Driven Brands Holdings Inc. Reports Second Quarter 2025 Results

8/5/25 7:15:00 AM ET

$DRVN

Automotive Aftermarket

Consumer Discretionary

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--18th consecutive quarter of same store sales growth--

--Take 5 segment delivers revenue growth of 15% and same store sales growth of 7%--

--Pro forma net leverage ratio of 3.9x Adj. EBITDA post sale of U.S. car wash seller note --

--Reaffirms fiscal year 2025 outlook--

Driven Brands Holdings Inc. (NASDAQ:DRVN) ("Driven Brands" or the "Company") today reported financial results for the second quarter ending June 28, 2025.

For the second quarter, Driven Brands delivered revenue of $551.0 million, an increase of 6.2% versus the prior year. System-wide sales increased 3.1% to $1.6 billion, driven by a 1.7% increase in same store sales and 3.9% increase in store count versus the prior year.

Net income from continuing operations was $11.8 million or $0.07 per diluted share versus net income from continuing operations of $37.2 million or $0.22 per diluted share in the prior year. Adjusted Net Income¹was $59.1 million or $0.36 per diluted share versus $60.4 million or $0.37 per diluted share in the prior year. Adjusted EBITDA¹was $143.2 million, a decrease of $0.2 million versus the prior year.

"In the second quarter, we delivered another strong performance, with consistent results across same store sales, revenue, adjusted EBITDA, and adjusted earnings per share. We continued our disciplined debt reduction strategy and achieved pro forma net leverage of 3.9x following the sale of the U.S. car wash seller note in July. These results demonstrate the power of our diversified platform and our growth and cash playbook. Take 5 Oil Change remains at the forefront through industry-leading growth, achieving its 20th consecutive quarter of same store sales growth. I'm proud of how our team and franchise partners continue to execute with focus and discipline in this dynamic macro environment," said Danny Rivera, President and Chief Executive Officer.

"Looking ahead, I am confident in our ability to continue to deliver sustainable growth, as we have the right people, the right model, and the right momentum to win. With Take 5 Oil Change's proven operating model, our franchise brands' consistent cash generation, and our team's focused execution, we're well-positioned to execute on our key priorities of driving continued growth, generating robust free cash flow, and reducing leverage to generate long-term value for our shareholders," Rivera continued.

Second Quarter 2025 Key Performance Indicators by Segment

	System-wide Sales (in millions)		Store Count	Same Store Sales²		Revenue (in millions)		Adjusted EBITDA (in millions)
Take 5	$	406.6	1,244	6.6	%	$	304.2	$	108.2
Franchise Brands		1,075.2	2,673	(1.5	)%		74.6		45.4
Car Wash		71.8	718	19.4	%		73.4		27.3
Corporate and Other		71.2	214	N/A			98.8		(37.7	)
Total	$	1,624.8	4,849	1.7	%	$	551.0	$	143.2

Capital and Liquidity

The Company ended the second quarter with total liquidity of $654.8 million consisting of $166.1 million in cash and cash equivalents and $488.7 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility. This did not include the additional $135.0 million Series 2022 Class A-1 Notes that expand the Company's variable funding note borrowing capacity if the Company elects to exercise them, assuming certain conditions continue to be met.

Seller Note Divestiture

On July 25, 2025, Driven Brands divested the seller note received in connection with the sale of the former U.S. car wash business for $113.0 million in cash proceeds. Net proceeds were used to pay off all outstanding term loan principal as well as $65.0 million of the drawn balance on its revolving credit facility. The reduction in debt resulted in pro forma net leverage of 3.9x Adjusted EBITDA.

Fiscal Year 2025 Outlook

The Company reaffirms its financial outlook for fiscal year ending December 27, 2025.

	2025 Outlook
Revenue	~$2.05 - $2.15 billion
Adjusted EBITDA¹	~$520 - $550 million
Adjusted Diluted EPS¹	~$1.15 - $1.25

The Company also continues to expect:

Same store sales growth of 1% - 3%
Net store growth of approximately 175 - 200

Note: 2025 Outlook excludes the impact of any potential M&A and divestitures other than the completed sale of the U.S. car wash business.

¹Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See "Reconciliation of Non-GAAP Financial Measures" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA and Adjusted EPS are made in a manner consistent with the relevant definitions and assumptions noted herein.

²The Company does not provide same store sales results for Corporate and Other as it is a non-reportable segment. The same store sales results for any applicable businesses within Corporate and Other are included in the Company's overall same store sales results.

Conference Call

Driven Brands will host a conference call to discuss second quarter 2025 results today, Tuesday, August 5, at 8:30 a.m. 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 for at least three months.

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 services, 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^®, Auto Glass Now^®, and CARSTAR^®. Driven Brands has approximately 4,800 locations across the United States and 13 other countries, and services tens of millions of vehicles annually. Driven Brands' network generates approximately $2.0 billion in annual revenue from approximately $6.2 billion in system-wide sales.

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, trends, plans, objectives of management, impact of accounting standards and outlook, impairments, and expected market growth are forward-looking statements. In particular, forward-looking statements include, among other things, statements relating to: (i) potential post-closing obligations and liabilities relating to the sale of our U.S. car wash business; (ii) the current geopolitical environment, including the impact, both direct and indirect, of government actions, such as proposed and enacted tariffs; (iii) our strategy, outlook, and growth prospects; (iv) our operational and financial targets and dividend policy; (v) general economic trends and trends in the industry and markets; (vi) the risks and costs associated with the integration of, and or ability to integrate, our stores and business units successfully; (vii) the proper application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments; and (viii) 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 28, 2024 as well as 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.


