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Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2021 Results
Source: Nasdaq GlobeNewswire / 16 Feb 2022 06:00:01 America/Chicago
Delivers Strong Same-Store Sales and Net Store Growth
Reports Robust Operating Income and Earnings per Share Growth
Provides Fiscal 2022 Guidance
CHARLOTTE, N.C., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or “the Company”) today reported financial results for the fourth quarter and fiscal year ended December 25, 2021.
For the fourth quarter, revenue was $391.9 million, an increase of 36% versus the prior year. System-wide sales were $1.2 billion, an increase of 26% versus the prior year, with 6% net store growth and an increase in consolidated same-store sales of 16.4%.
The $(0.23) loss per diluted share in the fourth quarter was driven by a $56 million one-time transaction expense associated with the acquisition of Auto Glass Now (“AGN”), which closed on December 30, 2021.
Adjusted earnings per diluted share2 was $0.18 for the fourth quarter.
For fiscal year 2021, revenue was $1.5 billion, an increase of 62% versus the prior year. System-wide sales were $4.5 billion, an increase of 35% versus the prior year, with 6% net store growth and an increase in consolidated same-store sales of 17.1%.
Earnings per diluted share was $0.06 for the fiscal year.
Adjusted earnings per diluted share2 was $0.88 for the fiscal year.
“Our results are a testament to the strength and diversity of the Driven Brands portfolio and the hard work the team has demonstrated throughout 2021,” said Jonathan Fitzpatrick, president and chief executive officer. “Our employees and franchisees continued to adapt to an ever-changing landscape, exceeding our expectations and delivering industry-leading results.
“We are pleased to release our fiscal 2022 guidance5 of approximately $465 million of Adjusted EBITDA. With our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation, we are well positioned to maximize long-term value for all of our stakeholders.”
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5 See Disclosure Regarding Non-GAAP Financial MeasuresFourth Quarter Highlights
- Revenue increased 36% versus the prior year, driven by same-store sales growth and net store growth.
- Consolidated same-store sales increased 16.4% for the quarter and all segments posted positive same-store sales.
- The Company added 102 net new stores during the quarter.
- The Company recorded a net loss in the fourth quarter of $(38.8) million, driven by a $56 million one-time transaction expense associated with the acquisition of AGN.
- Adjusted Net Income1 was $31.2 million.
- Adjusted EBITDA3 was $85.0 million.
Fourth Quarter 2021 Key Performance Indicators by Segment
System-wide
Sales
(in millions)Store Count* Same-Store
SalesRevenue
(in millions)Segment Adjusted
EBITDA4
(in millions)Maintenance $ 330.8 1,505 25.7 % $ 159.5 $ 46.2 Car Wash 124.0 1,058 6.2 % 125.3 37.8 Paint, Collision & Glass 643.4 1,648 11.4 % 59.6 21.2 Platform Services 84.0 201 35.2 % 40.3 12.1 Corporate / Other N/A N/A N/A 7.2 Total $ 1,182.2 4,412 16.4 % $ 391.9 *Drive N Style is currently held for sale. As a result, 62 stores have been removed from Maintenance store count. Net store growth percentages reflect this change in both current and prior year periods.
Capital and Liquidity
During the fourth quarter, the Company closed on a $500 million term loan. The proceeds from this issuance will be used for general corporate purposes, including acquisitions.
The Company ended the fourth quarter with total liquidity of $920.6 million, which included $523.4 million in cash and cash equivalents and $397.2 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility.
Fiscal Year 2022 Guidance
The Company is providing the following guidance5 for the fiscal year ending December 31, 2022:
- Revenue of approximately $1.9 billion.
- Adjusted EBITDA3 of approximately $465 million.
- Adjusted Earnings per Share2 of approximately $1.04.
The above guidance includes the impact of the 79 acquired AGN stores and the impact of the 53rd week in fiscal year 2022. The impact of the extra week is expected to yield approximately $16 million in revenue, $4 million in Adjusted EBITDA3 and approximately $0.02 in Adjusted Earnings Per Share2.
The Company also expects:
- Mid-single-digit same-store sales growth.
- Net store growth of approximately 225:
- Maintenance: approximately 145 stores of which 65% will be franchised and 35% will be company-operated
- Car Wash: approximately 45 stores which will be company-operated
- Paint, Collision & Glass: approximately 35 stores which will be company-operated.
The Company has not included future M&A in its guidance for fiscal year 2022.
