.71,074 (2.7%) / 2.6%*          158.6          53.7 
    Paint, Collision & Glass         724.7 1,771         16.1%          95.4          32.9 
    Platform Services         131.3 202         11.8%          53.2          20.5 
    Corporate / OtherN/A N/A N/A          7.1  
    Total $        1,411.9 4,606         13.2% $        508.6 

    *Car Wash same-store sales declined 2.7% in the second quarter. Foreign exchange rate movement had a significant impact. Excluding the impact of foreign exchange, Car Wash same-store sales increased 2.6%. The impact of foreign exchange rate movement on the remaining segments was not significant.

    Capital and Liquidity

    The Company ended the second quarter with total liquidity of $488.2 million, consisting of $197.9 million in cash and cash equivalents, and $290.3 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility.

    Fiscal Year 2022 Guidance

    The Company has raised its guidance for the fiscal year to account for its strong operating performance and M&A activity in the first half of 2022, as well as an updated outlook for the remainder of the year. The following guidance reflects the Company’s current expectations for the fiscal year ending December 31, 2022:

    • Revenue of approximately $2.0 billion.
    • Adjusted EBITDA3 of approximately $495 million.
    • Adjusted earnings per diluted share2 of approximately $1.17.

    The above guidance includes the impact of the 53rd week in fiscal year 2022. The impact of the extra week is expected to yield approximately $25 million in revenue, $5 million in Adjusted EBITDA3 and approximately $0.02 in Adjusted Earnings Per Share2.

    The Company also expects:

    • Low-double-digit same-store sales growth.
    • Net store growth of approximately 340:
      • Maintenance: approximately 140 stores of which 70% will be franchised and 30% will be company-operated
      • Car Wash: approximately 40 stores which will be company-operated
      • Paint, Collision & Glass: approximately 160 stores of which 5% will be franchised and 95% will be company-operated.

    The Company has not included future M&A in its guidance for fiscal year 2022.                                                                                                                 

    Conference Call

    Driven Brands will host a conference call to discuss second quarter 2022 results today, Wednesday, July 27, 2022 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 October 25, 2022.

    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 4,500 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates more than $1.7 billion in annual revenue from more than $5.0 billion in system-wide sales.

    Contacts

    Shareholder/Analyst inquiries:  Media inquiries:
    Kristy Moser  Taylor Blanchard
    kristy.moser@drivenbrands.com  taylor.blanchard@drivenbrands.com
    (980) 229-9450  (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 Annual Report on Form 10-K for the fiscal year ended December 25, 2021 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, and Adjusted EBITDA3. 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 Earnings Per Share2 and Adjusted EBITDA3. These measures will differ from net income, determined in accordance with GAAP, in ways similar to those described in the Reconciliation of Non-GAAP Financial Information tables in this release. We do not provide guidance for net income, determined in accordance with GAAP, or a reconciliation of guidance for 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 Reconciliation of Non-GAAP Information 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 Reconciliation of Non-GAAP Information 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 Reconciliation of Non-GAAP Information 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 Adjusted EBITDA and Segment Adjusted EBITDA Reconciliation located in the financial supplement in this release.


    DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

      Three months ended Six months ended
    (in thousands, except per share amounts) June 25, 2022 June 26, 2021 June 25, 2022June 26, 2021
    Revenue:       
    Franchise royalties and fees $44,850 $37,873  $82,738 $68,287 
    Company-operated store sales  323,885  206,198   616,276  390,053 
    Independently-operated store sales  54,942  56,379   118,031  112,542 
    Advertising contributions  22,091  19,648   41,789  36,903 
    Supply and other revenue  62,856  54,730   118,113  96,462 
    Total revenue  508,624  374,828   976,947  704,247 
    Operating expenses:       
    Company-operated store expenses  192,939  123,820   370,806  236,575 
    Independently-operated store expenses  28,843  30,792   62,142  61,900 
    Advertising expenses  22,091  19,648   41,789  36,903 
    Supply and other expenses  35,800  29,598   68,574  52,087 
    Selling, general and administrative expenses  97,977  77,935   190,197  146,984 
    Acquisition costs  3,338  389   7,656  2,038 
    Store opening costs  666  405   1,172  694 
    Depreciation and amortization  38,087  26,423   71,110  50,275 
    Trade name impairment  125,450  —   125,450  — 
    Asset impairment charges and lease terminations  (882) 2,178   16  3,431 
    Total operating expenses  544,309  311,188   938,912  590,887 
    Operating income (loss)  (35,685) 63,640   38,035  113,360 
    Other expenses, net:       
    Interest expense, net  26,270  16,612   51,623  34,702 
    Loss on foreign currency transactions, net  13,937  (5,229)   14,908  5,282 
    Loss on debt extinguishment  —  78   —  45,576 
    Total other expenses, net  40,207  11,461   66,531  85,560 
    Net income (loss) before taxes  (75,892) 52,179   (28,496)  27,800 
    Income tax expense  (18,848) 17,011   (5,880)  12,565 
    Net income (loss)  (57,044) 35,168   (22,616)  15,235 
    Net income (loss) attributable to non-controlling interests $— $(36)   (15)  (30) 
    Net income (loss) attributable to Driven Brands Holdings Inc. $(57,044)$35,204  $(22,601) $15,265 
            
    Earnings (loss) per share(1):       
    Basic $(0.34)$0.21  $(0.14) $0.09 
    Diluted $(0.34)$0.21  $(0.14) $0.09 
    Weighted average shares outstanding:       
    Basic  162,781  162,626   162,772  158,727 
    Diluted  162,781  166,512   162,772  162,271 


    DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS (UNAUDITED)

    (in thousands)June 25, 2022 December 25, 2021
    Assets   
    Current assets:   
    Cash and cash equivalents$197,853  $523,414 
    Restricted cash 792   792 
    Accounts and notes receivable, net 178,201   117,903 
    Inventory 53,124   46,990 
    Prepaid and other assets 47,964   24,326 
    Income tax receivable 5,070   6,867 
    Advertising fund assets, restricted 55,596   45,360 
    Assets held for sale 3,275   3,275 
    Total current assets 541,875   768,927 
    Notes receivable, net 5,092   3,182 
    Property and equipment, net 1,481,064   1,350,984 
    Operating lease right-of-use assets 1,031,731   995,625 
    Deferred commissions 10,738   10,567 
    Intangibles, net 733,469   816,183 
    Goodwill 2,108,002   1,910,392 
    Deferred tax assets 1,360   1,509 
    Total assets$5,913,331  $5,857,369 
    Liabilities and shareholders' equity   
    Current liabilities:   
    Accounts payable$115,424  $83,033 
    Accrued expenses and other liabilities 253,742   297,620 
    Income taxes payable 30,021   11,054 
    Current portion of long-term debt 23,590   26,044 
    Income tax receivable liability 24,255   24,255 
    Advertising fund liabilities 30,264   26,441 
    Total current liabilities 477,296   468,447 
    Long-term debt, net 2,464,909   2,356,320 
    Deferred tax liability 223,336   257,067 
    Operating lease liabilities 969,598   931,604 
    Income tax receivable liability 131,715   131,715 
    Deferred revenue 39,829   37,576 
    Accrued expenses and other long-term liabilities 23,188   29,398 
    Total liabilities 4,329,871   4,212,127 
    Common stock 1,677   1,674 
    Additional paid-in capital 1,614,927   1,605,890 
    Retained earnings 19,006   41,607 
    Accumulated other comprehensive loss (52,796)   (5,028) 
    Total shareholders' equity attributable to Driven Brands Holdings Inc. 1,582,814   1,644,143 
    Non-controlling interests 646   1,099 
    Total shareholders' equity 1,583,460   1,645,242 
    Total liabilities and shareholders' equity$5,913,331  $5,857,369 


    DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

     Six months ended
    (in thousands)June 25, 2022 June 26, 2021
    Net income (loss)$                         (22,616) $        15,235 
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:   
    Depreciation and amortization         71,110           50,275 
    Trade name impairment         125,450           — 
    Non-cash lease cost         35,049           37,938 
    Loss on foreign denominated transactions         14,908           5,707 
    Gain on derivatives not designed as hedges         —           (425)
    Bad debt expense         936           1,739 
    Asset impairment costs         16           3,431 
    Amortization of deferred financing costs and bond discounts         4,565           3,619 
    Benefit (provision) for deferred income taxes         (31,908)          4,742 
    Loss on extinguishment of debt         —           45,576 
    Other, net         (1,925)          1,375 
    Changes in assets and liabilities, net of acquisitions:   
    Accounts and notes receivable, net         (61,461)          (24,174)
    Inventory         (6,899)          (396)
    Prepaid and other assets         (19,082)          (20,885)
    Advertising fund assets and liabilities, restricted         (1,321)          12,548 
    Deferred commissions         (178)          (809)
    Deferred revenue         497           2,994 
    Accounts payable         20,209           3,860 
    Accrued expenses and other liabilities         (45,950)          9,707 
    Income tax receivable         19,640           3,665 
    Operating lease liabilities         (25,651)          (31,034)
    Cash provided by operating activities         75,389           124,688 
    Cash flows from investing activities:           — 
    Capital expenditures         (148,763)          (46,222)
    Cash used in business acquisitions, net of cash acquired         (394,388)          (205,556)
    Proceeds from sale-leaseback transactions         56,083           49,166 
    Proceeds from sale of company-operated stores         —           5,775 
    Proceeds from disposition of Denmark car wash operation         1,551           — 
    Proceeds from disposal of property and equipment         632           — 
    Cash used in investing activities         (484,885)          (196,837)
    Cash flows from financing activities:   
    Payment of debt extinguishment and issuance costs         —           (2,408)
    Repayment of long-term debt         (9,682)          (712,649)
    Proceeds from revolving lines of credit and short-term debt         105,000           213,800 
    Repayments of revolving lines of credit and short-term debt         —           (152,800)
    Repayment of principal portion of finance lease liability         (1,156)          (1,127)
    Proceeds from initial public offering, net of underwriting discounts         —           661,500 
    Net proceeds from underwriters' exercise of over-allotment option         —           99,225 
    Repurchases of common stock         —           (43,040)
    Payment for termination of interest rate swaps         —           (21,826)
    Stock option exercises         188           — 
    Other, net         (36)          152 
    Cash provided by financing activities         94,314           40,827 
    Effect of exchange rate changes on cash         (4,454)          1,813 
    Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted         (319,636)          (29,509)
    Cash and cash equivalents, beginning of period         523,414           172,611 
    Cash included in advertising fund assets, restricted, beginning of period         38,586           19,369 
    Restricted cash, beginning of period         792           15,827 
    Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period         562,792           207,807 
    Cash and cash equivalents, end of period         197,853           147,257 
    Cash included in advertising fund assets, restricted, end of period         44,511           30,882 
    Restricted cash, end of period         792           159 
    Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period$        243,156  $        178,298 


    DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

    RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

    Adjusted Net Income and Adjusted Earnings Per Share     
              
      Three months ended Six months ended 
    (in thousands, except per share amounts) June 25, 2022 June 26, 2021 June 25, 2022 June 26, 2021 
    Net income (loss) $(57,044)  $35,168  $(22,616)  $15,235  
    Acquisition related costs(a)  3,338   389   7,656   2,038  
    Non-core items and project costs, net(b)  1,719   2,522   2,585   2,553  
    Straight-line rent adjustment(c)  4,217   3,358   8,310   5,843  
    Equity-based compensation expense(d)  4,233   1,028   6,851   2,011  
    Foreign currency transaction (gain) loss, net(e)  13,937   (5,229)   14,908   5,282  
    Trade name impairment(f)  125,450   —   125,450   —  
    Asset sale leaseback (gain) loss, impairment and closed store expenses(g)  (5,938)   3,478   (6,062)   2,692  
    Loss on debt extinguishment(h)  —   78   —   45,576  
    Amortization related to acquired intangible assets(i)  5,930   5,558   11,072   9,210  
    Provision for uncertain tax positions(j)  —   —   76   —  
    Adjusted net income before tax impact of adjustments  95,842   46,350   148,230   90,440  
    Tax impact of adjustments(k)  (36,184)   (4,441)   (40,796)   (18,082)  
    Adjusted net income  59,658   41,909   107,434   72,358  
    Net (loss) income attributable to non-controlling interest  —   (36)   (15)   (30)  
    Adjusted net income attributable to Driven Brands Holdings Inc. $59,658  $41,945  $107,449  $72,388  
              