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Six Months Ended
(in thousands, except per share amounts)	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
Net revenue:
Franchise royalties and fees	$	49,180		$	50,029		$	93,890		$	95,074
Company-operated store sales		333,280			301,917			647,411			586,146
Independently-operated store sales		71,791			60,280			138,431			113,327
Advertising contributions		27,041			24,911			52,366			48,981
Supply and other revenue		69,696			81,659			135,053			157,260
Total net revenue		550,988			518,796			1,067,151			1,000,788
Operating Expenses:
Company-operated store expenses		190,396			178,677			372,262			348,019
Independently-operated store expenses		38,060			31,956			74,535			61,311
Advertising expenses		27,040			24,911			52,365			48,981
Supply and other expenses		39,359			40,536			74,387			76,752
Selling, general, and administrative expenses		183,118			119,818			326,170			243,629
Depreciation and amortization		34,903			32,824			68,055			63,940
Total operating expenses		512,876			428,722			967,774			842,632
Operating income		38,112			90,074			99,377			158,156
Other expenses, net:
Interest expense, net		31,359			31,816			67,893			75,567
Foreign currency transaction (gain) loss, net		(12,197	)		681			(11,987	)		5,002
Other expenses, net		19,162			32,497			55,906			80,569
Income before taxes from continuing operations		18,950			57,577			43,471			77,587
Income tax expense		7,141			20,360			14,172			28,818
Net income from continuing operations	$	11,809		$	37,217		$	29,299		$	48,769
Gain on sale of discontinued operations, net of tax		37,367			—			37,367			—
Net loss from discontinued operations, net of tax		(1,612	)		(7,058	)		(13,596	)		(14,349	)
Net income	$	47,564		$	30,159		$	53,070		$	34,420

Basic earnings (loss) per share:
Continuing Operations	$	0.07		$	0.22		$	0.18		$	0.30
Discontinued Operations		0.22			(0.04	)		0.15			(0.09	)
Net basic earnings per share	$	0.29		$	0.18		$	0.33		$	0.21

Diluted earnings (loss) per share:
Continuing Operations	$	0.07		$	0.22		$	0.18		$	0.30
Discontinued Operations		0.22			(0.04	)		0.15			(0.09	)
Net diluted earnings per share	$	0.29		$	0.18		$	0.33		$	0.21

Weighted average shares outstanding
Basic		162,833			159,795			161,701			159,713
Diluted		164,150			160,765			162,984			160,683


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share amounts)	June 28, 2025			December 28, 2024
Assets
Current assets:
Cash and cash equivalents	$	166,131		$	149,573
Restricted cash		334			358
Accounts and notes receivable, net		213,143			177,654
Inventory		67,165			66,539
Prepaid and other assets		45,481			37,841
Income tax receivable		11,279			14,294
Advertising fund assets, restricted		64,031			49,716
Assets held for sale		64,904			77,616
Seller note receivable		113,000			—
Current assets of discontinued operations		—			83,847
Total current assets		745,468			657,438
Other assets		104,685			125,422
Property and equipment, net		759,495			711,505
Operating lease right-of-use assets		553,128			524,442
Deferred commissions		7,549			7,246
Intangibles, net		662,907			665,896
Goodwill		1,441,595			1,403,056
Deferred tax assets		8,687			8,206
Non-current assets of discontinued operations		—			1,158,576
Total assets	$	4,283,514		$	5,261,787
Liabilities and shareholders' equity
Current liabilities:
Accounts payable	$	118,887		$	85,843
Accrued expenses and other liabilities		207,845			193,638
Income tax payable		5,281			6,860
Current portion of long-term debt		282,189			32,232
Income tax receivable liability		22,676			22,676
Advertising fund liabilities		24,200			22,030
Current liabilities of discontinued operations		—			70,616
Total current liabilities		661,078			433,895
Long-term debt		2,094,535			2,656,308
Deferred tax liabilities		96,994			87,485
Operating lease liabilities		525,597			491,282
Income tax receivable liability		110,907			110,935
Deferred revenue		30,162			31,314
Long-term accrued expenses and other liabilities		20,846			20,122
Non-current liabilities of discontinued operations		—			823,112
Total liabilities		3,540,119			4,654,453
Preferred Stock $0.01 par value; 100,000,000 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value, 900,000,000 shares authorized: and 164,274,617 and 163,842,248 shares outstanding; respectively		1,643			1,638
Additional paid-in capital		1,720,825			1,699,851
Accumulated deficit		(949,513	)		(1,002,583	)
Accumulated other comprehensive loss		(29,560	)		(91,572	)
Total shareholders' equity		743,395			607,334
Total liabilities and shareholders' equity	$	4,283,514		$	5,261,787