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5 See Disclosure Regarding Non-GAAP Financial MeasuresConference Call
Driven Brands will host a conference call to discuss fourth quarter and fiscal year 2021 results and its guidance for fiscal year 2022 today, Wednesday, February 16, 2022 at 9:00am ET. The call will be available by webcast and can be accessed by visiting Driven Brands’ Investor Relations website at investors.drivenbrands.com. A replay of the call will be available until April 26, 2022.
About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,400 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates more than $1 billion in revenue from more than $4 billion in system-wide sales.
Contacts
Shareholder/Analyst inquiries: Media inquiries: Rachel Webb Taylor Blanchard rachel.webb@drivenbrands.com taylor.blanchard@drivenbrands.com (704) 644-8125 (704) 644-8129 Disclosure Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this press release, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, and expected market growth are forward-looking statements. In particular, forward-looking statements include, among other things, statements relating to: (i) our strategy, outlook and growth prospects; (ii) our operational and financial targets and dividend policy; (iii) general economic trends and trends in the industry and markets; and (iv) the competitive environment in which we operate. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 26, 2020, as supplemented by the “Risk Factors” section in our Quarterly Report on Form 10-Q for the quarter ended September 25, 2021, and in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements.
Forward-looking statements represent our estimates and assumptions only as of the date on which they are made, and we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Disclosure Regarding Non-GAAP Financial Measures
In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company has included certain non-GAAP financial measures in this release, including Adjusted Net Income1, Adjusted Earnings Per Share2, and Adjusted EBITDA3. Management believes these non-GAAP financial measures are useful because they enable management, investors, and others to assess the operating performance of the Company and its segments. Please refer to the Reconciliation of Non-GAAP Financial Information tables located in the financial supplement in this release.
This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted Earnings Per Share2 and Adjusted EBITDA3. These measures will differ from net income, determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We do not provide guidance for net income, determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA3 to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income.
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1 “Adjusted Net Income” is calculated by eliminating from net income (loss) the adjustments described for Adjusted EBITDA, amortization related to acquired intangible assets and the tax effect of the adjustments. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.
2 “Adjusted Earnings Per Share” represents Adjusted Net Income divided by weighted average shares (basic and diluted). Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.
3 “Adjusted EBITDA” represents earnings before interest expense, income tax expense, and depreciation and amortization, with further adjustments for acquisition-related costs, straight-line rent, equity compensation, loss on debt extinguishment and certain non-recurring, non-core, infrequent or unusual charges. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.
4 “Segment Adjusted EBITDA” is defined as Adjusted EBITDA with a further adjustment for store opening costs. Corporate & Other costs are not allocated across segments. Segment Adjusted EBITDA is a supplemental measure of operating performance of our segments and may not be comparable to similar measures reported by other companies. Please refer to reconciliation to Adjusted EBITDA located in the financial supplement in this release.DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Year Ended (in thousands, except per share amounts) December 25,
2021December 26,
2020December 25,
2021December 26,
2020Revenue: Franchise royalties and fees $ 37,173 $ 22,912 $ 144,413 $ 117,126 Company-operated store sales 239,838 165,928 843,646 489,267 Independently-operated store sales 43,763 36,598 204,246 67,193 Advertising contributions 18,934 17,243 75,599 59,672 Supply and other revenue 52,177 45,827 199,376 170,942 Total revenue 391,885 288,508 1,467,280 904,200 Operating expenses: Company-operated store expenses 148,742 103,575 515,837 305,908 Independently-operated store expenses 24,451 23,056 114,115 41,051 Advertising expenses 18,100 19,560 74,765 61,989 Supply and other expenses 31,901 23,213 112,318 93,380 Selling, general and administrative expenses 73,714 65,170 292,263 218,277 Acquisition costs 59,712 2,395 62,386 15,682 Store opening costs 1,137 1,007 2,497 2,928 Depreciation and amortization 34,055 29,458 112,777 62,114 Asset impairment charges 96 1,410 3,257 8,142 Total operating expenses 391,908 268,844 1,290,215 809,471 Operating income (loss) (23 ) 19,664 177,065 94,729 Other income (expense), net: Interest expense, net 23,524 30,673 75,914 95,646 Loss (gain) on foreign currency transactions, net 14,327 (13,618 ) 20,683 (13,563 ) Loss on debt extinguishment — 4,817 45,576 5,490 Total other expenses, net 37,851 21,872 142,173 87,573 Income (loss) before taxes (37,874 ) (2,208 ) 34,892 7,156 Income tax expense 911 5,263 25,356 11,372 Net income (loss) (38,785 ) (7,471 ) 9,536 (4,216 ) Net income (loss) attributable to non-controlling interests (28 ) 17 (96 ) (17 ) Net income (loss) attributable to Driven Brands Holdings Inc. $ (38,757 ) $ (7,488 ) $ 9,632 $ (4,199 ) Earnings (loss) per share(1) Basic $ (0.23 ) $ (0.06 ) $ 0.06 $ (0.04 ) Diluted $ (0.23 ) $ (0.06 ) $ 0.06 $ (0.04 ) Weighted average shares outstanding(1) Basic 162,646 127,256 160,684 104,318 Diluted 162,646 127,256 164,644 104,318 (1) Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021.
