Driven Brands reports Q3 net loss of $799M on $851M goodwill impairment; revenue up 12%

Driven Brands Holdings Inc.

2023-Q3 EPS reported -$4.41 revenue$1,750,352,000

Revenue $581M (+12% YoY), system-wide sales $1.6B (+10%), same-store sales +6%, net store growth 6% (55 new stores).
Net loss $799.3M ($4.83/share) driven by $851M non-cash goodwill impairment in Car Wash and $111M asset impairment charges.
Adjusted net income $33.7M (-39% YoY), adjusted EPS $0.20, adjusted EBITDA $127.2M (-2% YoY).
Pausing capital investment in US Car Wash due to weak demand and competition; prioritizing debt paydown with free cash flow.
Reaffirms FY2023 outlook: revenue ~$2.30B, adjusted EBITDA ~$535M, adjusted EPS ~$0.92.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Driven Brands Holdings Inc. reported the third quarter ended September 30, 2023 results: revenue $581.0 million, net income Net Loss of $799.3 million or a Net Loss of $4.83 per diluted share. Guidance reaffirmed.

Period: the third quarter ended September 30, 2023
Revenue: $581.0 million
Net income: Net Loss of $799.3 million or a Net Loss of $4.83 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

(“Driven Brands” or the “Company”) today reported financial results for the third quarter ended September 30, 2023. For the third quarter, Driven Brands delivered revenue of $581.0 million, up 12 percent versus the prior year. System-wide sales were $1.6 billion, up 10 percent versus the prior year driven by 6 percent same-store sales growth and 6 percent net store

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Source: SEC EDGAR

accession 0001193125-23-267747

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