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended
(in thousands)	June 28, 2025			June 29, 2024
Net income	$	53,070		$	34,420
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		70,281			87,862
Share-based compensation expense		23,078			22,843
(Gain) loss on foreign denominated transactions		(17,630	)		9,923
Loss (gain) on foreign currency derivatives		5,643			(4,921	)
(Gain) loss on sale and disposal of businesses, fixed assets, and sale leaseback transactions		(27,694	)		13,406
Loss on fair value of seller note receivable		17,000			—
Reclassification of interest rate hedge to income		(1,033	)		(1,044	)
Bad debt expense		9,293			1,738
Asset impairment charges and lease terminations		18,460			2,058
Amortization of deferred financing costs and bond discounts		6,206			4,933
Amortization of cloud computing		9,136			2,414
Provision for deferred income taxes		2,215			5,036
Other, net		(24,230	)		7,322
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable, net		(42,397	)		(47,245	)
Inventory		773			11,310
Prepaid and other assets		(4,667	)		7,986
Advertising fund assets and liabilities, restricted		(11,599	)		(12,220	)
Other assets		(104	)		(47,699	)
Deferred commissions		303			(428	)
Deferred revenue		(1,164	)		971
Accounts payable		28,707			3,968
Accrued expenses and other liabilities		43,260			8,022
Income tax receivable		(1,380	)		(3,431	)
Cash provided by operating activities		155,527			107,224
Cash flows from investing activities:
Capital expenditures		(118,809	)		(155,920	)
Cash used in business acquisitions, net of cash acquired		(6,034	)		(2,759	)
Proceeds from sale leaseback transactions		22,810			11,808
Proceeds from sale or disposal of businesses and fixed assets		259,585			112,845
Cash provided by (used in) investing activities		157,552			(34,026	)
Cash flows from financing activities:
Payment of debt extinguishment and issuance costs		(1,414	)		(871	)
Repayment of long-term debt		(305,446	)		(34,005	)
Proceeds from revolving lines of credit and short-term debt		65,000			46,000
Repayment of revolving lines of credit and short-term debt		(75,000	)		(71,000	)
Repayment of principal portion of finance lease liability		(2,440	)		(2,199	)
Payment of Tax Receivable Agreement		—			(38,362	)
Acquisition of non-controlling interest		—			(644	)
Purchase of common stock		—			(2	)
Tax obligations for share-based compensation		(2,582	)		(980	)
Cash used in financing activities		(321,882	)		(102,063	)
Effect of exchange rate changes on cash		5,464			(1,615	)
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted		(3,339	)		(30,480	)
Cash and cash equivalents, beginning of period		169,954			176,522
Cash included in advertising fund assets, restricted, beginning of period		38,930			38,537
Restricted cash, beginning of period		358			657
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period		209,242			215,716
Cash and cash equivalents, end of period		166,131			148,814
Cash included in advertising fund assets, restricted, end of period		39,438			32,008
Restricted cash, end of period		334			4,414
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period	$	205,903		$	185,236

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this earnings release to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.

Non-GAAP Financial Measures in Outlook

Driven Brands includes Adjusted Earnings Before Interest, Tax, Depreciation and Amortization ("Adjusted EBITDA") and Adjusted Earnings per Share ("Adjusted EPS") in the Company's Fiscal Year 2025 Outlook. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures and have not been reconciled to the most comparable GAAP financial measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide an outlook for the comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA and Adjusted EPS are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.

Adjusted Net Income and Adjusted Earnings Per Share

Adjusted Net Income and Adjusted EPS are considered non-GAAP financial measures under the SEC's rules because they exclude certain amounts included in the net income attributable to Driven Brands common stockholders and diluted earnings per share attributable to Driven Brands common stockholders calculated in accordance with GAAP. Management believes that Adjusted Net Income and Adjusted EPS are meaningful measures to share with investors because they facilitate comparison of the current period performance with that of the comparable prior period. In addition, Adjusted Net Income and Adjusted EPS afford investors a view of what management considers to be Driven Brands' core earnings performance as well as the ability to make a more informed assessment of such earnings performance with that of the prior period.

The tables below reflect the calculation of Adjusted Net Income and Adjusted Earnings Per Share for the three and six months ended June 28, 2025, compared to the three and six months ended June 29, 2024.

Net Income to Adjusted Net Income and Adjusted Earnings Per Share (Unaudited)

	Three Months Ended						Six Months Ended
(in thousands, except per share data)	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
Net income from continuing operations	$	11,809		$	37,217		$	29,299		$	48,769
Adjustments:
Acquisition related costs^(a)		983			264			998			1,965
Non-core items and project costs, net^(b)		8,969			5,031			14,213			9,742
Cloud computing amortization^(c)		7,255			1,069			9,136			2,414
Share-based compensation expense^(d)		11,290			10,982			23,078			22,843
Foreign currency transaction (gain) loss, net^(e)		(12,197	)		681			(11,987	)		5,002
Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses^(f)		41,727			3,201			53,480			7,177
Amortization related to acquired intangible assets^(g)		4,528			5,923			9,187			12,338
Valuation allowance for deferred tax asset^(h)		2,135			121			2,434			1,255
Adjusted net income before tax impact of adjustments		76,499			64,489			129,838			111,505
Tax impact of adjustments⁽ⁱ⁾		(17,359	)		(4,111	)		(26,519	)		(11,115	)
Adjusted net income from continuing operations	$	59,140		$	60,378		$	103,319		$	100,390

Basic earnings per share from continuing operations	$	0.07		$	0.22		$	0.18		$	0.30
Diluted earnings per share from continuing operations	$	0.07		$	0.22		$	0.18		$	0.30

Adjusted basic earnings per share from continuing operations⁽¹⁾	$	0.36		$	0.37		$	0.63		$	0.62
Adjusted diluted earnings per share from continuing operations⁽¹⁾	$	0.36		$	0.37		$	0.63		$	0.62

Weighted average shares outstanding
Basic		162,833			159,795			161,701			159,713
Diluted		164,150			160,765			162,984			160,683

(1)

Adjusted Earnings Per Share is calculated under the two-class method. Under the two-class method, adjusted earnings per share is calculated using adjusted net income attributable to common shares, which is derived by reducing adjusted net income by the amount attributable to participating securities. Adjusted Net Income attributable to participating securities used in the basic earnings per share calculations was less than $1 million and $1 million for the three and six months ended June 28, 2025, respectively, and $1 million and $2 million for the three and six months ended June 29, 2024, respectively. Adjusted Net Income attributable to participating securities used in the diluted earnings per share calculation was less than $1 million for the three and six months ended June 28, 2025 and June 29, 2024.