    Adjusted earnings per share         
    Basic(1) $0.36  $0.25  $0.65  $0.45  
    Diluted(1) $0.35  $0.25  $0.63  $0.44  
              
    Weighted average shares outstanding         
    Basic  162,781   162,626   162,772   158,727  
    Diluted  166,659   166,512   166,692   162,271  

    (1) Adjusted earnings per share is calculated under the two-class method. Under the two-class method, adjusted earnings per share is calculated using adjusted net income attributable to common shares, which is derived by reducing adjusted net income by the amount attributable to participating securities. Adjusted net income attributable to participating securities used in the basic earnings per share calculation was $1.3 million and $2.6 million for the three and six months ended June 25, 2022, respectively, and adjusted net income attributable to participating securities used in the diluted earnings per share calculation was $1.1 million and $2.3 million for the three and six months ended June 25, 2022, respectively.


    DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

    RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

    Net Income (loss) to Adjusted EBITDA Reconciliation    
             
      Three months ended Six months ended
    (in thousands) June 25, 2022 June 26, 2021 June 25, 2022 June 26, 2021
    Net income (loss)  (57,044)  $35,168  $(22,616)  $15,235
    Income tax expense  (18,848)   17,011   (5,880)   12,565
    Interest expense, net  26,270   16,612   51,623   34,702
    Depreciation and amortization  38,087   26,423   71,110   50,275
    EBITDA  (11,535)   95,214   94,237   112,777
    Acquisition related costs(a)  3,338   389   7,656   2,038
    Non-core items and project costs, net(b)  1,719   2,522   2,585   2,553
    Straight-line rent adjustment(c)  4,217   3,358   8,310   5,843
    Equity-based compensation expense(d)  4,233   1,028   6,851   2,011
    Foreign currency transaction loss, net(e)  13,937   (5,229)   14,908   5,282
    Trade name impairment(f)  125,450   —   125,450   —
    Asset sale leaseback (gain) loss, impairment and closed store expenses(g)  (5,938)   3,478   (6,062)   2,692
    Loss on debt extinguishment(h)  —   78   —   45,576
    Adjusted EBITDA $135,421  $100,838  $253,935  $178,772
    1. 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.
    2. Consists of discrete items and project costs, including (i) third-party consulting and professional fees associated with strategic transformation initiatives, and (ii) other miscellaneous expenses, including non-capitalizable expenses relating to the Company’s initial public offering and other strategic transactions
    3. 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.
    4. Represents non-cash equity-based compensation expense.
    5. Represents foreign currency transaction gains/losses, net that primarily related to the remeasurement of our intercompany loans. These losses are partially offset by unrealized gains/losses on remeasurement of cross currency swaps and forward contracts.
    6. Relates to an impairment of certain Car Wash trade names as the Company elected to discontinue their use.
    7. Relates to (gain) loss on sale leasebacks, the discontinuation of the use of a 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 the respective lease termination dates.
    8. Represents the write-off of debt issuance costs associated with early termination of debt.
    9. Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statements of operations.
    10. Represents uncertain tax positions recorded for tax positions, inclusive of interest and penalties.
    11. 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 36%, 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 Six months ended
    (in thousands) June 25, 2022 June 26, 2021 June 25, 2022 June 26, 2021
    Segment Adjusted EBITDA:         
    Maintenance $64,076  $44,561  $116,561  $85,001 
    Car Wash  53,677   43,069   109,397   77,224 
    Paint, Collision & Glass  32,916   21,856   61,928   39,495 
    Platform Services  20,541   17,602   34,706   28,610 
    Corporate and other  (35,123)   (25,845)   (67,485)   (50,864) 
    Store opening costs  (666)   (405)   (1,172)   (694) 
    Adjusted EBITDA $135,421  $100,838  $253,935  $178,772 


    DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

    ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)

      Three months ended June 25, 2022
    (in thousands) Maintenance Car Wash Paint,
    Collision &
    Glass    		 Platform
    Services    		 Total
    System-wide Store sales           
    Franchise stores $230,505 $—  672,616 $129,928 $1,033,049
    Company-operated stores  168,648  101,796  52,120  1,392  323,956
    Independently operated Stores  —  54,942  —  —  54,942
    Total System-wide Sales $399,153 $156,738 $724,736 $131,320 $1,411,947
               
    Store Count (in whole numbers)          
    Franchise stores  1,001  —  1,611  201  2,813
    Company-operated stores  558  356  160  1  1,075
    Independently operated Stores  —  718  —  —  718
    Total Store Count  1,559  1,074  1,771  202  4,606
               
      Three months ended June 26, 2021
    (in thousands) Maintenance Car Wash Paint,
    Collision &
    Glass    		 Platform
    Services    		 Total
    System-wide Store sales          
    Franchise stores $195,083 $— $584,559 $116,010 $895,652
    Company-operated stores  126,107  65,704 $13,019 $1,463  206,293
    Independently operated Stores  —  56,379  —  —  56,379
    Total System-wide Sales $321,190 $122,083 $597,578 $117,473 $1,158,324
               
    Store Count (in whole numbers)          
    Franchise stores  981  —  1,622  199  2,802
    Company-operated stores  504  246  33  1  784
    Independently operated Stores  —  733  —  —  733
    Total Store Count  1,485  979  1,655  200  4,319

    62 Drive N Style stores are included in the Maintenance store count for the three months ended June 26, 2021 as previously reported, but none are included in store count for the three months ended June 25, 2022 as they are held for sale.


      Six months ended June 25, 2022
    (in thousands) Maintenance Car Wash Paint,
    Collision &
    Glass    		 Platform
    Services    		 Total
    System-wide Store sales           
    Franchise stores $430,789 $— $1,291,585 $219,570 $1,941,944
    Company-operated stores  325,476  196,291  92,118  2,544  616,429
    Independently operated Stores  —  118,031  —  —  118,031
    Total System-wide Sales $756,265 $314,322 $1,383,703 $222,114 $2,676,404
               
    Store Count (in whole numbers)          
    Franchise stores  1,001  —  1,611  201  2,813
    Company-operated stores  558  356  160  1  1,075
    Independently operated Stores  —  718  —  —  718
    Total Store Count  1,559  1,074  1,771  202  4,606
               
      Six months ended June 26, 2021
    (in thousands) Maintenance Car Wash Paint,
    Collision &
    Glass    		 Platform
    Services    		 Total
    System-wide Store sales          
    Franchise stores $358,937 $— $1,115,062 $184,384 $1,658,383
    Company-operated stores  240,174  122,753  24,949 $2,446  390,322
    Independently operated Stores  —  112,542  —  —  112,542
    Total System-wide Sales $599,111 $235,295 $1,140,011 $186,830 $2,161,247
               
    Store Count (in whole numbers)          
    Franchise stores  981  —  1,622  199  2,802
    Company-operated stores  504  246  33  1  784
    Independently operated Stores  —  733  —  —  733
    Total Store Count  1,485  979  1,655  200  4,319

    62 Drive N Style stores are included in the Maintenance store count for the six months ended June 26, 2021 as previously reported, but none are included in store count for the six months ended June 25, 2022 as they are held for sale.


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