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands) December 25,
2021December 26,
2020Assets Current assets: Cash and cash equivalents $ 523,414 $ 172,611 Restricted cash 792 15,827 Accounts and notes receivable, net 117,903 84,805 Inventory 46,990 43,039 Prepaid and other assets 24,326 25,070 Income tax receivable 1,539 3,055 Assets held for sale 3,275 — Advertising fund assets, restricted 45,360 29,276 Total current assets 763,599 373,683 Notes receivable, net 3,182 3,828 Property and equipment, net 1,350,984 827,392 Operating lease right-of-use assets 995,625 884,927 Deferred commissions 10,567 8,661 Intangibles, net 816,183 829,308 Goodwill 1,910,392 1,727,351 Total assets $ 5,850,532 $ 4,655,150 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 83,033 $ 67,802 Accrued expenses and other liabilities 297,620 190,867 Income taxes payable 5,726 3,513 Current portion of long-term debt 23,040 22,988 Advertising fund liabilities 26,441 20,276 Total current liabilities 435,860 305,446 Long-term debt, net 2,359,324 2,102,219 Operating lease liabilities 931,604 818,001 Deferred tax liabilities 255,558 249,043 Deferred revenue 37,576 20,757 Income tax receivable liability 155,970 — Long-term accrued expenses and other liabilities 29,398 53,324 Total liabilities 4,205,290 3,548,790 Common stock 1,674 565 Additional paid-in capital 1,605,890 1,055,172 Retained earnings 41,607 31,975 Accumulated other comprehensive income (loss) (5,028 ) 16,528 Total shareholders' equity attributable to Driven Brands Holdings Inc. 1,644,143 1,104,240 Non-controlling interests 1,099 2,120 Total shareholders' equity 1,645,242 1,106,360 Total liabilities and shareholders' equity $ 5,850,532 $ 4,655,150 DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Fiscal year ended (in thousands) December 25,
2021December 26,
2020Net income (loss) $ 9,536 $ (4,216 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 112,777 62,114 Noncash lease cost 70,143 49,348 Loss (gain) on foreign denominated transactions 25,324 (23,245 ) Bad debt expense 1,854 7,059 Asset impairment costs 3,257 8,142 Amortization of deferred financing costs and bond discounts 7,002 10,890 Loss (gain) on foreign currency derivative (4,642 ) 10,033 Provision for deferred income taxes 9,866 3,936 Loss on extinguishment of debt 45,576 5,490 Other, net (9,235 ) 1,408 Changes in assets and liabilities: Accounts and notes receivable, net (35,912 ) (11,782 ) Inventory (5,723 ) (2,904 ) Prepaid and other assets (30,260 ) (5,658 ) Advertising fund assets and liabilities, restricted 9,386 (369 ) Deferred commissions (1,899 ) (1,927 ) Deferred revenue 6,678 6,278 Accounts payable 6,905 (4,454 ) Accrued expenses and other liabilities 119,051 15,956 Income tax receivable 4,466 3,734 Operating lease liabilities (60,323 ) (45,847 ) Cash provided by operating activities 283,827 83,986 Cash flows from investing activities: Capital expenditures (160,760 ) (52,459 ) Cash used in business acquisitions, net of cash acquired (800,829 ) (105,031 ) Proceeds from sale-leaseback transactions 144,134 100,174 Proceeds from disposition of business 1,529 — Proceeds from disposal of fixed assets 990 — Cash used in investing activities (814,936 ) (57,316 ) Cash flows from financing activities: Payment of contingent consideration related to acquisitions — (2,783 ) Payment of debt issuance cost (19,756 ) (22,932 ) Proceeds from the issuance of long-term debt 950,000 625,000 Repayment of long-term debt (721,500 ) (448,213 ) Proceeds from revolving lines of credit and short-term debt 526,800 391,301 Repayments of revolving lines of credit and short-term debt (544,800 ) (432,800 ) Repayment of principal portion of finance lease liability (2,199 ) (595 ) Proceeds from failed sale-leaseback transactions 538 5,633 Proceeds from initial public offering, net of underwriting discounts 661,500 — Net proceeds from follow-on public offering 99,225 — Repurchases of common stock (43,040 ) — Proceeds from stock option exercises 505 — Payments for termination of interest rate swaps (21,826 ) — Proceeds from