Adjusted EBITDA

Adjusted EBITDA is considered a non-GAAP financial measure under the Securities and Exchange Commission's ("SEC") rules because it excludes certain amounts included in net income calculated in accordance with GAAP. Management believes that Adjusted EBITDA is a meaningful measure to share with investors because it facilitates comparison of the current period performance with that of the comparable prior period. In addition, Adjusted EBITDA affords investors a view of what management considers to be Driven Brand's core operating performance as well as the ability to make a more informed assessment of such operating performance as compared with that of the prior period.

Please see the company's Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 26, 2025, for additional information on Adjusted EBITDA. The tables below reflect the calculation of Adjusted EBITDA for the three and six months ended June 28, 2025, compared to the three and six months ended June 29, 2024.

Net Income to Adjusted EBITDA Reconciliation (Unaudited)

	Three Months Ended					Six Months Ended
(in thousands)	June 28, 2025			June 29, 2024		June 28, 2025			June 29, 2024
Net income from continuing operations	$	11,809		$	37,217	$	29,299		$	48,769
Income tax expense		7,141			20,360		14,172			28,818
Interest expense, net		31,359			31,816		67,893			75,567
Depreciation and amortization		34,903			32,824		68,055			63,940
EBITDA		85,212			122,217		179,419			217,094
Acquisition related costs^(a)		983			264		998			1,965
Non-core items and project costs, net^(b)		8,969			5,031		14,213			9,742
Cloud computing amortization^(c)		7,255			1,069		9,136			2,414
Share-based compensation expense^(d)		11,290			10,982		23,078			22,843
Foreign currency transaction (gain) loss, net^(e)		(12,197	)		681		(11,987	)		5,002
Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses^(f)		41,727			3,201		53,480			7,177
Adjusted EBITDA	$	143,239		$	143,445	$	268,337		$	266,237

Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share Footnotes

(a)		Consists of acquisition costs as reflected within the consolidated statements 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. As acquisitions occur in the future we expect to incur similar costs and, under U.S. GAAP, such costs relating to acquisitions are expensed as incurred and not capitalized.
(b)		Consists of discrete items and project costs, including third-party professional costs associated with strategic transformation initiatives as well as non-recurring payroll-related costs.
(c)		Includes non-cash amortization expenses relating to cloud computing arrangements.
(d)		Represents non-cash share-based compensation expense.
(e)		Represents foreign currency transaction (gains) losses, net that primarily related to the remeasurement of our intercompany loans as well as gains and losses on cross currency swaps and forward contracts.
(f)		Consists of the following items (i) (gains) losses, net on sale leasebacks, disposal of assets, or sale of business; (ii) net losses (gains) on sale for assets held for sale; (iii) impairment of certain fixed assets and operating lease right-of-use assets related to closed and underperforming locations, lease exit costs and other costs associated with stores that were closed prior to the respective lease termination dates; and (iv) unrealized loss on fair value of the Seller Note Receivable.
(g)		Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statement of operations.
(h)		Represents valuation allowances on income tax carryforwards in certain domestic jurisdictions that are not more likely than not to be realized.
(i)		Represents the tax impact of adjustments associated with the reconciling items between net income (loss) 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 36% depending upon the tax attributes of each adjustment and the applicable jurisdiction.


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

	Three Months Ended						Six Months Ended
(in thousands)	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
Take 5	$	108,153		$	98,408		$	209,071		$	187,296
Franchise Brands		45,443			54,204			89,826			101,793
Car Wash		27,297			22,215			51,685			40,200
Corporate and Other		(37,654	)		(31,382	)		(82,245	)		(63,052	)
Adjusted EBITDA	$	143,239		$	143,445		$	268,337		$	266,237


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)

	Three Months Ended June 28, 2025
(in thousands)	Take 5		Franchise Brands		Car Wash		Corporate and Other		Total
System-wide Sales
Franchise stores	$	149,119	$	1,070,582	$	—	$	—	$	1,219,701
Company-operated stores		257,449		4,654		—		71,177		333,280
Independently operated stores		—		—		71,791		—		71,791
Total System-wide Sales	$	406,568	$	1,075,236	$	71,791	$	71,177	$	1,624,772

Store Count (in whole numbers)
Franchise stores		485		2,660		—		—		3,145
Company-operated stores		759		13		—		214		986
Independently operated stores		—		—		718		—		718
Total Store Count		1,244		2,673		718		214		4,849

	Three Months Ended June 29, 2024
(in thousands)	Take 5		Franchise Brands		Car Wash		Corporate and Other		Total
System-wide Sales
Franchise stores	$	116,022	$	1,097,823	$	—	$	—	$	1,213,845
Company-operated stores		230,809		5,143		—		65,965		301,917
Independently operated stores		—		—		60,280		—		60,280
Total System-wide Sales	$	346,831	$	1,102,966	$	60,280	$	65,965	$	1,576,042

