8-K filed May 2, 2024, 7:59 PM ET ticker DRVN CIK 0001804745

earnings confidence high sentiment neutral materiality 0.75

Driven Brands Q1 net income $4.3M ($0.03 EPS); adj EBITDA $131M (+6%); CFO Ferrera resigns

Driven Brands Holdings Inc.

2024-Q1 EPS reported $0.03 revenue$572,226,000

Revenue $572M (+2% YoY), system-wide sales $1.6B (+7%), 0.7% same-store sales growth, 13th consecutive quarter of SSS growth.
Net income $4.3M ($0.03 diluted EPS) vs $29.7M ($0.17) prior year; adjusted net income $38.1M ($0.23 adj EPS) flat YoY.
Maintenance segment SSS +4.8% driven by Take 5 Oil Change +7%; Car Wash SSS -7.4%.
CFO Gary Ferrera resigns effective after Q1 10-Q filing; Joel Arnao interim CFO, Michael Beland principal financial officer.
Reaffirms FY2024 outlook: revenue ~$2.35-2.45B, adj EBITDA ~$535-565M, adj EPS $0.88-1.00.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Role change (interim)

Joel Arnao

interim Chief Financial Officer

DRVN · Driven Brands Holdings Inc.

Filed: May 2, 2024, 7:59 PM ET

and has appointed Joel Arnao, the Company’s current Senior Vice President, FP&A, Treasury, and Investor Relations, as the Company’s interim Chief Financial Officer

Departed

Gary W. Ferrera

Executive Vice President and Chief Financial Officer

DRVN · Driven Brands Holdings Inc.

Successor: Joel Arnao
Filed: May 2, 2024, 7:59 PM ET

On April 26, 2024, Gary W. Ferrera, the Company’s Executive Vice President and Chief Financial Officer, notified the Company of his intent to resign from the Company to pursue a professional opportunity at a privately held company.

Role change

Michael Beland

principal financial officer

DRVN · Driven Brands Holdings Inc.

Filed: May 2, 2024, 7:59 PM ET

the Board of Directors of the Company has designated Michael Beland, the Company’s current Senior Vice President and Chief Accounting Officer, as the Company’s principal financial officer

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Driven Brands Holdings Inc. reported the first quarter ending March 30, 2024 results: revenue $572 million, net income $4.3 million or $0.03 per diluted share, EPS $0.03 per diluted share. Guidance reaffirmed.

Period: the first quarter ending March 30, 2024
Revenue: $572 million
Net income: $4.3 million or $0.03 per diluted share
EPS: $0.03 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

DRVN) (“Driven Brands” or the “Company”) today reported financial results for the first quarter ending March 30, 2024. For the first quarter, Driven Brands delivered revenue of $572 million, up 2% versus the prior year. System-wide sales were $1.6 billion, up 7% versus the prior year primarily driven by 0.7% same store sales growth and 144 net new units. Net Income

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Joel Arnao was appointed as interim Chief Financial Officer at Driven Brands Holdings Inc..

Action: appointed
Role: interim Chief Financial Officer

Exact text from the filing

and has appointed Joel Arnao, the Company’s current Senior Vice President, FP&A, Treasury, and Investor Relations, as the Company’s interim Chief Financial Officer

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Gary W. Ferrera resigned as Executive Vice President and Chief Financial Officer at Driven Brands Holdings Inc..

Action: resigned
Role: Executive Vice President and Chief Financial Officer

Exact text from the filing

On April 26, 2024, Gary W. Ferrera, the Company’s Executive Vice President and Chief Financial Officer, notified the Company of his intent to resign from the Company to pursue a professional opportunity at a privately held company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Beland changed role as principal financial officer at Driven Brands Holdings Inc..

Action: designated
Role: principal financial officer

Exact text from the filing

the Board of Directors of the Company has designated Michael Beland, the Company’s current Senior Vice President and Chief Accounting Officer, as the Company’s principal financial officer

View on SEC.gov

1436 earnings releases filed in the last 30 days. Browse all earnings releases →

Driven Brands Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-128254

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