issuance of equity shares — 2,609 Other, net 89 1,423 Cash provided by financing activities 885,536 118,643 Effect of exchange rate changes on cash 558 4,468 Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted 354,985 149,781 Cash and cash equivalents, beginning of period 172,611 34,935 Cash included in advertising fund assets, restricted, beginning of period 19,369 23,091 Restricted cash, beginning of period 15,827 — Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period 207,807 58,026 Cash and cash equivalents, end of period 523,414 172,611 Cash included in advertising fund assets, restricted, end of period 38,586 19,369 Restricted cash, end of period 792 15,827 Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period $ 562,792 $ 207,807 DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)
Adjusted Net Income/Adjusted Earnings Per Share Three Months Ended Year Ended (in thousands, except per share amounts) December 25,
2021December 26,
2020December 25,
2021December 26,
2020Net income (loss) $ (38,785 ) $ (7,471 ) $ 9,536 $ (4,216 ) Acquisition related costs(a) 59,712 2,395 62,386 15,682 Non-core items and project costs, net(b) 1,746 6,962 5,656 6,036 Sponsor management fees(c) — 543 — 5,900 Straight-line rent adjustment(d) 3,228 4,026 11,619 7,150 Equity-based compensation expense(e) 1,357 815 4,301 1,323 Foreign currency transaction loss (gain), net(f) 14,327 (13,618 ) 20,683 (13,563 ) Bad debt expense (recovery)(g) (3,183 ) 359 (3,183 ) 3,201 Asset sale leaseback (gain) loss, impairment and closed store expenses(h) (11,940 ) 1,690 (8,935 ) 9,311 Loss on debt extinguishment(i) — 4,817 45,576 5,490 Amortization related to acquired intangible assets(j) 4,676 5,507 18,551 17,200 Provision for uncertain tax positions(k) (62 ) (696 ) (313 ) 2,114 Valuation allowance for deferred tax asset(l) 4,400 668 4,400 668 Adjusted net income before tax impact of adjustments 35,476 5,997 170,277 56,296 Tax impact of adjustments(m) (4,314 ) (4,429 ) (23,282 ) (12,890 ) Adjusted net income 31,162 1,568 146,995 43,406 Net income (loss) attributable to non-controlling interest (28 ) 17 (96 ) (17 ) Adjusted net income attributable to Driven Brands Holdings Inc. $ 31,190 $ 1,551 $ 147,091 $ 43,423 Adjusted earnings per share(1) Basic $ 0.19 $ 0.01 $ 0.90 $ 0.42 Diluted 0.18 0.01 0.88 0.42 Weighted average shares outstanding(1) Basic 162,646 127,256 160,684 104,318 Diluted 166,671 127,256 164,644 104,318 (1) Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021.
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)
Adjusted EBITDA Three Months Ended Year Ended (in thousands) December 25,
2021December 26,
2020December 25,
2021December 26,
2020Net income (loss) $ (38,785 ) $ (7,471 ) $ 9,536 $ (4,216 ) Income tax expense (benefit) 911 5,263 25,356 11,372 Interest expense, net 23,524 30,673 75,914 95,646 Depreciation and amortization 34,055 29,458 112,777 62,114 EBITDA 19,705 57,923 223,583 164,916 Acquisition related costs(a) 59,712 2,395 62,386 15,682 Non-core items and project costs, net(b) 1,746 6,962 5,656 6,036 Sponsor management fees(c) — 543 — 5,900 Straight-line rent adjustment(d) 3,228 4,026 11,619 7,150 Equity-based compensation expense(e) 1,357 815 4,301 1,323 Foreign currency transaction loss (gain), net(f) 14,327 (13,618 ) 20,683 (13,563 ) Bad debt expense (recovery)(g) (3,183 ) 359 (3,183 ) 3,201 Asset sale leaseback (gain) loss, impairment and closed store expenses(h) (11,940 ) 1,690 (8,935 ) 9,311 Loss on debt extinguishment(i) — 4,817 45,576 5,490 Adjusted EBITDA $ 84,952 $ 65,912 $ 361,686 $ 205,446 - Consists of acquisition costs as reflected within the consolidated statement of operations, including legal, consulting and other fees and expenses incurred in connection with acquisitions completed during the applicable period, as well as inventory rationalization expenses incurred in connection with acquisitions. We expect to incur similar costs in connection with other acquisitions in the future and, under U.S. GAAP, such costs relating to acquisitions are expensed as incurred and not capitalized.