Store Count (in whole numbers)
Franchise stores		399		2,636		—		—		3,035
Company-operated stores		676		14		—		220		910
Independently operated stores		—		—		720		—		720
Total Store Count		1,075		2,650		720		220		4,665

	Six Months Ended June 28, 2025
(in thousands)	Take 5		Franchise Brands		Car Wash		Corporate and Other		Total
System-wide Sales
Franchise stores	$	285,807	$	2,099,956	$	—	$	—	$	2,385,763
Company-operated stores		508,249		8,646		—		130,516		647,411
Independently operated stores		—		—		138,431		—		138,431
Total System-wide Sales	$	794,056	$	2,108,602	$	138,431	$	130,516	$	3,171,605

Store Count (in whole numbers)
Franchise stores		485		2,660		—		—		3,145
Company-operated stores		759		13		—		214		986
Independently operated stores		—		—		718		—		718
Total Store Count		1,244		2,673		718		214		4,849

	Six Months Ended June 29, 2024
(in thousands)	Take 5		Franchise Brands		Car Wash		Corporate and Other		Total
System-wide Sales
Franchise stores	$	221,578	$	2,167,895	$	—	$	—	$	2,389,473
Company-operated stores		451,680		9,612		—		124,854		586,146
Independently operated stores		—		—		113,327		—		113,327
Total System-wide Sales	$	673,258	$	2,177,507	$	113,327	$	124,854	$	3,088,946

Store Count (in whole numbers)
Franchise stores		399		2,636		—		—		3,035
Company-operated stores		676		14		—		220		910
Independently operated stores		—		—		720		—		720
Total Store Count		1,075		2,650		720		220		4,665

View source version on businesswire.com: https://www.businesswire.com/news/home/20250805659164/en/

Shareholder/Analyst inquiries:

Dawn Francfort

ICR, Inc.

[email protected]

(203) 682-8200

Media inquiries:

Taylor Blanchard

[email protected]

(704) 644-8129

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Recent Analyst Ratings for

$DRVN

Date	Price Target	Rating	Analyst
8/6/2025	$23.00	Neutral → Overweight	Analyst
6/30/2025	$22.00	Buy	BTIG Research
6/3/2025	$20.00	Neutral	Goldman
4/4/2025	$22.00	Buy	The Benchmark Company
7/22/2024	$14.00	Market Perform	BMO Capital Markets
5/3/2024	$18.00 → $12.50	Overweight → Neutral	JP Morgan
2/20/2024	$19.00 → $18.00	Overweight	JP Morgan
1/16/2024	$22.00 → $14.00	Overweight → Equal-Weight	Morgan Stanley

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Driven Brands Holdings Inc. Reports Second Quarter 2025 Results

8/5/25 7:15:00 AM ET

$DRVN

Automotive Aftermarket

Consumer Discretionary

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--18th consecutive quarter of same store sales growth--

--Take 5 segment delivers revenue growth of 15% and same store sales growth of 7%--

--Pro forma net leverage ratio of 3.9x Adj. EBITDA post sale of U.S. car wash seller note --

--Reaffirms fiscal year 2025 outlook--

Driven Brands Holdings Inc. (NASDAQ:DRVN) ("Driven Brands" or the "Company") today reported financial results for the second quarter ending June 28, 2025.

Second Quarter 2025 Key Performance Indicators by Segment

	System-wide Sales (in millions)		Store Count	Same Store Sales²		Revenue (in millions)		Adjusted EBITDA (in millions)
Take 5	$	406.6	1,244	6.6	%	$	304.2	$	108.2
Franchise Brands		1,075.2	2,673	(1.5	)%		74.6		45.4
Car Wash		71.8	718	19.4	%		73.4		27.3
Corporate and Other		71.2	214	N/A			98.8		(37.7	)
Total	$	1,624.8	4,849	1.7	%	$	551.0	$	143.2

Capital and Liquidity

Seller Note Divestiture

Fiscal Year 2025 Outlook

The Company reaffirms its financial outlook for fiscal year ending December 27, 2025.

	2025 Outlook
Revenue	~$2.05 - $2.15 billion
Adjusted EBITDA¹	~$520 - $550 million
Adjusted Diluted EPS¹	~$1.15 - $1.25

The Company also continues to expect:

Same store sales growth of 1% - 3%
Net store growth of approximately 175 - 200

Note: 2025 Outlook excludes the impact of any potential M&A and divestitures other than the completed sale of the U.S. car wash business.

