Driven Brands Q2 revenue up 36% to $508.6M; raises FY2022 guidance

Driven Brands Holdings Inc.

2022-Q2 EPS reported -$0.14 revenue$976,947,000

Revenue $508.6M (+36% YoY); system-wide sales $1.4B (+22%); consolidated same-store sales +13.2%.
Net loss $(57.0)M ($(0.34)/share) due to $125.5M non-cash impairment for car wash rebranding; adjusted EPS $0.35.
Segment same-store sales: Maintenance +15%, Car Wash -2.7% (+2.6% ex-FX), Paint/Collision/Glass +16.1%, Platform +11.8%.
Raised FY2022 guidance: revenue ~$2.0B, adjusted EBITDA ~$495M, adjusted EPS ~$1.17.
Added 80 net new stores in quarter; total store count 4,606.

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