Driven Brands Q2 SSS +0.5%; revenue $612M; CFO Diamond appointed; lowers FY SSS outlook

Driven Brands Holdings Inc.

2024-Q2 EPS reported $0.21 revenue$1,183,792,000

Q2 revenue $612M (+1% YoY); net income $30.2M ($0.18 diluted); adjusted EBITDA $152.2M (+4%); adjusted EPS $0.35.
Same-store sales +0.5% (14th consecutive quarter); Take 5 Oil Change SSS +6%, unit growth +19%.
FY2024 guidance: revenue $2.35-2.45B; adjusted EBITDA $535-565M; same-store sales growth revised down to 1-3% from 3-5%.
Michael Diamond appointed EVP & CFO effective Aug 9, 2024; previously CFO of The Michaels Companies; Joel Arnao returns to SVP role.
Closed $275M Series 2024 Class A-2 notes and $400M VFN (undrawn), replacing $115M notes, increasing liquidity by $285M.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Michael F. Diamond

Executive Vice President and Chief Financial Officer

DRVN · Driven Brands Holdings Inc.

Effective: 2024-08-09
Filed: August 1, 2024, 7:59 PM ET

The Company announced on August 1, 2024, that it had appointed Michael F. Diamond, age 42, to serve as its Executive Vice President and Chief Financial Officer (“CFO”) effective as of August 9, 2024

Role change

Michael Beland

Principal Accounting Officer

DRVN · Driven Brands Holdings Inc.

Effective: 2024-08-09
Filed: August 1, 2024, 7:59 PM ET

Following the Effective Date, Mr. Beland will continue to serve in his prior role as the Company’s Principal Accounting Officer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael F. Diamond was appointed as Executive Vice President and Chief Financial Officer at Driven Brands Holdings Inc..

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

Exact text from the filing

The Company announced on August 1, 2024, that it had appointed Michael F. Diamond, age 42, to serve as its Executive Vice President and Chief Financial Officer (“CFO”) effective as of August 9, 2024

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

Michael Beland changed role as Principal Accounting Officer at Driven Brands Holdings Inc..

Action: returned to prior role
Role: Principal Accounting Officer

Exact text from the filing

Following the Effective Date, Mr. Beland will continue to serve in his prior role as the Company’s Principal Accounting Officer.

View on SEC.gov

Driven Brands Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-190597

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