Conference Call

About Driven Brands

Disclosure Regarding Forward-Looking Statements


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Six Months Ended
(in thousands, except per share amounts)	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
Net revenue:
Franchise royalties and fees	$	49,180		$	50,029		$	93,890		$	95,074
Company-operated store sales		333,280			301,917			647,411			586,146
Independently-operated store sales		71,791			60,280			138,431			113,327
Advertising contributions		27,041			24,911			52,366			48,981
Supply and other revenue		69,696			81,659			135,053			157,260
Total net revenue		550,988			518,796			1,067,151			1,000,788
Operating Expenses:
Company-operated store expenses		190,396			178,677			372,262			348,019
Independently-operated store expenses		38,060			31,956			74,535			61,311
Advertising expenses		27,040			24,911			52,365			48,981
Supply and other expenses		39,359			40,536			74,387			76,752
Selling, general, and administrative expenses		183,118			119,818			326,170			243,629
Depreciation and amortization		34,903			32,824			68,055			63,940
Total operating expenses		512,876			428,722			967,774			842,632
Operating income		38,112			90,074			99,377			158,156
Other expenses, net:
Interest expense, net		31,359			31,816			67,893			75,567
Foreign currency transaction (gain) loss, net		(12,197	)		681			(11,987	)		5,002
Other expenses, net		19,162			32,497			55,906			80,569
Income before taxes from continuing operations		18,950			57,577			43,471			77,587
Income tax expense		7,141			20,360			14,172			28,818
Net income from continuing operations	$	11,809		$	37,217		$	29,299		$	48,769
Gain on sale of discontinued operations, net of tax		37,367			—			37,367			—
Net loss from discontinued operations, net of tax		(1,612	)		(7,058	)		(13,596	)		(14,349	)
Net income	$	47,564		$	30,159		$	53,070		$	34,420

Basic earnings (loss) per share:
Continuing Operations	$	0.07		$	0.22		$	0.18		$	0.30
Discontinued Operations		0.22			(0.04	)		0.15			(0.09	)
Net basic earnings per share	$	0.29		$	0.18		$	0.33		$	0.21

Diluted earnings (loss) per share:
Continuing Operations	$	0.07		$	0.22		$	0.18		$	0.30
Discontinued Operations		0.22			(0.04	)		0.15			(0.09	)
Net diluted earnings per share	$	0.29		$	0.18		$	0.33		$	0.21

Weighted average shares outstanding
Basic		162,833			159,795			161,701			159,713
Diluted		164,150			160,765			162,984			160,683


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share amounts)	June 28, 2025			December 28, 2024
Assets
Current assets:
Cash and cash equivalents	$	166,131		$	149,573
Restricted cash		334			358
Accounts and notes receivable, net		213,143			177,654
Inventory		67,165			66,539
Prepaid and other assets		45,481			37,841
Income tax receivable		11,279			14,294
Advertising fund assets, restricted		64,031			49,716
Assets held for sale		64,904			77,616
Seller note receivable		113,000			—
Current assets of discontinued operations		—			83,847
Total current assets		745,468			657,438
Other assets		104,685			125,422
Property and equipment, net		759,495			711,505
Operating lease right-of-use assets		553,128			524,442
Deferred commissions		7,549			7,246
Intangibles, net		662,907			665,896
Goodwill		1,441,595			1,403,056
Deferred tax assets		8,687			8,206
Non-current assets of discontinued operations		—			1,158,576
Total assets	$	4,283,514		$	5,261,787
Liabilities and shareholders' equity
Current liabilities:
Accounts payable	$	118,887		$	85,843
Accrued expenses and other liabilities		207,845			193,638
Income tax payable		5,281			6,860
Current portion of long-term debt		282,189			32,232
Income tax receivable liability		22,676			22,676
Advertising fund liabilities		24,200			22,030
Current liabilities of discontinued operations		—			70,616
Total current liabilities		661,078			433,895
Long-term debt		2,094,535			2,656,308
Deferred tax liabilities		96,994			87,485
Operating lease liabilities		525,597			491,282
Income tax receivable liability		110,907			110,935
Deferred revenue		30,162			31,314
Long-term accrued expenses and other liabilities		20,846			20,122
Non-current liabilities of discontinued operations		—			823,112
Total liabilities		3,540,119			4,654,453
Preferred Stock $0.01 par value; 100,000,000 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value, 900,000,000 shares authorized: and 164,274,617 and 163,842,248 shares outstanding; respectively		1,643			1,638
Additional paid-in capital		1,720,825			1,699,851
Accumulated deficit		(949,513	)		(1,002,583	)
Accumulated other comprehensive loss		(29,560	)		(91,572	)
Total shareholders' equity		743,395			607,334
Total liabilities and shareholders' equity	$	4,283,514		$	5,261,787


