3 minute read
Revenue Gains in 4Q, Full Year 2021
you some flexibility in terms of location—the back of an office park with little traffic, or a high-traffic street corner with good visibility— and what you will therefore have to spend for rent, signage, building improvements, etc.
For MSOs, he said, a location convenient to all of your shops allows for a hub-and-spoke model.
Alternatively, find a location with a lot of other independent shops within a reasonable radius, Newell suggested. An off-site location and separate business entity makes it easier to get paid when subletting the work to yourself, including transport of the vehicle from your shop and back.
“If it’s your existing business and in your own building, that becomes more difficult,” Newell said.
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Driven Brands Holdings Inc. on Feb. 16 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 samestore 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, which closed Dec. 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 samestore sales of 17.1%.
Earnings per diluted share was $0.06 for the fiscal year.
Adjusted earnings per diluted share 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 fran-
chisees continued to adapt to an ever-changing landscape, exceeding our expectations and delivering industry-leading results.
“We are pleased to release our fiscal 2022 guidance 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.”
Fourth Quarter Highlights
Revenue increased 36% versus the prior year, driven by same-store sales growth and net store growth.
Consolidated same-store sales increased 16.4% for the quarter and all segments posted positive same-store sales.
The company added 102 net new stores during the quarter.
The company recorded a net loss in the fourth quarter of $38.8 million, driven by a $56 million onetime transaction expense associated with the acquisition of AGN.
Adjusted Net Income was $31.2 million.
Adjusted EBITDA was $85 million.
Source: Driven Brands
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