The following is a summary of the Driven Brands Holdings Inc. (DRVN) Q3 2024 Earnings Call Transcript:
Financial Performance:
Driven Brands Holdings Inc. reported Q3 2024 revenue of $592 million, up 2% year-over-year.
Adjusted EBITDA was $138.8 million with diluted adjusted EPS of $0.26 per share.
Achieved 15th consecutive quarter of positive same-store sales growth, with a 1.1% increase.Operating income was reported at $40 million for Q3. Adjusted EBITDA margin grew approximately 250 basis points to 23.5% for Q3.
Business Progress:
Driven Brands continued expansion with 56 net new stores, including 45 new units for Take 5 Oil Change.
Closed on the sale of PH Vitres, leveraging the proceeds to pay down debt.
Transitioned all stores affected by Hurricane Milton back to operational status.
Driven Advantage platform sees significant use, with 80% of eligible locations participating.
Achieved over 1 million members in the U.S. Car Wash segment.
Opportunities:
Expansion and growth in Take 5 Oil Change, marked by robust franchise development and new store openings.
Significant growth in franchise businesses across maintenance, PC&G, and platform services segments.
Potential in the glass business, Auto Glass Now, with new national and regional partnerships.
Risks:
Ongoing consumer uncertainty and major weather events impacted Q3 and may affect Q4 performance.
Continued inflationary pressures expected to impact consumer spending, particularly among lower-income households.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