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended
(in thousands)	June 28, 2025			June 29, 2024
Net income	$	53,070		$	34,420
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		70,281			87,862
Share-based compensation expense		23,078			22,843
(Gain) loss on foreign denominated transactions		(17,630	)		9,923
Loss (gain) on foreign currency derivatives		5,643			(4,921	)
(Gain) loss on sale and disposal of businesses, fixed assets, and sale leaseback transactions		(27,694	)		13,406
Loss on fair value of seller note receivable		17,000			—
Reclassification of interest rate hedge to income		(1,033	)		(1,044	)
Bad debt expense		9,293			1,738
Asset impairment charges and lease terminations		18,460			2,058
Amortization of deferred financing costs and bond discounts		6,206			4,933
Amortization of cloud computing		9,136			2,414
Provision for deferred income taxes		2,215			5,036
Other, net		(24,230	)		7,322
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable, net		(42,397	)		(47,245	)
Inventory		773			11,310
Prepaid and other assets		(4,667	)		7,986
Advertising fund assets and liabilities, restricted		(11,599	)		(12,220	)
Other assets		(104	)		(47,699	)
Deferred commissions		303			(428	)
Deferred revenue		(1,164	)		971
Accounts payable		28,707			3,968
Accrued expenses and other liabilities		43,260			8,022
Income tax receivable		(1,380	)		(3,431	)
Cash provided by operating activities		155,527			107,224
Cash flows from investing activities:
Capital expenditures		(118,809	)		(155,920	)
Cash used in business acquisitions, net of cash acquired		(6,034	)		(2,759	)
Proceeds from sale leaseback transactions		22,810			11,808
Proceeds from sale or disposal of businesses and fixed assets		259,585			112,845
Cash provided by (used in) investing activities		157,552			(34,026	)
Cash flows from financing activities:
Payment of debt extinguishment and issuance costs		(1,414	)		(871	)
Repayment of long-term debt		(305,446	)		(34,005	)
Proceeds from revolving lines of credit and short-term debt		65,000			46,000
Repayment of revolving lines of credit and short-term debt		(75,000	)		(71,000	)
Repayment of principal portion of finance lease liability		(2,440	)		(2,199	)
Payment of Tax Receivable Agreement		—			(38,362	)
Acquisition of non-controlling interest		—			(644	)
Purchase of common stock		—			(2	)
Tax obligations for share-based compensation		(2,582	)		(980	)
Cash used in financing activities		(321,882	)		(102,063	)
Effect of exchange rate changes on cash		5,464			(1,615	)
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted		(3,339	)		(30,480	)
Cash and cash equivalents, beginning of period		169,954			176,522
Cash included in advertising fund assets, restricted, beginning of period		38,930			38,537
Restricted cash, beginning of period		358			657
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period		209,242			215,716
Cash and cash equivalents, end of period		166,131			148,814
Cash included in advertising fund assets, restricted, end of period		39,438			32,008
Restricted cash, end of period		334			4,414
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period	$	205,903		$	185,236

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures in Outlook

Adjusted Net Income and Adjusted Earnings Per Share

Net Income to Adjusted Net Income and Adjusted Earnings Per Share (Unaudited)

	Three Months Ended						Six Months Ended
(in thousands, except per share data)	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
Net income from continuing operations	$	11,809		$	37,217		$	29,299		$	48,769
Adjustments:
Acquisition related costs^(a)		983			264			998			1,965
Non-core items and project costs, net^(b)		8,969			5,031			14,213			9,742
Cloud computing amortization^(c)		7,255			1,069			9,136			2,414
Share-based compensation expense^(d)		11,290			10,982			23,078			22,843
Foreign currency transaction (gain) loss, net^(e)		(12,197	)		681			(11,987	)		5,002
Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses^(f)		41,727			3,201			53,480			7,177
Amortization related to acquired intangible assets^(g)		4,528			5,923			9,187			12,338
Valuation allowance for deferred tax asset^(h)		2,135			121			2,434			1,255
Adjusted net income before tax impact of adjustments		76,499			64,489			129,838			111,505
Tax impact of adjustments⁽ⁱ⁾		(17,359	)		(4,111	)		(26,519	)		(11,115	)
Adjusted net income from continuing operations	$	59,140		$	60,378		$	103,319		$	100,390

Basic earnings per share from continuing operations	$	0.07		$	0.22		$	0.18		$	0.30
Diluted earnings per share from continuing operations	$	0.07		$	0.22		$	0.18		$	0.30

Adjusted basic earnings per share from continuing operations⁽¹⁾	$	0.36		$	0.37		$	0.63		$	0.62
Adjusted diluted earnings per share from continuing operations⁽¹⁾	$	0.36		$	0.37		$	0.63		$	0.62

Weighted average shares outstanding
Basic		162,833			159,795			161,701			159,713
Diluted		164,150			160,765			162,984			160,683

(1)

Adjusted EBITDA

Net Income to Adjusted EBITDA Reconciliation (Unaudited)

	Three Months Ended					Six Months Ended
(in thousands)	June 28, 2025			June 29, 2024		June 28, 2025			June 29, 2024
Net income from continuing operations	$	11,809		$	37,217	$	29,299		$	48,769
Income tax expense		7,141			20,360		14,172			28,818
Interest expense, net		31,359			31,816		67,893			75,567
Depreciation and amortization		34,903			32,824		68,055			63,940
EBITDA		85,212			122,217		179,419			217,094
Acquisition related costs^(a)		983			264		998			1,965
Non-core items and project costs, net^(b)		8,969			5,031		14,213			9,742
Cloud computing amortization^(c)		7,255			1,069		9,136			2,414
Share-based compensation expense^(d)		11,290			10,982		23,078			22,843
Foreign currency transaction (gain) loss, net^(e)		(12,197	)		681		(11,987	)		5,002
Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses^(f)		41,727			3,201		53,480			7,177
Adjusted EBITDA	$	143,239		$	143,445	$	268,337		$	266,237

Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share Footnotes

(a)		Consists of acquisition costs as reflected within the consolidated statements 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. As acquisitions occur in the future we expect to incur similar costs and, under U.S. GAAP, such costs relating to acquisitions are expensed as incurred and not capitalized.
(b)		Consists of discrete items and project costs, including third-party professional costs associated with strategic transformation initiatives as well as non-recurring payroll-related costs.
(c)		Includes non-cash amortization expenses relating to cloud computing arrangements.
(d)		Represents non-cash share-based compensation expense.
(e)		Represents foreign currency transaction (gains) losses, net that primarily related to the remeasurement of our intercompany loans as well as gains and losses on cross currency swaps and forward contracts.
(f)		Consists of the following items (i) (gains) losses, net on sale leasebacks, disposal of assets, or sale of business; (ii) net losses (gains) on sale for assets held for sale; (iii) impairment of certain fixed assets and operating lease right-of-use assets related to closed and underperforming locations, lease exit costs and other costs associated with stores that were closed prior to the respective lease termination dates; and (iv) unrealized loss on fair value of the Seller Note Receivable.
(g)		Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statement of operations.
(h)		Represents valuation allowances on income tax carryforwards in certain domestic jurisdictions that are not more likely than not to be realized.
(i)		Represents the tax impact of adjustments associated with the reconciling items between net income (loss) 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 36% depending upon the tax attributes of each adjustment and the applicable jurisdiction.


