Driven Brands FY23 Revenue Up 13% to $2.3B; Net Loss $745M on Car Wash Impairment

Driven Brands Holdings Inc.

2023-FY EPS reported -$4.53 revenue$2,304,029,000

FY23 revenue $2.3B (+13%); system-wide sales $6.3B (+12%); 7% same-store sales growth; 183 net new stores.
Net loss $745.0M ($4.53 loss per share) vs prior year net income $43.2M; includes $851M non-cash goodwill impairment in Car Wash.
Adjusted EBITDA $535.1M (+4%); Adjusted EPS $0.93 (-24%); cash from ops $235.2M (+19%).
Q4 revenue $553.7M (+3%); net loss $13.1M; Adjusted EBITDA $129.0M (-1%); same-store sales +4%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Driven Brands Holdings Inc. reported quarter and fiscal year ended December 30, 2023 results: revenue Revenue of $2.3 billion for the fiscal year; Revenue of $553.7 million for the fourth quarter, net income Net Loss of $745.0 million for the fiscal year; Net Loss of $13.1 million for the fourth quarter, EPS Net Loss of $4.53 per diluted share for the fiscal year; Net Loss of $0.08 per diluted share for the fourth quarter. Guidance initiated.

Period: quarter and fiscal year ended December 30, 2023
Revenue: Revenue of $2.3 billion for the fiscal year; Revenue of $553.7 million for the fourth quarter
Net income: Net Loss of $745.0 million for the fiscal year; Net Loss of $13.1 million for the fourth quarter
EPS: Net Loss of $4.53 per diluted share for the fiscal year; Net Loss of $0.08 per diluted share for the fourth quarter
Guidance: initiated
Result: reported results

Exact text from the filing

reported financial results for the fourth quarter and fiscal year ended December 30, 2023. Fiscal Year 2023 Highlights For the fiscal year, Driven Brands delivered revenue of $2.3 billion, up 13% versus the prior year. System-wide sales were $6.3 billion, up 12% versus the prior year driven by 7% same-store sales growth and 4% net store growth. The Company added

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Source: SEC EDGAR

accession 0001193125-24-042099

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