- Consists of discrete items and project costs, including (i) third-party consulting and professional fees associated with strategic transformation initiatives, (ii) wage subsidies received directly attributable to the COVID-19 pandemic and (iii) other miscellaneous expenses, including non-capitalizable expenses relating to the Company’s initial public offering and other strategic transactions.
- Includes management fees paid to Roark Capital Management, LLC.
- Consists of the non-cash portion of rent expense, which reflects the extent to which our straight-line rent expense recognized under U.S. GAAP exceeds or is less than our cash rent payments.
- Represents non-cash equity-based compensation expense.
- Represents foreign currency transaction loss (gains), net that primarily related to the remeasurement of our intercompany loans which are partially offset by unrealized loss (gains) on remeasurement of cross currency swaps.
- Represents bad debt expense (recovery) related to uncollectible receivables outside of normal operations.
- Relates to (gain) loss on sale leasebacks, the discontinuation of the use of the Pro Oil trade name as those locations were transitioned to the Take 5 trade name, as well as impairment of certain fixed assets and operating lease right-of-use assets related to closed locations. Also represents lease exit costs and other costs associated with stores that were closed prior to their respective lease termination dates.
- Represents the write-off of debt issuance costs and prepayment penalties associated with early termination of debt.
- Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statements of operations.
- Represents uncertain tax positions recorded for prior year Canadian tax positions, inclusive of interest and penalties.
- Represents the establishment of a valuation allowance for certain deferred tax assets negatively impacted by strategic transactions.
- Represents the tax impact of adjustments associated with the reconciling items between net income and Adjusted Net Income, excluding the provision for uncertain tax positions and valuation allowance for certain deferred tax assets. To determine the tax impact of the deductible reconciling items, we utilized statutory income tax rates ranging from 9% to 38%, depending upon the tax attributes of each adjustment and the applicable jurisdiction.
DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED)
Three Months Ended Year Ended (in thousands) December 25,
2021December 26,
2020December 25,
2021December 26,
2020Segment Adjusted EBITDA: Maintenance $ 46,178 $ 32,185 $ 179,073 $ 114,764 Car Wash 37,841 25,398 153,064 43,137 Paint, Collision & Glass 21,197 16,157 82,731 66,276 Platform Services 12,090 12,668 56,954 49,408 Corporate and other (31,217 ) (19,489 ) (107,639 ) (65,211 ) Store opening costs (1,137 ) (1,007 ) (2,497 ) (2,928 ) Adjusted EBITDA $ 84,952 $ 65,912 $ 361,686 $ 205,446 DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)
Three Months Ended December 25, 2021 (in thousands) Maintenance Car Wash Paint,
Collision &
GlassPlatform
ServicesTotal System-wide Sales Franchise stores $ 192,769 $ — 622,649 $ 82,922 $ 898,340 Company-operated stores 138,000 80,260 20,746 1,126 240,132 Independently-operated stores — 43,763 — — 43,763 Total System-wide Sales $ 330,769 $ 124,023 $ 643,395 $ 84,048 $ 1,182,235 Store Count (in whole numbers) Franchise stores 962 — 1,608 200 2,770 Company-operated stores 543 330 40 1 914 Independently-operated stores — 728 — — 728 Total Store Count 1,505 1,058 1,648 201 4,412 Three Months Ended December 26, 2020 (in thousands) Maintenance Car Wash Paint,
Collision &
GlassPlatform
ServicesTotal System-wide Sales Franchise stores $ 149,836 $ — $ 521,456 $ 61,234 $ 732,526 Company-operated stores 97,927 51,383 $ 15,788 $ 935 166,033 Independently-operated stores — 36,598 — — 36,598 Total System-wide Sales $ 247,763 $ 87,981 $ 537,244 $ 62,169 $ 935,157 Store Count (in whole numbers) Franchise stores 903 — 1,652 198 2,753 Company-operated stores 491 216 30 1 738 Independently-operated stores — 736 — — 736 Total Store Count 1,394 952 1,682 199 4,227
The 62 Drive N Style stores are included in the Maintenance store count for the three months ended December 26, 2020 as previously reported, but are not included in store count for the three months ended December 25, 2021 as they are held for sale.