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

	Three Months Ended						Six Months Ended
(in thousands)	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
Take 5	$	108,153		$	98,408		$	209,071		$	187,296
Franchise Brands		45,443			54,204			89,826			101,793
Car Wash		27,297			22,215			51,685			40,200
Corporate and Other		(37,654	)		(31,382	)		(82,245	)		(63,052	)
Adjusted EBITDA	$	143,239		$	143,445		$	268,337		$	266,237


DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)

	Three Months Ended June 28, 2025
(in thousands)	Take 5		Franchise Brands		Car Wash		Corporate and Other		Total
System-wide Sales
Franchise stores	$	149,119	$	1,070,582	$	—	$	—	$	1,219,701
Company-operated stores		257,449		4,654		—		71,177		333,280
Independently operated stores		—		—		71,791		—		71,791
Total System-wide Sales	$	406,568	$	1,075,236	$	71,791	$	71,177	$	1,624,772

Store Count (in whole numbers)
Franchise stores		485		2,660		—		—		3,145
Company-operated stores		759		13		—		214		986
Independently operated stores		—		—		718		—		718
Total Store Count		1,244		2,673		718		214		4,849

	Three Months Ended June 29, 2024
(in thousands)	Take 5		Franchise Brands		Car Wash		Corporate and Other		Total
System-wide Sales
Franchise stores	$	116,022	$	1,097,823	$	—	$	—	$	1,213,845
Company-operated stores		230,809		5,143		—		65,965		301,917
Independently operated stores		—		—		60,280		—		60,280
Total System-wide Sales	$	346,831	$	1,102,966	$	60,280	$	65,965	$	1,576,042

Store Count (in whole numbers)
Franchise stores		399		2,636		—		—		3,035
Company-operated stores		676		14		—		220		910
Independently operated stores		—		—		720		—		720
Total Store Count		1,075		2,650		720		220		4,665

	Six Months Ended June 28, 2025
(in thousands)	Take 5		Franchise Brands		Car Wash		Corporate and Other		Total
System-wide Sales
Franchise stores	$	285,807	$	2,099,956	$	—	$	—	$	2,385,763
Company-operated stores		508,249		8,646		—		130,516		647,411
Independently operated stores		—		—		138,431		—		138,431
Total System-wide Sales	$	794,056	$	2,108,602	$	138,431	$	130,516	$	3,171,605

Store Count (in whole numbers)
Franchise stores		485		2,660		—		—		3,145
Company-operated stores		759		13		—		214		986
Independently operated stores		—		—		718		—		718
Total Store Count		1,244		2,673		718		214		4,849

	Six Months Ended June 29, 2024
(in thousands)	Take 5		Franchise Brands		Car Wash		Corporate and Other		Total
System-wide Sales
Franchise stores	$	221,578	$	2,167,895	$	—	$	—	$	2,389,473
Company-operated stores		451,680		9,612		—		124,854		586,146
Independently operated stores		—		—		113,327		—		113,327
Total System-wide Sales	$	673,258	$	2,177,507	$	113,327	$	124,854	$	3,088,946

Store Count (in whole numbers)
Franchise stores		399		2,636		—		—		3,035
Company-operated stores		676		14		—		220		910
Independently operated stores		—		—		720		—		720
Total Store Count		1,075		2,650		720		220		4,665

View source version on businesswire.com: https://www.businesswire.com/news/home/20250805659164/en/

Shareholder/Analyst inquiries:

Dawn Francfort

ICR, Inc.

[email protected]

(203) 682-8200

Media inquiries:

Taylor Blanchard

[email protected]

(704) 644-8129

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Recent Analyst Ratings for

$DRVN

Date	Price Target	Rating	Analyst
8/6/2025	$23.00	Neutral → Overweight	Analyst
6/30/2025	$22.00	Buy	BTIG Research
6/3/2025	$20.00	Neutral	Goldman
4/4/2025	$22.00	Buy	The Benchmark Company
7/22/2024	$14.00	Market Perform	BMO Capital Markets
5/3/2024	$18.00 → $12.50	Overweight → Neutral	JP Morgan
2/20/2024	$19.00 → $18.00	Overweight	JP Morgan
1/16/2024	$22.00 → $14.00	Overweight → Equal-Weight	Morgan Stanley

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Insider Trading

Chief Financial Officer Diamond Michael Fisher covered exercise/tax liability with 11,419 shares, decreasing direct ownership by 7% to 155,794 units (SEC Form 4)

Director Fitzpatrick Jonathan G. was granted 11,627 shares, increasing direct ownership by 0.47% to 2,464,453 units (SEC Form 4)

SVP & Chief Accounting Officer Fondell Rebecca was granted 29,067 shares (SEC Form 4)

$DRVN
Press Releases

Driven Brands to Participate in the Goldman Sachs 32nd Annual Global Retailing Conference